Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Years Ended December 31,
	2014			2013			2012			2011		2010
Earnings
Net Income for Common Stock	$	1,092		$	1,062		$	1,138		$	1,051	$	992
Preferred Stock Dividend		—			—			3			11		11
(Income) or Loss from Equity Investees		(27	)		(6	)		(4	)		—		2
Minority Interest Loss		—			—			—			—		—
Income Tax		568			476			600			600		548
Pre-Tax Income	$	1,633		$	1,532		$	1,737		$	1,662	$	1,553
Add: Fixed Charges*		636			764			638			642		660
Add: Distributed Income of Equity Investees		—			—			—			—		—
Subtract: Interest Capitalized		—			—			—			—		—
Subtract: Pre-Tax Preferred Stock Dividend Requirement		—			—			5			19		19
Earnings	$	2,269		$	2,296		$	2,370		$	2,285	$	2,194
* Fixed Charges
Interest on Long-term Debt	$	573		$	562		$	568		$	562	$	580
Amortization of Debt Discount, Premium and Expense		14			16			18			20		17
Interest Capitalized		—			—			—			—		—
Other Interest		5			143			20			18		21
Interest Component of Rentals		44			43			27			23		23
Pre-Tax Preferred Stock Dividend Requirement		—			—			5			19		19
Fixed Charges	$	636		$	764		$	638		$	642	$	660
Ratio of Earnings to Fixed Charges		3.6			3.0			3.7			3.6		3.3