Exhibit 12.1

The AES Corporation and Subsidiaries

Statement Re: Calculation of Ratio of Earnings to Fixed Charges
(In millions, unaudited)

	2002				2003				2004				2005				2006
	(restated)				(restated)				(restated)				(restated)
Actual:
Computation of Earnings:
Income from continuing operations before income taxes		$	(1,654	)		$	632			$	648			$	1,099		$	689
Adjustment for undistributed equity earnings, net of distributions		248				(54		)		(34		)		(38		)	(53		)
Depreciation of previously capitalized interest		12				16				17				18			18
Fixed charges		2,038				2,156				2,018				1,982			1,913
Less:
Capitalized interest		(233		)		(110		)		(36		)		(28		)	(49		)
Preference security dividend of consolidated subsidiary		(4		)		(5		)		(6		)		(5		)	(5		)
Minority interest in pre-tax income of subsidiary that has not incurred fixed charges		—				—				—				—			—
Earnings		$	407			$	2,635			$	2,607			$	3,028		$	2,513
Computation of Fixed Charges:
Interest expensed and amortization of issuance costs		$	1,789			$	1,981			$	1,917			$	1,890		$	1,799
Capitalized interest		233				110				36				28			49
Preference security dividend of consolidated subsidiary		4				5				6				5			5
Interest expense included in rental expense		60				60				60				60			60
Fixed Charges		$	2,086			$	2,156			$	2,019			$	1,983		$	1,913
Ratio of earnings to fixed charges		0.20				1.22				1.29				1.53			1.31