----

----

| For the quarterly period ended | June 30, 2009 |
|--------------------------------|---------------|

| For the transition period from |   |  to |   |
|--------------------------------|--------|----------|--------|

| CommissionFile Number | Registrant, State of IncorporationAddress and Telephone Number                                                                         | IRS EmployerIdentification No. |
|-----------------------|----------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|
|                  |                                                                                                                                   |                           |
| 0-30512               | CH Energy Group, Inc.(Incorporated in New York)284 South AvenuePoughkeepsie, New York 12601-4839(845) 452-2000                         | 14-1804460                     |
|                  |                                                                                                                                   |                           |
| 1-3268                | Central Hudson Gas & Electric Corporation(Incorporated in New York)284 South AvenuePoughkeepsie, New York 12601-4839(845) 452-2000 | 14-0555980                     |

----

----

----

----

----

FORM 

|                                            |                                                   | PART I – FINANCIAL INFORMATION               | PAGE   |
|-------------------------------------------------|--------------------------------------------------------|----------------------------------------------------|--------|
|                                            |                                                   |                                               |   |
| ITEM 1 – FINANCIAL STATEMENTS (UNAUDITED) |                                                   |
|                                            |                                                   |                                               |   |
| CH ENERGY GROUP, INC.                           |                                                   |
|                                            |                                                   |                                               |   |
|                                            | Consolidated Statement of Income –               |                                               |
|                                            |                                                   | Three Months Ended June 30, 2009 and 2008          | 6      |
|                                            |                                                   | Six Months Ended June 30, 2009 and 2008            | 7      |
|                                            |                                                   |                                               |   |
|                                            | Consolidated Statement of Comprehensive Income – |                                               |
|                                            |                                                   | Three Months Ended June 30, 2009 and 2008          | 8      |
|                                            |                                                   | Six Months Ended June 30, 2009 and 2008            | 8      |
|                                            |                                                   |                                               |   |
|                                            | Consolidated Statement of Cash Flows –           |                                               |
|                                            |                                                   | Six Months Ended June 30, 2009 and 2008            | 9      |
|                                            |                                                   |                                               |   |
|                                            | Consolidated Balance Sheet –                     |                                               |
|                                            |                                                   | June 30, 2009, December 31, 2008 and June 30, 2008 | 10     |
|                                            |                                                   |                                               |   |
|                                            | Consolidated Statement of Changes In Equity –    |                                               |
|                                            |                                                   | Six Months Ended June 30, 2009 and 2008            | 12     |
|                                            |                                                   |                                               |   |
| CENTRAL HUDSON GAS & ELECTRIC CORPORATION   |                                                   |
|                                            |                                                   |                                               |   |
|                                            | Statement of Income –                            |                                               |
|                                            |                                                   | Three Months Ended June 30, 2009 and 2008          | 13     |
|                                            |                                                   | Six Months Ended June 30, 2009 and 2008            | 14     |
|                                            |                                                   |                                               |   |
|                                            | Statement of Comprehensive Income –              |                                               |
|                                            |                                                   | Three Months Ended June 30, 2009 and 2008          | 15     |
|                                            |                                                   | Six Months Ended June 30, 2009 and 2008            | 15     |
|                                            |                                                   |                                               |   |
|                                            | Statement of Cash Flows –                        |                                               |
|                                            |                                                   | Six Months Ended June 30, 2009 and 2008            | 16     |
|                                            |                                                   |                                               |   |
|                                            | Balance Sheet –                                  |                                               |
|                                            |                                                   | June 30, 2009, December 31, 2008 and June 30, 2008 | 17     |
|                                            |                                                   |                                               |   |
|                                            | Statement of Changes In Equity –                 |                                               |
|                                            |                                                   | Six Months Ended June 30, 2009 and 2008            | 19     |
|                                            |                                                   |                                               |   |
|                                            | Notes to Financial Statements                          | 20                                                 |

----

|           |                                                                                        | PAGE   |
|----------------|---------------------------------------------------------------------------------------------|--------|
|           |                                                                                        |   |
| ITEM 2         | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 64     |
|           |                                                                                        |   |
| ITEM 3         | QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK                                   | 107    |
|           |                                                                                        |   |
| ITEM 4         | CONTROLS AND PROCEDURES                                                                     | 107    |
|           |                                                                                        |   |
|           | PART II – OTHER INFORMATION                                                           |   |
|           |                                                                                        |   |
| ITEM 1         | LEGAL PROCEEDINGS                                                                           | 108    |
|           |                                                                                        |   |
| ITEM 1A        | RISK FACTORS                                                                                | 108    |
|           |                                                                                        |   |
| ITEM 4         | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                                         | 109    |
|           |                                                                                        |   |
| ITEM 6         | EXHIBITS                                                                                    | 110    |
|           |                                                                                        |   |
| SIGNATURES     | 111                                                                                         |
|           |                                                                                        |   |
| EXHIBIT INDEX  | 112                                                                                         |
|           |                                                                                        |   |
| CERTIFICATIONS | 115                                                                                         |

----

----

Table of Contents

CH ENERGY 

|                                                                                              |   | Three Months Ended |    |
|---------------------------------------------------------------------------------------------------|--------|--------------------|---------|
|                                                                                              |   | June 30,           |    |
|                                                                                              |   | 2009               |    |   | 2008 |   |
| Operating Revenues                                                                                |   |               |    |   |   |   |
| Electric                                                                                          |   | $                  | 108,597 |   |   | $ | 145,844 |   |
| Natural gas                                                                                       |   |               | 31,056  |   |   |   | 44,275 |   |
| Competitive business subsidiaries:                                                                |   |               |    |   |   |   |   |   |
| Petroleum Products                                                                                |   |               | 50,451  |   |   |   | 99,796 |   |
| Other                                                                                             |   |               | 10,126  |   |   |   | 23,737 |   |
| Total Operating Revenues                                                                          |   |               | 200,230 |   |   |   | 313,652 |   |
| Operating Expenses                                                                                |   |               |    |   |   |   |   |   |
| Operation:                                                                                        |   |               |    |   |   |   |   |   |
| Purchased electricity and fuel used in electric generation                                        |   |               | 51,884  |   |   |   | 90,441 |   |
| Purchased natural gas                                                                             |   |               | 19,301  |   |   |   | 31,465 |   |
| Purchased petroleum                                                                               |   |               | 40,669  |   |   |   | 102,122 |   |
| Other expenses of operation - regulated activities                                                |   |               | 44,390  |   |   |   | 41,254 |   |
| Other expenses of operation - competitive business subsidiaries                                   |   |               | 20,443  |   |   |   | 21,540 |   |
| Depreciation and amortization                                                                     |   |               | 10,122  |   |   |   | 9,549 |   |
| Taxes, other than income tax                                                                      |   |               | 9,595   |   |   |   | 9,327 |   |
| Total Operating Expenses                                                                          |   |               | 196,404 |   |   |   | 305,698 |   |
| Operating Income                                                                                  |   |               | 3,826   |   |   |   | 7,954 |   |
| Other Income and Deductions                                                                       |   |               |    |   |   |   |   |   |
| (Loss) income from unconsolidated affiliates                                                      |   |               | (153    | ) |   |   | 66 |   |
| Interest on regulatory assets and investment income                                               |   |               | 2,350   |   |   |   | 1,792 |   |
| Other - net                                                                                       |   |               | (1,652  | ) |   |   | (559 | ) |
| Total Other Income                                                                                |   |               | 545     |   |   |   | 1,299 |   |
| Interest Charges                                                                                  |   |               |    |   |   |   |   |   |
| Interest on long-term debt                                                                        |   |               | 4,568   |   |   |   | 5,049 |   |
| Interest on regulatory liabilities and other interest                                             |   |               | 1,883   |   |   |   | 1,343 |   |
| Total Interest Charges                                                                            |   |               | 6,451   |   |   |   | 6,392 |   |
| (Loss) income before income taxes, non-controlling interest and preferred dividends of subsidiary |   |               | (2,080  | ) |   |   | 2,861 |   |
| Income Taxes                                                                                      |   |               | (708    | ) |   |   | 972 |   |
| Net (Loss) Income                                                                                 |   |               | (1,372  | ) |   |   | 1,889 |   |
| Net (loss) income attributable to non-controlling interest:                                       |   |               |    |   |   |   |   |   |
| Non-controlling interest in subsidiary                                                            |   |               | (157    | ) |   |   | (23 | ) |
| Dividends declared on Preferred Stock of subsidiary                                               |   |               | 242     |   |   |   | 242 |   |
| Net (loss) income attributable to CH Energy Group                                                 |   |               | (1,457  | ) |   |   | 1,670 |   |
| Dividends declared on Common Stock                                                                |   |               | 8,526   |   |   |   | 8,523 |   |
| Change in Retained Earnings                                                                       |   | $                  | (9,983  | ) |   | $ | (6,853 | ) |
| Common Stock:                                                                                     |   |               |    |   |   |   |   |   |
| Average shares outstanding                                                                        |   |               |    |   |   |   |   |   |
| Basic                                                                                             |   |               | 15,774  |   |   |   | 15,768 |   |
| Diluted                                                                                           |   |               | 15,826  |   |   |   | 15,812 |   |
| Amounts attributable to CH Energy Group common shareholders                                       |   |               |    |   |   |   |   |   |
| Earnings per share                                                                                |   |               |    |   |   |   |   |   |
| Basic                                                                                             |   | $                  | (0.09   | ) |   | $ | 0.11 |   |
| Diluted                                                                                           |   | $                  | (0.09   | ) |   | $ | 0.11 |   |
| Dividends Declared Per Share                                                                      |   | $                  | 0.54    |   |   | $ | 0.54 |   |

----

Table of Contents

CH ENERGY 

|                                                                                       |   | Six Months Ended |    |
|--------------------------------------------------------------------------------------------|--------|------------------|---------|
|                                                                                       |   | June 30,         |    |
|                                                                                       |   | 2009             |    |   | 2008 |   |
| Operating Revenues                                                                         |   |             |    |   |   |   |
| Electric                                                                                   |   | $                | 265,350 |   |   | $ | 289,658 |   |
| Natural gas                                                                                |   |             | 121,179 |   |   |   | 120,494 |   |
| Competitive business subsidiaries:                                                         |   |             |    |   |   |   |   |   |
| Petroleum Products                                                                         |   |             | 171,030 |   |   |   | 272,476 |   |
| Other                                                                                      |   |             | 21,145  |   |   |   | 40,816 |   |
| Total Operating Revenues                                                                   |   |             | 578,704 |   |   |   | 723,444 |   |
| Operating Expenses                                                                         |   |             |    |   |   |   |   |   |
| Operation:                                                                                 |   |             |    |   |   |   |   |   |
| Purchased electricity and fuel used in electric generation                                 |   |             | 143,635 |   |   |   | 174,775 |   |
| Purchased natural gas                                                                      |   |             | 84,126  |   |   |   | 84,603 |   |
| Purchased petroleum                                                                        |   |             | 126,940 |   |   |   | 252,980 |   |
| Other expenses of operation - regulated activities                                         |   |             | 90,710  |   |   |   | 84,167 |   |
| Other expenses of operation - competitive business subsidiaries                            |   |             | 44,630  |   |   |   | 45,207 |   |
| Depreciation and amortization                                                              |   |             | 20,285  |   |   |   | 19,009 |   |
| Taxes, other than income tax                                                               |   |             | 19,738  |   |   |   | 18,790 |   |
| Total Operating Expenses                                                                   |   |             | 530,064 |   |   |   | 679,531 |   |
| Operating Income                                                                           |   |             | 48,640  |   |   |   | 43,913 |   |
| Other Income and Deductions                                                                |   |             |    |   |   |   |   |   |
| Income from unconsolidated affiliates                                                      |   |             | 77      |   |   |   | 335 |   |
| Interest on regulatory assets and investment income                                        |   |             | 3,466   |   |   |   | 3,065 |   |
| Reserve for note receivable                                                                |   |             | (1,299  | ) |   |   | - |   |
| Other - net                                                                                |   |             | (2,361  | ) |   |   | (118 | ) |
| Total Other Income                                                                         |   |             | (117    | ) |   |   | 3,282 |   |
| Interest Charges                                                                           |   |             |    |   |   |   |   |   |
| Interest on long-term debt                                                                 |   |             | 9,348   |   |   |   | 10,138 |   |
| Interest on regulatory liabilities and other interest                                      |   |             | 3,391   |   |   |   | 2,631 |   |
| Total Interest Charges                                                                     |   |             | 12,739  |   |   |   | 12,769 |   |
| Income before income taxes, non-controlling interest and preferred dividends of subsidiary |   |             | 35,784  |   |   |   | 34,426 |   |
| Income Taxes                                                                               |   |             | 13,825  |   |   |   | 12,909 |   |
| Net Income                                                                                 |   |             | 21,959  |   |   |   | 21,517 |   |
| Net (loss) income attributable to non-controlling interest:                                |   |             |    |   |   |   |   |   |
| Non-controlling interest in subsidiary                                                     |   |             | (190    | ) |   |   | 61 |   |
| Dividends declared on Preferred Stock of subsidiary                                        |   |             | 485     |   |   |   | 485 |   |
| Net income attributable to CH Energy Group                                                 |   |             | 21,664  |   |   |   | 20,971 |   |
| Dividends declared on Common Stock                                                         |   |             | 17,050  |   |   |   | 17,041 |   |
| Change in Retained Earnings                                                                |   | $                | 4,614   |   |   | $ | 3,930 |   |
| Common Stock:                                                                              |   |             |    |   |   |   |   |   |
| Average shares outstanding                                                                 |   |             |    |   |   |   |   |   |
| Basic                                                                                      |   |             | 15,773  |   |   |   | 15,765 |   |
| Diluted                                                                                    |   |             | 15,825  |   |   |   | 15,809 |   |
| Amounts attributable to CH Energy Group common shareholders                                |   |             |    |   |   |   |   |   |
| Earnings per share                                                                         |   |             |    |   |   |   |   |   |
| Basic                                                                                      |   | $                | 1.37    |   |   | $ | 1.33 |   |
| Diluted                                                                                    |   | $                | 1.37    |   |   | $ | 1.33 |   |
| Dividends Declared Per Share                                                               |   | $                | 1.08    |   |   | $ | 1.08 |   |

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Table of Contents

|                                                                                              |   | Three Months Ended |   |
|---------------------------------------------------------------------------------------------------|--------|--------------------|--------|
|                                                                                              |   | June 30,           |   |
|                                                                                              |   | 2009               |   |   | 2008 |   |
| Net (loss) Income                                                                                 |   | $                  | (1,372 | ) |   | $ | 1,889 |   |
|                                                                                              |   |               |   |   |   |   |   |   |
| Other Comprehensive Income:                                                                       |   |               |   |   |   |   |   |   |
|                                                                                              |   |               |   |   |   |   |   |   |
| Fair value of cash flow hedges - FAS 133:                                                         |   |               |   |   |   |   |   |   |
| Unrealized gains - net of tax of ($38) and ($273)                                                 |   |               | 57     |   |   |   | 410 |   |
| Reclassification for gains realized in net income - net of tax of $0 and $340                     |   |               | -      |   |   |   | (511 | ) |
| Net unrealized losses on investments held by equity method investees - net of tax of $0 and ($33) |   |               | -      |   |   |   | 50 |   |
| Other comprehensive income (loss)                                                                 |   |               | 57     |   |   |   | (51 | ) |
| Comprehensive (loss) Income                                                                       |   |               | (1,315 | ) |   |   | 1,838 |   |
| Comprehensive income attributable to non-controlling interest                                     |   |               | 85     |   |   |   | 219 |   |
| Comprehensive (loss) income attributable to CH Energy Group                                       |   | $                  | (1,400 | ) |   | $ | 1,619 |   |

|                                                                                             |   | Six Months Ended |   |
|--------------------------------------------------------------------------------------------------|--------|------------------|--------|
|                                                                                             |   | June 30,         |   |
|                                                                                             |   | 2009             |   |   | 2008 |   |
| Net Income                                                                                       |   | $                | 21,959 |   |   | $ | 21,517 |   |
|                                                                                             |   |             |   |   |   |   |   |   |
| Other Comprehensive Income:                                                                      |   |             |   |   |   |   |   |   |
|                                                                                             |   |             |   |   |   |   |   |   |
| Fair value of cash flow hedges - FAS 133:                                                        |   |             |   |   |   |   |   |   |
| Unrealized gains - net of tax of ($39) and ($455)                                                |   |             | 58     |   |   |   | 682 |   |
| Reclassification for gains realized in net income -net of tax of $0 and $806                     |   |             | -      |   |   |   | (1,208 | ) |
| Net unrealized losses on investments held by equity method investees - net of tax of $0 and $153 |   |             | -      |   |   |   | (230 | ) |
| Other comprehensive income (loss)                                                                |   |             | 58     |   |   |   | (756 | ) |
| Comprehensive Income                                                                             |   |             | 22,017 |   |   |   | 20,761 |   |
| Comprehensive income attributable to non-controlling interest                                    |   |             | 295    |   |   |   | 546 |   |
| Comprehensive income attributable to CH Energy Group                                             |   | $                | 21,722 |   |   | $ | 20,215 |   |

----

Table of Contents

CH ENERGY 

|                                                                              |   | Six Months Ended |    |
|-----------------------------------------------------------------------------------|--------|------------------|---------|
|                                                                              |   | June 30,         |    |
|                                                                              |   | 2009             |    |   | 2008 |   |
| Operating Activities:                                                             |   |             |    |   |   |   |
| Net income                                                                        |   | $                | 21,959  |   |   | $ | 21,517 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |             |    |   |   |   |   |   |
| Depreciation                                                                      |   |             | 17,678  |   |   |   | 16,563 |   |
| Amortization                                                                      |   |             | 2,607   |   |   |   | 2,446 |   |
| Deferred income taxes - net                                                       |   |             | (11,916 | ) |   |   | 13,434 |   |
| Provision for uncollectibles                                                      |   |             | 8,216   |   |   |   | 4,596 |   |
| Distributed equity in earnings of unconsolidated affiliates                       |   |             | 550     |   |   |   | 488 |   |
| Pension expense                                                                   |   |             | 6,352   |   |   |   | 6,565 |   |
| Other post-employment benefits ("OPEB") expense                                   |   |             | 5,056   |   |   |   | 5,226 |   |
| Regulatory liability - rate moderation                                            |   |             | -       |   |   |   | (5,900 | ) |
| Regulatory asset amortization                                                     |   |             | 2,812   |   |   |   | 2,765 |   |
| Gain on sale of property and plant                                                |   |             | (39     | ) |   |   | (27 | ) |
| Changes in operating assets and liabilities - net of business acquisitions:       |   |             |    |   |   |   |   |   |
| Accounts receivable, unbilled revenues and other receivables                      |   |             | 34,596  |   |   |   | 4,153 |   |
| Fuel, materials and supplies                                                      |   |             | 8,695   |   |   |   | 2,148 |   |
| Special deposits and prepayments                                                  |   |             | (860    | ) |   |   | 4,110 |   |
| Prepaid income taxes                                                              |   |             | -       |   |   |   | (9,828 | ) |
| Accounts payable                                                                  |   |             | (16,323 | ) |   |   | 6,954 |   |
| Accrued income taxes and interest                                                 |   |             | 19,094  |   |   |   | (997 | ) |
| Customer advances                                                                 |   |             | (7,639  | ) |   |   | (12,544 | ) |
| Pension plan contribution                                                         |   |             | (6,850  | ) |   |   | (12,762 | ) |
| OPEB contribution                                                                 |   |             | -       |   |   |   | (4,200 | ) |
| Regulatory asset - Manufactured gas plant ("MGP") site remediations               |   |             | (1,970  | ) |   |   | (789 | ) |
| Deferred natural gas and electric costs                                           |   |             | 30,912  |   |   |   | (8,790 | ) |
| Customer benefit fund                                                             |   |             | (9      | ) |   |   | (366 | ) |
| Other - net                                                                       |   |             | 4,157   |   |   |   | 931 |   |
| Net cash provided by operating activities                                         |   |             | 117,078 |   |   |   | 35,693 |   |
| Investing Activities:                                                             |   |             |    |   |   |   |   |   |
| Proceeds from sale of short-term investments                                      |   |             | -       |   |   |   | 3,545 |   |
| Proceeds from sale of property and plant                                          |   |             | 189     |   |   |   | 45 |   |
| Additions to utility and other property and plant                                 |   |             | (66,162 | ) |   |   | (39,545 | ) |
| Acquisitions made by competitive business subsidiaries                            |   |             | -       |   |   |   | (9,259 | ) |
| Other - net                                                                       |   |             | (2,676  | ) |   |   | 712 |   |
| Net cash used in investing activities                                             |   |             | (68,649 | ) |   |   | (44,502 | ) |
| Financing Activities:                                                             |   |             |    |   |   |   |   |   |
| Redemption of long-term debt                                                      |   |             | (20,000 | ) |   |   | - |   |
| Proceeds from issuance of long-term debt                                          |   |             | 50,000  |   |   |   | - |   |
| (Repayments) borrowings of short-term debt - net                                  |   |             | (35,500 | ) |   |   | 33,500 |   |
| Dividends paid on Preferred Stock of subsidiary                                   |   |             | (485    | ) |   |   | (485 | ) |
| Dividends paid on Common Stock                                                    |   |             | (17,046 | ) |   |   | (17,036 | ) |
| Debt issuance costs                                                               |   |             | (116    | ) |   |   | (7 | ) |
| Net cash (used in) provided by financing activities                               |   |             | (23,147 | ) |   |   | 15,972 |   |
| Net Change in Cash and Cash Equivalents                                           |   |             | 25,282  |   |   |   | 7,163 |   |
| Cash and Cash Equivalents at Beginning of Period                                  |   |             | 19,825  |   |   |   | 11,313 |   |
| Cash and Cash Equivalents at End of Period                                        |   | $                | 45,107  |   |   | $ | 18,476 |   |
| Supplemental Disclosure of Cash Flow Information:                                 |   |             |    |   |   |   |   |   |
| Interest paid                                                                     |   | $                | 10,172  |   |   | $ | 11,447 |   |
| Federal and state income tax paid                                                 |   | $                | 7,039   |   |   | $ | 9,852 |   |
| Additions to plant included in liabilities                                        |   | $                | 5,113   |   |   | $ | 12,523 |   |

