SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
For the fiscal year ended December 31, 1995
_X_ Annual Report Pursuant to Section 15(d)
of the Securities Exchange Act of 1934 [Fee Required]
___ Transition Report Pursuant to Section 15(d)
of the Securities Exchange Act of 1394 [No Fee Required]
For the transition period from to
Commission file number 1-8291
GREEN MOUNTAIN POWER CORPORATION
Employee Savings and Investment Plan and Trust
(Full title of the Plan)
Green Mountain Power Corporation
25 Green Mountain Drive, P. O. Box 850
South Burlington, VT 05402
(802) 864-5731
(Name of issuer of the securities held pursuant to the
Plan and the address of its principal executive office)
GREEN MOUNTAIN POWER CORPORATION
EMPLOYEE SAVINGS AND
INVESTMENT PLAN AND TRUST
Financial Statements
December 31, 1995
Green Mountain Power Corporation
Employee Savings and Investment Plan and Trust
TABLE OF CONTENTS
December 31, 1995
Page
INDEPENDENT AUDITOR'S REPORT 1
FINANCIAL STATEMENTS
Statements of Net Assets Available for Plan Benefits 3
Statements of Changes in Net Assets Available for
Plan Benefits 4
Notes to Financial Statements 5
INDEPENDENT AUDITOR'S REPORT ON SUPPLEMENTAL SCHEDULE 15
Schedule of Assets Held for Investment Purposes 16
INDEPENDENT AUDITOR'S REPORT
To the Retirement Board
Green Mountain Power Corporation
Employee Savings and Investment Plan and Trust
We have audited the accompanying statement of net assets available
for plan benefits of Green Mountain Power Corporation Employee
Savings and Investment Plan and Trust as of December 31, 1995 and
1994, and the related statements of changes in net assets available
for plan benefits for each of the three years in the period ended
December 31, 1995. These financial statements are the
responsibility of the Plan's management. Our responsibility is to
express an opinion on these financial statements based on our
audit.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the net assets available for plan
benefits of the Plan as of December 31, 1995 and 1994, and the
changes in net assets available for plan benefits for each of the
three years in the period ended December 31, 1995, in conformity
with generally accepted accounting principles.
/s/KITTELL, BRANAGAN & SARGENT
KITTELL, BRANAGAN & SARGENT
St. Albans, Vermont
Registration No. 167
February 15, 1996
Green Mountain Power Corporation
Employee Savings and Investment Plan and Trust
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31,
<TABLE>
<CAPTION>
1995 1994
<S> <C> <C>
ASSETS
Investments at fair value as determined
by quoted market price:
Participating Employer:
Green Mountain Power Corporation common stock $4,916,135 $4,823,239
Twentieth Century Investors Ultra Fund 2,715,188 1,655,206
State Street S & P 500 Index Fund 2,212,996 1,243,157
Fidelity Asset Manager Fund 2,523,169 1,878,678
------------ ------------
12,367,488 9,600,280
------------ ------------
Investments at estimated fair value:
Money Market Fund 1,869,810 1,718,100
Participant loans 1,031,224 989,841
------------ ------------
2,901,034 2,707,941
------------ ------------
Receivables:
Accrued Interest and dividends 30,384
Due from brokers 21,172
------------ ------------
51,556
------------ ------------
Cash 79,628 97,915
------------ ------------
TOTAL ASSETS 15,399,706 12,406,136
------------ ------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $15,399,706 $12,406,136
============ ============
</TABLE>
See Notes to Financial Statements.
