Consolidated Edison, Inc.



Exhibit 12.1



Ratio of Earnings to Fixed Charges

(Millions of Dollars)



|                                                       |  |                                            |       |   |                                             |   |                                            |  |   |      
|------------------------------------------------------ |  | ------------------------------------------ | ----- | - | ------------------------------------------- | - | ------------------------------------------ |  | - | -----
|                                                       |  | For theNine Months EndedSeptember 30, 2005 |       |   | For theTwelve Months EndedDecember 31, 2004 |   | For theNine Months EndedSeptember 30, 2004
|Earnings                                               |  |                                            |       |   |                                             |   |                                            |  |   |      
|Net Income from continuing operations                  |  | $                                          | 586   |   |                                             | $ | 549                                        |  | $ | 497  
|Preferred Stock Dividend                               |  |                                            | 8     |   |                                             |   | 11                                         |  |   | 8    
|(Income) or Loss from Equity Investees                 |  |                                            | (2    | ) |                                             |   | 2                                          |  |   | 2    
|Minority Interest Loss                                 |  |                                            |      |   |                                             |   |                                           |  |   |     
|Income Tax                                             |  |                                            | 312   |   |                                             |   | 272                                        |  |   | 294  
|Pre-Tax Income from Continuing Operations              |  | $                                          | 904   |   |                                             | $ | 834                                        |  | $ | 801  
|Add: Fixed Charges*                                    |  |                                            | 380   |   |                                             |   | 501                                        |  |   | 373  
|Add: Distributed Income of Equity Investees            |  |                                            |      |   |                                             |   |                                           |  |   |     
|Subtract: Interest Capitalized                         |  |                                            |      |   |                                             |   |                                           |  |   |     
|Subtract: Pre-Tax Preferred Stock Dividend Requirement |  |                                            | 14    |   |                                             |   | 17                                         |  |   | 13   
|Earnings                                               |  | $                                          | 1,270 |   |                                             | $ | 1,318                                      |  | $ | 1,161
|* Fixed Charges                                        |  |                                            |       |   |                                             |   |                                            |  |   |      
|Interest on Long-term Debt                             |  | $                                          | 318   |   |                                             | $ | 411                                        |  | $ | 309  
|Amortization of Debt Discount, Premium and Expense     |  |                                            | 12    |   |                                             |   | 15                                         |  |   | 11   
|Interest Capitalized                                   |  |                                            |      |   |                                             |   |                                           |  |   |     
|Other Interest                                         |  |                                            | 19    |   |                                             |   | 36                                         |  |   | 24   
|Interest Component of Rentals                          |  |                                            | 17    |   |                                             |   | 22                                         |  |   | 16   
|Pre-Tax Preferred Stock Dividend Requirement           |  |                                            | 14    |   |                                             |   | 17                                         |  |   | 13   
|Fixed Charges                                          |  | $                                          | 380   |   |                                             | $ | 501                                        |  | $ | 373  
|Ratio of Earnings to Fixed Charges                     |  |                                            | 3.3   |   |                                             |   | 2.6                                        |  |   | 3.1