----

Table of Contents

CH ENERGY 

|                                                                                                                                   |   | June 30, |      |   | December 31, |   |      | June 30, |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|--------|-------------------|--------|-----------|---------------|--------|
|                                                                                                                                   |   | 2009          |      |   | 2008              |   |      | 2008          |   |
| ASSETS                                                                                                                                 |   |          |      |   |              |   |      |          |   |
| Utility Plant                                                                                                                          |   |          |      |   |              |   |      |          |   |
| Electric                                                                                                                               |   |          | 888,772   |   |              |   | 862,465   |          |   |   | 832,509 |   |
| Natural gas                                                                                                                            |   |          | 274,251   |   |              |   | 263,874   |          |   |   | 257,348 |   |
| Common                                                                                                                                 |   |          | 137,619   |   |              |   | 135,732   |          |   |   | 117,247 |   |
|                                                                                                                                   |   |          | 1,300,642 |   |              |   | 1,262,071 |          |   |   | 1,207,104 |   |
| Less: Accumulated depreciation                                                                                                         |   |          | 379,502   |   |              |   | 369,925   |          |   |   | 362,363 |   |
|                                                                                                                                   |   |          | 921,140   |   |              |   | 892,146   |          |   |   | 844,741 |   |
| Construction work in progress                                                                                                          |   |          | 57,358    |   |              |   | 53,778    |          |   |   | 70,346 |   |
| Net Utility Plant                                                                                                                      |   |          | 978,498   |   |              |   | 945,924   |          |   |   | 915,087 |   |
| Non-Utility Property & Plant                                                                                                       |   |          |      |   |              |   |      |          |   |   |   |   |
| Griffith non-utility property & plant                                                                                              |   |          | 42,724    |   |              |   | 42,691    |          |   |   | 41,351 |   |
| Other non-utility property & plant                                                                                                 |   |          | 20,534    |   |              |   | 15,345    |          |   |   | 13,775 |   |
|                                                                                                                                   |   |          | 63,258    |   |              |   | 58,036    |          |   |   | 55,126 |   |
| Less:  Accumulated depreciation - Griffith                                                                                   |   |          | 24,786    |   |              |   | 23,398    |          |   |   | 22,046 |   |
| Less:  Accumulated depreciation - other                                                                                      |   |          | 2,634     |   |              |   | 2,212     |          |   |   | 1,788 |   |
| Net Non-Utility Property & Plant                                                                                                   |   |          | 35,838    |   |              |   | 32,426    |          |   |   | 31,292 |   |
| Current Assets                                                                                                                         |   |          |      |   |              |   |      |          |   |   |   |   |
| Cash and cash equivalents                                                                                                              |   |          | 45,107    |   |              |   | 19,825    |          |   |   | 18,476 |   |
| Accounts receivable from customers - net of allowance for doubtful accounts; $9.1 million, $8.8 million and $5.6 million, respectively |   |          | 94,872    |   |              |   | 131,727   |          |   |   | 134,288 |   |
| Accrued unbilled utility revenues                                                                                                      |   |          | 8,542     |   |              |   | 12,657    |          |   |   | 7,372 |   |
| Other receivables                                                                                                                      |   |          | 7,371     |   |              |   | 7,914     |          |   |   | 7,288 |   |
| Fuel, materials and supplies                                                                                                           |   |          | 27,890    |   |              |   | 36,585    |          |   |   | 31,580 |   |
| Regulatory assets                                                                                                                      |   |          | 35,510    |   |              |   | 60,502    |          |   |   | 46,090 |   |
| Prepaid income tax                                                                                                                     |   |          | -         |   |              |   | -         |          |   |   | 9,828 |   |
| Fair value of derivative instruments                                                                                                   |   |          | -         |   |              |   | -         |          |   |   | 9,997 |   |
| Special deposits and prepayments                                                                                                       |   |          | 22,255    |   |              |   | 21,344    |          |   |   | 24,014 |   |
| Accumulated deferred income tax                                                                                                        |   |          | 21,851    |   |              |   | 7,498     |          |   |   | 1,088 |   |
| Total Current Assets                                                                                                                   |   |          | 263,398   |   |              |   | 298,052   |          |   |   | 290,021 |   |
| Deferred Charges and Other Assets                                                                                                      |   |          |      |   |              |   |      |          |   |   |   |   |
| Regulatory assets - pension plan                                                                                                       |   |          | 181,083   |   |              |   | 197,934   |          |   |   | 44,078 |   |
| Regulatory assets - OPEB                                                                                                               |   |          | 7,682     |   |              |   | 4,257     |          |   |   | - |   |
| Regulatory assets - other                                                                                                              |   |          | 93,922    |   |              |   | 109,743   |          |   |   | 103,816 |   |
| Goodwill                                                                                                                               |   |          | 67,455    |   |              |   | 67,455    |          |   |   | 67,559 |   |
| Other intangible assets - net                                                                                                          |   |          | 34,045    |   |              |   | 36,129    |          |   |   | 38,065 |   |
| Unamortized debt expense                                                                                                               |   |          | 4,937     |   |              |   | 5,009     |          |   |   | 4,161 |   |
| Investments in unconsolidated affiliates                                                                                               |   |          | 8,834     |   |              |   | 9,711     |          |   |   | 10,799 |   |
| Other investments                                                                                                                      |   |          | 9,559     |   |              |   | 7,815     |          |   |   | 9,797 |   |
| Other                                                                                                                                  |   |          | 15,242    |   |              |   | 15,728    |          |   |   | 14,628 |   |
| Total Deferred Charges and Other Assets                                                                                                |   |          | 422,759   |   |              |   | 453,781   |          |   |   | 292,903 |   |
| Total Assets                                                                                                                           |   |          | 1,700,493 |   |              |   | 1,730,183 |          |   |   | 1,529,303 |   |

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Table of Contents

|                                                                                                                                                                         |   | June 30, |      |   | December 31, |   |      | June 30, |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|--------|-------------------|--------|-----------|---------------|--------|
|                                                                                                                                                                         |   | 2009          |      |   | 2008              |   |      | 2008          |   |
| CAPITALIZATION AND LIABILITIES                                                                                                                                               |   |          |      |   |              |   |      |          |   |
| Capitalization                                                                                                                                                               |   |          |      |   |              |   |      |          |   |
| CH Energy Group Common Shareholders' Equity                                                                                                                                  |   |          |      |   |              |   |      |          |   |
| Common Stock (30,000,000 shares authorized: $0.10 par value; 16,862,087 shares issued) 15,789,759 shares, 15,783,083 shares, and 15,782,774 shares outstanding, respectively |   |          | 1,686     |   |              |   | 1,686     |          |   |   | 1,686 |   |
| Paid-in capital                                                                                                                                                              |   |          | 350,851   |   |              |   | 350,873   |          |   |   | 350,783 |   |
| Retained earnings                                                                                                                                                            |   |          | 221,248   |   |              |   | 216,634   |          |   |   | 219,569 |   |
| Treasury stock - 1,072,328 shares, 1,079,004 shares, and 1,079,313 shares, respectively                                                                                      |   |          | (45,059   | )      |              |   | (45,386   | )             |   |   | (45,397 | ) |
| Accumulated other comprehensive income                                                                                                                                       |   |          | 113       |   |              |   | 55        |          |   |   | 417 |   |
| Capital stock expense                                                                                                                                                        |   |          | (328      | )      |              |   | (328      | )             |   |   | (328 | ) |
| Total CH Energy Group Common Shareholders' Equity                                                                                                                            |   |          | 528,511   |   |              |   | 523,534   |          |   |   | 526,730 |   |
| Non-controlling interest in subsidiary                                                                                                                                       |   |          | 1,258     |   |              |   | 1,448     |          |   |   | 1,406 |   |
| Total Equity                                                                                                                                                                 |   |          | 529,769   |   |              |   | 524,982   |          |   |   | 528,136 |   |
| Preferred Stock of subsidiary                                                                                                                                                |   |          | 21,027    |   |              |   | 21,027    |          |   |   | 21,027 |   |
| Long-term debt                                                                                                                                                               |   |          | 463,896   |   |              |   | 413,894   |          |   |   | 383,892 |   |
| Total Capitalization                                                                                                                                                         |   |          | 1,014,692 |   |              |   | 959,903   |          |   |   | 933,055 |   |
| Current Liabilities                                                                                                                                                          |   |          |      |   |              |   |      |          |   |   |   |   |
| Current maturities of long-term debt                                                                                                                                         |   |          | -         |   |              |   | 20,000    |          |   |   | 20,000 |   |
| Notes payable                                                                                                                                                                |   |          | -         |   |              |   | 35,500    |          |   |   | 76,000 |   |
| Accounts payable                                                                                                                                                             |   |          | 36,621    |   |              |   | 52,824    |          |   |   | 50,448 |   |
| Accrued interest                                                                                                                                                             |   |          | 6,080     |   |              |   | 5,899     |          |   |   | 5,964 |   |
| Dividends payable                                                                                                                                                            |   |          | 8,769     |   |              |   | 8,765     |          |   |   | 8,765 |   |
| Accrued vacation and payroll                                                                                                                                                 |   |          | 7,528     |   |              |   | 6,628     |          |   |   | 8,080 |   |
| Customer advances                                                                                                                                                            |   |          | 22,803    |   |              |   | 30,442    |          |   |   | 10,501 |   |
| Customer deposits                                                                                                                                                            |   |          | 8,446     |   |              |   | 8,445     |          |   |   | 8,328 |   |
| Regulatory liabilities                                                                                                                                                       |   |          | 30,575    |   |              |   | 4,275     |          |   |   | 11,225 |   |
| Fair value of derivative instruments                                                                                                                                         |   |          | 14,177    |   |              |   | 15,759    |          |   |   | - |   |
| Accrued environmental remediation costs                                                                                                                                      |   |          | 8,950     |   |              |   | 5,757     |          |   |   | 7,075 |   |
| Accrued income taxes                                                                                                                                                         |   |          | 19,354    |   |              |   | 441       |          |   |   | - |   |
| Deferred revenues                                                                                                                                                            |   |          | 6,642     |   |              |   | 8,827     |          |   |   | 6,528 |   |
| Accumulated deferred income tax                                                                                                                                              |   |          | -         |   |              |   | -         |          |   |   | 4,173 |   |
| Other                                                                                                                                                                        |   |          | 15,258    |   |              |   | 27,974    |          |   |   | 23,019 |   |
| Total Current Liabilities                                                                                                                                                    |   |          | 185,203   |   |              |   | 231,536   |          |   |   | 240,106 |   |
| Deferred Credits and Other Liabilities                                                                                                                                       |   |          |      |   |              |   |      |          |   |   |   |   |
| Regulatory liabilities - OPEB                                                                                                                                                |   |          | -         |   |              |   | -         |          |   |   | 13,412 |   |
| Regulatory liabilities - other                                                                                                                                               |   |          | 86,112    |   |              |   | 130,893   |          |   |   | 119,416 |   |
| Operating reserves                                                                                                                                                           |   |          | 4,620     |   |              |   | 5,155     |          |   |   | 5,222 |   |
| Accrued environmental remediation costs                                                                                                                                      |   |          | 17,564    |   |              |   | 21,796    |          |   |   | 23,393 |   |
| Accrued OPEB costs                                                                                                                                                           |   |          | 54,298    |   |              |   | 52,645    |          |   |   | 29,470 |   |
| Accrued pension costs                                                                                                                                                        |   |          | 161,712   |   |              |   | 161,674   |          |   |   | 6 |   |
| Other                                                                                                                                                                        |   |          | 12,104    |   |              |   | 12,478    |          |   |   | 12,389 |   |
| Total Deferred Credits and Other Liabilities                                                                                                                                 |   |          | 336,410   |   |              |   | 384,641   |          |   |   | 203,308 |   |
| Accumulated Deferred Income Tax                                                                                                                                              |   |          | 164,188   |   |              |   | 154,103   |          |   |   | 152,834 |   |
| Commitments and Contingencies                                                                                                                                                |   |          |      |   |              |   |      |          |   |   |   |   |
| Total Capitalization and Liabilities                                                                                                                                         |   |          | 1,700,493 |   |              |   | 1,730,183 |          |   |   | 1,529,303 |   |

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Table of Contents

CH ENERGY 

|                                                             |   | CH Energy Group Common Shareholders                        |       |   |           |   |   |               |   |
|------------------------------------------------------------------|--------|------------------------------------------------------------|------------|--------|----------------|--------|--------|--------------------|--------|
|                                                             |   | Common Stock $0.10 par value; 30,000,000 shares authorized |       |   | Treasury Stock |   |   | Paid-In Capital    |   |   | Capital Stock Expense |   |   | Retained Earnings |   |   | Accumulated Other Comprehensive Income / (Loss) |   |   | Non-controlling Interest |   |   | Total Equity |   |
|                                                             |   | Shares Issued                                              |       |   | Amount         |   |   | Shares Repurchased |   |   | Amount |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at January 1, 2008                                       |   |                                                       | 16,862,087 |   |           | $      | 1,686  |               |   |   | (1,100,087 | ) |   | $ | (46,252 | ) |   | $ | 351,230 |   |   | $ | (328 | ) |   | $ | 215,639 |   |   | $ | 1,173 |   |   | $ | 1,345 |   |   | $ | 524,493 |   |
| Comprehensive income:                                            |   |                                                       |       |   |           |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                       |   |                                                       |       |   |           |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 20,971 |   |   |   |   |   |   |   | 61 |   |   |   | 21,032 |   |
| Change in fair value:                                            |   |                                                       |       |   |           |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivative instruments                                           |   |                                                       |       |   |           |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 682 |   |   |   |   |   |   |   | 682 |   |
| Investments                                                      |   |                                                       |       |   |           |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (1,208 | ) |   |   |   |   |   |   | (1,208 | ) |
| Reclassification adjustments for losses recognized in net income |   |                                                       |       |   |           |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (230 | ) |   |   |   |   |   |   | (230 | ) |
| Dividends declared on common stock ($2.16 per share)             |   |                                                       |       |   |           |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (17,041 | ) |   |   |   |   |   |   |   |   |   |   | (17,041 | ) |
| Treasury shares issued                                           |   |                                                       |       |   |           |   |   |               |   |   | 20,774 |   |   |   | 855 |   |   |   | (447 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 408 |   |
| Balance at June 30, 2008                                         |   |                                                       | 16,862,087 |   |           | $      | 1,686  |               |   |   | (1,079,313 | ) |   | $ | (45,397 | ) |   | $ | 350,783 |   |   | $ | (328 | ) |   | $ | 219,569 |   |   | $ | 417 |   |   | $ | 1,406 |   |   | $ | 528,136 |   |
|                                                             |   |                                                       |       |   |           |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at January 1, 2009                                       |   |                                                       | 16,862,087 |   |           | $      | 1,686  |               |   |   | (1,079,004 | ) |   | $ | (45,386 | ) |   | $ | 350,873 |   |   | $ | (328 | ) |   | $ | 216,634 |   |   | $ | 55 |   |   | $ | 1,448 |   |   | $ | 524,982 |   |
| Comprehensive income:                                            |   |                                                       |       |   |           |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                       |   |                                                       |       |   |           |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 21,664 |   |   |   |   |   |   |   | (190 | ) |   |   | 21,474 |   |
| Change in fair value:                                            |   |                                                       |       |   |           |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivative instruments                                           |   |                                                       |       |   |           |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 58 |   |   |   |   |   |   |   | 58 |   |
| Investments                                                      |   |                                                       |       |   |           |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |
| Reclassification adjustments for losses recognized in net income |   |                                                       |       |   |           |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |
| Dividends declared on common stock ($2.16 per share)             |   |                                                       |       |   |           |   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (17,050 | ) |   |   |   |   |   |   |   |   |   |   | (17,050 | ) |
| Treasury shares issued                                           |   |                                                       |       |   |           |   |   |               |   |   | 6,676 |   |   |   | 327 |   |   |   | (22 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 305 |   |
| Balance at June 30, 2009                                         |   |                                                       | 16,862,087 |   |           | $      | 1,686  |               |   |   | (1,072,328 | ) |   | $ | (45,059 | ) |   | $ | 350,851 |   |   | $ | (328 | ) |   | $ | 221,248 |   |   | $ | 113 |   |   | $ | 1,258 |   |   | $ | 529,769 |   |

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CENTR

|                                                       |   | Three Months Ended |    |
|------------------------------------------------------------|--------|--------------------|---------|
|                                                       |   | June 30,           |    |
|                                                       |   | 2009               |    |   | 2008 |   |
| Operating Revenues                                         |   |               |    |   |   |   |
| Electric                                                   |   | $                  | 108,597 |   |   | $ | 145,844 |   |
| Natural gas                                                |   |               | 31,056  |   |   |   | 44,275 |   |
| Total Operating Revenues                                   |   |               | 139,653 |   |   |   | 190,119 |   |
|                                                       |   |               |    |   |   |   |   |   |
| Operating Expenses                                         |   |               |    |   |   |   |   |   |
| Operation:                                                 |   |               |    |   |   |   |   |   |
| Purchased electricity and fuel used in electric generation |   |               | 51,242  |   |   |   | 89,138 |   |
| Purchased natural gas                                      |   |               | 19,301  |   |   |   | 31,465 |   |
| Other expenses of operation                                |   |               | 44,390  |   |   |   | 41,254 |   |
| Depreciation and amortization                              |   |               | 7,989   |   |   |   | 7,450 |   |
| Taxes, other than income tax                               |   |               | 9,363   |   |   |   | 9,132 |   |
| Total Operating Expenses                                   |   |               | 132,285 |   |   |   | 178,439 |   |
|                                                       |   |               |    |   |   |   |   |   |
| Operating Income                                           |   |               | 7,368   |   |   |   | 11,680 |   |
|                                                       |   |               |    |   |   |   |   |   |
| Other Income and Deductions                                |   |               |    |   |   |   |   |   |
| Interest on regulatory assets and other interest income    |   |               | 1,866   |   |   |   | 1,436 |   |
| Other - net                                                |   |               | (1,202  | ) |   |   | (158 | ) |
| Total Other Income                                         |   |               | 664     |   |   |   | 1,278 |   |
|                                                       |   |               |    |   |   |   |   |   |
| Interest Charges                                           |   |               |    |   |   |   |   |   |
| Interest on other long-term debt                           |   |               | 4,568   |   |   |   | 5,049 |   |
| Interest on regulatory liabilities and other interest      |   |               | 1,323   |   |   |   | 1,114 |   |
| Total Interest Charges                                     |   |               | 5,891   |   |   |   | 6,163 |   |
|                                                       |   |               |    |   |   |   |   |   |
| Income Before Income Taxes                                 |   |               | 2,141   |   |   |   | 6,795 |   |
|                                                       |   |               |    |   |   |   |   |   |
| Income Taxes                                               |   |               | 924     |   |   |   | 2,604 |   |
|                                                       |   |               |    |   |   |   |   |   |
| Net Income                                                 |   |               | 1,217   |   |   |   | 4,191 |   |
|                                                       |   |               |    |   |   |   |   |   |
| Dividends Declared on Cumulative Preferred Stock           |   |               | 242     |   |   |   | 242 |   |
|                                                       |   |               |    |   |   |   |   |   |
| Income Available for Common Stock                          |   | $                  | 975     |   |   | $ | 3,949 |   |

