Burlington Electric Commission — Burlington, VT
Date: 2025-06-11
Time: 18:00

BURLINGTON
 BOARD OF ELECTRIC COMMISSIONERS
 585 Pine Street
 Burlington, Vermont 05401
 To be held at Burlington Electric Department (and)
 Via Microsoft Teams
 +1 802-489-6254
 Conference ID: 636 059 465#
LARA BONN
MICHELLE HOBBS
SCOTT MOODY, CHAIR
ANDY VOTA
BETHANY WHITAKER, VICE CHAIR
 AGENDA
 Regular Meeting of the Board of Electric Commissioners
 Wednesday, June 11, 2025 – 6:00 PM


1. Agenda

2. Minutes of the May 14, 2025 Meeting

3. Public Forum

4. Commissioners’ Corner (Discussion)

5. Deforest Road electric service and street lighting upgrades (Discussion) – Paul Nadeau

6. Financial review (Discussion) – Emily Stebbins-Wheelock

7. Refinancing of 2014 Series A Revenue Bonds – (Discussion and Vote) – Emily Stebbins-Wheelock

8. GM Update

9. Commissioners’ Check-In
 Attest:

 _________________________________________
 Elena Alexander, Board Clerk

If anyone from the public wishes to speak during the public forum portion of the Commission Meeting and/or wishes to be present for the
Meeting of the Board of Electric Commission via Microsoft Teams, please email ealexander@burlingtonelectric.com to receive a link to the
meeting.




Note: Members of the public may speak during the Public Forum, or when recognized by the Chair during consideration of a specific agenda item.
 DRAFT MINUTES OF REGULAR MEETING
 BURLINGTON ELECTRIC COMMISSION

 Wednesday, May 14, 2025

The regular meeting of the Burlington Electric Commission was convened at 5:01pm on
Wednesday, May 14, 2025, at Burlington Electric Department, 585 Pine Street, Burlington, Vermont,
and on Microsoft Teams.

Attendance
 • Channel 17 was present to record this meeting.
 • Commissioners Lara Bonn, Michelle Hobbs, Scott Moody, Andy Vota, and Bethany Whitaker
 were present.
 • Staff members Elena Alexander, Paul Alexander, Mike Kanarick, Munir Kasti, Ita Meno,
 Darren Springer, and Emily Stebbins-Wheelock were present at 585 Pine St.
 • Staff members James Gibbons and Amber Widmayer were present via Microsoft Teams.

Agenda
Updated materials for agenda item #9 provided.

Meeting Minutes
Commissioner Whitaker made a motion to approve the minutes of the April 9, 2025, Commission
Meeting; Commissioner Vota seconded the motion. Vote: 5 ayes 0 nays.

Public Forum
No members of the public were present.

Commissioners Corner
Commissioner Vota shared that there is inaccurate information on the Burlington City website regarding
Commission meeting times and contact details. Department staff will investigate and correct.

Commissioner Whitaker inquired about EV charging infrastructure in the New North End. While it was
noted that the New North End lacks fast chargers, it was clarified that there are existing Level 2 chargers
available at Hannaford. However, there are challenges in accommodating all requests for EV chargers
due to limited public spaces. Ongoing discussions about installing chargers in schools, including C.P.
Smith, are promising, with plans to potentially extend this initiative to other schools like Flynn, subject to
success. The Parks Department has also been involved in adding chargers at locations like Oakledge Park
and the Waterfront, with further plans for Starr Farm, Leddy, and other parks included in a five-year
plan.


 1
Commissioner Hobbs expressed excitement and apprehension about their new ducted heat pump
system, highlighting the need for Burlington Electric to provide guidance for homeowners unfamiliar
with this technology. They discussed the importance of encouraging proper heat pump usage to
minimize reliance on fossil fuels and were prompted to participate in the ongoing customer surveys to
understand the community's experiences with heat pumps.

General Manager Springer shared that the triennial customer satisfaction survey is now in process. In
addition to required and routine questions, the survey aims to collect data on customers' heat pump
types and their usage patterns, reinforcing the city's commitment to reducing fossil fuel consumption.
Participants were encouraged to share their experiences, especially as discussions continue at the state
level on heat pump efficiency.

General Manager’s Update
General Manager Springer highlighted several key events and initiatives aimed at increasing
community engagement and addressing renewable energy concerns. Notably, two Lake Monsters
events are set for June 18th and July 2nd at 6:35pm, in partnership with Vermont Gas. The aim is to
invite local officials, including the Mayor, to participate in the festivities. General Manager Springer
also announced a new date for the Net Zero Energy Festival, which will be held on Saturday,
September 6th, coinciding with Art Hop, to broaden its audience. The festival will showcase various
activities and is scheduled from 10am to 2pm rain or shine.

In a collaborative effort with Renewable Energy Vermont and UVM, BED hosted the inaugural
Electrify Vermont Summit at UVM. This event exceeded expectations in attendance and interest,
leading to considerations for larger venues in the future. The summit featured a tour of the Georgia
Mountain Community Wind turbines and showcased electric vehicles such as the F150 Lightning
truck, including cooking demonstrations. Keynote speaker Christina Garcia led discussions on the
need for a unified voice in Vermont's electrification industry, which includes various stakeholders.
The event attracted a diverse audience, primarily consisting of utility representatives and energy
practitioners.

BED is set to rent a larger 1.2-megawatt mobile battery for deployment at 585 Pine from June to
September, focused on capturing peak energy demands.

The Commission will be updated on the ongoing negotiations with the other McNeil joint owners,
which are now extended to July 15th. Contracts have been finalized with vendors for studies of
forestry and emissions reductions/efficiency at McNeil.

The Transportation, Utility, and Energy Commission meeting in July will involve Synapse for an
analysis of the energy benchmarking policy passed by the City, assessing various strategies for
efficiency and emissions within the mid-sized commercial sector.

The Commissioners agreed with the General Manager’s request for the June 11, 2025 Commission
meeting to start at 6pm instead of the usual 5pm.


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Commissioner Vota requested updates on the energy efficiency charge fund deficit Public Utility
Commission (PUC) proceeding. General Manager Springer confirmed that comments have been
submitted, and the Department of Public Service and BED appear aligned on moving towards a
resolution with anticipated actions from the PUC.



FY25 March Financials
Ms. Stebbins-Wheelock presented March 2025 financial results. In March 2025, the Department had
an actual net loss of $331,000, outperforming the budgeted net loss of $418,000, resulting in a
positive variance of $87,000. Sales to customers revenues exceeded budget by $227,000, while
other revenues, primarily EEU reimbursements, were favorable by $69,000. No Renewable Energy
Certificate (REC) revenues were budgeted or received this month.

Net power supply costs exceeded the budget by $199,000. Although McNeil's fuel savings were
anticipated, they were outweighed by higher purchased power expenses. Two wind resources
exceeded production expectations and transmission costs were $134,000 higher than projected.
Other operating and maintenance expenses were unfavorable to budget by approximately $105,000.
Other income was approximately $100,000 favorable to budget due to increased interest income
and timing benefits from customer contributions, alongside a small unrealized investment gain.

Year to date, the Department reports $2.6 million in actual net income against a budget of $3.6
million, resulting in an unfavorable variance of $893,000. Commissioner Whitaker questioned REC
delivery delays. Ms. Stebbins-Wheelock replied that because of issues relating to the McNeil RECs
from Q3 2024, which were not properly minted due to the Department’s error, the delivery of
expected RECs in February 2025 was delayed. The Policy and Planning team is acquiring
replacement RECs and anticipates recognizing some REC revenues in April and additional amounts
in May.

Regarding capital spending, year-to-date expenditures total $7.1 million, below the budgeted $9.5
million, representing approximately 60% of the annual capital budget. Commission Chair Moody
expressed concern about purchasing power from ISO New England and the challenges posed by
fluctuating prices. Mr. Gibbons explained that these purchases are mandatory – like all distribution
utilities, BED must purchase energy sufficient to cover its load each hour but is also compensated
for the energy being provided at each hour by its owned and contracted assets and that BED’s
portfolio, especially McNeil, allows us some ability to adjust resource deployment based on
economic factors.

Operating cash stood at $10.2 million as of March 31, slightly under the budgeted $10.7 million. Key
financial indicators included a debt service coverage ratio of 5.08, an adjusted debt service coverage
ratio of 1.32, and a cash-on-hand metric of 152 days including the $10M line of credit.

Commissioner Vota asked for clarification on why the NOx catalyst project was over budget. Ms.
Stebbins-Wheelock confirmed that the production capital expense to-date figure of $2.875 million
does not consider any FEMA reimbursements, which are expected to offset future production
expenses in April results. She promised to research and follow-up on the catalyst replacement cost.
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The current capital forecast suggests total capital spending for FY26 will be approximately $11.2
million, as compared to the budget of $11.7 million.

FY26 Budget
Mr. Springer and Ms. Stebbins-Wheelock summarized the Department’s final proposed budget for
FY26. The budget has allocated approximately $3.6 million towards strategic electrification and
energy efficiency rebates and net-zero energy goals, which is important given anticipated rollbacks
at the federal level and challenges like the Governor's recent announcement to pause certain clean
vehicle programs. Key projects funded in this budget include matching funds for the Building
GIANTS program, which supports load management/demand reduction for residential heat pumps
and commercial customers, and the purchase of a second all-electric bucket truck. The budget also
includes funding for four Level 3 and ten Level 2 EV chargers, aimed at increasing EV use in the
community.

The FY26 capital budget is ambitious at $15.2 million and includes funding for FERC relicensing of
Winooski One, phase 1 of a wood chip dryer at McNeil, ongoing IT Forward projects, $222k in
VELCO equity. A larger VELCO equity investment will be financed through VPPSA, perhaps using the
Vermont Bond Bank to secure better interest rates due to their higher credit rating.

Commissioner Bonn requested more information on the proposed pilot rate to support Building
GIANTS. Mr. Springer responded that BED plans to file a pilot rate for the residential sector that
would allow program participants with mini-split heat pumps to receive a $5/month bill credit in
exchange for letting BED adjust their heat pump settings to manage peak demand.

Mr. Springer discussed several equity and accessibility-related initiatives that are included in the
FY26 budget, including a proposed expansion of its Energy Assistance Program to include
residential shelters and certain affordable housing properties.

The Department has again worked to manage controllable expenses, making cuts of $810,000 to
this budget and assuming $300,000 in vacancy savings. Operating revenues are budgeted to
increase by 7.5% overall and operating expenses are budgeted to increase by 9% with transmission
and fuel costs rising most significantly. FY26 budgeted net income is $2.2 million, which would yield
an adjusted debt service coverage ratio of 1.15 and 135 days’ cash on hand.

Key threats and opportunities discussed included the lack of available renewables to replace
expiring contracts, the uncertainty of federal EV charging grants, rising transmission costs, future
salary/benefits cost increases, new program offerings and software systems that enhance customer
engagement and automation, sales and the effect of strategic electrification, innovation and
potential ownership changes at McNeil, and potential regulatory changes affecting the energy
efficiency utility.

Commissioner Whitaker asked about the pension expense adjustment that is included in the
budget. Ms. Stebbins-Wheelock explained that the Department uses a 3-year average to estimate the
annual expense that needs to be recorded to offset changes in pension liability based on analysis
performed by the City’s actuary. Commissioner Whitaker also asked how the City’s budget or
financial condition affects BED. General Springer responded that the City’s FY26 challenges
 4
primarily involve the General Fund and property taxes, but that the Department is conscious of
those pressures and committed to affordability and partnering with other City departments as
much as possible.

Commissioner Whitaker made the motion to approve the Department’s Fiscal Year 2026 Capital and
Operating Budgets as presented, Commissioner Hobbs seconded the motion; Vote: 5 ayes 0 nays.

FY26 Rate Case
Ms. Stebbins-Wheelock reviewed the presentation made to the Commission in April regarding a
proposed rate increase of up to 4.5% to support the FY26 budget. Historical data shows varied BED
rate changes since 1980, including a notable twelve-year span where no rate increases occurred. In
recent years, increases have been modest, primarily in the single digits, and the continued aim is to
keep them low.

For the past four rate cases, BED has requested a rate change less than what could be justified based
on its cost of service. The cost of service to support the 4.5% increase is still being calculated. If the
cost of service is insufficient to support the proposed increase, the request will be modified
accordingly. Commission Chair Moody inquired if the Department was on track to reduce rate
changes to approximately 3% or less, which would allow for a more streamlined Public Utility
Commission (PUC) approval process. Mr. Springer responded that achieving this goal will depend
largely on future cost-of-living adjustments set by upcoming union contract negotiations and
transmission cost increases, which have risen significantly from $7-8 million to around $11.5
million annually. A moderation in these costs, coupled with revenue growth, could provide more
room to manage expenses without raising rates.

Commissioner Vota asked for clarification between the cost of service and the budget. Ms. Stebbins-
Wheelock explained that the cost of service is based on known and measurable changes to the most
recently audited fiscal period, while the budget can include planned expenditures, assumptions, and
more conservative estimates for financial planning. For instance, certain expected expenses, such as
a potential Hydro Quebec rate increase, are included in the FY26 budget but do not meet the known
& measurable test for inclusion in the cost-of-service calculation.

Mr. Gibbons underscored the differences in power supply cost assumptions based on historical
production and energy forwards, drawing attention to the challenges in forecasting sales growth.

Mr. Springer noted the current upward pressure on natural gas and electric rates across Rhode
Island and Massachusetts and conveyed that BED’s customers are partially insulated from this
volatility due to long-term contracts for renewable resources.

Commissioner Bonn expressed concerns surrounding the efficacy and economic risks associated
with hybrid heat pumps that are used with natural gas heating and advocated for reporting on them
separately than 100% electric heat pumps. Mr. Springer agreed; the Department does incentive
different units differently and is optimistic about air-to-water technologies that promise better
integration into existing heating systems.


 5
Ms. Stebbins-Wheelock presented slides comparing the costs of BED’s electricity to other goods and
services; BED’s residential, commercial, and total rates to average rates in Vermont and New
England; and the projected effect of the proposed increase on average customer bills.

Commissioner Vota requested a summary of the rationale behind the proposed rate increase,
referencing a previous presentation to the Board of Finance that provided essential context. Mr.
Springer responded that Council President Traverse asked a similar question in the earlier meeting.
Each 1% increase equates to approximately half a million dollars. To lower the rate from 4.5% to
3%, the budget would require an additional cut of over $1.5 million dollars, which poses challenges
given that a significant portion of the budget consists of unavoidable, non-discretionary expenses.
This includes fixed costs associated with transmission that cannot be avoided, leading to a
precarious budget situation where further cuts could negatively impact customer service and long-
term sustainability goals, such as achieving net-zero energy. The current budget strives to maintain
incentives, which are viewed as crucial investments in business health, customer relations, and
climate objectives. The strategic restructuring under former General Manager Lunderville resulted
in a leaner staff and long-term cost savings, but aggressive cuts could erode essential capabilities
within the organization.

Commissioner Hobbs asked whether there were any indicators of anticipated trends for the
upcoming fiscal year. General Manager Springer responded that the Department’s goal is to keep
increases in the low to mid-single digits, targeting around 3% as ideal. While some factors affecting
rates are outside the organization’s control, there are optimistic signs regarding sales. Mr. Springer
also noted that a taking full ownership of the McNeil facility may exert additional rate pressure on
Burlington Electric and that transparency about these possible expenses will be essential for
securing community support.

Commissioner Vota made the motion to recommend to the Board of Finance and the City Council
the authorization to pursue a rate case with the Vermont Public Utility Commission in the amount of
4.5% on bills rendered beginning September 1, 2025; Commissioner Bonn seconded the motion.
Vote 5-0 in favor.

Energy Assistance Program Tariff Amendment
Mr. Springer explained that the Energy Assistance Program (EAP) has seen a significant increase in
enrollment this year—triple the previous numbers—due to recent tariff changes that allow
enrollment on an “opt-out” basis and that Ita Meno’s outreach efforts have been instrumental in
raising awareness of the program's availability, particularly for vulnerable populations, including
unhoused individuals. A residential shelter serving the unhoused community contacted BED
regarding challenges with their energy bills, as they are on the large general service rate that can
carry significant demand charges. To address this, the Department is proposing changes to make
similar shelters eligible for the EAP.

Similarly, affordable housing providers who pay the electric bills of their residents are currently
ineligible for the EAP. The proposed tariff changes will allow these types of customers, with the
crucial requirement that affordable housing entities must share any benefits they receive directly
with the residents they serve.

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Ms. Stebbins-Wheelock added that the proposed tariff revisions will also allow net-metered
customers to be eligible for the EAP.

Commissioner Vota complimented the staff on bringing this proposal forward. Commissioner Vota
asked whether certain entities, like the University of Vermont (UVM), could qualify under these new
provisions. Staff responded that UVM would not likely fit the criteria since the program is
specifically aimed at nonprofit affordable housing providers, although individual students who
qualify might be able to benefit, and that the intent is that all residents of a property must be
income-qualified in order for the property to qualify for the rate.

Concerns about potential ambiguities in eligibility language were raised, particularly regarding the
use of the term "may," which could unintentionally restrict access to the program for eligible parties.

Commissioner Vota moved to recommend that the Board of Finance and City Council authorize BED
to submit the proposed changes to the Energy Assistance Program tariff, with the removal of the
word “may” in item 2 under terms and conditions as discussed, to the Vermont Public Utility
Commission for approval; Commissioner Bonn seconded the motion. Vote 5-0.

REC Process Reforms
Mr. Springer stated that the Department has reviewed its processes and procedures related to REC
(Renewable Energy Certificates) to address a prior error that affected REC revenues. While the
Department has discussed this with the Commission in executive session previously, this public
session discussion follows successful settlement of REC contracts with counterparties. The
Commission has been provided with a memo from BED to the Department of Public Service
Commissioner detailing the issue and a Business Process Document outlining the revised
procedures based on extensive, multidisciplinary meetings led by Ms. Stebbins-Wheelock. The
revised business process covers both REC creation and required environmental reporting to ensure
proper qualification of these certificates. The new process is intended to reduce risk by including
more personnel in key tasks, centralizing access through secure systems, and implementing
verification processes for critical tasks.

