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| UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.   20549 FORM 10-Q |
|-------------------------------------------------------------------------------------------------------|

| (Mark One) |                                                                                                                                                                                                                                                              |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| x          | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934For the quarterly period ended     March 31, 2010                                                                              |
| or    |
| ¨     | TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934For the transition period from            to            |

| Commission file number 1-8222 Central Vermont Public Service Corporation(Exact name of registrant as specified in its charter) |
|-------------------------------------------------------------------------------------------------------------------------------------|

| Vermont(State or other jurisdiction ofincorporation or organization)                  | 03-0111290(IRS EmployerIdentification No.)  |
|---------------------------------------------------------------------------------------|--------------------------------------------------|
| 77 Grove Street, Rutland, Vermont(Address of principal executive offices)             | 05701(Zip Code)                             |
| Registrant's telephone number, including area code (800) 649-2877                |
| N/A(Former name, former address and former fiscal year, if changed since last report) |

|   | Large accelerated filer | ¨ |                                          | Accelerated filer         | x      |
|--------|-------------------------|--------|-----------------------------------------------|---------------------------|--------|
|   |                    |   |                                          |                      |   |
|   | Non-accelerated filer   | ¨ | (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |

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| CENTRAL VERMONT PUBLIC SERVICE CORPORATION      |
|-------------------------------------------------|
| Form 10-Q for Period Ended March 31, 2010       |
|                                            |
| Table of Contents                               |
|                                            |
| PART I.   Financial Information: |   |   |
|                                            |   |   |   |   |   |   |
|                                            | Item 1. | Financial Statements |   |   |
|                                            |   |   | Condensed Consolidated Statements of Income |   | 2 |
|                                            |   |   | Condensed Consolidated Statements of Comprehensive Income |   | 3 |
|                                            |   |   | Condensed Consolidated Statements of Cash Flows |   | 4 |
|                                            |   |   | Condensed Consolidated Balance Sheets |   | 5 |
|                                            |   |   | Condensed Consolidated Statement of Changes in Common Stock Equity |   | 7 |
|                                            |   |   | Notes to Condensed Consolidated Financial Statements |   | 8 |
|                                            |   |   |   |   |   |   |
|                                            | Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 27 |
|                                            |   |   |   |   |   |   |
|                                            | Item 3. | Quantitative and Qualitative Disclosures about Market Risk Controls and Procedures |   | 40 |
|                                            |   |   |   |   |   |   |
|                                            | Item 4. | Controls and Procedures |   | 40 |
|                                            |   |   |   |   |   |   |
| PART II.   Other Information:    |   |   |
|                                            |   |   |   |   |   |   |
|                                            | Item 1. | Legal Proceedings |   | 41 |
|                                            |   |   |   |   |   |   |
|                                            | Item 1A. | Risk Factors |   | 41 |
|                                            |   |   |   |   |   |   |
|                                            | Item 6. | Exhibits |   |   | 41 |
|                                            |   |   |   |   |   |
| SIGNATURES                                      |   |   |   | 42 |

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PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

| CENTRAL VERMONT PUBLIC SERVICE CORPORATION                                                              |   |
|---------------------------------------------------------------------------------------------------------|--------|
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME                                                             |   |
| (dollars in thousands, except per share data)                                                           |   |
| (unaudited)                                                                                             |   |
|                                                                                                    |   | Three Months Ended March 31 |   |
|                                                                                                    |   | 2010 |   |   | 2009 |   |
| Operating Revenues                                                                                      |   | $ | 91,007 |   |   | $ | 90,727 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |
| Operating Expenses                                                                                      |   |   |   |   |   |   |   |   |
| Purchased Power – affiliates                                                                      |   |   | 16,558 |   |   |   | 16,062 |   |
| Purchased Power                                                                                         |   |   | 25,160 |   |   |   | 25,548 |   |
| Production                                                                                              |   |   | 2,956 |   |   |   | 3,220 |   |
| Transmission – affiliates                                                                         |   |   | 1,386 |   |   |   | 2,481 |   |
| Transmission – other                                                                              |   |   | 7,187 |   |   |   | 5,695 |   |
| Other operation                                                                                         |   |   | 15,846 |   |   |   | 15,533 |   |
| Maintenance                                                                                             |   |   | 7,726 |   |   |   | 4,492 |   |
| Depreciation                                                                                            |   |   | 4,352 |   |   |   | 4,029 |   |
| Taxes other than income                                                                                 |   |   | 4,743 |   |   |   | 4,168 |   |
| Income tax expense                                                                                      |   |   | 1,838 |   |   |   | 2,876 |   |
| Total Operating Expenses                                                                                |   |   | 87,752 |   |   |   | 84,104 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |
| Utility Operating Income                                                                                |   |   | 3,255 |   |   |   | 6,623 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |
| Other Income                                                                                            |   |   |   |   |   |   |   |   |
| Equity in earnings of affiliates                                                                        |   |   | 5,395 |   |   |   | 4,445 |   |
| Allowance for equity funds during construction                                                          |   |   | 3 |   |   |   | 150 |   |
| Other income                                                                                            |   |   | 712 |   |   |   | 733 |   |
| Other deductions                                                                                        |   |   | (679 | ) |   |   | (770 | ) |
| Income tax expense                                                                                      |   |   | (1,589 | ) |   |   | (1,433 | ) |
| Total Other Income                                                                                      |   |   | 3,842 |   |   |   | 3,125 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |
| Interest Expense                                                                                        |   |   |   |   |   |   |   |   |
| Interest on long-term debt                                                                              |   |   | 2,786 |   |   |   | 2,811 |   |
| Other interest                                                                                          |   |   | 111 |   |   |   | 119 |   |
| Allowance for borrowed funds during construction                                                        |   |   | (2 | ) |   |   | (54 | ) |
| Total Interest Expense                                                                                  |   |   | 2,895 |   |   |   | 2,876 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |
| Net Income                                                                                              |   |   | 4,202 |   |   |   | 6,872 |   |
| Dividends declared on preferred stock                                                                   |   |   | 92 |   |   |   | 92 |   |
| Earnings available for common stock                                                                     |   | $ | 4,110 |   |   | $ | 6,780 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |
| Per Common Share Data:                                                                                  |   |   |   |   |   |   |   |   |
| Basic earnings per share                                                                                |   | $ | 0.35 |   |   | $ | 0.58 |   |
| Diluted earnings per share                                                                              |   | $ | 0.35 |   |   | $ | 0.58 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |
| Average shares of common stock outstanding – basic                                                |   |   | 11,725,484 |   |   |   | 11,602,354 |   |
| Average shares of common stock outstanding – diluted                                              |   |   | 11,756,303 |   |   |   | 11,655,175 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |
| Dividends declared per share of common stock                                                            |   | $ | 0.46 |   |   | $ | 0.46 |   |
|  The accompanying notes are an integral part of these condensed consolidated financial statements. |   |

