Burlington Electric Commission — Burlington, VT
Date: 2025-12-10
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, December 10, 2025 – 5:00 PM


1. Agenda (5 min.)

2. Minutes of November 12, 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: October FY25 (discussion): Emily Stebbins-Wheelock (10 min.)

8. McNeil CY26 Budget (discussion and vote): Lincoln Sprague and Michael Harron (20min.)

9. Proposed Cybersecurity Scorecard (discussion): Erica Ferland (20 min.)

10. Velerity Report (discussion): General Manager Springer (10 min.)

11. 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, December 10, 2025 – 5:00 PM


1. Agenda (5 min.)

2. Minutes of November 12, 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: October FY25 (discussion): Emily Stebbins-Wheelock (10 min.)

8. McNeil CY26 Budget (discussion and vote): Lincoln Sprague and Michael Harron (20min.)

9. Proposed Cybersecurity Scorecard (discussion): Erica Ferland (20 min.)

10. Velerity Report (discussion): General Manager Springer (10 min.)

11. 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, November 12, 2025

The regular meeting of the Burlington Electric Commission was convened at 5:01 pm on
Wednesday, November 12, 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, Scott Moody, Andy Vota, and Brian Williams were
 present.
  Staff members Elena Alexander, Paul Alexander, Jen Green, Amanda Hurlbut, Mike Kanarick,
 Munir Kasti, Ita Meno, Lincoln Sprague, Darren Springer, and Emily Stebbins-Wheelock
 were present at 585 Pine Street.
  Staff members Seth Clifford, James Gibbons, and Amber Widmayer were present via
 Microsoft Teams.
  Public member Peter Macausland was present at 585 Pine Street.

Agenda
There were no proposed changes to the agenda.

Meeting Minutes
Commission Chair Bonn made a correction to the statutes cited, stating that the Cyber Security
Executive Session should have cited 1 VSA §313(a)(10), and the Financial Audit Executive Session
should have cited 1 VSA §313(a)(6). The minutes have been updated to reflect these changes.
Commissioner Moody made a motion to approve the minutes of the October 8, 2025, Commission
Meeting; Commissioner Kenney seconded the motion. Vote: 4 ayes 0 nays Commissioner Williams
abstained as he was not on the commission during the October 2025 meeting.

Public Forum
There were no public comments.

Monthly Impact Minute
Ita Meno, Project & Equity Analyst, provided an update on the progress of the Department’s
multilingual instructional videos.
  An APPA DEED grant of $44,000 plus $8,000 from Ef iciency Vermont and Vermont Gas is
 being used to produce four multilingual videos in 17 to 19 languages.
  The irst video on home weatherization and comfort is complete, focusing on living habits
 and energy ef iciency.
 1
  Three other videos are in progress: one on cooling/heating being revised for accessibility,
 one script on alternative transportation under review, and a inal video on ef icient
 household appliances aimed at renters.
  Videos will be available by March 2026, with plans for social media segments and
 promotional events in partnership with community organizations.
  BED will continue integration with existing energy clinics and events to maximize impact.

Commissioners’ Corner
  Commissioner Moody requested clari ication regarding the incorrect statute citation that
 was made for last month's executive session. Commissioner Bonn explained that the
 executive sessions are still legally valid under the new statutes cited.
  Commissioner Kenney requested an update on the miscellaneous service fees discussion
 from the Board of Finance and City Council.
  Commissioner Kenney requested updates to include how the Board will be integrated into
 the Velerity report process, the status of and Commission involvement in the Integrated
 Resource Plan (IRP), and the current progress of the Connecticut REC RFP process.

General Manager’s Update
General Manager Springer shared the following:
  The 2023 IRP approval has been delayed due to litigation and is pending a Public Utility
 Commission (PUC) order; an extension for the 2026 IRP has been requested. The IRP is a
 planning framework without binding decisions. Operations may continue despite lack of
 formal IRP approval. Separate approvals are needed for key decisions regardless.
  A hybrid solar power event for commercial properties discussing solar tax credits is
 scheduled for November 19, emphasizing opportunities before federal residential tax
 credits phase out.
  The proposed revisions to the Department’s miscellaneous service fees were approved by
 both the Board of Finance and City Council with an implementation delay to April 2026 to
 accommodate ongoing customer projects, with communication plans in place.
  An Ef iciency Modernization Act extension in the upcoming legislative session is critical to
 continue funding innovative programs like heat pump incentives and EV rebates; its
 expiration would reduce incentive levels.
  GM Springer invited Mike Kanarick, Manager of Customer Care, Communications, and
 Energy Services, to provide customer satisfaction survey follow ups. Takeaways included:
 renters and homeowners have very different needs; not enough renters and homeowners
 know about our rebates; fewer renters take advantage of rebates and have fewer
 opportunities to do so based on not owning their homes. Action steps discussed included:
 creating entry-points for renters to bene it more from rebates; work to survey at least as
 many renters as homeowners in future surveys; make more effective use of customer
 segmentation intel to more effectively communicate about our rebates; ind ways to get
 more customers, especially renters, to take advantage of rebates. The results also revealed
 inancial challenges including bill pay fees, rate increases, and other community conditions
 leading to decreased rebate inquiries, especially among commercial customers. Barriers to
 electri ication include costly electric panel upgrades and contractor recommendations
 2
 favoring gas equipment; programs and dealer networks exist to improve contractor
 practices and customer education.
  Key regulatory proceedings and events continue, including the Business Process Review,
 District Energy docket, and ongoing advocacy for ef iciency funding extensions and new
 electri ication support programs.

