Exhibit 12.1

Consolidated Edison, Inc.RATIO OF EARNINGS TO FIXED CHARGES(MILLIONS OF DOLLARS)

|                                                      |  | For the Three
Months Ended
March 31, 2004 |     | For the Twelve
Months Ended
December 31, 2003 |  
|----------------------------------------------------- |  | ----------------------------------------- | --- | --------------------------------------------- | -
|
|EARNINGS                                              |  |                                           |     |                                               |  
|Net Income for Common Stock                           |  | $                                         | 155 |                                               | $
|Preferred Stock Dividend                              |  |                                           | 3   |                                               |  
|Cumulative Effect of Changes in Accounting Principles |  |                                           |    |                                               |  
|(Income) or Loss from Equity Investees                |  |                                           | 1   |                                               |  
|Minority Interest Loss                                |  |                                           |    |                                               |  
|Income Tax                                            |  |                                           | 104 |                                               |  
|                                                      | 
|Pre-Tax Income from Continuing Operations             |  | $                                         | 263 |                                               | $
|Add: Fixed Charges*                                   |  |                                           | 128 |                                               |  
|Add: Distributed Income of Equity Investees           |  |                                           |    |                                               |  
|Subtract: Interest Capitalized                        |  |                                           |    |                                               |  
|Subtract: Preferred Stock Dividend Requirement        |  |                                           | 4   |                                               |  
|                                                      | 
|EARNINGS                                              |  | $                                         | 387 |                                               | $
|                                                      | 
|* FIXED CHARGES                                       |  |                                           |     |                                               |  
|Interest on Long-term Debt                            |  | $                                         | 104 |                                               | $
|Amortization of Debt Discount, Premium and Expense    |  |                                           | 4   |                                               |  
|Interest Capitalized                                  |  |                                           |    |                                               |  
|Other Interest                                        |  |                                           | 10  |                                               |  
|Interest Component of Rentals                         |  |                                           | 6   |                                               |  
|Preferred Stock Dividend Requirement                  |  |                                           | 4   |                                               |  
|                                                      | 
|FIXED CHARGES                                         |  | $                                         | 128 |                                               | $
|                                                      | 
|Ratio of Earnings to Fixed Charges                    |  |                                           | 3.0 |                                               |  
|                                                      | 

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