Green Mountain Power Corporation
Employee Savings and Investment Plan and Trust
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
For the Years Ended December 31,
<TABLE>
<CAPTION>
1995 1994 1993
<S> <C> <C> <C>
INVESTMENT INCOME
Interest $174,133 $173,518 $188,668
Dividends on Green Mountain
Power Corporation Stock 361,340 347,529 330,450
Other dividends 199,980 69,009 53,370
Realized gain (loss)
on sale of investments 46,239 (48,552) (13,470)
Net unrealized appreciation
(depreciation) in fair market
value of investments 1,335,121 (726,965) (150,501)
------------ ------------ ------------
2,116,813 (185,461) 408,517
------------ ------------ ------------
CONTRIBUTIONS
Employer 450,781 455,722 435,248
Employee 1,391,478 1,364,346 1,310,940
------------ ------------ ------------
1,842,259 1,820,068 1,746,188
------------ ------------ ------------
TOTAL ADDITIONS 3,959,072 1,634,607 2,154,705
------------ ------------ ------------
ADMINISTRATIVE EXPENSES 60,483
BENEFITS PAID 905,019 458,251 349,096
------------ ------------ ------------
TOTAL DEDUCTIONS 965,502 458,251 349,096
------------ ------------ ------------
NET INCREASE 2,993,570 1,176,356 1,805,609
NET ASSETS AVAILABLE FOR PLAN BENEFITS
Beginning of Year 12,406,136 11,229,780 9,424,171
------------ ------------ ------------
End of Year $15,399,706 $12,406,136 $11,229,780
============ ============ ============
</TABLE>
See Notes to Financial Statements.
Green Mountain Power Corporation
Employee Savings and Investment Plan and Trust
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
NOTE 1 PLAN DESCRIPTOION
The following brief description of Green Mountain Power Corporation
Employee Savings and Investment Plan and Trust (the Plan) is provided for
general information only. Participants should refer to the Plan agreement
for a more complete description of the Plan's provisions.
General
The Plan is a defined contribution plan established by Green Mountain
Power Corporation. The Plan covers substantially all full-time employees
of Green Mountain Power Corporation (the Company) and its subsidiaries,
Green Mountain Propane Gas Company, Inc. and Mountain Energy, Inc.
The Plan is subject to the provisions of the Employee Retirement Income
Security Act of 1974 (ERISA).
Administration of Plan Assets
The Plan's assets are held by the Trustee of the Plan, which invests cash
received, including interest and dividend income, and makes distributions
to participants. Administrative expenses for the Trustee's fees are absorbed
by the Plan.
Certain administrative functions are performed by employees of the
Company. No such employee receives compensation from the Plan. Other
administrative costs are absorbed by the Plan beginning in 1995.
Participant Contributions
Upon enrollment or re-enrollment, participants shall direct their
contributions to be invested in one or more of the following investment
options in 10 percent increments:
GMP Stock Fund - This fund is invested in Green Mountain
Power Corporation common stock.
Guaranteed Income Fund - This fund is invested in bank
investment contracts with Chittenden Bank. As of December 31, 1994,
this fund was no longer available.
S & P 500 Index Fund - This fund is invested in units of the
Standard & Poor's 500 Index Fund which is comprised
principally of corporate stock, held in the Standard & Poor's
500 Index. The fund is designed to duplicate the
performance of the Standard & Poor's 500 Index.
Temporary Cash Fund - This fund is invested in the Lehman
Cash Fund.
Asset Fund - This fund is invested in shares of the Fidelity
Asset Manager Fund which is comprised of a broad mix of
securities including equity, fixed income, and money market
securities.
Ultra Fund - This fund is invested in shares of the Twentieth
Century Ultra Investors Fund, which is comprised of
securities of small and emerging growth companies. It
invests in the stock of a wide range of small to medium-
sized growth companies.
Participants may revise the balance in each fund and/or investment
direction effective on the first day of each quarter, by providing the
Administrator with 30 days advance written notice.
Company Contributions
For each participant, the Company contributes $.50 for every $1.00
contributed by the participant on the first 6 percent of the participant's
eligible compensation. Company contributions are invested in the GMP
Stock Fund.
Loan Provisions
Effective July 1, 1986, the Plan allows participants to borrow funds from
their account. All loans require approval by the Administrator. All loan
repayments will be through payroll deductions, except that loans may be
repaid in a lump sum at any time without penalty. The term of the loan will
be no greater than five years, except that loans which are used to acquire,
construct or rehabilitate a principal residence may extend up to 30 years.
Loans and associated interest must be repaid in full at the time of
retirement or termination. The interest rate must be commensurate with
the rate charged by persons in the business of lending money for loans
which would be made under similar circumstances in accordance with
Department of Labor regulations. There were 258 and 274 loans
outstanding at December 31, 1995 and 1994, respectively.
Vesting
Employees are immediately vested in their voluntary contributions as well
as the employers' contribution and any earnings thereon.
