----

| 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   September 30,      2009                                                                                                       |
| 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 itscharter) |
|---------------------------------------------------------------------------------------------------------------------------------------------------|

| 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) |

| Indicate      by check mark whether the registrant (1) has filed all reports required to      be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934      during the preceding 12 months (or for such shorter period that the      registrant was required to file such reports), and (2) has been subject to      such filing requirements for the past 90 days. Yes x No ¨ Indicate      by check mark whether the registrant has submitted electronically and      posted on its corporate Web site, if any, every Interactive Data File      required to be submitted and posted pursuant to Rule 405 of Regulation S-T      (§232.405 of this chapter) during the preceding 12 months (or for such      shorter period that the registrant was required to submit and post such      files). Yes ¨ No ¨ Indicate      by check mark whether the registrant is a large accelerated filer, an      accelerated filer, a non-accelerated filer, or a smaller reporting      company. See the definitions of "large accelerated filer",      "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the      Exchange Act. |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Large      accelerated filer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | ¨ |   | Accelerated      filer |   |   | x |   |
| Non-accelerated      filer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | ¨ (Do not check if a      smaller reporting company) |   | Smaller      reporting company |   |   | ¨ |   |
| Indicate      by check mark whether the registrant is a shell company (as defined in      Rule 12b-2 of the Exchange Act). Yes ¨ No x Indicate      the number of shares outstanding of each of the issuer's classes of common      stock, as of the latest practicable date. As of October 31, 2009      there were outstanding 11,690,300 shares of Common Stock, $6 Par      Value.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |

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| CENTRAL      VERMONT PUBLIC SERVICE CORPORATION      |
|------------------------------------------------------|
| Form      10-Q for Period Ended September 30, 2009   |
|                                                 |
| 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 Balance Sheets |   | 4 |
|                                                 |   |   | Condensed      Consolidated Statements of Cash Flows |   | 6 |
|                                                 |   |   | 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 | 29 |
|                                                 |   |   |   |   |   |   |
|                                                 | Item      3. | Quantitative      and Qualitative Disclosures about Market Risk Controls and      Procedures |   | 41 |
|                                                 |   |   |   |   |   |   |
|                                                 | Item      4. | Controls      and Procedures |   | 42 |
|                                                 |   |   |   |   |   |   |
| PART      II.   Other Information:    |   |   |
|                                                 |   |   |   |   |   |   |
|                                                 | Item      1. | Legal      Proceedings |   | 43 |
|                                                 |   |   |   |   |   |   |
|                                                 | Item      1A. | Risk      Factors |   | 43 |
|                                                 |   |   |   |   |   |   |
|                                                 | Item      5. | Other      Information |   | 43 |
|                                                 |   |   |   |   |   |
|                                                 | Item      6. | Exhibits |   |   | 43 |
|                                                 |   |   |   |   |   |
| SIGNATURES                                           |   |   |   | 45 |

----

| CENTRAL VERMONT PUBLIC SERVICE      CORPORATION                                                             |   |
|-------------------------------------------------------------------------------------------------------------|--------|
| CONDENSED      CONSOLIDATED STATEMENTS OF INCOME                                                            |   |
| (dollars      in thousands, except per share data)                                                          |   |
| (unaudited)                                                                                                 |   |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                        |   | Three      months ended |   |   | Nine      months ended |   |
|                                                                                                        |   | September      30 |   |   | September      30 |   |
|                                                                                                        |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
| Operating      Revenues                                                                                     |   | $ | 81,791 |   |   | $ | 83,767 |   |   | $ | 255,145 |   |   | $ | 259,478 |   |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      Expenses                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchased      Power - affiliates                                                                           |   |   | 16,435 |   |   |   | 15,008 |   |   |   | 48,531 |   |   |   | 47,746 |   |
| Purchased      Power - other                                                                                |   |   | 21,241 |   |   |   | 25,123 |   |   |   | 69,360 |   |   |   | 76,573 |   |
| Production                                                                                                  |   |   | 2,613 |   |   |   | 2,881 |   |   |   | 8,599 |   |   |   | 9,059 |   |
| Transmission      - affiliates                                                                              |   |   | 116 |   |   |   | (1,396 | ) |   |   | 5,586 |   |   |   | 6,047 |   |
| Transmission      - other                                                                                   |   |   | 6,575 |   |   |   | 5,304 |   |   |   | 17,335 |   |   |   | 13,625 |   |
| Other      operation                                                                                        |   |   | 13,741 |   |   |   | 12,125 |   |   |   | 43,363 |   |   |   | 40,164 |   |
| Maintenance                                                                                                 |   |   | 6,718 |   |   |   | 6,518 |   |   |   | 16,759 |   |   |   | 19,160 |   |
| Depreciation                                                                                                |   |   | 4,326 |   |   |   | 3,936 |   |   |   | 12,518 |   |   |   | 11,704 |   |
| Taxes      other than income                                                                                |   |   | 3,905 |   |   |   | 3,833 |   |   |   | 11,951 |   |   |   | 11,585 |   |
| Income      tax expense                                                                                     |   |   | 905 |   |   |   | 3,120 |   |   |   | 4,541 |   |   |   | 5,825 |   |
| Total      Operating Expenses                                                                               |   |   | 76,575 |   |   |   | 76,452 |   |   |   | 238,543 |   |   |   | 241,488 |   |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Utility      Operating Income                                                                               |   |   | 5,216 |   |   |   | 7,315 |   |   |   | 16,602 |   |   |   | 17,990 |   |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other      Income                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity      in earnings of affiliates                                                                       |   |   | 4,320 |   |   |   | 4,043 |   |   |   | 13,196 |   |   |   | 12,242 |   |
| Allowance      for equity funds during construction                                                         |   |   | 15 |   |   |   | 67 |   |   |   | 146 |   |   |   | 131 |   |
| Other      income                                                                                           |   |   | 765 |   |   |   | 807 |   |   |   | 2,246 |   |   |   | 2,443 |   |
| Other      deductions                                                                                       |   |   | (6 | ) |   |   | (1,301 | ) |   |   | (884 | ) |   |   | (3,466 | ) |
| Income      tax expense                                                                                     |   |   | (1,186 | ) |   |   | (1,467 | ) |   |   | (4,008 | ) |   |   | (4,350 | ) |
| Total      Other Income                                                                                     |   |   | 3,908 |   |   |   | 2,149 |   |   |   | 10,696 |   |   |   | 7,000 |   |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      Expense                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      on long-term debt                                                                             |   |   | 2,781 |   |   |   | 2,833 |   |   |   | 8,374 |   |   |   | 6,946 |   |
| Other      interest                                                                                         |   |   | 154 |   |   |   | 183 |   |   |   | 451 |   |   |   | 1,718 |   |
| Allowance      for borrowed funds during construction                                                       |   |   | (11 | ) |   |   | (33 | ) |   |   | (96 | ) |   |   | (64 | ) |
| Total      Interest Expense                                                                                 |   |   | 2,924 |   |   |   | 2,983 |   |   |   | 8,729 |   |   |   | 8,600 |   |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      Income                                                                                             |   |   | 6,200 |   |   |   | 6,481 |   |   |   | 18,569 |   |   |   | 16,390 |   |
| Dividends      declared on preferred stock                                                                  |   |   | 92 |   |   |   | 92 |   |   |   | 276 |   |   |   | 276 |   |
| Earnings      available for common stock                                                                    |   | $ | 6,108 |   |   | $ | 6,389 |   |   |   | 18,293 |   |   | $ | 16,114 |   |
| Per      Common Share Data:                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      earnings per share                                                                               |   | $ | 0.52 |   |   | $ | 0.62 |   |   | $ | 1.57 |   |   | $ | 1.56 |   |
| Diluted      earnings per share                                                                             |   | $ | 0.52 |   |   | $ | 0.61 |   |   | $ | 1.57 |   |   | $ | 1.55 |   |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Average      shares of common stock outstanding - basic                                                     |   |   | 11,679,133 |   |   |   | 10,352,262 |   |   |   | 11,647,626 |   |   |   | 10,321,998 |   |
| Average      shares of common stock outstanding - diluted                                                   |   |   | 11,717,218 |   |   |   | 10,422,143 |   |   |   | 11,685,795 |   |   |   | 10,399,062 |   |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends      declared per share of common stock                                                           |   | $ | 0.23 |   |   | $ | 0.23 |   |   | $ | 0.92 |   |   | $ | 0.92 |   |
| 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 |   |   | Nine      months ended |   |
|                                                                                                                                                        |   | September      30 |   |   | September      30 |   |
|                                                                                                                                                        |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
|                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      Income                                                                                                                                             |   | $ | 6,200 |   |   | $ | 6,481 |   |   | $ | 18,569 |   |   | $ | 16,390 |   |
|                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 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 $1, $0, $2 and $1                                                   |   |   | 1 |   |   |   | 0 |   |   |   | 2 |   |   |   | 1 |   |
|        Prior      service cost, net of income taxes of $2, $2, $7 and $7                                                 |   |   | 3 |   |   |   | 4 |   |   |   | 10 |   |   |   | 10 |   |
|                                                                                                                                                        |   |   | 4 |   |   |   | 4 |   |   |   | 12 |   |   |   | 11 |   |
|   Portion      reclassified to retained earnings due to change in the    benefit      measurement  date:       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         Prior      service cost, net of income taxes of $0, $0, $0 and $2                                           |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 4 |   |
|                                                                                                                                                        |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 4 |   |
|                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive      income adjustments                                                                                                                       |   |   | 4 |   |   |   | 4 |   |   |   | 12 |   |   |   | 15 |   |
|                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      comprehensive income                                                                                                                             |   | $ | 6,204 |   |   | $ | 6,485 |   |   | $ | 18,581 |   |   | $ | 16,405 |   |
| The accompanying notes are an integral part of these      condensed consolidated financial statements.                                                      |   |

