Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges

	For the Years Ended December 31,
(millions of dollars)	2010		2009			2008			2007			2006
Earnings
Net income from continuing operations	$	992	$	868		$	922		$	925		$	740
Preferred stock dividend		11		11			11			11			11
(Income) or loss from equity investees		2		(1	)		(1	)		(7	)		(1	)
Minority interest loss		—		—			—			—			—
Income tax		548		440			524			437			389
Pre-tax income from continuing operations	$	1,553	$	1,318		$	1,456		$	1,366		$	1,139
Add: Fixed charges*		660		660			592			567			556
Add: Distributed income of equity investees		—		—			—			—			—
Subtract: Interest capitalized		—		—			—			—			—
Subtract: Pre-tax preferred stock dividend requirement		19		18			18			18			18
Earnings	$	2,194	$	1,960		$	2,030		$	1,915		$	1,677
*Fixed charges
Interest on long-term debt	$	580	$	574		$	504		$	453		$	425
Amortization of debt discount, premium and expense		17		16			15			17			16
Interest capitalized		—		—			—			—			—
Other interest		21		30			33			57			75
Interest component of rentals		23		22			22			22			22
Pre-tax preferred stock dividend requirement		19		18			18			18			18
Fixed charges	$	660	$	660		$	592		$	567		$	556
Ratio of Earnings to Fixed Charges		3.3		3.0			3.4			3.4			3.0