Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Six Months Ended June 30, 2010			For the Twelve Months Ended December 31, 2009			For the Six Months Ended June 30, 2009
Earnings
Net Income from Continuing Operations	$	409		$	868		$	330
Preferred Stock Dividend		6		$	11			6
(Income) or Loss from Equity Investees		(1	)		(1	)		—
Minority Interest Loss		—			—			—
Income Tax		228		$	440			174
Pre-Tax Income from Continuing Operations	$	641		$	1,318		$	510
Add: Fixed Charges*		324			660			324
Add: Distributed Income of Equity Investees					0
Subtract: Interest Capitalized					0
Subtract: Pre-Tax Preferred Stock Dividend Requirement		9			18			9
Earnings	$	956		$	1,960		$	825
*  Fixed Charges
Interest on Long-term Debt	$	290		$	574		$	285
Amortization of Debt Discount, Premium and Expense		8			16			8
Interest Capitalized
Other Interest		6			30			10
Interest Component of Rentals		11			22			12
Pre-Tax Preferred Stock Dividend Requirement		9			18			9
Fixed Charges	$	324		$	660		$	324
Ratio of Earnings to Fixed Charges		2.9			3.0			2.5