Consolidated Edison, Inc.



Exhibit 12.1



Ratio of Earnings to Fixed Charges

(Millions of Dollars)



|                                                      |  |                                            |       |                                             |   |       |                                            |  |   |      
|----------------------------------------------------- |  | ------------------------------------------ | ----- | ------------------------------------------- | - | ----- | ------------------------------------------ |  | - | -----
|                                                      |  | For the NineMonths EndedSeptember 30, 2004 |       | For the TwelveMonths EndedDecember 31, 2003 |   |       | For the NineMonths EndedSeptember 30, 2003
|Earnings                                              |  |                                            |       |                                             |   |       |                                            |  |   |      
|Net Income for Common Stock                           |  | $                                          | 487   |                                             | $ | 528   |                                            |  | $ | 478  
|Preferred Stock Dividend                              |  |                                            | 8     |                                             |   | 11    |                                            |  |   | 8    
|Cumulative Effect of Changes in Accounting Principles |  |                                            |      |                                             |   | (3    | )                                          |  |   |     
|(Income) or Loss from Equity Investees                |  |                                            | 2     |                                             |   |      |                                            |  |   |     
|Minority Interest Loss                                |  |                                            |      |                                             |   | 2     |                                            |  |   | 2    
|Income Tax                                            |  |                                            | 311   |                                             |   | 315   |                                            |  |   | 306  
|                                                      |  |                                            |       |                                             |   |       |                                            |  |   |      
|Pre-Tax Income from Continuing Operations             |  | $                                          | 808   |                                             | $ | 853   |                                            |  | $ | 794  
|Add: Fixed Charges*                                   |  |                                            | 373   |                                             |   | 491   |                                            |  |   | 360  
|Add: Distributed Income of Equity Investees           |  |                                            |      |                                             |   |      |                                            |  |   |     
|Subtract: Interest Capitalized                        |  |                                            |      |                                             |   | 5     |                                            |  |   | 7    
|Subtract: Preferred Stock Dividend Requirement        |  |                                            | 13    |                                             |   | 17    |                                            |  |   | 13   
|                                                      |  |                                            |       |                                             |   |       |                                            |  |   |      
|Earnings                                              |  | $                                          | 1,168 |                                             | $ | 1,322 |                                            |  | $ | 1,134
|                                                      |  |                                            |       |                                             |   |       |                                            |  |   |      
|* Fixed Charges                                       |  |                                            |       |                                             |   |       |                                            |  |   |      
|Interest on Long-term Debt                            |  | $                                          | 309   |                                             | $ | 388   |                                            |  | $ | 290  
|Amortization of Debt Discount, Premium and Expense    |  |                                            | 11    |                                             |   | 13    |                                            |  |   | 10   
|Interest Capitalized                                  |  |                                            |      |                                             |   | 5     |                                            |  |   | 7    
|Other Interest                                        |  |                                            | 24    |                                             |   | 45    |                                            |  |   | 25   
|Interest Component of Rentals                         |  |                                            | 16    |                                             |   | 22    |                                            |  |   | 15   
|Preferred Stock Dividend Requirement                  |  |                                            | 13    |                                             |   | 18    |                                            |  |   | 13   
|                                                      |  |                                            |       |                                             |   |       |                                            |  |   |      
|Fixed Charges                                         |  | $                                          | 373   |                                             | $ | 491   |                                            |  | $ | 360  
|                                                      |  |                                            |       |                                             |   |       |                                            |  |   |      
|Ratio of Earnings to Fixed Charges                    |  |                                            | 3.1   |                                             |   | 2.7   |                                            |  |   | 3.2  
|                                                      |  |                                            |       |                                             |   |       |                                            |  |   |