Exhibit 12.3

Consolidated Edison Company of New York, Inc.

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

(Millions of Dollars)

	For the Six Months Ended				For the Years Ended December 31,
	June 30, 2012		June 30, 2011		2011		2010		2009			2008		2007
Earnings
Net income for common stock	$	436	$	426	$	978	$	893	$	781		$	783	$	844
Preferred stock dividend		3		6		11		11		11			11		11
(Income) or loss from equity investees		—		—		—		2		(1	)		—		(2	)
Minority interest loss		—		—		—		—		—			—		—
Income tax		209		220		558		495		404			397		392
Pre-tax income for common stock	$	648	$	652	$	1,547	$	1,401	$	1,195		$	1,191	$	1,245
Add: Fixed charges*		287		284		561		578		582			520		487
Add: Distributed income of equity investees		—		—		—		—		—			—		—
Subtract: Interest capitalized		—		—		—		—		—			—		—
Subtract: Pre-tax preferred stock dividend requirement		—		—		—		—		—			—		—
Earnings	$	935	$	936	$	2,108	$	1,979	$	1,777		$	1,711	$	1,732
* Fixed charges and preferred stock dividends
Interest on long-term debt		256		253		505		520		518			458		411
Amortization of debt discount, premium and expense		10		10		18		17		16			16		17
Interest capitalized		—		—		—		—		—			—		—
Other interest		10		10		16		19		27			25		39
Interest component of rentals		11		11		22		22		21			21		20
Pre-tax preferred stock dividend requirement		—		—		—		—		—			—		—
Fixed charges and preferred stock dividends	$	287	$	284	$	561	$	578	$	582		$	520	$	487
Ratio of Earnings to Fixed Charges		3.3		3.3		3.8		3.4		3.1			3.3		3.6