Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges



|                                                       |  |                                  |       |   |      |   |       |      |  |   |       |   |      |   |       |  |   |      
|------------------------------------------------------ |  | -------------------------------- | ----- | - | ---- | - | ----- | ---- |  | - | ----- | - | ---- | - | ----- |  | - | -----
|                                                       |  | For the Years Ended December 31,
|(Millions of Dollars)                                  |  | 2008                             |       |   | 2007 |   |       | 2006 |  |   | 2005  |   | 2004
|Earnings                                               |  |                                  |       |   |      |   |       |      |  |   |       |   |      |   |       |  |   |      
|Net Income from continuing operations                  |  | $                                | 922   |   |      | $ | 925   |      |  | $ | 740   |   |      | $ | 745   |  | $ | 565  
|Preferred Stock Dividend                               |  |                                  | 11    |   |      |   | 11    |      |  |   | 11    |   |      |   | 11    |  |   | 11   
|(Income) or Loss from Equity Investees                 |  |                                  | (1    | ) |      |   | (7    | )    |  |   | (1    | ) |      |   | 1     |  |   | 2    
|Minority Interest Loss                                 |  |                                  | -     |   |      |   | -     |      |  |   | -     |   |      |   | -     |  |   | -    
|Income Tax                                             |  |                                  | 524   |   |      |   | 437   |      |  |   | 389   |   |      |   | 348   |  |   | 282  
|Pre-Tax Income from Continuing Operations              |  | $                                | 1,456 |   |      | $ | 1,366 |      |  | $ | 1,139 |   |      | $ | 1,105 |  | $ | 860  
|Add: Fixed Charges*                                    |  |                                  | 592   |   |      |   | 567   |      |  |   | 556   |   |      |   | 468   |  |   | 458  
|Add: Distributed Income of Equity Investees            |  |                                  | -     |   |      |   | -     |      |  |   | -     |   |      |   | -     |  |   | -    
|Subtract: Interest Capitalized                         |  |                                  | -     |   |      |   | -     |      |  |   | -     |   |      |   | -     |  |   | -    
|Subtract: Pre-Tax Preferred Stock Dividend Requirement |  |                                  | 18    |   |      |   | 18    |      |  |   | 18    |   |      |   | 18    |  |   | 17   
|Earnings                                               |  | $                                | 2,030 |   |      | $ | 1,915 |      |  | $ | 1,677 |   |      | $ | 1,555 |  | $ | 1,301
|* Fixed Charges                                        |  |                                  |       |   |      |   |       |      |  |   |       |   |      |   |       |  |   |      
|Interest on Long-term Debt                             |  | $                                | 504   |   |      | $ | 453   |      |  | $ | 425   |   |      | $ | 386   |  | $ | 368  
|Amortization of Debt Discount, Premium and Expense     |  |                                  | 15    |   |      |   | 17    |      |  |   | 16    |   |      |   | 16    |  |   | 15   
|Interest Capitalized                                   |  |                                  | -     |   |      |   | -     |      |  |   | -     |   |      |   | -     |  |   | -    
|Other Interest                                         |  |                                  | 33    |   |      |   | 57    |      |  |   | 75    |   |      |   | 27    |  |   | 36   
|Interest Component of Rentals                          |  |                                  | 22    |   |      |   | 22    |      |  |   | 22    |   |      |   | 21    |  |   | 22   
|Pre-Tax Preferred Stock Dividend Requirement           |  |                                  | 18    |   |      |   | 18    |      |  |   | 18    |   |      |   | 18    |  |   | 17   
|Fixed Charges                                          |  | $                                | 592   |   |      | $ | 567   |      |  | $ | 556   |   |      | $ | 468   |  | $ | 458  
|Ratio of Earnings to Fixed Charges                     |  |                                  | 3.4   |   |      |   | 3.4   |      |  |   | 3.0   |   |      |   | 3.3   |  |   | 2.8  



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