CONSOLIDATED EDISON, INC. Ratio of Earnings to Fixed Charges Twelve Months Ended (Thousands of Dollars) SEPTEMBER SEPTEMBER 1999 1998 ---------- --------- Earnings Net Income for Common Stock $710,883 $719,987 Preferred Dividends 13,592 18,144 Federal Income Tax 878,383 334,000 Federal Income Tax Deferred (437,980) 70,620 Investment Tax Credits Deferred (8,351) (8,740) ---------- ---------- Total Earnings Before Federal Income Tax 1,156,527 1,134,011 Fixed Charges* 348,021 352,400 ---------- ---------- Total Earnings Before Federal Income Tax and Fixed Charges $1,504,548 $1,486,411 ========== ========== * Fixed Charges Interest on Long-Term Debt $298,281 $299,387 Amort. of Debt Discount, Premium & Expense 13,687 13,361 Interest on Component of Rentals 18,213 18,346 Other Interest 17,840 21,306 ---------- ---------- Total Fixed Charges $348,021 $352,400 ========== ========== Ratio of Earnings to Fixed Charges 4.32 4.22