----

| Computation of Ratio of Earnings to Fixed Charges | EXHIBIT 12 (i) |
|---------------------------------------------------|----------------|

|   |   |   |             |                                                                          |                       | 2009   |   |                       | 2008   |   |                        | Year Ended December 31, |   |
|--------|--------|--------|------------------|-------------------------------------------------------------------------------|----------------------------|--------|--------|----------------------------|--------|--------|-----------------------------|-------------------------|--------|
|   |   |   | Earnings: ($000) |                                                                          | 3 Months Ended Jun 30 |   |   | 6 Months Ended Jun 30 |   |   | 12 Months Ended Jun 30 |                    |   | 3 Months Ended Jun 30 |   |   | 6 Months Ended Jun 30 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |
| A.     |   |   |             | Net income from Continuing Operations                                         |                       | $      | (1,457 | )                          |   | $      | 21,664                      |                    |   | $ | 35,774 |   |   | $ | 1,670 |   |   | $ | 20,971 |   |   | $ | 35,081 |   |   | $ | 42,636 |   |   | $ | 43,084 |   |   | $ | 44,291 |   |   | $ | 42,423 |   |
| B.     |   |   |             | Preferred Stock Dividends                                                     |                       |   | 242    |                       |   |   | 485                         |                    |   |   | 970 |   |   |   | 242 |   |   |   | 485 |   |   |   | 970 |   |   |   | 970 |   |   |   | 970 |   |   |   | 970 |   |   |   | 970 |   |
| C.     |   |   |             | Federal and State Income Tax                                                  |                       |   | (708   | )                          |   |   | 13,825                      |                    |   |   | 22,745 |   |   |   | 972 |   |   |   | 12,909 |   |   |   | 21,829 |   |   |   | 21,898 |   |   |   | 23,769 |   |   |   | 25,819 |   |   |   | 31,256 |   |
|   | Less   |   |             | Income from Equity Investments                                                |                       |   | (153   | )                          |   |   | 77                          |                    |   |   | 310 |   |   |   | 66 |   |   |   | 335 |   |   |   | 568 |   |   |   | 1,895 |   |   |   | 1,810 |   |   |   | 1,456 |   |   |   | 922 |   |
|   | Plus   |   |             | Cash Distribution from Equity Investments                                     |                       |   | 339    |                       |   |   | 1,028                       |                    |   |   | 2,667 |   |   |   | 407 |   |   |   | 824 |   |   |   | 2,463 |   |   |   | 3,427 |   |   |   | 1,315 |   |   |   | 1,833 |   |   |   | 1,776 |   |
| D.     |   |   |             | Earnings before Income Taxes and Equity Inv.                                  |                       | $      | (1,431 | )                          |   | $      | 36,925                      |                    |   | $ | 61,846 |   |   | $ | 3,225 |   |   | $ | 34,854 |   |   | $ | 59,775 |   |   | $ | 67,036 |   |   | $ | 67,328 |   |   | $ | 71,457 |   |   | $ | 75,503 |   |
| E.     |   |   |             | Fixed Charges                                                                 |                       |   |   |                       |   |   |                        |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |             | Interest on Other-Long-Term Debt                                              |                       |   | 4,568  |                       |   |   | 9,348                       |                    |   |   | 19,728 |   |   |   | 5,049 |   |   |   | 10,138 |   |   |   | 20,518 |   |   |   | 18,653 |   |   |   | 16,425 |   |   |   | 13,826 |   |   |   | 11,488 |   |
|   |   |   |             | Other Interest                                                                |                       |   | 1,668  |                       |   |   | 2,957                       |                    |   |   | 5,599 |   |   |   | 1,210 |   |   |   | 2,412 |   |   |   | 5,054 |   |   |   | 4,379 |   |   |   | 3,622 |   |   |   | 2,577 |   |   |   | 5,517 |   |
|   |   |   |             | Interest Portion of Rents(1)                                                  |                       |   | 256    |                       |   |   | 570                         |                    |   |   | 1,138 |   |   |   | 303 |   |   |   | 652 |   |   |   | 1,220 |   |   |   | 1,278 |   |   |   | 1,112 |   |   |   | 1,077 |   |   |   | 1,192 |   |
