Exhibit  99.1

                 GREEN MOUNTAIN POWER LAUDS NEW STABLE RATE PLAN
                 -----------------------------------------------

     COLCHESTER,  VT  Green  Mountain  Power (NYSE: GMP) said on Tuesday it was
pleased  with  the  opportunity  to  stabilize  electric  rates  for  its 90,000
customers  as  a  result  of  a  Vermont  regulatory  order  issued  Monday.

     "This  is  very  positive news for our customers as it allows a very stable
rate  path  between  now  and  2007,"  said  Green  Mountain President and Chief
Executive  Officer  Christopher  L.  Dutton.  Green  Mountain last increased its
electric  rates in January 2001, so the new rate order provides customers with a
six-year  period  of  rates  that  have  been  essentially  flat.

     The  Vermont  Public  Service  Board  issued  an  order  Monday  that:
Allows  Green  Mountain  Power  to raise rates 1.9 percent, effective January 1,
2005;  and 0.9 percent effective January 1, 2006, if the increases are supported
by  cost  of  service  schedules submitted 60 days prior to the effective dates.
Allows  Green  Mountain  the  opportunity  to file for rate increases during the
period if the Company experienced extraordinary events, like repair costs due an
ice  storm  or  other  natural  disaster.
Green  Mountain  will reduce its return on equity from the current 11.25 percent
to  10.5  percent  for  the period beginning Jan. 1, 2003 to Jan. 1, 2007.  This
will  allow  investors  a  secure  earnings path that will assist the Company in
attracting  investor  capital  to  help  finance  needed  system  infrastructure
improvements  during  the  period.
Approves  a three-year economic development agreement for International Business
Machines,  as  long  as IBM does not reduce employment by more than five percent
during  the period.  The Board found that the IBM economic development agreement
is  not  subsidized  by other Green Mountain Power customers.  The Board further
stated  in  its  December 22nd Order that, "Thus, we accept the proposition that
retained  jobs  are  essentially  equivalent  to  new  jobs."
Provides for recovery of various regulatory assets, including the remediation of
the  Pine  Street  environmental  superfund  site  in  Burlington,  VT.

     In  summarizing  the  impact  of its Order the Vermont Public Service Board
said,  "Green  Mountain  will  benefit  from  the  certainty  the  Memorandum of
Understanding  provides to its standing in the financial community, the security
of  predictable  rate  recovery, and the resolution and rate recovery of certain
deferred  accounting  items."
     The  Board  order  also  provided:
     Green  Mountain  Power  to  file  a  new  comprehensive  rate  design  with
regulators  within  60  days,  and  this  rate design will feature new proposals
regarding  economic  development  rate  special  contracts.
     Green Mountain Power and the Vermont Department of Public Service will work
to  develop  a  proposed  alternative  rate  regulation  plan  within  120 days.
     "On  the  whole,  this  order  reflects  a fair balancing of Green Mountain
Power's  customer  and  investor  interests.  We are pleased with this favorable
regulatory  development,"  said  Mr.  Dutton.

     There  are  statements in this information release that contain projections
or  estimates  and that are considered to be "forward-looking" as defined by the
Securities  and  Exchange  Commission (the "SEC").  In these statements, you may
find words such as believes, expects, plans, or similar words.  These statements
are  not  guarantees  of our future performance.  There are risks, uncertainties
and  other  factors  that  could cause actual results to be different from those
projected.

     For further information, please contact Steve Terry, Sr. Vice President for
Green  Mountain  Power  at  802-655-8408  or  802-388-2170  after  7:00 p.m.