Orange and Rockland Utilities, Inc.

Exhibit 12.3

Ratio of Earnings to Fixed Charges

(Thousands of Dollars)

	For the Nine Months Ended September 30, 2004		For the Twelve Months Ended December 31, 2003		For the Nine Months Ended September 30, 2003
Earnings
Net Income	$	33,381	$	45,465	$	33,947
Income Tax		23,120		33,604		23,619
Total Earnings Before Income Tax		56,501		79,069		57,566
Fixed Charges*		15,939		22,608		17,247
Total Earnings Before Income Tax and Fixed Charges	$	72,440	$	101,677	$	74,813
* Fixed Charges
Interest on Long-Term Debt	$	13,505	$	18,414	$	13,935
Amortization of Debt Discount, Premium and Expense		626		859		650
Interest Component of Rentals		1,093		1,822		1,425
Other Interest		715		1,513		1,237
Total Fixed Charges	$	15,939	$	22,608	$	17,247
Ratio of Earnings to Fixed Charges		4.5		4.5		4.3