Tax Status
The Plan as originally established in 1985 has been determined by the
Internal Revenue Service (IRS) to be a qualified plan under IRS Code
Sections 401(k) and 409. A favorable determination on the Plan, as
restated effective January 1, 1995, has been received.
Plan Termination
Although it has not expressed any intent to do so, the Company has the
right to discontinue contributions or terminate the Plan at any time, subject
to the provisions of ERISA.
NOTE 2 VALUATION OF INVESTMENTS AT ESTIMATED FAIR VALUE
The money market fund is carried at its cash value. Participant
loans are carried at their unpaid principal balances at year end, which also
approximate estimated fair value.
<TABLE>
<CAPTION>
1995 1994
<S> <C> <C>
Money Market Fund: Lehman cash fund;
interest at varying rates
approximating market. $1,869,810 $1,718,100
Participant loans 1,031,224 989,841
------------ ------------
$2,901,034 $2,707,941
============ ============
</TABLE>
NOTE 3 INVESTMENTS
<TABLE>
<CAPTION>
The details of investments as of December 31, 1995 were as follows:
Number
of Shares,
Contract
Amounts, Fair
Units,Loans Cost Value
----------- ---- -----
<S> <C> <C> <C>
GMP Stock Fund
Green Mountain Power Corp. common stock 177,158 $4,773,341 $4,916,135
============ ============ ============
Ultra Fund
Twentieth Century Investors Ultra Fund 103,990 $2,203,518 $2,715,188
=========== ============ ===========
S & P 500 Fund
State Street S & P 500 Index Fund 22,800 $1,639,875 $2,212,996
============ ============ ============
Asset Fund
Fidelity Asset Manager Fund 159,191 $2,313,726 $2,523,169
============ ============ ============
Money Market Fund 1,869,810 $1,869,810 $1,869,810
============ ============ ============
Participant Loans 258 $1,031,224 $1,031,224
============ ============ ============
The details of investments as of December 31, 1994 were as follows:
GMP Stock Fund
Green Mountain Power Corp. common stock 173,031 $4,684,840 $4,823,239
============ ============ ============
Ultra Fund
Twentieth Century Investors Ultra Fund 82,968 $1,668,613 $1,655,206
============ ============ ============
S & P 500 Fund
State Street S & P 500 Index Fund 17,618 $1,169,983 $1,243,157
============ ============ ============
Asset Fund
Fidelity Asset Manager Fund 135,841 $1,974,937 $1,878,678
============ ============ ============
Money Market Fund 1,718,000 $1,718,100 $1,718,100
============ ============ ============
Participant Loans 274 $989,841 $989,841
============ ============ ============
</TABLE>
NOTE 4 REALIZED GAIN ON SALE OF INVESTMENTS
Aggregate costs, proceeds and realized net gain (loss) on investment
transactions were as follows:
1995
Aggregate proceeds $1,532,967
Aggregate cost (based on average cost) (1,486,728)
------------
NET GAIN (LOSS) $46,239
============
1994
Aggregate proceeds $1,193,728
Aggregate cost (based on average cost) (1,242,280)
------------
NET GAIN (LOSS) ($48,552)
============
1993
Aggregate proceeds $2,382,235
Aggregate cost (based on average cost) (2,395,705)
------------
NET GAIN (LOSS) ($13,470)
============
NOTE 5 UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS
The following summarizes unrealized appreciation (depreciation) in fair
market value of investments during each of the periods:
Balance January 1, 1993 $979,373
Unrealized depreciation - 1993 (150,501)
------------
Balance, December 31, 1993 828,872
Unrealized depreciation - 1994 (726,965)
------------
Balance, December 31, 1994 101,907
Unrealized appreciation - 1995 1,335,121
------------
Balance, December 31, 1995 $1,437,028
============
NOTE 6 ALLOCATION OF FUNDS BY INVESTMENT PROGRAM
The allocation of assets, liabilities and net assets available for plan
benefits by investment program is as follows:
<TABLE>
<CAPTION>
S&P
500 GMP Temporary
Index Stock Cash Asset Ultra Loan
December 31, 1995 Fund Fund Fund Fund Fund Fund Total
----------- ----------- ----------- ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at fair value as determined
by quoted market price
Participating employer:
Green Mountain Power Corporation
common stock $ $4,916,135 $ $ $ $ $4,916,135
