|                                                   |               
|-------------------------------------------------- | --------------
|CH ENERGY GROUP, INC.                              |               
|Computation
 of Ratio of Earnings to Fixed Charges | EXHIBIT 12 (i)

|   |      |                                                                                       |  |                                                |        |                                                |   |                                                 |   |                                                |        |                                                |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|-- | ---- | ------------------------------------------------------------------------------------- |  | ---------------------------------------------- | ------ | ---------------------------------------------- | - | ----------------------------------------------- | - | ---------------------------------------------- | ------ | ---------------------------------------------- | - | ------ | - | ---- | ------ | ---- | - | ------ | - | ---- | ------ | - | - | ------ | - | - | ------ | - | - | ------ | -
|   |      |                                                                                       |  | 2008                                           |        | 2007                                           |   | Year
        Ended December 31,                 |  
|   |      |                                                                                       |  |                                                |        |                                                |   |                                                 |  
|   |      |                                                                                       |  | 3
        Months
        Ended
        June 30 |        | 6
        Months
        Ended
        June 30 |   | 12
        Months
        Ended
        June 30 |   | 3
        Months
        Ended
        June 30 |        | 6
        Months
        Ended
        June 30 |   | 2007   |   | 2006 |        | 2005 |   | 2004   |   | 2003 |       
|   |      |                                                                                       |  |                                                |        |                                                |   |                                                 |   |                                                |        |                                                |   |        |   |      |        |      |   |        |   |      |       
|   |      | Earnings:
        ($000)                                                              |  |                                                |        |                                                |   |                                                 |   |                                                |        |                                                |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|A. |      | Net
        income from Continuing Operations                                         |  | $                                              | 1,670  |                                                | $ | 20,971                                          |   | $                                              | 36,720 |                                                | $ | 5,189  |   | $    | 26,887 |      | $ | 42,636 |   | $    | 43,084 |   | $ | 44,291 |   | $ | 42,423 |   | $ | 43,985 |  
|B. |      | Preferred
        Stock Dividends                                                     |  |                                                | 242    |                                                |   | 485                                             |   |                                                | 970    |                                                |   | 242    |   |      | 485    |      |   | 970    |   |      | 970    |   |   | 970    |   |   | 970    |   |   | 1,387  |  
|C. |      | Federal
        and State Income Tax                                                  |  |                                                | 972    |                                                |   | 12,909                                          |   |                                                | 20,551 |                                                |   | 1,293  |   |      | 14,256 |      |   | 21,898 |   |      | 23,769 |   |   | 25,819 |   |   | 31,256 |   |   | 30,435 |  
|   | Less | Income
        from Equity Investments                                                |  |                                                | 66     |                                                |   | 335                                             |   |                                                | 686    |                                                |   | 349    |   |      | 1,544  |      |   | 1,895  |   |      | 1,810  |   |   | 1,456  |   |   | 922    |   |   | 865    |  
|   | Plus | Cash
        Distribution from Equity Investments                                     |  |                                                | 407    |                                                |   | 824                                             |   |                                                | 2,431  |                                                |   | 549    |   |      | 1,820  |      |   | 3,427  |   |      | 1,005  |   |   | 1,833  |   |   | 1,776  |   |   | 1,249  |  
|   |      |                                                                                       |  |                                                |        |                                                |   |                                                 |   |                                                |        |                                                |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|D. |      | Earnings
        before Income Taxes and Equity Inv.                                  |  | $                                              | 3,225  |                                                | $ | 34,854                                          |   | $                                              | 59,986 |                                                | $ | 6,924  |   | $    | 41,904 |      | $ | 67,036 |   | $    | 67,018 |   | $ | 71,457 |   | $ | 75,503 |   | $ | 76,191 |  
|   |      |                                                                                       |  |                                                |        |                                                |   |                                                 |   |                                                |        |                                                |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|E. |      | Fixed
        Charges                                                                 |  |                                                |        |                                                |   |                                                 |   |                                                |        |                                                |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|   |      | Interest
