Burlington Electric Commission — Burlington, VT
Date: 2026-03-11
Time: 17:00

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, CHAIR
ALI KENNEY
SCOTT MOODY
ANDY VOTA, VICE CHAIR
BRIAN WILLIAMS
 AGENDA
 Regular Meeting of the Board of Electric Commissioners
 Wednesday, March 11, 2026 – 5:00 PM


1. Agenda (5 min.)

2. Minutes of February 11, 2026 Meeting (5 min.)

3. Public Forum (10 min.)

4. Monthly Impact Minute (discussion) (5 min.)

5. Commissioners’ Corner (discussion) (5 min.)

6. GM Update (oral update) (10 min.)

7. Financials: January FY26 (discussion): Emily Stebbins-Wheelock (10 min.)

8. BED Budget Overview (presentation and discussion): Emily Stebbins-Wheelock (20 min.)

9. Commissioners’ Check-In (5 min.)




 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.

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, CHAIR
ALI KENNEY
SCOTT MOODY
ANDY VOTA, VICE CHAIR
BRIAN WILLIAMS
 AGENDA
 Regular Meeting of the Board of Electric Commissioners
 Wednesday, March 11, 2026 – 5:00 PM


1. Agenda (5 min.)

2. Minutes of February 11, 2026 Meeting (5 min.)

3. Public Forum (10 min.)

4. Monthly Impact Minute (discussion) (5 min.)

5. Commissioners’ Corner (discussion) (5 min.)

6. GM Update (oral update) (10 min.)

7. Financials: January FY26 (discussion): Emily Stebbins-Wheelock (10 min.)

8. BED Budget Overview (presentation and discussion): Emily Stebbins-Wheelock (20 min.)

9. Commissioners’ Check-In (5 min.)




 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, February 11, 2026

The regular meeting of the Burlington Electric Commission was convened at 5:00 pm on
Wednesday, February 11, 2026, 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, Ali Kenney, Scott Moody, and Brian Williams were present.
  Staff members Elena Alexander, Xander Briggs, Paul Alexander, Nate Gunesch, Mike
 Kanarick, Lincoln Sprague, Darren Springer, and Emily Stebbins-Wheelock were present at
 585 Pine Street.
  Staff members Seth Clifford and James Gibbons were present via Microsoft Teams.
  Bond counsel, Kathy Zhou of Paul, Frank + Collins was present at 585 Pine Street.
  Public member Jacob Flannigan was present at 585 Pine Street.

1. Agenda
Commissioner Moody made a motion to update agenda item #7 from January 2026 to December
2025 Financials. The motion was seconded by Commissioner Kenney. Motion passes 4-0.

2. Meeting Minutes
Commissioner Williams moved to accept January 14, 2026 minutes as presented. Commissioner
Moody seconded the motion. Vote: 3 ayes 0 nays. Commissioner Bonn abstained from voting as she
was absent from the January 14, 2026 meeting.

3. Public Forum
Jacob Flannigan shared information about Burlington Window Dressers, a volunteer-driven
nonpro it that makes insulated window inserts to help keep homes warmer and reduce heat loss
through windows. These window inserts are cost-effective alternatives to expensive window
replacements, using simple wooden frames, plastic wrap, and gaskets to create an insulating barrier.
The inserts are built annually during a community event where participants, including
homeowners, renters, and landlords, collaborate. A signi icant portion of inserts (about 38%
statewide) is provided free to low- and moderate-income households, removing cost barriers.

4. Monthly Impact Minute
Nate Gunesch, an Energy Innovation Fellow funded by the Department of Energy (DOE) through a
two-year grant working at Burlington Electric Department, gave an update on the Building GIANTS
program. The DOE fellowship emphasizes learning, training, and involvement in the energy sector,
 1
offering opportunities like conference attendance and monthly educational sessions. The Building
GIANTS program, with support from a DOE grant, evolves the Department's Defeat the Peak
initiative to implement automated lexible load management for commercial and residential
electri ied heating and cooling systems in order to reduce peak demand costs and increase the cost-
effectiveness of electri ied heating. The commercial part of the program is ready to launch and the
Department is actively working to enroll customers. Launch of the residential part of the program is
expected later this summer pending inalization of device vendor contracts and iling of a pilot rate
with the Public Utility Commission (PUC).

5. Commissioners’ Corner
No topics discussed.

6. General Manager’s Update
General Manager Springer shared the following:
  In calendar year 2025, the McNeil plant had a net income of over $2 million pre-
 depreciation and interest, largely driven by elevated energy prices.
  The gas turbine (GT) at the waterfront, now running on B20 mixed biodiesel and oil with
 plans to shift towards 100% renewable diesel (R99), is a reliability asset used mainly during
 high price periods.
  Recent high ISO New England energy prices are driven by increased demand for natural gas
 during colder weather, fuel switching from natural gas to oil, and the need for fast-start
 units to back up renewable resources.
  The Department has provided legislative testimony on the Energy Ef iciency Modernization
 Act, aiming to balance weatherization, emissions reduction programs, and support for
 income-quali ied customers' energy upgrades.
  Regulatory updates include a new docket assessing the need for a performance assessment
 of BED’s energy ef iciency utility, the Department of Public Service’s issuance of an RFP for a
 consultant to conduct a business process review of BED, discovery for the 2027-2029
 Demand Resources Plan, and potential for a slight reduction in the FY26 rate case request.
  Department staff recently toured the new Burlington High School, which exempli ies
 modern, energy-ef icient design with geothermal heating/cooling, extensive heat pumps, EV
 charging, and all-electric kitchen systems supported by incentives and geothermal testing
 programs.

7. December 2025 Financial Review
Emily Stebbins-Wheelock, CFO and Manager of Strategy & Innovation, presented inancial results
for December 2025.
  The Department recorded a net loss of $460,000, $420,000 worse than the budgeted net
 loss of $41,000, mainly due to unfavorable net power supply expenses and purchased power
 costs.
  Sales to customers were favorable to budget by nearly $300,000.
  Net power supply was unfavorable to budget by $513,000, with savings on fuel offset by
 higher than budgeted transmission and purchased power expenses. Due to lower than

 2
 budgeted production from McNeil, Winooski One, and hydro contracts, BED was a net
 purchaser of energy (“short”) in December, which also contributed to unfavorable variances.
  Other operating and maintenance expenses were $397,000 over budget for December,
 though the year-to-date variance is only 1.65% over budget.
  Year-to-date net income was $2.4 million, about $1.2 million better than budget. The
 Department is monitoring the iscal year-end forecast closely given the potential for
 continued power supply challenges in January and February.
  Capital spending is at 25% of the iscal year budget, with a projected spend of $14.1 million
 and revenue bond issuance scheduled for March 18, 2026.
  The debt service coverage ratio was (DSCR) 4.6 and the adjusted debt service coverage ratio
 (ADSCR) was 1.14, with a target ADSCR of 1.2 for iscal year-end to maintain Moody’s
 comfort level and credit rating.
  Commissioner Kenney asked for an explanation of the difference between the DSCR and
 ADSCR calculations. Ms. Stebbins-Wheelock responded that the ADSCR incorporates all debt
 obligations and deducts payments in lieu of taxes from revenue available for debt service.
 An ADSCR ratio below 1.1 would likely lag Moody’s concern.
  Ms. Stebbins-Wheelock addressed some additional questions from Commissioner Kenney
 regarding the impact of ISO-New England energy prices on BED’s inancials. To the extent
 BED is “long” on energy, higher regional energy prices are bene icial. Generally, it is
 advantageous if McNeil has a high availability factor (available as a resource to ISO-New
 England), but if McNeil has a lower capacity factor (actual output as compared to theoretical
 output) that coincides with high energy prices, that is disadvantageous.
  BED’s projected load growth is lat at 0.5-1% per year, limiting revenue growth without rate
 increases, posing challenges for debt coverage ratios.
  Ms. Stebbins-Wheelock shared a graph of BED’s long-term debt service for the next 20 years.
 A large decline in principal payment is expected in iscal year 2031.

8. Supplemental Resolution No. 20
Ms. Stebbins-Wheelock and Kathy Zhou of Paul, Frank & Collins presented as follows:
  Bond counsel is proposing Supplemental Resolution No. 20 to amend the General Bond
 Resolution adopted in 1981.
  The amendments include allowing lexibility in debt service reserve fund requirements
 (based on the current IRS “least of three” tests for tax bond compliance), enabling bond
 issuance with or without a debt service reserve fund, permitting funding of the debt service
 reserve fund via credit facilities instead of cash, and modernizing bondholder noti ications
 from newspaper ads to electronic publication via the Municipal Securities Rulemaking
 Board’s EMMA system, improving ef iciency and reducing costs.
  The amendments require the consent of 2/3 of bondholders to take effect, typically
 achieved through new bond issuances.
  The PUC is not required to approve the Department’s bond issuances due to city charter
 authority; PUC oversight would occur during rate-making proceedings if liquidity impacts
 are involved.