September 2025 Financial Review
Emily Stebbins-Wheelock, CFO and Manager of Strategy & Innovation, presented inancial results
for September 2025.
  September net income was $2.1 million vs. a budgeted net loss of $753,000, mainly due to
 timing differences in renewable energy credit revenues.
  Sales to customers revenue was up slightly by $75k.
  Power supply revenues for the year to date are below budget because of lower McNeil
 production, 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 and gas turbine R99 testing were offset by reduced purchased
 power and transmission costs.
  Other O&M expense had a slight positive variance of $86k.
  Year-to-date net income of $1.7 million exceeds budget by roughly $447k.
  Commissioner Kenney asked how the Department plans for changes (growth or decline) to
 sales to customers over the long run.
  Ms. Stebbins-Wheelock responded that over the past 10 to 15 years energy sales have been
 lat or declining due to ef iciency gains and industrial load loss, creating pressure on rates as
 ixed costs and capital expenses rise. Strategic electri ication (EVs, heat pumps) is therefore
 not only good for the climate but also good for the Department’s business model, as it
 supports increased energy sales, helping to mitigate rate pressure. The Department engages
 Itron to conduct a long-range energy and demand forecast for the IRP.
  Capital spending is 10% of budget through September, with some timing delays on
 transformer deliveries.
  Cash position is stronger than budgeted ($15.2M vs. $14M).
  Debt service coverage ratio is 4.57, adjusted debt service coverage ratio is 1.16, and there
 are 159 days cash on hand including credit line.
  Commissioner Kenney requested clari ication on the net zero roadmap goals. Ms. Stebbins-
 Wheelock explained that the goals are ambitious and mostly have annual targets without
 YTD tracking; adding YTD columns and clearer labeling will improve progress visibility for
 future discussions.
  GM Springer noted that the Tier 3 program goal is currently exceeded at 170%, serving as a
 useful performance metric alongside broader net zero targets.

Financial Internal Controls
Controller Amanda Hurlbut presented the following:
  The company's internal controls for iscal year 2025 are based on the Committee of
 Sponsoring Organizations of the Treadway Commission (COSO) framework, focusing on
 preventing errors, fraud, and resource mismanagement, with emphasis on fraud prevention.

 3
  Internal controls address the fraud triangle's three conditions: incentives/pressure,
 attitudes/rationalization, and opportunity.
  The ive COSO components covered are control environment (ethical culture set by
 management), risk assessment (identifying and managing inancial and operational risks),
 control activities (policies like segregation of duties and approval processes), information
 and communication (effective low of inancial data and employee awareness), and
 monitoring (ongoing evaluation and updates).
  Control activities include segregation of duties in cash handling, multi-level purchase and
 payment approvals, and ongoing inancial reviews; plans are underway to implement new
 inancial software by July 2027 to improve these processes.
  Training in internal controls currently focuses on inance staff, but company-wide controls
 training is planned to promote alignment and awareness beyond the inance department.

FY2025 Audited Financials
Ms. Hurlbut presented the following:
  The statement of net position (balance sheet) provides a year-end snapshot showing assets,
 liabilities (current and long-term), and net position as accumulated historical net income
 totaling $68 million out of $193 million total assets.
  Signi icant debt via bonds supports capital projects that grow infrastructure and asset base;
 a $5.4 million increase in net capital assets was mainly funded by 2022 revenue bond
 proceeds and ongoing construction projects.
  Regulatory assets and liabilities are accounting mechanisms approved by the Public Utility
 Commission to smooth costs and rate impacts over multiple years, ensuring equitable
 customer rates.
  The statement of revenues, expenses, and changes in net position showed an improved
 operating income of $750,000 for iscal 2025, driven by a $3.7 million increase in operating
 revenues offsetting a $3 million rise in purchased power and transmission expenses, with
 non-operating income contributing $3.9 million.
  The statement of cash lows demonstrated strong cash from operations ($7.9 million) but
 negative cash from capital/ inancing activities ($17.3 million) due to increased capital asset
 acquisitions, while investing activities contributed $10.1 million mainly from interest and
 dividends.
  The EEU inancials showed minor asset increases and net position improvement
 ($840,000), re lecting a recent rate increase and market conditions, with slight reductions in
 expenses and liabilities.

BED’s 2025-26 Property/B&M Insurance Renewal
  The property, boiler & machinery insurance is the largest insurance line for the Department,
 covering all tangible assets with a complex arrangement of four carriers sharing the risk.
  The annual policy renewal runs from November 20, 2025, to November 20, 2026, with a
 not-to-exceed premium of $718,024.29, re lecting a 6.39% reduction from the budgeted
 renewal estimate.
  The insurance covers a wide range of perils and assets, including generation stations,
 substations, buildings, and equipment, with some deductible increases under consideration
 to manage risk and costs.
 4
  The Department uses an insurance agent (Acrissure, formerly Hickok and Boardman) rather
 than a broker, collaborates with the City on shared insurance lines, and continuously
 evaluates valuation methods and risk mitigation strategies.
  Despite a historically dif icult “hard market” and premium spikes, recent efforts have
 stabilized premiums, and the policy renewal was unanimously approved for binding with A-
 rated carriers.

