Burlington Electric Commission — Burlington, VT
Date: 2026-01-14
Time: 17:00

BURLINGTON
 BOARD OF ELECTRIC COMMISSIONERS
 585 Pine Street
 Burlington, Vermont 05401
 To be held at Burlington Electric Department (and)
 Via Microsoft Teams
 +1 802-489-6254
 Conference ID: 636 059 465#
LARA BONN, CHAIR
ALI KENNEY
SCOTT MOODY
ANDY VOTA, VICE CHAIR
BRIAN WILLIAMS
 AGENDA
 Regular Meeting of the Board of Electric Commissioners
 Wednesday, January 14, 2026 – 5:00 PM


1. Agenda (5 min.)

2. Minutes of December 10, 2025 Meeting (5 min)

3. Public Forum (5 min.)

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

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

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

7. Financials: November FY25 (discussion): Emily Stebbins-Wheelock (10 min.)

8. 2026 NZE and Grid Reliability Revenue Bond Resolution: (Discussion and Vote):
 Emily Stebbins-Wheelock and K. Zhou of Paul Frank + Collins (10 Min.)

9. Proposed Executive Session on Continued Delegation of REC Sales for a Rolling Five (5)
 Year Period (Discussion): James Gibbons (20 min.)

10. Continued Delegation of REC Sales for a Rolling Five (5) Year Period (Vote) (1 min.)

11. Proposed Executive Session Cybersecurity Update (discussion): Erica Ferland (20 min.)

12. Establish policy for managing written and verbal public comments – Commissioner Bonn (10 min.)

12. Commissioners’ Check-In (5 min.)




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

Note: Members of the public may speak during the Public Forum, or when recognized by the Chair during consideration of a specific agenda item.

BURLINGTON
 BOARD OF ELECTRIC COMMISSIONERS
 585 Pine Street
 Burlington, Vermont 05401
 To be held at Burlington Electric Department (and)
 Via Microsoft Teams
 +1 802-489-6254
 Conference ID: 636 059 465#
LARA BONN, CHAIR
ALI KENNEY
SCOTT MOODY
ANDY VOTA, VICE CHAIR
BRIAN WILLIAMS
 AGENDA
 Regular Meeting of the Board of Electric Commissioners
 Wednesday, January 14, 2026 – 5:00 PM


1. Agenda (5 min.)

2. Minutes of December 10, 2025 Meeting (5 min)

3. Public Forum (5 min.)

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

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

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

7. Financials: November FY25 (discussion): Emily Stebbins-Wheelock (10 min.)

8. 2026 NZE and Grid Reliability Revenue Bond Resolution: (Discussion and Vote):
 Emily Stebbins-Wheelock and K. Zhou of Paul Frank + Collins (10 Min.)

9. Proposed Executive Session on Continued Delegation of REC Sales for a Rolling Five (5)
 Year Period (Discussion): James Gibbons (20 min.)

10. Continued Delegation of REC Sales for a Rolling Five (5) Year Period (Vote) (1 min.)

11. Proposed Executive Session Cybersecurity Update (discussion): Erica Ferland (20 min.)

12. Establish policy for managing written and verbal public comments – Commissioner Bonn (10 min.)

12. Commissioners’ Check-In (5 min.)




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

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

 Wednesday, December 10, 2025

The regular meeting of the Burlington Electric Commission was convened at 5:01 pm on
Wednesday, December 10, 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, Ali Kenney, and Brian Williams were present.
  Commissioner Scott Moody was present via Microsoft Teams.
  Staff members Elena Alexander, Paul Alexander, Seth Clifford, Erica Ferland, Mike Kanarick,
 Munir Kasti, Lincoln Sprague, Darren Springer, Emily Stebbins-Wheelock, and UVM Fellow
 Caroline Catlin were present at 585 Pine Street.
  Staff member Michael Harron was present via Microsoft Teams.
  Public member Nick Persampiari was present at 585 Pine Street.
  Public member Pike Porter was present via Microsoft Teams.

Agenda
There were no proposed changes to the agenda.

Meeting Minutes
Commissioner Williams requested clarification regarding the reporting periods for the 3rd and 4th
bullet points under the financial review section. Ms. Stebbins-Wheelock explained that the two
bullets refer to separate reporting periods. The following changes were proposed as amendments
to the November 12, 2025 minutes:
  Power supply revenues for the year to date are below budget because of lower McNeil
 production in prior months, resulting in fewer renewable energy credits to sell than
 expected.
  Net power supply expense had a favorable variance of $122k: higher fuel costs from
 increased McNeil production in the current month and gas turbine R99 testing were offset
 by reduced purchased power and transmission costs.

Commissioner Kenney moved to accept the minutes as amended. Commissioner Williams seconded
the motion. Vote: 4 ayes 0 nays.

Public Forum
Nick Persampiari, a Burlington resident and ratepayer, addressed the board regarding the Velerity
report, which evaluates options for improving ef iciency and reducing stack emissions at the McNeil

 1
station. He requested that a comprehensive assessment be performed before investing potentially
billions into repowering the facility, including the considerations of whether McNeil should
continue operating and alternative energy sources including hydropower, wind, solar, battery
storage, and even non-renewable options, rather than solely focusing on renewables. Mr.
Persampiari criticized the Velerity report for not examining natural gas repowering, arguing that
while natural gas combustion emits greenhouse gases, it has signi icantly lower emissions than
wood. He pointed out that the existing plant can already accommodate natural gas, and bypassing
this option could result in missing opportunities for greater emission reductions.

Mr. Persampiari also expressed concerns regarding the report's potential biases, speci ically its
 inancial assumptions. Mr. Persampiari found the report’s assertion that replacing McNeil's output
with wholesale market power would burden the Electric Department inancially unreasonable
because it is based on data from only one month.

Lastly, Mr. Persampiari cautioned against the notion that wood pyrolysis offers a clean, low-carbon
alternative. He argued that pyrolysis still generates emissions and pollutants and fails to address the
detrimental effects of wood harvesting on local forests.

Monthly Impact Minute
Caroline Catlin, a post-graduate MBA fellow from the University of Vermont, has been working on
analyzing BED’s customer segments and supporting the Department of Permitting & Inspections in
implementation of the rental weatherization ordinance. The objective of Ms. Catlin’s customer
segmentation project was to identify distinct BED customer categories to inform a strategic
marketing and outreach plan to improve participation in net-zero energy and ef iciency programs.
Ms. Catlin and BED staff identi ied four commercial and eight residential customer segments.
Analysis of these segments revealed gaps in the initial customer satisfaction survey, indicating that
some customer groups were underrepresented. This analysis also pointed out opportunities to
enhance survey comprehension across all segments to ensure full representation. Ms. Catlin’s
 indings suggest signi icant potential for targeted outreach and improved engagement strategies.

Commissioners’ Corner
Commissioner Williams stated that the new commission SharePoint folder that was created for
quick reference has been helpful.

General Manager’s Update
General Manager Springer shared the following:
  Regulatory developments included a iling submitted last Friday regarding the District
 Energy docket at the Public Utility Commission.
  Comments regarding the scope of work proposed by the Department of Public Service for a
 Business Process Review RFP are due this coming Friday, December 12th.
  Requested approval for the second ive years of the ten-year Relevate hydro contract is
 going to the Board of Finance on December 15th; formal presentation to the City Council is
 set for January 2026.
  BED will propose converting a vacant staff position to a new staff position titled PUC
 Counsel and Compliance Of icer to the Board of Finance on December 15th and the City
 2
 Council on January 12th as part of a broader effort to enhance regulatory operations. If
 approved, this position will report directly to Mr. Springer, augmenting the team’s capacity
 for regulatory responsibilities and ensuring ef icient management of ongoing and future
 proceedings.
  General Manager Springer expressed gratitude to Commission Chair Bonn for participating
 in a recent hybrid webinar hosted with Sun Common. The webinar focused on commercial
 solar initiatives and attracted a diverse audience, leading to several project opportunities for
 local entities keen on solar energy solutions. The webinar highlighted updates on solar tax
 incentives and federal law implications.

October 2025 Financial Review
Emily Stebbins-Wheelock, CFO and Manager of Strategy & Innovation, presented inancial results
for October 2025.
  Net income for October was $32,000 compared to a budgeted net loss of $940,000, resulting
 in a positive variance of $972,000.
  Revenues from sales to customers were under budget by $64,000 and other revenues
 (mostly EEU reimbursements) were under budget by $101,000.
  Net power supply expenses were signi icantly lower than budget by $729,000, largely owing
 to the McNeil plant being of line for maintenance throughout October, which led to $565,000
 in fuel savings. Purchased power was $220,000 higher than budget due to McNeil being
 of line, offset by nearly $350,000 in favorable variances in transmission expenses.
  Other operating and maintenance expenses were under budget by $132,000.
  Non-operating income was higher than budget largely due to the timing of a $275,000
 reimbursement from FEMA for the Winooski 1 dam bladder.
  Ms. Stebbins-Wheelock answered questions from Commissioner Kenney about the costs of
 the McNeil plant, explaining that BED’s monthly and annual inancial statements re lect
 BED’s 50% joint ownership share of McNeil. Operational decisions for the plant are made by
 the department and BED’s inance team conducts and records all inancial transactions for
 McNeil, but budgets and other major decisions are subject to approval by all three joint
 owners.
  In terms of capital spending, only 16% of the iscal year budget was used by the end of
 October due to timing variances in project expenditures.
  Operating cash fell to $9.8 million, below the budget level of $13.4 million, due to the timing
 of November 1 debt service payments on general obligation (GO) bonds and the issuance of
 the $3 million 2026 GO bond in December instead of September as budgeted.
  Commissioner Williams requested more information pertaining to bonds. Ms. Stebbins-
 Wheelock explained the department's two types of debt: GO bonds, backed by the full faith
 and credit of the city, of up to $3 million per year for electric plant enhancements per City
 charter; and revenue bonds, backed solely by BED’s revenues, issued pursuant to City
 charter and a General Bond Resolution adopted by the Electric Commission in 1981.
  October inancial metrics: debt service coverage ratio of 4.69, an adjusted debt service
 coverage ratio of 1.19, and 127 days cash on hand including the $10 million line of credit.
  Ms. Stebbins-Wheelock acknowledged Cheryl Mitchell, BED’s former Financial Analyst who
 recently retired after almost four decades of service, and her signi icant contributions in
 preparing the Commission’s monthly inancial reports. Ms. Stebbins-Wheelock suggested
 3
 that it may be an opportune time to refresh the report's format and invited feedback from
 the Commission over the coming months.

McNeil Joint Owners’ CY2026 Budget
Seth Clifford introduced himself as the new Chief Forester.
Lincoln Sprague, the new Director of Generation, Engineering, and Maintenance at McNeil,
presented the proposed calendar year McNeil joint owners’ budget as follows:
  The 2026 budget memorandum that was approved by the joint owners includes budgeted
 capital expenditures versus actual results for years 2023 and 2024, as well as 2025 year-to-
 date igures.
  The 2026 budget is divided into two parts: (1) an expense budget of $30,389,000, re lecting
 an increase of $216,000 from the previous year due to vacancy replacements, new insurance
 requirements, and rising service costs and (2) a capital budget if $3,096,000, up $736,000
 from last year, mainly due to a delayed $620,000 project for RSCR catalyst replacement
 aimed at reducing nitrous oxide emissions.
  Mr. Sprague addressed additional capital needs, speci ically the possible replacement of the
 heatsink for the NOX catalyst system, initially installed in 2008, which may cost just under a
 million dollars and increase capacity by ive megawatts.
  The discussion covered revenue forecasting based on market rates rather than ixed
 contracts, the implications of operational decisions based on cost versus market price, and
 the plant's purpose as a inancial hedge against energy price increases. McNeil’s estimated
 net income for 2025 has shown improvement, suggesting a more favorable inancial outlook
 with better energy prices anticipated.

