CH ENERGY GROUP, INC.

                                                           EXHIBIT 10 (iii) 23

                          ASSIGNMENT AND ASSUMPTION

                     EMPLOYMENT AGREEMENTS WITH OFFICERS
                 OF CENTRAL XXXXXX GAS & ELECTRIC CORPORATION

      Reference is made to the employment agreements  ("Agreements") between the
individuals  listed  on  Annex  A  hereto  and  Central  Xxxxxx  Gas &  Electric
Corporation ("Central Xxxxxx").  Central Xxxxxx ("hereinafter 'Assignor') hereby
assigns such Agreements,  pursuant to authorization of its Board of Directors by
action  taken on January 28, 2000,  in the form  attached  hereto,  to CH Energy
Group, Inc. ("Assignee").

      Assignor and Assignee hereby agree as follows:

      Assignor  hereby  assigns all of its interest and  obligations  under said
Agreements to Assignee and Assignee,  pursuant to  authorization of its Board of
Directors by action taken on February 4, 2000,  and pursuant to Section 11(c) of
said Agreements,  as successor  corporation to substantially all of the business
and/or  assets of  Assignor,  hereby  expressly  assumes  and agrees to perform,
effective  December 15, 1999,  the Agreements in the same manner and to the same
extent  Assignor  would  be  required  to  perform  the  Agreements  if no  such
succession had taken place.

      Assignee also expressly and unconditionally assumes and agrees to perform,
effective December 15, 1999,  Assignor's  obligations under Assignor's Change of
Control Severance Policy and Plan ("Policy"), in the same manner and to the same
extent  Assignor  would be  required  to perform  under the Policy as if no such
succession  had taken  place.  References  in said  Agreement  and the Policy to
Assignor shall hereinafter be deemed references to Assignee.

                    CENTRAL XXXXXX GAS & ELECTRIC CORPORATION


Dated:As of December 15, 1999  By:  /s/  Xxxx X. Xxxxx
                                   ------------------------------------
                                   Name: Xxxx X. Xxxxx
                                   Title:  President and Chief Operating Officer



                        CH ENERGY GROUP, INC.


Dated:As of December 15, 1999  By:  /s/  Xxxx X. Xxxxx
                                  ----------------------------------
                                   Name: Xxxx X. Xxxxx
                                   Title:Chairman of the Board, President and
                                         Chief Executive Officer






                                   ANNEX A

            OFFICERS OF CENTRAL XXXXXX GAS & ELECTRIC CORPORATION
         COVERED UNDER EMPLOYMENT AGREEMENTS, EFFECTIVE DECEMBER 15,
                                    1999:


                               XXXXXX X. BRAND

                              XXXX X. XXXXXXXXX

                               XXXXXX X. XXXXXX

                          XXXXXX X. XX XXXXXXXX, XX.

                                XXXXX X. XXXXX

                                XXXXXX X. XXXX

                               XXXXX X. XXXXXXX

                                XXXX X. XXXXX

                                XXXXX X. PAGE

                              XXXXXX X. UPRIGHT

                             XXXXXX X. XXX XXXXX