CONSOLIDATED EDISON, INC. Ratio of Earnings to Fixed Charges Twelve Months Ended (Thousands of Dollars) JUNE JUNE 1998 1997 ---------- --------- Earnings Net Income $741,621 $662,302 Federal Income Tax 460,170 246,070 Federal Income Tax Deferred (60,780) 129,590 Investment Tax Credits Deferred (8,770) (8,790) ---------- ---------- Total Earnings Before Federal Income Tax 1,132,241 1,029,172 Fixed Charges* 355,319 348,015 ---------- ---------- Total Earnings Before Federal Income Tax and Fixed Charges $1,487,560 $1,377,187 ========== ========== * Fixed Charges Interest on Long-Term Debt $303,379 $301,853 Amort. of Debt Discount, Premium & Expense 12,878 11,436 Interest on Component of Rentals 18,367 18,175 Other Interest 20,695 16,551 ---------- ---------- Total Fixed Charges $355,319 $348,015 ========== ========== Ratio of Earnings to Fixed Charges 4.19 3.96