Commissioner Williams made the motion to approve the McNeil CY2026 Budget as presented.
Commissioner Moody seconded the motion. Motion passes, 4 ayes 0 nays

Proposed Cybersecurity Scorecard
Erica Ferland, Director of IT, presented for discussion and feedback a proposed format for a
cybersecurity scorecard based on the National Institute of Standards and Technology (NIST)
Cybersecurity Framework and a proposed set of key cybersecurity performance indicators.
  The scorecard summarizes the ive key areas of the NIST Cybersecurity Framework: identify,
 protect, detect, respond, and recover.
  Ms. Ferland agreed to clarify the de inition of speci ic metrics, particularly Recovery Time
 Objective (RTO) and Recovery Point Objective (RPO), which are crucial for understanding
 recovery planning aligned with the organization's backup strategy.
  Some Commissioners liked the proposed scorecard format.
  Others emphasized the importance of presenting the information in a concise manner and
 suggested that detailed data should be reserved for an appendix.
  All agreed on an iterative re inement of the reporting process due to the changing threat
 landscape.
  Commissioner Williams suggested that the Commission should focus on controls and
 oversight that processes are being followed.
  Ms. Ferland will revise the presentation for further discussion in January.
 4
Velerity Report
General Manager Springer shared key indings from an independent report by Velerity, following a
November 2023 City Council resolution regarding district energy and concerns surrounding McNeil
and its environmental impact. The report focused on the commitment to achieving 100% renewable
energy, in alignment with state law, while maintaining reasonable rates to support customers’
affordability. It addressed the emissions pro ile of the McNeil facility, analyzing a ive-year baseline
of stack emissions and proposing various initiatives for reduction of emissions. The Velerity report
examined twelve potential options designed to mitigate emissions, some of which included
alternative fuels and ef iciency improvements.
  Ammonia and renewable natural gas (RNG) blending both showed signi icant emissions
 reductions but came with high costs that would be burdensome for ratepayers, leading to
 their dismissal.
  The potential for a wood chip dryer was explored but deemed unviable due to high capital
 costs against limited ef iciency gains.
  Organic Rankine cycle (ORC) turbines to capture waste heat could enhance facility ef iciency
 and reduce emissions. This option appears promising and will be further reviewed by the
 department.
  The report also considered carbon capture technology, with varying levels of emissions
 reductions (25% and 50%) and a projected total cost near $13 million over 20 years.
 Potential revenue of over $2 million annually could materialize from captured carbon sales
 in the New England carbon market, but regulatory challenges exist.
  Another innovative approach discussed was wood pyrolysis, which produces sustainable
 byproducts including biochar and syngas. Although syngas could be utilized in a combined
 cycle turbine for electricity, there may be safety and feasibility issues.
  Considering scenarios where McNeil might not be operational while still needing to
 maintain 100% renewable energy, the report suggested options such as utilizing wood
 pyrolysis alongside utility-scale energy storage and expanding solar portfolios.

BED plans to issue a request for information (RFI) to gather more speci ic details from vendors on
ORC, wood pyrolysis, and carbon capture technologies. Engaging vendors will help to gain a clearer
understanding of cost and operational feasibility. The RFI will not require Commission approval and
has no cost associated with it. It will be posted publicly for vendor response over three months. The
department seeks to ensure that they are not pursuing untested technologies, emphasizing the need
for data on successful operational cases.

General Manager Springer also shared that evaluation of proposals for a 5 megawatt battery storage
facility will resume in the new year after securing additional purchased power contracts. BED is
open to innovations in battery technology and plans to collaborate with the Joint Owners regarding
battery storage proposals.

Input from the Commissioners included the importance of risk assessment and understanding
emerging technologies. The team will keep the Commission updated during the RFI process and
address any outstanding questions related to revenue forecasts.


 5
Commissioners’ Check-In
Commissioner Williams inquired about the potential for installing solar panels on streetlights and
other city facilities, inspired by a recent observation in New Jersey where solar panels were
mounted on telephone poles. General Manager Springer noted that while the idea is appealing, local
conditions, such as signi icant tree cover, may hinder effective implementation in this area. There
has not been a study to-date exploring solar panel installations on streetlights, but the city is
investigating solar energy options, speci ically utilizing the land ill and the Water Resources
Department's roof for potential projects that could generate several megawatts of power.

Mr. Springer further explained that the land ill site is owned by the City and under the purview of
the Department of Public Works (DPW). DPW has issued an RFP for solar installation proposals and
once a developer is identi ied, they could seek to establish a power purchase agreement with BED
for solar energy, which could bring inancial bene its to the city while making productive use of the
land.

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

The meeting of the Burlington Electric Commission adjourned at 6:38p.m.

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

 Attest: _______________________________________________
 Elena Alexander, Board Clerk




 6
Elena Alexander

From: Pike Porter <pikeporter@gmail.com>
Sent: Thursday, December 11, 2025 2:20 PM
To: Lara Bonn; Andy Vota; Ali Kenney; Bradley Williams; Scott Moody; Darren Springer
Cc: Elena Alexander
Subject: Clarification on VTs renewable energy standard for inclusion as public comment in the
 January agenda

Categories: Commission Materials



 Warning: This email is from a source outside BED.
 Check the Following: ✓ Name ✓ Subject ✓ Links ✓ Attachments ✓ Grammar ✓ Tone
 Do you know this sender?


Hi all,

At last night's meeting Mr. Springer stated that Vermont state "law is trying to get every
utility 100% renewable, and so we're not talking about nuclear or natural gas." (1:19:04)

The Renewable Energy Standard reads:
 Tier I requires that Vermont electric distribution utilities procure a defined percentage
 of their annual load from renewable energy. In 2025, a minimum of 63% of a utility's
 energy supply must consist of renewable energy. This amount increases each year
 until reaching 100% in 2030 for all utilities, except for GF Power (Global Foundries'
 utility) and the municipal electric utilities, for which the requirement reaches 100% in
 2035. To satisfy this requirement, a utility may use tradeable renewable energy
 credits generated by any renewable energy plant whose energy is capable of
 delivery in New England.(https://puc.vermont.gov/electric/renewable-
 energy-standard emphasis added)
BED is 100% renewable....on an average annual basis after accounting for REC
transactions. BED already relies on "tradeable renewable energy credits" to cover power
usage not covered by its PPAs or its own generation. State statute theoretically allows BED to
procure 100% of its power from gas and nuclear plants, cover that power with REC purchases
and still call itself 100% renewable. Mr. Springer is misconstruing VT statute when he argues
that BED cannot purchase gas or nuclear power when in fact it can. There are good
arguments to do so--gas and nuclear are both cheaper and cleaner than McNeil. Grid power
is half the price of McNeil with 5-6 times few greenhouse gas emissions.

I recognize that RECs are a problematic means of meeting our clean energy goals. State
attorneys general across the country in both right and left leaning states have found the REC
market deceitful. I also recognize that being "100 renewable" by purchasing hydro power
from 100 year old facilities and relying on dirty biomass is a hollow achievement that doesn't
 1
help the climate crisis. Mr. Springer has advised that renewable power is getting harder to
come by on the ISO-NE grid. Mr. Springer has also advised, as recently as last night's
discussion on the solar landfill project, that BED doesn't need any more renewable
energy. This attitude, "we got ours, we're not going to help build more," is shameful, and
doesn't help the climate crisis. BED has built no new power generation in a decade. BED
claims it doesn't need new energy resources because it has McNeil. Finally, BED claims
it cannot replace McNeil because there isn't enough renewable
energy on the market. Do you not see the problems with this decision
loop? All the while, BED invests many millions of dollars annually into
keeping the expensive and dirty McNeil plant operating--money that
should be going into building new, clean energy.
McNeil is expensive. BED admits this in its 2023 IRP, (as you know because, theoretically, the
BED commission helps write the IRP). DPS recommends that if BED cannot get costs under
control, it should look into decommissioning McNeil. McNeil is now, as of Oct 1, annually
about $5 million more expensive due to CT's decision to stop incentivizing biomass. BED
wants McNeil to remain running so it can point to its resource portfolio and claim it is 100%
renewable. But this 100% renewable designation costs rate-payers and hurts our greenhouse
gas goals, and there are cheaper, cleaner ways of meeting this goal. Since achieving this
100% renewable feat in 2014, BED has accomplished nothing by way of energy resources to
help the city and the world reduce greenhouse gases.

BED needs to stop investing in McNeil and begin investing in new, clean power. The RFP for
battery storage was too limiting. We should be looking to build as much as we can, not just 5
MW, and we should not constrain the IRP by calling out specific technologies. We should be
reaching out to battery storage companies, advising them of the RFPs and asking them to bid,
rather than just posting it on the website and hoping for the best. We should be encouraging
E-vehicle to grid technology, residential batteries, and other distributed tech. We can follow
GMPs lead on this.

Pyrolysis, carbon capture, wood chip dryers, district energy, etc are distractions. The time
and money BED spends on trying to justify McNeil's continued existence would be better
spent building new, clean energy. Why did you all not continue to dump money into your the
car you owned in 1984? How did you decide that money spent keeping that car running
would be better spent on a new car? BED has never performed a legitimate cost benefit
analysis on McNeil. In light of the CT REC market, in light of the PUC investigation into a
pattern of troubling errors and shortfalls, the commission should request and over-see a cost
benefit analysis of McNeil compared with all viable alternatives that meet state statute.

Pike Porter
BED rate payer tired of needing to correct misstatements by BED management.
 2
3
To: Burlington Board of Electric Commissioners

From: Darren Springer, General Manager

Date: January 9, 2026

Subject: December 2025 Highlights of Department Activities


General Manager – Darren Springer
  Credit Rating Affirmation (press release issued Dec. 23): Moody’s Investors Service affirmed the A3
 credit rating and stable outlook of Burlington Electric Department (BED) in a credit opinion update
 issued December 12, 2025.
  Energy Assistance Program (press release issued Dec. 18): PUC approved BED’s request to expand
 our EAP to allow for enrollment of customers that are non-profit housing organizations that provide
 affordable housing or temporary shelter housing to individuals who meet the EAP income eligibility
 threshold at or below 185% of the federal poverty level. The program requires that the housing entities
 receiving 12.5 percent electric bill discounts will pass along the benefits to their residents.
  Other Tariff Approvals – PUC approved municipal street light camera and parking ban light tariff
 (effective Feb. 1) and miscellaneous fee updates (effective April 1). Also minor changes to LT and
 Public EV charging tariffs and special contract for seasonal lighting were approved.
  Regulatory and Legislative Update – Verbal update at meeting. DRP filed in December for 2027-2029
 performance period.
  RFI issued – BED issued an RFI in December, due in late March, for more detailed vendor level
 information on the ORC, carbon capture, and pyrolysis items discussed in Velerity report.
  Items at Board of Finance and City Council – two position updates (including creation of new PUC
 counsel and compliance officer position) and additional 5 years (total 10 years) for relevate hydro
 contract on 1/12. Net Zero Energy and Grid Reliability Revenue Bond issuance resolution late Jan/early
 Feb.

Center for Innovation – Emily Stebbins-Wheelock
 Preparing for FY27 budget kickoff, including updates to capitalization policy.
 Submitted prefiled testimony in DES spending docket.
 Finalized contract with Relevate.
 SpryCIS Core Team 2.0 Training and Data Conversion 2.0 completed. Data validation and Functional
 Testing for 2.0 data conversion are in progress.
 Began contract negotiations with selected DERMS vendor.
 Initial FIS vendor selection, subject to successful contract negotiations.
 Successfully recruited for two Resource Planner I positions. Jorgen DeJarlais and Xander Briggs will
 start in January.
 Mayor’s Climate Advisors finalized list of recommendations.
 Panelist on a Boston University “Initiative on Cities” project webinar; discussed Burlington’s carbon
 impact pollution fee and rental weatherization policy.
 December 2025 – Department Highlights



 Completed scripts for next 2 DEED grant-funded videos: (1) Keeping your home warm in winter and
 cool in summer and (2) alternative transportation. Expected video completion 2/1.
 Launched the Energy, Sustainability and Conservation Service-Learning Program with the BHS YES!
 Program.
 Attended conference in Viejo San Juan for the Transformative Justice Infrastructure Fellowship hosted
 by Communities First and the Government Alliance on Race and Equity.

Center for Safety and Risk Management – Paul Alexander
Safety
  The Safety Team conducted weekly Tuesday morning safety briefings with Operations personnel.
 PreJob tailboards are covered, as well as weekly assignments for Operations with Engineering
 Support. System Operations gives weekly SCADA updates.
  Work continues with the new SCADA implementation. The Safety Team met on the stepped
 implementation of new switching order format and execution.
  The Safety Team conducted the Monthly BED Safety Committee meeting for Operations.
 o Confined Space Entry Procedures update for Gas Turbine implementation is complete as of
 12/1/25.
  The Safety Team is scheduling the demonstrated proficiencies with Line Crew on new door mount
 racking device at College Street Substation and the 480 Volt Breaker Fuse replacement for the
 Station Operators.
Environmental
  The Environmental Team documented and submitted the 585 Pine Street Annual Barge Canal
 Certification to the Environmental Protection Agency (EPA). This meets the annual compliance EPA
 Superfund requirements.
  The GIS-NEPOOL RECS inputs were verified by Policy & Planning, thereby meeting BED’s internal
 process and procedure requirement for January 10th, 2026, compliance deadline.
  The Environmental Team met with TRC to review preliminary results of the R99 testing from
 September 2025. Produced more specific reports on Gallons Per Hour consumption. Next steps
 are to receive final report and review with Executive Team.
  The Environmental Team conducted the bimonthly meetings with McNeil Operations. Air & Water
 weekly reports are covered with emphasis on water chemistry and emissions compliance.
Risk Management
  Processed our 11/20/25 Property/B&M Insurance renewal invoice from agent (H&B/Acrisure) for
 $718,018 vs. the approved “not-to-exceed” amount of $718,024.29
  Reviewed and met with staff/vendor on their defective welds on Main Street lights
  Attended Norwich University sponsored Cyber & Risk Management training at BCA
  Continued to make draft revisions/updates to BED’s “Garage Use” policy now called “Employee
 Personal Use of BED Property policy” as discussed at this month’s Labor Management Committee
 (LMS) with the IBEW
  Complied and produced C4S’ Annual Report for Communication/Mayor’s office
  Chaired both BED Safety Committee and LMC meetings
Purchasing/General Services
 Purchase Order $147,108.80 for Northern Toyota was issued with forklift to be delivered in August
 2026
 EV Bucket Truck is still waiting for final layout of body/compartments placement & pricing.
 Purchased new transformer trailer $19,700 from Border Truck Equipment, need for the big transformer
 we now are installing


