EXHIBIT 12.1 Ratio of Earnings to Fixed Charges (in Thousands of Dollars) Partnerships Combined ____________________________________________________________________________ Year Ended December 31, _____________________________________________________________________________ 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 _____________________________________________________________________________ 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 ============================================================================= ESI Tractebel Funding Corp. ________________________________________________________________________________ December 31, December 31, December 31, December 31, 1994 1995 1996 1997 ________________________________________________________________________________ Earnings to Fixed Charges Pre-tax income from continuing operations Plus: Fixed charges Interest expense (debt) 4,305 51,084 49,404 47,303 ________________________________________________________________________________ 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 ================================================================================ - ---------- (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.