8-K

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)   August 7, 2009

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 2.02. Results of Operations and Financial Condition.

Attached hereto as Exhibit 99.1 and incorporated herein by reference is the text of the registrant's news release issued on August 7, 2009 announcing its financial results for the second quarter ended June 30, 2009.

As discussed in Exhibit 99.1, the news release contains forward-looking statements within the meaning of the federal securities laws.  These statements are present expectations, and are subject to the limitations listed therein, and in Central Vermont's other filings with the Securities and Exchange Commission, including that actual events or results may differ materially from those in the forward looking statements.

The foregoing information (including Exhibit 99.1) is being furnished under "Item 2.02. Results of Operations and Financial Condition" and "Item 7.01. Regulation FD Disclosure."  Such information (including Exhibit 99.l) is furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934.

An analyst conference call to review the second quarter 2009 results will be held on Monday, August 10, 2009 at 11:00 a.m. Eastern Time.  A live audio web cast of the conference call will be available to the public on a listen-only basis.  To listen to the web cast go to the Event Calendar section on the Investor Relations page of the company's web site at www.cvps.com and select the "CVPS Q2 2009 Earnings Release Call" link.  Central Vermont's news releases, current financial information, SEC filings, and Investor Relations presentations are accessible at the same web site.

Item 7.01. Regulation FD Disclosure.

See "Item 2 .02. Results of Operations and Financial Condition" above.

Item 9.01.	Financial Statements and Exhibits.
(d) Exhibits.

Exhibit Number	Description of Exhibit
99.1	Central Vermont's News Release dated August 7, 2009.

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/ Pamela J. Keefe                                Pamela J. Keefe Senior Vice President, Chief Financial Officer, and Treasurer
August 7, 2009

EX-99.1

Exhibit 99.1

Central Vermont Public Service

NEWS RELEASE

For Immediate Release:  August 7, 2009

Central Vermont Reports Second Quarter Earnings

§   Year-to-date earnings of $12.4 million, or $1.04 per diluted share, up 10 cents from last year

Ø   $2.3 million decrease in operating revenue

Ø   $4.0 million decrease in purchased power expense

Ø   $0.7 million increase in equity in earnings of affiliates

Ø   $1.2 million increase in other income, net

§   Second-quarter earnings of $5.5 million, or 46 cents per diluted share, up 8 cents from last year

Ø   $1.9 million decrease in operating revenue

Ø   $2.7 million decrease in purchased power expense

Ø   $0.4 million increase in equity in earnings of affiliates

Ø   $0.6 million increase in other income, net

§   The impact of the November 2008 stock issuance of 1,190,000 shares decreased per-diluted-share earnings by 5 cents for the second quarter and decreased per-diluted- share earnings by 12 cents for the first six months of 2009.

§   Reaffirms earnings guidance for 2009 at $1.40 to $1.60 per share

RUTLAND, VT - Central Vermont Public Service (NYSE: CV) reported consolidated earnings of $12.4 million, or $1.04 per diluted share of common stock, for the first six months of 2009, compared to $9.9 million, or 94 cents per diluted share of common stock, for the same period last year.

CV reported second-quarter 2009 consolidated earnings of $5.5 million, or 46 cents per diluted share of common stock, compared to $4 million, or 38 cents per diluted share of common stock, for the same period last year.

"Despite the global economic challenges, we continue to make steady progress and we remain on target to meet our earnings guidance for the year,” President Bob Young said.  “We also continue to provide high-quality service, as evidenced by the most recent J. D. Power and Associates survey, which ranked CVPS second in the East for customer satisfaction among midsized utilities.

“CVPS ranked above the regional average for midsized utilities in all J. D. Power and Associates factors, including customer service, billing and payment, communications, power quality and reliability, price and corporate citizenship,” Young said.  “We believe that customer satisfaction is the bedrock upon which our financial health must be built, and we will continue to strive to serve our customers and shareholders well.”

