Exhibit 12.3



Orange and Rockland Utilities, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(Millions of Dollars)



|                                                   |  |                                          |     |      |   |      |  |      |     |      |   |     |  |   |    
|-------------------------------------------------- |  | ---------------------------------------- | --- | ---- | - | ---- |  | ---- | --- | ---- | - | --- |  | - | ---
|                                                   |  | For the Twelve Months Ended December 31,
|                                                   |  | 2004                                     |     | 2003 |   | 2002 |  | 2001 |     | 2000
|Earnings                                           |  |                                          |     |      |   |      |  |      |     |      |   |     |  |   |    
|Net Income                                         |  | $                                        | 46  |      | $ | 45   |  | $    | 45  |      | $ | 40  |  | $ | 39 
|Federal Income & State Tax                         |  |                                          | 17  |      |   | 34   |  |      | 24  |      |   | 26  |  |   | 25 
|                                                   |  |                                          |     |      |   |      |  |      |     |      |   |     |  |   |    
|Total Earnings Before Federal and State Income Tax |  |                                          | 63  |      |   | 79   |  |      | 69  |      |   | 66  |  |   | 64 
|                                                   |  |                                          |     |      |  
|Fixed Charges*                                     |  |                                          | 21  |      |   | 23   |  |      | 30  |      |   | 26  |  |   | 27 
|                                                   |  |                                          |     |      |   |      |  |      |     |      |   |     |  |   |    
|Earnings                                           |  | $                                        | 84  |      | $ | 102  |  | $    | 99  |      | $ | 92  |  | $ | 91 
|                                                   |  |                                          |     |      |   |      |  |      |     |      |   |     |  |   |    
|* Fixed Charges                                    |  |                                          |     |      |   |      |  |      |     |      |   |     |  |   |    
|                                                   |  |                                          |     |      |  
|Interest on Long-Term Debt                         |  | $                                        | 18  |      | $ | 18   |  | $    | 20  |      | $ | 21  |  | $ | 22 
|Amortization of Debt Discount, Premium and Expense |  |                                          | 1   |      |   | 1    |  |      | 1   |      |   | 1   |  |   | 1  
|Interest Component of Rentals                      |  |                                          | 1   |      |   | 2    |  |      | 2   |      |   | 1   |  |   | 1  
|Other Interest                                     |  |                                          | 1   |      |   | 2    |  |      | 7   |      |   | 3   |  |   | 3  
|                                                   |  |                                          |     |      |   |      |  |      |     |      |   |     |  |   |    
|Fixed Charges                                      |  | $                                        | 21  |      | $ | 23   |  | $    | 30  |      | $ | 26  |  | $ | 27 
|                                                   |  |                                          |     |      |   |      |  |      |     |      |   |     |  |   |    
|Ratio of Earnings to Fixed Charges                 |  |                                          | 4.0 |      |   | 4.4  |  |      | 3.3 |      |   | 3.5 |  |   | 3.4
|                                                   |  |                                          |     |      |   |      |  |      |     |      |   |     |  |   |