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| CENTRAL VERMONT PUBLIC SERVICE CORPORATION                                                                                                        |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME                                                                                         |   |
| (dollars in thousands)                                                                                                                            |   |
| (unaudited)                                                                                                                                       |   |
|                                                                                                                                              |   | Three months ended March 31 |   |
|                                                                                                                                              |   | 2010 |   |   | 2009 |   |
|                                                                                                                                              |   |   |   |   |   |   |
| Net Income                                                                                                                                        |   | $ | 4,202 |   |   | $ | 6,872 |   |
|                                                                                                                                              |   |   |   |   |   |   |   |   |
| Other comprehensive income, net of tax:                                                                                                           |   |   |   |   |   |   |   |   |
|                                                                                                                                              |   |   |   |   |   |   |   |   |
| Defined benefit pension and postretirement medical plans:                                                                                         |   |   |   |   |   |   |   |   |
|   Portion reclassified through amortizations, included in benefit    costs  and recognized in net income: |   |   |   |   |   |   |   |   |
|         Actuarial losses, net of income taxes of $0 and $0                                                |   |   | 0 |   |   |   | 1 |   |
|         Prior service cost, net of income taxes of $0 and $3                                              |   |   | 0 |   |   |   | 3 |   |
|                                                                                                                                              |   |   | 0 |   |   |   | 4 |   |
|                                                                                                                                              |   |   |   |   |   |   |   |   |
| Comprehensive income adjustments                                                                                                                  |   |   | 0 |   |   |   | 4 |   |
|                                                                                                                                              |   |   |   |   |   |   |   |   |
| Total comprehensive income                                                                                                                        |   | $ | 4,202 |   |   | $ | 6,876 |   |

----

| CENTRAL VERMONT PUBLIC SERVICE CORPORATION                                                                                             |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(dollars in thousands)                                                                  |   |
|                                                                                                                                   |   | Three months ended March 31 |   |
| Cash flows provided (used) by:                                                                                                         |   | 2010 |   |   | 2009 |   |
| OPERATING ACTIVITIES                                                                                                                   |   |   |   |   |   |   |
| Net income                                                                                                                             |   | $ | 4,202 |   |   | $ | 6,872 |   |
| Adjustments to reconcile net income to net cash provided by operating activities:                                                      |   |   |   |   |   |   |   |   |
|      Equity in earnings of affiliates                                                                         |   |   | (5,395 | ) |   |   | (4,445 | ) |
|      Distributions received from affiliates                                                                   |   |   | 2,689 |   |   |   | 2,519 |   |
|      Depreciation                                                                                             |   |   | 4,352 |   |   |   | 4,029 |   |
|      Deferred income taxes and investment tax credits                                                         |   |   | 848 |   |   |   | (116 | ) |
|      Regulatory and other amortization, net                                                                   |   |   | 1,129 |   |   |   | 249 |   |
|      Non-cash employee benefit plan costs                                                                     |   |   | 1,576 |   |   |   | 1,597 |   |
|      Other non-cash expense and (income), net                                                                 |   |   | 421 |   |   |   | 1,617 |   |
|      Changes in assets and liabilities:                                                                       |   |   |   |   |   |   |   |   |
|          Decrease (increase) in accounts receivable and unbilled revenues                 |   |   | 1,697 |   |   |   | (3,082 | ) |
|          Increase in accounts payable                                                     |   |   | 86 |   |   |   | 4,245 |   |
|          Change in prepaid and accrued income taxes                                       |   |   | 10,791 |   |   |   | 10,619 |   |
|          (Increase) decrease in other current assets                                           |   |   | (3,066 | ) |   |   | 203 |   |
|          Decrease (increase) in special deposits and restricted cash for power collateral |   |   | 5,370 |   |   |   | (1,985 | ) |
|          Employee benefit plan funding                                                    |   |   | (76 | ) |   |   | (275 | ) |
|          Increase (decrease) in other current liabilities                                 |   |   | 162 |   |   |   | (7,332 | ) |
|          Increase in other long-term liabilities and other                                |   |   | 156 |   |   |   | 413 |   |
| Net cash provided by operating activities                                                                                              |   |   | 24,942 |   |   |   | 15,128 |   |
| INVESTING ACTIVITIES                                                                                                                   |   |   |   |   |   |   |   |   |
|      Construction and plant expenditures                                                                      |   |   | (5,751 | ) |   |   | (5,805 | ) |
|      Investments in available-for-sale securities                                                             |   |   | (543 | ) |   |   | (316 | ) |
|      Proceeds from sale of available-for-sale securities                                                      |   |   | 464 |   |   |   | 249 |   |
|      Other investing activities                                                                               |   |   | (177 | ) |   |   | (65 | ) |
| Net cash used for investing activities                                                                                                 |   |   | (6,007 | ) |   |   | (5,937 | ) |
| FINANCING ACTIVITIES                                                                                                                   |   |   |   |   |   |   |   |   |
|      Net proceeds from the issuance of common stock                                                           |   |   | 715 |   |   |   | 687 |   |
|      Retirement of preferred stock subject to mandatory redemption                                            |   |   | (1,000 | ) |   |   | (1,000 | ) |
|      Decrease in special deposits held for preferred stock redemptions                                        |   |   | 1,000 |   |   |   | 1,000 |   |
|      Common and preferred dividends paid                                                                      |   |   | (2,787 | ) |   |   | (2,758 | ) |
|      Proceeds from revolving credit facilities                                                                |   |   | 45,255 |   |   |   | 11,325 |   |
|      Repayments under revolving credit facility                                                               |   |   | (58,633 | ) |   |   | (11,298 | ) |
|      Common stock offering costs                                                                              |   |   | (98 | ) |   |   | (54 | ) |
|      Other financing activities                                                                               |   |   | (318 | ) |   |   | (271 | ) |
| Net cash used by financing activities                                                                                                  |   |   | (15,866 | ) |   |   | (2,369 | ) |
| Net increase in cash and cash equivalents                                                                                              |   |   | 3,069 |   |   |   | 6,822 |   |
| Cash and cash equivalents at beginning of the period                                                                                   |   |   | 2,069 |   |   |   | 6,722 |   |
| Cash and cash equivalents at end of the period                                                                                         |   | $ | 5,138 |   |   | $ | 13,544 |   |

