38 Amendment to CH Energy Group, Inc. Supplementary Retirement Plan effective as of December 31, 2007. (Incorporated herein by reference to Energy Groups Annual Report on Form 10-K for the year ended December 31, 2007; Exhibit (10)(iii)38)

          “3.14 Payment of Benefits Deferred After December 31, 2004. Notwithstanding any provision of the Plan to the contrary, it is intended that the payments and benefits provided under the Plan that were deferred after December 31, 2004 (within the meaning of Treasury Regulation Section 1.409A-6(a)) shall be paid in a manner that complies with the requirements of Section 409A of the Code. The Plan shall be construed, administered, and governed in a manner that effects such intent, and Energy Group shall not take any action that would be inconsistent with such intent. Without limiting the foregoing, the payments and benefits provided under the Plan that are subject to Section 409A shall be paid in equal installments over the period described in Section 2.01 and the time and form of payment of such amounts may not be deferred, accelerated, extended, paid or modified in a manner that would result in the imposition of an additional tax under Section 409A of the Code upon the Participant. Although Energy Group shall use its best efforts to avoid the imposition of taxation, interest and penalties under Section 409A of the Code, the tax treatment of the benefits provided under the Plan is not warranted or guaranteed. Neither Energy Group, its affiliates, directors, officers, employees nor its advisers shall be held liable for any taxes, interest, penalties or other monetary amounts owed by the Participant or other taxpayer as a result of the Plan.”

CH ENERGY GROUP, INC.

By:

/s/ Steven. V. Lant

Steven V. Lant, Chairman, President and Chief
Executive Officer of CH Energy Group, Inc.