----

Table of Contents

CENTR

|                                                       |   | Six Months Ended |    |
|------------------------------------------------------------|--------|------------------|---------|
|                                                       |   | June 30,         |    |
|                                                       |   | 2009             |    |   | 2008 |   |
| Operating Revenues                                         |   |             |    |   |   |   |
| Electric                                                   |   | $                | 265,350 |   |   | $ | 289,658 |   |
| Natural gas                                                |   |             | 121,179 |   |   |   | 120,494 |   |
| Total Operating Revenues                                   |   |             | 386,529 |   |   |   | 410,152 |   |
|                                                       |   |             |    |   |   |   |   |   |
| Operating Expenses                                         |   |             |    |   |   |   |   |   |
| Operation:                                                 |   |             |    |   |   |   |   |   |
| Purchased electricity and fuel used in electric generation |   |             | 141,765 |   |   |   | 171,744 |   |
| Purchased natural gas                                      |   |             | 84,126  |   |   |   | 84,603 |   |
| Other expenses of operation                                |   |             | 90,711  |   |   |   | 84,167 |   |
| Depreciation and amortization                              |   |             | 15,998  |   |   |   | 14,814 |   |
| Taxes, other than income tax                               |   |             | 19,330  |   |   |   | 18,434 |   |
| Total Operating Expenses                                   |   |             | 351,930 |   |   |   | 373,762 |   |
|                                                       |   |             |    |   |   |   |   |   |
| Operating Income                                           |   |             | 34,599  |   |   |   | 36,390 |   |
|                                                       |   |             |    |   |   |   |   |   |
| Other Income and Deductions                                |   |             |    |   |   |   |   |   |
| Interest on regulatory assets and other interest income    |   |             | 2,611   |   |   |   | 2,328 |   |
| Other - net                                                |   |             | (1,561  | ) |   |   | 438 |   |
| Total Other Income                                         |   |             | 1,050   |   |   |   | 2,766 |   |
|                                                       |   |             |    |   |   |   |   |   |
| Interest Charges                                           |   |             |    |   |   |   |   |   |
| Interest on other long-term debt                           |   |             | 9,348   |   |   |   | 10,138 |   |
| Interest on regulatory liabilities and other interest      |   |             | 2,761   |   |   |   | 2,214 |   |
| Total Interest Charges                                     |   |             | 12,109  |   |   |   | 12,352 |   |
|                                                       |   |             |    |   |   |   |   |   |
| Income Before Income Taxes                                 |   |             | 23,540  |   |   |   | 26,804 |   |
|                                                       |   |             |    |   |   |   |   |   |
| Income Taxes                                               |   |             | 9,729   |   |   |   | 10,866 |   |
|                                                       |   |             |    |   |   |   |   |   |
| Net Income                                                 |   |             | 13,811  |   |   |   | 15,938 |   |
|                                                       |   |             |    |   |   |   |   |   |
| Dividends Declared on Cumulative Preferred Stock           |   |             | 485     |   |   |   | 485 |   |
|                                                       |   |             |    |   |   |   |   |   |
| Income Available for Common Stock                          |   | $                | 13,326  |   |   | $ | 15,453 |   |

----

Table of Contents

|                       | Three Months Ended |   |
|----------------------------|--------------------|--------|
|                       | June 30,           |   |
|                       | 2009               |   | 2008 |   |
| Net Income                 |               | $      | 1,217 |   |   | $ | 4,191 |   |
| Other Comprehensive Income |               |   | - |   |   |   | - |   |
| Comprehensive Income       |               | $      | 1,217 |   |   | $ | 4,191 |   |

|                       | Six Months Ended |   |
|----------------------------|------------------|--------|
|                       | June 30,         |   |
|                       | 2009             |   | 2008 |   |
| Net Income                 |             | $      | 13,811 |   |   | $ | 15,938 |   |
| Other Comprehensive Income |             |   | - |   |   |   | - |   |
| Comprehensive Income       |             | $      | 13,811 |   |   | $ | 15,938 |   |

----

Table of Contents

CENT

|                                                                              |   | Six Months Ended |    |
|-----------------------------------------------------------------------------------|--------|------------------|---------|
|                                                                              |   | June 30,         |    |
|                                                                              |   | 2009             |    |   | 2008 |   |
| Operating Activities:                                                             |   |             |    |   |   |   |
| Net Income                                                                        |   | $                | 13,811  |   |   | $ | 15,938 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |             |    |   |   |   |   |   |
| Depreciation                                                                      |   |             | 15,470  |   |   |   | 14,410 |   |
| Amortization                                                                      |   |             | 528     |   |   |   | 404 |   |
| Deferred income taxes - net                                                       |   |             | (13,394 | ) |   |   | 11,450 |   |
| Provision for uncollectibles                                                      |   |             | 5,122   |   |   |   | 3,059 |   |
| Pension expense                                                                   |   |             | 6,352   |   |   |   | 6,565 |   |
| OPEB expense                                                                      |   |             | 5,056   |   |   |   | 5,226 |   |
| Regulatory liability - rate moderation                                            |   |             | -       |   |   |   | (5,900 | ) |
| Regulatory asset amortization                                                     |   |             | 2,812   |   |   |   | 2,765 |   |
| Changes in operating assets and liabilities - net:                                |   |             |    |   |   |   |   |   |
| Accounts receivable, unbilled revenues and other receivables                      |   |             | 20,599  |   |   |   | 10,198 |   |
| Fuel, materials and supplies                                                      |   |             | 7,946   |   |   |   | (212 | ) |
| Special deposits and prepayments                                                  |   |             | 1,261   |   |   |   | 5,375 |   |
| Prepaid income taxes                                                              |   |             | -       |   |   |   | (5,904 | ) |
| Accounts payable                                                                  |   |             | (12,702 | ) |   |   | 11,660 |   |
| Accrued income taxes and interest                                                 |   |             | 15,974  |   |   |   | (3,506 | ) |
| Customer advances                                                                 |   |             | (2,985  | ) |   |   | (9,179 | ) |
| Pension plan contribution                                                         |   |             | (6,850  | ) |   |   | (12,762 | ) |
| OPEB contribution                                                                 |   |             | -       |   |   |   | (4,200 | ) |
| Regulatory asset - MGP site remediations                                          |   |             | (1,970  | ) |   |   | (789 | ) |
| Deferred natural gas and electric costs                                           |   |             | 30,912  |   |   |   | (8,790 | ) |
| Customer benefit fund                                                             |   |             | (9      | ) |   |   | (366 | ) |
| Other - net                                                                       |   |             | 5,114   |   |   |   | 572 |   |
| Net cash provided by operating activities                                         |   |             | 93,047  |   |   |   | 36,014 |   |
| Investing Activities:                                                             |   |             |    |   |   |   |   |   |
| Additions to utility plant                                                        |   |             | (60,389 | ) |   |   | (37,730 | ) |
| Other - net                                                                       |   |             | (2,941  | ) |   |   | (1,093 | ) |
| Net cash used in investing activities                                             |   |             | (63,330 | ) |   |   | (38,823 | ) |
| Financing Activities:                                                             |   |             |    |   |   |   |   |   |
| Redemption of long-term debt                                                      |   |             | (20,000 | ) |   |   | - |   |
| (Repayments) borrowings of short-term debt - net                                  |   |             | (25,500 | ) |   |   | 4,500 |   |
| Additional paid-in capital                                                        |   |             | 25,000  |   |   |   | - |   |
| Dividends paid on cumulative Preferred Stock                                      |   |             | (485    | ) |   |   | (485 | ) |
| Debt issuance costs                                                               |   |             | (118    | ) |   |   | (7 | ) |
| Net cash (used in) provided by financing activities                               |   |             | (21,103 | ) |   |   | 4,008 |   |
| Net Change in Cash and Cash Equivalents                                           |   |             | 8,614   |   |   |   | 1,199 |   |
| Cash and Cash Equivalents - Beginning of Period                                   |   |             | 2,455   |   |   |   | 3,592 |   |
| Cash and Cash Equivalents - End of Period                                         |   | $                | 11,069  |   |   | $ | 4,791 |   |
| Supplemental Disclosure of Cash Flow Information:                                 |   |             |    |   |   |   |   |   |
| Interest paid                                                                     |   | $                | 10,064  |   |   | $ | 10,955 |   |
| Federal and state income tax paid                                                 |   | $                | 7,417   |   |   | $ | 8,642 |   |
| Plant additions in liabilities                                                    |   | $                | 5,113   |   |   | $ | 12,523 |   |

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CEN

|                                                                                                                                   |   | June 30, |      |   | December 31, |   |      | June 30, |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|--------|-------------------|--------|-----------|---------------|--------|
|                                                                                                                                   |   | 2009          |      |   | 2008              |   |      | 2008          |   |
|                                                                                                                                   |   |          |      |   |              |   |      |          |   |
| ASSETS                                                                                                                                 |   |          |      |   |              |   |      |          |   |
| Utility Plant                                                                                                                          |   |          |      |   |              |   |      |          |   |
| Electric                                                                                                                               |   | $             | 888,772   |   |              | $      | 862,465   |          |   | $ | 832,509 |   |
| Natural gas                                                                                                                            |   |          | 274,251   |   |              |   | 263,874   |          |   |   | 257,348 |   |
| Common                                                                                                                                 |   |          | 137,619   |   |              |   | 135,732   |          |   |   | 117,247 |   |
|                                                                                                                                   |   |          | 1,300,642 |   |              |   | 1,262,071 |          |   |   | 1,207,104 |   |
| Less: Accumulated depreciation                                                                                                         |   |          | 379,502   |   |              |   | 369,925   |          |   |   | 362,363 |   |
|                                                                                                                                   |   |          | 921,140   |   |              |   | 892,146   |          |   |   | 844,741 |   |
| Construction work in progress                                                                                                          |   |          | 57,358    |   |              |   | 53,778    |          |   |   | 70,346 |   |
| Net Utility Plant                                                                                                                      |   |          | 978,498   |   |              |   | 945,924   |          |   |   | 915,087 |   |
|                                                                                                                                   |   |          |      |   |              |   |      |          |   |   |   |   |
| Non-Utility Property and Plant                                                                                                         |   |          | 441       |   |              |   | 445       |          |   |   | 445 |   |
| Less: Accumulated depreciation                                                                                                         |   |          | 31        |   |              |   | 32        |          |   |   | 31 |   |
| Net Non-Utility Property and Plant                                                                                                     |   |          | 410       |   |              |   | 413       |          |   |   | 414 |   |
|                                                                                                                                   |   |          |      |   |              |   |      |          |   |   |   |   |
| Current Assets                                                                                                                         |   |          |      |   |              |   |      |          |   |   |   |   |
| Cash and cash equivalents                                                                                                              |   |          | 11,069    |   |              |   | 2,455     |          |   |   | 4,791 |   |
| Accounts receivable from customers - net of allowance for doubtful accounts; $5.1 million, $4.0 million and $3.2 million, respectively |   |          | 64,420    |   |              |   | 85,352    |          |   |   | 71,834 |   |
| Accrued unbilled utility revenues                                                                                                      |   |          | 8,542     |   |              |   | 12,657    |          |   |   | 7,372 |   |
| Other receivables                                                                                                                      |   |          | 2,774     |   |              |   | 3,447     |          |   |   | 3,681 |   |
| Fuel, materials and supplies - at average cost                                                                                         |   |          | 23,169    |   |              |   | 31,115    |          |   |   | 24,482 |   |
| Regulatory assets                                                                                                                      |   |          | 35,510    |   |              |   | 60,502    |          |   |   | 46,090 |   |
| Prepaid income tax                                                                                                                     |   |          | -         |   |              |   | -         |          |   |   | 5,904 |   |
| Fair value of derivative instruments                                                                                                   |   |          | -         |   |              |   | -         |          |   |   | 9,656 |   |
| Special deposits and prepayments                                                                                                       |   |          | 17,363    |   |              |   | 18,573    |          |   |   | 19,122 |   |
| Accumulated deferred income tax                                                                                                        |   |          | 19,033    |   |              |   | 4,685     |          |   |   | - |   |
| Total Current Assets                                                                                                                   |   |          | 181,880   |   |              |   | 218,786   |          |   |   | 192,932 |   |
|                                                                                                                                   |   |          |      |   |              |   |      |          |   |   |   |   |
| Deferred Charges and Other Assets                                                                                                      |   |          |      |   |              |   |      |          |   |   |   |   |
| Regulatory assets - pension plan                                                                                                       |   |          | 181,083   |   |              |   | 197,934   |          |   |   | 44,078 |   |
| Regulatory assets - OPEB                                                                                                               |   |          | 7,682     |   |              |   | 4,257     |          |   |   | - |   |
| Regulatory assets - other                                                                                                              |   |          | 93,922    |   |              |   | 109,743   |          |   |   | 103,816 |   |
| Unamortized debt expense                                                                                                               |   |          | 4,937     |   |              |   | 5,009     |          |   |   | 4,161 |   |
| Other investments                                                                                                                      |   |          | 9,374     |   |              |   | 7,697     |          |   |   | 9,719 |   |
| Other                                                                                                                                  |   |          | 2,148     |   |              |   | 2,433     |          |   |   | 2,854 |   |
| Total Deferred Charges and Other Assets                                                                                                |   |          | 299,146   |   |              |   | 327,073   |          |   |   | 164,628 |   |
| Total Assets                                                                                                                           |   | $             | 1,459,934 |   |              | $      | 1,492,196 |          |   | $ | 1,273,061 |   |

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|                                                                                               |   | June 30, |      |   | December 31, |   |      | June 30, |   |
|----------------------------------------------------------------------------------------------------|--------|---------------|-----------|--------|-------------------|--------|-----------|---------------|--------|
|                                                                                               |   | 2009          |      |   | 2008              |   |      | 2008          |   |
| CAPITALIZATION AND LIABILITIES                                                                     |   |          |      |   |              |   |      |          |   |
| Capitalization                                                                                     |   |          |      |   |              |   |      |          |   |
| Common Stock, 30,000,000 shares authorized; 16,862,087 shares issued and outstanding, $5 par value |   | $             | 84,311    |   |              | $      | 84,311    |          |   | $ | 84,311 |   |
| Paid-in capital                                                                                    |   |          | 199,980   |   |              |   | 174,980   |          |   |   | 174,980 |   |
| Retained earnings                                                                                  |   |          | 132,270   |   |              |   | 118,944   |          |   |   | 108,129 |   |
| Capital stock expense                                                                              |   |          | (4,961    | )      |              |   | (4,961    | )             |   |   | (4,961 | ) |
| Total Equity                                                                                       |   |          | 411,600   |   |              |   | 373,274   |          |   |   | 362,459 |   |
|                                                                                               |   |          |      |   |              |   |      |          |   |   |   |   |
| Cumulative Preferred Stock not subject to mandatory redemption                                     |   |          | 21,027    |   |              |   | 21,027    |          |   |   | 21,027 |   |
|                                                                                               |   |          |      |   |              |   |      |          |   |   |   |   |
| Long-term debt                                                                                     |   |          | 413,896   |   |              |   | 413,894   |          |   |   | 383,892 |   |
| Total Capitalization                                                                               |   |          | 846,523   |   |              |   | 808,195   |          |   |   | 767,378 |   |
| Current Liabilities                                                                                |   |          |      |   |              |   |      |          |   |   |   |   |
| Current maturities of long-term debt                                                               |   |          | -         |   |              |   | 20,000    |          |   |   | 20,000 |   |
| Notes payable                                                                                      |   |          | -         |   |              |   | 25,500    |          |   |   | 47,000 |   |
| Accounts payable                                                                                   |   |          | 30,332    |   |              |   | 42,913    |          |   |   | 40,045 |   |
| Accrued interest                                                                                   |   |          | 5,559     |   |              |   | 5,895     |          |   |   | 5,910 |   |
| Dividends payable - Preferred Stock                                                                |   |          | 242       |   |              |   | 242       |          |   |   | 242 |   |
| Accrued vacation and payroll                                                                       |   |          | 4,694     |   |              |   | 4,896     |          |   |   | 5,330 |   |
| Customer advances                                                                                  |   |          | 6,589     |   |              |   | 9,574     |          |   |   | 1,663 |   |
| Customer deposits                                                                                  |   |          | 8,332     |   |              |   | 8,317     |          |   |   | 8,188 |   |
| Regulatory liabilities                                                                             |   |          | 30,575    |   |              |   | 4,275     |          |   |   | 11,225 |   |
| Fair value of derivative instruments                                                               |   |          | 14,274    |   |              |   | 15,759    |          |   |   | - |   |
| Accrued environmental remediation costs                                                            |   |          | 8,819     |   |              |   | 5,563     |          |   |   | 6,838 |   |
| Accrued income taxes                                                                               |   |          | 16,397    |   |              |   | 87        |          |   |   | - |   |
| Accumulated deferred income tax                                                                    |   |          | -         |   |              |   | -         |          |   |   | 4,173 |   |
| Other                                                                                              |   |          | 7,406     |   |              |   | 21,284    |          |   |   | 15,696 |   |
| Total Current Liabilities                                                                          |   |          | 133,219   |   |              |   | 164,305   |          |   |   | 166,310 |   |
| Deferred Credits and Other Liabilities                                                             |   |          |      |   |              |   |      |          |   |   |   |   |
| Regulatory liabilities - OPEB                                                                      |   |          | -         |   |              |   | -         |          |   |   | 13,412 |   |
| Regulatory liabilities - other                                                                     |   |          | 86,112    |   |              |   | 130,893   |          |   |   | 119,416 |   |
| Operating reserves                                                                                 |   |          | 3,629     |   |              |   | 3,898     |          |   |   | 4,214 |   |
| Accrued environmental remediation costs                                                            |   |          | 16,383    |   |              |   | 20,621    |          |   |   | 22,148 |   |
| Accrued OPEB costs                                                                                 |   |          | 54,298    |   |              |   | 52,645    |          |   |   | 29,470 |   |
| Accrued pension costs                                                                              |   |          | 161,712   |   |              |   | 161,674   |          |   |   | 6 |   |
| Other                                                                                              |   |          | 11,421    |   |              |   | 11,891    |          |   |   | 11,843 |   |
| Total Deferred Credits and Other Liabilities                                                       |   |          | 333,555   |   |              |   | 381,622   |          |   |   | 200,509 |   |
|                                                                                               |   |          |      |   |              |   |      |          |   |   |   |   |
| Accumulated Deferred Income Tax                                                                    |   |          | 146,637   |   |              |   | 138,074   |          |   |   | 138,864 |   |
| Commitments and Contingencies                                                                      |   |          |      |   |              |   |      |          |   |   |   |   |
| Total Capitalization and Liabilities                                                               |   | $             | 1,459,934 |   |              | $      | 1,492,196 |          |   | $ | 1,273,061 |   |

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CENT

|                       |   | Central Hudson Common Shareholders                         |       |   |           |   |
|----------------------------|--------|------------------------------------------------------------|------------|--------|----------------|--------|
|                       |   | Common Stock $5.00 par value; 30,000,000 shares authorized |       |   | Treasury Stock |   |   | Paid-In Capital |   |   | Capital Stock Expense |   |   | Retained Earnings |   |   | Accumulated Other Comprehensive Income / (Loss) |   |   | Total Equity |   |
|                       |   | Shares Issued                                              |       |   | Amount         |   |   | Shares Repurchased |   |   | Amount |   |   |   |   |   |   |   |   |   |   |   |
| Balance at January 1, 2008 |   |                                                       | 16,862,087 |   |           | $      | 84,311 |   |   |   | - |   |   | $ | - |   |   | $ | 174,980 |   |   | $ | (4,961 | ) |   | $ | 92,676 |   |   | $ | - |   |   | $ | 347,006 |   |
| Net income                 |   |                                                       |       |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 15,453 |   |   |   |   |   |   |   | 15,453 |   |
| Balance at June 30, 2008   |   |                                                       | 16,862,087 |   |           | $      | 84,311 |   |   |   | - |   |   | $ | - |   |   | $ | 174,980 |   |   | $ | (4,961 | ) |   | $ | 108,129 |   |   | $ | - |   |   | $ | 362,459 |   |
|                       |   |                                                       |       |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at January 1, 2009 |   |                                                       | 16,862,087 |   |           | $      | 84,311 |   |   |   | - |   |   | $ | - |   |   | $ | 174,980 |   |   | $ | (4,961 | ) |   | $ | 118,944 |   |   | $ | - |   |   | $ | 373,274 |   |
| Net income                 |   |                                                       |       |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 13,326 |   |   |   |   |   |   |   | 13,326 |   |
| Additional Paid-In Capital |   |                                                       |       |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   | 25,000 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 25,000 |   |
| Balance at June 30, 2009   |   |                                                       | 16,862,087 |   |           | $      | 84,311 |   |   |   | - |   |   | $ | - |   |   | $ | 199,980 |   |   | $ | (4,961 | ) |   | $ | 132,270 |   |   | $ | - |   |   | $ | 411,600 |   |

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NOTES

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| Company        | Valuation Method      |
|----------------|-----------------------|
| Central Hudson | Average cost          |
| Griffith       | FIFO                  |
| Lyonsdale      | Weighted average cost |

