Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Years Ended December 31,
	2012		2011		2010		2009			2008
Earnings
Net Income from Continuing Operations	$	1,138	$	1,051	$	992	$	868		$	922
Preferred Stock Dividend		3		11		11		11			11
(Income) or Loss from Equity Investees		4		—		2		(1	)		(1	)
Minority Interest Loss		—		—		—		—			—
Income Tax		600		600		548		440			524
Pre-Tax Income from Continuing Operations	$	1,745	$	1,662	$	1,553	$	1,318		$	1,456
Add: Fixed Charges*		638		642		660		660			592
Add: Distributed Income of Equity Investees		—		—		—		—			—
Subtract: Interest Capitalized		—		—		—		—			—
Subtract: Pre-Tax Preferred Stock Dividend Requirement		5		19		19		18			18
Earnings	$	2,378	$	2,285	$	2,194	$	1,960		$	2,030
* Fixed Charges
Interest on Long-term Debt	$	568	$	562	$	580	$	574		$	504
Amortization of Debt Discount, Premium and Expense		18		20		17		16			15
Interest Capitalized		—		—		—		—			—
Other Interest		20		18		21		30			33
Interest Component of Rentals		27		23		23		22			22
Pre-Tax Preferred Stock Dividend Requirement		5		19		19		18			18
Fixed Charges	$	638	$	642	$	660	$	660		$	592
Ratio of Earnings to Fixed Charges		3.7		3.6		3.3		3.0			3.4