EXHIBIT (10)(iii)(30)

                              CH ENERGY GROUP, INC.
                              AMENDED AND RESTATED
                        STOCK PLAN FOR OUTSIDE DIRECTORS

      WHEREAS, CH Energy Group, Inc. ("Corporation") maintains the CH Energy
Group, Inc. Amended and Restated Stock Plan for Outside Directors (Effective as
of January 1, 1996), as amended (the "Plan"); and

      WHEREAS, the Corporation desires to amend the Plan (i) to freeze future
benefit accruals, (ii) to provide for distributions in cash rather than in
shares of the Corporation and (iii) to transfer the Plan's obligation to pay
certain benefits to the CH Energy Group, Inc. Directors and Executives Deferred
Compensation Plan.

      NOW, THEREFORE, the Corporation hereby amends the Plan as set forth below,
effective as of September 26, 2003 except where otherwise provided.


SECTION 1. DEFINITIONS

      1.1 "Account" means the account referred to in Section 4.1 hereof.

      1.2 "Accrued Benefit" means a Participant's total benefit under Section
3.1 of the Plan as of January 1, 2003, expressed in the form of a fixed number
of shares of Common Stock, which number of shares shall be determined by the
Committee in its sole discretion using reasonable assumptions applied in a
consistent manner for all affected Participants.

      1.3 "Committee" means the Committee referred to in Section 7.1.

      1.4 "Common Stock" shall mean the common stock of the Corporation, $.10
par value.

      1.5 "Corporation" means CH Energy Group, Inc. (or any successor
corporation or, prior to December 15, 1999, Central Hudson Gas & Electric
Corporation ("Central Hudson")).

      1.6 "Deferred Compensation Plan" means the CH Energy Group, Inc. Directors
and Executives Deferred Compensation Plan."

      1.7 "Director" means a person duly elected and serving as a member of the
Corporation's Board of Directors who is also not an employee of the Corporation
or any of its affiliates.

      1.8 "Fair Market Value" means, as of any given date, the mean between the
highest and lowest reported sales price of a share of Common Stock on such date
(or on the next preceding trading date if there are no sales on such date) on
the New York Stock Exchange Composite Tape or, if not listed on such exchange,
on any other national securities exchange on which the Common Stock is listed or
on NASDAQ. If there is no regular public trading market for Common Stock, the
Fair Market Value of the Common Stock shall be determined by the Committee in
good faith.


                                       1
<PAGE>
                                                           EXHIBIT (10)(iii)(30)

      1.9 "Fiscal Year" means the fiscal year of the Corporation as established
from time to time.

      1.10 "Participant" means each Director who participates in the Plan in
accordance with the terms and conditions of the Plan.

      1.11 "Plan" means the CH Energy Group, Inc. Amended and Restated Stock
Plan for Outside Directors as described in this instrument, and as it from time
to time may be amended, which is intended to be unfunded for tax purposes and
for purposes of Title I of the Employee Retirement Income Security Act of 1974.

      1.12 "Share Equivalent" means a unit of participation in the Plan,
equivalent to one share of Common Stock, credited to a Participant pursuant to
Section 3.1.

SECTION 2. ELIGIBILITY AND PARTICIPATION

      2.1 Each Director is a Participant.

      2.2 Notwithstanding anything herein to the contrary, no Director elected
on or after January 1, 2003 shall be eligible to become a Participant in the
Plan.

SECTION 3. BENEFITS

      3.1 (a) As additional compensation for services rendered prior to July 1,
2003, each Participant shall be credited with 50 Share Equivalents (except for
periods prior to April 26, 2000, such credited shares shall be for 25 Share
Equivalents) for each full quarterly period of a Fiscal Year during which such
Participant served as a Director. Such credits shall be made as of the end of
each quarterly period (commencing with the first quarterly period ending in
March 1996, when the term Corporation meant Central Hudson) during which the
Participant served as a Director of the Corporation.

