4
FILE NO. 69-197
FORM U-3A-2
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C.
Statement by Holding Company Claiming Exemption Under Rule U-3A-2 from the
Provisions of the Public Utility Holding Company Act of 1935.
GREEN MOUNTAIN POWER CORPORATION
hereby files with the Securities and Exchange Commission, pursuant to Rule 2,
its statement claiming exemption as a holding company from the provisions of the
Public Utility Holding Company Act of 1935. This annual statement is being
filed in connection with the ownership by Green Mountain Power Corporation (the
"Company", or "GMP") of (1) 29.6 percent of the outstanding common stock (Class
B), 25.1 percent of the outstanding common stock (Class C) and 30.0 percent of
the outstanding preferred stock (Class C) of Vermont Electric Power Company,
Inc. ("VELCO") (see Application under Section 10 of the Public Utility Holding
Company Act of 1935 by the Company on Form U-1, File No. 70-4840, Administrative
Proceeding No. 3-2330, and Order of the Securities and Exchange Commission,
dated March 11, 1970, in connection therewith, and Holding Company Act Release
No. 16632); and (2)its indirect ownership interest, through VELCO, in Vermont
Electric Transmission Company ("VETCO").
At December 31, 2004, the Company owned 100 percent of the outstanding
common stock of Northern Water Resources, Inc., formerly Mountain Energy, Inc.
("NWR"), and GMP Real Estate Corporation ("GMPRE"). In addition, through its
wholly owned subsidiary Green Mountain Power Investment Company ("GMPIC"), the
Company owns 33.6% of the outstanding common stock of Vermont Yankee Nuclear
Power Corporation ("VYNPC" or "VY") (see File No. 70-4435). None of these
companies are, at the present time, a "public utility company" as defined in the
Act.
In support of the Company's claim for exemption, the following information
is submitted.
1. Name, state of organization, location and nature of business of claimant
and every subsidiary thereof, other than any exempt wholesale generator (EWG) or
foreign utility company in which claimant directly or indirectly holds an
interest.
GREEN MOUNTAIN POWER CORPORATION
The Company was incorporated under the laws of the State of Vermont on
April 7, 1893, and has its principal executive office at 163 Acorn Lane,
Colchester, Vermont.
The principal business of the Company is to supply electrical energy in the
State of Vermont in a territory with approximately twenty-five percent of the
State's population. The Company serves approximately 90,000 customers. The
principal territory furnished with electricity comprises an area of roughly
twenty-five miles in width extending ninety miles across north central Vermont
between Lake Champlain on the west and the Connecticut River on the east.
Included in this territory are the cities of Montpelier, Barre, South
Burlington, Vergennes, Williston, Shelburne and Winooski and the Village of
Essex Junction, and a number of smaller towns and communities, including several
communities surrounding the city of Burlington. The Company also distributes
electricity in four noncontiguous areas located in southern and southeastern
Vermont that are interconnected with the Company's principal service area
through the transmission lines of VELCO and others. Included in these areas are
the communities of Vernon (where the Entergy Nuclear Vermont Yankee, LLC plant
is located), Bellows Falls, White River Junction, Wilder, Wilmington and Dover.
The Company supplies at wholesale a portion of the power requirements of
two cooperatives in the State of Vermont. The Company interchanges power and
energy with the ISO New England, Inc. ("ISO-NE") under ISO-NE's implementation
of the FERC Standard Market Design.
The Company is the sole stockholder of NWR (formerly Mountain Energy,
Inc.), GMPRE, and GMPIC, all incorporated under the laws of the State of
Vermont.
The primary business of NWR was to invest in non-utility energy generation
and efficiency projects. NWR's principal office is at 163 Acorn Lane,
Colchester, Vermont. The Company has sold nearly all of NWR's generation and
efficiency assets, offices and equipment, and its former corporate trade-name
(Mountain Energy, Inc.) to KMS Mountain Energy, Inc.
