Consolidated Edison, Inc.



Exhibit 12.1



Ratio of Earnings to Fixed Charges

(Millions of Dollars)



|                                                       |  |                                          |     |   |                                             |   |       |                                         |  |   |    
|------------------------------------------------------ |  | ---------------------------------------- | --- | - | ------------------------------------------- | - | ----- | --------------------------------------- |  | - | ---
|                                                       |  | For the Three Months EndedMarch 31, 2007 |     |   | For theTwelve Months EndedDecember 31, 2006 |   |       | For theThree Months EndedMarch 31, 2006
|Earnings                                               |  |                                          |     |   |                                             |   |       |                                         |  |   |    
|Net Income from Continuing Operations                  |  | $                                        | 256 |   |                                             | $ | 738   |                                         |  | $ | 180
|Preferred Stock Dividend                               |  |                                          | 3   |   |                                             |   | 11    |                                         |  |   | 3  
|(Income) or Loss from Equity Investees                 |  |                                          | (1  | ) |                                             |   | (1    | )                                       |  |   |   
|Minority Interest Loss                                 |  |                                          |    |   |                                             |   | 1     |                                         |  |   |   
|Income Tax                                             |  |                                          | 145 |   |                                             |   | 390   |                                         |  |   | 113
|Pre-Tax Income from Continuing Operations              |  | $                                        | 403 |   |                                             | $ | 1,139 |                                         |  | $ | 296
|Add: Fixed Charges*                                    |  |                                          | 153 |   |                                             |   | 596   |                                         |  |   | 138
|Subtract: Pre-Tax Preferred Stock Dividend Requirement |  |                                          | 5   |   |                                             |   | 18    |                                         |  |   | 5  
|Earnings                                               |  | $                                        | 551 |   |                                             | $ | 1,717 |                                         |  | $ | 429
|* Fixed Charges                                        |  |                                          |     |   |                                             |   |       |                                         |  |   |    
|Interest on Long-term Debt                             |  | $                                        | 124 |   |                                             | $ | 465   |                                         |  | $ | 109
|Amortization of Debt Discount, Premium and Expense     |  |                                          | 4   |   |                                             |   | 16    |                                         |  |   | 4  
|Other Interest                                         |  |                                          | 15  |   |                                             |   | 75    |                                         |  |   | 14 
|Interest Component of Rentals                          |  |                                          | 5   |   |                                             |   | 22    |                                         |  |   | 6  
|Pre-Tax Preferred Stock Dividend Requirement           |  |                                          | 5   |   |                                             |   | 18    |                                         |  |   | 5  
|Fixed Charges                                          |  | $                                        | 153 |   |                                             | $ | 596   |                                         |  | $ | 138
|Ratio of Earnings to Fixed Charges                     |  |                                          | 3.6 |   |                                             |   | 2.9   |                                         |  |   | 3.1