Exhibit 12.1

The AES Corporation and Subsidiaries

Statement Re: Calculation of Ratio of Earnings to Fixed Charges

(in millions, unaudited)

	2015			2014			2013			2012			2011
Actual:
Computation of earnings:
Income from continuing operations before income taxes and equity in earnings of affiliates	$	1,122		$	1,576		$	1,048		$	230		$	2,260
Fixed charges		1,559			1,584			1,595			1,693			1,799
Amortization of capitalized interest		19			21			20			18			9
Distributed income of equity investees		16			28			2			5			25
Less:
Capitalized interest		(97	)		(75	)		(58	)		(87	)		(152	)
Preference security dividend of consolidated subsidiary		(10	)		(5	)		(6	)		(6	)		(4	)
Noncontrolling interests in pretax income of subsidiaries that have not incurred fixed charges		(28	)		(26	)		(40	)		(4	)		(2	)
Earnings	$	2,581		$	3,103		$	2,561		$	1,849		$	3,935
Fixed charges:
Interest expense, debt premium and discount amortization	$	1,430		$	1,485		$	1,516		$	1,581		$	1,623
Capitalized interest		97			75			58			87			152
Preference security dividend of consolidated subsidiary		10			5			6			6			4
Interest portion of rental expense (1)		22			19			15			19			20
Fixed charges	$	1,559		$	1,584		$	1,595		$	1,693		$	1,799
Ratio of earnings to fixed charges		1.66			1.96			1.61			1.09			2.19

⁽¹⁾  Calculated as one-third of rental expense, which is deemed to be representative of the interest factor in rental expense.