Commissioner Moody made the motion to authorize the General Manager of Burlington Electric
Department or their designee, to execute the Property, Boiler & Machinery insurance coverage
renewal contract with AIG/ZURICH/STARRTECH/AEGIS for the policy period 11/20/2025 through
11/20/2026 with a not to exceed premium of $718,024, as outlined in this memo, subject to review
and approval of the City Attorney’s office, the City’s CAO, Board of Finance, and the City Council.
Commissioner Williams seconded the motion. Motion passes, 5 ayes 0 nays

Commissioners’ Check-In
Commissioners welcome Brian Williams as a new member of the Commission.

Adjourn
Commissioner Moody made a motion to adjourn; the motion was seconded by Commissioner Vota;
Commission vote. Motion passes, 5 ayes 0 nays

The meeting of the Burlington Electric Commission adjourned at 6:59p.m.

Microsoft Teams transcript used to create minutes drafted by Elena Alexander, Board Clerk. Amended
by Mike Kanarick, Manager of Customer Care, Communications & Energy Services and Emily Stebbins-
Wheelock, CFO & Manager of Strategy and Innovation.

 Attest: _______________________________________________
 Elena Alexander, Board Clerk




 5
To: Burlington Board of Electric Commissioners

From: Darren Springer, General Manager

Date: December 5, 2025

Subject: November 2025 Highlights of Department Activities



General Manager – Darren Springer
• Velerity report – discussed/presented at TEUC Nov. 25th, separate agenda item for Commission.
• Regulatory updates – will present verbal update at next meeting.
• Relevate Contract – second 5 years of the 10 year agreement at Board of Finance 12/15.
• BED/SunCommon Commercial Solar Webinar – available at
 https://www.youtube.com/watch?v=IbT0DRfk74o

Center for Innovation – Emily Stebbins-Wheelock
• Filed revised miscellaneous service fees tariff with PUC.
• Filed 2026 Tier 3 Plan with PUC.
• SCADA Distribution Management System modules went live.
• Replaced CEMS servers at McNeil.
• Sustainability Director attended New England Municipal Sustainability meeting in Durham, NH. Served
 as a panelist on “split incentives” and highlighted Burlington’s Rental Weatherization ordinance.
• Project & Equity Analyst tabled with VGS and the Health, Legal and Energy Clinic at Family room and
 participated in Old North End “paperwork night.”

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.
• The Safety and the Operations Team completed the conversion to a new PPE rubber gloves and sleeves
 tester. Gloves are evaluated at a lab once per month. The new operators are logistically closer to BED
 thus more reliable deliveries are expected.
• Work continues with the new SCADA implementation. The Safety Team is part of a working group
 assessing and adjusting the field safety practices in relation to Switching & Tagging procedures.
• The Safety Team made numerous site safety visits to various McNeil contractors, Winooski One
 Contractors, and BED job sites.

Environmental
• The Environmental Team during the McNeil Fall Outage completed an overhaul of the servers hosting
 the data acquisition and handling system (DAHS) that logs all our emissions data for Federal and State
 November 2025 – Department Highlights



 reporting. The existing PLC was rewired and placed into a new server rack, with drawings being pulled
 for update. The existing software was installed into the new servers, evaluated, and released.
• The Environmental Team hosted training for Cirrus User Training and Cirrus EDR Training for USERS
 of the CEMS system.

Risk Management
• Reviewed/prepared/presented our 11/20/25 Property/B&M Insurance renewal info for BOF/CC/BEC
 meetings with a “not-to-exceed” amount of $718,024.29
• Attended/prepared for Q&A at NPCC/NERC Compliance consultant (Utility Servies) “Client Day” panel
 discussion re: our recent self-certification audit (PRC-005, PRC-006)
• Closed out Digsafe Power outage claim with contractor and Comcast regarding alleged mismarked
 underground lines and resulting power outage (lost revenue)

Purchasing/General Services
• Award Letter of Intent for EV Forklift sent to Northern Toyota, when purchase proposal has been
 vetted, we will issue the Purchase Order & estimated delivery date after August 2026
• Award Letter of Intent for EV Bucket Truck to Altec Industries, we will work next month to finalize the
 layout of body utility/compartments placement. Then purchase proposal will be vetted, we will issue
 the Purchase Order & estimated delivery date January 2027
• RFP proposal back for the Distribution area upgrade HVAC system to Heat Pumps.

Center for Operations & Reliability – Munir Kasti
Engineering, Grid Services & Operations
 • Issued a work order for rebuilding the overhead distribution circuits along Isham Street.
 • Completed overhead distribution circuit rebuild work on Clover Lane.
 • Completed customer service upgrades on Marble Avenue, Grant Street, and Pearl Street.
 • Completed street lighting upgrades along Pine Street between Maple Street and Main Street.
 • Completed a new service on South Winooski Avenue.
 • Replaced the existing 316S loadbreak switch on Pine Street with a new loadbreak switch.

SAIFI & CAIDI Outage Metrics:
BED’s distribution system experienced 16 outages in November 2025 (7 unscheduled and 9 scheduled).
BED’s SAIFI for the Month of November was 0.08 interruptions per customer and CAIDI was 0.79 hours per
interruption. BED's YTD SAIFI is 0.34 interruptions per customer and YTD CAIDI is 1.09 hours per
interruption.