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| CENTRAL VERMONT PUBLIC SERVICE CORPORATION                                                                                            |   |
|---------------------------------------------------------------------------------------------------------------------------------------|--------|
| CONSOLIDATED BALANCE SHEETS                                                                                                           |   |
| (dollars in thousands, except share data)                                                                                             |   |
| (unaudited)                                                                                                                           |   |
|                                                                                                                                  |   |   |   |   |   |   |
|                                                                                                                                  |   | March 31, 2010 |   |   | December 31, 2009 |   |
| ASSETS                                                                                                                                |   |   |   |   |   |   |
| Utility plant                                                                                                                         |   |   |   |   |   |   |
|   Utility plant, at original cost                                                                                           |   | $ | 597,849 |   |   | $ | 593,211 |   |
|   Less accumulated depreciation                                                                                             |   |   | 258,473 |   |   |   | 254,858 |   |
|   Utility plant, at original cost, net of accumulated depreciation                                                          |   |   | 339,376 |   |   |   | 338,353 |   |
|   Property under capital leases, net                                                                                        |   |   | 5,028 |   |   |   | 5,302 |   |
|   Construction work-in-progress                                                                                             |   |   | 10,402 |   |   |   | 10,235 |   |
|   Nuclear fuel, net                                                                                                         |   |   | 2,066 |   |   |   | 2,190 |   |
| Total utility plant, net                                                                                                              |   |   | 356,872 |   |   |   | 356,080 |   |
|                                                                                                                                  |   |   |   |   |   |   |   |   |
| Investments and other assets                                                                                                          |   |   |   |   |   |   |   |   |
|   Investments in affiliates                                                                                                 |   |   | 132,439 |   |   |   | 129,733 |   |
|   Non-utility property, less accumulated depreciation ($3,662 in 2010 and $3,661 in 2009)                                   |   |   | 1,870 |   |   |   | 1,900 |   |
|   Millstone decommissioning trust fund                                                                                      |   |   | 5,315 |   |   |   | 5,082 |   |
|   Other                                                                                                                     |   |   | 6,731 |   |   |   | 6,542 |   |
| Total investments and other assets                                                                                                    |   |   | 146,355 |   |   |   | 143,257 |   |
|                                                                                                                                  |   |   |   |   |   |   |   |   |
| Current assets                                                                                                                        |   |   |   |   |   |   |   |   |
|   Cash and cash equivalents                                                                                                 |   |   | 5,138 |   |   |   | 2,069 |   |
|   Restricted cash                                                                                                           |   |   | 0 |   |   |   | 5,369 |   |
|   Special deposits                                                                                                          |   |   | 6 |   |   |   | 1,007 |   |
|   Accounts receivable, less allowance for uncollectible accounts    ($3,602 in 2010 and $3,577 in 2009) |   |   | 26,690 |   |   |   | 24,597 |   |
|    Accounts receivable - affiliates, less allowance for uncollectible accounts                                    |   |   | 43 |   |   |   | 40 |   |
|   Unbilled revenues                                                                                                         |   |   | 16,614 |   |   |   | 20,827 |   |
|   Materials and supplies, at average cost                                                                                   |   |   | 6,151 |   |   |   | 6,219 |   |
|   Prepayments                                                                                                               |   |   | 6,940 |   |   |   | 14,055 |   |
|   Deferred income taxes                                                                                                     |   |   | 2,039 |   |   |   | 3,351 |   |
|   Power-related derivatives                                                                                                 |   |   | 6,460 |   |   |   | 622 |   |
|   Other current assets                                                                                                      |   |   | 2,672 |   |   |   | 2,252 |   |
|   Total current assets                                                                                                      |   |   | 72,753 |   |   |   | 80,408 |   |
|                                                                                                                                  |   |   |   |   |   |   |   |   |
| Deferred charges and other assets                                                                                                     |   |   |   |   |   |   |   |   |
|   Regulatory assets                                                                                                         |   |   | 47,172 |   |   |   | 46,240 |   |
|   Other deferred charges - regulatory                                                                                       |   |   | 1,875 |   |   |   | 1,544 |   |
|   Other deferred charges and other assets                                                                                   |   |   | 2,665 |   |   |   | 4,623 |   |
| Total deferred charges and other assets                                                                                               |   |   | 51,712 |   |   |   | 52,407 |   |
|                                                                                                                                  |   |   |   |   |   |   |   |   |
| TOTAL ASSETS                                                                                                                          |   | $ | 627,692 |   |   | $ | 632,152 |   |

----

| CENTRAL VERMONT PUBLIC SERVICE CORPORATION                                                                                                                                                                                                               |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| CONSOLIDATED BALANCE SHEETS                                                                                                                                                                                                                              |   |
| (dollars in thousands, except share data)                                                                                                                                                                                                                |   |
| (unaudited)                                                                                                                                                                                                                                              |   |
|                                                                                                                                                                                                                                                     |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                     |   | March 31, 2010 |   |   | December 31, 2009 |   |
| CAPITALIZATION AND LIABILITIES                                                                                                                                                                                                                           |   |   |   |   |   |   |
| Capitalization                                                                                                                                                                                                                                           |   |   |   |   |   |   |
|   Common stock, $6 par value, 19,000,000 shares authorized, 13,903,629    issued and 11,774,556 outstanding at March 31, 2010 and 13,835,968    issued and 11,706,895 outstanding at December 31, 2009 |   | $ | 83,422 |   |   | $ | 83,016 |   |
|   Other paid-in capital                                                                                                                                                                                                                        |   |   | 72,171 |   |   |   | 72,179 |   |
|   Accumulated other comprehensive loss                                                                                                                                                                                                         |   |   | (209 | ) |   |   | (209 | ) |
|   Treasury stock, at cost, 2,129,073 shares at March 31, 2010 and    December 31, 2009                                                                                                                                     |   |   | (48,436 | ) |   |   | (48,436 | ) |
|   Retained earnings                                                                                                                                                                                                                            |   |   | 123,565 |   |   |   | 124,873 |   |
| Total common stock equity                                                                                                                                                                                                                                |   |   | 230,513 |   |   |   | 231,423 |   |
|   Preferred and preference stock not subject to mandatory redemption                                                                                                                                                                           |   |   | 8,054 |   |   |   | 8,054 |   |
|   Long-term debt                                                                                                                                                                                                                               |   |   | 188,233 |   |   |   | 201,611 |   |
|   Capital lease obligations                                                                                                                                                                                                                    |   |   | 4,065 |   |   |   | 4,313 |   |
| Total capitalization                                                                                                                                                                                                                                     |   |   | 430,865 |   |   |   | 445,401 |   |
|                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
| Current liabilities                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |
|   Current portion of preferred stock subject to mandatory redemption                                                                                                                                                                           |   |   | 0 |   |   |   | 1,000 |   |
|   Accounts payable                                                                                                                                                                                                                             |   |   | 9,511 |   |   |   | 9,016 |   |
|   Accounts payable - affiliates                                                                                                                                                                                                                |   |   | 11,326 |   |   |   | 12,040 |   |
|   Nuclear decommissioning costs                                                                                                                                                                                                                |   |   | 1,511 |   |   |   | 1,443 |   |
|   Power-related derivatives                                                                                                                                                                                                                    |   |   | 874 |   |   |   | 219 |   |
|   Other current liabilities                                                                                                                                                                                                                    |   |   | 29,138 |   |   |   | 26,450 |   |
| Total current liabilities                                                                                                                                                                                                                                |   |   | 52,360 |   |   |   | 50,168 |   |
|                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
| Deferred credits and other liabilities                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |
|   Deferred income taxes                                                                                                                                                                                                                        |   |   | 60,914 |   |   |   | 59,215 |   |
|   Deferred investment tax credits                                                                                                                                                                                                              |   |   | 2,578 |   |   |   | 2,642 |   |
|   Nuclear decommissioning costs                                                                                                                                                                                                                |   |   | 6,656 |   |   |   | 7,055 |   |
|   Asset retirement obligations                                                                                                                                                                                                                 |   |   | 3,294 |   |   |   | 3,247 |   |
|   Accrued pension and benefit obligations                                                                                                                                                                                                      |   |   | 39,069 |   |   |   | 38,056 |   |
|   Power-related derivatives                                                                                                                                                                                                                    |   |   | 0 |   |   |   | 149 |   |
|   Other deferred credits - regulatory                                                                                                                                                                                                          |   |   | 9,784 |   |   |   | 3,888 |   |
|   Other deferred credits and other liabilities                                                                                                                                                                                                 |   |   | 22,172 |   |   |   | 22,331 |   |
| Total deferred credits and other liabilities                                                                                                                                                                                                             |   |   | 144,467 |   |   |   | 136,583 |   |
|                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
| Commitments and contingencies                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
| TOTAL CAPITALIZATION AND LIABILITIES                                                                                                                                                                                                                     |   | $ | 627,692 |   |   | $ | 632,152 |   |