The business of GMPRE has consisted of the construction, operation and
lease to the Company of certain assets, principally, the former headquarters
building for the Company in South Burlington, Vermont, as well as two service
centers in Bellows Falls and Wilmington, Vermont. The leases on these
properties were purchased, and the former headquarters building sold during
1999. GMPRE's principal office is at 163 Acorn Lane, Colchester, Vermont.
The primary business of GMPIC is to hold the GMP investment interest in
VYNPC. GMP transferred its ownership of VYNPC to GMPIC on October 1, 2003.
NWR and GMPRE are not public utilities and are not qualified to do business
in any state other than the State of Vermont. NWR owns a subsidiary that owns
an inactive company that specialized in wastewater treatment technology, and
directly owns approximately 13.6 percent of a second company specializing in
wastewater treatment technology. NWR also retains ownership of partnership
interests in one wind-powered generation facility in California, and a
non-performing note from a hydro-powered generation facility in New Hampshire.
These generating facilities are qualifying facilities, as defined by the Public
Utility Regulatory Policies Act.
GMPIC is not a public utility and is qualified to do business in the State
of Vermont.
VERMONT ELECTRIC POWER COMPANY, INC.
VELCO was incorporated under the laws of the State of Vermont on December
28, 1956, and has its principal office at Pinnacle Ridge Road, Rutland, Vermont.
VELCO provides transmission services for all of the electric distribution
utilities in the State of Vermont. VELCO is reimbursed for its costs (as
defined in the agreements relating thereto) for the transmission of power which
VELCO transmits for the electric distribution utilities.
VELCO participates in NEPOOL with all of the major electric utilities in
New England, acting for itself and as agent for twenty-two other electric
utilities in Vermont, including the Company. ISO-NE is a FERC-approved Regional
Transmission Organization ("RTO") that now provides regional transmission
service in New England, with operational control of the bulk power system and
responsibility for administering wholesale markets. As such, ISO-NE operates a
market for all New England states for purchasers and sellers of electricity in
the deregulated wholesale energy markets.
VERMONT ELECTRIC TRANSMISSION COMPANY, INC. ("VETCO")
VETCO, a wholly-owned subsidiary of VELCO, was incorporated under the laws
of the State of Vermont on May 13, 1982, and has its principal office at
Pinnacle Ridge Road, Rutland, Vermont.
VETCO has entered into a Phase I Vermont Transmission Line Support
Agreement dated as of December 1, 1981 with the New England utilities listed in
Attachment A thereto and associated agreements relating to the Vermont portion
of a transmission line interconnecting the electric systems in New England with
the electric system of Hydro-Quebec. Phase I of the interconnection consists of
a +-450 kV HVDC transmission line from the Des Cantons Substation on the
Hydro-Quebec system near Sherbrooke, Canada, to a converter terminal having a
capacity of 690 MW at the Comerford Generating Station in New Hampshire on the
Connecticut River. The transmission line and terminal were declared to be in
commercial operation on October 1, 1986. Hydro-Quebec built and operates the
Canadian portion of Phase I. VETCO constructed and operates the portion of
Phase I from the Canadian border through Vermont to the New Hampshire border.
The terminal facility is owned by a subsidiary of National Grid, successor to
the New England Electric System ("NEES"). Phase II of the interconnection
provides 2,000 MW of capacity for transmission of Hydro Quebec power from
Radisson, Quebec to a terminal facility located at the Sandy Pond Substation in
Massachusetts. Agreements relative to this second phase have been executed by
Hydro-Quebec, NEPOOL and various New England utilities, including the Company.
VERMONT YANKEE NUCLEAR POWER CORPORATION ("VYNPC")
VYNPC was incorporated in Vermont on August 4, 1966, and has its principal
office at Ferry Road, RD #5, Brattleboro, Vermont.