 Page 2
 December 2025 – Department Highlights



 Sent out RFPs for McNeil Generating Station Carbon Capture, Wood Pyrolysis, and Organic Rankine
 Cycle (ORC), GIS Utility Network (UN) Implementation
 We have gotten back C-57 Digger truck. Need to have main hydraulic valve replaced by manufacturer
 Posi-Plus

Center for Operations & Reliability – Munir Kasti
 Completed work to upgrade the underground secondary conductors and install 18 new streetlights
 Deforest Road.
 Assisted the Champlain Parkway project electricians by energizing the new lighting along the section
 from Interstate 189 to Home Avenue.
 Assisted the Eruv group to repair and replace several locations.
 Assisted with Operation Fire Cuffs at UVM Medical Center.
 Started reconductoring the overhead primary on Institute Road.
 Started reconductoring Main Street from South Prospect Street to South Winooski Avenue.
 Upgraded streetlighting on Pine Street between Maple Street and Main Street.
 Upgraded streetlighting on King Street between Pine Street and Saint Paul Street.
 Completed new service on Dale Road.
 Andi Higbee joined the Center for Operations & Reliability as the new Director of Systems Operations
 as of December 29, 2025.
Engineering, Grid Services & Operations
SAIFI & CAIDI Outage Metrics:
BED’s distribution system experienced 16 outages in December 2025 (6 unscheduled and 10 scheduled).
BED’s SAIFI for the Month of December was 0.01 interruptions per customer and CAIDI was 1.44 hours per
interruption. BED's YTD SAIFI is 0.35 interruptions per customer and YTD CAIDI is 1.1 hours per
interruption. BED experienced a high CAIDI value for the month of December due to a snow plow hitting
multiple poles after an ice storm, which caused required multiple hours of work to make repairs.

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




 Page 3
 December 2025 – Department Highlights



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




The following figure shows BED’s historical Unplanned Outages:




Generation
McNeil Generating Station
Month Generation: 21,341 MWh
YTD Generation: 209,276 MWh
Month Capacity Factor: 57.37 %
Month Availability: 62.63 %
Hours of Operation: 466 hours

McNeil has held multiple interviews for open positions in the month of December. McNeil staff have been
working on the upcoming budget and planning for the Spring outage.

Winooski One Hydroelectric Station
Monthly Generation: 1,865.1 MWh
YTD Generation: 17,076.2 MWh
Month Capacity Factor: 34%
Annual Capacity Factor: 26.34%
Month Availability: 70%

Winooski One continues to have three fully functional units. Frazzle ice continues to be a challenge in
colder temperatures. Operators are working diligently during and after hours to maintain a clear suction
grate to keep the turbines running effectively.




 Page 4
 December 2025 – Department Highlights



Burlington Gas Turbine
Month Generation: 20.20 MWh
YTD Generation: 683.60 MWh
Month Capacity Factor: 0.16%
Month Availability: 100%
Hours of Operation Unit A: 1.2 hours
Hours of Operation Unit B: 1.1 hours

Solar (Pine Street 107 kW)
Month Generation: 1 MWh (-58% from previous year)
YTD Generation: 102 MWh
Month Capacity Factor: 1.0%
Month Availability: 100%

Solar (Airport 499 kW)
Month Generation: 9 MWh (-22% from previous year)
YTD Generation: 533 MWh
Month Capacity Factor: 2.5%
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 Stem Building Re-commissioning – This is a large lab and classroom/office building that has
 undergone an HVAC re-commissioning study by a third-party contractor. ES is working with UVM
 Facilities, and their contractors, to implement a selection of the recommended measures including
 leak detection of the lab compressed air system. Significant opportunities to reduce run-time of the
 two compressors have already been identified. Facilities intend to implement power logging on the
 compressed air system to develop a pre-project profile of the system’s energy use.
 UVM Howe Library / HVAC Re-Commissioning – UVM’s controls group implemented control
 sequence improvements in the 160,000 SF Howe Library’s DDC energy management system. BED
 received trending data from UVM for electric, chilled water and steam use and we have completed
 an analysis to determine energy savings for the project. At the customer’s request, BED has shared
 the pre- and post- project data with VGS, and it is expected that incentives will be available from
 both EEU’s.
 UVM Medical Center / Chilled Water System Chiller Replacement – ES is working with UVMMC
 on a 1,300-ton chiller replacement in the central plant. The unit is reaching end-of-life, and the
 hospital is in the midst of specifying and purchasing a replacement.

Other Services
 Continued Decline in New Development and Energy Efficiency Activity
  As previously reported, over the past several months few new construction zoning applications
 have been submitted to Department of Permitting and Inspections (DPI), indicating a decline in


 Page 5
 December 2025 – Department Highlights



 near term new development. High lending costs and construction costs continue to slow this
 market.
  ES also continues to see an overall slowdown in EEU and Tier 3 activity with customers. As
 previously reported, challenging, and uncertain, economic conditions are influencing customer
 decision-making. Customers continue to face economic headwinds where discretionary energy
 efficiency, and beneficial electrification improvements, are understandably not a priority even
 when utility incentives are available. BED and VGS continue to work with the Burlington 2030
 District and CEDO/Business and Workforce Development (BWD) to get the word out about our
 services and that we are here to help.
 ES continues to:
  Work on several projects including the replacement of two 165-ton water-cooled chillers at
 Consolidated Communications, a planned renovation for City Hall & the Firehouse Gallery and
 CHT’s new Post Apartment multi-family building on the former site of the VFW.
  Support the customer care team with a number of residential and commercial customer high bill
 concerns.
  Partner with the VGS ES team on a number of residential weatherization and heat pump projects
 and commercial retrofit projects.

Electric Vehicles & Charging Stations
 The EVSE (ChargePoint, Flo & AmpUp) dispensed a total of 45.3MWh and supported 2,005
 sessions.
 The ChargePoint EVSE served 803 unique drivers.
 The top 3 sales on the ChargePoint network were 100kWh, 106kWh, and 128kWh and occurred at
 the College St. Garage and the Pease Lot DCFC.
 Approximately 47% (or 21.3MWh) of the energy sold from the entire network is attributed to the
 Pine St., Marketplace Garage, and Pease Lot DCFC’s. The Pine St. DCFC dispensed the most
 energy.
 Utilization of the pole mounted chargers has increased 50% over last month.
 The Front St. pole mounted charger dispensed the most energy of all Level 2 ports.
 EV and PHEV rebates to date – 1,169 (of this 262 LMI rebates to date)
 Customers currently participating in the new EV Charging Rate- 439
 Single-family & multifamily home EV charging stations rebates to date – 428

Heat Pump Installations to Date
Total Heat Pump Technology Installations including Multi-Family New Construction Projects &
Installations in existing buildings since the September 2019 NZEC announcement – 3,209 installations
(of this 243 LMI rebates to date)




 Page 6
 December 2025 – Department Highlights



Customer Care
 Call Answer Time (75% in 20 seconds): December 2025 91.4%, November 80.3%, October 81.7%,
 September 75.9%, August 78.4%, July 77.5%. December 2024 83.4%, November 84%, October 80.6%,
 September 2024 75.2%, August 83%, July 76.5%.

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




 Complaints to DPS about Customer Care Team
 20
 15
 14



 # of Complaints
 15
 9 9
 10
 5
 5
 1
 0 0 0 0 0 0 0 0 0
 0
 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
 Calendar Year




 Page 7
 December 2025 – Department Highlights



Communications and Marketing
 Electric Panel Upgrades: with PUC having approved BED’s proposed miscellaneous fees to be effective
  April 1, 2026, we have been encouraging customers thinking about electric panel upgrades to get the
  work done prior to April 1 to avoid the new BED fee that will be between $577 and $885, depending on
  meter type. To learn more, visit burlingtonelectric.com/miscfees.
 Highlight: for the 8th year, BED and VGS partnered with Burlington’s New Year’s Eve event, Highlight.
  This year, we provided buttons (which serve as tickets to Highlight) to our NZE Calendar Contest
  winners and their families.
 Full website visits for December 2025




Top-performing Facebook & Instagram posts

Podcast episodes and Burlington Telecom email discontinuation




 Page 8
 BED 2025-2026
 Strategic Direction Dashboard



 YTD Dec 2025 Nov 2025 Oct 2025 Sept 2025 Aug 2025 July 2025 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 Actuals Actuals Actuals 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% 81% 91% 80% 82% 76% 78% 78% 69% 61% 86% 90% 90% 86% avg 81% avg 82% avg 82% avg 82% avg 81%
Delinquent accounts >$500 0 280 301 297 310 313 262 276 248 242 246 323 287 251 avg 223 avg 168 avg 188 avg 529 avg 201
Disconnects for non-payment 0 351 0 4 57 36 34 22 2 31 153 10 1 1 308 224 12 0 45
Energy Assistance Program Customers (program lifetime) NA 929 929 921 915 905 898 887 881 871 869 862 858 852 843 234
Energy Assistance Program Customers (currently enrolled) 300 772 772 773 773 784 787 781 776 788 776 776 776 774 770 219
# of residential weatherization completions 10 3 0 0 1 0 1 0 0 1 0 0 0 0 7 11 5 5 3 11
Weatherization completions in rental properties 0 0 0 0 0 0 0 0 0 0 0 0 0 3 8 6 0 0 TBD
# or % of homes or SF weatherized 0 TBD TBD TBD TBD TBD TBD 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 0 1 0 0 0 0 0 5 6 4 5 5 0
Total annual mWh saved via the EE programs (annual goal) 4,032 12,472 1,674 1,659 1,440 1,414 1,391 1,031 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 1,531 233 226 203 187 166 142 128 68 64 51 35 28 333 494 862 917
Total commercial sector annual mWh saved via the EE programs (cumulative for year) 3,308 10,943 1,441 1,433 1,237 1,227 1,225 889 875 866 840 828 49 33 783 2,447 3191
 2140
% of EEU charge from LMI customers spent on EE services for LMI customers 268,272
 $ 297,026 268,272 $ 263,842 $ 241,011 $ 236,194 $ 233,861 $ 215,682 $ 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 pageviews, overall website-wide 267,394 21,565 21,894 24,944 23,312 20,567 22,866 21,052 28,406 21,747 19,047 18,341 23,653
# of unique website homepage views 53,579 4,177 4,403 4,322 4,551 4,181 4,867 4,621 5,046 4,617 4,251 3,804 4,739
Strengthen Reliability
SAIFI (AVG interruptions/customer) (annual target) < 2.1 0.35 0.01 0.08 0.02 0.03 0.0 0.04 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 1.44 1.44 0.78 1.08 2.05 2.13 0.62 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 58 6 7 6 1 2 10 6 2 6 4 5 3 69 39 61 44 90 98
McNeil Forced Outages 0 11 2 1 0 1 0 1 1 1 1 2 1 0 10 5 14 5 21 TBD
W1H Forced Outages 0 2 0 0 0 0 0 0 0 0 0 1 1 0 3 2 6 9 2 TBD
GT Forced Outages 0 3 0 0 0 0 0 1 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 120 282 228 247 317 323 366 311 282 281 217 317 257 232 253 219 100 68 179
# of budgeted positions vacant 0 10 12 10 8 8 9 10 11 10 10 9 11 11 avg 12 avg 12 avg 9 avg 9 6 NA
 BED 2025-2026
 Strategic Direction Dashboard



