Consolidated Edison, Inc.

Exhibit 12.1

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Three Months Ended March 31, 2007			For the Twelve Months Ended December 31, 2006			For the Three Months Ended March 31, 2006
Earnings
Net Income from Continuing Operations	$	256		$	738		$	180
Preferred Stock Dividend		3			11			3
(Income) or Loss from Equity Investees		(1	)		(1	)		—
Minority Interest Loss		—			1			—
Income Tax		145			390			113
Pre-Tax Income from Continuing Operations	$	403		$	1,139		$	296
Add: Fixed Charges*		153			596			138
Subtract: Pre-Tax Preferred Stock Dividend Requirement		5			18			5
Earnings	$	551		$	1,717		$	429
* Fixed Charges
Interest on Long-term Debt	$	124		$	465		$	109
Amortization of Debt Discount, Premium and Expense		4			16			4
Other Interest		15			75			14
Interest Component of Rentals		5			22			6
Pre-Tax Preferred Stock Dividend Requirement		5			18			5
Fixed Charges	$	153		$	596		$	138
Ratio of Earnings to Fixed Charges		3.6			2.9			3.1