EXHIBIT 3
                                     BYLAWS
                                       OF
                        GREEN MOUNTAIN POWER CORPORATION
                      (As Amended Through December 8, 2003)
ARTICLE  I
Shareholders
Section  1.  Annual  Meeting.
     The  annual  meeting of the shareholders shall be held at such place within
or  without  the State of Vermont as is designated in the notice of the meeting,
on  the third Thursday in May in each year, if it be not a legal holiday, and if
it be a legal holiday, on the next succeeding day not a legal holiday; provided,
however,  that  a  majority  of  the  board of directors, acting at a regular or
special  meeting  of such board, may specially determine an alternative time and
place  for  the  holding  of  any  annual  meeting.
     To  be  properly brought before an annual or special meeting, business must
be  either  (a)  specified  in the notice of meeting (or any supplement thereto)
given  by  or at the direction of the board of directors, (b) otherwise properly
brought  before the meeting by or at the direction of the board of directors, or
(c) otherwise properly brought before the meeting by a shareholder.  In addition
to any other applicable requirements, for business to be properly brought before
an  annual  meeting  by  a  shareholder,  the shareholder must have given timely
notice  thereof in writing to the secretary of the Corporation.  To be timely, a
shareholder's  notice  must  be  given, either by personal delivery or by United
States  certified mail, postage prepaid, and received at the principal executive
offices of the Corporation, not less than 120 days nor more than 150 days before
the  first  anniversary  of  the  date  of  the Corporation's proxy statement in
connection  with  the  last  annual meeting of shareholders or (ii) if no annual
meeting  was  held  in  the  previous  year or the date of the applicable annual
meeting  has  been  changed  by  more than 30 days from the date of the previous
year's  annual  meeting, not less than 60 days before the date of the applicable
annual  meeting.  A  shareholder's notice to the secretary shall set forth as to
each  matter  the  shareholder proposes to bring before the annual meeting (a) a
brief  description  of  the  business  desired  to  be brought before the annual
meeting,  including  the complete text of any resolutions to be presented at the
annual  meeting,  and  the  reasons  for  conducting such business at the annual
meeting,  (b)  the  name  and address, as they appear on the Corporation's stock
transfer  books,  of  such  shareholder  proposing  such  business,  (c)  a
representation  that  such shareholder is a shareholder of record and intends to
appear  in  person  or by proxy at such meeting to bring the business before the
meeting  specified  in the notice, (d) the class, series and number of shares of
stock  of  the  Corporation  beneficially  owned  by the shareholder and (e) any
material  interest  of  the  shareholder  in such business. The secretary of the
Corporation  shall  deliver  each such shareholder's notice that has been timely
received  to  the  board  of directors or a committee designated by the board of
directors  for  review.  Notwithstanding anything in the bylaws to the contrary,
no  business  shall  be conducted at an annual meeting except in accordance with
the  procedures  set  forth  in  this Section 1.  The chair of an annual meeting
shall,  if the facts warrant, determine that the business was not brought before
the  meeting in accordance with the procedures prescribed by this Section 1.  If
the chair should so determine, he or she shall so declare to the meeting and the
business  not  properly  brought  before  the  meeting  shall not be transacted.
Notwithstanding  the  foregoing  provisions  of  this  Section  1, a shareholder
seeking  to  have a proposal included in the Corporation's proxy statement shall
comply with the requirements of Regulation 14A under the Securities Exchange Act
of  1934, as amended (the ""Exchange Act""), including, but not limited to, Rule
14a-8  or  its  successor provision.  (Amended December 4, 1975, August 31, 1982
and  December  8,  2003.)
 
 
 
