**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-K**

| **                    GREEN MOUNTAIN POWER CORPORATION**  (Exact                name of registrant as specified in its charter)                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **                         VERMONT**  State                or other jurisdiction ofIncorporation                or organization | **                              03-0127430**  (I.R.S.                EmployerIdentification                No.) |
| **COLCHESTER                VT** (Address                of principalExecutive                offices)                                                                            | **                           05446**  (Zip                Code) |
|  Registrant’s                telephone number, including area code                (802) 864-5731                                                                            |
|  Securities                registered pursuant to Section 12(b) of the Act:                                                                                                       |
|  **Title                of each class**COMMON                STOCK, PAR VALUE$3.33-1/3                PER SHARE                                                                   |  **Name                of each exchange on which registered**NEW                YORK STOCK EXCHANGE |
|  Securities                registered pursuant to Section 12(g) of the Act:                None                                                                                   |

** **
** **
** **
** **
** **

**The      aggregate market value of the voting stock held by non-affiliates of the      registrant as of June 30, 2005, was approximately $152,601,216 based on the      closing price of $29.35 for the Common Stock on the New York Stock Exchange      as      reported by The Wall Street Journal.**

**The      number of shares of Common Stock outstanding on February 22,      2006,**
**was      5,251,038.**

----

| **Table                of Contents** |                                                                                                                                                          | **Page** |
|--------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
| **Part                I**            |                                                                                                                                                          |     |
| Item                1,               | Business                                                                                                                                                      | 3        |
| Item                1A,              | Risk                Factors                                                                                                                                   | 15       |
| Item                1B,              | Unresolved                Staff Comments                                                                                                                      | 15       |
| Item                2,               | Properties                                                                                                                                                    | 15       |
| Item                3,               | Legal                Proceedings                                                                                                                              | 17       |
| Item                4,               | Submission                of Matters to a Vote of Security Holders                                                                                            | 17       |
| **Part                II**           |                                                                                                                                                          |     |
| Part                5,               | Market                and Registrant’s Common Equity, RelatedStockholder                Matters and Issuer Purchases ofEquity                Securities | 17  |
| Part                6,               | Selected                Financial Data                                                                                                                        | 18       |
| Part                7,               | Management’s                Discussion and Analysis of Financial Conditionand                Results of Operations                                      | 19  |
| Part                7A,              | Quantitative                and Qualitative Disclosures About Market Risk                                                                                     | 24       |
| Part                8,               | Financial                Statements and Supplementary Data                                                                                                    | 41       |
| Item                9,               | Changes                in and Disagreements with Accountantson                Accounting and Financial Disclosure                                             | 74  |
| Item                9A,              | Controls                and Procedures                                                                                                                        | 74       |
| Item                9B,              | Other                Information                                                                                                                              | 75       |
| **Part                III**          |                                                                                                                                                          |     |
| Item                10,              | Directors                and Executive Officers of the Registrant                                                                                             | 75       |
| Item                11,              | Executive                Compensation                                                                                                                         | 75       |
| Item                12,              | Ownership                of Certain Beneficial Owners andManagement                and Related Stockholder Matters                                            | 75  |
| Item                13,              | Certain                Relationships and Related Transactions                                                                                                 | 75       |
| Item                14,              | Principal                Accounting Fees and Services                                                                                                         | 75       |
| **Part                IV**           |                                                                                                                                                          |     |
| Item                15,              | Exhibits                and Financial Statement Schedules                                                                                                     | 76       |

----

**PART      I**

**ITEM      1. BUSINESS**

**THE      COMPANY**

| *   | 31.9                percent from residential customers; |
|---------------|---------------------------------------------------------|

| *   | 31.1                percent from small commercial and industrial                customers; |
|---------------|--------------------------------------------------------------------------------------------|

| *   | 21.1                percent from large commercial and industrial                customers; |
|---------------|--------------------------------------------------------------------------------------------|

| *   | 11.5                percent from sales to other utilities;                and |
|---------------|-------------------------------------------------------------------------------|

| *   | 4.4                percent from other sources. |
|---------------|------------------------------------------------|

| *   | 43.7                percent from hydroelectric sources (33.9 percent Hydro Quebec, 6.1                percent                Company-owned, and 3.7 percent independent power                producers); |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *   | 40.6                percent from a nuclear generating source (the Entergy Nuclear Vermont                Yankee, LLC ("ENVY") nuclear plant described below); |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *   | 4.1                percent from wood; |
|---------------|---------------------------------------|

| *   | 1.8                percent from natural gas or oil;                and |
|---------------|------------------------------------------------------------------------|

| *   | 0.1                percent from wind. |
|---------------|---------------------------------------|

----

| GREEN                  MOUNTAIN POWER CORPORATION                                                                                              |   |   |                                                  |   |   |      |   |   |      |   |   |      |   |   |      |   |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------|--------|--------|-----------|--------|--------|-----------|--------|--------|-----------|--------|--------|-----------|--------|
| Operating                  Statistics                                                                                                          |   |   | **For                  the years ended December 31,** |   |
|                                                                                                                                           |   |   | **  2005**                                  |   |   | **2004**  |   |   | **2003**  |   |   | **2002**  |   |   | **2001**  |   |
|                                                                                                                                           |   |   |                                                  |   |   |      |   |   |      |   |   |      |   |   |      |   |
| Net                  system peak in MW (1)                                                                                                     |   |   | 351.9                                                 |   |   | 326.7     |   |   | 330.2     |   |   | 342.0     |   |   | 341.2     |   |
| MWH                  Production and purchases (2)                                                                                              |   |   |                                                  |   |   |      |   |   |      |   |   |      |   |   |      |   |
| Hydro                                                                                                                                          |   |   | 879,147                                               |   |   | 777,292   |   |   | 838,855   |   |   | 901,998   |   |   | 951,146   |   |
| Wind,                  net of renewable energy credits sold                                                                                    |   |   | 1,484                                                 |   |   | -         |   |   | 8,568     |   |   | 9,577     |   |   | 12,135    |   |
| Nuclear                                                                                                                                        |   |   | 816,989                                               |   |   | 764,010   |   |   | 884,585   |   |   | 771,781   |   |   | 736,420   |   |
| Conventional                  steam                                                                                                            |   |   | 93,258                                                |   |   | 89,622    |   |   | 100,402   |   |   | 85,910    |   |   | 33,194    |   |
| Internal                  combustion                                                                                                           |   |   | 7,547                                                 |   |   | 13,026    |   |   | 12,603    |   |   | 4,090     |   |   | 18,291    |   |
| Combined                  cycle                                                                                                                |   |   | 22,328                                                |   |   | 32,224    |   |   | 68,488    |   |   | 81,362    |   |   | 72,653    |   |
| Bilateral                  and system purchases(3)                                                                                             |   |   | 647,094                                               |   |   | 804,962   |   |   | 2,426,091 |   |   | 2,347,086 |   |   | 2,637,055 |   |
| Total                  production                                                                                                              |   |   | 2,467,847                                             |   |   | 2,481,136 |   |   | 4,339,592 |   |   | 4,201,804 |   |   | 4,460,894 |   |
| Less:                  non-firm sales to other utilities                                                                                       |   |   | 365,000                                               |   |   | 408,601   |   |   | 2,284,003 |   |   | 2,104,172 |   |   | 2,365,809 |   |
| Production                  for firm sales                                                                                                     |   |   | 2,102,847                                             |   |   | 2,072,535 |   |   | 2,055,589 |   |   | 2,097,632 |   |   | 2,095,085 |   |
| Less                  firm sales and lease transmissions                                                                                       |   |   | 2,011,568                                             |   |   | 1,973,093 |   |   | 1,937,376 |   |   | 1,951,959 |   |   | 1,956,232 |   |
| Losses                  and company use (MWH)                                                                                                  |   |   | 91,279                                                |   |   | 99,442    |   |   | 118,213   |   |   | 145,673   |   |   | 138,853   |   |
| Losses                  as a % of total production                                                                                             |   |   | 3.70                                                  | %      |   | 4.01      | %      |   | 2.72      | %      |   | 3.47      | %      |   | 3.11      | %      |
| System                  load factor (4)                                                                                                        |   |   | 68.2                                                  | %      |   | 72.4      | %      |   | 71.1      | %      |   | 70.0      | %      |   | 70.1      | %      |
| Net                  Production (% of Total)                                                                                                   |   |   |                                                  |   |   |      |   |   |      |   |   |      |   |   |      |   |
| Hydro                                                                                                                                          |   |   | 35.6                                                  | %      |   | 31.3      | %      |   | 19.3      | %      |   | 21.5      | %      |   | 21.3      | %      |
| Wind                                                                                                                                           |   |   | 0.1                                                   | %      |   | 0.0       | %      |   | 0.2       | %      |   | 0.2       | %      |   | 0.3       | %      |
| Nuclear                                                                                                                                        |   |   | 33.1                                                  | %      |   | 30.8      | %      |   | 20.4      | %      |   | 18.3      | %      |   | 16.5      | %      |
| Conventional                  steam                                                                                                            |   |   | 3.8                                                   | %      |   | 3.6       | %      |   | 2.3       | %      |   | 2.0       | %      |   | 0.7       | %      |
| Internal                  combustion                                                                                                           |   |   | 0.3                                                   | %      |   | 0.5       | %      |   | 0.3       | %      |   | 0.1       | %      |   | 0.4       | %      |
| Combined                  cycle                                                                                                                |   |   | 0.9                                                   | %      |   | 1.3       | %      |   | 1.6       | %      |   | 1.9       | %      |   | 1.6       | %      |
| Bilateral                  and system purchases                                                                                                |   |   | 26.2                                                  | %      |   | 32.5      | %      |   | 56.0      | %      |   | 56.0      | %      |   | 59.1      | %      |
| Total                                                                                                                                          |   |   | 100.0                                                 | %      |   | 100.0     | %      |   | 100.0     | %      |   | 100.0     | %      |   | 100.0     | %      |
|                                                                                                                                           |   |   |                                                  |   |   |      |   |   |      |   |   |      |   |   |      |   |
| Sales                  and Lease Transmissions(MWH)                                                                                            |   |   |                                                  |   |   |      |   |   |      |   |   |      |   |   |      |   |
| Residential                  - GMPC                                                                                                            |   |   | 598,606                                               |   |   | 580,710   |   |   | 581,047   |   |   | 553,294   |   |   | 549,151   |   |
| Commercial                  & industrial - small                                                                                           |   |   | 717,451                                               |   |   | 698,000   |   |   | 696,598   |   |   | 695,504   |   |   | 691,111   |   |
| Commercial                  & industrial - large                                                                                           |   |   | 686,260                                               |   |   | 684,104   |   |   | 651,709   |   |   | 689,618   |   |   | 710,862   |   |
| Other                                                                                                                                          |   |   | 5,935                                                 |   |   | 7,112     |   |   | 4,986     |   |   | 9,773     |   |   | 2,030     |   |
| Total                  retail sales and lease transmissions                                                                                    |   |   | 2,008,252                                             |   |   | 1,969,926 |   |   | 1,934,340 |   |   | 1,948,189 |   |   | 1,953,154 |   |
| Sales                  to Municipals & Cooperatives (Rate W)                                                                               |   |   | 3,316                                                 |   |   | 3,166     |   |   | 3,036     |   |   | 3,770     |   |   | 3,078     |   |
| Total                  Requirements Sales                                                                                                      |   |   | 2,011,568                                             |   |   | 1,973,093 |   |   | 1,937,376 |   |   | 1,951,959 |   |   | 1,956,232 |   |
| Other                  Sales for Resale                                                                                                        |   |   | 365,000                                               |   |   | 408,601   |   |   | 2,284,003 |   |   | 2,104,172 |   |   | 2,365,809 |   |
| Total                  sales and lease transmissions(MWH)                                                                                      |   |   | 2,376,568                                             |   |   | 2,381,694 |   |   | 4,221,379 |   |   | 4,056,131 |   |   | 4,322,041 |   |
| Average                  Number of Electric Customers                                                                                          |   |   |                                                  |   |   |      |   |   |      |   |   |      |   |   |      |   |
| Residential                                                                                                                                    |   |   | 76,481                                                |   |   | 75,507    |   |   | 74,693    |   |   | 73,861    |   |   | 73,249    |   |
| Commercial                  and industrial small                                                                                               |   |   | 13,752                                                |   |   | 13,515    |   |   | 13,344    |   |   | 13,165    |   |   | 12,976    |   |
| Commercial                  and industrial large                                                                                               |   |   | 27                                                    |   |   | 24        |   |   | 25        |   |   | 29        |   |   | 30        |   |
| Other                                                                                                                                          |   |   | 60                                                    |   |   | 62        |   |   | 65        |   |   | 65        |   |   | 65        |   |
| Total                                                                                                                                          |   |   | 90,320                                                |   |   | 89,108    |   |   | 88,127    |   |   | 87,120    |   |   | 86,320    |   |
| Average                  Revenue Per KWH (Cents)                                                                                               |   |   |                                                  |   |   |      |   |   |      |   |   |      |   |   |      |   |
| Residential                  including lease revenues                                                                                          |   |   | 13.12                                                 |   |   | 13.15     |   |   | 12.98     |   |   | 12.96     |   |   | 13.33     |   |
| Commercial                  & industrial - small                                                                                           |   |   | 10.66                                                 |   |   | 10.63     |   |   | 10.40     |   |   | 10.44     |   |   | 10.90     |   |
| Commercial                  & industrial - large                                                                                           |   |   | 7.55                                                  |   |   | 7.44      |   |   | 7.41      |   |   | 7.31      |   |   | 7.70      |   |
| Total                  retail                                                                                                                  |   |   | 10.38                                                 |   |   | 10.32     |   |   | 10.22     |   |   | 10.09     |   |   | 10.44     |   |
| Average                  Use and Revenue Per Residential Customer                                                                              |   |   |                                                  |   |   |      |   |   |      |   |   |      |   |   |      |   |
| KWh's                  including lease transmissions                                                                                           |   |   | 7,827                                                 |   |   | 7,691     |   |   | 7,779     |   |   | 7,491     |   |   | 7,497     |   |
| Revenues                  including lease revenues                                                                                             |   | $      | 1,027                                                 |   | $      | 1,012     |   | $      | 1,010     |   | $      | 971       |   | $      | 999       |   |
|                                                                                                                                           |   |   |                                                  |   |   |      |   |   |      |   |   |      |   |   |      |   |
| (1)                  MW - Megawatt is one thousand kilowatts.                                                                                  |   |   |                                                  |   |   |      |   |   |      |   |   |      |   |   |      |   |
| (2)                  MWH - Megawatt hour is one thousand kilowatt hours.                                                                       |   |   |                                                  |   |   |      |   |   |      |   |   |      |   |   |      |   |
| (3)Includes                  MWh generated for renewable energy credits sold                                                                   |   |   |                                                  |   |   |      |   |   |      |   |   |      |   |   |      |   |
| (4)                  Load factor is based on net system peak and firm MWH production                  less                  off-system losses. |   |   |                                                  |   |   |      |   |   |      |   |   |      |   |   |      |   |
|                                                                                                                                           |   |   |                                                  |   |   |      |   |   |      |   |   |      |   |   |      |   |

----

**STATE        AND FEDERAL REGULATION**

|                           | Issue                  Date      | Licensed                  Period                                           |
|--------------------------------|----------------------------------|----------------------------------------------------------------------------|
| Project                  Site: |                             |                                                                       |
| Bolton                         | February                  5,1982 | February                  5,1982 - February 4, 2022                        |
| Essex                          | March                  30, 1995  | March                  1, 1995 - March 1, 2025                             |
| Vergennes                      | July                  30, 1999   | June                  1, 1999 - May 31, 2029                               |
| Waterbury                      | July                  20, 1954   | expired                  August 31, 2001, renewal                  pending |

**RECENT        RATE DEVELOPMENTS**

| *   | Allows                the Company to raise rates 1.9 percent, effective January 1, 2005;                and 0.9                percent effective January 1, 2006, if the increases are supported                by cost                of service schedules submitted 60 days prior to the effective dates.                The                Company filed cost of service schedules pursuant to the plan in November                2004 and November 2005, respectively, and received approval from                the VPSB                to implement the plan's 2005 1.9 percent rate increase, effective                January                1, 2005, and the plan’s 2006 0.9 percent rate increase, effective January                1, 2006. |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | Allows                the Company the opportunity to file for rate increases during the                period                from January 1, 2003 to December 31, 2006 if the Company experiences                extraordinary events, such as repair costs due to an ice storm or                other                natural disaster. |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | Reduces                the Company's allowed return on equity from 11.25 percent to 10.5                percent                for the period beginning January 1, 2003 to January 1,                2007. |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | Provides                for recovery of various regulatory assets, including the remediation                of                the Pine Street environmental superfund site in Burlington,                VT. |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**SINGLE        CUSTOMER DEPENDENCE**

**COMPETITION        AND RESTRUCTURING**

**CONSTRUCTION        AND CAPITAL REQUIREMENTS**

**POWER        RESOURCES**

| Net                  Electricity Generated and Purchased and Capacity at Peak                       |   |   |                                           |   |   |                            |   |   |    |   |   |    |
|-----------------------------------------------------------------------------------------------------|--------|--------|------------------------------------------------|--------|--------|---------------------------------|--------|--------|---------|--------|--------|---------|
|                                                                                                     |   |   | Generated                  and Purchased  |   |   | Capacity                        |   |
|                                                                                                |   |   | for                  the year ended       |   |   | At                  time of     |   |
|                                                                                                |   |   | December                  31, 2005        |   |   | of                  annual peak |   |
|                                                                                                     |   |   | MWH                                       |   |   | percent                         |   |   | KW      |   |   | percent |   |
|                     |   |   |                                           |   |   |                            |   |   |    |   |   |    |   |
| Wholly-owned                  plants:                                                               |   |   |                                           |   |   |                            |   |   |    |   |   |    |   |
| Hydro                                                                                               |   |   | 121,760                                        |   |   | 6.1                             | %      |   | 23,370  |   |   | 6.3     | % |
| Diesel                  and Gas Turbine                                                             |   |   | 7,547                                          |   |   | 0.4                             | %      |   | 58,550  |   |   | 15.8    | % |
| Wind*                                                                                               |   |   | 1,484                                          |   |   | 0.1                             | %      |   | 960     |   |   | 0.3     | % |
| Jointly-owned                  plants:                                                              |   |   |                                           |   |   |                            |   |   |    |   |   |    |   |
| Wyman                  #4                                                                           |   |   | 7,248                                          |   |   | 0.4                             | %      |   | 6,470   |   |   | 1.7     | % |
| Stony                  Brook I                                                                      |   |   | 15,328                                         |   |   | 0.8                             | %      |   | 30,936  |   |   | 8.3     | % |
| McNeil                                                                                              |   |   | 26,000                                         |   |   | 1.3                             | %      |   | 5,770   |   |   | 1.6     | % |
| Long                  Term Purchases:                                                               |   |   |                                           |   |   |                            |   |   |    |   |   |    |   |
| Vermont                  Yankee/ENVY                                                                |   |   | 816,989                                        |   |   | 40.6                            | %      |   | 97,451  |   |   | 26.3    | % |
|                                                                                                |   |   |                                           |   |   |                            |   |   |    |   |   |    |   |
| Hydro                  Quebec                                                                       |   |   | 680,984                                        |   |   | 33.9                            | %      |   | 107,391 |   |   | 29.0    | % |
| Stony                  Brook I                                                                      |   |   | 7,000                                          |   |   | 0.3                             | %      |   | 14,124  |   |   | 3.8     | % |
| Other:                                                                                              |   |   |                                           |   |   |                            |   |   |    |   |   |    |   |
| Independent                  Power Producers                                                        |   |   | 131,774                                        |   |   | 6.6                             | %      |   | 25,610  |   |   | 6.9     | % |
| -                                                                                                   |   |   |                                           |   |   |                            |   |   |    |   |   | -       |   |
| ISO-NE                  and Short-term purchases                                                    |   |   | 195,454                                        |   |   | 9.6                             | %      |   | -       |   |   | -       |   |
| Net                  Own Load                                                                       |   |   | 2,011,568                                      |   |   | 100.0                           | %      |   | 370,632 |   |   | 100.0   | % |
| *Net                  of renewable energy certificates sold representing                  10,000MWh |   |   |                                           |   |   |                            |   |   |    |   |

**Vermont        Yankee**

**Hydro        Quebec**

| *   | access                to surplus hydroelectric energy from Hydro Quebec;                and |
|---------------|---------------------------------------------------------------------------------------------|
| *   | a                provision for emergency transfers and mutual backup to improve reliability                for both the Hydro Quebec system and the New England                systems. |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Morgan        Stanley Contract -**

**ISO-NE        and Short-term Opportunity Purchases and Sales -**

**Stony        Brook I.**

**Wyman        Unit #4.**

**McNeil        Station.**

**Independent        Power Producers.**

**Company        Hydroelectric Power.**

**VELCO.**

**Fuel.**

**SEGMENT        INFORMATION**

**SEASONAL        NATURE OF BUSINESS**

**EMPLOYEES**

**ENERGY        EFFICIENCY**

**RATE        DESIGN**

**CURTAILABLE        SERVICE **

**ENVIRONMENTAL        MATTERS**

**UNREGULATED        BUSINESSES**

**EXECUTIVE        OFFICERS**

**AVAILABLE        INFORMATION**

**ITEM        1A. RISK FACTORS**

**ITEM        1B. UNRESOLVED STAFF COMMENTS**

**ITEM        2. PROPERTIES**

**GENERATING        FACILITIES**

| *   | 33.6                percent of the outstanding common stock of Vermont Yankee Nuclear                Power                Corporation and, through its contract with ENVY, we are entitled                to 20.0                percent (106.2 MW of a total 531 MW) of the capacity of the Vermont                Yankee                nuclear generating plant, |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | 1.1                percent (7.0 MW of a total 620 MW) joint-ownership share of the Wyman                #4                plant located in Maine, |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | 8.8                percent (30.2 MW of a total 352 MW) joint-ownership share of the                Stony Brook I intermediate units located in Massachusetts,                and |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | 11.0                percent (5.5 MW of a total 53 MW) joint-ownership share of the J.C.                McNeil wood-fired steam plant located in Burlington,                Vermont. |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**TRANSMISSION        AND DISTRIBUTION**

