Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges



|                                                       |  |                                  |       |   |      |   |       |      |  |      |       |      |   |       |  |   |      
|------------------------------------------------------ |  | -------------------------------- | ----- | - | ---- | - | ----- | ---- |  | ---- | ----- | ---- | - | ----- |  | - | -----
|                                                       |  | For the Years Ended December 31,
|(Millions of Dollars)                                  |  | 2007                             |       |   | 2006 |   |       | 2005 |  | 2004 |       | 2003
|Earnings                                               |  |                                  |       |   |      |   |       |      |  |      |       |      |   |       |  |   |      
|Net Income from continuing operations                  |  | $                                | 925   |   |      | $ | 740   |      |  | $    | 745   |      | $ | 565   |  | $ | 643  
|Preferred Stock Dividend                               |  |                                  | 11    |   |      |   | 11    |      |  |      | 11    |      |   | 11    |  |   | 11   
|(Income) or Loss from Equity Investees                 |  |                                  | (7    | ) |      |   | (1    | )    |  |      | 1     |      |   | 2     |  |   | -    
|Minority Interest                                      |  |                                  | -     |   |      |   | -     |      |  |      | -     |      |   | -     |  |   | -    
|Income Tax                                             |  |                                  | 438   |   |      |   | 388   |      |  |      | 348   |      |   | 282   |  |   | 396  
|Pre-Tax Income from Continuing Operations              |  | $                                | 1,367 |   |      | $ | 1,138 |      |  | $    | 1,105 |      | $ | 860   |  | $ | 1,050
|Add Fixed Charges*                                     |  |                                  | 567   |   |      |   | 556   |      |  |      | 468   |      |   | 458   |  |   | 476  
|Add: Distributed Income of Equity Investees            |  |                                  | -     |   |      |   | -     |      |  |      | -     |      |   | -     |  |   | -    
|Subtract: Interest Capitalized                         |  |                                  | -     |   |      |   | -     |      |  |      | -     |      |   | -     |  |   | 5    
|Subtract: Pre-Tax Preferred Stock Dividend Requirement |  |                                  | 18    |   |      |   | 18    |      |  |      | 18    |      |   | 17    |  |   | 17   
|Earnings                                               |  | $                                | 1,916 |   |      | $ | 1,676 |      |  | $    | 1,555 |      | $ | 1,301 |  | $ | 1,504
|* Fixed Charges                                        |  |                                  |       |   |      |   |       |      |  |      |       |      |   |       |  |   |      
|Interest on Long-term Debt                             |  | $                                | 453   |   |      | $ | 425   |      |  | $    | 386   |      | $ | 368   |  | $ | 373  
|Amortization of Debt Discount, Premium and Expense     |  |                                  | 17    |   |      |   | 16    |      |  |      | 16    |      |   | 15    |  |   | 13   
|Interest Capitalized                                   |  |                                  | -     |   |      |   | -     |      |  |      | -     |      |   | -     |  |   | 5    
|Other Interest                                         |  |                                  | 57    |   |      |   | 75    |      |  |      | 27    |      |   | 36    |  |   | 45   
|Interest Component of Rentals                          |  |                                  | 22    |   |      |   | 22    |      |  |      | 21    |      |   | 22    |  |   | 22   
|Pre-Tax Preferred Stock Dividend Requirement           |  |                                  | 18    |   |      |   | 18    |      |  |      | 18    |      |   | 17    |  |   | 18   
|Fixed Charges                                          |  | $                                | 567   |   |      | $ | 556   |      |  | $    | 468   |      | $ | 458   |  | $ | 476  
|Ratio of Earnings to Fixed Charges                     |  |                                  | 3.4   |   |      |   | 3.0   |      |  |      | 3.3   |      |   | 2.8   |  |   | 3.2  



1