Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges

	For the Years Ended December 31,
(Millions of Dollars)	2009			2008			2007			2006			2005
Earnings
Net income from continuing operations	$	868		$	922		$	925		$	740		$	745
Preferred stock dividend		11			11			11			11			11
(Income) or loss from equity investees		(1	)		(1	)		(7	)		(1	)		1
Minority interest loss		—			—			—			—			—
Income tax		440			524			437			389			348
Pre-tax income from continuing operations	$	1,318		$	1,456		$	1,366		$	1,139		$	1,105
Add: Fixed charges*		660			592			567			556			468
Add: Distributed income of equity investees		—			—			—			—			—
Subtract: Interest capitalized		—			—			—			—			—
Subtract: Pre-tax preferred stock dividend requirement		18			18			18			18			18
Earnings	$	1,960		$	2,030		$	1,915		$	1,677		$	1,555
*Fixed charges
Interest on long-term debt	$	574		$	504		$	453		$	425		$	386
Amortization of debt discount, premium and expense		16			15			17			16			16
Interest capitalized		—			—			—			—			—
Other interest		30			33			57			75			27
Interest component of rentals		22			22			22			22			21
Pre-tax preferred stock dividend requirement		18			18			18			18			18
Fixed charges	$	660		$	592		$	567		$	556		$	468
Ratio of Earnings to Fixed Charges		3.0			3.4			3.4			3.0			3.3