CVPS CFO Resigns; Internal Auditor Accepts Interim Post.

RUTLAND, Vt. -- Jean Gibson tendered her resignation as senior vice president, chief financial officer, and treasurer of Central Vermont Public Service Corp. (NYSE: CV), effective Oct. 10, 2005.

"Jean has been a vital part of the management team, and deserves credit for our financial reporting compliance with the Sarbanes Oxley Act. I am confident in our continued ability to meet the highest standards in our financial management of the company," President Bob Young said.

"In the spirit of Sarbanes Oxley, it is important to note that Jean's resignation is not related to any inaccuracy or omission in the company's accounting systems or financial reporting," Young said. "CVPS maintains the highest standards for its internal controls and financial reporting. Our independent auditors issued an unqualified opinion on our financial statements through year-end 2004. In addition, we received an unqualified opinion from our independent auditors regarding management's assessment of our internal controls over financial reporting through year-end. The company and our auditors continue to test these controls throughout the year."

Ed Ryan has been appointed to serve as the acting chief financial officer and treasurer for the company, effective immediately. Ryan began his career at CVPS in 1984. In 2000, Ryan, then director of accounting, left the company to join the Home Service Store, a CVPS affiliate, where he served as controller until 2003. He then rejoined CVPS as director of internal audit.

Ryan received his undergraduate degree from Castleton State College and a Master's in Business Administration from the University of Vermont.

"Ed knows the company, and will serve us well as we move forward," Young said. "He is a skilled and talented leader who understands our business and can provide strong leadership to the Finance Department of the company."