Consolidated Edison, Inc.

Exhibit 12.1

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Six Months Ended June 30, 2006		For the Twelve Months Ended December 31, 2005		For the Six Months Ended June 30, 2005
Earnings
Net Income from Continuing Operations	$	306	$	732	$	300
Preferred Stock Dividend		6		11		6
(Income) or Loss from Equity Investees		—		1		2
Income Tax		171		341		143
Pre-Tax Income from Continuing Operations	$	483	$	1,085	$	451
Add: Fixed Charges*		278		506		249
Subtract: Pre-Tax Preferred Stock Dividend Requirement		10		18		9
Earnings	$	751	$	1,573	$	691
* Fixed Charges
Interest on Long-term Debt	$	224	$	428	$	211
Amortization of Debt Discount, Premium and Expense		8		16		8
Other Interest		25		27		10
Interest Component of Rentals		11		17		11
Pre-Tax Preferred Stock Dividend Requirement		10		18		9
Fixed Charges	$	278	$	506	$	249
Ratio of Earnings to Fixed Charges		2.7		3.1		2.8