 Page 2
 November 2025 – Department Highlights



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




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




The following figure shows BED’s historical Unplanned Outages:




Generation

McNeil Generating Station
Month Generation: 8,530 MWh
YTD Generation: 187,935 MWh
Month Capacity Factor: 23.69%
Month Availability: 23.26%


 Page 3
 November 2025 – Department Highlights



Hours of Operation: 167.5 hours

McNeil has completed the outage and Continuous Emissions Monitoring System (CEMS) server upgrade
and is back online for the winter run.

Winooski One Hydroelectric Station
Monthly Generation: 2,538.1 MWh
YTD Generation: 15,211 MWh
Month Capacity Factor: 48%
Annual Capacity Factor: 25.64%
Month Availability: 70%

Winooski One has continued with the FERC relicense impact studies including a fish injection study that
required flow manipulation. The turbine overhaul has been completed with 3 units back online. Water flow
has increased, resulting in a significant output.

Burlington Gas Turbine
Month Generation: 52.80 MWh
YTD Generation: 663.40 MWh
Month Capacity Factor: 0.32%
Month Availability: 100%
Hours of Operation Unit A: 5.1 hours
Hours of Operation Unit B: 5.1 hours

Solar (Pine Street 107 kW)
Month Generation: 3 MWh (-22% from previous year)
YTD Generation: 101 MWh
Month Capacity Factor: 3.9%
Month Availability: 100%

Solar (Airport 499 kW)
Month Generation: 16 MWh (-25% from previous year)
YTD Generation: 524 MWh
Month Capacity Factor: 4.4%
Month Availability: 100%

Center for Customer Care & Energy Services – Mike Kanarick
Energy Services
 UVM & UVMMC
• UVM / Virtue Field Support Building – This new construction project supports activities at UVM’s
 Virtue Playing Field. Virtue Field is an artificial turf on-campus stadium at UVM. It is home to the
 Vermont men's and women's lacrosse teams, as well as the men's and women's soccer teams. The
 building consists of men and women’s bathrooms, four team rooms and a concession stand.
• UVM Howe Library / HVAC Re-Commissioning – UVM’s controls group implemented control sequence
 improvements in the Howe Library’s DDC during late spring of this year. This included implementation
 of an occupancy schedule, improved variable frequency drive (VFD) control of ventilation fans, and



 Page 4
 November 2025 – Department Highlights



 implementation of an economizer sequence. BED received trending data from UVM last month for
 electric, chilled water and steam use and we have begun an analysis to determine a magnitude of
 energy savings for the project.
• (JY) UVM Medical Center / Chiller System Economizer Heat Exchanger – This project included the
 installation of a heat-exchanger system coupled to the existing cooling tower which allows chilled
 water to be supplied to the hospital without the need to run any chillers. Previously at least one chiller
 was required to be run throughout the winter and shoulder season months. The savings calculations
 have been completed, and a BED site visit is also pending.

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
 near term new development. High lending costs and construction costs continue to slow this
 market.
 • ES also continues to see a slowdown in EEU and Tier 3 activity with smaller and medium-sized
 commercial customers. As report widely in the media, these customers continue to face economic
 headwinds where discretionary energy efficiency, and beneficial electrification improvements, are
 understandably not a priority. 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 an 80-ton electric chiller at the Converse
 Home, the major renovation to the Integrated Arts Academy and the renovation of the Pathway
 Vermont Soteria House.
 • 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 41.3MWh and supported 2,053 sessions.
• The ChargePoint EVSE served 824 unique drivers.
• The top 3 sales on the ChargePoint network were 102kWh, 106kWh, and 109kWh and occurred at the
 Cherry St. Garage and the Pease Lot DCFC.
• Approximately 45% (or 18.6MWh) of the energy sold from the entire network is attributed to the Pine
 St., Marketplace Garage, and Pease Lot DCFC’s. The Pine St. DCFC dispensed the most energy.
• EV and PHEV rebates to date – 1,169 (of this 262 LMI rebates to date)
• Customers currently participating in the new EV Charging Rate- 424
• Single-family & multifamily home EV charging stations rebates to date – 397

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 – 3,155 installations (of
this 243 LMI rebates to date)


 Page 5
 November 2025 – Department Highlights




Customer Care
• Call Answer Time (75% in 20 seconds): November 2025 80.3%, October 81.7%, September 75.9%,
 August 78.4%, July 77.5%, June 69.4%. November 2024 84%, October 80.6%, September 2024 75.2%, August
 83%, July 76.5%, June 74.6%.

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




 Complaints to DPS about Customer Care Team
 6 5




 # of Complaints
 5
 4
 3
 2 1
 1 0 0 0 0 0 0 0 0 0 0 0 0 0
 0
 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 Q2 Q3 Oct-25 Nov-25
 2025 2025 2025
 Calendar Year


Communications and Marketing

• Customer Care Personnel Update
 o Andi Higbee, Director of Customer Care, has accepted a new position within BED – Director of
 Systems Operations, which he will begin on December 29. Mike Kanarick, Manager of Customer Care,



 Page 6
 November 2025 – Department Highlights



 Communications, and Energy Services, will assume Andi’s customer care responsibilities going
 forward for at least the next several months. Danielle Cox began work as Temporary Cashier at BED
 on December 4 and will work through May or June 2026.
 o Senior Customer Care Representative (CCR) James Allison and CCR Charity Wright attended the
 Consumer Affairs and Public Information (CAPI) Division of the Vermont Department of Public
 Service annual training summit on December 4.

