CH
ENERGY GROUP, INC.

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

|   |      |                                                                                |  |                              |        |                               |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|-- | ---- | ------------------------------------------------------------------------------ |  | ---------------------------- | ------ | ----------------------------- | - | --------------------------- | - | ---- | ------ | ---- | - | ------ | - | ---- | ------ | ---- | - | ------ | - | - | ------ | - | - | ------ | -
|   |      |                                                                                |  | 2008                         |        | 2007                          |   | Year Ended December 31,     |  
|   |      |                                                                                |  |                              |        |                               |   |                             |  
|   |      |                                                                                |  | 3 Months 
  Ended
  March 31 |        | 12 Months
  Ended 
  March 31 |   | 3 Months
  Ended
  March 31 |   | 2007 |        | 2006 |   | 2005   |   | 2004 |        | 2003 |  
|   |      |                                                                                |  |                              |        |                               |   |                             |   |      |        |      |   |        |   |      |        |      |  
|   |      | Earnings:
  ($000)                                                             |  |                              |        |                               |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|A. |      | Net Income from Continuing
Operations                                          |  | $                            | 19,301 |                               | $ | 40,239                      |   | $    | 21,698 |      | $ | 42,636 |   | $    | 43,084 |      | $ | 44,291 |   | $ | 42,423 |   | $ | 43,985 |  
|B. |      | Preferred Stock
Dividends                                                      |  |                              | 242    |                               |   | 970                         |   |      | 242    |      |   | 970    |   |      | 970    |      |   | 970    |   |   | 970    |   |   | 1,387  |  
|C. |      | Federal and State Income
Tax                                                   |  |                              | 11,937 |                               |   | 20,872                      |   |      | 12,963 |      |   | 21,898 |   |      | 23,769 |      |   | 25,819 |   |   | 31,256 |   |   | 30,435 |  
|   | Less | Income from Equity
Investments                                                 |  |                              | 269    |                               |   | 969                         |   |      | 1,195  |      |   | 1,895  |   |      | 1,810  |      |   | 1,456  |   |   | 922    |   |   | 865    |  
|   | Plus | Cash Distribution from Equity
Investments                                      |  |                              | 417    |                               |   | 2,573                       |   |      | 1,271  |      |   | 3,427  |   |      | 1,315  |      |   | 1,833  |   |   | 1,776  |   |   | 1,249  |  
|   |      |                                                                                |  |                              |        |                               |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|D. |      | Earnings before Income Taxes
and Equity
  Inv.                                 |  | $                            | 31,628 |                               | $ | 63,685                      |   | $    | 34,979 |      | $ | 67,036 |   | $    | 67,328 |      | $ | 71,457 |   | $ | 75,503 |   | $ | 76,191 |  
|   |      |                                                                                |  |                              |        |                               |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|E. |      | Fixed Charges                                                                  |  |                              |        |                               |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|   |      | Interest on Mortgage
Bonds                                                     |  |                              | 0      |                               |   | 0                           |   |      | 0      |      |   | 0      |   |      | 0      |      |   | 0      |   |   | 0      |   |   | 570    |  
|   |      | Interest on Other Long-Term
Debt                                               |  |                              | 5,089  |                               |   | 19,250                      |   |      | 4,492  |      |   | 18,653 |   |      | 16,425 |      |   | 13,826 |   |   | 11,488 |   |   | 10,699 |  
|   |      | Other Interest                                                                 |  |                              | 1,202  |                               |   | 4,589                       |   |      | 992    |      |   | 4,379  |   |      | 3,622  |      |   | 2,577  |   |   | 5,517  |   |   | 9,828  |  
|   |      | Interest Portion of Rents
(1)                                                  |  |                              | 350    |                               |   | 1,325                       |   |      | 303    |      |   | 1,278  |   |      | 1,112  |      |   | 1,077  |   |   | 1,192  |   |   | 1,040  |  
|   |      | Amortization of Premium &
Expense on
  Debt                                    |  |                              | 244    |                               |   | 962                         |   |      | 245    |      |   | 963    |   |      | 991    |      |   | 1,043  |   |   | 1,066  |   |   | 1,159  |  
|   |      | Preferred Stock Dividends
Requirements of
