SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 11-K
For the fiscal year ended December 31, 1996
_X_ Annual Report Pursuant to Section 15(d)
of the Securities Exchange Act of 1934
___ Transition Report Pursuant to Section 15(d)
of the Securities Exchange Act of 1934
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, 1996
Green Mountain Power Corporation
Employee Savings and Investment Plan and Trust
TABLE OF CONTENTS
December 31, 1996
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, 1996 and
1995, 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, 1996. 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, 1996 and 1995, and the
changes in net assets available for plan benefits for each of the
three years in the period ended December 31, 1996, in conformity
with generally accepted accounting principles.
/s/KITTELL, BRANAGAN & SARGENT
KITTELL, BRANAGAN & SARGENT
St. Albans, Vermont
February 11, 1997
<TABLE>
<CAPTION>
Green Mountain Power Corporation
Employee Savings and Investment Plan and Trust
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31,
1996 1995
---- ----
<S> <C> <C>
ASSETS
Investments at fair value as determined
by quoted market price:
Participating Employer:
Green Mountain Power Corporation common stock $3,526,433 $4,916,135
Twentieth Century Investors Ultra Fund 3,961,537 2,715,188
State Street S & P 500 Index Fund 3,752,764 2,212,996
Fidelity Asset Manager Fund 2,986,278 2,523,169
------------ ------------
14,227,012 12,367,488
------------ ------------
Investments at estimated fair value:
Money Market Fund 1,902,853 1,869,810
Participant loans 1,229,841 1,031,224
------------ ------------
3,132,694 2,901,034
Receivables:
Accrued Interest and dividends 128,406 30,384
Due from (to) brokers (182,818) 21,172
------------ ------------
(54,412) 51,556
------------ ------------
Cash 305,602 79,628
------------ ------------
TOTAL ASSETS 17,610,896 15,399,706
------------ ------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $17,610,896 $15,399,706
============ ============
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
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,
1996 1995 1994
---- ---- ----
<S> <C> <C> <C>
INVESTMENT INCOME
Interest $190,691 $174,133 $173,518
Dividends on Green Mountain
Power Corporation Stock 340,037 361,340 347,529
Other dividends 584,245 199,980 69,009
Realized gain (loss)
on sale of investments (95,720) 46,239 (48,552)
Net unrealized appreciation
(depreciation) in fair market
value of investments 362,162 1,335,121 (726,965)
------------ ------------ ------------
1,381,415 2,116,813 (185,461)
------------ ------------ ------------
CONTRIBUTIONS
Employer 447,490 450,781 455,722
Employee 1,526,730 1,391,478 1,364,346
------------ ------------ ------------
1,974,220 1,842,259 1,820,068
------------ ------------ ------------
TOTAL ADDITIONS 3,355,635 3,959,072 1,634,607
------------ ------------ ------------
ADMINISTRATIVE EXPENSES 51,468 60,483
BENEFITS PAID 1,092,977 905,019 458,251
------------ ------------ ------------
TOTAL DEDUCTIONS 1,144,445 965,502 458,251
------------ ------------ ------------
NET INCREASE 2,211,190 2,993,570 1,176,356
NET ASSETS AVAILABLE FOR PLAN BENEFITS
Beginning of Year 15,399,706 12,406,136 11,229,780
------------ ------------ ------------
End of Year $17,610,896 $15,399,706 $12,406,136
============ ============ ============
See Notes to Financial Statements.
</TABLE>
Green Mountain Power Corporation
Employee Savings and Investment Plan and Trust
NOTES TO FINANCIAL STATEMENTS
December 31, 1996
NOTE 1 PLAN DESCRIPTION
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 1996.
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, 1995,
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 270 and 258 loans
outstanding at December 31, 1996 and 1995, 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, 1996, 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.
1996 1995
---- ----
Money Market Fund: Lehman cash fund;
interest at varying rates
approximating market. $1,902,853 $1,869,810
Participant loans 1,229,841 1,031,224
------------ ------------
$3,132,694 $2,901,034
============ ============
NOTE 3 INVESTMENTS
<TABLE>
<CAPTION>
The details of investments as of December 31, 1996 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 147,704 $3,951,129 $3,526,433
============ ============ ============
Ultra Fund
Twentieth Century Investors Ultra Fund 141,030 $3,058,001 $3,961,537
============ ============ ============
S & P 500 Fund
State Street S & P 500 Index Fund 31,429 $2,607,008 $3,752,764
============ ============ ============
Asset Fund
Fidelity Asset Manager Fund 181,316 $2,581,226 $2,986,278
============ ============ ============
Money Market Fund 1,902,853 $1,902,853 $1,902,853
============ ============ ============
Participant Loans 270 $1,229,841 $1,229,841
============ ============ ============
The details of investments as of December 31, 1995 were as follows:
Number
of Shares,
Contract
Amounts, Fair
Units,Loans Cost Value
----------- ---- -----
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
============ ============ ============
</TABLE>
NOTE 4 REALIZED GAIN ON SALE OF INVESTMENTS
Aggregate costs, proceeds and realized net gain (loss) on investment
transactions were as follows:
1996
Aggregate proceeds $2,979,159
Aggregate cost (based on average cost) (3,074,879)
------------
NET GAIN (LOSS) ($95,720)
============
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)
============
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, 1994 $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
Unrealized appreciation - 1996 362,162
------------
Balance, December 31, 1996 $1,799,190
============
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, 1996 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 $ $3,526,433 $ $ $ $ $3,526,433
