Exhibit 12.1

CALPINE CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES

YTD 2002

	Year Ended December 31,
	1998			1999			2000			2001			2002
	(In thousands)
COMPUTATION OF EARNINGS:
Pretax income before adjustment for minority interests in consolidated subsidiaries and income or loss from equity investees		36,106			140,454			537,322			868,555			33,128
Fixed charges		109,021			165,354			355,093			792,781			1,088,787
Amortization of capitalized interest		136			331			447			2,619			12,475
Distributed income of equity investees		27,717			43,318			29,979			5,983			14,117
Interest capitalized		(7,000	)		(47,300	)		(206,973	)		(498,723	)		(575,446	)
Minority interest in pretax income of subsidiaries that have not incurred fixed charges		—			265			(895	)		—			—
Distribution of HIGH TIDES		—			(2,565	)		(45,076	)		( 62,412	)		(62,632	)
Total Earnings		165,980			299,857			669,897			1,108,803			510,429
COMPUTATION OF FIXED CHARGES:
Interest expensed and capitalized		102,732			150,548			288,863			697,196			989,148
Estimate of interest within rental expense		6,289			12,241			21,154			33,173			37,007
Distributions on HIGH TIDES		—			2,565			45,076			62,412			62,632
Total fixed charges		109.021			165,354			355,093			792,781			1,088,787
RATIO OF EARNINGS TO FIXED CHARGES		1.52x			1.81x			1.89x			1.40x			—	(i)

(i)  For the year ended December 31, 2002, the Company had an earnings-to-fixed-charges coverage deficiency of approximately $578.4 million, primarily as a result of (1) a pre-tax charge to earnings of $404.7 million for equipment cancellation and asset impairment, (2) increased interest costs due to recent debt financings to support our growth, and (3) a significant decrease in electricity prices, gas prices and spark spreads, primarily as a result of weak market fundamentals as compared to the year ended December 31, 2001.