Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Nine Months Ended September 30, 2011		For the Twelve Months Ended December 31, 2010		For the Nine Months Ended September 30, 2010
Earnings
Net income from continuing operations	$	860	$	992	$	759
Preferred stock dividend		8		11		9
(Income) or loss from equity investees		—		2		—
Minority interest loss		—		—		—
Income tax		477		548		433
Pre-tax income from continuing operations	$	1,345	$	1,553	$	1,201
Add: Fixed charges*		483		660		495
Add: Distributed income of equity investees		—		—		—
Subtract: Interest capitalized		—		—		—
Subtract: Pre-tax preferred stock dividend requirement		14		19		15
Earnings	$	1,814	$	2,194	$	1,681
* Fixed charges
Interest on long-term debt	$	423	$	580	$	437
Amortization of debt discount, premium and expense		14		17		13
Interest capitalized		—		—		—
Other interest		15		21		13
Interest component of rentals		17		23		17
Pre-tax preferred stock dividend requirement		14		19		15
Fixed charges	$	483	$	660	$	495
Ratio of Earnings to Fixed Charges		3.8		3.3		3.4