Exhibit 12.1



Consolidated Edison, Inc.



Ratio of Earnings to Fixed Charges

(Millions of Dollars)



|                                                          |  |                                         |     |                                             |   |       |                                         |  |   |    
|--------------------------------------------------------- |  | --------------------------------------- | --- | ------------------------------------------- | - | ----- | --------------------------------------- |  | - | ---
|                                                          |  | For theThree Months EndedMarch 31, 2009 |     | For theTwelve Months EndedDecember 31, 2008 |   |       | For theThree Months EndedMarch 31, 2008
|Earnings                                                  |  |                                         |     |                                             |   |       |                                         |  |   |    
|Income for Common Stock from Continuing Operations        |  | $                                       | 180 |                                             | $ | 922   |                                         |  | $ | 300
|Preferred Stock Dividend                                  |  |                                         | 3   |                                             |   | 11    |                                         |  |   | 3  
|(Income) or Loss from Equity Investees                    |  |                                         |    |                                             |   | (1    | )                                       |  |   |   
|Minority Interest Loss                                    |  |                                         |    |                                             |   |      |                                         |  |   |   
|Income Tax                                                |  |                                         | 94  |                                             |   | 524   |                                         |  |   | 163
|Pre-Tax Income for Common Stock fromContinuing Operations |  | $                                       | 277 |                                             | $ | 1,456 |                                         |  | $ | 466
|Add: Fixed Charges*                                       |  |                                         | 157 |                                             |   | 592   |                                         |  |   | 139
|Add: Distributed Income of Equity Investees               |  |                                         |    |                                             |   |      |                                         |  |   |   
|Subtract: Interest Capitalized                            |  |                                         |    |                                             |   |      |                                         |  |   |   
|Subtract: Pre-Tax Preferred Stock Dividend Requirement    |  |                                         | 5   |                                             |   | 18    |                                         |  |   | 5  
|Earnings                                                  |  | $                                       | 429 |                                             | $ | 2,030 |                                         |  | $ | 600
|* Fixed Charges                                           |  |                                         |     |                                             |   |       |                                         |  |   |    
|Interest on Long-term Debt                                |  | $                                       | 138 |                                             | $ | 504   |                                         |  | $ | 109
|Amortization of Debt Discount, Premium and Expense        |  |                                         | 4   |                                             |   | 15    |                                         |  |   | 4  
|Interest Capitalized                                      |  |                                         |    |                                             |   |      |                                         |  |   |   
|Other Interest                                            |  |                                         | 4   |                                             |   | 33    |                                         |  |   | 16 
|Interest Component of Rentals                             |  |                                         | 6   |                                             |   | 22    |                                         |  |   | 5  
|Pre-Tax Preferred Stock Dividend Requirement              |  |                                         | 5   |                                             |   | 18    |                                         |  |   | 5  
|Fixed Charges                                             |  | $                                       | 157 |                                             | $ | 592   |                                         |  | $ | 139
|Ratio of Earnings to Fixed Charges                        |  |                                         | 2.7 |                                             |   | 3.4   |                                         |  |   | 4.3