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GMP ANNOUNCES 1992 FIRST QUARTER EARNINGS

 GMP ANNOUNCES 1992 FIRST QUARTER EARNINGS
 SOUTH BURLINGTON, Vt., May 8 /PRNewswire/ -- Green Mountain Power


Corporation (NYSE: GMP) today announced its operating results for the first quarter of 1992.
 Earnings per share of common stock in the first quarter were $.89, compared to earnings of $.79 for the first quarter of 1991. Operating revenues for the first quarter of 1992 were $39.5 million compared with $39.2 million for the same quarter in 1991, and net income for the quarter was $4.05 million compared with $3.2 million for 1991.
 Edwin M. Norse, GMP's vice president, chief financial officer and treasurer, said earnings were higher in 1992 because power supply costs were down and retail sales were up, "Electricity sales increased because the weather was colder this winter," Norse said. "In addition, lower oil prices reduced the cost of power we bought under certain long-term contracts, and a glut of power in New England resulted in increased short-term purchases of inexpensive power."
 Retail sales by GMP were up by six percent over the same period in 1991 with most of the increase directly due to the weather, which was 13 percent colder than last year. Because of the regional economy and the excess power supply available in New England, the company's sales to other utilities in 1992 were substantially lower than in the first quarter of 1991.
 Norse said GMP's retail sales figures in the first quarter of 1992 offered tentative signs that the Vermont economy may have begun to grow again, at least in some areas. The number of residential customers increased by 1.3 percent. In the large commercial and industrial class, a majority of the customers recorded strong sales growth, for a total growth in this class of 10 percent.
 GREEN MOUNTAIN POWER CORPORATION
 FIRST QUARTER EARNINGS SUMMARY
 (Numbers in thousands except per-share amounts)
 Three Months Ended 12 Months Ended
 March 31 March 31
 1992 1991 1992 1991
 Operating revenues $39,476 $39,222 $143,809 $146,126
 Net income $4,059 $3,199 $11,316 $8,848
 Net income applicable
 to common stock 3,851 2,986 10,470 8,281
 Earnings per common share $0.89 $0.79 $2.58 $2.21
 Weighted average share of
 common stock outstanding 4,305 3,773 4,052 3,747
 -0- 5/8/92
 /CONTACT: Edwin M. Norse of Green Mountain Power, 802-660-5701 or 802-453-4827 (evenings)/
 (GMP) CO: Green Mountain Power ST: Vermont IN: OIL SU: ERN


AL -- NE015 -- 8298 05/08/92 17:53 EDT
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Publication:PR Newswire
Date:May 8, 1992
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