Exhibit 12.2

Con Edison Company of New York, Inc.

Ratio of Earnings to Fixed Charges
(Millions of Dollars)

|                                                      |  |   |       | For the Twelve Months Ended December 31,
|----------------------------------------------------- |  | - | ----- | ----------------------------------------
|
|
|Earnings                                              |  |   |       |                                         
|Net Income for Common Stock                           |  | $ | 457   |                                         
|Preferred Stock Dividend                              |  |   | 8     |                                         
|Cumulative Effect of Changes in Accounting Principles |  |   |      |                                         
|(Income) or Loss from Equity Investees                |  |   |      |                                         
|Minority Interest Loss                                |  |   |      |                                         
|Income Tax                                            |  |   | 294   |                                         
|                                                      |  |   |       |                                         
|Pre-Tax Income from Continuing Operations             |  | $ | 759   |                                         
|Add: Fixed Charges*                                   |  |   | 298   |                                         
|Add: Amortization of Capitalized Interest             |  |   |      |                                         
|Add: Distributed Income of Equity Investees           |  |   |      |                                         
|Subtract: Interest Capitalized                        |  |   |      |                                         
|Subtract: Preferred Stock Dividend Requirement        |  |   |      |                                         
|                                                      |  |   |       |                                         
|Earnings                                              |  | $ | 1,057 |                                         
|                                                      |  |   |       |                                         
|* Fixed Charges                                       |  |   |       |                                         
|Interest on Long-term Debt                            |  |   | 251   |                                         
|Amortization of Debt Discount, Premium and Expense    |  |   | 10    |                                         
|Interest Capitalized                                  |  |   |      |                                         
|Other Interest                                        |  |   | 23    |                                         
|Interest Component of Rentals                         |  |   | 14    |                                         
|Preferred Stock Dividend Requirement                  |  |   |      |                                         
|                                                      |  |   |       |                                         
|Fixed Charges                                         |  | $ | 298   |                                         
|                                                      |  |   |       |                                         
|Ratio of Earnings to Fixed Charges                    |  |   | 3.5   |                                         
|                                                      |  |   |       |                                         

---

QuickLinks