Burlington Electric Commission — Burlington, VT
Date: 2025-07-23
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
MICHELLE HOBBS
SCOTT MOODY, CHAIR
ANDY VOTA
BETHANY WHITAKER, VICE CHAIR
 AGENDA
 Regular Meeting of the Board of Electric Commissioners
 Wednesday, July 23, 2025 – 5:00 PM


1. Agenda

2. Election of Officers

3. Minutes of the June 11, 2025 Meeting

4. Public Forum

5. Commissioners’ Corner (Discussion)

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

7. GM Update

8. 2025-2026 Strategic Direction (Discussion and Vote) – GM Springer

9. Sheffield Wind Contract Extension – discussion and vote – James Gibbons

10. 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.

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, July 23, 2025 – 5:00 PM


1. Agenda

2. Election of Officers

3. Minutes of the June 11, 2025 Meeting

4. Public Forum

5. Commissioners’ Corner (Discussion)

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

7. GM Update

8. 2025-2026 Strategic Direction (Discussion and Vote) – GM Springer

9. Sheffield Wind Contract Extension – discussion and vote – James Gibbons

10. 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, 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
To: Burlington Board of Electric Commissioners

From: Darren Springer, General Manager

Date: July 11, 2025

Subject: June 2025 Highlights of Department Activities



General Manager – Darren Springer
• Connecticut REC market – Based on statutory change in Connecticut, BED’s understanding is
 wood energy plants have to bid and be selected through a CT DEEP RFP process set to take
 place later this year to continue to have CT 1 eligibility. To be eligible to bid a plant needs to
 have had a prior contract (which McNeil has had). The BED team will be doing financial
 contingency planning in the event McNeil is not selected for the RFP, including REC market
 mitigation options, and options for efficiencies or cost reductions to address this potential issue.
 McNeil remains eligible for REC markets, including Vermont but also potentially Maine and New
 Hampshire.
• BERO/Benchmarking report – BED now anticipates a presentation on the modeling from
 Synapse at the August TEUC meeting.
• Mobile battery/Defeat the Peak – BED has had a successful effort so far with the Viridi
 battery relative to monthly/annual peaks, and had a successful Defeat the Peak effort as well
 which will result in a contribution to the Richard Kemp Center (selected by our Jim Reardon
 Award winner for 2025 – Ita Meno!).
• Federal Legislation – With passage of the federal legislation, wind and solar and other key
 renewable energy incentives are being phased out aggressively, as are EV, heat pump, EV
 charging, and efficiency incentives. BED is analyzing options for how to support our customers
 in transitioning to electric transportation in light of the state EV rebate funding running out,
 and now federal incentives being removed by end of September.
• Rate Cases – Working through related issue for FY25 and FY26 rate cases regarding removal of
 one-time consulting fees that were inadvertently included in cost of service for FY25. Possibility
 that ultimate rate for FY26 is slightly reduced from the proposed 4.5% to account for this issue.
• EV Charging grant – BED is in touch with Attorney General Office to see about opportunities to
 join with other states efforts to unfreeze the EV charging grant.

Center for Innovation – Emily Stebbins-Wheelock
• Met with Dept of Public Service to chart path forward on Operating Guidelines/Miscellaneous
 Service Fees; preparing Miscellaneous Service Fees filing for July.
• Began discussions with VT Attorney General’s Office about possible litigation to unfreeze BED’s
 Charging & Fueling Infrastructure grant funding.
 June 2025 – Department Highlights



• Finalized process for Water Resources renter assistance program via credit on electric bills and sent
 notice to current EAP customers. Subject to City Council approval, planning to implement the credit
 with bills sent starting on August 5th.
• Released RFP for Financial Information System on June 20th.
• First Defeat the Peak event for 2025, including use of Viridi mobile battery.
• Hosted a table at the City’s Juneteenth Celebration including BED’s Ford 150 Lightning and cooking
 hob demonstration. Directed customers to induction cooktops and electric lawn equipment
 incentives. Led BED staff field trip to Main Street Landing’s Wall of Respect in recognition of
 Juneteenth.
• Joined first Charging Smart cohort, a program funded by DOE and managed by the Electrification
 Coalition that offers technical assistance to help local governments adopt best practices, policies,
 and incentives for enabling efficient EV charger expansion.

Center for Safety and Risk Management – Paul Alexander
Safety
 • Established a Controlled Access Zone (CAZ) to receive the installation of the temporary Battery
 Energy Storage System. The site safety plan included for qualified personnel only the
 requirement of a written PreJob safety briefing covering: (1) Job Hazard Review;
 (2) Work Procedures Review; (3) Precautions Review; (4) Energy Review (LOTO) if needed;
 (5) PPE review and verification.
 • The Generation Safety Committee approved the establishment of a Confined Space Manual at
 the Gas Turbine that is separate from McNeil’s program. This will allow technicians to work
 with System Operations and organize the relevant safety information for the Burlington Fire
 Department should there be a rescue of an individual in the tank room.
Environmental
 • The quarterly calibrations with ESC Spectrum were performed to include opacity monitor
 audits, opacity clear stack audits, flow line leak check and replacement of any consumable
 parts found to be defective.
 • Environmental has been working with the State of VT on Pre-draft permit for the McNeil
 Generating Station scenarios prior to approval. One is unlocking the Electrostatic Precipitator
 (ESP) control software and now having the ability to trend data and print out reports.
Risk Management
• Called the Burlington Police Department in regard to a repeat offender who on multiple
 occasions has called in fake claims about either a pole on fire or a leaking transformer.
 This same scenario occurred just a month ago, and the BPD is reaching out to the
 appropriate area(s) before filing charges.
• The County’s Sheriff “Return of Service” document was signed by the defendant in a small claims
 case which involves paying back BED funds that were used in an apprentice program as
 outlined in Section 8.6 of our Union (IBEW) contract. The defendant has asked for a court
 hearing which is the next step in this process.
• Our property insurance carriers had 18 questions as a follow-up to our all-day Property tour of
 the McNeil Station (5/20), which McNeil staff have worked diligently in preparing responses to
 and forwarding backup documents via the portal.
• The NPCC Self-certification Audit on regulatory standards PRC-005 and PRC-006 (Protection
 System and Underfrequency Load shedding (UFLS)) was completed (by Engineering) and
 returned by the due date of 7/27/25. We now await the anticipated first round of regulatory
 Q&A.


 Page 2
 June 2025 – Department Highlights



Purchasing/General Services
• SCADA Office Remodel completed. Remodel the old dispatch room into the new SCADA office
 with room for plotter space. New workstations, carpet, paint and door for plotter space.
• Replaced roof on the GT building. Replaced with EPDM membrane material made by Carlisle.
 We replaced 3 sections of the main roof, middle roof and lower roof where the roof hatch is
 located.
• Put RFP out for new EV Bucket Truck to be purchased with partnership State of Vermont
 Volkswagen Diesel Grant.

Center for Operations & Reliability – Munir Kasti
Engineering, Grid Services & Operations
• Completed setting new poles and reconductoring the overhead primary and neutral lines on
 Dunder Road.
• Completed reconductoring the underground primary lines on Battery Street.
• Energized a new service for City Place, including the new fire pump.
• Completed FY25 annual protective relay testing for BED’s distribution equipment.
• Issued work orders for overhead upgrades on Rose Street and South Prospect Street.
• Prepared for implementation of new Distribution Management System (DMS) as part of the
 SCADA/ADMS upgrade.

SAIFI & CAIDI Outage Metrics:
BED’s distribution system experienced 11 outages in June 2025 (6 unscheduled and 5 scheduled).
BED’s SAIFI for the Month of June was 0.003 interruptions per customer and CAIDI was 1.09 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 3
 June 2025 – Department Highlights



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




The following figure shows BED’s historical Unplanned Outages:




Generation

McNeil Generating Station
Month Generation: 18,513 MWh
YTD Generation: 101,275 MWh
Month Capacity Factor: 51.45%
Month Availability: 61.0%
Hours of Operation: 444.5 hours

McNeil Performed a 2-hour max capability claim audit on June 12, 2025, which was approved by
ISO New England.

Winooski One Hydroelectric Station
Monthly Generation: 1,442.49 MWh (65.1% of average)
YTD Generation: 11,732.32 MWh (65.1 % of average)
Month Capacity Factor: 27.0%
Annual Capacity Factor: 36.49%
Month Availability: 60% due problems with Generator 1 gates

This month at Winooski One there were routine maintenance, preventative maintenance, and


 Page 4
 June 2025 – Department Highlights



process improvement projects conducted. Preparation for turbine and generator overhauls are in
progress.

Burlington Gas Turbine
Month Generation: 171.7 MWh
YTD Generation: 255.29 MWh
Month Capacity Factor: 1.24%
Month Availability: 86.1%
Hours of Operation Unit A: 15.0 hours
Hours of Operation Unit B: 15.0 hours

This month the GT has been successfully dispatched 3 times for a total of 171.7 MWh.

