Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges

	For the Years Ended December 31,
(Millions of Dollars)	2008			2007			2006			2005		2004
Earnings
Net Income from continuing operations	$	922		$	925		$	740		$	745	$	565
Preferred Stock Dividend		11			11			11			11		11
(Income) or Loss from Equity Investees		(1	)		(7	)		(1	)		1		2
Minority Interest Loss		-			-			-			-		-
Income Tax		524			437			389			348		282
Pre-Tax Income from Continuing Operations	$	1,456		$	1,366		$	1,139		$	1,105	$	860
Add: Fixed Charges*		592			567			556			468		458
Add: Distributed Income of Equity Investees		-			-			-			-		-
Subtract: Interest Capitalized		-			-			-			-		-
Subtract: Pre-Tax Preferred Stock Dividend Requirement		18			18			18			18		17
Earnings	$	2,030		$	1,915		$	1,677		$	1,555	$	1,301
* Fixed Charges
Interest on Long-term Debt	$	504		$	453		$	425		$	386	$	368
Amortization of Debt Discount, Premium and Expense		15			17			16			16		15
Interest Capitalized		-			-			-			-		-
Other Interest		33			57			75			27		36
Interest Component of Rentals		22			22			22			21		22
Pre-Tax Preferred Stock Dividend Requirement		18			18			18			18		17
Fixed Charges	$	592		$	567		$	556		$	468	$	458
Ratio of Earnings to Fixed Charges		3.4			3.4			3.0			3.3		2.8

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