Consolidated Edison, Inc.



Exhibit 12.1



Ratio of Earnings to Fixed Charges

(Millions of Dollars)



|                                                       |  |                                            |       |   |                                             |   |       |                                            |  |   |       |  
|------------------------------------------------------ |  | ------------------------------------------ | ----- | - | ------------------------------------------- | - | ----- | ------------------------------------------ |  | - | ----- | -
|                                                       |  | For theNine Months EndedSeptember 30, 2008 |       |   | For theTwelve Months EndedDecember 31, 2007 |   |       | For theNine Months EndedSeptember 30, 2007 | 
|Earnings                                               |  |                                            |       |   |                                             |   |       |                                            |  |   |       |  
|Net Income from Continuing Operations                  |  | $                                          | 762   |   |                                             | $ | 925   |                                            |  | $ | 719   |  
|Preferred Stock Dividend                               |  |                                            | 9     |   |                                             |   | 11    |                                            |  |   | 9     |  
|(Income) or Loss from Equity Investees                 |  |                                            | (1    | ) |                                             |   | (7    | )                                          |  |   | (4    | )
|Minority Interest Loss                                 |  |                                            |      |   |                                             |   |      |                                            |  |   |      |  
|Income Tax                                             |  |                                            | 446   |   |                                             |   | 438   |                                            |  |   | 342   |  
|Pre-Tax Income from Continuing Operations              |  | $                                          | 1,216 |   |                                             | $ | 1,367 |                                            |  | $ | 1,066 |  
|Add: Fixed Charges*                                    |  |                                            | 433   |   |                                             |   | 567   |                                            |  |   | 426   |  
|Subtract: Pre-Tax Preferred Stock Dividend Requirement |  |                                            | 15    |   |                                             |   | 18    |                                            |  |   | 15    |  
|Earnings                                               |  | $                                          | 1,634 |   |                                             | $ | 1,916 |                                            |  | $ | 1,477 |  
|* Fixed Charges                                        |  |                                            |       |   |                                             |   |       |                                            |  |   |       |  
|Interest on Long-term Debt                             |  | $                                          | 367   |   |                                             | $ | 453   |                                            |  | $ | 338   |  
|Amortization of Debt Discount, Premium and Expense     |  |                                            | 12    |   |                                             |   | 17    |                                            |  |   | 13    |  
|Other Interest                                         |  |                                            | 22    |   |                                             |   | 57    |                                            |  |   | 44    |  
|Interest Component of Rentals                          |  |                                            | 17    |   |                                             |   | 22    |                                            |  |   | 16    |  
|Pre-Tax Preferred Stock Dividend Requirement           |  |                                            | 15    |   |                                             |   | 18    |                                            |  |   | 15    |  
|Fixed Charges                                          |  | $                                          | 433   |   |                                             | $ | 567   |                                            |  | $ | 426   |  
|Ratio of Earnings to Fixed Charges                     |  |                                            | 3.8   |   |                                             |   | 3.4   |                                            |  |   | 3.5   |