        on Mortgage Bonds                                                    |  |                                                |       |                                                |   |                                                |   |                                                |       |                                                |   |       |   |      |       |      |   |       |   |      |       |   |   |       |   |   |       |   |   | 570    |  
|   |      | Interest
        on Other-Long-Term Debt                                              |  |                                                | 5,049  |                                                |   | 10,138                                          |   |                                                | 19,805 |                                                |   | 4,495  |   |      | 8,986  |      |   | 18,653 |   |      | 16,425 |   |   | 13,826 |   |   | 11,488 |   |   | 10,699 |  
|   |      | Other
        Interest                                                                |  |                                                | 1,210  |                                                |   | 2,412                                           |   |                                                | 4,812  |                                                |   | 987    |   |      | 1,979  |      |   | 4,379  |   |      | 3,622  |   |   | 2,577  |   |   | 5,517  |   |   | 9,828  |  
|   |      | Interest
        Portion of Rents(1)                                                  |  |                                                | 303    |                                                |   | 652                                             |   |                                                | 1,336  |                                                |   | 288    |   |      | 594    |      |   | 1,278  |   |      | 1,112  |   |   | 1,077  |   |   | 1,192  |   |   | 1,040  |  
|   |      | Amortization
        of Premium & Expense on Debt                                     |  |                                                | 244    |                                                |   | 488                                             |   |                                                | 967    |                                                |   | 238    |   |      | 484    |      |   | 963    |   |      | 991    |   |   | 1,043  |   |   | 1,066  |   |   | 1,159  |  
|   |      | Preferred
        Stock Dividends Requirements of Central Hudson                      |  |                                                | 386    |                                                |   | 748                                             |   |                                                | 1,469  |                                                |   | 300    |   |      | 709    |      |   | 1,423  |   |      | 1,409  |   |   | 1,458  |   |   | 1,594  |   |   | 2,243  |  
|   |      |                                                                                       |  |                                                |        |                                                |   |                                                 |   |                                                |        |                                                |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|   |      | Total
        Fixed Charges                                                           |  | $                                              | 7,192  |                                                | $ | 14,438                                          |   | $                                              | 28,389 |                                                | $ | 6,308  |   | $    | 12,752 |      | $ | 26,696 |   | $    | 23,559 |   | $ | 19,981 |   | $ | 20,857 |   | $ | 25,539 |  
|   |      |                                                                                       |  |                                                |        |                                                |   |                                                 |   |                                                |        |                                                |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|   | Less | Preferred
        Stock Dividends Requirements of Central Hudson                      |  |                                                | 386    |                                                |   | 748                                             |   |                                                | 1,469  |                                                |   | 300    |   |      | 709    |      |   | 1,423  |   |      | 1,409  |   |   | 1,458  |   |   | 1,594  |   |   | 2,243  |  
|   |      |                                                                                       |  |                                                |        |                                                |   |                                                 |   |                                                |        |                                                |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|F. |      | Total
        Earnings                                                                |  | $                                              | 10,031 |                                                | $ | 48,544                                          |   | $                                              | 86,906 |                                                | $ | 12,932 |   | $    | 53,947 |      | $ | 92,309 |   | $    | 89,168 |   | $ | 89,980 |   | $ | 94,766 |   | $ | 99,487 |  
|   |      |                                                                                       |  |                                                |        |                                                |   |                                                 |   |                                                |        |                                                |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|   |      |                                                                                       |  |                                                |        |                                                |   |                                                 |   |                                                |        |                                                |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|   |      | Preferred
        Dividend Requirements:                                              |  |                                                |        |                                                |   |                                                 |   |                                                |        |                                                |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|G. |      | Allowance
        for Preferred Stock Dividends Under IRC Sec. 247                    |  | $                                              | 242    |                                                | $ | 485                                             |   | $                                              | 970    |                                                | $ | 242    |   | $    | 485    |      | $ | 970    |   | $    | 970    |   | $ | 970    |   | $ | 970    |   | $ | 1,387  |  