The recent error has resulted in reduced REC revenues for FY25. Despite this management is
projecting year-end net income to align with budget projections thanks to positive offsets, including
increased sales to customers revenue. The Department is not planning to amortize this loss through
regulatory accounting treatment; it will be absorbed in FY25 and does not affect the rate need for
FY26.

Commissioner Bonn asked for a report on the conversation with the Department of Public Service
on this issue and what the outcome of seeking regulatory relief in Connecticut was. Mr. Springer
responded that the DPS was interested in our undertaking this process review and provided some
discrete feedback on our process memo. BED appreciates the DPS’s collaboration regarding
regulatory relief in Connecticut, which did not yield favorable results. BED will seek to apply the
 7
McNeil RECs from Q3 2024 to its Vermont’s Tier 1 obligation, which will offer some financial
mitigation. Commissioner Hobbs asked about any impacts on future REC sales. Mr. Springer and Mr.
Gibbons responded that there was no anticipated impact on future REC sales, as the organization
had completed obligations satisfactorily. The only pending sale involves acquiring necessary RECs
from Green Mountain Power.


General Obligation Bond
Ms. Stebbins-Wheelock explained that the City charter allows the issuance of a $3 million annual
general obligation bond for electric plant capital improvements, contingent on the Electric
Commission approval. Once approved, the proposal goes to the City Council for inclusion in the
City’s annual general obligation bond issuance, usually in the fall.

Commissioner Hobbs made a motion to recommend to the Board of Finance and the City Council to
authorize and direct the Chief Administrative Officer to pledge the credit of the City by issuing
general obligation bonds or a bond anticipation note in the amount of $3,000,000 for the 2026 fiscal
year for capital improvements, additions, and replacements for the efficient and economical
operation of the electric department; Commissioner Whitaker seconded the motion. Vote 5-0.

Line of Credit Extension
Mr. Springer and Ms. Stebbins-Wheelock updated the Commission that the Department intends to
renew its line of credit agreement with M&T Bank. The agreement provides for annual renewals for
successive two-year terms. Bond counsel has advised that the agreement allows the Chief
Administrative Officer (CAO) to approve the renewal. M&T Bank has offered to renew the
agreement under the existing terms this year.

Commissioners’ Check-In
General Manager Springer provided an update on the NOx catalyst project from earlier discussions.
It was clarified that the project is not overspent but rather underspent due to its incomplete status,
originally intended for the spring outage but now shifted to fiscal 2026 during the fall outage. While
the budgeted amount was over $400,000, actual spending is approximately $250,000. The
misunderstanding stemmed from a misinterpretation of the information packet, with clarification
that despite generation capital being overspent overall, the specific catalyst replacement at the
McNeil plant is well under budget. Additionally, the status of FEMA reimbursements for Winooski
One flood damage was addressed; two payments have been received, with at least one expected to
be recorded in April. The latest projection suggests that the net income will remain within $200,000
to $300,000 of the budget, assuming no unforeseen disruptions like those experienced in 2020.

Adjourn
Commissioner Whitaker made a motion to adjourn; the motion was seconded by Commissioner
Hobbs, Commission vote; 5 ayes 0 nays.

 8
The meeting of the Burlington Electric Commission adjourned at 7:21p.m.

Microsoft Teams transcript used to create minutes drafted by Elena Alexander, Board Clerk, edited by
Emily Stebbins-Wheelock, CFO & Manager of Strategy and Innovation.

 Attest: _______________________________________________
 Elena Alexander, Board Clerk




 9
To: Burlington Board of Electric Commissioners

From: Darren Springer, General Manager

Date: June 6, 2025

Subject: May 2025 Highlights of Department Activities



General Manager – Darren Springer
 • New Format for Commission Report in July – Following feedback from Commissioners
 including suggestions from Commissioner Vota, BED will revamp the Commission report for
 July to be more concise and strategically focused.
 • 2025-2026 Strategic Direction – BED will present an updated draft with proposed
 changes to the Commission in July for review.
 • Regulatory items – BED is in the midst of a relatively high level of engagement in the
 regulatory space. BED is working hard to timely respond to various inquiries and docket
 deadlines.
 • Connecticut Legislation – BED has tracked legislation now signed in Connecticut that
 makes some changes to their RPS, including regarding biomass eligibility. BED counsel is
 reviewing the legislation so we can understand what impacts there are for McNeil and will
 keep the Commission updated.
 • Battery RFP – BED reopened our battery storage RFP seeking updated bids that reflect the
 new tariff environment and potential incentive changes in federal legislation.
 • Energy Benchmarking/BERO – BED has started work with Synapse to model scenarios on
 future BERO requirements and cost/benefit using real world data from Burlington.
 Expecting to have something to present at TEUC meeting in July.
 • McNeil studies – Both the emissions reduction and forestry study vendors are under
 contract and have begun with kick off meetings. Both consultants will be present at the
 upcoming June TEUC meeting to hear ideas or input from members of the public. In
 addition, BED expects more information from a different vendor looking at the wood chip
 dryer project soon.
 • FY26 rates and EAP program – After Commission review and approval, both the FY26 rate
 change and the Energy Assistance Program expansion were approved unanimously at City
 Council. Next is filing with PUC.

Center for Innovation – Emily Stebbins-Wheelock
• PUC/regulatory activity:
 o McNeil forestry reporting docket – filed response to public comments
 o Drafted responses to PUC in EEC fund deficit docket; consulted with DPS
 May 2025 – Department Highlights



 o Filed motion to amend 2024 rate case due to error in filed cost of service
 o Preparing 2025 rate case: continued work on cost of service supporting calculation
 o Changes to Energy Assistance Program tariff to support shelters/affordable housing
 approved by City Council. Created a database of potentially eligible properties to
 support outreach and estimate revenue impact.
 o Drafting response to PUC questions about Moduly battery pilot
 o VT Flexible Load Management Group participation
 o Communication with DPS on TEPF uses, EEU processes, and Operating Guidelines
• IT Forward:
 o Customer Information System: Work continued on Discovery/Analysis phase.
 Configuration work has begun and Data Iteration 1.0 was completed.
 o Financial Information System RFP: working with City to partner on RFP process. RFP
 release planned for mid-June.
 o Distributed Energy Resource Management System: RFP responses were due 5/9.
 Functional team working on scoring matrices and scheduling vendor demos.
 o Work & Asset Management System: BED completed a second round of pre-RFP demos
 focused on BED- specific scenarios.
 o Phase 3 of Survalent SCADA/ADMS project work continues; Engineering working
 through data.
• Grants:
 o Continuing to work with FEMA and VT Dept of Public Safety on grants for July 2023 and
 July 2024 flood damage at Winooski One.
 o Monitoring changes in federal and state funding following change in Presidential
 administration.
 o Building GIANTS – signed amendment with DOE requiring additional reporting;
 working on Dynamic Organics and device vendor contracting
• Winooski One FERC relicensing - met with US Fish & Wildlife; reviewing minimum flow
 procedures
• Continuing work on economic analysis to support McNeil joint owner negotiations.
• Began work on preparing for annual financial statement audit with KPMG, including new FERC
 standard and Uniform Guidance Single Audit requirements.
• Continued efforts to finalize process for Water Resources renter assistance program via credit
 on electric bills.
• Continued work on updating financial policies and procedures.
• Continued work on preparing an RFP for a procurement card program, and related updates to
 BED’s internal credit card policy.
• Gas Turbine server refresh: IT working closely with the Engineering team.
• New core network switching was brought into production.
• Work to upgrade user computers to Windows 11.
• Work to replace production and development database servers.
• Legislative season conclusion– in person monitoring and reporting on bills/proceedings
• Assisting Engineering and Generation with rubber dam project closeout
• Final 2024 REC purchases – all sales delivered


 Page 2
 May 2025 – Department Highlights



• Kicked off Defeat the Peak for 2025
• Executed agreement with Viridi for mobile battery
• Reviewed applications for customer segmentation analysis fellowship (funded by UVM’s
 Grossman’s School of Business) and scheduled interviews.
• Continued work with Building Electrification Institute on BERO.
• Organized May employee Lunch & Learn with City of Burlington GIS specialist Warren Rich and
 Ita Meno on using GIS as a tool to map customer rebate distribution.
• Outreach/engagement:
 o Continued participation on the State of Vermont’s Cybersecurity Advisory Board.
 o DeltaClimeVT 2025 webinar presentation
 o Led school group tour of Winooski One
 o Tabled at the Fletcher Free Library, King St Laundry, Family Room, Family Room’s
 Latine Paperwork Night, Spring Health Clinic, Legal Clinic and (in conjunction with VGS
 and EVT) Energy Clinic.
 o Participated in UVM’s Spring Move Out event, handing out over 80 reminders to
 departing students to schedule their service stop.
 o Rolled out DEED-funded weatherization video and wrote the first draft of heating and
 cooling video. Connected with Vermont Energy Education Project on future
 collaboration, including sharing the Weatherization video with accompanying hands-on
 activity. Submitted DEED quarterly report.
 o Co-facilitated Mayor’s Climate Advisors meeting on solid waste, recycling and compost
 and prepped for subsequent meeting on food, farms and gardens.
 o In conjunction with Communications team, dropped podcast episode featuring Brian
 Leet of Freeman French Freeman on BHS progress. Scheduled recordings with CSWD
 and New Frameworks on bio-based building materials.
 o Presented at May Bio-Based Materials Collective Summit at Main Street Landing and
 orchestrated involvement of City of Burlington Planning Department staff.
 o Presented NZE Roadmap to members of Global Leadership Program, VT Council on
 World Affairs.
 o Joined Communications team in hosting demo of F150 Lightning and induction cooking
 hob for May Department Head meeting.
 o As part of the Mayor’s Citywide Public Engagement team, started process for creation of
 a Community Engagement Guide for the City of Burlington – a collaboration that
 includes BED, Planning, DPW and DPRW.
 o Attended EAN Climate Workforce Coalition forum with Senator Peter Welch to
 understand how Congressional policy and budge decisions may impact Vermont’s
 energy transformation and climate action activities.

Center for Safety and Risk Management – Paul Alexander
Safety
 • Completed review & inspection of Train Trestle procedures.
 • McNeil REC Team formed and led input of GIS NEPOOL data for 1st quarter 2025.
 • Finalized updated Hot Work permit for McNeil Generation



 Page 3
 May 2025 – Department Highlights



• Chaired BED Ops Safety Committee
• Conducted weekly operational safety/ops meeting.
• Completed inspection of fire extinguishers in Operations & Substations.
• Provided operations/generation supervisors weekly safety summary.
• Completed weekly OSHA 300 reporting.

Environmental
 • Conducted make up wastewater sampling, completing the NOAV action items
 • Led the McNeil Insurance site walkthrough
 • Continued with Generation IT infrastructure upgrades
 • Conducted tubular air heater leak testing
 • Led cooling tower nozzle inspection work and trained new staff in the process
 • Worked with ANR permit division on our Title V permit renewal
 • Working with VHB on Soil Management Plan for Construction work at 585 Pine Street.
Risk Management
 • New Claims Investigations (3 total: 1 pole, 1 liability, 1 False claim).
 • Review FY’25 and FY’26 capital items (EV charging station project)
 • Continued (extensive) work on Small Claims Court case
 • Attend generation asset REC process meeting
 • Attend RIMS conference
 • Attend BEC and BOF meetings
 • Review FOB access/accounts
 • Review SCADA T&C, GT roof, Battery Storage
 • Work with BPD and landowner on transient issues
 • Coordinate Zurich/AIG’s extensive all-day Property tour of McNeil (5/20)
 • Follow-up with BPD for on-site backup Emergency Ops Center (EOC)
 • Submit revisions re: BED’s report to the Mayor
 • Attend meeting on COB’s contract template portal
 • Obtain updated TIV info from Finance for insurance agent
 • Attend NZE Planning meetings
 • Attend Cyber security monthly meeting
 • Review Temp agency contract language for CC
 • Follow-up meeting held for NPCC Self-audit (PRC-005, PRC-006) with USI and Engineering

Purchasing/General Services
 • SCADA Office Remodel started
 • Prep Yard for 585 Pine St New Level 2 Chargers Project
 • 585 Pine St New Level 2 Chargers Project started
 • Moosalamoo Conference Room TV & Video System
 • Awarded GT Roof Replacement RFP
 • Millyard worked to get Contractor to Repair Lawn
 • Installed New Batteries & Light for Fire Inspection Report
 • Sold Old C-1 Locator Truck
 • Set up Area for the Test Battery Storage Unit @ Pine St




 Page 4
 May 2025 – Department Highlights



Center for Operations & Reliability – Munir Kasti
Engineering, Grid Services & Operations
• Completed work on North Street to replace the primary and neutral conductors, concluding
 with an overnight outage to finalize the new connection point.
• Completed the final service installations and removals at Summit Ridge.
• Continued work on Battery Street to replace the old underground primary conductors.
• Continued the rebuild of the aerial circuit on South Cove Road and Dunder Road.
• Completed an early morning outage to upgrade the service at 78 Pine Street, which included
 upgrading the underground transformer bank at the corner of Pine and College Streets.
• Completed two early morning outages to upgrade pad-mounted transformers at the UVM Aiken
 Center and the Stafford Greenhouse.
• Completed testing of protective relays at McNeil and Queen City related to Underfrequency
 Loadshedding requirements.
• Issued estimates for service upgrades on Mansfield Avenue and UVM’s Living and Learning
 Center.
• Issued work orders for service upgrades on North Winooski Avenue, Park Street and Front
 Street.
• Completed service upgrades on Pine Street, Front Street and Park Street.
• Energized a new service at UVM for an electric vehicle charging parking lot near Centennial
 Field.
• Completed aerial relocations at Pine Street and King Street related to the Champlain Parkway
 project.
• Completed aerial relocations at Pine Street and Maple Street related to the Champlain Parkway
 project.
• Started civil work related to the installation of new fleet level 2 EVSE chargers at 585 Pine
 Street.
• Temporarily removed a street light pole at Main Street for contractor work related to the Great
 Streets Main Street project.
• Participated in meetings and workshops related to Phase 3 of the SCADA/ADMS upgrade.
• Participated in meetings related to the upgrade of the Customer Information System (CIS).
• Participated in meetings related to the upgrade of the Work Asset Management System
 (WAMS).
• Participated in meetings related to DPW-led projects on Champlain Parkway and Main Street.

SAIFI & CAIDI Outage Metrics:
BED’s distribution system experienced 14 outages in May 2025 (2 unscheduled and 12 scheduled).
BED’s SAIFI for the Month of May was 0.03 interruptions per customer and CAIDI was 1.16 hours
per interruption. BED's YTD SAIFI is 0.17 interruptions per customer and YTD CAIDI is 1.16 hours
per interruption.

The following figure shows BED’s historical YTD SAIFI and CAIDI:




 Page 5
 May 2025 – Department Highlights




The following figure shows BED’s historical May SAIFI and CAIDI:




The following figure shows BED’s historical Unplanned Outages:




Generation

McNeil Generating Station
Month Generation: 13,684 MWh
YTD Generation: 82,762 MWh
Month Capacity Factor: 36.8%
Month Availability: 67.0%
Hours of Operation: 313.3 hours




 Page 6
 May 2025 – Department Highlights



ISO New England has approved the McNeil Fall outage set for October 18, 2025 to November 9,
2025.

Winooski One Hydroelectric Station
Monthly Generation: 2,805.22 MWh (80.1% of average)
YTD Generation: 10,289.83 MWh (65.1% of average)
Month Capacity Factor: 55.9%
Annual Capacity Factor: 38.3%
Month Availability: 70% due to problems with Generator 1 gates

Routine maintenance, preventative maintenance, and process improvements were conducted at
Winooski One in May. We were unable to generate more than 400kW with Generator 1 due to its
gates being unable to open more than 30% and were unable to generate more than 1800kW with
Generator 2 due to problems with its Digital Excitation Control System. A replacement part is on
site and technicians are working on installation.

Burlington Gas Turbine
Month Generation: 21.97 MWh
YTD Generation: 83.59 MWh
Month Capacity Factor: 0.12%
Month Availability: 89.33%
Hours of Operation Unit A: 1.15 hours
Hours of Operation Unit B: 1.15 hours

The GT was successfully dispatched in May.

Solar (Pine Street 107 kW)
Month Generation: 11 MWh (-28% from previous year)
YTD Generation: 36 MWh
Month Capacity Factor: 14.8%
Month Availability: 100%

Solar (Airport 499 kW)
Month Generation: 62 MWh (-22% from previous year)
YTD Generation: 158 MWh
Month Capacity Factor: 16.7%
Month Availability: 100%

Center for Customer Care & Energy Services – Mike Kanarick
Customer Care
• Call Answer Time (75% in 20 seconds): May 2025 61.4%, April 86.1%, March 90.3%,
 February 89.6%, January 86.4%, December 2024 83.4%. May 2024 69.2%, April 85.8%, March
 87.7%, February 87.7%, January 86.7%, December 2023 88.6%. Monthly # calls increased
 60% (2,205 to 3,528) from last month. Tremendous increase (6.5x) in use of web
 requests for termination and new service – up from 73 to 480 since last month.



 Page 7
 May 2025 – Department Highlights



• May 2025 Stats: please see dashboard for additional metrics categories.




