Vermont Public Service Board approves acquisition of Green Mountain Power by Gaz Métro

    MONTREAL, March 27 /CNW Telbec/ - Gaz Métro Limited Partnership
(TSX: GZM.UN), through its wholly owned subsidiary, Northern New England
Energy Corporation (NNEEC), has taken the last regulatory step in the process
to acquire Green Mountain Power Corporation (NYSE:   GMP), the second-largest
electricity distributor in Vermont. The Vermont Public Service Board approved
the agreement and the plan to merge GMP with a wholly owned subsidiary of
NNEEC. That subsidiary includes, among others, Gaz Métro's activities in
Vermont. The transaction is expected to close in the coming weeks.
    "We are very pleased with the decision of the Vermont Public Service
Board and we hope to soon complete the transaction begun in June 2006," said
Sophie Brochu, President and Chief Executive Officer of Gaz Métro.
    Gaz Métro, through its wholly owned subsidiary NNEEC, in June 2006 signed
an offer to purchase GMP for a cash consideration of $35 a share, for a total
purchase price of approximately $187 million US.
    In its decision, the Vermont Public Service Board noted that Gaz Métro's
20-year presence in Vermont through Vermont Gas Systems is a guarantee of its
long-term commitment to energy consumers in the State.
    "Green Mountain Power is known for its responsible management, its
commitment to energy efficiency and its promotion of energy solutions that
respect the environment. These characteristics closely match the culture,
values and initiatives adopted by Gaz Métro, which positively influenced our
decision to acquire the company. We believe that this transaction offers the
potential to strengthen those orientations within both our companies," added

    Green Mountain Power at a glance

    Green Mountain Power is a public service utility whose revenues approach
$250 million US. GMP is the second-largest electricity distributor in Vermont,
with 195 employees working to serve more than 90,000 customers. It transmits,
distributes and sells electricity, as well as offering construction services
for electrical grids in the State of Vermont. Once the transaction is closed,
Green Mountain Power will continue to be managed by the current team based in

    Gaz Métro at a glance

    With more than $2.7 billion of assets and over 1,500 employees in Québec,
Gaz Métro is a leading Québec energy company and one of the largest natural
gas distributors in Canada. It serves some 167,000 customers in Québec through
its approximately 10,000-km underground system, while a subsidiary, Vermont
Gas Systems, serves some 38,000 customers.
    Gaz Métro also holds significant financial interests in two natural gas
transmission companies (Trans-Québec - Maritimes PipeLine and Portland Natural
Gas Transmission System) and in a company that specializes in underground
reservoirs for the storage of natural gas (Intragaz). Subsidiaries of Gaz
Métro offer repair and maintenance services for natural gas equipment (Gaz
Métro Plus), urban air-conditioning and heating systems (CDH Solutions &
Operations), and the rental of water heaters, including electric water heaters
(HydroSolution). Through its various subsidiaries and joint ventures, Gaz
Métro also operates in the diagnosis and rehabilitation of drinking water and
wastewater systems (Aqua Data and Aqua-Rehab) and in fiber-optics (MTO

For further information:

For further information: Frédéric Krikorian, Public Affairs Advisor, Gaz
Métro, (514) 598-3449,; WWW.GAZMETRO.COM

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Gaz Métro

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