Consolidated Edison, Inc.



Exhibit 12.1



Ratio of Earnings to Fixed Charges

(Millions of Dollars)



|                                                       |  |                                        |       |   |                                               |   |       |                                        |  |   |     |  
|------------------------------------------------------ |  | -------------------------------------- | ----- | - | --------------------------------------------- | - | ----- | -------------------------------------- |  | - | --- | -
|                                                       |  | For the Six Months Ended June 30,
2008 |       |   | For the Twelve Months Ended December 31, 2007 |   |       | For the Six Months Ended June 30,
2007 | 
|Earnings                                               |  |                                        |       |   |                                               |   |       |                                        |  |   |     |  
|Net Income from Continuing Operations                  |  | $                                      | 602   |   |                                               | $ | 925   |                                        |  | $ | 409 |  
|Preferred Stock Dividend                               |  |                                        | 6     |   |                                               |   | 11    |                                        |  |   | 6   |  
|(Income) or Loss from Equity Investees                 |  |                                        | (1    | ) |                                               |   | (7    | )                                      |  |   | (2  | )
|Minority Interest Loss                                 |  |                                        |      |   |                                               |   |      |                                        |  |   |    |  
|Income Tax                                             |  |                                        | 373   |   |                                               |   | 438   |                                        |  |   | 219 |  
|Pre-Tax Income from Continuing Operations              |  | $                                      | 980   |   |                                               | $ | 1,367 |                                        |  | $ | 632 |  
|Add: Fixed Charges*                                    |  |                                        | 280   |   |                                               |   | 566   |                                        |  |   | 283 |  
|Subtract: Pre-Tax Preferred Stock Dividend Requirement |  |                                        | 9     |   |                                               |   | 17    |                                        |  |   | 9   |  
|Earnings                                               |  | $                                      | 1,251 |   |                                               | $ | 1,916 |                                        |  | $ | 906 |  
|* Fixed Charges                                        |  |                                        |       |   |                                               |   |       |                                        |  |   |     |  
|Interest on Long-term Debt                             |  | $                                      | 236   |   |                                               | $ | 453   |                                        |  | $ | 225 |  
|Amortization of Debt Discount, Premium and Expense     |  |                                        | 8     |   |                                               |   | 17    |                                        |  |   | 9   |  
|Other Interest                                         |  |                                        | 16    |   |                                               |   | 57    |                                        |  |   | 29  |  
|Interest Component of Rentals                          |  |                                        | 11    |   |                                               |   | 22    |                                        |  |   | 11  |  
|Pre-Tax Preferred Stock Dividend Requirement           |  |                                        | 9     |   |                                               |   | 17    |                                        |  |   | 9   |  
|Fixed Charges                                          |  | $                                      | 280   |   |                                               | $ | 566   |                                        |  | $ | 283 |  
|Ratio of Earnings to Fixed Charges                     |  |                                        | 4.5   |   |                                               |   | 3.4   |                                        |  |   | 3.2 |