Exhibit 12.3

Con Edison Company of New York, Inc.

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

(Millions of Dollars)

	For the Six Months Ended		For the Six Months Ended		For the Years Ended December 31,
	June 30, 2009		June 30, 2008		2008		2007			2006		2005		2004
Earnings
Net Income for Common	$	333	$	340	$	783	$	844		$	686	$	694	$	518
Preferred Stock Dividend		6		6		11		11			11		11		11
Cumulative Effect of Changes in Accounting Principles		—		—		—		—			—		—		—
(Income) or Loss from Equity Investees		—		—		—		(2	)		—		—		—
Minority Interest Loss		—		—		—		—			—		—		—
Income Tax		179		156		397		392			349		330		278
Pre-Tax Income from Continuing Operations		518		502		1,191		1,245			1,046		1,035		807
Add: Fixed Charges*		292		256		537		505			490		409		405
Add: Amortization of Capitalized Interest		—		—		—		—			—		—		—
Add: Distributed Income of Equity Investees		—		—		—		—			—		—		—
Subtract: Interest Capitalized		—		—		—		—			—		—		—
Subtract: Pre-Tax Preferred Stock Dividend Requirement		—		—		—		—			—		—		—
Earnings	$	810	$	758	$	1,728	$	1,750		$	1,536	$	1,444	$	1,212
* Fixed Charges and Preferred Stock Dividends
Interest on Long-term Debt	$	257	$	219	$	458	$	411		$	370	$	333	$	317
Amortization of Debt Discount, Premium and Expense		8		8		15		17			16		16		15
Interest Capitalized		—		—		—		—			—		—		—
Other Interest		7		10		25		39			65		21		34
Interest Component of Rentals		11		10		21		20			21		21		21
Pre-Tax Preferred Stock Dividend Requirement		9		9		18		18			18		18		18
Fixed Charges and Preferred Stock Dividends	$	292	$	256	$	537	$	505		$	490	$	409	$	405
Ratio of Earnings to Fixed Charges		2.8		3.0		3.2		3.5			3.1		3.6		3.0