Consolidated Edison, Inc.



Exhibit 12.1



Ratio of Earnings to Fixed Charges

(Millions of Dollars)



|                                                       |  |                                         |     |                                             |   |                                         |  |   |    
|------------------------------------------------------ |  | --------------------------------------- | --- | ------------------------------------------- | - | --------------------------------------- |  | - | ---
|                                                       |  | For theThree Months EndedMarch 31, 2006 |     | For theTwelve Months EndedDecember 31, 2005 |   | For theThree Months EndedMarch 31, 2005
|Earnings                                               |  |                                         |     |                                             |   |                                         |  |   |    
|Net Income from Continuing Operations                  |  | $                                       | 180 |                                             | $ | 732                                     |  | $ | 181
|Preferred Stock Dividend                               |  |                                         | 3   |                                             |   | 11                                      |  |   | 3  
|(Income) or Loss from Equity Investees                 |  |                                         |    |                                             |   | 1                                       |  |   | 2  
|Income Tax                                             |  |                                         | 113 |                                             |   | 341                                     |  |   | 106
|Pre-Tax Income from Continuing Operations              |  | $                                       | 296 |                                             | $ | 1,085                                   |  | $ | 292
|Add: Fixed Charges*                                    |  |                                         | 138 |                                             |   | 506                                     |  |   | 125
|Subtract: Pre-Tax Preferred Stock Dividend Requirement |  |                                         | 5   |                                             |   | 18                                      |  |   | 4  
|Earnings                                               |  | $                                       | 429 |                                             | $ | 1,573                                   |  | $ | 413
|* Fixed Charges                                        |  |                                         |     |                                             |   |                                         |  |   |    
|Interest on Long-term Debt                             |  | $                                       | 109 |                                             | $ | 428                                     |  | $ | 103
|Amortization of Debt Discount, Premium and Expense     |  |                                         | 4   |                                             |   | 16                                      |  |   | 4  
|Other Interest                                         |  |                                         | 14  |                                             |   | 27                                      |  |   | 8  
|Interest Component of Rentals                          |  |                                         | 6   |                                             |   | 17                                      |  |   | 6  
|Pre-Tax Preferred Stock Dividend Requirement           |  |                                         | 5   |                                             |   | 18                                      |  |   | 4  
|Fixed Charges                                          |  | $                                       | 138 |                                             | $ | 506                                     |  | $ | 125
|Ratio of Earnings to Fixed Charges                     |  |                                         | 3.1 |                                             |   | 3.1                                     |  |   | 3.3