|   |   |   |             | Amortization of Premium & Expense on Debt                                 |                       |   | 244    |                       |   |   | 488                         |                    |   |   | 982 |   |   |   | 244 |   |   |   | 488 |   |   |   | 982 |   |   |   | 963 |   |   |   | 991 |   |   |   | 1,043 |   |   |   | 1,066 |   |
|   |   |   |             | Preferred Stock Dividends Requirements of Central Hudson                      |                       |   | 279    |                       |   |   | 766                         |                    |   |   | 1,546 |   |   |   | 386 |   |   |   | 748 |   |   |   | 1,525 |   |   |   | 1,423 |   |   |   | 1,415 |   |   |   | 1,458 |   |   |   | 1,594 |   |
|   |   |   |             | Total Fixed Charges                                                           |                       | $      | 7,015  |                       |   | $      | 14,129                      |                    |   | $ | 28,993 |   |   | $ | 7,192 |   |   | $ | 14,438 |   |   | $ | 29,299 |   |   | $ | 26,696 |   |   | $ | 23,565 |   |   | $ | 19,981 |   |   | $ | 20,857 |   |
|   | Less   |   |             | Preferred Stock Dividends Requirements of Central Hudson                      |                       |   | 279    |                       |   |   | 766                         |                    |   |   | 1,546 |   |   |   | 386 |   |   |   | 748 |   |   |   | 1,525 |   |   |   | 1,423 |   |   |   | 1,415 |   |   |   | 1,458 |   |   |   | 1,594 |   |
| F.     |   |   |             | Total Earnings                                                                |                       | $      | 5,305  |                       |   | $      | 50,288                      |                    |   | $ | 89,293 |   |   | $ | 10,031 |   |   | $ | 48,544 |   |   | $ | 87,549 |   |   | $ | 92,309 |   |   | $ | 89,478 |   |   | $ | 89,980 |   |   | $ | 94,766 |   |
|   |   |   |             |                                                                          |                       |   |   |                       |   |   |                        |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |             | Preferred Dividend Requirements:                                              |                       |   |   |                       |   |   |                        |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| G.     |   |   |             | Allowance for Preferred Stock Dividends Under IRC Sec. 247                    |                       | $      | 242    |                       |   | $      | 485                         |                    |   | $ | 970 |   |   | $ | 242 |   |   | $ | 485 |   |   | $ | 970 |   |   | $ | 970 |   |   | $ | 970 |   |   | $ | 970 |   |   | $ | 970 |   |
| 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 |   |   |   | 843 |   |
| J.     |   |   |             | Ratio of Earnings before Income Taxes and Equity Inv. To Net Income (D/(A+B)) |                       |   | 1.178  |                       |   |   | 1.667                       |                    |   |   | 1.683 |   |   |   | 1.687 |   |   |   | 1.624 |   |   |   | 1.658 |   |   |   | 1.537 |   |   |   | 1.528 |   |   |   | 1.579 |   |   |   | 1.740 |   |
| K.     |   |   |             | Preferred Dividend (Pre-tax) (I x J)                                          |                       |   | 247    |                       |   |   | 702                         |                    |   |   | 1,419 |   |   |   | 354 |   |   |   | 684 |   |   |   | 1,398 |   |   |   | 1,296 |   |   |   | 1,288 |   |   |   | 1,331 |   |   |   | 1,467 |   |
| L.     |   |   |             | Plus Allowable Dividend Deduction                                             |                       |   | 32     |                       |   |   | 64                          |                    |   |   | 127 |   |   |   | 32 |   |   |   | 64 |   |   |   | 127 |   |   |   | 127 |   |   |   | 127 |   |   |   | 127 |   |   |   | 127 |   |
| M.     |   |   |             | Preferred Dividend Factor                                                     |                       | $      | 279    |                       |   | $      | 766                         |                    |   | $ | 1,546 |   |   | $ | 386 |   |   | $  | 748 |   |   | $ | 1,525 |   |   | $ | 1,423 |   |   | $ | 1,415 |   |   | $ | 1,458 |   |   | $ | 1,594 |   |
|   |   |   |             |                                                                          |                       |   |   |                       |   |   |                        |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| N.     |   |   |             | Ratio of Earnings to Fixed Charges (F/E)                                      |                       |   | 0.8    |                       |   |   | 3.6                         |                    |   |   | 3.1 |   |   |   | 1.4 |   |   |   | 3.4 |   |   |   | 3.0 |   |   |   | 3.5 |   |   |   | 3.8 |   |   |   | 4.5 |   |   |   | 4.5 |   |