Year-to-Date 2009 results compared to 2008

Operating revenues decreased $2.3 million, including a $3.5 million decrease in retail revenues, and a $0.2 million decrease in other operating revenues; partially offset by a $1.4 million increase in resale revenues.  The decrease in retail revenues resulted from lower average usage resulting from a slowing economy and energy conservation, and the loss of three industrial customers due to plant closures, partially offset by higher average unit prices due to customer usage mix.  Other operating revenues include a $1.0 million decrease arising from a provision for rate refunds.  The provision for rate refund is primarily related to the first and second quarter 2009 deferral of an over-collection of power, production and transmission costs as defined by the power adjustment clause of our alternative regulation plan.  The power cost over-collection is being credited to retail customers' bills in the third and fourth quarters of 2009, in accordance with the plan.  The decrease in other operating revenues was partially offset by increased sales of transmission rights and an increase in wholesale rates.  Resale revenues increased due to higher volume of excess power available for resale, partially offset by lower average market prices.

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Purchased power expense decreased $4 million, primarily due to a reduction of $3.4 million in purchases from Independent Power Producers.  In addition, short-term power purchases decreased by $1.8 million and other power costs decreased by $0.7 million.  These reductions were partially offset by increased capacity payments of $1.3 million and increased Hydro-Quebec purchases of $0.6 million.  Other operating expenses decreased less than $0.1 million, including a $2.6 million decrease in maintenance expenses, primarily due to lower service restoration costs.  There were several major storms in 2008 and none in 2009.  These lower costs were partially offset by higher reserves for uncollectible accounts and a $0.5 million increase in transmission expenses due to higher rates, and higher costs from Vermont Transco LLC ("Transco") for its capital projects, partially offset by higher NOATT reimbursements.

Equity in earnings of affiliates increased $0.7 million, partially due to the $3.1 million investment that we made in Transco in December 2008.  Other income, net increased $1.2 million, largely due to an increase in the cash surrender value of variable life insurance policies in trust to fund a supplemental employee retirement plan, and interest expense increased $0.2 million.

Second quarter 2009 results compared to 2008

Operating revenues decreased $1.9 million for many of the same reasons described above.

Purchased power expense decreased $2.7 million for the same reasons described above.  Short-term purchases decreased by $1.9 million, IPP purchases decreased by $1.4 million and other purchases decreased by $0.1 million.  These reductions were partially offset by $0.7 million of increased capacity payments to ISO-New England.

Other operating expenses increased $0.4 million, including a $0.2 million increase in transmission for the same reasons described above.  These higher costs were partially offset by lower maintenance costs for the same reasons as described above.

Equity in earnings of affiliates increased $0.4 million and other income, net increased $0.6 million, partially offset by a $0.1 million increase in interest expense, for many of the same reasons described above.

2008 Common Stock Issuance

Earnings per share for the second quarter and first six months of 2009 reflect the impact of the November 2008 common stock issuance. On November 24, 2008, CV issued 1,190,000 shares, resulting in net proceeds of approximately $21.3 million.  The net proceeds of the offering were used for general corporate purposes, including the repayment of debt, capital expenditures, investments in Transco and working capital requirements.  The common stock issuance decreased per-diluted-share earnings by 5 cents for the second quarter of 2009 and decreased per-diluted-share earnings by 12 cents for the first six months of 2009.

2009 Financial Guidance

CV previously issued 2009 earnings guidance in the range of $1.40 to $1.60 per diluted share, which we reaffirm. As part of a rate agreement approved by the Vermont Public Service Board, the company's allowed rate of return is 9.77 percent.

Webcast

CV will host an earnings teleconference and webcast on August 10, 2009 beginning at 11 a.m. EDT.  At that time, CV President and CEO Robert Young and CV Chief Financial Officer Pamela Keefe will discuss the company’s financial results, as well as progress made toward achieving its long-term strategy.

Interested parties may listen to the conference call live on the Internet by selecting the "CVPS Q2 2009 Earnings Call" link on the "Investor Relations" section of the company’s website at www.cvps.com. An audio archive of the call will be available later that day at the same location or by dialing 1-877-660-6853 within the U.S. or internationally by dialing 1-201-612-7415 and entering Account 286 and Conference ID 324531.

About CV

CV is Vermont’s largest electric utility, serving approximately 159,000 customers statewide.  CV’s non-regulated subsidiary, Catamount Resources Corporation, sells and rents electric water heaters through a subsidiary, SmartEnergy Water Heating Services.

