Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Six Months  Ended June 30, 2011		For the Twelve Months Ended December 31, 2010		For the Six Months Ended June 30, 2010
Earnings
Net income from continuing operations	$	477	$	992	$	409
Preferred stock dividend		6		11		6
(Income) or loss from equity investees		—		2		(1	)
Minority interest loss		—		—		—
Income tax		252		548		228
Pre-tax income from continuing operations	$	735	$	1,553	$	642
Add: Fixed charges*		328		660		324
Add: Distributed income of equity investees		—		—		—
Subtract: Interest capitalized		—		—		—
Subtract: Pre-tax preferred stock dividend requirement		9		19		9
Earnings	$	1,054	$	2,194	$	957
* Fixed charges
Interest on long-term debt	$	282	$	580	$	290
Amortization of debt discount, premium and expense		11		17		8
Interest capitalized		—		—		—
Other interest		14		21		6
Interest component of rentals		12		23		11
Pre-tax preferred stock dividend requirement		9		19		9
Fixed charges	$	328	$	660	$	324
Ratio of Earnings to Fixed Charges		3.2		3.3		3.0