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EXHIBIT 12.1
PROJECT ORANGE ASSOCIATES, L.P.
Computatuion of Ratios of Earnings to Fixed Charges
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<CAPTION>
Three Months
Ended
Years Ended December 31 March 31,
------ ------ -------- ------- ------- -------
1995 1996 1997 1998 1999 2000
------ ------ -------- ------- ------- -------
(Dollars in thousands)
<S> <C> <C> <C> <C> <C> <C>
1 EARNINGS
2 Net Income/loss $ (2,946) $ 62 $ (2,689) $ 5,029 $ 14,410 $ 1,611
3 Fixed Charges 15,333 15,063 14,694 7,364 555 1,967
4
5 Total Earnings (lines 2 + 3) 12,387 15,125 12,005 12,393 14,965 3,578
6
7 FIXED CHARGES
8 Interest Expense 15,333 15,063 14,694 7,364 476 1,704
9 Amortization of debt discount & financing costs - - - - 79 263
10
11 Total Fixed Charges (lines 8 + 9) 15,333 15,063 14,694 7,364 555 1,967
12
13 Ratio of Earnings to Fixed Charges (line 5/line 11) 0.8 1.0 0.8 1.7 27.0 1.8
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The ratio of earnings (net income/loss plus interest charges) to fixed
charges is computed by dividing earnings by fixed charges. Fixed charges
include interest expense and amortization of debt discount & financing
costs. The deficiency in earnings for the year ended December 31, 1997 and
1995 was $2,689,000 and $2,946,000, respectively.