----

| CENTRAL      VERMONT PUBLIC SERVICE CORPORATION                                                                                                                  |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| CONDENSED      CONSOLIDATED BALANCE SHEETS                                                                                                                       |   |
| (dollars      in thousands, except share data)                                                                                                                   |   |
| (unaudited)                                                                                                                                                      |   |
|                                                                                                                                                             |   |   |   |   |   |   |
|                                                                                                                                                             |   | September      30, 2009 |   |   | December      31, 2008 |   |
| ASSETS                                                                                                                                                           |   |   |   |   |   |   |
| Utility      plant                                                                                                                                               |   |   |   |   |   |   |
|   Utility      plant, at original cost                                                                                                                 |   | $ | 583,290 |   |   | $ | 554,506 |   |
|   Less      accumulated depreciation                                                                                                                   |   |   | 254,352 |   |   |   | 244,219 |   |
|   Utility      plant, at original cost, net of accumulated depreciation                                                                                |   |   | 328,938 |   |   |   | 310,287 |   |
|   Property      under capital leases, net                                                                                                              |   |   | 5,426 |   |   |   | 6,133 |   |
|   Construction      work-in-progress                                                                                                                   |   |   | 14,015 |   |   |   | 24,632 |   |
|   Nuclear      fuel, net                                                                                                                               |   |   | 1,561 |   |   |   | 1,475 |   |
| Total      utility plant, net                                                                                                                                    |   |   | 349,940 |   |   |   | 342,527 |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |
| Investments      and other assets                                                                                                                                |   |   |   |   |   |   |   |   |
|   Investments      in affiliates                                                                                                                       |   |   | 107,459 |   |   |   | 102,232 |   |
|   Non-utility      property, less accumulated depreciation ($3,660 in     2009      and $3,657 in 2008)                       |   |   | 1,881 |   |   |   | 1,786 |   |
|   Millstone      decommissioning trust fund                                                                                                            |   |   | 4,890 |   |   |   | 4,203 |   |
|   Other                                                                                                                                                |   |   | 6,421 |   |   |   | 5,469 |   |
| Total      investments and other assets                                                                                                                          |   |   | 120,651 |   |   |   | 113,690 |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |
| Current      assets                                                                                                                                              |   |   |   |   |   |   |   |   |
|   Cash      and cash equivalents                                                                                                                       |   |   | 10,276 |   |   |   | 6,722 |   |
|   Restricted      cash                                                                                                                                 |   |   | 5,309 |   |   |   | 3,636 |   |
|   Special      deposits                                                                                                                                |   |   | 17 |   |   |   | 1,006 |   |
|   Accounts      receivable, less allowance for uncollectible     accounts  ($2,865      in 2009 and $2,184 in 2008) |   |   | 25,542 |   |   |   | 23,176 |   |
|    Accounts      receivable - affiliates, less allowance for uncollectible     accounts ($0      in 2009 and 2008)  |   |   | 1,025 |   |   |   | 76 |   |
|   Unbilled      revenues                                                                                                                               |   |   | 15,186 |   |   |   | 18,546 |   |
|   Materials      and supplies, at average cost                                                                                                         |   |   | 6,217 |   |   |   | 6,299 |   |
|   Prepayments                                                                                                                                          |   |   | 12,163 |   |   |   | 17,367 |   |
|   Deferred      income taxes                                                                                                                           |   |   | 1,050 |   |   |   | 0 |   |
|   Power-related      derivatives                                                                                                                       |   |   | 5,047 |   |   |   | 12,758 |   |
|   Other      current assets                                                                                                                            |   |   | 4,103 |   |   |   | 1,269 |   |
|   Total current      assets                                                                                                                            |   |   | 85,935 |   |   |   | 90,855 |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |
| Deferred      charges and other assets                                                                                                                           |   |   |   |   |   |   |   |   |
|   Regulatory      assets                                                                                                                               |   |   | 58,109 |   |   |   | 63,474 |   |
|   Other      deferred charges - regulatory                                                                                                             |   |   | 2,753 |   |   |   | 9,980 |   |
|   Other      deferred charges and other assets                                                                                                         |   |   | 4,720 |   |   |   | 5,467 |   |
|   Power-related      derivatives                                                                                                                       |   |   | 0 |   |   |   | 133 |   |
| Total      deferred charges and other assets                                                                                                                     |   |   | 65,582 |   |   |   | 79,054 |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |
| TOTAL      ASSETS                                                                                                                                                |   | $ | 622,108 |   |   | $ | 626,126 |   |