 YTD Dec 2025 Nov 2025 Oct 2025 Sept 2025 Aug 2025 July 2025 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 Actuals Actuals Actuals 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 217 40 17 24 13 13 20 20 0 10 18 11 31 176 186 255 315 203 10
# of commercial heat pump installs 1 1 0 0 0 0 0 0 0 0 0 0 0 5 8 4 4 13 0
# of residential hot water heat pump installs 30 3 4 6 0 1 0 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 0 0 0 0 0
Heat pump rebates 232 41 17 24 13 19 22 20 6 10 18 11 31 185 206 271 328 212 0
Heat pump hot water heater rebates 30 3 4 6 0 1 0 3 0 5 1 2 5 28 47 18 15 3 0
LMI heat pump rebates 42 - 14 5 4 6 2 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 0 0 0 0 0 3 8 10 14 9 TBD
LMI heat pump hot water heater rebates 24 10 7 0 2 0 0 4 0 1 0 0 0 2 6 1 2 0 1
EV rebates - new 127 8 5 16 15 10 3 9 16 11 10 6 18 125 103 53 67 14 36
EV rebates - pre-owned 32 4 5 4 5 3 1 1 1 3 2 2 1 23 16 18 7 8 2
 See NZE
LMI EV rebates 26 - 0 1 3 2 2 2 4 1 4 2 5 50 26 9 11 7 7
 Roadmap
PHEV rebates - new 33 1 0 2 4 5 2 3 0 2 4 3 7 44 25 27 41 10 17
 Goals below
PHEV rebates - preowned 15 - 1 0 1 1 1 2 3 1 0 0 5 8 6 12 6 5 3
LMI PHEV rebates 3 - 0 1 0 1 0 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 41 ports 41 ports 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) 483,500 45,300 41,300 43,400 40,500 44,400 40,400 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 148 31 10 32 0 17 6 3 5 13 8 5 18 82 72 70 32 20 12
EV charging rate customers (total) 4,281 15 424 420 410 399 394 389 382 379 364 354 351 347 246 157 40 40 28
Level 2 charger rebates 86 - 8 65 1 0 11 0 0 0 0 0 1 22 10 11 10 0 1
Level 1 charger rebates 1 - 0 0 0 0 1 0 0 0 0 0 0 0 0 - 0 1 0
E-bike rebates 263 12 8 18 15 29 24 36 32 39 22 1 27 169 147 152 88 36 65
E-mower rebates 88 1 1 0 6 3 8 31 25 10 1 0 2 109 135 159 154 95 142
E-forklift rebates - - 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0
MWE of Tier 3 measures installed 45,276 2,240 1,897 2,406 3,410 2,434 21,135 4,409 1,040 1,400 1,788 1,139 1,977 26,120 22,374 22,837 23,763 35,112 3,342
% Tier 3 obligation met with program measures 100% 187% 187% 178% 170% 160% 146% 136% 49% 30% 26% 20% 13% 8% 122% 117% 131% 159% 283% 31%
Net Zero Energy Roadmap Goals
# of solar net metering projects installed 26 8 3 2 4 0 1 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 0 0 0 0 0 - 7 10 7
Residential heat pumps for space heating (no. of homes) 2025: 14,181 NA NA NA NA NA NA NA 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) 2025: 7,806 NA NA NA NA NA NA NA NA NA NA NA NA NA 487, 7% of goal 431 411 405 374 374
Residential heat pumps for water heating (no. of homes) 2025: 10,553 NA NA NA NA NA NA NA 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) 2025: 3,281 NA NA NA NA NA NA NA NA NA NA NA NA NA 6, 0.2% of goal 0 0 0 0 -
EV registrations in BTV (light-duty) 2025: 7,503 NA NA NA NA NA NA NA NA NA NA NA NA NA 1,285, 23% of goal 829 699 549 361 296
Greenhouse gas emissions (1000 metric tons CO2) 2025: 99 NA NA NA NA NA NA NA NA NA NA NA NA NA 174, 55% above target 179 193 188 185 214
Fossil fuel consumption (billion BTU) 2025: 1,539 NA NA NA NA NA NA NA NA NA NA NA NA NA2,964, 68% above target 3,044 3,319 3,169 3,185 3,660
 BED 2025-2026
 Strategic Direction Dashboard



 YTD Dec 2025 Nov 2025 Oct 2025 Sept 2025 Aug 2025 July 2025 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 Actuals Actuals Actuals Actuals Actuals Actuals Actuals  2025 Actuals 2025 Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual
Demand Response
Manage Budget and Risks Responsibly
Safety & Environmental
No. of workers' compensation/accidents per month 0 6 0 0 0 1 1 0 0 2 2 0 0 0 7 8 16 4 8
Total Paid losses for workers’ compensation accidents (for the month) annual $ 186,754 $ 7,138 $4,227 $29,663 $8,210 $11,091 $7,121 $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 0.95 0.95 N/A N/A N/A N/A N/A 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 25.52 25.52 N/A N/A N/A N/A N/A 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 27 0 0 0 0 0 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 0.071 0.069 0.073 0.068 0.068 0.066 0.067 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 0 0 0 0 0 0 0 4 2 6 4 4
Phosphorus levels to DEC in lbs (monthly/yearly total) <0.8/37 1.256 0.076/1.281 .004/1.256 0.108/1.252 0.157/1.235 0.172/1.152 0.038/1.053 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 2 0 0 1 0 0 1 0 0 0 0 0 0 6 3 5 7 4
# of new auto/property/other liability claims reported (monthly) 2 19 1 1 0 0 2 2 1 3 3 1 1 4 24 36 27 18 27
Purchasing & Facilities
# of Purchase Orders for Inventory (Target: avg for winter months) 42 891 104 49 87 81 67 108 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 $8,244,846 $2,152,920 $140,092 $536,841 $889,830 $493,359  $1,128,775 $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 8361 600 559 957 1000 731 641 732 563 707 730 510 631 7,207 6,777 6,187 4,402 4,545
$ value of stock issued for Inventory (Target: avg. during winter) $ 65,000 $2,032,594 $ 100,985 $ 149,349 $ 432,690 $ 94,464 $ 164,571 $ 66,137 $ 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) 58 917 - 115 136 316 125 64 0 121 0 0 0 40 351 592 900 2,728 627
# of Spark Space and Auditorium setup/breakdowns monthly (Target: Covid impact) 3 166 9 11 12 17 13 14 11 16 13 19 16 15 199 207 132 88 87
Finance
Debt service coverage ratio (avg of previous 12-months) 1.25 4.79 4.79 4.69 4.57 5.11 4.92 TBD 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 1.22 1.22 1.19 1.16 1.05 1.24 TBD 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) >90 118.00 118 126 159 142 141 TBD 144 137 152 156 153 146 FY24 93 FY23  120 FY22 121 FY21 120 FY20 109 FY19
Arrearages >60 days $ 627,497 $ 627,497 $ 663,673 $ 628,495 $ 616,490 $568,448 $561,164 $ 558,755 $ 514,677 $ 486,445 $ 493,414 $ 484,303 $ 480,633 $ 470,940 $ 392,196 $ 408,903 $ 1,087,769 $ 749,054
Regulatory
Open PUC dockets 33 35 35 32 29
Open PUC dockets with deadlines in next 3 months 10 12 8 9 12
Power Supply
McNeil generation (MWH) (100%) per budget 209,276 21,341 8,530 0.0 22,687 29,433 26,010 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% 60% 63% 23% 55% 73% 87% 76% 61% 67% 2% 29% 81% 100% 66% 84% 67% 80%
McNeil capacity factor per budget 48% 57% 24% 0% 63% 79% 72% 51% 37% 1.5% 27% 77% 88% 45% 42.3% 52.4% 62.4%
Winooski One generation (MWH) per budget 17,075 1,865 2,538 434 35 0 471 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% 53% 70% 70% 8% 1% 0% 40% 60% 70% 70% 70% 90% 90% 98% 97.2% 98.3% 97%
Winooski One capacity factor per budget 26% 34% 48% 8% 25% 0% 48% 27% 56% 56% 47% 17% 20% 48% 56% 41.7% 37%
Gas Turbine generation (MWH) NA 682 20 53 41 181 33.6 97.9 171.7 22.0 17.7 19.0 18.1 6.9 484 475 356 373 441
Gas Turbine availability factor 100% 96% 100% 100% 90% 87% 99% 99% 86% 89% 100% 100% 100% 97% 98% 46.7% 54.5% 96%
Gas Turbine capacity factor NA 1% 0.2% 0.3% 0.3% 4% 0.2% 0.6% 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) 4,905 93 171 429 565 646 658 632 466 503 410 117 215 5,020 4,681 5,260 5,015 5,182
Cost of power supply - gross ($000) $ 34,980 $ 2,818 $2,655 $3,481 $3,349 $3,574 $3,073 $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) $ 27,131 $ 1,243 $2,655 $906 $3,349 $3,574 $3,073 $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 $ 0.12 $0.11 $0.10 $0.13 $0.11 $0.11 $0.11 $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 $ 0.09 $0.05 $0.10 $0.03 $0.11 $0.11 $0.11 $0.07 $0.06 $0.13 $0.11 $0.09 $0.08 $0.07 $0.08 $0.07 $0.08
 FY 2026
Financial Review
 November




 January 9, 2026
 Burlington Electric Department
 Financial Review

 FY 2026



Table of Contents:

● Financial Highlights 1-2


● Revenues and Expenses

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


● Capital Spending 15 - 18


● Cash 19
 FINANCIAL HIGHLIGHTS – BUDGET VS ACTUAL as of November FY26




Year-to-Date Results:
 • Sales to Customers up $498,800 (2.02%). Residential Sales up $207,500 and Non-Residential Sales up
 $291,300.

 • Other Revenues down $483,000 (28%)
 a. DSM billable (customer driven).

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

 • Power Supply Expenses (Net) down $1,438,000 (8.4%)
 a. Fuel down $888,000 (20.9%).
 b. Purchased Power down $380,000 (5.0%).
 c. Transmission down $168,000 (3.4%).

 • Other Operating Expenses down $318,000 (3.3%)
 a. Timing: various items were less than budget including outside services ($376,000), materials & supplies
 ($143,000), and RPS Compliance ($157,000); offset by items higher than budget including labor and
 labor overhead, $191,000; maintenance contracts, $20,200; and rentals/leases, $54,600.

 • Taxes down $92,300 (6%)
 a. Actual Payment in Lieu of Tax (PILOT) is $162,300 lower than budget assumption for the year.
 b. Actual Winooski One Property Tax is $29,700 lower than budget assumption for the year.

 • Other Income & Deductions up $523,000 (22%)
 a. Timing; favorable gain/loss on disposition of plant, $162,000.
 b. Interest/investment income up $99,000.
 c. Timing; favorable customer contribution /grant proceeds $342,000.
 d. Offset by timing of jobbing ($139,800) and unrealized loss on investment ($12,500).




 1
 FINANCIAL HIGHLIGHTS – BUDGET VS ACTUAL as of November FY26

 Capital Spending – November YTD
 ($000s)
 Plant Type Full Yr. Budget Budget  Actual % Spent
 Production $4,481 $2,550 $824 18%
 Other 868 407 59 15%
 Transmission 222 222 230 103%
 Distribution 6,419 2,978 1,767 28%
 General 3,228 1,683 427 13%

 Total $15,218 $7,841 $3,307 22%

(1) Production – Timing; projects at McNeil and W1 are under budget including NOx system
 catalyst replacement ($146,000), well ($185,000), and cooling tower timber replacement
 ($83,000), FERC relicensing ($287,000), and plate torque/embankment repair ($403,600). Also,
 budget assumed $50,000 for replacement rail cars in July vs $0.

(2) Distribution – Transformers under budget due to availability ($692,200); timing of Deforest Rd
 ($281,700) and ADMS ($154,790) projects.

(3) General – Timing of IT Forward projects ($528,385) and electric forklift ($137,700).



 As of November 30, 2025
 Operating Cash and Investments
 Operating Funds $6,819,743
 Operating Funds – CDs $985,505
 CD/Money Market - GOB $529,732
 Total Operating Cash $8,334,980




 Credit Rating Factors – November 2025
 3 Year
 "A" "Baa" Current Average
 Debt Service Coverage Ratio 1.25 1.25  4.79 4.34
 Adjusted Debt Service Coverage Ratio 1.50 1.10  1.22 1.26
 Cash Coverage - Days Cash on Hand 90 30
 - With $10M Line of Credit 118 137
 - Without Line of Credit 66




 2
 Burlington Electric Department
 Fiscal Year Ending June 30, 2026



 Total Sales to Customers - KWH
 Monthly

 35,000




 30,000




 KWH (000)
 25,000




 20,000
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
 Budget 32,855 30,319 26,899 25,256 24,532 27,238 28,518 25,711 26,620 24,405 24,403 25,950
 Actual 32,740 29,621 25,937 25,168 25,102




 KWH Sales to Customers (YTD)
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Budget 32,855 63,173 90,073 115,329 139,861 167,098 195,617 221,328 247,949 272,354 296,757 322,708
 Actual 32,740 62,361 88,298 113,466 138,568



 3
 FY 2026

 Cooling Degree Days (CDD)
 350

 300

 250

 200

 150

 100

 50

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



 Heating Degree Days (HDD)
 1,400

 1,200

 1,000

 800

 600

 400

 200

 0
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
 Budget HDD 2 7 96 384 769 1,066 1,307 1,152 968 571 213 44
 Actual HDD 1 19 59 386 827

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


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


 4
 Burlington Electric Department
 Fiscal Year Ending June 30, 2026
 KWH Sales


 Residential Customers


 10,000


 9,000




 KWH (000)
 8,000


 7,000


 6,000


 5,000
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
 Budget 9,514 8,313 6,733 6,475 6,932 8,616 9,028 7,941 7,858 6,569 5,990 6,737
 Actual 9,524 8,228 6,431 6,504 7,418




 Commercial & Industrial Customers


 25,000


 22,500


 20,000


 KWH (000) 17,500


 15,000


 12,500
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
 Budget 23,340 22,006 20,166 18,780 17,601 18,622 19,490 17,770 18,762 17,837 18,413 19,213
 Actual 23,216 21,392 19,506 18,664 17,684




Street Lighting is included with Commercial & Industrial Customers.