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|                             |   | June 30, |   |   | December 31, |   |   | June 30, |   |
|----------------------------------|--------|---------------|--------|--------|-------------------|--------|--------|---------------|--------|
|                             |   | 2009          |   |   | 2008              |   |   | 2008          |   |
| Natural gas                      |   | $             | 13,124 |   |              | $      | 22,684 |          |   | $ | 16,285 |   |
| Petroleum products and propane   |   |          | 1,938  |   |              |   | 2,782  |          |   |   | 4,821 |   |
| Fuel used in electric generation |   |          | 751    |   |              |   | 586    |          |   |   | 717 |   |
| Materials and supplies           |   |          | 12,077 |   |              |   | 10,533 |          |   |   | 9,757 |   |
| Total                            |   | $             | 27,890 |   |              | $      | 36,585 |          |   | $ | 31,580 |   |

|                             |   | June 30, |   |   | December 31, |   |   | June 30, |   |
|----------------------------------|--------|---------------|--------|--------|-------------------|--------|--------|---------------|--------|
|                             |   | 2009          |   |   | 2008              |   |   | 2008          |   |
| Natural gas                      |   | $             | 13,124 |   |              | $      | 22,684 |          |   | $ | 16,285 |   |
| Petroleum products and propane   |   |          | 531    |   |              |   | 550    |          |   |   | 539 |   |
| Fuel used in electric generation |   |          | 334    |   |              |   | 343    |          |   |   | 350 |   |
| Materials and supplies           |   |          | 9,180  |   |              |   | 7,538  |          |   |   | 7,308 |   |
| Total                            |   | $             | 23,169 |   |              | $      | 31,115 |          |   | $ | 24,482 |   |

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|                                              |   | June 30, |    |      | December 31, |   |    | June 30, |   |
|---------------------------------------------------|--------|---------------|---------|-----------|-------------------|--------|---------|---------------|--------|
|                                              |   | 2009          |    |      | 2008              |   |    | 2008          |   |
| Regulatory Assets (Debits):                       |   |          |    |      |              |   |    |          |   |
| Current:                                          |   |          |    |      |              |   |    |          |   |
| Deferred purchased electric and natural gas costs |   | $             | 16,682  |      |              | $      | 41,931  |          |   | $ | 38,268 |   |
| FAS 133 - deferred unrealized losses              |   |          | 14,274  |      |              |   | 15,759  |          |   |   | - |   |
| Residual natural gas deferred balances            |   |          | 4,554   |      |              |   | 2,812   |          |   |   | 4,346 |   |
| FAS 109 - income taxes                            |   |          | -       |      |              |   | -       |          |   |   | 3,476 |   |
|                                              |   |          | 35,510  |      |              |   | 60,502  |          |   |   | 46,090 |   |
| Long-term:                                        |   |          |    |      |              |   |    |          |   |   |   |   |
| Deferred pension costs                            |   |          | 181,083 |  (1) |              |   | 197,934 |          |   |   | 44,078 |   |
| Carrying charges - pension reserve                |   |          | -       |  (1) |              |   | 10,642  |          |   |   | 8,549 |   |
| Deferred costs - MGP site remediation             |   |          | 25,202  |  (1) |              |   | 30,397  |          |   |   | 31,077 |   |
| Deferred OPEB costs (Note 10)                     |   |          | 7,682   |  (1) |              |   | 4,257   |          |   |   | - |   |
| Deferred debt expense on re-acquired debt         |   |          | 5,146   |      |              |   | 5,442   |          |   |   | 5,737 |   |
| Residual natural gas deferred balances            |   |          | 21,972  |      |              |   | 22,825  |          |   |   | 22,663 |   |
| Income taxes recoverable through future rates     |   |          | 33,835  |      |              |   | 26,874  |          |   |   | 25,888 |   |
| Storm costs                                       |   |          | -       |  (1) |              |   | 3,085   |          |   |   | - |   |
| Other                                             |   |          | 7,767   |  (1) |              |   | 10,478  |          |   |   | 9,902 |   |
|                                              |   |          | 282,687 |      |              |   | 311,934 |          |   |   | 147,894 |   |
| Total Regulatory Assets                           |   | $             | 318,197 |      |              | $      | 372,436 |          |   | $ | 193,984 |   |
|                                              |   |          |    |      |              |   |    |          |   |   |   |   |
| Regulatory Liabilities (Credits):                 |   |          |    |      |              |   |    |          |   |   |   |   |
| Current:                                          |   |          |    |      |              |   |    |          |   |   |   |   |
| Excess electric depreciation reserve              |   | $             | 20,000  |      |              | $      | -       |          |   | $ | - |   |
| Gas costs deferred - GSC                          |   |          | 5,663   |      |              |   | -       |          |   |   | - |   |
| Income taxes refundable through future rates      |   |          | 4,912   |      |              |   | 4,275   |          |   |   | 1,569 |   |
| FAS 133 - deferred unrealized gains               |   |          | -       |      |              |   | -       |          |   |   | 9,656 |   |
|                                              |   |          | 30,575  |      |              |   | 4,275   |          |   |   | 11,225 |   |
| Long-term:                                        |   |          |    |      |              |   |    |          |   |   |   |   |
| Customer benefit fund                             |   |          | 4,067   |  (1) |              |   | 4,266   |          |   |   | 4,500 |   |
| Deferred cost of removal                          |   |          | 48,026  |      |              |   | 47,630  |          |   |   | 49,590 |   |
| Excess electric depreciation reserve              |   |          | 9,691   |      |              |   | 32,313  |          |   |   | 32,401 |   |
| Income taxes refundable through future rates      |   |          | 18,472  |      |              |   | 19,756  |          |   |   | 15,348 |   |
| Deferred OPEB costs                               |   |          | -       |  (1) |              |   | -       |          |   |   | 13,412 |   |
| Carrying charges - OPEB reserve                   |   |          | -       |  (1) |              |   | 5,633   |          |   |   | 4,104 |   |
| Other                                             |   |          | 5,856   |  (1) |              |   | 21,295  |          |   |   | 13,473 |   |
|                                              |   |          | 86,112  |      |              |   | 130,893 |          |   |   | 132,828 |   |
| Total Regulatory Liabilities                      |   | $             | 116,687 |      |              | $      | 135,168 |          |   | $ | 144,053 |   |
|                                              |   |          |    |      |              |   |    |          |   |   |   |   |
| Net Regulatory Assets                             |   | $             | 201,510 |      |              | $      | 237,268 |          |   | $ | 49,931 |   |

| (1) | Included in the 2009 Rate Order, Central Hudson is authorized to offset all or a portion of certain regulatory assets and liabilities, including full offset of Carrying charge - OPEB reserve, Carrying charge - pension reserve and Storm costs. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Impact(1) |   | Status                   |   | Category                           |   | Reference                       |   | Title                                                                                                                                                                                                            |   | Issued Date |   | Effective Date |
|-----------|--------|--------------------------|--------|------------------------------------|--------|---------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|--------|----------------|
| 1         |   | Under Assessment         |   | Variable Interest Entities         |   | SFAS No. 167                    |   | Amendments to FIN 46(R)                                                                                                                                                                                          |   | Jun-09      |   | Jan-10         |
| 1         |   | Under Assessment         |   | Postretirement Benefit Plan Assets |   | FSP No. FAS 132(R)-1            |   | Employers' Disclosures about Postretirement Benefit Plan Assets                                                                                                                                                  |   | Dec-08      |   | Dec-09         |
| 1         |   | Under Assessment         |   | GAAP Hierarchy                     |   | SFAS No. 168                    |   | The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles - a replacement of SFAS No. 162                                                                         |   | Jun-09      |   | Sep-09         |
| 2         |   | Implemented              |   | Subsequent Events                  |   | SFAS No. 165                    |   | Subsequent Events                                                                                                                                                                                                |   | May-09      |   | Jun-09         |
| 2         |   | Implemented              |   | GAAP Hierarchy                     |   | SFAS No. 162                    |   | The Hierarchy of Generally Accepted Accounting Principles                                                                                                                                                        |   | May-08      |   | Jan-09         |
| 2         |   | Implemented              |   | Business Combinations              |   | FSP No. FAS 141(R)-1            |   | Accounting for Assets Acquired and Liabilities Assumed in a Business Combination That Arise from Contingencies                                                                                                   |   | Apr-09      |   | Jan-09         |
| 2         |   | Implemented              |   | Fair Value Measurement             |   | FSP No. FAS 157-4               |   | Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly                                           |   | Apr-09      |   | Jun-09         |
| 2         |   | Implemented              |   | Other-Than-Temporary-Investments   |   | FSP No. FAS 115-2 and FAS 124-2 |   | Recognition and Presentation of Other-Than-Temporary Impairments                                                                                                                                                 |   | Apr-09      |   | Jun-09         |
| 2         |   | Implemented              |   | Financial Instruments              |   | FSP No. FAS 107-1 and APB 28-1  |   | Interim Disclosures about Fair Value of Financial Instruments                                                                                                                                                    |   | Apr-09      |   | Jun-09         |
| 2         |   | Implemented              |   | Equity Method Investments          |   | EITF Issue No. 08-6             |   | Equity Method Investment Accounting Considerations                                                                                                                                                               |   | Nov-08      |   | Jan-09         |
| 2         |   | Implemented              |   | Liabilities Measured at Fair Value |   | EITF Issue No. 08-5             |   | Issuer's Accounting for Liabilities Measured at Fair Value with a Third-Party Credit Enhancement                                                                                                                 |   | Sep-08      |   | Jan-09         |
| 2         |   | Implemented              |   | Credit Derivatives                 |   | FSP No. FAS 133-1 and FIN 45-4  |   | Disclosures About Credit Derivatives and Certain Guarantees:  An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 |   | Sep-08      |   | Jan-09         |
| 2         |   | Implemented              |   | Derivative Instruments             |   | SFAS No. 161                    |   | Disclosures About Derivative Instruments and Hedging Activities                                                                                                                                                  |   | Mar-08      |   | Jan-09         |
| 2         |   | Implemented              |   | Share-Based Payments               |   | FSP No. EITF 03-6-1             |   | Determining Whether Instruments Granted in Share-Based Payment Transactions are Participating Securities                                                                                                         |   | Jun-08      |   | Jan-09         |
| 2         |   | Implemented              |   | Business Combinations              |   | SFAS No. 141R                   |   | Business Combinations - Revised                                                                                                                                                                                  |   | Dec-07      |   | Jan-09         |
| 2         |   | Implemented              |   | Noncontrolling Interests           |   | SFAS No. 160                    |   | Noncontrolling Interest in Consolidated Financial Statements                                                                                                                                                     |   | Dec-07      |   | Jan-09         |
| 2         |   | Implemented              |   | Intangible Assets                  |   | FSP No. FAS 142-3               |   | Determining the Useful Life of Intangible Assets                                                                                                                                                                 |   | Nov-07      |   | Jan-09         |
| 3         |   | Not Currently Applicable |   | Financial Assets                   |   | SFAS No. 166                    |   | Accounting for Transfers of Financial Assets - an amendment of FAS 140                                                                                                                                           |   | Jun-09      |   | Jan-10         |

| (1) | Impact Key: |
|-----|-------------|

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|                          |   | June 30, 2009    |   |   | December 31, 2008   |   |   | June 30, 2008    |   |
|-------------------------------|--------|-----------------------|--------|--------|--------------------------|--------|--------|-----------------------|--------|
|                          |   | Gross Carrying Amount |   |   | Accumulated Amortization |   |   | Gross Carrying Amount |   |   | Accumulated Amortization |   |   | Gross Carrying Amount |   |   | Accumulated Amortization |   |
| Customer relationships        |   | $                     | 55,165 |   |                     | $      | 24,087 |                  |   | $ | 55,171 |   |   | $ | 22,248 |   |   | $ | 55,132 |   |   | $ | 20,408 |   |
| Trademarks                    |   |                  | 2,956  |   |                     |   | 509    |                  |   |   | 2,956 |   |   |   | 372 |   |   |   | 2,956 |   |   |   | 229 |   |
| Covenants not to compete      |   |                  | 1,605  |   |                     |   | 1,085  |                  |   |   | 1,605 |   |   |   | 983 |   |   |   | 1,660 |   |   |   | 1,046 |   |
| Total Amortizable Intangibles |   | $                     | 59,726 |   |                     | $      | 25,681 |                  |   | $ | 59,732 |   |   | $ | 23,603 |   |   | $ | 59,748 |   |   | $ | 21,683 |   |

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|                            |   | Pension Benefits           |   |   | OPEB(1)                    |   |
|---------------------------------|--------|----------------------------|--------|--------|----------------------------|--------|
|                            |   | Three Months EndedJune 30, |   |   | Three Months EndedJune 30, |   |
|                            |   | 2009                       |   |   | 2008                       |   |   | 2009 |   |   | 2008 |   |
| Service cost                    |   | $                          | 1,957  |   |                       | $      | 1,942 |   |   | $ | 519 |   |   | $ | 231 |   |
| Interest cost                   |   |                       | 6,455  |   |                       |   | 6,239 |   |   |   | 1,791 |   |   |   | 1,462 |   |
| Expected return on plan assets  |   |                       | (4,969 | )      |                       |   | (7,578 | ) |   |   | (1,271 | ) |   |   | (1,827 | ) |
| Amortization of:                |   |                       |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Prior service cost (credit)     |   |                       | 544    |   |                       |   | 517 |   |   |   | (1,467 | ) |   |   | (2,251 | ) |
| Transitional obligation (asset) |   |                       | -      |   |                       |   | - |   |   |   | 641 |   |   |   | 642 |   |
| Recognized actuarial loss       |   |                       | 6,350  |   |                       |   | 3,102 |   |   |   | 2,209 |   |   |   | 1,911 |   |
| Net Periodic Benefit Cost       |   | $                          | 10,337 |   |                       | $      | 4,222 |   |   | $ | 2,422 |   |   | $ | 168 |   |

|                            |   | Pension Benefits         |   |   | OPEB(1)                  |   |
|---------------------------------|--------|--------------------------|--------|--------|--------------------------|--------|
|                            |   | Six Months EndedJune 30, |   |   | Six Months EndedJune 30, |   |
|                            |   | 2009                     |   |   | 2008                     |   |   | 2009 |   |   | 2008 |   |
| Service cost                    |   | $                        | 3,914  |   |                     | $      | 3,884 |   |   | $ | 1,038 |   |   | $ | 1,027 |   |
| Interest cost                   |   |                     | 12,910 |   |                     |   | 12,478 |   |   |   | 3,582 |   |   |   | 3,724 |   |
| Expected return on plan assets  |   |                     | (9,938 | )      |                     |   | (15,156 | ) |   |   | (2,542 | ) |   |   | (3,548 | ) |
| Amortization of:                |   |                     |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Prior service cost (credit)     |   |                     | 1,088  |   |                     |   | 1,034 |   |   |   | (2,934 | ) |   |   | (3,142 | ) |
| Transitional obligation (asset) |   |                     | -      |   |                     |   | - |   |   |   | 1,282 |   |   |   | 1,283 |   |
| Recognized actuarial loss       |   |                     | 12,700 |   |                     |   | 6,204 |   |   |   | 4,418 |   |   |   | 3,374 |   |
| Net Periodic Benefit Cost       |   | $                        | 20,674 |   |                     | $      | 8,444 |   |   | $ | 4,844 |   |   | $ | 2,718 |   |

| (1) | The OPEB amounts for both years reflect the effect of the Medicare Prescription Drug Improvement and Modernization Act of 2003 under the provision of FSP No. FAS 106-2, titled Accounting and Disclosure Requirements Related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Adjustment for 3/15ths of net periodic pension costs                        |   | $      | 2,788  |   |
|-----------------------------------------------------------------------------|--------|--------|--------|--------|
| Adjustment for amortization of prior service costs and actuarial losses (1) |   |   | (2,426 | )      |
| Net increase to pension liability                                           |   | $      | 362    |   |

| (1) | Liability recognized previously on Consolidated Balance Sheet upon initial implementation of SFAS 158. |
|-----|--------------------------------------------------------------------------------------------------------|

|                                                           |   | June 30, |     |   | December 31, |   |     | June 30, |   |
|----------------------------------------------------------------|--------|---------------|----------|--------|-------------------|--------|----------|---------------|--------|
|                                                           |   | 2009          |     |   | 2008              |   |     | 2008          |   |
| Prefunded (accrued) pension costs prior to SFAS 158 adjustment |   | $             | 16,060   |   |              | $      | 29,884   |          |   | $ | 38,229 |   |
| Additional liability required                                  |   |          | (178,295 | )      |              |   | (192,084 | )             |   |   | (38,761 | ) |
| Accrued pension liability per SFAS 158                         |   | $             | (162,235 | )      |              | $      | (162,200 | )             |   | $ | (532 | ) |
|                                                           |   |          |     |   |              |   |     |          |   |   |   |   |
| Total offset to additional liability -                         |   |          |     |   |              |   |     |          |   |   |   |   |
| Regulatory assets - Retirement Plan                            |   | $             | 178,295  |   |              | $      | 192,084  |          |   | $ | 38,761 |   |

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| Grant Date       |   | Grant Price |   |   | Performance Shares Granted |   |   | Performance Shares Outstanding at June 30, 2009 |   |
|------------------|--------|-------------|--------|--------|----------------------------|--------|--------|-------------------------------------------------|--------|
| January 25, 2007 |   |        | $51.09 |   |                       | 21,330 |   |                                            | 20,240 |   |
| January 24, 2008 |   |        | $42.44 |   |                       | 33,440 |   |                                            | 33,440 |   |
| January 26, 2009 |   |        | $49.29 |   |                       | 36,730 |   |                                            | 36,730 |   |

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|                                      |   | Three Months Ended |   |   | Six Months Ended |   |
|-------------------------------------------|--------|--------------------|--------|--------|------------------|--------|
|                                      |   | June 30,           |   |   | June 30,         |   |
|                                      |   | 2009               |   |   | 2008             |   |   | 2009 |   | 2008 |   |
| Performance shares - compensation expense |   | $                  | 299    |   |             | $      | (151 | ) |   | $ | 495 |   | Not material |   |

| Date of Grant   |   | Exercise Price |   |   | Number of Options Granted |   |    | Number of Options Outstanding |   |   | Weighted Average Remaining Life in Years |   |   | Number of Options Exercisable |            |
|-----------------|--------|----------------|--------|--------|---------------------------|--------|---------|-------------------------------|--------|--------|------------------------------------------|--------|--------|-------------------------------|-----------------|
| January 1, 2000 |   | $              | 31.94  |   |                      |   | 30,300  |                          |   |   | 320                                      |   |   |                          |   0.5 |   |   |   | 320 |   |
| January 1, 2001 |   | $              | 44.06  |   |                      |   | 59,900  |                          |   |   | 21,560                                   |   |   |                          |   1.5 |   |   |   | 21,560 |   |
| January 1, 2003 |   | $              | 48.62  |   |                      |   | 36,900  |                          |   |   | 18,420                                   |   |   |                          |   3.5 |   |   |   | 18,420 |   |
|            |   |           |   |   |                      |   | 127,100 |                          |   |   | 40,300                                   |   |   |                          | 2.41            |   |   |   | 40,300 |   |

|                                     |                |   | Stock Option Shares |       |   | Weighted Average Exercise Price |   |   | Weighted Average Remaining Life in Years |   |
|------------------------------------------|---------------------|--------|---------------------|------------|--------|---------------------------------|--------|--------|------------------------------------------|--------|
| Outstanding at                           | 12/31/08            |   |                | 40,300     |   |                            | $      | 46.05  |                                     |   |   | 3.91 |   |
|                                     | Granted             |   |                | -          |   |                            |   | -      |                                     |   |   |   |   |
|                                     | Exercised           |   |                | -          |   |                            |   | -      |                                     |   |   |   |   |
|                                     | Expired / Forfeited |   |                | -          |   |                            |   | -      |                                     |   |   |   |   |
| Outstanding at                           | 6/30/09             |   |                | 40,300     |   |                            | $      | 46.05  |                                     |   |   | 2.41 |   |
|                                     |                |   |                |       |   |                            |   |   |                                     |   |   |   |   |
| Total CH Energy Group Shares Outstanding |                |   |                | 15,789,759 |   |                            |   |   |                                     |
| Potential Dilution                       |                |   |                | 0.3        | %      |                            |   |   |                                     |

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| Grant Date       |   | Number of Shares Granted |         |   | Fair Value on Date of Grant |   | Vesting Terms |   | Unvested Shares Outstanding at June 30, 2009 |   |
|------------------|--------|--------------------------|--------------|--------|-----------------------------|--------|---------------|--------|----------------------------------------------|--------|
| January 2, 2008  |   |                     | 10,000       |   |                        | $      | 443           |   | End of 3 years                               |   |   | 9,500 |  (1) |
| January 2, 2008  |   |                     |   2,100 |   |                        | $      | 93            |   | Ratably over 3 years                         |   |   | 1,400 |   |
| January 26, 2009 |   |                     |   2,930 |   |                        | $      | 144           |   | End of 3 years                               |   |   | 2,930 |   |

| (1) | 500 shares were forfeited upon resignation of the employee holding the shares. |
|-----|--------------------------------------------------------------------------------|

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|   | Ø | Air |
|--------|--------|-----|

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|   | Ø | Former Manufactured Gas Plant Facilities |
|--------|--------|------------------------------------------|

