November 28, 2008

For Release:     Immediately

Contact:           John S. Maserjian, (845) 486-5282

Preferred Stock Dividend Declared

(POUGHKEEPSIE, NY) The Board of Directors of Central Hudson Gas & Electric Corporation, by consent on November 28, 2008, from the utility's South Avenue Headquarters, Poughkeepsie, New York, declared dividends of:

• $1.08-3/4 per share on its 4.35 percent cumulative preferred stock;
• $1.12-1/2 per share on its 4-1/2 percent cumulative preferred stock;
• $1.18-3/4 per share on its 4.75 percent cumulative preferred stock; and
• $1.24 per share on its 4.96 percent cumulative preferred stock.

Each of these dividends will be payable January 2, 2009, to holders of record on December 10, 2008.