----

| CENTRAL VERMONT PUBLIC SERVICE CORPORATION                         |   |
|--------------------------------------------------------------------|--------|
| CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN COMMON STOCK EQUITY |   |
| (in thousands, except share data)                                  |   |
| (unaudited)                                                        |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   | Common Stock |   |   | Treasury Stock |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   | Other |   |   | Other |   |   |   |   |   |   |   |
|                                                               |   | Shares |   |   |   |   |   |   |   |   |   |   |   | Paid-in |   |   | Comprehensive |   |   | Retained |   |   |   |   |
|                                                               |   | Issued |   |   | Amount |   |   | Shares |   |   | Amount |   |   | Capital |   |   | Loss |   |   | Earnings |   |   | Total |   |
| Balance, December 31, 2009                                         |   |   | 13,835,968 |   |   | $ | 83,016 |   |   |   | (2,129,073 | ) |   | $ | (48,436 | ) |   | $ | 72,179 |   |   | $ | (209 | ) |   | $ | 124,873 |   |   | $ | 231,423 |   |
| Net income                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 4,202 |   |   | $ | 4,202 |   |
| Other comprehensive income                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 0 |   |
| Common Stock Issuance, net of issuance costs                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (203 | ) |   |   |   |   |   |   |   |   |   | $ | (203 | ) |
| Dividend reinvestment plan                                         |   |   | 17,440 |   |   |   | 105 |   |   |   |   |   |   |   |   |   |   |   | 232 |   |   |   |   |   |   |   |   |   |   | $ | 337 |   |
| Stock options exercised                                            |   |   | 35,100 |   |   |   | 210 |   |   |   |   |   |   |   |   |   |   |   | 301 |   |   |   |   |   |   |   |   |   |   | $ | 511 |   |
| Share-based compensation:                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 0 |   |
| Common & nonvested shares                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 0 |   |
| Performance share plans                                            |   |   | 15,121 |   |   |   | 91 |   |   |   |   |   |   |   |   |   |   |   | (344 | ) |   |   |   |   |   |   |   |   |   | $ | (253 | ) |
| Dividends declared:                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 0 |   |
| Common - $0.46 per share                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (5,416 | ) |   | $ | (5,416 | ) |
| Cumulative non-redeemable preferred stock                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (92 | ) |   | $ | (92 | ) |
| Amortization of preferred stock issuance expense                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 4 |   |   |   |   |   |   |   |   |   |   | $ | 4 |   |
| Gain (Loss) on capital stock                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 2 |   |   |   |   |   |   |   | (2 | ) |   | $ | 0 |   |
| Balance, March 31, 2010                                            |   |   | 13,903,629 |   |   | $ | 83,422 |   |   |   | (2,129,073 | ) |   | $ | (48,436 | ) |   | $ | 72,171 |   |   | $ | (209 | ) |   | $ | 123,565 |   |   | $ | 230,513 |   |

----

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

----

----

|                                                        |   | 2010   |       |   | 2009   |   |
|-------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Numerator for basic and diluted EPS:                        |   |   |       |   |   |   |
| Net income                                                  |   | $      | 4,202      |   |   | $      | 6,872 |   |
| Dividends declared on preferred stock                       |   |   | (92        | )      |   |   | (92 | ) |
| Net income available for common stock                       |   | $      | 4,110      |   |   | $      | 6,780 |   |
|                                                        |   |   |       |   |   |   |   |   |
| Denominators for basic and diluted EPS:                     |   |   |       |   |   |   |   |   |
| Weighted-average basic shares of common stock outstanding   |   |   | 11,725,484 |   |   |   | 11,602,354 |   |
| Dilutive effect of stock options                            |   |   | 17,141     |   |   |   | 39,127 |   |
| Dilutive effect of performance shares                       |   |   | 13,678     |   |   |   | 13,694 |   |
| Weighted-average diluted shares of common stock outstanding |   |   | 11,756,303 |   |   |   | 11,655,175 |   |

|                                                  |   | 2010   |   |   | 2009   |   |
|-------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                  |   |   |   |   |   |   |
| Operating revenues                                    |   | $      | 25,773 |   |   | $      | 23,747 |   |
| Operating income                                      |   | $      | 14,937 |   |   | $      | 12,998 |   |
|                                                  |   |   |   |   |   |   |   |   |
| Income before non-controlling interest and income tax |   | $      | 12,535 |   |   | $      | 10,646 |   |
| Less members' non-controlling interest in income      |   |   | 11,450 |   |   |   | 9,073 |   |
| Less income tax                                       |   |   | (34    | )      |   |   | 683 |   |
| Net income                                            |   | $      | 1,119  |   |   | $      | 890 |   |
|                                                  |   |   |   |   |   |   |   |   |
| Company's common stock ownership interest             |   |   | 47.05  | %      |   |   | 47.05 | % |
| Company's equity in net income                        |   | $      | 476    |   |   | $      | 414 |   |

----

|                           |   | 2010   |   |   | 2009   |   |
|--------------------------------|--------|--------|--------|--------|--------|--------|
|                           |   |   |   |   |   |   |
| Operating revenues             |   | $      | 26,165 |   |   | $      | 23,621 |   |
| Operating income               |   | $      | 15,458 |   |   | $      | 12,998 |   |
| Net income                     |   | $      | 13,078 |   |   | $      | 10,733 |   |
|                           |   |   |   |   |   |   |   |   |
| Company's ownership interest   |   |   | 33.35  | %      |   |   | 33.02 | % |
| Company's equity in net income |   | $      | 4,857  |   |   | $      | 3,968 |   |

|                                      |   | 2010   |   |   | 2009   |   |
|-------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                      |   |   |   |   |   |   |
| Operating revenues                        |   | $      | 46,595 |   |   | $      | 44,771 |   |
| Operating (loss) income                   |   | $      | (1,069 | )      |   | $      | (974 | ) |
| Net income                                |   | $      | 101    |   |   | $      | 94 |   |
|                                      |   |   |   |   |   |   |   |   |
| Company's common stock ownership interest |   |   | 58.85  | %      |   |   | 58.85 | % |
| Company's equity in net income            |   | $      | 60     |   |   | $      | 56 |   |