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| Site | Status                             |
|------|------------------------------------|
| #1   | Beacon, NY                         | Remediation complete.  Final Report Approved by the DEC.  Preparing post-remediation Site Management Plan. |
| #2   | Newburgh, NY                       | Remediation complete in one area under the terms of the DEC-approved plan.  The final Construction Completion Report on this area has been filed with the DEC.  For the remaining areas, the Final Remedial Design for these areas was filed on 6/1/09. |
| #3   | Laurel StreetPoughkeepsie, NY      | Remediation work is complete.  Preparing Final Report and post-remediation Site Management Plan. |
| #4   | North Water StreetPoughkeepsie, NY | Supplemental site investigations completed in June 2008 and the report of these investigations has been submitted to the DEC. |
| #5   | Kingston, NY                       | Brownfield Cleanup Agreement was executed and the Citizen Participation Plan (“CPP”) was submitted to the DEC.  Central Hudson has submitted to the DEC past site investigation data and information on past remediation activities.  The DEC provided comments indicating that additional investigation will be requiredin order to further delineate the nature and extent of the on-site and off-site contamination. |
| #6   | Catskill, NY                       | Site investigation completed under the DEC-approved Brownfield Cleanup Agreement.  The report summarizing the additional investigation work conducted in October 2008 and a plan for additional proposed investigation work has been submitted to the DEC. |
| #7   | Saugerties, NY                     | Central Hudson does not believe it has any liability for this site and is working with the DEC to confirm this. |
| #8   | Bayeaux StreetPoughkeepsie, NY     | Central Hudson does not believe it has any further liability for this site. |
| #9   | Broad StreetNewburgh, NY           | The DEC has recently made inquiries about this additional site.  Central Hudson does not believe it has any liability for this site and is working with the DEC to confirm this. |

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|   | Ø | Little Britain Road |
|--------|--------|---------------------|

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|   | Ø | Newburgh Consolidated Iron Works |
|--------|--------|----------------------------------|

|   | Ø | Asbestos Litigation |
|--------|--------|---------------------|

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|                                              |   | Three Months Ended June 30, 2009 |      |
|---------------------------------------------------|--------|---------------------------------------|-----------|
|                                              |   | Central Hudson                        |      |   | Griffith |   |   | Other Businesses and Investments |   |   | Eliminations |   |   | Total |   |
|                                              |   | Electric                              |      |   | Natural Gas |   |   |   |   |   |   |   |   |   |
| Revenues from external customers                  |   | $                                     | 108,597   |   |   | $ | 31,056 |   |   | $ | 59,135 |   |   | $ | 1,442 |   |   | $ | - |   |   | $ | 200,230 |   |
| Intersegment revenues                             |   |                                  | 4         |   |   |   | 34 |   |   |   | - |   |   |   | - |   |   |   | (38 | ) |   |   | - |   |
| Total revenues                                    |   |                                  | 108,601   |   |   |   | 31,090 |   |   |   | 59,135 |   |   |   | 1,442 |   |   |   | (38 | ) |   |   | 200,230 |   |
| Interest and investment income                    |   |                                  | 1,298     |   |   |   | 568 |   |   |   | - |   |   |   | 1,628 |   |   |   | (1,144 | ) (1) |   |   | 2,350 |   |
| Interest expense                                  |   |                                  | 4,673     |   |   |   | 1,218 |   |   |   | 1,066 |   |   |   | 638 |   |   |   | (1,144 | ) (1) |   |   | 6,451 |   |
| Earnings before income taxes                      |   |                                  | 2,888     |   |   |   | (747 | ) |   |   | (3,678 | ) |   |   | (543 | ) |   |   | - |   |   |   | (2,080 | ) |
| Net income (loss) attributable to CH Energy Group |   |                                  | 1,684     |   |   |   | (709 | ) |   |   | (2,170 | ) |   |   | (262 | ) |   |   | - |   |   |   | (1,457 | ) |
| Segment assets at June 30                         |   |                                  | 1,082,582 |   |   |   | 377,352 |   |   |   | 174,158 |   |   |   | 67,622 |   |   |   | (1,221 | ) (2) |   |   | 1,700,493 |   |

| (1) | This represents the elimination of inter-company interest income (expense) generated from temporary lending activities between CH Energy Group (the holding company), and its subsidiaries (CHEC and Griffith). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Includes non-controlling owner's interest of $1,260 related to Lyonsdale. |
|-----|---------------------------------------------------------------------------|

|                                       |   | Three Months Ended June 30, 2008 |    |
|--------------------------------------------|--------|----------------------------------|---------|
|                                       |   | Central Hudson                   |    |   | Griffith |   |   | Other Businesses and Investments |   |   | Eliminations |   |   | Total |   |
|                                       |   | Electric                         |    |   | Natural Gas |   |   |   |   |   |   |   |   |   |
| Revenues from external customers           |   | $                                | 145,844 |   |   | $ | 44,275 |   |   | $ | 121,053 |   |   | $ | 2,480 |   |   | $ | - |   |   | $ | 313,652 |   |
| Intersegment revenues                      |   |                             | 3       |   |   |   | 52 |   |   |   | - |   |   |   | - |   |   |   | (55 | ) |   |   | - |   |
| Total revenues                             |   |                             | 145,847 |   |   |   | 44,327 |   |   |   | 121,053 |   |   |   | 2,480 |   |   |   | (55 | ) |   |   | 313,652 |   |
| Interest and investment income             |   |                             | 954     |   |   |   | 482 |   |   |   | 15 |   |   |   | 1,475 |   |   |   | (1,134 | ) (1) |   |   | 1,792 |   |
| Interest expense                           |   |                             | 4,841   |   |   |   | 1,322 |   |   |   | 1,238 |   |   |   | 125 |   |   |   | (1,134 | ) (1) |   |   | 6,392 |   |
| Earnings before income taxes               |   |                             | 6,010   |   |   |   | 785 |   |   |   | (4,629 | ) |   |   | 695 |   |   |   | - |   |   |   | 2,861 |   |
| Net income attributable to CH Energy Group |   |                             | 3,665   |   |   |   | 284 |   |   |   | (2,777 | ) |   |   | 498 |   |   |   | - |   |   |   | 1,670 |   |
| Segment assets at June 30                  |   |                             | 941,282 |   |   |   | 331,779 |   |   |   | 210,748 |   |   |   | 46,362 |   |   |   | (868 | ) (2) |   |   | 1,529,303 |   |

| (1) | This represents the elimination of inter-company interest income (expense) generated from temporary lending activities between CH Energy Group (the holding company), and its subsidiaries (CHEC and Griffith). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Includes non-controlling owner's interest of $1,406 related to Lyonsdale. |
|-----|---------------------------------------------------------------------------|

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|                                       |   | Six Months Ended June 30, 2009 |      |
|--------------------------------------------|--------|--------------------------------|-----------|
|                                       |   | Central Hudson                 |      |   | Griffith |   |   | Other Businesses and Investments |   |   | Eliminations |   |   | Total |   |
|                                       |   | Electric                       |      |   | Natural Gas |   |   |   |   |   |   |   |   |   |
| Revenues from external customers           |   | $                              | 265,350   |   |   | $ | 121,179 |   |   | $ | 188,521 |   |   | $ | 3,654 |   |   | $ | - |   |   | $ | 578,704 |   |
| Intersegment revenues                      |   |                           | 10        |   |   |   | 252 |   |   |   | - |   |   |   | - |   |   |   | (262 | ) |   |   | - |   |
| Total revenues                             |   |                           | 265,360   |   |   |   | 121,431 |   |   |   | 188,521 |   |   |   | 3,654 |   |   |   | (262 | ) |   |   | 578,704 |   |
| Interest and investment income             |   |                           | 1,649     |   |   |   | 962 |   |   |   | 5 |   |   |   | 3,046 |   |   |   | (2,196 | ) (1) |   |   | 3,466 |   |
| Interest expense                           |   |                           | 9,553     |   |   |   | 2,556 |   |   |   | 2,058 |   |   |   | 768 |   |   |   | (2,196 | ) (1) |   |   | 12,739 |   |
| Earnings before income taxes               |   |                           | 13,840    |   |   |   | 9,700 |   |   |   | 13,315 |   |   |   | (1,071 | ) |   |   | - |   |   |   | 35,784 |   |
| Net income attributable to CH Energy Group |   |                           | 7,979     |   |   |   | 5,347 |   |   |   | 7,856 |   |   |   | 482 |   |   |   | - |   |   |   | 21,664 |   |
| Segment assets at June 30                  |   |                           | 1,082,582 |   |   |   | 377,352 |   |   |   | 174,158 |   |   |   | 67,622 |   |   |   | (1,221 | ) (2) |   |   | 1,700,493 |   |

| (1) | This represents the elimination of inter-company interest income (expense) generated from temporary lending activities between CH Energy Group (the holding company), and its subsidiaries (CHEC and Griffith). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Includes non-controlling owner's interest of $1,260 related to Lyonsdale. |
|-----|---------------------------------------------------------------------------|

|                                       |   | Six Months Ended June 30, 2008 |    |
|--------------------------------------------|--------|--------------------------------|---------|
|                                       |   | Central Hudson                 |    |   | Griffith |   |   | Other Businesses and Investments |   |   | Eliminations |   |   | Total |   |
|                                       |   | Electric                       |    |   | Natural Gas |   |   |   |   |   |   |   |   |   |
| Revenues from external customers           |   | $                              | 289,658 |   |   | $ | 120,494 |   |   | $ | 307,630 |   |   | $ | 5,662 |   |   | $ | - |   |   | $ | 723,444 |   |
| Intersegment revenues                      |   |                           | 8       |   |   |   | 202 |   |   |   | - |   |   |   | - |   |   |   | (210 | ) |   |   | - |   |
| Total revenues                             |   |                           | 289,666 |   |   |   | 120,696 |   |   |   | 307,630 |   |   |   | 5,662 |   |   |   | (210 | ) |   |   | 723,444 |   |
| Interest and investment income             |   |                           | 1,433   |   |   |   | 895 |   |   |   | 50 |   |   |   | 3,056 |   |   |   | (2,369 | ) (1) |   |   | 3,065 |   |
| Interest expense                           |   |                           | 9,698   |   |   |   | 2,654 |   |   |   | 2,535 |   |   |   | 251 |   |   |   | (2,369 | ) (1) |   |   | 12,769 |   |
| Earnings before income taxes               |   |                           | 16,683  |   |   |   | 10,121 |   |   |   | 5,216 |   |   |   | 2,406 |   |   |   | - |   |   |   | 34,426 |   |
| Net income attributable to CH Energy Group |   |                           | 9,827   |   |   |   | 5,626 |   |   |   | 3,130 |   |   |   | 2,388 |   |   |   | - |   |   |   | 20,971 |   |
| Segment assets at June 30                  |   |                           | 941,282 |   |   |   | 331,779 |   |   |   | 210,748 |   |   |   | 46,362 |   |   |   | (868 | ) (2) |   |   | 1,529,303 |   |

| (1) | This represents the elimination of inter-company interest income (expense) generated from temporary lending activities between CH Energy Group (the holding company), and its subsidiaries (CHEC and Griffith). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Includes non-controlling owner's interest of $1,406 related to Lyonsdale. |
|-----|---------------------------------------------------------------------------|

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|                              |   | Three Months Ended June 30, 2009 |      |
|-----------------------------------|--------|----------------------------------|-----------|
|                              |   | Electric                         |      |   | Natural Gas |   |   | Eliminations |   |   | Total |   |
| Revenues from external customers  |   | $                                | 108,597   |   |   | $ | 31,056 |   |   | $ | - |   |   | $ | 139,653 |   |
| Intersegment revenues             |   |                             | 4         |   |   |   | 34 |   |   |   | (38 | ) |   |   | - |   |
| Total revenues                    |   |                             | 108,601   |   |   |   | 31,090 |   |   |   | (38 | ) |   |   | 139,653 |   |
| Interest and investment income    |   |                             | 1,298     |   |   |   | 568 |   |   |   | - |   |   |   | 1,866 |   |
| Interest expense                  |   |                             | 4,673     |   |   |   | 1,218 |   |   |   | - |   |   |   | 5,891 |   |
| Income before income taxes        |   |                             | 2,888     |   |   |   | (747 | ) |   |   | - |   |   |   | 2,141 |   |
| Income available for common stock |   |                             | 1,684     |   |   |   | (709 | ) |   |   | - |   |   |   | 975 |   |
| Segment assets at June 30         |   |                             | 1,082,582 |   |   |   | 377,352 |   |   |   | - |   |   |   | 1,459,934 |   |

|                              |   | Three Months Ended June 30, 2008 |    |
|-----------------------------------|--------|----------------------------------|---------|
|                              |   | Electric                         |    |   | Natural Gas |   |   | Eliminations |   |   | Total |   |
| Revenues from external customers  |   | $                                | 145,844 |   |   | $ | 44,275 |   |   | $ | - |   |   | $ | 190,119 |   |
| Intersegment revenues             |   |                             | 3       |   |   |   | 52 |   |   |   | (55 | ) |   |   | - |   |
| Total revenues                    |   |                             | 145,847 |   |   |   | 44,327 |   |   |   | (55 | ) |   |   | 190,119 |   |
| Interest and investment income    |   |                             | 954     |   |   |   | 482 |   |   |   | - |   |   |   | 1,436 |   |
| Interest expense                  |   |                             | 4,841   |   |   |   | 1,322 |   |   |   | - |   |   |   | 6,163 |   |
| Income before income taxes        |   |                             | 6,010   |   |   |   | 785 |   |   |   | - |   |   |   | 6,795 |   |
| Income available for common stock |   |                             | 3,665   |   |   |   | 284 |   |   |   | - |   |   |   | 3,949 |   |
| Segment assets at June 30         |   |                             | 941,282 |   |   |   | 331,779 |   |   |   | - |   |   |   | 1,273,061 |   |

|                              |   | Six Months Ended June 30, 2009 |      |
|-----------------------------------|--------|--------------------------------|-----------|
|                              |   | Electric                       |      |   | Natural Gas |   |   | Eliminations |   |   | Total |   |
| Revenues from external customers  |   | $                              | 265,350   |   |   | $ | 121,179 |   |   | $ | - |   |   | $ | 386,529 |   |
| Intersegment revenues             |   |                           | 10        |   |   |   | 252 |   |   |   | (262 | ) |   |   | - |   |
| Total revenues                    |   |                           | 265,360   |   |   |   | 121,431 |   |   |   | (262 | ) |   |   | 386,529 |   |
| Interest and investment income    |   |                           | 1,649     |   |   |   | 962 |   |   |   | - |   |   |   | 2,611 |   |
| Interest expense                  |   |                           | 9,553     |   |   |   | 2,556 |   |   |   | - |   |   |   | 12,109 |   |
| Income before income taxes        |   |                           | 13,840    |   |   |   | 9,700 |   |   |   | - |   |   |   | 23,540 |   |
| Income available for common stock |   |                           | 7,979     |   |   |   | 5,347 |   |   |   | - |   |   |   | 13,326 |   |
| Segment assets at June 30         |   |                           | 1,082,582 |   |   |   | 377,352 |   |   |   | - |   |   |   | 1,459,934 |   |

|                              |   | Six Months Ended June 30, 2008 |    |
|-----------------------------------|--------|--------------------------------|---------|
|                              |   | Electric                       |    |   | Natural Gas |   |   | Eliminations |   |   | Total |   |
| Revenues from external customers  |   | $                              | 289,658 |   |   | $ | 120,494 |   |   | $ | - |   |   | $ | 410,152 |   |
| Intersegment revenues             |   |                           | 8       |   |   |   | 202 |   |   |   | (210 | ) |   |   | - |   |
| Total revenues                    |   |                           | 289,666 |   |   |   | 120,696 |   |   |   | (210 | ) |   |   | 410,152 |   |
| Interest and investment income    |   |                           | 1,433   |   |   |   | 895 |   |   |   | - |   |   |   | 2,328 |   |
| Interest expense                  |   |                           | 9,698   |   |   |   | 2,654 |   |   |   | - |   |   |   | 12,352 |   |
| Income before income taxes        |   |                           | 16,683  |   |   |   | 10,121 |   |   |   | - |   |   |   | 26,804 |   |
| Income available for common stock |   |                           | 9,827   |   |   |   | 5,626 |   |   |   | - |   |   |   | 15,453 |   |
| Segment assets at June 30         |   |                           | 941,282 |   |   |   | 331,779 |   |   |   | - |   |   |   | 1,273,061 |   |

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| NOTE 14 - | ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
|-----------|--------------------------------------------------------------|

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|                                                              |   | As of June 30, 2009                         |   |
|-------------------------------------------------------------------|--------|--------------------------------------------------|--------|
| Triggering Event                                                  |   | # of Contracts Containing the Triggering Feature |   |   | Gross Fair Value of Contract |   |   | Cost to Settle if Contingent Feature is Triggered(net of collateral) |   |
|                                                              |   |                                             |   |   |   |   |   |   |   |
| Central Hudson:                                                   |   |                                             |   |   |   |   |   |   |   |
| Change in Ownership (CHEG ownership of CHG&E falls below 51%) |   |                                             | 1      |   |   | $ | (1,004 | ) |   | $ | (1,004 | ) |
| Credit Rating Downgrade (to below BBB-)                           |   |                                             | 5      |   |   |   | (61 | ) |   |   | (61 | ) |
| Adequate Assurance(1)                                             |   |                                             | 2      |   |   |   | (344 | ) |   |   | (344 | ) |
| Total Central Hudson                                              |   |                                             | 8      |   |   |   | (1,409 | ) |   |   | (1,409 | ) |
|                                                              |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Griffith:                                                         |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Change in Ownership (CHEG ownership of CHEC falls below 51%)      |   |                                             | 1      |   |   |   | 60 |   |   |   | 60 |   |
| Adequate Assurance(1)                                             |   |                                             | 2      |   |   |   | 37 |   |   |   | 37 |   |
| Total Griffith                                                    |   |                                             | 3      |   |   |   | 97 |   |   |   | 97 |   |
| Total CH Energy Group                                             |   |                                             | 11     |   |   | $ | (1,312 | ) |   | $ | (1,312 | ) |

| (1) | If the counterparty has reasonable grounds to believe CHG&E's or Griffith's creditworthiness or performance has become unsatisfactory, it can request collateral in an amount determined by the counterparty, not to exceed the amount required to settle the contract. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                     |   | June 30,2009 |    |   | December 31,2008 |   |    | June 30,2008 |   |
|----------------------------------------------------------|--------|-------------------|---------|--------|-----------------------|--------|---------|-------------------|--------|
| Derivatives in an Asset Position:(1)                     |   |              |    |   |                  |   |    |              |   |
| Not Designated as Hedging Instruments:(2)                |   |              |    |   |                  |   |    |              |   |
| Central Hudson electricity swap contracts                |   | $                 | 500     |   |                  | $      | -       |              |   | $ | 8,494 |   |
| Natural gas swap contracts                               |   |              | -       |   |                  |   | -       |              |   |   | 1,294 |   |
| Central Hudson interest rate swap contract               |   |              | -       |   |                  |   | -       |              |   |   | - |   |
| Total Central Hudson Derivatives in an Asset Position    |   |              | 500     |   |                  |   | -       |              |   |   | 9,788 |   |
|                                                     |   |              |    |   |                  |   |    |              |   |   |   |   |
| Designated as Hedging Instruments under SFAS 133:        |   |              |    |   |                  |   |    |              |   |   |   |   |
| Griffith heating oil call option contracts               |   |              | 97      |   |                  |   | -       |              |   |   | 341 |   |
|                                                     |   |              |    |   |                  |   |    |              |   |   |   |   |
| Total CH Energy Group Derivatives in Asset Position      |   | $                 | 597     |   |                  | $      | -       |              |   | $ | 10,129 |   |
|                                                     |   |              |    |   |                  |   |    |              |   |   |   |   |
| Derivatives in a Liability Position:(1)                  |   |              |    |   |                  |   |    |              |   |   |   |   |
| Not Designated as Hedging Instruments:(2)                |   |              |    |   |                  |   |    |              |   |   |   |   |
| Central Hudson electricity swap contracts                |   | $                 | (11,771 | )      |                  | $      | (5,538  | )                 |   | $ | (132 | ) |
| Central Hudson natural gas swap contracts                |   |              | (3,003  | )      |                  |   | (10,221 | )                 |   |   | - |   |
| Total Central Hudson Derivatives in a Liability Position |   |              | (14,774 | )      |                  |   | (15,759 | )                 |   |   | (132 | ) |
|                                                     |   |              |    |   |                  |   |    |              |   |   |   |   |
| Designated as Hedging Instruments under SFAS 133:        |   |              |    |   |                  |   |    |              |   |   |   |   |
| Griffith heating oil call option contracts               |   |              | -       |   |                  |   | -       |              |   |   | - |   |
|                                                     |   |              |    |   |                  |   |    |              |   |   |   |   |
| Total CH Energy Group Derivatives in Liability Position  |   | $                 | (14,774 | )      |                  | $      | (15,759 | )                 |   | $ | (132 | ) |
|                                                     |   |              |    |   |                  |   |    |              |   |   |   |   |
| Total Central Hudson Derivatives - Net                   |   | $                 | (14,274 | )      |                  | $      | (15,759 | )                 |   | $ | 9,656 |   |
|                                                     |   |              |    |   |                  |   |    |              |   |   |   |   |
| Total CH Energy Group Derivatives - Net                  |   | $                 | (14,177 | )      |                  | $      | (15,759 | )                 |   | $ | 9,997 |   |