 Complaints to DPS about Customer Care Team
 6 5




 # of Complaints
 5
 4
 3
 2 1
 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0
 0




 Calendar Year




Communications and Marketing
• Juneteenth: the City of Burlington will celebrate Juneteenth on Saturday, June 21 from 2 to
 10pm in City Hall Park and on the Church Street Marketplace. BED plans to be part of this
 important celebration with energy experts and a BED Ford F-150 Lightning electric truck that
 we will use to power a stove to prepare treats for visitors to our tent.
• Lake Monsters Customer Appreciation Nights: BED will be partnering again with VGS in joining
 our Vermont Lake Monsters friends at the ballpark for games on Wednesday, June 18 vs. New
 Britain Bees and Wednesday, July 2 vs. Worcester Bravehearts. To show our appreciation for
 our customers, the BED energy experts will be in our tent on the Centennial Field concourse


 Page 8
 May 2025 – Department Highlights



 giving away custom-designed baseball caps and answering any questions our customers may
 have.
• Net Zero Energy Festival – A Supercharged Day of Family Fun: please mark your calendars for
 Saturday, September 6, 2025 (rain or shine), from 10:00am to 2:00pm at BED. This year, we
 have partnered with the South End Arts and Business Association (SEABA) and will be holding
 the festival on the Saturday of Art Hop weekend. To further our NZE progress, we’ll have
 activities for people of all ages focused on reducing fossil fuel use and electrifying everything,
 including: renewably-powered food trucks; games and activities for children; Star 92.9’s radio
 personalities Mike & Mary; raffles; E-bike test rides; EV showcase; mobile bike repair unit; bike
 parking; BED partners providing heat pump, solar, and electric lawn care products; carshare
 and biking partners; BED energy experts; and more.
• Full website visits for May 2025




• Top-performing Facebook & Instagram posts (note logo in lower right corner of each photo)

Defeat the Peak




Energy Services
UVM
• Fleming Museum / Air Cooled Chiller Replacement – Final installation of a new 50-ton air
 cooled chiller for this museum was completed this month. BED completed a site visit and
 confirmed that commissioning is complete, and the unit is in full operation. We have also
 confirmed the installation of several additional energy savings measures which involve the
 addition of VFDs to the CHW pumps and the AHU1 supply fan.
• Health Science Research / Absorption Chiller Replacement – One of two steam absorption
 chillers in this research building is in process to be replaced with a 1000-ton electric chiller.
 DDC trending data was used to calculate the steam / natural gas offset from the old absorption
 chiller. Final NG offset calculations have been completed and BED has developed a Tier 3 offer
 for this project. BED completed a site visit last month, where the final piping for the chiller was
 in progress. We are still awaiting final commissioning and start-up of the electric chiller, which
 is expected for early June.




 Page 9
 May 2025 – Department Highlights



• Stafford Research Building / Central Chiller Upgrade – The conversion of this building to the
 central chiller plant service was completed, allowing four inefficient air-cooled chillers in the
 Stafford building to be taken out of service. The KWH savings for this project were calculated
 through engineering analysis several months ago. This month, data was available for the KW
 savings to also be confirmed, and this project has now been completed with the incentive paid
 out to the owner.
• Hula Office Complex / UVM Geothermal Analysis – BED is working with the owner of Hula and a
 UVM Professor to study the geothermal system that is the basis of the mechanical systems for
 this large office complex on the shore of Lake Champlain. Energy modeling will be used as a key
 tool to analyze existing mechanical system operation and determine if improvements can be
 made in the sequence of operations. Thermal storage system opportunities will also be
 explored. This investigation will be used as a teaching tool for the professor for her Department
 of Civil and Environmental Engineering student classes.

 UVMMC
• Medical Center / Dermatology EP3 LED Lighting Upgrade – The lighting upgrade on the third
  floor of the ACC building at the main campus is in-progress. The scope of work includes slightly
  over QTY=100 fixtures of various styles, mostly 2x2 and 2x4 configurations. These are all
  sensor-enabled mesh-networked fixtures that allow flexible control of lighting activity during
  both occupied and unoccupied periods.
• Baird 4 dish room renovation – ES provided guidance and incentives for UVMMC to strategically
  electrify the main dish and ware washing operation for the hospital.

Other Services
• Zero Gravity Brewery / Energy Efficiency Study – A site walk-through is set up for early next
 month between the owner, VGS and BED to develop a plan for increasing energy efficiency in
 their brewing process. The study scope will include the attached restaurant and bar areas. This
 collaboration was initiated through the actions of the Burlington 2030 District, of which Zero
 Gravity is a recent member. BED was involved in a compressed air system upgrade with this
 company in the recent past and provided an incentive for that project. Analysis of the energy
 use of this facility suggests that significant energy efficiency opportunities still exist in the
 building.
• Cambrian Rise / Building M New Construction – This large multifamily of 120 units was
 completed and began to be occupied in late summer, 2024. BED has preliminary energy savings
 results based on the latest energy model, and supplied a final rebate offer to the customer this
 month.
• Cambrian Rise / Building BG New Construction – This is 100+ unit market-rate multifamily
 building. BED is working with the owner and the energy modeler to have a calibration proposal
 developed. An update of the energy model was completed during February, incorporating some
 changes in the design. Work on the calibration continued during April. This month, discussion
 continued with the modeler on the final adjustments needed to make the model accurately re-
 create how the building actually operates. This final model calibration will allow a second
 incentive payment to be made, and final savings for the project to be claimed.



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 May 2025 – Department Highlights



• Cambrian Rise Building H / CHT Low Income MF Apartments and Condos – This month BED
 received the latest updated drawings for construction for both Phase 1 (QTY=40-unit
 apartment building) and Phase 2 (QTY=30 units of condos). Phase 1 will be breaking ground
 next month and its mechanical operations will be supported by a closed-loop geothermal
 system.
• City Place South / Apartments and Hotel – This project in the downtown core of Burlington is
 nearing completion. It consists of 46,000 SF of residential space, 74,000 SF of hotel and 13,000
 SF of retail space. BED received the updated energy modelling reports for the project this
 month, which we are in the process of evaluating. This significant part of the City Place
 development plan will be occupied likely in late summer or early fall of this year.
• BHA Decker Towers – DOAS RTU replacement at EOL – Energy savings/fuel switch estimate
 predicts that electrification of heating load is now cost effective down to 5 F outside air temp,
 given the current VGS rates. This is a large movement to a lower threshold for heat pump
 operation. Careful monitoring of real-world outcome will be required.

Electric Vehicles
• The EVSE (ChargePoint, Flo & AmpUp) dispensed a total of 36.7MWh and supported 2,013
 sessions.
• The ChargePoint EVSE served 850 unique drivers.
• The top 3 sales on the ChargePoint network were 103kWh, 103kWh, and 111kWh and occurred
 at the Cherry St Garage, the College St. Garage the Pease Lot DCFC.
• Approximately 36% (or 13.3MWh) of the energy sold from the entire network is attributed to
 the Pine St., Marketplace Garage, and Pease Lot DCFC’s.
• The Maple St. drop down station charger failed on Mar. 25. The station was returned to the
 manufacturer on Mar. 31. The station was returned to BED on May 7. The station hasn’t
 reconnected to the network. We pursued with AmpUp and they steered us back to
 manufacturer.
• DCFC’s BE05 and BE06 require replacement power modules and have been charging at 50%
 (~30kW). The BE05 Front Power Module failed May 27th. The BE06 Rear Power Module failed
 May 18th.
• The single port station located at the corner of Main St. and St. Paul St. was removed from
 service on May 30th due to Main St. redesign project.
• The Church St. and Main St (BE01). station has been blocked for the entire month of May.
• The Time of Use pricing functionality offered through AmpUp has been programmed from
 12AM-12PM. There are a number of issues that their software team is resolving.
• Session Count plot, Dispensed Energy plot, and Location Table from the public charging network
 below.




 Page 11
 0.0 10.0 20.0 30.0 40.0 50.0


 May-24


 Jun-24


 Jul-24


 Aug-24


 Sep-24


 Oct-24


 Nov-24


 Dec-24
 Dispensed MWh

 Jan-25


 Feb-25


 Mar-25


 Apr-25
 May 2025 – Department Highlights

 May-25
Page 12
 May 2025 – Department Highlights



 Provider Location #Ports / L2 or DCFC kWh % of Total
 ChargePoint Church & Main 2/L2 0.0 0.0%
 ChargePoint Cherry St Garage 2/L2 1,880 5.1%
 ChargePoint Cherry St Garage 2/L2 2,585 7.1%
 ChargePoint 585 Pine St. 2/L2 983 2.7%
 ChargePoint 585 Pine St. 1/DCFC 5,134 14.0%
 ChargePoint Marketplace Garage 1/DCFC 3,604 9.8%
 ChargePoint 617 Main St. | UVM 2/L2 896 2.4%
 ChargePoint 81 Carrigan Dr. | UVM 2/L2 750 2.0%
 ChargePoint 210 Colchester Ave. | UVM 2/L2 1,058 2.9%
 ChargePoint 146 Univ. Pl | UVM 2/L2 1,061 2.9%
 ChargePoint 95 Summit St. | CC 2/L2 754 2.1%
 ChargePoint Hannaford 2/L2 1,207 3.3%
 ChargePoint Hannaford 2/L2 643 1.8%
 ChargePoint 175 Lakeside Ave. | CC 2/L2 489 1.3%
 ChargePoint 122 Main St. 1/L2 235 0.6%
 ChargePoint College St. Garage 2/L2 2,135 5.8%
 ChargePoint College St. Garage 2/L2 2,890 7.9%
 ChargePoint Oakledge Park 2/L2 1,300 3.5%
 ChargePoint Pease Lot 1/DCFC 4,548 12.4%
 Sub Total 32,151 87.8%
 AmpUp 33-35 Intervale Ave 1/L2 617 1.7%
 AmpUp 141 Maple St 1/L2 0 0.0%
 AmpUp 11 Spruce St 1/L2 674 1.8%
 AmpUp 39 Front St 1/L2 852 2.3%
 AmpUp 33 Murray St 1/L2 351 1.0%
 Sub Total 2494 6.8%
 FLO 585 Pine St. 2/L2 1,980 5.4%
 Sub Total 1,980 5.4%
 Total 36,625 100.0%


• Number of EV and PHEV rebates to date – 1,041(of this 234 LMI rebates to date as shown
 below)
 - New All Electric Vehicle – 473
 - New All Electric Vehicle (High-Mileage Driver) – 1
 - New All Electric Vehicle (LMI) – 128
 - New PHEV – 206
 - New PHEV (LMI) – 54
 - Used All Electric Vehicle – 85
 - Used All Electric Vehicle (LMI) – 37
 - Used PHEV- 42
 - Used PHEV (LMI) – 15
 - New All Electric Vehicle ($60K plus) – 26
 - New PHEV ($60K plus) – 4




 Page 13
 May 2025 – Department Highlights



• Number of customers currently participating in the new EV Charging Rate- 382
• Number of E-Motorcycle rebates to date – 2

Electric Vehicle Charging Stations
• Number of home EV charging stations rebates to date – 319
• Number of Multi-family EV charging stations rebates to date – 2
• Number of Multi-family Non-EVmatch-LMI charging stations rebates to date (LMI) – 3
• Number of Multi-family EVmatch Public charging stations rebates to date – 6
• Number of Multifamily EVmatch Non-Public – 9
• Number of Multi-family Non-EVmatch charging stations rebates to date – 3
• Number of Multifamily EVmatch Non-Public – LMI – 1
• Number of Multifamily Non-EVmatch Non-Public – LMI – 8
• Number of Level 2 Workplace charging stations rebates to date – 35

Electric Lawn Equipment to Date
• Number of e-mower rebates to date – 836 (11 commercial & 825residential)
• Number of e-leaf blowers to date – 114
• Number of Residential e-Trimmers – 134
• Number of Residential e-chainsaws – 30

Heat Pump Installations to Date
Total Heat Pump Installations including Multi-Family New Construction Projects & Installations in
existing buildings since the September 2019 NZEC announcement –
 - 2,983 installations

Installations since the September 2019 NZEC announcement
Number of Heat Pump Technology rebates to date- 1,490 (of this 191 LMI rebates to date as shown
below)
 o Number of ductless heat pumps to date – 855
 o Number of LMI eligible ductless heat pumps to date – 159
 o Number of centrally ducted heat pumps to date – 321
 o Number of LMI eligible centrally ducted heat pumps to date – 18
 o Number of air-to-water heat pumps to date – 3
 o Number of commercial VRF heat pump systems to date – 3
 o Number of geo-thermal heat pump systems to date – 1
 o Number of heat pump hot water heaters to date – 116
 o Number of LMI eligible heat pump hot water heaters participants to date – 14

Electric E-Bikes to Date
• Number of e-bike rebates to date – 857

Electric Induction Stovetops to Date (new offering in Jan 2021)
• Number of induction Stovetops rebates to date – 99

Electric Snow Blowers to Date (new offering in Jan 2022)
• Number of snow blower rebates to date – 37


 Page 14
 BED 2024-2025
 Strategic Direction Dashboard


 May 2025 April 2025 March 2025 February January 2025 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly
 Target Actuals Actuals Actuals 2025 Actuals  Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual
Engage Customers and Community
Call answer time 75% within 20 seconds 75% 61% 86% 90% 90% 86% avg 81% avg 82% avg 82% avg 82% avg 81%
Delinquent accounts >$500 0 242 246 323 287 251 avg 223 avg 168 avg 188 avg 529 avg 201
Disconnects for non-payment 0 31 153 10 1 1 308 224 12 0 45
Energy Assistance Program Customers (program lifetime) NA 871 869 862 858 852 843 234
Energy Assistance Program Customers (currently enrolled) 300 788 776 776 776 774 770 219
# of residential weatherization completions 10 1 0 0 0 0 7 11 5 5 3 11
Weatherization completions in rental properties 0 0 0 0 0 3 8 6 0 0 TBD
# or % of homes or SF weatherized TBD TBD TBD TBD TBD 0 TBD TBD TBD TBD 0
# of commercial building with improved thermal envelopes 0 0 0 0 0 5 6 4 5 5 0
Total annual mWh saved via the EE programs (annual goal) 4,032 934 904 877 84 61 1116 2,940 4053 3057
Total residential annual mWh saved via the EE programs (cumulative for year) 724 68 64 51 35 28 333 494 862 917
Total commercial sector annual mWh saved via the EE programs (cumulative for year) 3,308 866 840 828 49 33 783 2,447 3191 2140
% of EEU charge from LMI customers spent on EE services for LMI customers (cumulative
 $ 297,026 $ 200,971 $ 195,750 $ 186,013 $ 178,052 $ 167,552 $ 155,814 $ 504,942 $ 335,234 TBD TBD TBD
for 2024- 2026 3-year EEU performance period)
# of customers enrolled in DtP mailing list TBD 816 NA NA NA NA 812 800 738 689 698 523
# of large customers participating in DtP 12 NA NA NA NA 12 12 11
# of pageviews, overall website-wide 28,406 21,747 19,047 18,341 23,653
# of unique website homepage views 5,046 4,617 4,251 3,804 4,739
Strengthen Reliability
SAIFI (AVG interruptions/customer) (annual target) < 2.1 0.03 0.02 0.01 0.05 0.07 1.63 0.56 1.05 0.17 1.48 1.01
CAIDI (AVG time in hrs to restore service) (annual target) < 1.2 1.16 2.39 1.94 1.72 0.44 0.94 0.67 1.49 0.55 0.75
Distribution System Unplanned Outages (annual target) 82 2 6 4 5 3 69 39 61 44 90 98
McNeil Forced Outages 0 1 1 2 1 0 10 5 14 5 21 TBD
W1H Forced Outages 0 0 0 1 1 0 3 2 6 9 2 TBD
GT Forced Outages 0 1 0 0 0 1 2 9 6 2 3 TBD
Invest in Our People, Processes, and Technology
Avg. # of days to fill positions under recruitment 120 281 217 317 257 232 253 219 100 68 179
# of budgeted positions vacant 0 10 10 9 11 11 avg 12 avg 12 avg 9 avg 9 6 NA
 BED 2024-2025
 Strategic Direction Dashboard


