Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges
(Millions of Dollars)

|                                                      |  | For the Nine
Months Ended
September 30,
2003 |       | For the Twelve Months Ended December 31,
|----------------------------------------------------- |  | -------------------------------------------- | ----- | ----------------------------------------
|
|Earnings                                              |  |                                              |       |                                         
|Net Income for Common Stock                           |  | $                                            | 478   |                                         
|Preferred Stock Dividend                              |  |                                              | 8     |                                         
|Cumulative Effect of Changes in Accounting Principles |  |                                              |      |                                         
|(Income) or Loss from Equity Investees                |  |                                              |      |                                         
|Minority Interest Loss                                |  |                                              | 2     |                                         
|Income Tax                                            |  |                                              | 306   |                                         
|                                                      |  |                                              |       |                                         
|Pre-Tax Income from Continuing Operations             |  | $                                            | 794   |                                         
|Add: Fixed Charges*                                   |  |                                              | 360   |                                         
|Add: Distributed Income of Equity Investees           |  |                                              |      |                                         
|Subtract: Interest Capitalized                        |  |                                              | 7     |                                         
|Subtract: Preferred Stock Dividend Requirement        |  |                                              | 13    |                                         
|                                                      |  |                                              |       |                                         
|Earnings                                              |  | $                                            | 1,134 |                                         
|                                                      |  |                                              |       |                                         
|* Fixed Charges                                       |  |                                              |       |                                         
|Interest on Long-term Debt                            |  | $                                            | 290   |                                         
|Amortization of Debt Discount, Premium and Expense    |  |                                              | 10    |                                         
|Interest Capitalized                                  |  |                                              | 7     |                                         
|Other Interest                                        |  |                                              | 25    |                                         
|Interest Component of Rentals                         |  |                                              | 15    |                                         
|Preferred Stock Dividend Requirement                  |  |                                              | 13    |                                         
|                                                      |  |                                              |       |                                         
|Fixed Charges                                         |  | $                                            | 360   |                                         
|                                                      |  |                                              |       |                                         
|Ratio of Earnings to Fixed Charges                    |  |                                              | 3.2   |                                         
|                                                      |  |                                              |       |                                         

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