Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Nine Months Ended September 30, 2012			For the Twelve Months Ended December 31, 2011		For the Nine Months Ended September 30, 2011
Earnings
Net Income from Continuing Operations		$   931			$1,051		$   860
Preferred Stock Dividend		3			11		9
(Income) or Loss from Equity Investees		(4	)		—		—
Minority Interest Loss		—			—		—
Income Tax		501			600		477
Pre-Tax Income from Continuing Operations		$1,431			$1,662		$1,346
Add: Fixed Charges*		484			642		483
Add: Distributed Income of Equity Investees		—			—		—
Subtract: Interest Capitalized		—			—		—
Subtract: Pre-Tax Preferred Stock Dividend Requirement		5			19		14
Earnings		$1,910			$2,285		$1,815
* Fixed Charges
Interest on Long-term Debt		$   429			$   562		$   423
Amortization of Debt Discount, Premium and Expense		12			20		14
Interest Capitalized		—			—		—
Other Interest		17			18		15
Interest Component of Rentals		21			23		17
Pre-Tax Preferred Stock Dividend Requirement		5			19		14
Fixed Charges		$   484			$   642		$   483
Ratio of Earnings to Fixed Charges		3.9			3.6		3.8