----

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

| (Mark One)  |                                                                                                                                                                                                  |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ý           | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934For the fiscal year ended December 31, 2010                                                                        |
| OR          |
| ¨           | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934For the transition period from             to |

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

| Vermont(State or other jurisdiction ofincorporation or organization)      | 03-0111290(IRS EmployerIdentification No.) |
|---------------------------------------------------------------------------|--------------------------------------------|
| 77 Grove Street, Rutland, Vermont(Address of principal executive offices) | 05701(Zip Code)                       |
| Registrant’s telephone number, including area code                  | (800) 649-2877                             |

|                                                                                                                                                                           |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Securities registered pursuant to Section 12(b) of the Act:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|  Title of each class                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Name of each exchange on whichregistered |
| Common Stock $6 Par Value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | New York Stock Exchange |

| Securities registered pursuant to Section 12(g) of the Act:   None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes  ¨  No  ý Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes  ¨  No  ý 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  ý  No  ¨ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, 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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ý 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 |   |   | ý |   |
| 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 ý The aggregate market value of voting and non-voting common equity held by non affiliates of the registrant as of June 30, 2010 (2nd quarter) was approximately $200,209,614 (based on the $19.74 per share closing price of the Company’s Common Stock, $6 Par Value, as reported on the New York Stock Exchange on June 30, 2010). In determining who are affiliates of the Company for purposes of computation, it is assumed that directors, officers, and other persons who held on December 31, 2010, more than 5 percent of the issued and outstanding Common Stock of the Company are “affiliates” of the Company. The characterization of such directors, officers, and other persons as affiliates is for the purposes of this computation only and should not be construed as a determination or admission for any other purpose. On February 28, 2011 there were outstanding 13,361,029 shares of voting Common Stock, $6 Par Value. DOCUMENTS INCORPORATED BY REFERENCE The Company’s Definitive Proxy Statement relating to its Annual Meeting of Stockholders to be held on May 3, 2011 to be filed with the Securities and Exchange Commission pursuant to Regulation 14A under the Securities Act of 1934, is incorporated by reference in Items 10, 11, 12, 13 and 14 of Part III of this Form 10-K. |   |

----

|   | CENTRAL VERMONT PUBLIC SERVICE CORPORATION |                                                                                                                   |
|--------|--------------------------------------------|------------------------------------------------------------------------------------------------------------------------|
|   | FORM 10-K – 2010                     |                                                                                                                   |
|   | TABLE OF CONTENTS                          |                                                                                                                   |
|   |                                       |                                                                                                                   |   |
|   |                                       |                                                                                                                   | Page |
|   |                                       | PART I                                                                                                                 |   |
|   | Item 1.                                    | Business                                                                                                               | 4 |
|   | Item 1A.                                   | Risk Factors                                                                                                           | 11 |
|   | Item 1B.                                   | Unresolved Staff Comments                                                                                              | 15 |
|   | Item 2.                                    | Properties                                                                                                             | 16 |
|   | Item 3.                                    | Legal Proceedings                                                                                                      | 16 |
|   | Item 4.                                    | Removed and Reserved                                                                                                   | 16 |
|   |                                       |                                                                                                                   |   |
|   |                                       | PART II                                                                                                                |   |
|   | Item 5.                                    | Market for Registrant’s Common Equity, Related Stockholder Mattersand Issuer Purchases of Equity Securities | 17 |
|   | Item 6.                                    | Selected Financial Data                                                                                                | 19 |
|   | Item 7.                                    | Management’s Discussion and Analysis of Financial Condition andResults of Operations                             | 20 |
|   | Item 7A.                                   | Quantitative and Qualitative Disclosures About Market Risk                                                             | 49 |
|   | Item 8.                                    | Financial Statements and Supplementary Data                                                                            | 51 |
|   | Item 9.                                    | Changes in and Disagreements with Accountants on Accounting andFinancial Disclosure                                    | 111 |
|   | Item 9A.                                   | Controls and Procedures                                                                                                | 111 |
|   | Item 9B.                                   | Other Information                                                                                                      | 112 |
|   |                                       |                                                                                                                   |   |
|   |                                       | PART III                                                                                                               |   |
|   | Item 10.                                   | Directors, Executive Officers and Corporate Governance                                                                 | 113 |
|   | Item 11.                                   | Executive Compensation                                                                                                 | 113 |
|   | Item 12.                                   | Security Ownership of Certain Beneficial Owners and Management andRelated Stockholder Matters                     | 113 |
|   | Item 13.                                   | Certain Relationships and Related Transactions, and DirectorIndependence                                               | 113 |
|   | Item 14.                                   | Principal Accounting Fees and Services                                                                                 | 113 |
|   |                                       |                                                                                                                   |   |
|   |                                       | PART IV                                                                                                                | 114 |
|   | Item 15.                                   | Exhibits                                                                                                               |   |
|   |                                       |                                                                                                                   |   |
|   | Signatures                                 |                                                                                                                   | 128 |

----

| Current or former CVPS Companies, Segments or Investments |
|-----------------------------------------------------------|
|                                                      |   |
| CRC                                                       | Catamount Resources Corporation |
| Custom                                                    | Custom Investment Corporation |
| CV or CVPS                                                | Central Vermont Public Service Corporation |
| East Barnet                                               | Central Vermont Public Service Corporation - East Barnet Hydroelectric, Inc. |
| Transco                                                   | Vermont Transco LLC |
| VELCO                                                     | Vermont Electric Power Company, Inc. |
| VETCO                                                     | Vermont Electric Transmission Company, Inc. |
| VYNPC                                                     | Vermont Yankee Nuclear Power Corporation |
|                                                      |   |
| Regulatory and Other Authorities                          |
|                                                      |   |
| DOE                                                       | United States Department of Energy |
| DPS                                                       | Vermont Department of Public Service |
| FERC                                                      | Federal Energy Regulatory Commission |
| IRS                                                       | Internal Revenue Service |
| NRC                                                       | Nuclear Regulatory Commission |
| PSB                                                       | Vermont Public Service Board |
| SEC                                                       | Securities and Exchange Commission |
| VANR                                                      | Vermont Agency of Natural Resources |
|                                                      |   |
| Other                                                     |
|                                                      |   |
| AFUDC                                                     | Allowance for funds used during construction |
| AOCL                                                      | Accumulated other comprehensive loss |
| ARP MOU                                                   | Memorandum of Understanding with the DPS on the Alternative Regulation II Plan |
| ARRA                                                      | American Recovery and Reinvestment Act |
| CDA                                                       | Connecticut Development Authority Bonds |
| Connecticut Yankee                                        | Connecticut Yankee Atomic Power Company |
| CVPS SmartPower™                                    | CV’s “smart grid” program designed to modernize and automate the electrical grid, provide automated meter reading, and empower consumers to make better energy choices. The plan includes two-way communications systems and strategies to introduce new rate designs, including dynamic pricing and demand response programs. |
| CVPS SmartPower™ MOU                                | Memorandum of Understanding with the DPS on CVPS SmartPower™ |
| DNC                                                       | Dominion Nuclear Connecticut |
| Dodd-Frank Act                                            | Dodd-Frank Wall Street Reform and Consumer Protection Act |
| DUP                                                       | Vermont's Distributed Utility Planning |
| EEI                                                       | Edison Electric Institute |
| EEU                                                       | Vermont Energy Efficiency Utility |
| Entergy-Vermont Yankee                                    | Entergy Nuclear Vermont Yankee, LLC |
| EPACT                                                     | Federal Energy Policy Act of 2005 |
| EPS                                                       | Earnings per share |
| ERM                                                       | Enterprise Risk Management |
| ESAM                                                      | Earnings sharing adjustment mechanism |
| FASB                                                      | Financial Accounting Standards Board |
| FCM                                                       | Forward Capacity Market |
| FTRs                                                      | Financial Transmission Rights |
| GMP                                                       | Green Mountain Power Corporation |

----

| HQUS PPA           | Long-term power purchase and sale agreement with H.Q. Energy Services (U.S) Inc. |
|--------------------|----------------------------------------------------------------------------------|
| IASB               | International Accounting Standards Board                                         |
| IFRS               | International financial reporting standards                                      |
| IPPs               | Independent Power Producers                                                      |
| ISO-NE             | New England Independent System Operator                                          |
| kWh                | Kilowatt-hours                                                                   |
| Maine Yankee       | Maine Yankee Atomic Power Company                                                |
| Moody's            | Moody's Investors Service                                                        |
| MOU                | Memorandum of Understanding                                                      |
| MW                 | Megawatt                                                                         |
| MWh                | Megawatt-hours                                                                   |
| NOATT              | NEPOOL Open Access Transmission Tariff                                           |
| NYSE               | New York Stock Exchange                                                          |
| OASIS              | Open Access Same-time Information System                                         |
| Omnibus Stock Plan | Central Vermont Public Service Corporation Omnibus Stock Plan                    |
| PCAM               | Power supply and transmission-by-others cost adjustment mechanism                |
| PCB                | Polychlorinated biphenyl contamination                                           |
| Pension Plan       | A qualified, non-contributory, defined-benefit pension plan                      |
| Phase I            | Hydro-Québec  Phase I                                             |
| Phase II           | Hydro-Québec  Phase II                                            |
| PPA                | Purchased power contract                                                         |
| PPACA              | The Federal Patient Protection and Affordable Care Act                           |
| PSNH               | Public Service Company of New Hampshire                                          |
| PTF                | Pool Transmission Facility                                                       |
| Readsboro          | Readsboro Electric Department                                                    |
| ROA                | Return on Assets                                                                 |
| ROE                | Return on Equity                                                                 |
| RTO                | Regional Transmission Organization                                               |
| SERP               | Officers' Supplemental Retirement Plan                                           |
| SMD                | Standard Market Design                                                           |
| SPEED              | Sustainably Priced Energy Development Program for Vermont Utilities              |
| Staffing MOU       | Memorandum of Understanding with the DPS to review staffing level                |
| TbyO               | Transmission by Others costs                                                     |
| The Exchange Act   | Securities and Exchange Act of 1934                                              |
| TPH                | Total petroleum hydrocarbons                                                     |
| TSR                | Total Shareholder Return                                                         |
| U.S. GAAP          | Generally Accepted Accounting Principles in the United States of America         |
| VEDA               | Vermont Economic Development Authority                                           |
| Vermont Marble     | Vermont Marble Power Division of Omya Industries, Inc.                           |
| VIDA               | Vermont Industrial Development Authority Bonds                                   |
| VJO                | Vermont Joint Owners                                                             |
| VPPSA              | Vermont Public Power Supply Authority                                            |
| VTA                | Vermont Transmission Agreement (1991)                                            |
| VY PPA             | Purchased power contract between VYNPC and Entergy-Vermont Yankee                |
| Yankee Atomic      | Yankee Atomic Electric Company                                                   |

----

| §  | the actions of regulatory bodies with respect to allowed rates of return, continued recovery of regulatory assets and alternative regulation;                                   |
|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| §  | liquidity requirements;                                                                                                                                                         |
| §  | the performance and continued operation of the Vermont Yankee nuclear power plant;                                                                                              |
| §  | changes in the cost or availability of capital;                                                                                                                                 |
| §  | our ability to replace or renegotiate our long-term power supply contracts;                                                                                                     |
| §  | effects of and changes in local, national and worldwide economic conditions;                                                                                                    |
| §  | effects of and changes in weather;                                                                                                                                              |
| §  | volatility in wholesale power markets;                                                                                                                                          |
| §  | our ability to maintain or improve our current credit ratings;                                                                                                                  |
| §  | the operations of ISO-NE;                                                                                                                                                       |
| §  | 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 nucleardecommissioning, 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 in joint projects, including other Vermont utilities, state entities and Transco;                                                              |
| §  | our ability to successfully manage a number of projects involving new and evolving  technology;                                                                       |
| §  | our ability to replace a mature workforce and retain qualified, skilled and experienced personnel; and                                                                          |
| §  | other presently unknown or unforeseen factors.                                                                                                                                  |

Item 1.  Business

| §   | C.V. Realty, Inc., a real estate company that owns, buys, sells and leases real and personal property and interests therein related to the utility business. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | East Barnet, formed to finance and construct a hydroelectric facility in Vermont, which became operational September 1, 1984.  We have leased and operated it since the in-service date. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | CRC was formed to hold our investments in unregulated business opportunities.  CRC’s wholly owned subsidiary, SmartEnergy Water Heating Services, Inc., engages in the sale and rental of electric water heaters in Vermont and New Hampshire.  On December 9, 2010, we dissolved CRC’s wholly owned subsidiary, Eversant Corporation, the former parent of SmartEnergy Water Heating Services, Inc.  There was no impact on our financial statements or results of operations. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Custom was formed for the purpose of holding passive investments, including the stock of our subsidiaries that invest in regulated business opportunities.  On October 13, 2003, we transferred our shares of VYNPC to Custom.  The transfer to Custom did not affect our rights and obligations related to VYNPC.  On December 30, 2009, Custom transferred the VYNPC shares back to us and in the third quarter of 2010, Custom was dissolved.  There was no impact on our financial statements or results of operations. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| §   | We own 58.85 percent of the common stock of VYNPC, which was initially formed by a group of New England utilities to build and operate a nuclear-powered generating plant in Vernon, Vermont.  On July 31, 2002, the plant was sold to Entergy-Vermont Yankee.  The sale agreement included a purchased power contract between VYNPC and Entergy-Vermont Yankee.  Under the VY PPA, VYNPC pays Entergy-Vermont Yankee for generation at fixed rates and, in turn, bills the purchased power contract charges from Entergy-Vermont Yankee with certain residual costs of service through a FERC tariff to us and the other Vermont Yankee sponsors.  Although we own a majority of the shares of VYNPC, our ability to exercise control is effectively restricted by the purchased power contract, the sponsor agreement among the group of New England utilities that formed VYNPC and the composition of the board of directors under which it operates. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | We own 47.05 percent of the common stock and 48.03 percent of the preferred stock of VELCO.  In June 2006, VELCO transferred substantially all of its business operations and assets to Transco.  VELCO’s wholly owned subsidiary, VETCO, was formed to finance, construct and operate the Vermont portion of the 450 kV DC transmission line connecting the Province of Quebec with Vermont and the rest of New England. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | We own 36.68 percent of the voting equity units of Transco, which was formed by VELCO and its owners, including us, in June 2006.  Transco owns and operates the high-voltage transmission system in Vermont.  VELCO and its employees manage the operations of Transco under a Management Services Agreement.  VELCO owns 9.23 percent of the voting equity units of Transco.  Our total direct and indirect (through our VELCO ownership) interest in Transco is 41.02 percent of the voting equity units. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | We own 2 percent of the outstanding common stock of Maine Yankee, 2 percent of the outstanding common stock of Connecticut Yankee and 3.5 percent of the outstanding common stock of Yankee Atomic. These plants have been decommissioned. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                    | Revenues | Energy (MWh) Sales |
|-------------------------|----------|--------------------|
|                    | 2010     | 2009               | 2008 | 2010 | 2009 | 2008 |
| Retail Sales:           |     |               |   |   |   |   |
| Residential             | 43%      | 41%                | 40% | 33% | 33% | 33% |
| Commercial              | 32%      | 30%                | 32% | 28% | 27% | 29% |
| Industrial and other    | 11%      | 10%                | 11% | 13% | 12% | 13% |
| Resale Sales            | 11%      | 16%                | 14% | 26% | 28% | 25% |
| Other operating revenue | 3%       | 3%                 | 3% | 0% | 0% | 0% |

----

|                                          | Net Effective Capability | Generated and Purchased |
|-----------------------------------------------|--------------------------|-------------------------|
|                                          | 12 Month Average MW      | mWh                | Percent |
| Wholly Owned Plants:                          |                     |                    |   |
|    Hydro                       | 35.8                     | 207,779                 | 6.6 |
|    Diesel and Gas Turbine      | 22.2                     | 591                     | 0.0 |
| Jointly Owned Plants:                         |                     |                    |   |
|    Millstone #3                | 21.4                     | 161,536                 | 5.2 |
|    Wyman #4                    | 10.8                     | 2,174                   | 0.1 |
|    McNeil                      | 10.5                     | 54,440                  | 1.7 |
| Long-Term Purchases:                          |                     |                    |   |
|    VYNPC                       | 180.3                    | 1,384,551               | 44.1 |
|    Hydro-Quebec                | 132.9                    | 963,027                 | 30.6 |
|    Independent power producers | 26.5                     | 195,325                 | 6.2 |
| Other Purchases:                              |                     |                    |   |
|    System and other purchases  | 32.2                     | 51,428                  | 1.6 |
|    NEPOOL (ISO-New England)    | 43.5                     | 122,801                 | 3.9 |
| Total                                         | 516.1                    | 3,143,652               | 100.0 |

|                           | Fuel Type | Ownership | Date In Service | MW Entitlement |
|--------------------------------|-----------|-----------|-----------------|----------------|
| Wyman #4                       | Oil       | 1.78%     | 1978            | 10.8           |
| Joseph C. McNeil               | Various   | 20.00%    | 1984            | 10.8           |
| Millstone Unit #3              | Nuclear   | 1.73%     | 1986            | 21.4           |
| Highgate Transmission Facility |      | 47.52%    | 1985            | N/A            |

----

----

----

| Name and Age           | Office                                                               | Officer Since |
|------------------------|----------------------------------------------------------------------|---------------|
| Robert H. Young, 63    | Executive Chairman (effective March 1, 2011)                         | 1987          |
| Lawrence J. Reilly, 55 | President and chief executive officer (effective March 1, 2011)      | 2011          |
| Pamela J. Keefe, 45    | Senior vice president, chief financial officer, and treasurer        | 2006          |
| William J. Deehan, 58  | Vice president - power planning and regulatory affairs               | 1991          |
| Joan F. Gamble, 53     | Vice president - strategic change and business services              | 1998          |
| Brian P. Keefe, 53     | Vice president - government and public affairs                       | 2006          |
| Joseph M. Kraus, 55    | Senior vice president - operations, engineering and customer service | 1987          |
| Dale A. Rocheleau, 52  | Senior vice president, general counsel and corporate secretary       | 2003          |

----

----

Item 1A.  Risk Factors

----

----

----

----

Item 1B. 

----

Item 2.  Properties 

Item 3.  Legal Proceedings

Item 4.  Removed and Reserved

----

Item 5.  

|           |   | Market Price |   |
|----------------|--------|--------------|--------|
| 2010           |   | High         |   |   | Low |   |
| First Quarter  |   | $            | 21.48  |   |   | $ | 18.72 |   |
| Second Quarter |   | $            | 22.83  |   |   | $ | 19.00 |   |
| Third Quarter  |   | $            | 22.14  |   |   | $ | 19.09 |   |
| Fourth Quarter |   | $            | 22.70  |   |   | $ | 19.75 |   |
|           |   |         |   |   |   |   |   |   |
| 2009           |   | High         |   |   | Low |   |
| First Quarter  |   | $            | 26.32  |   |   | $ | 16.81 |   |
| Second Quarter |   | $            | 18.62  |   |   | $ | 15.78 |   |
| Third Quarter  |   | $            | 20.95  |   |   | $ | 17.15 |   |
| Fourth Quarter |   | $            | 21.10  |   |   | $ | 18.66 |   |

----

|                     | 2005               | 2006               | 2007               | 2008              | 2009              | 2010               |
|--------------------------|--------------------|--------------------|--------------------|-------------------|-------------------|--------------------|
| CVPSS&P 500EEI Index | 100.00100.00100.00 | 136.64115.79120.76 | 184.42122.16140.76 | 148.4376.97104.30 | 135.8197.33115.47 | 149.17112.00123.60 |

----

| Item 6.   Selected Financial Data                                                                                                          |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|
|                                                                                                                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |
| The following table summarizes five years of selected consolidated financial data.                                                                        |   |
|                                                                                                                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |
| (in thousands, except per share amounts)                                                                                                                  |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |
|                                                                                                                                                      |   | 2010   |    |   | 2009   |   |    | 2008   |   |   | 2007    |   |   | 2006   |    |
| Income Statement                                                                                                                                          |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |
| Operating revenues                                                                                                                                        |   | $      | 341,925 |   |   | $      | 342,098 |   |   | $      | 342,162 |   |   | $      | 329,107 |   |   | $ | 325,738 |   |
|                                                                                                                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Income from continuing operations                                                                                                                         |   | $      | 20,954  |   |   | $      | 20,749  |   |   | $      | 16,385  |   |   | $      | 15,804  |   |   | $ | 18,101 |   |
| Income from discontinued operations (a)                                                                                                                   |   |   | 0       |   |   |   | 0       |   |   |   | 0       |   |   |   | 0       |   |   |   | 251 |   |
| Net income                                                                                                                                                |   | $      | 20,954  |   |   | $      | 20,749  |   |   | $      | 16,385  |   |   | $      | 15,804  |   |   | $ | 18,352 |   |
|                                                                                                                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Per Common Share Data                                                                                                                                     |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Basic earnings from continuing operations                                                                                                                 |   | $      | 1.66    |   |   | $      | 1.75    |   |   | $      | 1.53    |   |   | $      | 1.52    |   |   | $ | 1.65 |   |
| Basic earnings from discontinued operations                                                                                                               |   |   | 0.00    |   |   |   | 0.00    |   |   |   | 0.00    |   |   |   | 0.00    |   |   |   | 0.02 |   |
| Basic earnings per share                                                                                                                                  |   | $      | 1.66    |   |   | $      | 1.75    |   |   | $      | 1.53    |   |   | $      | 1.52    |   |   | $ | 1.67 |   |
|                                                                                                                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Diluted earnings from continuing operations                                                                                                               |   | $      | 1.66    |   |   | $      | 1.74    |   |   | $      | 1.52    |   |   | $      | 1.49    |   |   | $ | 1.64 |   |
| Diluted earnings from discontinued operations                                                                                                             |   |   | 0.00    |   |   |   | 0.00    |   |   |   | 0.00    |   |   |   | 0.00    |   |   |   | 0.02 |   |
| Diluted earnings per share                                                                                                                                |   | $      | 1.66    |   |   | $      | 1.74    |   |   | $      | 1.52    |   |   | $      | 1.49    |   |   | $ | 1.66 |   |
|                                                                                                                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Cash dividends declared per share of common stock                                                                                                         |   | $      | 0.92    |   |   | $      | 0.92    |   |   | $      | 0.92    |   |   | $      | 0.92    |   |   | $ | 0.69 |   |
|                                                                                                                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Balance Sheet                                                                                                                                             |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Long-term debt (b)                                                                                                                                        |   | $      | 188,300 |   |   | $      | 201,611 |   |   | $      | 167,500 |   |   | $      | 112,950 |   |   | $ | 115,950 |   |
| Capital lease obligations (b)                                                                                                                             |   | $      | 3,471   |   |   | $      | 4,313   |   |   | $      | 5,173   |   |   | $      | 5,889   |   |   | $ | 6,612 |   |
| Redeemable preferred stock (b)                                                                                                                            |   | $      | 0       |   |   | $      | 0       |   |   | $      | 1,000   |   |   | $      | 2,000   |   |   | $ | 3,000 |   |
| Total capitalization (b)                                                                                                                                  |   | $      | 472,553 |   |   | $      | 445,401 |   |   | $      | 401,206 |   |   | $      | 317,700 |   |   | $ | 312,968 |   |
| Total assets (c)                                                                                                                                          |   | $      | 710,746 |   |   | $      | 632,152 |   |   | $      | 626,126 |   |   | $      | 540,314 |   |   | $ | 500,938 |   |
|                                                                                                                                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| (a)  For 2006, includes Catamount, which was sold in the fourth quarter of 2005.                                                                     |   |
| (b)  Amounts exclude current portions.                                                                                                               |   |
| (c)  We invested $34.9 million in Transco in 2010, $20.8 million in 2009, $3.1 million in 2008, $53  million in 2007 and $23.3 million in 2006. |   |

----

Item 7. 

