<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>3
<FILENAME>h93181a1exv12w2.txt
<DESCRIPTION>STATEMENT RE COMPUTATION OF RATIOS
<TEXT>
<PAGE>

                                                                   EXHIBIT 12.2


                            Cedar Brakes II, L.L.C.
             Statement Regarding Ratio of Earnings to Fixed Charges
                      (In Thousands, Except Ratio Amounts)


<Table>
<Caption>
                                                               Quarter
                                                                Ended
                                                           March 31, 2002
                                                           --------------
<S>                                                        <C>
Loss from Continuing Operations                                $ (3,299)
Add: Fixed Charges                                               10,911
                                                               --------
Earnings                                                          7,612
                                                               --------
Fixed Charges:
         Interest expense                                        10,809
         Net amortization of issuance costs                         102
                                                               --------
Total Fixed Charges                                            $ 10,911
                                                               ========
Ratio of Earnings to Fixed Charges                                  0.7
                                                               ========
</Table>


</TEXT>
</DOCUMENT>