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Exhibit 12.1

CONSOLIDATED EDISON, INC.

RATIO OF EARNINGS TO FIXED CHARGES
TWELVE MONTHS ENDED
(THOUSANDS OF DOLLARS)

			DECEMBER 1997		DECEMBER 1998		DECEMBER 1999		DECEMBER 2000		DECEMBER 2001
Earnings
	Net Income for Common Stock		$	694,479	$	712,742	$	700,615	$	582,835	$	682,242
	Preferred Dividends			18,344		17,007		13,593		13,593		13,593
	Income Tax			379,720		405,410		372,825		307,168		442,631
		Total Earnings Before Federal Income Tax		1,092,543		1,135,159		1,087,033		903,596		1,138,466
Fixed Charges*				353,689		345,513		357,178		431,217		457,554
		Total Earnings Before Federal Income Tax and Fixed Charges	$	1,446,232	$	1,480,672	$	1,444,211	$	1,334,813	$	1,596,020
	* Fixed Charges
	Interest on Long-Term Debt		$	306,109	$	294,894	$	305,879	$	351,410	$	384,422
	Amortization of Debt Discount, Premium and Expense			12,049		13,777		13,514		12,584		12,526
	Interest on Component of Rentals			18,448		18,442		17,720		17,697		18,783
	Other Interest			17,083		18,400		20,065		49,526		41,823
		Total Fixed Charges	$	353,689	$	345,513	$	357,178	$	431,217	$	457,554
Ratio of Earnings to Fixed Charges				4.09		4.29		4.04		3.10		3.49

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CONSOLIDATED EDISON, INC. RATIO OF EARNINGS TO FIXED CHARGES TWELVE MONTHS ENDED (THOUSANDS OF DOLLARS)