 May 2025 April 2025 March 2025 February January 2025 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly
 Target Actuals Actuals Actuals 2025 Actuals  Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual
Innovate to Reach Net Zero Energy
Tier 3 Program
# of residential heat pump installs 0 10 18 11 31 176 186 255 315 203 10
# of commercial heat pump installs 0 0 0 0 0 5 8 4 4 13 0
# of residential hot water heat pump installs 0 5 1 2 5 28 31 26 14 6 4
# of commercial hot water heat pump installs 0 0 0 0 0 0 0 0 0 0 0
Heat pump rebates 6 10 18 11 31 185 206 271 328 212 0
Heat pump hot water heater rebates 0 5 1 2 5 28 47 18 15 3 0
LMI heat pump rebates 6 0 1 0 0 35 21 43 28 6 4
Heat pump technology installs in rental properties 0 0 0 0 0 3 8 10 14 9 TBD
LMI heat pump hot water heater rebates 0 1 0 0 0 2 6 1 2 0 1
EV rebates - new 16 11 10 6 18 125 103 53 67 14 36
EV rebates - pre-owned 1 3 2 2 1 23 16 18 7 8 2
 See NZE
LMI EV rebates 4 1 4 2 5 50 26 9 11 7 7
 Roadmap
PHEV rebates - new 0 2 4 3 7 44 25 27 41 10 17
 Goals below
PHEV rebates - preowned 3 1 0 0 5 8 6 12 6 5 3
LMI PHEV rebates 0 0 0 0 0 11 5 15 13 6 2
Public EV chargers in BTV (total) 41 ports 41 ports 41 ports 40 ports 40 ports 40 ports 32 ports 30 ports 27 ports 27 ports 14
Public EV charger energy dispensed (kWh) 36,700 39,100 38,500 36,400 40800 355500 244,300 151,360 86,570 35,690 78,000
Home EV charging station rebates 5 13 8 5 18 82 72 70 32 20 12
EV charging rate customers (total) 382 379 364 354 351 347 246 157 40 40 28
Level 2 charger rebates 0 0 0 0 1 22 10 11 10 0 1
Level 1 charger rebates 0 0 0 0 0 0 0 - 0 1 0
E-bike rebates 32 39 22 1 27 169 147 152 88 36 65
E-mower rebates 25 10 1 0 2 109 135 159 154 95 142
E-forklift rebates 0 0 0 0 0 0 0 1 0 0 0
MWE of Tier 3 measures installed 964 1,390 1,733 1,139 1,863 26,120 22,374 22,837 23,763 35,112 3,342
% Tier 3 obligation met with program measures 100% 29% 25% 20% 12% 8% 122% 117% 131% 159% 283% 31%
Net Zero Energy Roadmap Goals
# of solar net metering projects installed 0 2 2 1 1 13 32 33 29 24 33
No. of homes receiving NZE Home Roadmaps 0 0 0 0 0 0 - 7 10 7
Residential heat pumps for space heating (no. of homes) 2023: 8615 NA NA NA NA NA 2,320, 18% of goal 1,952 1,749 1,448 1,112 925
Commercial heat pumps for space heating (1000 SF floor space served) 2023: 5397 NA NA NA NA NA 487, 7% of goal 431 411 405 374 374
Residential heat pumps for water heating (no. of homes) 2023: 4365 NA NA NA NA NA 344, 4% of goal 289 243 224 208 203
Commercial heat pumps for water heating (1000 SF floor space served) 2023: 1019 NA NA NA NA NA 6, 0.2% of goal 0 0 0 0 -
EV registrations in BTV (light-duty) 2023: 2294 NA NA NA NA NA 1,285, 23% of goal 829 699 549 361 296
Greenhouse gas emissions (1000 metric tons CO2) 2023: 150 NA NA NA NA NA 174, 55% above target 179 193 188 185 214
Fossil fuel consumption (billion BTU) 2023: 2418 NA NA NA NA NA 2,964, 68% above target 3,044 3,319 3,169 3,185 3,660
 BED 2024-2025
 Strategic Direction Dashboard


 May 2025 April 2025 March 2025 February January 2025 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly
 Target Actuals Actuals Actuals 2025 Actuals  Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual
Demand Response
# of Defeat the Peak events called 0% 0% 0% 0 0 2 3 3 5 3 4
Average kW savings per DtP event NA NA NA NA NA 342 372 463 419.5 261 242
Manage Budget and Risks Responsibly
Safety & Environmental
No. of workers' compensation/accidents per month 0 2 2 0 0 0 7 8 16 4 8
Total Paid losses for workers’ compensation accidents (for the month) annual $13,204 $10,248 $3,018 $5,489 $66,100 $272,353 $98,393 $ 145,102 $ 93,612 $ 165,402 $38,288
Lost Time Incident Rate (days/year) (Dec numbers reflect annual results) <= 3.5 annual N/A N/A N/A N/A N/A 0.99 2.0 1.99 0.0 0.93 0.89
Lost Time Severity Rate (days/year) (Dec numbers reflect annual results) <= 71 annual N/A N/A N/A N/A N/A 9.90 107.4 112.63 0.0 41.71 78.2
Lost work days per month 0 16 0 0 0 0 avg 10 avg 12 avg 9 0.0 45
NOx reporting levels to EPA (Quarterly) (lbs/mmbtu) <0.075 0.069 0.091 0.068 0.069 0.068 0.06 0.06 0.06 0.07 0.07
# of reported spills, waste water incidents (monthly) 0 0 0 0 0 0 4 2 6 4 4
Phosphorus levels to DEC in lbs (monthly/yearly total) <0.8/37 0.013/1.024 0.181/2.082 0.174/1.979 0.165/1.986 0.153/1.965 1.87 0.705 0.688 2.028 1.169
# of new power outage claims reported (monthly) 1 0 0 0 0 0 6 3 5 7 4
# of new auto/property/other liability claims reported (monthly) 2 3 3 1 1 4 24 36 27 18 27
Purchasing & Facilities
# of Purchase Orders for Inventory (Target: avg for winter months) 42 78 67 86 72 51 738 541 636 644 593
$ value of Purchase Orders for Inv. (Target: avg dollars spent during winter) $78,000 $325,805 $401,355 $973,263 $919,825 $142,579 $ 6,613,883 $2,481,531 $ 4,861,023 $ 3,278,620 975,531
# of stock issued for Inventory (Target: avg during winter months) 320 563 707 730 510 631 7,207 6,777 6,187 4,402 4,545
$ value of stock issued for Inventory (Target: avg. during winter) $ 65,000 $ 134,027 $ 190,684 $ 151,857 $ 122,341 $ 66,331 $ 2,352,360 $ 1,925,781 $ 2,200,233 855,456 1,086,478
# of posters pulled from poles monthly (Target: goal to remove each month) 58 121 0 0 0 40 351 592 900 2,728 627
# of Spark Space and Auditorium setup/breakdowns monthly (Target: Covid impact) 3 16 13 19 16 15 199 207 132 88 87
Finance
Debt service coverage ratio (avg of previous 12-months) 1.25 5.47 5.08 5.14 4.95 4.10 FY24 3.81 FY23  4.61 FY22 4.26 FY21 3.77 FY20 3.56 FY19
Adjusted debt service coverage ratio (avg of previous 12-months) 1.5 1.44 1.32 1.34 1.29 1.25 FY24 1.29 FY23  1.22 FY22 1.08 FY21 0.93 FY20 0.90 FY19
Days unrestricted cash on hand (incl line of credit) >90 137 152 156 153 146 FY24 93 FY23 120 FY22 121 FY21 120 FY20 109 FY19
Arrearages >60 days $ 514,677 $ 486,445 $ 493,414 $ 484,303 $ 480,633 $ 470,940 $ 392,196 $ 408,903 $ 1,087,769 $ 749,054
Power Supply
McNeil generation (MWH) (100%) per budget 13,684 552 10,132 25,714 32,680 197,044 184,798 228,981 273,355 192,696
McNeil availability factor 100% 67% 2% 29% 81% 100% 66% 84% 67% 80%
McNeil capacity factor per budget 37% 1.5% 27% 77% 88% 45% 42.3% 52.4% 62.4%
Winooski One generation (MWH) per budget 2,805 2,974 2,573 854 1,083 29,498 36,318 25,350 24,752 21,194
Winooski One availability factor 100% 70% 70% 70% 90% 90% 98% 97.2% 98.3% 97%
Winooski One capacity factor per budget 56% 56% 47% 17% 20% 48% 56% 41.7% 37%
Gas Turbine generation (MWH) NA 22.0 17.7 19.0 18.1 6.9 484 475 356 373 441
Gas Turbine availability factor 100% 89% 100% 100% 100% 97% 98% 46.7% 54.5% 96%
Gas Turbine capacity factor NA 0.1% 0.1% 0.1% 0.1% 0.0% 0.1% 0.2% 0.2% 0.21%
BTV solar PV production (mWh) 466 503 410 117 215 5,020 4,681 5,260 5,015 5,182
Cost of power supply - gross ($000) $4,328 $3,346 $2,968 $2,629 $34,858 $30,002 $36,755 $30,285 $31,081
Cost of power supply - net ($000) $1,559 $3,346 $2,968 $2,629 $27,984 $22,710 $27,487 $22,134 $23,388
Average cost of power supply - gross $/KWH $0.18 $0.13 $0.11 $0.09 $0.11 $0.09 $0.11 $0.09 $0.10
Average cost of power supply - net $/KWH $0.06 $0.13 $0.11 $0.09 $0.08 $0.07 $0.08 $0.07 $0.08
 FY 2025
Financial Review
 April




 May 30, 2025
 Burlington Electric Department
 Financial Review

 FY 2025



Table of Contents:

● Financial Highlights 1-2


● Revenues and Expenses

 o KWH Sales – Total 3
 o Cooling/Heating Degree Days 4
 o KWH Sales – Residential & Commercial 5
 o Net Power Supply Costs 6-11
 o Operating & Maintenance Expense 12
 o Labor Overhead 13
 o Net Income 14


● Capital Spending 15 - 18


● Cash 19
 FINANCIAL HIGHLIGHTS – BUDGET VS ACTUAL as of April FY25

 Full Yr CURRENT MONTH YEAR TO DATE
  ($000) Budget Budget  Actual Variance Budget Actual Variance
 Sales to Customers 56,090 3,986  3,826 (159) 47,076 47,915 839
 Other Revenues 3,881 305 155 (150) 3,109 2,663 (446)
 Power Supply Revenues 7,631 0  2,768 2,768 5,330 6,510 1,181
  Total Operating Revenues 67,602 4,290  6,749 2,459 55,515 57,088 1,573
 Power Supply Expense (Net) 35,540 2,771  4,328 (1,557) 29,838 31,032 (1,194)
 Operating Expense 22,912 2,264  1,658 606 18,544 17,726 819
 Depreciation & Amortization 5,832 486 502 (16) 4,860 4,948 (88)
 Taxes 3,615 291 294 (3) 3,010 2,877 132
  Sub-Total Expenses 67,899 5,812  6,781 (969) 56,252 56,583 (331)
  Operating Income (298) (1,521) (32) 1,490 (737) 505 1,242
  Other Income & Deductions 6,855 577  1,726 1,149 5,785 6,250 465
  Interest Expense 3,204 263 249 13 2,678 2,628 50
  Net Income (Loss) 3,354 (1,206) 1,444 2,650 2,369 4,127 1,757



Year-to-Date Results:
  Sales to Customers up $839,300 (1.8%). Residential Sales up $362,100 and Non-Residential Sales up
 $471,700.

  Other Revenues down $446,000 (14.4%)
 a. DSM billable (customer driven).

  Power Supply Revenues up $1,181,000 (22%)
 a. McNeil REC revenue of $2,926,000 compared to a budget of $2,380,000.
 b. Wind REC revenue of $2,624,000 compared to a budget of $2,222,000.
 c. Hydro REC revenue of $815,000 compared to a budget of $727,000.
 d. Other REC revenue of $146,000 compared to a budget of $0.

  Power Supply Expenses (Net) up $1,196,000 (4%)
 a. Fuel down $1,612,000.
 b. Purchased Power up $2,669,000.
 c. Transmission up $138,000.

  Operating Expenses down $819,000 (4.4%)

  Taxes down $132,000 (4.4%)
 a. Actual Winooski One Property Tax is $228,300 lower than budget assumption for the year.
 b. Actual Payment in Lieu of Tax (PILOT) is $63,500 higher than budget assumption for the year.

  Other Income & Deductions up $465,000 (8%)
 a. Timing of jobbing unfavorable ($159,000).
 b. Offset by unrealized gain on investment $147,200 and interest income $89,000.
 c. Timing on loss on disposition of plant favorable, $311,400.




 1
 FINANCIAL HIGHLIGHTS – BUDGET VS ACTUAL as of April FY25




 Capital Spending – April YTD
 ($000s)
 Plant Type Full Yr. Budget Budget Actual % Spent
 Production $2,446 $2,145 $2,173 89%
 Other 369 364 277 75%
 Transmission 577 577 577 100%
 Distribution 5,797 5,289 3,356 58%
 General 2,478 2,110 523 21%

 Total $11,667 $10,484 $6,907 59%

(1) Production – Timing; catalyst replacement for NOx system at the McNeil Plant, $450,300 vs
 actual $225,700. There are no replacement rail cars available this fiscal year ($50,000). Offset
 by Winooski One Hydro inflatable Dam project higher than planned.

(2) Distribution – Transformers under budget due to availability ($1,236,700).

(3) General – Timing; budget includes IT Forward CIS implementation of $1,436,400 vs actual of
 $159,200.



 As of April 30, 2025
 Operating Cash and Investments
 Operating Funds $8,096,100
 Operating Fund – CDs $976,300
 Total Operating Cash $9,072,400




 Credit Rating Factors – April 2025
 3 Year
 "A" "Baa" Current Average
 Debt Service Coverage Ratio 1.25 1.25  5.47 4.21
 Adjusted Debt Service Coverage Ratio 1.50 1.10  1.44 1.24
 Cash Coverage - Days Cash on Hand 90 30
 - With $10M Line of Credit 137 130
 - Without Line of Credit 75




 2
 Burlington Electric Department
 Fiscal Year Ending June 30, 2025


 Total Sales to Customers - KWH
 Monthly


 35,000




 30,000




  KWH (000)
 25,000




 20,000
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
 Budget 31,875 30,916 26,348 24,728 24,527 26,775 27,534 25,154 25,632 23,380 24,109 26,888
 Actual 32,858 30,322 26,906 25,257 24,535 27,234 28,719 26,360 25,960 23,631




 KWH Sales to Customers (YTD)
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Budget 31,875 62,791 89,139 113,867 138,394 165,169 192,703 217,857 243,489 266,869 290,978 317,865
 Actual 32,858 63,180 90,086 115,343 139,878 167,112 195,831 222,192 248,151 271,782



 3
 FY 2025
 Cooling Degree Days (CDD)
 400
 350
 300
 250
 200
 150
 100
 50
 0
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
 Budget CDD 269 220 85 9 1 0 0 0 0 2 52 132
 Actual CDD 340 195 78 10 0 0 0 0 0 6



 Heating Degree Days (HDD)
 1,600
 1,400
 1,200
 1,000
 800
 600
 400
 200
 0
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
 Budget HDD 2 6 109 388 787 1,081 1,316 1,154 1,013 577 211 44
 Actual HDD 0 17 53 365 682 1,118 1,342 1,221 828 539

 Average Monthly Temperature
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Budget 73 72 64 53 39 30 22 24 32 46 60 68
Actual 76 70 66 53 42 29 22 21 38 47

CDD/HDD definition per National Weather Service : Degree days are based on the
assumption that when the outside temperature is 65°F, we don't need heating or cooling to be
comfortable. Degree days are the difference between the daily temperature mean (high
temperature plus low temperature divided by two) and 65°F. If the temperature mean is above
65°F, we subtract 65 from the mean and the result is Cooling Degree Days. If the temperature
mean is below 65°F, we subtract the mean from 65 and the result is Heating Degree Days.


 4
 Burlington Electric Department
 Fiscal Year Ending June 30, 2025
 KWH Sales


 Residential Customers


 10,000


 9,000




 KWH (000)
 8,000


 7,000


 6,000


 5,000
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
 Budget 8,781 8,358 6,618 6,333 6,882 8,264 9,026 8,027 7,724 6,132 5,808 6,992
 Actual 9,514 8,313 6,733 6,475 6,932 8,616 9,293 8,355 7,519 6,241




 Commercial & Industrial Customers


 25,000


 22,500


 20,000


 KWH (000) 17,500


 15,000


 12,500
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
 Budget 23,095 22,558 19,730 18,395 17,645 18,511 18,508 17,127 17,908 17,248 18,300 19,895
 Actual 23,344 22,009 20,173 18,782 17,603 18,618 19,426 18,005 18,441 17,390




Street Lighting is included with Commercial & Industrial Customers.




 5
 Net Power Supply Costs
 April - FY 2025
 ($000)
 Current Month Year-to-Date
 Budget Actual Variance Budget Actual Variance
Expenses:
 Fuel (p. 7) $367 $64 $303 (1) $8,051 $6,439 $1,612 (1)
 Purchased Power (p.11) 1,516 3,258 (1,742) (2) 12,681 15,350 (2,669) (2)
 Purchased Power Adjustment (p 11) 43 43 (0) 434 434 (0)
 Transmission Fees - ISO 587 635 (48) (3) 6,455 6,745 (291) (3)
 Transmission Fees - Velco 178 228 (50) (4) 1,428 1,304 123 (4)
 Transmission Fees - Other 79 100 (21) (5) 789 760 29 (5)
Total Expenses 2,771 4,328 (1,557) 29,836 31,032 (1,196)

Revenues:
 Renewable Energy Certificates - McNeil 0 1,200 1,200 2,380 2,926 545
 Renewable Energy Certificates - Wind 0 1,192 1,192 2,222 2,624 402
 Renewable Energy Certificates - Hydro 0 290 290 727 815 88
 Renewable Energy Certificates - Other 0 86 86 0 146 146
Total Revenues 0 2,768 2,768 (6) 5,330 6,510 1,181 (6)

Net Power Supply Costs $2,771 $1,559 $1,212 $24,507 $24,522 ($15)

Load (MWh) 26,342 24,647 (1,695) 274,022 278,996 4,975
$/MWh $105.19 $63.27 ($41.92) $89.43 $87.89 ($1.54)


Current Month:
(1) See detail on page 7.
(2) See detail on page 11.
(3) ISO-NE Price over Budget.
(4) VELCO Common charges over Budget.
(5) NYISO NYPA Transmission over Budget.
(6) Timing of REC deliveries.

YTD:
(1) See detail on page 7.
(2) See detail on page 11.
(3) ISO-NE Price and Peak Load over Budget.
(4) VELCO Common charges and BED Share under Budget.
(5) NYPA NYISO Transmission charges under Budget.
(6) REC Sales currently over Budget but will be under Budget for the Fiscal Year due to lower McNeil and Wind production in Calendar Year
2024. 6
 Net Power Supply Costs
 April - FY 2025

 ($000)
 Current Month Year-to-Date
 Budget Actual Variance Budget Actual Variance
FUEL:

McNeil 360 57 302 (1) 7,918 6,344 1,573 (1)

Gas Turbine 8 7 1 (2) 133 95 38 (2)

Total Fuel 367 64 303 8,051 6,439 1,612




Current Month:
(1) McNeil production 92% under Budget. Wood Price per Ton 2% over Budget. (p. 8)
(2) GT production (20 MWh) 22% over Budget.

YTD:
(1) McNeil production 19% under Budget. Wood Price per Ton 2% under Budget. (p. 8)
(2) GT production (240 MWh) 12% under Budget.




