FOR IMMEDIATE RELEASE: May 7, 2002

CATAMOUNT ENERGY CORPORATION ANNOUNCES JOINT VENTURE

RUTLAND, VT — Catamount Energy Corporation (Catamount) announced today that it has entered into a joint venture agreement with North American Renewables Corporation.

The joint venture, named New England Windpower, will develop, own and operate wind-powered electrical generation facilities in New England. The parties believe this joint development effort in New England will produce a significant number of wind powered megawatts for the market between 2002 and 2004. The joint venture’s principal office shall be located in Rutland.

"We are very pleased to be in this partnership with NAR. NAR’s parent, Group EHN-Iberdrola, has vast experience and success in the wind business, which will enhance our ability to be successful," said Robert Charlebois, managing director of business development at Catamount.

"This fits NAR’s strategy of entering into new markets with a high-quality local partner, such as Catamount. We believe the necessary synergies exist for New England Windpower to become an important wind developer in New England," said Jesus Barberia, NAR’s vice president and general manager.

Catamount, the independent subsidiary of Central Vermont Public Service (NYSE: CV), has been in the business of providing clean, cost-competitive electricity in the U.S. and Europe for over 15 years. In response to opportunities in the renewable energy sector, Catamount has refocused its strategy toward becoming a developer, owner, and operator of wind energy projects. More information on Catamount is available on the Internet at www.catenergy.com.

NAR, with offices in Arlington, VA, is a wholly owned U.S. subsidiary of CADER SA, a Group EHN-Iberdrola Joint Venture, focusing on developing a diversified portfolio of renewable energy projects in North America. Its expertise includes wind resource assessment and siting; technical, financial, and economic project feasibility assessment; WTG selection and procurement; and O&M activities related to large-scale wind generation facilities. More information on NAR is available on the Internet at www.narenewables.com

CONTACT: Cheryl Whelan
Catamount Energy Corporation
802.772.6819 or Fax 802.772.6798
cwhelan@catenergy.com

This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect", or similar expressions. These statements are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, future trends in wind and other projects, acceptance of the Companies products and services in the marketplace, competitive factors, dependence upon third-party vendors, and other risks. By making these forward-looking statements, the Companies undertake no obligation to update these statements for revision or changes after the date of this release.

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