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)

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|-- | ------------------------------------------------------------------ |  | --------------------------- | ------ | ---------------------------- | - | --------------------------- | - | ---- | ------ | ---- | - | ------ | - | ---- | ------ | ---- | - | ------ | - | - | ------ | - | - | ------ | -
|   |                                                                    |  | 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                                                         |  | $                           | 11,747 |                              | $ | 31,812                      |   | $    | 13,371 |      | $ | 33,436 |   | $    | 34,871 |      | $ | 35,635 |   | $ | 38,648 |   | $ | 38,875 |  
|B. | Federal & State Income
Tax                                         |  |                             | 8,262  |                              |   | 20,160                      |   |      | 8,428  |      |   | 20,326 |   |      | 21,528 |      |   | 23,936 |   |   | 28,426 |   |   | 26,981 |  
|   |                                                                    |  |                             |        |                              |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|C. | Earnings before Income
Taxes                                       |  | $                           | 20,009 |                              | $ | 51,972                      |   | $    | 21,799 |      | $ | 53,762 |   | $    | 56,399 |      | $ | 59,571 |   | $ | 67,074 |   | $ | 65,856 |  
|   |                                                                    |  |                             |        |                              |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|D. | 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                                                     |  |                             | 1,014  |                              |   | 4,400                       |   |      | 992    |      |   | 4,378  |   |      | 3,622  |      |   | 2,577  |   |   | 5,517  |   |   | 9,828  |  
|   | Interest
Portion of Rents (1)                                      |  |                             | 245    |                              |   | 923                         |   |      | 220    |      |   | 898    |   |      | 818    |      |   | 835    |   |   | 954    |   |   | 768    |  
|   | Amortization
of Premium & Expense on
  Debt                        |  |                             | 244    |                              |   | 962                         |   |      | 245    |      |   | 963    |   |      | 991    |      |   | 1,043  |   |   | 1,066  |   |   | 1,159  |  
|   |                                                                    |  |                             |        |                              |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|   | Total Fixed
Charges                                                |  | $                           | 6,592  |                              | $ | 25,535                      |   | $    | 5,949  |      | $ | 24,892 |   | $    | 21,856 |      | $ | 18,281 |   | $ | 19,025 |   | $ | 23,024 |  
|   |                                                                    |  |                             |        |                              |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|   |                                                                    |  |                             |        |                              |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|E. | Total Earnings                                                     |  | $                           | 26,601 |                              | $ | 77,507                      |   | $    | 27,748 |      | $ | 78,654 |   | $    | 78,255 |      | $ | 77,852 |   | $ | 86,099 |   | $ | 88,880 |  
|   |                                                                    |  |                             |        |                              |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|   |                                                                    |  |                             |        |                              |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|   | Preferred Dividend
Requirements:                                   |  |                             |        |                              |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|F. | Allowance for
Preferred Stock Dividends
  Under IRC Sec. 247       |  | $                           | 242    |                              | $ | 970                         |   | $    | 242    |      | $ | 970    |   | $    | 970    |      | $ | 970    |   | $ | 970    |   | $ | 1,387  |  
|G. | Less Allowable
Dividend Deduction                                  |  |                             | (31    | )                            |   | (126                        | ) |      | (32    | )    |   | (127   | ) |      | (127   | )    |   | (127   | ) |   | (127   | ) |   | (127   | )
|   |                                                                    |  |                             |        |                              |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|H. | Net Subject to
Gross-up                                            |  |                             | 211    |                              |   | 844                         |   |      | 210    |      |   | 843    |   |      | 843    |      |   | 843    |   |   | 843    |   |   | 1,260  |  
|I. | Ratio of
Earnings before Income Taxes to
  Net Income (C/A)        |  |                             | 1.703  |                              |   | 1.634                       |   |      | 1.630  |      |   | 1.608  |   |      | 1.617  |      |   | 1.672  |   |   | 1.736  |   |   | 1.694  |  
|   |                                                                    |  |                             |        |                              |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|J. | Pref. Dividend
(Pre-tax) (H x I)                                   |  |                             | 359    |                              |   | 1,379                       |   |      | 342    |      |   | 1,356  |   |      | 1,363  |      |   | 1,409  |   |   | 1,463  |   |   | 2,134  |  
|K. | Plus Allowable
Dividend Deduction                                  |  |                             | 31     |                              |   | 126                         |   |      | 32     |      |   | 127    |   |      | 127    |      |   | 127    |   |   | 127    |   |   | 127    |  
|   |                                                                    |  |                             |        |                              |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|L. | Preferred
Dividend Factor                                          |  |                             | 390    |                              |   | 1,505                       |   |      | 374    |      |   | 1,483  |   |      | 1,490  |      |   | 1,536  |   |   | 1,590  |   |   | 2,261  |  
|M. | Fixed Charges
(D)                                                  |  |                             | 6,592  |                              |   | 25,535                      |   |      | 5,949  |      |   | 24,892 |   |      | 21,856 |      |   | 18,281 |   |   | 19,025 |   |   | 23,024 |  
|   |                                                                    |  |                             |        |                              |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|N. | Total Fixed
Charges and Preferred
  Dividends                      |  | $                           | 6,982  |                              | $ | 27,040                      |   | $    | 6,323  |      | $ | 26,375 |   | $    | 23,346 |      | $ | 19,817 |   | $ | 20,615 |   | $ | 25,285 |  
|   |                                                                    |  |                             |        |                              |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|O. | Ratio of
Earnings to Fixed Charges (E/D)                           |  |                             | 4.0    |                              |   | 3.0                         |   |      | 4.7    |      |   | 3.2    |   |      | 3.6    |      |   | 4.3    |   |   | 4.5    |   |   | 3.9    |  
|   |                                                                    |  |                             |        |                              |   |                             |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|P. | Ratio of
Earnings to Fixed Charges and
  Preferred Dividends (E/N) |  |                             | 3.8    |                              |   | 2.9                         |   |      | 4.4    |      |   | 3.0    |   |      | 3.4    |      |   | 3.9    |   |   | 4.2    |   |   | 3.5    |  
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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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