SOURCE: Central Vermont Public Service Corporation

Central Vermont Public Service Corporation

November 18, 2011 11:00 ET

GMP to Retain Name, Adopt CVPS Sub-Brands, New Logo

RUTLAND, VT--(Marketwire - Nov 18, 2011) - The new company created by the merger of Green Mountain Power and Central Vermont Public Service (NYSE: CV) will be called "Green Mountain Power" and will adopt CVPS's three sub-brands and a new logo that connects the traditions and history of both companies. Pending the sale of CVPS to Gaz Métro, a leading Quebec energy company and GMP's parent, CVPS and GMP are expected to merge in 2012.

"In choosing our name, vision statement and sub-brands, we are taking the best of each company, just as we will do as we analyze every process and function, from customer service to storm response, billing to line construction," said GMP President and CEO Mary Powell, who will lead the combined company. "The merger will lead to a new, better company, built on the best ways to efficiently serve our customers."

Green Mountain Power will adopt CVPS's vision statement, which was announced last spring: to be the best small utility in America. "We are enamored of the CVPS vision statement, and it represents one of many similarities between our companies. GMP's vision statement is to be the premier utility in the U.S.," Powell said. "To be the best small utility in America is aspirational and visionary, and it succinctly describes what we want the combined company to be: simply the best utility of its kind. It's a vision that employees can rally around and is a goal that will help focus us on delivering excellence in everything we do."

Powell said several names were considered for the merged company, but Green Mountain Power was chosen due to its statewide connection to Vermont, long history of service, and positive attributes connected to the words "Green Mountain." The new logo is based on GMP's existing logo but includes elements from CVPS's legacy, including orange coloring and part of the familiar CVPS "lightning bolts" in a new design.

"We felt it important to integrate CVPS's traditional color and symbols into the logo to illustrate the joining of the two companies," Powell said. "Through the merger we will build on the decades of innovation, tradition and experience in both companies, and create an even better Green Mountain Power for the benefit of our customers, employees, communities and the state of Vermont."

CVPS President and CEO Larry Reilly, who will lead CVPS until the merger, said the new logo would be a powerful reminder of both companies' extraordinary public service over decades. He said it would be especially important to employees and longtime CVPS customers with strong bonds to the company.

"We want to assure them that our vision for excellence and commitment to quality will live on in the new Green Mountain Power," Reilly said. "The new logo symbolizes that record as it connects us to GMP's quality and service."

Powell said CVPS's traditional orange and white colors will also be retained on company vehicles, along with GMP's traditional colors of green and yellow. "To save money and build together on our traditions, we'll refrain from repainting vehicles and instead employ a kaleidoscope of our traditional vehicle colors," Powell said. "As new vehicles are purchased, truck colors will continue to reflect both GMP's and CVPS's history."

Powell said Green Mountain Power will also adopt three sub-brands that have helped distinguish CVPS: CVPS Cow Power®, CVPS plug 'n go® and CVPS SmartPower®.

"CVPS Cow Power® is one of the most innovative and successful renewable choice programs in the country, and we look forward to continuing to work with customers and farm owners to develop new farm methane generation across Vermont," Powell said. The program was named the U.S. Department of Energy's Utility Green Power Program of the Year in 2009.

GMP will also adopt the CVPS SmartPower® brand, because "SmartPower" provides a clearer reference to new smart grid technology and the many operational and environmental benefits that will come with it.

"These are just the first of many important decisions we will make during the integration process, each intended to preserve what's best in the two companies," said Joe Kraus, senior vice president for engineering, operations and customer service at CVPS. "As we move toward the merger, today's decisions will symbolically remind us that both companies bring enormous value to the new company, and we should always choose the best attributes from each, regardless of the company from which they come."

Employees of the companies will begin planning right away for implementation of the changes announced today. After the sale closes, which is expected in the second quarter of 2012, customers will begin to see the changes on company vehicles, signage, newsletters and other materials. The companies have guaranteed at least $144 million in customer savings from the merger in the first 10 years after closing.

Green Mountain Power Overview
Green Mountain Power generates, transmits, distributes and sells electricity in Vermont and is a leader in wind and solar generation. It serves more than 96,000 customers.

Central Vermont Overview
CVPS serves about 160,000 customers in 163 cities and towns across Vermont. The company is a three-time winner of the Edison Electric Institute's national Emergency Recovery Award and has been listed by Forbes Magazine as one of the most trusted companies in America for more than five years.

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