 7
 Burlington Electric Department
 McNeil Plant - MWH Production (50%)
 FY 2025
25,000




20,000




15,000




10,000




  5,000




 0
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Budget 11,656 11,656 3,760 4,324 7,520 17,484 17,484 15,792 13,968 3,300 3,150 6,317
Actual 5,016 8,822 14,029 0 8,548 15,831 16,340 12,857 5,066 276
Maximum 18,600 18,600 18,000 18,600 18,000 18,600 18,600 16,800 18,600 18,000 18,600 18,000




 8
 Burlington Electric Department
 Winooski One - MWH Production
 FY 2025
  8,000


  7,000


  6,000


  5,000


  4,000


  3,000


  2,000


  1,000


 0
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Budget 2,650 1,246 832 1,541 1,942 3,216 2,531 1,587 2,032 4,503 3,575 3,643
Actual 2,803 2,784 1,054 1,032 1,316 1,355 1,082 853 2,566 3,073
Maximum 5,506 5,506 5,328 5,506 5,328 5,506 5,506 4,973 5,506 5,328 5,506 5,328




 9
 Burlington Electric Depatment
 Fiscal Year 2025


 Woodchips Price Per Ton
 Monthly Variance


 30%
 25%
 20%
 15%
 10%
 5%
 $/Ton
 0%
 -5%
 -10%
 -15%
 -20%
 -25%
 -30%
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
 Actual -2% -3% -2% -3% -4% -4% 1% 4% 4% 2%




 Woodchips Price Per Ton
 Year-to-Date Variance


 30%
 25%
 20%
 15%
 10%
 5%
 $/Ton
 0%
 -5%
 -10%
 -15%
 -20%
 -25%
 -30%
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
 Actual -2% -2% -2% -3% -3% -3% -3% -3% -2% -2%




* Wood only. Does not include other costs.




 10
 Net Power Supply Costs
 April - FY 2025
 ($000)
 Current Month Year-to-Date
 Budget Actual Variance Budget Actual Variance

PURCHASED POWER:

Non-Energy (capacity) 63 36 26 674 455 219

Energy:
  Georgia Mountain Wind 299 358 (60) (1) 2,797 3,165 (368) (1)
  Hancock Wind 309 228 80 (2) 2,705 2,537 168 (2)
  VT Wind 250 286 (36) (3) 2,145 2,349 (204) (3)
  Hydro Quebec 292 290 1 2,995 2,987 8
  Great River Hydro 0 24 (24) (4) 1,064 1,159 (95) (4)
  In City Solar Generators 84 87 (4) 655 655 (1)
  NYPA 6 6 (0) 62 73 (11) (5)
  ISO Exchange 124 138 (14) (5) (1,372) (1,569) 196 (6)
  ISO Exchange Adjustment 43 43 (0) (**) 434 434 (0) (**)
  FirstLight 0 277 (277) (6) 0 1,310 (1,310) (7)
  Velco Exchange 0 1 (1) 0 (5) 5
Total Energy 1,405 1,739 (334) 11,482 13,095 (1,613)

Ancillary Charges (8) 17 (25) (106) (59) (47)

VT RES Tier 1 Compliance Expense 54 0 54 (7) 542 235 306 (8)
Renewable Energy Credit Purchase 0 1,449 (1,449) (8) 0 1,449 (1,449) (9)
Miscellaneous-Other 46 60 (14) 522 608 (86)

Total Purchased Power Expense 1,559 3,301 (1,742) 13,114 15,784 (2,669)

Special Note (**)
Adjustment to reduce expense and create regulatory asset by amount of ISO Exchange excess winter energy revenue shortfall ($4,162,233)
and record one-eighth ($520,279) as amortization in FY24.

Current Month:
(1) Production 20% over Budget.
(2) Production 26% under Budget.
(3) Production 14% over Budget.
(4) Associated RECs not Budgeted under Energy.
(5) McNeil (92%) production under Budget.
(6) FirstLight contract not in Budget.
(7) VT RES Tier 1 Compliance budgeted monthly, expensed quarterly.
(8) Includes purchase used to complete REC sales.

YTD:
(1) Production 13% over Budget.
(2) Production 6% under Budget.
(3) Includes additional congestion relief charge not in Budget. Production 2% over Budget.
(4) Associated RECs not Budgeted under Energy.
(5) Production over budget.
(6) Energy Prices over Budget. Revenue from FirstLight contract not in Budget.
(7) FirstLight contract not in Budget.
(8) VT RES Tier 1 Compliance budgeted monthly, expensed quarterly.
(9) Includes purchase used to complete REC sales. 11
Burlington Electric Department
Operating and Maintenance Expense by Spending Category
FY 2025 - April YTD
 %
 Budget Actual Variance Variance *
Labor-Regular 7,347,715 7,499,156 (151,441) 2% a
Labor-Overtime 351,113 401,729 (50,616) 14% b
Labor-Temporary 200 11,166 (10,966) 5483% c
Labor-Overhead 3,164,199 3,252,704 (88,505) 3% d
Outside Services 2,231,831 1,765,316 466,515 21% e
DSM (rebates & outside services) 1,721,315 1,593,387 127,928 7% f
Materials & Supplies 831,001 637,152 193,849 23% g
Insurance 655,198 634,100 21,098 3%
A & G Clearing (887,472) (706,641) (180,831) 20% h
Other - RES Tier 3 Compliance 796,488 667,784 128,704 16%
Other 2,334,731 1,969,858 364,873 16% i

 Operating & Maintenance Expense 18,546,318 17,725,711 820,607 4%



(a) Labor is impacted by the amount of capital (vs. expense) work.


(b) McNeil Plant s higher than planned, $65,900; offset by areas lower than planned including System Operations,
($29,400) and Distribution ($6,700).

(c) Temporary help at McNeil Plant.

(d) See page 13.

(e) Timing of various areas.

(f) Projects are driven almost entirely by customer decisions. The budget is based on information on specific
projects or seasonal variations; otherwise the amount is spread evenly across the year.

(g) Timing of various areas.

(h) The credit for A&G ("Admin and General Expenses") charged to Capital projects was less than planned.

(i) Timing; various areas are less than budget including, Education & Training ($90,700), Maintenance Contracts
($78,800), Transportation Clearing ($207,600), and Utilities ($9,500); offset by areas higher than budget including
Dues and Fees, $31,700 and Building Clearing, $15,600.




 12
 Burlington Electric Department
 Budget vs Actual Spending Analysis
 FY 2025 - April YTD

 (000's)
Labor - Overhead Budget Actual Variance %

 Pension $1,609 $1,525 $84 5% (a)
 Medical Insurance 1,734 1,728 5 0% (b)
 Social Security Taxes 881 814 66 8% (c)
 Workers Compensation Ins. 347 347 (0) 0% (b)
 Dental Insurance 79 72 7 9% (b)
 Life Insurance 17 17 (0) 0% (b)
 Childcare Contribution Tax 51 44 7 13% (d)
 $4,716 $4,548 $168 4%



Rates Table: Budget

Pension (a) 14.13%

Social Security (c) 7.65%

Childcare Payroll Tax 0.44%


(a) Function of labor cost.

Includes pension per Actuarially Determined Employer Contribution (ADEC), $1,843,800
and amortization of IBEW Pension back payment, $87,041.

(b) Budget provided by the City during budget development. Actual YTD reflects an error
that will be corrected throughout the remainder of the year.


(d) New tax as of July 1, 2024 is 0.44% of wages. Budget had assumed .33% of wages.



 13
 Net Income
 FY 2025 - April ($000)

 Current Month Year - To - Date
 Ref Budget Actual Variance Budget Actual Variance
Operating Revenues
 Sales to Customers p.3 3,986 3,826 (159) 47,076 47,915 839
 Other Revenues 305 155 (150) (a) 3,109 2,663 (446) (a)
 Power Supply Revenues p.6 0 2,768 2,768 5,330 6,510 1,180
 Total Operating Revenues 4,290 6,749 2,459 55,515 57,088 1,573

Operating Expenses
 Fuel p.6 367 64 303 8,051 6,439 1,612
 Purchased Power p.6 1,559 3,301 (1,742) 13,115 15,784 (2,669)
 Transmission p.6 844 963 (119) 8,672 8,809 (137)
 Operating and Maintenance p.12 2,264 1,658 606 18,544 17,726 819
 Depreciation & Amortization 486 502 (16) 4,860 4,948 (88)
 Revenue Taxes 42 57 (15) 527 542 (15)
 Property Taxes Winooski One 45 26 19 (b) 448 258 190 (b)
 Payment In Lieu of Taxes 203 210 (7) (c) 2,035 2,077 (43) (c)
 Total Operating Expenses 5,811 6,781 (970) 56,252 56,583 (331)

Other Income and Deductions
 Interest/Investment Income 47 50 3 417 506 89
 Dividends 373 373 0 3,727 3,759 32
 Customer Contributions/Grant Proceeds 150 1,319 1,169 (d) 1,934 2,019 85 (d)
 Gain/(Loss) on Disp of Plant 0 1 1 (336) (24) 311
 Other 7 (17) (25) (e) 42 (10) (52) (e)
 Total Other Income & Deductions 577 1,726 1,149 5,785 6,250 465

Interest Expense 263 249 13 2,678 2,628 50

Net Income (1,206) 1,444 2,650 2,369 4,127 1,757

Current Month: .
(a) Energy Efficiency Program cost reimbursement was lower than planned, $164,600.
(b) Actual Winooski One tax bill is lower than budget assumption by $228,300 for the year.
(c) Actual Payment in Lieu of Tax (PILOT) is higher than budget assumption by $63,500 for the year.
(d) Budget includes customer contributions for Champlain Pkwy ($44,100), City Place street lighting ($49,300) and other
 overhead/UG billable construction ($29,400). Also, grant income for "Building Giants" (Federal 50% share) ($24,100). Actual
 includes customer contributions for overhead/UG billable construction ($66,300), FEMA reimbursement for inflatable dam at
 Winooski One ($1,224,800) and other grant income.
(e) Timing of jobbing unfavorable ($16,000) and Warmth donation ($10,000).

Year - To - Date:
(a) Energy Efficiency Program cost reimbursement was lower than planned, $507,800.
(b) See current month.
(c) See current month.
(d) Budget includes Winooski One FEMA reimbursement (75%) for inflatable dam ($1,057,500), and other customer contributions
 for Champlain Parkway ($235,100), Winooski bridge rebuild ($34,800) and other overhead and underground billable. Also,
 grant income for FEMA reimbursement for July '23 flooding at Winooski One ($101,800) and "Building Giants" (Federal 50%
 share) ($240,600). Actual includes Champlain Parkway, overhead & underground billable, FEMA reimbursement for
 inflatable dam at Winooski One ($1,224,800) and various grant income.
(e) Timing of jobbing unfavorable ($175,000); offset by unrealized gain on investment, $147,200.



 14
 Burlington Electric Department
 Capital Projects - FY25

 $000
 Full Year April
 Budget Budget Actual Variance

McNeil (BED 50% Share)
Ash Silo Pug Mill/Auger Upgrade (312) 25 23 23
Catalyst Replacement for Nox System (312) 450 450 226 225
Condensate Motor (314) 10 10 10
Condensate Pump (314) 15 15 15
Cooling Tower Make-Up Pumps Replaced (314) 8 8 8
ESP Mechanical Field Rebuild 284 256 326 (70)
Farmhouse Improvements (311) 10 10 5 5
McNeil - IT Forward FIS 38 25 25
Reclaimer Rebuild (312) 30 27 30 (2)
Replace Water & Sewer Lines at the Farmhouse (311) 28 28 28
Replacement Rail Cars (312) 50 50 50 (a)
Routine Station Improvements 1 188 150 44 106
Safety Valve Replacements (312) 13 13 2 10
Station Tools & Tool Boxes (312) 8 8 3 5
Turbine Control System Upgrade/Insurance (314) 0 21 (21)
West Grate Repair 0 134 (134)
Woodchip Dryer (1 of 2) (312) 38 38 1 36
Loader repair 0 (25) 25
Other 16 16 0 15 (b)
 Total McNeil Plant 1,209 1,124 767 357

(a) Project will not happen this fiscal year. There are no rail cars available.
(b) Budget includes perimeter fence upgrade, rigging equipment, portable radios upgrade, energy efficiency
improvements and furniture.

Hydro Production 980 809 1,390 (580) (a)


(a) Full year budget assumes inflatable dam project at a cost of $1.3M with 75% reimbursement from FEMA of $1.1M.
Actual project is $1.1M higher than planned to date. FEMA reimbursement received in April of $1.2M. Budget assumes
Turbine Overhaul of $244,100 vs actual $0 and FERC Relicensing of $185,900 vs actual $139,700.

Gas Turbine 257 211 17 194 (a)

(a) Timing; budget assumed roof replacement in August, $97,600, delayed until spring and estimated to cost $125,000.

 Total Production Plant 2,446 2,145 2,173 (29)




 15
 Burlington Electric Department
 Capital Projects - FY25

 $000
 Full Year April
 Budget Budget Actual Variance

Other
Direct Current Fast Chargers (Level 3) 171 171 119 53
Distributed Energy Resources 33 30 30 (a)
EV Charger Installations (Level 2) 127 127 47 80
EV Chargers Public (Level 2) 3 (3)
EV Chargers/Staging Plan 13 13 1 12
P&P R&D 26 23 23 (a)
Moduly Project 108 (108) (a)
 Total Other 369 364 277 86

(a) Budget for Distrubuted Energy Resources and P&P R&D used for Moduly project.

Transmission Plant
VT Transco Investment 577 577 577 0
 Total Transmission Plant 577 577 577 0

Distribution Plant-General

Aerial
Archibald St Rebuild 66 66 56 10
Barrett Street Rebuild 10 (10)
Dunder Road Rebuild 58 58 16 42
North St Rebuild P1577-1486 0 110 (110)
Replace 2L5 Circuit from P2349-913S 0 21 (21)
Replace Condemned Poles 110 110 107 3
South Cove Road East Rebuild 145 145 20 124
South Cove Road West Rebuild 184 184 5 180
 Total Aerial 563 563 346 217

Underground
Battery St Phase I Replace UG Cable 101 (101)
Battery St Phase II Replace UG Cable 517 517 517
Cathedral Square Rebuild 41 41 43 (2)
College St (Pine - St Paul St) Replace UG Cable 148 148 62 86
Fern Hill UG Rebuild 0 4 (4)
Replace 2L5 Cable 913s to UH248 0 35 (35)
Summit Ridge Rebuild 63 63 168 (105)
Switch 305S/325S/326S (Main St Reservoir) 258 258 184 74
Switch 322/323/324S (Main St and Univ Hts) 242 242 205 37
Switch 817S/912S/913S (Main St Reservoir) 151 151 110 41
 Total Underground 1,421 1,421 912 509




 16
 Burlington Electric Department
 Capital Projects - FY25

 $000
 Full Year April
 Budget Budget Actual Variance

Customer Driven/City Projects
Champlain Parkway-Billable 345 276 19 258
Champlain Parkway (CAFC) (294) (235) (457) 222
City Place Streetlighting 306 153 153
City Place Streetlighting (CAFC) (197) (99) (99)
Great Street-Main Street 23 19 5 13
Great Street-Main Street (CAFC) (23) (19) (19)
Winooski Bridge Rebuild 35 35 35
Winooski Bridge Rebuild (CAFC) (35) (35) (35)
 Total Underground 161 96 (434) 529

Other
College St Breaker Racking Device 25 25 25
Distribution Transformers-Purchase 1,590 1,590 353 1,237 (a)
Distribution Transformers-Install 6 6 17 (11)
Communication Equipment Emergency Repair 15 13 13
ADMS SCADA Upgrade (Phase I/11) 617 617 906 (289)
ADMS SCADA Upgrade (Phase III/IV) 542 217 217
SCADA Servers PC's and Monitors 0 46 (46)
SCADA Video Display 0 0 (0)
SCADA Equipment 128 128 50 78
Other 10 (10)
 Total Other 2,922 2,595 1,383 1,212

 Total Distribution Plant-General 5,066 4,675 2,207 2,468

(a) Timing; due to availability will be under budget this fiscal year.

Distribution Plant - Blanket
Aerial 146 127 152 (25)
Aerial (CAFC) (64) (55) (66) 12
Underground 321 240 487 (248) (a)
Underground (CAFC) (132) (92) 111 (203) (a)
Meters 178 147 165 (18)
Lighting 223 190 241 (51)
Tools & Equipment - Distribution/Technicians 30 30 25 5
Replaces Failed SCADA Field Equipment 11 11 32 (21)
Substation Maintenance 18 18 2 16
 Total Distribution Plant - Blanket 731 614 1,149 (535)

(a) Actual includes prior year progress billing that was reversed, $277,368 in September (wf 36863 - City Place).

 Total Distribution Plant 5,797 5,289 3,356 1,933




 17
 Burlington Electric Department
 Capital Projects - FY25

 $000
 Full Year April
 Budget Budget Actual Variance



General Plant
Computer Equipment/Software 2,127 1,759 395 1,363 (a)
Vehicle Replacement 191 191 191
Buildings & Grounds 155 155 128 27 (b)
Gas Detectors 5 5 5
 Total General Plant 2,478 2,110 523 1,587


(a) Budget includes IT Forward, $1,436,000 vs actual of $162,000. Other various projects include AMI Network
Infrastructure replacement, desktop/laptop replacements, iPads replacements for line crew and engineering plotter.
(b) Budget includes Key Fob Replacement, New SCADA Room, Storage racks for red warehouse and Ice Machine
(breezeway). Actual includes fence for solar array and security cameras.

 Sub-Total Plant $11,667 $10,484 $6,907 $3,577

 Add: CAFC* reclass to "Other Income" 1,803 1,591 1,638 (46)



Total Plant $13,470 $12,076 $8,545 $3,531

* Customer Advances (Contributions) for Construction.