Commissioner Kenney moved that the Burlington Electric Commission approve the adoption of

 3
Supplemental Resolution 20 as amended and Commissioner Moody seconded the motion. Motion
passes 4-0.

9. McNeil Budget Update
Lincoln Sprague, Director of Generation Engineering and Maintenance, presented three changes to
the calendar year 2026 McNeil Station budget for a vote.
  First item: Add a $1,000,393 capital expense to replace the RSCR system heat sink to restore
 plant capacity by 5 MW, which would be scheduled for the April outage.
  Second item: Add a payment for a new turbine blade carrier, a major, long lead-time part
 needed for a 2028 outage, with a staggered payment schedule to maintain future lexibility
 amid joint ownership considerations.
  Third item: Increase in the revenue forecast to $7.36 million due to McNeil Station's
 admission to Maine’s renewable energy credit market.

Commissioner Moody made the motion to accept the amended McNeil budget as presented.
Commissioner Williams seconded the motion. Motion passes 4 ayes 0 nays.

10. Written and Verbal Public Comments Policy
Commissioner Bonn proposed a formal policy to manage written and verbal public comments
provided to the Commission to ensure clarity, transparency, and consistency. The policy proposed is
as follows:
  Written comments are to be directed to the Board clerk, who acknowledges receipt and
 shares them with all Commissioners but does not include them in the Commission packet.
  Verbal comments require sign-up (virtual or in-person), will be subject to a time limit
 (suggested ive minutes). Members of the public will be encouraged to submit written
 comments if they are unable to comment verbally.
  The policy recommends limiting back-and-forth exchanges during public comments to avoid
 adversarial interactions, reserving discussions for actionable items.
  Commissioners can raise issues during Commissioners' corner or request agenda items to
 discuss actionable feedback and follow up questions.

11. Commissioners’ Corner
No topics discussed.

Adjourn
Commissioner Moody made a motion to adjourn; the motion was seconded by Commissioner
Kenney. Motion passes, 4 ayes 0 nays.

The meeting of the Burlington Electric Commission adjourned at 6:50p.m.

Microsoft Teams transcript used to draft minutes prepared by Elena Alexander and edited by Emily
Stebbins-Wheelock.

 4
Attest: ______________________________________________
 original to be signed
 Attest: _________________________________________
 Elena Alexander, Board Clerk Emily Stebbins-Wheelock, CFO and
 Manager of Strategy and Innovation




 5
To: Burlington Board of Electric Commissioners

From: Darren Springer, General Manager

Date: March 6, 2026

Subject: February 2026 Highlights of Department Activities


General Manager – Darren Springer

 FY26 rate case - PUC approved FY26 rate case at 4.33% (vs request of 4.5%), reflecting agreement
 amongst parties to reduce the rate request slightly to account for inclusion of one-time costs in prior
 rate case that should have been excluded. Given surcharge at 4.5% has been in effect since late summer
 2025, BED will refund difference to customers.

 Legislative – Efficiency
 pilot extension is part of a
 committee bill in House
 Energy & Digital
 Infrastructure Committee,
 for consideration week of
 3/9.

 Rocky Mountain
 Institute BED Case
 Study – The Rocky
 Mountain Institute
 published a new case
 study focused on
 affordability and used
 BED as an example,
 highlighting our efficiency
 efforts and diverse
 renewable generation
 sources.
 https://rmi.org/why-
 communities-can-and-
 must-consider-electricity-
 affordability-and-risk-
 together/. It included this
 chart:
 February 2026 – Department Highlights



Center for Innovation – Emily Stebbins-Wheelock
 PUC closed EEU performance assessment docket; EEU will be assessed per regular review schedule of
 all EEUs beginning this summer.
 Preparing for 2026 revenue bond issuance.
 FY27 budget development.
 Implemented new Energy Efficiency Charge rates effective February 1.
 Signed purchased power contract with Relevate for New England hydro.
 Began participating in VELCO advisory committee re replacement of the Highgate Converter.
 Met with VGS to review BTU data for commercial customers between 10,000-49,999 square feet in
 support of Building Energy Reduction Ordinance (BERO).

Center for Safety and Risk Management – Paul Alexander
Safety
  The Safety Team completed a review of Forklift safety procedures as well as presented Section 15
 procedures on Bucket Trucks and safe installation of meters.
  The Safety Team conducted weekly Tuesday morning safety briefings with operations personnel.
 PreJob tailboards are covered, as well as weekly assignments for Operations with Engineering
 Support. System Operations gives weekly SCADA updates.
  The Safety Team conducted the Monthly BED Safety Committee meeting for Generation.
  The Safety Team is scheduling Crane & Hoist Inspections in March for McNeil, Winooski One Hydro
 and Pine Street Operations.
Environmental
  The Environmental Team reorganized the cooling tower chemical injection configuration to include
 the installation of new containment. Also completed was the hazardous material accumulation
 inventory and it has been scheduled for pick up and removal.
  The Truck Dumper hydraulic hose broke which resulted in a State of VT reportable spill. All
 material was immediately contained and the State acknowledged receipt and closed out the report.
  The Environmental Team passed on the R99 results report to the State of VT for review. Next step is
 to schedule meeting with the State of VT in late March for discussion on moving forward with Gas
 Turbine permit.
  The Environmental Team conducted the bimonthly meetings with McNeil Operations. Air & Water
 weekly reports are covered with emphasis on water chemistry and emissions compliance.

Risk Management
  Made further revisions/updates to BED’s “Garage Use” policy, now called “Employee Personal Use
 of BED Property policy,” also sent information on C4S claim forms and vendor sign-in, building
 security reminders to all employees
  Conducted new employee orientation on Workers’ Comp, Auto accident, and Loss control topics
  Extensive time researching the Winooski Bridge/Winooski One Hydro land record and ownership
 lines for City/Legal
  Filed with our NPCC consultant (Utility Services) re: self-report of our 6-month breaker testing
 program




 Page 2
 February 2026 – Department Highlights



Purchasing/General Services
  Order 7 loads of B200 fuel for GT (because of the demand for the unit to run)
  Worked with GE Representative on Spring Outage Scope & Parts List

Center for Operations & Reliability – Munir Kasti
 Completed service upgrades on Archibald Street and Isham Street.
 Completed a new service installation to Electric Vehicle Supply Equipment (EVSE) for UVM on South
 Prospect Street.
 Completed a rebuild of the overhead distribution systems on Isham Street and Intervale Avenue.
 Completed transformer upgrades on Intervale Avenue.
 Completed a rebuild of the underground distribution system and streetlighting upgrades on Deforest
 Road.

Engineering, Grid Services & Operations
SAIFI & CAIDI Outage Metrics:
BED’s distribution system experienced 2 outages in February 2026 (0 unscheduled and 2 scheduled). BED’s
SAIFI for the Month of February was 0 interruptions per customer and CAIDI was 2.99 hours per
interruption. BED's YTD SAIFI is 0.0005 interruptions per customer and YTD CAIDI is 1.29 hours per
interruption. The CAIDI was above the YTD average due to only experiencing two outages, both being
scheduled outages. One of those outages required a 3-hour outage to complete the work.

The following figure shows BED’s historical YTD SAIFI and CAIDI:
 YTD SAIFI (01/01 - 02/28) YTD CAIDI (01/01 - 02/28)

 2.50 2.50




  Interruptions per Customer Interruption Duration (Hours)
 2.00 2.00


 1.50 1.50


 1.00 1.00


 0.50 0.50


 0.00 0.00
 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026




The following figure shows BED’s historical February SAIFI and CAIDI:
 Month of February SAIFI Month of February CAIDI

 2.50 3.50




  Interruptions per Customer Interruption Duration (Hours)
 3.00
 2.00
 2.50

 1.50
 2.00

 1.50
 1.00

 1.00
 0.50
 0.50

 0.00 0.00
 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026




 Page 3
 February 2026 – Department Highlights



The following figure shows BED’s historical Unplanned Outages:
 YTD Unplanned Outages (01/01 - 02/28) Month of February Unplanned Outages

 18 12

 16
 10
 14

 12 8



 # of Outages # of Outages
 10
 6
 8

 6 4

 4
 2
 2

 0 0
 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026




Generation

McNeil Generating Station
Month Generation: 22,779 MWh
YTD Generation: 44,887 MWh
Month Capacity Factor: 67.8%
Month Availability: 75.1%
Hours of Operation: 505 hours

Winooski One Hydroelectric Station
Monthly Generation: 981.8 MWh
YTD Generation: 2930.8 MWh
Month Capacity Factor: 20%
Annual Capacity Factor: 27.97%
Month Availability: 100%

Burlington Gas Turbine
Month Generation: 26.4 MWh
YTD Generation: 580.5 MWh
Month Capacity Factor: 0.12%
Month Availability: 99%