----

----

----

----

----

----

----

----

| ·   | The timely payment of principal and interest; |
|--------------------|-----------------------------------------------|

| ·   | Information requirements, including submitting financial reports filed with the SEC to lenders; |
|--------------------|-------------------------------------------------------------------------------------------------|

| ·   | Performance obligations, audits/inspections, continuation of the basic nature of business, restrictions on certain matters related to merger or consolidation, restrictions on disposition of all or substantially all of our assets; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Limitations on liens; |
|--------------------|-----------------------|

| ·   | Limits on the amount of additional debt (short- and long-term) and equity that can be issued; |
|--------------------|-----------------------------------------------------------------------------------------------|

| ·   | Restrictions on the payment of dividends and optional stock redemptions, or the making of certain investments, loans, guarantees, and acquisitions in the absence of a waiver; and |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Maintenance of certain financial ratios. |
|--------------------|------------------------------------------|

----

----

|                                                |   | Payments Due by Period (dollars in millions) |    |
|-----------------------------------------------------|--------|----------------------------------------------|---------|
| Contractual Obligations                             |   | Total                                        |    |   | Less than 1 year |   |   | 1 - 3 years |   |   | 3 - 5 years |   |   | After 5 years |   |
| Long-term debt (a)                                  |   | $                                            | 208.3   |   |   | $ | 20.0 |   |   | $ | 5.8 |   |   | $ | 5.0 |   |   | $ | 177.5 |   |
| Interest on long-term debt (b)                      |   |                                         | 157.7   |   |   |   | 12.1 |   |   |   | 23.0 |   |   |   | 22.6 |   |   |   | 100.0 |   |
| Notes Payable (c)                                   |   |                                         | 13.7    |   |   |   | 13.7 |   |   |   | 0.0 |   |   |   | 0.0 |   |   |   | 0.0 |   |
| Interest on notes payable (b)                       |   |                                         | 0.2     |   |   |   | 0.2 |   |   |   | 0.0 |   |   |   | 0.0 |   |   |   | 0.0 |   |
| Capital lease (c)                                   |   |                                         | 5.3     |   |   |   | 1.3 |   |   |   | 2.3 |   |   |   | 1.7 |   |   |   | 0.0 |   |
| Operating leases - vehicle and other (d)            |   |                                         | 5.4     |   |   |   | 1.8 |   |   |   | 2.5 |   |   |   | 1.0 |   |   |   | 0.1 |   |
| Purchased power contracts (e)                       |   |                                         | 1,861.2 |   |   |   | 148.5 |   |   |   | 209.0 |   |   |   | 183.2 |   |   |   | 1,320.5 |   |
| Nuclear decommissioning and other closure costs (f) |   |                                         | 6.7     |   |   |   | 1.4 |   |   |   | 3.0 |   |   |   | 2.3 |   |   |   | 0.0 |   |
| Other purchase obligations (g)                      |   |                                         | 1.5     |   |   |   | 1.5 |   |   |   | 0.0 |   |   |   | 0.0 |   |   |   | 0.0 |   |
| Total Contractual Obligations                       |   | $                                            | 2,260.0 |   |   | $ | 200.5 |   |   | $ | 245.6 |   |   | $ | 215.8 |   |   | $ | 1,598.1 |   |

| (a) | Our credit facilities, debt agreements, letters of credit and articles of association contain customary covenants and defaultprovisions.  Non-compliance with certain covenants such as timely payment of principal and interest may constitute an event of default, which could cause an acceleration of principal payments in the absence of a waiver or amendment.  Such accelerationwould change the obligations outlined in the Contractual Obligations table.                        |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | Based on interest rates shown in Part II, Item 8, Note 15 - Long-Term Debt and Notes Payable.                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (c) | Includes interest payments based on imputed fixed interest rates at inception of the related leases.                                                                                                                                                                                                                                                                                                                                                                                                                |
| (d) | Includes interest payments on fixed rates at inception and floating rate issues based on interest rates as of December 31, 2010.                                                                                                                                                                                                                                                                                                                                                                                    |
| (e) | Forecasted power purchases under long-term contracts with Hydro-Québec, VYNPC and various Independent Power Producers.Our current retail rates include a provision for recovery of these costs from customers.  The forecasted amounts in this table arebased on certain assumptions including plant operations, weather conditions, market power prices and availability of thetransmission system; therefore, actual results may differ.  See Power Supply Matters for more information. |
| (f) | Estimated decommissioning and all other closure costs related to our equity ownership interests in Maine Yankee, ConnecticutYankee and Yankee Atomic.  Our current retail rates include a provision for recovery of these costs from customers.                                                                                                                                                                                                                                                           |
| (g) | Amount represents open purchase orders, excluding those obligations that are separately reported.  These payments are subject tochange as certain purchase orders include estimates of material and/or services.  Because payment timing cannot be determined,we include all open purchase order amounts in 2010.  These amounts are not included on our Consolidated Balance Sheet.                                                                                                  |

|                      |   | (dollars in thousands) |    |   | percent |   |
|---------------------------|--------|------------------------|---------|--------|---------|--------|
|                      |   | 2010                   |    |   | 2009    |   |   | 2010 |   |   | 2009 |   |
| Common stock equity       |   | $                      | 272,728 |   |    | $      | 231,423 |   |   |   | 57 | % |   |   | 52 | % |
| Preferred stock           |   |                   | 8,054   |   |    |   | 8,054 |   |   |   | 2 | % |   |   | 2 | % |
| Long-term debt            |   |                   | 188,300 |   |    |   | 201,611 |   |   |   | 40 | % |   |   | 45 | % |
| Capital lease obligations |   |                   | 3,471   |   |    |   | 4,313 |   |   |   | 1 | % |   |   | 1 | % |
|                      |   | $                      | 472,553 |   |    | $      | 445,401 |   |   |   | 100 | % |   |   | 100 | % |

----

| Issuer Rating        | Baa3   |
|----------------------|--------|
| First Mortgage Bonds | Baa1   |
| Preferred Stock      | Ba2    |
| Outlook              | Stable |

----

----

----

|                                                                            |   | Discount Rate |   |   | Return on Assets |   |
|---------------------------------------------------------------------------------|--------|---------------|--------|--------|------------------|--------|
|                                                                            |   | Increase      |   |   | Decrease         |   |   | Increase |   |   | Decrease |   |
| Pension Plan                                                                    |   |          |   |   |             |   |   |   |   |   |   |   |
| Effect on projected benefit obligation as of December 31, 2010                  |   | $             | (2,119 | )      |             | $      | 2,159 |   |   | $ | 0 |   |   | $ | 0 |   |
| Effect on 2010 net period benefit cost                                          |   | $             | (5     | )      |             | $      | (1 | ) |   | $ | (263 | ) |   | $ | 263 |   |
|                                                                            |   |          |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Other Postretirement Medical Benefit Plans                                      |   |          |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Effect on accumulated postretirement benefit obligation as of December 31, 2010 |   | $             | (583   | )      |             | $      | 596 |   |   | $ | 0 |   |   | $ | 0 |   |
| Effect on 2010 net periodic benefit cost                                        |   | $             | (71    | )      |             | $      | 72 |   |   | $ | (38 | ) |   | $ | 38 |   |

----

----

| Reconciliation of Earnings Per Diluted Share                                                  |   |          |   |
|-----------------------------------------------------------------------------------------------|--------|---------------|--------|
|                                                                                          |   | Twelve Months |   |
|                                                                                          |   | 2010 vs. 2009 |   |
| 2009 Earnings per diluted share                                                               |   | $             | 1.74   |   |
|                                                                                          |   |          |   |   |
| Year-over-Year Effects on Earnings:                                                           |   |          |   |   |
| Higher other operating expenses (excludes exogenous deferral)                                 |   |          | (0.18  | ) |
| Higher purchased power expense                                                                |   |          | (0.13  | ) |
| Higher maintenance expenses (excludes exogenous major storms)                                 |   |          | (0.11  | ) |
| Lower other income, net                                                                       |   |          | (0.04  | ) |
| Higher taxes other than income                                                                |   |          | (0.04  | ) |
| Lower operating revenue                                                                       |   |          | (0.01  | ) |
| Lower transmission expenses                                                                   |   |          | 0.43   |   |
| Higher equity in earnings of affiliates                                                       |   |          | 0.16   |   |
| Other (includes income tax adjustments, impact of additional common shares and various items) |   |          | (0.16  | ) |
| 2010 Earnings per diluted share                                                               |   | $             | 1.66   |   |

|                                                                |   | 2009 vs. 2008 |   |
|---------------------------------------------------------------------|--------|---------------|--------|
| 2008 Earnings per diluted share                                     |   | $             | 1.52   |   |
|                                                                |   |          |   |   |
| Year-over-Year Effects on Earnings:                                 |   |          |   |   |
| Lower purchased power expense                                       |   |          | 0.42   |   |
| Higher equity in earnings of affiliates                             |   |          | 0.09   |   |
| Higher transmission expense                                         |   |          | (0.32  | ) |
| Common stock issuance (Nov. 2008) - 1,190,000 additional shares (a) |   |          | (0.18  | ) |
| Higher other operating expenses                                     |   |          | (0.02  | ) |
| Other (mostly variable life insurance)                              |   |          | 0.23   |   |
| 2009 Earnings per diluted share                                     |   | $             | 1.74   |   |

----

|                                       |   | Revenues (in thousands) |    |   | MWh Sales |   |
|--------------------------------------------|--------|-------------------------|---------|--------|-----------|--------|
|                                       |   | 2010                    |    |   | 2009      |   |   | 2008 |   |   | 2010 |   |   | 2009 |   |   | 2008 |   |
| Residential                                |   | $                       | 146,835 |   |      | $      | 139,047 |   |   | $ | 138,091 |   |   |   | 979,922 |   |   |   | 981,838 |   |   |   | 982,966 |   |
| Commercial                                 |   |                    | 111,219 |   |      |   | 104,001 |   |   |   | 108,252 |   |   |   | 843,156 |   |   |   | 825,010 |   |   |   | 873,192 |   |
| Industrial                                 |   |                    | 34,375  |   |      |   | 32,597 |   |   |   | 34,858 |   |   |   | 371,591 |   |   |   | 364,516 |   |   |   | 396,741 |   |
| Other                                      |   |                    | 1,977   |   |      |   | 1,884 |   |   |   | 1,872 |   |   |   | 6,483 |   |   |   | 6,398 |   |   |   | 6,312 |   |
|     Total retail sales |   |                    | 294,406 |   |      |   | 277,529 |   |   |   | 283,073 |   |   |   | 2,201,152 |   |   |   | 2,177,762 |   |   |   | 2,259,211 |   |
| Resale sales                               |   |                    | 37,957  |   |      |   | 54,279 |   |   |   | 48,641 |   |   |   | 781,178 |   |   |   | 840,536 |   |   |   | 759,832 |   |
| Provision for rate refund                  |   |                    | (3,598  | )      |      |   | (1,689 | ) |   |   | (296 | ) |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Other operating revenues                   |   |                    | 13,160  |   |      |   | 11,979 |   |   |   | 10,744 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Total operating revenues                   |   | $                       | 341,925 |   |      | $      | 342,098 |   |   | $ | 342,162 |   |   |   | 2,982,330 |   |   |   | 3,018,298 |   |   |   | 3,019,043 |   |

|        | 2010    | 2009    | 2008    |
|-------------|---------|---------|---------|
| Residential | 136,457 | 136,242 | 136,074 |
| Commercial  | 22,672  | 22,577  | 22,407  |
| Industrial  | 35      | 36      | 35      |
| Other       | 174     | 175     | 175     |
| Total       | 159,338 | 159,030 | 158,691 |

|                                    |   | 2010 vs. 2009 |    |   | 2009 vs. 2008 |   |
|-----------------------------------------|--------|---------------|---------|--------|---------------|--------|
| Retail sales:                           |   |          |    |   |          |   |
| Volume (mWh)                            |   | $             | 2,674   |   |          | $      | (8,937 | ) |
| Average price due to customer sales mix |   |          | 933     |   |          |   | 2,532 |   |
| Average price due to rate increases     |   |          | 13,270  |   |          |   | 861 |   |
| Subtotal                                |   |          | 16,877  |   |          |   | (5,544 | ) |
| Resale sales                            |   |          | (16,322 | )      |          |   | 5,638 |   |
| Provision for rate refund               |   |          | (1,909  | )      |          |   | (1,393 | ) |
| Other operating revenues                |   |          | 1,181   |   |          |   | 1,235 |   |
| Change in operating revenues            |   | $             | (173    | )      |          | $      | (64 | ) |

| §   | Retail sales increased $16.9 million resulting primarily from a 5.58 percent base rate increase effective January 1, 2010 and the recovery of 2008 major storm costs through the ESAM, in addition to a resurgence of retail load in the second half of 2010. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Resale sales decreased $16.3 million due to lower 2010 contract prices associated with the sale of our excess energy and a decrease in volumes sold due to the scheduled refueling outages at the Vermont Yankee plant and Millstone Unit #3. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| §   | The provision for rate refund decreased $1.9 million primarily due to over- or under-collections of power, production and transmission costs as defined by the power cost adjustment clause of our alternative regulation plan.  This decrease included the unfavorable impact of $3.6 million of net deferrals and refunds in 2010 vs. the unfavorable impact of $1.7 million of net deferrals and refunds in 2009. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Other operating revenues increased $1.2 million mostly from higher levels of mutual aid to other utilities in 2010 and the sale of renewable energy credits. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Retail sales decreased $5.5 million resulting from lower sales volumes, partly offset by higher average retail rates and a higher average price due to customer sales mix. Retail sales volumes decreased due to lower usage by commercial and industrial customers resulting from economic conditions. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Resale sales increased $5.6 million as a result of higher sales volumes due to lower retail sales volume and increased output from power producers.  Average prices for forward sales increased while average prices for hourly sales decreased. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | In 2009, the provision for rate refund is related to over-collections of $1.7 million of power, production and transmission costs as defined by the power cost adjustment clause of our alternative regulation plan. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Other operating revenues increased $1.2 million mostly 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. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                   |   | 2010 over/(under) 2009 |    |   | 2009 over/(under) 2008 |   |
|----------------------------------------|--------|------------------------|---------|--------|------------------------|--------|
|                                   |   | Total Variance         |    |   | Percent                |   |   | Total Variance |   |   | Percent |   |
| Purchased power - affiliates and other |   | $                      | 2,792   |   |                   |   | 1.8 | % |   | $ | (7,469 | ) |   |   | -4.5 | % |
| Production                             |   |                   | 378     |   |                   |   | 3.3 | % |   |   | (849 | ) |   |   | -6.9 | % |
| Transmission - affiliates              |   |                   | (11,790 | )      |                   |   | -147.3 | % |   |   | 722 |   |   |   | 9.9 | % |
| Transmission - other                   |   |                   | 2,853   |   |                   |   | 12.0 | % |   |   | 4,948 |   |   |   | 26.2 | % |
| Other operation                        |   |                   | (2,518  | )      |                   |   | -4.3 | % |   |   | 3,416 |   |   |   | 6.1 | % |
| Maintenance                            |   |                   | 5,639   |   |                   |   | 23.3 | % |   |   | (3,780 | ) |   |   | -13.5 | % |
| Depreciation                           |   |                   | 649     |   |                   |   | 3.8 | % |   |   | 1,261 |   |   |   | 8.1 | % |
| Taxes other than income                |   |                   | 745     |   |                   |   | 4.5 | % |   |   | 1,074 |   |   |   | 6.9 | % |
| Income tax expense (benefit)           |   |                   | 2,512   |   |                   |   | 49.9 | % |   |   | 155 |   |   |   | 3.2 | % |
| Total operating expenses               |   | $                      | 1,260   |   |                   |   | 0.4 | % |   | $ | (522 | ) |   |   | -0.2 | % |

|                               |   | Purchases (in thousands) |    |   | MWh purchases |   |
|------------------------------------|--------|--------------------------|---------|--------|---------------|--------|
|                               |   | 2010                     |    |   | 2009          |   |   | 2008 |   |   | 2010 |   |   | 2009 |   |   | 2008 |   |
| VYNPC (a)                          |   | $                        | 58,715  |   |          | $      | 64,017 |   |   | $ | 57,708 |   |   |   | 1,384,551 |   |   |   | 1,551,925 |   |   |   | 1,417,144 |   |
| Hydro-Québec                  |   |                     | 62,971  |   |          |   | 63,095 |   |   |   | 63,670 |   |   |   | 963,027 |   |   |   | 919,764 |   |   |   | 937,923 |   |
| Independent Power Producers        |   |                     | 22,859  |   |          |   | 22,559 |   |   |   | 26,430 |   |   |   | 195,325 |   |   |   | 202,483 |   |   |   | 202,193 |   |
| Subtotal long-term contracts       |   |                     | 144,545 |   |          |   | 149,671 |   |   |   | 147,808 |   |   |   | 2,542,903 |   |   |   | 2,674,172 |   |   |   | 2,557,260 |   |
| Other purchases                    |   |                     | 16,146  |   |          |   | 7,209 |   |   |   | 16,877 |   |   |   | 174,175 |   |   |   | 59,037 |   |   |   | 165,362 |   |
| Reserve for loss on power contract |   |                     | (1,196  | )      |          |   | (1,196 | ) |   |   | (1,196 | ) |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Nuclear decommissioning            |   |                     | 1,379   |   |          |   | 1,312 |   |   |   | 2,070 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Other                              |   |                     | (100    | )      |          |   | 986 |   |   |   | (108 | ) |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Total purchased power              |   | $                        | 160,774 |   |          | $      | 157,982 |   |   | $ | 165,451 |   |   |   | 2,717,078 |   |   |   | 2,733,209 |   |   |   | 2,722,622 |   |

----

|                               |   | 2010 vs. 2009 |   |   | 2009 vs. 2008 |   |
|------------------------------------|--------|---------------|--------|--------|---------------|--------|
| VYNPC (a)                          |   | $             | (5,302 | )      |          | $      | 6,309 |   |
| Hydro-Québec                  |   |          | (124   | )      |          |   | (575 | ) |
| Independent Power Producers (IPPs) |   |          | 300    |   |          |   | (3,871 | ) |
| Subtotal long-term contracts       |   |          | (5,126 | )      |          |   | 1,863 |   |
| Other purchases                    |   |          | 8,937  |   |          |   | (9,668 | ) |
| Nuclear decommissioning            |   |          | 67     |   |          |   | (758 | ) |
| Other                              |   |          | (1,086 | )      |          |   | 1,094 |   |
| Total purchased power              |   | $             | 2,792  |   |          | $      | (7,469 | ) |

| §   | Purchased power costs under long-term contracts decreased $5.1 million in 2010, due primarily to lower output at the Vermont Yankee plant related to an extended scheduled refueling outage, lower capacity costs from Hydro-Québec and decreased purchases from Independent Power Producers. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Other purchases increased $8.9 million due to higher retail load sourced with increased volumes at higher market prices and the purchase of replacement power for the scheduled refueling outages at Vermont Yankee and Millstone Unit #3. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Nuclear decommissioning costs increased $0.1 million associated with our ownership interests in Maine Yankee, Connecticut Yankee and Yankee Atomic.  These costs are based on FERC-approved tariffs. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Other costs decreased $1.1 million. These Other costs are amortizations and deferrals based on PSB-approved regulatory accounting, including those for incremental energy costs related to Millstone Unit #3 scheduled refueling outages and deferrals for our share of nuclear insurance refunds received by VYNPC. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Purchased power costs under long-term contracts increased $1.9 million, due primarily to higher Vermont Yankee plant output and because there were no plant refueling outages in 2009.  This was primarily offset by decreased purchases from IPPs due to the November 2008 expiration of one contract, and lower prices on all market-based purchases. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Other purchases decreased $9.7 million because more power was available from long-term contract sources. |
|--------------------|----------------------------------------------------------------------------------------------------------|

| §   | Nuclear decommissioning costs decreased $0.8 million and are associated with our ownership interests in Maine Yankee, Connecticut Yankee and Yankee Atomic.  These costs are based on FERC-approved tariffs.  The decrease is largely due to lower revenue requirements for Connecticut Yankee and Maine Yankee. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Other costs increased $1.1 million. These Other costs are amortizations and deferrals 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 by VYNPC. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                           |   | 2010 over/(under) 2009 |   |   | 2009 over/(under) 2008 |   |
|------------------------------------------------|--------|------------------------|--------|--------|------------------------|--------|
|                                           |   | Total Variance         |   |   | Percent                |   |   | Total Variance |   |   | Percent |   |
| Equity in earnings of affiliates               |   | $                      | 3,626  |   |                   |   | 20.8 | % |   | $ | 1,208 |   |   |   | 7.4 | % |
| Allowance for equity funds during construction |   |                   | (42    | )      |                   |   | -26.1 | % |   |   | (167 | ) |   |   | -50.9 | % |
| Other income                                   |   |                   | 308    |   |                   |   | 10.5 | % |   |   | (663 | ) |   |   | -18.4 | % |
| Other deductions                               |   |                   | (699   | )      |                   |   | 44.1 | % |   |   | 3,220 |   |   |   | -67.0 | % |
| Income tax expense                             |   |                   | (1,477 | )      |                   |   | 26.2 | % |   |   | 222 |   |   |   | -3.8 | % |
| Total other income and deductions              |   | $                      | 1,716  |   |                   |   | 14.1 | % |   | $ | 3,820 |   |   |   | 40.1 | % |
| * variance exceeds 100 percent                 |   |                   |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                             |   | 2010 over/(under) 2009 |   |   | 2009 over/(under) 2008 |   |
|--------------------------------------------------|--------|------------------------|--------|--------|------------------------|--------|
|                                             |   | Total Variance         |   |   | Percent                |   |   | Total Variance |   |   | Percent |   |
| Interest on long-term debt                       |   | $                      | 24     |   |                   |   | 0.2 | % |   | $ | 1,361 |   |   |   | 13.9 | % |
| Other interest                                   |   |                   | 9      |   |                   |   | 2.0 | % |   |   | (1,460 | ) |   |   | -76.5 | % |
| Allowance for borrowed funds during construction |   |                   | 45     |   |                   |   | -42.5 | % |   |   | 13 |   |   |   | -10.9 | % |
| Total interest expense                           |   | $                      | 78     |   |                   |   | 0.7 | % |   | $ | (86 | ) |   |   | -0.7 | % |

----

|         | 2010 | 2009 | 2008 |
|--------------|------|------|------|
| Nuclear      | 50%  | 55%  | 50%  |
| Hydro        | 40%  | 38%  | 39%  |
| Oil and wood | 4%   | 4%   | 5%   |
| Other        | 6%   | 3%   | 6%   |
| Total        | 100% | 100% | 100% |

----

----

----

----

----

----

----

Item 7A.

|                                              |   | Expected Maturity Date |   |   |   |   |
|---------------------------------------------------|--------|------------------------|--------|--------|--------|--------|
|                                              |   | 2011                   |   |   | 2012   |   |   | 2013 |   |   | 2014 |   |   | 2015 |   |   | Thereafter |   |   | Total |   |
|    Fixed Rate ($)                  |   | $                      | 11.7   |   |   | $      | 11.3 |   |   | $ | 11.3 |   |   | $ | 11.3 |   |   | $ | 11.3 |   |   | $ | 100.0 |   |   | $ | 156.9 |   |
|    Average Fixed Interest Rate (%) |   |                   | 6.29   | %      |   |   | 6.36 | % |   |   | 6.36 | % |   |   | 6.36 | % |   |   | 6.36 | % |   |   | 6.92 | % |   |   |   |   |
|                                              |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Variable Rate ($)               |   | $                      | 0.1    |   |   | $      | 0.0 |   |   | $ | 0.0 |   |   | $ | 0.0 |   |   | $ | 0.0 |   |   | $ | 0.0 |   |   | $ | 0.1 |   |
|    Average Variable Rate (%)       |   |                   | 0.66   | %      |   |   | 0.35 | % |   |   | 0.35 | % |   |   | 0.35 | % |   |   | 0.35 | % |   |   | n/a |   |   |   |   |   |

----

|                  |    |   | 2010   |      |   | 2009   |   |   | 2008   |   |
|-----------------------|---------|--------|--------|-----------|--------|--------|--------|--------|--------|--------|
|                  | Expires |   | mWh    |      |   | $/mWh  |   |   | mWh    |   |   | $/mWh |   |   | mWh |   |   | $/mWh |   |
| Hydro-Québec (a) | 2016    |   |   | 963,027   |   |   | $      | 65.39  |   |   |   | 919,764 |   |   | $ | 68.60 |   |   |   | 937,923 |   |   | $ | 67.88 |   |
| VYNPC (b)             | 2012    |   |   | 1,384,551 |   |   | $      | 42.41  |   |   |   | 1,551,925 |   |   | $ | 41.25 |   |   |   | 1,417,144 |   |   | $ | 40.72 |   |

| (a)   | Under the terms of the Hydro-Québec contract, there is a defined energy rate that escalates at the general inflation rate based on the U.S. Gross National Product Implicit Price Deflator and capacity rates are constant with the potential for small reductions if interest rates decrease below average values set in prior years. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Under the terms of the contract with VYNPC the energy price generally ranges from 3.9 cents to 4.5 cents per kilowatt-hour through 2012.  Effective November 2005, the contract prices are subject to a “low-market adjuster” mechanism. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                             |   | Forward   |   |   | Financial    |   |   | Hydro-      |   |   |   |   |
|----------------------------------------------------------------------------------|--------|-----------|--------|--------|--------------|--------|--------|-------------|--------|--------|--------|--------|
|                                                                             |   | Energy    |   |   | Transmission |   |   | Quebec      |   |   |   |   |
|                                                                             |   | Contracts |   |   | Rights       |   |   | Sellback #3 |   |   | Total  |   |
| Total fair value at December 31, 2009                                            |   | $         | 269    |   |         | $      | 134    |        |   | $      | (149   | )      |   | $ | 254 |   |
| Gains and losses (realized and unrealized)                                       |   |      |   |   |         |   |   |        |   |   |   |   |   |   |   |   |
| Included in earnings                                                             |   |      | 3,973  |   |         |   | 8      |        |   |   | 0      |   |   |   | 3,981 |   |
| Included in Regulatory and other assets/liabilities                              |   |      | (269   | )      |         |   | 0      |        |   |   | 149    |   |   |   | (120 | ) |
| Purchases, sales, issuances and net settlements                                  |   |      | (3,973 | )      |         |   | (114   | )           |   |   | 0      |   |   |   | (4,087 | ) |
| Total fair value at December 31, 2010                                            |   | $         | 0      |   |         | $      | 28     |        |   | $      | 0      |   |   | $ | 28 |   |
|                                                                             |   |      |   |   |         |   |   |        |   |   |   |   |   |   |   |   |
| Estimated fair value at December 31, 2010 for changes in projected market price: |   |      |   |   |         |   |   |        |   |   |   |   |   |   |   |   |
| 10 percent increase                                                              |   | $         | 0      |   |         | $      | 3      |        |   | $      | 0      |   |   | $ | 3 |   |
| 10 percent decrease                                                              |   | $         | 0      |   |         | $      | (3     | )           |   | $      | 0      |   |   | $ | (3 | ) |

----

Item 8.