Section  2.  Special  Meetings.
     Special  meetings  of  the  shareholders  may be called, to be held at such
place  within  or without the State of Vermont as is designated in the notice of
the  meeting,  by  the  chair  of  the  board  of directors, the chief executive
officer,  the  president  or  a  majority  of  directors,  and,  subject  to the
provisions  of  law  and  of the articles of incorporation, as amended, shall be
called by the secretary, or in case of the death, absence, incapacity or refusal
of  the  secretary,  by  any  other  officers  of  the Corporation, upon written
application  of  shareholders who are entitled to vote and who hold at least ten
percent  of  all  the  shares at the time issued and outstanding and entitled to
vote  at  the  meeting,  stating  the  time,  place  and purpose of the meeting.
(Amended  May  13,  1981,  September  8,  1988  and  December  8,  2003.)
Section  3.  Notice  of  Meeting.
     A  written  or  printed notice of each meeting of shareholders, stating the
place,  day  and hour thereof and, in case of a special meeting, the purpose for
which  the  meeting is called, shall be given by the secretary, at least 10 days
and  not  more than 60 days before such meeting, to each shareholder entitled to
vote  thereat, by leaving such notice with him or her at his or her residence or
usual place of business, or by mailing it, postage prepaid and addressed to such
shareholder  at  his  or  her  address  as  it  appears  upon  the  books of the
Corporation.  In  the absence or disability of the secretary, such notice may be
given by a person designated either by the secretary or by the person or persons
calling  the meeting or by the board of directors.  No notice of the time, place
or  purpose  of  any  regular  or  special  meeting of the shareholders shall be
required if every shareholder entitled to notice thereof is present in person or
is  represented  at the meeting by proxy or if every such shareholder, or his or
her  attorney  thereunto authorized by a writing which is filed with the records
of  the  meeting, waives such notice.  Notwithstanding the above, if the purpose
for  such  a special meeting of shareholders requested by written application of
shareholders under Section 3 of Article I of these bylaws relates to or involves
in  any  way  a  merger,  statutory  share  exchange  or  consolidation  of  the
corporation  or  a sale, lease, exchange, pledge or other disposition of all, or
substantially  all,  the  property and assets of the Corporation not made in the
usual and regular course of business, such notice must be given at least 30 days
and  not  more  than 60 days before such special meeting.  (Amended September 8,
1988,  March  7,  1994  and  December  8,  2003.)
Section  4.  Quorum.
     Except as otherwise provided by law, the articles of incorporation or these
bylaws,  at  any  meeting of the shareholders, a majority of the shares of stock
issued  and outstanding and entitled to vote upon a question to be considered at
the  meeting  shall  constitute a quorum for the consideration of such question,
except  that  where  a  separate vote by a class or classes or series thereof or
separate voting group is required by law, the articles of incorporation or these
bylaws,  a majority of the votes entitled to be cast by such class or classes or
a  series  thereof  or  a  separate  voting group shall constitute a quorum with
respect  to that matter, but a lesser interest may adjourn any meeting from time
to time, and the meetings may be held as adjourned without further notice.  When
a quorum is once present, it shall not be broken by the subsequent withdrawal of
any shareholders.  When a quorum is present at any meeting, a majority of shares
of  stock  represented thereat and entitled to vote shall, except where a larger
vote  is  required by law, by the articles of incorporation, or by these bylaws,
decide  any  question  brought before such meeting.  (Amended December 8, 2003.)
Section  5.  Proxies  and  Voting.
     Shareholders who are entitled to vote shall have one vote for each share of
stock  owned  by  them.  Shareholders  may  vote either in person or by proxy in
writing  dated  not  more than 11 months before the meeting named therein, which
shall  be  filed  with  the  secretary  of the meeting before being voted.  Such
proxies  shall  entitle  the  holders thereof to vote at any adjournment of such
meeting,  but  shall  not  be valid after the final adjournment of such meeting.
Section  6.  Electronic  Authorization.
     The secretary or the president or any vice president may approve procedures
to  enable  a shareholder or a shareholder's duly authorized attorney-in-fact to
authorize  another  person  or  persons  to  act  for  him  or  her  as proxy by
transmitting  or authorizing the transmission of a telegram, cablegram, internet
transmission,  telephone  transmission or other means of electronic transmission
to  the  person  who  will be the holder of the proxy or to a proxy solicitation
firm,  proxy  support  service organization or like agent duly authorized by the
person  who  will  be  the  holder  of  the  proxy to receive such transmission,
provided  that  any such transmission must either set forth or be submitted with
information  from  which  the  inspector(s)  of  election can determine that the
transmission  was  authorized  by  the  shareholder  or  the  shareholder's duly
authorized  attorney-in-fact.  If  it  is determined that such transmissions are
valid, the inspectors shall specify the information upon which they relied.  Any
copy,  facsimile telecommunication or other reliable reproduction of the writing
or transmission created pursuant to this Section 6 may be substituted or used in
lieu  of the original writing or transmission for any and all purposes for which
the  original  writing  or  transmission could be used, provided that such copy,
facsimile  telecommunication  or  other  reproduction  shall  be  a  complete
reproduction  of the entire original writing or transmission.  (Amended December
8,  2003.)
Section  7.  Inspectors.
     At every meeting of the shareholders for election of directors, the proxies
shall be received and taken in charge, all ballots shall be received and counted
and  all  questions  concerning  the  qualifications  of voters, the validity of
proxies and the acceptance or rejection of votes shall be decided by one or more
inspectors.  Such  inspector(s)  shall be appointed by the chair of the meeting.
They  shall  be  sworn  faithfully  to perform their duties and shall in writing
certify  to  the  returns.  No  candidate  for  election  as  director  shall be
appointed  or  act  as  inspector.  (Amended  December  8,  2003.)
ARTICLE  II
 