----

|                                                                       |   | March 31, 2010 |    |   | December 31, 2009 |   |
|----------------------------------------------------------------------------|--------|----------------|---------|--------|-------------------|--------|
|                                                                       |   | Carrying       |    |   | Fair              |   |   | Carrying |   |   | Fair |   |
|                                                                       | Amount |           |    | Value  |              |   | Amount |   |   | Value |   |
| Power contract derivative assets (includes current portion)                |   | $              | 6,460   |   |              | $      | 6,460 |   |   | $ | 622 |   |   | $ | 622 |   |
| Power contract derivative liabilities (includes current portion)           |   | $              | 874     |   |              | $      | 874 |   |   | $ | 368 |   |   | $ | 368 |   |
| Preferred stock subject to mandatory redemption (includes current portion) |   | $              | 0       |   |              | $      | 0 |   |   | $ | 1,000 |   |   | $ | 1,000 |   |
|                                                                       |   |           |    |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Long-term debt:                                                            |   |           |    |   |              |   |   |   |   |   |   |   |   |   |   |   |
| First mortgage bonds                                                       |   | $              | 167,500 |   |              | $      | 180,996 |   |   | $ | 167,500 |   |   | $ | 186,210 |   |
| Revenue bonds                                                              |   | $              | 10,800  |   |              | $      | 10,800 |   |   | $ | 10,800 |   |   | $ | 10,800 |   |
| Credit facility borrowings                                                 |   | $              | 9,933   |   |              | $      | 9,933 |   |   | $ | 23,311 |   |   | $ | 23,311 |   |

----

|                                                         |   | Fair Value as of March 31, 2010 |   |
|--------------------------------------------------------------|--------|---------------------------------|--------|
|                                                         |   | Level 1                         |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
| Assets:                                                      |   |                            |   |   |   |   |   |   |   |   |   |   |
| Millstone decommissioning trust fund                         |   |                            |   |   |   |   |   |   |   |   |   |   |
| Investments in securities:                                   |   |                            |   |   |   |   |   |   |   |   |   |   |
| Marketable equity securities                                 |   | $                               | 1,453  |   |   | $ | 2,557 |   |   |   |   |   | $ | 4,010 |   |
| Marketable debt securities                                   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate bonds                                              |   |                            |   |   |   |   | 323 |   |   |   |   |   |   | 323 |   |
| U.S. Government issued debt securities (Agency and Treasury) |   |                            |   |   |   |   | 888 |   |   |   |   |   |   | 888 |   |
| State and municipal                                          |   |                            |   |   |   |   | 14 |   |   |   |   |   |   | 14 |   |
| Other                                                        |   |                            |   |   |   |   | 26 |   |   |   |   |   |   | 26 |   |
|   Total marketable debt securities                 |   |                            |   |   |   |   | 1,251 |   |   |   |   |   |   | 1,251 |   |
| Cash equivalents and other                                   |   |                            | 2      |   |   |   | 52 |   |   |   |   |   |   | 54 |   |
| Total investments in securities                              |   |                            | 1,455  |   |   |   | 3,860 |   |   |   |   |   |   | 5,315 |   |
| Cash equivalents                                             |   |                            | 3,650  |   |   |   |   |   |   |   |   |   |   | 3,650 |   |
| Restricted cash                                              |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Power-related derivatives - current                          |   |                            |   |   |   |   |   |   |   |   | 6,460 |   |   |   | 6,460 |   |
| Total assets                                                 |   | $                               | 5,105  |   |   | $ | 3,860 |   |   | $ | 6,460 |   |   | $ | 15,425 |   |
|                                                         |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities:                                                 |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Power-related derivatives - current                          |   |                            |   |   |   |   |   |   |   | $ | 874 |   |   | $ | 874 |   |
| Power-related derivatives - long term                        |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total liabilities                                            |   | $                               | 0      |   |   | $ | 0 |   |   | $ | 874 |   |   | $ | 874 |   |

----

|                                                        |   | Fair Value as of December 31, 2009 |   |
|-------------------------------------------------------------|--------|------------------------------------|--------|
|                                                        |   | Level 1                            |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
| Assets:                                                     |   |                               |   |   |   |   |   |   |   |   |   |   |
| Millstone decommissioning trust fund                        |   |                               |   |   |   |   |   |   |   |   |   |   |
| Investments in securities:                                  |   |                               |   |   |   |   |   |   |   |   |   |   |
| Marketable equity securities                                |   | $                                  | 1,382  |   |   | $ | 2,427 |   |   |   |   |   | $ | 3,809 |   |
| Marketable debt securities                                  |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate bonds                                             |   |                               |   |   |   |   | 328 |   |   |   |   |   |   | 328 |   |
| U.S. Government issued debtsecurities (Agency and Treasury) |   |                               |   |   |   |   | 889 |   |   |   |   |   |   | 889 |   |
| State and municipal                                         |   |                               |   |   |   |   | 14 |   |   |   |   |   |   | 14 |   |
| Other                                                       |   |                               |   |   |   |   | 4 |   |   |   |   |   |   | 4 |   |
|   Total marketable debt securities                |   |                               |   |   |   |   | 1,235 |   |   |   |   |   |   | 1,235 |   |
| Cash equivalents and other                                  |   |                               | 2      |   |   |   | 36 |   |   |   |   |   |   | 38 |   |
| Total investments in securities                             |   |                               | 1,384  |   |   |   | 3,698 |   |   |   |   |   |   | 5,082 |   |
| Cash equivalents                                            |   |                               | 746    |   |   |   |   |   |   |   |   |   |   | 746 |   |
| Restricted cash                                             |   |                               | 5,369  |   |   |   |   |   |   |   |   |   |   | 5,369 |   |
| Power-related derivatives - current                         |   |                               |   |   |   |   |   |   |   | $ | 622 |   |   |   | 622 |   |
| Total assets                                                |   | $                                  | 7,499  |   |   | $ | 3,698 |   |   | $ | 622 |   |   | $ | 11,819 |   |
| Liabilities:                                                |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Power-related derivatives - current                         |   |                               |   |   |   |   |   |   |   | $ | 219 |   |   | $ | 219 |   |
| Power-related derivatives - long term                       |   |                               |   |   |   |   |   |   |   |   | 149 |   |   |   | 149 |   |
| Total liabilities                                           |   | $                                  | 0      |   |   | $ | 0 |   |   | $ | 368 |   |   | $ | 368 |   |