----

| CENTRAL VERMONT PUBLIC SERVICE CORPORATION                                              |   |
|-----------------------------------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF INCOME                                                       |   |
| (dollars in thousands, except per share data)                                           |   |
|                                                                                    |   |
|                                                                                    |   | For the year ended December 31 |   |
|                                                                                    |   | 2010 |   |   | 2009 |   |   | 2008 |   |
| Operating Revenues                                                                      |   | $ | 341,925 |   |   | $ | 342,098 |   |   | $ | 342,162 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating Expenses                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchased Power - affiliates                                                            |   |   | 60,094 |   |   |   | 65,329 |   |   |   | 59,778 |   |
| Purchased Power                                                                         |   |   | 100,680 |   |   |   | 92,653 |   |   |   | 105,673 |   |
| Production                                                                              |   |   | 11,752 |   |   |   | 11,374 |   |   |   | 12,223 |   |
| Transmission - affiliates                                                               |   |   | (3,788 | ) |   |   | 8,002 |   |   |   | 7,280 |   |
| Transmission - other                                                                    |   |   | 26,652 |   |   |   | 23,799 |   |   |   | 18,851 |   |
| Other operation                                                                         |   |   | 56,642 |   |   |   | 59,160 |   |   |   | 55,744 |   |
| Maintenance                                                                             |   |   | 29,851 |   |   |   | 24,212 |   |   |   | 27,992 |   |
| Depreciation                                                                            |   |   | 17,570 |   |   |   | 16,921 |   |   |   | 15,660 |   |
| Taxes other than income                                                                 |   |   | 17,472 |   |   |   | 16,727 |   |   |   | 15,653 |   |
| Income tax expense                                                                      |   |   | 7,545 |   |   |   | 5,033 |   |   |   | 4,878 |   |
| Total Operating Expenses                                                                |   |   | 324,470 |   |   |   | 323,210 |   |   |   | 323,732 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Utility Operating Income                                                                |   |   | 17,455 |   |   |   | 18,888 |   |   |   | 18,430 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Other Income                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity in earnings of affiliates                                                        |   |   | 21,098 |   |   |   | 17,472 |   |   |   | 16,264 |   |
| Allowance for equity funds during construction                                          |   |   | 119 |   |   |   | 161 |   |   |   | 328 |   |
| Other income                                                                            |   |   | 3,243 |   |   |   | 2,935 |   |   |   | 3,598 |   |
| Other deductions                                                                        |   |   | (2,284 | ) |   |   | (1,585 | ) |   |   | (4,805 | ) |
| Income tax expense                                                                      |   |   | (7,117 | ) |   |   | (5,640 | ) |   |   | (5,862 | ) |
| Total Other Income                                                                      |   |   | 15,059 |   |   |   | 13,343 |   |   |   | 9,523 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest Expense                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest on long-term debt                                                              |   |   | 11,163 |   |   |   | 11,139 |   |   |   | 9,778 |   |
| Other interest                                                                          |   |   | 458 |   |   |   | 449 |   |   |   | 1,909 |   |
| Allowance for borrowed funds during construction                                        |   |   | (61 | ) |   |   | (106 | ) |   |   | (119 | ) |
| Total Interest Expense                                                                  |   |   | 11,560 |   |   |   | 11,482 |   |   |   | 11,568 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Income                                                                              |   |   | 20,954 |   |   |   | 20,749 |   |   |   | 16,385 |   |
| Dividends declared on preferred stock                                                   |   |   | 368 |   |   |   | 368 |   |   |   | 368 |   |
| Earnings available for common stock                                                     |   | $ | 20,586 |   |   | $ | 20,381 |   |   | $ | 16,017 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Per Common Share Data:                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic earnings per share                                                                |   | $ | 1.66 |   |   | $ | 1.75 |   |   |   | 1.53 |   |
| Diluted earnings per share                                                              |   | $ | 1.66 |   |   | $ | 1.74 |   |   |   | 1.52 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Average shares of common stock outstanding - basic                                      |   |   | 12,370,486 |   |   |   | 11,660,170 |   |   |   | 10,458,220 |   |
| Average shares of common stock outstanding - diluted                                    |   |   | 12,405,866 |   |   |   | 11,705,518 |   |   |   | 10,536,131 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends declared per share of common stock                                            |   | $ | 0.92 |   |   | $ | 0.92 |   |   | $ | 0.92 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these consolidated financial statements. |   |

----

| CENTRAL VERMONT PUBLIC SERVICE CORPORATION                                                                                                                                                    |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME                                                                                                                                               |   |
| (dollars in thousands)                                                                                                                                                                        |   |
|                                                                                                                                                                                          |   |
|                                                                                                                                                                                          |   |
|                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                          |   |   |   |   |   |   |
|                                                                                                                                                                                          |   | 2010 |   |   | 2009 |   |   | 2008 |   |
| Net Income                                                                                                                                                                                    |   | $ | 20,954 |   |   | $ | 20,749 |   |   | $ | 16,385 |   |
|                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| 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 in 2010, $2 in 2009 and $1 in 2008                                                                                        |   |   | 2 |   |   |   | 3 |   |   |   | 2 |   |
|     Prior service cost, net of income taxes of $(1) in 2010 and $9 in 2009 and 2008                                                                                       |   |   | (2 | ) |   |   | 14 |   |   |   | 13 |   |
|     Transition benefit obligation, net of income taxes of $0 in 2010, 2009 and 2008.                                                                                      |   |   | 0 |   |   |   | 0 |   |   |   | 1 |   |
|                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
|   Portion reclassified to retained earnings due to change in the benefit measurement date:                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
|     Prior service cost, net of income taxes of $0 in 2010, $0 in 2009 and $2 in 2008                                                                                      |   |   | 0 |   |   |   | 0 |   |   |   | 4 |   |
|                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
|   Change in funded status of pension, postretirement medical and other benefit plans,     net of income taxes of $(16) in 2010, $2 in 2009 and $89 in 2008 |   |   | (23 | ) |   |   | 2 |   |   |   | 130 |   |
|                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income adjustments                                                                                                                                                              |   |   | (23 | ) |   |   | 19 |   |   |   | 150 |   |
|                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Total comprehensive income                                                                                                                                                                    |   | $ | 20,931 |   |   | $ | 20,768 |   |   | $ | 16,535 |   |

----

| CENTRAL VERMONT PUBLIC SERVICE CORPORATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
|                                                                                   (dollars in thousands) |   | For the Years Ended December 31 |   |
| Cash flows provided (used) by:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 2010 |   |   | 2009 |   |   | 2008 |   |
| OPERATING ACTIVITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
| Net income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $ | 20,954 |   |   | $ | 20,749 |   |   | $ | 16,385 |   |
| Adjustments to reconcile net income to net cash provided by operating activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
|      Equity in earnings of affiliates                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   | (21,098 | ) |   |   | (17,472 | ) |   |   | (16,264 | ) |
|      Distributions received from affiliates                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | 14,235 |   |   |   | 10,695 |   |   |   | 10,694 |   |
|      Depreciation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | 17,570 |   |   |   | 16,921 |   |   |   | 15,660 |   |
|      Deferred income taxes and investment tax credits                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   | 20,322 |   |   |   | 9,633 |   |   |   | 16,723 |   |
|      Amortization of capital leases                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 991 |   |   |   | 946 |   |   |   | 900 |   |
|      Regulatory and other amortization, net                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | (3,523 | ) |   |   | (797 | ) |   |   | (4,698 | ) |
|      Non-cash employee benefit plan costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | 6,423 |   |   |   | 6,275 |   |   |   | 5,641 |   |
|      Other non-cash expense and (income), net                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   | 5,163 |   |   |   | 5,225 |   |   |   | 6,058 |   |
|      Changes in assets and liabilities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
|          Increase in accounts receivable and unbilled revenues                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   | (4,949 | ) |   |   | (6,520 | ) |   |   | (2,454 | ) |
|          (Decrease) increase in accounts payable                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   | (1,728 | ) |   |   | 4,979 |   |   |   | (1,740 | ) |
|          (Decrease) increase in accounts payable - affiliates                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | (206 | ) |   |   | 702 |   |   |   | (1,867 | ) |
|          (Increase) decrease in other current assets                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | (916 | ) |   |   | 4,409 |   |   |   | 1,456 |   |
|          Decrease (increase) in special deposits and restricted cash for power collateral                                                                                                                                                                                                                                                                                                                                                                                             |   |   | 5,370 |   |   |   | (1,734 | ) |   |   | (3,580 | ) |
|          Employee benefit plan funding                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | (6,493 | ) |   |   | (7,122 | ) |   |   | (7,880 | ) |
|          Decrease in other current liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   | (867 | ) |   |   | (4,986 | ) |   |   | (5,222 | ) |
|          Decrease (increase) in other long-term assets                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | 640 |   |   |   | 132 |   |   |   | (2,178 | ) |
|          Increase in other long-term liabilities and other                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   | 1,639 |   |   |   | 7 |   |   |   | 766 |   |
| Net cash provided by operating activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   | 53,527 |   |   |   | 42,042 |   |   |   | 28,400 |   |
| INVESTING ACTIVITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|      Construction and plant expenditures                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | (33,021 | ) |   |   | (31,413 | ) |   |   | (36,835 | ) |
|      Investment in affiliates (Transco)                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   | (34,918 | ) |   |   | (20,843 | ) |   |   | (3,090 | ) |
|      Investments in restricted cash - project fund investments                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   | (29,767 | ) |   |   | 0 |   |   |   | 0 |   |
|      Reimbursements of restricted cash - project fund investments                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | 6,288 |   |   |   | 0 |   |   |   | 0 |   |
|      Project reimbursement from DOE                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 791 |   |   |   | 0 |   |   |   | 0 |   |
|      Investments in available-for-sale securities                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | (1,624 | ) |   |   | (3,761 | ) |   |   | (1,475 | ) |
|      Proceeds from sale of available-for-sale securities                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | 1,337 |   |   |   | 3,436 |   |   |   | 1,201 |   |
|      Other investing activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   | (491 | ) |   |   | (350 | ) |   |   | (299 | ) |
| Net cash used for investing activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   | (91,405 | ) |   |   | (52,931 | ) |   |   | (40,498 | ) |
| FINANCING ACTIVITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|      Net proceeds from the issuance of common stock                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 31,942 |   |   |   | 1,655 |   |   |   | 23,540 |   |
|      Decrease in special deposits for preferred stock mandatory redemption                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | 1,000 |   |   |   | 0 |   |   |   | 0 |   |
|      Retirement of preferred stock subject to mandatory redemption                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   | (1,000 | ) |   |   | (1,000 | ) |   |   | (1,000 | ) |
|      Common and preferred dividends paid                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | (11,712 | ) |   |   | (11,088 | ) |   |   | (9,868 | ) |
|      Net proceeds from long-term debt and remarketed bonds                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | 29,767 |   |   |   | 0 |   |   |   | 63,400 |   |
|      Repayment of long-term debt and remarketed bonds                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   | 0 |   |   |   | (5,450 | ) |   |   | (6,400 | ) |
|      Repayment of short-term bridge loan                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | 0 |   |   |   | 0 |   |   |   | (53,000 | ) |
|      Proceeds from revolving credit facility and other short-term borrowings                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | 128,113 |   |   |   | 48,501 |   |   |   | 12,700 |   |
|      Repayments under revolving credit facility and other short-term borrowings                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   | (137,729 | ) |   |   | (25,190 | ) |   |   | (12,700 | ) |
|      Common stock offering and debt issue costs                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   | (879 | ) |   |   | (210 | ) |   |   | (1,054 | ) |
|      Reduction in capital lease and other financing activities                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   | (1,017 | ) |   |   | (982 | ) |   |   | (601 | ) |
| Net cash provided by financing activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   | 38,485 |   |   |   | 6,236 |   |   |   | 15,017 |   |
| Net Increase (decrease) in cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | 607 |   |   |   | (4,653 | ) |   |   | 2,919 |   |
| Cash and cash equivalents at beginning of the period                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | 2,069 |   |   |   | 6,722 |   |   |   | 3,803 |   |
| Cash and cash equivalents at end of the period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | $ | 2,676 |   |   | $ | 2,069 |   |   | $ | 6,722 |   |

----

| CENTRAL VERMONT PUBLIC SERVICE CORPORATION                                                                                      |   |
|---------------------------------------------------------------------------------------------------------------------------------|--------|
| CONSOLIDATED BALANCE SHEETS                                                                                                     |   |
| (dollars in thousands, except share data)                                                                                       |   |
|                                                                                                                            |   |   |   |   |   |   |
|                                                                                                                            |   | December 31, 2010 |   |   | December 31, 2009 |   |
| ASSETS                                                                                                                          |   |   |   |   |   |   |
| Utility plant                                                                                                                   |   |   |   |   |   |   |
|   Utility plant, at original cost                                                                                     |   | $ | 611,746 |   |   | $ | 593,211 |   |
|   Less accumulated depreciation                                                                                       |   |   | 266,649 |   |   |   | 254,858 |   |
|   Utility plant, at original cost, net of accumulated depreciation                                                    |   |   | 345,097 |   |   |   | 338,353 |   |
|   Property under capital leases, net                                                                                  |   |   | 4,425 |   |   |   | 5,302 |   |
|   Construction work-in-progress                                                                                       |   |   | 20,234 |   |   |   | 10,235 |   |
|   Nuclear fuel, net                                                                                                   |   |   | 1,737 |   |   |   | 2,190 |   |
| Total utility plant, net                                                                                                        |   |   | 371,493 |   |   |   | 356,080 |   |
|                                                                                                                            |   |   |   |   |   |   |   |   |
| Investments and other assets                                                                                                    |   |   |   |   |   |   |   |   |
|   Investments in affiliates                                                                                           |   |   | 171,514 |   |   |   | 129,733 |   |
|   Non-utility property, less accumulated depreciation   ($3,164 in 2010 and $3,661 in 2009)            |   |   | 2,196 |   |   |   | 1,900 |   |
|   Millstone decommissioning trust fund                                                                                |   |   | 5,742 |   |   |   | 5,082 |   |
|   Restricted cash                                                                                                     |   |   | 17,581 |   |   |   | 0 |   |
|   Other                                                                                                               |   |   | 7,013 |   |   |   | 6,542 |   |
| Total investments and other assets                                                                                              |   |   | 204,046 |   |   |   | 143,257 |   |
|                                                                                                                            |   |   |   |   |   |   |   |   |
| Current assets                                                                                                                  |   |   |   |   |   |   |   |   |
|   Cash and cash equivalents                                                                                           |   |   | 2,676 |   |   |   | 2,069 |   |
|   Restricted cash                                                                                                     |   |   | 5,903 |   |   |   | 5,369 |   |
|   Special deposits                                                                                                    |   |   | 6 |   |   |   | 1,007 |   |
|   Accounts receivable, less allowance for uncollectible accounts   ($2,649 in 2010 and $3,577 in 2009) |   |   | 28,552 |   |   |   | 24,597 |   |
|   Accounts receivable - affiliates, less allowance for uncollectible accounts                                    |   |   | 314 |   |   |   | 40 |   |
|   Unbilled revenues                                                                                                   |   |   | 21,003 |   |   |   | 20,827 |   |
|   Materials and supplies, at average cost                                                                             |   |   | 7,159 |   |   |   | 6,219 |   |
|   Prepayments                                                                                                         |   |   | 15,862 |   |   |   | 14,055 |   |
|   Deferred income taxes                                                                                               |   |   | 4,501 |   |   |   | 3,351 |   |
|   Power-related derivatives                                                                                           |   |   | 28 |   |   |   | 622 |   |
|   Regulatory assets                                                                                                   |   |   | 1,924 |   |   |   | 0 |   |
|   Other deferred charges - regulatory                                                                                 |   |   | 2,078 |   |   |   | 0 |   |
|   Other current assets                                                                                                |   |   | 1,114 |   |   |   | 2,252 |   |
|   Total current assets                                                                                                |   |   | 91,120 |   |   |   | 80,408 |   |
|                                                                                                                            |   |   |   |   |   |   |   |   |
| Deferred charges and other assets                                                                                               |   |   |   |   |   |   |   |   |
|   Regulatory assets                                                                                                   |   |   | 38,552 |   |   |   | 46,240 |   |
|   Other deferred charges - regulatory                                                                                 |   |   | 2,260 |   |   |   | 1,544 |   |
|   Other deferred charges and other assets                                                                             |   |   | 3,275 |   |   |   | 4,623 |   |
| Total deferred charges and other assets                                                                                         |   |   | 44,087 |   |   |   | 52,407 |   |
|                                                                                                                            |   |   |   |   |   |   |   |   |
| TOTAL ASSETS                                                                                                                    |   | $ | 710,746 |   |   | $ | 632,152 |   |

----

| CENTRAL VERMONT PUBLIC SERVICE CORPORATION                                                                                                                                                                                                      |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| CONSOLIDATED BALANCE SHEETS                                                                                                                                                                                                                     |   |
| (dollars in thousands, except share data)                                                                                                                                                                                                       |   |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |
|                                                                                                                                                                                                                                            |   | December 31, 2010 |   |   | December 31, 2009 |   |
| CAPITALIZATION AND LIABILITIES                                                                                                                                                                                                                  |   |   |   |   |   |   |
| Capitalization                                                                                                                                                                                                                                  |   |   |   |   |   |   |
|   Common stock, $6 par value, 19,000,000 shares authorized, 15,470,217 issued   and 13,341,144 outstanding at December 31, 2010 and 13,835,968 issued   and 11,706,895 outstanding at December 31, 2009 |   | $ | 92,821 |   |   | $ | 83,016 |   |
|   Other paid-in capital                                                                                                                                                                                                               |   |   | 94,462 |   |   |   | 72,179 |   |
|   Accumulated other comprehensive loss                                                                                                                                                                                                |   |   | (232 | ) |   |   | (209 | ) |
|   Treasury stock, at cost, 2,129,073 shares at December 31, 2010 and 2009                                                                                                                                                        |   |   | (48,436 | ) |   |   | (48,436 | ) |
|   Retained earnings                                                                                                                                                                                                                   |   |   | 134,113 |   |   |   | 124,873 |   |
| Total common stock equity                                                                                                                                                                                                                       |   |   | 272,728 |   |   |   | 231,423 |   |
|   Preferred and preference stock not subject to mandatory redemption                                                                                                                                                                  |   |   | 8,054 |   |   |   | 8,054 |   |
|   Long-term debt                                                                                                                                                                                                                      |   |   | 188,300 |   |   |   | 201,611 |   |
|   Capital lease obligations                                                                                                                                                                                                           |   |   | 3,471 |   |   |   | 4,313 |   |
| Total capitalization                                                                                                                                                                                                                            |   |   | 472,553 |   |   |   | 445,401 |   |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| Current liabilities                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |
|   Current portion of preferred stock subject to mandatory redemption                                                                                                                                                                  |   |   | 0 |   |   |   | 1,000 |   |
|   Current portion of long-term debt                                                                                                                                                                                                   |   |   | 20,000 |   |   |   | 0 |   |
|   Accounts payable                                                                                                                                                                                                                    |   |   | 8,137 |   |   |   | 9,016 |   |
|   Accounts payable - affiliates                                                                                                                                                                                                       |   |   | 11,835 |   |   |   | 12,040 |   |
|   Notes payable                                                                                                                                                                                                                       |   |   | 13,695 |   |   |   | 0 |   |
|   Nuclear decommissioning costs                                                                                                                                                                                                       |   |   | 1,438 |   |   |   | 1,443 |   |
|   Power-related derivatives                                                                                                                                                                                                           |   |   | 0 |   |   |   | 219 |   |
|   Other deferred credits - regulatory                                                                                                                                                                                                 |   |   | 1,108 |   |   |   | 0 |   |
|   Other current liabilities                                                                                                                                                                                                           |   |   | 30,763 |   |   |   | 26,450 |   |
| Total current liabilities                                                                                                                                                                                                                       |   |   | 86,976 |   |   |   | 50,168 |   |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| Deferred credits and other liabilities                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |
|   Deferred income taxes                                                                                                                                                                                                               |   |   | 82,406 |   |   |   | 59,215 |   |
|   Deferred investment tax credits                                                                                                                                                                                                     |   |   | 2,387 |   |   |   | 2,642 |   |
|   Nuclear decommissioning costs                                                                                                                                                                                                       |   |   | 5,383 |   |   |   | 7,055 |   |
|   Asset retirement obligations                                                                                                                                                                                                        |   |   | 3,609 |   |   |   | 3,247 |   |
|   Accrued pension and benefit obligations                                                                                                                                                                                             |   |   | 32,441 |   |   |   | 38,056 |   |
|   Power-related derivatives                                                                                                                                                                                                           |   |   | 0 |   |   |   | 149 |   |
|   Other deferred credits - regulatory                                                                                                                                                                                                 |   |   | 3,886 |   |   |   | 3,888 |   |
|   Other deferred credits and other liabilities                                                                                                                                                                                        |   |   | 21,105 |   |   |   | 22,331 |   |
| Total deferred credits and other liabilities                                                                                                                                                                                                    |   |   | 151,217 |   |   |   | 136,583 |   |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| Commitments and contingencies (Note 19)                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| TOTAL CAPITALIZATION AND LIABILITIES                                                                                                                                                                                                            |   | $ | 710,746 |   |   | $ | 632,152 |   |

----

| CENTRAL VERMONT PUBLIC SERVICE CORPORATION                                            |   |
|---------------------------------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENT OF CHANGES IN COMMON STOCK EQUITY                              |   |
| (dollars in thousands, except share data)                                             |   |
|                                                                                  |   | Common Stock |   |   | Treasury Stock |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   | Other |   |   | Other |   |   |   |   |   |   |   |
|                                                                                  |   | Shares |   |   |   |   |   |   |   |   |   |   |   | Paid-in |   |   | Comprehensive |   |   | Retained |   |   |   |   |
|                                                                                  |   | Issued |   |   | Amount |   |   | Shares |   |   | Amount |   |   | Capital |   |   | Loss, net of tax |   |   | Earnings |   |   | Total |   |
| Balance, December 31, 2007                                                            |   |   | 12,474,687 |   |   | $ | 74,848 |   |   |   | (2,230,128 | ) |   | $ | (50,734 | ) |   | $ | 56,324 |   |   | $ | (378 | ) |   | $ | 108,747 |   |   | $ | 188,807 |   |
| Adjust to initially apply SFAS 158 measurement   provision, net of tax |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 4 |   |   |   | (46 | ) |   |   | (42 | ) |
| Net income                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 16,385 |   |   |   | 16,385 |   |
| Other comprehensive income, net of tax                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 146 |   |   |   |   |   |   |   | 146 |   |
| Common stock issuance, net of issuance costs                                          |   |   | 1,190,000 |   |   |   | 7,140 |   |   |   |   |   |   |   |   |   |   |   | 13,760 |   |   |   |   |   |   |   |   |   |   |   | 20,900 |   |
| Dividend reinvestment plan                                                            |   |   |   |   |   |   |   |   |   |   | 54,236 |   |   |   | 1,233 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1,233 |   |
| Stock options exercised                                                               |   |   | 67,050 |   |   |   | 402 |   |   |   |   |   |   |   |   |   |   |   | 882 |   |   |   |   |   |   |   |   |   |   |   | 1,284 |   |
| Share-based compensation:                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common & nonvested shares                                                         |   |   | 3,891 |   |   |   | 23 |   |   |   |   |   |   |   |   |   |   |   | 65 |   |   |   |   |   |   |   |   |   |   |   | 88 |   |
| Performance share plans                                                               |   |   | 15,089 |   |   |   | 91 |   |   |   |   |   |   |   |   |   |   |   | 418 |   |   |   |   |   |   |   |   |   |   |   | 509 |   |
| Dividends declared:                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common - $0.92 per share                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (9,500 | ) |   |   | (9,500 | ) |
| Cumulative non-redeemable preferred stock                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (368 | ) |   |   | (368 | ) |
| Amortization of preferred stock issuance expense                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 17 |   |   |   |   |   |   |   |   |   |   |   | 17 |   |
| Gain (loss) on capital stock                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 23 |   |   |   |   |   |   |   | (3 | ) |   |   | 20 |   |
| Balance, December 31, 2008                                                            |   |   | 13,750,717 |   |   | $ | 82,504 |   |   |   | (2,175,892 | ) |   | $ | (49,501 | ) |   | $ | 71,489 |   |   | $ | (228 | ) |   | $ | 115,215 |   |   | $ | 219,479 |   |
| Net income                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 20,749 |   |   |   | 20,749 |   |
| Other comprehensive income, net of tax                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 19 |   |   |   |   |   |   |   | 19 |   |
| Common stock issuance                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (179 | ) |   |   |   |   |   |   |   |   |   |   | (179 | ) |
| Dividend reinvestment plan                                                            |   |   | 19,468 |   |   |   | 117 |   |   |   | 46,819 |   |   |   | 1,065 |   |   |   | 255 |   |   |   |   |   |   |   |   |   |   |   | 1,437 |   |
| Stock options exercised                                                               |   |   | 36,160 |   |   |   | 217 |   |   |   |   |   |   |   |   |   |   |   | 284 |   |   |   |   |   |   |   |   |   |   |   | 501 |   |
| Share-based compensation:                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common & nonvested shares                                                         |   |   | 4,530 |   |   |   | 27 |   |   |   |   |   |   |   |   |   |   |   | 58 |   |   |   |   |   |   |   |   |   |   |   | 85 |   |
| Performance share plans                                                               |   |   | 25,093 |   |   |   | 151 |   |   |   |   |   |   |   |   |   |   |   | 417 |   |   |   |   |   |   |   |   |   |   |   | 568 |   |
| Dividends declared:                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common - $0.92 per share                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (10,720 | ) |   |   | (10,720 | ) |
| Cumulative non-redeemable preferred stock                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (368 | ) |   |   | (368 | ) |
| Amortization of preferred stock issuance expense                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 16 |   |   |   |   |   |   |   |   |   |   |   | 16 |   |
| Gain (loss) on capital stock                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (161 | ) |   |   |   |   |   |   | (3 | ) |   |   | (164 | ) |
| Balance, December 31, 2009                                                            |   |   | 13,835,968 |   |   | $ | 83,016 |   |   |   | (2,129,073 | ) |   | $ | (48,436 | ) |   | $ | 72,179 |   |   | $ | (209 | ) |   | $ | 124,873 |   |   | $ | 231,423 |   |
| Net income                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 20,954 |   |   |   | 20,954 |   |
| Other comprehensive income, net of tax                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (23 | ) |   |   |   |   |   |   | (23 | ) |
| Common Stock Issuance, net of issuance costs                                          |   |   | 1,498,745 |   |   |   | 8,992 |   |   |   |   |   |   |   |   |   |   |   | 20,621 |   |   |   |   |   |   |   |   |   |   |   | 29,613 |   |
| Dividend reinvestment plan                                                            |   |   | 69,234 |   |   |   | 415 |   |   |   |   |   |   |   |   |   |   |   | 972 |   |   |   |   |   |   |   |   |   |   |   | 1,387 |   |
| Stock options exercised                                                               |   |   | 45,300 |   |   |   | 272 |   |   |   |   |   |   |   |   |   |   |   | 432 |   |   |   |   |   |   |   |   |   |   |   | 704 |   |
| Share-based compensation:                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common & nonvested shares                                                         |   |   | 5,849 |   |   |   | 35 |   |   |   |   |   |   |   |   |   |   |   | 88 |   |   |   |   |   |   |   |   |   |   |   | 123 |   |
| Performance share plans                                                               |   |   | 15,121 |   |   |   | 91 |   |   |   |   |   |   |   |   |   |   |   | 152 |   |   |   |   |   |   |   |   |   |   |   | 243 |   |
| Dividends declared:                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common - $0.92 per share                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (11,344 | ) |   |   | (11,344 | ) |
| Cumulative non-redeemable preferred stock                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (368 | ) |   |   | (368 | ) |
| Amortization of preferred stock issuance expense                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 16 |   |   |   |   |   |   |   |   |   |   |   | 16 |   |
| Gain (Loss) on capital stock                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 2 |   |   |   |   |   |   |   | (2 | ) |   |   | 0 |   |
| Balance, December 31, 2010                                                            |   |   | 15,470,217 |   |   | $ | 92,821 |   |   |   | (2,129,073 | ) |   | $ | (48,436 | ) |   | $ | 94,462 |   |   | $ | (232 | ) |   | $ | 134,113 |   |   | $ | 272,728 |   |