**PROPERTY        OWNERSHIP**

**INDENTURE        OF FIRST MORTGAGE**

**GENERATING        FACILITIES OWNED**

|                                       | ** **                         | ** **                           | ** ** | **Name                    Plate** |
|--------------------------------------------|------------------------------------|--------------------------------------|------------|-----------------------------------|
| ** **                                 | ** **                         | ** **                           | **Energy** | **Rating**                        |
| ** **                                 | **Location**                       | **Name**                             | **Source** | **MW**                            |
| *Wholly                    Owned*          |                               |                                 |       |                              |
| Hydro                                      | Middlesex,                    VT   | Middlesex                    #2      | Hydro      | 3.6                               |
|                                       | Marshfield,                    VT  | Marshfield                    #6     | Hydro      | 5.0                               |
|                                       | Vergennes,                    VT   | Vergennes                    #9      | Hydro      | 2.4                               |
|                                       | W.                    Danville, VT | W.                    Danville #15   | Hydro      | 1.0                               |
|                                       | Colchester,                    VT  | Gorge                    #18         | Hydro      | 3.0                               |
|                                       | Essex                    Jct., VT  | Essex                    #19         | Hydro      | 7.2                               |
|                                       | Waterbury,                    VT   | Waterbury                    #22 (1) | Hydro      | 5.5                               |
|                                       | Bolton,                    VT      | DeForge                    #1        | Hydro      | 8.4                               |
| Diesel                                     | Vergennes,                    VT   | Vergennes                    #9      | Oil        | 4.0                               |
|                                       | Essex                    Jct., VT  | Essex                    #19         | Oil        | 2.0                               |
| Gas                    Turbine             | Berlin,                    VT      | Berlin                    #5         | Oil        | 46.6                              |
|                                       | Colchester,                    VT  | Gorge                    #16         | Oil        | 17.0                              |
| Wind                                       | Searsburg,                    VT   | Searsburg                            | Wind       | 6.1                               |
| *Jointly                    Owned*         |                               |                                 |       |                              |
| Steam                                      | Yarmouth,                    ME    | Wyman                    #4          | Oil        | 7.0                               |
|                                       | Burlington,                    VT  | McNeil                    (2)        | Wood/Gas   | 5.5                               |
| Combined                                   | Ludlow,                    MA      | Stony                    Brook #1    | Oil/Gas    | 30.2                              |
| Total                    Winter Capability |                               |                                 |       | 154.5                             |

**CORPORATE        HEADQUARTERS**

**ITEM        3. LEGAL PROCEEDINGS**

**ITEM        4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

**PART        II**

**ITEM        5.**
**MARKET        FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES        OF EQUITY SECURITIES**

|                              | **HIGH**                   | **LOW**                    |
|-----------------------------------|----------------------------|----------------------------|
| **2005**                          |                       |                       |
| First                    Quarter  | $                    30.88 | $                    27.87 |
| Second                    Quarter | 30.00                      | 28.85                      |
| Third                    Quarter  | 33.03                      | 28.75                      |
| Fourth                    Quarter | 33.08                      | 26.62                      |
| **2004**                          |                       |                       |
| First                    Quarter  | $                    26.29 | $                    22.60 |
| Second                    Quarter | 26.10                      | 24.40                      |
| Third                    Quarter  | 26.82                      | 25.08                      |
| Fourth                    Quarter | 29.15                      | 24.80                      |

|       | **First**   | **Second**  | **Third**   | **Fourth**  |
|------------|-------------|-------------|-------------|-------------|
| ** ** | **Quarter** | **Quarter** | **Quarter** | **Quarter** |
| **2004**   | $0.22       | $0.22       | $0.22       | $0.22       |
| **2005**   | $0.25       | $0.25       | $0.25       | $0.25       |

----

| **ITEM                  6. SELECTED FINANCIAL DATA**                            |   |     |     |     |   |     |   |     |     |     |   |
|---------------------------------------------------------------------------------|--------|----------|----------|----------|--------|----------|--------|----------|----------|----------|--------|
| **Results                  of Operations for the years ended December 31,**     |   |     |     |     |   |     |   |     |     |     |   |
|                                                                            |   | **2005** |     | **2004** |   | **2003** |   | **2002** |     | **2001** |   |
| In                  thousands, except per share data                            |   |     |     |     |   |     |   |     |     |     |   |
| Operating                  Revenues                                             |   | $        | 245,860  |     | $      | 230,574  |   | $        | 280,470  |     | $      | 274,608 |   | $ | 283,464 |   |
| Operating                  Expenses                                             |   |     | 229,779  |     |   | 215,096  |   |     | 265,164  |     |   | 259,528 |   |   | 267,005 |   |
| Operating                  Income                                               |   |     | 16,081   |     |   | 15,478   |   |     | 15,306   |     |   | 15,080 |   |   | 16,459 |   |
| Other                  Income                                                   |   |     |          |     |   |          |   |     |          |     |   |  |   |   |  |   |
| AFUDC                  - equity                                                 |   |     | 29       |     |   | 449      |   |     | 387      |     |   | 233 |   |   | 210 |   |
| Other                                                                           |   |     | 1,696    |     |   | 1,638    |   |     | 1,692    |     |   | 2,252 |   |   | 2,163 |   |
| Total                  other income                                             |   |     | 1,725    |     |   | 2,087    |   |     | 2,079    |     |   | 2,485 |   |   | 2,373 |   |
| Interest                  Charges                                               |   |     |          |     |   |          |   |     |          |     |   |  |   |   |  |   |
| AFUDC                  - borrowed                                               |   |     | (18      | )        |   | (285     | )      |     | (267     | )        |   | (103 | ) |   | (188 | ) |
| Other                                                                           |   |     | 6,778    |     |   | 6,791    |   |     | 7,324    |     |   | 6,273 |   |   | 7,227 |   |
| Total                  interest charges                                         |   |     | 6,760    |     |   | 6,506    |   |     | 7,057    |     |   | 6,170 |   |   | 7,039 |   |
| Net                  Income from continuing operations before                   |   |     | 11,046   |     |   | 11,059   |   |     | 10,328   |     |   | 11,395 |   |   | 11,793 |   |
| preferred                  dividends                                            |   |     |          |     |   |          |   |     |          |     |   |  |   |   |  |   |
| Net                  Income (Loss) from discontinued operations, including      |   |     |          |     |   |          |   |     |          |     |   |  |   |   |  |   |
| provisions                  for loss on disposal                                |   |     | 134      |     |   | 525      |   |     | 79       |     |   | 99 |   |   | (182 | ) |
| Dividends                  on Preferred Stock                                   |   |     | -        |     |   | -        |   |     | 3        |     |   | 96 |   |   | 933 |   |
| Net                  Income Applicable to Common Stock                          |   | $        | 11,180   |     | $      | 11,584   |   | $        | 10,404   |     | $      | 11,398 |   | $ | 10,678 |   |
| Common                  Stock Data                                              |   |     |          |     |   |          |   |     |          |     |   |  |   |   |  |   |
| Basic                  earnings per share-continuing operations                 |   | $        | 2.12     |     | $      | 2.18     |   | $        | 2.08     |     | $      | 2.02 |   | $ | 1.93 |   |
| Basic                  earnings per share-discontinued operations               |   | $        | 0.03     |     | $      | 0.10     |   | $        | 0.01     |     | $      | 0.02 |   | $ | (0.03 | ) |
| Basic                  earnings per share                                       |   | $        | 2.15     |     | $      | 2.28     |   | $        | 2.09     |     | $      | 2.04 |   | $ | 1.90 |   |
| Diluted                  earnings per share from continuing operations          |   | $        | 2.09     |     | $      | 2.10     |   | $        | 2.01     |     | $      | 1.96 |   | $ | 1.88 |   |
| Diluted                  earnings (loss) per share from discontinued operations |   | $        | 0.03     |     | $      | 0.10     |   | $        | 0.01     |     | $      | 0.02 |   | $ | (0.03 | ) |
| Diluted                  earnings per share                                     |   | $        | 2.12     |     | $      | 2.20     |   | $        | 2.02     |     | $      | 1.98 |   | $ | 1.85 |   |
| Cash                  dividends declared per share                              |   | $        | 1.00     |     | $      | 0.88     |   | $        | 0.76     |     | $      | 0.60 |   | $ | 0.55 |   |
| Weighted                  average shares outstanding-basic                      |   |     | 5,195    |     |   | 5,083    |   |     | 4,980    |     |   | 5,592 |   |   | 5,630 |   |
| Weighted                  average equivalent shares outstanding-diluted         |   |     | 5,284    |     |   | 5,254    |   |     | 5,140    |     |   | 5,756 |   |   | 5,789 |   |
|                                                                            |   |     |     |     |   |     |   |     |     |     |   |   |   |   |   |   |
|                                                                            |   |     |     |     |   |     |   |     |     |     |   |   |   |   |   |   |
| **Financial                  Condition as of December 31**                      |   |     |     |     |   |     |   |     |     |     |   |   |   |   |   |   |
|                                                                            |   |     | **2005** |     |   | **2004** |   |     | **2003** |     |   | **2002** |   |   | **2001** |   |
| In                  thousands                                                   |   |     |     |     |   |     |   |     |     |     |   |   |   |   |   |   |
|                                                                            |   |     |     |     |   |     |   |     |     |     |   |   |   |   |   |   |
| **Assets**                                                                      |   |     |          |     |   |          |   |     |          |     |   |  |   |   |  |   |
| Utility                  Plant, Net                                             |   | $        | 236,911  |     | $      | 232,712  |   | $        | 228,862  |     | $      | 223,476 |   | $ | 196,858 |   |
| Other                  Investments                                              |   |     | 20,663   |     |   | 18,959   |   |     | 13,706   |     |   | 21,552 |   |   | 20,945 |   |
| Current                  Assets                                                 |   |     | 64,312   |     |   | 44,809   |   |     | 31,688   |     |   | 31,432 |   |   | 36,183 |   |
| Deferred                  Charges                                               |   |     | 51,729   |     |   | 55,120   |   |     | 55,590   |     |   | 60,390 |   |   | 72,468 |   |
| Non-Utility                  Assets                                             |   |     | 653      |     |   | 755      |   |     | 1,105    |     |   | 995 |   |   | 1,075 |   |
| Total                  Assets                                                   |   | $        | 374,268  |     | $      | 352,355  |   | $        | 330,951  |     | $      | 337,845 |   | $ | 327,529 |   |
| **Capitalization                  and Liabilities**                             |   |     |          |     |   |          |   |     |          |     |   |  |   |   |  |   |
| Common                  Stock Equity                                            |   | $        | 117,374  |     | $      | 109,581  |   | $        | 99,915   |     | $      | 91,722 |   | $ | 101,277 |   |
| Redeemable                  Cumulative Preferred Stock                          |   |     | -        |     |   | -        |   |     | -        |     |   | 55 |   |   | 12,560 |   |
| Long-Term                  Debt, Less Current Maturities                        |   |     | 79,000   |     |   | 93,000   |   |     | 93,000   |     |   | 93,000 |   |   | 74,400 |   |
| Capital                  Lease Obligation                                       |   |     | 3,944    |     |   | 4,493    |   |     | 4,963    |     |   | 5,287 |   |   | 5,959 |   |
| Current                  Liabilities                                            |   |     | 63,156   |     |   | 33,815   |   |     | 22,715   |     |   | 38,491 |   |   | 38,841 |   |
| Deferred                  Credits and Other                                     |   |     | 108,420  |     |   | 109,295  |   |     | 108,281  |     |   | 107,349 |   |   | 92,791 |   |
| Non-Utility                  Liabilities                                        |   |     | 2,374    |     |   | 2,171    |   |     | 2,077    |     |   | 1,941 |   |   | 1,701 |   |
| Total                  Capitalization and Liabilities                           |   | $        | 374,268  |     | $      | 352,355  |   | $        | 330,951  |     | $      | 337,845 |   | $ | 327,529 |   |

----

**ITEM        7.**
**MANAGEMENT’S        DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF        OPERATIONS**
**        ("MD and A")**

**Executive        Overview**

| *   | factors                that affect our business; |
|---------------|--------------------------------------------------|
| *   | our                earnings and costs in the periods presented and why they changed                between                periods; |
|---------------|------------------------------------------------------------------------------------------------------------------------------------|
| *   | the                source of our earnings; |
|---------------|--------------------------------------------|
| *   | our                expenditures for capital projects and what we expect they will be                in the                future; |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------|
| *   | where                we expect to get cash for future capital expenditures; and |
|---------------|---------------------------------------------------------------------------------|
| *   | how                all of the above affect our overall financial                condition. |
|---------------|--------------------------------------------------------------------------------------------|
| *   | regulatory                and judicial decisions or legislation and other regulatory                risks |
|---------------|-----------------------------------------------------------------------------------------------------------|
| *   | energy                supply and demand, outages and other power supply volume                risks |
|---------------|-----------------------------------------------------------------------------------------------------|
| *   | power                supply price risks |
|---------------|-----------------------------------------|
| *   | customer                concentration risks |
|---------------|---------------------------------------------|
| *   | pension                and postretirement health care risks |
|---------------|-------------------------------------------------------------|
| *   | customer                service quality |
|---------------|-----------------------------------------|
| *   | changes                in regional market and transmission rules |
|---------------|------------------------------------------------------------------|
| *   | contractual                commitments |
|---------------|----------------------------------------|
| *   | credit                risks, including availability, terms, and use of capital and counterparty                credit quality |
|---------------|-------------------------------------------------------------------------------------------------------------------------------|
| *   | general                economic and business environment |
|---------------|----------------------------------------------------------|
| *   | changes                in technology |
|---------------|--------------------------------------|
| *   | nuclear                and environmental issues |
|---------------|-------------------------------------------------|
| *   | alternative                regulation and cost recovery (including stranded                costs) |
|---------------|---------------------------------------------------------------------------------------------------|
| *   | weather |
|---------------|---------|

| **Earnings                  Summary**                                                                           |   |   | **For                  the Years Ended** |   |
|-----------------------------------------------------------------------------------------------------------------|--------|--------|------------------------------------------|--------|
|                                                                                                            |   |   | **2005**                                 |   |   | **2004** |   |   | **2003** |   |
| Consolidated                  diluted earnings per share of common stock                                        |   | $      | 2.12                                     |   | $ | 2.20 |   | $ | 2.02 |   |
| Consolidated                  diluted earnings per share of common stock-continuing                  operations | $      | 2.09   |                                     | $      | 2.10 |   | $ | 2.01 |   |
| Consolidated                  return on average common equity                                                   |   |   | 9.85                                     | %      |   | 11.06 | % |   | 10.76 | % |

**Critical          Accounting Policies**

**Regulatory          Accounting**

----

| **Regulatory                      assets and liabilities**           |   |                                     |   |     |   |
|----------------------------------------------------------------------|--------|------------------------------------------|--------|----------|--------|
|                                                                 |   | **At                      December 31,** |   |
|                                                                 |   | **2005**                                 |   | **2004** |   |
| **Regulatory                      assets:**                          |   | (in                      thousands)      |   |
| Demand-side                      management programs                 |   | $                                        | 5,835  |     | $      | 7,293 |   |
| Purchased                      power costs                           |   |                                     | 1,812  |     |   | 2,322 |   |
| Pine                      Street barge canal                         |   |                                     | 12,861 |     |   | 13,250 |   |
| Power                      supply regulatory assets                  |   |                                     | 30,135 |     |   | 22,821 |   |
| Other                      regulatory assets                         |   |                                     | 5,809  |     |   | 6,932 |   |
| Total                      regulatory assets*                        |   |                                     | 56,452 |     |   | 52,618 |   |
| **Regulatory                      liabilities:**                     |   |                                     |   |     |   |   |   |
| Accumulated                      cost of removal                     |   |                                     | 21,105 |     |   | 19,806 |   |
| Power                      supply regulatory liability               |   |                                     | 15,342 |     |   | 10,736 |   |
| Other                      regulatory liabilities                    |   |                                     | 6,513  |     |   | 4,012 |   |
| Total                      regulatory liabilities                    |   |                                     | 42,960 |     |   | 34,554 |   |
| Regulatory                      assets net of regulatory liabilities |   | $                                        | 13,492 |     | $      | 18,064 |   |

**Derivatives**

**Revenue            Recognition**

**Defined            Benefit Plans**

**Contingencies**

**ITEM            7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET            RISK**

**Power            Supply Risks.**

**Power            Contract Commitments **

|                                  |       |       | **2005**      |       |   | **2005**  |       |       | **2004** |   |   | **2004**  |   |   | **2003** |   |   | **2003**  |   |   | **Contract** |   |
|---------------------------------------|------------|------------|---------------|------------|--------|-----------|------------|------------|----------|--------|--------|-----------|--------|--------|----------|--------|--------|-----------|--------|--------|--------------|--------|
|                                  | ** ** | ** ** | **MWh ** | ** ** |   | **$/MWh** | ** ** | ** ** | **MWh**  |   |        | **$/MWh** |   |   | **MWh**  |   |        | **$/MWh** |   |   | **Expires**  |   |
| VJO                        Contract   |       |       | 680,984       |       | $      | 69.61     |       |       | 605,718  |   | $      | 74.47     |   |   | 664,225  |   | $      | 69.81     |   |   | 2015         |   |
| VYNPC                        Contract |       |       | 816,989       |       | $      | 39.67     |       |       | 764,010  |   | $      | 43.63     |   |   | 884,585  |   | $      | 43.08     |   |   | 2012         |   |

**Power                Supply Price Risk - **

**Power                Supply Derivatives - **

|                                                  |   |   | Option                          Value Model |   |   | Risk                          Free Interest Rate |   |   | PriceVolatility |   |   | AverageForward                          Price |   |   | ContractExpires |   |
|--------------------------------------------------|--------|--------|---------------------------------------------|--------|--------|--------------------------------------------------|--------|--------|-----------------|--------|--------|-----------------------------------------------|--------|--------|-----------------|--------|
| Morgan                          Stanley Contract |   |   | Deterministic                               |   |   | 4.4                                              | %      |   | 42              | %      | $      | 97                                            |   |   | 2006            |   |
| 9701                          agreement          |   |   | Black-Scholes                               |   |   | 4.4                                              | %      |   | 29%-10          | %      | $      | 69                                            |   |   | 2015            |   |
| Forward                          sale contracts  |   |   | Deterministic                               |   |   | n/a                                              |   |   | 0               | %      | $      | 96                                            |   |   | 2006            |   |

| Commodity                              Price Risk    |   |   | At                              December 31, 2005 |   |
|------------------------------------------------------|--------|--------|---------------------------------------------------|--------|
|                                                 |   |   | Fair                              Value      |   |   | Market                              Risk |   |
| (in                              thousands)          |   |   |                                              |   |   |   |   |
| Morgan                              Stanley Contract |   | $      | 15,104                                            |   | $ | 1,488 |   |
| 9701                              agreement          |   |   | (30,135                                           | )      |   | (3,707 | ) |
| Forward                              sale contracts  |   |   | 238                                               |   |   | (273 | ) |
|                                                 |   | $      | (14,793                                           | )      | $ | (2,492 | ) |

**Other                      Power Supply Risk - **

**Regulatory                      Risk**

** **

**Customer                      Concentration Risk**

**Pension                      and Postretirement Health Care Risk - **

**Customer                      Service Quality **

**Weather**

----

**Results                      of Operations**

**Operating                      Revenues and MWh Sales **

|                                                    |       |       | **For                                the Years ended December 31,  ** | ** ** |
|---------------------------------------------------------|------------|------------|---------------------------------------------------------------------------------|------------|
| ** **                                              | ** ** | ** ** | **2005**                                                                        |       |   | **2004** |   |   | **2003** |   |
| (dollars                                in thousands)   |       |       |                                                                            |       |   |   |   |   |   |   |
| Operating                                Revenues       |       |       |                                                                            |       |   |   |   |   |   |   |
| Retail*                                                 |       | $          | 207,912                                                                         |       | $ | 203,218 |   | $ | 198,717 |   |
| Sales                                for Resale         |       |       | 28,298                                                                          |       |   | 22,652 |   |   | 78,901 |   |
| Other                                                   |       |       | 9,650                                                                           |       |   | 4,704 |   |   | 2,852 |   |
| Total                                Operating Revenues |       | $          | 245,860                                                                         |       | $ | 230,574 |   | $ | 280,470 |   |
|                                                    |       |       |                                                                                 |       |   |  |   |   |  |   |
| MWH                                Sales-Retail         |       |       | 2,008,250                                                                       |       |   | 1,969,925 |   |   | 1,934,340 |   |
| MWH                                Sales for Resale     |       |       | 368,317                                                                         |       |   | 411,769 |   |   | 2,287,039 |   |
| Total                                MWH Sales          |       |       | 2,376,567                                                                       |       |   | 2,381,694 |   |   | 4,221,379 |   |

**Retail                        revenues include $3.0 million and $1.1 million of deferred                        revenue recognized                        for 2004 and 2003, respectively, and were reduced by a deferral                        of $1.9 million                        of revenue for 2005.*

| Average                                  Number of Customers |       |       |                                                                              |   |   |     |   |   |     |   |
|--------------------------------------------------------------|------------|------------|-----------------------------------------------------------------------------------|--------|--------|----------|--------|--------|----------|--------|
|                                                              |       |       | **For                                  the Years ended December 31,  ** |
| ** **                                                   | ** ** | ** ** | **2005**                                                                          |   |   | **2004** |   |   | **2003** |   |
| Residential                                                  |       |       | 76,481                                                                            |   |   | 75,507   |   |   | 74,693   |   |
| Commercial                                  and Industrial   |       |       | 13,779                                                                            |   |   | 13,539   |   |   | 13,369   |   |
| Other                                                        |       |       | 60                                                                                |   |   | 62       |   |   | 65       |   |
| Total                                  Number of Customers   |       |       | 90,320                                                                            |   |   | 89,108   |   |   | 88,127   |   |

| Change                                      in Operating Revenues              |       |       | **2004                                      to** | ** ** | ** ** | **2003                                      to** | ** ** | ** ** | **2002                                      to** | ** ** |
|--------------------------------------------------------------------------------|------------|------------|--------------------------------------------------|------------|------------|--------------------------------------------------|------------|------------|--------------------------------------------------|------------|
| ** **                                                                     | ** ** | ** ** | **2005**                                         | ** ** | ** ** | **2004**                                         | ** ** | ** ** | **2003**                                         |       |
| (In                                      thousands)                            |       |       |                                             |       |       |                                             |       |       |                                             |       |
| Retail                                      Rates                              |       | $          | 726                                              |       | $          | (912                                             | )          | $          | 6,471                                            |       |
| Retail                                      Sales Volume                       |       |       | 3,968                                            |       |       | (1,423                                           | )          |       | (512                                             | )          |
| Resales                                      and Other Revenues                |       |       | 10,592                                           |       |       | 8,197                                            |       |       | (14,815                                          | )          |
| Increase                                      (Decrease) in Operating Revenues |       | $          | 15,286                                           |       | $          | 5,862                                            |       | $          | (8,856                                           | )          |