----

| CENTRAL      VERMONT PUBLIC SERVICE CORPORATION                                                                                                                                                                                                                                                                            |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| CONDENSED      CONSOLIDATED BALANCE SHEETS                                                                                                                                                                                                                                                                                 |   |
| (dollars      in thousands, except share data)                                                                                                                                                                                                                                                                             |   |
| (unaudited)                                                                                                                                                                                                                                                                                                                |   |
|                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                       |   | September      30, 2009 |   |   | December      31, 2008 |   |
| CAPITALIZATION      AND LIABILITIES                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |
| Capitalization                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |
|   Common      stock, $6 par value, 19,000,000 shares authorized,     13,814,370      issued and 11,687,099 outstanding at September     30,      2009 and 13,750,717 issued and 11,574,825 outstanding at           December 31, 2008 |   | $ | 82,886 |   |   | $ | 82,504 |   |
|   Other      paid-in capital                                                                                                                                                                                                                                                                                     |   |   | 71,588 |   |   |   | 71,489 |   |
|   Accumulated      other comprehensive loss                                                                                                                                                                                                                                                                      |   |   | (216 | ) |   |   | (228 | ) |
|   Treasury      stock, at cost, 2,127,271 shares at September 30, 2009     and 2,175,892      shares at December 31, 2008                                                                                                                                                          |   |   | (48,425 | ) |   |   | (49,501 | ) |
|   Retained      earnings                                                                                                                                                                                                                                                                                         |   |   | 122,786 |   |   |   | 115,215 |   |
| Total      common stock equity                                                                                                                                                                                                                                                                                             |   |   | 228,619 |   |   |   | 219,479 |   |
|   Preferred      and preference stock not subject to mandatory redemption                                                                                                                                                                                                                                        |   |   | 8,054 |   |   |   | 8,054 |   |
|   Preferred      stock subject to mandatory redemption                                                                                                                                                                                                                                                           |   |   | 0 |   |   |   | 1,000 |   |
|   Long-term      debt                                                                                                                                                                                                                                                                                            |   |   | 178,300 |   |   |   | 167,500 |   |
|   Capital      lease obligations                                                                                                                                                                                                                                                                                 |   |   | 4,464 |   |   |   | 5,173 |   |
| Total      capitalization                                                                                                                                                                                                                                                                                                  |   |   | 419,437 |   |   |   | 401,206 |   |
|                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |
|   Current      portion of preferred stock subject to mandatory redemption                                                                                                                                                                                                                                        |   |   | 1,000 |   |   |   | 1,000 |   |
|   Current      portion of long-term debt                                                                                                                                                                                                                                                                         |   |   | 5,450 |   |   |   | 5,450 |   |
|   Accounts      payable                                                                                                                                                                                                                                                                                          |   |   | 5,768 |   |   |   | 3,549 |   |
|   Accounts      payable - affiliates                                                                                                                                                                                                                                                                             |   |   | 10,386 |   |   |   | 11,338 |   |
|   Notes      payable                                                                                                                                                                                                                                                                                             |   |   | 0 |   |   |   | 10,800 |   |
|   Nuclear      decommissioning costs                                                                                                                                                                                                                                                                             |   |   | 1,476 |   |   |   | 1,431 |   |
|   Power-related      derivatives                                                                                                                                                                                                                                                                                 |   |   | 0 |   |   |   | 2 |   |
|   Other      current liabilities                                                                                                                                                                                                                                                                                 |   |   | 29,608 |   |   |   | 33,645 |   |
| Total      current liabilities                                                                                                                                                                                                                                                                                             |   |   | 53,688 |   |   |   | 67,215 |   |
|                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |
| Deferred      credits and other liabilities                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |
|   Deferred      income taxes                                                                                                                                                                                                                                                                                     |   |   | 53,808 |   |   |   | 45,314 |   |
|   Deferred      investment tax credits                                                                                                                                                                                                                                                                           |   |   | 2,710 |   |   |   | 2,962 |   |
|   Nuclear      decommissioning costs                                                                                                                                                                                                                                                                             |   |   | 7,463 |   |   |   | 8,618 |   |
|   Asset      retirement obligations                                                                                                                                                                                                                                                                              |   |   | 3,177 |   |   |   | 3,302 |   |
|   Accrued      pension and benefit obligations                                                                                                                                                                                                                                                                   |   |   | 47,741 |   |   |   | 51,211 |   |
|   Power-related      derivatives                                                                                                                                                                                                                                                                                 |   |   | 1,637 |   |   |   | 4,069 |   |
|   Other      deferred credits - regulatory                                                                                                                                                                                                                                                                       |   |   | 8,952 |   |   |   | 17,696 |   |
|   Other      deferred credits and other liabilities                                                                                                                                                                                                                                                              |   |   | 23,495 |   |   |   | 24,533 |   |
| Total      deferred credits and other liabilities                                                                                                                                                                                                                                                                          |   |   | 148,983 |   |   |   | 157,705 |   |
|                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |
| Commitments      and contingencies                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |
| TOTAL      CAPITALIZATION AND LIABILITIES                                                                                                                                                                                                                                                                                  |   | $ | 622,108 |   |   | $ | 626,126 |   |

----

| CENTRAL      VERMONT PUBLIC SERVICE CORPORATION                                                                                                  |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| CONDENSED      CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                                             |   |
| (dollars      in thousands)                                                                                                                      |   |
| (unaudited)                                                                                                                                      |   |
|                                                                                                                                             |   | Nine      months ended September 30 |   |
|                                                                                                                                             |   | 2009 |   |   | 2008 |   |
| OPERATING      ACTIVITIES                                                                                                                        |   |   |   |   |   |   |
| Net      income                                                                                                                                  |   | $ | 18,569 |   |   | $ | 16,390 |   |
| Adjustments      to reconcile net income to net cash provided by operating      activities:                                                      |   |   |   |   |   |   |   |   |
|      Equity      in earnings of affiliates                                                                              |   |   | (13,196 | ) |   |   | (12,242 | ) |
|      Distributions      received from affiliates                                                                        |   |   | 7,969 |   |   |   | 8,174 |   |
|      Depreciation                                                                                                       |   |   | 12,518 |   |   |   | 11,704 |   |
|      Deferred      income taxes and investment tax credits                                                              |   |   | 6,393 |   |   |   | 7,680 |   |
|      Regulatory      and other amortization, net                                                                        |   |   | (118 | ) |   |   | (1,428 | ) |
|      Non-cash      employee benefit plan costs                                                                          |   |   | 4,791 |   |   |   | 4,065 |   |
|      Other      non-cash expense, net                                                                                   |   |   | 3,677 |   |   |   | 3,914 |   |
|      Changes      in assets and liabilities:                                                                            |   |   |   |   |   |   |   |   |
|          (Increase)      decrease in accounts receivable and unbilled revenues                      |   |   | (1,758 | ) |   |   | 758 |   |
|          Increase      (decrease) in accounts payable                                               |   |   | 1,138 |   |   |   | (4,488 | ) |
|          Change      in prepaid and accrued income taxes                                            |   |   | 3,974 |   |   |   | (1,808 | ) |
|               Decrease in other current    assets                                                        |   |   | 1,234 |   |   |   | 3,531 |   |
|          (Increase)      decrease in special deposits and restricted cash for power      collateral |   |   | (1,683 | ) |   |   | 61 |   |
|          Employee      benefit plan funding                                                         |   |   | (6,863 | ) |   |   | (7,701 | ) |
|          (Decrease)      increase in other current liabilities                                      |   |   | (3,501 | ) |   |   | 4,579 |   |
|          Decrease      (increase) in other long-term assets and liabilities and    other            |   |   | 182 |   |   |   | (396 | ) |
| Net      cash provided by operating activities                                                                                                   |   |   | 33,326 |   |   |   | 32,793 |   |
| INVESTING      ACTIVITIES                                                                                                                        |   |   |   |   |   |   |   |   |
|      Construction      and plant expenditures                                                                           |   |   | (21,263 | ) |   |   | (25,687 | ) |
|      Investments      in available-for-sale securities                                                                  |   |   | (3,279 | ) |   |   | (969 | ) |
|      Proceeds      from sale of available-for-sale securities                                                           |   |   | 3,022 |   |   |   | 763 |   |
|      Return      of capital from investments in affiliates                                                              |   |   | 0 |   |   |   | 96 |   |
|      Other      investing activities                                                                                    |   |   | (450 | ) |   |   | (230 | ) |
| Net      cash used by investing activities                                                                                                       |   |   | (21,970 | ) |   |   | (26,027 | ) |
| FINANCING      ACTIVITIES                                                                                                                        |   |   |   |   |   |   |   |   |
|      Proceeds      from issuance of common stock                                                                        |   |   | 1,318 |   |   |   | 1,817 |   |
|      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                                                                           |   |   | (8,308 | ) |   |   | (7,393 | ) |
|      Proceeds      from issuance of first mortgage bonds                                                                |   |   | 0 |   |   |   | 60,000 |   |
|      Repayment      of notes payable                                                                                    |   |   | 0 |   |   |   | (53,000 | ) |
|      Proceeds      from borrowings under revolving credit facility                                                      |   |   | 13,395 |   |   |   | 9,300 |   |
|      Repayments      under revolving credit facility                                                                    |   |   | (13,395 | ) |   |   | (9,300 | ) |
|      Debt      issuance and common stock offering costs                                                                 |   |   | (67 | ) |   |   | (883 | ) |
|      Proceeds      from letter of credit                                                                                |   |   | 0 |   |   |   | 2,400 |   |
|      Payments      for unremarketed revenue bonds                                                                       |   |   | 0 |   |   |   | (2,400 | ) |
|      Other      financing activities                                                                                    |   |   | (745 | ) |   |   | (382 | ) |
| Net      cash (used) provided by financing activities                                                                                            |   |   | (7,802 | ) |   |   | 159 |   |
| Net      increase in cash and cash equivalents                                                                                                   |   |   | 3,554 |   |   |   | 6,925 |   |
| Cash      and cash equivalents at beginning of the period                                                                                        |   |   | 6,722 |   |   |   | 3,803 |   |
| Cash      and cash equivalents at end of the period                                                                                              |   | $ | 10,276 |   |   | $ | 10,728 |   |