----

----

----

|                                                       |   | Balance at beginning ofyear |   |   | Chargedto income andexpenses |   |   |      |   |   | Deductions |   |   |   |   |      | Balance at end of year |   |
|------------------------------------------------------------|--------|----------------------------------|--------|--------|------------------------------|--------|--------|-----------|--------|--------|------------|--------|--------|--------|--------|-----------|-----------------------------|--------|
| 2010                                                       |   |                             |   |   |                         |   |   |      |   |   |       |   |   |   |   |      |                        |   |
| Reserve for uncollectible accounts receivable              |   | $                                | 3,577  |   |                         |   | 723    |  (2) |   |   |       |   |   | $      | 1,651  |  (1) |                        |   |   |   |   | $ | 2,649 |   |
| 2009                                                       |   |                             |   |   |                         |   |   |      |   |   |       |   |   |   |   |      |                        |   |   |   |   |   |   |   |
| Reserve for uncollectible accounts receivable              |   | $                                | 2,184  |   |                         |   | 3,179  |  (2) |   |   |       |   |   | $      | 1,786  |  (1) |                        |   |   |   |   | $ | 3,577 |   |
| 2008                                                       |   |                             |   |   |                         |   |   |      |   |   |       |   |   |   |   |      |                        |   |   |   |   |   |   |   |
| Reserve for uncollectible accounts receivable              |   | $                                | 1,751  |   |                         | $      | 2,473  |      |   |   |       |   |   | $      | 2,040  |  (1) |                        |   |   |   |   | $ | 2,184 |   |
| Reserve for uncollectible accounts receivable - affiliates |   | $                                | 48     |   |                         |   |   |      |   |   |       |   |   | $      | 48     |      |                        |   |   |   |   | $ | 0 |   |

|                                             |   | 2010   |     |   | 2009   |   |
|--------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Wholly owned electric plant in service:          |   |   |     |   |   |   |
| Distribution                                     |   | $      | 319,847  |   |   | $      | 308,544 |   |
| Hydro facilities                                 |   |   | 50,692   |   |   |   | 48,634 |   |
| Transmission                                     |   |   | 57,998   |   |   |   | 57,115 |   |
| General                                          |   |   | 36,393   |   |   |   | 34,196 |   |
| Intangible plant                                 |   |   | 6,837    |   |   |   | 5,512 |   |
| Other                                            |   |   | 4,695    |   |   |   | 4,694 |   |
| Sub-total wholly owned electric plant in service |   |   | 476,462  |   |   |   | 458,695 |   |
| Jointly owned generation and transmission units  |   |   | 115,748  |   |   |   | 115,397 |   |
| Completed construction                           |   |   | 19,493   |   |   |   | 19,076 |   |
| Held for future use                              |   |   | 43       |   |   |   | 43 |   |
| Utility plant, at original cost                  |   |   | 611,746  |   |   |   | 593,211 |   |
| Accumulated depreciation                         |   |   | (266,649 | )      |   |   | (254,858 | ) |
| Property under capital leases, net               |   |   | 4,425    |   |   |   | 5,302 |   |
| Construction work-in-progress                    |   |   | 20,234   |   |   |   | 10,235 |   |
| Nuclear fuel, net                                |   |   | 1,737    |   |   |   | 2,190 |   |
| Total Utility Plant, net                         |   | $      | 371,493  |   |   | $      | 356,080 |   |

----

|                                        |   | 2010   |   |   | 2009   |   |
|---------------------------------------------|--------|--------|--------|--------|--------|--------|
| Asset retirement obligations at January 1   |   | $      | 3,247  |   |   | $      | 3,302 |   |
| Revisions in estimated cash flows           |   |   | 246    |   |   |   | (233 | ) |
| Accretion                                   |   |   | 136    |   |   |   | 192 |   |
| Liabilities settled during the period       |   |   | (20    | )      |   |   | (14 | ) |
| Asset retirement obligations at December 31 |   | $      | 3,609  |   |   | $      | 3,247 |   |

----

|                                                  |   | AOCL      |   |
|-------------------------------------------------------|--------|-----------|--------|
|                                                  |   | After-tax |   |
| Balance at December 31, 2008, net of tax of $156      |   | $         | (228   | ) |
| Pension and postretirement medical benefit costs, net |   |      | 19     |   |
| Balance at December 31, 2009, net of tax of $142      |   | $         | (209   | ) |
| Pension and postretirement medical benefit costs, net |   |      | (23    | ) |
| Balance at December 31, 2010, net of tax of $158      |   | $         | (232   | ) |

----

|                                                             |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Interest on temporary investments                                |   | $      | 7      |   |   | $      | 61     |   |   | $ | 257 |   |
| Non-utility revenue and non-operating rental income              |   |   | 1,801  |   |   |   | 1,862  |   |   |   | 1,901 |   |
| Amortization of contributions in aid of construction - tax adder |   |   | 938    |   |   |   | 975    |   |   |   | 991 |   |
| Other interest and dividends                                     |   |   | 178    |   |   |   | 16     |   |   |   | 148 |   |
| Gain on sale of non-utility property                             |   |   | 4      |   |   |   | 2      |   |   |   | 7 |   |
| Miscellaneous other income                                       |   |   | 315    |   |   |   | 19     |   |   |   | 294 |   |
| Total                                                            |   | $      | 3,243  |   |   | $      | 2,935  |   |   | $ | 3,598 |   |

|                                           |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Supplemental retirement benefits and insurance |   | $      | 344    |   |   | $      | (249   | )      |   | $ | 3,041 |   |
| Non-utility expenses                           |   |   | 1,300  |   |   |   | 1,320  |   |   |   | 1,294 |   |
| Miscellaneous other deductions                 |   |   | 640    |   |   |   | 514    |   |   |   | 470 |   |
| Total                                          |   | $      | 2,284  |   |   | $      | 1,585  |   |   | $ | 4,805 |   |

|          |   | 2010   |   |   | 2009   |   |
|---------------|--------|--------|--------|--------|--------|--------|
| Taxes         |   | $      | 14,662 |   |   | $      | 12,443 |   |
| Insurance     |   |   | 412    |   |   |   | 1,055 |   |
| Miscellaneous |   |   | 788    |   |   |   | 557 |   |
| Total         |   | $      | 15,862 |   |   | $      | 14,055 |   |

|                                            |   | 2010   |   |   | 2009   |   |
|-------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Deferred compensation plans and other           |   | $      | 2,596  |   |   | $      | 2,627 |   |
| Accrued employee-related costs                  |   |   | 4,660  |   |   |   | 5,843 |   |
| Other taxes and Energy Efficiency Utility       |   |   | 4,105  |   |   |   | 3,306 |   |
| Cash concentration account - outstanding checks |   |   | 2,358  |   |   |   | 1,917 |   |
| Obligation under capital leases                 |   |   | 942    |   |   |   | 975 |   |
| Provision for rate refund                       |   |   | 5,137  |   |   |   | 1,520 |   |
| Miscellaneous accruals                          |   |   | 10,965 |   |   |   | 10,262 |   |
| Total                                           |   | $      | 30,763 |   |   | $      | 26,450 |   |

|                                            |   | 2010   |   |   | 2009   |   |
|-------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Environmental reserve                           |   | $      | 505    |   |   | $      | 890 |   |
| Non-legal removal costs                         |   |   | 11,531 |   |   |   | 10,693 |   |
| Contribution in aid of construction - tax adder |   |   | 4,245  |   |   |   | 4,705 |   |
| Reserve for loss on power contract              |   |   | 4,784  |   |   |   | 5,980 |   |
| Provision for rate refund                       |   |   | 4      |   |   |   | 4 |   |
| Other                                           |   |   | 36     |   |   |   | 59 |   |
| Total                                           |   | $      | 21,105 |   |   | $      | 22,331 |   |

----

|                                  |   | 2010 |   |   | 2009   |   |   | 2008   |   |
|---------------------------------------|--------|------|--------|--------|--------|--------|--------|--------|--------|
| Interest (net of amounts capitalized) |   | $    | 11,356 |   |   | $      | 11,614 |   |   | $ | 10,716 |   |
| Net income taxes (refunded) paid      |   | $    | (5,703 | )      |   | $      | (1,244 | )      |   | $ | 3,142 |   |

----

|                                                             |   | 2010   |       |   | 2009   |   |       | 2008   |   |
|------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|
| Numerator for basic and diluted EPS:                             |   |   |       |   |   |   |       |   |   |
| Income from continuing operations                                |   | $      | 20,954     |   |   | $      | 20,749     |   |   | $ | 16,385 |   |
| Dividends declared on preferred stock                            |   |   | 368        |   |   |   | 368        |   |   |   | 368 |   |
| Net income from continuing operations available for common stock |   | $      | 20,586     |   |   | $      | 20,381     |   |   | $ | 16,017 |   |
|                                                             |   |   |       |   |   |   |       |   |   |   |   |   |
| Denominators for basic and diluted EPS:                          |   |   |       |   |   |   |       |   |   |   |   |   |
| Weighted-average basic shares of common stock outstanding        |   |   | 12,370,486 |   |   |   | 11,660,170 |   |   |   | 10,458,220 |   |
| Dilutive effect of stock options                                 |   |   | 14,388     |   |   |   | 20,646     |   |   |   | 55,525 |   |
| Dilutive effect of performance shares                            |   |   | 20,992     |   |   |   | 24,702     |   |   |   | 22,386 |   |
| Weighted-average diluted shares of common stock outstanding      |   |   | 12,405,866 |   |   |   | 11,705,518 |   |   |   | 10,536,131 |   |

|                                     |   |      |   |   | Investment     |   |    | Equity in Earnings |   |
|------------------------------------------|--------|-----------|--------|--------|----------------|--------|---------|--------------------|--------|
|                                     |   |      |   |   | At December 31 |   |    | As of December 31  |   |
|                                     |   | Direct    |   |   |           |   |    |               |   |   |   |   |   |   |   |   |   |   |
|                                     |   | Ownership |   |   | 2010           |   |    | 2009               |   |   | 2010 |   |   | 2009 |   |   | 2008 |   |
| Vermont Electric Power Company, Inc.:    |   |      |   |   |           |   |    |               |   |   |   |   |   |   |   |   |   |   |
| Common stock                             |   |      | 47.05  | %      |           | $      | 11,875  |               |   | $ | 11,726 |   |   |   |   |   |   |   |   |   |   |
| Preferred stock                          |   |      | 48.03  | %      |           |   | 287     |               |   |   | 268 |   |   |   |   |   |   |   |   |   |   |
| Subtotal                                 |   |      |   |   |           |   | 12,162  |               |   |   | 11,994 |   |   | $ | 1,473 |   |   | $ | 1,776 |   |   | $ | 1,296 |   |
| Vermont Transco LLC (a)                  |   |      | 36.68  | %      |           |   | 156,338 |               |   |   | 114,748 |   |   |   | 19,322 |   |   |   | 15,348 |   |   |   | 14,806 |   |
| Vermont Yankee Nuclear Power Corporation |   |      | 58.85  | %      |           |   | 2,875   |               |   |   | 2,830 |   |   |   | 293 |   |   |   | 328 |   |   |   | 144 |   |
| Connecticut Yankee Atomic Power Company  |   |      | 2.00   | %      |           |   | 43      |               |   |   | 65 |   |   |   | 0 |   |   |   | 13 |   |   |   | 9 |   |
| Maine Yankee Atomic Power Company        |   |      | 2.00   | %      |           |   | 41      |               |   |   | 36 |   |   |   | 14 |   |   |   | 2 |   |   |   | 6 |   |
| Yankee Atomic Electric Company           |   |      | 3.50   | %      |           |   | 55      |               |   |   | 60 |   |   |   | (4 | ) |   |   | 5 |   |   |   | 3 |   |
| Total Investments in Affiliates          |   |      |   |   |           | $      | 171,514 |               |   | $ | 129,733 |   |   | $ | 21,098 |   |   | $ | 17,472 |   |   | $ | 16,264 |   |

----

|                                                  |   | 2010   |    |   | 2009   |   |   | 2008   |   |
|-------------------------------------------------------|--------|--------|---------|--------|--------|--------|--------|--------|--------|
| Operating revenues                                    |   | $      | 104,016 |   |   | $      | 93,596 |   |   | $ | 75,660 |   |
| Operating income                                      |   | $      | 58,544  |   |   | $      | 51,903 |   |   | $ | 40,088 |   |
|                                                  |   |   |    |   |   |   |   |   |   |   |   |   |
| Income before non-controlling interest and income tax |   | $      | 50,029  |   |   | $      | 42,214 |   |   | $ | 35,688 |   |
| Less members' non-controlling interest in income      |   |   | 45,728  |   |   |   | 36,202 |   |   |   | 30,712 |   |
| Less income tax                                       |   |   | 1,056   |   |   |   | 2,338  |   |   |   | 2,175 |   |
| Net income                                            |   | $      | 3,245   |   |   | $      | 3,674  |   |   | $ | 2,801 |   |

|                              |   | 2010   |    |   | 2009   |   |
|-----------------------------------|--------|--------|---------|--------|--------|--------|
| Current assets                    |   | $      | 38,639  |   |   | $      | 76,257 |   |
| Non-current assets                |   |   | 756,346 |   |   |   | 649,187 |   |
| Total assets                      |   |   | 794,985 |   |   |   | 725,444 |   |
| Less:                             |   |   |    |   |   |   |   |   |
| Current liabilities               |   |   | 47,374  |   |   |   | 48,766 |   |
| Non-current liabilities           |   |   | 345,869 |   |   |   | 355,951 |   |
| Members' non-controlling interest |   |   | 375,945 |   |   |   | 295,401 |   |
| Net assets                        |   | $      | 25,797  |   |   | $      | 25,326 |   |

|               |   | 2010 |    |   | 2009   |   |   | 2008   |   |
|--------------------|--------|------|---------|--------|--------|--------|--------|--------|--------|
| Operating revenues |   | $    | 103,547 |   |   | $      | 93,085 |   |   | $ | 75,200 |   |
| Operating income   |   | $    | 59,884  |   |   | $      | 51,903 |   |   | $ | 40,088 |   |
| Net income         |   | $    | 51,849  |   |   | $      | 42,623 |   |   | $ | 35,647 |   |

----

|                                    |   | 2010   |    |   | 2009   |   |
|-----------------------------------------|--------|--------|---------|--------|--------|--------|
| Current assets                          |   | $      | 34,506  |   |   | $      | 71,629 |   |
| Non-current assets                      |   |   | 746,351 |   |   |   | 639,795 |   |
| Total assets                            |   |   | 780,857 |   |   |   | 711,424 |   |
| Less:                                   |   |   |    |   |   |   |   |   |
| Current liabilities                     |   |   | 33,175  |   |   |   | 34,086 |   |
| Non-current liabilities                 |   |   | 330,766 |   |   |   | 341,869 |   |
| Mandatorily redeemable membership units |   |   | 10,000  |   |   |   | 10,000 |   |
| Net assets                              |   | $      | 406,916 |   |   | $      | 325,469 |   |

|                    |   | 2010 |    |   | 2009   |   |    | 2008   |   |
|-------------------------|--------|------|---------|--------|--------|--------|---------|--------|--------|
| Operating revenues      |   | $    | 168,592 |   |   | $      | 183,411 |   |   | $ | 166,104 |   |
| Operating income (loss) |   | $    | (2,961  | )      |   | $      | (2,991  | )      |   | $ | (543 | ) |
| Net income              |   | $    | 497     |   |   | $      | 557     |   |   | $ | 245 |   |

----

|                    |   | 2010   |    |   | 2009   |   |
|-------------------------|--------|--------|---------|--------|--------|--------|
| Current assets          |   | $      | 26,844  |   |   | $      | 23,926 |   |
| Non-current assets      |   |   | 145,079 |   |   |   | 146,957 |   |
| Total assets            |   |   | 171,923 |   |   |   | 170,883 |   |
| Less:                   |   |   |    |   |   |   |   |   |
| Current liabilities     |   |   | 17,317  |   |   |   | 16,754 |   |
| Non-current liabilities |   |   | 149,721 |   |   |   | 149,320 |   |
| Net assets              |   | $      | 4,885   |   |   | $      | 4,809 |   |

|               |   | Remaining Obligations |   |   | Revenue Requirements |   |   | Company Share |   |
|--------------------|--------|-----------------------|--------|--------|----------------------|--------|--------|---------------|--------|
| Maine Yankee       |   | $                     | 110.2  |   |                 | $      | 32.5   |          |   | $ | 0.6 |   |
| Connecticut Yankee |   | $                     | 144.9  |   |                 | $      | 219.1  |          |   | $ | 4.4 |   |
| Yankee Atomic      |   | $                     | 95.6   |   |                 | $      | 51.2   |          |   | $ | 1.8 |   |

----

----

|                                                                       |   | 2010     |    |   | 2009   |   |
|----------------------------------------------------------------------------|--------|----------|---------|--------|--------|--------|
|                                                                       |   | Carrying |    |   | Fair   |   |   | Carrying |   |   | Fair |   |
|                                                                       | Amount |     |    | Value  |   |   | Amount |   |   | Value |   |
| Power contract derivative assets (includes current portion)                |   | $        | 28      |   |   | $      | 28 |   |   | $ | 622 |   |   | $ | 622 |   |
| Power contract derivative liabilities (includes current portion)           |   | $        | 0       |   |   | $      | 0 |   |   | $ | 368 |   |   | $ | 368 |   |
| Preferred stock subject to mandatory redemption (includes current portion) |   | $        | 0       |   |   | $      | 0 |   |   | $ | 1,000 |   |   | $ | 1,000 |   |
|                                                                       |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| First mortgage bonds                                                       |   | $        | 167,500 |   |   | $      | 188,467 |   |   | $ | 167,500 |   |   | $ | 186,210 |   |
| Industrial/Economic Development bonds                                      |   | $        | 40,800  |   |   | $      | 40,521 |   |   | $ | 10,800 |   |   | $ | 10,800 |   |
| Credit facility borrowings (includes current portion)                      |   | $        | 13,695  |   |   | $      | 13,695 |   |   | $ | 23,311 |   |   | $ | 23,311 |   |

----

----

|                                 |                                                         |   | Fair Value as of December 31, 2010 |   |
|--------------------------------------|--------------------------------------------------------------|--------|------------------------------------|--------|
|                                 |                                                         |   | Level 1                            |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
| Assets:                              |                                                         |   |                               |   |   |   |   |   |   |   |   |   |   |
| Millstone decommissioning trust fund |                                                         |   |                               |   |   |   |   |   |   |   |   |   |
|                                 | Investments in securities:                                   |   |                               |   |   |   |   |   |   |   |   |   |   |
|                                 | Marketable equity securities                                 |   | $                                  | 1,587  |   |   | $ | 2,776 |   |   |   |   |   | $ | 4,363 |   |
|                                 | Marketable debt securities                                   |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                 | Corporate bonds                                              |   |                               |   |   |   |   | 350 |   |   |   |   |   |   | 350 |   |
|                                 | U.S. Government issued debt securities (Agency and Treasury) |   |                               |   |   |   |   | 911 |   |   |   |   |   |   | 911 |   |
|                                 | State and municipal                                          |   |                               |   |   |   |   | 38 |   |   |   |   |   |   | 38 |   |
|                                 | Other                                                        |   |                               |   |   |   |   | 36 |   |   |   |   |   |   | 36 |   |
|                                 |   Total marketable debt securities                 |   |                               | 0      |   |   |   | 1,335 |   |   |   | 0 |   |   |   | 1,335 |   |
|                                 | Cash equivalents and other                                   |   |                               |   |   |   |   | 44 |   |   |   |   |   |   |   | 44 |   |
|                                 | Total investments in securities                              |   |                               | 1,587  |   |   |   | 4,155 |   |   |   |   |   |   |   | 5,742 |   |
| Restricted cash - long-term          |                                                         |   |                               |   |   |   | 17,581 |   |   |   |   |   |   |   | 17,581 |   |
| Cash equivalents                     |                                                         |   | 1,653                              |   |   |   |   |   |   |   |   |   |   |   | 1,653 |   |
| Restricted cash                      |                                                         |   |                               |   |   |   | 5,903 |   |   |   |   |   |   |   | 5,903 |   |
| Power-related derivatives - current  |                                                         |   |                               |   |   |   |   |   |   |   | 28 |   |   |   | 28 |   |
| Total assets                         |                                                         |   | $                                  | 3,240  |   |   | $ | 27,639 |   |   | $ | 28 |   |   | $ | 30,907 |   |

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

----

|                                                            |   | Year ended December 31 |   |
|-----------------------------------------------------------------|--------|------------------------|--------|
|                                                            |   | 2010                   |   |   | 2009 |   |
| Balance at Beginning of Period                                  |   | $                      | 254    |   |   | $ | 8,820 |   |
| Gains and losses (realized and unrealized)                      |   |                   |   |   |   |   |   |   |
|   Included in earnings                                |   |                   | 3,981  |   |   |   | 23,113 |   |
|   Included in Regulatory and other assets/liabilities |   |                   | (120   | ) |   |   | (8,564 | ) |
| Purchases, sales, issuances and net settlements                 |   |                   | (4,087 | ) |   |   | (23,115 | ) |
| Balance at December 31                                          |   | $                      | 28     |   |   | $ | 254 |   |

----

|                                                         |   | As of December 31, 2010 |   |
|--------------------------------------------------------------|--------|-------------------------|--------|
|                                                         |   | Amortized               |   |   | Unrealized |   |   | Unrealized |   |   | Estimated |   |
| Security Types                                               |   | Cost                    |   |   | Gains |   |   | Losses |   |   | Fair Value |   |
| Marketable equity securities                                 |   | $                       | 3,075  |   |   | $ | 1,288 |   |   |   |   |   | $ | 4,363 |   |
| Marketable debt securities                                   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate bonds                                              |   |                    | 333    |   |   |   | 19 |   |   | $ | (2 | ) |   |   | 350 |   |
| U.S. Government issued debt securities (Agency and Treasury) |   |                    | 861    |   |   |   | 53 |   |   |   | (3 | ) |   |   | 911 |   |
| State and municipal                                          |   |                    | 37     |   |   |   | 1 |   |   |   |   |   |   |   | 38 |   |
| Other                                                        |   |                    | 35     |   |   |   | 1 |   |   |   |   |   |   |   | 36 |   |
|   Total marketable debt securities                 |   |                    | 1,266  |   |   |   | 74 |   |   |   | (5 | ) |   |   | 1,335 |   |
| Cash equivalents and other                                   |   |                    | 44     |   |   |   |   |   |   |   |   |   |   |   | 44 |   |
| Total                                                        |   | $                       | 4,385  |   |   | $ | 1,362 |   |   | $ | (5 | ) |   | $ | 5,742 |   |

----

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

|            |   | Fair value of debt securities at contractual maturity dates |   |
|-----------------|--------|-------------------------------------------------------------|--------|
|            |   | Less than 1 year                                            |   |   | 1 to 5 years |   |   | 5 to 10 years |   |   | After 10 years |   |   | Total |   |
| Debt Securities |   | $                                                           | 39     |   |   | $ | 334 |   |   | $ | 273 |   |   | $ | 689 |   |   | $ | 1,335 |   |

----

----

----

----

|                                                                |   | December 31, 2010 |   |   | December 31, 2009 |   |
|---------------------------------------------------------------------|--------|-------------------|--------|--------|-------------------|--------|
| Regulatory assets                                                   |   |              |   |   |              |   |
| Pension and postretirement medical costs                            |   | $                 | 27,959 |   |              | $      | 32,033 |   |
| Nuclear plant dismantling costs                                     |   |              | 6,821  |   |              |   | 8,498 |   |
| Nuclear refueling outage costs - Millstone Unit #3                  |   |              | 486    |   |              |   | 269 |   |
| Income taxes                                                        |   |              | 4,480  |   |              |   | 4,389 |   |
| Asset retirement obligations and other                              |   |              | 730    |   |              |   | 1,051 |   |
| Total Regulatory assets                                             |   |              | 40,476 |   |              |   | 46,240 |   |
| Less: Current portion                                               |   |              | 1,924  |   |              |   | 0 |   |
| Total Regulatory assets less current portion                        |   | $                 | 38,552 |   |              | $      | 46,240 |   |
|                                                                |   |              |   |   |              |   |   |   |
| Other deferred charges – regulatory                           |   |              |   |   |              |   |   |   |
| Vermont Yankee sale costs (tax)                                     |   | $                 | 0      |   |              | $      | 673 |   |
| Unrealized losses on power-related derivatives                      |   |              | 0      |   |              |   | 368 |   |
| ESAM deferred costs                                                 |   |              | 4,157  |   |              |   | 0 |   |
| Other                                                               |   |              | 181    |   |              |   | 503 |   |
| Total Other deferred charges – regulatory                |   |              | 4,338  |   |              |   | 1,544 |   |
| Less: Current portion                                               |   |              | 2,078  |   |              |   | 0 |   |
| Total Other deferred charges - regulatory less current portion |   | $                 | 2,260  |   |              | $      | 1,544 |   |
|                                                                |   |              |   |   |              |   |   |   |
| Other deferred credits – regulatory                           |   |              |   |   |              |   |   |   |
| Asset retirement obligation - Millstone Unit #3                     |   | $                 | 3,009  |   |              | $      | 2,497 |   |
| Vermont Yankee settlements                                          |   |              | 0      |   |              |   | 183 |   |
| Unrealized gains on power-related derivatives                       |   |              | 0      |   |              |   | 488 |   |
| CVPS SmartPowerTM grant reimbursements                              |   |              | 1,180  |   |              |   | 0 |   |
| Other                                                               |   |              | 805    |   |              |   | 720 |   |
| Total Other deferred credits – regulatory                |   |              | 4,994  |   |              |   | 3,888 |   |
| Less: Current Portion                                               |   |              | 1,108  |   |              |   | 0 |   |
| Total Other deferred credits - regulatory less current portion |   | $                 | 3,886  |   |              | $      | 3,888 |   |