 5
 Net Power Supply Costs
 November - FY 2026
 ($000)
 Current Month Year-to-Date
 Budget Actual Variance Budget Actual Variance
Expenses:
 Fuel (p. 7) $843 $342 $501 (1) $4,259 $3,371 $888 (1)
 Purchased Power (p.11) 1,386 1,489 (103) (2) 7,779 7,398 380 (2)
 Purchased Power Adjustment (p 11) 43 43 (0) 217 217 (0)
 Transmission Fees - ISO-NE 647 641 6 3,964 4,103 (139) (3)
 Transmission Fees - VELCO 253 218 34 (4) 611 413 197 (4)
 Transmission Fees - Other 79 41 38 (5) 362 253 110 (5)
Total Expenses 3,251 2,775 476 17,192 15,756 1,437

Revenues:
 Renewable Energy Certificates - McNeil 478 594 116 2,263 1,906 (358)
 Renewable Energy Certificates - Wind 871 780 (91) 1,972 1,918 (54)
 Renewable Energy Certificates - Hydro 349 202 (148) 463 326 (136)
 Renewable Energy Certificates - Other 0 0 0 0 0 0
Total Revenues 1,698 1,575 (123) 4,698 4,150 (548) (6)

Net Power Supply Costs $1,553 $1,199 $354 $12,494 $11,606 $888

Load (MWh) 25,665 25,853 188 144,492 142,652 (1,841)
$/MWh $60.52 $46.39 ($14.13) $86.47 $81.36 ($5.11)


Current Month:
(1) See detail on page 7.
(2) See detail on page 11.
(3) BED Share of VELCO Common charges under Budget.
(4) NYPA Transmission under Budget.

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




 6
 Net Power Supply Costs
 November - FY 2026


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

McNeil 831 321 509 (1) 4,131 3,127 1,005 (1)

Gas Turbine 13 21 (8) (2) 128 245 (117) (2)

Total Fuel 843 342 501 4,259 3,371 888




Current Month:
(1) McNeil production 63% under Budget. Wood Price Per Ton 4% under Budget. (p. 8)
(2) GT production (53 MWh) 73% over Budget.

YTD:
(1) McNeil production 19% under Budget. Wood Price Per Ton 5% under Budget. (p. 8)
(2) GT production (408 MWh) 119% over Budget. Budget includes $50,000 in July for R99 testing.




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




20,000




15,000




10,000




  5,000




 0
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Budget 15,353 13,749 6,000 6,573 11,538 16,538 17,347 15,544 12,227 4,199 3,875 8,431
Actual 13,005 14,717 11,344 0 4,265
Maximum 18,600 18,600 18,000 18,600 18,000 18,600 18,600 16,800 18,600 18,000 18,600 18,000




 8
 Burlington Electric Department
 Winooski One - MWH Production
 FY 2026
  8,000

  7,000

  6,000

  5,000

  4,000

  3,000

  2,000

  1,000

 0

 (1,000)
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Budget 2,650 1,246 832 1,541 1,942 3,216 2,531 1,587 2,032 4,503 3,575 3,643
Actual 468 (13) 23 425 2,536
Maximum 5,506 5,506 5,328 5,506 5,328 5,506 5,506 4,973 5,506 5,328 5,506 5,328




 9
 Burlington Electric Depatment
 Fiscal Year 2026


 Woodchips Price Per Ton
 Monthly Variance


 30%
 25%
 20%
 15%
 10%
 5%
 $/Ton
 0%
 -5%
 -10%
 -15%
 -20%
 -25%
 -30%
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
 Actual -5% -5% -6% -6% -4%




 Woodchips Price Per Ton
 Year-to-Date Variance


 30%
 25%
 20%
 15%
 10%
 5%
 $/Ton
 0%
 -5%
 -10%
 -15%
 -20%
 -25%
 -30%
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
 Actual -5% -5% -5% -6% -5%




* Wood only. Does not include other costs.




 10
 Net Power Supply Costs
 November - FY 2026

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

PURCHASED POWER:

Non-Energy (capacity) 78 (20) 98 (1) 441 79 362 (1)

Energy:
 Georgia Mountain Wind 342 330 12 (2) 1,377 1,151 226 (2)
 Hancock Wind 324 331 (7) 1,010 972 38 (3)
 VT Wind 315 154 162 (3) 940 595 346 (4)
 Brookfield 0 0 0 0 449 (449) (5)
 Hydro Quebec 330 319 11 (4) 1,520 1,509 11
 In City Solar Generators 46 30 16 (5) 397 416 (19) (6)
 NYPA 6 7 (0) 31 32 (0)
 ISO Exchange (257) 163 (421) (6) 750 1,411 (661) (7)
 ISO Exchange Adjustment 43 43 (0) (**) 217 217 (0) (**)
 FirstLight 157 113 44 (7) 731 292 439 (8)
 Velco Exchange 0 (0) 0 0 (1) 1
Total Energy 1,305 1,488 (184) 6,973 7,042 (69)

Ancillary Charges (7) 11 (18) (8) 19 (141) 160 (9)

VT RES Tier 1 Compliance Expense 0 0 0 262 287 (26)
Renewable Energy Credit Purchase 0 0 0 0 0 0
Miscellaneous-Other 55 54 1 301 348 (47)

Total Purchased Power Expense 1,430 1,533 (103) 7,996 7,615 380

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) Includes credit from Pay for Performance event.
(2) Production 4% under Budget.
(3) Production 33% under Budget.Financial Settlements under Budget.
(4) Rate 3% under Budget.
(5) Production under Budget.
(6) Production (McNeil (63%), Wind (11%) and FirstLight (28%)) under Budget.
(7) Production 28% under Budget.
(8) Reserve revenues under Budget.

YTD:
(1) Includes credit from Pay for Performance events.
(2) Production 16% under Budget.
(3) Production 4% under Budget.
(4) Production 25% under Budget. Financial Settlements under Budget.
(5) Short-Term purchase not in Budget.
(6) Production over Budget.
(7) Production (McNeil (19%), Winooski One (58%), FirstLight (60%), and Wind (15%)) under Budget.
(8) Production 69% under Budget.
(9) Reserve revenues over Budget.




 11
Burlington Electric Department
Operating and Maintenance Expense by Spending Category
FY 2026 - November YTD
 %
 Budget Actual Variance Variance *
Labor-Regular 3,810,685 3,886,507 (75,822) 2% a
Labor-Overtime 192,503 252,360 (59,857) 31% b
Labor-Temporary 19,500 15,566 3,934 20% c
Labor-Overhead 1,648,495 1,707,694 (59,199) 4% d
Outside Services 1,385,974 1,010,233 375,741 27% e
Outside Svcs-EEU 137,066 278,230 (141,164) 103%
DSM Rebates 735,935 501,613 234,322 32%
DSM (rebates & outside services) 873,000 779,843 93,157 11% f
Materials & Supplies 471,392 328,870 142,522 30% g
Insurance 314,596 288,334 26,262 8%
A & G Clearing (562,390) (316,077) (246,313) 44% h
Other - RES Tier 3 Compliance 432,266 275,556 156,710 36%
Other 1,203,617 1,328,578 (124,961) 10% i

 Operating & Maintenance Expense 9,789,639 9,557,464 232,175 2%



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

(b) McNeil, $52,070, and Dispatch, $14,345, higher than planned.

(c) Temporary help at McNeil Plant.

(d) See page 13.


(e) Timing; equipment maintenance & technical items at GT and Winooski One is under budget, $268,900.


(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 projects.

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


(i) Various areas are higher than budget including Maintenance Contracts ($20,200), Building Clearing ($15,300),
Rentals and Leases ($54,600), and Uncollectible Accounts ($93,000); offset by areas lower than budget including
Education & Training ($27,200), Transportation Clearing ($83,200), and Advertising ($14,000).




 12
 Burlington Electric Department
 Budget vs Actual Spending Analysis
 FY 2026 - November YTD

 (000's)
Labor - Overhead Budget Actual Variance %
 Pension $770 $736 $34 4% (a)
 Medical Insurance $1,014 $1,006 8 1% (b)
 Social Security Taxes $468 431 37 8% (a)
 Workers Compensation Ins. $184 184 0 0% (b)
 Dental Insurance $40 40 1 1% (b)
 Life Insurance $9 8 1 14% (b)
 Childcare Contribution Tax $27 23 4 15% (d)
 $2,511 $2,427 $85 3%



Rates Table: Budget

Pension (a) 12.58%

Social Security (c) 7.65%

Childcare Payroll Tax 0.44%


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




 13
 Net Income
 FY 2026 - November ($000)

 Current Month Year - To - Date
 Ref Budget Actual Variance Budget Actual Variance
Operating Revenues
 Sales to Customers p.3 4,379 4,489 110 24,685 25,184 499
 Other Revenues 354 276 (78) (a) 1,742 1,260 (483) (a)
 Power Supply Revenues p.6 1,698 1,575 (123) (b) 4,698 4,150 (548) (b)
 Total Operating Revenues 6,431 6,340 (91) 31,126 30,593 (532)

Operating Expenses
 Fuel p.6 843 342 501 4,259 3,371 888
 Purchased Power p.6 1,429 1,532 (103) 7,996 7,615 381
 Transmission p.6 979 900 79 4,937 4,769 168
 Operating and Maintenance p.12 1,743 1,934 (191) 9,790 9,556 234
 Depreciation & Amortization 495 526 (30) 2,476 2,614 (137)
 Revenue Taxes 56 55 0 287 288 (1)
 Property Taxes Winooski One 27 25 2 (c) 137 124 12 (c)
 Payment In Lieu of Taxes 221 207 14 (d) 1,106 1,026 81 (d)
 Total Operating Expenses 5,793 5,521 272 30,988 29,362 1,626

Other Income and Deductions
 Interest/Investment Income 38 35 (3) 190 289 99
 Dividends 375 375 0 1,868 1,866 (2)
 Customer Contributions/Grant Proceeds 115 126 11 (e) 460 802 342 (e)
 Gain/(Loss) on Disp of Plant 0 0 0 (160) 2 162
 Other (0) 15 15 14 (65) (78) (f)
 Total Other Income & Deductions 528 550 22 2,372 2,895 523

Interest Expense 256 236 20 1,292 1,267 26

Net Income 909 1,133 223 1,217 2,860 1,642

Current Month:
(a) Energy Efficiency Program cost reimbursement was lower than planned, $77,000.
(b) McNeil RECs $116,000 higher than budget; Wind RECs $91,000 lower than budget; Hydro RECs $148,000 lower than budget.
(c) Actual Winooski One tax bill is lower than budget assumption by $29,700 for the year.
(d) Actual Payment in Lieu of Tax (PILOT) is lower than budget assumption by $162,300 for the year.
(e) Budget includes customer contributions for Champlain Pkwy ($34,000), OH/UG billable ($17,000), grant income for Building
 GIANTS ($31,000) and Distributed Energy Resources Management System project ($33,000). Actual includes customer
 contribution for OH/UG billable ($69,000) and various grant income ($57,000).


Year - To - Date:
(a) Energy Efficiency Program cost reimbursement was lower than planned, $462,000.
(b) REC sales under budget due to lower McN, wind, and hydro production in CY 2025.
(c) Actual Winooski One tax bill is lower than budget assumption by $29,700 for the year.
(d) Actual Payment in Lieu of Tax (PILOT) is lower than budget assumption by $162,300 for the year.
(e) Budget includes customer contributions for Champlain Pkwy ($204,100) and grant income for Building GIANTS ($131,900), and
 Distributed Energy Resources Management ($71,200). Actual includes customer contribution for Champlain Parkway ($69,000),
 OH & UG billable ($160,300) and various grant income ($504,600).




 14
 Burlington Electric Department
 Capital Projects - FY26

 $000
 Full Year November
 Budget Budget Actual Variance
McNeil (BED 50% Share)
Analyzer Upgrades for Chemical Treatment 9 0
Ash Silo Pug Mill/Auger Upgrade (312) 13 13 13
Augers Replaced 30 0
Catalyst Replacement for Nox System (312) 150 150 4 146
CEMS Server Upgrade (312) 15 15 (15)
Cooling Tower Timber Replacement 84 84 1 83
Demineralization Resin 20 0
Disk Screen 15 15 15
ESP Mechanical Field Rebuild 300 6 (6)
Farmhouse Improvements (311) 9 0
Freight Elevator Geared Equipment and Controls (311) 180 0 (0)
IT Forward - FIS Replacement (McNeil) 37 0
IT Forward - Work & Asset Management (McNeil) 22 0
Live Bottom Rebuild 139 139 110 29
McNeil Relay Engineering Study (315) 134 40 1 39
Network Infrastructure - McNeil Switches 7 7 7
Opacity Replacement (312) 20 0
Portable Radio Upgrade 0 0 0 (0)
Reclaimer Rebuild 0 0 12 (12) (a)
Replacement Rail Cars (312) 50 50 50
Routine Station Improvements 1 188 94 3 91
Safety Valve Replacements (312) 25 13 13
Shredder Upgrade (312) 100 0
Station Tools & Tool Boxes (312) 8 4 2 2
Transportation Equipment 0 0 2 (2)
Well New (311) 185 185 0 185
Woodchip Dryer (1 of 3) (312) 626 26 (26)
Other 17 8 3 6 (b)
 Total McNeil Plant 2,380 801 184 617

(a) Prior year project.
(b) Budget includes appliances, energy efficiency upgrades, furniture, perimeter fence, replacement scale at Swanton,
rigging equipment and switchgear & station upgrades.
Hydro Production 1,926 1,609 607 1,002 (a)

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

Gas Turbine 175 140 33 107 (a)


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



 15
 Burlington Electric Department
 Capital Projects - FY26

 $000
 Full Year November
 Budget Budget Actual Variance
Other
P&P R&D 26 13 0 13
Direct Current Fast Chargers (Level 3) 159 0 12 (12)
EV Charger Installations (Level 2) 264 132 3 129
Distributed Energy Resources 34 17 0 17
EV Chargers/Staging Plan 0 0 41 (41) (a)
Distributed Energy Resources Management System 244 105 0 105
585 Fleet EV Chargers 115 115 3 112
585 Fleet EV Charging Design Study 25 25 0 25
 Total Other 868 407 59 348

(a) Prior year project #C20255.

