UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C.   20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)    December 31, 2008   

      CENTRAL VERMONT PUBLIC SERVICE CORPORATION      

(Exact name of registrant as specified in its charter)

               Vermont                 (State or other jurisdiction of incorporation)       1-8222        (Commission File Number)           03-0111290          (IRS Employer Identification No.)

       77 Grove Street, Rutland, Vermont               05701       

(Address of principal executive offices)          (Zip Code)

Registrant's telephone number, including area code (800) 649-2877

                                      N/A                                      

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨         Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨         Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01.     Entry into Material Definitive Agreement.

On December 31, 2008, members of the International Brotherhood of Electrical Workers Local 300 ratified the union employees' five-year contract, with Central Vermont Public Service Corp. (the "Company").  Of the Company's 549 workers, the new contract covers 218 unionized employees and took effect at midnight Wednesday, December 31, 2008 when the existing contract expired.

Some specific jobs will receive base salary adjustments of 10 to 60 cents per hour, and all union job classification wage rates will increase by 3.35 percent in the first year of the contract.  In the second, third and fourth years, the increase will be 3.3 percent, and 3.25 percent in the fifth year.  To help control long-term costs and volatility, the parties agreed to end CVPS's traditional pension benefit for new hires, and to replace it with an enhanced 401(k) program.  The parties agreed to a future conversion date to be determined by the CVPS board of directors after a full review of the overall CVPS retirement package and our pension funding.  The pension benefit will remain in place for existing employees.  The parties agreed to maintain employee contributions for health care at about 20 percent of company costs.

A copy of the new contract is attached hereto as Exhibit 10.100.

Item 9.01.     Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Description of Exhibit
10.100	Agreement between Central Vermont Public Service Corporation and Local Union No. 300 International Brotherhood of Electrical Workers Effective as of January 1, 2009.

Forward-Looking Statements

Statements contained in this press release that are not historical fact are forward-looking statements intended to qualify for the safe-harbors from the liability established by the Private Securities Litigation Reform Act of 1995.  Statements made that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements.  Actual results will depend, among other things, upon the actions of regulators, performance of the Vermont Yankee nuclear power plant, effects of and changes in weather and economic conditions, volatility in wholesale electric markets and our ability to maintain our current credit ratings.  These and other risk factors are detailed in CV's Securities and Exchange Commission filings.  CV cannot predict the outcome of any of these matters; accordingly, there can be no assurance that such indicated results will be realized. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this press release.  CV does not undertake any obligation to publicly release any revision to these forward-looking statements to reflect events or circumstances after the date of this press release.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CENTRAL VERMONT PUBLIC SERVICE CORPORATION
By	/s/ Joan F. Gamble                                Joan F. Gamble Vice President – Strategic Change and Business Services

January 7, 2009