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Exhibit 12.3

Orange and Rockland Utilities, Inc. and Subsidiaries

RATIO OF EARNINGS TO FIXED CHARGES
(THOUSANDS OF DOLLARS)

	For the Three Months Ended March 31, 2004		For the Twelve Months Ended December 31, 2003
EARNINGS
Net Income	$	15,407	$	45,465
Federal Income & State Tax		10,150		33,604
Total Earnings Before Federal and State Income Tax		25,557		79,069
FIXED CHARGES*		5,275		22,608
Total Earnings Before Federal and State Income Tax and Fixed Charges	$	30,832	$	101,677
* FIXED CHARGES
Interest on Long-Term Debt	$	4,419	$	18,414
Amortization of Debt Discount, Premium and Expense		209		859
Interest Component of Rentals		450		1,822
Other Interest		197		1,513
Total Fixed Charges	$	5,275	$	22,608
Ratio of Earnings to Fixed Charges		5.8		4.5

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Exhibit 12.3

Orange and Rockland Utilities, Inc. and Subsidiaries RATIO OF EARNINGS TO FIXED CHARGES (THOUSANDS OF DOLLARS)