Exhibit 12.1

CALPINE CORPORATION

Computation of Ratio of Earnings to Fixed Charges

(Dollars in millions)

	Years Ended December 31,															Three Months Ended March 31,
	2009			2010			2011			2012			2013			2014
Earnings
Income/(loss) before income taxes		125			(230	)		(211	)		218			20			(32	)
Less:
Income from unconsolidated investments in power plants		(50	)		(16	)		(21	)		(28	)		(30	)		(9	)
Interest capitalized		(8	)		(15	)		(24	)		(38	)		(38	)		(6	)
Preferred securities dividend requirements of subsidiaries		(4)			(3)			(2)			(1)			(1)			—
Add:
Fixed charges		854			858			807			791			749			175
Amortization of capitalized interest		31			31			31			30			30			8
Distributions from equity method investments		20			11			6			29			27			13
Total Earnings:		968			636			586			1,001			757			149
Fixed Charges:
Interest expense		815			813			760			736			696			166
Interest capitalized		8			15			24			38			38			6
Approximation of interest in rental expense		31			30			23			17			15			3
Total Fixed Charges:		854			858			807			791			749			175
Ratio of Earnings to Fixed Charges:		1.13			0.74			0.73			1.27			1.01			0.85