**Exhibit12.1**

 

AES Eastern Energy, L.P.

Statements Regarding Ratioof Earnings to Fixed Charges

YEARS ENDED DECEMBER 31, 2003, 2002, 2001, 2000 AND FROM MAY 14,1999(INCEPTION)

(Amounts in Thousands, Except Ratio Amounts)

 
|                                |                                                                                     | **2003** |   | **2002** |   | **2001** |   | **2000** |         | **1999** |   |
|-------------------------------------|------------------------------------------------------------------------------------------|----------|--------|----------|--------|----------|--------|----------|--------------|----------|--------|
|                                |                                                                                     |     |   |     |   |     |   |     |         |     |   |
| Income from Continuing  Operations  |                                                                                     | $        | 89,066 |     | $      | 58,630   |   | $        | 51,865       |     | $      | 98,237  |   | $ | 24,415 |   |
|                                |                                                                                     |     |   |     |   |     |   |     |         |     |   |
| Add:                                | Fixed Charges                                                                            |     | 59,448 |     | 58,139 |     | 58,757 |     | 57,614       |     | 39,094 |   |
| Add:                                | Amortization of Capitalized Interest                                                     |     | — |     | — |     | — |     | 173          |     | 95     |   |
| Less:                               | Interest Capitalized                                                                     |     | — |     | — |     | — |     | —       |     | — |   |
|                                |                                                                                     |     |   |     |   |     |   |     |         |     |   |
| Earnings                            |                                                                                     | 148,210  |   | 116,324  |   | 110,299  |   | 156,024  |         | 63,604   |   |
|                                |                                                                                     |     |   |     |   |     |   |     |         |     |   |
| Fixed Charges:                      |                                                                                     |     |   |     |   |     |   |     |         |     |   |
| Add:                                | Interest expense and capitalized amounts  (including construction related fixed charges) |     | 59,144 |     | 57,694 |     | 58,434 |     | 57,314       |     | 33,719 |   |
| Add:                                | Amortization of deferred financing                                                       |     | 304    |     | 445    |     | 323    |     | 300          |     | 188    |   |
| Add:                                | Interest capitalized                                                                     |     | — |     | — |     | — |     | —       |     | 5,187  |   |
|                                |                                                                                     |     |   |     |   |     |   |     |         |     |   |
| Total Fixed Charges                 |                                                                                     | $        | 59,448 |     | $      | 58,139   |   | $        | 58,434  |     | $      | 57,614 |   | 39,094 |   |
|                                |                                                                                     |     |   |     |   |     |   |     |         |     |   |
| Ratio of Earnings to  Fixed Charges |                                                                                     | 2.50     |   | 2.01     |   | 1.89     |   | 2.71     |         | 1.63     |   |
|                                     |                                                                                          |          |        |          |        |          |        |          |              |          |        |  |  |  |  |  |  |

 

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