----

| 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, 2008                                             |   |   | 13,750,717 |   |   | $ | 82,504 |   |   |   | (2,175,892 | ) |   | $ | (49,501 | ) |   | $ | 71,489 |   |   | $ | (228 | ) |   | $ | 115,215 |   |   | $ | 219,479 |   |
| Net      income                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 18,569 |   |   | $ | 18,569 |   |
| Other      comprehensive income                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 12 |   |   |   |   |   |   | $ | 12 |   |
| Common      Stock Issuance costs                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (54 | ) |   |   |   |   |   |   |   |   |   | $ | (54 | ) |
| Dividend      reinvestment plan                                             |   |   |   |   |   |   |   |   |   |   | 48,621 |   |   |   | 1,076 |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,076 |   |
| Stock      options exercised                                                |   |   | 36,160 |   |   |   | 217 |   |   |   |   |   |   |   |   |   |   |   | 284 |   |   |   |   |   |   |   |   |   |   | $ | 501 |   |
| Share-based      compensation:                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common      & nonvested shares                                          |   |   | 2,400 |   |   |   | 14 |   |   |   |   |   |   |   |   |   |   |   | 29 |   |   |   |   |   |   |   |   |   |   | $ | 43 |   |
| Performance      share plans                                                |   |   | 25,093 |   |   |   | 151 |   |   |   |   |   |   |   |   |   |   |   | (34 | ) |   |   |   |   |   |   |   |   |   | $ | 117 |   |
| Dividends      declared:                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common      - $0.46 per share                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (10,719 | ) |   | $ | (10,719 | ) |
| Cumulative      non-redeemable   preferred      stock        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (276 | ) |   | $ | (276 | ) |
| Amortization      of preferred stock   issuance      expense |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 12 |   |   |   |   |   |   |   |   |   |   | $ | 12 |   |
| Gain      (Loss) on capital stock                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (138 | ) |   |   |   |   |   |   | (3 | ) |   | $ | (141 | ) |
| Balance,      September 30, 2009                                            |   |   | 13,814,370 |   |   | $ | 82,886 |   |   |   | (2,127,271 | ) |   | $ | (48,425 | ) |   | $ | 71,588 |   |   | $ | (216 | ) |   | $ | 122,786 |   |   | $ | 228,619 |   |

----

----

----

----

|                                                             |   | Three      months ended |       |   | Nine      months ended |   |
|------------------------------------------------------------------|--------|-------------------------|------------|--------|------------------------|--------|
|                                                             |   | September      30       |       |   | September      30      |   |
|                                                             |   | 2009                    |       |   | 2008                   |   |   | 2009 |   |   | 2008 |   |
| Numerator for basic and diluted      EPS:                        |   |                    |       |   |                   |   |   |   |   |   |   |   |
| Net      income                                                  |   | $                       | 6,200      |   |                   | $      | 6,481 |   |   | $ | 18,569 |   |   | $ | 16,390 |   |
| Dividends      declared on preferred stock                       |   |                    | (92        | )      |                   |   | (92 | ) |   |   | (276 | ) |   |   | (276 | ) |
| Net      income available for common stock                       |   | $                       | 6,108      |   |                   | $      | 6,389 |   |   | $ | 18,293 |   |   | $ | 16,114 |   |
|                                                             |   |                    |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Denominators for basic and diluted      EPS:                     |   |                    |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted-average      basic shares of common stock outstanding   |   |                    | 11,679,133 |   |                   |   | 10,352,262 |   |   |   | 11,647,626 |   |   |   | 10,321,998 |   |
|    Dilutive      effect of stock options          |   |                    | 14,960     |   |                   |   | 51,445 |   |   |   | 21,004 |   |   |   | 62,872 |   |
|    Dilutive      effect of performance shares     |   |                    | 23,125     |   |                   |   | 18,436 |   |   |   | 17,165 |   |   |   | 14,192 |   |
| Weighted-average      diluted shares of common stock outstanding |   |                    | 11,717,218 |   |                   |   | 10,422,143 |   |   |   | 11,685,795 |   |   |   | 10,399,062 |   |

|                                                           |   | Three      months ended |   |   | Nine      months ended |   |
|----------------------------------------------------------------|--------|-------------------------|--------|--------|------------------------|--------|
|                                                           |   | September      30       |   |   | September      30      |   |
|                                                           |   | 2009                    |   |   | 2008                   |   |   | 2009 |   |   | 2008 |   |
|                                                           |   |                    |   |   |                   |   |   |   |   |   |   |   |
| Operating      revenues                                        |   | $                       | 22,335 |   |                   | $      | 18,632 |   |   | $ | 68,992 |   |   | $ | 55,105 |   |
| Operating      income                                          |   | $                       | 11,924 |   |                   | $      | 9,087 |   |   | $ | 36,713 |   |   | $ | 26,769 |   |
|                                                           |   |                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income                                                |   | $                       | 9,880  |   |                   | $      | 8,237 |   |   | $ | 30,092 |   |   | $ | 24,905 |   |
| Less      net income attributable to non-controlling interests |   |                    | 9,063  |   |                   |   | 7,629 |   |   |   | 27,349 |   |   |   | 22,885 |   |
| Net      income attributable to VELCO                          |   | $                       | 817    |   |                   | $      | 608 |   |   | $ | 2,743 |   |   | $ | 2,020 |   |
|                                                           |   |                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Company's      common stock ownership interest                 |   |                    | 47.05  | %      |                   |   | 47.05 | % |   |   | 47.05 | % |   |   | 47.05 | % |
| Company's      equity in net income                            |   | $                       | 384    |   |                   | $      | 300 |   |   | $ | 1,285 |   |   | $ | 946 |   |

----

|                                |   | Three      months ended |   |   | Nine      months ended |   |
|-------------------------------------|--------|-------------------------|--------|--------|------------------------|--------|
|                                |   | September      30       |   |   | September      30      |   |
|                                |   | 2009                    |   |   | 2008                   |   |   | 2009 |   |   | 2008 |   |
|                                |   |                    |   |   |                   |   |   |   |   |   |   |   |
| Operating      revenues             |   | $                       | 22,206 |   |                   | $      | 18,517 |   |   | $ | 68,613 |   |   | $ | 54,737 |   |
| Operating      income               |   | $                       | 12,520 |   |                   | $      | 9,556 |   |   | $ | 38,520 |   |   | $ | 28,136 |   |
| Net      income                     |   | $                       | 10,677 |   |                   | $      | 8,787 |   |   | $ | 32,300 |   |   | $ | 26,321 |   |
|                                |   |                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Company's      ownership interest   |   |                    | 32.72  | %      |                   |   | 39.79 | % |   |   | 32.72 | % |   |   | 39.79 | % |
| Company's      equity in net income |   | $                       | 3,825  |   |                   | $      | 3,702 |   |   | $ | 11,698 |   |   | $ | 11,109 |   |

|                                           |   | Three      months ended |   |   | Nine      months ended |   |
|------------------------------------------------|--------|-------------------------|--------|--------|------------------------|--------|
|                                           |   | September      30       |   |   | September      30      |   |
|                                           |   | 2009                    |   |   | 2008                   |   |   | 2009 |   |   | 2008 |   |
|                                           |   |                    |   |   |                   |   |   |   |   |   |   |   |
| Operating      revenues                        |   | $                       | 46,242 |   |                   | $      | 41,497 |   |   | $ | 136,118 |   |   | $ | 132,291 |   |
| Operating      (loss) income                   |   | $                       | (595   | )      |                   | $      | (41 | ) |   | $ | (2,414 | ) |   | $ | (39 | ) |
| Net      income                                |   | $                       | 180    |   |                   | $      | 60 |   |   | $ | 332 |   |   | $ | 294 |   |
|                                           |   |                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Company's      common stock ownership interest |   |                    | 58.85  | %      |                   |   | 58.85 | % |   |   | 58.85 | % |   |   | 58.85 | % |
| Company's      equity in net income            |   | $                       | 106    |   |                   | $      | 35 |   |   | $ | 195 |   |   | $ | 173 |   |