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

Distribution Plant-General

Aerial
Deforest Road Rebuild 493 493 212 282
Dunder Road Rebuild 0 22 (22) (a)
NZE Transfer Load Between 1L1 to L14 210 2 (2)
Rebuild 1L4 from Poles P838 to P2795 173 104 2 101
Rebuild Howard Street Pole P655 to P836 41 41 0 41
Rebuild Plattsburgh Ave Poles P3762 to P3752 40 12 20 (8)
Rebuild St Paul Street Pole P1004 to P1011 27 27 2 25
Rebuild Wells Street Pole P191 to P183 25 20 2 18
Replace Condemned Poles 210 126 90 36
South Cove Rd East Rebuild 81 (81) (a)
South Cove Road West Rebuild 95 (95) (a)
 Total Aerial 1,220 824 528 295

(a) Prior year project.

Underground
Battery Street Replacement 2 (2)
Replace UG to UVM Aiken Center 18 18 18
Given Transfer Switch 6
Replace 2L3 from UH303 to 929S 698 349 12 337
Rebuild UG St. Paul Street (Bank St to Cherry St) 358 1 (1)
 Total Underground 1,073 367 22 352



 16
 Burlington Electric Department
 Capital Projects - FY26

 $000
 Full Year November
 Budget Budget Actual Variance
Customer Driven/City Projects
Champlain Parkway-Billable 400 240 109 131
Champlain Parkway (CAFC) (340) (204) (69) (135)
Great Street-Main Street 621 0 327 (327)
Great Street-Main Street (CAFC) (557) 0
Winooski Bridge Rebuild 34 0
Winooski Bridge Rebuild (CAFC) (34) 0
City Place Streetlighting 195 41 (41)
City Place Streetlighting (CAFC) (104) 0
 Total Customer Driven/City 215 36 408 (332)

Other
Communication Equipment Emergency Repair 16 3 3
Distribution Transformers-Purchase 1,445 867 175 692
Distribution Transformers-Install 11 4 13 (9)
Fiber Optical Time Domain Reflectometer Unit (OTDR) 12 12 12
Lake Street Battery Bank Replacement 41 41 41
Replace Failed 920S/921S/922S Switch 63 0
SCADA ADMS Upgrade (Phases 3/4) 1,204 542 387 155
SCADA Field Equipment Replacement 64 13 3 10
SCADA Servers PC's and Monitors 15 (15)
Upgrade ArcFM to GIS Pro 318 0
USAmp Upgrade 7 7 6 1
Other 37 (37)
 Total Other 3,181 1,490 636 854

 Total Distribution Plant-General 5,689 2,716 1,594 1,170

Distribution Plant - Blanket
Aerial 174 47 114 (68)
Aerial (CAFC) (70) (17) (26) 9
Underground 332 119 153 (35)
Underground (CAFC) (143) (36) (203) 167
Meters 133 57 56 1
Lighting 217 56 64 (8)
Tools & Equipment - Distribution/Technicians 40 16 15 1
Replace Failed SCADA Field Equipment 12 2 0 2
Substation Maintenance 18 4 4
Substation Camera Replacement 15 15 15
 Total Distribution Plant - Blanket 729 262 173 89

 Total Distribution Plant 6,419 2,978 1,767 1,259



 17
 Burlington Electric Department
 Capital Projects - FY26

 $000
 Full Year November
 Budget Budget Actual Variance
General Plant
Computer Equipment/Software 2,724 1,178 371 807 (a)
Vehicle Replacement 309 309 40 269
Buildings & Grounds 179 179 16 164 (b)
Gas Detectors 6 6 6
AED Purchase 11 11 11
 Total General Plant 3,228 1,683 427 1,256

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

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

 Sub-Total Plant $15,218 $7,841 $3,307 $4,581

 Add: CAFC* reclass to "Other Income" 1,247 257 298 (41)

Total Plant $16,465 $8,098 $3,605 $4,493


* Customer Advances (Contributions) for Construction.




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

 14,000

 12,000

 10,000

 $000 8,000

 6,000

 4,000

 2,000

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




Notes: Operating Cash = Operating + GOB Funding




 19
 CITY OF BURLINGTON, VERMONT

 Board of Electric Commissioners

 SUPPLEMENTAL RESOLUTION NO. 19

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

 Section 1
 Authorization

 The Board of Electric Commissioners (the “Board”) hereby authorizes the issuance of
revenue bonds in a principal amount not to exceed $20,000,000 to provide for the financing and
refinancing of various improvements to the City’s electric plant (the “Electric Plant”). The Board
deems the issuance of revenue bonds as hereby authorized to be in the public interest.
 The bonds are to be issued pursuant to Sections 2.1, 2.2, and 2.3 of the General Bond
Resolution (as defined below) as Additional Bonds having such terms and details as provided in
the General Bond Resolution and this Supplemental Resolution No. 19 (this “Supplemental
Resolution”) consisting of this resolution of the Board, the resolution of the City Council
authorizing and approving the issuance of the bonds, and a series certificate to be delivered prior
to the issuance of the bonds by the City’s Mayor or Chief Administrative Officer and the General
Manager of the Electric Department (the “Series Certificate”) as hereinafter provided. The bonds
are to be issued as a single series as the “Electric Revenue Bonds, 2026 Series A” (the “2026
Bonds”).
 The 2026 Bonds are to be issued in the aggregate par amount of not to exceed $20,000,000.
 It is further estimated that the 2026 Bonds will be payable, by serial maturities, as a term
bond, or sinking fund installments or a combination of both, in the years 2026-2046, both dates
being approximate.
 It is expected that the 2026 Bonds will be issued to the Vermont Bond Bank (the “Bond
Bank”) through its pooled loan program, or may be issued through a public offering or a private
placement in the event that the City’s Mayor or Chief Administrative Officer determines that such
an offering would be more advantageous to the City than the sale to the Bond Bank.
 By adoption of one or more Series Certificates to be delivered by the Mayor or Chief
Administrative Officer for the City and the General Manager of the Electric Department at the
time of and in connection with the sale of the 2026 Bonds, the City’s Mayor or Chief
Administrative Officer and the General Manager of the Electric Department shall award the 2026
Bonds to the Bond Bank or the purchaser thereof and shall complete this Supplemental Resolution
by insertion of the dates, maturities, principal amounts, interest rates, interest payment dates, and
redemption provisions; the amounts of proceeds of the 2026 Bonds; the inclusion of provisions for
bond insurance; and any other terms and provisions which do not materially alter the substance of
the transaction authorized hereby, all of which are to be determined by the City’s Mayor or Chief
Administrative Officer and the General Manager of the Electric Department and set forth in the
Series Certificate; provided, however, that if the true interest cost of the 2026 Bonds would exceed

 -1-
10594415_3:12576-00051
six and one-half Percent (6.50%) per annum, the prior approval of the Board of Finance of the City
Council shall be required.

 Section 2
 Definitions

 (a) Except as provided in subsection (b) of this Section or unless the context clearly
indicates some other meaning, the terms used in this Supplemental Resolution which are defined
in the General Bond Resolution (the “General Bond Resolution”) adopted by the Board on October
7, 1981, as amended and supplemented, have the same meaning in this Supplemental Resolution
as in the General Bond Resolution. The General Bond Resolution as amended or supplemented
from time to time by Supplemental Resolutions is hereinafter referred to as the “Resolution.”
 (b) In this Supplemental Resolution, unless a different meaning clearly applies from
the context, the following terms shall have the respective meanings given as follows:
 “Bond Insurer” means, if the 2026 Bonds are to be insured, such Bond Insurer as identified
in the Series Certificate, or any successor thereto or assignee thereof.
 “Bond Insurance Policy” means the insurance policy, if any, issued by the Bond Insurer
guaranteeing the scheduled payment of principal of and interest on the Insured Bonds when due.
 “Insured Bonds” means, if any, the 2026 Bonds designated in the Series Certificate.
 “Insured Bondholder” means the Bondholder of an Insured Bond.
 “Series Certificate” has the meaning given in Section 1 of this Supplemental Resolution.

 Section 3
 Authorization of 2026 Bonds

 There is hereby authorized to be issued a Series of Bonds designated “Electric System
Revenue Bonds, 2026 Series A” in the aggregate principal amount not to exceed $20,000,000. The
2026 Bonds shall be issued to (1) finance capital additions and improvements to the City’s electric
system, and energy transformation and energy efficiency projects, in furtherance of the City’s Net
Zero Energy goals, including capital improvements for the distribution system, grid demand
management and battery storage opportunities, generation plant upgrades, IT system/technology
system upgrades, acquisition of municipal electric vehicles and support of EV charging
infrastructure (the “Project”); (2) fund the Debt Service Reserve Fund as required under the
Resolution; and (3) pay the costs of issuance of the 2026 Bonds. The 2026 Bonds shall bear
interest at the rates per annum and shall mature on July 1 in each of the years and in the principal
amounts as provided in the Series Certificate. The 2026 Bonds may include both Serial Bonds and
Term Bonds as provided in the Series Certificate.
 The 2026 Bonds shall be issued only as fully-registered bonds in minimum denominations
of $5,000 and in any whole multiple thereof. If the 2026 Bonds are issued to the Bond Bank, the
denominations may be $1,000 or such other amount as established by the City under the loan
agreement with the Bond Bank. The 2026 Bonds shall each be dated the date of issuance, and
shall, for each series, be numbered in numerical order from R-1 upwards in chronological order as
issued.


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10594415_3:12576-00051
 The 2026 Bonds shall bear interest from the date of issuance, payable on such dates as set
forth in the Series Certificate. Interest shall be paid by the Bond Trustee by check or draft mailed
to the registered owner at the owner’s address as it appears on the registration books kept pursuant
to the Resolution. The principal of and premium, if any, on the 2026 Bonds shall be payable at the
corporate trust office of the Bond Trustee.
 The 2026 Bonds, registration provisions and forms of authentication and assignment
pertaining thereto shall be in substantially the form set forth in Section 6 hereof, with necessary or
appropriate variations, omissions and insertions which are incidental to their numbers,
denominations, maturities, interest rates, paying agencies, registration provisions, redemption
provisions and other details.

 Section 4
 Redemption of 2026 Bonds

 Optional Redemption: To the extent set forth in the Series Certificate, the 2026 Bonds may
be subject to redemption prior to maturity at the option of the City in whole or in part (and if in
part, in such order of their maturities as the City in its discretion may determine), on any date, from
any available moneys, all as shall be provided in the Series Certificate.

 Mandatory Sinking Fund Redemption: To the extent set forth in the Series Certificate, the
2026 Bonds that are Term Bonds (if any) may be subject to mandatory redemption at the principal
amount of the 2026 Bonds to be redeemed plus accrued interest to the date of redemption in the
years and amounts as provided in the Series Certificate.

 There is reserved the right to redeem the 2026 Bonds as a whole or in part at any time in
any order of maturity and any amounts within maturities, but only from moneys available for such
purpose in the Special Redemption Fund established by the Resolution, upon payment of the
principal amount thereof together with the interest accrued thereon to the date fixed for
redemption.

 Section 5
 Notice of Redemption of 2026 Bonds

 Notice of intention to redeem shall be given by the Bond Trustee at least 30 days but not
more than 60 days before the redemption date by mail, postage prepaid, to the owners of any 2026
Bonds which are to be redeemed. Failure to mail any such notice or any defect in such notice shall
not affect the validity of the proceedings for such redemption with respect to the owners to whom
such notice was so given. If any 2026 Bond is to be redeemed in part only, the notice of redemption
shall state also that on or after the redemption date, upon surrender of such Bond, a new 2026
Bond(s) in principal amount equal to the unredeemed portion of such Bond and of the same series
and maturity and bearing interest at the same rate will be issued.
 Any notice of redemption may state that the redemption to be effected is conditioned upon
the receipt by the Bond Trustee on or prior to the redemption date of moneys sufficient to pay the
principal of and premium, if any, and interest on such 2026 Bonds to be redeemed and that if such
moneys are not so received, such notice shall be of no force or effect and such 2026 Bonds shall
not be required to be redeemed. In the event that such notice contains such a condition and moneys


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10594415_3:12576-00051
sufficient to pay the principal of and premium, if any and interest on such 2026 Bonds are not
received by the Bond Trustee on or prior to the purported redemption date, the redemption shall
not be made, and the Bond Trustee shall within a reasonable time thereafter give notice, in the
manner in which the notice of redemption was given, that such moneys were not so received.
 If less than all of the 2026 Bonds of any one maturity shall be called for redemption, the
particular 2026 Bonds or portions thereof to be redeemed shall be selected by the Bond Trustee in
such manner as the City in its discretion may determine; provided, however, that the portion of
any 2026 Bond to be redeemed shall be in the principal amount of $5,000 or some multiple thereof
and that, in selecting 2026 Bonds for redemption, each 2026 Bond shall be considered as
representing that number of 2026 Bonds which is obtained by dividing the principal amount of
such Bond by $5,000. So long as a book-entry system is used for determining beneficial ownership
of the 2026 Bonds, if less than all of the 2026 Bonds within a maturity are to be redeemed, the
Depository Trust Company (“DTC”) and the DTC participants shall determine which of the 2026
Bonds within a maturity are to be redeemed by lot.