Solar (Pine Street 107 kW)
Month Generation: 14 MWh (-1% from previous year)
YTD Generation: 50 MWh
Month Capacity Factor: 18.8%
Month Availability: 100%

Solar (Airport 499 kW)
Month Generation: 85 MWh (+7% from previous year)
YTD Generation: 243 MWh
Month Capacity Factor: 23.5%
Month Availability: 100%

Center for Customer Care & Energy Services – Mike Kanarick
Energy Services
 UVM & UVMMC
• ES is working with staff and contractors on several ongoing projects.
• UVM continues to look at possible improvements to both the Trinty Campus and Athletic
 Campus, but no firm timelines have been established.
• UVMMC continues to explore options to replace their aging chiller other the next several years.
 Ice storage is one of the options being studied. A site visit to the Champlain College ice storage
 plant is planned for July.
Other Services
• Decline in New Development and Energy Efficiency Activity
 • Over the past several months few new construction zoning applications have been
 submitted to DPI, indicating a decline in near term new development. High lending costs
 and construction costs have slowed this market.
 • ES continues to see a slowdown in EEU activity with smaller and medium-sized commercial
 customers. These customers continue to face economic headwinds where discretionary
 energy efficiency improvements are not a priority. As a result, BED and VGS continue to
 work with the Burlington 2030 District and CEDO to get the word out about our services
 and that we are here to help.
• ES continues to:




 Page 5
 June 2025 – Department Highlights



 • Work on new construction projects such as at Cambrian Rise, Burlington High School,
 former YMCA, City Place and Post Apartments.
 • Support the customer care team with a number of residential and commercial customer
 high bill concerns.
 • Support Burlington’s affordable housing organization such as at BHA Decker Towers and
 CVOEO/CHT’s Champlain Place.
 • 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 36.7MWh and supported 1,897
 sessions.
• 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.
• EV and PHEV rebates to date – 1,061(of this 234 LMI rebates to date)
• Customers currently participating in the new EV Charging Rate- 389
• Single-family & multifamily home EV charging stations rebates to date – 360
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 – 3,000 installations (of this
204 LMI rebates to date)
Customer Care
• Call Answer Time (75% in 20 seconds): June 2025 69.4%, May 61.4%, April 86.1%, March
 90.3%, February 89.6%, January 86.4%. June 2024 74.6%, May 69.2%, April 85.8%, March 87.7%,
 February 87.7%, January 86.7%. End of “busy season,” including 399 of 2,618 calls in one
 day (June 2).

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




 Page 6
 June 2025 – Department Highlights




 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
 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1 Q2 Q3 Q4 Q1 Q2
 2024 2024 2024 2024 2025 2025
 Calendar Year


Communications and Marketing
• Juneteenth: the City of Burlington celebrated Juneteenth on Saturday, June 21 from 2 to 10pm in City
  Hall Park and on the Church Street Marketplace. BED participated in this important celebration with
  energy experts and a BED Ford F-150 Lightning electric truck that was used to power a stove to
  prepare treats for visitors to our tent.
• Lake Monsters Customer Appreciation Nights: BED partnered again with VGS in joining our Vermont
  Lake Monsters friends at the ballpark for games on June 18 and July 2. We engaged about energy-
  related issues with many customers during these two outings.
• 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 June 2025




 Page 7
 June 2025 – Department Highlights




• Top-performing Facebook & Instagram posts

Defeat the Peak & Ace McArleton’s podcast episode




 Page 8
To: Burlington Board of Electric Commissioners

From: Darren Springer, General Manager

Date: July 11, 2025

Subject: June 2025 Highlights of Department Activities



General Manager – Darren Springer
 Connecticut REC market – Based on statutory change in Connecticut, BED’s understanding is
 wood energy plants have to bid and be selected through a CT DEEP RFP process set to take
 place later this year to continue to have CT 1 eligibility. To be eligible to bid a plant needs to
 have had a prior contract (which McNeil has had). The BED team will be doing financial
 contingency planning in the event McNeil is not selected for the RFP, including REC market
 mitigation options, and options for efficiencies or cost reductions to address this potential issue.
 McNeil remains eligible for REC markets, including Vermont but also potentially Maine and New
 Hampshire.
 BERO/Benchmarking report – BED now anticipates a presentation on the modeling from
 Synapse at the August TEUC meeting.
 Mobile battery/Defeat the Peak – BED has had a successful effort so far with the Viridi
 battery relative to monthly/annual peaks, and had a successful Defeat the Peak effort as well
 which will result in a contribution to the Richard Kemp Center (selected by our Jim Reardon
 Award winner for 2025 – Ita Meno!).
 Federal Legislation – With passage of the federal legislation, wind and solar and other key
 renewable energy incentives are being phased out aggressively, as are EV, heat pump, EV
 charging, and efficiency incentives. BED is analyzing options for how to support our customers
 in transitioning to electric transportation in light of the state EV rebate funding running out,
 and now federal incentives being removed by end of September.
 Rate Cases – Working through related issue for FY25 and FY26 rate cases regarding removal of
 one-time consulting fees that were inadvertently included in cost of service for FY25. Possibility
 that ultimate rate for FY26 is slightly reduced from the proposed 4.5% to account for this issue.
 EV Charging grant – BED is in touch with Attorney General Office to see about opportunities to
 join with other states efforts to unfreeze the EV charging grant.

Center for Innovation – Emily Stebbins-Wheelock
 Met with Dept of Public Service to chart path forward on Operating Guidelines/Miscellaneous
 Service Fees; preparing Miscellaneous Service Fees filing for July.
 Began discussions with VT Attorney General’s Office about possible litigation to unfreeze BED’s
 Charging & Fueling Infrastructure grant funding.
 June 2025 – Department Highlights



 Finalized process for Water Resources renter assistance program via credit on electric bills and sent
 notice to current EAP customers. Subject to City Council approval, planning to implement the credit
 with bills sent starting on August 5th.
 Released RFP for Financial Information System on June 20th.
 First Defeat the Peak event for 2025, including use of Viridi mobile battery.
 Hosted a table at the City’s Juneteenth Celebration including BED’s Ford 150 Lightning and cooking
 hob demonstration. Directed customers to induction cooktops and electric lawn equipment
 incentives. Led BED staff field trip to Main Street Landing’s Wall of Respect in recognition of
 Juneteenth.
 Joined first Charging Smart cohort, a program funded by DOE and managed by the Electrification
 Coalition that offers technical assistance to help local governments adopt best practices, policies,
 and incentives for enabling efficient EV charger expansion.

Center for Safety and Risk Management – Paul Alexander
Safety
  Established a Controlled Access Zone (CAZ) to receive the installation of the temporary Battery
 Energy Storage System. The site safety plan included for qualified personnel only the
 requirement of a written PreJob safety briefing covering: (1) Job Hazard Review;
 (2) Work Procedures Review; (3) Precautions Review; (4) Energy Review (LOTO) if needed;
 (5) PPE review and verification.
  The Generation Safety Committee approved the establishment of a Confined Space Manual at
 the Gas Turbine that is separate from McNeil’s program. This will allow technicians to work
 with System Operations and organize the relevant safety information for the Burlington Fire
 Department should there be a rescue of an individual in the tank room.
Environmental
  The quarterly calibrations with ESC Spectrum were performed to include opacity monitor
 audits, opacity clear stack audits, flow line leak check and replacement of any consumable
 parts found to be defective.
  Environmental has been working with the State of VT on Pre-draft permit for the McNeil
 Generating Station scenarios prior to approval. One is unlocking the Electrostatic Precipitator
 (ESP) control software and now having the ability to trend data and print out reports.
Risk Management
 Called the Burlington Police Department in regard to a repeat offender who on multiple
 occasions has called in fake claims about either a pole on fire or a leaking transformer.
 This same scenario occurred just a month ago, and the BPD is reaching out to the
 appropriate area(s) before filing charges.
 The County’s Sheriff “Return of Service” document was signed by the defendant in a small claims
 case which involves paying back BED funds that were used in an apprentice program as
 outlined in Section 8.6 of our Union (IBEW) contract. The defendant has asked for a court
 hearing which is the next step in this process.
 Our property insurance carriers had 18 questions as a follow-up to our all-day Property tour of
 the McNeil Station (5/20), which McNeil staff have worked diligently in preparing responses to
 and forwarding backup documents via the portal.
 The NPCC Self-certification Audit on regulatory standards PRC-005 and PRC-006 (Protection
 System and Underfrequency Load shedding (UFLS)) was completed (by Engineering) and
 returned by the due date of 7/27/25. We now await the anticipated first round of regulatory
 Q&A.


 Page 2
 June 2025 – Department Highlights



Purchasing/General Services
 SCADA Office Remodel completed. Remodel the old dispatch room into the new SCADA office
 with room for plotter space. New workstations, carpet, paint and door for plotter space.
 Replaced roof on the GT building. Replaced with EPDM membrane material made by Carlisle.
 We replaced 3 sections of the main roof, middle roof and lower roof where the roof hatch is
 located.
 Put RFP out for new EV Bucket Truck to be purchased with partnership State of Vermont
 Volkswagen Diesel Grant.

Center for Operations & Reliability – Munir Kasti
Engineering, Grid Services & Operations
 Completed setting new poles and reconductoring the overhead primary and neutral lines on
 Dunder Road.
 Completed reconductoring the underground primary lines on Battery Street.
 Energized a new service for City Place, including the new fire pump.
 Completed FY25 annual protective relay testing for BED’s distribution equipment.
 Issued work orders for overhead upgrades on Rose Street and South Prospect Street.
 Prepared for implementation of new Distribution Management System (DMS) as part of the
 SCADA/ADMS upgrade.

SAIFI & CAIDI Outage Metrics:
BED’s distribution system experienced 11 outages in June 2025 (6 unscheduled and 5 scheduled).
BED’s SAIFI for the Month of June was 0.003 interruptions per customer and CAIDI was 1.09 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 3
 June 2025 – Department Highlights



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




The following figure shows BED’s historical Unplanned Outages:




Generation

McNeil Generating Station
Month Generation: 18,513 MWh
YTD Generation: 101,275 MWh
Month Capacity Factor: 51.45%
Month Availability: 61.0%
Hours of Operation: 444.5 hours

McNeil Performed a 2-hour max capability claim audit on June 12, 2025, which was approved by
ISO New England.