----

----

----

----

|                                                    |   | September      30, 2009 |   |   | December      31, 2008 |   |
|---------------------------------------------------------|--------|-------------------------|--------|--------|------------------------|--------|
| Regulatory assets                                       |   |                    |   |   |                   |   |
| Pension      and postretirement medical costs           |   | $                       | 43,149 |   |                   | $      | 46,911 |   |
| Nuclear      plant dismantling costs                    |   |                    | 8,939  |   |                   |   | 10,049 |   |
| Nuclear      refueling outage costs - Millstone Unit #3 |   |                    | 539    |   |                   |   | 1,347 |   |
| Income      taxes                                       |   |                    | 4,320  |   |                   |   | 4,115 |   |
| Asset      retirement obligations and other             |   |                    | 1,162  |   |                   |   | 1,052 |   |
| Total      Regulatory assets                            |   |                    | 58,109 |   |                   |   | 63,474 |   |
|                                                    |   |                    |   |   |                   |   |   |   |
| Other deferred charges -      regulatory                |   |                    |   |   |                   |   |   |   |
| Vermont      Yankee sale costs (tax)                    |   |                    | 673    |   |                   |   | 673 |   |
| Deferral      of December 2008 storm costs              |   |                    | 0      |   |                   |   | 4,059 |   |
| Unrealized      losses on power-related derivatives     |   |                    | 1,637  |   |                   |   | 4,070 |   |
| Other                                                   |   |                    | 443    |   |                   |   | 1,178 |   |
| Total Other      deferred charges - regulatory     |   |                    | 2,753  |   |                   |   | 9,980 |   |
|                                                    |   |                    |   |   |                   |   |   |   |
| Other deferred credits -      regulatory                |   |                    |   |   |                   |   |   |   |
| Asset      retirement obligation - Millstone Unit #3    |   |                    | 2,340  |   |                   |   | 1,497 |   |
| Vermont      Yankee settlements                         |   |                    | 334    |   |                   |   | 789 |   |
| Emission      allowances and renewable energy credits   |   |                    | 77     |   |                   |   | 308 |   |
| Unrealized      gains on power-related derivatives      |   |                    | 5,013  |   |                   |   | 12,756 |   |
| Environmental      remediation                          |   |                    | 250    |   |                   |   | 1,000 |   |
| Other                                                   |   |                    | 938    |   |                   |   | 1,346 |   |
| Total Other      deferred credits - regulatory     |   | $                       | 8,952  |   |                   | $      | 17,696 |   |

|                                                                                 |   | September      30, 2009 |    |   | December      31, 2008 |   |
|--------------------------------------------------------------------------------------|--------|-------------------------|---------|--------|------------------------|--------|
|                                                                                 |   | Carrying                |    |   | Fair                   |   |   | Carrying |   |   | Fair |   |
|                                                                                 | Amount |                    |    | Value  |                   |   | Amount |   |   | Value |   |
| Power      contract derivative assets (includes current portion)                     |   | $                       | 5,047   |   |                   | $      | 5,047 |   |   | $ | 12,891 |   |   | $ | 12,891 |   |
| Power      contract derivative liabilities (includes current portion)                |   | $                       | 1,637   |   |                   | $      | 1,637 |   |   | $ | 4,071 |   |   | $ | 4,071 |   |
| Preferred      stock subject to mandatory redemption (includes current      portion) |   | $                       | 1,000   |   |                   | $      | 1,003 |   |   | $ | 2,000 |   |   | $ | 2,003 |   |
|                                                                                 |   |                    |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term      debt:                                                                 |   |                    |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |
|    First      mortgage bonds                                          |   | $                       | 167,500 |   |                   | $      | 184,860 |   |   | $ | 167,500 |   |   | $ | 159,172 |   |
|    Revenue      bonds (includes current portion)                      |   | $                       | 16,250  |   |                   | $      | 16,258 |   |   | $ | 16,250 |   |   | $ | 16,183 |   |

----

----

|                                                                     |   | Fair      Value as of September 30, 2009 |   |
|--------------------------------------------------------------------------|--------|------------------------------------------|--------|
|                                                                     |   | Level      1                             |   |   | Level      2 |   |   | Level      3 |   |   | Total |   |
| Assets:                                                                  |   |                                     |   |   |   |   |   |   |   |   |   |   |
|      Millstone      decommissioning trust fund  |   | $                                        | 0      |   |   | $ | 4,890 |   |   | $ | 0 |   |   | $ | 4,890 |   |
|      Cash      equivalents                      |   |                                     | 7,680  |   |   |   | 0 |   |   |   | 0 |   |   |   | 7,680 |   |
|      Restricted      cash                       |   |                                     | 5,309  |   |   |   | 0 |   |   |   | 0 |   |   |   | 5,309 |   |
|      Power-related      derivatives - current   |   |                                     | 0      |   |   |   | 0 |   |   |   | 5,047 |   |   |   | 5,047 |   |
|      Total                                      |   | $                                        | 12,989 |   |   | $ | 4,890 |   |   | $ | 5,047 |   |   | $ | 22,926 |   |
|                                                                     |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities:                                                             |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Power-related      derivatives - long-term |   | $                                        | 0      |   |   | $ | 0 |   |   | $ | 1,637 |   |   | $ | 1,637 |   |
|      Total                                      |   | $                                        | 0      |   |   | $ | 0 |   |   | $ | 1,637 |   |   | $ | 1,637 |   |
|                                                                     |   | Fair      Value as of December 31, 2008  |   |
|                                                                     |   | Level      1                             |   |   | Level      2 |   |   | Level      3 |   |   | Total |   |
| Assets:                                                                  |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Millstone      decommissioning trust fund  |   | $                                        | 0      |   |   | $ | 4,203 |   |   | $ | 0 |   |   | $ | 4,203 |   |
|      Cash      equivalents                      |   |                                     | 5,028  |   |   |   | 0 |   |   |   | 0 |   |   |   | 5,028 |   |
|      Restricted      cash                       |   |                                     | 3,636  |   |   |   | 0 |   |   |   | 0 |   |   |   | 3,636 |   |
|      Power-related      derivatives - current   |   |                                     | 0      |   |   |   | 0 |   |   |   | 12,758 |   |   |   | 12,758 |   |
|      Power-related      derivatives - long term |   |                                     | 0      |   |   |   | 0 |   |   |   | 133 |   |   |   | 133 |   |
|      Total                                      |   | $                                        | 8,664  |   |   | $ | 4,203 |   |   | $ | 12,891 |   |   | $ | 25,758 |   |
|                                                                     |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities:                                                             |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Power-related      derivatives - current   |   | $                                        | 0      |   |   | $ | 0 |   |   | $ | 2 |   |   | $ | 2 |   |
|      Power-related      derivatives - long term |   |                                     | 0      |   |   |   | 0 |   |   |   | 4,069 |   |   |   | 4,069 |   |
|      Total                                      |   | $                                        | 0      |   |   | $ | 0 |   |   | $ | 4,071 |   |   | $ | 4,071 |   |

----

|                                                                                               |   | Three      months ended September 30 |   |   | Nine      months ended September 30 |   |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------------|--------|--------|-------------------------------------|--------|
|                                                                                               |   | 2009                                 |   |   | 2008                                |   |   | 2009 |   |   | 2008 |   |
| Power-related      Derivatives, net                                                                |   |                                 |   |   |                                |   |   |   |   |   |   |   |
| Balance      at beginning of period                                                                |   | $                                    | 3,659  |   |                                | $      | (13,905 | ) |   | $ | 8,820 |   |   | $ | (7,110 | ) |
|      Gains      and losses (realized and unrealized)                      |   |                                 |   |   |                                |   |   |   |   |   |   |   |   |   |   |   |
|        Included      in earnings                                |   |                                 | 4,511  |   |                                |   | (1,341 | ) |   |   | 18,110 |   |   |   | (7,384 | ) |
|        Included      in Regulatory and other assets/liabilities |   |                                 | (214   | )      |                                |   | 12,936 |   |   |   | (5,309 | ) |   |   | 6,088 |   |
|      Purchases,      sales, issuances and net settlements                 |   |                                 | (4,546 | )      |                                |   | 1,317 |   |   |   | (18,211 | ) |   |   | 7,413 |   |
| Balance      as of September 30                                                                    |   | $                                    | 3,410  |   |                                | $      | (993 | ) |   | $ | 3,410 |   |   | $ | (993 | ) |

