Orange and Rockland Utilities, Inc.



Exhibit 12.3



Ratio of Earnings to Fixed Charges

(Thousands of Dollars)



|                                                   |  |                                            |        |                                             |   |                                            |  |   |       
|-------------------------------------------------- |  | ------------------------------------------ | ------ | ------------------------------------------- | - | ------------------------------------------ |  | - | ------
|                                                   |  | For the NineMonths EndedSeptember 30, 2004 |        | For the TwelveMonths EndedDecember 31, 2003 |   | For the NineMonths EndedSeptember 30, 2003
|Earnings                                           |  |                                            |        |                                             |   |                                            |  |   |       
|Net Income                                         |  | $                                          | 33,381 |                                             | $ | 45,465                                     |  | $ | 33,947
|Income Tax                                         |  |                                            | 23,120 |                                             |   | 33,604                                     |  |   | 23,619
|                                                   |  |                                            |        |                                             |   |                                            |  |   |       
|Total Earnings Before Income Tax                   |  |                                            | 56,501 |                                             |   | 79,069                                     |  |   | 57,566
|Fixed Charges*                                     |  |                                            | 15,939 |                                             |   | 22,608                                     |  |   | 17,247
|                                                   |  |                                            |        |                                             |   |                                            |  |   |       
|Total Earnings Before Income Tax and Fixed Charges |  | $                                          | 72,440 |                                             | $ | 101,677                                    |  | $ | 74,813
|                                                   |  |                                            |        |                                             |   |                                            |  |   |       
|* Fixed Charges                                    |  |                                            |        |                                             |   |                                            |  |   |       
|Interest on Long-Term Debt                         |  | $                                          | 13,505 |                                             | $ | 18,414                                     |  | $ | 13,935
|Amortization of Debt Discount, Premium and Expense |  |                                            | 626    |                                             |   | 859                                        |  |   | 650   
|Interest Component of Rentals                      |  |                                            | 1,093  |                                             |   | 1,822                                      |  |   | 1,425 
|Other Interest                                     |  |                                            | 715    |                                             |   | 1,513                                      |  |   | 1,237 
|                                                   |  |                                            |        |                                             |   |                                            |  |   |       
|Total Fixed Charges                                |  | $                                          | 15,939 |                                             | $ | 22,608                                     |  | $ | 17,247
|                                                   |  |                                            |        |                                             |   |                                            |  |   |       
|Ratio of Earnings to Fixed Charges                 |  |                                            | 4.5    |                                             |   | 4.5                                        |  |   | 4.3   
|                                                   |  |                                            |        |                                             |   |                                            |  |   |