| (1) | Asset and Liability Derivatives are shown net on the balance sheet under the caption Fair Value of Derivative Instruments. |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| (2) | See discussion following tables for additional information regarding regulatory treatment of gains and losses on Central Hudson's derivative contracts. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Derivatives in SFAS 133 Cash Flow Hedging Relationships |   | Amount of Gain Recognized in OCI on Derivative |   |   | Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income |   |
|---------------------------------------------------------|--------|------------------------------------------------|--------|--------|---------------------------------------------------------------------|--------|
|                                                    |   | Three Months Ended                             |   |   | Six Months Ended                                                    |   |   | Three Months Ended |   |   | Six Months Ended |   |
|                                                    |   | June 30,                                       |   |   | June 30,                                                            |   |   | June 30, |   |   | June 30, |   |
|                                                    |   | 2009                                           |   |   | 2008                                                                |   |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
| Griffith heating oil call option contracts         |   | $                                              | 57     |   |                                                                | $      | 410 |   |   | $ | 58 |   |   | $ | 682 |   |   | $ | - |   |   | $ | (511 | ) |   | $ | - |   |   | $ | (1,208 | ) |
| Total                                                   |   | $                                              | 57     |   |                                                                | $      | 410 |   |   | $ | 58 |   |   | $ | 682 |   |   | $ | - |   |   | $ | (511 | ) |   | $ | - |   |   | $ | (1,208 | ) |

|                                            | Amount of Gain/(Loss) Recognized as (Increase)/Decrease in Purchased Electric and Purchased Natural Gas |   | Location of Gain/(Loss) |
|-------------------------------------------------|---------------------------------------------------------------------------------------------------------|--------|-------------------------|
|                                            | Three Months Ended                                                                                      |   | Six Months Ended        |   |   |
|                                            | June 30,                                                                                                |   | June 30,                |   |   |
|                                            | 2009                                                                                                    |   | 2008                    |   | 2009 |   | 2008 |   |   |
| Central Hudson electricity swap contracts  | $                                                                                                       | (7,314 | )                       | $ | 1,089 |   | $ | (10,778 | ) | $ | 1,089 |   | Regulatory asset(1) |
| Central Hudson natural gas swap contracts  |                                                                                                    | (233   | )                       |   | - |   |   | (11,254 | ) |   | (1,026 | ) | Regulatory asset(1) |
| Central Hudson interest rate swap contract |                                                                                                    | -      |                    |   | - |   |   | - |   |   | - |   | Regulatory asset(1) |
| Total                                           | $                                                                                                       | (7,547 | )                       | $ | 1,089 |   | $ | (22,032 | ) | $ | 63 |   |   |

|                        | Amount of Gain/(Loss) Recognized as (Increase)/Decrease in Purchased Electric and Purchased Natural Gas |   | Location of Gain/(Loss) |
|-----------------------------|---------------------------------------------------------------------------------------------------------|--------|-------------------------|
|                        | Three Months Ended                                                                                      |   | Six Months Ended        |   |   |
|                        | June 30,                                                                                                |   | June 30,                |   |   |
|                        | 2009                                                                                                    |   | 2008                    |   | 2009 |   | 2008 |   |   |
| Electricity swap contracts  | $                                                                                                       | (7,314 | )                       | $ | 1,089 |   | $ | (10,778 | ) | $ | 1,089 |   | Regulatory asset(1) |
| Natural gas swap contracts  |                                                                                                    | (233   | )                       |   | - |   |   | (11,254 | ) |   | (1,026 | ) | Regulatory asset(1) |
| Interest rate swap contract |                                                                                                    | -      |                    |   | - |   |   | - |   |   | - |   | Regulatory asset(1) |
| Total                       | $                                                                                                       | (7,547 | )                       | $ | 1,089 |   | $ | (22,032 | ) | $ | 63 |   |   |

| (1) | Realized gains and losses on Central Hudson’s derivative instruments are conveyed to or recovered from customers through PSC-authorized deferral accounting mechanisms, with an offset in revenue and on the balance sheet, and no impact on results of operations. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | § | Level 1 Inputs:  Quoted prices (unadjusted) in active markets for identical assets or liabilities. |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

|   | § | Level 2 Inputs:  Directly or indirectly observable (market-based) information.  This includes quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | Level 3 Inputs:  Unobservable inputs for the asset or liability for which there is either no market data, or for which asset and liability values are not correlated with market value. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Asset or Liability Category  |   | Fair Value |    |   | Quoted Prices in Active Markets for Identical Assets(Level 1) |   |    | Significant Other Observable Inputs(Level 2) |   |   | Significant Unobservable Inputs(Level 3) |   |
|------------------------------|--------|------------|---------|--------|---------------------------------------------------------------|--------|---------|----------------------------------------------|--------|--------|------------------------------------------|--------|
| As of June 30, 2009          |   |       |    |   |                                                          |   |    |                                         |   |   |                                     |   |
| Liabilities                  |   |       |    |   |                                                          |   |    |                                         |   |   |                                     |   |
| Derivative Contracts:        |   |       |    |   |                                                          |   |    |                                         |   |   |                                     |   |
| Central Hudson - Electric    |   | $          | (11,271 | )      |                                                          | $      | -       |                                         |   | $      | -                                        |   |   | $ | (11,271 | ) |
| Central Hudson - Natural Gas |   |       | (3,003  | )      |                                                          |   | (3,003  | )                                            |   |   | -                                        |   |   |   | - |   |
| Griffith Oil - Heating Oil   |   |       | 97      |   |                                                          |   | 97      |                                         |   |   | -                                        |   |   |   | - |   |
| Total Liabilities            |   | $          | (14,177 | )      |                                                          | $      | (2,906  | )                                            |   | $      | -                                        |   |   | $ | (11,271 | ) |
|                         |   |       |    |   |                                                          |   |    |                                         |   |   |                                     |   |   |   |   |   |
| As of December 31, 2008      |   |       |    |   |                                                          |   |    |                                         |   |   |                                     |   |   |   |   |   |
| Liabilities                  |   |       |    |   |                                                          |   |    |                                         |   |   |                                     |   |   |   |   |   |
| Derivative Contracts:        |   |       |    |   |                                                          |   |    |                                         |   |   |                                     |   |   |   |   |   |
| Central Hudson - Electric    |   | $          | (5,538  | )      |                                                          | $      | -       |                                         |   | $      | -                                        |   |   | $ | (5,538 | ) |
| Central Hudson - Natural Gas |   |       | (10,221 | )      |                                                          |   | (10,221 | )                                            |   |   | -                                        |   |   |   | - |   |
| Total Liabilities            |   | $          | (15,759 | )      |                                                          | $      | (10,221 | )                                            |   | $      | -                                        |   |   | $ | (5,538 | ) |
|                         |   |       |    |   |                                                          |   |    |                                         |   |   |                                     |   |   |   |   |   |
| As of June 30, 2008          |   |       |    |   |                                                          |   |    |                                         |   |   |                                     |   |   |   |   |   |
| Assets                       |   |       |    |   |                                                          |   |    |                                         |   |   |                                     |   |   |   |   |   |
| Derivative Contracts:        |   |       |    |   |                                                          |   |    |                                         |   |   |                                     |   |   |   |   |   |
| Central Hudson - Electric    |   | $          | 8,362   |   |                                                          | $      | -       |                                         |   | $      | -                                        |   |   | $  | 8,362 |   |
| Central Hudson - Natural Gas |   |       | 1,294   |   |                                                          |   | 1,294   |                                         |   |   | -                                        |   |   |   | - |   |
| Griffith - Heating Oil       |   |       | 341     |   |                                                          |   | 341     |                                         |   |   | -                                        |   |   |   | - |   |
| Total Assets                 |   | $          | 9,997   |   |                                                          | $      | 1,635   |                                         |   | $      | -                                        |   |   | $ | 8,362 |   |

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|                                                                                                                                                                                 |   | Three Months Ended |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|
|                                                                                                                                                                                 |   | June 30, 2009      |    |   | June 30, 2008 |   |
| Balance at Beginning of Period                                                                                                                                                       |   | $                  | (17,506 | ) |   | $ | 591 |   |
| Unrealized gains                                                                                                                                                                     |   |               | 6,235   |   |   |   | 7,771 |   |
| Realized (losses)/gains                                                                                                                                                              |   |               | (7,314  | ) |   |   | 1,089 |   |
| Purchases, issuances, sales and settlements                                                                                                                                          |   |               | 7,314   |   |   |   | (1,089 | ) |
| Transfers in and/or out of Level 3                                                                                                                                                   |   |               | -       |   |   |   | - |   |
| Balance at End of Period                                                                                                                                                             |   | $                  | (11,271 | ) |   | $ | 8,362 |   |
|                                                                                                                                                                                 |   |               |    |   |   |   |   |   |
| The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to derivatives still held at end of period |   | $                  | -       |   |   | $ | - |   |

|                                                                                                                                                                                 |   | Six Months Ended |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|---------|
|                                                                                                                                                                                 |   | June 30, 2009    |    |   | June 30, 2008 |   |
| Balance at Beginning of Period                                                                                                                                                       |   | $                | (5,538  | ) |   | $ | 77 |   |
| Unrealized (losses)/gains                                                                                                                                                            |   |             | (5,733  | ) |   |   | 8,285 |   |
| Realized (losses)/gains                                                                                                                                                              |   |             | (10,778 | ) |   |   | 1,089 |   |
| Purchases, issuances, sales and settlements                                                                                                                                          |   |             | 10,778  |   |   |   | (1,089 | ) |
| Transfers in and/or out of Level 3                                                                                                                                                   |   |             | -       |   |   |   | - |   |
| Balance at End of Period                                                                                                                                                             |   | $                | (11,271 | ) |   | $ | 8,362 |   |
|                                                                                                                                                                                 |   |             |    |   |   |   |   |   |
| The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to derivatives still held at end of period |   | $                | -       |   |   | $ | - |   |

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|                              |   | Expected Maturity Date |   |
|-----------------------------------|--------|------------------------|--------|
|                              |   | 2009                   |   |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | Thereafter |   |   | Total |   |   | Fair Value |   |
| Fixed Rate:                       |   | $                      | -      |   |   | $ | 24,000 |   |   | $ | - |   |   | $ | 36,000 |   |   | $ | 30,000 |   |   | $ | 258,046 |   |   | $ | 348,046 |   |   | $ | 350,350 |   |
| Estimated Effective Interest Rate |   |                   | -      | % |   |   | 4.38 | % |   |   | - | % |   |   | 6.71 | % |   |   | 6.92 | % |   |   | 5.95 | % |   |   | 6.01 | % |   |   |   |   |
|                              |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Variable Rate:                    |   | $                      | -      |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 115,850 |   |   | $ | 115,850 |   |   | $ | 115,850 |   |
| Estimated Effective Interest Rate |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1.19 | % |   |   | 1.19 | % |   |   |   |   |
|                              |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                              |   |                   |   |   |   |   |   |   |   |   |   |   |   | Total Debt Outstanding |   |   |   |   |   |   | $ | 463,896 |   |   | $ | 466,200 |   |
|                              |   |                   |   |   |   |   |   |   |   |   |   |   |   | Estimated Effective Interest Rate |   |   |   | 4.80 | % |   |   |   |   |

|                              |   | Expected Maturity Date |   |
|-----------------------------------|--------|------------------------|--------|
|                              |   | 2009                   |   |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | Thereafter |   |   | Total |   |   | Fair Value |   |
| Fixed Rate:                       |   | $                      | 20,000 |   |   | $ | 24,000 |   |   | $ | - |   |   | $ | 36,000 |   |   | $ | 30,000 |   |   | $ | 208,044 |   |   | $ | 318,044 |   |   | $ | 296,086 |   |
| Estimated Effective Interest Rate |   |                   | 6.06   | % |   |   | 4.38 | % |   |   | - | % |   |   | 6.71 | % |   |   | 6.92 | % |   |   | 5.79 | % |   |   | 5.91 | % |   |   |   |   |
|                              |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Variable Rate:                    |   | $                      | -      |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 115,850 |   |   | $ | 115,850 |   |   | $ | 115,850 |   |
| Estimated Effective Interest Rate |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 4.10 | %  |   |   | 4.10 | %  |   |   |   |   |
|                              |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                              |   |                   |   |   |   |   |   |   |   |   |   |   |   | Total Debt Outstanding |   |   |   |   |   |   | $ | 433,894 |   |   | $ | 411,936 |   |
|                              |   |                   |   |   |   |   |   |   |   |   |   |   |   | Estimated Effective Interest Rate |   |   |   | 5.43 | %  |   |   |   |   |

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|                              |   | Expected Maturity Date |   |
|-----------------------------------|--------|------------------------|--------|
|                              |   | 2009                   |   |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | Thereafter |   |   | Total |   |   | Fair Value |   |
| Fixed Rate:                       |   | $                      | -      |   |   | $ | 24,000 |   |   | $ | - |   |   | $ | 36,000 |   |   | $ | 30,000 |   |   | $ | 208,046 |   |   | $ | 298,046 |   |   | $ | 299,287 |   |
| Estimated Effective Interest Rate |   |                   | -      | % |   |   | 4.38 | % |   |   | - | % |   |   | 6.71 | % |   |   | 6.92 | % |   |   | 5.79 | % |   |   | 5.90 | % |   |   |   |   |
|                              |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Variable Rate:                    |   | $                      | -      |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 115,850 |   |   | $ | 115,850 |   |   | $ | 115,850 |   |
| Estimated Effective Interest Rate |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1.19 | %  |   |   | 1.19 | %  |   |   |   |   |
|                              |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                              |   |                   |   |   |   |   |   |   |   |   |   |   |   | Total Debt Outstanding |   |   |   |   |   |   | $ | 413,896 |   |   | $ | 415,137 |   |
|                              |   |                   |   |   |   |   |   |   |   |   |   |   |   | Estimated Effective Interest Rate |   |   |   | 4.58 | % |   |   |   |   |

|                              |   | Expected Maturity Date |   |
|-----------------------------------|--------|------------------------|--------|
|                              |   | 2009                   |   |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | Thereafter |   |   | Total |   |   | Fair Value |   |
| Fixed Rate:                       |   | $                      | 20,000 |   |   | $ | 24,000 |   |   | $ | - |   |   | $ | 36,000 |   |   | $ | 30,000 |   |   | $ | 208,044 |   |   | $ | 318,044 |   |   | $ | 296,086 |   |
| Estimated Effective Interest Rate |   |                   | 6.06   | % |   |   | 4.38 | % |   |   | - | % |   |   | 6.71 | % |   |   | 6.92 | % |   |   | 5.79 | % |   |   | 5.91 | % |   |   |   |   |
|                              |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Variable Rate:                    |   | $                      | -      |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 115,850 |   |   | $ | 115,850 |   |   | $ | 115,850 |   |
| Estimated Effective Interest Rate |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 4.10 | % |   |   | 4.10 | % |   |   |   |   |
|                              |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                              |   |                   |   |   |   |   |   |   |   |   |   |   |   | Total Debt Outstanding |   |   |   |   |   |   | $ | 433,894 |   |   | $ | 411,936 |   |
|                              |   |                   |   |   |   |   |   |   |   |   |   |   |   | Estimated Effective Interest Rate |   |   |   | 5.43 | %  |   |   |   |   |

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| ITEM 2 - | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
|----------|---------------------------------------------------------------------------------------------|

|   | (1) | Central Hudson’s regulated electric utility business; |
|--------|-----|-------------------------------------------------------------|

|   | (2) | Central Hudson’s regulated natural gas utility business; |
|--------|-----|----------------------------------------------------------------|

|   | (3) | Griffith’s fuel distribution business; and |
|--------|-----|--------------------------------------------------|

|   | (4) | CHEC’s investments in renewable energy supply, ethanol production, energy efficiency, an energy sector venture capital fund, and the holding company’s earnings, which consist primarily of inter-company interest income. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | A portion of the revenues above represent amounts collected from customers for the recovery of purchased electric and natural gas costs at Central Hudson and the cost of purchased petroleum products at Griffith and therefore have no material impact on net income.  A breakout of these components is as follows: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (1) | A portion of the revenues above represent amounts collected from customers for the recovery of purchased electric and natural gas costs at Central Hudson and the cost of purchased petroleum products at Griffith and therefore have no material impact on net income.  A breakout of these components is as follows: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | Ø | Electric and gas delivery increases effective July 1, 2009 of $39.6 million and $13.8 million, respectively.  The electric rate increase will be moderated by a $20.0 million customer bill credit from an excess depreciation reserve. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Ø | Common equity layer of 47% of permanent capital |
|--------|--------|-------------------------------------------------|

|   | Ø | Base return on equity (“ROE”) of 10.0% return on equity |
|--------|--------|---------------------------------------------------------------------|

|   | Ø | Revenue Decoupling Mechanisms (“RDMs”) for both electric and gas delivery service.  While the primary purpose of the RDMs is to remove a disincentive for the Company to promote energy efficiency to its customers, they should also serve to prevent a significant revenue shortfall such as that which occurred during the three year period of the rate plan which ended on June 30, 2009. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | Ø | An austerity expense savings imputation of $3.0 million ($2.4 million electric and $0.6 million gas, respectively).  The 2009 Rate Order required the Company to supplement its June 15 austerity filing to identify specific capital and expense reductions that will be used to implement its austerity program (which is further discussed below in Case 09-M-0435). |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Ø | Continued funding for the full recovery of the Company’s current pension and OPEB costs and continues deferral authorization for pensions, OPEBs, research and development costs, stray voltage testing, MGP site remediation expenditures and electric and gas supply cost recovery and variable rate debt. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Ø | New deferral authorizations for: fixed debt costs; the costs to bring electric lines into compliance with height above ground requirements; and the recently enacted New York State Temporary State Assessment. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Ø | Continuation, with minor modifications, of the Company’s Electric Reliability, Gas Safety and Customer Service performance mechanisms |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | Ø | Recovery through offset against a deferred liability account (non-cash) of the $3.3 million in incremental storm restoration costs incurred from the December 2008 ice storm (which is further discussed below). |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Ø | The accounting treatment and level of expense associated with the cost of removal for gas main replacements. |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

|   | Ø | The disallowance of 50% of Central Hudson’s Directors and Officers insurance. |
|--------|--------|-------------------------------------------------------------------------------------|

|   | Ø | Inadequate recovery of non-MGP environmental expenses. |
|--------|--------|--------------------------------------------------------|

|   | Ø | Inconsistency of the carrying charge rate for RDMs relative to other comparable deferred items. |
|--------|--------|-------------------------------------------------------------------------------------------------|

|   | Ø | Central Hudson pointed out that the impact of the above items results in Central Hudson not having a reasonable opportunity to earn the allowed ROE approved in the 2009 Rate Order. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | Ø | June 15, 2009 – Central Hudson filed its response, describing the financial austerity conditions it had been operating under throughout the term of the 2006 Rate Order, and identifying capital costs it may avoid or defer to the next year and expense reductions that could be taken as further austerity measures. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Ø | June 22, 2009 – The PSC incorporated $3 million in austerity reductions into Central Hudson’s rates that were approved in the 2009 Rate Order for rates beginning July 1, 2009. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Ø | July 7, 2009 – Central Hudson filed its required Supplemental Austerity filing identifying electric, gas and common capital reductions that equate to $980,000 of the $2.4 million electric and $360,000 of the $600,000 Economic Austerity Imputations established in the 2009 Rate Order.  To address the balance of the austerity imputation, Central Hudson proposed expense reductions to research and developmentactivities; executive salary freezes during 2010; certain maintenance expenditures; and information and institutional advertising.  Central Hudson also proposed to fund the allowance for the approved transmission enhanced infrastructure maintenance program through charges to its remaining electric excess depreciation reserve.  None of the measures proposed by the Company are expected to materially affect the Company’s ability to provide safe and reliable service in the rate year. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | Ø | State Energy Plan |
|--------|--------|-------------------|

|   | · | Governor Paterson issued an Executive Order establishing a State Energy Planning Board and authorizing the creation and implementation of a State Energy Plan (“SEP”). |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Central Hudson submitted its own comments on the draft scope of the State Energy Plan and joined those submitted by the Energy Association of New York State Member Companies’ comments.  Central Hudson also provided briefing papers to the SEP working group on pressing issues facing Central Hudson for consideration in developing the SEP. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Ø | PSC |
|--------|--------|-----|

|   | · | Central Hudson has filed comments with the PSC supporting the opportunity to establish energy efficiency businesses, with corresponding opportunities to contribute to the state energy goal of reducing electricity consumption by 15% by 2015 and provide meaningful earnings for investors from energy efficiency services. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The PSC established energy efficiency targets to be achieved by individual utilities through 2011 that included three utility administered fast track programs and five fast track programs to be administered by the New York State Energy Research and Development Authority (“NYSERDA”).  Central Hudson has filed its plans to implement its programs with the PSC. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Effective October 1, 2008, the PSC ordered the creation of a gas System Benefit Charge and increased electric System Benefit Charges to invest in funding these energy efficiency programs. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | On January 7, 2009, Governor Paterson outlined various strategies and policy goals in his State of the State address, including one of the most aggressive clean energy goals in the country, with a goal for New York to meet 45% of its electricity needs by 2015 (“45 x 15”) through improved energy efficiency and clean renewable energy production.  This would be accomplished by expanding the RenewablePortfolio Standard from 25% by 2013 to 30% by 2015 and decreasing electric usage by 15% by 2015. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | A SEP Interim Report was issued for comment on March 31, 2009.  Central Hudson filed comments on May 15, 2009 in support of policies and efforts with potential to promote economic development and job creation, foster private investment, increase the tax base, enhance energy reliability, lower customer bills and protect public health, safety and the environment.  The SEP schedule has been modifiedto provide for the issuance of a 2009 Draft SEP on July 15, with a Final 2009 SEP to be issued October 15, 2009. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The PSC will continue to work on additional issues of the energy efficiency program design with participation by interested parties in various working groups that include utility performance incentives, on-bill financing, demand response and peak reduction and impacts on low-income and rental customers. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | Ø | Storm Restoration Costs: |
|--------|--------|--------------------------|

|   | · | Central Hudson filed its petition on December 31, 2008. |
|--------|--------|---------------------------------------------------------|

|   | Ø | Bad Debt Net Write-off Expense: |
|--------|--------|---------------------------------|

|   | · | Central Hudson filed its petition on February 11, 2009. |
|--------|--------|---------------------------------------------------------|

|   | Ø | Gas Leak Repairs Expense: |
|--------|--------|---------------------------|

|   | · | Central Hudson filed its petition on February 11, 2009. |
|--------|--------|---------------------------------------------------------|

|   | Ø | Storm Restoration Costs: |
|--------|--------|--------------------------|

|   | · | Authorization for non-cash recovery in the June 22, 2009 Order in Case 08-E-0887. |
|--------|--------|-----------------------------------------------------------------------------------|

