----

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

| (Mark      One) |                                                                                                                                                                                                                                                                                               |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| x               | QUARTERLY      REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIESEXCHANGE      ACT OF 1934For      the quarterly period ended   March 31,      2008                                                                                                                 |
| 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 802-773-2711                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                                                                          (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 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 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 April 30, 2008      there were outstanding 10,332,183 shares of Common Stock, $6 Par      Value.                                                                                                                                                                                                                                                                                                                                                                |

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| CENTRAL      VERMONT PUBLIC SERVICE CORPORATION      |
|------------------------------------------------------|
| Form      10-Q for Period Ended March 31, 2008       |
|                                                 |
| 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 | 20 |
|                                                 |   |   |   |   |   |
|                                                 | Item 3. | Quantitative and Qualitative Disclosures about Market      Risk | 27 |
|                                                 |   |   |   |   |   |
|                                                 | Item 4. | Controls and Procedures | 27 |
|                                                 |   |   |   |   |   |
| PART II.   Other      Information:    |   |
|                                                 |   |   |   |   |   |
|                                                 | Item 1. | Legal Proceedings | 28 |
|                                                 |   |   |   |   |   |
|                                                 | Item 1A. | Risk Factors |   | 28 |
|                                                 |   |   |   |   |   |
|                                                 | Item 5. | Other Information | 28 |
|                                                 |   |   |   |   |   |
|                                                 | Item 6. | Exhibits |   | 29 |
|                                                 |   |   |   |   |
| SIGNATURE                                            |   |   | 30 |

----

PART I. FINANCIAL 

Item1.  Fin

| CENTRAL      VERMONT PUBLIC SERVICE CORPORATION           |   |
|-----------------------------------------------------------|--------|
| CONDENSED CONSOLIDATED STATEMENTS OF      INCOME          |   |
| (dollars      in thousands, except per share data)        |   |
| (unaudited)                                               |   |
|                                                      |   |   |   |   |   |   |
|                                                      |   | Three      months ended March 31 |   |
|                                                      |   | 2008 |   |   | 2007 |   |
| Operating      Revenues                                   |   | $ | 91,224 |   |   | $ | 86,696 |   |
|                                                      |   |   |   |   |   |   |   |   |
| Operating      Expenses                                   |   |   |   |   |   |   |   |   |
| Purchased      Power - affiliates                         |   |   | 16,468 |   |   |   | 16,138 |   |
| Purchased      Power                                      |   |   | 26,438 |   |   |   | 26,122 |   |
| Production                                                |   |   | 3,342 |   |   |   | 3,139 |   |
| Transmission      - affiliates                            |   |   | 3,389 |   |   |   | 1,497 |   |
| Transmission      - other                                 |   |   | 4,474 |   |   |   | 4,187 |   |
| Other      operation                                      |   |   | 14,745 |   |   |   | 13,788 |   |
| Maintenance                                               |   |   | 6,169 |   |   |   | 5,457 |   |
| Depreciation                                              |   |   | 3,869 |   |   |   | 3,739 |   |
| Taxes      other than income                              |   |   | 4,039 |   |   |   | 3,728 |   |
| Income      tax expense                                   |   |   | 1,859 |   |   |   | 2,838 |   |
| Total      Operating Expenses                             |   |   | 84,792 |   |   |   | 80,633 |   |
|                                                      |   |   |   |   |   |   |   |   |
| Utility      Operating Income                             |   |   | 6,432 |   |   |   | 6,063 |   |
|                                                      |   |   |   |   |   |   |   |   |
| Other      Income                                         |   |   |   |   |   |   |   |   |
| Equity      in earnings of affiliates                     |   |   | 4,185 |   |   |   | 1,702 |   |
| Allowance      for equity funds during construction       |   |   | 17 |   |   |   | 17 |   |
| Other      income                                         |   |   | 767 |   |   |   | 1,067 |   |
| Other      deductions                                     |   |   | (1,308 | ) |   |   | (593 | ) |
| Income      tax expense                                   |   |   | (1,425 | ) |   |   | (526 | ) |
| Total      Other Income                                   |   |   | 2,236 |   |   |   | 1,667 |   |
|                                                      |   |   |   |   |   |   |   |   |
| Interest      Expense                                     |   |   |   |   |   |   |   |   |
| Interest      on long-term debt                           |   |   | 1,937 |   |   |   | 1,799 |   |
| Other      interest                                       |   |   | 831 |   |   |   | 230 |   |
| Allowance      for borrowed funds during construction     |   |   | (8 | ) |   |   | (5 | ) |
| Total      Interest Expense                               |   |   | 2,760 |   |   |   | 2,024 |   |
|                                                      |   |   |   |   |   |   |   |   |
| Net      Income                                           |   |   | 5,908 |   |   |   | 5,706 |   |
| Dividends      declared on preferred stock                |   |   | 92 |   |   |   | 92 |   |
| Earnings      available for common stock                  |   | $ | 5,816 |   |   | $ | 5,614 |   |
|                                                      |   |   |   |   |   |   |   |   |
| Per      Common Share Data:                               |   |   |   |   |   |   |   |   |
| Basic      earnings per share                             |   | $ | 0.57 |   |   | $ | 0.55 |   |
| Diluted      earnings per share                           |   | $ | 0.56 |   |   | $ | 0.55 |   |
|                                                      |   |   |   |   |   |   |   |   |
| Average      shares of common stock outstanding - basic   |   |   | 10,275,505 |   |   |   | 10,135,481 |   |
| Average      shares of common stock outstanding - diluted |   |   | 10,377,034 |   |   |   | 10,240,602 |   |
|                                                      |   |   |   |   |   |   |   |   |
| Dividends      declared per share of common stock         |   | $ | 0.46 |   |   | $ | 0.46 |   |

