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)   February 2, 2011

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 February 2, 2011 announcing its expected earnings range for the year ended December 31, 2011.

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 99.1) is furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934.

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 February 2, 2011.

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
February 2, 2011

EX-99.1

Exhibit 99.1

NEWS RELEASE

Investor Relations Contact: Pamela Keefe (802) 747-5435

Media Contact: Steve Costello (802) 747-5427  (802) 742-3062 (beeper)

For Immediate Release: Feb. 2, 2011

Central Vermont Public Service Issues 2011 Earnings Guidance

and Announces Date for Release of 2010 Earnings Results

RUTLAND, Vt. – Central Vermont Public Service (NYSE: CV) issued 2011 earnings guidance today, stating that for the year, the company anticipates earnings in the range of $1.60 to $1.75 per diluted share of common stock. The earnings range reflects an approved retail rate increase of 7.46 percent effective Jan. 1, 2011 and an allowed rate of return of 9.18 percent in 2011, down from 9.59 percent in 2010.

“Earnings in 2011 will be affected by a lower allowed return on equity, which, according to our Alternative Regulation Plan, is a function of the year-over-year change in Treasury yields,” said CVPS Chief Financial Officer Pamela Keefe. “However, the quarterly power and transmission cost adjustment and annual earnings sharing mechanism within our Alternative Regulation Plan should keep us within this range.  We will also see the full-year effect of the 1,498,745 shares we issued in 2010.”

On December 29, 2010, the Vermont Public Service Board (PSB) approved the Company’s base rate filing under the current Alternative Regulation Plan but did not rule on the Memorandum of Understanding (MOU) between the Company and the Vermont Department of Public Service.  That MOU calls for an allowed ROE of 9.59 percent for 2011, and a rate increase of 7.67 percent instead of the 7.46 percent increase that is now in effect.  If the PSB approves the MOU, we may update our earnings guidance to reflect the changes in return and rates.

“We remain focused on solid customer care, service quality and reliability, which we believe are critical to our performance for shareholders as well as customers,” President and CEO Bob Young said.  “By providing a good value to our customers, we believe we will continue to provide and create value for our investors.”

CVPS will release its 2010 year-end earnings results before the market opens on Tuesday, March 15. Young and Keefe will host an earnings conference call at 11 a.m. EDT on Wednesday, March 16.  At that time, they 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 Year-End 2010 Earnings Call" link on the investor relations section of the company's website at www.cvps.com. The dial-in number is: (Toll Free) 877-407-9205 or (International) 201-689-8054. An audio archive of the call will be available at approximately 3:00 p.m. EDT at the same location or by dialing (Toll Free) 877-660-6853 or (International) 201-612-7415 and entering Account #: 286 and Conference ID #: 365459

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

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 upon, among other things, 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.