 Section 6
 Form of 2026 Bonds

 The 2026 Bonds, registration, exchange and transfer provisions and forms of authentication
and assignment pertaining thereto shall be in substantially the form set forth below, with necessary
or appropriate variations, omissions and insertions which are incidental to their numbers,
denominations, maturities, interest rate and other details, including provisions for Bond Insurance,
if the 2026 Bonds are to be insured:

 [Form of 2026 Bond Follows]




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No. R- $

 UNITED STATES OF AMERICA
 STATE OF VERMONT
 CITY OF BURLINGTON ELECTRIC SYSTEM REVENUE REFUNDING BOND
 2026 SERIES A
Maturity Date: __________
Interest Rate: % Per annum
Bond Date: [_________]
Registered Owner: [_________]
Principal Amount: _______________________ Dollars
CUSIP:

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

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

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



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supplemental resolutions including a supplemental resolution duly adopted by the Board on [ ],
2026). Bonds may be issued under the Resolution in one or more series from time to time.

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

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

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

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

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10594415_3:12576-00051
made, and the Bond Trustee shall within a reasonable time thereafter give notice, in the manner in
which the notice of redemption was given, that such moneys were not so received.
 The Bonds of this series are issuable as fully registered bonds in denominations of $5,000
or any integral multiple in excess thereof.

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

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

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

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



 By:
 Chief Administrative Officer

(SEAL)




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10594415_3:12576-00051
 CERTIFICATE OF AUTHENTICATION

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

 ZIONS BANCORPORATION, NATIONAL
 ASSOCIATION,
 as Bond Trustee

Date of Authentication:
_______ ___, 2026 By:
 Authorized Signature


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


(Name and Address of Assignee)




Social Security or Other Identifying Number of Assignee

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



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

Dated:
Signature Guaranteed:



Participant in a Recognized
Signature Guarantee Medallion Program

By:
Authorized Signature




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10594415_3:12576-00051
 [STATEMENT OF INSURANCE]




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10594415_3:12576-00051
 Section 7
 Disposition of Proceeds of 2026 Bonds

 From the proceeds derived from the sale of the 2026 Bonds, including accrued interest and
original issue discount and net original issuance premium (if any), after payment of the
underwriter’s discount and the bond insurance premium, if any, there shall be deposited:
 (a) an amount, if any, required to be deposited in the Debt Service Reserve Fund in
order to comply with the Debt Service Reserve Fund Requirement, taking into account the issuance
of the 2026 Bonds, as set forth in the Series Certificate;
 (b) an amount equal to the premium for any credit enhancement purchased for any or
all of the 2026 Bonds, if applicable, shall be paid to the provider of such credit enhancement in
immediately available funds, as set forth in the Series Certificate;
 (c) with the Bond Trustee, the balance of the proceeds estimated by the City to be
required to pay the expenses of issue related to the 2026 Bonds; and
 (d) in the Construction Fund, the balance to be invested and applied to the financing of
the costs of the Project.

 Any unused amount shall be transferred to the City and any remaining expenses of issue
shall be paid by the City.

 Section 8
 Debt Service Reserve Fund; Debt Service Fund

 The Resolution requires that, at the time of issuance of each series of Bonds, there shall be
deposited, from the proceeds of such series of Bonds or from other available funds, an amount
necessary so that the total amount in the Debt Service Reserve Fund is not less than the Debt
Service Reserve Fund Requirement (taking into account the issuance of the Additional Bonds). A
deposit of cash into, or, in lieu of such cash deposit, as may be determined by the Chief
Administrative Officer or the Director of Finance of the City, a Credit Facility credited to the Debt
Service Reserve Fund, will occur upon the issuance of the 2026 Bonds, to the extent necessary to
comply with the Debt Service Reserve Fund Requirement (taking into account the issuance of the
2026 Bonds. The City has determined that the funding of the Debt Service Reserve Fund up to
the Debt Service Reserve Fund Requirement is reasonably required to secure the payment of
principal and interest on the 2026 Bonds. If the 2026 Bonds are issued to the Bond Bank and funds
otherwise due to the City are intercepted by the State Treasurer following a default of the payment
of principal or interest on the 2026 Bonds to pay such amounts due, the Electric Department shall
remain obligated to repay such amounts so intercepted to the City.

 Section 9
 Renewal and Replacement Fund

 The Renewal and Replacement Fund Requirement shall be maintained at $867,000. No
proceeds of the 2026 Bonds are to be deposited in the Renewal and Replacement Fund.




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 Section 10
 Fuel Fund

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

 Section 11
 Tax Exemption

 The City hereby covenants and agrees to take all lawful action necessary to ensure that
interest on the 2026 Bonds will remain excluded from gross income for federal income tax
purposes under the Internal Revenue Code of 1986, as amended (the “Code”) and to refrain from
taking any action which would cause such interest to become includable in gross income under the
Code. Without limiting the foregoing, to the extent required to maintain the exclusion of interest
on the 2026 Bonds from gross income under the Code, the City will file any information report
and pay any rebate due to the United States in connection with the issuance of the 2026 Bonds and
will restrict yield on investments of the proceeds of the 2026 Bonds and of moneys held in funds
and accounts under the Resolution and allocable to the 2026 Bonds, all in accordance with the
directions of Bond Counsel to the City which may be given from time to time. The City’s Chief
Administrative Officer, Director of Finance, and each of the General Manager and Chief Financial
Officer of the Burlington Electric Department are hereby authorized and directed to execute and
deliver from time to time, on behalf of the City, such certificates, instruments and documents as
shall be deemed necessary or advisable to evidence compliance by the City with the Internal
Revenue Code and the applicable regulations of the United States Treasury promulgated under the
Internal Revenue Code, with respect to the investment and use of the proceeds of the 2026 Bonds.

 Section 12
 Official Statement

 To the extent applicable as determined by the Chief Administrative Officer or the General
Manager of the Burlington Electric Department, the City hereby authorizes an Official Statement,
to be completed with such insertions and with such modifications as the Chief Administrator or
the General Manager of the Burlington Electric Department, upon the advice of counsel and bond
counsel to the City, approves. To the extent applicable, the City hereby ratifies its approval of the
Preliminary Official Statement relating to the 2026 Bonds, its authorization of the use of the
Preliminary Official Statement by the initial purchasers of the 2026 Bonds and its deeming of the
Preliminary Official Statement “final” for purposes of Rule 15c2-12 of the Securities Exchange
Commission.

 Section 13
 Continuing Disclosure

 The City hereby authorizes and approves a Continuing Disclosure Undertaking with
respect to the 2026 Bonds, under which the City will be obligated to provide financial information,
operating data and financial statements with respect to the City and the Burlington Electric
Department, notice of certain events if material, and certain other notices, to nationally recognized
municipal securities information repositories and others, all as described therein.



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 Section 14
 Certain Findings and Determinations

 The Board of Electric Commissioners hereby finds and determines as follows:
 (a) No bonds have heretofore been issued under the Resolution except (1) the
$8,050,000 Electric System Revenue Bonds, 1981 Series A, dated November 1,1981, (2) the
$55,950,000 Electric System Revenue Bonds, 1982 Series A, dated June 1, 1982, (3) the
$71,095,000 Electric System Revenue Refunding Bonds, 1983 Series A, dated March 1, 1983, (4)
the $70,765,000 Electric System Revenue Bonds, 1986 Series A, dated September 1, 1986, (5) the
$35,285,000 Electric System Revenue Bonds, 1992 Series A, (6) the $5,615,000 Electric System
Revenue Bonds, 1992 Series B (Taxable), (7) the $54,475,000 Electric System Revenue Refunding
Bonds, 1996 Series A, (8) the $10,995,000 Electric System Revenue Refunding Bonds, 2001
Series A, (9) the $22,875,000 Electric System Revenue Refunding Bonds, 2002 Series A, (10) the
$10,0000,000 Electric System Revenue Bonds, 2004 Series A, (11) the $8,775,000 Electric System
Revenue Bonds, 2011 Series A dated October 13, 2011, (12) the $3,135,000 Electric System
Revenue Bonds, 2011 Series B (Taxable), dated October 13, 2011, (13) the $12,000,000 Electric
System Revenue Bonds, 2014 Series A dated August 28, 2014, (14) the $5,820,000 Electric
System Revenue Refunding Bonds, 2014 Series B dated August 28, 2014, (15) the $4,010,000
Electrical System Revenue Refunding Bonds, 2017 Series A dated December 20, 2017, (16) the
$5,410,000 Taxable Electrical System Revenue Refunding Bonds, 2017 Series B dated December
20, 2017, (17) the $18,045,000 Electric System Revenue Bonds, 2022 Series A (Net Zero Energy
Projects) dated April 5, 2022, and (18) the $6,540,000 Electric System Revenue Refunding Bonds,
2025 Series A dated August 7, 2025.
 (b) Other than the 2017 Series A Bonds, 2017 Series B Bonds, 2022 Series A Bonds
and 2025 Series A Bonds, there are no outstanding bonds, notes or other evidences of indebtedness
payable from and secured by a lien on or pledge or charge upon the Revenues pledged under the
Resolution.
 Section 15
 Bond Insurance

 In the event that the Mayor, Chief Administrative Officer, and Electric Department’s
General Manager determine that it is in the best interest of the City to obtain bond insurance for
the 2026 Bonds, the Mayor, Chief Administrative Officer, and Electric Department’s General
Manager may include provisions in the Series Certificates as may be reasonably required by the
Bond Insurer providing the Bond Insurance Policy to insure the payment of principal and interest
on the 2026 Bonds (or any maturity thereof).


 Section 16
 Award of Bonds; Preliminary Official Statement and Official Statement; Further Action
 The City’s Mayor, Chief Administrative Officer, and Director of Finance, and the Electric
Department’s General Manager are, and each of them hereby is, authorized either singly or
together:



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 (a) to execute and deliver a loan application and a loan agreement with the Bond Bank,
in such form as the signing officer shall approve;
 (b) if the 2026 Bonds are not issued to the Bond Bank, to execute and deliver the Bond
Purchase Agreement submitted by the purchaser or underwriter of the 2026 Bonds, in form and
substance satisfactory to the Chief Administrative Officer or Director of Finance of the City or the
General Manager of the Electric Department, and hereby approved with such changes therein as
the signing officer may approve, the execution thereof constituting conclusive evidence of the
approval of the Board of such changes in accordance with this Supplemental Resolution;
 (c) if applicable, to prepare, make public and deliver to and authorize distribution by
the underwriter of the 2026 Bonds to prospective purchasers and investors of a Preliminary Official
Statement relating to the 2026 Bonds, as may be amended or supplemented as may be approved
by the Chief Administrative Officer, the Director of Finance, and the Electric Department’s
General Manager. The City Council hereby authorizes the Chief Administrative Officer, the
Director of Finance, or the Electric Department’s General Manager, acting singly, to deem such
Preliminary Official Statement, as approved by the Chief Administrative Officer, the Director of
Finance, or the Electric Department’s General Manager, final, as such term is used in Section
(b)(1) of Rule 15c2-12 of the Securities and Exchange Commission (the “Rule”), except for the
omission of certain information permitted by the Rule;
 (d) if applicable, to prepare, make public, execute and deliver to and authorize
distribution by the underwriter of the 2026 Bonds copies of an Official Statement substantially in
the form of the Preliminary Official Statement after the same has been completed by the insertion
of the rates and other data with respect to the 2026 Bonds and by making such other changes or
corrections as the signing officer or officers may approve, such officer’s or officers’ execution to
be conclusive evidence of such approval;
 (e) if required in connection with the issuance of the 2026 Bonds, to execute and
deliver a Continuing Disclosure Agreement, with such changes or corrections as the signing
officers or officers may approve, such officer’s or officers’ execution to be conclusive evidence of
such approval;
 (f) to enter into such agreements to obtain a Credit Facility to be credited to the Debt
Service Reserve Fund in lieu of the deposit of moneys or in substitution of moneys previously
deposited in the Debt Service Reserve Fund in accordance with the Resolution; and
 (g) to execute such other documents, enter into such covenants and take such other
actions as are necessary or advisable to effect the issuance and delivery of the 2026 Bonds and the
application of the proceeds thereof in accordance with the provisions of this Supplemental
Resolution.
 To the extent applicable, the Preliminary Official Statement is hereby deemed final for
purposes of Rule 15c2-12 of the Securities and Exchange Commission (the “Rule”), except for the
omission of information permitted to be omitted under the Rule. Consent is also hereby given to
the use by the underwriter of the 2026 Bonds (if applicable) of the final Official Statement in
connection with the sale of the 2026 Bonds and the distribution of copies to those who may become
purchasers of the 2026 Bonds.




