Exhibit 12.1



Consolidated Edison, Inc.

Ratio of Earnings to Fixed
Charges

(Millions of Dollars)



|                                                      |  |                                          |       |      |   |       |      |  |      |       |      |   |       |  |   |       |  
|----------------------------------------------------- |  | ---------------------------------------- | ----- | ---- | - | ----- | ---- |  | ---- | ----- | ---- | - | ----- |  | - | ----- | -
|                                                      |  | For the Twelve Months Ended December 31, |      
|                                                      |  | 2004                                     |       | 2003 |   |       | 2002 |  | 2001 |       | 2000 |  
|Earnings                                              |  |                                          |       |      |   |       |      |  |      |       |      |   |       |  |   |       |  
|Net Income                                            |  | $                                        | 537   |      | $ | 528   |      |  | $    | 646   |      | $ | 682   |  | $ | 583   |  
|Preferred Stock Dividend                              |  |                                          | 11    |      |   | 11    |      |  |      | 13    |      |   | 14    |  |   | 14    |  
|Cumulative Effect of Changes in Accounting Principles |  |                                          | -     |      |   | (3    | )    |  |      | 22    |      |   | -     |  |   | -     |  
|(Income) or Loss from Equity Investees                |  |                                          | 2     |      |   | -     |      |  |      | -     |      |   | -     |  |   | (1    | )
|Minority Interest Loss                                |  |                                          | -     |      |   | 2     |      |  |      | 2     |      |   | 2     |  |   | 1     |  
|Income Tax                                            |  |                                          | 264   |      |   | 315   |      |  |      | 376   |      |   | 442   |  |   | 307   |  
|                                                      |  |                                          |       |      |   |       |      |  |      |       |      |   |       |  |   |       |  
|Pre-Tax Income from Continuing Operations             |  | $                                        | 814   |      | $ | 853   |      |  | $    | 1,059 |      | $ | 1,140 |  | $ | 904   |  
|                                                      |  |                                          |       |      |  
|Add: Fixed Charges*                                   |  |                                          | 501   |      |   | 491   |      |  |      | 493   |      |   | 480   |  |   | 452   |  
|Add: Distributed Income of Equity Investees           |  |                                          | -     |      |   | -     |      |  |      | -     |      |   | -     |  |   | 1     |  
|Subtract: Interest Capitalized                        |  |                                          | -     |      |   | 5     |      |  |      | 14    |      |   | -     |  |   | -     |  
|Subtract: Preferred Stock Dividend Requirement        |  |                                          | 17    |      |   | 17    |      |  |      | 19    |      |   | 22    |  |   | 21    |  
|                                                      |  |                                          |       |      |   |       |      |  |      |       |      |   |       |  |   |       |  
|Earnings                                              |  | $                                        | 1,298 |      | $ | 1,322 |      |  | $    | 1,519 |      | $ | 1,598 |  | $ | 1,336 |  
|                                                      |  |                                          |       |      |   |       |      |  |      |       |      |   |       |  |   |       |  
|* Fixed Charges                                       |  |                                          |       |      |   |       |      |  |      |       |      |   |       |  |   |       |  
|Interest on Long-term Debt                            |  | $                                        | 411   |      | $ | 388   |      |  | $    | 373   |      | $ | 384   |  | $ | 351   |  
|Amortization of Debt Discount, Premium and Expense    |  |                                          | 15    |      |   | 13    |      |  |      | 12    |      |   | 13    |  |   | 12    |  
|Interest Capitalized                                  |  |                                          | -     |      |   | 5     |      |  |      | 14    |      |   | -     |  |   | -     |  
|Other Interest                                        |  |                                          | 36    |      |   | 45    |      |  |      | 61    |      |   | 42    |  |   | 50    |  
|Interest Component of Rentals                         |  |                                          | 22    |      |   | 22    |      |  |      | 14    |      |   | 19    |  |   | 18    |  
|Preferred Stock Dividend Requirement                  |  |                                          | 17    |      |   | 18    |      |  |      | 19    |      |   | 22    |  |   | 21    |  
|                                                      |  |                                          |       |      |   |       |      |  |      |       |      |   |       |  |   |       |  
|Fixed Charges                                         |  | $                                        | 501   |      | $ | 491   |      |  | $    | 493   |      | $ | 480   |  | $ | 452   |  
|                                                      |  |                                          |       |      |   |       |      |  |      |       |      |   |       |  |   |       |  
|Ratio of Earnings to Fixed Charges                    |  |                                          | 2.6   |      |   | 2.7   |      |  |      | 3.1   |      |   | 3.3   |  |   | 3.0   |  
|                                                      |  |                                          |       |      |   |       |      |  |      |       |      |   |       |  |   |       |