Central Vermont Announces First Quarter Results and Form 8-K Filing with the Securities and Exchange Commission.

RUTLAND, Vt.--(BUSINESS WIRE)--April 30, 1998--Central Vermont Public Service Corp. (NYSE:CV) today reported net income before extraordinary credit of $9.4 million, or $.78 per share of common stock for the first quarter of 1998. Including an extraordinary credit, net income and earnings per share of common stock for the first quarter of 1998 was $10.3 million and $.86, respectively. Net income and earnings per share of common stock for the first quarter of 1997 was $14.3 million and $1.20, respectively.

Included in net income and earnings per share of common stock in the first quarter of 1998 is the positive impact of the reversal of a fourth quarter 1997 charge of $3.6 million (after-tax) and $.31, respectively. This 1997 charge of $3.6 million (after-tax) represented the estimated under recovery of power costs during 1998 at CV's New Hampshire utility unit, Connecticut Valley Electric Company Inc. (Connecticut Valley). The reversal of this 1997 charge results from a Court Order issued on April 9, 1998 by the United States Court for the District of New Hampshire, sitting in Rhode Island. The Court Order directed the New Hampshire Public Utilities Commission to allow Connecticut Valley to recover through retail rates all costs for power it purchases from the Company pursuant to FERC authorized rate schedules. Connecticut Valley will bill retail rates to recover these costs during 1998, beginning in May.

Additionally, because the Court Order restores Connecticut Valley to cost-based rate-making, net income and earnings per share of common stock for the first quarter of 1998 were increased by an after-tax extraordinary credit of $.9 million and $.08, respectively. This reverses a charge of a like amount taken in the fourth quarter of 1997.

Net income and earnings per share of common stock for 1997 reflect an after-tax gain of $1.3 million and $.12, respectively, from a non-recurring asset sale.

Absent the extraordinary credit of $.9 million after-tax and reversal of the fourth quarter 1997 charge of $3.6 million after-tax, 1998's first quarter net income was $5.8 million. First quarter 1997 net income, absent the non-recurring asset sale, was $13.0 million. Without the non-recurring items, first quarter 1998 net income was $7.2 million lower than the 1997 quarter. This negative variance was attributable to (1) $1.4 million after-tax impact of lower megawatt hour sales in the first quarter of 1998 as compared to the first quarter of 1997, (2) $1.3 million after-tax impact of a modified rate design reflected in bills rendered since April 1, 1997 which reduced the price charged per megawatt hour of sales during the first quarter of 1998 and increases prices in the second and third quarters of 1998, (3) $2.9 million after-tax impact of higher net power costs, and (4) $1.6 million after-tax impact of increased operating expenses including costs associated with the ice storm during January 1998.

In September 1997, CV filed for a 6.6% rate increase for its Vermont utility business to be effective in June 1998.

During April 1998, the Company agreed to toll the statutory period of time in which the Vermont Public Service Board (PSB) must act on its pending 6.6 percent rate increase request. This action allows the Vermont Supreme Court to review the PSB's denial of the Company's claim that the PSB is precluded from again trying the Company on certain Hydro-Quebec contract and demand side management decisions. The appeal and associated stay of the rate case, if both are granted, will significantly delay the date new rates, if any, would otherwise take effect. As a result, the Company's revenues and earnings prospects for 1998 will be adversely affected.

Net income for the twelve months ending March 31, 1998 was $12.3 million, or $.90 per share of common stock, compared to $19.0 million, or $1.47 per share of common stock for the 1997 period.

Today, Central Vermont filed with the Securities and Exchange Commission a Form 8-K. The 8-K describes the status of Connecticut Valley's regulatory and Federal Court proceedings, the status of Central Vermont's retail rate increase request, and the impact that a February 27, 1998 Order by the PSB in connection with a rate increase request by Green Mountain Power Corporation has on Central Vermont's $50.0 million Revolving Credit Facility with a group of banks.

Central Vermont is Vermont's largest electric utility, serving 139,000 customers state-wide. Through its subsidiary, Connecticut Valley, CV serves 10,000 customers in New Hampshire. -0-

              CENTRAL VERMONT PUBLIC SERVICE CORPORATION

     We have closed our books for the period ended March 31, 1998 and
in my judgement all adjustments necessary to properly present results
of operations have been made. The information shown below should be
released to the financial media without delay. James M. Pennington,
Vice President and Controller.

       Central Vermont Public Service Corporation - Consolidated
                     Earnings Release (Unaudited)
           (Dollars in thousands, except per share amounts)

                           Quarter Ended         Twelve Months Ended
                             March 31                March 31
                         1998        1997        1998        1997

Operating revenues     $83,958      $88,494    $300,196     $295,049

Net income before
 extraordinary credit   $9,391(a)   $14,319(c)  $12,223      $19,004(c)

Net income             $10,264(a)   $14,319(c)  $12,285      $19,004(c)

Preferred stock
 dividend requirements    $486         $507      $2,007       $2,028

Earnings available for
 common stock           $9,778(a)   $13,812(c)  $10,278      $16,976(c)

Average shares of
 common stock
 outstanding        11,423,951   11,519,748  11,435,114   11,526,363

Earnings per share
 of common stock:
  Before extraordinary
   credit                $0.78(a)     $1.20(c)    $0.89        $1.47(c)
  Extraordinary credit   $0.08(b)         -       $0.01(b)         -

Earnings per share of
 common stock            $0.86(a),(b) $1.20(c)    $0.90        $1.47(c)

Catamount Energy
 Corporation:
  Earnings per share of
   common stock          $0.06        $0.04       $0.37        $0.03

Net cash provided by
 operating activities  $16,356      $28,157     $29,092      $34,647

Cash and cash
 equivalents           $25,949      $23,113     $25,949      $23,113


     (a) Reflects a reversal of non-recurring charge-off (net of
taxes) of $3,575 ($.31 per share) originally recorded in the fourth
quarter of 1997.
     (b) Reflects a reversal of an extraordinary charge (net of taxes)
of $873 ($.08 per share) originally recorded in the fourth quarter of
1997 at $811 ($.07 per share).
     (c) Reflects a gain from sale of non-utility property (net of
taxes) of $1,271 ($.12 per share).

CONTACT: Central Vermont Public Service Corporation

Francis J. Boyle, 802/747-5371

e-mail: [e-mail]