• Annual Net Zero Energy Calendar Contest: Our calendar contest celebration was held at BED on Wednesday,
 December 3 for the winners, their families, teachers, and principals, complete with pizza, cake, certificates,
 and goodie bags, along with appearances by the Mayor and Lake Monsters’ mascot CHAMP. Visit our website
 for great photos and an event recap.

• Highlight: for the 8th year, BED and VGS have 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 and hope to work with Burlington nonprofits to distribute additional tickets to help make it
 possible for Burlingtonians who otherwise may not have the ability to attend Highlight to enjoy the amazing
 activities as we ring in the New Year.

• Net Zero Energy Podcast: we invite you to take a listen at burlingtonelectric.com/podcast. Our latest episode
 features now-retired Chief Forester Betsy Lesnikoski, who reflects on changes and advances she saw during
 her 42 years with BED.

• Full website visits for November 2025




• Top-performing Facebook & Instagram posts

Betsy’s podcast episode, electric panel upgrade fee announcement, outage




 Page 7
November 2025 – Department Highlights




 Page 8
 BED 2025-2026
 Strategic Direction Dashboard



 YTD Nov 2025 Oct 2025 Sept 2025 Aug 2025 July 2025 June 2025 May 2025 April 2025 March 2025 February January 2025 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly
 Target Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals 2025 Actuals  Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual
Engage Customers and Community
Call answer time 75% within 20 seconds 75% 80% 80% 82% 76% 78% 78% 69% 61% 86% 90% 90% 86% avg 81% avg 82% avg 82% avg 82% avg 81%
Delinquent accounts >$500 0 278 297 310 313 262 276 248 242 246 323 287 251 avg 223 avg 168 avg 188 avg 529 avg 201
Disconnects for non-payment 0 351 4 57 36 34 22 2 31 153 10 1 1 308 224 12 0 45
Energy Assistance Program Customers (program lifetime) NA 921 921 915 905 898 887 881 871 869 862 858 852 843 234
Energy Assistance Program Customers (currently enrolled) 300 773 773 773 784 787 781 776 788 776 776 776 774 770 219
# of residential weatherization completions 10 3 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 3 8 6 0 0 TBD
# or % of homes or SF weatherized 0 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 1 0 0 0 0 0 5 6 4 5 5 0
Total annual mWh saved via the EE programs (annual goal) 4,032 10,798 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 1,298 226 203 187 166 142 128 68 64 51 35 28 333 494 862 917
Total commercial sector annual mWh saved via the EE programs (cumulative for year) 3,308 9,502 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 (cumulative 263,842
 $ 297,026 $ 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
for 2024- 2026 3-year EEU performance period)
# of pageviews, overall website-wide 245,829 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 49,402 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 0.03 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 1.40 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 52 7 6 1 2 10 6 2 6 4 5 3 69 39 61 44 90 98
McNeil Forced Outages 0 9 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 1 1 0 3 2 6 9 2 TBD
GT Forced Outages 0 3 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 120 286 247 317 323 366 311 282 281 217 317 257 232 253 219 100 68 179
# of budgeted positions vacant 0 10 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 Nov 2025 Oct 2025 Sept 2025 Aug 2025 July 2025 June 2025 May 2025 April 2025 March 2025 February January 2025 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly
 Target Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals 2025 Actuals  Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual
Innovate to Reach Net Zero Energy
Tier 3 Program
# of residential heat pump installs 177 17 24 13 13 20 20 0 10 18 11 31 176 186 255 315 203 10
# of commercial heat pump installs 0 0 0 0 0 0 0 0 0 0 0 0 5 8 4 4 13 0
# of residential hot water heat pump installs 27 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 191 17 24 13 19 22 20 6 10 18 11 31 185 206 271 328 212 0
Heat pump hot water heater rebates 27 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 14 7 0 2 0 0 4 0 1 0 0 0 2 6 1 2 0 1
EV rebates - new 119 5 16 15 10 3 9 16 11 10 6 18 125 103 53 67 14 36
EV rebates - pre-owned 28 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 32 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 40 ports 40 ports 40 ports 32 ports 30 ports 27 ports 27 ports 14
Public EV charger energy dispensed (kWh) 438,200 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 117 10 32 0 17 6 3 5 13 8 5 18 82 72 70 32 20 12
EV charging rate customers (total) 4,266 424 420 410 399 394 389 382 379 364 354 351 347 246 157 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 251 8 18 15 29 24 36 32 39 22 1 27 169 147 152 88 36 65
E-mower rebates 87 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 43,036 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% 178% 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 18 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 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 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 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 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 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 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 2,964, 68% above target 3,044 3,319 3,169 3,185 3,660
 BED 2025-2026
 Strategic Direction Dashboard



