Exhibit 12.3

Orange and Rockland Utilities, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(Thousands of Dollars)

	For the Three Months Ended		For the Twelve Months Ended December 31,
	March 31, 2003		2002		2001		2000		1999		1998
Earnings
Net Income	$	16,206	$	44,896	$	40,182	$	39,069	$	14,726	$	44,968
Federal Income & State Tax	11,389		24,574		25,937		24,654		40,101		24,877
Total Earnings Before Federal and State Income Tax	27,595		69,470		66,119		63,723		54,827		69,845
Fixed Charges*	6,222		30,118		26,373		27,141		35,454		36,973
Total Earnings Before Federal and State
Income Tax and Fixed Charges	$	33,817	$	99,588	$	92,492	$	90,864	$	90,281	$	106,818
* Fixed Charges
Interest on Long-Term Debt	5,049		20,257		20,861		21,873		26,326		23,867
Amortization of Debt Discount, Premium and Expense	233		961		994		1,060		1,208		1,138
Interest Component on lease Payment	578		1,598		1,305		1,257		2,583		2,505
Other Interest	362		7,302		3,213		2,951		5,337		9,463
Total Fixed Charges	$	6,222	$	30,118	$	26,373	$	27,141	$	35,454	$	36,973
Ratio of Earnings to Fixed Charges	5.4		3.3		3.5		3.4		2.5		2.9

ORANGE AND ROCKLAND UTILITIES, INC. AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges

(Thousands of Dollars)

	Twelve Months
	Ended
	March 2003
Earnings
Net Income	48,712
Federal Income & State Tax	26,971
Total Earnings Before Federal and State Income Tax	75,683
Fixed Charges*	29,838
Total Earnings Before Federal and State
Income Tax and Fixed Charges	$	105,521
* Fixed Charges
Interest on Long-Term Debt	20,312
Amortization of Debt Discount, Premium and Expense	947
Interest Component on lease Payment	1,776
Other Interest	6,803
Total Fixed Charges	$	29,838
Ratio of Earnings to Fixed Charges	3.5