CONSOLIDATED EDISON COMPANY OF NEW YORK, INC. Ratio of Earnings to Fixed Charges Twelve Months Ended (Thousands of Dollars) SEPTEMBER SEPTEMBER 1997 1996 Earnings Net Income $689,359 $687,062 Federal Income Tax 325,970 350,300 Federal Income Tax Deferred 54,820 46,170 Investment Tax Credits Deferred (8,730) (9,170) Total Earnings Before Federal Income 1,061,419 1,074,362 Fixed Charges* 348,199 347,934 Total Earnings Before Federal Income Tax and Fixed Charges $1,409,618 $1,422,296 * Fixed Charges Interest on Long-Term Debt $304,299 $293,262 Amortization of Debt Discount, Premium and Ex 11,364 14,389 Interest on Component of Rentals 18,301 19,589 Other Interest 14,235 20,694 Total Fixed Charges $348,199 $347,934 Ratio of Earnings to Fixed Charges 4.05 4.09