On July 31, 2002, VYNPC announced that the sale of its nuclear power plant
to Entergy Nuclear Vermont Yankee LLC ("Entergy") had been completed. In
addition to the sale of the generating plant, the transaction calls for Entergy
through its power contract with VYNPC, to provide 20 percent of the plant output
to the Company at average annual prices ranging from $39 to $45 per megawatt
hour through 2012, subject to a "low market adjuster" effective November, 2005,
that protects the Company and other sponsors in the event that market prices for
power drop significantly. This power contract supplies approximately 37 percent
of the Company's present energy requirements.
Since the sale of the nuclear plant, the business of VYNPC is the
management of its power supply contract with Entergy, and the sale of
electricity at the plant to those New England utilities, including the Company,
who are current or former sponsoring stockholders. GMPIC owns approximately
33.6 percent of the common stock of VYNPC.
As a result of the sale, VYNPC is no longer a public utility company.
NORTHERN WATER RESOURCES, INC.
Northern Water Resources, Inc. was incorporated under the laws of the State
of Vermont on December 11, 1989, and has its principal office at 163 Acorn Lane,
Colchester, Vermont.
In 1993, NWR indirectly acquired a 25.7 percent limited partnership
interest in a 50 MW wind-powered generating facility that is operating northeast
of San Francisco; in 1998 the limited partnership interest increased to 26
percent. These generating facilities are qualifying facilities, as defined by
the Public Utility Regulatory Policies Act.
During 2000, NWR sold its interests in almost all of its qualified
generating facilities, retaining certain wastewater treatment assets, a note
from a hydropower facility, and its partnership interest in wind-powered
generation facilities. In January 2001, the company was renamed Northern Water
Resources, Inc. (formerly known as Mountain Energy Inc.), and moved its
principal office to 163 Acorn Lane, Colchester, Vermont.
2. A brief description of the properties of claimant and each of its
subsidiary public utility companies used for the generation, transmission and
distribution of electric energy for sale, or for the production, transmission
and distribution of natural or manufactured gas, indicating the location of
principal generating plants, transmission lines, producing fields, gas
manufacturing plants and electric and gas distribution facilities, including all
such properties which are outside the State in which claimant and its
subsidiaries are organized, and all transmission or pipelines which deliver or
receive electric energy or gas at the borders of such State, is detailed below.
GREEN MOUNTAIN POWER CORPORATION
The Company's properties are operated as a single system serving five areas
in Vermont which are interconnected by transmission lines of VELCO. The Company
owns and operates eight hydroelectric generating stations with an estimated
claimed capability of 35.3 MW, two gas turbine generating stations with an
aggregate claimed capability of 58.5 MW, two diesel generating stations with an
aggregate claimed capability of 6.3 MW and a wind powered generating facility
with an aggregate capability of 5.9 MW.
The Company had, at December 31, 2004, approximately 2 miles of 115 kV
transmission lines, 10 miles of 69 kV transmission lines, 5 miles of 44 kV
transmission lines, 196 miles of 34.5 kV transmission lines, and 2 miles of 13.8
kV transmission lines. The Company's distribution system included approximately
2,657 miles of overhead lines of 2.4 to 34.5 kV and 433 miles of underground
cable of 2.4 to 34.5 kV. At such date, the Company owned approximately 115,000
kVa of substation transformer capacity in transmission substations and 590,000
kVa of substation transformer capacity in distribution substations and
approximately 949,000 kVa of transformers for step-down from distribution to
customer use. All of the foregoing properties of the Company are located in the
State of Vermont.
The Company's system is interconnected at locations within the State of
Vermont with the lines of out-of-state utilities in New Hampshire and
Massachusetts at thirteen points along the eastern and southern borders of the
State. The transmission lines of the Company are interconnected at four points
in northeastern Vermont with the transmission lines of utilities in the State of
New Hampshire.
The Company is a participant, with other New England utilities, in three
major electric generating stations pursuant to joint ownership agreements.