 18
 Operating Cash - FY 2025
 Monthly Ending Balance
 14,000

 12,000

 10,000

 8,000
$000
 6,000

 4,000

 2,000

 0
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
 Budget 7,664 8,809 11,355 11,436 10,765 10,299 11,208 11,973 10,795 9,939 11,027 9,803
 Actual 7,569 9,413 9,254 13,174 11,163 10,956 11,417 11,173 10,211 9,072




 19
To: Burlington Electric Commission
From: Emily Stebbins-Wheelock, CFO and Manager of Strategy & Innovation
Date: June 11, 2025
Re: Refunding of 2014 Series A Revenue Bonds

In 2014 the City of Burlington authorized and issued $12,000,000 in Electric System
Revenue Bonds, 2014 Series A (the “2014A Bonds”), on behalf of Burlington Electric
Department (“BED”) for the purpose of financing the acquisition of the Winooski One
Hydroelectric Facility. That bond issuance provided that the 2014A bonds maturing on or
after July 1, 2025 may be redeemed at the option of the City, allowing for potential
refunding of those obligations.

As of July 1, 2025, the amount of principal remaining to be potentially refunded is
$6,544,000. The Vermont Bond Bank has provided BED with a pro forma analysis
(attached to this memo) of refunding that shows a net present value savings of
$168,256.76, net of $35,000 in issuance costs. BED and the City are planning to issue
these refunding bonds to the Vermont Bond Bank to reduce transaction costs and take
advantage of the State of Vermont’s general credit rating to lower interest costs.

The City’s bond counsel, Paul, Frank & Collins, has prepared the attached Supplemental
Resolution No. 18 to the BED General Bond Resolution adopted October 7, 1981 (as
amended). BED is requesting that the Commission adopt Supplemental Resolution No.
18 to authorize the issuance of these refunding bonds. Although the Supplemental
Resolution provides the flexibility for the City to issue these bonds either through the
Vermont Bond Bank or in a private placement, public offering, competitive sale, or
negotiated sale, our financial advisors, PFM, have expressed that in their opinion there
would be no savings with a traditional bond transaction in the current market and that it
makes the most sense to move forward with the Vermont Bond Bank. The Supplemental
Resolution also requires prior approval of the Board of Finance if the true interest cost of
these refunding bonds exceeds 6.50%.
We look forward to discussing this matter and answering your questions at the June 11,
2025 Electric Commission meeting.




 Burlington Electric Department
 585 Pine Street Burlington, VT 05401
 burlingtonelectric.com
 Phone (802) 865-7300
May 22, 2025 3:35 pm Prepared by VT Bond Bank (Finance 8.901 Vermont Bond Bank:BED-2025_REF,2025_REF) Page 1



 SOURCES AND USES OF FUNDS
 Burlington Electric Direct Purchase
 Burlington Electric Department Refunding Bonds, 2025 Series A

 Sources:

 Bond Proceeds:
 Par Amount 6,544,000.00

 6,544,000.00


 Uses:

 Refunding Escrow Deposits:
 Cash Deposit 6,508,805.47

 Delivery Date Expenses:
 Cost of Issuance 35,000.00

 Other Uses of Funds:
 Additional Proceeds 194.53

 6,544,000.00
May 22, 2025 3:35 pm Prepared by VT Bond Bank (Finance 8.901 Vermont Bond Bank:BED-2025_REF,2025_REF) Page 2



 BOND SUMMARY STATISTICS
 Burlington Electric Direct Purchase
 Burlington Electric Department Refunding Bonds, 2025 Series A

 Dated Date 08/06/2025
 Delivery Date 08/06/2025
 Last Maturity 12/01/2034

 Arbitrage Yield 3.420672%
 True Interest Cost (TIC) 3.420672%
 Net Interest Cost (NIC) 3.420000%
 All-In TIC 3.529615%
 Average Coupon 3.420000%

 Average Life (years) 5.558
 Duration of Issue (years) 5.012

 Par Amount 6,544,000.00
 Bond Proceeds 6,544,000.00
 Total Interest 1,243,800.80
 Net Interest 1,243,800.80
 Total Debt Service 7,787,800.80
 Maximum Annual Debt Service 856,426.10
 Average Annual Debt Service 835,650.76

 Underwriter's Fees (per $1000)
 Average Takedown
 Other Fee

 Total Underwriter's Discount

 Bid Price 100.000000


 Par Average Average
 Bond Component Value Price Coupon Life

 Bond Component 6,544,000.00 100.000 3.420% 5.558

 6,544,000.00 5.558


 All-In Arbitrage
 TIC TIC Yield

 Par Value 6,544,000.00 6,544,000.00 6,544,000.00
 + Accrued Interest
 + Premium (Discount)
 - Underwriter's Discount
 - Cost of Issuance Expense -35,000.00
 - Other Amounts

 Target Value 6,544,000.00 6,509,000.00 6,544,000.00

 Target Date 08/06/2025 08/06/2025 08/06/2025
 Yield 3.420672% 3.529615% 3.420672%
May 22, 2025 3:35 pm Prepared by VT Bond Bank (Finance 8.901 Vermont Bond Bank:BED-2025_REF,2025_REF) Page 3



 SUMMARY OF REFUNDING RESULTS
 Burlington Electric Direct Purchase
 Burlington Electric Department Refunding Bonds, 2025 Series A


 Dated Date 08/06/2025
 Delivery Date 08/06/2025
 Arbitrage yield 3.420672%
 Escrow yield 0.000000%
 Value of Negative Arbitrage

 Bond Par Amount 6,544,000.00
 True Interest Cost 3.420672%
 Net Interest Cost 3.420000%
 Average Coupon 3.420000%
 Average Life 5.558

 Par amount of refunded bonds 6,485,000.00
 Average coupon of refunded bonds 3.905814%
 Average life of refunded bonds 5.155

 PV of prior debt to 08/06/2025 @ 3.420672% 6,651,450.86
 Net PV Savings 168,256.76
 Percentage savings of refunded bonds 2.594553%
 Percentage savings of refunding bonds 2.571161%
May 22, 2025 3:35 pm Prepared by VT Bond Bank (Finance 8.901 Vermont Bond Bank:BED-2025_REF,2025_REF) Page 4



 NET DEBT SERVICE
 Burlington Electric Direct Purchase
 Burlington Electric Department Refunding Bonds, 2025 Series A

 Total Net Annual
 Date Principal Interest Debt Service Debt Service Net D/S

 12/01/2025 71,493.20 71,493.20 71,493.20
 06/01/2026 111,902.40 111,902.40 111,902.40
 06/30/2026 183,395.60
 12/01/2026 641,000 111,902.40 752,902.40 752,902.40
 06/01/2027 100,941.30 100,941.30 100,941.30
 06/30/2027 853,843.70
 12/01/2027 663,000 100,941.30 763,941.30 763,941.30
 06/01/2028 89,604.00 89,604.00 89,604.00
 06/30/2028 853,545.30
 12/01/2028 689,000 89,604.00 778,604.00 778,604.00
 06/01/2029 77,822.10 77,822.10 77,822.10
 06/30/2029 856,426.10
 12/01/2029 624,000 77,822.10 701,822.10 701,822.10
 06/01/2030 67,151.70 67,151.70 67,151.70
 06/30/2030 768,973.80
 12/01/2030 733,000 67,151.70 800,151.70 800,151.70
 06/01/2031 54,617.40 54,617.40 54,617.40
 06/30/2031 854,769.10
 12/01/2031 760,000 54,617.40 814,617.40 814,617.40
 06/01/2032 41,621.40 41,621.40 41,621.40
 06/30/2032 856,238.80
 12/01/2032 786,000 41,621.40 827,621.40 827,621.40
 06/01/2033 28,180.80 28,180.80 28,180.80
 06/30/2033 855,802.20
 12/01/2033 811,000 28,180.80 839,180.80 839,180.80
 06/01/2034 14,312.70 14,312.70 14,312.70
 06/30/2034 853,493.50
 12/01/2034 837,000 14,312.70 851,312.70 851,312.70
 06/30/2035 851,312.70

 6,544,000 1,243,800.80 7,787,800.80 7,787,800.80 7,787,800.80
May 22, 2025 3:35 pm Prepared by VT Bond Bank (Finance 8.901 Vermont Bond Bank:BED-2025_REF,2025_REF) Page 5



 SAVINGS
 Burlington Electric Direct Purchase
 Burlington Electric Department Refunding Bonds, 2025 Series A

 Present Value
 Prior Prior Prior Refunding to 08/06/2025
 Date Debt Service Adjustments Net Cash Flow Debt Service Savings @ 3.4206719%

 06/30/2026 122,428.13 61,214.06 183,642.19 183,395.60 246.59 1,820.52
 06/30/2027 854,781.26 854,781.26 853,843.70 937.56 12,320.65
 06/30/2028 853,906.26 853,906.26 853,545.30 360.96 11,359.32
 06/30/2029 856,468.76 856,468.76 856,426.10 42.66 10,729.00
 06/30/2030 852,415.63 852,415.63 768,973.80 83,441.83 82,382.96
 06/30/2031 855,700.00 855,700.00 854,769.10 930.90 10,812.44
 06/30/2032 856,500.00 856,500.00 856,238.80 261.20 9,949.27
 06/30/2033 856,100.00 856,100.00 855,802.20 297.80 9,671.49
 06/30/2034 854,500.00 854,500.00 853,493.50 1,006.50 9,897.46
 06/30/2035 851,700.00 851,700.00 851,312.70 387.30 9,119.13

 7,814,500.04 61,214.06 7,875,714.10 7,787,800.80 87,913.30 168,062.23


 Savings Summary


 PV of savings from cash flow 168,062.23
 Plus: Refunding funds on hand 194.53

 Net PV Savings 168,256.76
May 22, 2025 3:35 pm Prepared by VT Bond Bank (Finance 8.901 Vermont Bond Bank:BED-2025_REF,2025_REF) Page 6



 SAVINGS
 Burlington Electric Direct Purchase
 Burlington Electric Department Refunding Bonds, 2025 Series A

 Present Value
 Prior Prior Prior Refunding to 08/06/2025
 Date Debt Service Adjustments Net Cash Flow Debt Service Savings @ 3.4206719%

 06/30/2026 122,428.13 61,214.06 183,642.19 183,395.60 246.59 1,820.52
 06/30/2027 854,781.26 854,781.26 853,843.70 937.56 12,320.65
 06/30/2028 853,906.26 853,906.26 853,545.30 360.96 11,359.32
 06/30/2029 856,468.76 856,468.76 856,426.10 42.66 10,729.00
 06/30/2030 852,415.63 852,415.63 768,973.80 83,441.83 82,382.96
 06/30/2031 855,700.00 855,700.00 854,769.10 930.90 10,812.44
 06/30/2032 856,500.00 856,500.00 856,238.80 261.20 9,949.27
 06/30/2033 856,100.00 856,100.00 855,802.20 297.80 9,671.49
 06/30/2034 854,500.00 854,500.00 853,493.50 1,006.50 9,897.46
 06/30/2035 851,700.00 851,700.00 851,312.70 387.30 9,119.13

 7,814,500.04 61,214.06 7,875,714.10 7,787,800.80 87,913.30 168,062.23


 Savings Summary


 PV of savings from cash flow 168,062.23
 Plus: Refunding funds on hand 194.53

 Net PV Savings 168,256.76
 CITY OF BURLINGTON, VERMONT

 Board of Electric Commissioners

 SUPPLEMENTAL RESOLUTION NO. 18

 BE IT RESOLVED, by the Board of Electric Commissioners of the City of Burlington,
Vermont (the “City”) as follows:

 Section 1
 Authorization

 The Board of Electric Commissioners (the “Board”) has previously authorized and issued
$12,000,000 Electric System Revenue Bonds, 2014 Series A (the “2014 Bonds”). The Board
hereby authorizes the issuance of revenue bonds as the “2025 Series A Bonds” (such series, the
“2025 Bonds”) in the aggregate principal amount not to exceed $6,544,000 to provide for the
current refunding of all of the outstanding 2014 Bonds. The Board deems the issuance of revenue
bonds as hereby authorized to be in the public interest.
 The 2025 Bonds are to be issued pursuant to this Supplemental Resolution. It is presently
estimated that the aggregate principal amount to be issued for the purpose of financing and
refinancing various improvements to the Electric Plant is $6,544,000.
 It is further estimated that the 2025 Bonds will be payable, by serial maturities, as a term
bond, or sinking fund installments or a combination of both, in the years 2025-2035, both dates
being approximate.
 It is expected that the 2025 Bonds will be issued to the Vermont Bond Bank (the “Bond
Bank”) through its pooled loan program, or may be issued through a public offering or a private
placement in the event that the City’s Mayor or Chief Administrative Officer determines that such
an offering would be more advantageous to the City than the sale to the Bond Bank.
 By adoption of one or more series certificates (the “Series Certificates”) to be delivered by
the Mayor or Chief Administrative Officer for the City and the General Manager of the Electric
Department at the time of and in connection with the sale of the 2025 Bonds, the City’s Mayor or
Chief Administrative Officer and the General Manager of the Electric Department shall award the
2025 Bonds to the Bond Bank or the purchaser thereof and shall complete this supplemental
resolution by insertion of the dates, maturities, principal amounts, interest rates, interest payment
dates, redemption provisions, the amounts of proceeds of the 2025 Bonds, the inclusion of
provisions for bond insurance, and any other terms and provisions which do not materially alter
the substance of the transaction authorized hereby, all of which are to be determined by the City’s
Mayor or Chief Administrative Officer and the General Manager of the Electric Department and
set forth in the Series Certificate; provided, however, that if the true interest cost of the 2025 Bonds
would exceed six and one-half Percent (6.50%) per annum, the prior approval of the Board of
Finance of the City Council shall be required.




 -1-
10437763_3:12576-00046
 Section 2
 Definitions

 (a) Except as provided in subsection (b) of this Section or unless the context clearly
indicates some other meaning, the terms used in this Supplemental Resolution which are defined
in the General Bond Resolution (the “General Bond Resolution”) adopted by the Board on October
7, 1981, as amended and supplemented, have the same meaning in this Supplemental Resolution
as in the General Bond Resolution. The General Bond Resolution as amended or supplemented
from time to time by Supplemental Resolutions is hereinafter referred to as the “Resolution.”
 (b) In this Supplemental Resolution, unless a different meaning clearly applies from
the context, the following terms shall have the respective meanings given as follows:
 “Bond Insurer” means, if the 2025 Bonds are to be insured, such Bond Insurer as identified
in the Series Certificate, or any successor thereto or assignee thereof.
 “Bond Insurance Policy” means the insurance policy, if any, issued by the Bond Insurer
guaranteeing the scheduled payment of principal of and interest on the Insured Bonds when due.
 “Insured Bonds” means, if any, the 2025 Bonds designated in the Series Certificate
 “Insured Bondholder” means the Bondholder of an Insured Bond.
 “Series Certificate” has the meaning given in Section 1 of this Supplemental Resolution.

 Section 3
 Authorization of 2025 Bonds

 There is hereby authorized to be issued a Series of Bonds designated “Electric System
Revenue Refunding Bonds, 2025 Series A” in the aggregate principal amount not to exceed
$6,544,000. The 2025 Bonds shall be issued to (1) currently refund the outstanding 2014 Series
A Bonds, and (2) pay the costs of issuance of the 2025 Bonds. The 2025 Bonds shall bear interest
at the rates per annum and shall mature on July 1 in each of the years and in the principal amounts
as provided in the Series Certificate. The 2025 Bonds may include both Serial Bonds and Term
Bonds as provided in the Series Certificate.
 The 2025 Bonds shall be issued only as fully-registered bonds in minimum denominations
of $5,000 and in any whole multiple thereof. If the 2025 Bonds are issued to the Bond Bank, the
denominations may be $1,000 or such other amount as established by the City under the loan
agreement with the Bond Bank. The 2025 Bonds shall each be dated the date of issuance, and
shall, for each series, be numbered in numerical order from R-1 upwards in chronological order as
issued.
 The 2025 Bonds shall bear interest from the date of issuance, payable on such dates as set
forth in the Series Certificate. Interest shall be paid by the Bond Trustee by check or draft mailed
to the registered owner at the owner’s address as it appears on the registration books kept pursuant
to the Resolution. The principal of and premium, if any, on the 2025 Bonds shall be payable at the
corporate trust office of the Bond Trustee.
 The 2025 Bonds, registration provisions and forms of authentication and assignment
pertaining thereto shall be in substantially the form set forth in Section 6 hereof, with necessary or
appropriate variations, omissions and insertions which are incidental to their numbers,

 -2-
10437763_3:12576-00046
denominations, maturities, interest rates, paying agencies, registration provisions, redemption
provisions and other details.

 Section 4
 Redemption of 2025 Bonds

 Optional Redemption: To the extent set forth in the Series Certificate, the 2025 Bonds may
be subject to redemption prior to maturity at the option of the City in whole or in part (and if in
part, in such order of their maturities as the City in its discretion may determine), on any date, from
any available moneys, all as shall be provided in the Series Certificate.

 Mandatory Sinking Fund Redemption: To the extent set forth in the Series Certificate, the
2025 Bonds that are Term Bonds (if any) may be subject to mandatory redemption at the principal
amount of the 2025 Bonds to be redeemed plus accrued interest to the date of redemption in the
years and amounts as provided in the Series Certificate.

 There is reserved the right to redeem the 2025 Bonds as a whole or in part at any time in
any order of maturity and any amounts within maturities, but only from moneys available for such
purpose in the Special Redemption Fund established by the Resolution, upon payment of the
principal amount thereof together with the interest accrued thereon to the date fixed for
redemption.