----

| Plan                              | Shares Authorized | Stock Options Outstanding | Shares Available for Future Grant |
|----------------------------------------|-------------------|---------------------------|-----------------------------------|
| 1997 Stock Option Plan - Key Employees | 350,000           | 43,298                    | 0                                 |
| 2000 Stock Option Plan - Key Employees | 350,000           | 137,330                   | 0                                 |
| Omnibus Stock Plan (a)                 | 450,000           | 104,369                   | 116,770                           |
| Total                                  | 1,150,000         | 284,997                   | 116,770                           |

| (a)   | The 2002 Long-Term Incentive Plan was amended in 2008.  The amendments renamed the plan as the Omnibus Stock Plan, added 100,000 additional shares of our common stock to be issued under the plan and revised the plan to conform to certain other regulatory changes.  The adoption of the amendments to the plan was authorized by the PSB on April 23, 2008 and by our shareholders on May 6, 2008. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                               |   |   |    |   | Weighted Average |   |
|----------------------------------------------------|--------|--------|---------|--------|------------------|--------|
|                                               |   | Shares |    |   | Exercise Price   |   |
| Options outstanding and exercisable at January 1   |   |   | 335,297 |   |             | $      | 18.14 |   |
| Exercised                                          |   |   | (45,300 | )      |             | $      | 12.24 |   |
| Granted                                            |   |   | 0       |   |             |   |   |   |
| Forfeited                                          |   |   | 0       |   |             |   |   |   |
| Expired                                            |   |   | (5,000  | )      |             | $      | 21.61 |   |
| Options outstanding and exercisable at December 31 |   |   | 284,997 |   |             | $      | 19.13 |   |

----

|                     |   |   |   |   | Weighted Average      |   |
|--------------------------|--------|--------|--------|--------|-----------------------|--------|
|                     |   | Shares |   |   | Grant-Date Fair Value |   |
| Nonvested at January 1   |   |   | 0      |   |                  |   |   |
| Granted                  |   |   | 9,731  |   |                  | $      | 21.17 |   |
| Vested                   |   |   | (5,849 | )      |                  | $      | 21.13 |   |
| Deferred                 |   |   | (3,882 | )      |                  | $      | 21.23 |   |
| Forfeited                |   |   | 0      |   |                  |   |   |   |
| Nonvested at December 31 |   |   | 0      |   |                  |   |   |   |

|                     | 2010   | 2009   | 2008   |
|--------------------------|--------|--------|--------|
| Volatility               | 42.00% | 42.30% | 32.20% |
| Risk-free rate of return | 1.53%  | 1.09%  | 2.76%  |
| Dividend yield           | 4.75%  | 4.07%  | 3.08%  |
| Term (years)             | 3      | 3      | 3      |

----

|                                                       |   |   |    |   | Weighted Average      |   |
|------------------------------------------------------------|--------|--------|---------|--------|-----------------------|--------|
|                                                       |   | Shares |    |   | Grant-Date Fair Value |   |
| Outstanding at January 1                                   |   |   | 51,600  |   |                  | $      | 23.35 |   |
| Contingently granted for the 2010 - 2012 performance cycle |   |   | 33,500  |   |                  | $      | 20.57 |   |
| Vested for the 2008 - 2010 performance cycle               |   |   | (10,850 | )      |                  | $      | 30.40 |   |
| Forfeited                                                  |   |   | (10,850 | )      |                  | $      | 28.00 |   |
| Outstanding at December 31                                 |   |   | 63,400  |   |                  | $      | 19.87 |   |

|                                                                     |   | 2010   |   |   | 2009   |   |
|--------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Preferred stock, $100 par value, outstanding:                            |   |   |   |   |   |   |
| 4.150% Series;  37,856 shares                                  |   | $      | 3,786  |   |   | $      | 3,786 |   |
| 4.650% Series;  10,000 shares                                  |   |   | 1,000  |   |   |   | 1,000 |   |
| 4.750% Series;  17,682 shares                                  |   |   | 1,768  |   |   |   | 1,768 |   |
| 5.375% Series;  15,000 shares                                  |   |   | 1,500  |   |   |   | 1,500 |   |
| Total preferred and preference stock not subject to mandatory redemption |   | $      | 8,054  |   |   | $      | 8,054 |   |

----

| Preferred and Preference Stock |   | Premiums Per Share |   |
|--------------------------------|--------|--------------------|--------|
| 4.150%  Series       |   | $                  | 5.50   |   |
| 4.650%  Series       |   | $                  | 5.00   |   |
| 4.750%  Series       |   | $                  | 1.00   |   |
| 5.375% Series                  |   | $                  | 5.00   |   |

----

|                                                                                                        |   | December 31, 2010 |    |   | December 31, 2009 |   |
|-------------------------------------------------------------------------------------------------------------|--------|-------------------|---------|--------|-------------------|--------|
| 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 |   |
| Industrial/Economic Development Bonds                                                                       |   |              |    |   |              |   |   |   |
| VIDA Bonds   Variable, due 2013 (0.35% at December 31, 2010 and 0.75 % at December 31, 2009) |   |              | 5,800   |   |              |   | 5,800 |   |
| CDA Bonds   Variable, due 2015 (0.35% at December 31, 2010 and 0.75% at December 31, 2009)   |   |              | 5,000   |   |              |   | 5,000 |   |
| VEDA Bonds   5.00%, due 2020                                                                 |   |              | 30,000  |   |              |   | 0 |   |
| Credit Facility                                                                                             |   |              |    |   |              |   |   |   |
| $40 million unsecured revolving credit facility (a)                                                         |   |              |    |   |              |   |   |   |
|    (0.95% at December 31, 2010 and 0.8875% at December 31, 2009)                             |   |              | 13,695  |   |              |   | 23,311 |   |
| Total long-term debt and notes payable                                                                      |   |              | 221,995 |   |              |   | 201,611 |   |
| Less current amount of long-term debt, due within one year                                                  |   |              | (20,000 | )      |              |   | 0 |   |
| Less credit facility, due within one year                                                                   |   |              | (13,695 | )      |              |   | 0 |   |
| Total long-term debt, less current portion                                                                  |   | $                 | 188,300 |   |              | $      | 201,611 |   |
|                                                                                                        |   |              |    |   |              |   |   |   |
| (a) At December 31, 2010 our outstanding borrowings were classified as Notes Payable                        |   |              |    |   |              |   |   |   |

----

----

|                              | MWh (000s) |
|-----------------------------------|------------|
|                              | 2010       | 2009 |
| Commodity                         |       |   |
| Forward Energy Sale Contracts     | 0          | 564.1 |
| Forward Energy Purchase Contracts | 0          | (46.8) |
| Financial Transmission Rights     | 1958.3     | 2067.9 |
| Hydro-Quebec Sellback #3          | 0          | 136.9 |

|                                                       |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Net realized gains (losses) reported in operating revenues |   | $      | 4,581  |   |   | $      | 23,226 |   |   | $ | (8,596 | ) |
| Net realized gains (losses) reported in purchased power    |   |   | (600   | )      |   |   | (113   | )      |   |   | (10 | ) |
| Net realized gains (losses) reported in earnings           |   | $      | 3,981  |   |   | $      | 23,113 |   |   | $ | (8,606 | ) |

----

----

|                                                        |   |             |    |   |             |   |    | Postretirement |   |
|-------------------------------------------------------------|--------|------------------|---------|--------|------------------|--------|---------|----------------|--------|
|                                                        |   | Pension Benefits |    |   | Medical Benefits |   |
|                                                        |   | 2010             |    |   | 2009             |   |    | 2010           |   |   | 2009 |   |
| Benefit obligation at beginning of fiscal year              |   | $                | 116,958 |   |             | $      | 106,236 |           |   | $ | 28,861 |   |   | $ | 28,553 |   |
| Service cost                                                |   |             | 4,103   |   |             |   | 3,783   |           |   |   | 912 |   |   |   | 710 |   |
| Interest cost                                               |   |             | 7,016   |   |             |   | 6,608   |           |   |   | 1,580 |   |   |   | 1,712 |   |
| Plan participants' contributions                            |   |             | 0       |   |             |   | 0       |           |   |   | 606 |   |   |   | 639 |   |
| Actuarial loss (gain)                                       |   |             | 7,223   |   |             |   | 3,014   |           |   |   | (4,706 | ) |   |   | (1,119 | ) |
| Gross benefits paid                                         |   |             | (6,798  | )      |             |   | (3,934  | )              |   |   | (2,242 | ) |   |   | (2,298 | ) |
| less: federal subsidy on benefits paid                      |   |             | 0       |   |             |   | 0       |           |   |   | 230 |   |   |   | 209 |   |
| Plan amendments                                             |   |             | 0       |   |             |   | 1,251   |           |   |   | 0 |   |   |   | 455 |   |
| Benefit obligation at fiscal year end                       |   | $                | 128,502 |   |             | $      | 116,958 |           |   | $ | 25,241 |   |   | $ | 28,861 |   |
|                                                        |   |             |    |   |             |   |    |           |   |   |   |   |   |   |   |   |
| Accumulated obligation as of measurement date (December 31) |   | $                | 105,930 |   |             | $      | 96,604  |           |   |   | n/a |   |   |   | n/a |   |

|                                           |             | Postretirement         |
|------------------------------------------------|------------------|------------------------|
|                                           | Pension Benefits |  Medical Benefits |
|                                           | 2010             | 2009                   | 2010 | 2009 |
| Discount rates                                 | 5.75%            | 6.00%                  | 5.25% | 5.50% |
| Rate of increase in future compensation levels | 4.25%            | 4.25%                  | 4.25% | 4.25% |

|                                                                        |   | Increase |   |   | Decrease |   |
|-----------------------------------------------------------------------------|--------|----------|--------|--------|----------|--------|
| Effect on postretirement medical benefit obligation as of December 31, 2010 |   | $        | 1,873  |   |     | $      | (1,587 | ) |
| Effect on aggregate service and interest costs                              |   | $        | 223    |   |     | $      | (185 | ) |

----

|              | Pension Plan | Postretirement Medical Plan |
|-------------------|--------------|-----------------------------|
|              | 2011 Target  | 2010                        | 2009 | 2011 Target | 2010 | 2009 |
| Equity securities | 54%          | 58%                         | 62% | 60% | 62% | 60% |
| Debt securities   | 46%          | 42%                         | 38% | 40% | 38% | 38% |
| Other             | 0%           | 0%                          | 0% | 0% | 0% | 2% |
| Total             | 100%         | 100%                        | 100% | 100% | 100% | 100% |

|                                                  |   |         |    |   |         |   |   | Postretirement |   |
|-------------------------------------------------------|--------|--------------|---------|--------|--------------|--------|--------|----------------|--------|
|                                                  |   | Pension Plan |    |   | Medical Plan |   |
|                                                  |   | 2010         |    |   | 2009         |   |   | 2010           |   |   | 2009 |   |
| Fair value of plan assets at beginning of fiscal year |   | $            | 97,205  |   |         | $      | 79,178 |           |   | $ | 15,027 |   |   | $ | 9,249 |   |
| Actual return on plan assets                          |   |         | 13,731  |   |         |   | 19,535 |           |   |   | 2,239 |   |   |   | 3,381 |   |
| Employer contributions                                |   |         | 3,296   |   |         |   | 2,426  |           |   |   | 2,777 |   |   |   | 4,057 |   |
| Plan participants' contributions                      |   |         | 0       |   |         |   | 0      |           |   |   | 606 |   |   |   | 638 |   |
| Gross benefits paid                                   |   |         | (6,798  | )      |         |   | (3,934 | )              |   |   | (2,242 | ) |   |   | (2,298 | ) |
| Fair value of assets at fiscal year end               |   | $            | 107,434 |   |         | $      | 97,205 |           |   | $ | 18,407 |   |   | $ | 15,027 |   |

|                 |   |         |     |   |         |   |     | Postretirement |   |
|----------------------|--------|--------------|----------|--------|--------------|--------|----------|----------------|--------|
|                 |   | Pension Plan |     |   | Medical Plan |   |
|                 |   | 2010         |     |   | 2009         |   |     | 2010           |   |   | 2009 |   |
| Fair value of assets |   | $            | 107,434  |   |         | $      | 97,205   |           |   | $ | 18,407 |   |   | $ | 15,027 |   |
| Benefit obligation   |   |         | (128,502 | )      |         |   | (116,958 | )              |   |   | (25,241 | ) |   |   | (28,861 | ) |
| Funded Status        |   | $            | (21,068  | )      |         | $      | (19,753  | )              |   | $ | (6,834 | ) |   | $ | (13,834 | ) |

----

|                                   |   | Target     |   |   | Pension Plan                       |   |
|----------------------------------------|--------|------------|--------|--------|------------------------------------|--------|
|                                   |   | Allocation |   |   | Fair Value as of December 31, 2010 |   |
|                                   |   | 2011       |   |   | Level 1                            |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
| Marketable equity securities           |   |       |   |   |                               |   |   |   |   |   |   |   |   |   |   |
| U.S. Large cap                         |   |       | 31     | %      |                               | $      | 34,893 |   |   |   |   |   |   |   |   | $ | 34,893 |   |
| U.S. Small and mid cap                 |   |       | 5      | %      |                               |   | 5,645 |   |   |   |   |   |   |   |   |   | 5,645 |   |
| International                          |   |       | 18     | %      |                               |   | 21,209 |   |   |   |   |   |   |   |   |   | 21,209 |   |
| Other                                  |   |       |   |   |                               |   |   |   |   |   |   |   |   |   |   |   | 0 |   |
| Total marketable equity securities     |   |       | 54     | %      |                               | $      | 61,747 |   |   |   | 0 |   |   |   | 0 |   |   | $ | 61,747 |   |
| Marketable debt securities             |   |       |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate bonds                        |   |       | 33     | %      |                               | $      | 20,958 |   |   |   |   |   |   |   |   |   |   | $ | 20,958 |   |
| U.S. Government issued debt securities |   |       |   |   |                               |   | 8,058 |   |   |   |   |   |   |   |   |   |   |   | 8,058 |   |
| U.S. Agency debt                       |   |       |   |   |                               |   | 666 |   |   |   |   |   |   |   |   |   |   |   | 666 |   |
| Non-corporate                          |   |       |   |   |                               |   | 1,774 |   |   |   |   |   |   |   |   |   |   |   | 1,774 |   |
| High yield debt                        |   |       | 10     | %      |                               |   | 10,640 |   |   |   |   |   |   |   |   |   |   |   | 10,640 |   |
| Emerging markets debt                  |   |       | 3      | %      |                               |   | 3,100 |   |   |   |   |   |   |   |   |   |   |   | 3,100 |   |
| Other                                  |   |       |   |   |                               |   | 282 |   |   |   |   |   |   |   |   |   |   |   | 282 |   |
| Total marketable debt securities       |   |       | 46     | %      |                               | $      | 45,478 |   |   |   | 0 |   |   |   | 0 |   |   | $ | 45,478 |   |
| Cash and cash equivalents              |   |       |   |   |                               |   | 0 |   |   |   |   |   |   |   |   |   |   |   | 0 |   |
| Other                                  |   |       |   |   |                               |   | 209 |   |   |   |   |   |   |   |   |   |   |   | 209 |   |
| Total                                  |   |       | 100    | %      |                               | $      | 107,434 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 107,434 |   |

----

|                                   |   | Target     |   |   | Pension Plan                       |   |
|----------------------------------------|--------|------------|--------|--------|------------------------------------|--------|
|                                   |   | Allocation |   |   | Fair Value as of December 31, 2009 |   |
|                                   |   | 2010       |   |   | Level 1                            |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
| Marketable equity securities           |   |       |   |   |                               |   |   |   |   |   |   |   |   |   |   |
| U.S. Large cap                         |   |       | 38     | %      |                               | $      | 37,775 |   |   |   |   |   |   |   |   | $ | 37,775 |   |
| U.S. Small and mid cap                 |   |       | 9      | %      |                               |   | 8,897 |   |   |   |   |   |   |   |   |   | 8,897 |   |
| International                          |   |       | 14     | %      |                               |   | 13,690 |   |   |   |   |   |   |   |   |   | 13,690 |   |
| Total marketable equity securities     |   |       | 61     | %      |                               |   | 60,362 |   |   |   | 0 |   |   |   | 0 |   |   |   | 60,362 |   |
| Marketable debt securities             |   |       |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate bonds                        |   |       | 33     | %      |                               |   | 19,859 |   |   |   |   |   |   |   |   |   |   |   | 19,859 |   |
| U.S. Government issued debt securities |   |       |   |   |                               |   | 9,244 |   |   |   |   |   |   |   |   |   |   |   | 9,244 |   |
| U.S. Agency debt                       |   |       |   |   |                               |   | 560 |   |   |   |   |   |   |   |   |   |   |   | 560 |   |
| Non-corporate                          |   |       |   |   |                               |   | 370 |   |   |   |   |   |   |   |   |   |   |   | 370 |   |
| High yield debt                        |   |       | 3      | %      |                               |   | 3,197 |   |   |   |   |   |   |   |   |   |   |   | 3,197 |   |
| Emerging markets debt                  |   |       | 3      | %      |                               |   | 2,873 |   |   |   |   |   |   |   |   |   |   |   | 2,873 |   |
| Other                                  |   |       |   |   |                               |   | 566 |   |   |   |   |   |   |   |   |   |   |   | 566 |   |
| Total marketable debt securities       |   |       | 39     | %      |                               |   | 36,669 |   |   |   | 0 |   |   |   | 0 |   |   |   | 36,669 |   |
| Other                                  |   |       |   |   |                               |   | 174 |   |   |   |   |   |   |   |   |   |   |   | 174 |   |
| Total                                  |   |       | 100    | %      |                               | $      | 97,205 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 97,205 |   |

|                                                     |   | Target     |   |   | Postretirement Medical Plan        |   |
|----------------------------------------------------------|--------|------------|--------|--------|------------------------------------|--------|
|                                                     |   | Allocation |   |   | Fair Value as of December 31, 2010 |   |
|                                                     |   | 2011       |   |   | Level 1                            |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
| Marketable equity securities                             |   |       |   |   |                               |   |   |   |   |   |   |   |   |   |   |
| U. S. Large cap                                          |   |       | 35     | %      |                               | $      | 6,777 |   |   |   |   |   |   |   |   | $ | 6,777 |   |
| U. S. Small and mid cap                                  |   |       | 9      | %      |                               |   | 1,874 |   |   |   |   |   |   |   |   |   | 1,874 |   |
| International                                            |   |       | 16     | %      |                               |   | 3,006 |   |   |   |   |   |   |   |   |   | 3,006 |   |
| Other                                                    |   |       |   |   |                               |   |   |   |   |   |   |   |   |   |   | $ | 0 |   |
| Total marketable equity securities                       |   |       | 60     | %      |                               |   | 11,657 |   |   |   | 0 |   |   |   | 0 |   |   |   | 11,657 |   |
| Marketable debt securities                               |   |       |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate bonds                                          |   |       | 35     | %      |                               |   | 1,509 |   |   |   |   |   |   |   |   |   |   |   | 1,509 |   |
| U.S. Government issued debt securities                   |   |       |   |   |                               |   | 777 |   |   |   |   |   |   |   |   |   |   |   | 777 |   |
| U.S. Agency debt                                         |   |       |   |   |                               |   | 1,964 |   |   |   |   |   |   |   |   |   |   |   | 1,964 |   |
| State and municipal                                      |   |       |   |   |                               |   | 26 |   |   |   |   |   |   |   |   |   |   |   | 26 |   |
| High yield debt                                          |   |       | 5      | %      |                               |   | 1,009 |   |   |   |   |   |   |   |   |   |   |   | 1,009 |   |
| Other                                                    |   |       |   |   |                               |   | 1,923 |   |   |   |   |   |   |   |   |   |   |   | 1,923 |   |
| Total marketable debt securities                         |   |       | 40     | %      |                               |   | 7,208 |   |   |   | 0 |   |   |   | 0 |   |   |   | 7,208 |   |
| Cash and cash equivalents                                |   |       |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   | 0 |   |
| Other                                                    |   |       |   |   |                               |   | 26 |   |   |   |   |   |   |   |   |   |   |   | 26 |   |
| Total Fair Value                                         |   |       | 100    | %      |                               | $      | 18,891 |   |   |   | 0 |   |   |   | 0 |   |   | $ | 18,891 |   |
| Less amounts due from Trust to CVPS at December 31, 2010 |   |       |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   | (484 | ) |
| Net Plan Assets                                          |   |       |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |   | $ | 18,407 |   |

----

|                                                     |   | Target     |   |   | Postretirement Medical Plan        |   |
|----------------------------------------------------------|--------|------------|--------|--------|------------------------------------|--------|
|                                                     |   | Allocation |   |   | Fair Value as of December 31, 2009 |   |
|                                                     |   | 2010       |   |   | Level 1                            |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
| Marketable equity securities                             |   |       |   |   |                               |   |   |   |   |   |   |   |   |   |   |
| U. S. Large cap                                          |   |       | 35     | %      |                               | $      | 5,381 |   |   |   |   |   |   |   |   | $ | 5,381 |   |
| U. S. Small and mid cap                                  |   |       | 9      | %      |                               |   | 1,372 |   |   |   |   |   |   |   |   |   | 1,372 |   |
| International                                            |   |       | 16     | %      |                               |   | 2,414 |   |   |   |   |   |   |   |   |   | 2,414 |   |
| Other                                                    |   |       |   |   |                               |   | 0 |   |   |   |   |   |   |   |   |   | 0 |   |
| Total marketable equity securities                       |   |       | 60     | %      |                               |   | 9,167 |   |   |   | 0 |   |   |   | 0 |   |   |   | 9,167 |   |
| Marketable debt securities                               |   |       |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate bonds                                          |   |       | 35     | %      |                               |   | 1,383 |   |   |   |   |   |   |   |   |   |   |   | 1,383 |   |
| U.S. Government issued debt securities                   |   |       |   |   |                               |   | 689 |   |   |   |   |   |   |   |   |   |   |   | 689 |   |
| U.S. Agency debt                                         |   |       |   |   |                               |   | 1,587 |   |   |   |   |   |   |   |   |   |   |   | 1,587 |   |
| State and municipal                                      |   |       |   |   |                               |   | 14 |   |   |   |   |   |   |   |   |   |   |   | 14 |   |
| High yield debt                                          |   |       | 5      | %      |                               |   | 790 |   |   |   |   |   |   |   |   |   |   |   | 790 |   |
| Other                                                    |   |       |   |   |                               |   | 1,421 |   |   |   |   |   |   |   |   |   |   |   | 1,421 |   |
| Total marketable debt securities                         |   |       | 40     | %      |                               |   | 5,884 |   |   |   | 0 |   |   |   | 0 |   |   |   | 5,884 |   |
| Cash and cash equivalents                                |   |       |   |   |                               |   | 252 |   |   |   |   |   |   |   |   |   |   |   | 252 |   |
| Other                                                    |   |       |   |   |                               |   | 29 |   |   |   |   |   |   |   |   |   |   |   | 29 |   |
| Total Fair Value                                         |   |       | 100    | %      |                               | $      | 15,332 |   |   |   | 0 |   |   |   | 0 |   |   | $ | 15,332 |   |
| Less amounts due from Trust to CVPS at December 31, 2009 |   |       |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   | (305 | ) |
| Net Plan Assets                                          |   |       |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |   | $ | 15,027 |   |

|                  |   |             |    |   |             |   |    | Postretirement |   |
|-----------------------|--------|------------------|---------|--------|------------------|--------|---------|----------------|--------|
|                  |   | Pension Benefits |    |   | Medical Benefits |   |
|                  |   | 2010             |    |   | 2009             |   |    | 2010           |   |   | 2009 |   |
| Current liability     |   | $                | 0       |   |             | $      | 0       |           |   | $ | (179 | ) |   | $ | (201 | ) |
| Non-current liability |   |             | (21,068 | )      |             |   | (19,753 | )              |   |   | (6,655 | ) |   |   | (13,633 | ) |
| Total                 |   | $                | (21,068 | )      |             | $      | (19,753 | )              |   | $ | (6,834 | ) |   | $ | (13,834 | ) |

|                  |   | Pension Benefits |   |   | Postretirement Medical Benefits |   |
|-----------------------|--------|------------------|--------|--------|---------------------------------|--------|
|                  |   | Regulatory Asset |   |   | AOCL                            |   |   | Total |   |   | Regulatory Asset |   |   | AOCL |   |   | Total |   |
| Net actuarial loss    |   | $                | 18,429 |   |                            | $      | 59 |   |   | $ | 18,488 |   |   | $ | 4,190 |   |   | $ | 13 |   |   | $ | 4,203 |   |
| Prior service cost    |   |             | 2,572  |   |                            |   | 8 |   |   |   | 2,580 |   |   |   | 1,791 |   |   |   | 6 |   |   |   | 1,797 |   |
| Transition obligation |   |             | 0      |   |                            |   | 0 |   |   |   | 0 |   |   |   | 447 |   |   |   | 1 |   |   |   | 448 |   |
| Net amount recognized |   | $                | 21,001 |   |                            | $      | 67 |   |   | $ | 21,068 |   |   | $ | 6,428 |   |   | $ | 20 |   |   | $ | 6,448 |   |

