Orange and Rockland Utilities, Inc. and Subsidiaries

Exhibit 12.3

Ratio of Earnings to Fixed Charges

(Thousands of Dollars)

	For the Six Months Ended June 30, 2004		For the Twelve Months Ended December 31, 2003		For the Six Months Ended June 30, 2003
Earnings
Net Income	$	20,458	$	45,465	$	19,423
Federal Income & State Tax		12,796		33,604		14,667
Total Earnings Before Federal and State Income Tax		33,254		79,069		34,090
Fixed Charges*		10,371		22,608		11,731
Total Earnings Before Federal and State Income Tax and Fixed Charges	$	43,625	$	101,677	$	45,821
* Fixed Charges
Interest on Long-Term Debt	$	8,974	$	18,414	$	9,342
Amortization of Debt Discount, Premium and Expense		417		859		442
Interest Component of Rentals		743		1,822		1,058
Other Interest		237		1,513		889
Total Fixed Charges	$	10,371	$	22,608	$	11,731
Ratio of Earnings to Fixed Charges		4.2		4.5		3.9