----

| *   | Increased                                      retail residential revenues of $3.5 million,                                      or 4.7 percent, arising from                                      a 3.0 percent increase in sales of electricity                                      and a 1.9 percent retail                                      rate increase effective January 1, 2005;                                      and |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | Increased                                      retail small commercial and industrial ("C&I") revenues of $3.4                                      million, or 4.6 percent, arising from a 2.7                                      percent increase in sales of                                      electricity and a 1.9 percent retail rate increase                                      effective January 1,                                      2005; and |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | Increased                                      retail large C&I revenues of $1.2 million or 2.4 percent,                                      arising from                                      a 0.3 percent increase in sales of electricity                                      and a 1.9 percent retail                                      rate increase effective January 1, 2005. |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | An                                      increase of $1.9 million in recognition of                                      revenues deferred under the                                      2003 Rate Plan; |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | A                                      3.3 percent increase in megawatt hour sales                                      to large commercial and                                      industrial customers resulting in a $1.4 million                                      increase in revenue;                                      and |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | A                                      2.0 percent increase in megawatt hour sales                                      to small commercial and                                      industrial customers resulting in a $1.0 million                                      increase in                                      revenue. |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Power                              Supply Expenses - **

| *   | A                                      $2.3 million increase in the cost of market                                      purchases caused primarily by                                      higher wholesale market prices ($1.4 million)                                      and a reduction of credits                                      for the auction of transmission rights allocated                                      by ISO-NE                                      ($840,000); |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | A                                      $2.3 million increase in power supply expenses                                      under agreements with Hydro                                      Quebec caused by increased megawatt hour purchases                                      of                                      electricity; |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | A                                      $1.5 million increase in purchases from Morgan                                      Stanley caused primarily by                                      an increase in contract prices; and |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | A                                      $654,000 increase in the costs of electricity                                      supplied by independent                                      power producers caused by production increases                                      due to higher levels of                                      precipitation. |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | An                                      estimated $56.2 million decrease in the cost                                      of power purchased for resale                                      resulting primarily from the restructuring                                      of the Morgan Stanley Contract                                      described above; |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | A                                      $1.8 million increase in credits from the ISO-NE                                      resulting from FTR                                      auctions designed to make congested regions                                      pay a premium for energy                                      delivery, and credits for certain Company generation;                                      and |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | A                                      $1.3 million decrease in the net cost of our                                      9701 agreement with Hydro                                      Quebec. |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | A                                      $1.9 million increase in purchases to supply                                      increased retail                                      sales; |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | An                                      estimated $1.5 million in purchases to replace                                      reduced energy deliveries                                      under the VJO Contract as a result of problems                                      with the transmission                                      interconnection facilities over which we schedule                                      deliveries;                                      and |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | An                                      $851,000 increase in the contract price per                                      megawatt hour of electricity                                      purchased under the Morgan Stanley                                      Contract. |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Other                              Operating Expenses - **

**Transmission                              Expenses **

**Maintenance                              Expenses **
*-                              *

**Depreciation                              and Amortization - **

**Taxes                              other than income - **

**Income                              Taxes - **

**Total                              Other Income (net of other deductions) **

**Interest                              Expense - **

**ENVIRONMENTAL                              MATTERS**

**Pine                              Street Barge Canal Superfund Site**

**RATES**

| *   | The                                      Company’s rates remained unchanged through 2004. The                                      2003 Rate Plan allows                                      the Company to raise rates 1.9 percent, effective                                      January 1, 2005, and an                                      additional 0.9 percent, effective January 1,                                      2006. We submitted a cost of                                      service schedule supporting the rate increases                                      for 2005 and 2006 in                                      accordance with the plan and the increases                                      became effective on January 1,                                      2005 and January 1, 2006. The VPSB retains                                      the discretion to open an                                      investigation of the Company’s rates at any time, at the request of the                                      DPS, the request of ratepayers, or on its own                                      volition. |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | The                                      Company may seek additional rate increases                                      or deferral of costs in                                      extraordinary circumstances, such as severe                                      storm repair costs, natural                                      disasters, extended unanticipated unit outages,                                      or significant losses of                                      customer load. |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | The                                      Company’s allowed return on equity is capped at 10.5                                      percent for the                                      period January 1, 2003 through December 31,                                      2006. Certain exclusions,                                      commonly made in setting rates, make it unlikely                                      that the Company will                                      achieve its allowed return on equity for its                                      core utility operations.                                      Excess earnings in 2005 or 2006 will be refunded                                      to customers as a credit                                      on customer bills or applied to reduce regulatory                                      assets, as the                                      Department directs. |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | The                                      Company carried forward into 2004 $3.0 million                                      in deferred revenue                                      remaining at December 31, 2003, from the Company’s 2001 Settlement Order                                      (summarized below). These revenues were applied                                      in 2004 to offset                                      increased costs. |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | The                                      Company began amortizing (recovering), in January                                      2005, certain regulatory                                      assets, including Pine Street Barge Canal environmental                                      site costs and                                      past demand-side management program costs,                                      with those amortizations to be                                      allowed in future rates. Pine Street costs                                      will be recovered over a                                      twenty-year period without a return. |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | The                                      Company and the Department have agreed to work                                      cooperatively to develop                                      and propose an alternative regulation plan                                      as authorized by legislation                                      enacted in Vermont in 2003. |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | Rates                                      were set at levels that recover the Company’s VJO Contract costs,                                      effectively ending the regulatory disallowances                                      experienced by the Company                                      from 1998 through 2000; |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | The                                      Company and customers shall share equally any                                      premium above book value                                      realized by the Company in any future merger,                                      acquisition or asset sale,                                      subject to an $8.0 million limit on the customers'                                      share, adjusted for                                      inflation; and |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | The                                      Company's further investment in non-utility                                      operations was restricted                                      until new rates went into effect, which occurred                                      in January 2005. Although                                      this restriction has expired, we have no plans                                      to make material                                      investments in non-utility operations. |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**LIQUIDITY                              AND CAPITAL RESOURCES**

|                                                                               |   | **At                                          December 31,** |   |
|------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|--------|
|                                                                               |   | **2005**                                                     |   | **2004** |   |
| (In                                          thousands)                            |   |                                                         |   |   |   |
| Cash                                          and cash equivalents                 |   | $                                                            | 6,500  |   | $ | 1,720 |   |
| Current                                          assets                            |   | $                                                            | 64,312 |   | $ | 44,809 |   |
| Less                                          current liabilities                  |   |                                                         | 63,156 |   |   | 33,815 |   |
| Net                                          working capital                       |   | $                                                            | 1,156  |   | $ | 10,994 |   |
|                                                                               |   |                                                         |   |   |   |   |   |
| Net                                          cash provided by operating activities |   | $                                                            | 29,770 |   | $ | 23,916 |   |

**Construction                                and Investments **

|                                                                                                                                                                                                          |   |   | **Generation ** | ** ** | ** ** | **Transmission** | ** ** | ** ** | **Distribution** | ** ** | ** ** | **Other*** | ** ** | ** ** | **Total** |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------------------|------------|------------|------------------|------------|------------|------------------|------------|------------|------------|------------|------------|-----------|--------|
| (In                                          thousands)                                                                                                                                                       |   |   |                 |       |       |             |       |       |             |       |       |       |       |       |      |   |
| **Actual:**                                                                                                                                                                                                   |   |   |                 |       |       |             |       |       |             |       |       |       |       |       |      |   |
| 2003                                                                                                                                                                                                          |   | $      | 2,629                |       | $          | 1,496            |       | $          | 6,538            |       | $          | 6,622      |       | $          | 17,285    |   |
| 2004                                                                                                                                                                                                          |   |   | 3,053                |       |       | 2,898            |       |       | 8,662            |       |       | 5,005      |       | $          | 19,618    |   |
| 2005                                                                                                                                                                                                          |   | $      | 2,060                |       | $          | 596              |       | $          | 8,541            |       | $          | 6,400      |       | $          | 17,597    |   |
| **Forecast:**                                                                                                                                                                                                 |   |   |                      |       |       |                  |       |       |                  |       |       |            |       |       |           |   |
| 2006                                                                                                                                                                                                          |   | $      | 5,096                |       | $          | 1,835            |       | $          | 10,662           |       | $          | 6,079      |       | $          | 23,672    |   |
|                                                                                                                                                                                                          |   |   |                 |       |       |             |       |       |             |       |       |       |       |       |      |   |
| *                                          Other includes Pine Street Barge Canal                                          net expenditures of $2.6 million in                                          2003, |   |
| $1.4                                          million in 2004, $0.6 million in 2005,                                          and an estimated $1.1 million in                                          2006. |   |

**Dividend        Policy -**

| **Period                  Reflecting****Dividend                  Change** | **New                  Annual****Dividend                  Rate** | **Annual****Payout                  Ratio** |
|----------------------------------------------------------------------------|-------------------------------------------------------------------|---------------------------------------------|
| 2006                  1st                  Quarter                         | 1.12                                                              | n/a                                         |
| 2005                  1st                  Quarter                         | 1.00                                                              | 48%                                         |
| 2004                  1st                  Quarter                         | .88                                                               | 42%                                         |
| 2002                  4th                  Quarter                         | .76                                                               | 39%                                         |

----

**FINANCING        AND CAPITALIZATION**

|                                  | Moody's | Standard                  & Poor's |
|---------------------------------------|---------|----------------------------------------|
| First                  mortgage bonds | Baa1    | BBB                                    |

**PERFORMANCE      ASSURANCE**

| Payments                  Due by Period                                                                                                                |       |       |            |       |       |       |       |       |                          |       |       |                          |       |       |      |       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|------------|------------|-----------------|------------|------------|------------|------------|------------|-------------------------------|------------|------------|-------------------------------|------------|------------|-----------|------------|
| At                  December 31, 2005                                                                                                                  |       |       | ** **      | ** ** | ** ** | ** ** | ** ** | ** ** | **2007                  and** | ** ** | ** ** | **2009                  and** | ** ** | ** ** | **After** | ** ** |
|                                                                                                                                                   | ** ** | ** ** | **Total ** | ** ** | ** ** | **2006**   | ** ** | ** ** | **2008**                      | ** ** | ** ** | **2010**                      | ** ** | ** ** | **2011**  |       |
| (In                  thousands)                                                                                                                        |       |       |            |       |       |       |       |       |                          |       |       |                          |       |       |      |       |
| Long-term                  debt                                                                                                                        |       | $          | 93,000          |       | $          | 14,000     |       | $          | -                             |       | $          | -                             |       | $          | 79,000    |       |
| Interest                  on long-term debt                                                                                                            |       |       | 63,636          |       |       | 6,534      |       |       | 11,068                        |       |       | 11,068                        |       |       | 34,966    |       |
| Capital                  lease obligations                                                                                                             |       |       | 3,943           |       |       | 475        |       |       | 771                           |       |       | 771                           |       |       | 1,927     |       |
| Hydro-Quebec                  power supply contracts                                                                                                   |       |       | 519,192         |       |       | 51,596     |       |       | 103,020                       |       |       | 103,993                       |       |       | 260,583   |       |
| Morgan                  Stanley Contract                                                                                                               |       |       | 10,160          |       |       | 10,160     |       |       | -                             |       |       | -                             |       |       | -         |       |
| Independent                  Power Producers                                                                                                           |       |       | 152,523         |       |       | 16,642     |       |       | 33,285                        |       |       | 33,285                        |       |       | 69,312    |       |
| Stony                  Brook contract                                                                                                                  |       |       | 26,499          |       |       | 1,866      |       |       | 3,480                         |       |       | 3,541                         |       |       | 17,612    |       |
| VYNPC                  PPA                                                                                                                             |       |       | 210,687         |       |       | 33,595     |       |       | 64,144                        |       |       | 69,811                        |       |       | 43,137    |       |
| Benefit                  plan contributions*                                                                                                           |       |       | 20,000          |       |       | 2,000      |       |       | 4,000                         |       |       | 4,000                         |       |       | 10,000    |       |
| VELCO                  capital contributions                                                                                                           |       |       | 25,230          |       |       | 15,660     |       |       | 9,570                         |       |       | -                             |       |       | -         |       |
| Total                                                                                                                                                  |       | $          | 1,124,870       |       | $          | 152,528    |       | $          | 229,338                       |       | $          | 226,467                       |       | $          | 516,537   |       |
|                                                                                                                                                   |       |       |            |       |       |       |       |       |                          |       |       |                          |       |       |      |       |
| See                  the captions "Power Supply Expense" and "Power Contract Commitments"                  for                  additional information |       |       |            |       |       |       |       |
| about                  the Hydro-Quebec and Morgan Stanley power supply contracts                                                                      |       |       |            |       |       |       |       |       |                          |
| *Benefit                  plan contributions are estimated through 2015                                                                                |       |       |            |       |       |       |       |       |                          |       |       |                          |       |       |      |       |

**Off-Balance        Sheet Arrangements and Other Contractual Obligations - **

**Other        Risks**

**Effects        of Inflation **

----

**ITEM          8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

**GREEN          MOUNTAIN POWER CORPORATION**

**INDEX          TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULES**

| **Financial                    Statements**                                                                                                                                                                 | **Page** |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
| Consolidated                    Statements of IncomeFor                    the Years Ended December 31, 2005, 2004 and 2003                                                                            | 42       |
| Consolidated                    Statements of Cash Flows for theYears                    Ended December 31, 2005, 2004 and 2003                                                                        | 43       |
| Consolidated                    Balance Sheets as of December 31, 2005 and 2004                                                                                                                        | 44       |
| Consolidated                    Statements of Changes in Stockholders’ EquityAnd                    Comprehensive Income for the Years EndedDecember                    31, 2005, 2004 and 2003  | 46       |
| Notes                    to Consolidated Financial Statements                                                                                                                                          | 47       |
| Quarterly                    Financial Information (Unaudited)                                                                                                                                         | 71       |
| Consent                    and Reports of Independent Registered Public Accounting                    Firm                                                                                                  | 72       |

----

| **GREEN                    MOUNTAIN POWER CORPORATION**                                                                                          |   |   |                                                   |   |   |     |   |   |     |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------|--------|--------|----------|--------|--------|----------|--------|
| **Consolidated                    Statements of Income**                                                                                         |   |   | **For                    the Years Ended December 31** |   |
|                                                                                                                                             |   |   | **2005**                                               |   |   | **2004** |   |   | **2003** |   |
| (In                    thousands, except per share data)                                                                                         |   |   |                                                   |   |   |     |   |   |     |   |
| **Revenues**                                                                                                                                     |   |   |                                                   |   |   |     |   |   |     |   |
| Retail                    and other revenues                                                                                                     |   | $      | 217,562                                                |   | $      | 207,922  |   | $      | 201,569  |   |
| Wholesale                    revenues                                                                                                            |   |   | 28,298                                                 |   |   | 22,652   |   |   | 78,901   |   |
| **Total                    operating revenues**                                                                                                  |   |   | 245,860                                                |   |   | 230,574  |   |   | 280,470  |   |
| Operating                    expenses-Power Supply:                                                                                              |   |   |                                                   |   |   |     |   |   |     |   |
| Purchases                    from others                                                                                                         |   |   | 143,512                                                |   |   | 137,503  |   |   | 189,450  |   |
| Company-owned                    generation                                                                                                      |   |   | 6,477                                                  |   |   | 6,516    |   |   | 7,856    |   |
| Other                    operating                                                                                                               |   |   | 24,751                                                 |   |   | 19,295   |   |   | 17,534   |   |
| Transmission                                                                                                                                     |   |   | 16,453                                                 |   |   | 15,656   |   |   | 14,783   |   |
| Maintenance                                                                                                                                      |   |   | 11,247                                                 |   |   | 9,746    |   |   | 9,721    |   |
| Depreciation                    and amortization                                                                                                 |   |   | 15,074                                                 |   |   | 13,931   |   |   | 13,803   |   |
| Taxes                    other than income                                                                                                       |   |   | 6,589                                                  |   |   | 6,687    |   |   | 6,897    |   |
| Income                    taxes                                                                                                                  |   |   | 5,676                                                  |   |   | 5,762    |   |   | 5,120    |   |
| Total                    operating expenses                                                                                                      |   |   | 229,779                                                |   |   | 215,096  |   |   | 265,164  |   |
| **Operating                    income**                                                                                                          |   |   | 16,081                                                 |   |   | 15,478   |   |   | 15,306   |   |
|                                                                                                                                             |   |   |                                                        |   |   |          |   |   |          |   |
| **Other                    income**                                                                                                              |   |   |                                                        |   |   |          |   |   |          |   |
| Equity                    in earnings of affiliates and non-utility operations                                                                   |   |   | 1,585                                                  |   |   | 1,232    |   |   | 1,493    |   |
| Allowance                    for equity funds used during construction                                                                           |   |   | 29                                                     |   |   | 449      |   |   | 387      |   |
| Other                    income                                                                                                                  |   |   | 268                                                    |   |   | 714      |   |   | 409      |   |
| Other                    deductions                                                                                                              |   |   | (157                                                   | )      |   | (308     | )      |   | (210     | )      |
| Total                    other income                                                                                                            |   |   | 1,725                                                  |   |   | 2,087    |   |   | 2,079    |   |
|                                                                                                                                             |   |   |                                                        |   |   |          |   |   |          |   |
| **Interest                    charges**                                                                                                          |   |   |                                                        |   |   |          |   |   |          |   |
| Long-term                    debt                                                                                                                |   |   | 6,534                                                  |   |   | 6,534    |   |   | 7,021    |   |
| Other                                                                                                                                            |   |   | 244                                                    |   |   | 257      |   |   | 303      |   |
| Allowance                    for borrowed funds used during construction                                                                         |   |   | (18                                                    | )      |   | (285     | )      |   | (267     | )      |
| Total                    interest charges                                                                                                        |   |   | 6,760                                                  |   |   | 6,506    |   |   | 7,057    |   |
| **Income                    from continuing operations**                                                                                         |   |   |                                                        |   |   |          |   |   |          |   |
| **before                    preferred dividends**                                                                                                |   |   | 11,046                                                 |   |   | 11,059   |   |   | 10,328   |   |
| Dividends                    on preferred stock                                                                                                  |   |   | -                                                      |   |   | -        |   |   | 3        |   |
| **Income                    from continuing operations**                                                                                         |   |   | 11,046                                                 |   |   | 11,059   |   |   | 10,325   |   |
| Income                    from discontinued operations, net                                                                                      |   |   | 134                                                    |   |   | 525      |   |   | 79       |   |
| **Net                    income applicable to common stock**                                                                                     |   | $      | 11,180                                                 |   | $      | 11,584   |   | $      | 10,404   |   |
| **Earnings                    per share**                                                                                                        |   |   |                                                   |   |   |     |   |   |     |   |
| Basic                    earnings per share-continuing operations                                                                                |   | $      | 2.12                                                   |   | $      | 2.18     |   | $      | 2.08     |   |
| Basic                    earnings per share-discontinued operations                                                                              |   |   | 0.03                                                   |   |   | 0.10     |   |   | 0.01     |   |
| Basic                    earnings per share                                                                                                      |   | $      | 2.15                                                   |   | $      | 2.28     |   | $      | 2.09     |   |
| Diluted                    earnings per share-continuing operations                                                                              |   | $      | 2.09                                                   |   | $      | 2.10     |   | $      | 2.01     |   |
| Diluted                    earnings per share-discontinued operations                                                                            |   |   | 0.03                                                   |   |   | 0.10     |   |   | 0.01     |   |
| Diluted                    earnings per share                                                                                                    |   | $      | 2.12                                                   |   | $      | 2.20     |   | $      | 2.02     |   |
| Cash                    dividends declared per share                                                                                             |   | $      | 1.00                                                   |   | $      | 0.88     |   | $      | 0.76     |   |
| Weighted                    average common shares outstanding-basic                                                                              |   |   | 5,195                                                  |   |   | 5,083    |   |   | 4,980    |   |
| Weighted                    average common shares outstanding-diluted                                                                            |   |   | 5,284                                                  |   |   | 5,254    |   |   | 5,140    |   |
| The                    accompanying notes are an integral part of these consolidated                    financial                    statements. |   |

----

| **GREEN                MOUNTAIN POWER CORPORATION**                                                                   |       | **For                the Years Ended** | ** **                    |
|-----------------------------------------------------------------------------------------------------------------------|------------|----------------------------------------|-------------------------------|
| **Consolidated                Statements of Cash Flows**                                                              | ** ** | **December                31**         |                          |
|                                                                                                                  |       |                                   | **2005**                      |   |   | **2004** |   |   | **2003** |   |
| **Operating                Activities:**                                                                              |       |                                   | (in                thousands) |   |
|                                                                                                                  |       |                                   |                          |   |   |   |   |   |   |   |
| Income                from continuing operations before preferred dividends                                           |       | $                                      | 11,046                        |   | $ | 11,059 |   | $ | 10,328 |   |
| Adjustments                to reconcile net income to net cash                                                        |       |                                   |                          |   |   |   |   |   |   |   |
| provided                by operating activities:                                                                      |       |                                   |                          |   |   |   |   |   |   |   |
| Depreciation                and amortization                                                                          |       |                                   | 15,074                        |   |   | 13,931 |   |   | 13,803 |   |
| Dividends                from associated companies                                                                    |       |                                   | 1,273                         |   |   | 863 |   |   | 2,081 |   |
| Equity                in undistributed earnings of associated companies                                               |       |                                   | (1,318                        | ) |   | (880 | ) |   | (1,197 | ) |
| Allowance                for funds used during construction                                                           |       |                                   | (47                           | ) |   | (733 | ) |   | (654 | ) |
| Amortization                of deferred purchased power costs                                                         |       |                                   | 2,581                         |   |   | 318 |   |   | 318 |   |
| Deferred                income tax expense, net of investment tax credit                amortization                  |       |                                   | (2,563                        | ) |   | 3,699 |   |   | 1,479 |   |
| Deferred                purchased power costs                                                                         |       |                                   | (2,023                        | ) |   | (667 | ) |   | (570 | ) |
| Deferred                regulatory earnings                                                                           |       |                                   | 2,778                         |   |   | (2,970 | ) |   | (1,121 | ) |
| Environmental                and conservation deferrals, net                                                          |       |                                   | (312                          | ) |   | (1,041 | ) |   | (1,890 | ) |
| Gain                on sale of property                                                                               |       |                                   | -                             |   |   | (402 | ) |   | - |   |
| Share-based                compensation                                                                               |       |                                   | 1,354                         |   |   | 1,244 |   |   | - |   |
| Changes                in:                                                                                            |       |                                   |                          |   |   |   |   |   |   |   |
| Accounts                receivable and accrued utility revenues                                                       |       |                                   | (1,705                        | ) |   | (1,120 | ) |   | (189 | ) |
| Prepayments,                fuel and other current assets                                                             |       |                                   | (950                          | ) |   | (418 | ) |   | (1,188 | ) |
| Accounts                payable and other current liabilities                                                         |       |                                   | 470                           |   |   | 1,567 |   |   | (676 | ) |
| Accrued                income taxes payable and receivable                                                            |       |                                   | 6,031                         |   |   | (2,069 | ) |   | (340 | ) |
| Other                                                                                                                 |       |                                   | (2,255                        | ) |   | 1,010 |   |   | (415 | ) |
| Net                cash provided by continuing operations                                                             |       |                                   | 29,434                        |   |   | 23,391 |   |   | 19,769 |   |
| Operating                cash flows from discontinued operations                                                      |       |                                   | 337                           |   |   | 525 |   |   | 79 |   |
| Net                cash provided by operating activities                                                              |       |                                   | 29,770                        |   |   | 23,916 |   |   | 19,848 |   |
|                                                                                                                  |       |                                   |                          |   |   |   |   |   |   |   |
| **Investing                Activities:**                                                                              |       |                                   |                          |   |   |   |   |   |   |   |
| Construction                expenditures                                                                              |       |                                   | (16,978                       | ) |   | (18,577 | ) |   | (15,395 | ) |
| Restriction                of cash for renewable energy investments                                                   |       |                                   | (973                          | ) |   | (354 | ) |   | - |   |
| Proceeds                from sale of property                                                                         |       |                                   | -                             |   |   | 648 |   |   | - |   |
| Investment                in associated companies                                                                     |       |                                   | -                             |   |   | (4,579 | ) |   | (108 | ) |
| Return                of capital from associated companies                                                            |       |                                   | 189                           |   |   | 314 |   |   | 7,615 |   |
| Investment                in nonutility property                                                                      |       |                                   | (210                          | ) |   | (338 | ) |   | (198 | ) |
| Net                cash used in investing activities                                                                  |       |                                   | (17,972                       | ) |   | (22,886 | ) |   | (8,086 | ) |
| **Financing                Activities:**                                                                              |       |                                   |                          |   |   |   |   |   |   |   |
| Repurchase                of preferred stock                                                                          |       |                                   | -                             |   |   | - |   |   | (85 | ) |
| Payments                to acquire treasury stock                                                                     |       |                                   | -                             |   |   | - |   |   | (3 | ) |
| Payments                on capital lease                                                                              |       |                                   | (187                          | ) |   | - |   |   | - |   |
| Issuance                of common stock                                                                               |       |                                   | 1,373                         |   |   | 1,885 |   |   | 995 |   |
| Reduction                in long-term debt and term loan                                                              |       |                                   | -                             |   |   | - |   |   | (8,000 | ) |
| Short-term                debt                                                                                        |       |                                   | (3,000                        | ) |   | 2,500 |   |   | (2,000 | ) |
| Cash                dividends                                                                                         |       |                                   | (5,205                        | ) |   | (4,481 | ) |   | (3,792 | ) |
|                                                                                                                  |       |                                   |                          |   |   |   |   |   |   |   |
| Net                cash used in financing activities                                                                  |       |                                   | (7,019                        | ) |   | (96 | ) |   | (12,885 | ) |
| Net                increase in cash and cash equivalents                                                              |       |                                   | 4,780                         |   |   | 934 |   |   | (1,123 | ) |
|                                                                                                                  |       |                                   |                          |   |   |   |   |   |   |   |
| Cash                and cash equivalents at beginning of period                                                       |       |                                   | 1,720                         |   |   | 786 |   |   | 1,909 |   |
|                                                                                                                  |       |                                   |                          |   |   |   |   |   |   |   |
| **Cash                and cash equivalents at end of period**                                                         |       | $                                      | 6,500                         |   | $ | 1,720 |   | $ | 786 |   |
|                                                                                                                  |       |                                   |                          |   |   |   |   |   |   |   |
| **Supplemental                Disclosure of Cash Flow Information:**                                                  |       |                                   |                          |   |   |   |   |   |   |   |
| Cash                paid year-to-date for:                                                                            |       |                                   |                          |   |   |   |   |   |   |   |
| Interest                                                                                                              |       | $                                      | 6,700                         |   | $ | 6,691 |   | $ | 7,120 |   |
| Income                taxes                                                                                           |       |                                   | 2,221                         |   |   | 3,043 |   |   | 2,915 |   |
| **Non-cash                construction additions**                                                                    |       |                                   | 1,229                         |   |   | 1,563 |   |   | 1,433 |   |
| The                accompanying notes are an integral part of these consolidated financial                statements. |       |

