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Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges
(Millions of Dollars)

	For the Nine Months Ended September 30, 2003		For the Twelve Months Ended December 31,
			2002		2001		2000			1999		1998
Earnings
Net Income for Common Stock	$	478	$	646	$	682	$	583		$	701	$	713
Preferred Stock Dividend		8		13		14		14			13		17
Cumulative Effect of Changes in Accounting Principles		—		22		—		—			—		—
(Income) or Loss from Equity Investees		—		—		—		(1	)		1		1
Minority Interest Loss		2		2		2		1			—		—
Income Tax		306		376		442		307			373		405
Pre-Tax Income from Continuing Operations	$	794	$	1,059	$	1,140	$	904		$	1,088	$	1,136
Add: Fixed Charges*		360		493		480		452			378		372
Add: Distributed Income of Equity Investees		—		—		—		1			1		—
Subtract: Interest Capitalized		7		14		—		—			—		—
Subtract: Preferred Stock Dividend Requirement		13		19		22		21			21		27
Earnings	$	1,134	$	1,519	$	1,598	$	1,336		$	1,446	$	1,481
* Fixed Charges
Interest on Long-term Debt	$	290	$	373	$	384	$	351		$	306	$	295
Amortization of Debt Discount, Premium and Expense		10		12		13		12			13		14
Interest Capitalized		7		14		—		—			—		—
Other Interest		25		61		42		50			20		18
Interest Component of Rentals		15		14		19		18			18		18
Preferred Stock Dividend Requirement		13		19		22		21			21		27
Fixed Charges	$	360	$	493	$	480	$	452		$	378	$	372
Ratio of Earnings to Fixed Charges		3.2		3.1		3.3		3.0			3.8		4.0

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Exhibit 12.1