Consolidated Edison, Inc.



Exhibit 12.1



Ratio of Earnings to Fixed Charges

(Millions of Dollars)



|                                                       |  |                                         |     |                                             |   |       |                                         |  |   |     |  
|------------------------------------------------------ |  | --------------------------------------- | --- | ------------------------------------------- | - | ----- | --------------------------------------- |  | - | --- | -
|                                                       |  | For theThree Months EndedMarch 31, 2008 |     | For theTwelve Months EndedDecember 31, 2007 |   |       | For theThree Months EndedMarch 31, 2007 | 
|Earnings                                               |  |                                         |     |                                             |   |       |                                         |  |   |     |  
|Net Income from Continuing Operations                  |  | $                                       | 300 |                                             | $ | 925   |                                         |  | $ | 258 |  
|Preferred Stock Dividend                               |  |                                         | 3   |                                             |   | 11    |                                         |  |   | 3   |  
|(Income) or Loss from Equity Investees                 |  |                                         |    |                                             |   | (7    | )                                       |  |   | (1  | )
|Minority Interest Loss                                 |  |                                         |    |                                             |   |      |                                         |  |   |    |  
|Income Tax                                             |  |                                         | 163 |                                             |   | 438   |                                         |  |   | 148 |  
|Pre-Tax Income from Continuing Operations              |  | $                                       | 466 |                                             | $ | 1,367 |                                         |  | $ | 408 |  
|Add: Fixed Charges*                                    |  |                                         | 139 |                                             |   | 567   |                                         |  |   | 143 |  
|Subtract: Pre-Tax Preferred Stock Dividend Requirement |  |                                         | 5   |                                             |   | 18    |                                         |  |   | 5   |  
|Earnings                                               |  | $                                       | 600 |                                             | $ | 1,916 |                                         |  | $ | 546 |  
|* Fixed Charges                                        |  |                                         |     |                                             |   |       |                                         |  |   |     |  
|Interest on Long-term Debt                             |  | $                                       | 109 |                                             | $ | 453   |                                         |  | $ | 114 |  
|Amortization of Debt Discount, Premium and Expense     |  |                                         | 4   |                                             |   | 17    |                                         |  |   | 4   |  
|Other Interest                                         |  |                                         | 16  |                                             |   | 57    |                                         |  |   | 15  |  
|Interest Component of Rentals                          |  |                                         | 5   |                                             |   | 22    |                                         |  |   | 5   |  
|Pre-Tax Preferred Stock Dividend Requirement           |  |                                         | 5   |                                             |   | 18    |                                         |  |   | 5   |  
|Fixed Charges                                          |  | $                                       | 139 |                                             | $ | 567   |                                         |  | $ | 143 |  
|Ratio of Earnings to Fixed Charges                     |  |                                         | 4.3 |                                             |   | 3.4   |                                         |  |   | 3.8 |