(Poughkeepsie, NY) Earnings per share for the first quarter of 2005 for CH Energy Group, Inc. (NYSE:CHG) were $1.29 per share, versus the $1.46 per share earned during the first quarter of 2004, a decline of 17 cents. The primary drivers of the decrease were the anticipated expiration of a multi-year amortization of gains from the sale of Central Hudson's generating plants, increased expenses for electric service restoration following storms and lower delivery volumes within its fuel oil delivery business units.

"Our first-quarter results were impacted by increased expenses from restoring service to our electric customers following several winter storms, as well as by conservation measures by our fuel oil customers associated with record prices for oil," explained Steven V. Lant, Chairman of the Board, President and Chief Executive Officer. "On the positive side, we saw continued strong trend growth in our regulated electric and natural gas utility sales; and, operating expenses -- other than those associated with storm recovery -- were well controlled."

Lant said that the Company believes it will still achieve its targeted, full-year earnings projections, despite the events of the first quarter. He explained that earnings for the fuel delivery segment could fall slightly below the target range, but that earnings in both Central Hudson and parent CH Energy Group segments are projected to be strong enough to maintain consolidated earnings within the target range.

Regulated Electric and Gas Business

Central Hudson Gas & Electric Corporation's contribution to first quarter earnings was 94 cents per share, a decrease of 9 cents from the $1.03 posted during the same period of 2004. Electric and natural gas sales revenues increased by $12.1 million between the first quarters of 2004 and 2005, while the number of electric and natural gas customers grew by nearly 2 percent during that period. Total utility expenses, however, grew by $11.1 million to $172 million compared to the first quarter of 2004, due largely to price increases for natural gas and electricity purchased on behalf of customers and service restoration after storms. First-quarter earnings one year ago also contained 9 cents per share, from the last installment of an $18-million (net of tax) incentive associated with the sale of the utility's former power plants and 4 cents per share from a regulatory revenue restoration mechanism that was not in place during this year's first quarter.

Unregulated Fuel Distribution Businesses

The fuel oil distribution businesses of Central Hudson Enterprises Corporation (CHEC) contributed 30 cents per share to the quarterly results, down by 9 cents from the 39 cents per share that were posted in the first quarter of 2004. The decline in earnings resulted largely from what the Company believes is price-induced conservation by customers in an environment of high oil prices, as well as some customer attrition.

Unregulated – Other Businesses

Holding Company CH Energy Group, Inc. and CHEC partnership investments contributed 5 cents per share to earnings during the first quarter, which was 1 cent above the same period of 2004. Increases in interest rates for investments were somewhat offset by expenses associated with the cost of developing new business ventures.

2005 Earnings Projections

Lant reiterated the Company's earlier projection that 2005 consolidated annual earnings would total between $2.55 and $2.75 per share.

About CH Energy Group

With more than 440,000 customers, CH Energy Group, Inc. is a family of companies seizing new opportunities in the energy marketplace through two primary subsidiaries: Central Hudson Gas & Electric Corporation is a regulated transmission and distribution utility serving approximately 358,000 customers in eight counties of New York State's Mid-Hudson River Valley, and delivering natural gas and electricity in a 2,600-square-mile service territory that extends from the suburbs of metropolitan New York City north to the Capital District at Albany. Central Hudson Enterprises Corporation includes business units delivering energy and related services to nearly 85,000 customers in eight states and the District of Columbia. Its regional footprint stretches from Connecticut to the Washington, D.C. area, as well as an interest in a Lexington, Neb., ethanol plant.

Conference Call: Mr. Lant will conduct a conference call with analysts and investors to review financial results at 4:00 p.m. (ET) today, April 20, 2005. Dial-in: 1-888-428-4474; Conference Name: “CH Energy Group.” A digitized replay of the call will be available from 9:15 p.m. (ET) on April 20, 2005, until 11:59 p.m. (ET) on April 27, 2005, by dialing 1-800-475-6701 and entering access code # 778586. In addition, consolidated financial statements are available here.

Forward-Looking Statements

Statements included in this news release, including its Appendix and the documents incorporated by reference which are not historical in nature, are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by words including "anticipates," "believes," "projects," "intends," “estimates," "expects," "plans," "assumes," "seeks," and similar expressions. Forward-looking statements including, without limitation, those relating to CH Energy Group, Inc. and its subsidiaries' future business prospects, revenues, proceeds, working capital, liquidity, income and margins, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, due to several important factors including those identified from time to time in the forward-looking statements. Those factors include, but are not limited to: weather; energy supply and demand; fuel prices; interest rates; potential future acquisitions; developments in the legislative, regulatory and competitive environment; market risks; electric and gas industry restructuring and cost recovery; the ability to obtain adequate and timely rate relief; changes in fuel supply or costs; the success of strategies to satisfy electricity requirements now that Central Hudson's major electric generation assets have been sold; future market prices for energy, capacity, and ancillary services; the outcome of pending litigation and certain environmental matters, particularly the status of inactive hazardous waste disposal sites and waste site remediation requirements; and certain presently unknown or unforeseen factors, including, but not limited to, acts of terrorism. CH Energy Group, Inc. and its subsidiaries undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Given these uncertainties, undue reliance should not be placed on the forward-looking statements.