----

| CENTRAL      VERMONT PUBLIC SERVICE CORPORATION                                                           |   |
|-----------------------------------------------------------------------------------------------------------|--------|
| CONDENSED      CONSOLIDATED STATEMENTS OF COMPREHENSIVE      INCOME                                       |   |
| (dollars      in thousands)                                                                               |   |
| (unaudited)                                                                                               |   |
|                                                                                                      |   | Three      months ended March 31 |   |
|                                                                                                      |   | 2008 |   |   | 2007 |   |
|                                                                                                      |   |   |   |   |   |   |
| Net      Income                                                                                           |   | $ | 5,908 |   |   | $ | 5,706 |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
| Other comprehensive income, net      of tax:                                                              |   |   |   |   |   |   |   |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
| Defined      benefit pension and postretirement medical plans:                                            |   |   |   |   |   |   |   |   |
|   Portion      reclassified through amortizations, included in benefit    costs                 |   |   |   |   |   |   |   |   |
|       and      recognized in net income:                                    |   |   |   |   |   |   |   |   |
|         Actuarial      losses, net of income taxes of $0 and $3   |   |   | 1 |   |   |   | 5 |   |
|         Prior      service cost, net of income taxes of $3 and $2 |   |   | 2 |   |   |   | 3 |   |
|                                                                                                      |   |   | 3 |   |   |   | 8 |   |
|   Portion      reclassified due to adoption of SFAS 158 measurement                             |   |   |   |   |   |   |   |   |
|       provision,      included in retained earnings:                        |   |   |   |   |   |   |   |   |
|         Prior      service cost, net of income taxes of $2 and $0 |   |   | 4 |   |   |   | - |   |
|                                                                                                      |   |   | 4 |   |   |   | - |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
| Comprehensive      income adjustments                                                                     |   |   | 7 |   |   |   | 8 |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
| Total      comprehensive income                                                                           |   | $ | 5,915 |   |   | $ | 5,714 |   |

----

| CENTRAL      VERMONT PUBLIC SERVICE CORPORATION                                                   |   |
|---------------------------------------------------------------------------------------------------|--------|
| CONDENSED      CONSOLIDATED BALANCE      SHEETS                                                   |   |
| (dollars      in thousands, except share data)                                                    |   |
| (unaudited)                                                                                       |   |
|                                                                                              |   |   |   |   |   |   |
|                                                                                              |   | March      31, 2008 |   |   | December      31, 2007 |   |
| ASSETS                                                                                            |   |   |   |   |   |   |
| Utility      plant                                                                                |   |   |   |   |   |   |
|   Utility      plant, at original cost                                                  |   | $ | 540,850 |   |   | $ | 538,229 |   |
|   Less      accumulated depreciation                                                    |   |   | 238,236 |   |   |   | 235,465 |   |
|   Utility      plant, at original cost, net of accumulated depreciation                 |   |   | 302,614 |   |   |   | 302,764 |   |
|   Property      under capital leases, net                                               |   |   | 6,564 |   |   |   | 6,788 |   |
|   Construction      work-in-progress                                                    |   |   | 12,587 |   |   |   | 9,611 |   |
|   Nuclear      fuel, net                                                                |   |   | 1,063 |   |   |   | 1,105 |   |
| Total      utility plant, net                                                                     |   |   | 322,828 |   |   |   | 320,268 |   |
|                                                                                              |   |   |   |   |   |   |   |   |
| Investments      and other assets                                                                 |   |   |   |   |   |   |   |   |
|   Investments      in affiliates                                                        |   |   | 96,427 |   |   |   | 93,452 |   |
|   Non-utility      property, less accumulated depreciation                              |   |   |   |   |   |   |   |   |
|       ($3,683      in 2008 and $3,681 in 2007)                      |   |   | 1,635 |   |   |   | 1,646 |   |
|   Millstone      decommissioning trust fund                                             |   |   | 5,299 |   |   |   | 5,645 |   |
|   Other                                                                                 |   |   | 6,884 |   |   |   | 7,504 |   |
| Total      investments and other assets                                                           |   |   | 110,245 |   |   |   | 108,247 |   |
|                                                                                              |   |   |   |   |   |   |   |   |
| Current      assets                                                                               |   |   |   |   |   |   |   |   |
|   Cash      and cash equivalents                                                        |   |   | 6,365 |   |   |   | 3,803 |   |
|   Restricted      cash                                                                  |   |   | - |   |   |   | 62 |   |
|   Special      deposits                                                                 |   |   | - |   |   |   | 1,000 |   |
|   Accounts      receivable, less allowance for uncollectible accounts                   |   |   |   |   |   |   |   |   |
|       ($2,032      in 2008 and $1,751 in 2007)                      |   |   | 26,898 |   |   |   | 24,086 |   |
|   Accounts      receivable - affiliates, less allowance for uncollectible      accounts |   |   |   |   |   |   |   |   |
|       ($48      in 2008  and $48 in 2007)                 |   |   | 63 |   |   |   | 254 |   |
|   Unbilled      revenues                                                                |   |   | 15,566 |   |   |   | 17,665 |   |
|   Materials      and supplies, at average cost                                          |   |   | 5,330 |   |   |   | 5,461 |   |
|   Prepayments                                                                           |   |   | 5,488 |   |   |   | 8,942 |   |
|   Deferred      income taxes                                                            |   |   | 5,887 |   |   |   | 3,638 |   |
|   Power-related      derivatives                                                        |   |   | 934 |   |   |   | 707 |   |
|   Other      current assets                                                             |   |   | 1,160 |   |   |   | 1,081 |   |
|   Total current      assets                                                             |   |   | 67,691 |   |   |   | 66,699 |   |
|                                                                                              |   |   |   |   |   |   |   |   |
| Deferred      charges and other assets                                                            |   |   |   |   |   |   |   |   |
|   Regulatory      assets                                                                |   |   | 32,175 |   |   |   | 31,988 |   |
|   Other      deferred charges - regulatory                                              |   |   | 13,074 |   |   |   | 8,988 |   |
|   Other      deferred charges and other assets                                          |   |   | 3,909 |   |   |   | 4,124 |   |
| Total      deferred charges and other assets                                                      |   |   | 49,158 |   |   |   | 45,100 |   |
|                                                                                              |   |   |   |   |   |   |   |   |
| TOTAL      ASSETS                                                                                 |   | $ | 549,922 |   |   | $ | 540,314 |   |

