Exhibit 12.1



Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges



|                                                       |  |                                  |        |      |   |        |  |      |        |      |   |        |  |   |       
|------------------------------------------------------ |  | -------------------------------- | ------ | ---- | - | ------ |  | ---- | ------ | ---- | - | ------ |  | - | ------
|                                                       |  | For the Years Ended December 31,
|(Millions of Dollars)                                  |  | 2005                             |        | 2004 |   | 2003   |  | 2002 |        | 2001
|Earnings                                               |  |                                  |        |      |   |        |  |      |        |      |   |        |  |   |       
|Net Income from continuing operations                  |  | $                                | 732    |      | $ | 549    |  | $    | 634    |      | $ | 689    |  | $ | 695   
|Preferred Stock Dividend                               |  |                                  | 11     |      |   | 11     |  |      | 11     |      |   | 13     |  |   | 14    
|(Income) or Loss from Equity Investees                 |  |                                  | 1      |      |   | 2      |  |      | -      |      |   | -      |  |   | -     
|Minority Interest Loss                                 |  |                                  | -      |      |   | -      |  |      | 2      |      |   | 2      |  |   | 2     
|Income Tax                                             |  |                                  | 341    |      |   | 272    |  |      | 390    |      |   | 388    |  |   | 450   
|Pre-Tax Income from Continuing Operations              |  | $                                | 1,085  |      | $ | 834    |  | $    | 1,037  |      | $ | 1,092  |  | $ | 1,161 
|Add: Fixed Charges*                                    |  |                                  | 506    |      |   | 501    |  |      | 491    |      |   | 493    |  |   | 480   
|Add: Distributed Income of Equity Investees            |  |                                  | -      |      |   | -      |  |      | -      |      |   | -      |  |   | -     
|Subtract: Interest Capitalized                         |  |                                  | -      |      |   | -      |  |      | 5      |      |   | 14     |  |   | -     
|Subtract: Pre-Tax Preferred Stock Dividend Requirement |  |                                  | 18     |      |   | 17     |  |      | 17     |      |   | 19     |  |   | 22    
|Earnings                                               |  |                                  | $1,573 |      |   | $1,318 |  |      | $1,506 |      |   | $1,552 |  |   | $1,619
|* Fixed Charges                                        |  |                                  |        |      |   |        |  |      |        |      |   |        |  |   |       
|Interest on Long-term Debt                             |  | $                                | 428    |      | $ | 411    |  | $    | 388    |      | $ | 373    |  | $ | 384   
|Amortization of Debt Discount, Premium and Expense     |  |                                  | 16     |      |   | 15     |  |      | 13     |      |   | 12     |  |   | 13    
|Interest Capitalized                                   |  |                                  | -      |      |   | -      |  |      | 5      |      |   | 14     |  |   | -     
|Other Interest                                         |  |                                  | 27     |      |   | 36     |  |      | 45     |      |   | 61     |  |   | 42    
|Interest Component of Rentals                          |  |                                  | 17     |      |   | 22     |  |      | 22     |      |   | 14     |  |   | 19    
|Pre-Tax Preferred Stock Dividend Requirement           |  |                                  | 18     |      |   | 17     |  |      | 18     |      |   | 19     |  |   | 22    
|Fixed Charges                                          |  |                                  | $506   |      |   | $501   |  |      | $491   |      |   | $493   |  |   | $480  
|Ratio of Earnings to Fixed Charges                     |  |                                  | 3.1    |      |   | 2.6    |  |      | 3.1    |      |   | 3.1    |  |   | 3.4