Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Nine Months Ended September 30, 2010		For the Twelve Months Ended December 31, 2009			For the Nine Months Ended September 30, 2009
Earnings
Net Income from Continuing Operations	$	759		868		$	666
Preferred Stock Dividend		9		11			9
(Income) or Loss from Equity Investees		—		(1	)		—
Minority Interest Loss		—		—			—
Income Tax		433		440			369
Pre-Tax Income from Continuing Operations	$	1,201	$	1,318		$	1,044
Add: Fixed Charges*		495		660			493
Add: Distributed Income of Equity Investees		—		—			—
Subtract: Interest Capitalized		—		—			—
Subtract: Pre-Tax Preferred Stock Dividend Requirement		15		18			15
Earnings	$	1,681	$	1,960		$	1,522
* Fixed Charges
Interest on Long-term Debt	$	437		574		$	429
Amortization of Debt Discount, Premium and Expense		13		16			12
Interest Capitalized		—		—			—
Other Interest		13		30			20
Interest Component of Rentals		17		22			17
Pre-Tax Preferred Stock Dividend Requirement		15		18			15
Fixed Charges	$	495	$	660		$	493
Ratio of Earnings to Fixed Charges		3.4		3.0			3.1