Consolidated Edison, Inc.

Exhibit 12.1

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Three Months Ended March 31, 2006		For the Twelve Months Ended December 31, 2005		For the Three Months Ended March 31, 2005
Earnings
Net Income from Continuing Operations	$	180	$	732	$	181
Preferred Stock Dividend		3		11		3
(Income) or Loss from Equity Investees		—		1		2
Income Tax		113		341		106
Pre-Tax Income from Continuing Operations	$	296	$	1,085	$	292
Add: Fixed Charges*		138		506		125
Subtract: Pre-Tax Preferred Stock Dividend Requirement		5		18		4
Earnings	$	429	$	1,573	$	413
* Fixed Charges
Interest on Long-term Debt	$	109	$	428	$	103
Amortization of Debt Discount, Premium and Expense		4		16		4
Other Interest		14		27		8
Interest Component of Rentals		6		17		6
Pre-Tax Preferred Stock Dividend Requirement		5		18		4
Fixed Charges	$	138	$	506	$	125
Ratio of Earnings to Fixed Charges		3.1		3.1		3.3