Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Six Months Ended June 30, 2012		For the Twelve Months Ended December 31, 2011		For the Six Months  Ended June 30, 2011
Earnings
Net Income for Common Stock		$   491		$1,051		$   477
Preferred Stock Dividend		3		11		6
(Income) or Loss from Equity Investees		2		—		—
Minority Interest Loss		—		—		—
Income Tax		240		600		252
Pre-Tax Income for Common Stock		$   736		$1,662		$   735
Add: Fixed Charges*		321		642		328
Add: Distributed Income of Equity Investees		—		—		—
Subtract: Interest Capitalized		—		—		—
Subtract: Pre-Tax Preferred Stock Dividend Requirement		5		19		9
Earnings		$1,052		$2,285		$1,054
* Fixed Charges
Interest on Long-term Debt		$   285		$   562		$   282
Amortization of Debt Discount, Premium and Expense		10		20		11
Interest Capitalized		—		—		—
Other Interest		10		18		14
Interest Component of Rentals		11		23		12
Pre-Tax Preferred Stock Dividend Requirement		5		19		9
Fixed Charges		$   321		$   642		$   328
Ratio of Earnings to Fixed Charges		3.3		3.6		3.2