QuickLinks -- Click here to rapidly navigate through this document

Exhibit 12.1

Edison Mission Energy
Ratio of Earnings to Fixed Charges

		Six Months Ended June 30, 2007(1)(3)		Six Months Ended June 30, 2006(1)		2006(1)		2005(1)		2004(1)			2003(1)			2002(1)
(in millions, except ratio)
Earnings (Losses)
Income (loss) from continuing operations before taxes and minority interest		$	202	$	33	$	504	$	622	$	(965	)	$	(215	)	$	(6	)
Add:
	Fixed charges, as below		231		243		476		500		514			556			562
	Amortization of capitalized interest		1		1		1		1		1			1			1
	Distributions from equity method investments		53		88		170		222		229			375			308
Less:
	Capitalized interest		12		3		8		—		—			7			4
	Equity in earnings of equity method investments		81		71		185		229		218			239			196
Earnings (losses) as adjusted		$	394	$	291	$	958	$	1,116	$	(439	)	$	471		$	665
Fixed Charges
Interest on indebtedness (expense and capitalized)		$	141	$	148	$	287	$	301	$	298		$	302		$	302
Dividends on preferred securities			—		—		—		—		—			7			14
Interest component of rental expense			90		95		189		199		216			247			246
		$	231	$	243	$	476	$	500	$	514		$	556		$	562
Ratio of Earnings (Losses) to Fixed Charges(2)			1.71		1.20		2.01		2.23		—			—			1.18

(1)

Excludes the income and expenses associated with discontinued operations.

(2)

For the years ended December 31, 2004 and 2003, there was a fixed charge deficiency of $953 million and $85 million, respectively.

(3)

Interest expense accrued on uncertain tax positions under FIN 48 are classified as income tax provision and are excluded from calculation of "earnings" and "fixed charges."

QuickLinks

Exhibit 12.1

Edison Mission Energy Ratio of Earnings to Fixed Charges