Under each such agreement, the lead participant has undertaken to construct and
operate the plant for all participants. The Company is not the lead participant
in these plants. The plants and locations and the amount of the Company's
participation, are as follows:
A. Wyman #4, Yarmouth, Maine -- 1.1 percent (6.8 MW of a total 620 MW) --
Florida Power and Light is the principal owner and operator of this plant;
B. Stony Brook #1, Ludlow, Massachusetts -- 8.8 percent (31.0 MW of a total 352
MW) -- lead participant is Massachusetts Municipal Wholesale Electric Company;
and
C. Joseph C. McNeil Generating Station, Burlington, Vermont -- 11 percent (5.8
MW of a total 53 MW) -- lead participant is Burlington Electric Department.
The Company has acquired title to its percentage interests in the Wyman,
Stony Brook and McNeil projects. Wyman became operational in 1979; Stony Brook
in December 1981; and McNeil in June 1984.
VERMONT ELECTRIC POWER COMPANY, INC.
VELCO has no generating facilities, but has approximately 573 pole miles of
transmission lines and 32 associated substations located in the State of
Vermont. VELCO's properties interconnect with the lines of the New York Power
Authority at the New York-Vermont state line near Plattsburgh, New York; with
the transmission facilities of Niagara Mohawk Power Corporation at the New
York-Vermont state line near Whitehall, New York and North Troy, New York; with
lines of New England Power Company at or near the New Hampshire-Vermont state
line at Wilder, Vermont, and at Monroe, New Hampshire, near Claremont, New
Hampshire, at the Massachusetts-Vermont state line near North Adams,
Massachusetts; with the lines of Public Service Company of New Hampshire at or
near the New Hampshire-Vermont state line at Littleton, New Hampshire, Ascutney,
Vermont and Vernon, Vermont; and with the lines of Hydro-Quebec at the
Quebec-Vermont border near Highgate, Vermont through an AC/DC/AC converter and
7.6 miles of transmission line jointly owned by several Vermont utilities. All
of its transmission facilities are in Vermont, except for approximately 4.3
miles of transmission lines in New Hampshire.
VERMONT ELECTRIC TRANSMISSION COMPANY, INC.
VETCO does not own any generating or distribution facilities. It is not
contemplated that VETCO will acquire any generating facilities. VETCO owns and
operates the 52-mile Vermont portion of the transmission interconnection with
Hydro-Quebec.
3. Information for the last calendar year with respect to claimant and
each of its subsidiary public utility companies is as follows:
A. Number of kWh of electric energy sold (at retail or wholesale), and Mcf of
natural or manufactured gas distributed at retail.
Retail sales for Green Mountain Power are within the state of Vermont
exclusively.
GREEN MOUNTAIN POWER CORPORATION
Year 2004
Total Electric Revenues: $225,870,333
Electric: 2,381,694,000 kWh
Gas: None
VERMONT ELECTRIC POWER COMPANY, INC.
Year 2004
Total Electric Revenues: $25,816,126
Electric: 10,721,437 kWh
Gas: None
B. Number of kWh of electric energy and Mcf of natural or manufactured gas
distributed at retail outside the State in which each such company is organized
(State of Vermont).
GREEN MOUNTAIN POWER CORPORATION
Year 2004
Electric: None
Gas: None
VERMONT ELECTRIC POWER COMPANY, INC.
Year 2004
Electric: None
Gas: None
C. Number of kWh of electric energy and Mcf of natural or manufactured gas
sold at wholesale outside the State in which each such company is organized, or
at the State line (STATE OF VERMONT.)
GREEN MOUNTAIN POWER CORPORATION
Year 2004
Wholesale Sales Revenue: $22,651,980
Electric: 411,768,600 kWh*
Gas: None
*Reflects 127,923,600 kWh sales to Morgan Stanley under a Power Supply Agreement
dated February 1999, and modified and extended in August 2002 (the "Morgan
Stanley Contract").
VERMONT ELECTRIC POWER COMPANY, INC.
Year 2004
Electric: None
Gas: None
D. Number of kWh of electric energy and Mcf of natural or manufactured gas
purchased outside the State in which each such company is organized, or at the
State line (STATE OF VERMONT).