Directors
Section  1.  Powers.
The  board  of  directors  shall  have,  and  may exercise all the powers of the
Corporation,  except  such as are conferred upon the shareholders by law, by the
articles  of  incorporation,  and  by  these  bylaws.
Section  2.  Nomination  and  Election.
(a)At  each  annual  meeting  of shareholders, the shareholders entitled to vote
shall  elect  the  directors.  No  person  shall  be  eligible for election as a
director  unless  nominated  in accordance with the procedures set forth in this
Section 2.  Nominations of persons for election to the board of directors may be
made  by  the  board  of  directors  or any committee designated by the board of
directors  or  by  any shareholder of record of the corporation entitled to vote
for  the  election  of  directors  at the applicable meeting of shareholders who
complies  with  the  notice  procedures  set  forth  in  this  Section  2.  Such
nominations,  other  than  those made by the board of directors or any committee
designated  by  the  board of directors, may be made only if written notice of a
shareholder's  intent  to nominate one or more persons for election as directors
at  the  applicable  meeting  of shareholders has been given, either by personal
delivery  or  by United States certified mail, postage prepaid, to the secretary
of  the  Corporation  and  received (i) not less than 120 days nor more than 150
days  before  the  first  anniversary  of  the  date  of the Corporation's proxy
statement in connection with the last annual meeting of shareholders, or (ii) if
no  annual  meeting  was held in the previous year or the date of the applicable
annual  meeting  has  been  changed  by  more  than 30 days from the date of the
previous  year's  annual  meeting,  not less than 60 days before the date of the
applicable  annual  meeting,  or  (iii)  with  respect to any special meeting of
shareholders  called  for the election of directors, not later than the close of
business  on  the seventh day following the date on which notice of such meeting
is first given to shareholders.  Each such shareholder's notice shall set forth:
(A)  as  to the shareholder giving the notice, (i) the name and address, as they
appear  on  the  Corporation's stock transfer books, of such shareholder, (ii) a
representation  that  such shareholder is a shareholder of record and intends to
appear  in  person or by proxy at such meeting to nominate the person or persons
specified  in  the  notice, (iii) the class and number of shares of stock of the
Corporation beneficially owned by such shareholder and (iv) a description of all
arrangements or understandings between such shareholder and each nominee and any
other  person  or  persons (naming such person or persons) pursuant to which the
nomination or nominations are to be made by such shareholder; and (B) as to each
person whom the shareholder proposes to nominate for election as a director, (i)
the name, age, business address and, if known, residence address of such person,
(ii)  the principal occupation or employment of such person, (iii) the class and
number of shares of stock of the Corporation that are beneficially owned by such
person,  (iv)  any other information relating to such person that is required to
be  disclosed  in  solicitations  of  proxies  for  election  of directors or is
otherwise  required  by the rules and regulations of the Securities and Exchange
Commission  promulgated  under  the Exchange Act  and (v) the written consent of
such  person  to  be named in the proxy statement as a nominee and to serve as a
director  if  elected.  The secretary of the Corporation shall deliver each such
shareholder's  notice that has been timely received to the board of directors or
a  committee  designated  by  the  board  of  directors  for review.  Any person
nominated  for  election  as director by the board of directors or any committee
designated  by  the  board  of directors shall, upon the request of the board of
directors  or  such  committee,  furnish to the secretary of the Corporation all
such information pertaining to such person that is required to be set forth in a
shareholder's  notice  of  nomination.  The chair of the meeting of shareholders
shall,  if  the  facts  warrant,  determine  that  a  nomination was not made in
accordance  with  the  procedures  prescribed  by  this Section 2.  If the chair
should so determine, he or she shall so declare to the meeting and the defective
nomination  shall  be  disregarded.
(b)The  board  of  directors  shall consist of between seven and ten members, as
determined  by  vote  of  the board of directors from time to time, and shall be
elected  at  the annual meeting of the shareholders or at a special meeting held
in  place  thereof.  The  board  of directors may not, pursuant to this section,
vote  to  eliminate  the  position  of  a  currently serving director before the
expiration  of  his  or her term, but may by amendment of these bylaws eliminate
any  vacant  position  on  the  board  that  may  exist.  Subject to law, to the
articles  of  incorporation  and  to  the other provisions of these bylaws, each
director shall hold office until his or her term of office expires and until his
or  her  successor shall have been elected and qualified.  Until the 2004 Annual
Meeting of Shareholders of the Corporation, the directors shall be divided, with
respect  to  the terms for which they severally hold office, into three classes,
hereby  designated as Class I, Class II and Class III.  Each class shall have at
least  two directors and the three classes shall be as nearly equal in number as
possible.  Thereafter,  directors  shall  be  of  a  single class.  The board of
directors  shall  elect  from  its members a chair of the board of directors who
will  serve  as  such for one year or during the balance of his or her term as a
director,  whichever  is  less,  and until a successor is elected and qualified.
(Amended  May  18,  1995,  February  10,  1997, February 7, 2000 and December 8,
2003.)
Section  3.  Duties  of  the  Chair.
The chair of the board of directors shall, when present, preside at all meetings
of  the  shareholders  and at all meetings of the board of directors.  The chair
shall  have  the  authority  to call special meetings of the shareholders or the
board  of  directors.  The chair shall have the authority to adjourn meetings of
the  shareholders  from  time to time in his or her discretion without notice to
the  shareholders  other  than  by announcement at the meeting.  He or she shall
perform such other duties as may be from time to time delegated to him or her by
the  board  of  directors.  (Amended  May  13,  1981  and  December  8,  2003.)
Section  4.  Regular  Meetings.
Regular  meetings  of  the  board of directors may be held at such places and at
such  times  as  the  board  may  by vote from time to time determine, and if so
determined,  no notice thereof need be given.  A regular meeting of the board of
directors may be held without notice immediately after, and at the same place as
the  annual  meeting  of  the  shareholders,  or  the  special  meeting  of  the
shareholders  held  in  place  of  such  annual  meeting.
Section  5.  Special  Meetings.
Special  meetings  of  the board of directors may be held at any time and at any
place  when  called  by  the  chair  of  the board of directors, chief executive
officer,  president,  treasurer,  or  two  or  more directors, reasonable notice
thereof  being  given  to  each  director, or at any time without call or formal
notice,  provided  all  the  directors  are present or waive notice thereof by a
writing which is filed with the records of the meeting.  In any case it shall be
deemed  sufficient  notice  to a director to give him personal notice or to send
notice  by mail, telegram, cablegram, facsimile telecommunication or other means
of  electronic  transmission  at  least  forty-eight  hours  before  the meeting
addressed  to him or her at his or her usual or last known business or residence
address.  (Amended  December  8,  2003.)
Section  6.  Quorum  and  Participation.
(a)A  majority  of  the  board  of  directors  shall constitute a quorum for the
transaction  of  business, but a lesser number may adjourn any meeting from time
to  time, and the meeting may be held as adjourned without further notice.  When
a  quorum  is  present  at  any meeting, a majority of the members in attendance
thereat  shall  decide  any  question  brought  before  such  meeting.
(b)Members  of  the board of directors and any committee designated by the board
of  directors,  may participate in a meeting of such board or committee by means
of  a conference telephone or similar communications equipment by means of which
all  persons participating in the meeting can hear each other, and participation
in  a  meeting  in  such  a  manner  shall constitute presence in person at such
meeting  for  all  purposes.  (Amended  September 21, 1973, and May 13, 1981 and
December  8,  2003.)
Section  7.  Vacancies  and  Newly-created  Directorships.
If  any  vacancies occur on the board of directors by reason of (i) the death of
any  director,  (ii) the resignation of any director, or (iii) the retirement or
removal  from office of any director, all the directors then in office, although
less  than  a  quorum may by a majority vote of the directors in office choose a
successor or successors.  Unless sooner displaced, the directors so chosen shall
hold office until the election of their successors at the next annual meeting of
shareholders.  If  the  directors  remaining in office after the occurrence of a
vacancy  shall  be  unable by a majority vote of the directors in office to fill
such vacancy within thirty (30) days of the occurrence thereof, the president or
the  secretary  may  call  a  special  meeting of the shareholders at which such
vacancy shall be filled.  Any directorship to be filled by reason of an increase
in the number of directors shall be filled, at a special meeting of shareholders
called  for  that  purpose or in the event no such special meeting is so called,
then  at  the  next  annual  meeting.  (Amended  December  8,  2003.)
 