 YTD Nov 2025 Oct 2025 Sept 2025 Aug 2025 July 2025 June 2025 May 2025 April 2025 March 2025 February January 2025 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly
 Target Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals 2025 Actuals  Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual
Demand Response
Manage Budget and Risks Responsibly
Safety & Environmental
No. of workers' compensation/accidents per month 0 6 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 $ 179,616 $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 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 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 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 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 4 2 6 4 4
Phosphorus levels to DEC in lbs (monthly/yearly total) <0.8/37 1.256 .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 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 18 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) 42 787 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 $ 6,091,926 $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 7,761 559 957 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 $ 1,931,609 $ 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) 3 157 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 4.69 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 1.19 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) >90 126 126 159 142 141 TBD 144 137 152 156 153 146 FY24 93 FY23 120 FY22 121 FY21 120 FY20 109 FY19
Arrearages >60 days $ 663,673 $ 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 31 35 32 29
Open PUC dockets with deadlines in next 3 months 11 8 9 12
Power Supply
McNeil generation (MWH) (100%) per budget 187,935 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% 59% 23% 55% 73% 87% 76% 61% 67% 2% 29% 81% 100% 66% 84% 67% 80%
McNeil capacity factor per budget 47% 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 15,210 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% 52% 70% 8% 1% 0% 40% 60% 70% 70% 70% 90% 90% 98% 97.2% 98.3% 97%
Winooski One capacity factor per budget 32% 48% 8% 25% 0% 48% 27% 56% 56% 47% 17% 20% 48% 56% 41.7% 37%
Gas Turbine generation (MWH) NA 662 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% 95% 100% 90% 87% 99% 99% 86% 89% 100% 100% 100% 97% 98% 46.7% 54.5% 96%
Gas Turbine capacity factor NA 1% 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) 4,812 171 429 565 646 658 632 466 503 410 117 215 5,020 4,681 5,260 5,015 5,182
Cost of power supply - gross ($000) $ 32,162 $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) $ 25,888 $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 $0.10 $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 $0.10 $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
 October




 December 3, 2025
 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 October FY26




Year-to-Date Results:
 • Sales to Customers up $389,100 (1.92%). Residential Sales up $132,300 and Non-Residential Sales up
 $249,100.

 • Other Revenues down $406,000 (29%)
 a. DSM billable (customer driven).

 • Power Supply Revenues down $425,000 due to lower McNeil production in CY 2025.
 a. McNeil REC revenue of $1,312,000 compared to a budget of $1,786,000.
 b. Wind REC revenue of $1,138,000 compared to a budget of $1,101,000.
 c. Hydro REC revenue of $124,000 compared to a budget of $113,000.

 • Power Supply Expenses (Net) down $849,000 (6.1%)
 a. Fuel down $387,000 (11%).
 b. Purchased Power down $370,000 (6%).
 c. Transmission down $90,000 (2%).

 • Other Operating Expenses down $537,000 (5%)
 a. Timing: various items were less than budget including outside services ($374,500), materials & supplies
 ($109,000), and RPS Compliance ($95,900); offset by items higher than budget including A&G clearing,
 $99,800; labor, $68,400; maintenance contracts, $58,200; and rentals/leases, $56,600.

 • Taxes down $75,400 (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 $501,000 (27%)
 a. Timing; favorable gain/loss on disposition of plant, $162,000.
 b. Interest/investment income up $102,000.
 c. Timing; favorable customer contribution /grant proceeds $331,000.
 d. Offset by timing of jobbing ($141,100) and unrealized loss on investment ($25,200).
 FINANCIAL HIGHLIGHTS – BUDGET VS ACTUAL as of October FY26

 Capital Spending – October YTD
 ($000s)
 Plant Type Full Yr. Budget Budget Actual % Spent
 Production $4,481 $2,205 $529 12%
 Other 868 314 49 6%
 Transmission 222 222 230 103%
 Distribution 6,419 2,169 1,350 21%
 General 3,228 1,510 341 11%

 Total $15,218 $6,420 $2,497 16%

(1) Production – Timing; projects at McNeil and W1 are under budget including NOx system
 catalyst replacement ($146,000), well ($185,00), and cooling tower timber replacement
 ($83,000), FERC relicensing ($376,700), and 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 ($581,900); timing of Deforest Rd
 ($244,400) and ADMS ($251,700) projects.

(3) General – Timing; budget includes IT Forward projects of $642,800 vs actual of $264,400.
 Also, timing of electric forklift ($137,700).



 As of October 31, 2025
 Operating Cash and Investments
 Operating Funds $9,088,049
 Operating Funds – CDs $739,288
 CD/Money Market - GOB $14,490
 Total Operating Cash $9,841,826




 Credit Rating Factors – October 2025
 3 Year
 "A" "Baa" Current Average
 Debt Service Coverage Ratio 1.25 1.25  4.69 4.29
 Adjusted Debt Service Coverage Ratio 1.50 1.10  1.19 1.25
 Cash Coverage - Days Cash on Hand 90 30
 - With $10M Line of Credit 127 136
 - Without Line of Credit 66
 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




 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
 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



 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

 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



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.
 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