Twentieth Century Investors
Ultra Fund 2,715,188 2,715,188
State Street S & P 500 Index Fund 2,212,996 2,212,996
Fidelity Asset Manager Fund 2,523,169 2,523,169
----------- ----------- ----------- ----------- ----------- ----------- ------------
2,212,996 4,916,135 2,523,169 2,715,188 12,367,488
----------- ----------- ----------- ----------- ----------- ----------- ------------
Investments at estimated fair value
Money Market Fund 1,869,810 1,869,810
Participant loans 1,031,224 1,031,224
----------- ----------- ----------- ----------- ----------- ----------- ------------
1,869,810 1,031,224 2,901,034
----------- ----------- ----------- ----------- ----------- ----------- ------------
Receivables
Accrued interest and dividends 14 30,370 30,384
Due from brokers 21,172 21,172
----------- ----------- ----------- ----------- ----------- ----------- ------------
21,186 30,370 51,556
----------- ----------- ----------- ----------- ----------- ----------- ------------
Cash (21,173) 91,845 8,953 2 1 79,628
----------- ----------- ----------- ----------- ----------- ----------- ------------
Total Assets 2,213,009 5,007,980 1,878,763 2,553,541 2,715,189 1,031,224 15,399,706
----------- ----------- ----------- ----------- ----------- ----------- ------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $2,213,009 $5,007,980 $1,878,763 $2,553,541 $2,715,189 $1,031,224 $15,399,706
=========== =========== =========== =========== =========== =========== ============
Percent of Total Assets 14 % 32% 12% 16% 17% 9% 100%
=========== =========== =========== =========== =========== =========== ============
</TABLE>
<TABLE>
<CAPTION>
S&P
500 GMP Temporary
Index Stock Income Cash Asset Ultra Loan
December 31, 1994 Fund Fund Fund Fund Fund Fund Fund Total
----------- ----------- -------- ----------- ----------- ----------- --------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at fair value as determined
by quoted market price
Participating employer:
Green Mountain Power Corporation
common stock $ $4,823,239 $ $4,823,239
Twentieth Century Investors
Ultra Fund 1,655,206 1,655,206
State Street S & P 500 Index Fund 1,243,157 1,243,157
Fidelity Asset Manager Fund 1,878,678 1,878,678
Investments at estimated fair value
Money Market Fund 1,718,100 1,718,100
Participant loan 989,841 989,841
Cash 89,606 8,309 97,915
----------- ----------- -------- ----------- ----------- ----------- --------- ------------
Total Assets $1,243,157 $4,912,845 $ $1,726,409 $1,878,678 $1,655,206 $989,841 $12,406,136
=========== =========== ======== =========== =========== =========== ========= ============
NET ASSETS AVAILABLE FOR PLAN BENEFITS $1,243,157 $4,912,845 $ $1,726,409 $1,878,678 $1,655,206 $989,841 $12,406,136
=========== =========== ======== =========== =========== =========== ========= ============
Percent of total assets 10% 40% 14% 15% 13% 8% 100%
=========== =========== ======== =========== =========== =========== ========= ============
</TABLE>
NOTE 7 CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT PROGRAM
The allocation of the various components of changes in net assets available
for plan benefits by investment program for the years ended
December 31, 1995, 1994 and 1993 is as follows:
<TABLE>
<CAPTION>
S&P
500 GMP Temporary
Index Stock Cash Asset Ultra Loan
December 31, 1995 Fund Fund Fund Fund Fund Fund Total
----------- ----------- ----------- ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Interest $12,721 $15,734 $115,943 $13,951 $15,784 $174,133
Dividends on Green
Mountain Power stock 361,340 361,340
Other dividends 71,955 128,025 199,980
Realized gain (loss) on
sale of investments 37,908 (42,462) 10,117 40,676 46,239
Net unrealized
appreciation
(depreciation) in fair
value of investments 499,947 4,395 305,702 525,077 1,335,121
----------- ----------- ----------- ----------- ----------- ----------- ------------
Total Investment
Income 550,576 339,007 115,943 401,725 709,562 2,116,813
----------- ----------- ----------- ----------- ----------- ----------- ------------
Contributions:
Employer 450,781 450,781
Employee 272,689 243,325 170,413 333,323 371,728 1,391,478