ARTICLE  III
 
Executive  and  Other  Committees
Section  1.  Executive  Committee.
The  board of directors may, by vote of a majority of their entire number, elect
from  their own number an executive committee of not less than three members and
up  to  two alternate members, which committee may be vested with the management
of  the  current  and ordinary business of the Corporation, including the fixing
and  altering of the powers and duties of the several officers and agents of the
Corporation,  the election of additional officers and agents of the Corporation,
the  election  of  additional  officers and agents, and the filling of vacancies
other  than  on  the  board of directors, and with power to authorize purchases,
sales,  contracts,  offers,  conveyances,  transfers  and negotiable instruments
except as otherwise provided by law.  A majority of the members of the executive
committee  shall  constitute  a  quorum  for  the transaction of business, but a
lesser  number may adjourn any meeting from time to time, and the meeting may be
held  as  adjourned  without  further  notice.  The executive committee may make
rules  not  inconsistent  herewith  for the holding and conduct of its meetings.
The  chief  executive  officer  shall  at all times be a member of the executive
committee.  The  board  of directors shall elect from its members a chair of the
executive  committee  who  shall preside at meetings of the executive committee.
The  chair  shall  also  perform  such  other duties as may be from time to time
delegated  to  him or her by the executive committee, and will serve as such for
one  year  or during the balance of his or her term as a member of the executive
committee,  whichever  is  less, and until a successor is elected and qualified.
In  the absence of a quorum at any meeting of the executive committee, its chair
or, in his or her absence, the chief executive officer, may designate one of the
alternate  members, previously approved by a majority of the board of directors,
to  serve  as a temporary member of the executive committee during such meeting.
Any  action  taken by the executive committee will require the unanimous vote of
all  members  of  the  executive  committee  present  and voting at any meeting.
(Amended  March  20,  1974; June 13, 1974; June 12, 1975; February 28, 1980; May
13,  1981,  March  1,  1985  and  December  8,  2003.)
The  executive committee shall report its action to the board of directors.  The
board of directors shall have the power to rescind any vote or resolution of the
executive  committee,  but  no  such  rescission  shall have retroactive effect.
Section  2.  Other  Committees.
The  board  of  directors may, by majority vote at any meeting, create any other
committees  and  delegate  to  such  committees  any  powers,  duties  and
responsibilities  as may be consistent with or required by the laws of the State
of  Vermont,  the  articles  of incorporation of the Corporation or the rules or
regulations of any national securities exchange or quotation system on which the
Corporation's  securities  are  then listed or quoted.  The resolutions creating
such committees or electing its members may provide for a chair of the committee
or  such  selection  may  be left to the committee itself.  The compensation, if
any,  to  be  paid  members  of  the  committees for committee services shall be
established by the board of directors.  (Amended August 17, 1976 and December 8,
2003.)
Section  3.  Removals.
The  board  of  directors  may  remove from the executive committee or any other
committee any member thereof with or without cause.  (Amended December 8, 2003.)
Section  4.  Vacancies.
Any vacancy in the executive committee or any other committee shall be filled by
the  board  of  directors.  (Amended  December  8,  2003.)
ARTICLE  IV
 
