CONSOLIDATED EDISON, INC.    Ratio of Earnings to Fixed Charges  Twelve Months Ended(Thousands of Dollars)

|                                   |                                                    | March
2002                                                 |         | December
2001
|---------------------------------- | -------------------------------------------------- | ---------------------------------------------------------- | ------- | -------------
|Earnings                           |                                                    |                                                            |         |              
|                                   | Net Income for Common Stock                        |                                                            | $       | 669,733      
|                                   | Preferred Dividends                                |                                                            |         | 13,593       
|                                   | Income Tax                                         |                                                            |         | 426,481      
|                                   |                                                    |                                                            |         |              
|                                   |                                                    | Total Earnings Before Federal Income Tax                   |         |              
|Fixed Charges*                     |                                                    |                                                            | 452,635 |              
|                                   |                                                    |                                                            |         |              
|                                   |                                                    | Total Earnings Before Federal Income Tax and Fixed Charges |         | $            
|                                   |                                                    |                                                            |         |              
|                                   | * Fixed Charges                                    |                                                            |         |              
|                                   | Interest on Long-Term Debt                         |                                                            | $       | 359,956      
|                                   | Amortization of Debt Discount, Premium and Expense |                                                            |         | 12,634       
|                                   | Interest on Component of Rentals                   |                                                            |         | 18,799       
|                                   | Other Interest                                     |                                                            |         | 61,246       
|                                   |                                                    |                                                            |         |              
|                                   |                                                    | Total Fixed Charges                                        |         | $            
|                                   |                                                    |                                                            |         |              
|Ratio of Earnings to Fixed Charges |                                                    |                                                            | 3.45    |              

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