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EXHIBIT 12.1
NRG ENERGY, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Year Ended December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013(a) | 2012(a) | |||||||||||||||
(in millions except ratio) | |||||||||||||||||||
Earnings: | |||||||||||||||||||
(Loss)/income from continuing operations before income tax | $ | (875 | ) | $ | (5,094 | ) | $ | 135 | $ | (634 | ) | $ | (12 | ) | |||||
Less: | |||||||||||||||||||
Distributions and equity in earnings of unconsolidated affiliates | 54 | 37 | 49 | 84 | 2 | ||||||||||||||
Impairment charge on equity method investment | 268 | 56 | — | 99 | 2 | ||||||||||||||
Capitalized interest | (43 | ) | (30 | ) | (29 | ) | (130 | ) | (140 | ) | |||||||||
Add: | |||||||||||||||||||
Fixed charges | 1,121 | 1,173 | 1,255 | 1,037 | 864 | ||||||||||||||
Amortization of capitalized interest | 21 | 21 | 20 | 14 | 11 | ||||||||||||||
Total Earnings: | $ | 546 | $ | (3,837 | ) | $ | 1,430 | $ | 470 | $ | 727 | ||||||||
Fixed Charges: | |||||||||||||||||||
Interest expense | $ | 1,057 | $ | 1,139 | $ | 1,228 | $ | 932 | $ | 671 | |||||||||
Interest capitalized | 43 | 30 | 29 | 130 | 140 | ||||||||||||||
Amortization of debt issuance costs | 38 | 37 | 35 | 33 | 32 | ||||||||||||||
Amortization of debt (premium)/discount | (34 | ) | (48 | ) | (50 | ) | (67 | ) | 9 | ||||||||||
Approximation of interest in rental expense | 17 | 15 | 13 | 9 | 12 | ||||||||||||||
Total Fixed Charges: | $ | 1,121 | $ | 1,173 | $ | 1,255 | $ | 1,037 | $ | 864 | |||||||||
Ratio of Earnings to Combined Fixed Charges | 0.49 | (3.27 | ) | 1.14 | 0.45 | 0.84 |
(a) | The ratio coverage for the year ended December 31, 2016, 2015, 2013, and 2012 was less than 1:1. NRG would have needed to generate additional earnings of $575 million, $5,010 million, $567 million, and $137 million, respectively, to achieve a ratio coverage of 1:1 for those years. |