Winooski One Hydroelectric Station
Monthly Generation: 1,442.49 MWh (65.1% of average)
YTD Generation: 11,732.32 MWh (65.1 % of average)
Month Capacity Factor: 27.0%
Annual Capacity Factor: 36.49%
Month Availability: 60% due problems with Generator 1 gates

This month at Winooski One there were routine maintenance, preventative maintenance, and


 Page 4
 June 2025 – Department Highlights



process improvement projects conducted. Preparation for turbine and generator overhauls are in
progress.

Burlington Gas Turbine
Month Generation: 171.7 MWh
YTD Generation: 255.29 MWh
Month Capacity Factor: 1.24%
Month Availability: 86.1%
Hours of Operation Unit A: 15.0 hours
Hours of Operation Unit B: 15.0 hours

This month the GT has been successfully dispatched 3 times for a total of 171.7 MWh.

Solar (Pine Street 107 kW)
Month Generation: 14 MWh (-1% from previous year)
YTD Generation: 50 MWh
Month Capacity Factor: 18.8%
Month Availability: 100%

Solar (Airport 499 kW)
Month Generation: 85 MWh (+7% from previous year)
YTD Generation: 243 MWh
Month Capacity Factor: 23.5%
Month Availability: 100%

Center for Customer Care & Energy Services – Mike Kanarick
Energy Services
 UVM & UVMMC
 ES is working with staff and contractors on several ongoing projects.
 UVM continues to look at possible improvements to both the Trinty Campus and Athletic
 Campus, but no firm timelines have been established.
 UVMMC continues to explore options to replace their aging chiller other the next several years.
 Ice storage is one of the options being studied. A site visit to the Champlain College ice storage
 plant is planned for July.
Other Services
 Decline in New Development and Energy Efficiency Activity
  Over the past several months few new construction zoning applications have been
 submitted to DPI, indicating a decline in near term new development. High lending costs
 and construction costs have slowed this market.
  ES continues to see a slowdown in EEU activity with smaller and medium-sized commercial
 customers. These customers continue to face economic headwinds where discretionary
 energy efficiency improvements are not a priority. As a result, BED and VGS continue to
 work with the Burlington 2030 District and CEDO to get the word out about our services
 and that we are here to help.
 ES continues to:




 Page 5
 June 2025 – Department Highlights



  Work on new construction projects such as at Cambrian Rise, Burlington High School,
 former YMCA, City Place and Post Apartments.
  Support the customer care team with a number of residential and commercial customer
 high bill concerns.
  Support Burlington’s affordable housing organization such as at BHA Decker Towers and
 CVOEO/CHT’s Champlain Place.
  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 36.7MWh and supported 1,897
 sessions.
 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.
 EV and PHEV rebates to date – 1,061(of this 234 LMI rebates to date)
 Customers currently participating in the new EV Charging Rate- 389
 Single-family & multifamily home EV charging stations rebates to date – 360
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 – 3,000 installations (of this
204 LMI rebates to date)
Customer Care
 Call Answer Time (75% in 20 seconds): June 2025 69.4%, May 61.4%, April 86.1%, March
 90.3%, February 89.6%, January 86.4%. June 2024 74.6%, May 69.2%, April 85.8%, March 87.7%,
 February 87.7%, January 86.7%. End of “busy season,” including 399 of 2,618 calls in one
 day (June 2).

 June 2025 Stats: please see dashboard for additional metrics categories.




 Page 6
 June 2025 – Department Highlights




 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
 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1 Q2 Q3 Q4 Q1 Q2
 2024 2024 2024 2024 2025 2025
 Calendar Year


Communications and Marketing
 Juneteenth: the City of Burlington celebrated Juneteenth on Saturday, June 21 from 2 to 10pm in City
  Hall Park and on the Church Street Marketplace. BED participated in this important celebration with
  energy experts and a BED Ford F-150 Lightning electric truck that was used to power a stove to
  prepare treats for visitors to our tent.
 Lake Monsters Customer Appreciation Nights: BED partnered again with VGS in joining our Vermont
  Lake Monsters friends at the ballpark for games on June 18 and July 2. We engaged about energy-
  related issues with many customers during these two outings.
 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 June 2025




 Page 7
 June 2025 – Department Highlights




 Top-performing Facebook & Instagram posts

Defeat the Peak & Ace McArleton’s podcast episode




 Page 8
 BED 2024-2025
 Strategic Direction Dashboard


 June 2025 May 2025 April 2025 March 2025 February January 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly
 Target Actuals Actuals Actuals Actuals  2025 Actuals 2025 Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual
Engage Customers and Community
Call answer time 75% within 20 seconds 75% 69% 61% 86% 90% 90% 86% avg 81% avg 82% avg 82% avg 82% avg 81%
Delinquent accounts >$500 0 248 242 246 323 287 251 avg 223 avg 168 avg 188 avg 529 avg 201
Disconnects for non-payment 0 2 31 153 10 1 1 308 224 12 0 45
Energy Assistance Program Customers (program lifetime) NA 881 871 869 862 858 852 843 234
Energy Assistance Program Customers (currently enrolled) 300 776 788 776 776 776 774 770 219
# of residential weatherization completions 10 0 1 0 0 0 0 7 11 5 5 3 11
Weatherization completions in rental properties 0 0 0 0 0 0 3 8 6 0 0 TBD
# or % of homes or SF weatherized TBD TBD TBD TBD TBD TBD 0 TBD TBD TBD TBD 0
# of commercial building with improved thermal envelopes 1 0 0 0 0 0 5 6 4 5 5 0
Total annual mWh saved via the EE programs (annual goal) 4,032 1,003 934 904 877 84 61 1116 2,940 4053 3057
Total residential annual mWh saved via the EE programs (cumulative for year) 724 128 68 64 51 35 28 333 494 862 917
Total commercial sector annual mWh saved via the EE programs (cumulative for year) 3,308 875 866 840 828 49 33 783 2,447 3191
 2140
% of EEU charge from LMI customers spent on EE services for LMI customers
 $ 297,026 $ 204,228 $ 200,971 $ 195,750 $ 186,013 $ 178,052 $ 167,552 $ 155,814 $ 504,942 $ 335,234 TBD TBD TBD
(cumulative for 2024- 2026 3-year EEU performance period)
# of customers enrolled in DtP mailing list TBD 826 816 NA NA NA NA 812 800 738 689 698 523
# of large customers participating in DtP 12 12 NA NA NA NA 12 12 11
# of pageviews, overall website-wide 21,052 28,406 21,747 19,047 18,341 23,653
# of unique website homepage views 4,621 5,046 4,617 4,251 3,804 4,739
Strengthen Reliability
SAIFI (AVG interruptions/customer) (annual target) < 2.1 0.003 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 1.09 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 6 2 6 4 5 3 69 39 61 44 90 98
McNeil Forced Outages 0 1 1 1 2 1 0 10 5 14 5 21 TBD
W1H Forced Outages 0 0 0 0 1 1 0 3 2 6 9 2 TBD
GT Forced Outages 0 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 120 282 281 217 317 257 232 253 219 100 68 179
# of budgeted positions vacant 0 11 10 10 9 11 11 avg 12 avg 12 avg 9 avg 9 6 NA
 BED 2024-2025
 Strategic Direction Dashboard


 June 2025 May 2025 April 2025 March 2025 February January 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly
 Target Actuals Actuals Actuals Actuals  2025 Actuals 2025 Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual
Innovate to Reach Net Zero Energy
Tier 3 Program
# of residential heat pump installs 20 0 10 18 11 31 176 186 255 315 203 10
# of commercial heat pump installs 0 0 0 0 0 0 5 8 4 4 13 0
# of residential hot water heat pump installs 3 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 0
Heat pump rebates 20 6 10 18 11 31 185 206 271 328 212 0
Heat pump hot water heater rebates 3 0 5 1 2 5 28 47 18 15 3 0
LMI heat pump rebates 4 6 0 1 0 0 35 21 43 28 6 4
Heat pump technology installs in rental properties 0 0 0 0 0 0 3 8 10 14 9 TBD
LMI heat pump hot water heater rebates 4 0 1 0 0 0 2 6 1 2 0 1
EV rebates - new 9 16 11 10 6 18 125 103 53 67 14 36
EV rebates - pre-owned 1 1 3 2 2 1 23 16 18 7 8 2
 See NZE
LMI EV rebates 2 4 1 4 2 5 50 26 9 11 7 7
 Roadmap
PHEV rebates - new 3 0 2 4 3 7 44 25 27 41 10 17
 Goals below
PHEV rebates - preowned 2 3 1 0 0 5 8 6 12 6 5 3
LMI PHEV rebates 1 0 0 0 0 0 11 5 15 13 6 2
Public EV chargers in BTV (total) 41 ports 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 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 3 5 13 8 5 18 82 72 70 32 20 12
EV charging rate customers (total) 389 382 379 364 354 351 347 246 157 40 40 28
Level 2 charger rebates 0 0 0 0 0 1 22 10 11 10 0 1
Level 1 charger rebates 0 0 0 0 0 0 0 0 - 0 1 0
E-bike rebates 36 32 39 22 1 27 169 147 152 88 36 65
E-mower rebates 31 25 10 1 0 2 109 135 159 154 95 142
E-forklift rebates 0 0 0 0 0 0 0 0 1 0 0 0
MWE of Tier 3 measures installed 4,401 1,027 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% 48% 30% 25% 20% 12% 8% 122% 117% 131% 159% 283% 31%
Net Zero Energy Roadmap Goals
# of solar net metering projects installed 2 0 2 2 1 1 13 32 33 29 24 33
No. of homes receiving NZE Home Roadmaps 0 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 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 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 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 NA 6, 0.2% of goal 0 0 0 0 -
EV registrations in BTV (light-duty) 2023: 2294 NA 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 NA 174, 55% above target 179 193 188 185 214
Fossil fuel consumption (billion BTU) 2023: 2418 NA 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


