Consolidated Edison, Inc.



Exhibit 12.1



Ratio of Earnings to Fixed Charges

(Millions of Dollars)



|                                                       |  |                                      |     |                                             |   |                                      |  |   |    
|------------------------------------------------------ |  | ------------------------------------ | --- | ------------------------------------------- | - | ------------------------------------ |  | - | ---
|                                                       |  | For theSix Months EndedJune 30, 2006 |     | For theTwelve Months EndedDecember 31, 2005 |   | For theSix Months EndedJune 30, 2005
|Earnings                                               |  |                                      |     |                                             |   |                                      |  |   |    
|Net Income from Continuing Operations                  |  | $                                    | 306 |                                             | $ | 732                                  |  | $ | 300
|Preferred Stock Dividend                               |  |                                      | 6   |                                             |   | 11                                   |  |   | 6  
|(Income) or Loss from Equity Investees                 |  |                                      |    |                                             |   | 1                                    |  |   | 2  
|Income Tax                                             |  |                                      | 171 |                                             |   | 341                                  |  |   | 143
|Pre-Tax Income from Continuing Operations              |  | $                                    | 483 |                                             | $ | 1,085                                |  | $ | 451
|Add: Fixed Charges*                                    |  |                                      | 278 |                                             |   | 506                                  |  |   | 249
|Subtract: Pre-Tax Preferred Stock Dividend Requirement |  |                                      | 10  |                                             |   | 18                                   |  |   | 9  
|Earnings                                               |  | $                                    | 751 |                                             | $ | 1,573                                |  | $ | 691
|* Fixed Charges                                        |  |                                      |     |                                             |   |                                      |  |   |    
|Interest on Long-term Debt                             |  | $                                    | 224 |                                             | $ | 428                                  |  | $ | 211
|Amortization of Debt Discount, Premium and Expense     |  |                                      | 8   |                                             |   | 16                                   |  |   | 8  
|Other Interest                                         |  |                                      | 25  |                                             |   | 27                                   |  |   | 10 
|Interest Component of Rentals                          |  |                                      | 11  |                                             |   | 17                                   |  |   | 11 
|                                                       |  |                                      |    
|Pre-Tax Preferred Stock Dividend Requirement           |  |                                      | 10  |                                             |   | 18                                   |  |   | 9  
|Fixed Charges                                          |  | $                                    | 278 |                                             | $ | 506                                  |  | $ | 249
|Ratio of Earnings to Fixed Charges                     |  |                                      | 2.7 |                                             |   | 3.1                                  |  |   | 2.8