 Section 5
 Notice of Redemption of 2025 Bonds

 Notice of intention to redeem shall be given by the Bond Trustee at least 30 days but not
more than 60 days before the redemption date by mail, postage prepaid, to the owners of any 2025
Bonds which are to be redeemed. Failure to mail any such notice or any defect in such notice shall
not affect the validity of the proceedings for such redemption with respect to the owners to whom
such notice was so given. If any 2025 Bond is to be redeemed in part only, the notice of redemption
shall state also that on or after the redemption date, upon surrender of such Bond, a new 2025 Bond
or 2025 Bonds in principal amount equal to the unredeemed portion of such Bond and of the same
series and maturity and bearing interest at the same rate will be issued.
 Any notice of redemption may state that the redemption to be effected is conditioned upon
the receipt by the Bond Trustee on or prior to the redemption date of moneys sufficient to pay the
principal of and premium, if any, and interest on such 2025 Bonds to be redeemed and that if such
moneys are not so received, such notice shall be of no force or effect and such 2025 Bonds shall
not be required to be redeemed. In the event that such notice contains such a condition and moneys
sufficient to pay the principal of and premium, if any and interest on such 2025 Bonds are not
received by the Bond Trustee on or prior to the purported redemption date, the redemption shall
not be made, and the Bond Trustee shall within a reasonable time thereafter give notice, in the
manner in which the notice of redemption was given, that such moneys were not so received.
 If less than all of the 2025 Bonds of any one maturity shall be called for redemption, the
particular 2025 Bonds or portions thereof to be redeemed shall be selected by the Bond Trustee in
such manner as the City in its discretion may determine; provided, however, that the portion of
any 2025 Bond to be redeemed shall be in the principal amount of $5,000 or some multiple thereof


 -3-
10437763_3:12576-00046
and that, in selecting 2025 Bonds for redemption, each 2025 Bond shall be considered as
representing that number of 2025 Bonds which is obtained by dividing the principal amount of
such Bond by $5,000. So long as a book-entry system is used for determining beneficial ownership
of the 2025 Bonds, if less than all of the 2025 Bonds within a maturity are to be redeemed, DTC
and the DTC participants shall determine which of the 2025 Bonds within a maturity are to be
redeemed by lot.

 Section 6
 Form of 2025 Bonds

 The 2025 Bonds, registration, exchange and transfer provisions and forms of authentication
and assignment pertaining thereto shall be in substantially the form set forth below, with necessary
or appropriate variations, omissions and insertions which are incidental to their numbers,
denominations, maturities, interest rate and other details, including provisions for Bond Insurance,
if the 2025 Bonds are to be insured:

 [Form of 2025 Bond Follows]




 -4-
10437763_3:12576-00046
No. R- $

 UNITED STATES OF AMERICA
 STATE OF VERMONT
 CITY OF BURLINGTON ELECTRIC SYSTEM REVENUE REFUNDING BOND
 2025 SERIES A
Maturity Date: __________
Interest Rate: % Per annum
Bond Date: [_________]
Registered Owner: Cede & Co.
Principal Amount: _______________________ Dollars
CUSIP:

 The City of Burlington, Vermont (the “City”), for value received, promises to pay to the
Registered Owner of this bond, or registered assigns, but solely from the Revenues provided under
the Resolution mentioned in this bond, on the Maturity Date, the Principal Amount, upon
presentation and surrender hereof, and to pay interest, but solely out of the Revenues, at the Interest
Rate on such Principal Amount from the most recent [ ] 1 or [ ] 1 to which interest
has been paid or duly provided for or, if no interest has been paid, from the Bond Date, payable
on [ ] 1, 20[ ] and semi-annually on the first day of [ ] and [ ] in each year
thereafter until payment of such Principal Amount, and, to the extent permitted by law, interest on
overdue interest at the same rate. Interest shall be calculated on the basis of a 360-day year
consisting of twelve 30-day months.

 The principal or redemption price of and interest on this bond are payable in any coin or
currency of the United States of America which at the time of payment is legal tender for public
and private debts. The principal or redemption price of this bond shall be payable at the corporate
trust office of Zions Bancorporation, National Association, in the City of Chicago, Illinois, the
Bond Trustee under the Resolution, or its successor in trust. Interest on this bond shall be payable
by check or draft mailed to the Registered Owner at its address appearing on the registration books
of the City kept for that purpose at the corporate trust office of the Bond Trustee, determined as of
the close of business on the applicable record date. The record date for payment of interest shall
be the fifteenth day of the month next preceding the date on which the interest is to be paid or, if
such fifteenth day is not a business day, the next preceding business day, provided that, with
respect to overdue interest or interest payable on redemption of this bond other than on an interest
payment date or interest on any overdue amount, the Bond Trustee may establish a special record
date. The special record date may not be more than 20 days before the date set for payment. The
Bond Trustee will give notice of a special record date by mailing a copy of such notice to the
registered owners of all the Bonds outstanding at least 10 days before the special record date or in
such other time and manner as the Bond Trustee may deem appropriate.

 This bond is one of a series of bonds aggregating [ ] Dollars ($[ ]) in
principal amount, issued by the City for the purposes of its Electric Plant pursuant to No. 298 of
the Vermont Acts of 1953 as amended and a Resolution duly adopted by the Board of Light
Commissioners of the City on October 7, 1981 (as supplemented and amended by one or more



 -5-
10437763_3:12576-00046
supplemental resolutions including a supplemental resolution duly adopted by the Board on [ ],
2025). Bonds may be issued under the Resolution in one or more series from time to time.

 This bond is issued pursuant to Section 436 of the City Charter and does not constitute an
indebtedness of the City but is payable solely from the revenues of the City’s electric plant.

 Reference is made to the Resolution (as supplemented and amended) for, among other
things, definitions of terms; the nature and extent of the security for the Bonds; the covenants
securing the Bonds; the properties constituting the Electric Plant of the City; the manner of
enforcement of the pledge; the terms and conditions upon which additional Bonds may be issued;
the conditions upon which the Resolution may be amended or supplemented with and without the
consent of the holders of the Bonds; acceleration of principal in the event of default; remedies and
limitations of remedies; and the terms upon which Bonds may no longer be secured by the
Resolution if sufficient moneys or specified securities are deposited with the Bond Trustee in trust
for their payment. Copies of the Resolution (including any supplemental resolutions) may be
inspected at the office of the Board of Electric Commissioners of the City and in the corporate
trust office of the Bond Trustee.

 The Bonds of this series are subject to redemption prior to maturity as a whole or in part at
any time in any order of maturity and amounts within maturities determined by the City and by lot
within a maturity, at a redemption price equal to 100 percent of the principal amount but only to
the extent of moneys in the Special Redemption Fund, together with interest to the date fixed for
redemption.

 In the event this bond is called for redemption, notice shall be mailed not less than thirty
(30) days prior to the redemption date, to the Registered Owner at the owner’s address as shown
on the books of registry. If this bond is of a denomination in excess of $5,000, portions of the
Principal Amount in the amount of $5,000 or any multiple of $5,000 may be redeemed. If less than
all of the Principal Amount is to be redeemed, upon the surrender of this bond to the Bond Trustee
there shall be issued to the Registered Owner hereof at the corporate trust office of the Bond
Trustee, without charge, registered Bonds for the unredeemed balance of the Principal Amount. If
this bond (or any portion) is duly called for redemption and notice is duly given, and if on or before
the redemption date there are on deposit with the Bond Trustee or any paying agent for this bond
sufficient funds to pay the redemption price and the interest on the principal amount redeemed to
the date of redemption, this bond (or the portion to be redeemed) shall become due and payable
upon the redemption date and interest shall cease to accrue from and after the redemption date on
the principal amount to be redeemed. [In the event the Bonds of this series are issued to the
Vermont Bond Bank, the denominations shall be such amount as set forth in the attached
amortization schedule for payment of the Bonds.]
 Any notice of redemption may state that the redemption to be effected is conditioned upon
the receipt by the Bond Trustee on or prior to the redemption date of moneys sufficient to pay the
principal of and premium, if any, and interest on such Bonds to be redeemed and that if such
moneys are not so received, such notice shall be of no force or effect and such Bonds shall not be
required to be redeemed. In the event that such notice contains such a condition and moneys
sufficient to pay the principal of and premium, if any and interest on such Bonds are not received
by the Bond Trustee on or prior to the purported redemption date, the redemption shall not be

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made, and the Bond Trustee shall within a reasonable time thereafter give notice, in the manner in
which the notice of redemption was given, that such moneys were not so received.
 The Bonds of this series are issuable as fully registered bonds in denominations of $5,000
or any integral multiple in excess thereof.

 This Bond is transferable, subject to the limitations and upon the payment of the charges,
if any, provided in the Resolution, at the corporate trust office of the Bond Trustee by the
Registered Owner hereof in person or by the owner’s attorney duly authorized in writing, upon
surrender hereof together with a written instrument of transfer satisfactory to the Bond Trustee
duly executed by the Registered Owner or the owner’s duly authorized attorney, and thereupon the
City shall issue in the name of the transferee a new registered bond or bonds of the same aggregate
principal amount and series, interest rate and maturity as the surrendered bond. This bond may
also be exchanged, alone or with other Bonds of the same series, interest rate and maturity, at the
corporate trust office of the Bond Trustee, for a new Bond or Bonds of the same aggregate principal
amount, series, interest rate and maturity, without transfer to a new registered owner, subject to
the limitations and upon the payment of the charges, if any, provided in the Resolution.

 The Bonds issued under the Resolution do not constitute an indebtedness of the City but
are payable solely from and are equally and ratably secured by a pledge of the Revenues derived
by the City from the ownership and operation of its Electric Plant.

 The terms and provisions of this Bond and definitions of certain terms used herein are
continued on the reverse side hereof and such continued terms and provisions and definitions shall
for all purposes have the same effect as though fully set forth at this place.

 This Bond shall not be valid unless the Certificate of Authentication hereon is signed by
the Bond Trustee.
 CITY OF BURLINGTON, VERMONT



 By:
 Chief Administrative Officer

(SEAL)




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 CERTIFICATE OF AUTHENTICATION

 This Bond is one of the Bonds described in the Resolution mentioned in the Bond.

 ZIONS BANCORPORATION, NATIONAL
 ASSOCIATION,
 as Bond Trustee

Date of Authentication:
_______ ___, 2025 By:
 Authorized Signature


For value received the undersigned sells, assigns and transfers this bond to


(Name and Address of Assignee)




Social Security or Other Identifying Number of Assignee

and irrevocably appoints attorney-in-fact to transfer it on the
books kept for registration of the bond, with full power of substitution.



 NOTE: The signature of this
 assignment must correspond with the
 name as written on the face of the
 bond without alteration or
 enlargement or other change.

Dated:
Signature Guaranteed:



Participant in a Recognized
Signature Guarantee Medallion Program

By:
Authorized Signature




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 [STATEMENT OF INSURANCE]




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 Section 7
 Disposition of Proceeds of 2025 Bonds

 From the proceeds derived from the sale of the 2025 Bonds, including accrued interest and
original issue discount and net original issuance premium (if any), after payment of the
underwriter’s discount and the bond insurance premium, if any, there shall be deposited:
 (a) an amount of such proceeds as set forth in the Series Certificate shall be deposited
with the Bond Trustee to be invested and applied together with sums transferred from the Debt
Service Fund and the Debt Service Reserve Fund for the current refunding of the 2014 Bonds;
 (b) an amount equal to the premium for any credit enhancement purchased for any or
all of the 2025 Bonds, if applicable, shall be paid to the provider of such credit enhancement in
immediately available funds, as set forth in the Series Certificate;
 (c) with the Bond Trustee, the balance of the proceeds estimated by the City to be
required to pay the expenses of issue related to the 2025 Bonds.
 Any unused amount shall be transferred to the City and any remaining expenses of issue
shall be paid by the City.

 Section 8
 Debt Service Reserve Fund; Debt Service Fund

 None of the proceeds of the 2025 Bonds are to be deposited in the Debt Service Reserve
Fund. The Debt Service Reserve Fund will be fully funded to the Debt Service Reserve Fund
Requirement upon issuance of the 2025 Bonds.

 Section 9
 Renewal and Replacement Fund

 The Renewal and Replacement Fund Requirement shall be maintained at $867,000. No
proceeds of the 2025 Bonds are to be deposited in the Renewal and Replacement Fund.

 Section 10
 Fuel Fund

 No provision is made by this Supplemental Resolution for deposits into the Fuel Fund.

 Section 11
 Tax Exemption

 The City hereby covenants and agrees to take all lawful action necessary to ensure that
interest on the 2025 Bonds will remain excluded from gross income for federal income tax
purposes under the Internal Revenue Code of 1986, as amended (the “Code”) and to refrain from
taking any action which would cause such interest to become includable in gross income under the
Code. Without limiting the foregoing, to the extent required to maintain the exclusion of interest
on the 2025 Bonds from gross income under the Code, the City will file any information report
and pay any rebate due to the United States in connection with the issuance of the 2025 Bonds and
will restrict yield on investments of the proceeds of the 2025 Bonds and of moneys held in funds

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and accounts under the Resolution and allocable to the 2025 Bonds, all in accordance with the
directions of Bond Counsel to the City which may be given from time to time. The City’s Chief
Administrative Officer, Director of Finance, and each of the General Manager and Chief Financial
Officer of the Burlington Electric Department are hereby authorized and directed to execute and
deliver from time to time, on behalf of the City, such certificates, instruments and documents as
shall be deemed necessary or advisable to evidence compliance by the City with the Internal
Revenue Code and the applicable regulations of the United States Treasury promulgated under the
Internal Revenue Code, with respect to the investment and use of the proceeds of the 2025 Bonds.

 Section 12
 Official Statement

 To the extent applicable as determined by the Chief Administrative Officer or the General
Manager of the Burlington Electric Department, the City hereby authorizes an Official Statement,
to be completed with such insertions and with such modifications as the Chief Administrator or
the General Manager of the Burlington Electric Department, upon the advice of counsel and bond
counsel to the City, approves. To the extent applicable, the City hereby ratifies its approval of the
Preliminary Official Statement relating to the 2025 Bonds, its authorization of the use of the
Preliminary Official Statement by the initial purchasers of the 2025 Bonds and its deeming of the
Preliminary Official Statement “final” for purposes of Rule 15c2-12 of the Securities Exchange
Commission.

 Section 13
 Continuing Disclosure

 The City hereby authorizes and approves a Continuing Disclosure Undertaking with
respect to the 2025 Bonds, under which the City will be obligated to provide financial information,
operating data and financial statements with respect to the City and the Burlington Electric
Department, notice of certain events if material, and certain other notices, to nationally recognized
municipal securities information repositories and others, all as described therein.

 Section 14
 Certain Findings and Determinations

 The Board of Electric Commissioners hereby finds and determines as follows:
 (a) No bonds have heretofore been issued under the Resolution except (1) the
$8,050,000 Electric System Revenue Bonds, 1981 Series A, dated November 1,1981, (2) the
$55,950,000 Electric System Revenue Bonds, 1982 Series A, dated June 1, 1982, (3) the
$71,095,000 Electric System Revenue Refunding Bonds, 1983 Series A, dated March 1, 1983, (4)
the $70,765,000 Electric System Revenue Bonds, 1986 Series A, dated September 1, 1986, (5) the
$35,285,000 Electric System Revenue Bonds, 1992 Series A, (6) the $5,615,000 Electric System
Revenue Bonds, 1992 Series B (Taxable), (7) the $54,475,000 Electric System Revenue Refunding
Bonds, 1996 Series A, (8) the $10,995,000 Electric System Revenue Refunding Bonds, 2001
Series A, (9) the $22,875,000 Electric System Revenue Refunding Bonds, 2002 Series A, (10) the
$10,0000,000 Electric System Revenue Bonds, 2004 Series A, (11) the $8,775,000 Electric System
Revenue Bonds, 2011 Series A dated October 13, 2011, (12) the $3,135,000 Electric System
Revenue Bonds, 2011 Series B (Taxable), dated October 13, 2011, (13) the $12,000,000 Electric

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System Revenue Bonds, 2014 Series A dated August 28, 2014, (14) the $5,820,000 Electric
System Revenue Refunding Bonds, 2014 Series B dated August 28, 2014, (15) the $4,010,000
Electrical System Revenue Refunding Bonds, 2017 Series A dated December 20, 2017, (16) the
$5,410,000 Taxable Electrical System Revenue Refunding Bonds, 2017 Series B dated December
20, 2017, and (17) the $18,045,000 Electric System Revenue Bonds, 2022 Series A (Net Zero
Energy Projects) dated April 5, 2022.
 (b) other than the 2014 Series A Bonds and the 2022 Series A Bonds there are no
outstanding bonds, notes or other evidences of indebtedness payable from and secured by a lien
on or pledge or charge upon the Revenues pledged under the Resolution.

 Section 15
 Consent to Supplemental Resolution No. 16

 Each purchaser of a 2025 Bond and/or any future series of bonds issued under the
Resolution by the initial purchaser(s) thereof shall be deemed to constitute consent to
Supplemental Resolution No. 16, the amendment to the General Bond Resolution, and the terms
and conditions contained therein.
 Section 16
 Bond Insurance

 In the event that the Mayor, Chief Administrative Officer, and Electric Department’s
General Manager determine that it is in the best interest of the City to obtain bond insurance for
the 2025 Bonds, the Mayor, Chief Administrative Officer, and Electric Department’s General
Manager may include provisions in the Series Certificates as may be reasonably required by the
Bond Insurer providing the Bond Insurance Policy to insure the payment of principal and interest
on the 2025 Bonds (or any maturity thereof).