----

| CENTRAL      VERMONT PUBLIC SERVICE CORPORATION                                                                  |   |
|------------------------------------------------------------------------------------------------------------------|--------|
| CONDENSED      CONSOLIDATED BALANCE SHEETS                                                                       |   |
| (dollars      in thousands, except share data)                                                                   |   |
| (unaudited)                                                                                                      |   |
|                                                                                                             |   |   |   |   |   |   |
|                                                                                                             |   | March      31, 2008 |   |   | December      31, 2007 |   |
| CAPITALIZATION      AND LIABILITIES                                                                              |   |   |   |   |   |   |
| Capitalization                                                                                                   |   |   |   |   |   |   |
|   Common      stock, $6 par value, 19,000,000 shares authorized,    12,547,776                         |   |   |   |   |   |   |
|        issued      and 10,329,013 outstanding at March 31, 2008 and12,474,687 |   |   |   |   |   |   |
|        issued      and 10,244,559 outstanding at December 31, 2007            |   | $ | 75,287 |   |   | $ | 74,848 |   |
|   Other      paid-in capital                                                                           |   |   | 57,086 |   |   |   | 56,324 |   |
|   Accumulated      other comprehensive loss                                                            |   |   | (371 | ) |   |   | (378 | ) |
|   Treasury      stock, at cost, 2,218,763 shares at March 31, 2008 and                                 |   |   |   |   |   |   |   |   |
|       2,230,128      shares at December 31, 2007                                   |   |   | (50,476 | ) |   |   | (50,734 | ) |
|   Retained      earnings                                                                               |   |   | 109,787 |   |   |   | 108,747 |   |
| Total      common stock equity                                                                                   |   |   | 191,313 |   |   |   | 188,807 |   |
|   Preferred      and preference stock not subject to mandatory redemption                              |   |   | 8,054 |   |   |   | 8,054 |   |
|   Preferred      stock subject to mandatory redemption                                                 |   |   | 1,000 |   |   |   | 2,000 |   |
|   Long-term      debt                                                                                  |   |   | 112,950 |   |   |   | 112,950 |   |
|   Capital      lease obligations                                                                       |   |   | 5,665 |   |   |   | 5,889 |   |
| Total      capitalization                                                                                        |   |   | 318,982 |   |   |   | 317,700 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
| Current      liabilities                                                                                         |   |   |   |   |   |   |   |   |
|   Current      portion of preferred stock subject to mandatory redemption                              |   |   | 1,000 |   |   |   | 1,000 |   |
|   Current      portion of long-term debt                                                               |   |   | 3,000 |   |   |   | 3,000 |   |
|   Accounts      payable                                                                                |   |   | 5,087 |   |   |   | 6,253 |   |
|   Accounts      payable - affiliates                                                                   |   |   | 11,473 |   |   |   | 13,205 |   |
|   Notes      payable                                                                                   |   |   | 63,800 |   |   |   | 63,800 |   |
|   Dividends      payable                                                                               |   |   | 2,363 |   |   |   | - |   |
|   Nuclear      decommissioning costs                                                                   |   |   | 2,150 |   |   |   | 2,309 |   |
|   Power-related      derivatives                                                                       |   |   | 7,159 |   |   |   | 3,225 |   |
|   Other      current liabilities                                                                       |   |   | 22,339 |   |   |   | 20,761 |   |
| Total      current liabilities                                                                                   |   |   | 118,371 |   |   |   | 113,553 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
| Deferred      credits and other liabilities                                                                      |   |   |   |   |   |   |   |   |
|   Deferred      income taxes                                                                           |   |   | 35,873 |   |   |   | 33,666 |   |
|   Deferred      investment tax credits                                                                 |   |   | 3,246 |   |   |   | 3,341 |   |
|   Nuclear      decommissioning costs                                                                   |   |   | 9,172 |   |   |   | 9,580 |   |
|   Asset      retirement obligations                                                                    |   |   | 3,248 |   |   |   | 3,200 |   |
|   Accrued      pension and benefit obligations                                                         |   |   | 21,699 |   |   |   | 19,874 |   |
|   Power-related      derivatives                                                                       |   |   | 5,201 |   |   |   | 4,592 |   |
|   Other      deferred credits - regulatory                                                             |   |   | 9,771 |   |   |   | 9,395 |   |
|   Other      deferred credits and other liabilities                                                    |   |   | 24,359 |   |   |   | 25,413 |   |
| Total      deferred credits and other liabilities                                                                |   |   | 112,569 |   |   |   | 109,061 |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
| Commitments      and contingencies                                                                               |   |   |   |   |   |   |   |   |
|                                                                                                             |   |   |   |   |   |   |   |   |
| TOTAL      CAPITALIZATION AND LIABILITIES                                                                        |   | $ | 549,922 |   |   | $ | 540,314 |   |

