Consolidated Edison, Inc.



Exhibit 12.1



Ratio of Earnings to Fixed Charges

(Millions of Dollars)



|                                                       |  |                                            |       |   |                                             |   |                                            |  |   |       |  
|------------------------------------------------------ |  | ------------------------------------------ | ----- | - | ------------------------------------------- | - | ------------------------------------------ |  | - | ----- | -
|                                                       |  | For the NineMonths EndedSeptember 30, 2006 |       |   | For the TwelveMonths EndedDecember 31, 2005 |   | For the NineMonths EndedSeptember 30, 2005 | 
|Earnings                                               |  |                                            |       |   |                                             |   |                                            |  |   |       |  
|Net Income from Continuing Operations                  |  | $                                          | 537   |   |                                             | $ | 732                                        |  | $ | 586   |  
|Preferred Stock Dividend                               |  |                                            | 8     |   |                                             |   | 11                                         |  |   | 8     |  
|(Income) or Loss from Equity Investees                 |  |                                            | (1    | ) |                                             |   | 1                                          |  |   | (2    | )
|Income Tax                                             |  |                                            | 300   |   |                                             |   | 341                                        |  |   | 312   |  
|Pre-Tax Income from Continuing Operations              |  | $                                          | 844   |   |                                             | $ | 1,085                                      |  | $ | 904   |  
|Add: Fixed Charges*                                    |  |                                            | 446   |   |                                             |   | 506                                        |  |   | 380   |  
|Subtract: Pre-Tax Preferred Stock Dividend Requirement |  |                                            | 14    |   |                                             |   | 18                                         |  |   | 14    |  
|Earnings                                               |  | $                                          | 1,276 |   |                                             | $ | 1,573                                      |  | $ | 1,270 |  
|* Fixed Charges                                        |  |                                            |       |   |                                             |   |                                            |  |   |       |  
|Interest on Long-term Debt                             |  | $                                          | 344   |   |                                             | $ | 428                                        |  | $ | 318   |  
|Amortization of Debt Discount, Premium and Expense     |  |                                            | 12    |   |                                             |   | 16                                         |  |   | 12    |  
|Other Interest                                         |  |                                            | 65    |   |                                             |   | 27                                         |  |   | 19    |  
|Interest Component of Rentals                          |  |                                            | 11    |   |                                             |   | 17                                         |  |   | 17    |  
|                                                       |  |                                            |      
|Pre-Tax Preferred Stock Dividend Requirement           |  |                                            | 14    |   |                                             |   | 18                                         |  |   | 14    |  
|Fixed Charges                                          |  | $                                          | 446   |   |                                             | $ | 506                                        |  | $ | 380   |  
|Ratio of Earnings to Fixed Charges                     |  |                                            | 2.9   |   |                                             |   | 3.1                                        |  |   | 3.3   |