----

|                  |   | Pension Benefits |   |   | Postretirement Medical Benefits |   |
|-----------------------|--------|------------------|--------|--------|---------------------------------|--------|
|                  |   | Regulatory Asset |   |   | AOCL                            |   |   | Total |   |   | Regulatory Asset |   |   | AOCL |   |   | Total |   |
| Net actuarial loss    |   | $                | 16,694 |   |                            | $      | 51 |   |   | $ | 16,745 |   |   | $ | 10,859 |   |   | $ | 33 |   |   | $ | 10,892 |   |
| Prior service cost    |   |             | 2,999  |   |                            |   | 9 |   |   |   | 3,008 |   |   |   | 2,070 |   |   |   | 6 |   |   |   | 2,076 |   |
| Transition obligation |   |             | 0      |   |                            |   |   |   |   |   | 0 |   |   |   | 702 |   |   |   | 2 |   |   |   | 704 |   |
| Net amount recognized |   | $                | 19,693 |   |                            | $      | 60 |   |   | $ | 19,753 |   |   | $ | 13,631 |   |   | $ | 41 |   |   | $ | 13,672 |   |

|                              |   | Pension Benefits |   |   | Postretirement Medical Benefits |   |
|-----------------------------------|--------|------------------|--------|--------|---------------------------------|--------|
|                              |   | Regulatory Asset |   |   | AOCL                            |   |   | Total |   |   | Regulatory Asset |   |   | AOCL |   |   | Total |   |
| Amounts amortized during the year |   |             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net transition obligation         |   | $                | 0      |   |                            | $      | 0 |   |   | $ | 0 |   |   | $ | (255 | ) |   | $ | (1 | ) |   | $ | (256 | ) |
| Net prior service cost            |   |             | (427   | )      |                            |   | (1 | ) |   |   | (428 | ) |   |   | (279 | ) |   |   | 0 |   |   |   | (279 | ) |
| Net loss                          |   |             | 0      |   |                            |   | 0 |   |   |   | 0 |   |   |   | (966 | ) |   |   | (3 | ) |   |   | (969 | ) |
| Amounts arising during the year   |   |             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| *Net loss (gain)                  |   |             | 1,735  |   |                            |   | 8 |   |   |   | 1,743 |   |   |   | (5,703 | ) |   |   | (17 | ) |   |   | (5,720 | ) |
| Net amount recognized             |   | $                | 1,308  |   |                            | $      | 7 |   |   | $ | 1,315 |   |   | $ | (7,203 | ) |   | $ | (21 | ) |   | $ | (7,224 | ) |

|                              |   | Pension Benefits |   |   | Postretirement Medical Benefits |   |
|-----------------------------------|--------|------------------|--------|--------|---------------------------------|--------|
|                              |   | Regulatory Asset |   |   | AOCL                            |   |   | Total |   |   | Regulatory Asset |   |   | AOCL |   |   | Total |   |
| Amounts amortized during the year |   |             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net transition obligation         |   | $                | 0      |   |                            | $      | 0 |   |   | $ | 0 |   |   | $ | (255 | ) |   | $ | (1 | ) |   | $ | (256 | ) |
| Net prior service cost            |   |             | (341   | )      |                            |   | (1 | ) |   |   | (342 | ) |   |   | (278 | ) |   |   | (1 | ) |   |   | (279 | ) |
| Net loss                          |   |             | 0      |   |                            |   | 0 |   |   |   | 0 |   |   |   | (1,511 | ) |   |   | (5 | ) |   |   | (1,516 | ) |
| Amounts arising during the year   |   |             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net prior service cost            |   |             | 1,247  |   |                            |   | 4 |   |   |   | 1,251 |   |   |   | 454 |   |   |   | 1 |   |   |   | 455 |   |
| Net gain                          |   |             | (8,189 | )      |                            |   | (25 | ) |   |   | (8,214 | ) |   |   | (3,703 | ) |   |   | (11 | ) |   |   | (3,714 | ) |
| Net amount recognized             |   | $                | (7,283 | )      |                            | $      | (22 | ) |   | $ | (7,305 | ) |   | $ | (5,293 | ) |   | $ | (17 | ) |   | $ | (5,310 | ) |

|                                  |   | Pension Benefits |   |   | Postretirement Benefits |   |
|---------------------------------------|--------|------------------|--------|--------|-------------------------|--------|
|                                  |   | 2010             |   |   | 2009                    |   |   | 2008 |   |   | 2010 |   |   | 2009 |   |   | 2008 |   |
| Service cost                          |   | $                | 4,103  |   |                    | $      | 3,783 |   |   | $ | 3,291 |   |   | $ | 912 |   |   | $ | 710 |   |   | $ | 621 |   |
| Interest cost                         |   |             | 7,016  |   |                    |   | 6,608 |   |   |   | 6,092 |   |   |   | 1,580 |   |   |   | 1,712 |   |   |   | 1,611 |   |
| Expected return on plan assets        |   |             | (8,251 | )      |                    |   | (8,306 | ) |   |   | (7,323 | ) |   |   | (1,205 | ) |   |   | (785 | ) |   |   | (1,067 | ) |
| Amortization of net actuarial loss    |   |             | 0      |   |                    |   | 0 |   |   |   | 0 |   |   |   | 969 |   |   |   | 1,516 |   |   |   | 1,052 |   |
| Amortization of prior service cost    |   |             | 428    |   |                    |   | 342 |   |   |   | 389 |   |   |   | 279 |   |   |   | 279 |   |   |   | 0 |   |
| Amortization of transition obligation |   |             | 0      |   |                    |   | 0 |   |   |   | 0 |   |   |   | 256 |   |   |   | 256 |   |   |   | 256 |   |
| Net periodic benefit cost             |   |             | 3,296  |   |                    |   | 2,427 |   |   |   | 2,449 |   |   |   | 2,791 |   |   |   | 3,688 |   |   |   | 2,473 |   |
| Less amounts capitalized              |   |             | 678    |   |                    |   | 311 |   |   |   | 405 |   |   |   | 574 |   |   |   | 473 |   |   |   | 409 |   |
| Net benefit costs expensed            |   | $                | 2,618  |   |                    | $      | 2,116 |   |   | $ | 2,044 |   |   | $ | 2,217 |   |   | $ | 3,215 |   |   | $ | 2,064 |   |

----

|                                           | Pension Benefits | Postretirement Medical Benefits |
|------------------------------------------------|------------------|---------------------------------|
|                                           | 2010             | 2009                            | 2008 | 2010 | 2009 | 2008 |
| Weighted-average discount rates                | 6.00%            | 6.15%                           | 6.30% | 5.50% | 6.05% | 6.15% |
| Expected long-term return on assets            | 7.85%            | 7.85%                           | 8.25% | 7.85% | 7.85% | 8.25% |
| Rate of increase in future compensation levels | 4.25%            | 4.25%                           | 4.25% | 4.25% | 4.25% | 4.25% |

|                          |   |             |   |   | Postretirement   |   |
|-------------------------------|--------|------------------|--------|--------|------------------|--------|
|                          |   | Pension Benefits |   |   | Medical Benefits |   |
| Actuarial loss                |   | $                | 240    |   |             | $      | 203 |   |
| Prior service cost            |   |             | 414    |   |             |   | 278 |   |
| Transition benefit obligation |   |             | 0      |   |             |   | 256 |   |
| Total                         |   | $                | 654    |   |             | $      | 737 |   |

|                               |   | Pension Benefits |   |   | Postretirement Medical Benefits |   |
|------------------------------------|--------|------------------|--------|--------|---------------------------------|--------|
|                               |   |             |   |   | Gross                           |   |   | Expected Federal Subsidy |   |
| Expected Contributions During 2011 |   |             |   |   |                            |   |   |   |   |
| Employer                           |   | $                | 4,100  |   |                            | $      | 1,500 |   |   |   |   |
| Plan participants                  |   |             | n/a    |   |                            | $      | 699 |   |   |   |   |
| Expected Benefit Payments          |   |             |   |   |                            |   |   |   |   |   |   |
| 2011                               |   | $                | 8,564  |   |                            | $      | 2,080 |   |   | $ | 234 |   |
| 2012                               |   |             | 13,122 |   |                            |   | 2,159 |   |   |   | 250 |   |
| 2013                               |   |             | 8,406  |   |                            |   | 2,277 |   |   |   | 267 |   |
| 2014                               |   |             | 10,513 |   |                            |   | 2,364 |   |   |   | 285 |   |
| 2015                               |   |             | 10,854 |   |                            |   | 2,360 |   |   |   | 313 |   |
| 2016 - 2020                        |   |             | 53,954 |   |                            |   | 11,983 |   |   |   | 1,871 |   |

----

|                                 |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|--------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Federal:                             |   |   |   |   |   |   |   |   |   |
| Current                              |   | $      | (5,268 | )      |   | $      | 250    |   |   | $ | (6,636 | ) |
| Deferred                             |   |   | 15,645 |   |   |   | 9,003  |   |   |   | 15,398 |   |
| Investment tax credits, net          |   |   | (255   | )      |   |   | (320   | )      |   |   | (379 | ) |
| Valuation allowance                  |   |   | 797    |   |   |   | 99     |   |   |   | (99 | ) |
|                                 |   |   | 10,919 |   |   |   | 9,032  |   |   |   | 8,284 |   |
| State:                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Current                              |   |   | (392   | )      |   |   | 790    |   |   |   | 519 |   |
| Deferred                             |   |   | 3,924  |   |   |   | 1,134  |   |   |   | 1,654 |   |
| Valuation allowance                  |   |   | 211    |   |   |   | (283   | )      |   |   | 283 |   |
|                                 |   |   | 3,743  |   |   |   | 1,641  |   |   |   | 2,456 |   |
| Total federal and state income taxes |   | $      | 14,662 |   |   | $      | 10,673 |   |   | $ | 10,740 |   |

----

| Federal and state income taxes charged to: |   |   |   |   |   |   |   |   |   |
|--------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Operating expenses                         |   | $      | 7,545  |   |   | $      | 5,033  |   |   | $ | 4,878 |   |
| Other income                               |   |   | 7,117  |   |   |   | 5,640  |   |   |   | 5,862 |   |
|                                       |   | $      | 14,662 |   |   | $      | 10,673 |   |   | $ | 10,740 |   |

|                                                 |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Income before income tax                             |   | $      | 35,616 |   |   | $      | 31,423 |   |   | $ | 27,125 |   |
| Federal statutory rate                               |   |   | 35.0   | %      |   |   | 35.0   | %      |   |   | 35.0 | % |
| Federal statutory tax expense                        |   |   | 12,466 |   |   |   | 10,998 |   |   |   | 9,494 |   |
| Increase (benefit) in taxes resulting from:          |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividend received deduction                          |   |   | (435   | )      |   |   | (584   | )      |   |   | (408 | ) |
| State income taxes net of federal tax benefit        |   |   | 2,339  |   |   |   | 773    |   |   |   | 1,695 |   |
| Investment credit amortization                       |   |   | (255   | )      |   |   | (320   | )      |   |   | (379 | ) |
| Renewable Electricity Credit                         |   |   |   |   |   |   | (233   | )      |   |   | (249 | ) |
| AFUDC equity depreciation                            |   |   | 112    |   |   |   | 109    |   |   |   | 109 |   |
| Life insurance                                       |   |   | (221   | )      |   |   | (451   | )      |   |   | 680 |   |
| Medicare Part D                                      |   |   | 653    |   |   |   | (402   | )      |   |   | (157 | ) |
| Domestic production activities deduction             |   |   | (113   | )      |   |   | 0      |   |   |   | 0 |   |
| Valuation allowance                                  |   |   | 797    |   |   |   | 99     |   |   |   | (99 | ) |
| VY Investment                                        |   |   | (811   | )      |   |   | 0      |   |   |   | 0 |   |
| Other                                                |   |   | 130    |   |   |   | 684    |   |   |   | 54 |   |
| Total income tax expense (benefit)                   |   | $      | 14,662 |   |   | $      | 10,673 |   |   | $ | 10,740 |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Effective combined federal and state income tax rate |   |   | 41.2   | %      |   |   | 34.0   | %      |   |   | 39.6 | % |

|                                                               |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|--------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Balance at January 1                                               |   | $      | 987    |   |   | $      | 1,662  |   |   | $ | 1,870 |   |
| Reductions from lapse of the statute of limitations                |   |   |   |   |   |   | (556   | )      |   |   | (74 | ) |
| Reductions due to the passage of time/other                        |   |   | (56    | )      |   |   | (119   | )      |   |   | (134 | ) |
| Settlements                                                        |   |   | (931   | )      |   |   |   |   |   |   |   |   |
| Gross amount of increase as a result of current year tax positions |   |   | 3,688  |   |   |   |   |   |   |   | 0 |   |
| Balance at December 31                                             |   | $      | 3,688  |   |   | $      | 987    |   |   | $ | 1,662 |   |

----

----

|                                     |   | 2010   |   |   | 2009   |   |
|------------------------------------------|--------|--------|--------|--------|--------|--------|
| Deferred tax assets - current            |   |   |   |   |   |   |
| Reserves for uncollectible accounts      |   | $      | 1,073  |   |   | $      | 1,450 |   |
| Deferred compensation and pension        |   |   | 906    |   |   |   | 938 |   |
| Environmental costs accrual              |   |   | 11     |   |   |   | 274 |   |
| Loss on terminated power contract        |   |   | 485    |   |   |   | 485 |   |
| Active medical accrual                   |   |   | 270    |   |   |   | 332 |   |
| Self insurance reserve                   |   |   | 472    |   |   |   | 433 |   |
| PCAM                                     |   |   | 2,086  |   |   |   | 616 |   |
| Smart Grid                               |   |   | 388    |   |   |   | 0 |   |
| Other accruals                           |   |   | 407    |   |   |   | 446 |   |
| Total deferred tax assets - current      |   |   | 6,098  |   |   |   | 4,974 |   |
| Deferred tax liabilities - current       |   |   |   |   |   |   |   |   |
| Property tax accruals                    |   |   | 397    |   |   |   | 382 |   |
| Prepaid insurance                        |   |   | 150    |   |   |   | 400 |   |
| Derivative instruments                   |   |   | 11     |   |   |   | 252 |   |
| ESAM                                     |   |   | 842    |   |   |   | 589 |   |
| Other accruals                           |   |   | 197    |   |   |   | 0 |   |
| Total deferred tax liabilities - current |   |   | 1,597  |   |   |   | 1,623 |   |
| Net deferred tax assets - current        |   | $      | 4,501  |   |   | $      | 3,351 |   |

|                                                 |   |   |    |   |   |   |
|------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Deferred tax assets - long term                      |   |   |    |   |   |   |
| Accruals and other reserves not currently deductible |   | $      | 1,953   |   |   | $      | 2,042 |   |
| Millstone decommissioning costs                      |   |   | 2,327   |   |   |   | 2,060 |   |
| Contributions in aid of construction                 |   |   | 1,720   |   |   |   | 1,907 |   |
| Loss on terminated power contract                    |   |   | 1,939   |   |   |   | 2,423 |   |
| Derivative instruments                               |   |   | 0       |   |   |   | 258 |   |
| Investments                                          |   |   | 1,008   |   |   |   | 0 |   |
| Pension and postretirement medical liability         |   |   | 10,926  |   |   |   | 15,553 |   |
| Gross deferred tax assets - long term                |   |   | 19,873  |   |   |   | 24,243 |   |
| Less valuation allowance                             |   |   | (1,008  | )      |   |   | 0 |   |
| Total deferred tax assets - long-term                |   |   | 18,865  |   |   |   | 24,243 |   |
| Deferred tax liabilities - long term                 |   |   |    |   |   |   |   |   |
| Property, plant and equipment                        |   |   | 67,388  |   |   |   | 53,785 |   |
| Benefits  - regulatory asset               |   |   | 11,330  |   |   |   | 12,981 |   |
| Investments                                          |   |   | 19,226  |   |   |   | 13,338 |   |
| Other                                                |   |   | 3,327   |   |   |   | 3,354 |   |
| Total deferred tax liabilities - long term           |   |   | 101,271 |   |   |   | 83,458 |   |
|                                                 |   |   |    |   |   |   |   |   |
| Net deferred tax liabilities - long term             |   |   | 82,406  |   |   |   | 59,215 |   |
| Net deferred tax liabilities                         |   | $      | 77,905  |   |   | $      | 55,864 |   |

----

|                                                   |   | 2010   |    |   | 2009   |   |
|--------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Total deferred tax liabilities - current and long-term |   | $      | 102,868 |   |   | $      | 85,081 |   |
| Less total deferred tax assets - current and long-term |   |   | 24,963  |   |   |   | 29,217 |   |
| Net deferred tax liabilities                           |   | $      | 77,905  |   |   | $      | 55,864 |   |

|                         |   |   |   |   | Estimated Average |   |
|------------------------------|--------|--------|--------|--------|-------------------|--------|
|                         |   | 2010   |   |   | 2011              |   |   | 2012 |   |
| Average capacity acquired    |   | 180 MW |   |   | 180 MW            |   |   | 180 MW |   |
| Share of VYNPC entitlement   |   |   | 34.80  | %      |              |   | 34.80 | % |   |   | 34.80 | % |
| Annual energy charge per mWh |   | $      | 43.13  |   |              | $      | 44.43 |   |   | $ | 45.41 |   |
| Average total cost per mWh   |   | $      | 42.41  |   |              | $      | 44.80 |   |   | $ | 47.58 |   |
| Contract period termination  |   |   |   |   |              |   |   |   |   | March 2012 |   |

----

----

|                                             |   |     |   |   | Estimated Average |        |
|--------------------------------------------------|--------|----------|--------|--------|------------------------|-------------|
|                                             |   | 2010     |   |   |                   | 2011 - 2012 |   |   |   | 2013 -2016 |   |
| Annual Capacity Acquired                         |   | 143.2 MW |   |   | 146.7 MW               |        |   | (a) |   |
| Minimum Energy Purchase - annual load factor (b) |   |     | 75     | %      |                   |        | 75 | % |   |   | 75 | % |
|                                             |   |     |   |   |                   |        |   |   |   |   |   |   |
| Energy Charge                                    |   | $        | 30,887 |   |                   | $           | 31,283 |   |   | $ | 19,631 |   |
| Capacity Charge                                  |   |     | 32,084 |   |                   |        | 32,543 |   |   |   | 19,874 |   |
| Total Energy and Capacity Charge                 |   | $        | 62,971 |   |                   | $           | 63,826 |   |   | $ | 39,505 |   |
|                                             |   |     |   |   |                   |        |   |   |   |   |   |   |
| Average Cost per kWh                             |   | $        | 0.065  |   |                   | $           | 0.066 |   |   | $ | 0.068 |   |

| (a)   | Annual capacity acquired is projected to average approximately 116 MW for 2013 - 2014, 100 MW for 2015 and 19 MW for 2016. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------|

| (b)   | Annual load factor applies to 12-month periods beginning November 1.  Calendar-year load factors may be different. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------|

----

|                           | Fuel Type | Ownership | Date In Service | MW Entitlement |
|--------------------------------|-----------|-----------|-----------------|----------------|
| Wyman #4                       | Oil       | 1.78%     | 1978            | 10.8           |
| Joseph C. McNeil               | Various   | 20.00%    | 1984            | 10.8           |
| Millstone Unit #3              | Nuclear   | 1.73%     | 1986            | 21.4           |
| Highgate Transmission Facility |      | 47.52%    | 1985            | n/a            |

|                           |       | 2010   |    |         | 2009        |   |
|--------------------------------|------------|--------|---------|--------------|-------------|--------|
|                           |       | Gross  |    |         | Accumulated |   |   | Net |   |   | Gross |   |   | Accumulated |   |   | Net |   |
|                           | Investment |   |    | Depreciation |        |   | Investment |   |   | Investment |   |   | Depreciation |   |   | Investment |   |
| Wyman #4                       |       | $      | 3,853   |         |        | $      | 3,121 |   |   | $ | 732 |   |   | $ | 3,791 |   |   | $ | 3,018 |   |   | $ | 773 |   |
| Joseph C. McNeil               |       |   | 18,270  |         |        |   | 13,458 |   |   |   | 4,812 |   |   |   | 18,221 |   |   |   | 12,874 |   |   |   | 5,347 |   |
| Millstone Unit #3              |       |   | 78,929  |         |        |   | 42,213 |   |   |   | 36,716 |   |   |   | 78,638 |   |   |   | 41,229 |   |   |   | 37,409 |   |
| Highgate Transmission Facility |       |   | 14,696  |         |        |   | 9,438 |   |   |   | 5,258 |   |   |   | 14,747 |   |   |   | 9,090 |   |   |   | 5,657 |   |
|                           |       | $      | 115,748 |         |        | $      | 68,230 |   |   | $ | 47,518 |   |   | $ | 115,397 |   |   | $ | 66,211 |   |   | $ | 49,186 |   |

----

----

|                                                   |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|--------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Environmental reserve balance at beginning of year     |   | $      | 1,565  |   |   | $      | 1,732  |   |   | $ | 1,918 |   |
|     Charged to income and expenses |   |   | 838    |   |   |   |   |   |   |   |   |   |
|     Deductions                     |   |   | (1,567 | )      |   |   | (167   | )      |   |   | (186 | ) |
| Environmental reserve balance at end of year           |   | $      | 836    |   |   | $      | 1,565  |   |   | $ | 1,732 |   |

----

----

----

| Year                                        |   | Capital Leases |   |
|---------------------------------------------|--------|----------------|--------|
| 2011                                        |   | $              | 1,282  |   |
| 2012                                        |   |           | 1,199  |   |
| 2013                                        |   |           | 1,111  |   |
| 2014                                        |   |           | 978    |   |
| 2015                                        |   |           | 757    |   |
| Future minimum lease payments               |   |           | 5,327  |   |
| Less: amount representing interest          |   |           | (915   | ) |
| Present value of net minimum lease payments |   | $              | 4,412  |   |

----

----

|                                         |   |       |    |   |      |   |   | Reclassification  |   |   |         |   |
|----------------------------------------------|--------|------------|---------|--------|-----------|--------|--------|-------------------|--------|--------|--------------|--------|
|                                         |   |       |    |   | Other     |   |   | and Consolidating |   |   |         |   |
| 2010                                         |   | CV VT |    |   | Companies |   |   | Entries           |   |   | Consolidated |   |
| Revenues from external customers             |   | $          | 341,925 |   |      | $      | 1,731  |              |   | $      | (1,731       | )      |   | $ | 341,925 |   |
| Depreciation and amortization (a)            |   | $          | 15,038  |   |      | $      | 189    |              |   | $      | (189         | )      |   | $ | 15,038 |   |
| Operating income tax expense                 |   | $          | 7,545   |   |      | $      | 278    |              |   | $      | (278         | )      |   | $ | 7,545 |   |
| Equity in earnings of affiliates   |   | $          | 21,098  |   |      | $      | 0      |              |   | $      | 0            |   |   | $ | 21,098 |   |
| Interest income (b)                          |   | $          | 183     |   |      | $      | 2      |              |   | $      | 0            |   |   | $ | 185 |   |
| Interest expense                             |   | $          | 11,560  |   |      | $      | 0      |              |   | $      | 0            |   |   | $ | 11,560 |   |
| Net income                                   |   | $          | 20,526  |   |      | $      | 428    |              |   | $      | 0            |   |   | $ | 20,954 |   |
| Investments in affiliates                    |   | $          | 171,514 |   |      | $      | 0      |              |   | $      | 0            |   |   | $ | 171,514 |   |
| Total assets                                 |   | $          | 707,973 |   |      | $      | 3,019  |              |   | $      | (246         | )      |   | $ | 710,746 |   |
| Construction and plant expenditures (c)      |   | $          | 33,021  |   |      | $      | 290    |              |   | $      | 0            |   |   | $ | 33,311 |   |
|                                         |   |
| 2009                                         |   |       |    |   |      |   |   |              |   |   |         |   |   |   |   |   |
| Revenues from external customers             |   | $          | 342,098 |   |      | $      | 1,731  |              |   | $      | (1,731       | )      |   | $ | 342,098 |   |
| Depreciation and amortization (a)            |   | $          | 17,070  |   |      | $      | 214    |              |   | $      | (214         | )      |   | $ | 17,070 |   |
| Operating income tax expense                 |   | $          | 5,033   |   |      | $      | 303    |              |   | $      | (303         | )      |   | $ | 5,033 |   |
| Equity in earnings of affiliates   |   | $          | 17,472  |   |      | $      | 0      |              |   | $      | 0            |   |   | $ | 17,472 |   |
| Interest income (b)                          |   | $          | 99      |   |      | $      | (22    | )                 |   | $      | 0            |   |   | $ | 77 |   |
| Interest expense                             |   | $          | 11,600  |   |      | $      | (118   | )                 |   | $      | 0            |   |   | $ | 11,482 |   |
| Net income                                   |   | $          | 19,908  |   |      | $      | 841    |              |   | $      | 0            |   |   | $ | 20,749 |   |
| Investments in affiliates                    |   | $          | 129,733 |   |      | $      | 0      |              |   | $      | 0            |   |   | $ | 129,733 |   |
| Total assets                                 |   | $          | 630,103 |   |      | $      | 2,356  |              |   | $      | (307         | )      |   | $ | 632,152 |   |
| Construction and plant expenditures (c)      |   | $          | 31,413  |   |      | $      | 386    |              |   | $      | 0            |   |   | $ | 31,799 |   |
|                                         |   |       |    |   |      |   |   |              |   |   |         |   |   |   |   |   |
| 2008                                         |   |       |    |   |      |   |   |              |   |   |         |   |   |   |   |   |
| Revenues from external customers             |   | $          | 342,162 |   |      | $      | 1,751  |              |   | $      | (1,751       | )      |   | $ | 342,162 |   |
| Depreciation and amortization (a)            |   | $          | 11,862  |   |      | $      | 192    |              |   | $      | (192         | )      |   | $ | 11,862 |   |
| Operating income tax expense                 |   | $          | 4,878   |   |      | $      | 473    |              |   | $      | (473         | )      |   | $ | 4,878 |   |
| Equity in earnings of affiliates   |   | $          | 16,264  |   |      | $      | 0      |              |   | $      | 0            |   |   | $ | 16,264 |   |
| Interest income (b)                          |   | $          | 406     |   |      | $      | 24     |              |   | $      | (24          | )      |   | $ | 406 |   |
| Interest expense                             |   | $          | 11,568  |   |      | $      | 51     |              |   | $      | (51          | )      |   | $ | 11,568 |   |
| Net income (d)                               |   | $          | 16,168  |   |      | $      | 217    |              |   | $      | 0            |   |   | $ | 16,385 |   |
| Investments in affiliates                    |   | $          | 102,232 |   |      | $      | 0      |              |   | $      | 0            |   |   | $ | 102,232 |   |
| Total assets                                 |   | $          | 624,341 |   |      | $      | 3,184  |              |   | $      | (1,399       | )      |   | $ | 626,126 |   |
| Construction and plant expenditures          |   | $          | 36,835  |   |      | $      | 339    |              |   | $      | 0            |   |   | $ | 37,174 |   |

| (a)   | Includes net deferral and amortization of nuclear replacement energy and maintenance costs, and amortization of regulatory assets and liabilities.  These items are included in Purchased Power and Other Operation, respectively, on the Consolidated Statements of Income.  Also includes capital lease amortizations. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Included in Other Income on the Consolidated Statements of Income. |
|-----------------|--------------------------------------------------------------------|

| (c)   | Construction and plant expenditures for Other Companies are included in other investing activities on the Consolidated Statements of Cash Flows. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                       |   | Quarter Ended |   |   |   |   |
|----------------------------|--------|---------------|--------|--------|--------|--------|
|                       |   | March         |   |   | June   |   |   | September |   |   | December |   |   | Total (a) |   |
| 2010                       |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating revenues         |   | $             | 91,007 |   |   | $      | 79,937 |   |   | $ | 85,392 |   |   | $ | 85,589 |   |   | $ | 341,925 |   |
| Utility operating income   |   | $             | 3,255  |   |   | $      | 1,103 |   |   | $ | 8,629 |   |   | $ | 4,468 |   |   | $ | 17,455 |   |
|                       |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                 |   | $             | 4,202  |   |   | $      | 1,445 |   |   | $ | 9,990 |   |   | $ | 5,317 |   |   | $ | 20,954 |   |
|                       |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic earnings per share   |   | $             | 0.35   |   |   | $      | 0.11 |   |   | $ | 0.79 |   |   | $ | 0.40 |   |   | $ | 1.66 |   |
| Diluted earnings per share |   | $             | 0.35   |   |   | $      | 0.11 |   |   | $ | 0.79 |   |   | $ | 0.40 |   |   | $ | 1.66 |   |
|                       |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2009                       |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating revenues         |   | $             | 90,727 |   |   | $      | 82,627 |   |   | $ | 81,791 |   |   | $ | 86,953 |   |   | $ | 342,098 |   |
| Utility operating income   |   | $             | 6,623  |   |   | $      | 4,763 |   |   | $ | 5,216 |   |   | $ | 2,286 |   |   | $ | 18,888 |   |
|                       |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                 |   | $             | 6,872  |   |   | $      | 5,497 |   |   | $ | 6,200 |   |   | $ | 2,180 |   |   | $ | 20,749 |   |
|                       |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic earnings per share   |   | $             | 0.58   |   |   | $      | 0.46 |   |   | $ | 0.52 |   |   | $ | 0.18 |   |   | $ | 1.75 |   |
| Diluted earnings per share |   | $             | 0.58   |   |   | $      | 0.46 |   |   | $ | 0.52 |   |   | $ | 0.18 |   |   | $ | 1.74 |   |

| (a)   |  The summation of quarterly earnings per share data may not equal annual data due to rounding. |
|-----------------|-----------------------------------------------------------------------------------------------------|

----

Item 9. 