 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




Street Lighting is included with Commercial & Industrial Customers.
 Net Power Supply Costs
 October - FY 2026
 ($000)
 Current Month Year-to-Date
 Budget Actual Variance Budget Actual Variance
Expenses:
 Fuel (p. 7) $595 $29 $565 (1) $3,416 $3,029 $387 (1)
 Purchased Power (p.11) 1,625 1,811 (186) (2) 6,323 5,953 370 (2)
 Purchased Power Adjustment (p 11) 43 43 (0) 173 173 (0)
 Transmission Fees - ISO-NE 731 683 47 (3) 3,317 3,462 (145) (3)
 Transmission Fees - VELCO 276 6 270 (4) 358 195 163 (4)
 Transmission Fees - Other 78 48 30 (5) 284 211 72 (5)
Total Expenses 3,347 2,621 726 13,871 13,024 847

Revenues:
 Renewable Energy Certificates - McNeil 0 0 0 1,786 1,312 (474)
 Renewable Energy Certificates - Wind 0 0 0 1,101 1,138 36
 Renewable Energy Certificates - Hydro 0 0 0 113 124 11
 Renewable Energy Certificates - Other 0 0 0 0 0 0
Total Revenues 0 0 0 3,000 2,575 (426) (6)

Net Power Supply Costs $3,347 $2,621 $726 $10,871 $10,449 $422

Load (MWh) 26,326 25,926 (399) 118,827 116,798 (2,029)
$/MWh $127.15 $101.09 ($26.05) $91.49 $89.47 ($2.02)


Current Month:
(1) See detail on page 7.
(2) See detail on page 11.
(3) ISO-NE Peak Load under Budget.
(4) VELCO Common charges under Budget.
(5) 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.
 Net Power Supply Costs
 October - FY 2026

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

McNeil 587 12 574 (1) 3,301 2,805 495 (1)

Gas Turbine 8 17 (9) (2) 115 224 (109) (2)

Total Fuel 595 29 565 3,416 3,029 387




Current Month:
(1) No McNeil production. (p. 8)
(2) GT production (42 MWh) 123% over Budget.

YTD:
(1) McNeil production 6% under Budget. Wood Price Per Ton 6% under Budget. (p. 8)
(2) GT production (355 MWh) 128% over Budget. Budget includes $50,000 in July for R99 testing.
 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
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
 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
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
 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%




 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%




* Wood only. Does not include other costs.
 Net Power Supply Costs
 October - FY 2026
 ($000)
 Current Month Year-to-Date
 Budget Actual Variance Budget Actual Variance

PURCHASED POWER:

Non-Energy (capacity) 78 35 43 286 99 186 (1)

Energy:
 Georgia Mountain Wind 349 273 76 (1) 1,035 821 213 (2)
 Hancock Wind 247 261 (14) (2) 686 641 45 (3)
 VT Wind 236 145 91 (3) 625 441 184 (4)
 Brookfield 0 248 (248) (4) 0 449 (449) (5)
 Hydro Quebec 300 300 0 1,190 1,190 (0)
 In City Solar Generators 56 73 (17) (5) 351 387 (35) (6)
 NYPA 7 6 1 25 25 (0)
 ISO Exchange 147 301 (153) (6) 1,007 1,291 (284) (7)
 ISO Exchange Adjustment 43 43 (0) (**) 173 173 (0) (**)
 FirstLight 158 56 102 (7) 575 180 395 (8)
 Velco Exchange 0 0 (0) 0 (1) 1
Total Energy 1,544 1,707 (164) 5,668 5,597 71

Ancillary Charges (8) 48 (57) (8) 35 (151) 186 (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 63 (8) 247 294 (48)

Total Purchased Power Expense 1,668 1,854 (186) 6,496 6,126 370

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

Current Month:
(1) Production 22% under Budget.
(2) Production 6% over Budget.
(3) Production 18% under Budget. Financial Settlements under Budget.
(4) Short-Term purchase not in Budget.
(5) Production over Budget.
(6) Production (McNeil (100%), Winooski One (72%), Wind (11%) and FirstLight (65%)) under Budget.
(7) Production 65% under Budget.
(8) Reserve revenues under Budget.

YTD:
(1) Includes credit from Pay for Performance event.
(2) Production 21% under Budget.
(3) Production 7% under Budget.
(4) Production 22% under Budget. Financial Settlements under Budget.
(5) Short-Term purchase not in Budget.
(6) Production over Budget.
(7) Production (McNeil (6%), Winooski One (86%), FirstLight (69%), and Wind (16%)) under Budget.
(8) Production 69% under Budget.
(9) Reserve revenues over Budget.
Burlington Electric Department
Operating and Maintenance Expense by Spending Category
FY 2026 - October YTD
 %
 Budget Actual Variance Variance *
Labor-Regular 3,108,449 3,169,548 (61,099) 2% a
Labor-Overtime 154,426 199,474 (45,048) 29% b
Labor-Temporary 19,500 11,459 8,041 41% c
Labor-Overhead 1,343,652 1,386,377 (42,725) 3% d
Outside Services 1,188,900 706,081 482,819 41% e
DSM (rebates & outside services) 682,334 595,362 86,972 13% f
Materials & Supplies 391,239 282,448 108,791 28% g
Insurance 255,685 239,334 16,351 6%
A & G Clearing (423,555) (227,543) (196,012) 46% h
Other - RES Tier 3 Compliance 354,563 227,225 127,338 36%
Other 972,141 1,032,388 (60,247) 6% i

 Operating & Maintenance Expense 8,047,335 7,622,153 425,182 5%



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

(b) McNeil, $39,100, and Dispatch, $8,200, 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, $370,700.


