Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Six Months  Ended June 30, 2013			For the Twelve Months Ended December 31, 2012		For the Six Months  Ended June 30, 2012
Earnings
Net Income for Common Stock		$364			$1,138		$491
Preferred Stock Dividend		—			3		3
(Income) or Loss from Equity Investees		(2	)		4		2
Minority Interest Loss		—			—		—
Income Tax		122			600		240
Pre-Tax Income		$484			$1,745		$736
Add: Fixed Charges*		443			638		321
Add: Distributed Income of Equity Investees		—			—		—
Subtract: Interest Capitalized		—			—		—
Subtract: Pre-Tax Preferred Stock Dividend Requirement		—			5		5
Earnings		$927			$2,378		$1,052
* Fixed Charges
Interest on Long-term Debt		$280			$568		$285
Amortization of Debt Discount, Premium and Expense		8			18		10
Interest Capitalized		—			—		—
Other Interest		142			20		10
Interest Component of Rentals		13			27		11
Pre-Tax Preferred Stock Dividend Requirement		—			5		5
Fixed Charges		$443			$   638		$321
Ratio of Earnings to Fixed Charges		2.1			3.7		3.3