Exhibit 12.3

Orange and Rockland Utilities, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Twelve Months Ended December 31,
	2004		2003		2002		2001		2000
Earnings
Net Income	$	46	$	45	$	45	$	40	$	39
Federal Income & State Tax		17		34		24		26		25
Total Earnings Before Federal and State Income Tax		63		79		69		66		64
Fixed Charges*		21		23		30		26		27
Earnings	$	84	$	102	$	99	$	92	$	91
* Fixed Charges
Interest on Long-Term Debt	$	18	$	18	$	20	$	21	$	22
Amortization of Debt Discount, Premium and Expense		1		1		1		1		1
Interest Component of Rentals		1		2		2		1		1
Other Interest		1		2		7		3		3
Fixed Charges	$	21	$	23	$	30	$	26	$	27
Ratio of Earnings to Fixed Charges		4.0		4.4		3.3		3.5		3.4