GREEN MOUNTAIN POWER CORPORATION
Year 2004
Power Supply Purchases: $88,545,682
Electric: 1,414,812,000 kWh*
Gas: None
*Includes 321,082,000 kWh purchased from Morgan Stanley under the Morgan Stanley
Contract.
VERMONT ELECTRIC POWER COMPANY, INC.
Year 2004
Electric: None
Gas: None
VERMONT ELECTRIC TRANSMISSION COMPANY, INC.
VETCO owns and operates a 52-mile transmission line as part of the Phase I
project. VETCO has not bought or sold electric energy during 2004.
4. The following information for the reporting period with respect to
claimant and each interest it holds directly or indirectly in an EWG or a
foreign utility company, stating monetary amounts in United States dollars:
A. Name, location, business address and description of the facilities used by
the EWG or foreign utility company for the generation, transmission and
distribution of electric energy for sale or for the distribution at retail of
natural or manufactured gas.
NONE
B. Name of each system company that holds an interest in such EWG or foreign
utility company; and description of the interest held.
NONE
C. Type and amount of capital invested, directly or indirectly, by the
holding company claiming exemption; any direct or indirect guarantee of the
security of the EWG or foreign utility company by the holding company claiming
exemption; and any debt or other financial obligation for which there is
recourse, directly or indirectly, to the holding company claiming exemption or
another system company, other than the EWG or foreign utility company.
NONE
D. Capitalization and earnings of the EWG or foreign utility company during
the reporting period.
NONE
E. Identify any service, sales or construction contract(s) between the EWG or
foreign utility company and a system company, and describe the services to be
rendered or goods sold and fees or revenues under such agreement(s).
NONE
EXHIBIT A
A consolidating statement of income and retained earnings of the claimant
and its subsidiary companies for the last calendar year, together with a
consolidating balance sheet of claimant and its subsidiary companies as of the
close of such calendar year are attached hereto.
EXHIBIT B
Financial Data Schedule
1. Total Assets $341,619,000
2. Total Operating Revenues $228,816,000
3. Net Income $11,584,000
EXHIBIT C
An organizational chart showing the relationship of each EWG or foreign
utility company to associate companies in the holding-company system.
NOT APPLICABLE
File No. 69-197
SIGNATURE PAGE
--------------
The above-named claimant has caused this statement to be duly executed on
its behalf by its authorized officer on this 30th day of March 2005.
GREEN MOUNTAIN POWER CORPORATION
-----------------------------------
(name of claimant)
(Corporate Seal)
By:/s/Robert J. Griffin
----------------------
Robert J. Griffin
Chief Financial Officer, Vice President and
Treasurer
Attest:
/s/Penny J. Collins
---------------------
Penny J. Collins
Assistant Secretary
Name, title and address of officer to whom notices and correspondence concerning
this statement should be addressed:
Robert J. Griffin