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Form 10-Q

On Friday, August 7, 2009, the company filed its second-quarter 2009 Form 10-Q with the Securities and Exchange Commission.  A copy of that report is available on our web site, www.cvps.com, under the "Investor Relations" section. Please refer to it for additional information regarding our condensed consolidated financial statements, results of operations, capital resources and liquidity.

Reconciliation of Earnings Per Diluted Share
	First Six Months			Second Quarter
	2009 vs. 2008			2009 vs. 2008
2008 Earnings per diluted share	$	0.94		$	0.38
Lower purchased power expense		0.23			0.16
Higher equity in earnings of affiliates		0.04			0.02
Lower (higher) other operating expenses		0.03			(0.01	)
Lower operating revenues		(0.13	)		(0.10	)
Impact of common stock issuance     (November 2008) - 1,190,000 additional shares		(0.12	)		(0.05	)
Higher transmission expense		(0.03	)		(0.01	)
Other		0.08			0.07
2009 Earnings per diluted share (a)	$	1.04		$	0.46

(a)   The additional shares from the November 2008 stock issuance were excluded from the 11,684,149 average shares of common stock - diluted for the second quarter and the 11,669,823 average shares of common stock - diluted for the first six months, for the purposes of computing the individual EPS variances shown above in order to provide comparable information for 2009 vs. 2008.

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, volatility in the financial 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.

Media Inquiries:	Steve Costello, Director of Public Affairs (802) 747-5427; e-mail: scostel@cvps.com (802) 742-3062 (pager)
Contact:	Pamela Keefe, Senior Vice President, Chief Financial Officer and Treasurer (802) 747-5435; e-mail: pkeefe@cvps.com

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Central Vermont Public Service Corporation - Consolidated
Earnings Release (unaudited)
(dollars in thousands, except per share amounts)
	Three Months Ended June 30						Six Months Ended June 30
Condensed income statement	2009			2008			2009			2008
Operating revenues:
Retail sales	$	63,382		$	65,573		$	137,465		$	140,979
Resale sales		17,131			16,177			31,064			29,679
Other		2,114			2,737			4,825			5,053
Total operating revenues		82,627			84,487			173,354			175,711
Operating expenses:
Purchased power - affiliates and other		38,605			41,282			80,215			84,188
Other operating expenses		38,499			38,116			78,117			78,143
Income tax expense		760			846			3,636			2,705
Total operating expense		77,864			80,244			161,968			165,036
Utility operating income		4,763			4,243			11,386			10,675
Other income:
Equity in earnings of affiliates		4,431			4,014			8,876			8,199
Other, net		621			59			734			(465	)
Income tax expense		(1,389	)		(1,458	)		(2,822	)		(2,883	)
Total other income		3,663			2,615			6,788			4,851
Interest expense		2,929			2,857			5,805			5,617
Net income		5,497			4,001			12,369			9,909
Dividends declared on preferred stock		92			92			184			184
Earnings available for common stock	$	5,405		$	3,909		$	12,185		$	9,725
Per common share data
Earnings per share of common stock - basic	$	0.46		$	0.38		$	1.05		$	0.94
Earnings per share of common stock - diluted	$	0.46		$	0.38		$	1.04		$	0.94
Average shares of common stock outstanding - basic		11,660,547			10,337,893			11,631,611			10,306,699
Average shares of common stock outstanding - diluted		11,684,149			10,397,675			11,669,823			10,387,289
Dividends declared per share of common stock	$	0.23		$	0.23		$	0.69		$	0.69
Dividends paid per share of common stock	$	0.23		$	0.23		$	0.46		$	0.46
Supplemental financial statement data
Balance sheet
Investments in affiliates							$	105,849		$	96,902
Total assets							$	617,166		$	557,145
Notes Payable							$	10,800		$	10,800
Common stock equity							$	224,758		$	193,326
Long-term debt (excluding current portions)							$	167,500		$	172,950
Cash Flows
Cash and cash equivalents at beginning of period							$	6,722		$	3,803
Cash provided by operating activities								20,542			15,897
Cash used for investing activities								(13,223	)		(15,877	)
Cash provided by financing activities								(5,083	)		2,739
Cash and cash equivalents at end of period							$	8,958		$	6,562

Refer to our second-quarter 2009 Form 10-Q for additional information.

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