----

|                                |   | September      30, 2009 |   |   | December      31, 2008 |   |
|-------------------------------------|--------|-------------------------|--------|--------|------------------------|--------|
|                                |   |                    |   |   |                   |   |   |   |   |   | Estimated |   |   |   |   |   |   |   |   |   |   |   | Estimated |   |
|                                |   | Amortized               |   |   | Unrealized             |   |   | Unrealized |   |   | Fair |   |   | Amortized |   |   | Unrealized |   |   | Unrealized |   |   | Fair |   |
| Security      Types                 |   | Cost                    |   |   | Gains                  |   |   | Losses |   |   | Value |   |   | Cost |   |   | Gains |   |   | Losses |   |   | Value |   |
| Equity      Securities              |   | $                       | 3,102  |   |                   | $      | 517 |   |   | $ | 0 |   |   | $ | 3,619 |   |   | $ | 2,406 |   |   | $ | 240 |   |   | $ | 0 |   |   | $ | 2,646 |   |
| Debt      Securities                |   |                    | 1,176  |   |                   |   | 72 |   |   |   | (5 | ) |   |   | 1,243 |   |   |   | 1,407 |   |   |   | 90 |   |   |   | 0 |   |   |   | 1,497 |   |
| Cash      and other                 |   |                    | 28     |   |                   |   | 0 |   |   |   | 0 |   |   |   | 28 |   |   |   | 60 |   |   |   | 0 |   |   |   | 0 |   |   |   | 60 |   |
|      Total |   | $                       | 4,306  |   |                   | $      | 589 |   |   | $ | (5 | ) |   | $ | 4,890 |   |   | $ | 3,873 |   |   | $ | 330 |   |   | $ | 0 |   |   | $ | 4,203 |   |

|                 |   | 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 |   | $                                                                | 34     |   |   | $ | 248 |   |   | $ | 266 |   |   | $ | 695 |   |   | $ | 1,243 |   |

|                                                                                                        |   | September      30, 2009 |    |   | December      31, 2008 |   |
|-------------------------------------------------------------------------------------------------------------|--------|-------------------------|---------|--------|------------------------|--------|
| First      Mortgage Bonds                                                                                   |   |                    |    |   |                   |   |
|    5.00%,      Series SS, due 2011                                                           |   | $                       | 20,000  |   |                   | $      | 20,000 |   |
|    5.72%,      Series TT, due 2019                                                           |   |                    | 55,000  |   |                   |   | 55,000 |   |
|    6.90%,      Series OO, due 2023                                                           |   |                    | 17,500  |   |                   |   | 17,500 |   |
|    6.83%,      Series UU, due 2028                                                           |   |                    | 60,000  |   |                   |   | 60,000 |   |
|    8.91%,      Series JJ, due 2031                                                           |   |                    | 15,000  |   |                   |   | 15,000 |   |
| Revenue      Bonds                                                                                          |   |                    |    |   |                   |   |   |   |
| New      Hampshire Industrial Development Authority Bonds (“NHIDA”)                             |   |                    |    |   |                   |   |   |   |
|    3.75%,      due 2009                                                                      |   |                    | 5,450   |   |                   |   | 5,450 |   |
| Vermont      Industrial Development Authority Bonds (“VIDA”)*                                   |   |                    |    |   |                   |   |   |   |
|    Variable,      due 2012 (1.5 % at September 30, 2009 and 0.85% at December 31,      2008) |   |                    | 5,800   |   |                   |   | 5,800 |   |
| Connecticut      Development Authority Bonds (“CDA”)*                                           |   |                    |    |   |                   |   |   |   |
|    Variable,      due 2012 (1.5 % at September 30, 2009 and 1% at December 31,      2008)    |   |                    | 5,000   |   |                   |   | 5,000 |   |
| Total      long-term debt and notes payable                                                                 |   |                    | 183,750 |   |                   |   | 183,750 |   |
| Less      current amount payable, due within one year                                                       |   |                    | (5,450  | )      |                   |   | (16,250 | ) |
| Total      long-term debt and notes payable less current portion                                            |   | $                       | 178,300 |   |                   | $      | 167,500 |   |

----

----

| Commodity                          | mWh      (000s) |
|------------------------------------|-----------------|
| Forward      Energy Sales          | 128.3           |
| Financial      Transmission Rights | 428.4           |
| Hydro-Quebec      Sellback #3      | 438.0           |

|                                                            |   | Three      months ended |   |   | Nine      months ended |   |
|-----------------------------------------------------------------|--------|-------------------------|--------|--------|------------------------|--------|
|                                                            |   | September      30       |   |   | September      30      |   |
|                                                            |   | 2009                    |   |   | 2008                   |   |   | 2009 |   |   | 2008 |   |
| Net      realized gains (losses) reported in operating revenues |   | $                       | 4,538  |   |                   | $      | (1,328 | ) |   | $ | 18,195 |   |   | $ | (7,386 | ) |
| Net      realized gains (losses) reported in purchased power    |   | $                       | (27    | )      |                   | $      | (13 | ) |   | $ | (85 | ) |   | $ | 2 |   |

| Pension Benefits                                   |   | Three      months ended September 30 |   |   | Nine      months ended September 30 |   |
|----------------------------------------------------|--------|--------------------------------------|--------|--------|-------------------------------------|--------|
|                                               |   | 2009                                 |   |   | 2008                                |   |   | 2009 |   |   | 2008 |   |
| Service      cost                                  |   | $                                    | 946    |   |                                | $      | 823 |   |   | $ | 2,838 |   |   | $ | 2,469 |   |
| Interest      cost                                 |   |                                 | 1,652  |   |                                |   | 1,523 |   |   |   | 4,956 |   |   |   | 4,569 |   |
| Expected      return on plan assets                |   |                                 | (2,077 | )      |                                |   | (1,831 | ) |   |   | (6,231 | ) |   |   | (5,493 | ) |
| Amortization      of prior service cost            |   |                                 | 86     |   |                                |   | 97 |   |   |   | 258 |   |   |   | 291 |   |
| Amortization      of transition (asset) obligation |   |                                 | 0      |   |                                |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Net      periodic benefit cost                     |   |                                 | 607    |   |                                |   | 612 |   |   |   | 1,821 |   |   |   | 1,836 |   |
| Less      amounts capitalized                      |   |                                 | 91     |   |                                |   | 121 |   |   |   | 231 |   |   |   | 309 |   |
| Net      benefit costs expensed                    |   | $                                    | 516    |   |                                | $      | 491 |   |   | $ | 1,590 |   |   | $ | 1,527 |   |

----

| Postretirement Benefits                            |   | Three      months ended September 30 |   |   | Nine      months ended September 30 |   |
|----------------------------------------------------|--------|--------------------------------------|--------|--------|-------------------------------------|--------|
|                                               |   | 2009                                 |   |   | 2008                                |   |   | 2009 |   |   | 2008 |   |
| Service      cost                                  |   | $                                    | 178    |   |                                | $      | 155 |   |   | $ | 534 |   |   | $ | 465 |   |
| Interest      cost                                 |   |                                 | 428    |   |                                |   | 403 |   |   |   | 1,284 |   |   |   | 1,209 |   |
| Expected      return on plan assets                |   |                                 | (196   | )      |                                |   | (267 | ) |   |   | (588 | ) |   |   | (801 | ) |
| Amortization      of prior service cost            |   |                                 | 70     |   |                                |   | 0 |   |   |   | 210 |   |   |   | 0 |   |
| Amortization      of net actuarial loss            |   |                                 | 379    |   |                                |   | 263 |   |   |   | 1,137 |   |   |   | 789 |   |
| Amortization      of transition (asset) obligation |   |                                 | 64     |   |                                |   | 64 |   |   |   | 192 |   |   |   | 192 |   |
| Net      periodic benefit cost                     |   |                                 | 923    |   |                                |   | 618 |   |   |   | 2,769 |   |   |   | 1,854 |   |
| Less      amounts capitalized                      |   |                                 | 139    |   |                                |   | 122 |   |   |   | 351 |   |   |   | 312 |   |
| Net      benefit costs expensed                    |   | $                                    | 784    |   |                                | $      | 496 |   |   | $ | 2,418 |   |   | $ | 1,542 |   |