Chief Financial Officer, Vice President and Treasurer
Green Mountain Power Corporation
163 Acorn Lane
Colchester, VT 05446
CONSOLIDATING BALANCE SHEET FORM U-3A-2 EXHIBIT 10
December 31, 2004 CONSOLIDATED GREEN GREEN CONSOLIDATED
GREEN NORTHERN MOUNTAIN MOUNTAIN GREEN
MOUNTAIN WATER GMP POWER POWER MOUNTAIN
POWER RESOURCES REAL INVESTMENT CONSOLIDATING POWER
CORPORATION INC. ESTATE COMPANY ELIMINATIONS CORPORATION
------------ ------- ------- -------- -------------- ------------
(In thousands)
UTILITY PLANT,NET . . . . . . . . . . $ 232,712 $ - $ - $ - $ - $ 232,712
OTHER INVESTMENTS . . . . . . . . . . 18,585 - - 1,613 (1,239) 18,959
DEFERRED CHARGES. . . . . . . . . . . 53,731 - - - - 53,731
CURRENT ASSETS. . . . . . . . . . . . 35,019 104 - 836 (497) 35,462
OTHER CURRENT ASSETS. . . . . . . . . - - 1 - (1) -
PROPERTY AND EQUIPMENT. . . . . . . . - - 249 - (249) 0
OTHER ASSETS. . . . . . . . . . . . . 507 1,656 - - (1,408) 755
$ 340,554 $1,760 $ 250 $ 2,449 $ (3,394) $ 341,619
============ ======= ======= ======== ============== ============
COMMON STOCK EQUITY . . . . . . . . . $ 109,581 $ (658) $ 13 $ 1,884 $ (1,239) 109,581
REDEEMABLE PREFERRED STOCK. . . . . . - - - - - -
LONG TERM DEBT LESS CURRENT MATURITY. 93,000 - - - - 93,000
CAPITAL LEASE OBLIGATION. . . . . . . 4,493 - - - - 4,493
CURRENT LIABILITIES . . . . . . . . . 26,139 2,393 56 - (4,120) 24,468
DEFERRED CREDITS. . . . . . . . . . . 107,341 - - 565 - 107,906
OTHER LIABILITIES . . . . . . . . . . - 25 181 - 1,965 2,171
$ 340,554 $1,760 $ 250 $ 2,449 $ (3,394) $ 341,619
============ ======= ======= ======== ============== ============
GREEN GREEN CONSOLIDATED
GREEN NORTHERN MOUNTAIN MOUNTAIN GREEN
MOUNTAIN WATER GMP POWER POWER MOUNTAIN
POWER RESOURCES REAL INVESTMENT CONSOLIDATING POWER
CORPORATION INC. ESTATE COMPANY ELIMINATIONS CORPORATION
--------------- ----- -------- -------- -------------- ------------
CONSOLIDATING STATEMENT OF INCOME: (in thousands)
OPERATING REVENUES. . . . . . . . . . $ 228,816 $ - $ 14 $ 183 $ (197) $ 228,816
OPERATING EXPENSES. . . . . . . . . . 213,338 - 17 17 (34) 213,338
--------------- ----- -------- -------- -------------- ------------
OPERATING INCOME. . . . . . . . . . 15,478 - (3) 166 (163) 15,478
OTHER INCOME. . . . . . . . . . . . . 2,612 - - - (525) 2,087
INTEREST CHARGES. . . . . . . . . . . 6,506 - - - - 6,506
--------------- ----- -------- -------- -------------- ------------
INCOME (LOSS) BEFORE PREFERRED
DIVIDENDS AND DISCONTINUED OPERATIONS 11,584 - (3) 166 (688) 11,059
DIVIDENDS ON PREFERRED STOCK. . . . . - - - - - -
NET INCOME (LOSS) FROM DISCONTINUED
OPERATIONS. . . . . . . . . . . . . - 525 - - - 525
-------------- ------------
NET LOSS APPLICABLE TO COMMON STOCK . $ 11,584 $ 525 $ (3) $ 166 $ (688) $ 11,584
=============== ===== ======== ======== ============== ============
CONSOLIDATING BALANCE SHEET FORM U-3A-2 EXHIBIT 11
December 31, 2004 CONSOLIDATED
NORTHERN MEC MOUNTAIN ME MAIR MICRONAIR MICRONAIR ELIMINATIONS NORTHERN
WATER WIND ENERGY WPP 87 INC. INC LLC WATER
RESOURCES INC CALIFORNIA LP RESOURCES
INC. INC. INC.