Item 9A.

----

Item 9B.

----

Item 10.

Item 11.  

| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. |
|----------|-------------------------------------------------------------------------------------------------|

|           Plan Category |   |  Number ofsecurities to beissued uponexercise ofoutstandingoptions, warrantsand rights (a) |    |   |  Weighted-averageexercise price ofoutstandingoptions,warrantsand rights (b) |   |   | Number ofsecuritiesremaining availablefor future issuanceunder equitycompensationplans (excludingsecurities reflectedin column (a)) (c) |   |
|---------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------|---------|--------|---------------------------------------------------------------------------------------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Equity compensation plans approved by security holders                    |   |                                                                                                 |    |   |                                                                                  |   |   |                                                                                                                                         |   |
| 1997 Stock Option Plan for Key Employees                                  |   |                                                                                                 | 43,298  |   |                                                                                  | $      | 20.48  |                                                                                                                                         |   |   | - |   |
| 2000 Stock Option Plan for Key Employees                                  |   |                                                                                                 | 137,330 |   |                                                                                  | $      | 17.89  |                                                                                                                                         |   |   | - |   |
| Omnibus Stock Plan                                                        |   |                                                                                                 | 104,369 |   |                                                                                  | $      | 20.20  |                                                                                                                                         |   |   | 116,770 |   |
| Total                                                                     |   |                                                                                                 | 284,997 |   |                                                                                  | $      | 19.129 |                                                                                                                                         |   |   | 116,770 |   |

Item 13.  

Item 14.

----

Item 15. 

| (a)1.                                                                                                                  | The following financial statements are included herein under Part II, Item 8, Financial Statements and Supplementary Data: Consolidated Statements of Income for the three years ended     December 31, 2010, 2009 and 2008 Consolidated Statements of Comprehensive Income for the three years ended     December 31, 2010, 2009 and 2008 Consolidated Statements of Cash Flows for the three years ended     December 31, 2010, 2009 and 2008 Consolidated Balance Sheets at December 31, 2010 and 2009 Consolidated Statements of Changes in Common Stock Equity at     December 31, 2010, 2009 and 2008 Notes to Consolidated Financial Statements  |
|------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a)2.                                                                                                                  | Required information related to Schedule II - Reserves for the three years ended December 31, 2010, 2009 and 2008 is included herein under Part II, Item 8, Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (a)3.                                                                                                                  | Exhibits (* denotes filed herewith) Each document described below is incorporated by reference to the appropriate exhibit numbers and the Commission file numbers indicated in parentheses, unless the reference to the document is marked as follows: * - Filed herewith. Copies of any of the exhibits filed with the Securities and Exchange Commission in connection with this document may be obtained from the Company upon written request.                                                                                                                                                                                                                                                                                                                         |
| Exhibit 3     Articles of Incorporation and By-laws                                      |
| 3-1                                                                                                                    | By-laws, as amended November 7, 2010. (Exhibit 99.2, Current Report on Form 8-K Filed November 10, 2010, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 3-2                                                                                                                    | Articles of Association, as amended August 11, 1992. (Exhibit No. 3-2, 1992 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                   | 3-2.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Articles of Association, as amended February 17, 2010. (Exhibit No. 3-2.1, Current Report on Form 8-K Filed February 16, 2010, File No. 1-8222)  |
| Exhibit 4     Instruments defining the rights of security holders, including Indentures  |
|                                                                                                                   | Incorporated herein by reference:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

----

| 4-1                                                                                         | Bond Purchase Agreement between Merrill, Lynch, Pierce, Fenner & Smith, Inc., Underwriters and The Industrial Development Authority of the State of New Hampshire, issuer and Central Vermont Public Service Corporation. (Exhibit B-46, 1984 Form 10-K, File No. 1-8222)                         |
|---------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4-2                                                                                         | Bond Purchase Agreement among Connecticut Development Authority and Central Vermont Public Service Corporation with E. F. Hutton & Company Inc. dated December 11, 1985. (Exhibit B-48, 1985 Form 10-K, File No. 1-8222)                                                                          |
| 4-3                                                                                         | Stock-Purchase Agreement between Vermont Electric Power Company, Inc. and the Company dated August 11, 1986 relative to purchase of Class C Preferred Stock. (Exhibit B-49, 1986 Form 10-K, File No. 1-8222)                                                                                          |
| 4-4                                                                                         | Forty-Fourth Supplemental Indenture, dated as of June 15, 2004 amending and restating the Company’s Indenture of Mortgage dated as of October 1, 1929. (Exhibit 4-63, Form 10-Q, June 30, 2004, File No. 1-8222)                                                                                |
| 4-5                                                                                         | Forty-Fifth Supplemental Indenture, dated as of July 15, 2004 and directors’ resolutions establishing the Series SS and Series TT Bonds and matter connected therewith. (Exhibit 4-64, Form 10-Q, June 30, 2004, File No. 1-8222)                                                               |
| 4-6                                                                                         | Form of Bond Purchase Agreement dated as of July 15, 2004 relating to Series SS and Series TT Bonds. (Exhibit 4-65, Form 10-Q, June 30, 2004, File No. 1-8222)                                                                                                                                        |
| 4-7                                                                                         | Forty-Sixth Supplemental Indenture, dated as of May 1, 2008, from the Company to U.S. Bank National Association, as trustee. (Exhibit 4-7, Current Report on Form 8-K Filed May 15, 2008, File No. 1-8222)                                                                                            |
| 4-8                                                                                         | Bond Purchase Agreement, dated as of May 15, 2008, among the Company and the purchasers listed on Schedule A thereto. (Exhibit 4-8, Current Report on Form 8-K Filed May 15, 2008, File No. 1-8222)                                                                                                   |
| 4-9                                                                                         | Bond Purchase Agreement, dated as of November 18, 2010, among the Company, Vermont Economic Development Authority, and KeyBanc Capital Markets, Inc. (Exhibit 4-9, Current Report on Form 8-K Filed November 19, 2010, File No. 1-8222)                                                               |
| 4-10                                                                                        | Forty-Seventh Supplemental Indenture, dated as of December 1, 2010, from the Company to U.S. Bank National Association, as trustee. (Exhibit 4-10, Current Report on Form 8-K Filed December 2, 2010, File No. 1-8222)                                                                                |
| 4-11                                                                                        | Loan and Trust Agreement, dated as of December 1, 2010, among the State of Vermont, acting by and through the Vermont Economic Development Authority, the Company and U.S. Bank National Association, as trustee. (Exhibit 4-11, Current Report on Form 8-K Filed December 2, 2010, File No. 1-8222)  |
| 4-12                                                                                        | Bond Purchase Agreement, dated as of February 4, 2011, among the Company and Metropolitan Life Insurance Company and its affiliates. (Exhibit 4-12, Current Report on Form 8-K Filed February 4, 2011, File No. 1-8222)                                                                               |
| Exhibit 10     Material Contracts (* Denotes filed herewith)  |
|                                                                                        | Incorporated herein by reference:                                                                                                                                                                                                                                                                     |
| 10.1                                                                                        | Copy of firm power Contract dated August 29, 1958, and supplements thereto dated September 19, 1958, October 7, 1958, and October 1, 1960, between the Company and the State of Vermont (the “State”). (Exhibit C-1, File No. 2-17184)                                                    |
|                                                                                        | 10.1.1                                                                                                                                                                                                                                                                                                     | Agreement setting out Supplemental NEPOOL Understandings dated as of April 2, 1973. (Exhibit C-22, File No. 5-50198)  |

----

| 10.2   | Copy of Transmission Contract dated June 13, 1957, between Velco and the State, relating to transmission of power. (Exhibit 10.2, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                   |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 10.2.1    Copy of letter agreement dated August 4, 1961, between Velco and the State.  (Exhibit C-3, File No. 2-26485)                                                                                                                                                                                                                                                                                 |
|   | 10.2.2    Amendment dated September 23, 1969.  (Exhibit C-4, File No. 2-38161)                                                                                                                                                                                                                                                                                                                         |
|   | 10.2.3    Amendment dated March 12, 1980. (Exhibit C-92, 1982 Form 10-K, File               No. 1-8222)                                                                                                                                                                                                                               |
|   | 10.2.4    Amendment dated September 24, 1980.  (Exhibit C-93, 1982 Form 10-K,               File No. 1-8222)                                                                                                                                                                                                                |
| 10.3   | Copy of subtransmission contract dated August 29, 1958, between Velco and the Company (there are seven similar contracts between Velco and other utilities). (Exhibit 10.3, 1993 Form 10-K, Form No. 1-8222)                                                                                                                                                                                                                         |
|   | 10.3.1    Copies of Amendments dated September 7, 196l, November 2, 1967,               March 22, 1968, and October 29, 1968. (Exhibit C-6, File No. 2-32917)                                                                                                                                                                         |
|   | 10.3.2    Amendment dated December 1, 1972. (Exhibit 10.3.2, 1993 Form 10-K,               File No. 1-8222)                                                                                                                                                                                                                           |
| 10.4   | Copy of Three-Party Agreement dated September 25, 1957, between the Company, Green Mountain and Velco. (Exhibit C-7, File No. 2-17184)                                                                                                                                                                                                                                                                                               |
|   | 10.4.1   Amended and Restated Three-Party Agreement between the Company, Green Mountain Power             Corporation, Vermont Electric Power Company, Inc., and Vermont Transco, LLC effective              June 30, 2006. (Exhibit 10.4.3, 2006 Form 10-K, File No. 1-8222)  |
| 10.5   | Copy of firm power Contract dated December 29, 1961, between the Company and the State, relating to purchase of Niagara Project power. (Exhibit C-8, File No. 2-26485)                                                                                                                                                                                                                                                               |
|   | 10.5.1    Amendment effective as of January 1, 1980. (Exhibit 10.5.1, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                           |
| 10.7   | Copy of Capital Funds Agreement between the Company and Vermont Yankee dated as of February 1, 1968. (Exhibit C-11, File No. 70-4611)                                                                                                                                                                                                                                                                                                |
|   | 10.7.1    Copy of Amendment dated March 12, 1968. (Exhibit C-12, File No. 70-4611)                                                                                                                                                                                                                                                                                                                               |
|   | 10.7.2    Copy of Amendment dated September 1, 1993. (Exhibit 10.7.2, 1994               Form 10-K, File No. 1-8222)                                                                                                                                                                                                                  |
| 10.8   | Copy of Power Contract between the Company and Vermont Yankee dated as of February 1, 1968. (Exhibit C-13, File No. 70-4591)                                                                                                                                                                                                                                                                                                         |
|   | 10.8.1    Amendment dated April 15, 1983. (10.8.1, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                              |
|   | 10.8.2    Copy of Additional Power Contract dated February 1, 1984.  (Exhibit C-123,               1984 Form 10-K, File No. 1-8222)                                                                                                                                                                                         |
|   | 10.8.3    Amendment No. 3 to Vermont Yankee Power Contract, dated April 24, 1985.               (Exhibit 10-144, 1986 Form 10-K, File No. 1-8222)                                                                                                                                                                                     |

----

|   | 10.8.4    Amendment No. 4 to Vermont Yankee Power Contract, dated June 1, 1985.               (Exhibit 10-145, 1986 Form 10-K, File No. 1-8222)                                                                                                                                                                                                       |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 10.8.5    Amendment No. 5 dated May 6, 1988.  (Exhibit 10-179, 1988 Form 10-K,               File No. 1-8222)                                                                                                                                                                                                                               |
|   | 10.8.6    Amendment No. 6 dated May 6, 1988.  (Exhibit 10-180, 1988 Form 10-K,               File No. 1-8222)                                                                                                                                                                                                                               |
|   | 10.8.7    Amendment No. 7 dated June 15, 1989.  (Exhibit 10-195, 1989 Form 10-K,               File No. 1-8222)                                                                                                                                                                                                                             |
|   | 10.8.8    Amendment No. 8 dated November 17, 1999. (Exhibit 10.8.8, Form 10-Q,               June 30, 2000, File No. 1-8222)                                                                                                                                                                                                                          |
|   | 10.8.9    Amendment No. 9 dated November 17, 1999. (Exhibit 10.8.9, Form 10-Q,               June 30, 2000, File No. 1-8222)                                                                                                                                                                                                                          |
|   | 10.8.10    2001 Amendatory Agreement dated as of September 21, 2001 to which the               Company is a party re: Vermont Yankee Nuclear Power Corporation Power               Contract.  (Exhibit 10.8.10, Form 10-Q, September 30, 2001, File No. 1-8222)  |
| 10.9   | Copy of Capital Funds Agreement between the Company and Maine Yankee dated as of May 20, 1968.  (Exhibit C-14, File No. 70-4658)                                                                                                                                                                                                                                                                                                           |
|   | 10.9.1    Amendment No. 1 dated August 1, 1985.  (Exhibit C-125, 1984 Form 10-K,               File No. 1-8222)                                                                                                                                                                                                                             |
| 10.10  | Copy of Power Contract between the Company and Maine Yankee dated as of May 20, 1968.  (Exhibit C-15, File No. 70-4658)                                                                                                                                                                                                                                                                                                                    |
|   | 10.10.1    Amendment No. 1 dated March 1, 1984.  (Exhibit C-112, 1984 Form 10-K,                 File No. 1-8222)                                                                                                                                                                                                                 |
|   | 10.10.2    Amendment No. 2 effective January 1, 1984. (Exhibit C-113, 1984 Form 10-K,                 File No. 1-8222)                                                                                                                                                                                                                      |
|   | 10.10.3    Amendment No. 3 dated October 1, 1984.  (Exhibit C-114, 1984 Form 10-K,                 File No. 1-8222)                                                                                                                                                                                                               |
|   | 10.10.4    Additional Power Contract dated February 1, 1984. (Exhibit C-126, 1985 Form 10-K,                 File No. 1-8222)                                                                                                                                                                                                               |
| 10.11  | Copy of Three-Party Power Agreement dated as of November 21, 1969, among the Company, Velco, and Green Mountain relating to purchase and sale of power from Vermont Yankee Nuclear Power Corporation.  (Exhibit C-18, File No. 2-38161)                                                                                                                                                                                                    |
|   | 10.11.1    Amendment dated June 1, 1981.  (Exhibit 10.13.1, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                           |
|   | 10.11.2    Superseding Three Party Power Agreement dated January 1, 1990. (Exhibit 10-201, 1990 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                      |

----

|   | 10.11.3    Agreement Amending Superseding Three Party Power Agreement dated May 1, 1991. (Exhibit 10.4.2, 1991 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                 |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.12  | Copy of Three-Party Transmission Agreement dated as of November 21, 1969, among the Company, Velco, and Green Mountain providing for transmission of power from Vermont Yankee Nuclear Power Corporation.  (Exhibit C-19, File No. 2-38161)                                                                                                                                                                                                                          |
|   | 10.12.1    Amendment dated June 1, 1981.  (Exhibit 10.14.1, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                     |
|   | 10.12.2   Amended and Restated Three-Party Transmission Agreement between the Company, Green               Mountain Power Corporation, Vermont Electric Power Company, Inc., and Vermont Transco,               LLC effective November 30, 2006. (Exhibit 10.14.2, 2006 Form 10-K, File No. 1-8222)  |
| 10.13  | Copy of Stockholders Agreement dated September 25, 1957, between the Company, Velco, Green Mountain and Citizens Utilities Company.  (Exhibit No. C-20, File No. 70-3558)                                                                                                                                                                                                                                                                                            |
| 10.14  | New England Power Pool Agreement dated as of September 1, 1971, as amended to November 1, 1975.  (Exhibit C-21, File No. 2-55385)                                                                                                                                                                                                                                                                                                                                    |
|   | 10.14.1    Amendment dated December 31, 1976.  (Exhibit 10.16.1, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                |
|   | 10.14.2    Amendment dated January 23, 1977.  (Exhibit 10.16.2, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                 |
|   | 10.14.3    Amendment dated July 1, 1977.  (Exhibit 10.16.3, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                     |
|   | 10.14.4    Amendment dated August 1, 1977.  (Exhibit 10.16.4, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                   |
|   | 10.14.5    Amendment dated August 15, 1978.  (Exhibit 10.16.5, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                  |
|   | 10.14.6    Amendment dated January 31, 1979.  (Exhibit 10.16.6, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                 |
|   | 10.14.7    Amendment dated February 1, 1980.  (Exhibit 10.16.7, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                 |
|   | 10.14.8    Amendment dated December 31, 1976.  (Exhibit 10.16.8, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                |
|   | 10.14.9    Amendment dated January 31, 1977.  (Exhibit 10.16.9, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                 |
|   | 10.14.10  Amendment dated July 1, 1977.  (Exhibit 10.16.10, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                               |
|   | 10.14.11  Amendment dated August 1, 1977.  (Exhibit 10.16.11, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                             |
|   | 10.14.12  Amendment dated August 15, 1978.  (Exhibit 10.16.12, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                            |
|   | 10.14.13  Amendment dated January 31, 1980.  (Exhibit 10.16.13, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                           |
|   | 10.14.14  Amendment dated February 1, 1980.  (Exhibit 10.16.14, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                           |
|   | 10.14.15  Amendment dated September 1, 1981.  (Exhibit 10.16.15, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                          |
|   | 10.14.16  Amendment dated December 1, 1981.  (Exhibit 10.16.16, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                           |
|   | 10.14.17  Amendment dated June 15, 1983.  (Exhibit 10.16.17, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                              |
|   | 10.14.18  Amendment dated September 1, 1985.  (Exhibit 10-160, 1986 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                            |

----

|   | 10.14.19  Amendment dated April 30, 1987.  (Exhibit 10-172, 1987 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                              |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 10.14.20  Amendment dated March 1, 1988.  (Exhibit 10-178, 1988 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                               |
|   | 10.14.21  Amendment dated March 15, 1989.  (Exhibit 10-194, 1989 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                              |
|   | 10.14.22  Amendment dated October 1, 1990.  (Exhibit 10-203, 1990 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                             |
|   | 10.14.23  Amendment dated September 15, 1992.  (Exhibit 10.16.23, 1992 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                        |
|   | 10.14.24  Amendment dated May 1, 1993.  (Exhibit 10.16.24, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                               |
|   | 10.14.25  Amendment dated June 1, 1993. (Exhibit 10.16.25, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                         |
|   | 10.14.26  Amendment dated June 1, 1994.  (Exhibit 10.16.26, 1994 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                              |
|   | 10.14.27  Thirty-Second Amendment dated September 1, 1995. (Exhibit 10.16.27, Form 10-Q                 dated September 30, 1995, File No. 1-8222 and Exhibit 10.16.27, 1995 Form 10-K,                 File No. 1-8222)  |
|   | 10.14.28  Security Agreement dated October 7, 2003 between Central Vermont Public Service                Corporation and ISO New England Inc. (Exhibit 10.16.28, Form 10-Q, September 30, 2003,                File No. 1-8222)     |
| 10.15  | Sharing Agreement - 1979 Connecticut Nuclear Unit dated September 1, 1973, to which the Company is a party. (Exhibit C-40, File No. 2-50142)                                                                                                                                                                                                                                                                  |
|   | 10.15.1                                                                                                                                                                                                                                                                                                                                                                                                            | Amendment dated as of August 1, 1974. (Exhibit C-41, File No. 2-51999)  |
|   | 10.15.2                                                                                                                                                                                                                                                                                                                                                                                                            | Instrument of Transfer dated as of February 28, 1974, transferring partial interest from the Company to Green Mountain.  (Exhibit C-42, File No. 2-52177)  |
|   | 10.15.3                                                                                                                                                                                                                                                                                                                                                                                                            | Instrument of Transfer dated January 17, 1975, transferring a partial interest from the Company to Burlington Electric Department.  (Exhibit C-43, File No. 2-55458)  |
|   | 10.15.4                                                                                                                                                                                                                                                                                                                                                                                                            | Amendment dated May 11, 1984.  (Exhibit C-110, 1984 Form 10-K, File No. 1-8222)  |
| 10.16  | Agreement for Joint Ownership, Construction and Operation of William F. Wyman Unit No. 4 dated November 1, 1974, among Central Maine Power Company and other utilities including the Company.  (Exhibit C-46, File No. 2-52900)                                                                                                                                                                     |
|   | 10.16.1                                                                                                                                                                                                                                                                                                                                                                                                            | Amendment dated as of June 30, 1975.  (Exhibit C-47, File No. 2-55458)  |
|   | 10.16.2                                                                                                                                                                                                                                                                                                                                                                                                            | Instrument of Transfer dated July 30, 1975, assigning a partial interest from Velco to the Company. (Exhibit C-48, File No. 2-55458)  |
| 10.17  | Transmission Agreement dated November 1, 1974, among Central Maine Power Company and other utilities including the Company with respect to William F. Wyman Unit No. 4.  (Exhibit C-49, File No. 2-54449)                                                                                                                                                                                           |
| 10.18  | Copy of Power Contract between the Company and Yankee Atomic dated as of June 30, 1959.  (Exhibit C-61, 1981 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                            |
|   | 10.18.1                                                                                                                                                                                                                                                                                                                                                                                                            | Revision dated April 1, 1975.  (Exhibit C-61, 1981 Form 10-K, File No. 1-8222)  |
|   | 10.18.2                                                                                                                                                                                                                                                                                                                                                                                                            | Amendment dated May 6, 1988.  (Exhibit 10-181, 1988 Form 10-K, File No. 1-8222)  |

----

|   | 10.18.3                                                                                                                                                         | Amendment dated June 26, 1989.  (Exhibit 10-196, 1989 Form 10-K, File No. 1-8222)                                                                                              |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 10.18.4                                                                                                                                                         | Amendment dated July 1, 1989.  (Exhibit 10-197, 1989 Form 10-K, File No. 1-8222)                                                                                               |
|   | 10.18.5                                                                                                                                                         | Amendment dated February 1, 1992  (Exhibit 10.25.5, 1992 Form 10-K, File No. 1-8222)                                                                                           |
|   | 10.18.6                                                                                                                                                         | Amendment to the Power Contract between the Company and Yankee Atomic Electric Company dated October 1, 1980. (Exhibit 10.25.6, Form 10-Q, September 30, 2006, File No. 1-8222)          |
|   | 10.18.7                                                                                                                                                         | Amendment No. 3 to the Power Contract between the Company and Yankee Atomic Electric Company dated April 1, 1985. (Exhibit 10.25.7, Form 10-Q, September 30, 2006, File No. 1-8222)      |
|   | 10.18.8                                                                                                                                                         | Amendment No. 8 to the Power Contract between the Company and Yankee Atomic Electric Company dated June 1, 2003. (Exhibit 10.25.8, Form 10-Q, September 30, 2006, File No. 1-8222)       |
|   | 10.18.9                                                                                                                                                         | Amendment No. 9 to the Power Contract between the Company and Yankee Atomic Electric Company dated November 17, 2005. (Exhibit 10.25.9, Form 10-Q, September 30, 2006, File No. 1-8222)  |
|   | 10.18.10                                                                                                                                                        | Amendment No. 10 to the Power Contract between the Company and Yankee Atomic Electric Company dated April 14, 2006. (Exhibit 10.25.10, Form 10-Q, September 30, 2006, File No. 1-8222)   |
| 10.19  | Copy of Transmission Contract between the Company and Yankee Atomic dated as of June 30, 1959.  (Exhibit C-63, 1981 Form 10-K, File No. 1-8222)  |
| 10.20  | Copy of Power Contract between the Company and Connecticut Yankee dated as of June 1, 1964.  (Exhibit C-64, 1981 Form 10-K, File No. 1-8222)     |
|   | 10.20.1                                                                                                                                                         | Supplementary Power Contract dated March 1, 1978. (Exhibit C-94, 1982 Form 10-K, File No. 1-8222)                                                                                        |
|   | 10.20.2                                                                                                                                                         | Amendment dated August 22, 1980.  (Exhibit C-95, 1982 Form 10-K, File No. 1-8222)                                                                                              |
|   | 10.20.3                                                                                                                                                         | Amendment dated October 15, 1982.  (Exhibit C-96, 1982 Form 10-K, File No. 1-8222)                                                                                             |
|   | 10.20.4                                                                                                                                                         | Second Supplementary Power Contract dated April 30, 1984.  (Exhibit C-115, 1984 Form 10-K, File No. 1-8222)                                                                    |
|   | 10.20.5                                                                                                                                                         | Additional Power Contract dated April 30, 1984. (Exhibit C-116, 1984 Form 10-K, File No. 1-8222)                                                                                         |

