Consolidated Edison, Inc.



Exhibit 12.1



Ratio of Earnings to Fixed Charges

(Millions of Dollars)



|                                                   |  |                                 |     |                                   |   |      |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       |  
|-------------------------------------------------- |  | ------------------------------- | --- | --------------------------------- | - | ---- |  | ---- | ----- | ---- | - | ----- |  | ---- | ----- |  | - | ----- |  | - | ----- | -
|                                                   |  | For theSix Months EndedJune 30, |     | For the Y ears Ended December 31, |  
|                                                   |  | 2005                            |     | 2004                              |   | 2004 |  | 2003 |       | 2002 |   | 2001  |  | 2000 |      
|Earnings                                           |  |                                 |     |                                   |   |      |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       |  
|Net Income from Continuing Operations              |  | $                               | 300 |                                   | $ | 247  |  | $    | 549   |      | $ | 634   |  | $    | 689   |  | $ | 695   |  | $ | 588   |  
|Preferred Stock Dividend                           |  |                                 | 6   |                                   |   | 6    |  |      | 11    |      |   | 11    |  |      | 13    |  |   | 14    |  |   | 14    |  
|(Income) or Loss from Equity Investees             |  |                                 | 2   |                                   |   | 2    |  |      | 2     |      |   |      |  |      |      |  |   |      |  |   | (1    | )
|Minority Interest Loss                             |  |                                 |    |                                   |   |     |  |      |      |      |   | 2     |  |      | 2     |  |   | 2     |  |   | 1     |  
|Income Tax                                         |  |                                 | 143 |                                   |   | 147  |  |      | 272   |      |   | 390   |  |      | 388   |  |   | 450   |  |   | 310   |  
|Pre-Tax Income from Continuing Operations          |  | $                               | 451 |                                   | $ | 402  |  | $    | 834   |      | $ | 1,037 |  | $    | 1,092 |  | $ | 1,161 |  | $ | 912   |  
|Add: Fixed Charges*                                |  |                                 | 249 |                                   |   | 250  |  |      | 501   |      |   | 491   |  |      | 493   |  |   | 480   |  |   | 452   |  
|Add: Distributed Income of Equity Investees        |  |                                 |    |                                   |   |     |  |      |      |      |   |      |  |      |      |  |   |      |  |   | 1     |  
|Subtract: Interest Capitalized                     |  |                                 |    |                                   |   |     |  |      |      |      |   | 5     |  |      | 14    |  |   |      |  |   |      |  
|Subtract: Preferred Stock Dividend Requirement     |  |                                 | 9   |                                   |   | 9    |  |      | 17    |      |   | 17    |  |      | 19    |  |   | 22    |  |   | 21    |  
|Earnings                                           |  | $                               | 691 |                                   | $ | 643  |  | $    | 1,318 |      | $ | 1,506 |  | $    | 1,552 |  | $ | 1,619 |  | $ | 1,344 |  
|* Fixed Charges                                    |  |                                 |     |                                   |   |      |  |      |       |      |   |       |  |      |       |  |   |       |  |   |       |  
|Interest on Long-term Debt                         |  | $                               | 211 |                                   | $ | 207  |  | $    | 411   |      | $ | 388   |  | $    | 373   |  | $ | 384   |  | $ | 351   |  
|Amortization of Debt Discount, Premium and Expense |  |                                 | 8   |                                   |   | 7    |  |      | 15    |      |   | 13    |  |      | 12    |  |   | 13    |  |   | 12    |  
|Interest Capitalized                               |  |                                 |    |                                   |   |     |  |      |      |      |   | 5     |  |      | 14    |  |   |      |  |   |      |  
|Other Interest                                     |  |                                 | 10  |                                   |   | 16   |  |      | 36    |      |   | 45    |  |      | 61    |  |   | 42    |  |   | 50    |  
|Interest Component of Rentals                      |  |                                 | 11  |                                   |   | 11   |  |      | 22    |      |   | 22    |  |      | 14    |  |   | 19    |  |   | 18    |  
|Preferred Stock Dividend Requirement               |  |                                 | 9   |                                   |   | 9    |  |      | 17    |      |   | 18    |  |      | 19    |  |   | 22    |  |   | 21    |  
|Fixed Charges                                      |  | $                               | 249 |                                   | $ | 250  |  | $    | 501   |      | $ | 491   |  | $    | 493   |  | $ | 480   |  | $ | 452   |  
|Ratio of Earnings to Fixed Charges                 |  |                                 | 2.8 |                                   |   | 2.6  |  |      | 2.6   |      |   | 3.1   |  |      | 3.1   |  |   | 3.4   |  |   | 3.0   |