----

| CENTRAL VERMONT PUBLIC SERVICE      CORPORATION                                            |   |
|--------------------------------------------------------------------------------------------|--------|
| CONDENSED      CONSOLIDATED STATEMENTS OF CASH      FLOWS                                  |   |
| (dollars      in thousands)                                                                |   |
| (unaudited)                                                                                |   |
|                                                                                       |   | Three      months ended March 31 |   |
|                                                                                       |   | 2008 |   |   | 2007 |   |
| Cash      flows provided (used) by:                                                        |   |   |   |   |   |   |
| OPERATING      ACTIVITIES                                                                  |   |   |   |   |   |   |
| Net      income                                                                            |   | $ | 5,908 |   |   | $ | 5,706 |   |
| Adjustments      to reconcile net income to net                                            |   |   |   |   |   |   |   |   |
|       cash      provided by operating activities:            |   |   |   |   |   |   |   |   |
| Equity      in earnings of affiliates                                                      |   |   | (4,185 | ) |   |   | (1,702 | ) |
| Distributions      received from affiliates                                                |   |   | 1,330 |   |   |   | 1,353 |   |
| Depreciation                                                                               |   |   | 3,869 |   |   |   | 3,739 |   |
| Deferred      income taxes and investment tax credits                                      |   |   | (200 | ) |   |   | (350 | ) |
| Non-cash      employee benefit plan costs                                                  |   |   | 1,445 |   |   |   | 1,811 |   |
| Regulatory      and other amortization, net                                                |   |   | 149 |   |   |   | (11 | ) |
| Other      non-cash expense, net                                                           |   |   | 1,368 |   |   |   | 896 |   |
| Changes      in assets and liabilities:                                                    |   |   |   |   |   |   |   |   |
| (Increase)      decrease in accounts receivable and unbilled revenues                      |   |   | (1,350 | ) |   |   | 1,426 |   |
| Decrease      in accounts payable                                                          |   |   | (2,052 | ) |   |   | (2,149 | ) |
| Increase      in accrued income taxes                                                      |   |   | 3,098 |   |   |   | 3,709 |   |
| Decrease      in other current assets                                                      |   |   | 702 |   |   |   | 550 |   |
| Decrease      (increase) in special deposits and restricted cash for power      collateral |   |   | 62 |   |   |   | (1,937 | ) |
| Employee      benefit plan funding                                                         |   |   | (586 | ) |   |   | (618 | ) |
| Increase      in other current liabilities                                                 |   |   | 1,848 |   |   |   | 858 |   |
| Other      non-current assets and liabilities and other                                    |   |   | (184 | ) |   |   | (121 | ) |
| Net      cash provided by operating activities                                             |   |   | 11,222 |   |   |   | 13,160 |   |
|                                                                                       |   |   |   |   |   |   |   |   |
| INVESTING      ACTIVITIES                                                                  |   |   |   |   |   |   |   |   |
| Construction      and plant expenditures                                                   |   |   | (7,267 | ) |   |   | (5,032 | ) |
| Investments      in available-for-sale securities                                          |   |   | (202 | ) |   |   | (519 | ) |
| Proceeds      from sale of available-for-sale securities                                   |   |   | 135 |   |   |   | 477 |   |
| Return      of capital from investments in affiliates                                      |   |   | 96 |   |   |   | 108 |   |
| Other      investments and capital expenditures                                            |   |   | (44 | ) |   |   | (200 | ) |
| Net      cash used for investing activities                                                |   |   | (7,282 | ) |   |   | (5,166 | ) |
|                                                                                       |   |   |   |   |   |   |   |   |
| FINANCING      ACTIVITIES                                                                  |   |   |   |   |   |   |   |   |
| Proceeds      from issuance of common stock                                                |   |   | 1,180 |   |   |   | 629 |   |
| Common      and preferred dividends paid                                                   |   |   | (2,453 | ) |   |   | (2,423 | ) |
| Proceeds      from borrowings under revolving credit facility                              |   |   | 9,300 |   |   |   | 3,500 |   |
| Repayments      under revolving credit facility                                            |   |   | (9,300 | ) |   |   | (3,500 | ) |
| 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 |   |
| Reduction      in capital lease obligations and other                                      |   |   | (105 | ) |   |   | (217 | ) |
| Net      cash used for financing activities                                                |   |   | (1,378 | ) |   |   | (2,011 | ) |
|                                                                                       |   |   |   |   |   |   |   |   |
| Net      increase in cash and cash equivalents                                             |   |   | 2,562 |   |   |   | 5,983 |   |
| Cash      and cash equivalents at beginning of the period                                  |   |   | 3,803 |   |   |   | 2,799 |   |
| Cash      and cash equivalents at end of the period                                        |   | $ | 6,365 |   |   | $ | 8,782 |   |

----

| 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 |   |   | Capital |   |   | Loss |   |   | Share |   |   | Amount |   |   | Earnings |   |   | Total |   |
| Balance,      December 31, 2007                                                                              |   |   | 12,474,687 |   |   | $ | 74,848 |   |   | $ | 56,324 |   |   | $ | (378 | ) |   |   | 2,230,128 |   |   | $ | (50,734 | ) |   | $ | 108,747 |   |   | $ | 188,807 |   |
| Adjust      to initially apply   SFAS      158 measure             provision, net of tax |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 4 |   |   |   |   |   |   |   |   |   |   |   | (49 | ) |   |   | (45 | ) |
| Net      income                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 5,908 |   |   |   | 5,908 |   |
| Other      comprehensive income                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 3 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 3 |   |
| Dividend      reinvestment plan                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (11,365 | ) |   |   | 258 |   |   |   |   |   |   |   | 258 |   |
| Stock      options exercised                                                                                 |   |   | 58,000 |   |   |   | 348 |   |   |   | 772 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1,120 |   |
| Share-based      compensation                                                                                |   |   | 15,089 |   |   |   | 91 |   |   |   | (59 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 32 |   |
| Dividends      declared on        common and preferred       stock                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (4,816 | ) |   |   | (4,816 | ) |
| Amortization      of preferred        stock issuance      expense                                  |   |   |   |   |   |   |   |   |   |   | 4 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 4 |   |
| Gain      on issuance of        treasury stock                                                          |   |   |   |   |   |   |   |   |   |   | 42 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 42 |   |
| Loss      on reacquisition        of capital stock                                                 |   |   |   |   |   |   |   |   |   |   | 3 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (3 | ) |   |   | - |   |
| Balance,      March 31, 2008                                                                                 |   |   | 12,547,776 |   |   | $ | 75,287 |   |   | $ | 57,086 |   |   | $ | (371 | ) |   |   | 2,218,763 |   |   | $ | (50,476 | ) |   | $ | 109,787 |   |   | $ | 191,313 |   |

