Exhibit 12.1

Consolidated Edison, Inc.

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Three Months Ended March 31, 2014			For the Twelve Months Ended December 31, 2013		For the Three Months Ended March 31, 2013
Earnings
Net Income for Common Stock	$	361		$	1,062	$	192
Preferred Stock Dividend		—			—		—
(Income) or Loss from Equity Investees		1			6		—
Minority Interest Loss		—			—		—
Income Tax		198			476		57
Pre-Tax Income for Common Stock	$	560		$	1,544	$	249
Add: Fixed Charges*		149			764		286
Add: Distributed Income of Equity Investees		—			—		—
Subtract: Interest Capitalized		—			—		—
Subtract: Pre-Tax Preferred Stock Dividend Requirement		—			—		—
Earnings	$	709		$	2,308	$	535
* Fixed Charges
Interest on Long-term Debt	$	142		$	562	$	139
Amortization of Debt Discount, Premium and Expense		4			16		4
Interest Capitalized		—			—		—
Other Interest		(10	)		143		136
Interest Component of Rentals		13			43		7
Pre-Tax Preferred Stock Dividend Requirement		—			—		—
Fixed Charges	$	149		$	764	$	286
Ratio of Earnings to Fixed Charges		4.8			3.0		1.9