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 Section 17
 Delegation to Mayor, Chief Administrative Officer, and General Manager
 The City and the Board have determined that flexibility is required with respect to the
offering and award of the 2026 Bonds in order to attain the lowest interest cost with respect to the
2026 Bonds. Accordingly, the City and the Board have decided to delegate certain authority
relating to the sale and issuance of the 2026 Bonds to the City’s Mayor and Chief Administrative
Officer and the Electric Department’s General Manager. To provide greater specificity regarding
the scope of such delegation, the City hereby delegates to the Mayor, Chief Administrative Officer
and Electric Department’s General Manager the power to do and carry out the following, subject
to the limitations contained below:
 (a) To determine the aggregate principal amount of the 2026 Bonds, in an amount not
 to exceed the amount authorized under the section captioned, “Authorization”
 hereof, and to determine that the proceeds to be derived from the issuance of such
 Bonds will be sufficient for the related purposes described in Section 7 of this
 Resolution;
 (b) To determine the maturities and maturity amounts of each Series of the 2026 Bonds
 and the dates for the payment of interest on the 2026 Bonds;
 (c) To determine which 2026 Bonds, if any, are to be designated as Serial Bonds and
 which 2026 Bonds, if any, are to be designated as Term Bonds, and to determine
 the sinking fund requirements for any such term Bonds;
 (d) To determine the interest rate or rates for the 2026 Bonds, subject to the limitations
 set forth in Section 1 hereof;
 (e) To determine the redemption provisions of the 2026 Bonds in accordance with the
 provisions of Section 4 hereof;
 (f) To determine the dated date of the 2026 Bonds;
 (g) To determine the date or dates of sale and issuance of the 2026 Bonds;
 (h) To determine whether the 2026 Bonds, or any portion thereof, shall benefit from
 the issuance of an insurance policy or other form of credit enhancement;
 (i) If a form of credit enhancement supports the payment of the principal of and interest
 on all or a portion of the 2026 Bonds, to accept provisions which are a condition
 precedent to the issuance of the form of credit enhancement to the extent such
 provisions are not inconsistent with the Bond Resolution;
 (j) If the 2026 Bonds are issued to the Bond Bank, to provide for direct payment of
 principal and interest to the Bond Bank as the holder of the 2026 Bonds;
 (k) To designate additional Authorized Officers of the City under the Resolution; and
 (l) To determine such other provisions of the 2026 Bonds as the Chief Administrative
 Officer or the Director of Finance shall deem to be in the best interest of the City.
 The Mayor or Chief Administrative Officer for the City, and the General Manager for the
Electric Department shall execute a Series Certificate evidencing determinations or other actions
taken pursuant to the authority granted hereby, and such Certificate shall be conclusive evidence


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10594415_3:12576-00051
of the action or determination of the Mayor, Chief Administrative Officer, and Electric
Department’s General Manager as stated therein.




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10594415_3:12576-00051

MINUTES OF REGULAR MEETING
 BURLINGTON ELECTRIC COMMISSION

 Wednesday, January 14, 2025

The regular meeting of the Burlington Electric Commission was convened at 5:02 pm on
Wednesday, January 14, 2026, at Burlington Electric Department, 585 Pine Street, Burlington,
Vermont, and on Microsoft Teams.

Attendance
  Channel 17 was present to record this meeting.
  Commissioners Ali Kenney, Scott Moody, Andy Vota, and Brian Williams were present.
  Staff members Elena Alexander, Paul Alexander, Erica Ferland, Munir Kasti, Lincoln
 Sprague, Darren Springer, and Emily Stebbins-Wheelock were present at 585 Pine Street.
  Staff members Seth Clifford, James Gibbons, Mike Kanarick, and Amber Widmayer were
 present via Microsoft Teams.
  Bond counsel, Kathy Zhou of Paul, Frank + Collins was present at 585 Pine Street.
  Public member Jacob Flannigan was present at 585 Pine Street.

Agenda
Commissioner Moody made a motion to amend the agenda by removing #12 (establish policy for
managing written and verbal public comments – Commissioner Bonn). This agenda item will be
added to the February 2026 Burlington Electric Commission meeting. The motion was seconded by
Commissioner Kenney. Motion passes 4-0.

Commissioner Moody made the motion to accept the amended agenda; Commissioner Williams
seconded the motion. Motion passes 4-0.

Meeting Minutes
Commissioner Moody moved to accept the December 10, 2025 minutes as presented.
Commissioner Williams seconded the motion. Vote: 3 ayes 0 nays. Commissioner Vota abstained
from voting as he was absent from the December 10, 2025 meeting.

Public Forum
  Pike Porter submitted a written statement.
  Jacob Flannigan, a member of a volunteer group hosting weatherization events in
 Burlington, shared that they have completed a year of work and are seeking collaboration
 opportunities. The group requested 10 minutes on the February 2026 agenda to present
 their work and explore synergies with BED.
 1
Monthly Impact Minute
Lincoln Sprague, Director of Generation Engineering & Maintenance, presented a virtual tour of the
McNeil Generating Station.

Commissioners’ Corner
No topics discussed.

General Manager’s Update
General Manager Springer shared the following:
  Moody's reaf irmed Burlington Electric Department’s credit rating of A3 with a stable
 outlook, with stronger inancial metrics re lecting post-pandemic recovery and
 organizational efforts.
  The Public Utility Commission (PUC) approved expanding the Energy Assistance Program to
 include a 12.5% discount for residential shelters serving the unhoused and qualifying
 affordable housing providers.
  The PUC approved the Department’s updated miscellaneous service fees to take effect April
 1st; outreach efforts to inform customers are underway.
  A Request for Information was issued seeking vendor data on three advanced energy
 technologies (organic rankine cycle, carbon capture, wood pyrolysis) to potentially improve
 ef iciency and reduce emissions at McNeil, with responses due March 20th.
  The Energy Ef iciency Modernization Act will expire at the end of 2026 without additional
 legislative action, risking loss of key customer programs. The Department will be offering
 legislative language to maintain program funding and regulatory lexibility.
  The Maine PUC quali ied McNeil as a Class 1 and 1A resource starting July 2025, ensuring
 continued access to a valuable renewable energy credit market (REC) and improved
 inancial outlook for McNeil. State REC markets vary. Maine’s currently supports existing
 renewable capacity retention, in contrast to Connecticut's recent action to limit generator
 eligibility.

November 2025 Financial Review
Emily Stebbins-Wheelock, CFO and Manager of Strategy & Innovation, presented inancial results
for November 2025.
  November net income was $1.1 million, $223,000 favorable versus budget, with year-to-
 date net income $1.6 million above projection.
  Sales to customers and other revenues were favorable to budget by $110,000 and $78,000,
 respectively, while power supply revenues were $123,000 unfavorable due to lower
 renewable energy production resulting in lower volumes of RECs available for sale.


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  Net power supply expense was favorable to budget by $478,000 with increased purchased
 power expense of $147k offset by fuel savings of $501,000 and transmission savings of
 $81,000.
  Other operating & maintenance expense was unfavorable to budget due to labor and timing
 of expenses.
  Capital spending through November is 22% of the full-year capital budget due to project
 timing, with $3.3 million spent versus $7.8 million planned year-to-date.
  Operating cash was $8.3 million in November, $4.42 million below budget primarily due to
 timing of GO bond proceeds. Days cash on hand was 118 including the $10 million line of
 credit.
  The debt service coverage ratio was 4.79, with an adjusted debt service coverage ratio of
 1.22.
  Commissioner Kenney asked why McNeil experienced outages in December. General
 Manager Springer responded that the plant had a failed gearbox and boiler tube leaks,
 causing lower production and operational impacts.

2026 NZE and Grid Reliability Revenue Bond Resolution
Ms. Stebbins-Wheelock and Kathy Zhou from Paul, Frank & Collins presented as follows:
  Supplemental Resolution No. 19 to the General Bond Resolution adopted by the Commission
 would authorize issuance of $20 million in Net Zero Energy Reliability revenue bonds,
 Series 2026A, .
  The bond proceeds will be used to inance capital additions and improvements to the City’s
 electric system and energy transformation and energy ef iciency projects in furtherance of
 the City’s Net Zero Energy goals, including capital improvements for the distribution system,
 grid demand management and battery storage opportunities, generation plant upgrades, IT
 system upgrades, acquisition of municipal electric vehicles and support of EV charging
 infrastructure, and tier 3 incentives for strategic electri ication; to fund a debt service
 reserve fund; and pay for costs of issuance.
  The Supplemental Resolution allows lexibility in issuance method, including issuance
 through the Vermont Bond Bank to take advantage of the State of Vermont’s credit rating
 and lower issuance costs. If the Department issues through the Bond Bank, any funds due to
 the City from the State of Vermont would be subject to intercept in the event the
 Department were to fail to make a scheduled debt service payment.
  With the issuance of the 2025A refunding revenue bonds in the summer of 2025, over 2/3
 of bondholders have consented to the 2022 amendment to the General Bond Resolution that
 allows bond proceeds to be used to fund energy transformation/strategic electri ication
 (Tier 3) incentives. This aligns with the prior change in BED practice and current FERC
 accounting standards to treat Tier 3 credits as long-term assets, aligning with the bond’s
 long-term inancing structure.

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  The estimated weighted average useful life of the funded assets is approximately 52 years,
 which compares favorably with the 20-year bond term.

Commissioner Kenney moved that the Burlington Electric Commission approves the adoption of
Supplemental Resolution 19 as presented and recommends its adoption to the Board of Finance
and City Council. Commissioner Moody seconded the motion. Motion passes 4-0.

Executive Session – Continued Delegation of REC Sales for a rolling ive (5) year period
Commissioner Williams moved to find that premature general public knowledge of the
Commission’s discussion regarding the proposal to enter into REC sales for a rolling 5-year period
would clearly place the Burlington Electric Department at a substantial disadvantage per Title 1,
Section 313 (a)(1) of the Vermont Statutes. Commissioner Moody seconded the motion. Motion
passes 4-0.

Commissioner Moody moved that the Commission and staff members enter into executive session
to discuss the proposal to enter into REC sales for a rolling 5-year period under the provisions of
Title 1, Section 313(a) (1) (A) of the Vermont Statutes. Commissioner Kenney seconded the motion.
Motion passes 4-0. Executive Session start time: 6:19pm. Commissioner Kenney made the motion to
exit executive session at 6:53, the motion was seconded by Commissioner Moody. Motion passes 4-
0.

Commissioner Williams made the motion that the Burlington Electric Commission delegate to the
General Manager authority to purchase and sell Renewable Energy Credits (RECs) for a rolling five-
year period including RECs produced in the current calendar year (at any point in time) and the
succeeding four calendar years. Commissioner Kenney seconded the motion. Motion passes 4-0.

Executive Session – Cybersecurity Update
Commissioner Kenney moved to find that premature general public knowledge regarding
cybersecurity would clearly place the Burlington Electric Department at a substantial disadvantage
per Title 1 VSA §313(a)(10) of the Vermont Statutes. Commissioner Williams seconded the motion.
Motion passes 4-0.

Commissioner Williams moved the Commission and staff members enter into executive session to
discuss cybersecurity under the provisions of Title 1 VSA §313(a)(10) of the Vermont Statutes.
Commissioner Moody seconded the motion. Motion passes 4-0. Executive Session start time:
6:57pm. Commissioner Moody made the motion to exit executive session at 7:32, the motion was
seconded by Commissioner Williams. Motion passes 4-0.

Commissioners’ Check-In


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Commissioner Williams shared that he has been re lecting on comments from General Manager
Springer and public participants regarding future discussions on probabilistic impacts related to
McNeil's performance. Commissioner Williams stated that he has relevant expertise and intends to
model this topic as a forward-looking discussion in the future.

Commissioner Vota praised the Burlington Electric Department’s innovative efforts to broaden the
Energy Assistance Program to more people. The EAP expansion is an important and commendable
initiative not commonly implemented elsewhere.

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

The meeting of the Burlington Electric Commission adjourned at 7:35p.m.

Microsoft Teams transcript used to draft minutes prepared by Elena Alexander and edited by Emily
Stebbins-Wheelock, CFO and Manager of Strategy and Innovation.



 Attest: ______________________________________________
 Elena Alexander, Board Clerk
 Digitally signed by Emily Stebbins-Wheelock (50085)
 Emily DN: C=US, S=MA, L=Holyoke, O=ISO New England Inc, OU=USER
 ID - 600069772, OU=ISNE, CN=Emily Stebbins-Wheelock (50085),
 E=estebbins-wheelock@burlingtonelectric.com
 Stebbins-Wheelock Reason: I agree to the terms defined by the placement of my
 signature in this document
 Location: your signing location here
 Attest: _______________________________________________
 (50085) Date: 2026-02-17 16:24:48
 Foxit PhantomPDF Version: 9.7.0



 Emily Stebbins-Wheelock, CFO and Manager of
 Strategy and Innovation.




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