Solar (Pine Street 107 kW)
Month Generation: 0.2 MWh (-82% from previous year)
YTD Generation: 2 MWh
Month Capacity Factor: 1.1%
Month Availability: 100%

Solar (Airport 499 kW)
Month Generation: 2 MWh (-77% from previous year)
YTD Generation: 12 MWh
Month Capacity Factor: 2.7%
Month Availability: 100%




 Page 4
 February 2026 – Department Highlights



Center for Customer Care & Energy Services – Mike Kanarick
Energy Services

 UVM & UVMMC
 ES is working with staff and contractors on several ongoing projects.
 UVM Medical Center / Chilled Water System Chiller Replacement – A 1,300-ton chiller in the central
  plant has failed and the hospital has identified a replacement unit, which is now on-order. It will be
  more efficient than CBES baseline, is a magnetic bearing chiller, and also utilizes an ultra-low GWP
  refrigerant. A meeting was held this month with the UVM project manager and the engineering team.
  BED has requested technical data concerning the planned operation of the chiller so that an energy
  savings estimate can be determined.
 UVM Howe Library / HVAC Re-Commissioning – UVM’s HVAC controls group implemented control
  sequence improvements in the 160,000 SF Howe Library’s DDC. This included implementation of an
  occupancy schedule, improved VFD control of ventilation fans, and implementation of an economizer
  sequence. Using UVM’s DDC and sub-metered electric, steam and chilled water data, BED has
  completed the energy savings analysis for electric savings and brought VGS in to provide incentives for
  the NG savings. A final site visit for the project occurred last month.

Other Services
 Continued Decline in New Development and Energy Efficiency Activity
  As previously reported, over the past year few new construction zoning applications have been
 submitted to Department of Permitting and Inspections (DPI), indicating a decline in near term new
 development. High lending costs and construction costs continue to slow this market.
  ES also continues to see an overall slowdown in EEU and Tier 3 activity with customers. As
 previously reported, challenging, and uncertain, economic conditions are influencing customer
 decision-making. Customers continue to face economic headwinds where discretionary energy
 efficiency, and beneficial electrification improvements, are understandably not a priority even
 when utility incentives are available. BED and VGS continue to work with the Burlington 2030
 District and CEDO/Business and Workforce Development (BWD) to get the word out about our
 services and that we are here to help.
 ES continues to:
  Work on several projects continues including the HVAC renovation at the Miller Center, HVAC Re-
 Commissioning at the YMCA, and BETA Technologies / North Hangar HVAC Re-Commissioning.
  Support the customer care team with a number of residential and commercial customer high bill
 concerns.
  Partner with the VGS ES team on a number of residential weatherization and heat pump projects
 and commercial retrofit projects.

Electric Vehicles & Charging Stations
 The EVSE (ChargePoint, Flo & AmpUp) dispensed a total of 40.8MWh and supported 1,876 sessions.
 The ChargePoint EVSE served 680 unique drivers.
 The top 3 sales on the ChargePoint network were 106kWh, 115kWh, and 119kWh and occurred at the
 College St. Garage, the Pease Lot DCFC and the Marketplace Garage DCFC.
 Approximately 43% (or 17.6MWh) of the energy sold from the entire network is attributed to the Pine
 St., Marketplace Garage, and Pease Lot DCFC’s. The Pine St. DCFC dispensed the most energy.


 Page 5
 February 2026 – Department Highlights



 Relocation of BE11 Summit St. Champlain College is no longer necessary. The College did express
 interest in adding a second station at this location. Conversation will continue early March.
 EV and PHEV rebates to date – 1,201 (of this 262 LMI rebates to date)
 Customers currently participating in the EV Charging Rate- 443
 Single-family & multifamily home EV charging stations rebates to date – 418 *corrected figure from
 January report

Heat Pump Installations to Date
Total Heat Pump Technology Installations including Multi-Family New Construction Projects &
Installations in existing buildings since the September 2019 NZEC announcement – 3,239 installations (of
this 246 LMI rebates to date)

Customer Care
 Call Answer Time (75% in 20 seconds): February 2026 80.6%, January 90.4%, December 2025 91.4%,
 November 80.3%, October 81.7%, September 75.9%. February 2025 89.6%, January 86.4%, December 2024
 83.4%, November 84%, October 80.6%, September 2024 75.2%.

 February 2026 Stats: please see dashboard for additional metrics categories.




 Page 6
 February 2026 – Department Highlights




 Complaints to DPS about Customer Care Team
 20
 15



 # of Complaints
 14
 15
 9 9
 10
 5
 5 1
 0 0 0 0 0 0 0 0 0 0 0
 0



 Calendar Year


Communications and Marketing

 BED Annual Report: our yearly update was included in the City of Burlington Annual Financial Report that
 was distributed at the polling places on Town Meeting Day is available on the City website.

 Net Zero Energy Festival – A Supercharged Day of Family Fun: please mark your calendars for Saturday,
 August 22, 2026 from 12noon-4pm. Planning already has begun for our 5th annual NZE Festival to help our
 community continue to learn how to take steps to meet our Net Zero Energy city goal by 2030. We again will
 have many activities and provide much information for folks of all ages, including: food trucks, DJ &/or live
 music, raffles, E-Bike test rides and EV test-drives, mobile bike repair unit, bike parking, heat pump, solar,
 and lawn care vendor partners, walking, biking, and carsharing advocates, BED energy experts, CHAMP, and
 more.

 Net Zero Energy Podcast: we invite you to take a listen at burlingtonelectric.com/podcast.

 Full website visits for February 2026




 Page 7
 February 2026 – Department Highlights



Top-performing Facebook & Instagram posts


Black History Month, Engineers Week, and podcast episodes got solid responses




 Page 8
 BED 2025-2026
 Strategic Direction Dashboard

 2025
 2026 Yearly Feb 2026 Jan 2026 Yearly 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly
 Target Actuals Actuals Actuals Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual
Engage Customers and Community
Call answer time 75% within 20 seconds 75% 86% 81% 90% avg 81% avg 81% avg 82% avg 82% avg 82% avg 81%
Delinquent accounts >$500 0 316 333 298 avg 280 avg 223 avg 168 avg 188 avg 529 avg 201
Disconnects for non-payment 0 8 0 8 351 308 224 12 0 45
Energy Assistance Program Customers (program lifetime) NA 942 942 936 929 843 234
Energy Assistance Program Customers (currently enrolled) 300 777 777 771 772 770 219
# of residential weatherization completions 10 0 0 0 3 7 11 5 5 3 11
Weatherization completions in rental properties 0 0 0 0 3 8 6 0 0 TBD
# or % of homes or SF weatherized TBD TBD TBD 0 0 TBD TBD TBD TBD 0
# of commercial building with improved thermal envelopes 0 0 0 1 5 6 4 5 5 0
Total annual mWh saved via the EE programs (annual goal) 4,039 952 952 506 1,674 1,116 2,940 4053 3057
Total residential annual mWh saved via the EE programs (cumulative for year) 702 37 37 22 233 333 494 862 917
Total commercial sector annual mWh saved via the EE programs (cumulative for year) 3,337 915 915 484 1,441 783 2,447 3191
 2140
% of EEU charge from LMI customers spent on EE services for LMI customers $ 277,854
 $ 297,026 $ 290,691 $ 290,691 $ 282,343 $ 164,186 $ 504,942 $ 335,234 TBD TBD TBD
(cumulative for 2024- 2026 3-year EEU performance period)
# of pageviews, overall website-wide 40,477 18,276 22,201 267,394
# of unique website homepage views 8,502 3,986 4,516 53,579
Strengthen Reliability
SAIFI (AVG interruptions/customer) (annual target) < 2.1 - 0.0 0.00 0.35 1.63 0.56 1.05 0.17 1.48 1.01
CAIDI (AVG time in hrs to restore service) (annual target) < 1.2 2.02 2.99 1.04 1.44 0.94 0.67 1.49 0.55 0.75
Distribution System Unplanned Outages (annual target) 82 1 0 1 58 69 39 61 44 90 98
McNeil Forced Outages 0 2 1 1 11 10 5 14 5 21 TBD
W1H Forced Outages 0 0 0 0 2 3 2 6 9 2 TBD
GT Forced Outages 0 3 1 2 3 2 9 6 2 3 TBD
Invest in Our People, Processes, and Technology
Avg. # of days to fill positions under recruitment 120 179 129 228 282 253 219 100 68 179
# of budgeted positions vacant 0 9 10 7 avg 10 avg 12 avg 12 avg 9 avg 9 6 NA
 BED 2025-2026
 Strategic Direction Dashboard

