Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges



|                                                       |  |                                  |       |   |      |   |       |  |      |       |      |   |       |  |   |      
|------------------------------------------------------ |  | -------------------------------- | ----- | - | ---- | - | ----- |  | ---- | ----- | ---- | - | ----- |  | - | -----
|                                                       |  | For the Years Ended December 31,
|(Millions of Dollars)                                  |  | 2006                             |       |   | 2005 |   | 2004  |  | 2003 |       | 2002
|Earnings                                               |  |                                  |       |   |      |   |       |  |      |       |      |   |       |  |   |      
|Net Income from continuing operations                  |  | $                                | 738   |   |      | $ | 732   |  | $    | 549   |      | $ | 634   |  | $ | 689  
|Preferred Stock Dividend                               |  |                                  | 11    |   |      |   | 11    |  |      | 11    |      |   | 11    |  |   | 13   
|(Income) or Loss from Equity Investees                 |  |                                  | (1    | ) |      |   | 1     |  |      | 2     |      |   | -     |  |   | -    
|Minority Interest Loss                                 |  |                                  | 1     |   |      |   | 4     |  |      | -     |      |   | 2     |  |   | 2    
|Income Tax                                             |  |                                  | 390   |   |      |   | 341   |  |      | 272   |      |   | 390   |  |   | 388  
|Pre-Tax Income from Continuing Operations              |  | $                                | 1,139 |   |      | $ | 1,089 |  | $    | 834   |      | $ | 1,037 |  | $ | 1,092
|Add: Fixed Charges*                                    |  |                                  | 596   |   |      |   | 512   |  |      | 501   |      |   | 491   |  |   | 493  
|Add: Distributed Income of Equity Investees            |  |                                  | -     |   |      |   | -     |  |      | -     |      |   | -     |  |   | -    
|Subtract: Interest Capitalized                         |  |                                  | -     |   |      |   | -     |  |      | -     |      |   | 5     |  |   | 14   
|Subtract: Pre-Tax Preferred Stock Dividend Requirement |  |                                  | 18    |   |      |   | 18    |  |      | 17    |      |   | 17    |  |   | 19   
|Earnings                                               |  | $                                | 1,717 |   |      | $ | 1,583 |  | $    | 1,318 |      | $ | 1,506 |  | $ | 1,552
|* Fixed Charges                                        |  |                                  |       |   |      |   |       |  |      |       |      |   |       |  |   |      
|Interest on Long-term Debt                             |  | $                                | 465   |   |      | $ | 428   |  | $    | 411   |      | $ | 388   |  | $ | 373  
|Amortization of Debt Discount, Premium and Expense     |  |                                  | 16    |   |      |   | 16    |  |      | 15    |      |   | 13    |  |   | 12   
|Interest Capitalized                                   |  |                                  | -     |   |      |   | -     |  |      | -     |      |   | 5     |  |   | 14   
|Other Interest                                         |  |                                  | 75    |   |      |   | 27    |  |      | 36    |      |   | 45    |  |   | 61   
|Interest Component of Rentals                          |  |                                  | 22    |   |      |   | 23    |  |      | 22    |      |   | 22    |  |   | 14   
|Pre-Tax Preferred Stock Dividend Requirement           |  |                                  | 18    |   |      |   | 18    |  |      | 17    |      |   | 18    |  |   | 19   
|Fixed Charges                                          |  | $                                | 596   |   |      | $ | 512   |  | $    | 501   |      | $ | 491   |  | $ | 493  
|Ratio of Earnings to Fixed Charges                     |  |                                  | 2.9   |   |      |   | 3.1   |  |      | 2.6   |      |   | 3.1   |  |   | 3.1