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Exhibit 12.1

Consolidated Edison, Inc.

RATIO OF EARNINGS TO FIXED CHARGES
FOR SIX MONTHS ENDED JUNE 30, 2002

EARNINGS
	Net Income		$	270,982
	Income tax			154,404
	Total Earnings before Income tax			425,386
FIXED CHARGES*				218,800
		Total Earnings before Income tax and fixed charges	$	644,186
*Fixed Charges
	Interest on Long-Term Debt		$	193,190
	Other Interest			18,768
	Interest on Component of Rentals			6,842
		Total Fixed Charges	$	218,800
Ratio of Earnings To Fixed Charges				2.94

Consolidated Edison, Inc.

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

			June 2002		December 2001
EARNINGS
	Net Income for Common Stock		$	666,637	$	682,242
	Preferred Dividends			13,593		13,593
	Income Tax			400,384		442,631
		Total Earnings Before Federal Income Tax		1,080,614		1,138,466
FIXED CHARGES*				446,828		457,554
		Total Earnings Before Federal Income Tax and Fixed Charges	$	1,527,442	$	1,596,020
*Fixed Charges
	Interest on Long-Term Debt		$	379,896	$	384,422
	Amortization of Debt Discount, Premium and Expense			12,681		12,526
	Interest on Component of Rentals			13,684		18,783
	Other Interest			40,567		41,823
		Total Fixed Charges	$	446,828	$	457,554
Ratio of Earnings to Fixed Charges				3.42		3.49

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Consolidated Edison, Inc. RATIO OF EARNINGS TO FIXED CHARGES FOR SIX MONTHS ENDED JUNE 30, 2002
Consolidated Edison, Inc. RATIO OF EARNINGS TO FIXED CHARGES TWELVE MONTHS ENDED (THOUSANDS OF DOLLARS)