Consolidated Edison, Inc.

Exhibit 12.1

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Nine Months Ended September 30, 2004		For the Twelve Months Ended December 31, 2003			For the Nine Months Ended September 30, 2003
Earnings
Net Income for Common Stock	$	487	$	528		$	478
Preferred Stock Dividend		8		11			8
Cumulative Effect of Changes in Accounting Principles		—		(3	)		—
(Income) or Loss from Equity Investees		2		—			—
Minority Interest Loss		—		2			2
Income Tax		311		315			306
Pre-Tax Income from Continuing Operations	$	808	$	853		$	794
Add: Fixed Charges*		373		491			360
Add: Distributed Income of Equity Investees		—		—			—
Subtract: Interest Capitalized		—		5			7
Subtract: Preferred Stock Dividend Requirement		13		17			13
Earnings	$	1,168	$	1,322		$	1,134
* Fixed Charges
Interest on Long-term Debt	$	309	$	388		$	290
Amortization of Debt Discount, Premium and Expense		11		13			10
Interest Capitalized		—		5			7
Other Interest		24		45			25
Interest Component of Rentals		16		22			15
Preferred Stock Dividend Requirement		13		18			13
Fixed Charges	$	373	$	491		$	360
Ratio of Earnings to Fixed Charges		3.1		2.7			3.2