Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Six Months Ended June 30, 2014			For the Twelve Months Ended December 31, 2013			For the Six Months Ended June 30, 2013
Earnings
Net Income for Common Stock	$	574		$	1,062		$	364
Preferred Stock Dividend		—			—			—
(Income) or Loss from Equity Investees		(12	)		(6	)		(2	)
Minority Interest Loss		—			—			—
Income Tax		300			476			122
Pre-Tax Income for Common Stock	$	862		$	1,532		$	484
Add: Fixed Charges*		311			764			443
Add: Distributed Income of Equity Investees		—			—			—
Subtract: Interest Capitalized		—			—			—
Subtract: Pre-Tax Preferred Stock Dividend Requirement		—			—			—
Earnings	$	1,173		$	2,296		$	927
* Fixed Charges
Interest on Long-term Debt	$	286		$	562		$	280
Amortization of Debt Discount, Premium and Expense		7			16			8
Interest Capitalized		—			—			—
Other Interest		(5	)		143			142
Interest Component of Rentals		23			43			13
Pre-Tax Preferred Stock Dividend Requirement		—			—			—
Fixed Charges	$	311		$	764		$	443
Ratio of Earnings to Fixed Charges		3.8			3.0			2.1