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|   | · | On April 14, 2009 Central Hudson filed its AMI and Smart Grid Proposal with the PSC. |
|--------|--------|--------------------------------------------------------------------------------------|

|   | · | On April 14, 2009, the PSC issued its “Proposed Framework for the Benefit-Cost Analysis of Advanced Metering Infrastructure”.  A Notice Seeking Comment on the proposal was also issued directing parties to file comments on the generic benefit-cost framework by June 15, 2009. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The Company filed comments on June 15, 2009. |
|--------|--------|----------------------------------------------|

|   | · | The PSC on April 2, 2009 sent a letter to the state’s regulated utilities requesting a submittal of project lists from the utilities that are being considered for application for ARRA funding. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Regulated utilities, New York Power Authority (“NYPA”), Long Island Power Authority (“LIPA”), NYSERDA and NYISO, along with other parties have been discussing potential collaborative project filings, some of which are in development. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | The ARRA funding in some cases only covers a portion of the project costs and therefore will require other funding sources which may include ratepayer funds for which PSC approval is required. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Central Hudson submitted its current project list to PSC on April 17, 2009 and filed its updated stimulus plans with the PSC on July 2, 2009. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Central Hudson filed its petition on March 26, 2009. |
|--------|--------|------------------------------------------------------|

|   | · | An order is expected in the case in August, 2009. |
|--------|--------|---------------------------------------------------|

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|                            |   | Six Months Ended June 30, |   |
|---------------------------------|--------|--------------------------------|--------|
|                            |   | 2009                           |   |   | 2008 |   |
| Net Cash Provided By/(Used In): |   |                           |   |
| Operating Activities            |   | $                              | 117.1  |   |   | $ | 35.7 |   |
| Investing Activities            |   |                           | (68.7  | ) |   |   | (44.5 | ) |
| Financing Activities            |   |                           | (23.1  | ) |   |   | 16.0 |   |
| Net change for the period       |   |                           | 25.3   |   |   |   | 7.2 |   |
| Balance at beginning of period  |   |                           | 19.8   |   |   |   | 11.3 |   |
| Balance at end of period        |   | $                              | 45.1   |   |   | $ | 18.5 |   |

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|                            |   | Six Months Ended June 30, |   |
|---------------------------------|--------|--------------------------------|--------|
|                            |   | 2009                           |   |   | 2008 |   |
| Net Cash Provided By/(Used In): |   |                           |   |
| Operating Activities            |   | $                              | 93.0   |   |   | $ | 36.0 |   |
| Investing Activities            |   |                           | (63.3  | ) |   |   | (38.8 | ) |
| Financing Activities            |   |                           | (21.1  | ) |   |   | 4.0 |   |
| Net change for the period       |   |                           | 8.6    |   |   |   | 1.2 |   |
| Balance at beginning of period  |   |                           | 2.5    |   |   |   | 3.6 |   |
| Balance at end of period        |   | $                              | 11.1   |   |   | $ | 4.8 |   |

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|                             |   | Three Months Ended June 30, |   |   |   |   |
|----------------------------------|--------|----------------------------------|--------|--------|--------|--------|
|                             |   | 2009                             |   |   | 2008   |   |   | Change |   |
| Central Hudson - Electric        |   | $                                | 0.10   |   |   | $      | 0.23 |   |   | $ | (0.13 | ) |
| Central Hudson - Natural Gas     |   |                             | (0.04  | )      |   |   | 0.02 |   |   |   | (0.06 | ) |
| Griffith                         |   |                             | (0.14  | )      |   |   | (0.17 | ) |   |   | 0.03 |   |
| Other Businesses and Investments |   |                             | (0.01  | )      |   |   | 0.03 |   |   |   | (0.04 | ) |
|                             |   | $                                | (0.09  | )      |   | $      | 0.11 |   |   | $ | (0.20 | ) |

| Note: | The information above is considered a non-GAAP financial measure.  This information is not an alternative to earnings per share determined on a consolidated basis, which is the most directly comparable GAAP measure.  A reconciliation of each business unit's earnings per share to CH Energy Group's earnings per share, determined on a consolidated basis, is included in the table above. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                             |   | Six Months Ended June 30, |   |   |   |   |
|----------------------------------|--------|--------------------------------|--------|--------|--------|--------|
|                             |   | 2009                           |   |   | 2008   |   |   | Change |   |
| Central Hudson - Electric        |   | $                              | 0.50   |   |   | $      | 0.62 |   |   | $ | (0.12 | ) |
| Central Hudson - Natural Gas     |   |                           | 0.34   |   |   |   | 0.36 |   |   |   | (0.02 | ) |
| Griffith                         |   |                           | 0.50   |   |   |   | 0.20 |   |   |   | 0.30 |   |
| Other Businesses and Investments |   |                           | 0.03   |   |   |   | 0.15 |   |   |   | (0.12 | ) |
|                             |   | $                              | 1.37   |   |   | $      | 1.33 |   |   | $ | 0.04 |   |

| Note: | The information above is considered a non-GAAP financial measure.  This information is not an alternative to earnings per share determined on a consolidated basis, which is the most directly comparable GAAP measure.  A reconciliation of each business unit's earnings per share to CH Energy Group's earnings per share, determined on a consolidated basis, is included in the table above. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|        | Three Months Ended June 30, |   |   |   |   |
|-------------|----------------------------------|--------|--------|--------|--------|
|        | 2009                             |   | 2008   |   | Change |   |
| Electric    |                             | $      | 0.10   |   |   | $ | 0.23 |   |   | $ | (0.13 | ) |
| Natural Gas |                             |   | (0.04  | )      |   |   | 0.02 |   |   |   | (0.06 | ) |
|        |                             | $      | 0.06   |   |   | $ | 0.25 |   |   | $ | (0.19 | ) |

| Regulatory Mechanisms and Unusual Events:    |   |   |   |
|----------------------------------------------|--------|--------|--------|
| Cable attachment rents in 2008               |   | $      | (0.03  | ) |
| Rate increases                               |   |   | 0.03   |   |
| Weather normalized sales                     |   |   | (0.07  | ) |
| Higher uncollectible accounts                |   |   | (0.05  | ) |
| Lower storm restoration expense              |   |   | 0.05   |   |
| Higher depreciation                          |   |   | (0.03  | ) |
| Higher tree trimming                         |   |   | (0.02  | ) |
| Higher property and other taxes              |   |   | (0.02  | ) |
| Higher interest expense and carrying charges |   |   | (0.01  | ) |
| Other                                        |   |   | (0.04  | ) |
|                                         |   | $      | (0.19  | ) |

| Note: | The information in the above chart is considered a non-GAAP financial measure.  This information is not an alternative to earnings per share determined on a consolidated basis, which is the most directly comparable GAAP measure.  A reconciliation of each business unit's earnings per share to CH Energy Group's earnings per share, determined on a consolidated basis, is included in the CH Energy GroupConsolidated Earnings per Share (Basic) table. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|        | Six Months Ended June 30, |   |   |   |   |
|-------------|--------------------------------|--------|--------|--------|--------|
|        | 2009                           |   | 2008   |   | Change |   |
| Electric    |                           | $      | 0.50   |   |   | $ | 0.62 |   |   | $ | (0.12 | ) |
| Natural Gas |                           |   | 0.34   |   |   |   | 0.36 |   |   |   | (0.02 | ) |
|        |                           | $      | 0.84   |   |   | $ | 0.98 |   |   | $ | (0.14 | ) |

| Regulatory Mechanisms and Unusual Events:    |   |   |   |
|----------------------------------------------|--------|--------|--------|
| Cable attachment rents in 2008               |   | $      | (0.03  | ) |
| Rate increases                               |   |   | 0.09   |   |
| Weather normalized sales                     |   |   | (0.09  | ) |
| Higher uncollectible accounts                |   |   | (0.10  | ) |
| Lower storm restoration expense              |   |   | 0.08   |   |
| Weather impact on sales (including hedging)  |   |   | 0.06   |   |
| Higher depreciation                          |   |   | (0.08  | ) |
| Higher tree trimming                         |   |   | (0.04  | ) |
| Higher property and other taxes              |   |   | (0.03  | ) |
| Higher interest expense and carrying charges |   |   | (0.05  | ) |
| Other                                        |   |   | 0.05   |   |
|                                         |   | $      | (0.14  | ) |

| Note: | The information in the above chart is considered a non-GAAP financial measure.  This information is not an alternative to earnings per share determined on a consolidated basis, which is the most directly comparable GAAP measure.  A reconciliation of each business unit's earnings per share to CH Energy Group's earnings per share, determined on a consolidated basis, is included in the CH Energy GroupConsolidated Earnings per Share (Basic) table. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | Three Months Ended June 30, |   |   |   |   |
|--------|----------------------------------|--------|--------|--------|--------|
|   | 2009                             |   |   | 2008   |   |   | Change |   |
|   | $                                | (0.14  | )      |   | $      | (0.17 | ) |   | $ | 0.03 |   |

| Margin on petroleum sales and services            |   | $      | 0.03  |   |
|---------------------------------------------------|--------|--------|-------|--------|
| Weather normalized sales (including conservation) |   |   | (0.08 | )      |
| Weather impact on sales (including hedging)       |   |   | 0.02  |   |
| Operating expenses                                |   |   | 0.04  |   |
| Other                                             |   |   | 0.02  |   |
|                                              |   | $      | 0.03  |   |

| (1) | For the purposes of the above chart, "Acquisitions" reflects the incremental effect of acquisitions made by Griffith in 2008. |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

| Note: | The information in the above charts is considered a non-GAAP financial measure.  This information is not an alternative to earnings per share determined on a consolidated basis, which is the most directly comparable GAAP measure.  A reconciliation of each business unit's earnings per share to CH Energy Group's earnings per share, determined on a consolidated basis, is included in the CH Energy GroupConsolidated Earnings per Share (Basic) table. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Six Months Ended June 30, |   |   |   |   |
|--------|--------------------------------|--------|--------|--------|--------|
|   | 2009                           |   |   | 2008   |   |   | Change |   |
|   | $                              | 0.50   |   |   | $      | 0.20 |   |   | $ | 0.30 |   |

| Margin on petroleum sales and services            |   | $      | 0.25  |   |
|---------------------------------------------------|--------|--------|-------|--------|
| Weather normalized sales (including conservation) |   |   | (0.21 | )      |
| Weather impact on sales (including hedging)       |   |   | 0.15  |   |
| Operating expenses                                |   |   | 0.05  |   |
| Acquisitions(1)                                   |   |   | 0.02  |   |
| Other                                             |   |   | 0.04  |   |
|                                              |   | $      | 0.30  |   |

| (1) | For the purposes of the above chart, “Acquisitions” reflects the incremental affect of acquisitions made by Griffith in 2008. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

| Note: | The information in the above charts is considered a non-GAAP financial measure.  This information is not an alternative to earnings per share determined on a consolidated basis, which is the most directly comparable GAAP measure.  A reconciliation of each business unit's earnings per share to CH Energy Group's earnings per share, determined on a consolidated basis, is included in the CH Energy GroupConsolidated Earnings per Share (Basic) table. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|   | Three Months Ended June 30, |   |   |   |   |
|--------|-----------------------------|--------|--------|--------|--------|
|   | 2009                        |   |   | 2008   |   |   | Change |   |
|   | $                           | (0.01  | )      |   | $      | 0.03 |   |   | $ | (0.04 | ) |

| Lyonsdale investment             |   | $      | (0.02 | ) |
|----------------------------------|--------|--------|-------|---|
| Holding company interest expense |   |   | (0.02 | ) |
|                             |   | $      | (0.04 | ) |

| Note: | The information in the above chart is considered a non-GAAP financial measure.  This information is not an alternative to earnings per share determined on a consolidated basis, which is the most directly comparable GAAP measure.  A reconciliation of each business unit's earnings per share to CH Energy Group's earnings per share, determined on a consolidated basis, is included in the CH Energy GroupConsolidated Earnings per Share (Basic) table. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Six Months Ended June 30, |   |   |   |   |
|--------|---------------------------|--------|--------|--------|--------|
|   | 2009                      |   |   | 2008   |   |   | Change |   |
|   | $                         | 0.03   |   |   | $      | $0.15 |   |   | $ | (0.12 | ) |

| Buckeye investment               |   | $      | (0.05 | ) |
|----------------------------------|--------|--------|-------|---|
| Lyonsdale investment             |   |   | (0.04 | ) |
| Holding company interest expense |   |   | (0.02 | ) |
| Other                            |   |   | (0.01 | ) |
|                             |   | $      | (0.12 | ) |

| Note: | The information in the above chart is considered a non-GAAP financial measure.  This information is not an alternative to earnings per share determined on a consolidated basis, which is the most directly comparable GAAP measure.  A reconciliation of each business unit's earnings per share to CH Energy Group's earnings per share, determined on a consolidated basis, is included in the CH Energy GroupConsolidated Earnings per Share (Basic) table. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|                                        |   | Three Months Ended June 30, 2009 Over/(Under) same period in 2008 |    |   | Six Months Ended June 30, 2009 Over/(Under) same period in 2008 |   |
|---------------------------------------------|--------|-----------------------------------------------------------------------------|---------|--------|----------------------------------------------------------------------|--------|
|                                        |   | Amount                                                                      |    |   | Percent                                                              |   |   | Amount |   |   | Percent |   |
| Operating Revenues                          |   | $                                                                           | (50,466 | )      |                                                                 |   | (27 | )% |   | $ | (23,623 | ) |   |   | (6 | )% |
|                                        |   |                                                                        |    |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Operating Expenses:                         |   |                                                                        |    |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Purchased electricity, fuel and natural gas |   |                                                                        | (50,060 | )      |                                                                 |   | (42 | )% |   |   | (30,456 | ) |   |   | (12 | )% |
| Depreciation and amortization               |   |                                                                        | 539     |   |                                                                 |   | 7 |  % |   |   | 1,184 |   |   |   | 8 |  % |
| Other operating expenses                    |   |                                                                        | 3,367   |   |                                                                 |   | 7 |  % |   |   | 7,440 |   |   |   | 7 |  % |
| Total Operating Expenses                    |   |                                                                        | (46,154 | )      |                                                                 |   | (26 | )% |   |   | (21,832 | ) |   |   | (6 | )% |
| Operating Income                            |   |                                                                        | (4,312  | )      |                                                                 |   | (37 | )% |   |   | (1,791 | ) |   |   | (5 | )% |
| Other Income, net                           |   |                                                                        | (614    | )      |                                                                 |   | (48 | )% |   |   | (1,716 | ) |   |   | (62 | )% |
| Interest Charges                            |   |                                                                        | (272    | )      |                                                                 |   | (4 | )% |   |   | (243 | ) |   |   | (2 | )% |
| Income Before Income Taxes                  |   |                                                                        | (4,654  | )      |                                                                 |   | (68 | )% |   |   | (3,264 | ) |   |   | (12 | )% |
| Income Taxes                                |   |                                                                        | (1,680  | )      |                                                                 |   | (65 | )% |   |   | (1,137 | ) |   |   | (10 | )% |
| Net Income                                  |   | $                                                                           | (2,974  | )      |                                                                 |   | (71 | )% |   | $ | (2,127 | ) |   |   | (13 | )% |

----

Table of Contents

|                    |   | Three Months EndedJune 30, 2009Increase/(Decrease) fromsame period in 2008 |   |   | Six Months EndedJune 30, 2009Increase/(Decrease) fromsame period in 2008 |   |
|-------------------------|--------|----------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------|--------|
|                    |   | Electric                                                                   |   |   | Natural Gas                                                              |   |   | Electric |   |   | Natural Gas |   |
| Residential             |   |                                                                       | (4     | )%     |                                                                     |   | (11 | )% |   |   | 0 | % |   |   | 2 | % |
| Commercial              |   |                                                                       | (4     | )%     |                                                                     |   | (7 | )% |   |   | (3 | )% |   |   | 3 | % |
| Industrial and other(1) |   |                                                                       | (7     | )%     |                                                                     |   | (20 | )% |   |   | (8 | )% |   |   | (15 | )% |
| Total Deliveries        |   |                                                                       | (5     | )%     |                                                                     |   | (11 | )% |   |   | (3 | )% |   |   | 0 | % |

| (1) | Includes interruptible natural gas deliveries. |
|-----|------------------------------------------------|

|                     |   | Three Months Ended June 30, 2009 Increase/(Decrease) from same period in 2008 |   |   | Six Months Ended June 30, 2009 Increase/(Decrease) from same period in 2008 |   |
|--------------------------|--------|------------------------------------------------------------------------------------|--------|--------|----------------------------------------------------------------------------------|--------|
|                     |   | Electric                                                                           |   |   | Natural Gas                                                                      |   |   | Electric |   |   | Natural Gas |   |
| Residential              |   |                                                                               | (4     | )%     |                                                                             |   | (7 | )% |   |   | (1 | )% |   |   | (1 | )% |
| Commercial               |   |                                                                               | (3     | )%     |                                                                             |   | (4 | )% |   |   | (3 | )% |   |   | 0 | % |
| Industrial and other (2) |   |                                                                               | (7     | )%     |                                                                             |   | (19 | )% |   |   | (8 | )% |   |   | (15 | )% |
| Total Deliveries         |   |                                                                               | (5     | )%     |                                                                             |   | (8 | )% |   |   | (4 | )% |   |   | (3 | )% |

| (2) | Excludes interruptible natural gas deliveries. |
|-----|------------------------------------------------|

| Note: | Due to a warming trend in actual weather over the past 30 years, Central Hudson has developed linear trend normal weather values for its electric and natural gas businesses.  This trend analysis results in approximately 330 and 300 less heating degree days compared to a rolling 30-year average for electric and natural gas, respectively.  The above chart of weather normalized deliveries was determinedusing Central Hudson's linear trend normal weather value. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|                                       |   | Three Months Ended June 30, 2009 Increase/(Decrease) from same period in 2008 |    |
|--------------------------------------------|--------|-----------------------------------------------------------------------------------------|---------|
|                                       |   | Electric                                                                                |    |   | Natural Gas |   |   | Total |   |
| Revenues with Matching Expense Offsets:(1) |   |                                                                                    |    |   |   |   |   |   |   |
| Energy cost adjustment                     |   | $                                                                                       | (38,088 | ) |   | $ | (9,324 | ) |   | $ | (47,412 | ) |
| Sales to others for resale                 |   |                                                                                    | 192     |   |   |   | (3,381 | ) |   |   | (3,189 | ) |
| Other revenues with matching offsets       |   |                                                                                    | 2,094   |   |   |   | 9 |   |   |   | 2,103 |   |
| Subtotal                                   |   |                                                                                    | (35,802 | ) |   |   | (12,696 | ) |   |   | (48,498 | ) |
|                                       |   |                                                                                    |    |   |   |   |   |   |   |   |   |   |
| Revenues Impacting Earnings:               |   |                                                                                    |    |   |   |   |   |   |   |   |   |   |
| Customer sales                             |   |                                                                                    | (498    | ) |   |   | (722 | ) |   |   | (1,220 | ) |
| Other regulatory mechanisms                |   |                                                                                    | (686    | ) |   |   | 31 |   |   |   | (655 | ) |
| Pole attachments and other rents           |   |                                                                                    | (766    | ) |   |   | - |   |   |   | (766 | ) |
| Weather-hedging contracts                  |   |                                                                                    | 438     |   |   |   | - |   |   |   | 438 |   |
| Other revenues                             |   |                                                                                    | 67      |   |   |   | 168 |   |   |   | 235 |   |
| Subtotal                                   |   |                                                                                    | (1,445  | ) |   |   | (523 | ) |   |   | (1,968 | ) |
| Total                                      |   | $                                                                                       | (37,247 | ) |   | $ | (13,219 | ) |   | $ | (50,466 | ) |

