Consolidated Edison, Inc.



Exhibit 12.1



Ratio of Earnings to Fixed Charges

(Millions of Dollars)



|                                                      |  |                                      |     |                                             |   |       |                                      |  |   |    
|----------------------------------------------------- |  | ------------------------------------ | --- | ------------------------------------------- | - | ----- | ------------------------------------ |  | - | ---
|                                                      |  | For the SixMonths EndedJune 30, 2004 |     | For the TwelveMonths EndedDecember 31, 2003 |   |       | For the SixMonths EndedJune 30, 2003
|Earnings                                              |  |                                      |     |                                             |   |       |                                      |  |   |    
|Net Income for Common Stock                           |  | $                                    | 241 |                                             | $ | 528   |                                      |  | $ | 220
|Preferred Stock Dividend                              |  |                                      | 6   |                                             |   | 11    |                                      |  |   | 6  
|Cumulative Effect of Changes in Accounting Principles |  |                                      |    |                                             |   | (3    | )                                    |  |   |   
|(Income) or Loss from Equity Investees                |  |                                      | 2   |                                             |   |      |                                      |  |   |   
|Minority Interest Loss                                |  |                                      |    |                                             |   | 2     |                                      |  |   | 1  
|Income Tax                                            |  |                                      | 143 |                                             |   | 315   |                                      |  |   | 137
|                                                      |  |                                      |     |                                             |   |       |                                      |  |   |    
|Pre-Tax Income from Continuing Operations             |  | $                                    | 392 |                                             | $ | 853   |                                      |  | $ | 364
|Add: Fixed Charges*                                   |  |                                      | 250 |                                             |   | 491   |                                      |  |   | 239
|Add: Distributed Income of Equity Investees           |  |                                      |    |                                             |   |      |                                      |  |   |   
|Subtract: Interest Capitalized                        |  |                                      |    |                                             |   | 5     |                                      |  |   | 6  
|Subtract: Preferred Stock Dividend Requirement        |  |                                      | 9   |                                             |   | 17    |                                      |  |   | 9  
|                                                      |  |                                      |     |                                             |   |       |                                      |  |   |    
|Earnings                                              |  | $                                    | 633 |                                             | $ | 1,322 |                                      |  | $ | 588
|                                                      |  |                                      |     |                                             |   |       |                                      |  |   |    
|* Fixed Charges                                       |  |                                      |     |                                             |   |       |                                      |  |   |    
|Interest on Long-term Debt                            |  | $                                    | 207 |                                             | $ | 388   |                                      |  | $ | 192
|Amortization of Debt Discount, Premium and Expense    |  |                                      | 7   |                                             |   | 13    |                                      |  |   | 6  
|Interest Capitalized                                  |  |                                      |    |                                             |   | 5     |                                      |  |   | 6  
|Other Interest                                        |  |                                      | 16  |                                             |   | 45    |                                      |  |   | 16 
|Interest Component of Rentals                         |  |                                      | 11  |                                             |   | 22    |                                      |  |   | 10 
|Preferred Stock Dividend Requirement                  |  |                                      | 9   |                                             |   | 18    |                                      |  |   | 9  
|                                                      |  |                                      |     |                                             |   |       |                                      |  |   |    
|Fixed Charges                                         |  | $                                    | 250 |                                             | $ | 491   |                                      |  | $ | 239
|                                                      |  |                                      |     |                                             |   |       |                                      |  |   |    
|Ratio of Earnings to Fixed Charges                    |  |                                      | 2.5 |                                             |   | 2.7   |                                      |  |   | 2.5
|                                                      |  |                                      |     |                                             |   |       |                                      |  |   |