Con Edison Company of New York, Inc.



Exhibit 12.2



Ratio of Earnings to Fixed Charges

(Millions of Dollars)



|                                                      |  |                                      |     |                                             |   |                                      |  |   |    
|----------------------------------------------------- |  | ------------------------------------ | --- | ------------------------------------------- | - | ------------------------------------ |  | - | ---
|                                                      |  | For the SixMonths EndedJune 30, 2004 |     | For the TwelveMonths EndedDecember 31, 2003 |   | For the SixMonths EndedJune 30, 2003
|Earnings                                              |  |                                      |     |                                             |   |                                      |  |   |    
|Net Income for Common Stock                           |  | $                                    | 241 |                                             | $ | 591                                  |  | $ | 203
|Preferred Stock Dividend                              |  |                                      | 6   |                                             |   | 11                                   |  |   | 6  
|Cumulative Effect of Changes in Accounting Principles |  |                                      |    |                                             |   |                                     |  |   |   
|(Income) or Loss from Equity Investees                |  |                                      |    |                                             |   |                                     |  |   |   
|Minority Interest Loss                                |  |                                      |    |                                             |   |                                     |  |   |   
|Income Tax                                            |  |                                      | 147 |                                             |   | 367                                  |  |   | 126
|                                                      |  |                                      |     |                                             |   |                                      |  |   |    
|Pre-Tax Income from Continuing Operations             |  | $                                    | 394 |                                             | $ | 969                                  |  | $ | 335
|Add: Fixed Charges*                                   |  |                                      | 195 |                                             |   | 409                                  |  |   | 198
|Add: Amortization of Capitalized Interest             |  |                                      |    |                                             |   |                                     |  |   |   
|Add: Distributed Income of Equity Investees           |  |                                      |    |                                             |   |                                     |  |   |   
|Subtract: Interest Capitalized                        |  |                                      |    |                                             |   |                                     |  |   |   
|Subtract: Preferred Stock Dividend Requirement        |  |                                      |    |                                             |   |                                     |  |   |   
|                                                      |  |                                      |     |                                             |   |                                      |  |   |    
|Earnings                                              |  | $                                    | 589 |                                             | $ | 1,378                                |  | $ | 533
|                                                      |  |                                      |     |                                             |   |                                      |  |   |    
|* Fixed Charges                                       |  |                                      |     |                                             |   |                                      |  |   |    
|Interest on Long-term Debt                            |  | $                                    | 161 |                                             | $ | 333                                  |  | $ | 169
|Amortization of Debt Discount, Premium and Expense    |  |                                      | 7   |                                             |   | 13                                   |  |   | 6  
|Interest Capitalized                                  |  |                                      |    |                                             |   |                                     |  |   |   
|Other Interest                                        |  |                                      | 16  |                                             |   | 42                                   |  |   | 14 
|Interest Component of Rentals                         |  |                                      | 11  |                                             |   | 21                                   |  |   | 9  
|Preferred Stock Dividend Requirement                  |  |                                      |    |                                             |   |                                     |  |   |   
|                                                      |  |                                      |     |                                             |   |                                      |  |   |    
|Fixed Charges                                         |  | $                                    | 195 |                                             | $ | 409                                  |  | $ | 198
|                                                      |  |                                      |     |                                             |   |                                      |  |   |    
|Ratio of Earnings to Fixed Charges                    |  |                                      | 3.0 |                                             |   | 3.4                                  |  |   | 2.7
|                                                      |  |                                      |     |                                             |   |                                      |  |   |