Exhibit 12.3

Consolidated Edison Company of New York, Inc.

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(Millions of Dollars)

	For the Six Months Ended				For the Years Ended December 31,
	June 30, 2015		June 30, 2014		2014		2013		2012		2011		2010
Earnings
Net income for common stock	$	559	$	506	$	1,058	$	1,020	$	1,014	$	978	$	893
Preferred stock dividend requirement of the company		—		—		—		—		3		11		11
(Income) or loss from equity investees		—		—		—		—		—		—		2
Minority interest loss		—		—		—		—		—		—		—
Income tax		293		262		555		520		529		558		495
Pre-tax income	$	852	$	768	$	1,613	$	1,540	$	1,546	$	1,547	$	1,401
Add: Fixed charges*		312		286		580		564		573		561		578
Add: Distributed income of equity investees		—		—		—		—		—		—		—
Subtract: Interest capitalized		—		—		—		—		—		—		—
Subtract: Pre-tax preferred stock dividend requirement of consolidated subsidiaries		—		—		—		—		—		—		—
Earnings	$	1,164	$	1,054	$	2,193	$	2,104	$	2,119	$	2,108	$	1,979
Combined fixed charges and preferred stock dividends
Interest on long-term debt		275		251		510		496		508		505		520
Amortization of debt discount, premium and expense		7		7		13		15		17		18		17
Interest capitalized		—		—		—		—		—		—		—
Other interest		9		7		15		11		22		16		19
Interest component of rentals		21		21		42		42		26		22		22
Pre-tax preferred stock dividend requirement of consolidated subsidiaries		—		—		—		—		—		—		—
* Fixed charges	$	312	$	286	$	580	$	564	$	573	$	561	$	578
Pre-tax preferred stock dividend requirement of the company		—		—		—		—		5		19		19
Combined fixed charges and preferred stock dividends	$	312	$	286	$	580	$	564	$	578	$	580	$	597
Ratio of earnings to combined fixed charges and preferred stock dividends		3.7		3.7		3.8		3.7		3.7		3.6		3.3