Officers  and  Agents
Section  1.  Election  and  Appointment.
The  officers  shall  be  a chief executive officer, a president, a secretary, a
treasurer,  and  such  other  officers  and agents as the board of directors and
executive  committee  may  elect.  The  chief  executive  officer,  president,
treasurer  and  secretary  shall  be  elected annually by the board of directors
after  its  election  by  the shareholders and will hold office for one year and
until  their  successors are elected and qualified.  Any two or more offices may
be  filled  by  the  same person, except the offices of president and secretary.
The other officers and agents shall hold office during the pleasure of the board
of  directors or for such terms as the board of directors or executive committee
shall  prescribe.  Each officer shall, subject to these bylaws, have in addition
to the duties and powers herein set forth such duties and powers as are commonly
incident  to his office, and such duties and powers as the board of directors or
executive committee shall from time to time designate.  (Amended March 20, 1974,
and  May  13,  1981.)
Section  2.  (Repealed  March  20,  1974.)
Section  3.  (Repealed  March  20,  1974.)
Section  4.  Chief  Executive  Officer,  President  and  Vice  Presidents.
The  chief  executive  officer  shall  have  all  powers  and perform all duties
incidental  to  such  office  and,  in  the absence of the chair of the board of
directors,  he  or she shall preside at all meetings of the shareholders and the
board  of directors, and in the absence of the chair of the executive committee,
at  all  meetings  of the executive committee.  The president shall be the chief
administrative  officer of the Corporation and shall have all powers and perform
all  duties incidental thereto.  He or she shall have custody of any treasurer's
bond.  Any  vice  president  shall have such powers as the board of directors or
executive committee shall from time to time designate.  (Amended March 20, 1974;
February  28,  1980,  May  13,  1981  and  December  8,  2003.)
Section  5.  Secretary.
The  secretary shall record all votes and proceedings of the shareholders and of
the  directors  or any executive committee thereof and shall have custody of the
corporate  seal  and  of  the  corporate  records  and  keep such records at the
principal  office  of  the  Corporation.  He  or  she  shall  keep a record book
containing  the  names  of  the  shareholders, their addresses and the number of
shares held by each, the time when they respectively acquired the shares and the
time  of  any  transfer thereof unless a majority of the shareholders approves a
transfer  agent  to keep such record book, rather than the secretary.  He or she
shall  procure  and  file  in  his  own office certified copies of all documents
required  to  be  filed with the secretary of state, except the annual report of
the  company.  In  the  absence  of  the  secretary  at any meeting, a temporary
secretary  shall  be  chosen  to  record  the  proceedings  of  such  meeting.
Any  assistant  secretary  will  have  such  powers as the board of directors or
executive  committee  shall  from time to time designate.  (Amended May 13, 1976
and  December  8,  2003.)
Section  6.  Treasurer.
The  treasurer  shall, subject to the direction and under the supervision of the
board of directors and executive committee, have general charge of the financial
concerns  of  the Corporation and the care and custody of the funds and valuable
papers  of  the Corporation, except his own bond, and he or she shall have power
to endorse for deposit or collection all notes, checks, drafts, etc., payable to
the Corporation or its order, and to accept drafts on behalf of the Corporation.
He  or  she  shall  keep,  or cause to be kept, accurate books of account, which
shall  be  the  property  of  the  Corporation.  If  required  by  the  board of
directors, he or she shall give bond for the faithful performance of his duty in
such  form,  in  such  sum,  and with such sureties as the board of directors or
executive  committee  shall  require.
Any  assistant  treasurer  shall  have  such powers as the board of directors or
executive  committee  shall  from  time to time designate.  (Amended December 8,
2003.)
Section  7.  Removals.
The  board  of  directors  may  remove  from  office any officer or agent of the
Corporation  with  or  without  cause.  (Amended  December  8,  2003.)
Section  8.  Vacancies.
If  the office of any officer or agent, one or more, becomes vacant by reason of
death,  resignation,  removal,  disqualification or otherwise, the directors may
choose  by a majority vote of their entire number a successor or successors, who
shall  hold  office  for  the  unexpired  term, subject to the provisions of the
articles  of  incorporation  and  Section  1  of this Article IV.  The executive
committee  shall have like power to fill any such vacancy in any office to which
the  executive  committee  has  power to appoint, unless such vacancy shall have
been  filled  by  the  board  of  directors.  (Amended  December  8,  2003.)
ARTICLE  V
 