 2025
 2026 Yearly Feb 2026 Jan 2026 Yearly 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly
 Target Actuals Actuals Actuals Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual
Innovate to Reach Net Zero Energy
Tier 3 Program
# of residential heat pump installs 27 13 14 217 176 186 255 315 203 10
# of commercial heat pump installs 0 0 0 1 5 8 4 4 13 0
# of residential hot water heat pump installs 0 0 0 30 28 31 26 14 6 4
# of commercial hot water heat pump installs 0 0 0 - 0 0 0 0 0 0
Heat pump rebates 27 13 14 232 185 206 271 328 212 0
Heat pump hot water heater rebates 0 0 0 30 28 47 18 15 3 0
LMI heat pump rebates 0 0 0 42 35 21 43 28 6 4
Heat pump technology installs in rental properties 0 0 0 - 3 8 10 14 9 TBD
LMI heat pump hot water heater rebates 2 0 2 24 2 6 1 2 0 1
EV rebates - new 2 1 1 127 125 103 53 67 14 36
EV rebates - pre-owned 7 4 3 32 23 16 18 7 8 2
 See NZE
LMI EV rebates 3 3 0 26 50 26 9 11 7 7
 Roadmap
PHEV rebates - new 3 0 3 33 44 25 27 41 10 17
 Goals below
PHEV rebates - preowned 1 0 1 15 8 6 12 6 5 3
LMI PHEV rebates 0 0 0 3 11 5 15 13 6 2
Public EV chargers in BTV (total) 41 ports 41 ports 41 ports 41 ports 40 ports 32 ports 30 ports 27 ports 27 ports 14
Public EV charger energy dispensed (kWh) 80,800 40,800 40,000 483,500 355500 244,300 151,360 86,570 35,690 78,000
Home EV charging station rebates 9 0 9 148 82 72 70 32 20 12
EV charging rate customers (total) 884 443 441 425 347 246 157 40 40 28
Level 2 charger rebates - 0 0 86 22 10 11 10 0 1
Level 1 charger rebates - 0 0 1 0 0 - 0 1 0
E-bike rebates 6 6 0 263 169 147 152 88 36 65
E-mower rebates 1 0 1 88 109 135 159 154 95 142
E-forklift rebates - 0 0 - 0 0 1 0 0 0
MWE of Tier 3 measures installed 11,166 9,879 1,287 45,276 26,120 22,374 22,837 23,763 35,112 3,342
% Tier 3 obligation met with program measures 100% 47% 42% 5% 187% 122% 117% 131% 159% 283% 31%
Net Zero Energy Roadmap Goals
# of solar net metering projects installed 2 1 1 26 13 32 33 29 24 33
No. of homes receiving NZE Home Roadmaps - 0 0 - 0 - 7 10 7
Residential heat pumps for space heating (no. of homes) 2025: 14,181 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) 2025: 7,806 NA NA NA NA 487, 7% of goal 431 411 405 374 374
Residential heat pumps for water heating (no. of homes) 2025: 10,553 NA NA NA NA 344, 4% of goal 289 243 224 208 203
Commercial heat pumps for water heating (1000 SF floor space served) 2025: 3,281 NA NA NA NA 6, 0.2% of goal 0 0 0 0 -
EV registrations in BTV (light-duty) 2025: 7,503 NA NA NA NA 1,285, 23% of goal 829 699 549 361 296
Greenhouse gas emissions (1000 metric tons CO2) 2025: 99 NA NA NA NA 174, 55% above target 179 193 188 185 214
Fossil fuel consumption (billion BTU) 2025: 1,539 NA NA NA NA 2,964, 68% above target 3,044 3,319 3,169 3,185 3,660
 BED 2025-2026
 Strategic Direction Dashboard

 2025
 2026 Yearly Feb 2026 Jan 2026 Yearly 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly
 Target Actuals Actuals Actuals Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual
Demand Response
Manage Budget and Risks Responsibly
Safety & Environmental
No. of workers' compensation/accidents per month 0 2 1 1 6 7 8 16 4 8
Total Paid losses for workers’ compensation accidents (for the month) annual 17740 $16,758 $982 $ 186,754 $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 0.95 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 25.52 9.90 107.4 112.63 0.0 41.71 78.2
Lost work days per month 0 0 0 0 27 avg 10 avg 12 avg 9 0.0 45
NOx reporting levels to EPA (Quarterly) (lbs/mmbtu) <0.075 0.1 0.066 0.065 0.071 0.06 0.06 0.06 0.07 0.07
# of reported spills, waste water incidents (monthly) 0 2 1 1 0 4 2 6 4 4
Phosphorus levels to DEC in lbs (monthly/yearly total) <0.8/37 0.162/1.280 0.155/1.283 1.256 1.87 0.705 0.688 2.028 1.169
# of new power outage claims reported (monthly) 1 1 0 1 2 6 3 5 7 4
# of new auto/property/other liability claims reported (monthly) 2 6 5 1 19 24 36 27 18 27
Purchasing & Facilities
# of Purchase Orders for Inventory (Target: avg for winter months) 42 61 63 58 891 738 541 636 644 593
$ value of Purchase Orders for Inv. (Target: avg dollars spent during winter) $78,000 $ 123,554  $151,176 $95,931 $8,244,846 $ 6,613,883 $2,481,531 $ 4,861,023 $ 3,278,620 975,531
# of stock issued for Inventory (Target: avg during winter months) 320 597 536 657 8361 7,207 6,777 6,187 4,402 4,545
$ value of stock issued for Inventory (Target: avg. during winter) $ 65,000 $ 265,435 $ 136,890 $ 393,980 $2,032,594 $ 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 0 0 0 917 351 592 900 2,728 627
# of Spark Space and Auditorium setup/breakdowns monthly (Target: Covid impact) 3 21 15 6 166 199 207 132 88 87
Finance
Debt service coverage ratio (avg of previous 12-months) 1.25 4.27 4.27 50.7 FY25 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 1.04 1.04 1.29 FY25 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) >90 140 140  144 FY25 146 FY24 93 FY23  120 FY22 121 FY21 120 FY20 109 FY19
Arrearages >60 days $ 614,794 $ 619,506 $ 610,081 $ 627,497 $ 470,940 $ 392,196 $ 408,903 $ 1,087,769 $ 749,054
Regulatory
Open PUC dockets 37 37 37 33
Open PUC dockets with deadlines in next 3 months 7 6 8 10
Power Supply
McNeil generation (MWH) (100%) per budget 44,887 22,779 22,108 209,276 197,044 184,798 228,981 273,355 192,696
McNeil availability factor 100% 69% 75% 63% 60% 66% 84% 67% 80%
McNeil capacity factor per budget 64% 68% 59% 48% 45% 42.3% 52.4% 62.4%
Winooski One generation (MWH) per budget 2,931 982 1,949 17,075 29,498 36,318 25,350 24,752 21,194
Winooski One availability factor 100% 85% 100% 70% 53% 98% 97.2% 98.3% 97%
Winooski One capacity factor per budget 28% 20% 35% 26% 48% 56% 41.7% 37%
Gas Turbine generation (MWH) NA 554 26 527 682 484 475 356 373 441
Gas Turbine availability factor 100% 99% 99% 99% 96% 98% 46.7% 54.5% 96%
Gas Turbine capacity factor NA 8% 12% 3% 1% 0.1% 0.2% 0.2% 0.21%
BTV solar PV production (mWh) 273 135 138 4,905 5,020 4,681 5,260 5,015 5,182
Cost of power supply - gross ($000) $ 3,368 $3,368 $ 34,980 $34,858 $30,002 $36,755 $30,285 $31,081
Cost of power supply - net ($000) $ 3,368 $3,368 $ 27,131 $27,984 $22,710 $27,487 $22,134 $23,388
Average cost of power supply - gross $/KWH $ 0.11 $0.11 $ 0.12 $0.11 $0.09 $0.11 $0.09 $0.10
Average cost of power supply - net $/KWH $ 0.11 $0.11 $ 0.09 $0.08 $0.07 $0.08 $0.07 $0.08
 FY 2026
Financial Review
 January




 March 4, 2026
 Burlington Electric Department
 Financial Review

 FY 2026



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 January FY26


 Full Yr CURRENT MONTH YEAR TO DATE
($000) Budget Budget  Actual Variance Budget Actual Variance
 Sales to Customers 56,090 5,419  5,549 130 35,302 36,229 927
 Other Revenues 3,881 358 404 46 2,514 2,026 (488)
 Power Supply Revenues 7,631 0 0 0 4,698 4,150 (548)
Total Operating Revenues 67,602 5,777  5,953 176 42,514 42,405 (109)
 Power Supply Expense (Net) 35,540 3,104  3,368 (264) 23,547 22,886 661
 Operating Expense 22,912 1,972  2,318 (346) 13,632 14,143 (511)
 Depreciation & Amortization 5,832 495 529 (34) 3,467 3,682 (215)
 Taxes 3,615 306 299 7 2,140 2,027 113
Sub-Total Expenses 67,899 5,878  6,515 (637) 42,786 42,738 48
Operating Income (298) (101)  (562) (461) (272) (333) (61)
Other Income & Deductions 6,855 495 498 3 3,392 4,193 801
Interest Expense 3,204 256 250 6 1,805 1,774 32
Net Income (Loss) 3,354 139 (314) (453) 1,316 2,086 770

Year-to-Date Results:
 • Sales to Customers up $927,400 (2.63%). Residential Sales up $400,500 and Non-Residential Sales up
 $526,900.

