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


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|   |      |  |                                                                                |  | 2008                    |        | 2007                     |   | Year Ended December 31, |  
|   |      |  |                                                                                |  |                         |        |                          |   |                         |  
|   |      |  |                                                                                |  | 3 Months
 Ended
 Dec 31 |        | 12 Months
 Ended
 Dec 31 |   | 3 Months
 Ended
 Dec 31 |   | 2007 |        | 2006 |   | 2005   |   | 2004 |        | 2003 |  
|   |      |  |                                                                                |  |                         |        |                          |   |                         |   |      |        |      |   |        |   |      |        |      |  
|   |      |  | Earnings: ($000)                                                               |  |                         |        |                          |   |                         |   |      |        |      |   |        |   |      |        |      |  
|A. |      |  | Net income from Continuing
Operations                                          |  | $                       | 11,225 |                          | $ | 35,081                  |   | $    | 11,420 |      | $ | 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                                                   |  |                         | 7,727  |                          |   | 21,829                  |   |      | 5,757  |      |   | 21,898 |   |      | 23,769 |      |   | 25,819 |   |   | 31,256 |   |   | 30,435 |  
|   | Less |  | Income from Equity
Investments                                                 |  |                         | 109    |                          |   | 568                     |   |      | 180    |      |   | 1,895  |   |      | 1,810  |      |   | 1,456  |   |   | 922    |   |   | 865    |  
|   | Plus |  | Cash Distribution from Equity
 Investments                                     |  |                         | 169    |                          |   | 2,463                   |   |      | 684    |      |   | 3,427  |   |      | 1,315  |      |   | 1,833  |   |   | 1,776  |   |   | 1,249  |  
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|D. |      |  | Earnings before Income Taxes and
Equity
 Inv.                                  |  | $                       | 19,254 |                          | $ | 59,775                  |   | $    | 17,923 |      | $ | 67,036 |   | $    | 67,328 |      | $ | 71,457 |   | $ | 75,503 |   | $ | 76,191 |  
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|E. |      |  | Fixed Charges                                                                  |  |                         |        |                          |   |                         |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|   |      |  | Interest on Mortgage
Bonds                                                     |  |                         |       |                          |   |                        |   |      |       |      |   |       |   |      |       |      |   |       |   |   |       |   |   | 570    |  
|   |      |  | Interest on Other-Long-Term
Debt                                               |  |                         | 5,454  |                          |   | 20,518                  |   |      | 5,051  |      |   | 18,653 |   |      | 16,425 |      |   | 13,826 |   |   | 11,488 |   |   | 10,699 |  
|   |      |  | Other Interest                                                                 |  |                         | 1,229  |                          |   | 5,054                   |   |      | 1,077  |      |   | 4,379  |   |      | 3,622  |      |   | 2,577  |   |   | 5,517  |   |   | 9,828  |  
|   |      |  | Interest Portion of
Rents(1)                                                   |  |                         | 241    |                          |   | 1,220                   |   |      | 387    |      |   | 1,278  |   |      | 1,112  |      |   | 1,077  |   |   | 1,192  |   |   | 1,040  |  
|   |      |  | Amortization of Premium &
Expense
 on Debt                                     |  |                         | 250    |                          |   | 982                     |   |      | 243    |      |   | 963    |   |      | 991    |      |   | 1,043  |   |   | 1,066  |   |   | 1,159  |  
|   |      |  | Preferred Stock Dividends
Requirements
 of Central Hudson                      |  |                         | 385    |                          |   | 1,525                   |   |      | 355    |      |   | 1,423  |   |      | 1,415  |      |   | 1,458  |   |   | 1,594  |   |   | 2,243  |  
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|   |      |  | Total Fixed Charges                                                            |  | $                       | 7,559  |                          | $ | 29,299                  |   | $    | 7,113  |      | $ | 26,696 |   | $    | 23,565 |      | $ | 19,981 |   | $ | 20,857 |   | $ | 25,539 |  
|   |      |  |                                                                                |  |                         |        |                          |   |                         |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|   | Less |  | Preferred Stock Dividends
Requirements
 of Central Hudson                      |  |                         | 385    |                          |   | 1,525                   |   |      | 355    |      |   | 1,423  |   |      | 1,415  |      |   | 1,458  |   |   | 1,594  |   |   | 2,243  |  
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|F. |      |  | Total Earnings                                                                 |  | $                       | 26,428 |                          | $ | 87,549                  |   | $    | 24,681 |      | $ | 92,309 |   | $    | 89,478 |      | $ | 89,980 |   | $ | 94,766 |   | $ | 99,487 |  
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|   |      |  |                                                                                |  |                         |        |                          |   |                         |   |      |        |      |   |        |   |      |        |      |   |        |   |   |        |   |   |        |  
|   |      |  | 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                    | ) |      | (31    | )    |   | (127   | ) |      | (127   | )    |   | (127   | ) |   | (127   | ) |   | (127   | )
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|I. |      |  | Net Subject to
Gross-Up                                                        |  |                         | 211    |                          |   | 843                     |   |      | 211    |      |   | 843    |   |      | 843    |      |   | 843    |   |   | 843    |   |   | 1,260  |  
|J. |      |  | Ratio of
Earnings before Income Taxes
 and Equity Inv. To Net Income (D/(A+B)) |  |                         | 1.679  |                          |   | 1.658                   |   |      | 1.537  |      |   | 1.537  |   |      | 1.528  |      |   | 1.579  |   |   | 1.740  |   |   | 1.679  |  
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|K. |      |  | Preferred
Dividend (Pre-tax) (I x J)                                           |  |                         | 354    |                          |   | 1,398                   |   |      | 324    |      |   | 1,296  |   |      | 1,288  |      |   | 1,331  |   |   | 1,467  |   |   | 2,116  |  
|L. |      |  | Plus Allowable
Dividend Deduction                                              |  |                         | 31     |                          |   | 127                     |   |      | 31     |      |   | 127    |   |      | 127    |      |   | 127    |   |   | 127    |   |   | 127    |  
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|M. |      |  | Preferred
Dividend Factor                                                      |  | $                       | 385    |                          |   | 1,525                   |   | $    | 355    |      | $ | 1,423  |   | $    | 1,415  |      | $ | 1,458  |   | $ | 1,594  |   | $ | 2,243  |  
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|N. |      |  | Ratio of
Earnings to Fixed Charges (F/E)                                       |  |                         | 3.5    |                          |   | 3.0                     |   |      | 3.5    |      |   | 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.