  Central Hudson                     |  |                              | 372    |                               |   | 1,430                       |   |      | 367    |      |   | 1,423  |   |      | 1,415  |      |   | 1,458  |   |   | 1,594  |   |   | 2,243  |  
|   |      |                                                                                |  |                              |        |                               |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|   |      | Total Fixed Charges                                                            |  | $                            | 7,257  |                               | $ | 27,556                      |   | $    | 6,399  |      | $ | 26,696 |   | $    | 23,565 |      | $ | 19,981 |   | $ | 20,857 |   | $ | 25,539 |  
|   |      |                                                                                |  |                              |        |                               |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|   | Less | Preferred Stock Dividends
Requirements of
  Central Hudson                     |  |                              | 372    |                               |   | 1,430                       |   |      | 367    |      |   | 1,423  |   |      | 1,415  |      |   | 1,458  |   |   | 1,594  |   |   | 2,243  |  
|   |      |                                                                                |  |                              |        |                               |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|F. |      | Total Earnings                                                                 |  | $                            | 38,513 |                               | $ | 89,811                      |   | $    | 41,011 |      | $ | 92,309 |   | $    | 89,478 |      | $ | 89,980 |   | $ | 94,766 |   | $ | 99,487 |  
|   |      |                                                                                |  |                              |        |                               |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|   |      | Preferred Dividend
Requirements:                                               |  |                              |        |                               |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|G. |      | Allowance for Preferred Stock
Dividends
  Under IRC Sec. 247                   |  | $                            | 242    |                               | $ | 970                         |   | $    | 242    |      | $ | 970    |   | $    | 970    |      | $ | 970    |   | $ | 970    |   | $ | 1,387  |  
|H. |      | Less Allowable Dividend
Deduction                                              |  |                              | (31    | )                             |   | (127                        | ) |      | (32    | )    |   | (127   | ) |      | (127   | )    |   | (127   | ) |   | (127   | ) |   | (127   | )
|I. |      | Net Subject to
Gross-up                                                        |  |                              | 211    |                               |   | 843                         |   |      | 210    |      |   | 843    |   |      | 843    |      |   | 843    |   |   | 843    |   |   | 1,260  |  
|J. |      | Ratio of Earnings before Income
Taxes and
  Equity Inv. To Net Income (D/(A+B) |  |                              | 1.618  |                               |   | 1.545                       |   |      | 1.594  |      |   | 1.537  |   |      | 1.528  |      |   | 1.579  |   |   | 1.740  |   |   | 1.679  |  
|   |      |                                                                                |  |                              |        |                               |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|K. |      | Preferred Dividend
(Pre-tax)(I x J)                                            |  |                              | 341    |                               |   | 1,303                       |   |      | 335    |      |   | 1,296  |   |      | 1,288  |      |   | 1,331  |   |   | 1,467  |   |   | 2,116  |  
|L. |      | Plus Allowable Dividend
Deduction                                              |  |                              | 31     |                               |   | 127                         |   |      | 32     |      |   | 127    |   |      | 127    |      |   | 127    |   |   | 127    |   |   | 127    |  
|   |      |                                                                                |  |                              |        |                               |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|M. |      | Preferred Dividend
Factor                                                      |  |                              | 372    |                               |   | 1,430                       |   |      | 367    |      |   | 1,423  |   |      | 1,415  |      |   | 1,458  |   |   | 1,594  |   |   | 2,243  |  
|   |      |                                                                                |  |                              |        |                               |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|N. |      | Ratio of Earnings to Fixed
Charges (F/E)                                       |  |                              | 5.3    |                               |   | 3.3                         |   |      | 6.4    |      |   | 3.5    |   |      | 3.8    |      |   | 4.5    |   |   | 4.5    |   |   | 3.9    |  
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|    |                                                                                                                         
|--- | ------------------------------------------------------------------------------------------------------------------------
|(1) | The percentage of rent included in the fixed charges calculation is a
  reasonable approximation of the interest factor.

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