----

| **GREEN                  MOUNTAIN POWER CORPORATION**                                                                     |   |                                 |    |     |   |
|---------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|---------|----------|--------|
| **Consolidated                  Balance Sheets**                                                                          |   |                                 |    |     |   |
|                                                                                                                      |   | **At                  December 31,** |    |
|                                                                                                                      |   | **2005**                             |    | **2004** |   |
| **ASSETS**                                                                                                                |   | In                  thousands        |
| **Utility                  plant**                                                                                        |   |                                 |    |     |   |
| Utility                  plant, at original cost                                                                          |   | $                                    | 347,947 |     | $      | 339,269 |   |
| Less                  accumulated depreciation                                                                            |   |                                 | 122,924 |     |   | 119,633 |   |
| Utility                  plant, net of accumulated depreciation                                                           |   |                                 | 225,023 |     |   | 219,636 |   |
| Property                  under capital lease                                                                             |   |                                 | 4,369   |     |   | 4,731 |   |
| Construction                  work in progress                                                                            |   |                                 | 7,519   |     |   | 8,345 |   |
| Total                  utility plant, net                                                                                 |   |                                 | 236,911 |     |   | 232,712 |   |
| **Other                  investments**                                                                                    |   |                                 |         |     |   |  |   |
| Associated                  companies, at equity                                                                          |   |                                 | 10,036  |     |   | 10,179 |   |
| Other                  investments                                                                                        |   |                                 | 10,627  |     |   | 8,780 |   |
| Total                  other investments                                                                                  |   |                                 | 20,663  |     |   | 18,959 |   |
| **Current                  assets**                                                                                       |   |                                 |         |     |   |  |   |
| Cash                  and cash equivalents                                                                                |   |                                 | 6,500   |     |   | 1,720 |   |
| Accounts                  receivable, less allowance for                                                                  |   |                                 |         |     |   |  |   |
| doubtful                  accounts of $484 and $620                                                                       |   |                                 | 19,594  |     |   | 18,216 |   |
| Accrued                  utility revenues                                                                                 |   |                                 | 7,291   |     |   | 6,964 |   |
| Fuel,                  materials and supplies, average cost                                                               |   |                                 | 6,360   |     |   | 4,848 |   |
| Power                  supply derivative asset                                                                            |   |                                 | 15,342  |     |   | 6,553 |   |
| Power                  supply regulatory asset                                                                            |   |                                 | 7,791   |     |   | 2,794 |   |
| Prepayments                  and other current assets                                                                     |   |                                 | 1,434   |     |   | 1,997 |   |
| Income                  tax receivable                                                                                    |   |                                 | -       |     |   | 1,717 |   |
| Total                  current assets                                                                                     |   |                                 | 64,312  |     |   | 44,809 |   |
| **Deferred                  charges**                                                                                     |   |                                 |         |     |   |  |   |
| Demand                  side management programs                                                                          |   |                                 | 5,835   |     |   | 7,293 |   |
| Purchased                  power costs                                                                                    |   |                                 | 1,812   |     |   | 2,322 |   |
| Pine                  Street Barge Canal                                                                                  |   |                                 | 12,861  |     |   | 13,250 |   |
| Power                  supply regulatory asset                                                                            |   |                                 | 22,344  |     |   | 20,027 |   |
| Power                  supply derivative asset                                                                            |   |                                 | -       |     |   | 4,183 |   |
| Other                  regulatory assets                                                                                  |   |                                 | 5,809   |     |   | 6,932 |   |
| Other                  deferred charges                                                                                   |   |                                 | 3,068   |     |   | 1,113 |   |
| Total                  deferred charges                                                                                   |   |                                 | 51,729  |     |   | 55,120 |   |
| **Non-utility**                                                                                                           |   |                                 |         |     |   |  |   |
|                                                                                                                      |   |                                 |    |     |   |   |   |
| Property                  and equipment                                                                                   |   |                                 | 246     |     |   | 247 |   |
| Other                  assets                                                                                             |   |                                 | 407     |     |   | 508 |   |
| Total                  non-utility assets                                                                                 |   |                                 | 653     |     |   | 755 |   |
| **Total                  assets**                                                                                         |   | $                                    | 374,268 |     | $      | 352,355 |   |
|                                                                                                                      |   |                                 |    |     |   |   |   |
| The                  accompanying notes are an integral part of these consolidated financial                  statements. |   |

----

| **GREEN                    MOUNTAIN POWER CORPORATION**                                                                                          |   |                                              |    |     |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------|---------|----------|--------|
| **Consolidated                    Balance Sheets**                                                                                               |   |                                              |    |     |   |
|                                                                                                                                             |   | **At                    December 31,**            |    |
|                                                                                                                                             |   | **2005**                                          |    | **2004** |   |
| **CAPITALIZATION                    AND LIABILITIES**                                                                                            |   | In                    thousands except share data |    |
| **Capitalization**                                                                                                                               |   |                                              |    |     |   |
| Common                    stock, $3.33 1/3 par value,                                                                                            |   |                                              |         |     |   |   |   |
| authorized                    10,000,000 shares (issued                                                                                          |   |                                              |         |     |   |   |   |
| 6,060,962                    and 5,968,118)                                                                                                      |   | $                                                 | 20,203  |     | $      | 19,894 |   |
| Additional                    paid-in capital                                                                                                    |   |                                              | 81,271  |     |   | 78,852 |   |
| Retained                    earnings                                                                                                             |   |                                              | 35,864  |     |   | 29,889 |   |
| Accumulated                    other comprehensive income                                                                                        |   |                                              | (3,263  | )        |   | (2,353 | ) |
| Treasury                    stock, at cost (827,639 shares)                                                                                      |   |                                              | (16,701 | )        |   | (16,701 | ) |
| Total                    common stock equity                                                                                                     |   |                                              | 117,374 |     |   | 109,581 |   |
| Long-term                    debt, less current maturities                                                                                       |   |                                              | 79,000  |     |   | 93,000 |   |
| Total                    capitalization                                                                                                          |   |                                              | 196,374 |     |   | 202,581 |   |
| **Capital                    lease obligation**                                                                                                  |   |                                              | 3,944   |     |   | 4,493 |   |
| **Current                    liabilities**                                                                                                       |   |                                              |         |     |   |  |   |
| Current                    portion of long term debt                                                                                             |   |                                              | 14,000  |     |   | - |   |
| Short-term                    debt                                                                                                               |   |                                              | -       |     |   | 3,000 |   |
| Accounts                    payable, trade and accrued liabilities                                                                               |   |                                              | 14,196  |     |   | 9,437 |   |
| Accounts                    payable to associated companies                                                                                      |   |                                              | 1,483   |     |   | 7,391 |   |
| Accrued                    taxes                                                                                                                 |   |                                              | 5,603   |     |   | 1,290 |   |
| Power                    supply derivative liability                                                                                             |   |                                              | 7,791   |     |   | 2,794 |   |
| Power                    supply regulatory liability                                                                                             |   |                                              | 15,342  |     |   | 6,553 |   |
| Customer                    deposits                                                                                                             |   |                                              | 1,052   |     |   | 1,063 |   |
| Interest                    accrued                                                                                                              |   |                                              | 1,137   |     |   | 1,136 |   |
| Other                                                                                                                                            |   |                                              | 2,552   |     |   | 1,151 |   |
| Total                    current liabilities                                                                                                     |   |                                              | 63,156  |     |   | 33,815 |   |
| **Deferred                    credits**                                                                                                          |   |                                              |         |     |   |  |   |
| Power                    supply derivative liability                                                                                             |   |                                              | 22,344  |     |   | 20,027 |   |
| Power                    supply regulatory liability                                                                                             |   |                                              | -       |     |   | 4,183 |   |
| Accumulated                    deferred income taxes                                                                                             |   |                                              | 28,092  |     |   | 32,223 |   |
| Unamortized                    investment tax credits                                                                                            |   |                                              | 2,280   |     |   | 2,564 |   |
| Pine                    Street Barge Canal cleanup liability                                                                                     |   |                                              | 6,096   |     |   | 6,458 |   |
| Accumulated                    cost of removal                                                                                                   |   |                                              | 21,105  |     |   | 19,806 |   |
| Deferred                    compensation                                                                                                         |   |                                              | 8,213   |     |   | 8,872 |   |
| Other                    regulatory liabilities                                                                                                  |   |                                              | 6,513   |     |   | 4,012 |   |
| Other                    deferred liabilities                                                                                                    |   |                                              | 13,777  |     |   | 11,150 |   |
| Total                    deferred credits                                                                                                        |   |                                              | 108,420 |     |   | 109,295 |   |
| **COMMITMENTS                    AND CONTINGENCIES, Note 3**                                                                                     |   |                                              |         |     |   |  |   |
| **Non-utility**                                                                                                                                  |   |                                              |         |     |   |  |   |
| Net                    liabilities of discontinued segment                                                                                       |   |                                              | 2,374   |     |   | 2,171 |   |
| Total                    non-utility liabilities                                                                                                 |   |                                              | 2,374   |     |   | 2,171 |   |
| **Total                    capitalization and liabilities**                                                                                      |   | $                                                 | 374,268 |     | $      | 352,355 |   |
| The                    accompanying notes are an integral part of these consolidated                    financial                    statements. |   |

----

| **Consolidated                    Statements of Changes in Stockholders' Equity and Comprehensive                    Income** |   |
|-------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                          |   | **Common                    Stock** |   | **Paid-in** |   | **Retained** |   | **Accumulated****Other****Comprehensive** |   | **Treasury** |   | **Total****Common** |   |
|                                                                                                                               |   |   | **Shares**  |   |   | **Amount** |   |   | **Capital** |   |   | **Earnings** |   |   | **Income** |   |   | **Stock** |   |   | **Equity** |   |
| (In                    thousands except share data)                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **BALANCE,                    December 31, 2002**                                                                             |   |   | **4,954,857** |   | **$** | **19,276** |   | **$** | **75,347** |   | **$** | **16,171** |   | **$** | **(2,374** | **)** | **$** | **(16,698** | **)** | **$** | **91,722** |   |
| Common                    stock issuance:                                                                                     |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Stock                    options and grants                                                                                   |   |   | 78,358 |   |   | 260 |   |   | 734 |   |   | - |   |   | - |   |   | - |   |   | 994 |   |
| Common                    stock repurchase                                                                                    |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (3 | ) |   | (3 | ) |
| Income                    before preferred dividends                                                                          |   |   | - |   |   | - |   |   | - |   |   | 10,407 |   |   | - |   |   | - |   |   | 10,407 |   |
| Other                    comprehensive income                                                                                 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 587 |   |   | - |   |   | 587 |   |
| Common                    stock dividends-$0.76 per share                                                                     |   |   | - |   |   | - |   |   | - |   |   | (3,789 | ) |   | - |   |   | - |   |   | (3,789 | ) |
| Preferred                    stock dividends                                                                                  |   |   | - |   |   | - |   |   | - |   |   | (3 | ) |   | - |   |   | - |   |   | (3 | ) |
| **BALANCE,                    December 31, 2003**                                                                             |   |   | **5,033,215** |   |   | **19,536** |   |   | **76,081** |   |   | **22,786** |   |   | **(1,787** | **)** |   | **(16,701** | **)** |   | **99,915** |   |
| Common                    stock issuance:                                                                                     |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Stock                    options and grants                                                                                   |   |   | 107,264 |   |   | 358 |   |   | 2,771 |   |   | - |   |   | - |   |   | - |   |   | 3,129 |   |
| Net                    income                                                                                                 |   |   | - |   |   | - |   |   | - |   |   | 11,584 |   |   | - |   |   | - |   |   | 11,584 |   |
| Other                    comprehensive loss                                                                                   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (566 | ) |   | - |   |   | (566 | ) |
| Common                    stock dividends-$0.88 per share                                                                     |   |   | - |   |   | - |   |   | - |   |   | (4,481 | ) |   | - |   |   | - |   |   | (4,481 | ) |
| **BALANCE,                    December 31, 2004**                                                                             |   |   | **5,140,479** |   |   | **19,894** |   |   | **78,852** |   |   | **29,889** |   |   | **(2,353** | **)** |   | **(16,701** | **)** |   | **109,581** |   |
| Common                    stock issuance:                                                                                     |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Stock                    options and grants                                                                                   |   |   | 92,844 |   |   | 309 |   |   | 2,419 |   |   | - |   |   | - |   |   | - |   |   | 2,728 |   |
| Net                    income                                                                                                 |   |   | - |   |   | - |   |   | - |   | $ | 11,180 |   |   | - |   |   | - |   |   | 11,180 |   |
| Other                    comprehensive loss                                                                                   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (910 | ) |   | - |   |   | (910 | ) |
| Common                    stock dividends-$1.00 per share                                                                     |   |   | - |   |   | - |   |   | - |   |   | (5,205 | ) |   | - |   |   | - |   |   | (5,205 | ) |
| **BALANCE,                    December 31, 2005**                                                                             |   |   | **5,233,323** |   | **$** | **20,203** |   | **$** | **81,271** |   | **$** | **35,864** |   | **$** | **(3,263** | **)** | **$** | **(16,701** | **)** | **$** | **117,374** |   |
| The                    accompanying notes are an integral part of the consolidated financial                    statements.   |   |

| **Consolidated                    Statements of Comprehensive Income**                                                      |   |   | **For                    the years ended December 31,** |   |
|-----------------------------------------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------|--------|
|                                                                                                                        |   |   | **2005**                                                |   |   | **2004** |   |   | **2003** |   |
| In                    thousands                                                                                             |   |   |                                                    |   |   |   |   |   |   |   |
| Net                    income                                                                                               |   | $      | 11,180                                                  |   | $ | 11,584 |   | $ | 10,404 |   |
| Minimum                    pension liability adjustment, net of applicable income                    taxes                  |   |   | (910                                                    | )      |   | (566 | ) |   | 587 |   |
| of                    $620 benefit, $391 benefit and $400 expense, respectively                                             |   |   |                                                    |   |   |   |   |   |   |   |
| Other                    comprehensive income                                                                               |   | $      | 10,270                                                  |   | $ | 11,018 |   | $ | 10,991 |   |
|                                                                                                                        |   |   |                                                    |   |   |   |   |   |   |   |
| The                    accompanying notes are an integral part of the consolidated financial                    statements. |   |

**Notes        to Consolidated Financial Statements**

**A.        SIGNIFICANT ACCOUNTING POLICIES**

**Organization        and Basis of Presentation.**

| For                    the Years ended December 31, |   |   |
|-----------------------------------------------------|--------|--------|
| In                    thousands                     |   |   | 2005 |   |   | 2004 |   |   | 2003 |   |
| Revenue                                             |   | $      | 941 |   | $ | 961 |   | $ | 1,087 |   |
| Expense                                             |   |   | 652 |   |   | 594 |   |   | 704 |   |
| Net                    Income                       |   | $      | 289 |   | $ | 367 |   | $ | 253 |   |

**Use        of Estimates.**

**Regulatory        Accounting.**

| **Regulatory                      assets and liabilities**           |   |                                     |   |     |   |
|----------------------------------------------------------------------|--------|------------------------------------------|--------|----------|--------|
|                                                                 |   | **At                      December 31,** |   |
|                                                                 |   | **2005**                                 |   | **2004** |   |
| **Regulatory                      assets:**                          |   | (in                      thousands)      |   |
| Demand-side                      management programs                 |   | $                                        | 5,835  |     | $      | 7,293 |   |
| Purchased                      power costs                           |   |                                     | 1,812  |     |   | 2,322 |   |
| Pine                      Street barge canal                         |   |                                     | 12,861 |     |   | 13,250 |   |
| Power                      supply regulatory assets                  |   |                                     | 30,135 |     |   | 22,821 |   |
| Other                      regulatory assets                         |   |                                     | 5,809  |     |   | 6,932 |   |
| Total                      regulatory assets*                        |   |                                     | 56,452 |     |   | 52,618 |   |
| **Regulatory                      liabilities:**                     |   |                                     |   |     |   |   |   |
| Accumulated                      cost of removal                     |   |                                     | 21,105 |     |   | 19,806 |   |
| Power                      supply regulatory liability               |   |                                     | 15,342 |     |   | 10,736 |   |
| Other                      regulatory liabilities                    |   |                                     | 6,513  |     |   | 4,012 |   |
| Total                      regulatory liabilities                    |   |                                     | 42,960 |     |   | 34,554 |   |
| Regulatory                      assets net of regulatory liabilities |   | $                                        | 13,492 |     | $      | 18,064 |   |

**Substantially          all regulatory assets are being recovered in current rates effective January          1,          2005 and, with the exception of Pine Street Barge Canal and certain power          contract related costs, include an associated return on          investment.*

**Discontinued        Operations.**

**Impairment.**

**Utility        Plant.**

| Property                  Summary at December 31,          |   | Approximate                          |                                 |   |   |                          |   |
|------------------------------------------------------------|--------|--------------------------------------|--------------------------------------|--------|--------|-------------------------------|--------|
|                                                       |   | Average                  depreciable |                                 | 2005   |   | 2004                          |   |
|                                                       |   |                                 | life                  in years  |   |   | In                  thousands |   |
|                                                       |   |                                 |                                 |   |   |                          |   |   |   |   |
| Property,                  Plant and Equipment:            |   |                                 |                                 |   |   |                               |   |   |  |   |
| Intangible,                  FERC Licenses and Software    |   |                                 | 13                                   |   | $      | 11,162                        |   | $ | 12,390 |   |
| Generation                                                 |   |                                 | 41                                   |   |   | 73,413                        |   |   | 72,156 |   |
| Transmission                                               |   |                                 | 39                                   |   |   | 40,311                        |   |   | 39,368 |   |
| Distribution                                               |   |                                 | 37                                   |   |   | 193,261                       |   |   | 186,863 |   |
| General,                  including transportation         |   |                                 | 18                                   |   |   | 29,800                        |   |   | 28,492 |   |
| Total                  Plant in Service                    |   |                                 |                                 |   |   | 347,947                       |   |   | 339,269 |   |
| Accumulated                  Depreciation and Amortization |   |                                 |                                 |   |   | (122,924                      | )      |   | (119,633 | ) |
| Net                  Plant in Service                      |   |                                 |                                 |   |   | 225,023                       |   |   | 219,636 |   |
| Capital                  Lease                             |   |                                 |                                 |   |   | 4,369                         |   |   | 4,731 |   |
| Construction                  Work in Progress             |   |                                 |                                 |   |   | 7,519                         |   |   | 8,345 |   |
| Total                  Utility Plant, net                  |   |                                 |                                 |   | $      | 236,911                       |   | $ | 232,712 |   |

**Depreciation        and Amortization.**

**Disposal        of Assets.**

**Cash        and Cash Equivalents.**

**Restricted        Cash.**

**Operating        Revenues.**

**Allowance        for Doubtful Accounts.**

| Allowance                  for Doubtful Accounts |   |                                            |   |                                                                       |   |                                  |   |                                      |   |
|--------------------------------------------------|--------|-------------------------------------------------|--------|----------------------------------------------------------------------------|--------|---------------------------------------|--------|-------------------------------------------|--------|
|                                             |   | Balance                  at Beginning of Period |   | Additions                  Charged to Cost                  & Expenses |   | Accounts                  Charged Off |   | Balance                  at End of Period |   |
| In                  thousands                    |   |                                            |   |                                                                       |   |                                  |   |                                      |   |   |   |   |   |
| 2005                                             |   | $                                               | 620    |                                                                       | $      | 308                                   |   | $                                         | 444    |   | $ | 484 |   |
| 2004                                             |   |                                            | 691    |                                                                       |   | 549                                   |   |                                      | 620    |   |   | 620 |   |
| 2003                                             |   |                                            | 547    |                                                                       |   | 750                                   |   |                                      | 606    |   |   | 691 |   |