----

NOTES TO CONDENSED CONSOLIDATED FINANCIALSTATEMENTS

----

----

|                                                             |   | 2008   |       |   | 2007   |   |
|------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Numerator for basic      and diluted EPS:                        |   |   |       |   |   |   |
| Net      income                                                  |   | $      | 5,908      |   |   | $      | 5,706 |   |
| Dividends      declared on preferred stock                       |   |   | (92        | )      |   |   | (92 | ) |
| Net      income available for common stock                       |   | $      | 5,816      |   |   | $      | 5,614 |   |
|                                                             |   |   |       |   |   |   |   |   |
| Denominators for basic      and diluted EPS:                     |   |   |       |   |   |   |   |   |
| Weighted-average      basic shares of common stock outstanding   |   |   | 10,275,505 |   |   |   | 10,135,481 |   |
|    Dilutive      effect of stock options          |   |   | 90,916     |   |   |   | 102,920 |   |
|    Dilutive      effect of performance shares     |   |   | 10,613     |   |   |   | 2,201 |   |
| Weighted-average      diluted shares of common stock outstanding |   |   | 10,377,034 |   |   |   | 10,240,602 |   |

|                                |   | 2008   |   |   | 2007   |   |
|-------------------------------------|--------|--------|--------|--------|--------|--------|
| Operating      revenues             |   | $      | 17,747 |   |   | $      | 12,664 |   |
| Operating      income               |   | $      | 9,058  |   |   | $      | 5,540 |   |
| Net      income                     |   | $      | 8,767  |   |   | $      | 3,507 |   |
|                                |   |   |   |   |   |   |   |   |
| Company's      ownership interest   |   |   | 39.79  | %      |   |   | 29.86 | % |
| Company's      equity in net income |   | $      | 3,732  |   |   | $      | 1,161 |   |

----

|                                                     |   | 2008   |   |   | 2007   |   |
|----------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Operating      revenues                                  |   | $      | 17,874 |   |   | $      | 12,787 |   |
| Operating      income                                    |   | $      | 8,609  |   |   | $      | 5,088 |   |
|                                                     |   |   |   |   |   |   |   |   |
| Net      income before non-controlling interest          |   | $      | 8,339  |   |   | $      | 3,174 |   |
| Less      members non-controlling interest in net income |   |   | 7,628  |   |   |   | 2,365 |   |
| Net      income                                          |   | $      | 711    |   |   | $      | 809 |   |
|                                                     |   |   |   |   |   |   |   |   |
| Company's      common stock ownership interest           |   |   | 47.05  | %      |   |   | 47.05 | % |
| Company's      equity in net income                      |   | $      | 372    |   |   | $      | 397 |   |

|                                           |   | 2008   |   |   | 2007   |   |
|------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Operating      revenues                        |   | $      | 45,654 |   |   | $      | 44,372 |   |
| Operating      income                          |   | $      | 139    |   |   | $      | 827 |   |
| Net      income                                |   | $      | 124    |   |   | $      | 225 |   |
|                                           |   |   |   |   |   |   |   |   |
| Company's      common stock ownership interest |   |   | 58.85  | %      |   |   | 58.85 | % |
| Company's      equity in net income            |   | $      | 73     |   |   | $      | 133 |   |

----

----

|                                                         |   | March      31, 2008 |   |   | December      31, 2007 |   |
|--------------------------------------------------------------|--------|---------------------|--------|--------|------------------------|--------|
| Regulatory      assets                                       |   |                |   |   |                   |   |
| Pension      and postretirement medical costs - SFAS No. 158 |   | $                   | 15,278 |   |                   | $      | 14,673 |   |
| Nuclear      plant dismantling costs                         |   |                | 11,322 |   |                   |   | 11,889 |   |
| Nuclear      refueling outage costs - Millstone              |   |                | 547    |   |                   |   | 820 |   |
| Income      taxes                                            |   |                | 3,812  |   |                   |   | 3,757 |   |
| Asset      retirement obligations                            |   |                | 570    |   |                   |   | 575 |   |
| Other                                                        |   |                | 646    |   |                   |   | 274 |   |
| Total      Regulatory assets                                 |   |                | 32,175 |   |                   |   | 31,988 |   |
| Other deferred charges      - regulatory                     |   |                |   |   |                   |   |   |   |
| Vermont      Yankee sale costs (tax)                         |   |                | 673    |   |                   |   | 673 |   |
| Unrealized      loss on power contract derivatives           |   |                | 12,360 |   |                   |   | 7,817 |   |
| Tree      trimming and pole treating                         |   |                | 41     |   |                   |   | 498 |   |
| Total      Other deferred charges - regulatory               |   |                | 13,074 |   |                   |   | 8,988 |   |
| Other      deferred credits - regulatory                     |   |                |   |   |                   |   |   |   |
| Vermont      utility overearnings 2001 - 2003                |   |                | 534    |   |                   |   | 961 |   |
| Asset      retirement obligation - Millstone Unit #3         |   |                | 2,702  |   |                   |   | 3,085 |   |
| Vermont      Yankee IRS settlement                           |   |                | 635    |   |                   |   | 726 |   |
| Emission      allowances and renewable energy credits        |   |                | 539    |   |                   |   | 616 |   |
| Unrealized      gain on power contract derivatives           |   |                | 845    |   |                   |   | 707 |   |
| Environmental      remediation                               |   |                | 1,693  |   |                   |   | 1,834 |   |
| Vermont      Yankee fire settlement                          |   |                | 609    |   |                   |   | 870 |   |
| Amortization      of provision for rate refund               |   |                | 705    |   |                   |   | - |   |
| VYNPC      nuclear insurance refund                          |   |                | 560    |   |                   |   | 57 |   |
| Other                                                        |   |                | 949    |   |                   |   | 539 |   |
| Total      Other deferred credits - regulatory               |   | $                   | 9,771  |   |                   | $      | 9,395 |   |