----------- ----------- ----------- ----------- ----------- ----------- ------------
Total Contributions 272,689 694,106 170,413 333,323 371,728 1,842,259
----------- ----------- ----------- ----------- ----------- ----------- ------------
Total Additions 823,265 1,033,113 286,356 735,048 1,081,290 3,959,072
----------- ----------- ----------- ----------- ----------- ----------- ------------
Administrative expenses 8,045 22,021 8,757 11,135 10,525 60,483
Benefits Paid 126,474 311,864 146,180 123,119 197,382 905,019
----------- ----------- ----------- ----------- ----------- ----------- ------------
Total Deductions 134,519 333,885 154,937 134,254 207,907 965,502
----------- ----------- ----------- ----------- ----------- ----------- ------------
Interfund Transfers 281,106 (604,092) 20,935 74,069 186,599 41,383
----------- ----------- ----------- ----------- ----------- ----------- ------------
Net Increase 969,852 95,136 152,354 674,863 1,059,982 41,383 2,993,570
NET ASSETS AVAILABLE
FOR PLAN BENEFITS:
Beginning of Year 1,243,157 4,912,844 1,726,409 1,878,678 1,655,207 989,841 12,406,136
----------- ----------- ----------- ----------- ----------- ----------- ------------
End of Year $2,213,009 $5,007,980 $1,878,763 $2,553,541 $2,715,189 $1,031,224 $15,399,706
=========== =========== =========== =========== =========== =========== ============
</TABLE>
<TABLE>
<CAPTION>
S&P
500 GMP Guaranteed Temporary
Index Stock Income Cash Asset Ultra Loan
December 31, 1994 Fund Fund Fund Fund Fund Fund Fund Total
----------- ----------- ----------- ----------- ----------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Interest $8,421 $13,239 $283 $75,074 $13,144 $63,357 $173,518
Dividends on Green
Mountain Power stock 347,529 347,529
Other dividends 69,009 69,009
Realized gain (loss) on
sale of investments 4,174 (47,781) (1,408) (3,537) (48,552)
Net unrealized
appreciation
(depreciation) in fair
value of investments 14,012 (452,690) (178,879) (109,408) (726,965)
----------- ----------- ----------- ----------- ----------- ----------- --------- ------------
Total Investment
Income 26,607 (139,703) 283 75,074 (98,134) (49,588) (185,461)
----------- ----------- ----------- ----------- ----------- ----------- --------- ------------
Contributions:
Employer 455,722 455,722
Employee 213,946 329,428 169,535 339,317 312,120 1,364,346
----------- ----------- ----------- ----------- ----------- ----------- --------- ------------
Total Contributions 213,946 785,150 169,535 339,317 312,120 1,820,068
----------- ----------- ----------- ----------- ----------- ----------- --------- ------------
Total Additions 240,553 645,447 283 244,609 241,183 262,532 1,634,607
----------- ----------- ----------- ----------- ----------- ----------- --------- ------------
Benefits Paid 9,480 220,833 913 84,724 86,715 55,586 458,251
----------- ----------- ----------- ----------- ----------- ----------- --------- ------------
Total Deductions 9,480 220,833 913 84,724 86,715 55,586 458,251
----------- ----------- ----------- ----------- ----------- ----------- --------- ------------
Interfund Transfers 67,031 (956,372) (49,666) (52,382) 452,236 380,390 158,763
----------- ----------- ----------- ----------- ----------- ----------- --------- ------------
Net Increase (Decrease) 298,104 (531,758) (50,296) 107,503 606,704 587,336 158,763 1,176,356
NET ASSETS AVAILABLE
FOR PLAN BENEFITS:
Beginning of Year 945,053 5,444,602 50,296 1,618,906 1,271,974 1,067,871 831,078 11,229,780
----------- ----------- ----------- ----------- ----------- ----------- --------- ------------
End of Year $1,243,157 $4,912,844 $0 $1,726,409 $1,878,678 $1,655,207 $989,841 $12,406,136
=========== =========== =========== =========== =========== =========== ========= ============
</TABLE>
<TABLE>
<CAPTION>
S&P
500 GMP Guaranteed Temporary
Index Stock Income Cash Asset Ultra Loan Equity
December 31, 1993 Fund Fund Fund Fund Fund Fund Fund Fund Total
----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Interest $7,825 $12,029 $117,504 $38,361 $6,637 $5,312 $ $1,000 $188,668
Dividends on Green