**Earnings        Per Share.**
*Earnings        Per Share, *

**Stock-Based        Compensation**

*Accounting        for Stock-Based Compensation*

| Pro-forma                  net income                               |   |                                              |   |   |   |   |   |
|---------------------------------------------------------------------|--------|---------------------------------------------------|--------|--------|--------|--------|--------|
|                                                                |   | For                  the years ended December 31, |   |
|                                                                |   | 2005                                              |   | 2004   |   | 2003   |   |
| In                  thousands, except per share amounts             |   |                                              |   |   |
|                                                                |   |                                              |   |   |   |   |   |   |   |   |
| Net                  income reported                                |   | $                                                 | 11,180 |   | $      | 11,584 |   | $ | 10,404 |   |
| Pro-forma                  net income                               |   | $                                                 | 11,180 |   | $      | 11,503 |   | $ | 10,242 |   |
| Net                  income per share                               |   |                                              |        |   |   |        |   |   |  |   |
| As                  reported-basic                                  |   | $                                                 | 2.15   |   | $      | 2.28   |   | $ | 2.09 |   |
| Pro-forma                  basic                                    |   | $                                                 | 2.15   |   | $      | 2.26   |   | $ | 2.06 |   |
| As                  reported-diluted                                |   | $                                                 | 2.12   |   | $      | 2.20   |   | $ | 2.02 |   |
| Pro-forma                  diluted                                  |   | $                                                 | 2.12   |   | $      | 2.19   |   | $ | 1.99 |   |
| Stock                  compensation included in results, net of tax |   | $                                                 | 806    |   | $      | 740    |   | $ | 253 |   |
| Fair                  value of all stock compensation               |   |                                              | 806    |   |   | 821    |   |   | 414 |   |

**Major        Customers and Other Concentration Risks.**

**Fair        Value of Financial Instruments.**

| Fair                  Value of Financial Instruments |   |                                 |   |                              |   |                        |   |                              |   |
|------------------------------------------------------|--------|--------------------------------------|--------|-----------------------------------|--------|-----------------------------|--------|-----------------------------------|--------|
|                                                 |   | **At                  December 31,** |   |
|                                                 |   | 2005                                 |   | 2004                              |   |
|                                                 |   | Calculated                           |   | Amount                  carried   |   | Calculated                  |   | Amount                  carried   |   |
| In                  thousands                        |   | Fair                  Value          |   | on                  balance sheet |   | Fair                  Value |   | on                  balance sheet |   |
|                                                 |   |                                 |   |                              |   |                        |   |                              |   |   |   |   |   |
| Long-Term                  Debt, net,(Note F)        |   | $                                    | 76,851 |                              | $      | 79,000                      |   | $                                 | 91,274 |   | $ | 93,000 |   |
| Derivatives,                  net                    |   |                                 | 14,793 |                              |   | 14,793                      |   |                              | 12,085 |   |   | 12,085 |   |
| Current                  portion of long-term debt   |   |                                 | 14,080 |                              |   | 14,000                      |   |                              | -      |   |   | - |   |

**Environmental        Liabilities.**
*Accounting        for Contingencies.*

**Purchased        Power.**

**Derivative        Instruments.**

*Accounting        for Derivative Instruments and Hedging Activities*

|                                     |   | Option                  Value |          | Risk                  Free     |      | Price      |    | Average                        |   | Contract |   |
|------------------------------------------|--------|-------------------------------|---------------|--------------------------------|-----------|------------|---------|--------------------------------|--------|----------|--------|
|                                     |   | Model                         |          | Interest                  Rate |      | Volatility |    | Forward                  Price |   | Expires  |   |
| Morgan                  Stanley Contract |   |                          | Deterministic |                           | 4.4%      |       | 42%     | $                              | 97     |     |   | 2006 |   |
| 9701                  agreement          |   |                          | Black-Scholes |                           | 4.4%      |       | 29%-10% | $                              | 69     |     |   | 2015 |   |
| Forward                  sale contracts  |   |                          | Deterministic |                           |  n/a |       | 0%      | $                              | 96     |     |   | 2006 |   |

**Reclassifications.**

**Other        Comprehensive Income.**

**Recent        Accounting Pronouncements. **

*Accounting        Changes and Error Corrections - a replacement of APB Opinion No. 20 and FASB        Statement No. 3*
*Reporting        Accounting Changes in Interim Financial Statements*

*Accounting        for Asset Retirement Obligations*

----

**B.        INVESTMENTS IN ASSOCIATED COMPANIES**

|                                                      |   | **Percent                  Ownership** | **Investment                  in Equity** |     |
|-----------------------------------------------------------|--------|----------------------------------------|-------------------------------------------|----------|
|                                                      |   | **at                  December 31,**   | **at                  December 31,**      |     |
|                                                      |   | **2005**                               |                                      | **2004** |   | **2005** |   | **2004** |   |
|                                                      |   |                                   |                                      |     |   | **(In                  thousands)** |   |
|                                                      |   |                                   |                                      |     |   |   |   |   |   |   |   |   |   |
| VELCO-common                                              |   |                                   | 29.17                                     | %        |   | 29.17 | % | $ | 7,048 |   | $ | 7,041 |   |
| VELCO-preferred                                           |   |                                   | 30.00                                     | %        |   | 30.00 | % |   | 68 |   |   | 158 |   |
| Total                  VELCO                              |   |                                   |                                           |     |   |  |   |   | 7,116 |   |   | 7,199 |   |
|                                                      |   |                                   |                                           |     |   |  |   |   |  |   |   |  |   |
| VYNPC-                  Common                            |   |                                   | 33.60                                     | %        |   | 33.60 | % |   | 1,601 |   |   | 1,612 |   |
| New                  England Hydro Transmission-Common    |   |                                   | 3.18                                      | %        |   | 3.18 | % |   | 485 |   |   | 515 |   |
| New                  England Hydro Transmission Electric- |   |                                   |                                           |     |   |  |   |   |   |   |   |   |   |
| Common                                                    |   |                                   | 3.18                                      | %        |   | 3.18 | % |   | 834 |   |   | 853 |   |
| Total                  investment in associated companies |   |                                   |                                           |     |   |  |   | $ | 10,036 |   | $ | 10,179 |   |

**VELCO.**

| Summarized                  unaudited financial information for VELCO is as follows: |   |                            |    |     |   |     |   |
|--------------------------------------------------------------------------------------|--------|---------------------------------|---------|----------|--------|----------|--------|
| At                  and for the years ended December 31,                             |   |                            |    |     |   |     |   |
|                                                                                 |   | **2005**                        |    | **2004** |   | **2003** |   |
|                                                                                 |   | (In                  thousands) |    |
|                                                                                 |   |                            |    |     |   |     |   |   |   |   |
| Net                  income                                                          |   | $                               | 3,018   |     | $      | 1,683    |   | $ | 1,270 |   |
| Company's                  equity in net income                                      |   | $                               | 877     |     | $      | 472      |   | $ | 418 |   |
| Total                  assets                                                        |   | $                               | 187,549 |     | $      | 145,632  |   | $ | 126,793 |   |
| Liabilities                  and long-term debt                                      |   |                            | 163,142 |     |   | 120,983  |   |   | 117,393 |   |
| Net                  assets                                                          |   | $                               | 24,407  |     | $      | 24,649   |   | $ | 9,400 |   |
| Company's                  equity in net assets                                      |   | $                               | 7,116   |     | $      | 7,199    |   | $ | 2,657 |   |
| Amounts                  due from (to) VELCO                                         |   | $                               | 1,596   |     | $      | (4,068   | )      | $ | (4,190 | ) |

**Vermont        Yankee Nuclear Power Corporation ("VYNPC")**

| Summarized                  unaudited financial information for VYNPC is as follows: |   |                                  |    |     |   |      |   |
|--------------------------------------------------------------------------------------|--------|---------------------------------------|---------|----------|--------|-----------|--------|
| At                  and for the years ended December 31,                             |   |                                  |    |     |   |      |   |
|                                                                                 |   | **2005**                              |    | **2004** |   | **2003*** |   |
|                                                                                 |   |  (In                  thousands) |    |
|                                                                                 |   |                                  |    |     |   |      |   |   |   |   |
| Earnings:                                                                            |   |                                  |    |     |   |      |   |   |   |   |
| Operating                  revenues                                                  |   | $                                     | 160,613 |     | $      | 167,399   |   | $ | 187,123 |   |
| Net                  income applicable to common stock                               |   |                                  | 660     |     |   | 538       |   |   | 2,536 |   |
| Company's                  equity in net income                                      |   | $                                     | 221     |     | $      | 181       |   | $ | 498 |   |
| Total                  assets                                                        |   | $                                     | 153,132 |     | $      | 151,542   |   | $ | 150,720 |   |
| Liabilities                  and long-term debt                                      |   |                                  | 148,371 |     |   | 146,747   |   |   | 145,946 |   |
| Net                  Assets                                                          |   | $                                     | 4,761   |     | $      | 4,795     |   | $ | 4,774 |   |
| Company's                  equity in net assets                                      |   | $                                     | 1,601   |     | $      | 1,612     |   | $ | 1,605 |   |
| Amounts                  due to VYNPC                                                |   | $                                     | 3,077   |     | $      | 3,324     |   | $ | 2,648 |   |

**The          2003 decrease in equity in net assets of VYNPC resulted from a distribution          of          proceeds, in the form of dividends to VYNPC owners, from the sale of the          VYNPC          nuclear power plant.*

**C.          COMMON STOCK EQUITY AND STOCK AWARD PLANS**

|   | Weighted                   |        |                         | Assumptions                    used in option pricing model |
|--------|----------------------------|-------------|------------------------------|-------------------------------------------------------------|
|   | average                    |        | Remaining                    | Risk                    Free                                | Expected | Expected |   |
| Plan   | exercise                   | Outstanding | Contractual                  | Interest                                                    | Life                    in | Stock | Dividend |
| year   | price                      | options     | Life                         | rate                                                        | Years | Volatility | Yield |
|   |                       |        |                         |                                                        |   |   |   |
| 2000   | $                    7.90  | 102,100     | 4.6                    years | 6.05%                                                       | 5 | 30.58 | 4.5% |
| 2001   | $                    16.78 | 8,600       | 5.7                    years | 5.25%                                                       | 6 | 32.69 | 4.0% |
| 2002   | $                    17.97 | 35,400      | 6.6                    years | 4.50%                                                       | 6.5 | 16.89 | 4.5% |
| 2003   | $                    20.54 | 500         | 7.3                    years | 2.48%                                                       | 6 | 13.68 | 4.5% |
| Total  | $                    11.07 | 146,600     |                         |                                                        |   |   |   |

|                                                  |   |    |    | Weighted |   | Range                      of |   |        |         |
|-------------------------------------------------------|--------|---------|---------|----------|--------|-------------------------------|--------|-------------|--------------|
|                                                  |   | Total   |    | Average  |   | Exercise                      |   | Options     |         |
|                                                  |   | Options |    | Price    |   | Prices                        |   | Exercisable |         |
| Outstanding                      at December 31, 2002 |   |    | 365,800 |     |   | 11.23                         |   | $           | 7.90-$17.82  |   |   | 151,775 |   |
| Granted                                               |   |    | 4,000   |     |   | 20.55                         |   | $           | 20.22-$22.62 |   |   |  |   |
| Exercised                                             |   |    | 64,550  |     |   | 10.63                         |   | $           | 7.90-$18.67  |   |   |  |   |
| Forfeited                                             |   |    | 4,400   |     |   | 17.36                         |   | $           | 16.78-$18.12 |   |   |  |   |
| Outstanding                      at December 31, 2003 |   |    | 300,850 |     |   | 11.39                         |   | $           | 7.90-$22.62  |   |   | 193,700 |   |
| Granted                                               |   |    | -       |     |   | -                             |   |        | -            |   |   |  |   |
| Exercised                                             |   |    | 89,650  |     |   | 12.11                         |   | $           | 7.90-$20.96  |   |   |  |   |
| Forfeited                                             |   |    | 1,900   |     |   | 18.65                         |   | $           | 17.54-$20.96 |   |   |  |   |
| Outstanding                      at December 31, 2004 |   |    | 209,300 |     | $      | 11.07                         |   | $           | 7.90-$22.62  |   |   | 213,500 |   |
| Granted                                               |   |    | -       |     |   |                          |   |        |         |   |   |   |   |
| Exercised                                             |   |    | 62,500  |     | $      | 11.31                         |   | $           | 7.90-$22.62  |   |   |   |   |
| Forfeited                                             |   |    | 200     |     | $      | 20.08                         |   | $           | 17.54-$22.62 |   |   |   |   |
| Outstanding                      at December 31, 2005 |   |    | 146,600 |     | $      | 10.90                         |   | $           | 7.90-$22.62  |   |   | 146,600 |   |

| Reconciliation                        of net income available     |   |   | For                        the Years Ended |   |
|-------------------------------------------------------------------|--------|--------|--------------------------------------------|--------|
| for                        common shareholders and average shares |   |   | December                        31         |   |
|                                                              |   |   | 2005                                       |   |   | 2004 |   |   | 2003 |   |
|                                                              |   |   |                                       |   |   | (in                        thousands)  |   |   |   |   |
|                                                              |   |   |                                       |   |   |   |   |   |   |   |
| Net                        income before preferred dividends      |   | $      | 11,180                                     |   | $ | 11,584 |   | $ | 10,407 |   |
| Preferred                        stock dividend requirement       |   |   | -                                          |   |   | - |   |   | 3 |   |
| Net                        income applicable to common            |   |   |                                       |   |   |   |   |   |   |   |
| stock                                                             |   | $      | 11,180                                     |   | $ | 11,584 |   | $ | 10,404 |   |
|                                                              |   |   |                                            |   |   |  |   |   |  |   |
| Average                        number of common shares-basic      |   |   | 5,195                                      |   |   | 5,083 |   |   | 4,980 |   |
| Dilutive                        effect of stock options           |   |   | 89                                         |   |   | 171 |   |   | 160 |   |
| Average                        number of common shares-diluted    |   |   | 5,284                                      |   |   | 5,254 |   |   | 5,140 |   |

*Appropriated                Retained Earnings.*

*Dividend                Restrictions.*
*.*

**D.                SHORT-TERM DEBT**

**E.                LONG-TERM DEBT**

| **LONG-TERM                  DEBT**                                |                           |                                    | At                  December 31, |
|--------------------------------------------------------------------|--------------------------------|-----------------------------------------|----------------------------------|
| **First                  Mortgage Bonds**                          |                           |                                    | **2005**                         | **2004** |
| Interest                  Rate                                     | Maturity                       | Annual                  Sinking Fund    | (In                  thousands)  |
| 7.18%                                                              | Nov.                  6, 2006  | -                                       | $                  10,000        | $                  10,000 |
| 7.05%                                                              | Dec.                  15, 2006 | -                                       | 4,000                            | 4,000 |
| 6.04%                                                              | Dec.                  1, 2017  | $6,000,000                  begins 2011 | 42,000                           | 42,000 |
| 6.70%                                                              | Nov.                  1, 2018  | -                                       | 15,000                           | 15,000 |
| 9.64%                                                              | Sept.                  1, 2020 | -                                       | 9,000                            | 9,000 |
| 8.65%                                                              | Mar.                  1, 2022  | $500,000                  begins 2012   | 13,000                           | 13,000 |
| Total                  Long-term Debt Outstanding                  | 93,000                         | 93,000                                  |
| Less                  Current Maturities (due within one year)     |                           | 14,000                                  | -                                |
| **Total                  Long-term Debt, less current maturities** |                           | $                  79,000               | $                  93,000        |

**F.        INCOME TAXES**

**Utility.**

|                                                      |   |   | At                  December 31,  |   |
|-----------------------------------------------------------|--------|--------|----------------------------------------|--------|
|                                                      |   |   | **2005**                               |   |   | **2004** |   |
|                                                      |   |   | (In                  thousands)        |   |
| **Deferred                  Tax Assets**                  |   |   |                                        |   |   |  |   |
| Contributions                  in aid of construction     |   | $      | 2,629                                  |   | $ | 2,155 |   |
| Deferred                  compensation and                |   |   |                                        |   |   |  |   |
| postretirement                  benefits                  |   |   | 5,664                                  |   |   | 4,972 |   |
| Self                  insurance and other reserves        |   |   | 405                                    |   |   | 639 |   |
| Other                                                     |   |   | 3,291                                  |   |   | 1,654 |   |
|                                                      |   | $      | 11,989                                 |   | $ | 9,420 |   |
|                                                      |   |   |                                        |   |   |  |   |
| **Deferred                  Tax Liabilities**             |   |   |                                        |   |   |  |   |
| Accelerated                  Tax Depreciation on Property |   | $      | 32,065                                 |   | $ | 32,453 |   |
| Demand                  side management                   |   |   | 2,364                                  |   |   | 2,955 |   |
| Deferred                  purchased power costs           |   |   | 818                                    |   |   | 1,033 |   |
| Pine                  Street reserve                      |   |   | 2,742                                  |   |   | 2,753 |   |
| Other                                                     |   |   | 2,198                                  |   |   | 2,449 |   |
|                                                      |   | $      | 40,187                                 |   | $ | 41,643 |   |
| Net                  accumulated deferred income     |   |   |                                        |   |   |  |   |
|  tax                  liability                      |   | $      | 28,198                                 |   | $ | 32,223 |   |

|                                             |   | **For                    the Years ended December 31,** |   |
|--------------------------------------------------|--------|---------------------------------------------------------|--------|
|                                             |   | **2005**                                                |   | **2004** |   | **2003** |   |
|                                             |   | (In                    thousands)                       |   |
| Current                    federal income taxes  |   | $                                                       | 6,326  |   | $ | 461 |   | $ | 2,434 |   |
| Current                    state income taxes    |   |                                                    | 1,913  |   |   | 1,602 |   |   | 1,207 |   |
| Total                    current income taxes    |   |                                                    | 8,239  |   |   | 2,063 |   |   | 3,641 |   |
| Deferred                    federal income taxes |   |                                                    | (1,938 | ) |   | 3,843 |   |   | 1,307 |   |
| Deferred                    state income taxes   |   |                                                    | (341   | ) |   | 140 |   |   | 454 |   |
| Total                    deferred income taxes   |   |                                                    | (2,279 | ) |   | 3,983 |   |   | 1,761 |   |
| Investment                    tax credits-net    |   |                                                    | (284   | ) |   | (284 | ) |   | (282 | ) |
| Income                    tax expense            |   | $                                                       | 5,676  |   | $ | 5,762 |   | $ | 5,120 |   |

|                                                           |   | **For                  the Years ended December 31,** |   |
|----------------------------------------------------------------|--------|-------------------------------------------------------|--------|
|                                                           |   | **2005**                                              |   | **2004** |   | **2003** |   |
|                                                           |   | (In                  thousands)                       |   |
| Income                  before income taxes and                |   |                                                  |        |   |   |  |   |   |  |   |
| preferred                  dividends                           |   | $                                                     | 16,856 |   | $ | 17,346 |   | $ | 15,527 |   |
| Federal                  statutory rate                        |   |                                                  | 35.0   | % |   | 35.0 | % |   | 34.0 | % |
| Computed                  "expected" federal income taxes      |   | $                                                     | 5,900  |   | $ | 6,071 |   | $ | 5,279 |   |
| Increase                  (decrease) in taxes resulting from:  |   |                                                  |        |   |   |  |   |   |  |   |
| Tax                  versus book depreciation basis difference |   |                                                  | 91     |   |   | (149 | ) |   | 41 |   |
| Dividends                  received deduction                  |   |                                                  | (350   | ) |   | (452 | ) |   | (465 | ) |
| Amortization                  of ITC                           |   |                                                  | (284   | ) |   | (284 | ) |   | (282 | ) |
| State                  tax                                     |   |                                                  | 1,022  |   |   | 1,133 |   |   | 1,082 |   |
| Excess                  deferred taxes                         |   |                                                  | (60    | ) |   | (123 | ) |   | (60 | ) |
| Energy                  credits and production deduction       |   |                                                  | (375   | ) |   | (125 | ) |   | (130 | ) |
| Other                                                          |   |                                                  | (268   | ) |   | (309 | ) |   | (345 | ) |
| Total                  federal and state income tax            |   | $                                                     | 5,676  |   | $ | 5,762 |   | $ | 5,120 |   |
| Effective                  combined federal and state          |   |                                                  |        |   |   |  |   |   |  |   |
| income                  tax rate                               |   |                                                  | 33.7   | % |   | 33.0 | % |   | 34.5 | % |