----

|                                                                    | Fair      Value as of March 31, 2008 |   |
|-------------------------------------------------------------------------|--------------------------------------|--------|
|                                                                    | Level      1                         |   | Level      2 |   |   | Level      3 |   |   | Total |   |
| Assets:                                                                 |                                 |   |   |   |   |   |   |   |   |   |
|      Millstone      decommissioning trust fund |                                 |   | $ | 5,299 |   |   |   |   |   | $ | 5,299 |   |
|      Power-related      derivatives            |                                 |   |   |   |   |   | $ | 934 |   |   |   | 934 |   |
|      Total                                     |                                 |   | $ | 5,299 |   |   | $ | 934 |   |   | $ | 6,233 |   |
|                                                                    |                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities:                                                            |                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|      Power-related      derivatives            |                                 |   |   |   |   |   | $ | 12,360 |   |   | $ | 12,360 |   |

----

|                                                                                                           |   | Power-related         |    |
|----------------------------------------------------------------------------------------------------------------|--------|-----------------------|---------|
|                                                                                                           |   | Derivatives,      net |    |
| Balance      as of January 1, 2008                                                                             |   | $                     | (7,110  | ) |
|      Net      realized losses recognized in Purchase Power - other                    |   |                  | (44     | ) |
|      Net      unrealized gains (losses) included in regulatory liability      (asset) |   |                  | (4,921  | ) |
|      Purchases,      sales, issuances & net settlements                           |   |                  | 649     |   |
|      Transfers      to or (from) level 3                                              |   |                  |    |   |
| Balance      as of March 31, 2008                                                                              |   | $                     | (11,426 | ) |
|                                                                                                           |   |                  |    |   |
| Net      realized losses relating to instruments still held as of March 31,      2008                          |   | $                     | (23     | ) |

|                                       |   | Pension      Benefits |   |   | Postretirement      Benefits |   |
|--------------------------------------------|--------|-----------------------|--------|--------|------------------------------|--------|
|                                       |   | 2008                  |   |   | 2007                         |   |   | 2008 |   |   | 2007 |   |
| Service      cost                          |   | $                     | 823    |   |                         | $      | 888 |   |   | $ | 155 |   |   | $ | 145 |   |
| Interest      cost                         |   |                  | 1,523  |   |                         |   | 1,561 |   |   |   | 403 |   |   |   | 377 |   |
| Expected      return on plan assets        |   |                  | (1,831 | )      |                         |   | (1,680 | ) |   |   | (267 | ) |   |   | (233 | ) |
| Amortization      of net actuarial loss    |   |                  | -      |   |                         |   | 146 |   |   |   | 263 |   |   |   | 263 |   |
| Amortization      of prior service cost    |   |                  | 97     |   |                         |   | 100 |   |   |   | - |   |   |   | - |   |
| Amortization      of transition obligation |   |                  | -      |   |                         |   | - |   |   |   | 64 |   |   |   | 64 |   |
| Net      periodic benefit cost             |   |                  | 612    |   |                         |   | 1,015 |   |   |   | 618 |   |   |   | 616 |   |
| Less      amounts capitalized              |   |                  | 88     |   |                         |   | 171 |   |   |   | 89 |   |   |   | 104 |   |
| Net      benefit costs expensed            |   | $                     | 524    |   |                         | $      | 844 |   |   | $ | 529 |   |   | $ | 512 |   |

----

----

----

----

|                                   |   |   |    |   |           |   |   | Reclassification      & |   |   |         |   |
|----------------------------------------|--------|--------|---------|--------|----------------|--------|--------|-----------------------------|--------|--------|--------------|--------|
|                                   |   | CV-VT  |    |   | OtherCompanies |   |   | Consolidating      Entries  |   |   | Consolidated |   |
| March 31,      2008                    |   |   |    |   |           |   |   |                        |   |   |         |   |
| Revenues      from external customers  |   | $      | 91,224  |   |           | $      | 432    |                        |   | $      | (432         | )      |   | $ | 91,224 |   |
| Net      income                        |   | $      | 5,830   |   |           | $      | 78     |                        |   | $      | -            |   |   | $ | 5,908 |   |
| Total      assets at March 31, 2008    |   | $      | 548,333 |   |           | $      | 1,872  |                        |   | $      | (283         | )      |   | $ | 549,922 |   |
|                                   |   |   |    |   |           |   |   |                        |   |   |         |   |   |   |   |   |
| March 31,      2007                    |   |   |    |   |           |   |   |                        |   |   |         |   |   |   |   |   |
| Revenues      from external customers  |   | $      | 86,696  |   |           | $      | 435    |                        |   | $      | (435         | )      |   | $ | 86,696 |   |
| Net      income                        |   | $      | 5,478   |   |           | $      | 228    |                        |   | $      | -            |   |   | $ | 5,706 |   |
| Total      assets at December 31, 2007 |   | $      | 538,481 |   |           | $      | 2,134  |                        |   | $      | (301         | )      |   | $ | 540,314 |   |

----

Item2.   Management's 

| §   | the      actions of regulatory bodies with respect to allowed rates of return,      continued recovery of regulatory assets and proposed alternative      regulations; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | performance      and continued operation of the Vermont Yankee nuclear power      plant; |
|--------------------|------------------------------------------------------------------------------------------|

| §   | effects      of and changes in weather and economic  conditions; |
|--------------------|------------------------------------------------------------------|

| §   | volatility      in wholesale power markets; |
|--------------------|---------------------------------------------|

| §   | ability      to maintain or improve our current credit  ratings; |
|--------------------|------------------------------------------------------------------|

| §   | the      operations of ISO-New England; |
|--------------------|-----------------------------------------|

| §   | changes      in the cost or availability ofcapital; |
|--------------------|-----------------------------------------------------|

| §   | 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 inTransco; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------|

| §   | our      ability to replace or renegotiate our long-term power supply      contracts; |
|--------------------|---------------------------------------------------------------------------------------|

| §   | our      ability to replace a mature workforce and retain qualified, skilled and      experienced personnel; |
|--------------------|--------------------------------------------------------------------------------------------------------------|

| §   | and      other presently unknown or unforeseenfactors. |
|--------------------|--------------------------------------------------------|