Capital  Stock
Section  1.  Certificates.
Each  shareholder  shall  be entitled to a certificate or certificates signed by
the  president  and  the  treasurer  or  secretary  and  separately by the chief
executive  officer,  if  that  position  is not held by the president, and which
shall  certify  the number and class of paid-up shares held by him or her in the
Corporation.  These  signatures  may  be  facsimiles  if  the  certificate  is
countersigned  by  a transfer agent or registered with and signed by a registrar
other than the Corporation or an employee thereof.  Such certificate shall be in
such form, consistent with the articles of incorporation and Vermont law, as may
be  prescribed  by  the  board  of  directors  or  the executive committee, duly
numbered  and  sealed with the corporate seal of this corporation or a facsimile
thereof.  No certificate for any share of this corporation shall be issued until
it is fully paid.  The board of directors or the executive committee may appoint
one  or  more  transfer  agents  and/or registrars for its stock of any class or
classes and may require stock certificates to be countersigned and/or registered
by  one  or more of them.  In case any officer or officers who shall have signed
or  whose facsimile signature shall have been used or printed on any certificate
or  certificates  for  shares  shall cease to be such officer or officers of the
Corporation before such certificate or certificates shall have been delivered by
the  Corporation,  such  certificate  or  certificates  shall  nevertheless  be
conclusively  deemed  to  have  been  adopted  by the Corporation by the use and
delivery thereof and shall be as effective in all respects as though signed by a
duly  elected,  qualified  and  authorized officer or officers and as though the
person or persons who signed such certificate or certificates or whose facsimile
signature  or signatures had been used thereon had not ceased to be such officer
or  officers of this corporation.  (Amended March 4, 1982 and December 8, 2003.)
Section  2.  Transfer  Books.
The  secretary  or  an  assistant  secretary appointed by the board of directors
shall  keep  the stock and transfer books of the Corporation and a record of all
certificates of stock issued and of all transfers of stock and a register of all
the  shareholders,  their addresses, the number of shares held by each, the time
when  they  acquired  the  shares and the time of any transfers thereof in books
provided  and approved by the board of directors or executive committee for that
purpose,  except that such books may be kept by a transfer agent rather than the
secretary  when such transfer agent is approved by the vote of a majority of the
shareholders.  The transfer books of the capital stock of the Corporation may be
closed  for  such  period  from  time  to  time in anticipation of shareholders'
meetings  or  the declaration or payment of dividends, as the board of directors
or  executive  committee may determine but such period shall not exceed 60 days,
and,  if  the  transfer  books  are  closed  for  the  purpose  of  determining
shareholders entitled to notice of or to vote at a meeting of shareholders, such
books  shall  be closed for at least 10 days immediately preceding such meeting.
In  lieu  of  closing  the  stock  transfer  books  as provided in the preceding
paragraph,  the board of directors or the executive committee may fix in advance
a  date  preceding  the date of any meeting of shareholders, or the date for the
payment  of  any  dividend, or the date for the allotment of rights, or the date
when  any  change, conversion or exchange of capital stock shall go into effect,
as a record date for the determination of the shareholders entitled to notice of
and  to  vote  at  any  such meeting, or entitled to receive payment of any such
dividend,  or  to  any  such  allotment  of rights, or to exercise the rights in
respect of any such change, conversion or exchange of capital stock, and in such
case only such shareholders as shall be shareholders of record on the date fixed
shall  be  entitled to such notice of and to vote at such meeting, or to receive
payment of such dividend, or to receive such allotment of rights, or to exercise
such  rights,  as  the case may be, notwithstanding any transfer of any stock on
the  books of the Corporation after any such record date fixed as aforesaid, but
such  record date shall not in any case be more than 70 days and, in the case of
a  meeting  of shareholders, shall not be less than 10 days prior to the date on
which the particular action, requiring such determination of shareholders, is to
be  taken.  (Amended  March  7,  1994  and  December  8,  2003.)
Section  3.  Transfer  of  Shares.
Subject  to  the restrictions, if any, imposed by the articles of incorporation,
title  to  a certificate of stock and to the shares represented thereby shall be
transferred  only  by  delivery  of  the  certificate  properly  endorsed, or by
delivery  of the certificate accompanied by a written assignment of the same, or
a  written power of attorney to sell, assign, or transfer the same or the shares
represented  thereby,  properly executed; but the person registered on the books
of  the  Corporation  as  the  owner of shares shall have the exclusive right to
receive  dividends  thereon  and  to  vote  thereon as such owner, shall be held
liable  for such calls and assessments, if any, as may lawfully be made thereon,
and except only as may be required by law, may in all respects be treated by the
Corporation  as  the  exclusive  owner  thereof.
It shall be the duty of each shareholder to notify the Corporation of his or her
post  office  address.  (Amended  December  8,  2003.)
Section  4.  Loss  of  Certificates.
In  case  of the alleged loss or destruction, or the mutilation of a certificate
of  stock,  a  duplicate  certificate  may be issued in place thereof, upon such
reasonable  terms  as  the  board  of  directors  may  prescribe.
ARTICLE  VI
 
Seal
     The  seal  of  the Corporation shall, subject to alteration by the board of
directors  or  executive  committee,  consist  of a flat-faced circular die with
words  Green  Mountain  Power Corporation:  Corporate Seal 1893, cut or engraved
thereon.
ARTICLE  VII
 
Execution  of  Papers
     Except as the board of directors or executive committee may generally or in
particular  cases  authorize  the  execution  thereof  in some other manner, all
deeds,  leases,  transfers,  contracts,  bonds,  notes, checks, drafts and other
obligations  made,  accepted  or endorsed by the Corporation, shall be signed by
the  chair of the board, chief executive officer, president, a vice president or
the treasurer, or such other officer or employee as designated in writing by the
president.  (Amended  May  13,  1981,  May  15,  1986  and  December  8,  2003.)
ARTICLE  VIII
 
Fiscal  Year
     Except  as  from time to time otherwise provided by the board of directors,
the  fiscal  year  of  the  Corporation  shall  be  the  calendar  year.
ARTICLE  IX
 
Amendments
     These  bylaws may be amended, altered or repealed by the board of directors
or at any meeting of the shareholders, by the holders of a majority of all stock
issued,  outstanding  and  entitled  to  vote,  provided  notice of the proposed
amendment,  alteration  or  repeal  is  given  in  the  notice  of said meeting.
ARTICLE  X
 