 • Other Revenues down $488,000 (19.4%)
 a. DSM billable (customer driven).

 • Power Supply Revenues down $548,000 due to lower production in CY 2025.
 a. McNeil REC revenue of $1,906,000 compared to a budget of $2,263,000.
 b. Wind REC revenue of $1,918,000 compared to a budget of $1,972,000.
 c. Hydro REC revenue of $326,000 compared to a budget of $463,000.

 • Power Supply Expenses (Net) down $660,000 (2.8%)
 a. Fuel down $1,502,000 (22.6%).
 b. Purchased Power up $828,000 (8.3%).
 c. Transmission up $14,000 (0.2%).

 • Other Operating Expenses up $511,000 (3.7%)
 a. Timing: various items were less than budget including materials & supplies ($207,000), and RES
 Compliance ($209,000); offset by items higher than budget including labor and labor overhead,
 $371,800; and rentals/leases, $57,800.

 • Taxes down $112,800 (5.3%)
 a. Actual Payment in Lieu of Tax (PILOT) is $162,300 lower than budget assumption for the year.
 b. Actual Winooski One Property Tax is $29,700 lower than budget assumption for the year.

 • Other Income & Deductions up $801,000 (23.6%)
 a. Timing; favorable gain/loss on disposition of plant, $127,900.
 b. Interest/investment income up $87,800.
 c. Timing; favorable customer contribution /grant proceeds $678,200.
 d. Offset by timing of jobbing ($187,700).



 1
 FINANCIAL HIGHLIGHTS – BUDGET VS ACTUAL as of January FY26



 Capital Spending – January YTD
 ($000s)
 Plant Type Full Yr. Budget Budget Actual % Spent
 Production $4,481 $3,312 $1,027 23%
 Other 868 489 95 11%
 Transmission 222 222 230 103%
 Distribution 6,419 4,429 2,636 41%
 General 3,228 2,062 642 20%

 Total $15,218 $10,515 $4,630 30%

(1) Production – Timing; projects at McNeil and W1 are under budget including NOx system
 catalyst replacement ($146,000), well ($185,000), woodchip dryer ($627,000), FERC
 relicensing ($377,000), automatic voltage regulator ($136,000), and plate torque/embankment
 repair ($403,600). Also, budget assumed $50,000 for replacement rail cars in July vs $0.

(2) Distribution – Transformers under budget due to availability ($760,300); timing of Deforest Rd
 ($105,600) and ADMS ($244,000) projects.

(3) General – Timing of IT Forward projects ($742,500) and electric forklift ($137,700).



 As of January 31, 2026
 Operating Cash and Investments
 Operating Funds $10,596,798
 Operating Funds – CDs $990,803
 CD/Money Market - GOB $1,601,353
 Total Operating Cash $13,188,953




 Credit Rating Factors – January 2026
 3 Year
 "A" "Baa" Current Average
 Debt Service Coverage Ratio 1.25 1.25  4.27 4.42
 Adjusted Debt Service Coverage Ratio 1.50 1.10  1.04 1.27
 Cash Coverage - Days Cash on Hand 90 30
 - With $10M Line of Credit 140 140
 - Without Line of Credit 82




 2
 Burlington Electric Department
 Fiscal Year Ending June 30, 2026


 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 32,855 30,319 26,899 25,256 24,532 27,238 28,518 25,711 26,620 24,405 24,403 25,950
 Actual 32,740 29,621 25,937 25,167 25,102 28,524 29,363




 KWH Sales to Customers (YTD)
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Budget 32,855 63,173 90,073 115,329 139,861 167,098 195,617 221,328 247,949 272,354 296,757 322,708
 Actual 32,740 62,361 88,298 113,465 138,567 167,091 196,454



 3
 FY 2026
 Cooling Degree Days (CDD)
 350

 300

 250

 200

 150

 100

 50

 0
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
 Budget CDD 278 222 86 8 1 0 0 0 0 2 53 138
 Actual CDD 306 190 39 21 0 0 0




 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 7 96 384 769 1,066 1,307 1,152 968 571 213 44
 Actual HDD 1 19 59 386 827 1,295 1,385

 Average Monthly Temperature
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Budget 74 72 65 53 39 30 23 24 34 46 60 68
Actual 75 70 64 53 37 23 20

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, 2026
 KWH Sales


 Residential Customers


 10,000


 9,000


 8,000


 KWH (000) 7,000


 6,000


 5,000
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
 Budget 9,514 8,313 6,733 6,475 6,932 8,616 9,028 7,941 7,858 6,569 5,990 6,737
 Actual 9,524 8,228 6,431 6,503 7,418 9,227 9,628




 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 23,340 22,006 20,166 18,780 17,601 18,622 19,490 17,770 18,762 17,837 18,413 19,213
 Actual 23,216 21,392 19,506 18,664 17,684 19,297 19,735




Street Lighting is included with Commercial & Industrial Customers.




 5
 Net Power Supply Costs
 January - FY 2026
 ($000)
 Current Month Year-to-Date
 Budget Actual Variance Budget Actual Variance
Expenses:
 Fuel (p. 7) $1,244 $1,011 $232 (1) $6,658 $5,155 $1,502 (1)
 Purchased Power (p.11) 840 1,236 (396) (2) 9,680 10,508 (828) (2)
 Purchased Power Adjustment (p 11) 43 43 (0) 303 303 (0)
 Transmission Fees - ISO-NE 693 732 (39) (3) 5,354 5,554 (200) (3)
 Transmission Fees - VELCO 186 206 (20) (4) 1,007 877 130 (4)
 Transmission Fees - Other 98 140 (42) (5) 543 488 56 (5)
Total Expenses 3,103 3,368 (265) 23,546 22,886 660

Revenues:
 Renewable Energy Certificates - McNeil 0 0 0 2,263 1,906 (358)
 Renewable Energy Certificates - Wind 0 0 0 1,972 1,918 (54)
 Renewable Energy Certificates - Hydro 0 0 0 463 326 (136)
 Renewable Energy Certificates - Other 0 0 0 0 0 0
Total Revenues 0 0 0 4,698 4,150 (548) (6)

Net Power Supply Costs $3,103 $3,368 ($265) $18,847 $18,736 $112

Load (MWh) 29,472 30,214 741 201,629 202,051 423
$/MWh $105.30 $111.48 $6.18 $93.48 $92.73 ($0.75)


Current Month:
(1) See detail on page 7.
(2) See detail on page 11.
(3) ISO-NE Peak Load over Budget.
(4) VELCO Common charges over Budget.
(5) NYPA Transmission over Budget.

YTD:
(1) See detail on page 7.
(2) See detail on page 11.
(3) ISO-NE Peak Load over Budget.
(4) VELCO Common charges under Budget.
(5) NYPA Transmission under Budget.
(6) REC sales under budget due to lower production in CY25.




 6
 Net Power Supply Costs
 January - FY 2026


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

McNeil 1,231 810 422 (1) 6,504 4,702 1,802 (1)

Gas Turbine 12 202 (189) (2) 154 453 (300) (2)

Total Fuel 1,244 1,011 232 6,658 5,155 1,502




Current Month:
(1) McNeil production 35% under Budget. Wood Price Per Ton 8% under Budget. (p. 8)
(2) GT production (554 MWh) 1,779% over Budget.

YTD:
(1) McNeil production 23% under Budget. Wood Price Per Ton 5% under Budget. (p. 8)
(2) GT production (982 MWh) 297% over Budget. Budget includes $50,000 in July for R99 testing.




 7
 Burlington Electric Department
 McNeil Plant - MWH Production (50%)
 FY 2026
25,000




20,000




15,000




10,000




  5,000




 0
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Budget 15,353 13,749 6,000 6,573 11,538 16,538 17,347 15,544 12,227 4,199 3,875 8,431
Actual 13,005 14,717 11,344 0 4,265 10,671 11,054
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 2026
  8,000

  7,000

  6,000

  5,000

  4,000

  3,000

  2,000

  1,000

 0

 (1,000)
 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 468 (13) 23 425 2,536 1,863 1,947
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 2026


 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 -5% -5% -6% -6% -4% -4% -8%




 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 -5% -5% -5% -6% -5% -5% -5%




* Wood only. Does not include other costs.