 Section 17
 Award of Bonds; Preliminary Official Statement and Official Statement; Further Action
 The City’s Mayor, Chief Administrative Officer, and Director of Finance, and the Electric
Department’s General Manager, are, and each of them hereby is, authorized either singly or
together:
 (a) to execute and deliver a loan application and a loan agreement with the Bond Bank,
in such form as the signing officer shall approve;
 (b) if the 2025 Bonds are not issued to the Bond Bank, to execute and deliver the Bond
Purchase Agreement submitted by the purchaser or underwriter of the 2025 Bonds, in form and
substance satisfactory to the Chief Administrative Officer or Director of Finance of the City or the
General Manager of the Electric Department, and hereby approved with such changes therein as
the signing officer may approve, the execution thereof constituting conclusive evidence of the
approval of the Board of such changes in accordance with this Supplemental Resolution;
 (c) if applicable, to prepare, make public and deliver to and authorize distribution by
the underwriter of the 2025 Bonds to prospective purchasers and investors of a Preliminary Official
Statement relating to the 2025 Bonds, as may be amended or supplemented as may be approved

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by the Chief Administrative Officer, the Director of Finance, and the Electric Department’s
General Manager. The City Council hereby authorizes the Chief Administrative Officer, the
Director of Finance, or the Electric Department’s General Manager, acting singly, to deem such
Preliminary Official Statement, as approved by the Chief Administrative Officer, the Director of
Finance, or the Electric Department’s General Manager, final, as such term is used in Section
(b)(1) of Rule 15c2-12 of the Securities and Exchange Commission (the “Rule”), except for the
omission of certain information permitted by the Rule;
 (d) if applicable, to prepare, make public, execute and deliver to and authorize
distribution by the underwriter of the 2025 Bonds copies of an Official Statement substantially in
the form of the Preliminary Official Statement after the same has been completed by the insertion
of the rates and other data with respect to the 2025 Bonds and by making such other changes or
corrections as the signing officer or officers may approve, such officer’s or officers’ execution to
be conclusive evidence of such approval;
 (e) if required in connection with the issuance of the 2025 Bonds, to execute and
deliver a Continuing Disclosure Agreement, with such changes or corrections as the signing
officers or officers may approve, such officer’s or officers’ execution to be conclusive evidence of
such approval;
 (f) to enter into such agreements to obtain a Credit Facility to be credited to the Debt
Service Reserve Fund in lieu of the deposit of moneys or in substitution of moneys previously
deposited in the Debt Service Reserve Fund in accordance with the Resolution; and
 (g) to execute such other documents, enter into such covenants and take such other
actions as are necessary or advisable to effect the issuance and delivery of the 2025 Bonds and the
application of the proceeds thereof in accordance with the provisions of this Supplemental
Resolution.
 To the extent applicable, the Preliminary Official Statement is hereby deemed final for
purposes of Rule 15c2-12 of the Securities and Exchange Commission (the “Rule”), except for the
omission of information permitted to be omitted under the Rule. Consent is also hereby given to
the use by the underwriter of the 2025 Bonds (if applicable) of the final Official Statement in
connection with the sale of the 2025 Bonds and the distribution of copies to those who may become
purchasers of the 2025 Bonds.

 Section 18
 Delegation to Mayor, Chief Administrative Officer, and General Manager
 The City and the Board have determined that flexibility is required with respect to the
offering and award of the 2025 Bonds in order to attain the lowest interest cost with respect to the
2025 Bonds. Accordingly, the City and the Board have decided to delegate certain authority
relating to the sale and issuance of the 2025 Bonds to the City’s Mayor and Chief Administrative
Officer and the Electric Department’s General Manager. To provide greater specificity regarding
the scope of such delegation, the City hereby delegates to the Mayor, Chief Administrative Officer
and Electric Department’s General Manager the power to do and carry out the following, subject
to the limitations contained below:
 (a) To determine the aggregate principal amount of the 2025 Bonds, in an amount not
 to exceed the amount authorized under the section captioned, “Authorization”
 hereof, and to determine that the proceeds to be derived from the issuance of such

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 Bonds will be sufficient for the related purposes described in Section 7 of this
 Resolution;
 (b) To determine the maturities and maturity amounts of each Series of the 2025 Bonds
 and the dates for the payment of interest on the 2025 Bonds;
 (c) To determine which 2025 Bonds, if any, are to be designated as Serial Bonds and
 which 2025 Bonds, if any, are to be designated as Term Bonds, and to determine
 the sinking fund requirements for any such term Bonds;
 (d) To determine the interest rate or rates for the 2025 Bonds, subject to the limitations
 set forth in Section 1 hereof;
 (e) To determine the redemption provisions of the 2025 Bonds in accordance with the
 provisions of Section 4 hereof;
 (f) To determine the dated date of the 2025 Bonds;
 (g) To determine the date or dates of sale and issuance of the 2025 Bonds;
 (h) To determine whether the 2025 Bonds, or any portion thereof, shall benefit from
 the issuance of a insurance policy or other form of credit enhancement;
 (i) If a form of credit enhancement supports the payment of the principal of and interest
 on all or a portion of the 2025 Bonds, to accept provisions which are a condition
 precedent to the issuance of the form of credit enhancement to the extent such
 provisions are not inconsistent with the Bond Resolution;
 (j) If the 2025 Bonds are issued to the Bond Bank, to provide for direct payment of
 principal and interest to the Bond Bank as the holder of the 2025 Bonds;
 (k) To designate additional Authorized Officers of the City under the Resolution; and
 (l) To determine such other provisions of the 2025 Bonds as the Chief Administrative
 Officer or the Director of Finance shall deem to be in the best interest of the City.
 The Mayor or Chief Administrative Officer for the City, and the General Manager for the
Electric Department shall execute a Series Certificate evidencing determinations or other actions
taken pursuant to the authority granted hereby, and such Certificate shall be conclusive evidence
of the action or determination of the Mayor, Chief Administrative Officer, and Electric
Department’s General Manager as stated therein.




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MINUTES OF REGULAR MEETING
 BURLINGTON ELECTRIC COMMISSION

 Wednesday, June 11, 2025

The regular meeting of the Burlington Electric Commission was convened at 6:02 pm on
Wednesday, June 11, 2025, at Burlington Electric Department, 585 Pine Street, Burlington,
Vermont, and on Microsoft Teams.

Attendance
  Channel 17 was present to record this meeting.
  Commissioners Lara Bonn, Michelle Hobbs, Scott Moody, Andy Vota, and Bethany Whitaker
 were present.
  Staff members Elena Alexander, Paul Alexander, Mike Kanarick, Paul Nadeau, Darren
 Springer, and Emily Stebbins-Wheelock were present at 585 Pine St.
  Staff members James Gibbons, Munir Kasti, and Amber Widmayer were present via
 Microsoft Teams.
  Public Member Alan Bjerke and bond counsel Thomas Melloni and Kathy Zhou were present
 at 585 Pine St.

Agenda
No changes to the agenda.

Meeting Minutes
Commissioner Whitaker made a motion to approve the minutes of the May 14, 2025, Commission
Meeting; Commissioner Vota seconded the motion. Vote: 5 ayes 0 nays.

Public Forum
Alan Bjerke addressed the issue of BED’s miscellaneous service fees applied to rental properties in
Burlington, focusing on the $30 service charge for transferring accounts between tenants, which he
views as burdensome. He highlighted that due to advancements such as smart meters, this fee is
outdated and excessive, given that the work does not involve creating a new account but only a
temporary transfer. In 2022, Mr. Bjerke raised concerns about this fee, connecting it to the broader
problem of high rental housing costs in the area.

Mr. Bjerke stated that out of 17 electric utilities in Vermont, only three impose such a charge, and
the assessed fee for BED is nearly 50% higher than the average. Following BED’s analysis of costs
associated with this work in March 2024, it was determined that the fee should be reduced to $6,
indicating that landlords are currently being overcharged by 400%. As the City Council approved

 1
the tariff changes nearly 14 months ago, Mr. Bjerke seeks to understand the delay in the tariff being
filed.

Mr. Bierke urged the Commission to facilitate movement on this issue. General Manager Springer
stated that the Department has been working for several months to discuss the proper format for
this filing with the Department of Public Service (DPS), and that the BED team was able to obtain a
meeting with the DPS late last week. Standardizing tariffs across different utilities requires
coordination and alignment on various fronts, not just the single tariff issue of concern. That being
said, the BED team now has the clarity necessary to move forward and with the tariff filing.
Commissioners requested a progress update be added to the July agenda.

Commissioners Corner
No items discussed.

Deforest Road electric service and street lighting upgrades
Mike Kanarick and Paul Nadeau addressed the upcoming electric service and street lighting
improvements planned for Deforest Road in Ward 6, expected to begin in early July. They
highlighted the importance of these upgrades for safety and reliability, including the retirement of
outdated underground cable and its replacement with a conduit containing new wiring. Along with
upgrading electrical infrastructure, the project will entail enhancements to street lighting to align
with the Illuminating Engineering Society of North America (IES) standards, which often require
brighter illumination than older lights.

In other street lighting projects, residents have expressed concerns about the brightness of new
lights and their proximity to homes. To facilitate community engagement, BED will be reaching out
to Deforest Road residents with a letter detailing the project's intentions and inviting feedback. The
team also plans to conduct two walkthroughs to allow the community to discuss their concerns
directly with the project team. City Councilors representing Ward 6 have also shown interest in
participating.

Mr. Kanarick stated that BED had been contacted by a resident concerned about walking safety on
Deforest Road in dark conditions and reiterated BED’s commitment to address such issues. Mr.
Nadeau further explained that alongside lighting upgrades, sections of wire in the green spaces
adjoining the road would also be replaced to prevent future failures. The project will also replace
traditional street light fixtures with decorative Renaissance poles tailored to fit the aesthetic
character of Deforest Road.

Mr. Kanarick emphasized that engaging with the community is essential and that adjustments to
light placement could be considered if feasible. However, he noted that new lighting often involves

 2
adding more poles to comply with updated standards, especially in lower traffic areas like Deforest
Road, potentially leading to fewer complaints due to the less imposing height of decorative poles.

A preliminary design for the lighting has already been mapped out and will be shared with
residents before the project meetings. BED prioritizes funding for upgrades in major thoroughfares
while aiming to limit disruptions in residential neighborhoods.

FY25 April Financials
Emily Stebbins-Wheelock reported that in April 2025 the Department recorded a net income of $1.4
million, exceeding the budgeted net loss of $1.2 million, largely due to the delivery of Renewable
Energy Certificates (RECs) that had been delayed from February. The month’s revenue from sales to
customers fell short by $159,000, with other revenues, particularly EEU reimbursements, down by
$150,000. However, power supply/REC revenues saw a positive variance of approximately $2.8
million.

On the expense side, net power supply expenses surpassed the budget by $1.6 million,
predominantly due to the purchase of $1.5 million in replacement Connecticut 1 RECs to meet
contractual obligations following the data entry error that caused McNeil RECs from Q3 2024 not to
be qualified. While wind production from Georgia Mountain and Vermont Wind exceeded
expectations, McNeil’s output was diminished due to the annual maintenance outage.

Non-power supply operating and maintenance costs were favorable to budget by $606,000. FEMA
reimbursements related to flooding damage at Winooski One contributed to a significant overall
variance of about $1.1 million in other income and deductions, with two tranches received in April.

Year-to-date, the net income stands at $4.1 million, outperforming the budgeted $2.4 million by
$1.8 million. Ms. Stebbins-Wheelock stated that the Department’s forecast for June 30 anticipates a
modest improvement in net income as compared to budget and that a negative variance of about
$180,000 for REC revenues is expected in May due to reduced production in 2024.

Capital spending as of April 2025 reached 59% of the annual budget, totaling just under $7 million
against a budget of $10.5 million, with $1.2 million in ordered but outstanding transformers
contributing to the variance. Operating cash stands at nearly $9 million, slightly below the budgeted
$9.9 million due to the unanticipated REC purchases. The Department’s debt service coverage ratio
was 5.47, the adjusted debt service coverage ratio was 1.44, and days cash on hand were 137
including the $10 million line of credit.

Refinancing of 2014 Series A Revenue Bonds
Ms. Stebbins-Wheelock was joined by bond counsel Thomas Melloni and Kathy Zhou of Paul Frank
& Collins to discuss the proposed refinancing of BED’s 2014 A revenue bonds, which were issued to
 3
fund the purchase of the Winooski One hydro facility. The anticipated refunding is approximately
$6.5 million, which will cover outstanding principal as of July 1, 2025, issuance costs, and a small
amount of interest due between July 1 and August when the bonds are issued. The Commission is
asked to approve Supplemental Resolution Number 18, which would amend the original General
Bond Resolution to authorize this new issuance of revenue bonds via the Vermont Bond Bank.

The refinancing would replace higher-interest bonds with new ones at lower interest rates,
ultimately saving costs for ratepayers. Given the modest projected savings, a financial analysis from
PFM suggested that pursuing this refinancing through the Bond Bank would be more cost-effective
than an independent issuance, given the added efficiency and reduced issuance costs—estimated at
approximately $35,000. The Bond Bank’s higher credit rating is also anticipated to yield better
interest rates.

The process for securing this refinancing involves first obtaining approval from the Board of
Electric Commissioners and then securing authorization from the City Council. If market conditions
do not favor refinancing by the time of decision-making, the plan may not proceed. Conversely, if
more favorable conditions arise prior to issuance, the potential savings could be enhanced.

Commissioner Moody asked whether the refinancing was analogous to a homeowner refinancing a
mortgage to achieve lower interest rates. Mr. Melloni responded that that was an accurate
comparison.

Ms. Zhou noted that the Supplemental Resolution also provides the flexibility to pursue either Bond
Bank refinancing or a public offering or private issuance should the market conditions allow for
better terms in the future. The specific repayment schedule will be finalized at closing by the City
and BED’s designated officials.

Mr. Melloni noted that responsibility for approving the Supplemental Resolution lies with the Board
of Electric Commissioners but that subsequent approval by the City Council is also required as the
City Council is responsible for incurring indebtedness.

Commissioner Vota asked about the disposition of funds from the original 2014A issuance and how
the Department funds its debt service on those bonds. Ms. Stebbins-Wheelock responded that those
funds were spent in the 2014 timeframe on the acquisition of Winooski One and that the
Department funds its debt service through operating funds. Mr. Melloni added that the funds from
this refinancing will be placed in escrow with the bond trustee, Zions Bancorp, before being
transferred to the existing bondholders to purchase back the outstanding 2014A bonds. The 2014A
bonds will end and be replaced with these 2025A bonds. Mr. Melloni also noted that extended audit
completion timeframe to allow a more manageable process post-refinancing.

 4
Commissioner Vota made a motion to approve to adopt Supplemental Resolution 18 as presented
and recommend its adoption to the Board of Finance and City Council; Commissioner Bonn
seconded the motion. Vote: 5 ayes 0 nays.

General Manager’s Update
General Manager Springer stated that the Department plans to revamp the July Commission report
to provide a concise, three- to four-page summary of key highlights, supported by a dashboard for
additional data presentation. Feedback is encouraged to streamline the report effectively,
transitioning from merely listing tasks to offering valuable insights.

Mr. Springer is in the process of reviewing the Department’s 2025-26 Strategic Direction, the draft
version of which will be presented to the Commission in July.

The BED regulatory team is currently under strain due to an increased workload stemming from an
unusually high number of regulatory inquiries, including as an example a recent query about the
new Moduly battery pilot program. The PUC asked questions about this program, which uses
modular batteries and is designed for demonstration purposes. The program does not operate on a
rate-basis and is intended to showcase technology without customer compensation. General
Manager Springer expressed hope for a clarifying response soon from the PUC to avoid potential
delays.

Mr. Springer noted a signi icant recent legislative action in Connecticut to lower that state’s
renewable portfolio standards—a deviation from typical state trends—in response to affordability
concerns. This change could negatively impact BED’s participation in REC markets, particularly with
modi ied biomass eligibility regulations. Revenue from RECs is vital, ranging between $7 million
and $9 million annually, and changes could result in signi icant losses, estimated at $3 to $4 million
for iscal year 2026. During the discussion, Commissioner Vota inquired about potential alternative
markets for RECs. General Manager Springer acknowledged that other options do exist but do not
match the inancial value of Connecticut’s current Class 1 RECs. The Department is preparing to ile
its 2025 rate case without re lecting these changes, pending further analysis of the Connecticut
legislation.

BED has reopened its battery storage request for proposals to obtain updated pricing and has
rented a mobile battery system to mitigate summer demand peaks.

On the policy front, collaboration with SYNAPSE has begun to model energy benchmarking in
Burlington, focusing on ef iciency targets and cost-bene it analyses of transitioning from gas to heat
pump systems. Additionally, consultants for two McNeil studies are scheduled to presentation to the
Transportation, Energy & Utilities Committee on June 24, 2025. Plans for public engagement during
the June 24 meeting include structured input opportunities and the use of a temporary email
address to facilitate feedback. Commission Chair Moody has agreed to attend the meeting.

The 2025 rate iling and the proposed revisions to the Energy Assistance Program tariff received
unanimous approval from the City Council and are slated for iling with the PUC.


 5
Mr. Springer noted that federal policy trends may trigger shifts in state compliance strategies,
especially as discussions around fossil fuel support and offshore wind initiatives progress.

Finally, Commissioner Vota highlighted that the strategic dashboard could bene it from a metric
related to the year-to-date inancial forecast.

Commissioners’ Check-In
Commissioner Vota requested a timeline for the revised Energy Assistance Program rate iling.
General Manager Springer estimated a three- to four-month process following submission to the
PUC.

Adjourn
Commissioner Hobbs made a motion to adjourn; the motion was seconded by Commissioner
Whitaker, Commission vote; 5 ayes 0 nays.

The meeting of the Burlington Electric Commission adjourned at 7:21p.m.

Microsoft Teams transcript used to create minutes drafted by Elena Alexander, Board Clerk and edited
by Emily Stebbins-Wheelock, CFO and Manager of Strategy & Innovation.

 Attest: _______________________________________________
 Elena Alexander, Board Clerk




 6