Consolidated Edison, Inc.

Exhibit 12.1

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Nine Months Ended September 30, 2006			For the Twelve Months Ended December 31, 2005		For the Nine Months Ended September 30, 2005
Earnings
Net Income from Continuing Operations	$	537		$	732	$	586
Preferred Stock Dividend		8			11		8
(Income) or Loss from Equity Investees		(1	)		1		(2	)
Income Tax		300			341		312
Pre-Tax Income from Continuing Operations	$	844		$	1,085	$	904
Add: Fixed Charges*		446			506		380
Subtract: Pre-Tax Preferred Stock Dividend Requirement		14			18		14
Earnings	$	1,276		$	1,573	$	1,270
* Fixed Charges
Interest on Long-term Debt	$	344		$	428	$	318
Amortization of Debt Discount, Premium and Expense		12			16		12
Other Interest		65			27		19
Interest Component of Rentals		11			17		17
Pre-Tax Preferred Stock Dividend Requirement		14			18		14
Fixed Charges	$	446		$	506	$	380
Ratio of Earnings to Fixed Charges		2.9			3.1		3.3