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

----

| and Ratio of Earnings to Fixed Charges and Preferred Dividends | EXHIBIT 12 (i) (i) |
|----------------------------------------------------------------|--------------------|

|   |             |                                                             |                       | 2009   |   |                       | 2008   |   |                        | Year Ended December 31, |   |
|--------|------------------|------------------------------------------------------------------|----------------------------|--------|--------|----------------------------|--------|--------|-----------------------------|-------------------------|--------|
|   | Earnings: ($000) |                                                             | 3 Months Ended Jun 30 |   |   | 6 Months Ended Jun 30 |   |   | 12 Months Ended Jun 30 |                    |   | 3 Months Ended Jun 30 |   |   | 6 Months Ended Jun 30 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |
| A.     |             | Net income                                                       |                       | $      | 1,217  |                       |   | $      | 13,811                      |                    |   | $ | 25,111 |   |   | $ | 4,191 |   |   | $ | 15,938 |   |   | $ | 27,238 |   |   | $ | 33,436 |   |   | $ | 34,871 |   |   | $ | 35,635 |   |   | $ | 38,648 |   |
| B.     |             | Federal and State Income Tax                                     |                       |   | 924    |                       |   |   | 9,729                       |                    |   |   | 18,136 |   |   |   | 2,604 |   |   |   | 10,866 |   |   |   | 19,273 |   |   |   | 20,326 |   |   |   | 21,528 |   |   |   | 23,936 |   |   |   | 28,426 |   |
| C.     |             | Earnings before Income Taxes                                     |                       | $      | 2,141  |                       |   | $      | 23,540                      |                    |   | $ | 43,247 |   |   | $ | 6,795 |   |   | $ | 26,804 |   |   | $ | 46,511 |   |   | $ | 53,762 |   |   | $ | 56,399 |   |   | $ | 59,571 |   |   | $ | 67,074 |   |
| D.     |             | Fixed Charges                                                    |                       |   |   |                       |   |   |                        |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |             | Interest on Other-Long-Term Debt                                 |                       |   | 4,568  |                       |   |   | 9,348                       |                    |   |   | 19,728 |   |   |   | 5,049 |   |   |   | 10,138 |   |   |   | 20,518 |   |   |   | 18,653 |   |   |   | 16,425 |   |   |   | 13,826 |   |   |   | 11,488 |   |
|   |             | Other Interest                                                   |                       |   | 1,109  |                       |   |   | 2,328                       |                    |   |   | 4,828 |   |   |   | 981 |   |   |   | 1,995 |   |   |   | 4,495 |   |   |   | 4,378 |   |   |   | 3,622 |   |   |   | 2,577 |   |   |   | 5,517 |   |
|   |             | Interest Portion of Rents(1)                                     |                       |   | 155    |                       |   |   | 364                         |                    |   |   | 710 |   |   |   | 197 |   |   |   | 442 |   |   |   | 788 |   |   |   | 898 |   |   |   | 818 |   |   |   | 835 |   |   |   | 954 |   |
|   |             | Amortization of Premium & Expense on Debt                    |                       |   | 244    |                       |   |   | 488                         |                    |   |   | 982 |   |   |   | 244 |   |   |   | 488 |   |   |   | 982 |   |   |   | 963 |   |   |   | 991 |   |   |   | 1,043 |   |   |   | 1,066 |   |
|   |             | Total Fixed Charges                                              |                       | $      | 6,076  |                       |   | $      | 12,528                      |                    |   | $ | 26,248 |   |   | $ | 6,471 |   |   | $ | 13,063 |   |   | $ | 26,783 |   |   | $ | 24,892 |   |   | $ | 21,856 |   |   | $ | 18,281 |   |   | $ | 19,025 |   |