|H. |      | Less
        Allowable Dividend Deduction                                             |  |                                                | (32    | )                                              |   | (64                                             | ) |                                                | (127   | )                                              |   | (32    | ) |      | (64    | )    |   | (127   | ) |      | (127   | ) |   | (127   | ) |   | (127   | ) |   | (127   | )
|   |      |                                                                                       |  |                                                |        |                                                |   |                                                 |   |                                                |        |                                                |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|I. |      | Net
        Subject to Gross-Up                                                       |  |                                                | 210    |                                                |   | 421                                             |   |                                                | 843    |                                                |   | 210    |   |      | 421    |      |   | 843    |   |      | 843    |   |   | 843    |   |   | 843    |   |   | 1,260  |  
|J. |      | Ratio
        of Earnings before Income Taxes and Equity Inv. To Net Income (D/(A+B)) |  |                                                | 1.687  |                                                |   | 1.624                                           |   |                                                | 1.592  |                                                |   | 1.275  |   |      | 1.531  |      |   | 1.537  |   |      | 1.521  |   |   | 1.579  |   |   | 1.740  |   |   | 1.679  |  
|   |      |                                                                                       |  |                                                |        |                                                |   |                                                 |   |                                                |        |                                                |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|K. |      | Preferred
        Dividend (Pre-tax) (I x J)                                          |  |                                                | 354    |                                                |   | 684                                             |   |                                                | 1,342  |                                                |   | 268    |   |      | 645    |      |   | 1,296  |   |      | 1,282  |   |   | 1,331  |   |   | 1,467  |   |   | 2,116  |  
|L. |      | Plus
        Allowable Dividend Deduction                                             |  |                                                | 32     |                                                |   | 64                                              |   |                                                | 127    |                                                |   | 32     |   |      | 64     |      |   | 127    |   |      | 127    |   |   | 127    |   |   | 127    |   |   | 127    |  
|   |      |                                                                                       |  |                                                |        |                                                |   |                                                 |   |                                                |        |                                                |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|M. |      | Preferred
        Dividend Factor                                                     |  |                                                | 386    |                                                |   | 748                                             |   |                                                | 1,469  |                                                |   | 300    |   |      | 709    |      |   | 1,423  |   |      | 1,409  |   |   | 1,458  |   |   | 1,594  |   |   | 2,243  |  
|   |      |                                                                                       |  |                                                |        |                                                |   |                                                 |   |                                                |        |                                                |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|   |      |                                                                                       |  |                                                |        |                                                |   |                                                 |   |                                                |        |                                                |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|N. |      | Ratio
        of Earnings to Fixed Charges (F/E)                                      |  |                                                | 1.4    |                                                |   | 3.4                                             |   |                                                | 3.1    |                                                |   | 2.1    |   |      | 4.2    |      |   | 3.5    |   |      | 3.8    |   |   | 4.5    |   |   | 4.5    |   |   | 3.9    |  
|   |      |                                                                                       |  |                                                |        |                                                |   |                                                 |   |                                                |        |                                                |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  

|    |                                                                                                                         
|--- | ------------------------------------------------------------------------------------------------------------------------
|(1) | The percentage of rent
 included in the fixed charges calculation is a reasonable approximation of
 the interest factor.

- 94 -

---



|                                                                                                                   |                   
|------------------------------------------------------------------------------------------------------------------ | ------------------
|CENTRAL HUDSON GAS & ELECTRIC CORPORATION                                                                          |                   
|Computation
 of Ratio of Earnings to Fixed Charges
 and Ratio of Earnings to Fixed Charges and Preferred Dividends | EXHIBIT 12 (i) (i)

|   |                                                                  |  |                           |        |                           |   |                            |   |                           |        |                           |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|-- | ---------------------------------------------------------------- |  | ------------------------- | ------ | ------------------------- | - | -------------------------- | - | ------------------------- | ------ | ------------------------- | - | ------ | - | ---- | ------ | ---- | - | ------ | - | ---- | ------ | - | - | ------ | - | - | ------ | - | - | ------ | -
