Consolidated Edison, Inc.



Exhibit 12.1



Ratio of Earnings to Fixed Charges

(Millions of Dollars)



|                                                       |  |                                      |     |   |                                             |   |       |                                      |  |   |    
|------------------------------------------------------ |  | ------------------------------------ | --- | - | ------------------------------------------- | - | ----- | ------------------------------------ |  | - | ---
|                                                       |  | For theSix Months EndedJune 30, 2007 |     |   | For theTwelve Months EndedDecember 31, 2006 |   |       | For theSix Months EndedJune 30, 2006
|Earnings                                               |  |                                      |     |   |                                             |   |       |                                      |  |   |    
|Net Income from Continuing Operations                  |  | $                                    | 410 |   |                                             | $ | 738   |                                      |  | $ | 306
|Preferred Stock Dividend                               |  |                                      | 6   |   |                                             |   | 11    |                                      |  |   | 6  
|(Income) or Loss from Equity Investees                 |  |                                      | (2  | ) |                                             |   | (1    | )                                    |  |   |   
|Minority Interest Loss                                 |  |                                      |    |   |                                             |   | 1     |                                      |  |   |   
|Income Tax                                             |  |                                      | 219 |   |                                             |   | 390   |                                      |  |   | 171
|Pre-Tax Income from Continuing Operations              |  | $                                    | 633 |   |                                             | $ | 1,139 |                                      |  | $ | 483
|Add: Fixed Charges*                                    |  |                                      | 303 |   |                                             |   | 596   |                                      |  |   | 278
|Subtract: Pre-Tax Preferred Stock Dividend Requirement |  |                                      | 9   |   |                                             |   | 18    |                                      |  |   | 10 
|Earnings                                               |  | $                                    | 927 |   |                                             | $ | 1,717 |                                      |  | $ | 751
|* Fixed Charges                                        |  |                                      |     |   |                                             |   |       |                                      |  |   |    
|Interest on Long-term Debt                             |  | $                                    | 245 |   |                                             | $ | 465   |                                      |  | $ | 224
|Amortization of Debt Discount, Premium and Expense     |  |                                      | 9   |   |                                             |   | 16    |                                      |  |   | 8  
|Other Interest                                         |  |                                      | 29  |   |                                             |   | 75    |                                      |  |   | 25 
|Interest Component of Rentals                          |  |                                      | 11  |   |                                             |   | 22    |                                      |  |   | 11 
|Pre-Tax Preferred Stock Dividend Requirement           |  |                                      | 9   |   |                                             |   | 18    |                                      |  |   | 10 
|Fixed Charges                                          |  | $                                    | 303 |   |                                             | $ | 596   |                                      |  | $ | 278
|Ratio of Earnings to Fixed Charges                     |  |                                      | 3.1 |   |                                             |   | 2.9   |                                      |  |   | 2.7