|   |             |                                                             |                       |   |   |                       |   |   |                        |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| E.     |             | Total Earnings                                                   |                       | $      | 8,217  |                       |   | $      | 36,068                      |                    |   | $ | 69,495 |   |   | $ | 13,266 |   |   | $ | 39,867 |   |   | $ | 73,294 |   |   | $ | 78,654 |   |   | $ | 78,255 |   |   | $ | 77,852 |   |   | $ | 86,099 |   |
|   |             |                                                             |                       |   |   |                       |   |   |                        |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |             | Preferred Dividend Requirements:                                 |                       |   |   |                       |   |   |                        |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| F.     |             | Allowance for Preferred Stock Dividends Under IRC Sec. 247       |                       | $      | 242    |                       |   | $      | 485                         |                    |   | $ | 970 |   |   | $ | 242 |   |   | $ | 485 |   |   | $ | 970 |   |   | $ | 970 |   |   | $ | 970 |   |   | $ | 970 |   |   | $ | 970 |   |
| 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 |   |   |   | 843 |   |
| I.     |             | Ratio of Earnings before Income Taxes to Net Income (C/A)        |                       |   | 1.759  |                       |   |   | 1.704                       |                    |   |   | 1.722 |   |   |   | 1.621 |   |   |   | 1.682 |   |   |   | 1.708 |   |   |   | 1.608 |   |   |   | 1.617 |   |   |   | 1.672 |   |   |   | 1.736 |   |
| J.     |             | Preferred Dividend (Pre-tax) (H x I)                             |                       |   | 369    |                       |   |   | 717                         |                    |   |   | 1,452 |   |   |   | 340 |   |   |   | 708 |   |   |   | 1,440 |   |   |   | 1,356 |   |   |   | 1,363 |   |   |   | 1,409 |   |   |   | 1,463 |   |
| K.     |             | Plus Allowable Dividend Deduction                                |                       |   | 32     |                       |   |   | 64                          |                    |   |   | 127 |   |   |   | 32 |   |   |   | 64 |   |   |   | 127 |   |   |   | 127 |   |   |   | 127 |   |   |   | 127 |   |   |   | 127 |   |
| L.     |             | Preferred Dividend Factor                                        |                       |   | 401    |                       |   |   | 781                         |                    |   |   | 1,579 |   |   |   | 372 |   |   |   | 772 |   |   |   | 1,567 |   |   |   | 1,483 |   |   |   | 1,490 |   |   |   | 1,536 |   |   |   | 1,590 |   |
| M.     |             | Fixed Charges (D)                                                |                       |   | 6,076  |                       |   |   | 12,528                      |                    |   |   | 26,248 |   |   |   | 6,471 |   |   |   | 13,063 |   |   |   | 26,783 |   |   |   | 24,892 |   |   |   | 21,856 |   |   |   | 18,281 |   |   |   | 19,025 |   |
| N.     |             | Total Fixed Charges and Preferred Dividends                      |                       | $      | 6,477  |                       |   | $      | 13,309                      |                    |   | $ | 27,827 |   |   | $ | 6,843 |   |   | $ | 13,835 |   |   | $ | 28,350 |   |   | $ | 26,375 |   |   | $ | 23,346 |   |   | $ | 19,817 |   |   | $ | 20,615 |   |
|   |             |                                                             |                       |   |   |                       |   |   |                        |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| O.     |             | Ratio of Earnings to Fixed Charges (E/D)                         |                       |   | 1.4    |                       |   |   | 2.9                         |                    |   |   | 2.6 |   |   |   | 2.1 |   |   |   | 3.1 |   |   |   | 2.7 |   |   |   | 3.2 |   |   |   | 3.6 |   |   |   | 4.3 |   |   |   | 4.5 |   |
| P.     |             | Ratio of Earnings to Fixed Charges and Preferred Dividends (E/N) |                       |   | 1.3    |                       |   |   | 2.7                         |                    |   |   | 2.5 |   |   |   | 1.9 |   |   |   | 2.9 |   |   |   | 2.6 |   |   |   | 3.0 |   |   |   | 3.4 |   |   |   | 3.9 |   |   |   | 4.2 |   |

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

----