Exhibit 12.1

Consolidated Edison, Inc.RATIO OF EARNINGS TO FIXED CHARGES  FOR SIX MONTHS ENDED JUNE 30, 2002

|EARNINGS                           |                                  |                                                    |        
|---------------------------------- | -------------------------------- | -------------------------------------------------- | -------
|                                   | Net Income                       |                                                    | $      
|                                   | Income tax                       |                                                    |        
|                                  
|                                   | Total Earnings before Income tax |                                                    |        
|FIXED CHARGES*                     |                                  |                                                    | 218,800
|                                  
|                                   |                                  | Total Earnings before Income tax and fixed charges |        
|                                  
|*Fixed Charges                     |                                  |                                                    |        
|                                   | Interest on Long-Term Debt       |                                                    | $      
|                                   | Other Interest                   |                                                    |        
|                                   | Interest on Component of Rentals |                                                    |        
|                                  
|                                   |                                  | Total Fixed Charges                                |        
|                                  
|Ratio of Earnings To Fixed Charges |                                  |                                                    | 2.94   

Consolidated Edison, Inc.RATIO OF EARNINGS TO FIXED CHARGES  TWELVE MONTHS ENDED(THOUSANDS OF DOLLARS)

|                                   |                                                    | June
2002                                                  |         | December
2001
|---------------------------------- | -------------------------------------------------- | ---------------------------------------------------------- | ------- | -------------
|
|EARNINGS                           |                                                    |                                                            |         |              
|                                   | Net Income for Common Stock                        |                                                            | $       | 666,637      
|                                   | Preferred Dividends                                |                                                            |         | 13,593       
|                                   | Income Tax                                         |                                                            |         | 400,384      
|                                  
|                                   |                                                    | Total Earnings Before Federal Income Tax                   |         |              
|FIXED CHARGES*                     |                                                    |                                                            | 446,828 |              
|                                  
|                                   |                                                    | Total Earnings Before Federal Income Tax and Fixed Charges |         | $            
|                                  
|*Fixed Charges                     |                                                    |                                                            |         |              
|                                   | Interest on Long-Term Debt                         |                                                            | $       | 379,896      
|                                   | Amortization of Debt Discount, Premium and Expense |                                                            |         | 12,681       
|                                   | Interest on Component of Rentals                   |                                                            |         | 13,684       
|                                   | Other Interest                                     |                                                            |         | 40,567       
|                                  
|                                   |                                                    | Total Fixed Charges                                        |         | $            
|                                  
|Ratio of Earnings to Fixed Charges |                                                    |                                                            | 3.42    |              

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