|   |                                                                  |  | 2008                      |        | 2007                      |   | Year
 Ended December 31,   |  
|   |                                                                  |  |                           |        |                           |   |                            |  
|   |                                                                  |  | 3
 Months
 Ended
 June 30 |        | 6
 Months
 Ended
 June 30 |   | 12
 Months
 Ended
 June 30 |   | 3
 Months
 Ended
 June 30 |        | 6
 Months
 Ended
 June 30 |   | 2007   |   | 2006 |        | 2005 |   | 2004   |   | 2003 |       
|   |                                                                  |  |                           |        |                           |   |                            |   |                           |        |                           |   |        |   |      |        |      |   |        |   |      |       
|   | Earnings: ($000)                                                 |  |                           |        |                           |   |                            |   |                           |        |                           |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|A. | Net
income                                                       |  | $                         | 4,191  |                           | $ | 15,938                     |   | $                         | 30,741 |                           | $ | 5,262  |   | $    | 18,633 |      | $ | 33,436 |   | $    | 34,871 |   | $ | 35,635 |   | $ | 38,648 |   | $ | 38,875 |  
|B. | Federal and
State Income Tax                                     |  |                           | 2,604  |                           |   | 10,866                     |   |                           | 20,321 |                           |   | 2,444  |   |      | 10,871 |      |   | 20,326 |   |      | 21,528 |   |   | 23,936 |   |   | 28,426 |   |   | 26,981 |  
|   |                                                                  |  |                           |        |                           |   |                            |   |                           |        |                           |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|C. | Earnings before
Income Taxes                                     |  | $                         | 6,795  |                           | $ | 26,804                     |   | $                         | 51,062 |                           | $ | 7,706  |   | $    | 29,504 |      | $ | 53,762 |   | $    | 56,399 |   | $ | 59,571 |   | $ | 67,074 |   | $ | 65,856 |  
|   |                                                                  |  |                           |        |                           |   |                            |   |                           |        |                           |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|D. | Fixed
Charges                                                    |  |                           |        |                           |   |                            |   |                           |        |                           |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|   | Interest on
Mortgage Bonds                                       |  |                           |       |                           |   |                           |   |                           |       |                           |   |       |   |      |       |      |   |       |   |      |       |   |   |       |   |   |       |   |   | 570    |  
|   | Interest on
Other-Long-Term Debt                                 |  |                           | 5,049  |                           |   | 10,138                     |   |                           | 19,805 |                           |   | 4,495  |   |      | 8,986  |      |   | 18,653 |   |      | 16,425 |   |   | 13,826 |   |   | 11,488 |   |   | 10,699 |  
|   | Other
Interest                                                   |  |                           | 981    |                           |   | 1,995                      |   |                           | 4,394  |                           |   | 987    |   |      | 1,979  |      |   | 4,378  |   |      | 3,622  |   |   | 2,577  |   |   | 5,517  |   |   | 9,828  |  
|   | Interest
Portion of Rents(1)                                     |  |                           | 197    |                           |   | 442                        |   |                           | 923    |                           |   | 197    |   |      | 417    |      |   | 898    |   |      | 818    |   |   | 835    |   |   | 954    |   |   | 768    |  
|   | Amortization of
Premium & Expense on Debt                        |  |                           | 244    |                           |   | 488                        |   |                           | 967    |                           |   | 238    |   |      | 484    |      |   | 963    |   |      | 991    |   |   | 1,043  |   |   | 1,066  |   |   | 1,159  |  
|   |                                                                  |  |                           |        |                           |   |                            |   |                           |        |                           |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|   | Total Fixed
Charges                                              |  | $                         | 6,471  |                           | $ | 13,063                     |   | $                         | 26,089 |                           | $ | 5,917  |   | $    | 11,866 |      | $ | 24,892 |   | $    | 21,856 |   | $ | 18,281 |   | $ | 19,025 |   | $ | 23,024 |  
|   |                                                                  |  |                           |        |                           |   |                            |   |                           |        |                           |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|   |                                                                  |  |                           |        |                           |   |                            |   |                           |        |                           |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|E. | Total
Earnings                                                   |  | $                         | 13,266 |                           | $ | 39,867                     |   | $                         | 77,151 |                           | $ | 13,623 |   | $    | 41,370 |      | $ | 78,654 |   | $    | 78,255 |   | $ | 77,852 |   | $ | 86,099 |   | $ | 88,880 |  
|   |                                                                  |  |                           |        |                           |   |                            |   |                           |        |                           |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|   |                                                                  |  |                           |        |                           |   |                            |   |                           |        |                           |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|   | Preferred
