EX-12.3 7 a2116162zex-12_3.htm EXHIBIT 12.3
QuickLinks -- Click here to rapidly navigate through this document

Exhibit 12.3

Orange and Rockland Utilities, Inc. and Subsidiaries

RATIO OF EARNINGS TO FIXED CHARGES
(THOUSANDS OF DOLLARS)

					For the Twelve Months Ended December 31,
	For the Six Months Ended June 30, 2003		For the Twelve Months Ended June 30, 2003		For the Twelve Months Ended December 31,
	For the Six Months Ended June 30, 2003		For the Twelve Months Ended June 30, 2003		2002		2001		2000		1999		1998

Earnings
Net Income	$	19,423	$	44,799	$	44,896	$	40,182	$	39,069	$	14,726	$	44,968
Federal Income & State Tax		14,667		26,343		24,574		25,937		24,654		40,101		24,877

Total Earnings Before Federal and State Income Tax		34,090		71,142		69,470		66,119		63,723		54,827		69,845
Fixed Charges*		11,731		29,175		30,118		26,373		27,141		35,454		36,973

Total Earnings Before Federal and State Income Tax and Fixed Charges	$	45,821	$	100,317	$	99,588	$	92,492	$	90,864	$	90,281	$	106,818

*Fixed Charges
Interest on Long-Term Debt		9,342		19,517		20,257		20,861		21,873		26,326		23,867
Amortization of Debt Discount, Premium and Expense		442		922		961		994		1,060		1,208		1,138
Interest Component on Lease Payment		1,058		1,760		1,598		1,305		1,257		2,583		2,505
Other Interest		889		6,976		7,302		3,213		2,951		5,337		9,463

Total Fixed Charges	$	11,731	$	29,175	$	30,118	$	26,373	$	27,141	$	35,454	$	36,973

Ratio of Earnings to Fixed Charges		3.9		3.4		3.3		3.5		3.4		2.5		2.9