Consolidated Edison, Inc.



Exhibit 12.1



Ratio of Earnings to Fixed Charges

(Millions of Dollars)



|                                                       |  |                                            |       |   |                                             |   |       |                                            |  |   |       |  
|------------------------------------------------------ |  | ------------------------------------------ | ----- | - | ------------------------------------------- | - | ----- | ------------------------------------------ |  | - | ----- | -
|                                                       |  | For theNine Months EndedSeptember 30, 2007 |       |   | For theTwelve Months EndedDecember 31, 2006 |   |       | For theNine Months EndedSeptember 30, 2006 | 
|Earnings                                               |  |                                            |       |   |                                             |   |       |                                            |  |   |       |  
|Net Income from Continuing Operations                  |  | $                                          | 722   |   |                                             | $ | 738   |                                            |  | $ | 537   |  
|Preferred Stock Dividend                               |  |                                            | 8     |   |                                             |   | 11    |                                            |  |   | 8     |  
|(Income) or Loss from Equity Investees                 |  |                                            | (4    | ) |                                             |   | (1    | )                                          |  |   | (1    | )
|Minority Interest Loss                                 |  |                                            | 1     |   |                                             |   | 1     |                                            |  |   |      |  
|Income Tax                                             |  |                                            | 344   |   |                                             |   | 390   |                                            |  |   | 300   |  
|Pre-Tax Income from Continuing Operations              |  | $                                          | 1,071 |   |                                             | $ | 1,139 |                                            |  | $ | 844   |  
|Add: Fixed Charges*                                    |  |                                            | 454   |   |                                             |   | 596   |                                            |  |   | 446   |  
|Subtract: Pre-Tax Preferred Stock Dividend Requirement |  |                                            | 14    |   |                                             |   | 18    |                                            |  |   | 14    |  
|Earnings                                               |  | $                                          | 1,511 |   |                                             | $ | 1,717 |                                            |  | $ | 1,276 |  
|* Fixed Charges                                        |  |                                            |       |   |                                             |   |       |                                            |  |   |       |  
|Interest on Long-term Debt                             |  | $                                          | 367   |   |                                             | $ | 465   |                                            |  | $ | 344   |  
|Amortization of Debt Discount, Premium and Expense     |  |                                            | 13    |   |                                             |   | 16    |                                            |  |   | 12    |  
|Other Interest                                         |  |                                            | 44    |   |                                             |   | 75    |                                            |  |   | 65    |  
|Interest Component of Rentals                          |  |                                            | 16    |   |                                             |   | 22    |                                            |  |   | 11    |  
|Pre-Tax Preferred Stock Dividend Requirement           |  |                                            | 14    |   |                                             |   | 18    |                                            |  |   | 14    |  
|Fixed Charges                                          |  | $                                          | 454   |   |                                             | $ | 596   |                                            |  | $ | 446   |  
|Ratio of Earnings to Fixed Charges                     |  |                                            | 3.3   |   |                                             |   | 2.9   |                                            |  |   | 2.9   |  
|                                                       |  |                                            |       |   |                                             |   |       |                                            |  |   |       |