           (b) As additional compensation for services rendered prior to
January 1, 2003, each Participant upon ceasing to serve as a member of the
Corporation's Board of Directors (except for any such member whose service is
terminated for cause) shall also be entitled to receive 50 Share Equivalents
(except for periods prior to April 26, 2000, such credit shall be for 25 Share
Equivalents) for each full quarterly period of a Fiscal Year (but not for more
than 40 quarters) during which such Participant served as a Director, including
periods prior to January 1, 1996. Such entitlement shall be implemented by
crediting such Participant's Account with 50 Share Equivalents as of the end of
each full quarterly period of a Fiscal Year commencing with the first such
period after such Participant's cessation. Such entitlement shall be personal to
such Participant and shall not survive such Participant's death, except for
Share Equivalents credited to such participant's Account prior to death.

           (c) Such credited Share Equivalents shall be treated as deferred
compensation to be distributed as provided in Section 5.

      3.2 Each Participant who is a Director on September 26, 2003 shall be
entitled to elect, in accordance with procedures established by the Committee,
to receive his or her Accrued Benefit pursuant to the terms of the Deferred
Compensation Plan. Any Participant who elects to receive his or her Accrued
Benefit pursuant to the terms of the


                                       2
<PAGE>

                                                           EXHIBIT (10)(iii)(30)

Deferred Compensation Plan shall not be entitled to receive any other benefit
under Section 3.1 of the Plan.

SECTION 4. DEFERRED COMPENSATION ACCOUNT

      4.1 A deferred compensation account (herein referred to as the "Account")
shall be established for each Participant, consisting of Share Equivalents
credited pursuant to Section 3.1.

      4.2 Upon the occurrence of any event affecting the outstanding Common
Stock, including any stock dividend, extraordinary non-cash dividend, forward or
reverse stock split, recapitalization, reclassification of shares of Common
Stock, merger, consolidation or sale by the Corporation of all or a substantial
portion of its assets, tender offer for its securities, or other event which
could distort the implementation of the Plan or the realization of its
objectives, the Committee shall make such appropriate adjustments in the number
and kind of securities which Share Equivalents will represent or which may be
paid out under the Plan. All such adjustments shall be made so as to prevent
dilution or enlargement of the rights of Participants. Effective December 15,
1999 any Share Equivalent of Common Stock of Central Hudson, par value $5.00 per
share, shall automatically be converted to a Share Equivalent of Common Stock.

SECTION 5. DISTRIBUTION

      5.1 Amounts credited to a Participant's Account pursuant to Section 3.1
shall be valued as of the last day of each such quarterly period and
distributions shall be made therefrom as follows: Distribution of an Account
occuring on or after September 26, 2003 shall be in cash in an amount equal to
the Fair Market Value of one share of Common Stock as of the last day of such
quarterly period multiplied by the number of Share Equivalents credited to the
Account. Distributions shall be made in one lump sum within 60 days following
the end of each such quarterly period subject to compliance with all applicable
administrative and legal requirements.

      5.2 Any amount that becomes distributable under this Plan after the death
of a Participant shall be distributed to such person or persons or the survivors
thereof, including corporations, unincorporated associations or trusts, as shall
be provided by written agreement between the Corporation and the Participant and
in the absence of such an agreement such amount shall be distributed to the
Participant's estate.

      5.3 The Corporation shall deduct from the amount of all distributions
under the Plan any taxes required to be withheld by the Federal or any state or
local governments.

SECTION 6. RIGHTS OF PARTICIPANTS

      6.1 Nothing contained in this Plan shall be construed as giving any
Participant the right to be retained as a Director of the Corporation. Nothing
contained in this Plan shall be construed as limiting, in any way, any right
that any party or parties may have to remove a Participant as a Director of the
Corporation or to appoint or to elect another individual to replace a
Participant as a Director of the Corporation. Nothing contained in this Plan
shall be construed as giving any Participant the right to receive any benefit
not specifically provided by the Plan. Any other provision of the Plan
notwithstanding, a


                                       3
<PAGE>

                                                           EXHIBIT (10)(iii)(30)

Participant shall not have any interest in the amounts credited to his/her
Account until such Account is distributed in accordance with the provisions of
Section 5, which, among other things, means that the Participant has no voting
rights with respect to the Common Stock represented by Share Equivalents. With
respect to amounts credited to a Participant's Account, the rights of the
Participant, the Beneficiary of the Participant under this Plan shall be solely
those of unsecured general creditors of the Corporation, and the obligations of
the Corporation hereunder shall be purely contractual. Such benefits shall be
paid from the general assets of the Corporation. As contemplated by Revenue
Procedure 92-65, I.R.B. 1992-33, 16, Participants shall have the status of
general unsecured creditors of the Corporation and the Plan.