**G.          PENSION AND RETIREMENT PLANS**

*Employers'          Accounting for Pensions*

|                                                              |   | **At                    and for the years ended December 31,** |    |
|-------------------------------------------------------------------|--------|----------------------------------------------------------------|---------|
|                                                              |   | **Pension                    Plans' Benefits**                 |    | **Other                    Postretirement Benefits** |   |
|                                                              |   | **2005**                                                       |    | **2004** |   | **2005** |   | **2004** |   |
|                                                              |   | (In                    thousands)                              |    |
| Change                    in projected benefit obligation:        |   |                                                           |         |   |   |  |   |   |  |   |   |  |   |
|                                                              |   |                                                           |    |   |   |   |   |   |   |   |   |   |   |
| Projected                    benefit obligation prior year end    |   | $                                                              | 41,531  |   | $ | 38,754 |   | $ | 18,979 |   | $ | 21,906 |   |
| Service                    cost                                   |   |                                                           | 1,229   |   |   | 1,122 |   |   | 306 |   |   | 335 |   |
| Interest                    cost                                  |   |                                                           | 2,371   |   |   | 2,290 |   |   | 1,013 |   |   | 1,165 |   |
| Participant                    contributions                      |   |                                                           | -       |   |   | - |   |   | 157 |   |   | 115 |   |
| Plan                    change                                    |   |                                                           | 549     |   |   | - |   |   | - |   |   | - |   |
| Change                    in actuarial assumptions                |   |                                                           | -       |   |   | - |   |   | - |   |   | - |   |
| Actuarial                    (gain) loss                          |   |                                                           | 1,880   |   |   | 1,363 |   |   | (287 | ) |   | (3,595 | ) |
| Benefits                    paid                                  |   |                                                           | (1,964  | ) |   | (1,924 | ) |   | (1,156 | ) |   | (947 | ) |
| Administrative                    expense                         |   |                                                           | (177    | ) |   | (74 | ) |   | - |   |   | - |   |
| Projected                    benefit obligation as of year end    |   | $                                                              | 45,419  |   | $ | 41,531 |   | $ | 19,012 |   | $ | 18,979 |   |
| Accumulated                    benefit obligation                 |   | $                                                              | 45,419  |   | $ | 41,531 |   | $ | 19,012 |   | $ | 18,979 |   |
| Change                    in plan assets:                         |   |                                                           |         |   |   |  |   |   |  |   |   |  |   |
| Fair                    value of plan assets as of prior year end |   | $                                                              | 29,930  |   | $ | 27,867 |   | $ | 11,672 |   | $ | 10,229 |   |
| Administrative                    expenses paid                   |   |                                                           | (177    | ) |   | (74 | ) |   | - |   |   | - |   |
| Participant                    contributions                      |   |                                                           | -       |   |   | - |   |   | - |   |   | - |   |
| Employer                    contributions                         |   |                                                           | 2,011   |   |   | 1,860 |   |   | 250 |   |   | 700 |   |
| Actual                    return on plan assets                   |   |                                                           | 2,417   |   |   | 2,201 |   |   | 508 |   |   | 852 |   |
| Benefits                    paid                                  |   |                                                           | (1,964  | ) |   | (1,924 | ) |   | (124 | ) |   | (109 | ) |
| Fair                    value of plan assets as of year end       |   | $                                                              | 32,217  |   | $ | 29,930 |   | $ | 12,306 |   | $ | 11,672 |   |
|                                                              |   |                                                           |         |   |   |  |   |   |  |   |   |  |   |
| Funded                    status as of year end                   |   | $                                                              | (13,203 | ) | $ | (11,602 | ) | $ | (6,706 | ) | $ | (7,307 | ) |
| Unrecognized                    transition obligation             |   |                                                           | -       |   |   | - |   |   | 2,296 |   |   | 2,624 |   |
| Unrecognized                    prior service cost                |   |                                                           | 1,566   |   |   | 1,243 |   |   | (1,738 | ) |   | (1,977 | ) |
| Unrecognized                    net actuarial loss                |   |                                                           | 9,910   |   |   | 8,345 |   |   | 5,317 |   |   | 5,322 |   |
| Prepaid                    (accrued) benefits at year end         |   | $                                                              | (1,727  | ) | $ | (2,014 | ) | $ | (831 | ) | $ | (1,338 | ) |

|                                                       |   | **For                  the years ended December 31,** |   |
|------------------------------------------------------------|--------|-------------------------------------------------------|--------|
|                                                       |   | **Pension                  Plans**                    |   | **Other                  Postretirement Benefits** |   |
|                                                       |   | **2005**                                              |   | **2004** |   | **2003** |   | **2005** |   | **2004** |   | **2003** |   |
|                                                       |   | (In                  thousands)                       |   |
| Service                  cost                              |   | $                                                     | 1,229  |   | $ | 1,123 |   | $ | 858 |   | $ | 306 |   | $ | 335 |   | $ | 496 |   |
| Interest                  cost                             |   |                                                  | 2,371  |   |   | 2,290 |   |   | 2,167 |   |   | 1,013 |   |   | 1,165 |   |   | 1,316 |   |
| Expected                  return on plan assets            |   |                                                  | (2,454 | ) |   | (2,285 | ) |   | (1,851 | ) |   | (967 | ) |   | (857 | ) |   | (740 | ) |
| Amortization                  of transition asset          |   |                                                  | -      |   |   | - |   |   | (77 | ) |   | - |   |   | - |   |   | - |   |
| Amortization                  of prior service cost        |   |                                                  | 227    |   |   | 205 |   |   | 168 |   |   | (239 | ) |   | (239 | ) |   | (58 | ) |
| Amortization                  of the transition obligation |   |                                                  | -      |   |   | - |   |   | - |   |   | 328 |   |   | 328 |   |   | 328 |   |
| Recognized                  net actuarial gain             |   |                                                  | 351    |   |   | 267 |   |   | 295 |   |   | 177 |   |   | 338 |   |   | 381 |   |
| Net                  periodic benefit cost                 |   | $                                                     | 1,724  |   | $ | 1,600 |   | $ | 1,560 |   | $ | 618 |   | $ | 1,070 |   | $ | 1,723 |   |

| Assumptions                      used in                          |   | **For                      the years ended December 31,** |       |
|-------------------------------------------------------------------|--------|-----------------------------------------------------------|------------|
| benefit                      obligation measurement               |   | **Pension                      Plans**                    |       | **Other                      Postretirement Benefits** |   |
|                                                              |   | **2005**                                                  |       | **2004** |   | **2005** |   | **2004** |   |
| Weighted                      average assumptions as of year end: |   |                                                      |            |   |   |  |   |   |  |   |   |  |   |
| Discount                      rate                                |   |                                                      | 5.50       | % |   | 5.75 | % |   | 5.50 | % |   | 5.75 | % |
| Expected                      return on plan assets               |   |                                                      | 8.25       | % |   | 8.25 | % |   | 8.25 | % |   | 8.25 | % |
| Rate                      of compensation increase                |   |                                                      | 4.00       | % |   | 4.00 | % |   | 4.00 | % |   | 4.00 | % |
| Medical                      inflation                            |   |                                                      | -          |   |   | - |   |   | 10.00 | % |   | 10.75 | % |
| Measurement                      date                             |   |                                                      | 12/31/2005 |   |   | 12/31/2004 |   |   | 12/31/2005 |   |   | 12/31/2004 |   |
| Census                      date                                  |   |                                                      | 1/1/2005   |   |   | 1/1/2004 |   |   | 1/1/2005 |   |   | 1/1/2004 |   |

| Assumptions                  used in                          |   | **For                  the years ended December 31,** |   |
|---------------------------------------------------------------|--------|-------------------------------------------------------|--------|
| periodic                  cost measurement                    |   | **Pension                  Plans**                    |   | **Other                  Postretirement Benefits** |   |
|                                                          |   | **2005**                                              |   | **2004** |   | **2005** |   | **2004** |   |
| Weighted                  average assumptions as of year end: |   |                                                  |        |   |   |  |   |   |  |   |   |  |   |
| Discount                  rate                                |   |                                                  | 5.75   | % |   | 6.00 | % |   | 5.75 | % |   | 6.00 | % |
| Expected                  return on plan assets               |   |                                                  | 8.25   | % |   | 8.25 | % |   | 8.25 | % |   | 8.25 | % |
| Rate                  of compensation increase                |   |                                                  | 4.00   | % |   | 4.25 | % |   | 4.00 | % |   | 4.25 | % |
| Current                  year trend                           |   |                                                  | -      |   |   | - |   |   | 10.00 | % |   | 9.25 | % |
| Ultimate                  year trend                          |   |                                                  |        |   |   |  |   |   | 5.00 | % |   | 5.50 | % |
| Year                  of ultimate trend                       |   |                                                  |        |   |   |  |   |   | 2011 |   |   | 2009 |   |

| Weighted                    Average Asset Allocation                                                                                                          |   | **Pension                    Plans' Assets**        |   | **Other                    Postretirement Benefit Assets** |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|--------|------------------------------------------------------------|--------|
| Asset                    Category                                                                                                                             |   | For                    the years ended December 31, |   |
|                                                                                                                                                          |   | **2006                    Target**                  |   | **2005**                                                   |   | **2004*** |   | **2006                    Target** |   | **2005** |   | **2004** |   |
| Equity                    Securities                                                                                                                          |   |                                                | 65.00  | %                                                          |   | 66.60 | % |   | 48.96 | % |   | 65.00 | % |   | 65.00 | % |   | 63.00 | % |
| Debt                    Securities                                                                                                                            |   |                                                | 30.00  | %                                                          |   | 18.71 | % |   | 25.80 | % |   | 35.00 | % |   | 31.00 | % |   | 32.00 | % |
| Real                    Estate                                                                                                                                |   |                                                | 0.00   | %                                                          |   | 0.00 | % |   | 0.00 | % |   | 0.00 | % |   | 0.00 | % |   | 0.00 | % |
| Other                                                                                                                                                         |   |                                                | 0.00   | %                                                          |   | 6.31 | % |   | 19.94 | % |   | 0.00 | % |   | 4.00 | % |   | 5.00 | % |
| Alternative                    investments                                                                                                                    |   |                                                | 5.00   | %                                                          |   | 8.38 | % |   | 5.30 | % |   | 0.00 | % |   | 0.00 | % |   | 0.00 | % |
| Total                                                                                                                                                         |   |                                                | 100.00 | %                                                          |   | 100.00 | % |   | 100.00 | % |   | 100.00 | % |   | 100.00 | % |   | 100.00 | % |
|                                                                                                                                                          |   |                                                |   |                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| *The                    large difference between the target and actual allocations is                    due to a $5                    million cash transfer |   |
| between                    funds at December 31, 2004                                                                                                         |   |

|                                    |   |        |   | **Pension                  Plans** |   | **Other                  Postretirement Benefits** |   |
|-----------------------------------------|--------|------------------|--------|------------------------------------|--------|----------------------------------------------------|--------|
|                                    |   | **  ** |   | **Projected**                      |   | **Projected**                                      |   |
|                                    |   | **  ** |   |                               |   | **Benefit**                                        |   |   |   | **Benefit** |   |
|                                    |   | **  ** |   | **Contributions**                  |   | **payments**                                       |   | **Contributions** |   | **payments** |   |
|   In                Thousands |   |             |   |                               |   |                                               |   |   |   |
| 2006                                    |   |             |   |                               | $      | 1,608                                              |   | $ | 2,048 |   | $ | 769 |   | $ | 769 |   |
| 2007                                    |   |             |   |                               |   | 1,839                                              |   |   | 2,028 |   |   | 500 |   |   | 755 |   |
| 2008                                    |   |             |   |                               |   | 2,278                                              |   |   | 2,548 |   |   | 500 |   |   | 726 |   |
| 2009                                    |   |             |   |                               |   | 1,968                                              |   |   | 2,297 |   |   | 500 |   |   | 685 |   |
| 2010                                    |   |             |   |                               |   | 1,823                                              |   |   | 2,186 |   |   | 500 |   |   | 718 |   |
| 2011                  through 2015      |   |             |   |                               |   | 10,521                                             |   |   | 14,231 |   |   | 2,500 |   |   | 3,943 |   |

**H.          COMMITMENTS AND CONTINGENCIES**

**Environmental          Matters**

**Pine          Street Barge Canal Superfund Site -**

**Clean          Air Act**

**Jointly-Owned          Facilities**

|                                                                                                                             |   |                      |   |                            |   | **Share                    of**   |   | **Share                    of** |   |
|----------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------|--------|---------------------------------|--------|-----------------------------------|--------|---------------------------------|--------|
|                                                                                                                             |   | **Ownership**             |   | **Share                    of** |   | **Utility**                       |   | **Accumulated**                 |   |
|                                                                                                                             |   | **Interest**              |   | **Capacity**                    |   | **Plant**                         |   | **Depreciation**                |   |
|                                                                                                                             |   | (In                    %) |   | (In                    MW)      |   | (In                    thousands) |   |
| Highgate                                                                                                                         |   |                      | 33.8   |                            |   | 67.6                              |   | $                               | 10,482 |   | $ | 5,470 |   |
| McNeil                                                                                                                           |   |                      | 11.0   |                            |   | 5.9                               |   |                            | 9,108  |   |   | 5,971 |   |
| Stony                    Brook (No. 1)                                                                                           |   |                      | 8.8    |                            |   | 31.0                              |   |                            | 11,390 |   |   | 9,895 |   |
| Wyman                    (No. 4)                                                                                                 |   |                      | 1.1    |                            |   | 6.8                               |   |                            | 1,980  |   |   | 1,506 |   |
| Metallic                    Neutral Return                                                                                       |   |                      | 59.4   |                            |   | -                                 |   |                            | 1,563  |   |   | 931 |   |
|                                                                                                                             |   |                      |   |                            |   |                              |   |                            |   |   |   |   |   |
| Metallic                    Neutral Return is a neutral conductor for the NEPOOL/Hydro-Quebec                    Interconnection |   |                      |

**Rate            Matters**

**Retail            Rate Cases **

| *   | The                    Company’s rates remained unchanged through 2004. The 2003 Rate Plan allows                    the Company to raise rates 1.9 percent, effective January 1,                    2005, and an                    additional 0.9 percent, effective January 1, 2006. We submitted                    a cost of                    service schedule supporting the rate increases for 2005 and 2006                    in                    accordance with the plan and the increases became effective on                    January 1,                    2005 and January 1, 2006. The VPSB retains the discretion to                    open an                    investigation of the Company’s rates at any time, at the request of the                    DPS, the request of ratepayers, or on its own volition. The Company                    may                    seek additional rate increases in extraordinary circumstances,                    such as                    severe storm repair costs, natural disasters, unanticipated unit                    outages,                    or significant losses of customer load. |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | The                    Company’s allowed return on equity is 10.5 percent for the period January                    1, 2003 through December 31, 2006. During the same period, the                    Company’s                    earnings on utility operations are capped at 10.5 percent. Excess                    earnings                    in 2005 or 2006 will be refunded to customers as a credit on                    customer                    bills or applied to recover regulatory assets, as the Department                    directs. |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | The                    Company carried forward into 2004 $3.0 million in deferred revenue                    remaining at December 31, 2003, from the Company’s 2001 Settlement Order                    (summarized below). These revenues were applied in 2004 to offset                    increased costs. |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | The                    Company is to amortize (recover) certain regulatory assets, including                    Pine                    Street Barge Canal environmental site costs and past demand-side                    management program costs, beginning in January 2005, with those                    costs to                    be allowed in future rates. Pine Street costs will be recovered                    over a                    twenty-year period without a return. |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | The                    Company and the Department have agreed to work cooperatively                    to develop                    and propose an alternative regulation plan as authorized by legislation                    enacted in Vermont in 2003. |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | Rates                    were set at levels that recover the Company’s VJO Contract costs,                    effectively ending the regulatory disallowances experienced by                    the Company                    from 1998 through 2000; |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | The                    Company and customers shall share equally any premium above book                    value                    realized by the Company in any future merger, acquisition or                    asset sale,                    subject to an $8.0 million limit on the customers' share, adjusted                    for                    inflation; and |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *   | The                    Company's further investment in non-utility operations was restricted                    until new rates went into effect, which occurred in January 2005.                    Although                    this restriction has expired, we have no plans to make material                    investments in non-utility operations. |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Accounting            Order**

**Other            Legal Matters**

**I.            OBLIGATIONS UNDER TRANSMISSION INTERCONNECTION SUPPORT AGREEMENT AND            OTHER            LEASES**

|                                     |   | **For                      the Years ending** |   |
|------------------------------------------|--------|-----------------------------------------------|--------|
|                                     |   | **December**31                                |   |
|                                     |   | (In                      thousands)           |   |
| 2006                                     |   | $                                             | 385    |   |
| 2007                                     |   |                                          | 385    |   |
| 2008                                     |   |                                          | 385    |   |
| 2009                                     |   |                                          | 385    |   |
| 2010                                     |   |                                          | 385    |   |
| Total                      for 2011-2015 |   |                                          | 1,928  |   |
| Total                                    |   | $                                             | 3,853  |   |

**J.              LONG-TERM POWER PURCHASES**

**Unit              Purchases.**

| Purchased                        power expense by significant contract supplier |   |                                                        |   |     |   |     |   |
|---------------------------------------------------------------------------------|--------|-------------------------------------------------------------|--------|----------|--------|----------|--------|
|                                                                            |   | **for                        the Years ended December 31,** |   |
|                                                                            |   | **2005**                                                    |   | **2004** |   | **2003** |   |
| In                        thousands                                             |   |                                                        |   |     |   |     |   |
| Hydro                        Quebec                                             |   | $                                                           | 50,112 |     | $      | 48,309   |   | $ | 46,367 |   |
| Morgan                        Stanley                                           |   |                                                        | 12,563 |     |   | 11,106   |   |   | 59,311 |   |
| VYNPC                                                                           |   |                                                        | 32,409 |     |   | 33,331   |   |   | 38,109 |   |
| Small                        Power Producers                                    |   |                                                        | 16,486 |     |   | 15,832   |   |   | 15,277 |   |
| Stony                        Brook                                              |   |                                                        | 1,667  |     |   | 1,696    |   |   | 2,222 |   |

**Vermont                Yankee.**

|                                                           |   |   |      | **VYNPC**    |   |
|----------------------------------------------------------------|--------|--------|-----------|--------------|--------|
|                                                           |   |   |      | **Contract** |   |
| (Dollars                          in thousands except per KWh) |   |   |      |         |   |
| Capacity                          acquired                     |   |   |      |         |   | 106                          MW |   |
| Contract                          period expires               |   |   |      |         |   | 2012 |   |
| Company's                          share of output             |   |   |      |         |   | 20 | % |
| Annual                          energy charge                  |   |   | 2005      |         | $      | 32,409 |   |
| estimated                                                      |   |   | 2006-2012 |         | $      | 33,595 |   |
| Average                          cost per KWh                  |   |   | 2005      |         | $      | 0.040 |   |
| estimated                                                      |   |   | 2006-2012 |         | $      | 0.042 |   |

**Hydro        Quebec.**

|                                       |      |      | **The                    VJO Contract**                  |   |
|--------------------------------------------|-----------|-----------|----------------------------------------------------------|--------|
|                                       |      |      | **Schedule                    B**                        |   | **Schedule                    C3** |   |
|                                       |      |      | (Dollars                    in thousands except per KWh) |   |
| Capacity                    acquired       |      |      | 68                    MW                                 |   | 46                    MW |   |
| Contract                    period         |      |      | 1995-2015                                                |   | 1995-2015 |   |
| Minimum                    energy purchase |      |      | 65%-75%                                                  |   | 65%-75% |   |
| (annual                    load factor)    |      |      |                                                     |   |   |   |
| Annual                    energy charge    |      | 2005      | $                    11,376                              |   | $                    7,872 |   |
|                                       | estimated | 2006-2015 | $                    13,756                              | (1)    | $                    9,400 | (1) |
| Annual                    capacity charge  |      | 2005      | $                    16,563                              |   | $                    11,595 |   |
|                                       | estimated | 2006-2015 | $                    16,769                              | (1)    | $                    11,501 | (1) |
| Average                    cost per KWh    |      | 2005      | $                    0.069                               |   | $                    0.070 |   |
|                                       | estimated | 2006-2015 | $                    0.070                               | (2)    | $                    0.070 | (2) |

**Morgan        Stanley Contract.**

|                                       | **The                    Morgan Stanley** |
|--------------------------------------------|-------------------------------------------|
|                                       | **Contract**                              |
| Capacity                    acquired*      | 1-182                    MW               |
| Contract                    period expires | 2006                                      |
| Annual                    energy charge :  |                                      |
| 2004                                       | $11.1                    million          |
| 2005                                       | $12.6                    million          |
| 2006                    estimate           | $10.2                    million          |

**Capacity            ranges between 0 and 182 MW over the remaining contract life depending            on the            scheduled hour.*

**Unit            Purchases.**

|                                                     |   | **Stony**                                     |                            |
|----------------------------------------------------------|--------|-----------------------------------------------|---------------------------------|
|                                                     |   | **Brook**                                     |                            |
|                                                     |   | (Dollars                        in thousands) |                            |
| Plant                        capacity                    |   |                                          | 352.0                        MW |   |
| Company's                        share of output         |   |                                          | 4.40                            | % |
| Company's                        annual share of:        |   |                                          |                            |   |
| Interest                                                 |   | $                                             | 87                              |   |
| Other                        debt service                |   |                                          | 489                             |   |
| Other                        capacity                    |   |                                          | 534                             |   |
| Total                        annual capacity             |   | $                                             | 1,110                           |   |
|                                                     |   |                                          |                            |   |
| Company's                        share of long-term debt |   | $                                             | 782                             |   |

**Independent                Power Producers.**

----

**K.                QUARTERLY FINANCIAL INFORMATION (UNAUDITED)**

| Amounts                            in thousands except per share data    |   | **2005                            Quarter ended** |   |     |   |
|--------------------------------------------------------------------------|--------|---------------------------------------------------|--------|----------|--------|
|                                                                     |   | **March**                                         |   | **June** |   | **September** |   | **December** |   | **Total** |   |
|                                                                     |   |                                              |   |     |   |   |   |   |   |   |   |
| Operating                            revenues                            |   | $                                                 | 58,248 |     | $      | 54,888 |   | $ | 57,584 |   | $ | 75,140 |   | $ | 245,860 |   |
| Operating                            income                              |   |                                              | 4,326  |     |   | 3,647 |   |   | 3,839 |   |   | 4,269 |   |   | 16,081 |   |
| Net                            income-continuing operations              |   | $                                                 | 2,981  |     | $      | 2,384 |   | $ | 2,524 |   | $ | 3,157 |   | $ | 11,046 |   |
| Net                            income-discontinued operations            |   |                                              | (2     | )        |   | (3 | ) |   | 18 |   |   | 121 |   |   | 134 |   |
| Net                            Income applicable to common stock         |   | $                                                 | 2,979  |     | $      | 2,381 |   | $ | 2,542 |   | $ | 3,278 |   | $ | 11,180 |   |
| Basic                            earnings per share from:                |   |                                              |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Continuing                            operations                         |   | $                                                 | 0.58   |     | $      | 0.46 |   | $ | 0.49 |   | $ | 0.58 |   | $ | 2.12 |   |
| Discontinued                            operations                       |   |                                              | -      |     |   | - |   |   | - |   |   | 0.03 |   |   | 0.03 |   |
| Basic                            earnings per share                      |   | $                                                 | 0.58   |     | $      | 0.46 |   | $ | 0.49 |   | $ | 0.61 |   | $ | 2.15 |   |
| Weighted                            average common shares outstanding    |   |                                              | 5,160  |     |   | 5,186 |   |   | 5,208 |   |   | 5,224 |   |   | 5,195 |   |
| Diluted                            earnings per share from:              |   |                                              |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Continuing                            operations                         |   | $                                                 | 0.56   |     | $      | 0.45 |   | $ | 0.48 |   | $ | 0.60 |   | $ | 2.09 |   |
| Discontinued                            operations                       |   |                                              | -      |     |   | - |   |   | - |   |   | 0.03 |   |   | 0.03 |   |
| Diluted                            earnings per share                    |   | $                                                 | 0.56   |     | $      | 0.45 |   | $ | 0.48 |   | $ | 0.63 |   | $ | 2.12 |   |
| Weighted                            average common and common equivalent |   |                                              | 5,301  |     |   | 5,271 |   |   | 5,301 |   |   | 5,318 |   |   | 5,284 |   |
| shares                            outstanding                            |   |                                              |   |     |   |   |   |   |   |   |   |   |   |   |   |   |

|                                                                     |   | **2004                            Quarter ended** |   |     |   |
|--------------------------------------------------------------------------|--------|---------------------------------------------------|--------|----------|--------|
|                                                                     |   | **March**                                         |   | **June** |   | **September** |   | **December** |   | **Total** |   |
|                                                                     |   |                                              |   |     |   |   |   |   |   |   |   |
| Operating                            revenues                            |   | $                                                 | 63,123 |     | $      | 54,585 |   | $ | 54,926 |   | $ | 56,182 |   | $ | 228,816 |   |
| Operating                            income                              |   |                                              | 5,019  |     |   | 2,776 |   |   | 4,595 |   |   | 3,088 |   |   | 15,478 |   |
| Net                            income-continuing operations              |   | $                                                 | 3,740  |     | $      | 1,783 |   | $ | 3,392 |   | $ | 2,144 |   | $ | 11,059 |   |
| Net                            income-discontinued operations            |   |                                              | (6     | )        |   | (1 | ) |   | (2 | ) |   | 534 |   |   | 525 |   |
| Net                            Income applicable to common stock         |   | $                                                 | 3,734  |     | $      | 1,782 |   | $ | 3,390 |   | $ | 2,678 |   | $ | 11,584 |   |
| Basic                            earnings per share from:                |   |                                              |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Continuing                            operations                         |   | $                                                 | 0.74   |     | $      | 0.35 |   | $ | 0.67 |   | $ | 0.42 |   | $ | 2.18 |   |
| Discontinued                            operations                       |   |                                              | -      |     |   | - |   |   | - |   |   | 0.10 |   |   | 0.10 |   |
| Basic                            earnings per share                      |   | $                                                 | 0.74   |     | $      | 0.35 |   | $ | 0.67 |   | $ | 0.52 |   | $ | 2.28 |   |
| Weighted                            average common shares outstanding    |   |                                              | 5,046  |     |   | 5,072 |   |   | 5,089 |   |   | 5,124 |   |   | 5,083 |   |
| Diluted                            earnings per share from:              |   |                                              |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Continuing                            operations                         |   | $                                                 | 0.72   |     | $      | 0.34 |   | $ | 0.65 |   | $ | 0.39 |   | $ | 2.10 |   |
| Discontinued                            operations                       |   |                                              | -      |     |   | - |   |   | - |   |   | 0.10 |   |   | 0.10 |   |
| Diluted                            earnings per share                    |   | $                                                 | 0.72   |     | $      | 0.34 |   | $ | 0.65 |   | $ | 0.49 |   | $ | 2.20 |   |
| Weighted                            average common and common equivalent |   |                                              | 5,205  |     |   | 5,228 |   |   | 5,251 |   |   | 5,282 |   |   | 5,254 |   |
| shares                            outstanding                            |   |                                              |   |     |   |   |   |   |   |   |   |   |   |   |   |   |

