EXHIBIT 12.1CALPINE GENERATING COMPANY, LLCCOMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES                       **Years Ended December 31,**   **2005**  **2004**  **2003**  **2002**  **2001**   **(Restated, In thousands)** COMPUTATION OF EARNINGS:                    Pretax income (loss) beforeadjustment for minority interest inconsolidated subsidiaries andincome or loss from equityinvestees $(1,250,382) $(53,909) $(192,515) $(150,144) $(7,471)Fixed Charges  249,760   287,996   436,291   381,024   213,338 Amortization of capitalized interest  17,333   13,923   10,756   5,252   522 Interest capitalized  (9,204)  (55,000)  (123,600)  (236,400)  (197,700)                Total earnings  (992,493)  193,010   130,932   (268)  8,689                      COMPUTATION OF FIXED CHARGES:                    Interest expensed and capitalized  249,760   287,996   436,291   381,024   213,338                 Total fixed charges  249,760   287,996   436,291   381,024   213,338                      RATIO OF EARNINGS TO FIXED CHARGES  (5)  (4)  (3)  (2)  (1) We have calculated the ratio of earnings to fixed charges according to a formula the SECrequires us to use. The formula defines earnings generally as our pre-tax earnings from continuingoperations, plus interest expense and defines fixed charges generally as interest expense andamortization of premiums, discounts and capitalized expenses related to indebtedness.(1) For the year ended December 31, 2001, we had an earnings to fixed charges coverage deficiencyof approximately $204.6 million, which resulted primarily from interest costs of approximately$213.3 million (of which $197.7 million was capitalized). (2) For the year ended December 31, 2002, we had an earnings to fixed charges coverage deficiencyof approximately $381.3 million, which resulted primarily from interest costs of approximately$381.0 million (of which $236.4 million was capitalized), (ii) a pre-tax charge to earnings ofapproximately $115.1 million for equipment cancellation and asset impairment, (iii) increasedoperating costs attributed to commercial operations of several power projects and (iv) asignificant decrease in electricity prices primarily as a result of weaker marketfundamentals. (3) For the year ended December 31, 2003, we had an earnings to fixed charges coverage deficiencyof approximately $305.4 million, which resulted primarily from interest costs of approximately$436.3 million (of which $123.6 million was capitalized), (ii) increased operating costsattributed to commercial operations of several power projects and (iii) a significant decreasein electricity prices primarily as a result of weaker market fundamentals. (4) For the year ended December 31, 2004, we had an earnings to fixed charges coverage deficiencyof approximately $95.0 million, which resulted primarily from interest costs of approximately$288 million (of which $55 million was capitalized), (ii) increased operating costs attributedto commercial operations of several power projects and (iii) a significant increase in fuelprice as well as lower capacity utilization as a result of weaker market fundamentals. (5) For the year ended December 31, 2005, we had an earnings to fixed charges coverage deficiencyof approximately $1,242 million, which resulted primarily from interest costs of approximately$249.8 million (of which $9.2 million was capitalized), (ii) asset impairment expense of$1,188 million and bad debt allowance of $106 million following the Chapter 11 filing.