 June 2025 May 2025 April 2025 March 2025 February January 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly
 Target Actuals Actuals Actuals Actuals  2025 Actuals 2025 Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual
Demand Response
# of Defeat the Peak events called 1 0 0 0 0 0 2 3 3 5 3 4
Average kW savings per DtP event 413 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 0 2 2 0 0 0 7 8 16 4 8
Total Paid losses for workers’ compensation accidents (for the month) annual $21,245 $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 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 N/A 9.90 107.4 112.63 0.0 41.71 78.2
Lost work days per month 0 11 16 0 0 0 0 avg 10 avg 12 avg 9 0.0 45
NOx reporting levels to EPA (Quarterly) (lbs/mmbtu) <0.075 0.068 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 0 4 2 6 4 4
Phosphorus levels to DEC in lbs (monthly/yearly total) <0.8/37 0.04/1.063 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 0 6 3 5 7 4
# of new auto/property/other liability claims reported (monthly) 2 1 3 3 1 1 4 24 36 27 18 27
Purchasing & Facilities
# of Purchase Orders for Inventory (Target: avg for winter months) 42 41 78 67 86 72 51 738 541 636 644 593
$ value of Purchase Orders for Inv. (Target: avg dollars spent during winter) $78,000 $140,202 $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) 320 732 563 707 730 510 631 7,207 6,777 6,187 4,402 4,545
$ value of stock issued for Inventory (Target: avg. during winter) $ 65,000 $ 359,158 $ 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 0 121 0 0 0 40 351 592 900 2,728 627
# of Spark Space and Auditorium setup/breakdowns monthly (Target: Covid impact) 3 11 16 13 19 16 15 199 207 132 88 87
Finance
Debt service coverage ratio (avg of previous 12-months) 1.25 4.91 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 1.26 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) >90 144 137 152 156 153 146 FY24 93 FY23  120 FY22 121 FY21 120 FY20 109 FY19
Arrearages >60 days $ 558,755 $ 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 18,513 13,684 552 10,132 25,714 32,680 197,044 184,798 228,981 273,355 192,696
McNeil availability factor 100% 61% 67% 2% 29% 81% 100% 66% 84% 67% 80%
McNeil capacity factor per budget 51% 37% 1.5% 27% 77% 88% 45% 42.3% 52.4% 62.4%
Winooski One generation (MWH) per budget 1,442 2,805 2,974 2,573 854 1,083 29,498 36,318 25,350 24,752 21,194
Winooski One availability factor 100% 60% 70% 70% 70% 90% 90% 98% 97.2% 98.3% 97%
Winooski One capacity factor per budget 27% 56% 56% 47% 17% 20% 48% 56% 41.7% 37%
Gas Turbine generation (MWH) NA 171.7 22.0 17.7 19.0 18.1 6.9 484 475 356 373 441
Gas Turbine availability factor 100% 86% 89% 100% 100% 100% 97% 98% 46.7% 54.5% 96%
Gas Turbine capacity factor NA 1.2% 0.1% 0.1% 0.1% 0.1% 0.0% 0.1% 0.2% 0.2% 0.21%
BTV solar PV production (mWh) 632 466 503 410 117 215 5,020 4,681 5,260 5,015 5,182
Cost of power supply - gross ($000) $2,760 $4,328 $3,346 $2,968 $2,629 $34,858 $30,002 $36,755 $30,285 $31,081
Cost of power supply - net ($000) $1,829 $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 $0.11 $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 $0.07 $0.06 $0.13 $0.11 $0.09 $0.08 $0.07 $0.08 $0.07 $0.08
 FY 2025
Financial Review
 May




 July 8, 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 MayFY25

 Full Yr CURRENT MONTH YEAR TO DATE
  ($000) Budget Budget Actual Variance Budget Actual Variance
 Sales to Customers 56,090 4,109  4,186 76 51,185 52,101 915
 Other Revenues 3,881 315 215 (100) 3,424 2,878 (546)
 Power Supply Revenues 7,631 2,301 931  (1,370) 7,631 7,441 (190)
  Total Operating Revenues 67,602 6,726  5,332  (1,394) 62,241 62,420 179
 Power Supply Expense (Net) 35,540 2,827  2,760 67 32,662 33,792 (1,130)
 Operating Expense 22,912 1,847  1,701 146 20,394 19,424 969
 Depreciation & Amortization 5,832 486 505 (19) 5,346 5,452 (106)
 Taxes 3,615 304 264 40 3,314 3,141 172
  Sub-Total Expenses 67,899 5,464  5,229 235 61,715 61,810 (95)
  Operating Income (298) 1,261 102  (1,159) 525 610 84
  Other Income & Deductions 6,855 556 500 (57) 6,341 6,749 409
  Interest Expense 3,204 263 262 1 2,941 2,890 51
  Net Income (Loss) 3,354 1,556 340  (1,215) 3,925 4,467 542



Year-to-Date Results:
  Sales to Customers up $915,500 (1.8%). Residential Sales up $397,100 and Non-Residential Sales up
 $512,300.

  Other Revenues down $546,000 (16%)
 a. DSM billable (customer driven).

  Power Supply Revenues down $189,000 (2%)
 a. McNeil REC revenue of $3,757,000 compared to a budget of $3,332,000.
 b. Wind REC revenue of $2,724,000 compared to a budget of $3,196,000.
 c. Hydro REC revenue of $815,000 compared to a budget of $911,000.
 d. Other REC revenue of $146,000 compared to a budget of $192,000.

  Power Supply Expenses (Net) up $1,130,000 (3%)
 a. Fuel down $1,440,000.
 b. Purchased Power up $2,550,000.
 c. Transmission up $20,000.

  Operating Expenses down $969,000 (4.8%)

  Taxes down $172,300 (5.2%)
 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 $409,000 (6.4%)
 a. Timing of jobbing unfavorable ($154,900).
 b. Offset by unrealized gain on investment $74,500 and interest income $175,000.
 c. Timing on loss on disposition of plant favorable, $311,400.




 1
 FINANCIAL HIGHLIGHTS – BUDGET VS ACTUAL as of MayFY25




 Capital Spending – May YTD
 ($000s)
 Plant Type Full Yr. Budget Budget  Actual % Spent
 Production $2,446 $2,359  $2,241 92%
 Other 369 367 284 77%
 Transmission 577 577 577 100%
 Distribution 5,797 5,571 3,847 66%
 General 2,478 2,294 623 25%

 Total $11,667 $11,168 $7,572 65%

(1) Production – Timing; budget includes 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 ($1,062,700).

(3) General – Timing; budget includes IT Forward CIS implementation of $1,620,600 vs actual of
 $241,500.



 As of May 31, 2025
 Operating Cash and Investments
 Operating Funds $8,549,900
 Operating Fund – CDs $978,600
 Total Operating Cash $9,528,524




 Credit Rating Factors – May 2025
 3 Year
 "A" "Baa" Current Average
 Debt Service Coverage Ratio 1.25 1.25  4.91 4.21
 Adjusted Debt Service Coverage Ratio 1.50 1.10  1.26 1.24
 Cash Coverage - Days Cash on Hand 90 30
 - With $10M Line of Credit 144 130
 - Without Line of Credit 83




 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 24,178




 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 90,086 115,343 139,878 167,112 195,831 222,192 248,151 271,782 295,960



 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 29



 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 1,221 828 539 229

 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 58

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 6,143




 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 18,035




Street Lighting is included with Commercial & Industrial Customers.




 5
 Net Power Supply Costs
 May - FY 2025
 ($000)
 Current Month Year-to-Date
 Budget Actual Variance Budget Actual Variance
Expenses:
 Fuel (p. 7) $373 $545 ($172) (1) $8,424 $6,984 $1,440 (1)
 Purchased Power (p.11) 1,466 1,348 119 (2) 14,147 16,698 (2,550) (2)
 Purchased Power Adjustment (p 11) 43 43 (0) 477 477 (0)
 Transmission Fees - ISO 549 644 (96) (3) 7,003 7,390 (386) (3)
 Transmission Fees - Velco 308 126 182 (4) 1,735 1,430 305 (4)
 Transmission Fees - Other 87 54 32 (5) 876 815 61 (5)
Total Expenses 2,826 2,760 66 32,662 33,792 (1,130)

Revenues:
 Renewable Energy Certificates - McNeil 951 831 (120) 3,332 3,757 425
 Renewable Energy Certificates - Wind 974 100 (874) 3,196 2,724 (471)
 Renewable Energy Certificates - Hydro 184 0 (184) 911 815 (96)
 Renewable Energy Certificates - Other 192 0 (192) 192 146 (47)
Total Revenues 2,301 931 (1,370) (6) 7,631 7,441 (189) (6)

Net Power Supply Costs $525 $1,829 ($1,304) $25,031 $26,351 ($1,320)

Load (MWh) 24,825 24,851 26 298,847 303,848 5,001
$/MWh $21.14 $73.61 $52.47 $83.76 $86.72 $2.96


Current Month:
(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 under Budget.
(5) NYISO NYPA Transmission under 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 under Budget due to lower Wind production in Calendar Year 2024.
 6
 Net Power Supply Costs
 May - FY 2025

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

McNeil 367 537 (170) (1) 8,285 6,882 1,403 (1)

Gas Turbine 6 7 (1) (2) 139 102 37 (2)

Total Fuel 373 545 (172) 8,424 6,984 1,440




Current Month:
(1) McNeil production 117% over Budget. Wood Price per Ton 2% over Budget. (p. 8)
(2) GT production (22 MWh) 66% over Budget.