Dividend Requirements:                                 |  |                           |        |                           |   |                            |   |                           |        |                           |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|F. | Allowance for
Preferred Stock Dividends Under IRC Sec. 247       |  | $                         | 242    |                           | $ | 485                        |   | $                         | 970    |                           | $ | 242    |   | $    | 485    |      | $ | 970    |   | $    | 970    |   | $ | 970    |   | $ | 970    |   | $ | 1,387  |  
|G. | Less Allowable
Dividend Deduction                                |  |                           | (32    | )                         |   | (64                        | ) |                           | (127   | )                         |   | (32    | ) |      | (64    | )    |   | (127   | ) |      | (127   | ) |   | (127   | ) |   | (127   | ) |   | (127   | )
|   |                                                                  |  |                           |        |                           |   |                            |   |                           |        |                           |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|H. | Net Subject to
Gross-Up                                          |  |                           | 210    |                           |   | 421                        |   |                           | 843    |                           |   | 210    |   |      | 421    |      |   | 843    |   |      | 843    |   |   | 843    |   |   | 843    |   |   | 1,260  |  
|I. | Ratio of
Earnings before Income Taxes to Net Income (C/A)        |  |                           | 1.621  |                           |   | 1.682                      |   |                           | 1.661  |                           |   | 1.464  |   |      | 1.583  |      |   | 1.608  |   |      | 1.617  |   |   | 1.672  |   |   | 1.736  |   |   | 1.694  |  
|   |                                                                  |  |                           |        |                           |   |                            |   |                           |        |                           |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|J. | Preferred
Dividend (Pre-tax) (H x I)                             |  |                           | 340    |                           |   | 708                        |   |                           | 1,400  |                           |   | 307    |   |      | 666    |      |   | 1,356  |   |      | 1,363  |   |   | 1,409  |   |   | 1,463  |   |   | 2,134  |  
|K. | Plus Allowable
Dividend Deduction                                |  |                           | 32     |                           |   | 64                         |   |                           | 127    |                           |   | 32     |   |      | 64     |      |   | 127    |   |      | 127    |   |   | 127    |   |   | 127    |   |   | 127    |  
|   |                                                                  |  |                           |        |                           |   |                            |   |                           |        |                           |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|L. | Preferred
Dividend Factor                                        |  |                           | 372    |                           |   | 772                        |   |                           | 1,527  |                           |   | 339    |   |      | 730    |      |   | 1,483  |   |      | 1,490  |   |   | 1,536  |   |   | 1,590  |   |   | 2,261  |  
|M. | Fixed Charges
(D)                                                |  |                           | 6,471  |                           |   | 13,063                     |   |                           | 26,089 |                           |   | 5,917  |   |      | 11,866 |      |   | 24,892 |   |      | 21,856 |   |   | 18,281 |   |   | 19,025 |   |   | 23,024 |  
|   |                                                                  |  |                           |        |                           |   |                            |   |                           |        |                           |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|N. | Total Fixed
Charges and Preferred Dividends                      |  | $                         | 6,843  |                           | $ | 13,835                     |   | $                         | 27,616 |                           | $ | 6,256  |   | $    | 12,596 |      | $ | 26,375 |   | $    | 23,346 |   | $ | 19,817 |   | $ | 20,615 |   | $ | 25,285 |  
|   |                                                                  |  |                           |        |                           |   |                            |   |                           |        |                           |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|   |                                                                  |  |                           |        |                           |   |                            |   |                           |        |                           |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|O. | Ratio of
Earnings to Fixed Charges (E/D)                         |  |                           | 2.1    |                           |   | 3.1                        |   |                           | 3.0    |                           |   | 2.3    |   |      | 3.5    |      |   | 3.2    |   |      | 3.6    |   |   | 4.3    |   |   | 4.5    |   |   | 3.9    |  
|   |                                                                  |  |                           |        |                           |   |                            |   |                           |        |                           |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  
|P. | Ratio of
Earnings to Fixed Charges and Preferred Dividends (E/N) |  |                           | 1.9    |                           |   | 2.9                        |   |                           | 2.8    |                           |   | 2.2    |   |      | 3.3    |      |   | 3.0    |   |      | 3.4    |   |   | 3.9    |   |   | 4.2    |   |   | 3.5    |  
|   |                                                                  |  |                           |        |                           |   |                            |   |                           |        |                           |   |        |   |      |        |      |   |        |   |      |        |   |   |        |   |   |        |   |   |        |  

|    |                                                                                                                         
|--- | ------------------------------------------------------------------------------------------------------------------------
|(1) | The percentage of rent
 included in the fixed charges calculation is a reasonable approximation of
 the interest factor.

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