----

|                                                            |   | Three months ended March 31 |   |
|-----------------------------------------------------------------|--------|-----------------------------|--------|
|                                                            |   | 2010                        |   |   | 2009 |   |
| Balance as of January 1                                         |   | $                           | 254    |   |   | $ | 8,820 |   |
| Gains and losses (realized and unrealized)                      |   |                        |   |   |   |   |   |   |
|   Included in earnings                                |   |                        | 1,650  |   |   |   | 4,794 |   |
|   Included in Regulatory and other assets/liabilities |   |                        | 5,365  |   |   |   | 2,504 |   |
| Purchases, sales, issuances and net settlements                 |   |                        | (1,683 | ) |   |   | (4,826 | ) |
| Balance at March 31                                             |   | $                           | 5,586  |   |   | $ | 11,292 |   |

----

|                                                         |   | As of March 31, 2010 |   |
|--------------------------------------------------------------|--------|----------------------|--------|
|                                                         |   | Amortized            |   |   | Unrealized |   |   | Unrealized |   |   | Estimated |   |
| Security Types                                               |   | Cost                 |   |   | Gains |   |   | Losses |   |   | Fair Value |   |
| Marketable equity securities                                 |   | $                    | 3,119  |   |   | $ | 891 |   |   |   |   |   | $ | 4,010 |   |
| Marketable debt securities                                   |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate bonds                                              |   |                 | 308    |   |   |   | 16 |   |   |   | (1 | ) |   |   | 323 |   |
| U.S. Government issued debt securities (Agency and Treasury) |   |                 | 845    |   |   |   | 44 |   |   |   | (1 | ) |   |   | 888 |   |
| State and municipal                                          |   |                 | 13     |   |   |   | 1 |   |   |   |   |   |   |   | 14 |   |
| Other                                                        |   |                 | 26     |   |   |   | 1 |   |   |   | (1 | ) |   |   | 26 |   |
|   Total marketable debt securities                 |   |                 | 1,192  |   |   |   | 62 |   |   |   | (3 | ) |   |   | 1,251 |   |
| Cash equivalents and other                                   |   |                 | 54     |   |   |   |   |   |   |   |   |   |   |   | 54 |   |
| Total                                                        |   | $                    | 4,365  |   |   | $ | 953 |   |   | $ | (3 | ) |   | $ | 5,315 |   |

|                                                         |   | As of December 31, 2009 |   |
|--------------------------------------------------------------|--------|-------------------------|--------|
|                                                         |   | Amortized               |   |   | Unrealized |   |   | Unrealized |   |   | Estimated |   |
| Security Types                                               |   | Cost                    |   |   | Gains |   |   | Losses |   |   | Fair Value |   |
| Marketable equity securities                                 |   | $                       | 3,107  |   |   | $ | 702 |   |   |   |   |   | $ | 3,809 |   |
| Marketable debt securities                                   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate bonds                                              |   |                    | 317    |   |   |   | 15 |   |   | $ | (4 | ) |   |   | 328 |   |
| U.S. Government issued debt securities (Agency and Treasury) |   |                    | 850    |   |   |   | 44 |   |   |   | (5 | ) |   |   | 889 |   |
| State and municipal                                          |   |                    | 13     |   |   |   | 1 |   |   |   |   |   |   |   | 14 |   |
| Other                                                        |   |                    | 4      |   |   |   |   |   |   |   |   |   |   |   | 4 |   |
|   Total marketable debt securities                 |   |                    | 1,184  |   |   |   | 60 |   |   |   | (9 | ) |   |   | 1,235 |   |
| Cash equivalents and other                                   |   |                    | 38     |   |   |   |   |   |   |   |   |   |   |   | 38 |   |
| Total                                                        |   | $                       | 4,329  |   |   | $ | 762 |   |   | $ | (9 | ) |   | $ | 5,082 |   |

|            |   | Fair value of debt securities at contractual maturity dates |   |
|-----------------|--------|-------------------------------------------------------------|--------|
|            |   | Less than 1 year                                            |   |   | 1 to 5 years |   |   | 5 to 10 years |   |   | After 10 years |   |   | Total |   |
| Debt Securities |   | $                                                           | 17     |   |   | $ | 301 |   |   | $ | 297 |   |   | $ | 636 |   |   | $ | 1,251 |   |

----

----

|                                                 |   | March 31, 2010 |   |   | December 31, 2009 |   |
|------------------------------------------------------|--------|----------------|--------|--------|-------------------|--------|
| Regulatory assets                                    |   |           |   |   |              |   |
| Pension and postretirement medical costs             |   | $              | 33,553 |   |              | $      | 32,033 |   |
| Nuclear plant dismantling costs                      |   |           | 8,167  |   |              |   | 8,498 |   |
| Nuclear refueling outage costs - Millstone Unit #3   |   |           | 0      |   |              |   | 269 |   |
| Income taxes                                         |   |           | 4,427  |   |              |   | 4,389 |   |
| Asset retirement obligations and other               |   |           | 1,025  |   |              |   | 1,051 |   |
| Total Regulatory assets                              |   |           | 47,172 |   |              |   | 46,240 |   |
|                                                 |   |           |   |   |              |   |   |   |
| Other deferred charges - regulatory                  |   |           |   |   |              |   |   |   |
| Vermont Yankee sale costs (tax)                      |   |           | 673    |   |              |   | 673 |   |
| Unrealized losses on power-related derivatives       |   |           | 874    |   |              |   | 368 |   |
| Other                                                |   |           | 328    |   |              |   | 503 |   |
| Total Other deferred charges - regulatory       |   |           | 1,875  |   |              |   | 1,544 |   |
|                                                 |   |           |   |   |              |   |   |   |
| Other deferred credits - regulatory                  |   |           |   |   |              |   |   |   |
| Asset retirement obligation - Millstone Unit #3      |   |           | 2,693  |   |              |   | 2,497 |   |
| Vermont Yankee settlements                           |   |           | 122    |   |              |   | 183 |   |
| Unrealized gains on power-related derivatives        |   |           | 6,359  |   |              |   | 488 |   |
| Other                                                |   |           | 610    |   |              |   | 720 |   |
| Total Other deferred credits – regulatory |   | $              | 9,784  |   |              | $      | 3,888 |   |

----

| Commodities                   | mWh (000s) |
|-------------------------------|------------|
| Forward Energy Contracts      | 368.2      |
| Financial Transmission Rights | 1,559.3    |
| Hydro-Quebec Sellback #3      | 136.9      |

