Orange and Rockland Utilities, Inc. and Subsidiaries



Exhibit 12.3



Ratio of Earnings to Fixed Charges

(Thousands of Dollars)



|                                                                     |  |                                      |        |                                             |   |                                      |  |   |       
|-------------------------------------------------------------------- |  | ------------------------------------ | ------ | ------------------------------------------- | - | ------------------------------------ |  | - | ------
|                                                                     |  | For the SixMonths EndedJune 30, 2004 |        | For the TwelveMonths EndedDecember 31, 2003 |   | For the SixMonths EndedJune 30, 2003
|Earnings                                                             |  |                                      |        |                                             |   |                                      |  |   |       
|Net Income                                                           |  | $                                    | 20,458 |                                             | $ | 45,465                               |  | $ | 19,423
|Federal Income & State Tax                                           |  |                                      | 12,796 |                                             |   | 33,604                               |  |   | 14,667
|                                                                     |  |                                      |        |                                             |   |                                      |  |   |       
|Total Earnings Before Federal and State Income Tax                   |  |                                      | 33,254 |                                             |   | 79,069                               |  |   | 34,090
|Fixed Charges*                                                       |  |                                      | 10,371 |                                             |   | 22,608                               |  |   | 11,731
|                                                                     |  |                                      |        |                                             |   |                                      |  |   |       
|Total Earnings Before Federal and State Income Tax and Fixed Charges |  | $                                    | 43,625 |                                             | $ | 101,677                              |  | $ | 45,821
|                                                                     |  |                                      |        |                                             |   |                                      |  |   |       
|* Fixed Charges                                                      |  |                                      |        |                                             |   |                                      |  |   |       
|Interest on Long-Term Debt                                           |  | $                                    | 8,974  |                                             | $ | 18,414                               |  | $ | 9,342 
|Amortization of Debt Discount, Premium and Expense                   |  |                                      | 417    |                                             |   | 859                                  |  |   | 442   
|Interest Component of Rentals                                        |  |                                      | 743    |                                             |   | 1,822                                |  |   | 1,058 
|Other Interest                                                       |  |                                      | 237    |                                             |   | 1,513                                |  |   | 889   
|                                                                     |  |                                      |        |                                             |   |                                      |  |   |       
|Total Fixed Charges                                                  |  | $                                    | 10,371 |                                             | $ | 22,608                               |  | $ | 11,731
|                                                                     |  |                                      |        |                                             |   |                                      |  |   |       
|Ratio of Earnings to Fixed Charges                                   |  |                                      | 4.2    |                                             |   | 4.5                                  |  |   | 3.9   
|                                                                     |  |                                      |        |                                             |   |                                      |  |   |