Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges

	For the Years Ended December 31,
(Millions of Dollars)	2006			2005		2004		2003		2002
Earnings
Net Income from continuing operations	$	738		$	732	$	549	$	634	$	689
Preferred Stock Dividend		11			11		11		11		13
(Income) or Loss from Equity Investees		(1	)		1		2		-		-
Minority Interest Loss		1			4		-		2		2
Income Tax		390			341		272		390		388
Pre-Tax Income from Continuing Operations	$	1,139		$	1,089	$	834	$	1,037	$	1,092
Add: Fixed Charges*		596			512		501		491		493
Add: Distributed Income of Equity Investees		-			-		-		-		-
Subtract: Interest Capitalized		-			-		-		5		14
Subtract: Pre-Tax Preferred Stock Dividend Requirement		18			18		17		17		19
Earnings	$	1,717		$	1,583	$	1,318	$	1,506	$	1,552
* Fixed Charges
Interest on Long-term Debt	$	465		$	428	$	411	$	388	$	373
Amortization of Debt Discount, Premium and Expense		16			16		15		13		12
Interest Capitalized		-			-		-		5		14
Other Interest		75			27		36		45		61
Interest Component of Rentals		22			23		22		22		14
Pre-Tax Preferred Stock Dividend Requirement		18			18		17		18		19
Fixed Charges	$	596		$	512	$	501	$	491	$	493
Ratio of Earnings to Fixed Charges		2.9			3.1		2.6		3.1		3.1