----

----

----

----

|                                    |   |   |    |   |           |   |   | Reclassification      & |   |   |         |   |
|-----------------------------------------|--------|--------|---------|--------|----------------|--------|--------|-----------------------------|--------|--------|--------------|--------|
|                                    |   | CV-VT  |    |   | OtherCompanies |   |   | ConsolidatingEntries        |   |   | Consolidated |   |
| Three      Months Ended                 |   |   |    |   |           |   |   |                        |   |   |         |   |
| September 30, 2009                      |   |   |    |   |           |   |   |                        |   |   |         |   |
| Revenues      from external customers   |   | $      | 81,791  |   |           | $      | 446    |                        |   | $      | (446         | )      |   | $ | 81,791 |   |
| Net      income                         |   | $      | 5,948   |   |           | $      | 252    |                        |   | $      | 0            |   |   | $ | 6,200 |   |
| Total      assets at September 30, 2009 |   | $      | 620,071 |   |           | $      | 2,302  |                        |   | $      | (265         | )      |   | $ | 622,108 |   |
|                                    |   |   |    |   |           |   |   |                        |   |   |         |   |   |   |   |   |
| September 30, 2008                      |   |   |    |   |           |   |   |                        |   |   |         |   |   |   |   |   |
| Revenues      from external customers   |   | $      | 83,767  |   |           | $      | 448    |                        |   | $      | (448         | )      |   | $ | 83,767 |   |
| Net      income                         |   | $      | 6,417   |   |           | $      | 64     |                        |   | $      | 0            |   |   | $ | 6,481 |   |
| Total      assets at December 31, 2008  |   | $      | 624,341 |   |           | $      | 3,184  |                        |   | $      | (1,399       | )      |   | $ | 626,126 |   |
|                                    |   |   |    |   |           |   |   |                        |   |   |         |   |   |   |   |   |
| Nine      Months Ended                  |   |   |    |   |           |   |   |                        |   |   |         |   |   |   |   |   |
| September 30, 2009                      |   |   |    |   |           |   |   |                        |   |   |         |   |   |   |   |   |
| Revenues      from external customers   |   | $      | 255,145 |   |           | $      | 1,298  |                        |   | $      | (1,298       | )      |   | $ | 255,145 |   |
| Net      income                         |   | $      | 18,204  |   |           | $      | 365    |                        |   | $      | 0            |   |   | $ | 18,569 |   |
| Total      assets at September 30, 2009 |   | $      | 620,071 |   |           | $      | 2,302  |                        |   | $      | (265         | )      |   | $ | 622,108 |   |
|                                    |   |   |    |   |           |   |   |                        |   |   |         |   |   |   |   |   |
| September 30, 2008                      |   |   |    |   |           |   |   |                        |   |   |         |   |   |   |   |   |
| Revenues      from external customers   |   | $      | 259,478 |   |           | $      | 1,314  |                        |   | $      | (1,314       | )      |   | $ | 259,478 |   |
| Net      income                         |   | $      | 16,186  |   |           | $      | 204    |                        |   | $      | 0            |   |   | $ | 16,390 |   |
| Total      assets at December 31, 2008  |   | $      | 624,341 |   |           | $      | 3,184  |                        |   | $      | (1,399       | )      |   | $ | 626,126 |   |

----

----

| §  | the      actions of regulatory bodies with respect to allowed rates of return,      continued recovery of regulatory assets and application of alternative      regulation;                     |
|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| §  | liquidity      risks;                                                                                                                                                                           |
| §  | 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 for nuclear decommissioning, pension and      postretirement medical plans; |
| §  | changes      in the levels and timing of capital expenditures, including our      discretionary future investments in Transco;                                                                  |
| §  | the      performance of other parties, including Vermont utilities and Transco, in      joint projects;                                                                                         |
| §  | 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 unforeseenfactors.                                                                                                                                              |

----

----

----

----

----

----

|                                                                             |   | Third      Quarter |   |   | First      Nine Months |   |
|----------------------------------------------------------------------------------|--------|--------------------|--------|--------|------------------------|--------|
|                                                                             |   | 2009      vs. 2008 |   |   | 2009      vs. 2008     |   |
| 2008      Earnings per diluted share                                             |   | $                  | 0.61   |   |                   | $      | 1.55 |   |
|                                                                             |   |               |   |   |                   |   |   |   |
| Year-over-Year Effects on      Earnings:                                         |   |               |   |   |                   |   |   |   |
|   Lower      purchased power expense                                   |   |               | 0.13   |   |                   |   | 0.36 |   |
|   Higher      equity in earnings of affiliates                         |   |               | 0.03   |   |                   |   | 0.07 |   |
|   Lower      operating revenues                                        |   |               | (0.12  | )      |                   |   | (0.25 | ) |
|   Higher      transmission expense                                     |   |               | (0.15  | )      |                   |   | (0.18 | ) |
|   Common      stock issuance (Nov. 2008) - 1,190,000 additional shares |   |               | (0.06  | )      |                   |   | (0.18 | ) |
|   Higher      other operating expenses                                 |   |               | (0.07  | )      |                   |   | (0.04 | ) |
|   Other      (mostly variable life insurance)                          |   |               | 0.15   |   |                   |   | 0.24 |   |
| 2009      Earnings per diluted share                                             |   | $                  | 0.52   |   |                   | $      | 1.57 |   |

|                                            |   | Three      months ended September 30 |   |   | Nine      months ended September 30 |   |
|-------------------------------------------------|--------|--------------------------------------|--------|--------|-------------------------------------|--------|
|                                            |   | Revenues                             |   |   |                                |   |   |   |   |   | Revenues |   |   |   |   |   |   |   |
|                                            |   | (in      thousands)                  |   |   | mWh      Sales                      |   |   | (in      thousands) |   |   | mWh      Sales |   |
|                                            |   | 2009                                 |   |   | 2008                                |   |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
| Residential                                     |   | $                                    | 33,100 |   |                                | $      | 33,440 |   |   |   | 229,843 |   |   |   | 233,156 |   |   | $ | 102,802 |   |   | $ | 103,142 |   |   |   | 727,559 |   |   |   | 732,285 |   |
| Commercial                                      |   |                                 | 26,819 |   |                                |   | 28,301 |   |   |   | 212,925 |   |   |   | 227,650 |   |   |   | 77,359 |   |   |   | 81,151 |   |   |   | 615,554 |   |   |   | 654,148 |   |
| Industrial                                      |   |                                 | 7,668  |   |                                |   | 8,145 |   |   |   | 90,414 |   |   |   | 96,802 |   |   |   | 23,954 |   |   |   | 25,640 |   |   |   | 272,316 |   |   |   | 293,589 |   |
| Other                                           |   |                                 | 480    |   |                                |   | 476 |   |   |   | 1,624 |   |   |   | 1,602 |   |   |   | 1,417 |   |   |   | 1,408 |   |   |   | 4,800 |   |   |   | 4,751 |   |
|     Total      retail sales |   |                                 | 68,067 |   |                                |   | 70,362 |   |   |   | 534,806 |   |   |   | 559,210 |   |   |   | 205,532 |   |   |   | 211,341 |   |   |   | 1,620,229 |   |   |   | 1,684,773 |   |
| Resale      sales                               |   |                                 | 10,188 |   |                                |   | 10,751 |   |   |   | 190,754 |   |   |   | 167,990 |   |   |   | 41,252 |   |   |   | 40,430 |   |   |   | 639,188 |   |   |   | 603,782 |   |
| Provision      for rate refund                  |   |                                 | (27    | )      |                                |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | (1,128 | ) |   |   | (62 | ) |   |   | 0 |   |   |   | 0 |   |
| Other      operating revenues                   |   |                                 | 3,563  |   |                                |   | 2,654 |   |   |   | 0 |   |   |   | 0 |   |   |   | 9,489 |   |   |   | 7,769 |   |   |   | 0 |   |   |   | 0 |   |
| Total      operating revenues                   |   | $                                    | 81,791 |   |                                | $      | 83,767 |   |   |   | 725,560 |   |   |   | 727,200 |   |   | $ | 255,145 |   |   | $ | 259,478 |   |   |   | 2,259,417 |   |   |   | 2,288,555 |   |

|   | § |   | Retail      sales decreased $2.3 million in the third quarter and $5.8 million in the      first nine months.  Lower sales volume decreased revenue by $2.8      million in the third quarter and $7.3 million in the first nine months,      partly offset by higher average retail rates of $0.5 million in the third      quarter and $1.5 million in the first nine months.  Sales volume      decreased due to lower average usage by commercial and industrial      customers resulting from economic conditions. |
|--------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | § |   | Resale      sales decreased $0.6 million in the third quarter due to lower average      market price and increased $0.8 million in the first nine months as a      result of higher sales volume. Lower market rates offset some of the      positive volume impact.                                                                                                                                                                                                                                                                        |

