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Exhibit 12.3

Orange and Rockland Utilities, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges
(Millions of Dollars)

	For the Nine Months Ended September 30, 2003		For the Twelve Months Ended December 31,
			2002		2001		2000		1999		1998
Earnings
Net Income	$	34	$	45	$	40	$	39	$	15	$	45
Federal Income & State Tax		24		24		26		25		40		25
Total Earnings Before Federal and State Income Tax		58		69		66		64		55		70
Fixed Charges*		17		30		26		27		35		37
Total Earnings Before Federal and State Income Tax and Fixed Charges	$	75	$	99	$	92	$	91	$	90	$	107
* Fixed Charges
Interest on Long-Term Debt		14		20		21		22		26		24
Amortization of Debt Discount, Premium and Expense		1		1		1		1		1		1
Interest Component of Rentals		1		2		1		1		3		3
Other Interest		1		7		3		3		5		9
Total Fixed Charges	$	17	$	30	$	26	$	27	$	35	$	37
Ratio of Earnings to Fixed Charges		4.4		3.3		3.5		3.4		2.5		2.9

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Exhibit 12.3