ORANGE AND ROCKLAND UTILITIES, INC. AND SUBSIDIARIES    Ratio of Earnings to Fixed Charges  Twelve Months Ended  (Thousands of Dollars)

|               |                                                    | March 2002                                                           |        | December 2001
|-------------- | -------------------------------------------------- | -------------------------------------------------------------------- | ------ | -------------
|Earnings       |                                                    |                                                                      |        |              
|               | Net Income                                         |                                                                      | $      | 39,546       
|               | Federal Income & State Tax                         |                                                                      |        | 25,469       
|               | Total Earnings Before Federal and State Income Tax |                                                                      |        | 65,014       
|Fixed Charges* |                                                    |                                                                      | 25,856 |              
|               |                                                    |                                                                      |        |              
|               |                                                    | Total Earnings Before Federal and State Income Tax and Fixed Charges |        | $            
|               |                                                    |                                                                      |        |              
|               | *Fixed Charges                                     |                                                                      |        |              
|               | Interest on Long-Term Debt                         |                                                                      |        | 21,603       
|               | Interest Component on lease Payment                |                                                                      |        | 1,333        
|               | Other Interest                                     |                                                                      |        | 2,920        
|               |                                                    |                                                                      |        |              
|               |                                                    | Total Fixed Charges                                                  |        | $            
|               |                                                    |                                                                      |        |              
|               | Ratio of Earnings to Fixed Charges                 |                                                                      |        | 3.51         
|               |                                                    |                                                                      |        |              

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