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GREEN MOUNTAIN POWER REPORTS 1991 OPERATING RESULTS

 GREEN MOUNTAIN POWER REPORTS 1991 OPERATING RESULTS
 SOUTH BURLINGTON, Vt., Feb. 6 /PRNewswire/ -- Green Mountain Power


Corporation (NYSE: GMP) today announced that earnings for 1991 were $2.45 per average share of common stock, compared with $2.29 per average share in 1990.
 The earnings for 1991 represented a return on common equity of 12.5 percent, which was the earnings target for the comany set by the Vermont Public Service Board in the company's most recent rate case.
 "We were very pleased to meet our earnings target in a year that saw New England in a severe recession," said GMP President and Chief Executive Officer John V. Cleary. "We met our shareholders' reasonable expectations while at the same time maintaining rates to our customers that are the lowest of any major electric utility in New England."
 It was the third consecutive year that the comapny has had the lowest retail rates among New England's major utilities. It was also the seventh consecutive year that GMP has earned its targeted rate of return on common equity, and the 16th consecutive year that dividends have been increased.
 GMP Chief Financial Officer Edwin M. Norse reported that electricity sales by the company in 1991 were down from 1990 levels in every major category as a results of the regional economic recession, warmer than normal weather, and the effect of energy efficiency programs implemented by the company during the year.
 He attributed the growth in earnings to a 7 percent retail rate increase that went into effect in January 1991, and to a seris of tight budget controls implemented throughout the year.
 Cleary said the cost savings "were made possible by the hard work and
dedicated service of GMP's employees." The company, he said, "asked for extra effort on the part of our employees, and they delivered."
 Total operating revenues for GMP were down $4 million in 1991, and energy sales to other utilities were off by more than 20 percent because of the New England recession, a short-term glut of power supply on the regional market and the expiration of long-term contracts with other utilities. The lower sales and energy costs reduced GMP's power supply expenses by $8 million.
 GMP's projections for 1992 show a modest growth in sales to commercial and industrial customers. The company's projections for energy sales are in line with the most recent general economic forecast by the WEFA Group, which expects job growth in Vermont this year but not any other New England state.
 GMP's sales for 1991 projections of 1992 add weight to economists's judgment that the recession has been less severe in Vermont than in the rest of New England.
 GREEN MOUNTAIN POWER CORPORATION
 Fourth Quarter Earnings Summary
 (Numbers in thousands, except per share amounts)
 Three Months Ended 12 Months Ended
 12/31/91 12/31/90 12/31/91 12/31/90
 Operating revenues $36,655 $37,858 $143,555 $147,633
 Net income 2,997 2,572 10,456 8,966
 Net income
 applicable to
 common stock 2,786 2,355 9,604 8,545
 Earnings per
 common share 65 cents 63 cents $2.45 $2.29
 Weighted average
 share of common
 stock outstanding 4,286 3,724 3,919 3,729
 Dividends paid per
 share $0.515 $0.505 $2.04 $2.00
 -0- 2/6/92
 /CONTACT: Edwin M. Norse, vice president and chief financial officer of GMP, 802-660-5701 or 802-453-4827 (after 6 p.m.)/
 (GMP) CO: Green Mountain Power Corporation ST: Vermont IN: SU: ERN


DH-DD -- NE016 -- 7820 02/06/92 14:47 EST
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Date:Feb 6, 1992
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