Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT ON FORM 8-K DATED JANUARY 20, 2010 - CENTRAL VERMONT PUBLIC SERVICE CORP | fm8k12010.htm |
Exhibit
99.1
NEWS
RELEASE
Investor
Relations Contact: Pamela Keefe (802) 747-5435
Media
Contact: Steve Costello (802) 747-5427 (802) 742-3062 (beeper)
For
Immediate Release: Jan. 20, 2010
Central
Vermont Public Service Issues 2010 Earnings Guidance and Announces Date for
Release of 2009 Earnings Results
RUTLAND,
Vt. – Central Vermont Public Service (NYSE: CV) issued 2010 earnings guidance
today, stating that for the year, the company anticipates earnings in the range
of $1.55 to $1.70 per diluted share of common stock. As part of the alternative
regulation plan base rate filing approved by the Vermont Public Service Board,
the company’s allowed rate of return will be 9.59 percent, down from 9.77
percent.
“Earnings
this year are affected by a lower allowed return on equity, which, according to
our Alternative Regulation Plan, is a function of the change in Treasury yields
versus last year,” said CVPS Chief Financial Officer Pamela Keefe. “The
quarterly power adjustment and annual earnings sharing mechanisms within our
Alternative Regulation Plan should keep us within this range.”
“Cost
controls continue to play an important role in our efforts on behalf of
customers and shareholders,” President and CEO Bob Young said. “There
will be upward pressure on power costs in the years ahead, but we continue to
provide rates that are among the lowest in the Northeast, and remain a good
value for customers and investors.”
CVPS will
release its 2009 year-end earnings results before the market opens on Monday,
March 15. Young and Keefe will host an earnings conference call at 2 p.m. EST
that day. At that time, they will discuss the company’s financial
results, as well as progress made toward achieving its long-term
strategy.
Interested
parties may listen to the conference call live on the Internet by selecting the
"CVPS Year-End 2009 Earnings Call" link on the investor relations section of the
company's website at www.cvps.com. The dial-in number is: (Toll Free) 1-877-
407-8031 or (International) 1-201-689-8031. An audio archive of the call will be
available at approximately 3:00 p.m. EST at the same location or by dialing
(Toll Free) 1-877-660-6853 or (International) 1-201-612-7415 and entering
Account #: 286 and Conference ID #: 341962
CEO Bob
Young and CFO Pamela Keefe will make a presentation on the company’s strategy
and 2010 expectations to the Wall Street Utility Group on February 2, 2010 at 4
p.m. EST.
CVPS is
Vermont's largest electric utility, serving approximately 159,000 customers
statewide. CVPS’s non-regulated subsidiary, Catamount Resources
Corporation, sells and rents electric water heaters through a subsidiary,
SmartEnergy Water Heating Services.
Forward-Looking
Statements
Statements
contained in this press release that are not historical fact are forward-looking
statements intended to qualify for the safe-harbors from the liability
established by the Private Securities Litigation Reform Act of
1995. Statements made that are not historical facts are
forward-looking and, accordingly, involve estimates, assumptions, risks and
uncertainties that could cause actual results or outcomes to differ materially
from those expressed in the forward-looking statements. Actual
results will depend upon, among other things, the actions of regulators,
performance of the Vermont Yankee nuclear power plant, effects of and changes in
weather and economic conditions, volatility in wholesale electric markets and
our ability to maintain our current credit ratings. These and other
risk factors are detailed in CV's Securities and Exchange Commission
filings. CV cannot predict the outcome of any of these matters;
accordingly, there can be no assurance that such indicated results will be
realized. Readers are cautioned not to place undue reliance on these
forward-looking statements that speak only as of the date of this press
release. CV does not undertake any obligation to publicly release any
revision to these forward-looking statements to reflect events or circumstances
after the date of this press release.