Exhibit 12.1

Consolidated Edison, Inc.RATIO OF EARNINGS TO FIXED CHARGES(MILLIONS OF DOLLARS)

|                                                      |  |   |     |  |   | For the Twelve Months Ended December 31,
|----------------------------------------------------- |  | - | --- |  | - | ----------------------------------------
|
|
|
|Earnings                                              |  |   |     |  |   |                                         
|Net Income for Common Stock                           |  | $ | 220 |  | $ | 622                                     
|Preferred Stock Dividend                              |  |   | 6   |  |   | 11                                      
|Cumulative Effect of Changes in Accounting Principles |  |   |    |  |   | 2                                       
|(Income) or Loss from Equity Investees                |  |   |    |  |   | 1                                       
|Minority Interest Loss                                |  |   | 1   |  |   | 2                                       
|Income Tax                                            |  |   | 137 |  |   | 359                                     
|                                                     
|Pre-Tax Income from Continuing Operations             |  | $ | 364 |  | $ | 997                                     
|Add: Fixed Charges*                                   |  |   | 239 |  |   | 500                                     
|Add: Distributed Income of Equity Investees           |  |   |    |  |   |                                        
|Subtract: Interest Capitalized                        |  |   | 6   |  |   | 15                                      
|Subtract: Preferred Stock Dividend Requirement        |  |   | 9   |  |   | 17                                      
|                                                     
|Earnings                                              |  | $ | 588 |  | $ | 1,465                                   
|                                                     
|*Fixed Charges                                        |  |   |     |  |   |                                         
|Interest on Long-term Debt                            |  | $ | 192 |  |   | 379                                     
|Amortization of Debt Discount, Premium and Expense    |  |   | 6   |  |   | 12                                      
|Interest Capitalized                                  |  |   | 6   |  |   | 15                                      
|Other Interest                                        |  |   | 16  |  |   | 58                                      
|Interest Component of Rentals                         |  |   | 10  |  |   | 19                                      
|Preferred Stock Dividend Requirement                  |  |   | 9   |  |   | 17                                      
|                                                     
|Fixed Charges                                         |  | $ | 239 |  | $ | 500                                     
|                                                     
|Ratio of Earnings to Fixed Charges                    |  |   | 2.5 |  |   | 2.9                                     
|                                                     

---

QuickLinks