----

----

----

----

| 2007      Earnings per diluted share                                  |   | $      | 0.55   |   |
|-----------------------------------------------------------------------|--------|--------|--------|--------|
|                                                                  |   |   |   |   |
|           Higher operating revenues               |   |   | 0.25   |   |
|           Higher equity in earnings of affiliates |   |   | 0.14   |   |
|           Higher purchased power expense          |   |   | (0.04  | )      |
|           Higher transmission expense             |   |   | (0.12  | )      |
|           Higher other operating expenses         |   |   | (0.13  | )      |
|           Other                                   |   |   | (0.09  | )      |
|                                                                  |   |   |   |   |
| 2008      Earnings per diluted share                                  |   | $      | 0.56   |   |

|                                            |   | Revenue      (in thousands) |   |   | mWh      Sales |   |
|-------------------------------------------------|--------|-----------------------------|--------|--------|----------------|--------|
|                                            |   | 2008                        |   |   | 2007           |   |   | 2008 |   |   | 2007 |   |
| Residential                                     |   | $                           | 38,512 |   |           | $      | 37,705 |   |   |   | 280,995 |   |   |   | 287,588 |   |
| Commercial                                      |   |                        | 26,799 |   |           |   | 27,148 |   |   |   | 219,751 |   |   |   | 224,672 |   |
| Industrial                                      |   |                        | 9,630  |   |           |   | 10,238 |   |   |   | 104,925 |   |   |   | 118,378 |   |
| Other                                           |   |                        | 465    |   |           |   | 450 |   |   |   | 1,570 |   |   |   | 1,537 |   |
|     Total      retail sales |   |                        | 75,406 |   |           |   | 75,541 |   |   |   | 607,241 |   |   |   | 632,175 |   |
| Resale      sales                               |   |                        | 13,502 |   |           |   | 9,607 |   |   |   | 205,137 |   |   |   | 174,983 |   |
| Provision      for rate refund                  |   |                        | (62    | )      |           |   | (187 | ) |   |   | - |   |   |   | - |   |
| Other      operating revenues                   |   |                        | 2,378  |   |           |   | 1,735 |   |   |   | - |   |   |   | - |   |
| Total      operating revenues                   |   | $                           | 91,224 |   |           | $      | 86,696 |   |   |   | 812,378 |   |   |   | 807,158 |   |

| §   | Retail      sales decreased $0.1 million comprised of a $2.6 million decrease due to      lower sales volume, largely offset by a $2.5 million increase due to      higher average retail rates.  Sales volume decreased due to      lower average usage resulting from economic conditions, including the      effect of the loss of two industrial customers due to plant      closures.  Retail revenue increased $1.2 million due to the 2.30      percent rate increase effective February 1, 2008 and $1.3 million due to      higher average unit price due to customer usage  mix. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Resale      sales increased $3.9 million resulting from higher average market prices      and additional excess power available for resale due in large part to      decreased retail sales volume compared to last  year. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | The      provision for rate refund, which is a reduction in operating revenues,      decreased by $0.1 million in the first quarter.  It is related      to amounts that were included in retail rates in 2007 and January 2008      that were to be refunded to customers.  The provision for refund      ended with retail rates effective February 1, 2008 because the new rates      include the customer refund. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Other      operating revenues increased $0.6 million largely due to sales of      additional transmission capacity from our share of Phase I/II transmission      facility rights.  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 amounted to approximately $1.4 million in calendar year      2007, and is estimated to be approximately $1.8 million annually from 2008      through 2010. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                      |   | Purchases      (in thousands) |   |   | mWh      purchases |   |
|-----------------------------------------------------------|--------|-------------------------------|--------|--------|--------------------|--------|
|                                                      |   | 2008                          |   |   | 2007               |   |   | 2008 |   |   | 2007 |   |
| VYNPC                                                     |   | $                             | 15,900 |   |               | $      | 15,454 |   |   |   | 393,572 |   |   |   | 386,996 |   |
| Hydro-Quebec                                              |   |                          | 16,421 |   |               |   | 16,733 |   |   |   | 251,089 |   |   |   | 267,542 |   |
| Independent      Power Producers                          |   |                          | 7,904  |   |               |   | 6,186 |   |   |   | 56,306 |   |   |   | 44,644 |   |
|     Subtotal      long-term contracts |   |                          | 40,225 |   |               |   | 38,373 |   |   |   | 700,967 |   |   |   | 699,182 |   |
| Other      purchases                                      |   |                          | 1,744  |   |               |   | 2,769 |   |   |   | 16,526 |   |   |   | 31,717 |   |
| SFAS      No. 5 Loss amortizations                        |   |                          | (299   | )      |               |   | (299 | ) |   |   | - |   |   |   | - |   |
| Nuclear      decommissioning                              |   |                          | 568    |   |               |   | 684 |   |   |   | - |   |   |   | - |   |
| Other                                                     |   |                          | 668    |   |               |   | 733 |   |   |   | - |   |   |   | - |   |
| Total      purchased power                                |   | $                             | 42,906 |   |               | $      | 42,260 |   |   |   | 717,493 |   |   |   | 730,899 |   |

