Exhibit 12.3

Orange and Rockland Utilities, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges
(Millions of Dollars)

|                                                                     |  | For the Nine
Months Ended
September 30,
2003 |     | For the Twelve Months Ended December 31,
|-------------------------------------------------------------------- |  | -------------------------------------------- | --- | ----------------------------------------
|
|Earnings                                                             |  |                                              |     |                                         
|Net Income                                                           |  | $                                            | 34  |                                         
|Federal Income & State Tax                                           |  |                                              | 24  |                                         
|                                                                     |  |                                              |     |                                         
|Total Earnings Before Federal and State Income Tax                   |  |                                              | 58  |                                         
|Fixed Charges*                                                       |  |                                              | 17  |                                         
|                                                                     |  |                                              |     |                                         
|Total Earnings Before Federal and State Income Tax and Fixed Charges |  | $                                            | 75  |                                         
|                                                                     |  |                                              |     |                                         
|* Fixed Charges                                                      |  |                                              |     |                                         
|Interest on Long-Term Debt                                           |  |                                              | 14  |                                         
|Amortization of Debt Discount, Premium and Expense                   |  |                                              | 1   |                                         
|Interest Component of Rentals                                        |  |                                              | 1   |                                         
|Other Interest                                                       |  |                                              | 1   |                                         
|                                                                     |  |                                              |     |                                         
|Total Fixed Charges                                                  |  | $                                            | 17  |                                         
|                                                                     |  |                                              |     |                                         
|Ratio of Earnings to Fixed Charges                                   |  |                                              | 4.4 |                                         
|                                                                     |  |                                              |     |                                         

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