YTD:
(1) McNeil production 15% under Budget. Wood Price per Ton 1% under Budget. (p. 8)
(2) GT production (262 MWh) 9% 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 6,842
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 2,804
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% 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% -1%




* Wood only. Does not include other costs.




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

PURCHASED POWER:

Non-Energy (capacity) 63 29 34 736 484 252

Energy:
 Georgia Mountain Wind 276 236 40 (1) 3,073 3,401 (328) (1)
 Hancock Wind 242 175 67 (2) 2,947 2,713 234 (2)
 VT Wind 219 169 50 (3) 2,364 2,518 (154) (3)
 Hydro Quebec 301 300 1 3,296 3,287 9
 Great River Hydro 0 0 0 1,064 1,159 (95) (4)
 In City Solar Generators 89 76 13 (4) 743 731 12
 NYPA 6 7 (0) 68 80 (12) (5)
 ISO Exchange 187 (97) 284 (5) (1,185) (1,666) 480 (6)
 ISO Exchange Adjustment 43 43 (0) (**) 477 477 (0) (**)
 FirstLight 0 357 (357) (6) 0 1,667 (1,667) (7)
 Velco Exchange 0 0 (0) 0 (5) 5
Total Energy 1,364 1,268 96 12,847 14,363 (1,516)

Ancillary Charges (20) 23 (42) (125) (36) (89)

VT RES Tier 1 Compliance Expense 54 12 42 (7) 596 248 348 (8)
Renewable Energy Credit Purchase 0 0 0 0 1,449 (1,449) (9)
Miscellaneous-Other 48 59 (10) 570 667 (97)

Total Purchased Power Expense 1,510 1,391 119 14,624 17,175 (2,551)

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 14% under Budget.
(2) Production 28% under Budget.
(3) Production 23% under Budget.
(4) Production under Budget.
(5) McNeil (117%) production over Budget.
(6) FirstLight contract not in Budget.
(7) VT RES Tier 1 Compliance budgeted monthly, expensed quarterly.

YTD:
(1) Production 10% over Budget.
(2) Production 8% under Budget.
(3) Includes additional congestion relief charge not in 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 - May YTD
 %
 Budget Actual Variance Variance *
Labor-Regular 8,146,057 8,238,894 (92,837) 1% a
Labor-Overtime 389,066 449,618 (60,552) 16% b
Labor-Temporary 200 15,029 (14,829) 7415% c
Labor-Overhead 3,507,915 3,560,270 (52,355) 1% d
Outside Services 2,356,600 1,902,148 454,452 19% e
DSM (rebates & outside services) 1,893,161 1,702,306 190,855 10% f
Materials & Supplies 893,777 655,140 238,637 27% g
Insurance 722,392 698,044 24,348 3%
A & G Clearing (963,388) (758,748) (204,640) 21% h
Other - RES Tier 3 Compliance 872,731 726,272 146,459 17%
Other 2,574,965 2,237,060 337,905 13% i

 Operating & Maintenance Expense 20,393,477 19,426,033 967,444 5%



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


(b) McNeil Plant s higher than planned, $91,600; offset by areas lower than planned including System Operations,
($18,500) and W1 ($8,800)..

(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 ($86,900), Maintenance Contracts
($53,900), Transportation Clearing ($242,900), Dues & Fees ($32,200), and Utilities ($9,100); offset by areas
higher than budget including Building Clearing, $23,600.




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

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

 Pension $1,770 $1,685 $85 5% (a)
 Medical Insurance 1,907 1,844 63 3% (b)
 Social Security Taxes 969 901 68 7% (c)
 Workers Compensation Ins. 382 382 (0) 0% (b)
 Dental Insurance 87 81 6 7% (b)
 Life Insurance 18 19 (1) -3% (b)
 Childcare Contribution Tax 56 48 7 13% (d)
 $5,188 $4,960 $228 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 - May ($000)

 Current Month Year - To - Date
 Ref Budget Actual Variance Budget Actual Variance
Operating Revenues
 Sales to Customers p.3 4,109 4,186 76 51,185 52,101 915
 Other Revenues 315 215 (100) (a) 3,424 2,878 (546) (a)
 Power Supply Revenues p.6 2,301 931 (1,370) 7,631 7,441 (190)
 Total Operating Revenues 6,726 5,332 (1,394) 62,241 62,420 179

Operating Expenses
 Fuel p.6 373 545 (172) 8,424 6,984 1,440
 Purchased Power p.6 1,509 1,391 118 14,624 17,175 (2,551)
 Transmission p.6 944 824 120 9,614 9,635 (21)
 Operating and Maintenance p.12 1,847 1,701 146 20,394 19,424 969
 Depreciation & Amortization 486 505 (19) 5,346 5,452 (106)
 Revenue Taxes 56 48 8 583 590 (7)
 Property Taxes Winooski One 45 26 19 (b) 493 284 209 (b)
 Payment In Lieu of Taxes 203 190 13 (c) 2,238 2,268 (30) (c)
 Total Operating Expenses 5,463 5,229 234 61,715 61,812 (97)

Other Income and Deductions
 Interest/Investment Income 36 122 86 453 628 175
 Dividends 373 373 0 4,100 4,132 32
 Customer Contributions/Grant Proceeds 147 43 (104) (d) 2,081 2,061 (20) (d)
 Gain/(Loss) on Disp of Plant 0 0 0 (336) (24) 311
 Other (0) (38) (38) (e) 42 (48) (90) (e)
 Total Other Income & Deductions 556 500 (57) 6,341 6,749 409

Interest Expense 263 262 1 2,941 2,890 51

Net Income 1,556 340 (1,215) 3,925 4,467 542

Current Month:
(a) Energy Efficiency Program cost reimbursement was lower than planned, $97,500.
(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 ($26,200). Also, grant income for "Building Giants" (Federal 50% share) ($24,100). Actual
 includes various grant income.
(e) Timing of jobbing favorable, $20,100.

Year - To - Date:
(a) Energy Efficiency Program cost reimbursement was lower than planned, $605,300.
(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 ($279,200), City Place Streeet Lighting ($148,000), Winooski bridge rebuild ($34,800), Great Streets
 ($22,000) 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) ($264,000). 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 ($154,900); offset by unrealized gain on investment, $74,500.



 14
 Burlington Electric Department
 Capital Projects - FY25

 $000
 Full Year May
 Budget Budget Actual Variance

McNeil (BED 50% Share)
Ash Silo Pug Mill/Auger Upgrade (312) 25 25 25
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 284 284 326 (42)
Farmhouse Improvements (311) 10 10 5 5
McNeil - IT Forward FIS 38 31 31
Reclaimer Rebuild (312) 30 30 30 1
Replace Water & Sewer Lines at the Farmhouse (311) 28 28 28
Replacement Rail Cars (312) 50 50 50 (a)
Routine Station Improvements 1 188 188 44 144
Safety Valve Replacements (312) 13 13 2 10
Station Tools & Tool Boxes (312) 8 8 7 1
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 7 9 (b)
 Total McNeil Plant 1,209 1,202 778 424

(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 980 901 1,396 (495) (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 $265,368 vs actual $145,170.

Gas Turbine 257 257 68 189 (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 2,359 2,241 118




 15
 Burlington Electric Department
 Capital Projects - FY25

 $000
 Full Year May
 Budget Budget Actual Variance

Other
Direct Current Fast Chargers (Level 3) 171 171 119 52
Distributed Energy Resources 33 31 31 (a)
EV Charger Installations (Level 2) 127 127 48 79
EV Chargers Public (Level 2) 3 (3)
EV Chargers/Staging Plan 13 13 6 7
P&P R&D 26 24 24 (a)
Moduly Project 108 (108) (a)
 Total Other 369 367 284 83

(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 32 26
North St Rebuild P1577-1486 0 113 (113)
Replace 2L5 Circuit from P2349-913S 0 21 (21)
Replace Condemned Poles 110 110 107 3
South Cove Road East Rebuild 145 145 21 124
South Cove Road West Rebuild 184 184 7 178
 Total Aerial 563 563 366 197

Underground
Battery St Phase I Replace UG Cable 117 (117)
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 63 170 (108)
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 1,421 930 491




 16
 Burlington Electric Department
 Capital Projects - FY25

 $000
 Full Year May
 Budget Budget Actual Variance

Customer Driven/City Projects
Champlain Parkway-Billable 345 328 62 266
Champlain Parkway (CAFC) (294) (279) (457) 178
City Place Streetlighting 306 230 230
City Place Streetlighting (CAFC) (197) (148) (148)
Great Street-Main Street 23 22 8 14
Great Street-Main Street (CAFC) (23) (22) (22)
Winooski Bridge Rebuild 35 35 35
Winooski Bridge Rebuild (CAFC) (35) (35) (35)
 Total Underground 161 131 (387) 518

