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