Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Nine Months Ended September 30, 2009		For the Twelve Months Ended December 31, 2008			For the Nine Months Ended September 30, 2008
Earnings
Net Income from Continuing Operations	$	666	$	922		$	762
Preferred Stock Dividend		9		11			9
(Income) or Loss from Equity Investees		—		(1	)		(1	)
Minority Interest Loss		—		—			—
Income Tax		369		524			446
Pre-Tax Income from Continuing Operations	$	1,044	$	1,456		$	1,216
Add: Fixed Charges*		493		592			433
Add: Distributed Income of Equity Investees		—		—			—
Subtract: Interest Capitalized		—		—			—
Subtract: Pre-Tax Preferred Stock Dividend Requirement		15		18			15
Earnings	$	1,523	$	2,030		$	1,634
* Fixed Charges
Interest on Long-term Debt	$	429	$	504		$	367
Amortization of Debt Discount, Premium and Expense		12		15			12
Interest Capitalized		—		—			—
Other Interest		20		33			22
Interest Component of Rentals		17		22			17
Pre-Tax Preferred Stock Dividend Requirement		15		18			15
Fixed Charges	$	493	$	592		$	433
Ratio of Earnings to Fixed Charges		3.1		3.4			3.8