Twentieth Century Investors
Ultra Fund 3,961,537 3,961,537
State Street S & P 500 Index Fund 3,752,764 3,752,764
Fidelity Asset Manager Fund 2,986,278 2,986,278
----------- ----------- ----------- ----------- ----------- ----------- ------------
3,752,764 3,526,433 2,986,278 3,961,537 14,227,012
Investments at estimated fair value
Money Market Fund 1,902,853 1,902,853
Participant loans 1,229,841 1,229,841
----------- ----------- ----------- ----------- ----------- ----------- ------------
1,902,853 1,229,841 3,132,694
----------- ----------- ----------- ----------- ----------- ----------- ------------
Receivables
Accrued interest and dividends 92 128,314 128,406
Due from (to) brokers 41,047 (223,865) (182,818)
----------- ----------- ----------- ----------- ----------- ----------- ------------
41,047 92 128,314 (223,865) (54,412)
----------- ----------- ----------- ----------- ----------- ----------- ------------
Cash (41,039) 114,084 8,678 6 223,873 305,602
----------- ----------- ----------- ----------- ----------- ----------- ------------
Total Assets 3,752,772 3,640,609 1,911,531 3,114,598 3,961,545 1,229,841 17,610,896
----------- ----------- ----------- ----------- ----------- ----------- ------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $3,752,772 $3,640,609 $1,911,531 $3,114,598 $3,961,545 $1,229,841 $17,610,896
=========== =========== =========== =========== =========== =========== ============
Percent of Total Assets 21% 21% 11% 18% 22% 7% 100%
</TABLE>
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>
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, 1996, 1995 and 1994 is as follows:
<TABLE>
<CAPTION>
S&P
500 GMP Temporary
Index Stock Cash Asset Ultra Loan
December 31, 1996 Fund Fund Fund Fund Fund Fund Total
----------- ----------- ----------- ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Interest $21,460 $14,351 $111,913 $18,553 $24,414 $190,691
Dividends on Green
Mountain Power stock 340,037 340,037
Other dividends 360,380 223,865 584,245
Realized gain (loss) on
sale of investments 18,599 (130,233) 10,464 5,450 (95,720)
Net unrealized
appreciation
(depreciation) in fair
value of investments 604,583 (524,429) 89,095 192,913 362,162
----------- ----------- ----------- ----------- ----------- ----------- ------------
Total Investment
Income 644,642 (300,274) 111,913 478,492 446,642 1,381,415
----------- ----------- ----------- ----------- ----------- ----------- ------------
Contributions:
Employer 447,490 447,490
Employee 364,608 185,857 143,483 335,451 497,331 1,526,730
----------- ----------- ----------- ----------- ----------- ----------- ------------
Total Contributions 364,608 633,347 143,483 335,451 497,331 1,974,220
----------- ----------- ----------- ----------- ----------- ----------- ------------
Total Additions 1,009,250 333,073 255,396 813,943 943,973 3,355,635
----------- ----------- ----------- ----------- ----------- ----------- ------------
Administrative expenses (9,534) (15,017) (6,583) (9,185) (11,149) (51,468)
Benefits Paid (117,085) (549,447) (283,591) (107,905) (34,949) (1,092,977)
----------- ----------- ----------- ----------- ----------- ----------- ------------
Total Deductions (126,619) (564,464) (290,174) (117,090) (46,098) (1,144,445)
----------- ----------- ----------- ----------- ----------- ----------- ------------
Interfund Transfers 657,132 (1,135,980) 67,546 (135,796) 348,481 198,617
----------- ----------- ----------- ----------- ----------- ----------- ------------
Net Increase 1,539,763 (1,367,371) 32,768 561,057 1,246,356 198,617 2,211,190
NET ASSETS AVAILABLE
FOR PLAN BENEFITS:
Beginning of Year 2,213,009 5,007,980 1,878,763 2,553,541 2,715,189 1,031,224 15,399,706
----------- ----------- ----------- ----------- ----------- ----------- ------------
End of Year $3,752,772 $3,640,609 $1,911,531 $3,114,598 $3,961,545 $1,229,841 $17,610,896
=========== =========== =========== =========== =========== =========== ============
S&P
500 GMP Temporary
Index Stock Cash Asset Ultra Loan
December 31, 1995 Fund Fund Fund Fund Fund Fund Total
----------- ----------- ----------- ----------- ----------- ----------- ------------
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 0 169,535 339,317 312,120 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>
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
February 11, 1997
Green Mountain Power Corporation
Employee Savings and Investment Plan and Trust
LINE 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1996
Number
of Shares,
Contract
Amounts, Fair
Loans Cost Value
----------- ------------- -------------
Green Mountain Power
Corporation common stock 147,704 $3,951,129 $3,526,433
Twentieth Century Investors
Ultra Fund 141,030 3,058,001 3,961,537
State Street S and P 500
Index Fund 31,429 2,607,008 3,752,764
Fidelity Asset Manager Fund 181,316 2,581,226 2,986,278
Money Market Fund 1,902,853 1,902,853 1,902,853
Participant Loans 270 1,229,841 1,229,841
------------- -------------
TOTAL $15,330,058 $17,359,706
============= =============
All of the investments above represent greater than 5% of the plan's
beginning of year net assets.
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, Fair
Loans Cost 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 and 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
============= =============
All of the investments above represent greater than 5% of the plan's
beginning of year net assets.
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 11, 1997, contained
in the Annual Report on Form 11-K under the Securities Exchange Act of 1934
for the year ended December 31, 1996, 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
February 11, 1997
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/Christopher L. Dutton
------------------------
Christopher L. Dutton
Chairman of the Retirement Board
Date: May 16, 1997