Other
College St Breaker Racking Device 25 25 25
Distribution Transformers-Purchase 1,590 1,590 508 1,082 (a)
Distribution Transformers-Install 6 6 25 (19)
Communication Equipment Emergency Repair 15 15 15
ADMS SCADA Upgrade (Phase I/11) 617 617 1,019 (402)
ADMS SCADA Upgrade (Phase III/IV) 542 379 379
SCADA Servers PC's and Monitors 0 46 (46)
SCADA Video Display 0 0 (0)
SCADA Equipment 128 128 50 78
Other 27 (27)
 Total Other 2,922 2,759 1,676 1,083

 Total Distribution Plant-General 5,066 4,874 2,585 2,289

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

Distribution Plant - Blanket
Aerial 146 143 207 (65)
Aerial (CAFC) (64) (61) (66) 5
Underground 321 281 526 (246) (a)
Underground (CAFC) (132) (112) 111 (223) (a)
Meters 178 176 168 8
Lighting 223 211 249 (38)
Tools & Equipment - Distribution/Technicians 30 30 28 2
Replaces Failed SCADA Field Equipment 11 11 32 (21)
Substation Maintenance 18 18 6 11
 Total Distribution Plant - Blanket 731 697 1,263 (566)

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

 Total Distribution Plant 5,797 5,571 3,847 1,723




 17
 Burlington Electric Department
 Capital Projects - FY25

 $000
 Full Year May
 Budget Budget Actual Variance



General Plant
Computer Equipment/Software 2,127 1,943 485 1,458 (a)
Vehicle Replacement 191 191 191
Buildings & Grounds 155 155 138 18 (b)
Gas Detectors 5 5 5
 Total General Plant 2,478 2,294 623 1,671


(a) Budget includes IT Forward, $1,620,600 vs actual of $241,500. 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 $11,168 $7,572 $3,596

 Add: CAFC* reclass to "Other Income" 1,803 1,715 1,638 77



Total Plant $13,470 $12,882 $9,210 $3,672

* 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 9,529




 19
BURLINGTON ELECTRIC
DEPARTMENT
20254–256 STRATEGIC
DIRECTION
MISSION
To serve the energy needs of our customers in a safe, reliable, affordable, sustainable,
and socially responsible manner.

VALUES
Safety, Reliability, Community, Innovation

2030 VISION
Make Burlington a Net Zero Energy city by eliminating fossil fuel usage across the
electric, thermal, and ground transportation sectors by strategically electrifying,
managing demand, realizing efficiency gains, and expanding local renewable generation
while increasing system resilience.


STRATEGIC OBJECTIVES
Engage Customers and Community
  1. Focus on customer first-call resolution to provide exceptional customer care
  2. Increase Expand education and engagement to enhance capacity-building and
 energy literacy with customers on our Net Zero Energy vision through all
 communications channels, with a focus on web and social media and video
  3. Work with frontline communities to Eensure programs and services are equitable
 and fully accessible to alland build community resilience, so all Burlingtonians
 including people whose primary language is not English and low-to-moderate
 income, rental, Black, Indigenous, and People of Color (BIPOC), immigrant, and
 refugee populations can benefit from Net Zero Energy initiatives
 4. Evolve traditional energy efficiency programs to complement strategic
 electrification efforts, to drive deeper greenhouse gas emissions reductions, to fill
 gaps due to federal program changes, help manage peak demand, and improve
 community resilience and environmental health
 5. Proactively seek customer input, with the help of existing and strategic
 community partners, and incorporate their input into program design
 6. Provide website and other educational tools so that customers can evaluate both
 cost and greenhouse gas emission reduction outcomes from heat pumps, electric
 vehicles, and other electrification technologies relative to current fuel sources

Strengthen Reliability
 1. Maintain five-year Distribution System and Generation construction plans to
 accommodate potential load increases due to the Net Zero Energy goals, and
 design and construct projects to continue to improve safety, reliability, and
 efficiency
 2. Continue to follow maintenance plans for McNeil Generating Station, Winooski
 One Hydro, Gas Turbine, and the Distribution System
 3. Take steps to ensure reliable operations through staff succession planning
 4. Ensure consistent fuel supply availability at McNeil based on annual operational
 strategy and procurement procedures
 5. Implement Outage Management System (OMS) and grid analytics to improve
 response to system outages, system reliability, and efficiency

Invest in our People, Processes, and Technology
 1. Attract, develop, and retain a diverse workforce with the knowledge, skills, and
 ability to support BED’s Net Zero vision and strategic objectives
 2. Develop a culture of integrity, safety, inclusion, innovation, teamwork, cyber-
 awareness and continuous learning and improvement
 3. Continually improve internal processes to design and deliver innovative
 programs and services, maximize operational efficiency and effectiveness, and
 optimize use of data to inform decision-making
 4. Plan and invest in the technology infrastructure necessary to support BED’s
 mission, vision, and strategic priorities, including multi-year replacement of core
 business systems
 5. Lead by example in reducing vehicle miles traveled through remote work
 flexibility, support for multi-modal transportation and carsharing partners, and
 supporting bicycling (both conventional and e-bikes) through employee
 programs

Innovate to Reach Net Zero Energy
 1. Advance district energy, networked geothermal, battery storage projects, and
 local renewable energy production including customer-owned and community-
 based projects
 2. Improve and expand automated demand response capability, with focus on EV
 charging and thermal, and implement appropriate end-use technologies to
 manage loads
 3. Advance additional dynamic and creative rates to achieve Net Zero Energy goal
  4. Continue to track and report to the community on progress toward the Net Zero
 Energy Roadmap goal
  5. Provide clean and affordable transportation fuel through renewable electricity,
 and invest in and encourage use of the necessary infrastructure to serve
 customers across all modes of transportation, including electric bikes, electric
 vehicles, and electric transit buses, and ensure charging infrastructure is
 available for all Burlingtonians, including in locations near affordable and rental
 housing, frontline communities, and small businesses in under-resourced areas
  6. Actively participate in City policy processes aimed at reducing greenhouse gas
 emissions in the ground transportation and building sectors
  7. Build and maximize use of partnerships that provide unique value, broaden
 engagement, and offer opportunities to make progress toward Net Zero Energy at
 a more rapid pace and greater scale
  8. Maintain and invest in quality facilities and use them to pilot and showcase new
 technologies that advance Net Zero Energy
Manage Budget and Risks Responsibly
  1. Create financially responsible and sustainable budgets that promote affordability,
 target investment in vulnerable communities, and protect against cost -burdens
 for low-income customers and that balance the need for stable rates, investment
 in core infrastructure, and strong credit rating factors
  2. Develop and maintain a sustainable debt financing plan for Net Zero Energy to
 support electrification while mitigating upward rate pressure
  3. Strengthen internal policies and procedures to ensure timely and diligent
 compliance with risk, safety, financial, environmental, and other legal and
 regulatory standards
  4. Efficiently and effectively manage procurement of goods and services
  5. Strengthen cybersecurity by investing in advanced technologies, improving threat
 response processes, and providing continuous staff training to protect our
 infrastructure and customer data

MINUTES OF REGULAR MEETING
 BURLINGTON ELECTRIC COMMISSION

 Wednesday, July 23, 2025

The regular meeting of the Burlington Electric Commission was convened at 5:02 pm on
Wednesday, July 23, 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, Darren Springer, and Emily
 Stebbins-Wheelock were present at 585 Pine St.
  Staff members James Gibbons and Amber Widmayer were present via Microsoft Teams.
  Public members Nick Persampieri, Ashley Adams, Leendert Huisman, Peter MacAusland,
 Tate Agnew, Steve Goodkind, and Kim Horning-Mavey were present at 585 Pine St.
  Public member Pike Porter was present via Microsoft Teams.

Agenda
Commissioner Whitaker made a motion to add item #9, Sheffield Wind Contract Extension –
Discussion and Vote, to the agenda. Commissioner Vota seconded the motion. Vote: 5 ayes 0 nays.

Election of Officers
  Commissioner Moody made a motion to elect Lara Bonn as Commission Chair;
 Commissioner Whitaker seconded the motion. Vote: 4 ayes 0 nays.
  Commissioner Whitaker made a motion to elect Andy Vota as Commission Vice Chair;
 Commissioner Moody seconded the motion. Vote: 4 ayes 0 nays.
  Commissioner Vota made a motion to elect Elena Alexander as Commission Clerk;
 Commissioner Moody seconded the motion. Vote: 5 ayes 0 nays.

Meeting Minutes
Commissioner Moody made a motion to approve the minutes of the June 11, 2025, Commission
Meeting; Commissioner Hobbs seconded the motion. Vote: 5 ayes 0 nays.

Public Forum
Pike Porter expressed appreciation for Burlington Electric Department's Strategic Direction
document, commending its focus on low-income customers. However, he stressed the importance of
acknowledging the 2019 climate emergency resolution committing Burlington to achieve net-zero
 1
greenhouse gas emissions by 2030 across all sectors. Porter argued that net-zero references in BED
documents need to be revised to align with this resolution.

Porter opposed the inclusion of the District Energy System (DES) in the Strategic Direction, citing
concerns that it could increase greenhouse gas emissions and consumer costs, believing that funds
could be better spent on community solar initiatives for those unable to install solar panels. Porter
advocated for the removal of the DES from the document.