 10
 Net Power Supply Costs
 January - FY 2026

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

PURCHASED POWER:

Non-Energy (capacity) 75 37 39 592 147 445 (1)

Energy:
 Georgia Mountain Wind 273 334 (61) (1) 1,972 1,884 88 (2)
 Hancock Wind 324 295 29 (2) 1,666 1,644 23 (3)
 VT Wind 216 92 125 (3) 1,408 922 486 (4)
 Brookfield 0 0 0 0 449 (449) (5)
 Hydro Quebec 341 330 11 (4) 2,201 2,169 32 (6)
 In City Solar Generators 22 25 (3) (5) 444 457 (13) (7)
 NYPA 6 7 (1) 44 47 (3)
 ISO Exchange (484) 356 (840) (6) (620) 1,920 (2,539) (8)
 ISO Exchange Adjustment 43 43 (0) (**) 303 303 (0) (**)
 FirstLight 0 0 0 1,015 475 539 (9)
 Velco Exchange 0 (6) 6 0 (8) 8
Total Energy 743 1,476 (733) 8,435 10,261 (1,827)

Ancillary Charges (0) (302) 302 (7) 9 (539) 548 (10)

VT RES Tier 1 Compliance Expense 0 0 0 523 466 57
Renewable Energy Credit Purchase 0 0 0 0 0 0
Miscellaneous-Other 66 68 (3) 424 476 (52) (11)

Total Purchased Power Expense 883 1,279 (396) 9,983 10,812 (828)

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 22% over Budget.
(2) Production 9% under Budget.
(3) Production 58% under Budget.
(4) Rate 3% under Budget.
(5) Production over Budget.
(6) Production (McNeil (36%), Winooski One (23%) and Wind (16%)) under Budget.
(7) Reserve revenues over Budget.

YTD:
(1) Includes credit from Pay for Performance events.
(2) Production 5% under Budget.
(3) Production 1% under Budget.
(4) Production 27% under Budget. Financial Settlements under Budget.
(5) Short-Term purchase not in Budget.
(6) Rate 1% under Budget.
(7) Production over Budget.
(8) Production (McNeil (25%), Winooski One (48%), FirstLight (53%), and Wind (10%)) under Budget.
(9) Production 53% under Budget.
(10) Reserve revenues over Budget.
(11) ISO-NE Misc. over Budget.




 11
Burlington Electric Department
Operating and Maintenance Expense by Spending Category
FY 2026 - January YTD
 %
 Budget Actual Variance Variance *
Labor-Regular 5,422,600 5,627,659 (205,059) 4% a
Labor-Overtime 263,561 360,513 (96,952) 37% b
Labor-Temporary 19,500 24,210 (4,710) 24% c
Labor-Overhead 2,341,543 2,406,622 (65,079) 3% d
Outside Services 1,732,695 1,734,222 (1,527) 0%
DSM (rebates & outside services) 1,215,749 1,268,610 (52,861) 4% e
Materials & Supplies 646,283 439,364 206,919 32% f
Insurance 438,495 386,768 51,727 12%
A & G Clearing (750,485) (439,846) (310,639) 41% g
Other - RES Tier 3 Compliance 610,246 401,315 208,931 34%
Other 1,692,144 1,933,872 (241,728) 14% h
  Operating & Maintenance Expense 13,632,330 14,143,309 (510,979) 4%



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

(b) McNeil, $86,400, and Dispatch, $18,900, higher than planned.

(c) Temporary help at McNeil Plant and in Finance.


(d) See page 13.


(e) 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.


(f) Timing of various projects.


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


(h) Various areas are higher than budget including Building Clearing ($23,100), Rentals and Leases ($57,800),
and Uncollectible Accounts ($188,300); offset by areas lower than budget including Education & Training
($36,800), Transportation Clearing ($120,300), and Advertising ($19,000).
 Burlington Electric Department
 Budget vs Actual Spending Analysis
 FY 2026 - January YTD

 (000's)
Labor - Overhead Budget Actual Variance %
 Pension $1,077 $1,055 $22 2% (a)
 Medical Insurance $1,420 $1,405 15 1% (b)
 Social Security Taxes $655 616 39 6% (c)
 Workers Compensation Ins. $258 258 0 0% (b)
 Dental Insurance $56 56 0 1% (b)
 Life Insurance $12 11 2 13% (b)
 Childcare Contribution Tax $38 33 5 13% (d)
 $3,516 $3,433 $83 2%



Rates Table: Budget

Pension (a) 12.58%

Social Security (c) 7.65%

Childcare Payroll Tax 0.44%


(a) Function of labor cost. Budget includes pension per City, $1,760,100 and amortization
of IBEW Pension back payment, $87,041.
(b) Budget provided by the City during budget development.
(c) Function of labor cost.
(d) New tax as of July 1, 2024 is 0.44% of wages.




 13
 Net Income
 FY 2026 - January ($000)

 Current Month Year - To - Date
 Ref Budget Actual Variance Budget Actual Variance
Operating Revenues
 Sales to Customers p.3 5,419 5,549 130 35,302 36,229 927
 Other Revenues 358 404 46 (a) 2,514 2,026 (488) (a)
 Power Supply Revenues p.6 0 0 0 4,698 4,150 (548) (b)
 Total Operating Revenues 5,777 5,953 176 42,514 42,405 (109)

Operating Expenses
 Fuel p.6 1,244 1,011 232 6,658 5,155 1,502
 Purchased Power p.6 883 1,279 (396) 9,983 10,812 (828)
 Transmission p.6 976 1,078 (101) 6,904 6,918 (14)
 Operating and Maintenance p.12 1,972 2,318 (346) 13,632 14,143 (511)
 Depreciation & Amortization 495 529 (34) 3,467 3,682 (215)
 Revenue Taxes 57 58 (1) 400 402 (2)
 Property Taxes Winooski One 27 25 2 (b) 191 174 17 (c)
 Payment In Lieu of Taxes 221 216 5 (c) 1,549 1,452 98 (d)
 Total Operating Expenses 5,877 6,515 (638) 42,785 42,738 47

Other Income and Deductions
 Interest/Investment Income 45 34 (11) 274 362 88
 Dividends 375 375 0 2,618 2,617 (2)
 Customer Contributions/Grant Proceeds 75 188 113 (d) 654 1,332 678 (e)
 Gain/(Loss) on Disp of Plant 0 (25) (25) (175) (48) 128
 Other (0) (74) (74) 21 (71) (92) (f)
 Total Other Income & Deductions 495 498 3 3,392 4,193 801

Interest Expense 256 250 6 1,805 1,774 32

Net Income 139 (314) (453) 1,316 2,086 770

Current Month:
(a) Energy Efficiency Program cost reimbursement was higher than planned, $50,000.
(b) Actual Winooski One tax bill is lower than budget assumption by $29,700 for the year.
(c) Actual Payment in Lieu of Tax (PILOT) is lower than budget assumption by $162,300 for the year.
(d) Budget includes customer contributions for OH/UG billable ($10,600), grant income for Building GIANTS ($31,000) and
 Distributed Energy Resources Management System project ($33,000). Actual includes various grant income ($188,000).


Year - To - Date:
(a) Energy Efficiency Program cost reimbursement was lower than planned, $462,000.
(b) REC sales under budget due to lower McN, wind, and hydro production in CY 2025.
(c) Actual Winooski One tax bill is lower than budget assumption by $29,700 for the year.
(d) Actual Payment in Lieu of Tax (PILOT) is lower than budget assumption by $162,300 for the year.
(e) Budget includes customer contributions for Champlain Pkwy ($238,100) and OH/UG billable ($85,000) and grant income for
 Building GIANTS ($193,500), and Distributed Energy Resources Management ($137,500). Actual includes customer
 contribution for Champlain Parkway ($186,500), OH & UG billable ($368,100) and various grant income ($777,800).




 14
 Burlington Electric Department
 Capital Projects - FY26

 $000
 Full Year January
 Budget Budget Actual Variance
McNeil (BED 50% Share)
Analyzer Upgrades for Chemical Treatment 9 9 9
Ash Silo Pug Mill/Auger Upgrade (312) 13 13 4 9
Augers Replaced 30 15 15
Catalyst Replacement for Nox System (312) 150 150 4 146
CEMS Server Upgrade (312) 15 15 (15)
Cooling Tower Timber Replacement 84 84 109 (25)
Demineralization Resin 20 0
Disk Screen 15 15 15
ESP Mechanical Field Rebuild 300 11 (11)
Farmhouse Improvements (311) 9 0
Freight Elevator Geared Equipment and Controls (311) 180 0 (0)
IT Forward - FIS Replacement (McNeil) 37 6 6
IT Forward - Work & Asset Management (McNeil) 22 4 4
Live Bottom Rebuild 139 139 177 (38)
McNeil Relay Engineering Study (315) 134 40 1 39
Network Infrastructure - McNeil Switches 7 7 7
Opacity Replacement (312) 20 13 (13)
Portable Radio Upgrade 0 0 (0)
Reclaimer Rebuild 0 12 (12) (a)
Replacement Rail Cars (312) 50 50 50
 1
Routine Station Improvements 188 94 11 83
Safety Valve Replacements (312) 25 19 19
Shredder Upgrade (312) 100 0
Station Tools & Tool Boxes (312) 8 5 5 (0)
Transportation Equipment 0 2 (2)
Well New (311) 185 185 0 185
Woodchip Dryer (1 of 3) (312) 626 626 (1) 627
Other 17 11 3 7 (b)
 Total McNeil Plant 2,380 1,469 366 1,104

(a) Prior year project.
(b) Budget includes appliances, energy efficiency upgrades, furniture, perimeter fence, replacement scale at Swanton,
rigging equipment and switchgear & station upgrades.
Hydro Production 1,926 1,703 627 1,075 (a)

(a) Timing of FERC relicensing, embankment repair & dam plate torque, and other proejcts.

