CONSOLIDATED EDISON COMPANY OF NEW YORK, INC. RATIO OF EARNINGS TO FIXED CHARGES TWELVE MONTHS ENDED (Thousands of Dollars) JUNE JUNE 1995 1996 Earnings Net Income $ 735,178 $ 692,370** Federal Income Tax 321,990 385,750 Federal Income Tax Deferred 120,070 12,610 Investment Tax Credits Deferred (9,480) (9,210) Total Earnings Before Federal Income Tax 1,167,758 1,081,520 Fixed Charges* 339,397 348,096 Total Earnings Before Federal Income Tax and Fixed Charges $1,507,155 $1,429,616 *Fixed Charges Interest on Long-Term Debt $ 284,235 $ 291,069 Amortization of Debt Discount, Premium and Expenses 11,539 14,282 Interest Component of Rentals 18,688 19,706 Other Interest 24,935 23,039 Total Fixed Charges $ 339,397 $ 348,096 Ratio of Earnings to Fixed Charges 4.44 4.11 ** Reflects increased depreciation expense resulting from preferred stock refunding. See "Liquidity and Capital Resources" in Management's Discussion and Analysis appearing in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 1996.