Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges

	For the Years Ended December 31,
(Millions of Dollars)	2005		2004		2003		2002		2001
Earnings
Net Income from continuing operations	$	732	$	549	$	634	$	689	$	695
Preferred Stock Dividend		11		11		11		13		14
(Income) or Loss from Equity Investees		1		2		-		-		-
Minority Interest Loss		-		-		2		2		2
Income Tax		341		272		390		388		450
Pre-Tax Income from Continuing Operations	$	1,085	$	834	$	1,037	$	1,092	$	1,161
Add: Fixed Charges*		506		501		491		493		480
Add: Distributed Income of Equity Investees		-		-		-		-		-
Subtract: Interest Capitalized		-		-		5		14		-
Subtract: Pre-Tax Preferred Stock Dividend Requirement		18		17		17		19		22
Earnings		$1,573		$1,318		$1,506		$1,552		$1,619
* Fixed Charges
Interest on Long-term Debt	$	428	$	411	$	388	$	373	$	384
Amortization of Debt Discount, Premium and Expense		16		15		13		12		13
Interest Capitalized		-		-		5		14		-
Other Interest		27		36		45		61		42
Interest Component of Rentals		17		22		22		14		19
Pre-Tax Preferred Stock Dividend Requirement		18		17		18		19		22
Fixed Charges		$506		$501		$491		$493		$480
Ratio of Earnings to Fixed Charges		3.1		2.6		3.1		3.1		3.4