Exhibit 12.1
ESI TRACTEBEL ACQUISITION CORP.
Ratio of Earnings to Fixed Charges (In Thousands)
(In Thousands of Dollars)
Partnerships Combined NE LP Pro forma
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Year Ended December 31, Year Ended December 31,
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1993 1994 1995 1996 1997 1997
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Earnings to Fixed Costs:
Pre-tax income from continuing operations (1,261) (2,979) 26,857 9,924 36,673 (7,224)
Plus:
Fixed charges
Interest expense (debt and energy bank) 46,244 49,744 67,587 52,214 49,836 82,686
Amortization of debt issuance costs 2,599 2,333 2,305 2,373 2,163 605
1/3 Lease expense 138 149 108 122 126 126
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Total fixed charges 48,981 52,226 70,000 54,709 52,125 83,417
Total earnings 47,720 49,247 96,857 64,633 88,798 76,193
Earnings to Fixed Charge Ratio (1) - - 1.38 1.18 1.70 -
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(1) The earnings for 1993, 1994 and pro forma 1997 were inadequate to cover
fixed charges. The coverage deficiencies during 1993, 1994 and pro forma
1997 are $1.261 million, $2.979 million and $7.224 million, respectively.