----

|                                                       |   | 2010 |   |   | 2009   |   |
|------------------------------------------------------------|--------|------|--------|--------|--------|--------|
| Net realized gains (losses) reported in operating revenues |   | $    | 1,672  |   |   | $      | 4,812 |   |
| Net realized gains (losses) reported in purchased power    |   | $    | (22    | )      |   | $      | (18 | ) |

|                                  |   | Pension Benefits |   |   | Postretirement Benefits |   |
|---------------------------------------|--------|------------------|--------|--------|-------------------------|--------|
|                                  |   | 2010             |   |   | 2009                    |   |   | 2010 |   |   | 2009 |   |
| Service cost                          |   | $                | 1,026  |   |                    | $      | 946 |   |   | $ | 228 |   |   | $ | 178 |   |
| Interest cost                         |   |             | 1,754  |   |                    |   | 1,652 |   |   |   | 395 |   |   |   | 428 |   |
| Expected return on plan assets        |   |             | (2,063 | )      |                    |   | (2,077 | ) |   |   | (301 | ) |   |   | (196 | ) |
| Amortization of net actuarial loss    |   |             | 0      |   |                    |   | 86 |   |   |   | 242 |   |   |   | 70 |   |
| Amortization of prior service cost    |   |             | 107    |   |                    |   | 0 |   |   |   | 70 |   |   |   | 379 |   |
| Amortization of transition obligation |   |             | 0      |   |                    |   | 0 |   |   |   | 64 |   |   |   | 64 |   |
| Net periodic benefit cost             |   |             | 824    |   |                    |   | 607 |   |   |   | 698 |   |   |   | 923 |   |
| Less amounts capitalized              |   |             | 89     |   |                    |   | 68 |   |   |   | 76 |   |   |   | 102 |   |
| Net benefit costs expensed            |   | $                | 735    |   |                    | $      | 539 |   |   | $ | 622 |   |   | $ | 821 |   |

----

----

----

----

----

|                             |   |   |    |   |        |   |   | Reclassification & |   |   |         |   |
|----------------------------------|--------|--------|---------|--------|-------------|--------|--------|------------------------|--------|--------|--------------|--------|
|                             |   |   |    |   | Unregulated |   |   | Consolidating          |   |   |         |   |
|                             |   | CV-VT  |    |   | Companies   |   |   | Entries                |   |   | Consolidated |   |
|                             |   |   |    |   |        |   |   |                   |   |   |         |   |
|                             |   |   |    |   |        |   |   |                   |   |   |         |   |
| March 31, 2010                   |   |   |    |   |        |   |   |                   |   |   |         |   |
| Revenues from external customers |   | $      | 91,007  |   |        | $      | 433    |                   |   | $      | (433         | )      |   | $ | 91,007 |   |
| Net income                       |   | $      | 4,149   |   |        | $      | 53     |                   |   |   |         |   |   | $ | 4,202 |   |
| Total assets at March 31, 2010   |   | $      | 625,511 |   |        | $      | 2,427  |                   |   | $      | (246         | )      |   | $ | 627,692 |   |

----

|                              |   |   |    |   |        |   |   | Reclassification & |   |   |         |   |
|-----------------------------------|--------|--------|---------|--------|-------------|--------|--------|------------------------|--------|--------|--------------|--------|
|                              |   |   |    |   | Unregulated |   |   | Consolidating          |   |   |         |   |
|                              |   | CV-VT  |    |   | Companies   |   |   | Entries                |   |   | Consolidated |   |
| March 31, 2009                    |   |   |    |   |        |   |   |                   |   |   |         |   |
| Revenues from external customers  |   | $      | 90,727  |   |        | $      | 419    |                   |   | $      | (419         | )      |   | $ | 90,727 |   |
| Net income                        |   | $      | 6,817   |   |        | $      | 55     |                   |   | $      | 0            |   |   | $ | 6,872 |   |
| Total assets at December 31, 2009 |   | $      | 630,103 |   |        | $      | 2,356  |                   |   | $      | (307         | )      |   | $ | 632,152 |   |

----

Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations

| §  | the actions of regulatory bodies with respect to allowed rates of return, continued recovery of regulatory assetsand alternative regulation;                                    |
|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| §  | liquidity risks;                                                                                                                                                                |
| §  | the performance and continued operation of the Vermont Yankee nuclear power plant;                                                                                              |
| §  | changes in the cost or availability of capital;                                                                                                                                 |
| §  | our ability to replace or renegotiate our long-term power supply contracts;                                                                                                     |
| §  | effects of and changes in local, national and worldwide economic conditions;                                                                                                    |
| §  | effects of and changes in weather;                                                                                                                                              |
| §  | volatility in wholesale power markets;                                                                                                                                          |
| §  | our ability to maintain or improve our current credit ratings;                                                                                                                  |
| §  | the operations of ISO-New England;                                                                                                                                              |
| §  | changes in financial or regulatory accounting principles or policies imposed by governing bodies;                                                                               |
| §  | capital market conditions, including price risk due to marketable securities held as investments in trust fornuclear decommissioning, pension and postretirement medical plans; |
| §  | changes in the levels and timing of capital expenditures, including our discretionary future investments inTransco;                                                             |
| §  | the performance of other parties in joint projects, including other Vermont utilities and Transco;                                                                              |
| §  | our ability to successfully manage a number of projects involving new and evolving  technology;                                                                       |
| §  | our ability to replace a mature workforce and retain qualified, skilled and experienced personnel; and                                                                          |
| §  | other presently unknown or unforeseen factors.                                                                                                                                  |

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|                                                                  |   | 2010 vs. 2009 |   |
|-----------------------------------------------------------------------|--------|---------------|--------|
| 2009 Earnings per diluted share                                       |   | $             | 0.58   |   |
|                                                                  |   |          |   |   |
| Year-over-Year Effects on Earnings:                                   |   |          |   |   |
|   Higher equity in earnings of affiliates                   |   |          | 0.05   |   |
|   Higher operating revenues                                 |   |          | 0.01   |   |
|   Higher maintenance expense (major storm in February 2010) |   |          | (0.16  | ) |
|   Higher other operating expenses                           |   |          | (0.06  | ) |
|   Health Care Reform/Medicare Part D - Income tax impact    |   |          | (0.06  | ) |
|   Higher transmission expense                               |   |          | (0.02  | ) |
|   Higher purchased power expense                            |   |          | (0.01  | ) |
|   Other                                                     |   |          | 0.02   |   |
| 2010 Earnings per diluted share                                       |   | $             | 0.35   |   |