Gas Turbine 175 140 33 107 (a)


(a) Budget assumes main breaker and outlet bucket replacement. Actual includes prior year GT Roof Replacement,
$2,800 and GT Server Upgrade, $29,800.




 15
 Burlington Electric Department
 Capital Projects - FY26

 $000
 Full Year January
 Budget Budget Actual Variance
Other
P&P R&D 26 19 0 19
Direct Current Fast Chargers (Level 3) 159 0 42 (42)
EV Charger Installations (Level 2) 264 132 4 129
Distributed Energy Resources 34 24 0 24
EV Chargers/Staging Plan 0 0 46 (46) (a)
Distributed Energy Resources Management System 244 174 0 174
585 Fleet EV Chargers 115 115 3 112
585 Fleet EV Charging Design Study 25 25 0 25
 Total Other 868 489 95 394

(a) Prior year project #C20255.

Transmission Plant
VT Transco Investment 222 222 230 (8)
 Total Transmission Plant 222 222 230 (8)

Distribution Plant-General

Aerial
Deforest Road Rebuild 493 493 388 106
Dunder Road Rebuild 0 0 22 (22) (a)
NZE Transfer Load Between 1L1 to L14 210 0 6 (6)
Rebuild 1L4 from Poles P838 to P2795 173 173 37 136
Rebuild Howard Street Pole P655 to P836 41 41 0 41
Rebuild Plattsburgh Ave Poles P3762 to P3752 40 36 20 16
Rebuild St Paul Street Pole P1004 to P1011 27 27 2 25
Rebuild Wells Street Pole P191 to P183 25 25 2 23
Replace Condemned Poles 210 126 91 35
South Cove Rd East Rebuild 81 (81) (a)
South Cove Road West Rebuild 95 (95) (a)
Bayview St Rcndt P896-851 0 (0)
Foster St. Secondary Replacement P133-142 1 (1)
 Total Aerial 1,220 922 745 177

(a) Prior year project.

Underground
Battery Street Replacement 2 (2)
St. Paul St. Rebuild (Bank to ) 1
Replace UG to UVM Aiken Center 18 18 0 18
Given Transfer Switch 7
Replace 2L3 from UH303 to 929S 698 698 436 261
Rebuild UG St. Paul Street (Bank St to Cherry St) 358 358 0 358
 Total Underground 1,073 1,073 447 635

 16
 Burlington Electric Department
 Capital Projects - FY26

 $000
 Full Year January
 Budget Budget Actual Variance
Customer Driven/City Projects
Champlain Parkway-Billable 400 280 113 167
Champlain Parkway (CAFC) (340) (238) (187) (52)
Great Street-Main Street 621 362 (362)
Great Street-Main Street (CAFC) (557) 0 0
Winooski Bridge Rebuild 34 0 (0)
Winooski Bridge Rebuild (CAFC) (34) 0
City Place Streetlighting 195 41 (41)
City Place Streetlighting (CAFC) (104) 0
 Total Customer Driven/City 215 42 330 (247)

Other
Communication Equipment Emergency Repair 16 9 9
Distribution Transformers-Purchase 1,445 1,156 396 760
Distribution Transformers-Install 11 6 20 (13)
Fiber Optical Time Domain Reflectometer Unit (OTDR) 12 12 12
Lake Street Battery Bank Replacement 41 41 23 18
Replace Failed 920S/921S/922S Switch 63 0 0
SCADA ADMS Upgrade (Phases 3/4) 1,204 662 418 244
SCADA Field Equipment Replacement 64 35 13 22
SCADA Servers PC's and Monitors 15 (15)
Upgrade ArcFM to GIS Pro 318 64 2 62
USAmp Upgrade 7 7 6 1
Other 38 (38)
 Total Other 3,181 1,993 931 1,062

 Total Distribution Plant-General 5,689 4,030 2,452 1,627

Distribution Plant - Blanket
Aerial 174 86 147 (60)
Aerial (CAFC) (70) (28) (41) 13
Underground 332 157 160 (4)
Underground (CAFC) (143) (57) (327) 270
Meters 133 96 57 40
Lighting 217 89 161 (72)
Tools & Equipment - Distribution/Technicians 40 24 27 (3)
Replace Failed SCADA Field Equipment 12 7 0 6
Substation Maintenance 18 10 10
Substation Camera Replacement 15 15 15
 Total Distribution Plant - Blanket 729 399 183 216

 Total Distribution Plant 6,419 4,429 2,636 1,842




 17
 Burlington Electric Department
 Capital Projects - FY26

 $000
 Full Year January
 Budget Budget Actual Variance
General Plant
Computer Equipment/Software 2,724 1,558 537 1,021 (a)
Vehicle Replacement 309 309 90 219
Buildings & Grounds 179 179 16 164 (b)
Gas Detectors 6 6 6
AED Purchase 11 11 11
 Total General Plant 3,228 2,062 642 1,421

(a) Budget includes IT Forward, $642K vs actual of $264K.

(b) Actual includes new SCADA Room, $15,430 from prior year.

 Sub-Total Plant $15,218 $10,515 $4,628 $5,936

 Add: CAFC* reclass to "Other Income" 1,247 323 555 (231)

Total Plant $16,465 $10,838 $5,183 $5,655

* Customer Advances (Contributions) for Construction.




 18
 Operating Cash - FY 2026
 Monthly Ending Balance
 16,000

 14,000

 12,000

 10,000

 $000 8,000

 6,000

 4,000

 2,000

 0
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
 Budget 11,796 12,786 13,998 13,397 12,763 12,585 13,665 14,922 13,431 12,560 14,123 13,221
 Actual 11,713 12,126 15,199 9,842 8,335 12,649 13,189




Notes: Operating Cash = Operating + GOB Funding




 19
Burlington Electric Commission - Public Comments Policy
February 19, 2026


 o For written comments, comments should be directed to the Board Clerk and will be
 shared with all Commissioners but not included in a commission packet. The
 Board Clerk will acknowledge receipt, note that the correspondence will be shared
 with the commissioners, and reply with our process around public comments. If
 one commissioner wants to bring forward something that is sent to the
 commissioners from the public, they can bring it up at the commissioners corner
 section of the agenda or a commissioner can propose a more formal addition to the
 agenda by sending the request to the chair and copying the Board Clerk. If a
 commissioner has a clarifying question, they will coordinate with the chair to
 understand if there is existing information and then, the commissioner can ask
 clarifying questions directly and keep the chair informed.
 o For verbal public comments, members of the public should attend the meeting
 virtually or in-person and let the board clerk know through sign-up sheet or virtual
 meeting comment or raised hand feature. Speakers are asked to keep comments to
 communicated amount of time, which is five minutes unless otherwise requested
 and approved for longer presentation. The Chair of the Commission will
 acknowledge their comments but during the public comment session,
 commissioners will not directly respond. If commissioners want to discuss, they
 will do so at the commissioners corner or the GM will do so during the GM update. If
 a member of the public is not able to attend to share verbal comments, then, they
 are asked to either share written comments to the Board Clerk or attend next
 month's meeting if that is their preference in communication.

MINUTES OF REGULAR MEETING
 BURLINGTON ELECTRIC COMMISSION

 Wednesday, March 11, 2026

The regular meeting of the Burlington Electric Commission was convened at 5:06 pm on
Wednesday, March 11, 2026, 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, Ali Kenney, Andy Vota, and Brian Williams were present at 585
 Pine Street.
  Commissioner Scott Moody was present via Microsoft Teams.
  Staff members Paul Alexander, Xander Briggs, Jen Green, Mike Kanarick, Katie Morris,
 Lincoln Sprague, Darren Springer, and Emily Stebbins-Wheelock were present at 585 Pine
 Street.
  Staff members Munir Kasti and Erica Ferland were present via Microsoft Teams.

1. Agenda
There were no proposed changes to the agenda.

2.M eeting Minutes
Commissioner Kenney moved to accept February 11, 2026 minutes as presented. Commissioner
Williams seconded the motion. Vote: 3 ayes 0 nays. Commissioner Vota abstained from voting as he
was absent from the February 11, 2026 meeting.

3.P ublic Forum
There were no members of the public present.