----

|   | § |   | In      2009, the provision for rate refund is related to over-collections of $1.1      million in the first nine months of power, production and transmission      costs as defined by the power adjustment clause of our alternative      regulation plan.                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | § |   | Other      operating revenues increased $0.9 million in the third quarter and $1.7      million in the first nine months from sales of additional transmission      capacity from our share of Phase I/II transmission facility rights, an      increase in wholesale transmission rates and the sale of renewable energy      credits.  We began selling transmission capacity in April 2007,      and we have the ability to restrict the amount of capacity assigned to the      purchasers based on certain conditions.  Revenue from these      sales is estimated to be approximately $1.8 million annually in 2009 and      2010. |

|                                |   | Three      months ended Sept 30 |   |   | Nine      months ended Sept 30 |   |
|-------------------------------------|--------|---------------------------------|--------|--------|--------------------------------|--------|
|                                |   | Purchases                       |   |   |                           |   |   |   |   |   | Purchases |   |   |   |   |   |   |   |
|                                |   | (in      thousands)             |   |   | mWh      purchases             |   |   | (in      thousands) |   |   | mWh      purchases |   |
|                                |   | 2009                            |   |   | 2008                           |   |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
| VYNPC                               |   | $                               | 16,104 |   |                           | $      | 14,452 |   |   |   | 387,167 |   |   |   | 353,266 |   |   | $ | 47,546 |   |   | $ | 46,073 |   |   |   | 1,156,940 |   |   |   | 1,124,187 |   |
| Hydro-Quebec                        |   |                            | 15,657 |   |                           |   | 15,946 |   |   |   | 223,860 |   |   |   | 235,896 |   |   |   | 47,871 |   |   |   | 47,583 |   |   |   | 699,993 |   |   |   | 699,590 |   |
| Independent      Power Producers    |   |                            | 4,789  |   |                           |   | 5,320 |   |   |   | 47,142 |   |   |   | 44,211 |   |   |   | 16,461 |   |   |   | 20,361 |   |   |   | 149,981 |   |   |   | 155,443 |   |
| Subtotal      long-term contracts   |   |                            | 36,550 |   |                           |   | 35,718 |   |   |   | 658,169 |   |   |   | 633,373 |   |   |   | 111,878 |   |   |   | 114,017 |   |   |   | 2,006,914 |   |   |   | 1,979,220 |   |
| Other      purchases                |   |                            | 887    |   |                           |   | 4,131 |   |   |   | 9,677 |   |   |   | 30,003 |   |   |   | 5,079 |   |   |   | 8,867 |   |   |   | 37,119 |   |   |   | 69,101 |   |
| Loss      contingency amortizations |   |                            | (299   | )      |                           |   | (299 | ) |   |   | 0 |   |   |   | 0 |   |   |   | (897 | ) |   |   | (897 | ) |   |   | 0 |   |   |   | 0 |   |
| Nuclear      decommissioning        |   |                            | 330    |   |                           |   | 557 |   |   |   | 0 |   |   |   | 0 |   |   |   | 984 |   |   |   | 1,674 |   |   |   | 0 |   |   |   | 0 |   |
| Other                               |   |                            | 208    |   |                           |   | 24 |   |   |   | 0 |   |   |   | 0 |   |   |   | 847 |   |   |   | 658 |   |   |   | 0 |   |   |   | 0 |   |
| Total      purchased power          |   | $                               | 37,676 |   |                           | $      | 40,131 |   |   |   | 667,846 |   |   |   | 663,376 |   |   | $ | 117,891 |   |   | $ | 124,319 |   |   |   | 2,044,033 |   |   |   | 2,048,321 |   |

|   | § |   | Purchases      under long-term contracts increased $0.8 million in the third quarter,      primarily resulting from higher output from VYNPC, partially offset by      lower capacity costs.  The decrease of $2.1 million in the first      nine months was largely due to the November 2008 expiration of one of our      Independent Power Producer (“IPP”) contracts, resulting in fewer required      IPP purchases at lower prices and lower capacity costs from      VYNPC.  These decreases were partially offset by higher output      from VYNPC and increased deliveries from Hydro-Quebec. |
|--------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | § |   | Other      purchases decreased $3.2 million in the third quarter and $3.8 million in      the first nine months resulting from lower average  prices.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | § |   | Nuclear      decommissioning costs decreased $0.2 million in the third quarter and $0.7      million in the first nine months.   These costs are based      on FERC-approved tariffs that allow Maine Yankee, Connecticut Yankee and      Yankee Atomic to recover costs from sponsors and are based on our      ownership interest.                                                                                                                                                                                                                                                                                    |
|   | § |   | Amortizations      and deferrals increased $0.2 million the third quarter and first nine      months.  These amortizations and deferrals are based on      PSB-approved regulatory accounting, and include net accounting deferrals      and amortizations for incremental energy costs related to Millstone Unit      #3 scheduled refueling outages and deferrals for our share of nuclear      insurance refunds received byVYNPC.                                                                                                                                                                                        |

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|                                                                         |   | Forward   |    |   | Forward   |   |   |             |   |   |   |   |
|------------------------------------------------------------------------------|--------|-----------|---------|--------|-----------|--------|--------|------------------|--------|--------|--------|--------|
|                                                                         |   | Sales     |    |   | Purchase  |   |   | Hydro-Quebec     |   |   |   |   |
|                                                                         |   | Contracts |    |   | Contracts |   |   | Sellback      #3 |   |   | Total  |   |
| Total      fair value at December 31, 2008 - unrealized gain (loss),    net  |   | $         | 12,753  |   |      | $      | 136    |             |   | $      | (4,069 | )      |   | $ | 8,820 |   |
| Plus      new contracts entered into during the period                       |   |      | 0       |   |      |   | 37     |             |   |   | 0      |   |   |   | 37 |   |
| Less      amounts settled during the period                                  |   |      | (18,195 | )      |      |   | (53    | )                |   |   | 0      |   |   |   | (18,248 | ) |
| Change      in fair value during the period                                  |   |      | 10,455  |   |      |   | (86    | )                |   |   | 2,432  |   |   |   | 12,801 |   |
| Total      fair value at September 30, 2009 - unrealized gain (loss),    net |   | $         | 5,013   |   |      | $      | 34     |             |   | $      | (1,637 | )      |   | $ | 3,410 |   |

|    10      percent increase |   | $ | 4,471 |   |   | $ | 37 |   |   | $ | 4 |   |   | $ | 4,512 |   |
|--------------------------------------------|--------|---|-------|--------|--------|---|----|--------|--------|---|---|--------|--------|---|-------|--------|
|    10      percent decrease |   | $ | 5,556 |   |   | $ | 30 |   |   | $ | 1 |   |   | $ | 5,587 |   |

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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      or results of operations.  |
| Item      1A.                          | Risk      Factors. In      addition to the other information set forth in this report and discussed      below, 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, 2008, which could materially affect our business, financial      condition or future results.   |
| Item      5.                           | Other      Information. On      November 2, 2009 we announced the appointment of two independent directors      to our Board of Directors.  John M. Goodrich (59) was appointed to      the Board of Directors, effective November 3, 2009 and Elisabeth B. Robert      (54) was appointed as an Advisory Director, effective November 3,      2009. Goodrich      is vice president of power - Americas at Weidmann Electrical Technology      Inc.  His company makes electrical insulation for transformer      manufacturers and users. Prior to his current position Goodrich served as      vice president of operations and site manager for Weidmann’s operations in      St. Johnsbury, Vermont, from 2004 to 2007.  He also worked abroad      starting an operation in Mexico and participating on a team for a major      process installation in China.  He has additional work experiences in      Brazil and Switzerland.  Goodrich earned a bachelor's degree in civil      engineering from the University of New Hampshire and a master's degree in      business administration from the University of Colorado. Robert      is chief      executive officer of Terry Precision Cycling, a women's bicycle      manufacturing and direct marketing company.  Prior to her current      position she served as president, chief executive officer, chief financial      officer and treasurer of The Vermont Teddy Bear Company from October 1997      to September 2008.  Robert currently serves on the Board of Trustees      of Middlebury College, the Board of the ECHO Leahy Science Center for Lake      Champlain as well as the Vermont Ballet Theater, and is a member of the      Board of Advisors for the UVM School of Business Administration.       Robert earned a bachelor's degree in French from Middlebury College and a      master's degree in business administration from the University of      Vermont. Under      Central Vermont’s By-laws, the company is required to equalize the number      of directors in each of its three classes when possible.       Accordingly, the company is taking this opportunity to rebalance the      number of directors in each class.  The rebalancing will occur in two      steps:  filling a vacancy in the class of 2010 and adding a member to      the class of 2011.  The Board of Directors appointed Goodrich to fill      an exiting director’s term that expires in 2010.  Robert will serve      as advisory director in anticipation of her nomination and election to      serve as director at the May 4, 2010 Annual Meeting of Stockholders in a      class whose term will expire 2011. The      Board is also restructuring the board committee assignments to align with      the current needs of the Company.  Effective November 3, 2009 the      board has reassigned Janice L. Scites and William R. Sayre from the Audit      Committee to the Compensation Committee, thereby filling two vacant      positions in the Compensation Committee.  Also effective November 3,      2009, Goodrich and Robert will join the Audit Committee, although Robert      will not be a voting member until her election to the board in      May.  |
| 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.  |   |

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|   | 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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