----

|   | 10.20.6                                                                                                                                                                                                                                                                                                                                  | 1987 Supplementary Power Contract, dated as of April 1, 1987.  (Exhibit 10.27.6, Form 10-Q, June 30, 2000, File No. 1-8222)                      |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 10.20.7                                                                                                                                                                                                                                                                                                                                  | 1996 Amendatory Agreement, dated December 1, 1996. (Exhibit 10.27.7, Form 10-Q, June 30, 2000, File No. 1-8222)                                            |
|   | 10.20.8                                                                                                                                                                                                                                                                                                                                  | 2000 Amendatory Agreement, dated May, 2000. (Exhibit 10.27.8, Form 10-Q, June 30, 2000, File No. 1-8222)                                                   |
| 10.21  | Copy of Transmission Contract between the Company and Connecticut Yankee dated as of July 1, 1964.  (Exhibit C-65, 1981 Form 10-K, File No. 1-8222)                                                                                                                                                                       |
| 10.22  | Copy of Capital Funds Agreement between the Company and Connecticut Yankee dated as of July 1, 1964.  (Exhibit C-66, 1981 Form 10-K, File No. 1-8222)                                                                                                                                                                     |
|   | 10.22.1                                                                                                                                                                                                                                                                                                                                  | Copy of Capital Funds Agreement between the Company and Connecticut Yankee dated as of September 1, 1964. (Exhibit C-67, 1981 Form 10-K, File No. 1-8222)  |
| 10.23  | Copy of Five-Year Capital Contribution Agreement between the Company and Connecticut Yankee dated as of November 1, 1980. (Exhibit C-68, 1981 Form 10-K, File No. 1-8222)                                                                                                                                                           |
| 10.24  | Form of Guarantee Agreement dated as of November 7, 1981, among certain banks, Connecticut Yankee and the Company, relating to revolving credit notes of Connecticut Yankee. (Exhibit C-69, 1981 Form 10-K, File No. 1-8222)                                                                                                        |
| 10.25  | Form of Guarantee Agreement dated as of November 13, 1981, between The Connecticut Bank and Trust Company, as Trustee, and the Company, relating to debentures of Connecticut Yankee. (Exhibit C-70, 1981 Form 10-K, File No. 1-8222)                                                                                               |
| 10.26  | Preliminary Vermont Support Agreement re Quebec interconnection between Velco and among seventeen Vermont Utilities dated May 1, 1981.  (Exhibit C-97, 1982 Form 10-K, File No. 1-8222)                                                                                                                                   |
|   | 10.26.1                                                                                                                                                                                                                                                                                                                                  | Amendment dated June 1, 1982.  (Exhibit C-98, 1982 Form 10-K, File No. 1-8222)                                                                   |
| 10.27  | Vermont Participation Agreement for Quebec Interconnection between Velco and among seventeen Vermont Utilities dated July 15, 1982.  (Exhibit C-99, 1982 Form 10-K, File No. 1-8222)                                                                                                                                      |
|   | 10.27.1                                                                                                                                                                                                                                                                                                                                  | Amendment No. 1 dated January 1, 1986.  (Exhibit C-132, 1986 Form 10-K, File No. 1-8222)                                                         |
| 10.28  | Vermont Electric Transmission Company Capital Funds Support Agreement between Velco and among sixteen Vermont Utilities dated July 15, 1982.  (Exhibit C-100, 1982 Form 10-K, File No. 1-8222)                                                                                                                            |
| 10.29  | Vermont Transmission Line Support Agreement, Vermont Electric Transmission Company and twenty New England Utilities dated December 1, 1981, as amended by Amendment No. 1 dated June 1, 1982, and by Amendment No. 2 dated November 1, 1982.  (Exhibit C-101, 1982 Form 10-K, File No. 1-8222)                            |
|   | 10.29.1                                                                                                                                                                                                                                                                                                                                  | Amendment No. 3 dated January 1, 1986.  (Exhibit 10-149, 1986 Form 10-K, File No. 1-8222)                                                        |
| 10.30  | Phase 1 Terminal Facility Support Agreement between New England Electric Transmission Corporation and twenty New England Utilities dated December 1, 1981, as amended by Amendment No. 1 dated as of June 1, 1982 and by Amendment No. 2 dated as of November 1, 1982.  (Exhibit C-102, 1982 Form 10-K, File No. 1-8222)  |

----

| 10.31  | Power Purchase Agreement between Velco and CVPS dated June 1, 1981.  (Exhibit C-103, 1982 Form 10-K, File No. 1-8222)                                                                                                                                                                          |                                                                                                                                                            |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.32  | Agreement for Joint Ownership, Construction and Operation of the Joseph C. McNeil Generating Station by and between City of Burlington Electric Department, Central Vermont Realty, Inc. and Vermont Public Power Supply Authority dated May 14, 1982. (Exhibit C-107, 1983 Form 10-K, File No. 1-8222)  |                                                                                                                                                            |
|   | 10.32.1                                                                                                                                                                                                                                                                                                       | Amendment No. 1 dated October 5, 1982.  (Exhibit C-108, 1983 Form 10-K, File No. 1-8222)                                                         |   |
|   | 10.32.2                                                                                                                                                                                                                                                                                                       | Amendment No. 2 dated December 30, 1983.  (Exhibit C-109, 1983 Form 10-K, File No. 1-8222)                                                       |   |
|   | 10.32.3                                                                                                                                                                                                                                                                                                       | Amendment No. 3 dated January 10, 1984.  (Exhibit 10-143, 1986 Form 10-K, File No. 1-8222)                                                       |   |
| 10.33  | Transmission Service Contract between Central Vermont Public Service Corporation and The Vermont Electric Generation & Transmission Cooperative, Inc. dated May 14, 1984.  (Exhibit C-111, 1984 Form 10-K, File No. 1-8222)                                                                |                                                                                                                                                            |
| 10.34  | Copy of Highgate Transmission Interconnection Preliminary Support Agreement dated April 9, 1984.  (Exhibit C-117, 1984 Form 10-K, File No. 1-8222)                                                                                                                                             |                                                                                                                                                            |
| 10.35  | Copy of Allocation Contract for Hydro-Quebec Firm Power dated July 25, 1984.  (Exhibit C-118, 1984 Form 10-K, File No. 1-8222)                                                                                                                                                                 |                                                                                                                                                            |
|   | 10.35.1                                                                                                                                                                                                                                                                                                       | Tertiary Energy for Testing of the Highgate HVDC Station Agreement, dated September 20, 1985.  (Exhibit C-129, 1985 Form 10-K, File No. 1-8222)  |   |
| 10.36  | Copy of Highgate Operating and Management Agreement dated August 1, 1984.  (Exhibit C-119, 1986 Form 10-K, File No. 1-8222)                                                                                                                                                                    |
|   | 10.36.1                                                                                                                                                                                                                                                                                                       | Amendment No. 1 dated April 1, 1985.  (Exhibit 10-152, 1986 Form 10-K, File No. 1-8222)                                                          |
|   | 10.36.2                                                                                                                                                                                                                                                                                                       | Amendment No. 2 dated November 13, 1986.  (Exhibit 10-167, 1987 Form 10-K, File No. 1-8222)                                                      |
|   | 10.36.3                                                                                                                                                                                                                                                                                                       | Amendment No. 3 dated January 1, 1987.  (Exhibit 10-168, 1987 Form 10-K, File No. 1-8222)                                                        |
|   | 10.36.4                                                                                                                                                                                                                                                                                                       | Amendment No. 4 dated December 1, 2008.                                                                                                                    |
| 10.37  | Copy of Highgate Construction Agreement dated August 1, 1984. (Exhibit C-120, 1984 Form 10-K, File No. 1-8222)                                                                                                                                                                                           |
|   | 10.37.1                                                                                                                                                                                                                                                                                                       | Amendment No. 1 dated April 1, 1985.  (Exhibit 10-151, 1986 Form 10-K, File No. 1-8222)                                                          |
| 10.38  | Copy of Agreement for Joint Ownership, Construction and Operation of the Highgate Transmission Interconnection.  (Exhibit C-121, 1984 Form 10-K, File No. 1-8222)                                                                                                                              |
|   | 10.38.1                                                                                                                                                                                                                                                                                                       | Amendment No. 1 dated April 1, 1985.  (Exhibit 10-153, 1986 Form 10-K, File No. 1-8222)                                                          |
|   | 10.38.2                                                                                                                                                                                                                                                                                                       | Amendment No. 2 dated April 18, 1985.  (Exhibit 10-154, 1986 Form 10-K, File No. 1-8222)                                                         |
|   | 10.38.3                                                                                                                                                                                                                                                                                                       | Amendment No. 3 dated February 12, 1986.  (Exhibit 10-155, 1986 Form 10-K, File No. 1-8222)                                                      |
|   | 10.38.4                                                                                                                                                                                                                                                                                                       | Amendment No. 4 dated November 13, 1986.  (Exhibit 10-169, 1987 Form 10-K, File No. 1-8222)                                                      |

----

|   | 10.38.5                                                                                                                                                                                                                                                                                                                 | Amendment No. 5 and Restatement of Agreement dated January 1, 1987.  (Exhibit 10-170, 1987 Form 10-K, File No. 1-8222)  |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|
| 10.39  | Copy of the Highgate Transmission Agreement dated August 1, 1984.  (Exhibit C-122, 1984 Form 10-K, File No. 1-8222)                                                                                                                                                                                      |
| 10.40  | Copy of Preliminary Vermont Support Agreement Re: Quebec Interconnection - Phase II dated September 1, 1984. (Exhibit C-124, 1984 Form 10-K, File No. 1-8222)                                                                                                                                                      |
|   | 10.40.1                                                                                                                                                                                                                                                                                                                 | First Amendment dated March 1, 1985.  (Exhibit C-127, 1985 Form 10-K, File No. 1-8222)                                  |
| 10.41  | Vermont Transmission and Interconnection Agreement between New England Power Company and Central Vermont Public Service Corporation and Green Mountain Power Corporation with the consent of Vermont Electric Power Company, Inc., dated May 1, 1985.  (Exhibit C-128, 1985 Form 10-K, File No. 1-8222)  |
| 10.42  | System Sales & Exchange Agreement Between Niagara Mohawk Power Corporation and Central Vermont Public Service Corporation dated October 1, 1986.  (Exhibit C-133, 1986 Form 10-K, File No. 1-8222)                                                                                                   |
| 10.43  | Transmission Agreement between Vermont Electric Power Company, Inc. and Central Vermont Public Service Corporation dated January 1, 1986.  (Exhibit 10-146, 1986 Form 10-K, File No. 1-8222)                                                                                                             |
| 10.44  | 1985 Four-Party Agreement between Vermont Electric Power Company, Central Vermont Public Service Corporation, Green Mountain Power Corporation and Citizens Utilities dated July 1, 1985.  (Exhibit 10-147, 1986 Form 10-K, File No. 1-8222)                                                             |
|   | 10.44.1                                                                                                                                                                                                                                                                                                                 | Amendment dated February 1, 1987.  (Exhibit 10-171, 1987 Form 10-K, File No. 1-8222)                                    |
| 10.45  | 1985 Option Agreement between Vermont Electric Power Company, Central Vermont Public Service Corporation, Green Mountain Power Corporation and Citizens Utilities dated December 27, 1985.  (Exhibit 10-148, 1986 Form 10-K, File No. 1-8222)                                                            |
|   | 10.45.1                                                                                                                                                                                                                                                                                                                 | Amendment No. 1 dated September 28, 1988.  (Exhibit 10-182, 1988 Form 10-K, File No. 1-8222)                            |
|   | 10.45.2                                                                                                                                                                                                                                                                                                                 | Amendment No. 2 dated October 1, 1991.  (Exhibit 10.56.2, 1991 Form 10-K, File No. 1-8222)                              |
|   | 10.45.3                                                                                                                                                                                                                                                                                                                 | Amendment No. 3 dated December 31, 1994.  (Exhibit 10.56.3, 1994 Form 10-K, File No. 1-8222)                            |
|   | 10.45.4                                                                                                                                                                                                                                                                                                                 | Amendment No. 4 dated December 31, 1996.  (Exhibit 10.56.4, 1996 Form 10-K, file No. 1-8222)                            |
| 10.46  | Highgate Transmission Agreement dated August 1, 1984 by and between the owners of the project and the Vermont electric distribution companies.  (Exhibit 10-156, 1986 Form 10-K, File No. 1-8222)                                                                                                        |
|   | 10.46.1                                                                                                                                                                                                                                                                                                                 | Amendment No. 1 dated September 22, 1985.  (Exhibit 10-157, 1986 Form 10-K, File No. 1-8222)                            |
| 10.47  | Vermont Support Agency Agreement re: Quebec Interconnection - Phase II between Vermont Electric Power Company, Inc. and participating Vermont electric utilities dated June 1, 1985. (Exhibit 10-158, 1986 Form 10K, File No. 1-8222)                                                                              |
|   | 10.47.1                                                                                                                                                                                                                                                                                                                 | Amendment No. 1 dated June 20, 1986.  (Exhibit 10-159, 1986 Form 10-K, File No. 1-8222)                                 |
| 10.48  | Indemnity Agreement B-39 dated May 9, 1969 with amendments 1-16 dated April 17, 1970 thru April 16, 1985 between licensees of Millstone Unit No. 3 and the Nuclear Regulatory Commission. (Exhibit 10-161, 1986 Form 10-K, File No. 1-8222)                                                                        |

----

|   | 10.48.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Amendment No. 17 dated November 25, 1985.  (Exhibit 10-162, 1986 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                              |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.49  | Contract for the Sale of 50MW of firm power between Hydro-Quebec and Vermont Joint Owners of Highgate Facilities dated February 23, 1987.  (Exhibit 10-173, 1987 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                             |
| 10.50  | Interconnection Agreement between Hydro-Quebec and Vermont Joint Owners of Highgate facilities dated February 23, 1987. (Exhibit 10-174, 1987 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                                                          |
|   | 10.50.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Amendment dated September 1, 1993  (Exhibit 10.63.1, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                     |
| 10.51  | Firm Power and Energy Contract by and between Hydro-Quebec and Vermont Joint Owners of Highgate for 500MW dated December 4, 1987.  (Exhibit 10-175, 1987 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                                     |
|   | 10.51.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Amendment No. 1 dated August 31, 1988.  (Exhibit 10-191, 1988 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                 |
|   | 10.51.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Amendment No. 2 dated September 19, 1990.  (Exhibit 10-202, 1990 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                              |
|   | 10.51.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Firm Power & Energy Contract dated January 21, 1993 by and between Hydro-Quebec and Central Vermont Public Service Corporation for the sale back of 25 MW of power.  (Exhibit 10.64.3, 1992 Form 10-K, File No. 1-8222)                                                                                                                                                               |
|   | 10.51.4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Firm Power & Energy Contract dated January 21, 1993 by and between Hydro-Quebec and Central Vermont Public Service Corporation for the sale back of 50 MW of power.  (Exhibit 10.64.4, 1992 Form 10-K, File No. 1-8222)                                                                                                                                                               |
| 10.52  | Hydro-Quebec Participation Agreement dated April 1, 1988 for 600 MW between Hydro-Quebec and Vermont Joint Owners of Highgate.  (Exhibit 10-177, 1988 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                                        |
|   | 10.52.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Hydro-Quebec Participation Agreement dated April 1, 1988 as amended and restated by Amendment No. 5 thereto dated October 21, 1993, among Vermont utilities participating in the purchase of electricity under the Firm Power and Energy Contract by and between Hydro-Quebec and Vermont Joint Owners of Highgate.  (Exhibit 10.66.1, 1997 Form 10-Q, March 31, 1997, File. No. 1-8222)  |
| 10.53  | Sale of firm power and energy (54MW) between Hydro-Quebec and Vermont Utilities dated December 29, 1988.  (Exhibit 10-183, 1988 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.54  | Settlement Agreement effective dated June 1, 2001 to which the Company is a party re: Vermont Yankee Nuclear Power Corporation.  (Exhibit 10-84, Form 10-Q, June 30, 2001, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                              |
| 10.55  | Form of Secondary Purchaser Settlement Agreement dated December 6, 2001, with Acknowledgement and Consent of VELCO, among the Company, Green Mountain Power Corporation and each of: City of Burlington Electric Department; Village of Lyndonville Electric Department; Village of Northfield Electric Department; Village of Orleans Electric Department; Town of Hardwick Electric Department; Town of Stowe Electric Department; and, Washington Electric Cooperative. (Exhibit 10-85, 2001 Form 10-K, File No. 1-8222)                                        |
| 10.56  | Memorandum of Understanding, dated September 11, 2006, between the Vermont Department of Public Service and Central Vermont Public Service Corporation. (Exhibit 10.93, Current Report on Form 8-K Filed September 11, 2006, File No. 1-8222)                                                                                                                                                                                                                                                                                                                      |
|   | 10.56.1        First Amendment to Memorandum of Understanding, dated November 3, 2006, between the                    Vermont Department of Public Service and Central Vermont Public Service Corporation.                    (Exhibit 10.93, Current Report on Form 8-K Filed November 6, 2006, File No. 1-8222)  |

----

| 10.57                                               | Operating Agreement of Vermont Transco, LLC effective July 1, 2006. (Exhibit 10.94, 2006 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.58                                               | Amended and Restated 1991 Transmission Agreement between Vermont Transco, LLC and (to electric utilities furnishing service within the State of Vermont) effective June 20, 2006. (Exhibit 10.95, 2006 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                               |
| 10.59                                               | Memorandum of Understanding, dated November 29, 2007, between the Vermont Department of Public Service and Central Vermont Public Service Corporation. (Exhibit 10.96, Current Report on Form 8-K Filed November 30, 2007, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                      |
| 10.60                                               | Credit Agreement dated as of December 28, 2007 between Central Vermont Public Service Corporation, as Borrower and KeyBank National Association, as Lender. (Exhibit 10.97, Current Report of Form 8-K Filed January 4, 2008, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                   |
| 10.61                                               | Credit Agreement dated as of November 3, 2008 between Central Vermont Public Service Corporation, as Borrower and KeyBank National Association, as Lender.  (Exhibit 10.98, Current Report on Form 8-K Filed November 7, 2008, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                        |
| 10.62                                               | Memorandum of Understanding, dated December 17, 2008, between the Vermont Department of Public Service and Central Vermont Public Service Corporation.  (Exhibit 10.99, Current Report on Form 8-K Filed December 18, 2008, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                           |
| 10.63                                               | Agreement between Central Vermont Public Service Corporation and Local Union No. 300 International Brotherhood of Electrical Workers Effective as of January 1, 2009.  (Exhibit 10.100, Current Report on Form 8-K Filed January 7, 2009, File No. 1-8222)                                                                                                                                                                                                                                                                                                                   |
| 10-64                                               | Power Purchase and Sale Agreement between H. Q. Energy Services (U.S.), Inc. and Central Vermont Public Service Corporation, Green Mountain Power, Vermont Electric Cooperative, Inc., Vermont Public Power Supply Authority, Vermont Marble Power Division of Omya, Inc., City of Burlington, Vermont Electric Department, and The Town of Stowe Electric Department dated as of August 12,2010 [portions of the exhibit were omitted pursuant to a request for confidential treatment on file with the SEC] (Exhibit 10.1, Current Report on Form 8-K filed August 18, 2010, File No. 1-8222)  |
| 10-65                                               | Agreement between Central Vermont Public Service Corporation, The Article 6 Marital Trust, Anita G. Zucker Trustee, and Robert B. Johnston, dated November 7, 2010, regarding nomination/appointment of Mr. Johnston to the Company's Board of Directors. (Exhibit 10-64, Current Report on Form 8-K filed November 10, 2010, File No. 1-8222)                                                                                                                                                                                                                                                   |
| 10-66                                               | Memorandum of Understanding, dated December 20, 2010, between the Vermont Department of Public Service and Central Vermont Public Service Corporation. (Exhibit 10-65, Current Report on Form 8-K filed December 22, 2010, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                      |
| EXECUTIVE COMPENSATION PLANS AND ARRANGEMENTS  |
| A 10.1                                              | Directors’ Supplemental Deferred Compensation Plan dated November 4, 1985.  (Exhibit 10-188, 1988 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                | A 10.1.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Amendment dated October 2, 1995.  (Exhibit 10.72.1, 1995 Form 10-K, File No. 1-8222)  |
| A 10.2                                              | Directors’ Supplemental Deferred Compensation Plan dated January 1, 1990 (Exhibit 10.80, 1993 Form 10-K, File No. 1-8222)                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

----

|                                                           | A 10.2.1                                                                                                                                                                                                                                                                      | Amendment dated October 2, 1995.  (Exhibit No. 10.80.1, 1995 Form 10-K, File No. 1-8222)  |
|----------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------|
| A 10.3                                                         | Officers’ Supplemental Retirement and Deferred Compensation Plan, Amended and Restated August 4, 2008, With an Effective Dated of January 1, 2008.  (Exhibit A 10.3.1, Form 10-Q, June 30, 2008, File No. 1-8222)                                        |
| A 10.4                                                         | 1997 Stock Option Plan for Key Employees (Exhibit 4.3 to Registration Statement, Registration 333-57001)                                                                                                                                                                 |
| A 10.5                                                         | Form of Change In Control Agreement to Become Effective April 2009.  (Exhibit A 10.5.2, Form 10-Q, March 31, 2008, File No. 1-8222)                                                                                                                            |
| * A 10.6                                                       | Form of Change in Control Agreement effective March 1, 2011.                                                                                                                                                                                                             |                                                                                                     |
| A 10.7                                                         | 2000 Stock Option Plan for Key Employees.  (Previously filed as Schedule A, Form DEF 14A - Proxy Statement, March 28, 2000, File No. 1-8222) - (Exhibit A 10.95, September 30, 2006 Form 10-Q, File No. 1-8222)                                                |
| A 10.8                                                         | Deferred Compensation Plan for Officers and Directors of Central Vermont Public Service Corporation, Amended and Restated Effective August 4, 2008, With An Effective Date of January 1, 2005.  (Exhibit A 10.7.1, Form 10-Q, June 30, 2008, File No. 1-8222)  |
| A 10.9                                                         | Omnibus Stock Plan (Amended and Restated 2002 Long-Term Incentive Plan).  (Previously filed as Schedule A, Form DEF 14A - Proxy Statement, March 28, 2008, File No. 1-8222)                                                                                    |
| A 10.10                                                        | Performance Share Incentive Plan, Effective January 1, 2009.  (Exhibit A 10.18, Current Report on Form 8-K Filed May 11, 2009, File No. 1-8222)                                                                                                                |
| A 10.11                                                        | Performance Share Incentive Plan, Effective January 1, 2010.  (Exhibit A 10.17, Current Report on Form 8-K Filed March 5, 2010, File No. 1-8222)                                                                                                               |
| * A. 10.12                                                     | Performance Share Incentive Plan, Effective January 1, 2011                                                                                                                                                                                                              |
| A 10.13                                                        | Form of Central Vermont Public Service Performance Share Agreement Pursuant to the Performance Share Incentive Plan. (Exhibit A 10.101, Form 10-Q, September 30, 2004, File No. 1-8222)                                                                                  |
| A 10.14                                                        | Form of Central Vermont Public Service Corporation Stock Option Agreement Pursuant to the 2002 Long-Term Incentive Plan. (Exhibit A 10.102, Form 10-Q, September 30, 2004, File No. 1-8222)                                                                              |
| A 10.15                                                        | Form of Central Vermont Public Service Corporation Stock Option Agreement Pursuant to the 2000 Stock Option Plan for Key Employees of Central Vermont Public Service Corporation. (Exhibit A 10.103, Form 10-Q, September 30, 2004, File No. 1-8222)                     |
| A 10.16                                                        | Form of Central Vermont Public Service Corporation Stock Option Agreement Pursuant to the 1997 Stock Option Plan for Key Employees of Central Vermont Public Service Corporation. (Exhibit A 10.104, Form 10-Q, September 30, 2004, File No. 1-8222)                     |
| A 10.17                                                        | Form of Indemnity Agreement between Directors and Executive Officers and Central Vermont Public Service Corporation.  (Exhibit A 10.105, 2004 Form 10-K, File No. 1-8222)                                                                                      |
| * A 10.18                                                      | Management Incentive Plan, Effective January 1, 2011.                                                                                                                                                                                                                    |
| A - Compensation related plan, contract, or arrangement.  |
| 12                                                             | Statements Regarding Computation of Ratios                                                                                                                                                                                                                               |

----

| *                 | 12.1 Statements Regarding Computation of Ratios                                                                                                                                                              |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 21                | Subsidiaries of the Registrant                                                                                                                                                                               |
| *                 | 21.1  List of Subsidiaries of Registrant                                                                                                                                                           |
| 23                | Consent of Independent Registered Public Accounting Firm                                                                                                                                                     |
| *                 | 23.1  Consent of Independent Registered Public Accounting Firm (D&T)                                                                                                                           |
| *                 | 23.2  Consent of Independent Registered Public Accounting Firm (KPMG - VELCO)                                                                                                                      |
| *                 | 23.3  Consent of Independent Registered Public Accounting Firm (KPMG - VT Transco)                                                                                                                 |
| 24                | Power of Attorney                                                                                                                                                                                            |
| *                 | 24.1  Power of Attorney executed by Directors and Officers of Company                                                                                                                              |
| *31.1   | Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                      |
| *31.2   | Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                      |
| *32.1   | Certification of Principal 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 Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant         to Section 906 of the Sarbanes-Oxley Act of 2002.  |
| *99.1   | Financial Statements of Vermont Electric Power Company, Inc. and Subsidiary                                                                                                                                  |
| *99.2   | Financial Statements of Vermont Transco LLC.                                                                                                                                                                      |

----

SIGNATURES

| Signature                                                                                                                                                                                                                                                                                                                                                 | Title                                                                                                                                                                                                                                                                                         |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Robert H. Young*    /s/ Pamela J. Keefe         (Pamela J. Keefe) William R. Sayre* Robert L. Barnett* Robert G. Clarke* John M. Goodrich* Robert B. Johnston* Elisabeth B. Robert* Janice L. Scites* William J. Stenger* Douglas J. Wacek* | Executive Chairman (Principal Executive Officer) Senior Vice President, Chief Financial Officer, and Treasurer(Principal Financial and Accounting Officer) Lead Director Director Director Director Director Director Director Director Director |

----