Exhibit (10) (iii) 33

                                AMENDMENT TO THE
                      CHANGE OF CONTROL SEVERANCE POLICY OF
                              CH ENERGY GROUP, INC.


      WHEREAS, Central Hudson Gas & Electric Corporation ("Central Hudson")
established, in October 1998, a policy to be effective upon the Change of
Control of the Corporation, as defined in such policy, to provide for the
equitable treatment of employees of the Corporation upon such Change of Control,
which policy is called the "Change of Control Severance Policy"; and

      WHEREAS, the Change of Control Severance Policy was last amended and
restated as of December 15, 1999, upon adoption of said Policy by CH Energy
Group, Inc., the parent corporation of Central Hudson; and

      WHEREAS, CH Energy Group, Inc. hereby proposes to further amend the Change
of Control Severance Policy, effective as of August 1, 2000, to revise:

      (1) the definition of base salary for employees under "Article I,
DEFINITIONS" of said Policy to reflect the exclusion of incentive and/or lump
sum cash awards in the calculation under said Policy of "Base Salary" for
employees,

      (2) Article I, Item (j) EMPLOYEE, to change the definition of employees
eligible to participate under the Policy so that only employees of Central
Hudson, the Corporation's affiliate company, are eligible to participate,

      (3) Article II, ELIGIBILITY, Section 2.1, PARTICIPATION, to reflect the
change in the definition of employees eligible to participate under the Policy,

      (4) Article III, SEPARATION BENEFITS, Section 3.2(a), SEPARATION Benefits,
of said Policy to replace, with base salary ranges, the current salary grades
identified as eligible for benefits under said Policy, which change will more
accurately reflect the Corporation's current compensation program; and
<PAGE>

      (5) Article V, DURATION, AMENDMENT AND TERMINATION, Section 5.2, AMENDMENT
AND TERMINATION, and Section 5.3, FORM OF AMENDMENT, of said Policy to authorize
revisions of the above Section 3.2(a) from time to time to adjust the base
salary ranges to reflect changing economic conditions upon approval of the
Chairman of the Board, President and Chief Executive Officer to; and

      WHEREAS, the Board of Directors of CH Energy Group, Inc. approved said
Policy amendment at its meeting on November 17, 2000, to comply with the
foregoing:

      NOW, THEREFORE, the Change of Control Severance Policy is hereby amended
as follows (all other terms and provisions being hereby ratified, confirmed and
approved):

1. Definition (b) of "Article I, Definitions" of the Policy is amended,
effective August 1, 2000, to read as follows:

      "(b) BASE SALARY. The amount a Participant is entitled to receive as wages
or salary on an annualized basis, excluding all incentive and/or lump sum cash
awards, bonuses, overtime payments, and/or other incentive compensation payable
by Energy Group or any of its affiliated companies as consideration for the
Participant's services."

2. Item (j) EMPLOYEE. of Article I of said Policy is amended, effective August
1, 2000, to read as follows:

      "(j) EMPLOYEE. Any regular, full-time or part-time employee of Central
Hudson Gas & Electric Corporation, a wholly-owned affiliate of this Corporation,
on or after October 1, 1998, including the employees of Central Hudson
Enterprises Corporation and CH Resources, Inc. listed on Attachment A."

                                                                               2
<PAGE>

3. Article II, Section 2.1 PARTICIPATION of said Policy is amended, effective
August 1, 2000, to read as follows:

      "2.1 PARTICIPATION. Each Employee who is not a party to an employment
agreement with Energy Group that becomes effective in the event of a Change of
Control, and who is not covered by a collective bargaining agreement shall be a
Participant in the Plan. Notwithstanding the foregoing, the Committee may cause
any Employee to cease to be a Participant (or cause such Employee to be
reinstated as a Participant under the Plan) at any time prior to the occurrence
of a Change of Control, provided that such action is not taken in connection
with or in anticipation of a Change of Control."

4. Section 3.2 (a) of the Policy is amended, effective August 1, 2000, to read
as follows:

      "3.2  SEPARATION BENEFITS.

            (a) IN GENERAL. If a Participant's employment with Energy Group or
one of its affiliated companies is terminated in circumstances entitling him or
her to a Separation Benefit as provided in Article 3.1, Energy Group shall pay,
or cause to be paid, to such Participant, within ten days of the date such
termination takes effect (the "Date of Termination") or, if later, on the date
the Participant's Release ceases to be revocable, a Separation Benefit in a lump
sum in cash equal to the Multiple times the Weekly Salary, reduced by any
severance pay or pay in lieu of notice required to be paid to such Employee
under applicable law. The Multiple for a particular Participant means three
times the number of Years of Service completed by the Participant as of the Date
of Termination, but subject to the following minimum and maximum Multiples,
depending upon the Participant's Base Salary as of the Date of Termination or,
if higher, as of immediately before the Change of Control:

-------------------------------------------------------------------------------
     BASE SALARY RANGE           MINIMUM MULTIPLE          MAXIMUM MULTIPLE
-------------------------------------------------------------------------------
Over $93,000                             8                        104
$62,000 to $93,000                       6                        75
Under $62,000                            3                        30."
-------------------------------------------------------------------------------

                                                                               3
<PAGE>

5. Section 5.2 of said Policy is amended, effective August 1, 2000, to read as
follows:

      "5.2 AMENDMENT AND TERMINATION. The Plan may be terminated or amended in
any respect by resolution adopted by a majority of the Board, unless a Change of
Control has previously occurred, and Base Salary Ranges under Section 3.2(a) of
the Plan may, from time to time, be adjusted upon approval of the Chairman of
the Board. However, in connection with or in anticipation of a Change of
Control, this Plan may not be terminated or amended in any manner which would
adversely affect the rights or potential rights of Participants. If a Change of
Control occurs, the Plan shall no longer be subject to amendment, change,
substitution, deletion, revocation or termination in any respect which adversely
affects the rights of Participants."

6. Section 5.3 of said Policy is amended, effective August 1, 2000, to read as
follows:

      "5.3 FORM OF AMENDMENT. The form of any amendment or termination of the
Plan shall be a written instrument signed by a duly authorized officer or
officers of Energy Group, certifying that the amendment or termination has been
approved by the Board except as otherwise provided for in Section 5.2 hereof. An
amendment of the Plan in accordance with the terms hereof shall automatically
effect a corresponding amendment to all Participants' rights hereunder. A
termination of the Plan shall in accordance with the terms hereof automatically
effect a termination of all Participants' rights and benefits hereunder."

                                                                               4
<PAGE>

      IN WITNESS WHEREOF, the undersigned Chairman of the Board and Chief
Executive Officer of CH Energy Group, Inc., pursuant to authority granted by its
Board of Directors on November 17, 2000, has signed this instrument this 8th day
of December 2000.


                                                   /s/ PAUL J. Ganci
                                        ---------------------------------------
                                                     Paul J. Ganci
                                                 Chairman of the Board
                                              and Chief Executive Officer

                                                                               5
<PAGE>

                                  ATTACHMENT A

                      CHANGE OF CONTROL SEVERANCE POLICY OF
                              CH ENERGY GROUP, INC.





                                  GEORGE L. UHL
                                 GARY L. MILLER
                                 TIMOTHY P. ETTA
                                ROBERT W. KUHNLE
                                MICHAEL F. VOLTZ
                                WILLIAM A. BRANDT