While Porter supports BED's directive to seek customer input, he argued that BED has not fully
realized this goal despite years of advocacy. Porter applauded the idea of creating educational tools
and a website for customers to evaluate heat pumps, electric vehicles, and electri ication
technologies, although he questioned if those tools are currently available.

Additionally, Porter called for the development of a similar tool for Commissioners and the public
that compares costs and emissions of various power sources, speci ically evaluating how the McNeil
facility compares to other grid sources. Overall, Porter urged BED to better align with the city’s
climate goals, improve community engagement, and enhance transparency regarding energy costs
and emissions.

Nick Persampieri, a resident of Ward 3, expressed signi icant concerns regarding recent legislation
signed by the Connecticut governor that may hinder BED’s ability to sell renewable energy credits
(RECs) from the McNeil plant in the Connecticut Class 1 market. Persampieri highlighted that
McNeil's inancial viability relies heavily on these REC sales, which typically generate between $6
million to $8 million annually, with Burlington Electric receiving approximately half of that revenue.
He pointed out that the plant is already facing inancial losses, and potential changes in legislation
could exacerbate the situation.

Persampieri referenced General Manager Springer's memo from July 2025 that suggests BED might
need to undergo a proposal process through the Connecticut Department of Energy and
Environmental Protection to continue selling RECs, raising questions about the future of these sales.
He voiced his opposition to pursuing long-term commitments for selling power or RECs from
McNeil and advocated for considering the closure of McNeil. He also raised concerns about
negotiations related to a potential buyout of the plant’ other joint owners, which could lead BED to
bear the full inancial burden of the plant's losses.

Persampieri criticized the lack of transparency regarding Burlington Electric's DES project,
suggesting it might further entrench the plant’s operations and losses. He stressed the need for
increased public disclosure on both the buyout negotiations and the DES project to allow citizens to
engage in these critical discussions.

Persampieri concluded by urging a reevaluation of BED’s strategic goals aimed at achieving net-zero
energy by 2025. Persampieri advocated for a strategy that focuses on reducing overall greenhouse
gas emissions, given that the wood-burning power plant is a signi icant source of carbon dioxide
emissions within the state. He emphasized the importance of public discourse on these matters for
more informed decision-making, particularly regarding environmental impacts.

 2
Ashley Adams expressed concern about BED’s direction, particularly regarding the continued
operation of the McNeil plant. Adams cited the plant's signi icant contribution to climate change
and environmental degradation. Adams voiced her disappointment with the Commission's support
for McNeil, deeming it disgraceful and not serving the public good. Adams argued that investing in
the plant, which is Vermont's highest carbon emitter, exacerbates the climate emergency and
compromises efforts to protect habitats and biodiversity.

Adams criticized BED for maintaining misleading claims on its website about McNeil's reduction of
greenhouse gas emissions, labeling such assertions as scienti ically inaccurate. Adams strongly
opposes the DES project, which she believes would increase greenhouse gas emissions and
entrench Burlington in reliance on dirty energy. She re lected on the City Council's 2019 call for
signi icant climate action and cited losses incurred by ratepayers due to inaction and
mismanagement, including a million-dollar loss from improper paperwork ilings.

Additionally, Adams addressed the need to confront anticipated losses of RECs and dispel myths
surrounding McNeil's role in ensuring reliability or keeping rates low. Adams asserted that the
plant's costs far exceed those of cleaner alternatives available in the grid. Adams stated that it
should not be the responsibility of ratepayers to subsidize forestry industries at such a high
environmental cost.

Adams urged the Commission to act in their iduciary duty by retiring the McNeil plant and
advocated for a fair transition for its workers while prioritizing climate action and public health. She
called for immediate measures that re lect a commitment to sustainability and the well-being of
Burlington's residents.

Peter MacAusland asked several questions regarding communication and accountability within
Burlington. He inquired if Commissioners are expected to acknowledge correspondence from
residents, to which the answer was af irmative. MacAusland referenced a personal email he sent to
Commissioner Moody, apologizing for his behavior during a previous Council meeting and
mentioning his queries about Quanti ied Ventures, a potential funding source for the DES.

MacAusland noted that he has attempted to contact Quanti ied Ventures multiple times and visited
their of ice in Montpelier, seeking information on who serves as Burlington's spokesperson. He
emphasized the importance of receiving acknowledgment for correspondence, especially when
dealing with signi icant proposals, such as a $49 million project mentioned in July 2024 by Michael
Ahern of Evergreen Energy. MacAusland challenged the notion that inancing from Quanti ied
Ventures is unlikely for energy-related projects, citing a lack of formal communication or
partnership despite prior exchanges about low-interest inancing opportunities through the EPA's
Greenhouse Gas Reduction Fund.

MacAusland also mentioned potential increases in DES project costs, estimating the proposal could
be approaching $60 million, urging the need for transparency and communication with the city
council regarding inancial implications.

Steve Goodkind, a retired Burlington public works director and city engineer, shared his perspective
on the DES project. Goodkind, a member of the Stop Vermont Biomass organization, emphasized the
 3
need for clarity regarding the project, which was initially perceived as urgent when a resolution was
passed twenty months ago. Goodkind believes that the context surrounding the resolution has
changed, leading to a mischaracterization of the project as an emergency. He asserted that the
resolution, while containing potential positive aspects, was negotiated under undue pressure.

Goodkind raised concerns about comparing environmental hazards, likening it to debating which of
two unsafe bridges is worse. He argued that both the McNeil plant's CO2 emissions and vehicle
emissions are harmful, and downplaying one over the other is unproductive. Goodkind noted that,
as of December 2, the McNeil plant is the largest stationary CO2 producer in Vermont, suggesting
that arguing over relative harm is misguided. He called for a calm evaluation of the project, free
from the emergency narrative that has shaped prior discussions.

Kim Horning-Mavey expressed gratitude for BED’s efforts made to improve Burlington's building
operations and their transition to more ef icient, less polluting systems, particularly heat pumps.
Horning-Mavey addressed the health impacts associated with burning wood, which has been her
primary area of study for the past four years. Drawing on research from the American Lung
Association and medical connections, Horning-Mavey asserted the extreme toxicity of wood fuel,
speci ically its emissions of PM2.5, a critical air pollutant regulated by the EPA. Horning-Mavey
noted that PM2.5 is extremely small and poses signi icant health risks, contributing to respiratory
issues like asthma and COPD, and is linked to emergencies in local healthcare facilities.

Horning-Mavey stated that despite the use of advanced electrostatic precipitators at McNeil, the
facility still emits over ive tons of PM2.5, affecting nearby neighborhoods. Horning-Mavey
referenced research from Harvard indicating that PM2.5 exposure correlates with heart issues,
cancer, mood disorders, and dementia, particularly affecting vulnerable populations such as unborn
children, seniors, and those living in impoverished or marginalized communities. Horning-Mavey
stated that Vermont ranks ifth nationally for asthma prevalence, with certain demographics,
including low-income individuals, the LBGTQ community, and people of color, experiencing higher
rates of asthma.

Horning-Mavey stated that wood burning releases more harmful pollutants than coal, with studies
suggesting that rising wood combustion is leading to increased mortality rates. Horning-Mavey
cited a New York Times article discussing research that indicates 10 to 25 percent of lung cancer
cases are now found in non-smokers exposed to air pollution, highlighting the signi icant health
risks posed by air quality.

Horning-Mavey urged a transition away from burning fuels for electricity generation, particularly
given the ongoing climate crisis exacerbating air pollution and public health issues. She also noted a
potential positive development in solar energy, mentioning that a friend in the solar industry shared
insights about projected reductions in solar panel costs due to oversupply. Horning-Mavey believes
that this, alongside the incentive for transitioning to solar and heat pump technology, presents an
opportunity for signi icant improvement in public health and environmental outcomes.

Commissioners Corner


 4
Commissioner Whitaker requested updates regarding District Energy. General Manager Springer
indicated that, although City Council approval was granted in November for the District Energy
initiative, progress was delayed due to proposed changes to a recently approved carbon fee. This led
to a pause in discussions initiated by the UVM Medical Center and extended into early 2024. A
transition in the mayoral of ice delayed matters further as the new administration’s priorities took
time to assess.

Throughout this time, the focus remained on inalizing a land use Memorandum of Understanding
with the UVM Medical Center, which wrapped up in February 2025. Due to limited capacity and
competing priorities, discussions on District Energy, along with various other studies and projects
(including battery storage and wood chip dryer engineering), were sidelined. General Manager
Springer expressed the hope that meaningful discussions and updates on District Energy would
resume in the coming months.

General Manager Springer responded to a query regarding comparisons between ISO New
England’s greenhouse gas emissions and those of the McNeil facility. While some argue that the ISO-
NE grid energy mix has lower emissions, this perspective narrowly considers only stack emissions
without considering upstream methane leakage associated with natural gas, which comprises more
than half of the ISO-ISO energy mix. Conversely, the lifecycle bene its of biomass, such as carbon
cycling from certain wood sources, are often dismissed, despite studies indicating a more favorable
carbon pro ile for sustainably harvested wood compared to fossil fuels.

General Manager Springer highlighted the importance of a lifecycle emissions perspective rather
than a solely stack emissions approach. Additionally, he noted that all renewables are generally
more expensive than the ISO-NE grid mix; while economics should be considered, they should be
considered for all potential resources, not solely for wood resources.