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|                                       |   | Revenues (in thousands) |   |   | mWh Sales |   |
|--------------------------------------------|--------|------------------------------|--------|--------|-----------|--------|
|                                       |   | 2010                         |   |   | 2009      |   |   | 2010 |   |   | 2009 |   |
| Residential                                |   | $                            | 39,636 |   |      | $      | 38,966 |   |   |   | 270,425 |   |   |   | 284,094 |   |
| Commercial                                 |   |                         | 26,645 |   |      |   | 25,837 |   |   |   | 203,809 |   |   |   | 209,033 |   |
| Industrial                                 |   |                         | 9,289  |   |      |   | 8,810 |   |   |   | 97,429 |   |   |   | 96,280 |   |
| Other                                      |   |                         | 492    |   |      |   | 470 |   |   |   | 1,598 |   |   |   | 1,586 |   |
|     Total retail sales |   |                         | 76,062 |   |      |   | 74,083 |   |   |   | 573,261 |   |   |   | 590,993 |   |
| Resale sales                               |   |                         | 11,339 |   |      |   | 13,933 |   |   |   | 223,100 |   |   |   | 203,848 |   |
| Provision for rate refund                  |   |                         | 125    |   |      |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Other operating revenues                   |   |                         | 3,481  |   |      |   | 2,711 |   |   |   | 0 |   |   |   | 0 |   |
| Total operating revenues                   |   | $                            | 91,007 |   |      | $      | 90,727 |   |   |   | 796,361 |   |   |   | 794,841 |   |

| §   | Retail sales increased $2 million resulting primarily from a 5.58 percent base rate increase effective Jan. 1, 2010 and $0.9 million of ESAM revenue to recover 2008 major storm costs, partly offset by lower customer usage, mostly due to warmer weather in 2010. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Resale sales decreased $2.6 million as a result of lower resale prices. |
|--------------------|-------------------------------------------------------------------------|

| §   | The provision for rate refund is related to over-collections of power, production and transmission costs as defined by the power cost adjustment clause of our alternative regulation plan. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Other operating revenues increased $0.8 mostly from higher levels of mutual aid to other utilities and the sale of renewable energy credits. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

|                           |   | Purchases (in thousands) |   |   | mWh purchases |   |
|--------------------------------|--------|--------------------------|--------|--------|---------------|--------|
|                           |   | 2010                     |   |   | 2009          |   |   | 2010 |   |   | 2009 |   |
| VYNPC                          |   | $                        | 16,228 |   |          | $      | 15,733 |   |   |   | 387,555 |   |   |   | 386,711 |   |
| Hydro-Quebec                   |   |                     | 16,608 |   |          |   | 17,059 |   |   |   | 267,625 |   |   |   | 268,162 |   |
| Independent Power Producers    |   |                     | 6,346  |   |          |   | 5,909 |   |   |   | 50,194 |   |   |   | 47,952 |   |
| Subtotal long-term contracts   |   |                     | 39,182 |   |          |   | 38,701 |   |   |   | 705,374 |   |   |   | 702,825 |   |
| Other purchases                |   |                     | 2,366  |   |          |   | 2,380 |   |   |   | 13,961 |   |   |   | 13,403 |   |
| Loss contingency amortizations |   |                     | (299   | )      |          |   | (299 | ) |   |   | 0 |   |   |   | 0 |   |
| Nuclear decommissioning        |   |                     | 330    |   |          |   | 329 |   |   |   | 0 |   |   |   | 0 |   |
| Other                          |   |                     | 139    |   |          |   | 499 |   |   |   | 0 |   |   |   | 0 |   |
| Total purchased power          |   | $                        | 41,718 |   |          | $      | 41,610 |   |   |   | 719,335 |   |   |   | 716,228 |   |

| §   | Purchased power costs under long-term contracts increased $0.5 million in 2010, due primarily to a higher VYNPC price and increased purchases from independent power producers.  This was primarily offset by lower capacity costs from Hydro-Quebec. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Nuclear decommissioning costs are associated with our ownership interests in Maine Yankee, Connecticut Yankee and Yankee Atomic.  These costs are based on FERC-approved tariffs. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| §   | Other costs decreased $0.4 million. These Other costs are amortizations and deferrals based on PSB-approved regulatory accounting, including those for incremental energy costs related to Millstone Unit #3 scheduled refueling outages and deferrals for our share of nuclear insurance refunds received by VYNPC.  There were no nuclear insurance refunds in the first quarter of 2010. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Item 3.  Quantitative and Qualitative Disclosures About Market Risk

|                                                                          |   | Forward   |   |   | Financial    |   |   |         |   |   |   |   |
|-------------------------------------------------------------------------------|--------|-----------|--------|--------|--------------|--------|--------|--------------|--------|--------|--------|--------|
|                                                                          |   | Energy    |   |   | Transmission |   |   | Hydro-Quebec |   |   |   |   |
|                                                                          |   | Contracts |   |   | Rights       |   |   | Sellback #3  |   |   | Total  |   |
| Total fair value at December 31, 2009                                         |   | $         | 269    |   |         | $      | 134    |         |   | $      | (149   | )      |   | $ | 254 |   |
| Gains and losses (realized and unrealized)                                    |   |      |   |   |         |   |   |         |   |   |   |   |   |   |   |   |
|   Included in earnings                                              |   |      | 1,672  |   |         |   | (22    | )            |   |   | 0      |   |   |   | 1,650 |   |
|   Included in Regulatory and other assets/liabilities               |   |      | 5,162  |   |         |   | 54     |         |   |   | 149    |   |   |   | 5,365 |   |
| Purchases, sales, issuances and net settlements                               |   |      | (1,672 | )      |         |   | (11    | )            |   |   | 0      |   |   |   | (1,683 | ) |
| Total fair value at March 31, 2010                                            |   | $         | 5,431  |   |         | $      | 155    |         |   | $      | 0      |   |   | $ | 5,586 |   |
|                                                                          |   |      |   |   |         |   |   |         |   |   |   |   |   |   |   |   |
| Estimated fair value at March 31, 2010 for changes in projected market price: |   |      |   |   |         |   |   |         |   |   |   |   |   |   |   |   |
|    10 percent increase                                         |   | $         | 3,919  |   |         | $      | 170    |         |   | $      | (482   | )      |   | $ | 3,607 |   |
|    10 percent decrease                                         |   | $         | 6,943  |   |         | $      | 139    |         |   | $      | 0      |   |   | $ | 7,082 |   |

Item 4. Controls and Procedures

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PART II - OTHER INFORMATION

| Item 1.  | Legal Proceedings. The company is involved in legal and administrative proceedings in the normal course of business and does not believe that the ultimate outcome of these proceedings will have a material adverse effect on its financial position, results of operations or cash flows.                                                 |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Item 1A. | Risk Factors. In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I “Item 1A. Risk Factors”, in our Annual Report on Form 10-K for the year ended December 31, 2009, which could materially affect our business, financial condition or future results.  |
| Item 6.  | Exhibits.                                                                                                                                                                                                                                                                                                                                             |

|  (a) | List of Exhibits  |
|-----------|------------------------|
|      | 31.1                   | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  |
|      | 31.2                   | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  |
|      | 32.1                   | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  |
|      | 32.2                   | Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |

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| SIGNATURES       Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | CENTRAL VERMONT PUBLIC SERVICE CORPORATION                                                                                                                                                                                                                                                                                                                                                                    |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (Registrant)                                                                                                                                                                                                                                                                                                                                                                                             |
| By     |  /s/ Pamela J. Keefe                                                               |
|   | Pamela J. KeefeSr. Vice President, Chief Financial Officer, and Treasurer                                                                                                                                                                                                                                                                                                                                     |

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