Consolidated Edison, Inc.

Exhibit 12.1

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Three Months Ended March 31, 2008		For the Twelve Months Ended December 31, 2007			For the Three Months Ended March 31, 2007
Earnings
Net Income from Continuing Operations	$	300	$	925		$	258
Preferred Stock Dividend		3		11			3
(Income) or Loss from Equity Investees		—		(7	)		(1	)
Minority Interest Loss		—		—			—
Income Tax		163		438			148
Pre-Tax Income from Continuing Operations	$	466	$	1,367		$	408
Add: Fixed Charges*		139		567			143
Subtract: Pre-Tax Preferred Stock Dividend Requirement		5		18			5
Earnings	$	600	$	1,916		$	546
* Fixed Charges
Interest on Long-term Debt	$	109	$	453		$	114
Amortization of Debt Discount, Premium and Expense		4		17			4
Other Interest		16		57			15
Interest Component of Rentals		5		22			5
Pre-Tax Preferred Stock Dividend Requirement		5		18			5
Fixed Charges	$	139	$	567		$	143
Ratio of Earnings to Fixed Charges		4.3		3.4			3.8