Consolidated Edison, Inc.

Exhibit 12.1

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Nine Months Ended September 30, 2008			For the Twelve Months Ended December 31, 2007			For the Nine Months Ended September 30, 2007
Earnings
Net Income from Continuing Operations	$	762		$	925		$	719
Preferred Stock Dividend		9			11			9
(Income) or Loss from Equity Investees		(1	)		(7	)		(4	)
Minority Interest Loss		—			—			—
Income Tax		446			438			342
Pre-Tax Income from Continuing Operations	$	1,216		$	1,367		$	1,066
Add: Fixed Charges*		433			567			426
Subtract: Pre-Tax Preferred Stock Dividend Requirement		15			18			15
Earnings	$	1,634		$	1,916		$	1,477
* Fixed Charges
Interest on Long-term Debt	$	367		$	453		$	338
Amortization of Debt Discount, Premium and Expense		12			17			13
Other Interest		22			57			44
Interest Component of Rentals		17			22			16
Pre-Tax Preferred Stock Dividend Requirement		15			18			15
Fixed Charges	$	433		$	567		$	426
Ratio of Earnings to Fixed Charges		3.8			3.4			3.5