|                                                                     |   | **2003                            Quarter ended** |   |     |   |
|--------------------------------------------------------------------------|--------|---------------------------------------------------|--------|----------|--------|
|                                                                     |   | **March**                                         |   | **June** |   | **September** |   | **December** |   | **Total** |   |
|                                                                     |   |                                              |   |     |   |   |   |   |   |   |   |
| Operating                            revenues                            |   | $                                                 | 72,945 |     | $      | 64,455 |   | $ | 71,975 |   | $ | 71,095 |   | $ | 280,470 |   |
| Operating                            income                              |   |                                              | 5,231  |     |   | 2,425 |   |   | 4,302 |   |   | 3,348 |   |   | 15,306 |   |
| Net                            income-continuing operations              |   | $                                                 | 4,084  |     | $      | 1,120 |   | $ | 3,034 |   | $ | 2,087 |   | $ | 10,325 |   |
| Net                            income-discontinued operations            |   |                                              | (13    | )        |   | (8 | ) |   | 6 |   |   | 94 |   |   | 79 |   |
| Net                            Income applicable to common stock         |   | $                                                 | 4,071  |     | $      | 1,112 |   | $ | 3,040 |   | $ | 2,181 |   | $ | 10,404 |   |
| Basic                            earnings per share from:                |   |                                              |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Continuing                            operations                         |   | $                                                 | 0.82   |     | $      | 0.22 |   | $ | 0.61 |   | $ | 0.43 |   | $ | 2.08 |   |
| Discontinued                            operations                       |   |                                              | -      |     |   | - |   |   | - |   |   | 0.01 |   |   | 0.01 |   |
| Basic                            earnings per share                      |   | $                                                 | 0.82   |     | $      | 0.22 |   | $ | 0.61 |   | $ | 0.44 |   | $ | 2.09 |   |
| Weighted                            average common shares outstanding    |   |                                              | 4,959  |     |   | 4,969 |   |   | 4,982 |   |   | 5,009 |   |   | 4,980 |   |
| Diluted                            earnings per share from:              |   |                                              |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Continuing                            operations                         |   | $                                                 | 0.80   |     | $      | 0.22 |   | $ | 0.59 |   | $ | 0.40 |   | $ | 2.01 |   |
| Discontinued                            operations                       |   |                                              | -      |     |   | - |   |   | - |   |   | 0.01 |   |   | 0.01 |   |
| Diluted                            earnings per share                    |   | $                                                 | 0.80   |     | $      | 0.22 |   | $ | 0.59 |   | $ | 0.41 |   | $ | 2.02 |   |
| Weighted                            average common and common equivalent |   |                                              | 5,118  |     |   | 5,129 |   |   | 5,141 |   |   | 5,165 |   |   | 5,140 |   |
| shares                            outstanding                            |   |                                              |   |     |   |   |   |   |   |   |   |   |   |   |   |   |

----

*Internal                      Control—Integrated Framework *

----

*Management's                      Report on Internal Control Over Financial Reporting*
*Internal                      Control—Integrated Framework*

*Internal                      Control—Integrated Framework*
*Internal                      Control—Integrated Framework*

----

**ITEM                      9.**
**CHANGES                      IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL                      DISCLOSURE**

**ITEM                      9A. CONTROLS AND PROCEDURES**

*Evaluation                      of Disclosure Controls and Procedures*

*Management's                      Report on Internal Control Over Financial Reporting*

*Changes                      in Internal Controls*

**ITEM                      9B. OTHER INFORMATION**

----

**PART                      III**

**ITEM                      10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT**

**ITEMS                      11, 12, 13 and 14**

**PART                      IV**

**ITEM                      15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

| (1) | Financial                                  Statements. See the Index to the Company's financial                                  statements set forth                                  in Item 8 hereof. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Financial                                  Statement Schedules. N/A. |
|-----|----------------------------------------------------------------------|

| (3) | Exhibits.                                  See the Exhibit Index set forth at the end of this                                  Form                                  10-K. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SIGNATURES**

| Date:                                    March 14, 2006 | GREEN                                    MOUNTAIN POWER CORPORATION                                                                |
|---------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------|
|                                                    | By:                                    /s/Christopher L. Dutton                                                                    |
|                                                    | Christopher                                    L. Dutton, President And                                    Chief Executive Officer |

| **SIGNATURE**                                                                                                     | **TITLE**                                                                                                                                                         | **DATE**                                                |
|-------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------|
|  /s/Christopher                                    L. Dutton                                                 |  President,                                    Chief Executive                                                                                               |  March                                    14, 2006 |
| Christopher                                    L. Dutton                                                          | Officer,                                    and Director(principal                                    executive officer)                                          |                                                    |
| /s/Mary                                    G. Powell                                                              | Chief                                    Operating Officer,                                                                                                       | March                                    14, 2006       |
| Mary                                    G. Powell                                                                 | Senior                                    Vice President                                                                                                          |                                                    |
| /s/Robert                                    J. Griffin                                                           | Chief                                    Financial Office,                                                                                                        | March                                    14, 2006       |
| Robert                                    J. Griffin                                                              | Vice                                    President and Treasurer (principal                                    financial officer and principal accounting officer) |                                                    |
| *Nordahl                                    L. Brue )                                                        | Chairman                                    of the Board                                                                                                          |                                                    |
|                                                                                                              |                                                                                                                                                              |                                                    |
| *Elizabeth                                    A. Bankowski )                                                 |                                                                                                                                                              |                                                    |
|                                                                                                              |                                                                                                                                                              |                                                    |
| *William                                    H. Bruett )                                                      |                                                                                                                                                              |                                                    |
|                                                                                                              |                                                                                                                                                              |                                                    |
| *Merrill                                    O. Burns )                                                       |                                                                                                                                                              |                                                    |
|                                                                                                              |                                                                                                                                                              |                                                    |
| *David                                    R. Coates )                                                        | Directors                                                                                                                                                         |                                                    |
|                                                                                                              |                                                                                                                                                              |                                                    |
| *Kathleen                                    C. Hoyt )                                                       |                                                                                                                                                              |                                                    |
|                                                                                                              |                                                                                                                                                              |                                                    |
| *Euclid                                    A. Irving )                                                       |                                                                                                                                                              |                                                    |
|                                                                                                              |                                                                                                                                                              |                                                    |
| *Marc                                    A. vanderHyeyden )                                                  |                                                                                                                                                              |                                                    |
|                                                                                                              |                                                                                                                                                              |                                                    |
| *By:                                    /s/Christopher L. Dutton                                                  |                                                                                                                                                              | March                                    14, 2006       |
| Christopher                                    L. Dutton(Attorney                                    - in - Fact) |                                                                                                                                                              |                                                    |

----

**ITEM                              15(a) 3 and Item 15c. Exhibits**

|    ExhibitNumber |     Description                                                                                                                                                                                                                                                                                                                                                                     |     Exhibit | SEC                                        DocketIncorporatedBy                                        referenceOr                                        Page filedherewith |
|---------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1                             | Amended                                        and Restated Articles of Incorporation dated                                        May 27, 2004                                                                                                                                                                                                                                                         | 3A                              | Form                                        10-QJune                                        2004                                                                             |
| 3.c                             | By-laws                                        of the Company, as amended December 8, 2003                                                                                                                                                                                                                                                                                                              | 3                               | Form                                        8-KDec.                                        8 2003 (1-8291)                                                                   |
| 4.b.1                           | Indentures                                        of First Mortgage and Deed of Trust dated                                        as of February 1,                                        1955                                                                                                                                                                                                        | 4.b                             | 2-27300                                                                                                                                                                      |
| 4.b.2                           | First                                        Supplemental Indentures dated as of April                                        1, 1961                                                                                                                                                                                                                                                                   | 4.b.2                           | 2-75293                                                                                                                                                                      |
| 4.b.3                           | Second                                        Supplement Indenture dated as of January                                        1, 1966                                                                                                                                                                                                                                                                   | 4.b.3                           | 2-75293                                                                                                                                                                      |
| 4.b.4                           | Third                                        Supplemental Indenture dated as of July 1,                                        1968                                                                                                                                                                                                                                                                     | 4.b.4                           | 2-75293                                                                                                                                                                      |
| 4.b.5                           | Fourth                                        Supplemental Indenture dated as of October                                        1, 1969                                                                                                                                                                                                                                                                 | 5.b.5                           | 2-75293                                                                                                                                                                      |
| 4.b.6                           | Fifth                                        Supplemental Indenture dated as of December                                        1, 1973                                                                                                                                                                                                                                                                 | 4.b.6                           | 2-75293                                                                                                                                                                      |
| 4.b.7                           | Seventh                                        Supplemental Indenture dated as of August                                        1, 1976                                                                                                                                                                                                                                                                 | 4.b.7                           | 2-99643                                                                                                                                                                      |
| 4.b.8                           | Eighth                                        Supplement Indentures dated as of December                                        1, 1979                                                                                                                                                                                                                                                                 | 4.b.8                           | 2-99643                                                                                                                                                                      |
| 4.b.9                           | Ninth                                        Supplemental Indenture dated as of July 15,                                        1985                                                                                                                                                                                                                                                                    | 4.b.9                           | 2-99643                                                                                                                                                                      |
| 4.b.10                          | Tenth                                        Supplemental Indenture dated as of June 15,                                        1989                                                                                                                                                                                                                                                                    | 4.b.10                          | Form                                        10-K 1989 (1-8291)                                                                                                               |
| 4.b.11                          | Eleventh                                        Supplemental Indenture dated as of September                                        1, 1990                                                                                                                                                                                                                                                             | 4.b.11                          | Form                                        10-Q Sept. 1990 (1-8291)                                                                                                         |
| 4.b.12                          | Twelfth                                        Supplemental Indenture dated as of March                                        1, 1992                                                                                                                                                                                                                                                                  | 4.b.12                          | Form                                        10-K 1991 (1-8291)                                                                                                               |
| 4.b.13                          | Thirteenth                                        Supplemental Indenture dated as of March                                        1, 1992                                                                                                                                                                                                                                                               | 4.b.13                          | Form                                        10-K 1991 (1-8291)                                                                                                               |
| 4.b.14                          | Fourteenth                                        Supplemental Indenture dated as of November                                        1, 1993                                                                                                                                                                                                                                                            | 4.b.14                          | Form                                        10-K 1993 (1-8291)                                                                                                               |
| 4.b.15                          | Fifteenth                                        Supplemental Indenture dated as of November                                        1, 1993                                                                                                                                                                                                                                                             | 4.b.15                          | Form                                        10-K 1993 (1-8291)                                                                                                               |
| 4.b.16                          | Sixteenth                                        Supplemental Indenture dated as of December                                        1, 1995                                                                                                                                                                                                                                                             | 4.b.16                          | Form                                        10-K 1995 (1-8291)                                                                                                               |
| 4.b.17                          | Revised                                        form of Indenture as filed as an Exhibit                                        to Registration Statement No.                                        33-59383                                                                                                                                                                                            | 4.b.17                          | Form                                        10-Q Sept. 1995 (1-8291)                                                                                                         |
| 4.b.18                          | Credit                                        Agreement by and among Green Mountain Power,                                        The Bank of Nova Scotia,                                        State Street Bank and Trust Company, Fleet                                        National Bank, and Fleet                                        National Bank, as Agent                             | 4.b.18                          | Form                                        10-K 1997(1-8291)                                                                                                                |
| 4.b.18(a)                       | Amendment                                        to Exhibit 4.b.18                                                                                                                                                                                                                                                                                                                                      | 4.b.18(a)                       | Form                                        10-Q Sept. 1998 (1-8291)                                                                                                         |
| 4.b.19                          | Seventeenth                                        Supplemental Indenture dated as of December                                        1, 2002                                                                                                                                                                                                                                                           | 4.b.19                          | Form                                        10-K 2002 (1-8291)                                                                                                               |
| 10.a                            | Form                                        of Insurance Policy issued by Pacific Insurance                                        Company, with respect to                                        indemnification of Directors and Officers.                                                                                                                                                           | 10.a                            | 33-8146                                                                                                                                                                      |
| 10.b.1                          | Firm                                        Power Contract dated September 16, 1958,                                        between the Company and the State                                        of Vermont and supplements thereto dated                                        September 19, 1958; November 15,                                        1958; October 1, 1960 and February 1, 1964 | 13.d                            | 2-27300                                                                                                                                                                      |
| 10.b.2                          | Power                                        Contract, dated February 1, 1968, between                                        the Company and Vermont Yankee                                        Nuclear Power Corporation                                                                                                                                                                           | 13.d                            | 2-34346                                                                                                                                                                      |
| 10.b.3                          | Amendment,                                        dated June 1, 1972, to Power Contract between                                        the Company and Vermont                                        Yankee Nuclear Power Corporation                                                                                                                                                                  | 13.f.1                          | 2-49697                                                                                                                                                                      |
| 10.b.3(a)                       | Amendment,                                        dated April 15, 1983, to Power Contract between                                        the Company and Vermont                                        Yankee Nuclear Power Corporation                                                                                                                                                                | 10.b.3(a)                       | 33-8164                                                                                                                                                                      |
| 10.b.3(b)                       | Additional                                        Power Contract, dated February 1, 1984, between                                        the Company and Vermont                                        Yankee Nuclear Power Corporation                                                                                                                                                                | 10.b.3(b)                       | 33-8164                                                                                                                                                                      |
| 10.b.4                          | Capital                                        Funds Agreement, dated February 1, 1968,                                        between the Company and Vermont                                        Yankee Nuclear Power Corporation                                                                                                                                                                  | 13.e                            | 2-34346                                                                                                                                                                      |
| 10.b.5                          | Amendment,                                        dated March 12, 1968, to Capital Funds Agreement                                        between the Company and                                        Vermont Yankee Nuclear Power Corporation                                                                                                                                                       | 13.f                            | 2-34346                                                                                                                                                                      |
| 10.b.6                          | Guarantee                                        Agreement, dated November 5, 1981, of the                                        Company for its proportionate                                        share of the obligations of Vermont Yankee                                        Nuclear Power Corporation under                                        a $40 million loan arrangement          | 10.b.6                          | 2-75293                                                                                                                                                                      |
| 10.b.7                          | Three-Party                                        Power Agreement among the Company, VELCO                                        and Central Vermont Public                                        Service Corporation dated November 19, 1969                                                                                                                                                        | 13.i                            | 2-49697                                                                                                                                                                      |
| 10.b.8                          | Amendment                                        to Exhibit 10.b.7, dated June 1, 1981                                                                                                                                                                                                                                                                                                                  | 10.b.8                          | 2-75293                                                                                                                                                                      |
| 10.b.9                          | Three-Party                                        Transmission Agreement among the Company,                                        VELCO and Central Vermont Public                                        Service Corporation, dated November 21, 1969                                                                                                                                                | 10.b.9                          | 2-49697                                                                                                                                                                      |
| 10.b.10                         | Amendment                                        to Exhibit 10.b.9, dated June 1, 1981                                                                                                                                                                                                                                                                                                                  | 10.b.10                         | 2-75293                                                                                                                                                                      |

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|    ExhibitNumber |     Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |     Exhibit | SEC                                        DocketIncorporatedBy                                        referenceOr                                        Page filedHerewith |
|---------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.b.14                         | Agreement                                        with Central Maine Power Company et al, to                                        enter into joint ownership of                                        Wyman plant, dated November 1, 1974                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 5.16                            | 2-52900                                                                                                                                                                      |
| 10.b.15                         | New                                        England Power Pool Agreement as amended to                                        November 1,                                        1975                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 4.8                             | 2-55385                                                                                                                                                                      |
| 10.b.16                         | Bulk                                        Power Transmission Contract between the Company                                        and VELCO dated June 1,                                        1968                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 13.v                            | 2-49697                                                                                                                                                                      |
| 10.b.17                         | Amendment                                        to Exhibit 10.b.16, dated June 1, 1970                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 13.v.i                          | 2-49697                                                                                                                                                                      |
| 10.b.20                         | Power                                        Sales Agreement, dated August 2, 1976, as                                        amended October 1, 1977, and                                        related Transmission Agreement, with the                                        Massachusetts Municipal Wholesale                                        Electric Company                                                                                                                                                                                                                                                                                                                                                                                    | 10.b.20                         | 33-8164                                                                                                                                                                      |
| 10.b.21                         | Agreement                                        dated October 1, 1977, for Joint Ownership,                                        Construction and Operation of                                        the MMWEC Phase I Intermediate Units, dated                                        October 1,                                        1977                                                                                                                                                                                                                                                                                                                                                                                                             | 10.b.21                         | 33-8164                                                                                                                                                                      |
| 10.b.28                         | Contract                                        dated February 1, 1980, providing for the                                        sale of firm power and energy by                                        the Power Authority of the State of New York                                        to the Vermont Public Service                                        Board                                                                                                                                                                                                                                                                                                                                                                                        | 10.b.28                         | 33-8164                                                                                                                                                                      |
| 10.b.30                         | Bulk                                        Power Purchase Contract dated April 7, 1976,                                        between VELCO and the                                        Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 10.b.32                         | 2-75293                                                                                                                                                                      |
| 10.b.33                         | Agreement                                        amending New England Power Pool Agreement                                        dated as of December 1, 1981,                                        providing for use of transmission inter-connection                                        between New England and                                        Hydro Quebec                                                                                                                                                                                                                                                                                                                                                                                   | 10.b.33                         | 33-8164                                                                                                                                                                      |
| 10.b.34                         | Phase                                        I Transmission Line Support Agreement dated                                        as of December 1, 1981, and                                        Amendment No. 1 dated as of June 1, 1982,                                        between VETCO and participating                                        New England utilities for construction, use                                        and support of Vermont                                        facilities of transmission interconnection                                        between New England and Hydro                                        Quebec                                                                                      | 10.b.34                         | 33-8164                                                                                                                                                                      |
| 10.b.35                         | Phase                                        I Terminal Facility Support Agreement dated                                        as of December 1, 1981, and                                        Amendment No. 1 dated as of June 1, 1982,                                        between New England Electric                                        Transmission Corporation and participating                                        New England utilities for                                        construction, use and support of New Hampshire                                        facilities of transmission                                        interconnection between New England and Hydro                                        Quebec | 10.b.35                         | 33-8164                                                                                                                                                                      |
| 10.b.36                         | Agreement                                        with respect to use of Quebec Interconnection                                        dated as of December 1,                                        1981, among participating New England utilities                                        for use of transmission                                        interconnection between New England and Hydro                                        Quebec                                                                                                                                                                                                                                                                                                         | 10.b.36                         | 33-8164                                                                                                                                                                      |
| 10.b.39                         | Vermont                                        Participation Agreement for Quebec Interconnection                                        dated as of July 15,                                        1982, between VELCO and participating Vermont                                        utilities for allocation of                                        VELCO's rights and obligations as a participating                                        New England utility in                                        the transmission interconnection between                                        New England and Hydro                                        Quebec.                                                                                       | 10.b.39                         | 33-8164                                                                                                                                                                      |
| 10.d.40                         | Vermont                                        Electric Transmission Company, Inc. Capital                                        Funds Agreement dated as of                                        July 15, 1982, between VETCO and VELCO for                                        VELCO to provide capital to                                        VETCO for construction of the Vermont facilities                                        of the transmission                                        interconnection between New England and Hydro                                        Quebec                                                                                                                                                       | 10.b.40                         | 33-8164                                                                                                                                                                      |
| 10.b.41                         | VETCO                                        Capital Funds Support Agreement dated as                                        of July 15, 1982, between VELCO                                        and participating Vermont utilities for allocation                                        of VELCO's obligation                                        to VETCO under the Capital Funds Agreement                                                                                                                                                                                                                                                                                                                                                          | 10.b.41                         | 33-8164                                                                                                                                                                      |
| 10.b.42                         | Energy                                        Banking Agreement dated March 21, 1983, among                                        Hydro Quebec, VELCO, NEET                                        and participating New England utilities acting                                        by and through the NEPOOL                                        Management Committee for terms of energy                                        banking between participating New                                        England utilities and Hydro Quebec                                                                                                                                                                                                         | 10.b.42                         | 33-8164                                                                                                                                                                      |
| 10.b.43                         | Interconnection                                        Agreement dated March 21, 1983, between Hydro                                        Quebec and participating New                                        England utilities acting by and through the                                        NEPOOL Management Committee                                        for terms and conditions of energy transmission                                        between New England and                                        Hydro Quebec                                                                                                                                                                                                                       | 10.b.43                         | 33-8164                                                                                                                                                                      |
| 10.b.44                         | Energy                                        Contract dated March 21, 1983, between Hydro                                        Quebec and participating New                                        England utilities acting by and through the                                        NEPOOL Management Committee                                        for purchase of surplus energy from Hydro                                        Quebec                                                                                                                                                                                                                                                                                                            | 10.b.44                         | 33-8164                                                                                                                                                                      |
| 10.b.50                         | Agreement                                        for Joint Ownership, Construction and Operation                                        of the Highgate                                        Transmission Interconnection, dated August                                        1, 1984, between certain                                        electric distribution companies, including                                        the Company                                                                                                                                                                                                                                                                                                                 | 10.b.50                         | 33-8164                                                                                                                                                                      |
| 10.b.51                         | Highgate                                        Operating and Management Agreement, dated                                        as of August 1, 1984, among                                        VELCO and Vermont electric-utility companies,                                        including the                                        Company                                                                                                                                                                                                                                                                                                                                                                                                          | 10.b.51                         | 33-8164                                                                                                                                                                      |

