Consolidated Edison, Inc.



Exhibit 12.1



Ratio of Earnings to Fixed Charges

(Millions of Dollars)



|                                                      |  |                                         |     |                                             |   |                                         |  |   |    
|----------------------------------------------------- |  | --------------------------------------- | --- | ------------------------------------------- | - | --------------------------------------- |  | - | ---
|                                                      |  | For the ThreeMonths EndedMarch 31, 2005 |     | For the TwelveMonths EndedDecember 31, 2004 |   | For the ThreeMonths EndedMarch 31, 2004
|Earnings                                              |  |                                         |     |                                             |   |                                         |  |   |    
|Net Income                                            |  | $                                       | 181 |                                             | $ | 537                                     |  | $ | 155
|Preferred Stock Dividend                              |  |                                         | 3   |                                             |   | 11                                      |  |   | 3  
|Cumulative Effect of Changes in Accounting Principles |  |                                         |    |                                             |   |                                        |  |   |   
|(Income) or Loss from Equity Investees                |  |                                         | 2   |                                             |   | 2                                       |  |   | 1  
|Minority Interest Loss                                |  |                                         |    |                                             |   |                                        |  |   |   
|Income Tax                                            |  |                                         | 106 |                                             |   | 264                                     |  |   | 104
|Pre-Tax Income from Continuing Operations             |  | $                                       | 292 |                                             | $ | 814                                     |  | $ | 263
|Add: Fixed Charges*                                   |  |                                         | 125 |                                             |   | 501                                     |  |   | 128
|Add: Distributed Income of Equity Investees           |  |                                         |    |                                             |   |                                        |  |   |   
|Subtract: Interest Capitalized                        |  |                                         |    |                                             |   |                                        |  |   |   
|Subtract: Preferred Stock Dividend Requirement        |  |                                         | 4   |                                             |   | 17                                      |  |   | 4  
|Earnings                                              |  | $                                       | 413 |                                             | $ | 1,298                                   |  | $ | 387
|* Fixed Charges                                       |  |                                         |     |                                             |   |                                         |  |   |    
|Interest on Long-term Debt                            |  | $                                       | 103 |                                             | $ | 411                                     |  | $ | 104
|Amortization of Debt Discount, Premium and Expense    |  |                                         | 4   |                                             |   | 15                                      |  |   | 4  
|Interest Capitalized                                  |  |                                         |    |                                             |   |                                        |  |   |   
|Other Interest                                        |  |                                         | 8   |                                             |   | 36                                      |  |   | 10 
|Interest Component of Rentals                         |  |                                         | 6   |                                             |   | 22                                      |  |   | 6  
|Preferred Stock Dividend Requirement                  |  |                                         | 4   |                                             |   | 17                                      |  |   | 4  
|Fixed Charges                                         |  | $                                       | 125 |                                             | $ | 501                                     |  | $ | 128
|Ratio of Earnings to Fixed Charges                    |  |                                         | 3.3 |                                             |   | 2.6                                     |  |   | 3.0