Mountain Power stock 330,450 330,450
Other dividends 53,370 53,370
Realized gain (loss) on
sale of investments 809 2,866 2,137 (438) (18,844) (13,470)
Net unrealized
appreciation
(depreciation) in fair
value of investments 59,161 (391,281) 82,620 98,999 (150,501)
----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ------------
Total Investment
Income 67,795 (45,936) 117,504 38,361 144,764 103,873 (17,844) 408,517
----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ------------
Contributions:
Employer 435,248 435,248
Employee 225,653 434,955 214,970 236,542 198,820 1,310,940
----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ------------
Total Contributions 225,653 870,203 214,970 236,542 198,820 1,746,188
----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ------------
Total Additions 293,448 824,267 117,504 253,331 381,306 302,693 (17,844) 2,154,705
----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ------------
Benefits Paid 3,171 203,191 40,321 100,208 525 1,680 349,096
----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ------------
Total Deductions 3,171 203,191 40,321 100,208 525 1,680 349,096
----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ------------
Interfund Transfers 654,776 (349,467) (1,852,239) 484,748 891,193 766,858 831,078 (1,426,947)
----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ------------
Net Increase (Decrease) 945,053 271,609 (1,775,056) 637,871 1,271,974 1,067,871 831,078 (1,444,791) 1,805,609
NET ASSETS AVAILABLE
FOR PLAN BENEFITS:
Beginning of Year 5,172,993 1,825,352 981,035 1,444,791 9,424,171
----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ------------
End of Year $945,053 $5,444,602 $50,296 $1,618,906 $1,271,974 $1,067,871 $831,078 $ 0 $11,229,780
=========== =========== =========== =========== =========== =========== ========= =========== ============
</TABLE>
INDEPENDENT AUDITOR'S REPORT
ON SUPPLEMENTAL SCHEDULE
To the Retirement Board
Green Mountain Power Corporation
Employee Savings and Investment Plan and Trust
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets
held for investment purposes is presented for the purpose of additional
analysis and is not a required part of the basic financial statements but
is supplementary information required by the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The supplemental schedule has
been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
/s/KITTELL, BRANAGAN & SARGENT
KITTELL, BRANAGAN & SARGENT
St. Albans, Vermont
Registration No. 167
February 15, 1996
Green Mountain Power Corporation
Employee Savings and Investment Plan and Trust
LINE 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1995
Number
of Shares,
Contract
Amounts,
Loans Cost Fair Value
Green Mountain Power
Corporation common Stock 177,158 $ 4,773,341 $ 4,916,135
Twentieth Century Investors
Ultra Fund 103,990 2,203,518 2,715,188
State Street S&P 500
Index Fund 22,800 1,639,875 2,212,996
Fidelity Asset Manager Fund 159,191 2,313,726 2,523,169
Money Market Fund 1,869,810 1,869,810 1,869,810
Participant Loans 258 1,031,224 1,031,224
----------- -----------
Total $13,831,494 $15,268,522
=========== ===========
CONSENT OF INDEPENDENT AUDITOR
We consent to the incorporation by reference in the Registration Statement
on Form S-8 (File No. 33-58413) under the Securities Act of 1933 of Green
Mountain Power Corporation of our report dated February 15, 1996, contained
in the Annual Report on Form 11-K under the Securities Exchange Act of 1934
for the year ended December 31, 1995, of Green Mountain Power Corporation
Employee Savings and Investment Plan and Trust.
/s/KITTELL, BRANAGAN & SARGENT
KITTELL, BRANAGAN & SARGENT
St. Albans, Vermont
Registration No. 167
March 19, 1996
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Retirement Board, which administers the Plan, has duly caused this annual
report to be signed on its behalf by the undersigned hereunto duly
authorized.
GREEN MOUNTAIN POWER CORPORATION
EMPLOYEE SAVINGS AND INVESTMENT
PLAN AND TRUST
By: /s/Glenn J. Purcell
Glenn J. Purcell
Chairman of the Retirement Board
Date: March 28, 1996
