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ORANGE AND ROCKLAND UTILITIES, INC. AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges
Twelve Months Ended
(Thousands of Dollars)

			March 2002		December 2001
Earnings
	Net Income		$	39,546	$	40,138
	Federal Income & State Tax			25,469		26,165
	Total Earnings Before Federal and State Income Tax			65,014		66,303
Fixed Charges*				25,856		26,373
		Total Earnings Before Federal and State Income Tax and Fixed Charges	$	90,870	$	92,676
	*Fixed Charges
	Interest on Long-Term Debt			21,603		21,855
	Interest Component on lease Payment			1,333		1,305
	Other Interest			2,920		3,213
		Total Fixed Charges	$	25,856	$	26,373
	Ratio of Earnings to Fixed Charges			3.51		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)