------- -------- -------
(In thousands)
CURRENT ASSETS. . . . . . $ 94 $ - $ - $ - $1,800 $10 $ - $ (1,800) $ 104
OTHER CURRENT ASSETS. . . 1,514 - - - - - - (1,365) 149
PROPERTY AND EQUIPMENT. . - - - - - - - -
OTHER ASSETS. . . . . . . 1,435 - 1,218 0 2,027 - 500 (3,673) 1,507
$3,043 $ - $ 1,218 $ 0 $3,827 $10 $ 500 $1,760
======= ==== ======== == ====== ==== ========= =======
COMMON STOCK EQUITY . . . $ (658) $(3) $(1,173) $ - $3,827 $(6) $(11,991) $ 9,346 $ (658)
CAPITAL LEASE OBLIGATION. - - - - - - - -
CURRENT LIABILITIES . . . 3,701 1 - - - (3) - (1,306) 2,393
OTHER LIABILITIES . . . . - 2 2,391 0 - 19 12,491 (14,878) 25
$3,043 $ 0 $ 1,218 $ - $3,827 $10 $ 500 $1,760
======= ==== ======== == ====== ==== ========= =======
CONSOLIDATED
NORTHERN MEC MOUNTAIN ME MAIR MICRONAIR MICRONAIR ELIMINATIONS NORTHERN
WATER WIND ENERGY WPP 87 INC.INC LLC WATER
RESOURCES INC CALIFORNIA LP RESOURCES
INC. INC. INC.
--------------- ------ -----
CONSOLIDATING STATEMENT OF INCOME: (in thousands)
OPERATING REVENUES. . . . . . . . . . $ 65 $ - $ - $ - $ - $ - $ - $ (65) $ -
OPERATING EXPENSES. . . . . . . . . . 37 - 13 - - 2 - (52) -
--------------- -- ------ -- -- ---- -- ------- -----
OPERATING INCOME. . . . . . . . . . 28 - - - - - - (28) -
OTHER INCOME. . . . . . . . . . . . . - - - - - - - - -
INTEREST CHARGES. . . . . . . . . . . - - - - - - - - -
--------------- -- ------ -- -- ---- -- ------- -----
INCOME (LOSS) BEFORE PREFERRED
DIVIDENDS AND DISCONTINUED OPERATIONS 28 - - - - - - (28) -
DIVIDENDS ON PREFERRED STOCK. . . . . - - - - - - - - -
NET INCOME (LOSS) FROM DISCONTINUED
OPERATIONS. . . . . . . . . . . . . (497) - - - - - - 1,022 525
--
NET LOSS APPLICABLE TO COMMON STOCK . $ 525 $ - $ (13) $ - $ - $(2) $ - $ 15 $ 525
=============== == ====== == == ==== == ======= =====
Parent's
Exhibit C-Table of organization Approximate
At December 31, 2004 Subsidiary percent
company ownership
--------------------------------------------------- ----------
Parent company:
---------------------------------------
Green Mountain Power Corporation. . . . Vermont Electric Power Company, Inc. 30.0%
Green Mountain Power Corporation. . . . Green Mountain Power Investment Company 100.0%
Green Mountain Power Corporation. . . . Northern Water Resources, Inc. 100.0%
Green Mountain Power Corporation. . . . GMP Real Estate Corporation 100.0%
Vermont Electric Power Company, Inc.. . Vermont Electric Transmission Company, Inc. 100.0%
Green Mountain Power Investment Company Vermont Yankee Nuclear Power Corporation 33.6%
Northern Water Resources, Inc.. . . . . Mountain Energy California, Inc. 100.0%
Northern Water Resources, Inc.. . . . . MEC Wind, Inc. 100.0%
Northern Water Resources, Inc.. . . . . M'Air, Inc. 100.0%
Mountain Energy California, Inc.. . . . MEWPP 87, L.P. 99.0%
MEC Wind, Inc.. . . . . . . . . . . . . MEWPP 87, L.P. 1.0%
MEWPP 87, L.P.. . . . . . . . . . . . . Windpower Partners 1987(qualifying wind farm owner) 26.0%
M'Air, Inc. . . . . . . . . . . . . . . Micronair Inc. 100.0%
M'Air, Inc. . . . . . . . . . . . . . . Micronair, L.L.C. 85.0%
Micronair Inc.. . . . . . . . . . . . . Micronair, L.L.C. 15.0%