Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Three Months Ended March 31, 2012		For the Twelve Months Ended December 31, 2011		For the Three Months Ended March 31, 2011
Earnings
Net Income for Common Stock	$	277	$	1,051	$	311
Preferred Stock Dividend		3		11		3
(Income) or Loss from Equity Investees		1		—		2
Minority Interest Loss		—		—		—
Income Tax		134		600		169
Pre-Tax Income for Common Stock	$	415	$	1,662	$	485
Add: Fixed Charges*		161		642		165
Add: Distributed Income of Equity Investees		—		—		—
Subtract: Interest Capitalized		—		—		—
Subtract: Pre-Tax Preferred Stock Dividend Requirement		5		19		5
Earnings	$	571	$	2,285	$	645
* Fixed Charges
Interest on Long-term Debt	$	141	$	562	$	141
Amortization of Debt Discount, Premium and Expense		4		20		6
Interest Capitalized		—		—		—
Other Interest		5		18		7
Interest Component of Rentals		6		23		6
Pre-Tax Preferred Stock Dividend Requirement		5		19		5
Fixed Charges	$	161	$	642	$	165
Ratio of Earnings to Fixed Charges		3.5		3.6		3.9