Exhibit 12.1

Central Vermont Public Service Corporation

Computation of Ratio of Earnings to Fixed Charges

For the Years Ended December 31

(dollars in thousands)

	2011			2010			2009			2008			2007
Earnings, as defined by S-K 503(d):
Pre-tax income from continuing operations	$	9,515		$	35,616		$	31,423		$	27,125		$	22,553
Plus:  distributed income		19,385			14,235			10,695			10,694			4,894
Less:  equity in earnings		(27,733	)		(21,098	)		(17,472	)		(16,264	)		(6,430	)
Less:  interest capitalized		(60	)		(75	)		(65	)		(105	)		(150	)
Less:  preference security dividends, as defined		(614	)		(626	)		(558	)		(613	)		(525	)
Plus:  fixed charges, as below		14,968			12,949			12,870			13,331			10,371
Total Earnings, as defined	$	15,461		$	41,001		$	36,893		$	34,168		$	30,713
Fixed charges, as defined:
Interest on debt	$	13,774		$	11,621		$	11,715		$	11,648		$	8,490
Interest on uncertain tax positions		10			0			(127	)		39			51
Imputed interest in rental charges		570			702			724			1,031			1,305
Preferred dividends, as defined		614			626			558			613			525
Total fixed charges, as defined	$	14,968		$	12,949		$	12,870		$	13,331		$	10,371
Ratio of Earnings to Fixed Charges		1.03			3.17			2.87			2.56			2.96