EXHIBIT 12.1
CALPINE CORPORATION
Computation of Ratio of Earnings to Fixed Charges
(Dollars in millions)

|  | Years Ended December 31,
|  | 2015 |  | 2014 |  | 2013 |  | 2012 |  | 2011
Earnings |  |  |  |  |  |  |  |  |  |
Income (loss) before income taxes |  | $ | 173 |  |  | $ | 983 |  |  | $ | 20 |  |  | $ | 218 |  |  | $ | (211 | )
Less: |  |  |  |  |  |  |  |  |  |
Income from unconsolidated investments in power plants |  | (24 | ) |  | (25 | ) |  | (30 | ) |  | (28 | ) |  | (21 | )
Interest capitalized |  | (15 | ) |  | (19 | ) |  | (38 | ) |  | (38 | ) |  | (24 | )
Preferred securities dividend requirements of subsidiaries |  | — |  |  | — |  |  | (1 | ) |  | (1 | ) |  | (2 | )
Add: |  |  |  |  |  |  |  |  |  |
Fixed charges |  | 654 |  |  | 678 |  |  | 749 |  |  | 791 |  |  | 807 |
Amortization of capitalized interest |  | 27 |  |  | 29 |  |  | 30 |  |  | 30 |  |  | 31 |
Distributions from equity method investments |  | 25 |  |  | 13 |  |  | 27 |  |  | 29 |  |  | 6 |
Total Earnings: |  | $ | 840 |  |  | $ | 1,659 |  |  | $ | 757 |  |  | $ | 1,001 |  |  | $ | 586 |
Fixed Charges: |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 628 |  |  | $ | 645 |  |  | $ | 696 |  |  | $ | 736 |  |  | $ | 760 |
Interest capitalized |  | 15 |  |  | 19 |  |  | 38 |  |  | 38 |  |  | 24 |
Approximation of interest in rental expense |  | 11 |  |  | 14 |  |  | 15 |  |  | 17 |  |  | 23 |
Total Fixed Charges: |  | $ | 654 |  |  | $ | 678 |  |  | $ | 749 |  |  | $ | 791 |  |  | $ | 807 |
Ratio of Earnings to Fixed Charges(1): |  | 1.28 |  |  | 2.45 |  |  | 1.01 |  |  | 1.27 |  |  | 0.73 |

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(1) | The coverage ratio is less than one-to-one for the year ended December 31, 2011; thus, additional earnings of $221 million would have needed to be generated to cover the shortfall.