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|    ExhibitNumber |     Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |     Exhibit | SEC                                        DocketIncorporatedBy                                        referenceOr                                        Page filedHerewith |
|---------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.b.52                         | Allocation                                        Contract for Hydro Quebec Firm Power dated                                        July 25, 1984, between the                                        State of Vermont and various Vermont electric                                        utilities, including the                                        Company                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 10.b.52                         | 33-8164                                                                                                                                                                      |
| 10.b.53                         | Highgate                                        Transmission Agreement dated as of August                                        1, 1984, between the Owners of                                        the Project and various Vermont electric                                        distribution                                        companies                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 10.b.53                         | 33-8164                                                                                                                                                                      |
| 10.b.61                         | Agreements                                        entered in connection with Phase II of the                                        NEPOOL/Hydro Quebec + 450 KV                                        HVDC Transmission Interconnection                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 10.b.61                         | 33-8164                                                                                                                                                                      |
| 10.b.62                         | Agreement                                        between UNITIL Power Corp. and the Company                                        to sell 23 MW capacity and                                        energy from Stony Brook Intermediate Combined                                        Cycle Unit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 10.b.62                         | 33-8164                                                                                                                                                                      |
| 10.b.68                         | Firm                                        Power and Energy Contract dated December                                        4, 1987, between Hydro Quebec and                                        participating Vermont utilities, including                                        the Company, for the purchase                                        of firm power for up to thirty years                                                                                                                                                                                                                                                                                                                                                                                                                               | 10.b.68                         | Form                                        10-K 1992 (1-8291)                                                                                                               |
| 10.b.69                         | Firm                                        Power Agreement dated as of October 26, 1987,                                        between Ontario Hydro and                                        Vermont Department of Public Service                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 10.b.69                         | Form                                        10-K 1992 (1-8291)                                                                                                               |
| 10.b.70                         | Firm                                        Power and Energy Contract dated as of February                                        23, 1987, between the                                        Vermont Joint Owners of the Highgate facilities                                        and Hydro Quebec for up to                                        50 MW of capacity                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 10.b.70                         | Form                                        10-K 1992(1-8291)                                                                                                                |
| 10.b.70(a)                      | Amendment                                        to 10.b.70                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 10.b.70(a)                      | Form                                        10-K 1992(1-8291)                                                                                                                |
| 10.b.71                         | Interconnection                                        Agreement dated as of February 23, 1987,                                        between the Vermont Joint Owners                                        of the Highgate facilities and Hydro Quebec                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 10.b.71                         | Form                                        10-K 1992(1-8291)                                                                                                                |
| 10.b.72                         | Participation                                        Agreement dated as of April 1, 1988, between                                        Hydro Quebec and                                        participating Vermont utilities, including                                        the Company, implementing the                                        purchase of firm power for up to 30 years                                        under the Firm Power and Energy                                        Contract dated December 4, 1987 (previously                                        filed with the Company's                                        Annual Report on Form 10-K for 1987, Exhibit                                        Number                                        10.b.68                   | 10.b.72                         | Form                                        10-Q June 1988 (1-8291)                                                                                                          |
| 10.b.72(a)                      | Restatement                                        of the Participation Agreement filed as Exhibit                                        10.b.72 on Form 10-Q for                                        June 1988                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 10.b.72(a)                      | Form                                        10-K 1988(1-8291)                                                                                                                |
| 10.b.77                         | Firm                                        Power and Energy Contract dated December                                        29, 1988 between Hydro Quebec and                                        participating Vermont utilities, including                                        the Company, for the purchase                                        of up to 54 MW of firm power and energy                                                                                                                                                                                                                                                                                                                                                                                                                            | 10.b.77                         | Form                                        10-K 1988(1-8291)                                                                                                                |
| 10.b.78                         | Transmission                                        Agreement dated December 23, 1988, between                                        the Company and Niagara Mohawk                                        Power Corporation (Niagara Mohawk), for Niagara                                        Mohawk to provide electric                                        transmission to the Company from Rochester                                        Gas and Electric and Central                                        Hudson Gas and Electric                                                                                                                                                                                                                                                                             | 10.b.78                         | Form                                        10-K 1988(1-8291)                                                                                                                |
| 10.b.81                         | Sales                                        Agreement dated May 24, 1989, between the                                        Town of Hardwick, Hardwick                                        Electric Department and the Company for the                                        Company to purchase all of the                                        output of Hardwick's generation and transmission                                        sources and to provide                                        Hardwick with all-requirements energy and                                        capacity except for that                                        provided by the Vermont Department of Public                                        Service or Federal Preference                                        Power | 10.b.81                         | Form                                        10-QJune                                        1989(1-8291)                                                                     |
| 10.b.82                         | Sales                                        Agreement dated July 14, 1989, between Northfield                                        Electric Department and                                        the Company for the Company to purchase all                                        of the output of Northfield's                                        generation and transmission sources and to                                        provide Northfield with                                        all-requirements energy and capacity except                                        for that provided by the                                        Vermont Department of Public Service or Federal                                        Preference                                        Power                | 10.b.82                         | Form                                        10-QJune                                        1989(1-8291)                                                                     |
| 10.b.85                         | Power                                        Purchase and Sale Agreement between Morgan                                        Stanley Capital Group Inc. and                                        the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 10.b.85                         | Form                                        10-K 1998(1-8291)                                                                                                                |
| 10.b.90                         | Power                                        Purchase Agreement between Entergy Nuclear                                        Vermont Yankee LLC and Vermont                                        Yankee Nuclear Power Corporation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 10.b.90                         | Form                                        10-Q June 2002 (1-8291)                                                                                                          |
| 10.b.91                         | First                                        Amendment to Purchase Power Agreement listed                                        as Exhibit Number 10.b.90,                                        between Entergy Nuclear Vermont Yankee LLC                                        and Vermont Yankee Nuclear                                        Power Corporation                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 10.b.91                         | Form                                        10-Q June 2002 (1-8291)                                                                                                          |
| 10.b.92                         | Amendment                                        to Power Purchase and Sale Agreement between                                        Morgan Stanley Capital Group,                                        Inc. and the Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 10.b.92                         | Form                                        10-K 2002 (1-8291)                                                                                                               |
| 10.b.93                         | 2001                                        Amendatory Agreement - Power Supply Agreement                                        between the Company and                                        Vermont Yankee Nuclear Power Corporation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 10.b.93                         | Form                                        10-K 2004                                                                                                                        |

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|     | Management                                        contracts or compensatory plans or arrangements                                        required to be filed as                                        exhibits to this Form 10-K to Item 14(c).,                                        all under SEC Docket                                        1-8291 |     |                                                                                                |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|-----------------------------------------------------------------------------------------------------|
| 10.d.1b  | Green                                        Mountain Power Corporation Second Amended                                        and Restated Deferred                                        Compensation Plan for Directors                                                                                                                                   | 10.d.1b  | Form                                        10-K 1993                                               |
| 10.d.1c  | Green                                        Mountain Power Corporation Second Amended                                        and Restated Deferred                                        Compensation Plan for Officers                                                                                                                                    | 10.d.1c  | Form                                        10-K 1993                                               |
| 10.d.1d  | Amendment                                        No. 93.1 to the Amended and Restated Deferred                                        Compensation Plan for                                        Officers                                                                                                                                                  | 10.d.1d  | Form                                        10-K 1993                                               |
| 10.d.1e  | Amendment                                        No. 94.1 to the Amended and Restated Deferred                                        Compensation Plan for                                        Officers                                                                                                                                                  | 10.d.1e  | Form                                        10-Q June 1994                                          |
| 10.d.2   | Green                                        Mountain Power Corporation Medical Expense                                        Reimbursement                                        Plan                                                                                                                                                                     | 10.d.2   | Form                                        10-K 1991                                               |
| 10.d.4   | Green                                        Mountain Power Corporation Officers’ Insurance Plan                                                                                                                                                                                                                                                       | 10.d.4   | Form                                        10-K 1991                                               |
| 10.d.4a  | Green                                        Mountain Power Corporation Officers' Insurance                                        Plan as                                        amended                                                                                                                                                                    | 10.d.4a  | Form                                        10-K 1990                                               |
| 10.d.8   | Green                                        Mountain Power Corporation Officers' Supplemental                                        Retirement                                        Plan                                                                                                                                                                 | 10.d.8   | Form                                        10-K 1990                                               |
| 10.d.15c | Green                                        Mountain Power 2000 Stock Incentive Plan                                                                                                                                                                                                                                                                        | 10.d.15c | Form                                        10-K 2001                                               |
| 10.d.40  | Change                                        in Control Agreement with C. L. Dutton                                                                                                                                                                                                                                                                         | 10.d.40  | Form                                        10-K 2003                                               |
| 10.d.41  | Change                                        in Control Agreement with D. J. Rendall,                                        Jr.                                                                                                                                                                                                                            | 10.d.41  | Form                                        10-K 2003                                               |
| 10.d.42  | Change                                        in Control Agreement with R. J. Griffin                                                                                                                                                                                                                                                                        | 10.d.42  | Form                                        10-K 2003                                               |
| 10.d.43  | Change                                        in Control Agreement with W. S. Oakes                                                                                                                                                                                                                                                                          | 10.d.43  | Form                                        10-K 2003                                               |
| 10.d.44  | Change                                        in Control Agreement with M. G. Powell                                                                                                                                                                                                                                                                         | 10.d.44  | Form                                        10-K 2003                                               |
| 10.d.45  | Change                                        in Control Agreement with R. E. Rogan                                                                                                                                                                                                                                                                          | 10.d.45  | Form                                        10-K 2005                                               |
| 10.d.46  | Deferred                                        Stock Unit Agreement with D. J. Rendall,                                        Jr.                                                                                                                                                                                                                          | 10.d.46  | Form                                        10-K 2003                                               |
| 10.d.47  | Deferred                                        Stock Unit Agreement with C. L. Dutton                                                                                                                                                                                                                                                                       | 10.d.47  | Form                                        10-K 2003                                               |
| 10.d.48  | Deferred                                        Stock Unit Agreement with S. C. Terry                                                                                                                                                                                                                                                                        | 10.d.48  | Form                                        10-K 2003                                               |
| 10.d.49  | Deferred                                        Stock Unit Agreement with R. J. Griffin                                                                                                                                                                                                                                                                      | 10.d.49  | Form                                        10-K 2003                                               |
| 10.d.50  | Deferred                                        Stock Unit Agreement with W. S. Oakes                                                                                                                                                                                                                                                                        | 10.d.50  | Form                                        10-K 2003                                               |
| 10.d.51  | Deferred                                        Stock Unit Agreement with M. G. Powell                                                                                                                                                                                                                                                                       | 10.d.51  | Form                                        10-K 2003                                               |
| 10.d.52  | Deferred                                        Stock Unit Agreement with E. A. Bankowski                                                                                                                                                                                                                                                                    | 10.d.52  | Form                                        10-K 2003                                               |
| 10.d.53  | Deferred                                        Stock Unit Agreement with N. L. Brue                                                                                                                                                                                                                                                                         | 10.d.53  | Form                                        10-K 2003                                               |
| 10.d.54  | Deferred                                        Stock Unit Agreement with W. H. Bruett                                                                                                                                                                                                                                                                       | 10.d.54  | Form                                        10-K 2003                                               |
| 10.d.55  | Deferred                                        Stock Unit Agreement with M. O. Burns                                                                                                                                                                                                                                                                        | 10.d.55  | Form                                        10-K 2003                                               |
| 10.d.56  | Deferred                                        Stock Unit Agreement with D. R. Coates                                                                                                                                                                                                                                                                       | 10.d.56  | Form                                        10-K 2003                                               |
| 10.d.57  | Deferred                                        Stock Unit Agreement with E. A. Irving                                                                                                                                                                                                                                                                       | 10.d.57  | Form                                        10-K 2003                                               |
| 10.d.58  | Director                                        Deferral Agreement with E. A. Bankowski                                                                                                                                                                                                                                                                      | 10.d.58  | Form                                        10-K 2003                                               |
| 10.d.59  | Director                                        Deferral Agreement with M. O. Burns                                                                                                                                                                                                                                                                          | 10.d.59  | Form                                        10-K 2003                                               |
| 10.d.60  | Director                                        Deferral Agreement with D. R. Coates                                                                                                                                                                                                                                                                         | 10.d.60  | Form                                        10-K 2003                                               |
| 10.d.61  | Director                                        Deferral Agreement with E. A. Irving                                                                                                                                                                                                                                                                         | 10.d.61  | Form                                        10-K 2003                                               |
| 10.d.62  | Deferred                                        Stock Unit Agreement with E. A. Bankowski                                                                                                                                                                                                                                                                    | 10.d.62  | Form                                        10-Q June 2004                                          |
| 10.d.63  | Deferred                                        Stock Unit Agreement with N. L. Brue                                                                                                                                                                                                                                                                         | 10.d.63  | Form                                        10-Q June 2004                                          |
| 10.d.64  | Deferred                                        Stock Unit Agreement with W. H. Bruett                                                                                                                                                                                                                                                                       | 10.d.64  | Form                                        10-Q June 2004                                          |
| 10.d.65  | Deferred                                        Stock Unit Agreement with M. O. Burns                                                                                                                                                                                                                                                                        | 10.d.65  | Form                                        10-Q June 2004                                          |
| 10.d.66  | Deferred                                        Stock Unit Agreement with D. R. Coates                                                                                                                                                                                                                                                                       | 10.d.66  | Form                                        10-Q June 2004                                          |
| 10.d.67  | Deferred                                        Stock Unit Agreement with K. C. Hoyt                                                                                                                                                                                                                                                                         | 10.d.67  | Form                                        10-Q June 2004                                          |
| 10.d.68  | Deferred                                        Stock Unit Agreement with E. A. Irving                                                                                                                                                                                                                                                                       | 10.d.68  | Form                                        10-Q June 2004                                          |
| 10.d.69  | Deferred                                        Stock Unit Agreement with M. A. vanderHeyden                                                                                                                                                                                                                                                                 | 10.d.69  | Form                                        10-QJune                                        2004    |
| 10.d.70  | Director                                        Deferral Agreement with E. A. Bankowski                                                                                                                                                                                                                                                                      | 10.d.70  | Form                                        8-KDec.                                        2, 2004  |
| 10.d.71  | Director                                        Deferral Agreement with M. O. Burns                                                                                                                                                                                                                                                                          | 10.d.71  | Form                                        8-KDec.                                        2, 2004  |
| 10.d.72  | Director                                        Deferral Agreement with E. A. Irving                                                                                                                                                                                                                                                                         | 10.d.72  | Form                                        8-KDec.                                        2, 2004  |
| 10.d.73  | Officer                                        Deferral Agreement with S. C. Terry                                                                                                                                                                                                                                                                           | 10.d.73  | Form                                        8-KDec.                                        2, 2004  |
| 10.d.74  | Officer                                        Deferral Agreement with W. S. Oakes                                                                                                                                                                                                                                                                           | 10.d.74  | Form                                        8-KDec.                                        2, 2004  |
| 10.d.75  | Board                                        of Directors' Resolutions Amending Deferred                                        Compensation                                        Plan                                                                                                                                                                     | 10.d.75  | Form                                        8-KDec.                                        30, 2004 |
| 10.d.76  | Officer                                        Compensation Table                                                                                                                                                                                                                                                                                            | 10.d.76  | Form                                        10-K 2005                                               |
| 10.d.77  | 2006                                        Management Compensation Plan Description                                                                                                                                                                                                                                                                         | 10.d.77  | Form                                        10-K 2005                                               |

----

|     | Management                                        contracts or compensatory plans or arrangements                                        required to be filed as                                        exhibits to this Form 10-K to Item 14(c).,                                        all under SEC Docket                                        1-8291                                                                                                                                                                                 |     |                                                                                                     |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|----------------------------------------------------------------------------------------------------------|
| 10.d.79  | Green                                        Mountain Power Corporations New Supplemental                                        Retirement Plan with C. L.                                        Dutton                                                                                                                                                                                                                                                                                                                                    | 10.d.79  | Form                                        8-K 2005July                                        29, 2005 |
| 10.d.80  | Green                                        Mountain Power Corporations New Supplemental                                        Retirement Plan with R. J.                                        Griffin                                                                                                                                                                                                                                                                                                                                   | 10.d.80  | Form                                        8-K 2005July                                        29, 2005 |
| 10.d.81  | Green                                        Mountain Power Corporations New Supplemental                                        Retirement Plan with W. S.                                        Oakes                                                                                                                                                                                                                                                                                                                                     | 10.d.81  | Form                                        8-K 2005July                                        29, 2005 |
| 10.d.82  | Green                                        Mountain Power Corporations New Supplemental                                        Retirement Plan with M. G.                                        Powell                                                                                                                                                                                                                                                                                                                                    | 10.d.82  | Form                                        8-K 2005July                                        29, 2005 |
| 10.d.83  | Green                                        Mountain Power Corporations New Supplemental                                        Retirement Plan with D. J.                                        Rendall, Jr.                                                                                                                                                                                                                                                                                                                              | 10.d.83  | Form                                        8-K 2005July                                        29, 2005 |
| 10.d.84  | Green                                        Mountain Power Corporations Officers' Supplemental                                        Retirement Plan with S.                                        C. Terry                                                                                                                                                                                                                                                                                                                               | 10.d.84  | Form                                        10-K 2004                                                    |
| 10.d.85  | Green                                        Mountain Power Corporations New Supplemental                                        Retirement Plan with R. E.                                        Rogan                                                                                                                                                                                                                                                                                                                                     | 10.d.85  | Form                                        10-K 2005                                                    |
| 10.d.86  | Green                                        Mountain Power Corporation 2004 Stock Incentive                                        Plan                                                                                                                                                                                                                                                                                                                                                                                                     | 10.d.86  | Form                                        10-K 2005                                                    |
| 10.d.87  | Green                                        Mountain Power Corporation Third Amended                                        and Restated Deferred                                        Compensation Plan for Certain Officers                                                                                                                                                                                                                                                                                                             | 10.d.87  | Form                                        10-K 2004                                                    |
| 10.d.88  | 2005                                        Officer Deferred Stock Unit Agreement with                                        Christopher L.                                        Dutton                                                                                                                                                                                                                                                                                                                                                   | 10.d.88  | Form                                        8-KMay                                        27, 2005       |
| 10.d.89  | 2005                                        Officer Deferred Stock Unit Agreement with                                        Robert J.                                        Griffin                                                                                                                                                                                                                                                                                                                                                       | 10.d.89  | Form                                        8-KMay                                        27, 2005       |
| 10.d.90  | 2005                                        Officer Deferred Stock Unit Agreement with                                        Walter S. Oakes                                                                                                                                                                                                                                                                                                                                                                                                | 10.d.90  | Form                                        8-KMay                                        27, 2005       |
| 10.d.91  | 2005                                        Officer Deferred Stock Unit Agreement with                                        Mary G. Powell                                                                                                                                                                                                                                                                                                                                                                                                 | 10.d.91  | Form                                        8-KMay                                        27, 2005       |
| 10.d.92  | 2005                                        Officer Deferred Stock Unit Agreement with                                        Donald J. Rendall,                                        Jr.                                                                                                                                                                                                                                                                                                                                                  | 10.d.92  | Form                                        8-KMay                                        27, 2005       |
| 10.d.93  | 2005                                        Officer Deferred Stock Unit Agreement with                                        Stephen C.                                        Terry                                                                                                                                                                                                                                                                                                                                                        | 10.d.93  | Form                                        8-KMay                                        27, 2005       |
| 10.d.94  | Officer                                        Deferred Stock Unit Agreement with Stephen                                        C. Terry                                                                                                                                                                                                                                                                                                                                                                                                    | 10.d.94  | Form                                        8-KMay                                        27, 2005       |
| 10.d.95  | 2005                                        Supplemental Retirement Plan with Stephen                                        C. Terry                                                                                                                                                                                                                                                                                                                                                                                                        | 10.d.95  | Form                                        8-KMay                                        27, 2005       |
| 10.d.96  | 2005                                        Director Deferred Stock Unit Agreement with                                        Elizabeth A.                                        Bankowski                                                                                                                                                                                                                                                                                                                                                 | 10.d.96  | Form                                        8-KJuly                                        26, 2005      |
| 10.d.97  | 2005                                        Director Deferred Stock Unit Agreement with                                        Nordahl L.                                        Brue                                                                                                                                                                                                                                                                                                                                                        | 10.d.97  | Form                                        8-KJuly                                        26, 2005      |
| 10.d.98  | 2005                                        Director Deferred Stock Unit Agreement with                                        William H.                                        Bruett                                                                                                                                                                                                                                                                                                                                                      | 10.d.98  | Form                                        8-KJuly                                        26, 2005      |
| 10.d.99  | 2005                                        Director Deferred Stock Unit Agreement with                                        Merrill O.                                        Burns                                                                                                                                                                                                                                                                                                                                                       | 10.d.99  | Form                                        8-KJuly                                        26, 2005      |
| 10.d.100 | 2005                                        Director Deferred Stock Unit Agreement with                                        David R.                                        Coates                                                                                                                                                                                                                                                                                                                                                        | 10.d.100 | Form                                        8-KJuly                                        26, 2005      |
| 10.d.101 | 2005                                        Director Deferred Stock Unit Agreement with                                        Kathleen C.                                        Hoyt                                                                                                                                                                                                                                                                                                                                                       | 10.d.101 | Form                                        8-KJuly                                        26, 2005      |
| 10.d.102 | 2005                                        Director Deferred Stock Unit Agreement with                                        Euclid A.                                        Irving                                                                                                                                                                                                                                                                                                                                                       | 10.d.102 | Form                                        8-KJuly                                        26, 2005      |
| 10.d.103 | 2005                                        Director Deferred Stock Unit Agreement with                                        Marc A.                                        vanderHeyden                                                                                                                                                                                                                                                                                                                                                   | 10.d.103 | Form                                        8-KJuly                                        26, 2005      |
| 10.d.104 | Director                                        Deferral Agreement with David R. Coates                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 10.d.104 | Form                                        8-KJanuary                                        4, 2006    |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |     |                                                                                                     |
| 14       | Green                                        Mountain Power Corporation's Code of Ethics                                        and Conduct dated October 6,                                        2003                                                                                                                                                                                                                                                                                                                                     | 14       | Form                                        10-K 2004                                                    |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |     |                                                                                                     |
| 23.1     | Consent                                        of Deloitte and Touche LLP                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 23.1     |                                                                                                     |
| 24       | Limited                                        Power of Attorney                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 24       |                                                                                                     |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |     |                                                                                                     |
| 31.1     | Certification                                        of Christopher L. Dutton, President and Chief                                        Executive Officer, pursuant                                        to Rules 13a-14(a) and Rule 15d-14(a) promulgated                                        under the Securities Act                                        of 1934, as Adopted pursuant to Section 302                                        of the Sarbanes-Oxley Act of                                        2002            | 31.1     | Form                                        10-K 2005                                                    |
| 31.2     | Certification                                        of Robert J. Griffin, Chief Financial Officer,                                        Vice President and                                        Treasurer pursuant to Rules 13a-14(a) and                                        Rule 15d-14(a) promulgated under                                        the Securities Act of 1934, as Adopted pursuant                                        to Section 302 of the                                        Sarbanes-Oxley Act of 2002 | 31.2     | Form                                        10-K 2005                                                    |
| 32.1     | Certification                                        of Christopher L. Dutton, President and Chief                                        Executive Officer, Pursuant                                        to 18 U.S.C. Section 1350, as adopted pursuant                                        to Section 906 of the                                        Sarbanes-Oxley Act of 2002                                                                                                                                                   | 32.1     | Form                                        10-K 2005                                                    |
| 32.2     | Certification                                        of Robert J. Griffin, Chief Financial Officer,                                        Vice President and                                        Treasurer Pursuant to 18 U.S.C. Section 1350,                                        as adopted pursuant to                                        Section 906 of the Sarbanes-Oxley Act of                                        2002                                                                                                 | 32.2     | Form                                        10-K 2005                                                    |