      6.2 The rights of a Participant to the payment of amounts credited to his
or her Account are not transferable by a Participant other than by will or the
laws of descent and distribution and shall not be assigned, transferred, pledged
or encumbered or be subject in any manner to alienation or anticipation. No
Participant may borrow against his or her Account. No Account shall be subject
in any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, charge, garnishment, execution or levy of any kind, whether
voluntary or involuntary, including, but not limited to, any liability which is
for alimony or other payments for the support of a spouse or former spouse, or
for any other relative of a Participant. Neither a Participant's Account nor a
Participant's rights to benefits hereunder may be assigned to any other party by
means of a judgment, decree or order (including approval of a property
settlement agreement) relating to the provision of child support, alimony
payments, or marital property rights of a spouse, former spouse, child or other
dependent of the Participant.

      This Plan shall not in any manner be liable for or subject to the debts,
contracts, liabilities, engagements or torts of any person entitled to benefits
hereunder.

      In addition, a Participant or Beneficiary shall have not rights against or
security interest in the assets of the Plan, Corporation or any trust which may
be established with respect to the Plan, and shall have only the Corporation's
unsecured promise to pay benefits. All assets of the Plan, if any, shall remain
subject to the claims of the Corporation's general creditors.

SECTION 7. ADMINISTRATION OF THE PLAN

      7.1 The Plan shall be administered by the Compensation & Succession
Committee of the Corporation's Board of Directors (herein called the
"Committee").

      7.2 The Committee shall from time to time establish rules for the
administration of the Plan that are not inconsistent with the provisions of the
Plan.

      7.3 The determination of the Committee as to any disputed question arising
under the Plan, including questions of construction and interpretation, shall be
final, binding and conclusive upon all persons.

      7.4 Neither the Committee nor a member of the Board of Directors of the
Corporation and no employee of the Corporation, shall be liable for any act or
action hereunder, whether of omission or commission, except in circumstances
involving bad


                                       4
<PAGE>

                                                           EXHIBIT (10)(iii)(30)

faith, or for any act of any other member or employee or of any agent to whom
duties in connection with the administration of the plan have been delegated.

SECTION 8. AMENDMENTS, SUCCESSORS, ETC.

      8.1 The Board of Directors of the Corporation may in its absolute
discretion, without notice, at anytime and from time to time, modify or amend,
in whole or in part, any or all of the provisions of the Plan or suspend or
terminate it entirely. Any such modification, amendment, suspension or
termination, however, may not, without the Participant's consent, apply to or
affect the payment or distribution to any Participant relating to any Share
Equivalent for any quarterly period ended prior to the effective date of such
modification, amendment, suspension or termination; provided, however, any such
action may be taken to comply with the applicable law and governmental rules and
regulations issued thereunder notwithstanding the effect thereof on a
Participant's account hereunder.

      8.2 Notwithstanding any other provision of the Plan, the Corporation shall
require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or
assets of the Corporation to assume expressly and agree to perform this Plan in
the same manner and to the same extent that would be required to perform it if
no such succession had taken place, and the "Corporation" as used herein shall
mean the Corporation and any such successor.

SECTION 9. EFFECTIVE DATE, CONTROLLING LAW

      9.1 This Plan became effective as of January 1, 1996.

      This Plan shall be construed under the laws of the State of New York, to
the extent Federal law is inapplicable.

      IN WITNESS WHEREOF, CH Energy Group, Inc. has caused this document to be
executed by its duly authorized officer on this 24th day of October, 2003.

                                         CH ENERGY GROUP, INC.


                                         /s/ Steven V. Lant
                                         -----------------------------------
                                         Steven V. Lant
                                         President & Chief Executive Officer


                                       5