EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
(in Thousands of Dollars)
Partnerships Combined
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Year Ended December 31,
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1993 1994 1995 1996 1997
Earnings to Fixed Charges
Pre-tax income from continuing operations (1,261) (2,979) 26,857 9,924 36,673
Plus:
Fixed charges
Interest expense (debt and energy bank) 46,244 49,744 67,587 69,516 65,108
Amorization of debt issuance costs 2,599 2,333 2,305 2,373 2,163
1/3 Lease expense and equipment rental 138 149 108 122 126
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Total fixed charges 48,981 52,226 70,000 72,011 67,397
Total earnings 47,720 49,247 96,857 81,935 104,070
Earnings to Fixed Charge Ratio _ (1) _ (1) 1.38 1.14 1.54
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ESI Tractebel Funding Corp.
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December 31, December 31, December 31, December 31,
1994 1995 1996 1997
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Earnings to Fixed Charges
Pre-tax income from continuing operations
Plus:
Fixed charges
Interest expense (debt) 4,305 51,084 49,404 47,303
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Total fixed charges 4,305 51,084 49,404 47,303
Total earnings 4,305 51,084 49,404 47,303
Earnings to Fixed Charge Ratio 1.00 1.00 1.00 1.00
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(1) The Partnerships' earnings for 1993 and 1994 were inadequate to cover fixed
charges. The coverage deficiencies during 1993 and 1994 are $1.261 million
and $2.979 million, respectively.