Consolidated Edison, Inc.

Exhibit 12.1

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Six Months Ended June 30,				For the Y ears Ended December 31,
	2005		2004		2004		2003		2002		2001		2000
Earnings
Net Income from Continuing Operations	$	300	$	247	$	549	$	634	$	689	$	695	$	588
Preferred Stock Dividend		6		6		11		11		13		14		14
(Income) or Loss from Equity Investees		2		2		2		—		—		—		(1	)
Minority Interest Loss		—		—		—		2		2		2		1
Income Tax		143		147		272		390		388		450		310
Pre-Tax Income from Continuing Operations	$	451	$	402	$	834	$	1,037	$	1,092	$	1,161	$	912
Add: Fixed Charges*		249		250		501		491		493		480		452
Add: Distributed Income of Equity Investees		—		—		—		—		—		—		1
Subtract: Interest Capitalized		—		—		—		5		14		—		—
Subtract: Preferred Stock Dividend Requirement		9		9		17		17		19		22		21
Earnings	$	691	$	643	$	1,318	$	1,506	$	1,552	$	1,619	$	1,344
* Fixed Charges
Interest on Long-term Debt	$	211	$	207	$	411	$	388	$	373	$	384	$	351
Amortization of Debt Discount, Premium and Expense		8		7		15		13		12		13		12
Interest Capitalized		—		—		—		5		14		—		—
Other Interest		10		16		36		45		61		42		50
Interest Component of Rentals		11		11		22		22		14		19		18
Preferred Stock Dividend Requirement		9		9		17		18		19		22		21
Fixed Charges	$	249	$	250	$	501	$	491	$	493	$	480	$	452
Ratio of Earnings to Fixed Charges		2.8		2.6		2.6		3.1		3.1		3.4		3.0