Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges

	For the Years Ended December 31,
(Millions of Dollars)	2007			2006			2005		2004		2003
Earnings
Net Income from continuing operations	$	925		$	740		$	745	$	565	$	643
Preferred Stock Dividend		11			11			11		11		11
(Income) or Loss from Equity Investees		(7	)		(1	)		1		2		-
Minority Interest		-			-			-		-		-
Income Tax		438			388			348		282		396
Pre-Tax Income from Continuing Operations	$	1,367		$	1,138		$	1,105	$	860	$	1,050
Add Fixed Charges*		567			556			468		458		476
Add: Distributed Income of Equity Investees		-			-			-		-		-
Subtract: Interest Capitalized		-			-			-		-		5
Subtract: Pre-Tax Preferred Stock Dividend Requirement		18			18			18		17		17
Earnings	$	1,916		$	1,676		$	1,555	$	1,301	$	1,504
* Fixed Charges
Interest on Long-term Debt	$	453		$	425		$	386	$	368	$	373
Amortization of Debt Discount, Premium and Expense		17			16			16		15		13
Interest Capitalized		-			-			-		-		5
Other Interest		57			75			27		36		45
Interest Component of Rentals		22			22			21		22		22
Pre-Tax Preferred Stock Dividend Requirement		18			18			18		17		18
Fixed Charges	$	567		$	556		$	468	$	458	$	476
Ratio of Earnings to Fixed Charges		3.4			3.0			3.3		2.8		3.2

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