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| EXHIBIT      12.1                                                                       |   |
|-----------------------------------------------------------------------------------------|--------|
| Central      Vermont Public Service Corporation                                         |   |
| Computation      of Ratio of Earnings to Fixed Charges                                  |   |
| For      the Years Ended December 31                                                    |   |
| (dollars      in thousands)                                                             |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                    |   | 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005(a) |   |   | 2004(a) |   |
| Earnings,      as defined by S-K 503(d):                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Pre-tax      income from continuing operations                  |   | $ | 27,125 |   |   | $ | 22,553 |   |   | $ | 28,107 |   |   | $ | (672 | ) |   | $ | 9,561 |   |
|     Plus:  distributed      income                        |   |   | 10,694 |   |   |   | 4,894 |   |   |   | 2,146 |   |   |   | 1,938 |   |   |   | 1,229 |   |
|     Less:  equity      in earnings                        |   |   | (16,264 | ) |   |   | (6,430 | ) |   |   | (3,240 | ) |   |   | (1,869 | ) |   |   | (1,225 | ) |
|     Less:  interest      capitalized                      |   |   | (105 | ) |   |   | (150 | ) |   |   | (102 | ) |   |   | (79 | ) |   |   | (76 | ) |
|     Less:  preference      security dividends, as defined |   |   | (613 | ) |   |   | (525 | ) |   |   | (572 | ) |   |   | (624 | ) |   |   | (624 | ) |
|     Plus:  fixed      charges, as below                   |   |   | 13,331 |   |   |   | 10,371 |   |   |   | 9,917 |   |   |   | 11,161 |   |   |   | 12,090 |   |
| Total      Earnings, as defined                                                         |   | $ | 34,168 |   |   | $ | 30,713 |   |   | $ | 36,256 |   |   | $ | 9,855 |   |   | $ | 20,955 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed      charges, as defined:                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Interest      on debt                                           |   | $ | 11,648 |   |   | $ | 8,490 |   |   | $ | 8,271 |   |   | $ | 9,519 |   |   | $ | 10,397 |   |
|     FIN      48 interest                                            |   |   | 39 |   |   |   | 51 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
|     Imputed      interest in rental charges                         |   |   | 1,031 |   |   |   | 1,305 |   |   |   | 1,074 |   |   |   | 1,018 |   |   |   | 1,069 |   |
|     Preferred      dividends, as defined                            |   |   | 613 |   |   |   | 525 |   |   |   | 572 |   |   |   | 624 |   |   |   | 624 |   |
| Total      fixed charges, as defined                                                    |   | $ | 13,331 |   |   | $ | 10,371 |   |   | $ | 9,917 |   |   | $ | 11,161 |   |   | $ | 12,090 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio      of Earnings to Fixed Charges                                                 |   |   | 2.56 |   |   |   | 2.96 |   |   |   | 3.66 |   |   |   | 0.88 |   |   |   | 1.73 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a) Reflects      Catamount Energy Corporation as discontinued operations.         |   |   |   |   |   |   |   |   |   |   |   |   |   |

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