| (1) | Revenues with matching offsets do not affect earnings since they offset related costs, the most significant being energy cost adjustment revenues, which provide for the recovery of purchased electricity and natural gas costs.  Other related costs are pensions, OPEB, and the cost of special programs authorized by the PSC, which are funded with certain available credits.  Changes in revenues from electricsales to other utilities also do not affect earnings since any related profits or losses are returned or charged, respectively, to customers.  For natural gas sales to other entities for resale, 85% of such profits are returned to customers. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                                       |   | Six Months Ended June 30, 2009 Increase/(Decrease) from same period in 2008 |    |
|--------------------------------------------|--------|----------------------------------------------------------------------------------|---------|
|                                       |   | Electric                                                                         |    |   | Natural Gas |   |   | Total |   |
| Revenues with Matching Expense Offsets:(1) |   |                                                                             |    |   |   |   |   |   |   |
| Energy cost adjustment                     |   | $                                                                                | (30,520 | ) |   | $ | (2,951 | ) |   | $ | (33,471 | ) |
| Sales to others for resale                 |   |                                                                             | 541     |   |   |   | 2,064 |   |   |   | 2,605 |   |
| Other revenues with matching offsets       |   |                                                                             | 5,637   |   |   |   | 800 |   |   |   | 6,437 |   |
| Subtotal                                   |   |                                                                             | (24,342 | ) |   |   | (87 | ) |   |   | (24,429 | ) |
|                                       |   |                                                                             |    |   |   |   |   |   |   |   |   |   |
| Revenues Impacting Earnings:               |   |                                                                             |    |   |   |   |   |   |   |   |   |   |
| Customer sales                             |   |                                                                             | 825     |   |   |   | 338 |   |   |   | 1,163 |   |
| Other regulatory mechanisms                |   |                                                                             | (994    | ) |   |   | 239 |   |   |   | (755 | ) |
| Pole attachments and other rents           |   |                                                                             | (687    | ) |   |   | - |   |   |   | (687 | ) |
| Weather-hedging contracts                  |   |                                                                             | 495     |   |   |   | 113 |   |   |   | 608 |   |
| Other revenues                             |   |                                                                             | 395     |   |   |   | 82 |   |   |   | 477 |   |
| Subtotal                                   |   |                                                                             | 34      |   |   |   | 772 |   |   |   | 806 |   |
| Total                                      |   | $                                                                                | (24,308 | ) |   | $ | 685 |   |   | $ | (23,623 | ) |

| (1) | Revenues with matching offsets do not affect earnings since they offset related costs, the most significant being energy cost adjustment revenues, which provide for the recovery of purchased electricity and natural gas costs.  Other related costs are pensions, OPEB, and the cost of special programs authorized by the PSC, which are funded with certain available credits.  Changes in revenues from electricsales to other utilities also do not affect earnings since any related profits or losses are returned or charged, respectively, to customers.  For natural gas sales to other entities for resale, 85% of such profits are returned to customers. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                                         |   | Three Months Ended June 30, 2009 Increase / (Decrease) from same period in 2008 |    |   | Six Months EndedJune 30, 2009Increase / (Decrease) from same period in 2008 |   |
|----------------------------------------------|--------|-------------------------------------------------------------------------------------------|---------|--------|----------------------------------------------------------------------------------|--------|
| Expenses Currently Matched to Revenues:(1)   |   |                                                                                      |    |   |                                                                             |   |
| Purchased electricity                        |   | $                                                                                         | (37,896 | )      |                                                                             | $      | (29,979 | ) |
| Purchased natural gas                        |   |                                                                                      | (12,705 | )      |                                                                             |   | (887 | ) |
| NYS energy programs                          |   |                                                                                      | 2,639   |   |                                                                             |   | 5,950 |   |
| Other matched expenses                       |   |                                                                                      | (536    | )      |                                                                             |   | 487 |   |
| Subtotal                                     |   |                                                                                      | (48,498 | )      |                                                                             |   | (24,429 | ) |
|                                         |   |                                                                                      |    |   |                                                                             |   |   |   |
| Other Expense Variations:                    |   |                                                                                      |    |   |                                                                             |   |   |   |
| Tree trimming                                |   |                                                                                      | 618     |   |                                                                             |   | 1,034 |   |
| Uncollectible reserve                        |   |                                                                                      | 999     |   |                                                                             |   | 2,063 |   |
| Purchased natural gas incentive arrangements |   |                                                                                      | 541     |   |                                                                             |   | 410 |   |
| Storm restoration expenses                   |   |                                                                                      | (1,417  | )      |                                                                             |   | (2,113 | ) |
| Depreciation and amortization                |   |                                                                                      | 539     |   |                                                                             |   | 1,184 |   |
| Other expenses                               |   |                                                                                      | 1,064   |   |                                                                             |   | 19 |   |
| Subtotal                                     |   |                                                                                      | 2,344   |   |                                                                             |   | 2,597 |   |
|                                         |   |                                                                                      |    |   |                                                                             |   |   |   |
| Total Decrease in Operating Expenses         |   | $                                                                                         | (46,154 | )      |                                                                             | $      | (21,832 | ) |

| (1) | Includes expenses that, in accordance with the 2006 Order, are adjusted in the current period to equal the revenues earned for the applicable expenses. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

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Table of Contents

|                                                                                                |   | Three Months EndedJune 30, 2009Over/(Under) same period in 2008 |     |   | Six Months EndedJune 30, 2009Over/(Under) same period in 2008 |   |
|-----------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|----------|--------|--------------------------------------------------------------------|--------|
|                                                                                                |   | Amount                                                                    |     |   | Percent                                                            |   |   | Amount |   |   | Percent |   |
| Operating Revenues                                                                                  |   | $                                                                         | (113,422 | )      |                                                               |   | (36 | )% |   | $ | (144,740 | ) |   |   | (20 | )% |
|                                                                                                |   |                                                                      |     |   |                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Operating Expenses:                                                                                 |   |                                                                      |     |   |                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Purchased electricity, fuel, natural gas and petroleum                                              |   |                                                                      | (112,174 | )      |                                                               |   | (50 | )% |   |   | (157,657 | ) |   |   | (31 | )% |
| Depreciation and amortization                                                                       |   |                                                                      | 573      |   |                                                               |   | 6 |  % |   |   | 1,276 |   |   |   | 7 |  % |
| Other operating expenses                                                                            |   |                                                                      | 2,307    |   |                                                               |   | 3 |  % |   |   | 6,914 |   |   |   | 5 |  % |
| Total Operating Expenses                                                                            |   |                                                                      | (109,294 | )      |                                                               |   | (36 | )% |   |   | (149,467 | ) |   |   | (22 | )% |
| Operating Income                                                                                    |   |                                                                      | (4,128   | )      |                                                               |   | (52 | )% |   |   | 4,727 |   |   |   | 11 |  % |
| Other Income, net                                                                                   |   |                                                                      | (754     | )      |                                                               |   | (58 | )% |   |   | (3,399 | ) |   |   | (104 | )% |
| Interest Charges                                                                                    |   |                                                                      | 59       |   |                                                               |   | 1 |  % |   |   | (30 | ) |   |   | - |  % |
| (Loss) income before income taxes, non-controlling interest and preferred dividends of subsidiaries |   |                                                                      | (4,941   | )      |                                                               |   | (173 | )% |   |   | 1,358 |   |   |   | 4 |  % |
| Income Taxes                                                                                        |   |                                                                      | (1,680   | )      |                                                               |   | (173 | )% |   |   | 916 |   |   |   | 7 |  % |
| Net (loss) Income                                                                                   |   |                                                                      | (3,261   | )      |                                                               |   | (173 | )% |   |   | 442 |   |   |   | 2 |  % |
| Net loss attributable to non-controlling interest                                                   |   |                                                                      | (134     | )      |                                                               |   | (61 | )% |   |   | (251 | ) |   |   | (46 | )% |
| Net (loss) income attributable to CH Energy Group                                                   |   | $                                                                    | (3,127   | )      |                                                               |   | (187 | )% |   | $ | 693 |   |   |   | 3 |  % |

----

Table of Contents

|                    |   | Three Months Ended                |   |    | Six Months Ended                  |   |
|-------------------------|--------|-----------------------------------|--------|---------|-----------------------------------|--------|
|                    |   | June 30, 2009                |   |    | June 30, 2009                |   |
|                    |   | % Change from same period in 2008 |   |    | 2009 Volumes as % of Total Volume |   |   | % Change from same period in 2008 |   |   | 2009 Volumes as % of Total Volume |   |
| Heating Oil             |   |                              |   |    |                              |   |   |   |   |   |   |   |
| Base company volume(1)  |   |                              | (11    | )%      |                              |   | 34 | % |   |   | 2 |  % |   |   | 58 | % |
| Acquisitions volume(2)  |   |                              | -      |  % |                              |   | 1 | % |   |   | 1 |  % |   |   | 3 | % |
| Total Heating Oil       |   |                              | (11    | )%      |                              |   | 35 | % |   |   | 3 |  % |   |   | 61 | % |
|                    |   |                              |   |    |                              |   |   |   |   |   |   |   |   |   |   |   |
| Motor Fuels             |   |                              |   |    |                              |   |   |   |   |   |   |   |   |   |   |   |
| Base company volume     |   |                              | (20    | )%      |                              |   | 63 | % |   |   | (19 | )% |   |   | 37 | % |
| Acquisitions volume     |   |                              | -      |  % |                              |   | - | % |   |   | - |  % |   |   | - | % |
| Total Motor Fuels       |   |                              | (20    | )%      |                              |   | 63 | % |   |   | (19 | )% |   |   | 37 | % |
|                    |   |                              |   |    |                              |   |   |   |   |   |   |   |   |   |   |   |
| Propane and Other       |   |                              |   |    |                              |   |   |   |   |   |   |   |   |   |   |   |
| Base company volume     |   |                              | 9      |  % |                              |   | 2 | % |   |   | 14 |  % |   |   | 2 | % |
| Acquisitions volume     |   |                              | -      |  % |                              |   | - | % |   |   | - |  % |   |   | - | % |
| Total Propane and Other |   |                              | 9      |  % |                              |   | 2 | % |   |   | 14 |  % |   |   | 2 | % |
|                    |   |                              |   |    |                              |   |   |   |   |   |   |   |   |   |   |   |
| Total                   |   |                              |   |    |                              |   |   |   |   |   |   |   |   |   |   |   |
| Base company volume     |   |                              | (17    | )%      |                              |   | 99 | % |   |   | (7 | )% |   |   | 97 | % |
| Acquisitions volume     |   |                              | -      |  % |                              |   | 1 | % |   |   | 1 |  % |   |   | 3 | % |
| Total                   |   |                              | (17    | )%      |                              |   | 100 | % |   |   | (6 | )% |   |   | 100 | % |

| (1) | For the purposes of this chart, “Base company” means Griffith as constituted at January 1, 2008 (i.e., without any impact from acquisitions made by Griffith in 2008). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | For the purposes of this chart, “Acquisitions” represent the incremental effect of acquisitions made by Griffith in 2008. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                    |   | Three Months Ended                |   |    | Six Months Ended                  |   |
|-------------------------|--------|-----------------------------------|--------|---------|-----------------------------------|--------|
|                    |   | June 30, 2009                     |   |    | June 30, 2009                     |   |
|                    |   | % Change from same period in 2008 |   |    | 2009 Volumes as % of Total Volume |   |   | % Change from same period in 2008 |   |   | 2009 Volumes as % of Total Volume |   |
| Heating Oil             |   |                              |   |    |                              |   |   |   |   |   |   |   |
| Base company volume(1)  |   |                              | (17    | )%      |                              |   | 34 | % |   |   | (11 | )% |   |   | 56 | % |
| Acquisitions volume(2)  |   |                              | (1     | )%      |                              |   | 1 | % |   |   | 1 |  % |   |   | 3 | % |
| Total Heating Oil       |   |                              | (18    | )%      |                              |   | 35 | % |   |   | (10 | )% |   |   | 59 | % |
|                    |   |                              |   |    |                              |   |   |   |   |   |   |   |   |   |   |   |
| Motor Fuels             |   |                              |   |    |                              |   |   |   |   |   |   |   |   |   |   |   |
| Base company volume     |   |                              | (20    | )%      |                              |   | 63 | % |   |   | (19 | )% |   |   | 39 | % |
| Acquisitions volume     |   |                              | -      |  % |                              |   | - | % |   |   | - |  % |   |   | - | % |
| Total Motor Fuels       |   |                              | (20    | )%      |                              |   | 63 | % |   |   | (19 | )% |   |   | 39 | % |
|                    |   |                              |   |    |                              |   |   |   |   |   |   |   |   |   |   |   |
| Propane and Other       |   |                              |   |    |                              |   |   |   |   |   |   |   |   |   |   |   |
| Base company volume     |   |                              | 1      |  % |                              |   | 2 | % |   |   | - |  % |   |   | 2 | % |
| Acquisitions volume     |   |                              | -      |  % |                              |   | - | % |   |   | - |  % |   |   | - | % |
| Total Propane and Other |   |                              | 1      |  % |                              |   | 2 | % |   |   | - |  % |   |   | 2 | % |
|                    |   |                              |   |    |                              |   |   |   |   |   |   |   |   |   |   |   |
| Total                   |   |                              |   |    |                              |   |   |   |   |   |   |   |   |   |   |   |
| Base company volume     |   |                              | (19    | )%      |                              |   | 99 | % |   |   | (14 | )% |   |   | 97 | % |
| Acquisitions volume     |   |                              | -      |  % |                              |   | 1 | % |   |   | 1 |  % |   |   | 3 | % |
| Total                   |   |                              | (19    | )%      |                              |   | 100 | % |   |   | (13 | )% |   |   | 100 | % |

| (1) | For the purposes of this chart, "Base company" means Griffith as constituted at January 1, 2008 (i.e. without any impact from acquisitions made by Griffith in 2008). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | For the purposes of this chart, "Acquisitions" represent the incremental effect of acquisitions made by Griffith in 2008. |
|-----|---------------------------------------------------------------------------------------------------------------------------|

| Note: | Due to a warming trend in actual weather over the past 30 years, Griffith has developed a trend normal weather value.  This trend analysis has resulted in approximately 670 and 150 less heating degree days as compared to a standard 30-year average for Griffith's customers in the Northeast and Mid-Atlantic regions, respectively.  The above chart of weather normalized deliveries was determined usingGriffith's trend normal weather value. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                      |   | Three Months Ended June 30, 2009 Increase / (Decrease) from same period in 2008 |    |   | Six Months Ended June 30, 2009 Increase / (Decrease) from same period in 2008 |   |
|---------------------------|--------|--------------------------------------------------------------------------------------|---------|--------|------------------------------------------------------------------------------------|--------|
| Heating Oil               |   |                                                                                 |    |   |                                                                               |   |
| Base company(1)           |   | $                                                                                    | (17,655 | )      |                                                                               | $      | (48,309 | ) |
| Acquisitions(2)           |   |                                                                                 | (744    | )      |                                                                               |   | (431 | ) |
| Total Heating Oil         |   | $                                                                                    | (18,399 | )      |                                                                               | $      | (48,740 | ) |
| Motor Fuels               |   |                                                                                 |    |   |                                                                               |   |   |   |
| Base company              |   | $                                                                                    | (43,327 | )      |                                                                               | $      | (70,997 | ) |
| Acquisitions              |   |                                                                                 | (79     | )      |                                                                               |   | (74 | ) |
| Total Motor Fuels         |   | $                                                                                    | (43,406 | )      |                                                                               | $      | (71,071 | ) |
| Service Revenues          |   |                                                                                 |    |   |                                                                               |   |   |   |
| Base company              |   | $                                                                                    | (71     | )      |                                                                               | $      | 202 |   |
| Acquisitions              |   |                                                                                 | 170     |   |                                                                               |   | 694 |   |
| Total Service Revenues    |   | $                                                                                    | 99      |   |                                                                               | $      | 896 |   |
| Other                     |   |                                                                                 |    |   |                                                                               |   |   |   |
| Propane                   |   | $                                                                                    | (250    | )      |                                                                               | $      | (275 | ) |
| Weather-hedging contracts |   |                                                                                 | -       |   |                                                                               |   | (230 | ) |
| Other                     |   |                                                                                 | 37      |   |                                                                               |   | 310 |   |
| Total Other               |   | $                                                                                    | (213    | )      |                                                                               | $      | (195 | ) |
|                      |   |                                                                                 |    |   |                                                                               |   |   |   |
| Total Revenues            |   | $                                                                                    | (61,919 | )      |                                                                               | $      | (119,110 | ) |

| (1) | For the purposes of this chart, “Base company” means Griffith as constituted at January 1, 2008 (i.e., without any impact from acquisitions made by Griffith in 2008). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | For the purposes of this chart, “Acquisitions” represents the incremental effect of acquisitions made by Griffith in 2008. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|

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| ITEM 3 – | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
|----------------|------------------------------------------------------------|

| ITEM 4 – | CONTROLS AND PROCEDURES |
|----------------|-------------------------|

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| ITEM 1 - | LEGAL PROCEEDINGS |
|----------|-------------------|

| ITEM 1A - | RISK FACTORS |
|-----------|--------------|

|   | · | Actions by the federal government that reduce the demand for, or increase the supply of, ethanol.  Such actions could include, but are not limited to, a reduction in the required level of ethanol blending or weak enforcement of existing requirements, decreases in tax credits to refiners and/or reductions in tariffs on imported ethanol. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Imbalances in the supply of and demand for corn.  This could be caused by, among other things (1) drought or other acts of nature, (2) increased construction of new ethanol production facilities, (3) governmental actions that discourage raising corn for use in ethanol production (such as providing tax credits for corn grown for human consumption) or (4) changes in agricultural markets, technology or regulations. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Volatility in domestic and/or foreign markets. |
|--------|--------|------------------------------------------------|

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| ITEM 4 - | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
|----------|-----------------------------------------------------|

|   | · | The election of three nominees proposed by the Board of Directors as Class III Directors with terms expiring at the Annual Meeting of Shareholders to be held in 2012. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | A proposal to amend the Corporation’s Restated Certificate of Incorporation to provide for the annual election of all directors on the Board of Directors. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | A proposal to ratify the appointment of PricewaterhouseCoopers LLP as the Corporation’s independent public accounting firm for 2009. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

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| Name of Director    |   | Shares For |   | Shares Withheld |
|---------------------|--------|------------|--------|-----------------|
| Manuel J. Iraola    |   | 13,818,766 |   | 451,283         |
| E. Michel Kruse     |   | 13,812,476 |   | 457,573         |
| Ernest R. Verebelyi |   | 13,777,754 |   | 492,295         |

| ITEM 6 - | EXHIBITS |
|----------|----------|

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SIGN

|   |   | CH ENERGY GROUP, INC.                         |
|--------|--------|-----------------------------------------------|
|   |   | (Registrant)                                  |
|   |   |                                          |
| By:    |   | /s/ Kimberly J. Wright                        |
|   |   | Kimberly J. Wright                            |
|   |   | Vice President - Accounting and Controller    |
|   |   |                                          |
|   |   |                                          |
|   |   | CENTRAL HUDSON GAS & ELECTRIC CORPORATION |
|   |   | (Co-Registrant)                               |
|   |   |                                          |
| By:    |   | /s/ Kimberly J. Wright                        |
|   |   | Kimberly J. Wright                            |
|   |   | Controller                                    |

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EXHIB

| Exhibit No.Regulation S-KItem 601Designation | Exhibit Description                                                                                                                                                                                       |
|----------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                         |                                                                                                                                                                                                      |
| 10 (iii)(1)                                  | Amended and Restated CH Energy Group, Inc. Short – Term Incentive Plan. (Incorporated herein by reference to CH Energy Group’s Current Report on Form 8-K, filed May 27, 2009; Exhibit 10.1). |
|                                         |                                                                                                                                                                                                      |
| 12                                           | Statements Showing Computation of the Ratio of Earnings to Fixed Charges and the Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends.                                               |
|                                         |                                                                                                                                                                                                      |
| 31.1                                         | Rule 13a-14(a)/15d-14(a) Certification by Mr. Lant.                                                                                                                                                       |
|                                         |                                                                                                                                                                                                      |
| 31.2                                         | Rule 13a-14(a)/15d-14(a) Certification by Mr. Capone.                                                                                                                                                     |
|                                         |                                                                                                                                                                                                      |
| 32.1                                         | Section 1350 Certification by Mr. Lant.                                                                                                                                                                   |
|                                         |                                                                                                                                                                                                      |
| 32.2                                         | Section 1350 Certification by Mr. Capone.                                                                                                                                                                 |

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