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Exhibit 12.3

ORANGE AND ROCKLAND UTILITIES, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
TWELVE MONTHS ENDED
(THOUSANDS OF DOLLARS)

			DECEMBER 1997		DECEMBER 1998		DECEMBER 1999		DECEMBER 2000		DECEMBER 2001
Earnings
	Net Income		$	45,138	$	44,968	$	14,726	$	39,069	$	40,182
	Federal Income & State Tax			22,684		24,877		40,101		24,654		25,937
	Total Earnings Before Federal and State Income Tax			67,822		69,845		54,827		63,723		66,119
Fixed Charges*				35,779		36,973		35,454		27,141		26,373
		Total Earnings Before Federal and State Income Tax and Fixed Charges	$	103,601	$	106,818	$	90,281	$	90,864	$	92,492
	* Fixed Charges
	Interest on Long-Term Debt		$	23,216	$	23,867	$	26,326		21,873		21,855
	Amortization of Debt Discount, Premium and Expense			1,521		1,138		1,208		1,060		994
	Interest Component on lease Payment			2,809		2,505		2,583		1,257		1,305
	Other Interest			8,233		9,463		5,337		2,951		3,213
		Total Fixed Charges	$	35,779	$	36,973	$	35,454	$	27,141	$	26,373
	Ratio of Earnings to Fixed Charges			2.90		2.89		2.55		3.35		3.51

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ORANGE AND ROCKLAND UTILITIES, INC. AND SUBSIDIARIES RATIO OF EARNINGS TO FIXED CHARGES TWELVE MONTHS ENDED (THOUSANDS OF DOLLARS)