4.M onthly Impact Minute
Jennifer Green, Director of Sustainability and Workforce Development, presented an introduction to
the Burlington 2030 district, which is one of 29 2030 districts around the US. Founded in 2017, the
2030 district is a movement to reduce energy use emissions from transportation, water use, and
buildings. BED works with our 2030 executive director, Jenna Antino Deari, to partner with Vermont
Gas Systems to visit property owners and give them whole-building data to help them make
informed decisions about how they can reduce their energy load.

One unique aspect of the Burlington 2030 district is a tool called a property energy plan (PEP),
developed to give information about energy use intensity in a building and identify goals on how to
continue reducing load. This tool assists BED in identifying commercial properties that can be
invited to participate in our rebate programs. This strong partnership between BED and VGS help to
support the district inancially through work with commercial property owners. Over 10 million
square feet in Burlington have been committed to the district, including over 300 unique buildings
and 49 property owners.

Commissioner Kenney asked how this work overlaps with energy ef iciency efforts. Jennifer Green
responded that the 2030 district is a volunteer membership and greatly assists BED and VGS in
connecting with commercial partners and offering energy use insights and communicating rebate
offerings that are bene icial to property owners. Commissioner Kenney asked if there was any
additional added bene it for those that elect to join; Ms. Green responded that there is an annual
event for members, in addition to trainings.

Commissioner Kenney asked where funding for 2030 district comes from. Ms. Green responded that
VGS has received some outside funding and recently BED received a D Grant through the American
Public Power Association to help draft a template for the PEP.

General Manager Springer commented that it is a helpful group for BED the department is working
on any policy initiatives.

Commissioner Bonn noted that there is added bene it of having a cohort to share lessons learned in
furthering their energy ef iciency work. Ms. Green responded that there is a steering committee
meeting once a month that helps to connect 2030 district members.

5. Commissioners’ Corner
Commissioner Kenney asked what drove the lower generation REC revenue for McNeil and how
BED is considering the capital needs of the plant’s aging infrastructure.

General Manager Springer commented that BED develops a 5-year capital plan for generation
assets. McNeil goes through a major overhaul around every seven to eight years. The next major
overhaul for McNeil is planned for roughly a 2028 timeframe. Per the last budget discussion, BED is
trying to phase some of those costs in to leave optionality for the department because results from
the RFI are due soon about different technologies identi ied in the report. BED is investing in
regular plant maintenance in the most prudent way possible while also thinking about innovation
opportunities.

Commissioner Kenney asked if we had a draft calendar for the commission and at what point does
the commission check in on generation assets.

Mr. Springer responded that the department is happy to provide updates whenever it’s helpful. The
plant planned on less than typical production due to the heat sink issue, causing the plant to run at
45 MWh instead of 50 MWh since the last outage. The plan is to complete the necessary repairs in
the April outage which should bring generation back to the 50 MWh level.

Commissioner Williams asked if there was a way to track generation daily versus the ISO grid.
Due to audio issues on the Microsoft Teams meeting Commissioner Vota made a motion for a recess
at 5:22 p.m. Commissioner Kenney seconded the motion. Vote: 3 ayes 0 nay.

Commissioner Bonn declared the recess was over at 5:27 p.m.

Mr. Springer responded that BED has not only seen underproduction at the McNeil plant but
periodically on the hydro and the wind power as well. When REC revenue is discussed in the
 inancial section it is a combination of items. When ISO prices spike McNeil tries to run as much as
possible to generate enough renewable energy to meet BED and joint owner’s needs.

6. General Manager’s Update
General Manager Springer shared the following:
  FY26 rate case – the PUC approved the FY26 rate case at 4.33% (versus a request of 4.5%),
 re lecting agreement amongst parties to reduce the rate request slightly to account for
 inclusion of one-time costs in prior rate case that should have been excluded. Given
 surcharge at 4.5% has been in effect since late summer 2025, BED will refund difference to
 customers.
  Ef iciency pilot extension is part of a committee bill in House Energy & Digital Infrastructure
 Committee, for consideration week of March 9, 2026.
  The Rocky Mountain Institute published a new case study focused on affordability and used
 BED as an example, highlighting our ef iciency efforts and diverse renewable generation
 sources.

7. January 2026 Financial Review
Emily Stebbins-Wheelock, CFO and Manager of Strategy & Innovation, presented inancial results
for January 2026.
  The Department recorded a net loss of $314,000 compared to a budgeted net income of
 $139,000, resulting in a negative variance of $453,000.
  Sales to customers were favorable to budget by nearly $130,000.
  Other miscellaneous revenues were $46,000 positive to budget. There were no power
 supply revenues budgeted or received this month.
  Net power supply was $264,000 over budget with transmission being unfavorable. Fuel was
 favorable with McNeil being under budget. The GT was called into commission often due to
 high energy prices resulting in GT fuel being over budget. BED had budgeted to be selling
 power net energy back to the grid and instead were purchasing due to the
 underperformance of McNeil and hydro projects. The First Light hydro contract expired at
 the end of December and the replacement contract was not yet executed.
  Other operating and maintenance expenses were $346,000 over budget for January.
  Year-to-date net income was just over $2 million, compared to a budgeted net income of just
 over $1.3 million, resulting in a $770,000 positive variance.
  Capital spending is at 30% of the iscal year budget, with January spend being $4.6 million,
 well under the budgeted value of $10.5 million. The distribution plant is 41% of budget and
 the generation plant is 23%.
  Cash for January was close to budget with total operating cash of $13.2 million versus a
 budgeted $13.7 million.
  The debt service coverage ratio (DSCR) was 4.27 and the adjusted debt service coverage
 ratio (ADSCR) was 1.04, with 140 days cash on hand.
  The Vermont Bond Bank priced their winter pool last week. The interest rate is 4.1% which
 is close to what was modeled.
  The Burlington City Council approved the amendments to the general bond resolution that
 the Burlington Electric Commission approved in February.



8. BED Budget Overview
Emily Stebbins-Wheelock, CFO and Manager of Strategy & Innovation, presented a FY26 budget
overview:
  Sales to customers makes up the main operating revenue source of over 80% of budget.
  REC sale revenue is 13% of budget at $9.4 million.
  Miscellaneous revenues, which is largely EEU reimbursement, is where miscellaneous
 service fees, conduit rentals, pole attachment fees, would make up 6% of the budget.
  The system hit an energy peak in 2025 of just under 370,000 MW hours. As of calendar
 FY25, sales are 323,000 MW hours.
  FY REC sale revenue has started to come back up since FY19 and 20. FYY26 RED revenues
 were budgeted to be higher. The actuals will be lower, but not because of the price per REC,
 because of lower volume of RECs to sell.
  54% of operating expenses is power supply, about one third is all other operation and
 maintenance, 8% being depreciation and amortization, and 5% being property taxes and/or
 payment in lieu of taxes.
  Historically, fuel expense has been a function of both the capacity factor of McNeil as well as
 the price paid per ton for wood.
  Purchases power expenses have luctuated based on energy prices and the performance of
 our resources. The power supply from FY14 and after is comprised of a 100% renewable
 portfolio.
  Transmission expenses is an uncontrollable expense and has steadily risen over time and is
 a major pressure point in the budget. This expense is mostly driven up by capital
 reinvestment, either replacement of infrastructure or new transmission lines and new
 transmission facilities.
  About half of the other operations and maintenance section of the total FY26 operating
 expense budget is wages and bene its.
  For each month of the iscal year there are non-operating income deductions and interest
 expenses, as noted in the budget as ‘below the line’ items. VELCO dividends from our equity
 investment and Transco are the greatest of those, around $4.5 million in FY26.
  The interest income line varies with interest rates.
  Grants and capital contributions is highly variable depending on major construction
 projects in the city, such as the Champlain Parkway or the Great Streets projects.
  The interest expense line, at just over $3 million is BED’s debt service.
  For the budget an income statement and a cash low statement are prepared to make sure
 there is suf icient cash low over the course of the year and to ensure that sources and uses
 are balanced so there is suf icient cash at the end of the iscal year to be in line with the
 Moody's metric target.
  The sources of cash are comprised of 77% from total operating revenues (with 81% of that
 being sales to customers), 5% VELCO equity, a small portion of grant income, and the rest
 from the annual general obligation bond and revenue bonds.
  In FY26 there was $107 million budgeted for sources of funds, with $93.8 million budgeted
 for uses of cash. The budgeted use of cash includes operating expenses, Tier 1 REC
 purchases, Tier 3 rebates, the McNeil turbine overhaul, taxes/PILOT, capital projects, and
 debt service.
  When creating the next iscal year budget the Moody's metrics, days cash on hand, and the
 debt service coverage will be balanced together.

9. Commissioners Check-In
No topics discussed.

Adjourn
Commissioner Williams made a motion to adjourn; the motion was seconded by Commissioner
Vota. Motion passes, 3 ayes 0 nays.

The meeting of the Burlington Electric Commission adjourned at 6:32 p.m.

Microsoft Teams transcript used to draft minutes prepared by Katie Morris.




Attest: ________________________________________
 Katie Morris