Restrictions  on  Transfer
     The  restrictions  on transfer of Rights to purchase Common Stock contained
in  the  Rights  Agreement  between  the Corporation and ChaseMellon Shareholder
Services,  L.L.C., as Rights Agent (or any successor Rights Agent duly appointed
in  accordance  with the terms of the Rights Agreement), dated as June 17, 1998,
are  hereby  authorized  and  imposed  by  these  bylaws.
ARTICLE  XI
 
Indemnification  and  Insurance
Section  1.  Definitions.
For  purposes  of  this  Article  XI,  the  following  definitions  shall apply:
(a)""Director"  means  an individual who is or was a director of the Corporation
or  an individual who, while a director of the Corporation, is or was serving at
the Corporation's request as a director, officer, partner, trustee, employee, or
agent  of  another  foreign or domestic corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise. A director is considered to be
serving  an employee benefit plan at the Corporation's request if the director's
duties  to  the Corporation also impose duties on, or otherwise involve services
by, the director to the plan or to participants in or beneficiaries of the plan.
"Director"  includes,  unless  the  context  requires  otherwise,  the estate or
personal  representative  of  a  director.
(b)"Expenses"  mean  the  reasonable  costs  incurred  in  connection  with  a
proceeding,  including  reasonable  attorneys'  fees.
(c)"Liability" means the obligation to pay a judgment, settlement, penalty, fine
(including  an excise tax assessed with respect to an employee benefit plan), or
reasonable  expenses  incurred  with  respect  to  a  proceeding.
(d)"Official  capacity"  means:
(i)  when  used  with  respect  to  a  director,  the  office  of  director in a
corporation;  and
(ii)  when  used  with  respect  to  an  individual  other  than  a director, as
contemplated in Section 6 of this Article XI, the office in the Corporation held
by  the officer or the employment agency relationship undertaken by the employee
or  agent  on  behalf  of the Corporation.  "Official capacity" does not include
service  for any other foreign or domestic corporation or any partnership, joint
venture,  trust  employee  benefit  plan,  or  other  enterprise.
(e)"Party"  includes  an  individual  who was, is, or is threatened to be made a
named  defendant  or  respondent  in  a  proceeding.
(f)"Proceeding"  means  any  threatened,  pending,  or completed action, suit or
proceeding,  whether  civil,  criminal,  administrative,  or  investigative  and
whether  formal  or  informal.
(g)"Special  legal counsel" means counsel that has never been an employee of the
Corporation  and  who  has not, and whose firm has not, performed legal services
for the Corporation pertaining to the matter for which indemnification is sought
for  a  period  of  at  least  two  years  before  retention as special counsel.
Section  2.  Authority  to  Indemnify;  Mandatory  Indemnity.
(a)Except  as  provided in Subsection d of this Section 2, the Corporation shall
indemnify  an  individual made a party to a proceeding because the individual is
or  was  a  director  against  liability  incurred  in  the  proceeding  if:
(i)the  director  conducted  himself  or  herself  in  good  faith;
and
(ii)  the  director  reasonably  believed:
(A)  in  the  case  of  conduct  in  the  director's  official capacity with the
Corporation,  that  the  director's  conduct  was  in  its  best  interests; and
(B)  in all other cases, that the director's conduct was at least not opposed to
its  best  interests;  and
(iii)  in  the  case  of  any  proceeding  brought by a governmental entity, the
director had no reasonable cause to believe his or her conduct was unlawful, and
the  director  is not finally found to have engaged in a reckless or intentional
unlawful  act.
(b)  A director's conduct with respect to an employee benefit plan for a purpose
the  director  reasonably believed to be in the interests of the participants in
and  beneficiaries  of  the  plan  is  conduct that satisfies the requirement of
Subsection  (a)(ii)(B)  of  this  Section.
(c)  The termination of a proceeding by judgment, order, settlement, conviction,
or  upon  a  plea  of  nolo  contendere  or  its  equivalent  is not, of itself,
determinative  that  the director did not meet the standard of conduct described
in  this  Section.
(d)  The  Corporation  may  not  indemnify  a  director  under  this  Section:
(i)  in  connection  with  a proceeding by or in the right of the Corporation in
which  the  director  was  adjudged  liable  to  the  Corporation;  or
(ii)  in connection with any other proceeding charging improper personal benefit
to  the  director,  whether  or  not involving action in the director's official
capacity  in  which  the director was adjudged liable on the basis that personal
benefit  was  improperly  received  by  the  director.
(e)  Indemnification  permitted  under  this  Section  2  in  connection  with a
proceeding  by  or  in  the  right  of  the Corporation is limited to reasonable
expenses  incurred  in  connection  with  the  proceeding.
 
