GREEN MOUNTAIN POWER SHAREHOLDERS
VOTE IN FAVOR OF ACQUISITION
BY NORTHERN NEW ENGLAND ENERGY CORPORATION,
A SUBSIDIARY OF GAZ MÉTRO LIMITED PARTNERSHIP
COLCHESTER, VT&. Green Mountain Power Corporation (NYSE: GMP) shareholders on October 31, 2006,
overwhelmingly approved a proposed agreement and plan of merger with Northern New
England Energy Corporation (NNEEC) and its wholly-owned subsidiary Northstars Merger
Subsidiary Corporation. The transaction is expected to close during the second quarter of 2007,
pending state and federal regulatory approval.
This transaction has clear benefits for our customers, and, we believe, for the entire state of
Vermont, said Chris Dutton, president and CEO of Green Mountain Power.
As we seek energy sources to power Vermonts future, we recognize that we will have to
compete in a volatile energy market with large, sophisticated players. We believe our customers
will benefit from our new owners financial strength and market depth when we negotiate new
power contracts to replace the expiring long-term contracts with Vermont Yankee and Hydro
Québec. In fact, immediately after the announcement of the acquisition, both S&P and Moodys
credit rating agencies upgraded the outlook on Green Mountain Power, said Mr. Dutton.
NNEEC is a Vermont corporation and a wholly-owned subsidiary of Gaz Métro Limited
Partnership (TSX-GZM.UN), a leading Québec energy company with a long history of investment
in Vermont. NNEEC has been the parent company of Vermont Gas Systems since 1986.
The Board of Directors of Green Mountain Power approved this transaction because we
believe it provides a fair price to shareholders and will improve the financial strength of the
company, said Nordahl Brue, chairman of Green Mountain Powers Board of Directors.
Mr. Dutton said that the transaction will provide further benefits to customers through the
creation of the Green Mountain Power Efficiency Fund. The new Efficiency Fund will provide
more than $9 million in benefits for Green Mountain Power customers, Mr. Dutton said. It will
invest in demand side management and other innovative efficiency programs, including, potentially,
combined heat and power, district heating, distributed generation and renewable generation.
Green Mountain Power will continue to be managed by its current leadership team and the
Company will continue to operate out of its existing offices in Vermont. Employees will be
retained and the current labor contract with IBEW Local 300 will continue in place. The Company
will remain under the jurisdiction of state and federal regulators.
More than 97 percent of the shareholders present or represented at a special shareholders
meeting voted for approval of the merger agreement. The votes cast represented 72 percent of the
total shares outstanding and eligible to vote. Authorization of the agreement and plan of merger
required approval by a vote of a majority of the outstanding shares.
On June 22, 2006, Green Mountain Power Corporation and Northern New England Energy
Corporation announced a merger agreement whereby Green Mountain Power would become a
wholly-owned subsidiary of NNEEC in a cash transaction valued at approximately $187 million, or
$35 per share.
Gaz Métro is a major distributor of natural gas in Québec and the northeastern United States.
In addition, the company operates businesses providing district heating and urban water
rehabilitation services in Québec and Ontario. As of the end of 2005, Gaz Métro had assets of more
than $2.5 billion (Canadian). Gaz Métro is also the parent company of Vermont Gas Systems,
which has 115 Vermont-based employees. Gaz Métro currently has a strong credit rating that, in
recent years, has been higher than Green Mountain Powers current BBB rating.
Green Mountain Power is a public utility operating company that transmits, distributes and
sells electricity and utility construction services in the State of Vermont in a service territory with
approximately one quarter of Vermonts population. It serves approximately 90,000 customers.
Forward-looking Statements
This news release contains forward looking statements about Green Mountain Power. Statements that are not
historical or current facts, including statements about beliefs and expectations are forward looking statements. These
statements often include the words may, could, would, should, believes, expects, anticipates,
estimates, intends, plans, targets, potentially, probably, projects, outlook, or similar expressions. These
forward-looking statements cover, among other things, anticipated future plans and prospects of Green Mountain
Power. Forward-looking statements speak only as of the date they are made, and Green Mountain Power undertakes no
obligation to update them in light of new information or future events.
Forward-looking statements involve inherent risks and uncertainties, and many factors could cause actual results
to differ materially from those anticipated, including those described in the Annual Report on Form 10-K for the year
ended December 31, 2005, of Green Mountain Power, which you should read carefully, as well as the companys other
filings with the Securities and Exchange Commission (the SEC). The following factors, among others, could cause
actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking
statements: (1) the businesses of Green Mountain Power and NNEECs subsidiary Northstars Merger Subsidiary
Corporation may not be combined successfully, or such combination may take longer, be more difficult, timeconsuming
or costly to accomplish than expected; and (2) governmental approvals of the merger may not be obtained,
or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger.
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