FY25 May Financials
Ms. Stebbins-Wheelock shared several inancial updates before discussing the results for May 2025.
  The BED accounting team is in the process of closing June with a preliminary report on
 iscal year 2025 expected in September. As of June 30, the operating cash position stands at
 $8.5 million, which is $1.3 million under budget. Additionally, preparations are underway
 for the year-end audit, with auditors starting their ieldwork in September.
  Regarding the re inancing of the 2014A revenue bonds, the Vermont Bond Bank is set to
 price the issuance next week, with a closing date on August 7.
  The Department is inalizing a iling of miscellaneous service fees for the Public Utility
 Commission and plans to submit it by week’s end.
  The Department has negotiated terms for a new credit card processor; these changes will be
 implemented coincident with the new customer information system and customer portal
 next spring. A 3% fee on credit card payments will replace the previous lat fee of $3.50 and
 the ACH/e-check fee will decrease from $3.50 to $1 per transaction. This revised structure is
 expected to be more bene icial for customers, particularly low-volume users, addressing
 concerns surrounding how lat fees impact their payments.

May 2025 results, net income was $340,000 against a budget of $1.56 million, creating a variance of
$1.2 million, predominantly due to a drop in REC revenues. While there was a favorable variance in
 5
customer sales of $76,000, other revenues fell short due to lower-than-expected EEU
reimbursements. REC revenues were $1.37 million less than budget due to both timing (some RECs
were delivered in April instead of May) and lower wind production in calendar year 2024.

Year-to-date, REC revenues are down by a net of $190,000, with all REC transactions concluded.
McNeil REC sales for the iscal year were favorable to budget by $425,000, wind REC sales were less
than budget by $471,000 and hydro and solar REC sales were less than budget by $96,000 and
$47,000, respectively due to lower production in prior periods.

Net power supply expense was favorable compared to budget by $67,000, with higher fuel costs
offset by lower transmission and purchased power expenses. Other operating and maintenance
expenses were favorable by $146,000 compared to budget.

Year-to-date net income is $4.5 million compared to a budgeted $3.9 million, a positive variance of
$542,000. Commissioner Vota asked for a projection of year-end net income. Ms. Stebbins-Wheelock
responded that the Department’s most recent forecast projected a net income of $3.5 million by
 iscal year-end, which would be slightly better than the budgeted net income of $3.4 million.

Commissioner Vota asked about the favorable variance in the Winooski property tax. Ms. Stebbins-
Wheelock responded that the FY25 budget was set prior to the completion of Winooski’s recent
reappraisal, which resulted in a lower property value for Winooski One based on the plant’s
historical revenues and expenses.

Capital expenditures for May year-to-date were $7.5 million against a budget of $11.2 million,
largely due to delays in IT projects and vehicle replacements. The operating cash position at the end
of May was $9.5 million compared to a budgeted amount of $11 million, largely due to additional
REC purchases. The debt service coverage is reported at 4.91, with an adjusted ratio of 1.26, and
days cash on hand was144 days, including the $10 million line of credit.

General Manager’s Update
In response to Nick Persampieri's inquiry regarding Connecticut RECs, General Manager Springer
con irmed that wood energy remains eligible for Class 1 RECs under the recently passed
Connecticut legislation. However, this eligibility is contingent on quali ied biomass plants being
awarded a contract in an upcoming RFP process through the Connecticut Department of Energy and
Environmental Protection, expected to begin in September. Importantly, McNeil is eligible to
participate in the RFP, and BED will be focused on maintaining McNeil’s CT Class 1 REC eligibility to
mitigate adverse impacts on revenue in the fourth quarter of the current iscal year and beyond.
Additionally, McNeil RECs are still eligible for other New England REC markets, including Vermont,
albeit with lower REC values.

Connecticut's action to reduce its renewable portfolio standard due to affordability challenges is
concerning from a climate perspective, especially considering the recent changes to federal
incentives for renewable energy. BED is actively engaged in scenario and inancial contingency
planning related to the uncertainty created by the new Connecticut law.


 6
The Department anticipates that at the August Transportation, Utilities & Energy Committee
meeting the SYNAPSE team will be ready to present modeling of energy ef iciency costs and on-site
electri ication for three building types using anonymized, real-world data from Burlington.

The Department has been using a mobile battery and its Defeat the Peak initiative to reduce peak
demand this summer, with a successful peak event in June. Ita Meno, the 2025 Jim Reardon Award
winner, selected the Richard Kemp Center as this year’s irst Defeat the Peak partner. BED will
continue to use and test the battery through September. The battery has a nominal output of 1.2
megawatts and can provide up to 240 kW in an hour. BED is reviewing updated bids from its RFP for
a larger 5-megawatt battery.

Recent federal legislation poses signi icant challenges to climate action and strategic electri ication
in Burlington, especially the removal of incentives for solar and wind energy, while fossil fuel
incentives persist. This could limit renewable energy access in New England, particularly with the
administration’s efforts to shut down offshore wind projects and the negative impact of tariff
discussions on Vermont’s relationship with Canada. The Net Zero Roadmap emphasizes the thermal
and transportation sectors, but the recent end of various incentive programs, including EV and heat
pump incentives—means that BED will be the only source of inancial support for Burlington
customers, particularly for EVs. The Department cannot ill this gap, but is evaluating what it can do
to support customers doing this period to make EVs more affordable.

Regarding the 2025 rate case, there is a possibility that FY26 rates may be reduced from the
proposed 4.5% to approximately 4.3% to adjust for one-time consulting fees that were
inadvertently included in the 2024 rate case, which could be bene icial to customers. BED is
engaged in process with the Department and PUC regarding both rate cases.

Lastly, the recent federal legislation did not eliminate the funding source for BED’s $4.85 million
Charging & Fueling Infrastructure grant. The Department has engaged with the Vermont Attorney
General's Of ice and other grantees to discuss potential legal actions to release these funds. Without
securing this funding, EV charging investments will continue, albeit at a limited scale.

2025–2026 Strategic Direction
General Manager Springer introduced the 2025-2026 Strategic Direction, stating that this year’s
draft re lects an updated yet stable strategic planning process. BED aims to create a concise, one-
page strategic document re lecting the contributions of all organization members, encouraging
input from the entire team for potential updates. Many of the updates this year have been suggested
by the sustainability and equity team.

The community engagement section includes new language regarding capacity-building and energy
literacy. There is also new language about collaboration with frontline communities to ensure
equitable access to services, leveraging partnerships to extend outreach beyond traditional
methods.

There is proposed new language calling for the renewal of the Vermont Energy Ef iciency
Modernization Act which allows for effective use of ef iciency funds to reduce fossil fuel use, which

 7
provides an opportunity to support improved incentives for EVs and heat pumps that may help
address the loss of federal incentives.

Another proposed update expands district energy systems to include multiple energy sources, such
as networked geothermal systems. The objective regarding charging infrastructure has been revised
to emphasize prioritizing under-resourced areas and obtaining community feedback for charger
placements.

Finally, there are proposed edits in the budget section regarding focusing on affordability and
support for vulnerable communities.

Commissioner Vota asked what role the Commission plays in this document. General Manager
Springer responded that the Commission does not have a formal role, but that the Department
views the Strategic Direction as a communication tool to articulate its plans and goals and
welcomes the Commission’s feedback.

Commissioner Hobbs made a motion to adopt the 2025–2026 Strategic Direction as presented.
Commissioner Whitaker seconded the motion. Vote: 5 ayes 0 nays.

Sheffield Wind Contract Extension
James Gibbons provided an overview of BED’s existing renewable energy contracts. Mr. Gibbons
explained that three agreements will expire relatively soon: the Firstlight hydro contract on
December 31, 2025, the Shef ield/Vermont Wind contract in October 2026, and the Hancock, ME
Wind contract in December 2026. The Firstlight contract provides 35% of the energy output from a
hydro plant in Connecticut along with the associated RECs, the Shef ield contract provides 40% of
the plant’s output , and the Hancock contract provides 26% of the plant’s output.

Each contract provides approximately 30 GWh of energy to BED per year, and together account for
approximately 30% of the BED’s energy supply. BED is actively exploring options for contract
renewals and replacements, including negotiating terms of a potential contract extension with
Shef ield, which has provided favorable pricing and responsiveness to-date. The Department
proposed that the Commission delegate authority to the General Manager to negotiate a contract
extension with Shef ield for up to ive years, provided that the contract rate is at or below current
levels. This proposal would enable the Department to act quickly to execute a renewal, as City
Council approval is not required for contracts less than 5 years in duration.

Commissioner Vota inquired about current energy market prices and trends. General Manager
Springer responded that the head of ISO-New England recently advised that utilities should expect
increasing energy contract prices across-the-board. The Department also gains value from being a
100% renewable energy provider.

The Department anticipates bringing replacement proposals for the First Light and Hancock
contracts to the Commission in the coming months.

Commissioner Moody made a motion that delegates the Burlington Electric Department General
 8
Manager the discretional authority to negotiate and enter into an extension of the Sheffield Wind
contract expiring 10/18/2026 for an additional term of up to five (5) years, provided that the
extension price is at or below the current price and other contract conditions are appropriate.
Commissioner Vota seconded the motion. Vote: 4 ayes 0 nays. (Commissioner Whitaker was absent
for the vote)

Commissioners’ Check-In
The Commission thanked Commissioner Michelle Hobbs for her time of service and expressed well
wishes in future endeavors.

Adjourn
Commissioner Hobbs made a motion to adjourn; the motion was seconded by Commissioner
Moody; Commission vote; 4 ayes 0 nays.

The meeting of the Burlington Electric Commission adjourned at 6:28p.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




 9