| §   | Purchases      under long-term contracts increased $1.8 million largely due to increased      output from Independent Power Producers, most of which are hydro      facilities, and increased Vermont Yankee plant output purchased at higher      rates under the long-term contract with VYNPC.  These were      partially offset by fewer scheduled deliveries from Hydro-Quebec because      the annual load factor under the contract decreased from 80 percent to 75      percent beginning November 1, 2007. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Other      purchases decreased $1.0 million resulting from lower average market      prices and lower volume due to decreased retail sales volume and fewer      short-term contract purchases. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Nuclear      decommissioning costs are associated with our ownership interests in Maine      Yankee, Connecticut Yankee and Yankee Atomic.  Their costs are      based on FERC-approved tariffs.  The $0.1 million decrease      resulted from lower revenue requirements for Connecticut      Yankee. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Other      costs include net accounting deferrals and amortizations for Millstone      Unit #3 scheduled refueling outages and deferrals for our share of nuclear      insurance refunds received by VYNPC.  These deferrals and      amortizations are based on PSB-approved regulatory      accounting.  Amortizations for Millstone Unit #3 scheduled      refueling outages were $0.1 million lower than 2007.  Our share      of nuclear insurance refunds from VYNPC amounted to approximately $0.5      million in 2008 and in 2007. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

Item3.  Quantitative 

|                                                                                    |   | Forward   |   |   | Forward   |   |   |             |   |   |    |   |
|-----------------------------------------------------------------------------------------|--------|-----------|--------|--------|-----------|--------|--------|------------------|--------|--------|---------|--------|
|                                                                                    |   | Sales     |   |   | Purchases |   |   | Hydro-Quebec     |   |   |    |   |
|                                                                                    |   | Contracts |   |   | Contracts |   |   | Sellback      #3 |   |   | Total   |   |
| Total      fair value at December 31, 2007 - unrealized loss                            |   | $         | (2,037 | )      |      | $      | (481   | )                |   | $      | (4,592  | )      |   | $ | (7,110 | ) |
| Plus      new contracts entered into during the period                                  |   |      | 8      |   |      |   | 0      |             |   |   | 0       |   |   |   | 8 |   |
| Less      amounts settled during the period                                             |   |      | 597    |   |      |   | 0      |             |   |   | 0       |   |   |   | 597 |   |
| Change      in fair value during the period                                             |   |      | (5,522 | )      |      |   | 1,210  |             |   |   | (609    | )      |   |   | (4,921 | ) |
| Total      fair value at March 31, 2008 - unrealized (loss) gain, net                   |   | $         | (6,954 | )      |      | $      | 729    |             |   | $      | (5,201  | )      |   | $ | (11,426 | ) |
|                                                                                    |   |      |   |   |      |   |   |             |   |   |    |   |   |   |   |   |
| Estimated      fair value at March 31, 2008 for changes in projected market      price: |   |      |   |   |      |   |   |             |   |   |    |   |   |   |   |   |
|    10      percent increase                                              |   | $         | (9,553 | )      |      | $      | 1,379  |             |   | $      | (10,150 | )      |   | $ | (18,324 | ) |
|    10      percent decrease                                              |   | $         | (4,355 | )      |      | $      | 79     |             |   | $      | (1,806  | )      |   | $ | (6,082 | ) |

Item4. Controls 

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| PART II - OTHERINFORMATION |
|----------------------------|

Item 1.

Item 1A.

Item 5.       

| ·   | adding      a 6-month delay of severance payment upon separation from      service, |
|--------------------|-------------------------------------------------------------------------------------|

| ·   | clarifying      the definition of the non-compete period,and |
|--------------------|--------------------------------------------------------------|

| ·   | clarifying      the Executive and Company's ability to alter the method and/or time of      payment under the Officers' Supplemental Retirement and Deferred      Compensation Plan ("2005 SERP") be inapplicable and without effect for all      purposes. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Elimination      of the automatic renewal feature |
|--------------------|---------------------------------------------------|

| ·   | Maintenance      of  2.99 severance multiplier for grandfathered officers (Robert      Young, Joseph Kraus, William Deehan, Joan  Gamble) |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Increase      of severance multiplier from one to two times for non-grandfathered      (Pamela Keefe, Brian Keefe, Dale Rocheleau) and new    officers |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Change      in covered compensation to include only base salary and target annual      incentive versus five-year average of W-2 pay (with exclusion of stock      options exercised within two years ofCIC) |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Alignment      of benefit period with severancemultiplier |
|--------------------|-----------------------------------------------------------|

| ·   | Limitation      of the continuation of SERP accrual to restoration SERP only (e.g., no      continuation of grandfathered provisions in CIC  agreement) |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Elimination      of additional benefit based on qualified Pension Plan applicable to      officers with less than 10 years of service  credit |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Addition      of a limited outplacement benefit |
|--------------------|-------------------------------------------------|

| ·   | Addition      of a confidentiality, non-disparagement and non-solicitation      requirements |
|--------------------|----------------------------------------------------------------------------------------------|

| ·   | Requirement      for a legal release and waiver to receive  payments |
|--------------------|----------------------------------------------------------------------|

| ·   | Modification      of "good reason" for termination by executive of executive's employment to      include |
|--------------------|-----------------------------------------------------------------------------------------------------------|

| §   | Reduction      in an executive's annual base salary or value of benefits to any amount      less than 90% of salary or benefits in effect prior to  CIC  |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| §   | Increase      relocation of principal executive offices to more than 75 miles from      location in effect prior to CIC (rather than previous 25  miles) |

----

| Item 6. | Exhibits.                 |
|---------|--------------------------------|
|    | (a)List      of Exhibits  |   |
|    | A.      10.5.1                 | Form      of Change In Control Agreement as Amended May 6, 2008.  |   |
|    | A      10.5.2                  | Form      of Change In Control Agreement to Become Effective April2009.  |   |
|    | 31.1                           | Certification      of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley      Act of 2002.  |   |
|    | 31.2                           | Certification      of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley      Act of 2002.  |   |
|    | 32.1                           | Certification      of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted      Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  |   |
|    | 32.2                           | Certification      of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted      Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |   |

----

| SIGNATURE      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. KeefeVice      President, Principal Financial Officer, and  Treasurer                                                                                                                                                                                                                                                                                                                                    |

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