Section  3.  Mandatory  Indemnification.
The  Corporation  shall  indemnify  a director who was wholly successful, on the
merits  or otherwise, in the defense of any proceeding to which the director was
a  party  because  the  director is or was a director of the Corporation against
reasonable  expenses incurred by the director in connection with the proceeding.
Section  4.  Advance  for  Expenses.
(a)  The Corporation shall pay for or reimburse the reasonable expenses incurred
by  a director who is a party to a proceeding in advance of final disposition of
the  proceeding  if:
(i)  the  director furnished the Corporation a written affirmation of his or her
good faith belief that the director has met the standard of conduct described in
Section  2  above;
(ii)  the  director  furnishes  the  Corporation a written undertaking, executed
personally or on the director's behalf, to repay the advance if it is ultimately
determined  that  the  director  did  not  meet  the  standard  of  conduct; and
(iii)  a  determination  is  made  that the facts then known to those making the
determination  would  not  preclude  indemnification  under  this  Article  XI.
(b)  The undertaking required by Subsection (a)(ii) of this Section 4 must be an
unlimited general obligation of the director, but need not be secured and may be
accepted  by  the  Corporation  without  reference  to financial ability to make
repayment.
(C)  Determinations  and  authorizations of payments under this Section shall be
made  in  the  manner  specified  in  Section  5  of  this  Article  XI.
Section  5.     Determination  and  Authorization  of  Indemnification.
(a)  Except as provided in Section 4 of this Article XI, the Corporation may not
indemnify  a  director  under  Article  XI  of  these  Bylaws prior to the final
resolution  of a proceeding, whether by judgment, order, settlement, conviction,
plea  or  otherwise,  and  unless  authorized  in  the  specific  case  after  a
determination  has been made that indemnification of the director is permissible
in  the  circumstances  because the director has met the standard of conduct set
forth  in  Section  2  of  this  Article  XI.
(b)  The  determination  required  by  Subsection  (a)  of  this  Section  5, in
accordance  with  the  terms  of  Section  2  of  this Article XI shall be made:
(i)  by  the  Board  of  Directors  by  majority  vote of a quorum consisting of
directors  not  at  the  time  parties  to  the  proceeding;
(ii) if a quorum cannot be obtained under subdivision (i) of this Subsection, by
majority vote of a committee duly designated by the Board of Directors (in which
designation directors who are parties may participate), consisting solely of two
or  more  directors  not  at  the  time  parties  to  the  proceeding;
(iii)  by  written  opinion  of  special  legal  counsel:
(A) selected by the Board of Directors or its committee in the manner prescribed
in  subdivision  (i)  or  (ii);  or
(B)  if  a quorum of the Board of Directors cannot be obtained under subdivision
(i)  and  a  committee  cannot be designated under subdivision (ii), selected by
majority  vote  of the full Board of Directors (in which selection directors who
are  parties  may  participate);  or
(iv)  by  the  shareholders,  but  shares owned by or voted under the control of
directors  who are at the time parties to the proceeding may not be voted on the
determination.
(c)  Authorization  of  indemnification  and  evaluation as to reasonableness of
expenses  shall  be  made  in  the  same  manner  as  the  determination  that
indemnification  is  permissible,  except  that  if the determination is made by
special  legal  counsel,  authorization  of indemnification and evaluation as to
reasonableness  of  expenses  shall  be  made by those entitled under Subsection
(b)(iii)  of  this  Section  5  to  select  counsel.
Section  6.  Indemnification  of  Officers,  Employees  and  Agents.
(a)  An  officer  of  the  Corporation  who  is not a director, and including as
officers  those  persons  described in Section 1 of Article IV of the Bylaws, is
entitled  to  mandatory  indemnification  under  Section  3 of Article XI and is
entitled  to  apply for court-ordered indemnification under the Vermont Business
Corporation  Act,  in  each  case  to  the  same  extent  as  a  director;
(b)The Corporation shall indemnify and advance expenses under this Article XI to
an  officer  of  the  Corporation  who is not a director to the same extent as a
director  and  may  indemnify  and  advance expenses under this Article XI to an
employee  or  agent  of  the Corporation who is not a director or an officer (as
provided  in Subsection (a) of this Section 6) to the same extent as a director.
Section  7.  Non-Exclusivity.
The indemnification provided by this Article XI shall not be deemed exclusive of
any  other  rights  to which those seeking indemnification may be entitled under
any  agreement,  vote  of  shareholders or disinterested directors or otherwise,
both  as to action in his official capacity and as to action in another capacity
while  holding  such office, and shall continue as to a person who has ceased to
be  a director, officer, employee or agent and shall inure to the benefit of the
heirs,  executors  and  administrators  of  such  person.
Section  8.  Insurance.
The Corporation shall have power to purchase and maintain insurance on behalf of
any  person  who  is  or  was  a  director,  officer,  employee  or agent of the
Corporation,  or  who, while a director, officer or employee of the Corporation,
is  or  was  serving  at  the  request  of the Corporation as director, officer,
partner,  trustee, employee or agent of another foreign or domestic corporation,
partnership,  joint  venture,  trust, employee benefit plan or other enterprise,
against liability asserted against or incurred by him or her in that capacity or
arising  out  of his or her status as such director, officer, employee or agent,
whether  or not the Corporation would have power to indemnify him or her against
such  liability  under  the provisions of Sections 2 and 3 of this Article XI or
otherwise  under  the  provisions  of  the  Vermont  Business  Corporation  Act.
Section  9.  Amendment  or  Repeal.
 
 
No  right  provided  to any person pursuant to this Article XI may be reduced or
eliminated by any amendment or repeal of this Article XI with respect to any act
or  omission  occurring  before  such amendment or repeal.  (Amended December 8,
2003).