(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 ($45,700), Rentals & Leases ($54,800)
and Uncollectible Accounts ($51,200); offset by areas lower than budget including Transportation Clearing
($67,300), Utilities ($12,600), Advertising ($13,300) and Education & Training ($21,200).
 Burlington Electric Department
 Budget vs Actual Spending Analysis
 FY 2026 - October YTD

 (000's)
Labor - Overhead Budget Actual Variance %
 Pension $616 $600 $15 2% (a)
 Medical Insurance $811 $820 (9) -1% (b)
 Social Security Taxes $374 352 22 6% (a)
 Workers Compensation Ins. $147 139 8 6% (b)
 Dental Insurance $32 23 9 29% (b)
 Life Insurance $7 6 1 11% (b)
 Childcare Contribution Tax $22 19 3 14% (d)
 $2,009 $1,959 $50 2%



Rates Table: Budget

Pension (a) 12.58%

Social Security (c) 7.65%

Childcare Payroll Tax 0.44%


(a) Function of labor cost. Budget includes pension per City, $1,760,100 and amortization
of IBEW Pension back payment, $87,041.
(b) Budget provided by the City during budget development.
(c) Function of labor cost.
(d) New tax as of July 1, 2024 is 0.44% of wages.
 Net Income
 FY 2026 - October ($000)

 Current Month Year - To - Date
 Ref Budget Actual Variance Budget Actual Variance
Operating Revenues
 Sales to Customers p.3 4,504 4,439 (64) 20,306 20,695 389
 Other Revenues 350 249 (101) (a) 1,389 984 (406) (a)
 Power Supply Revenues p.6 0 0 0 3,000 2,575 (425)
 Total Operating Revenues 4,853 4,688 (165) 24,695 24,253 (442)

Operating Expenses
 Fuel p.6 595 29 566 3,416 3,029 387
 Purchased Power p.6 1,668 1,854 (186) 6,496 6,126 370
 Transmission p.6 1,085 737 348 3,959 3,868 91
 Operating and Maintenance p.12 1,934 1,802 132 8,117 7,580 537
 Depreciation & Amortization 495 527 (32) 1,981 2,088 (107)
 Revenue Taxes 48 47 1 231 232 (1)
 Property Taxes Winooski One 27 25 2 (b) 109 99 10 (b)
 Payment In Lieu of Taxes 221 190 31 (c) 885 818 67 (c)
 Total Operating Expenses 6,074 5,211 863 25,195 23,841 1,354

Other Income and Deductions
 Interest/Investment Income 47 59 12 152 255 102
 Dividends 373 375 2 1,493 1,491 (2)
 Customer Contributions/Grant Proceeds 119 377 258 (d) 345 676 331 (d)
 Gain/(Loss) on Disp of Plant 0 0 0 (160) 2 162
 Other (1) (5) (5) (e) 14 (79) (93) (e)
 Total Other Income & Deductions 539 806 267 1,844 2,345 501

Interest Expense 259 251 8 1,036 1,030 6

Net Income (940) 32 972 308 1,727 1,419

Current Month:
(a) Energy Efficiency Program cost reimbursement was lower than planned, $58,000.
(b) Actual Winooski One tax bill is lower than budget assumption by $29,700 for the year.
(c) Actual Payment in Lieu of Tax (PILOT) is lower than budget assumption by $162,300 for the year.
(d) Budget includes customer contributions for Champlain Pkwy ($34,000), OH/UG billable ($21,000) grant income for Building
 GIANTS ($31,000) and Distributed Energy Resources Management System project ($33,000). Actual includes customer
 contribution for OH/UG billable ($46,000) and FEMA grant income ($275,000).


Year - To - Date:
(a) Energy Efficiency Program cost reimbursement was lower than planned, $258,000.
(b) Actual Winooski One tax bill is lower than budget assumption by $29,700 for the year.
(c) Actual Payment in Lieu of Tax (PILOT) is lower than budget assumption by $162,300 for the year.
(d) Budget includes customer contributions for Champlain Pkwy ($170,100) and grant income for Building GIANTS ($101,000),
 and Distributed Energy Resources Management ($38,000). Actual includes customer contribution for Champlain Parkway
 ($69,000), OH & UG billable ($160,500) and various grant income ($446,800).
(e) Timing of jobbing unfavorable, ($141,100) and unrealized loss on investment ($25,200).
 Burlington Electric Department
 Capital Projects - FY26

 $000
 Full Year October
 Budget Budget Actual Variance
McNeil (BED 50% Share)
Analyzer Upgrades for Chemical Treatment 9 0
Ash Silo Pug Mill/Auger Upgrade (312) 13 0
Augers Replaced 30 0
Catalyst Replacement for Nox System (312) 150 150 4 146
CEMS Server Upgrade (312) 15 14 (14)
Cooling Tower Timber Replacement 84 84 1 83
Demineralization Resin 20 0
Disk Screen 15 15 15
ESP Mechanical Field Rebuild 300 0
Farmhouse Improvements (311) 11 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 139 139 111 28
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 75 3 72
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 2,383 770 179 591

(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 1,395 316 1,079 (a)

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

Gas Turbine 175 40 33 8 (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.
 Burlington Electric Department
 Capital Projects - FY26

 $000
 Full Year October
 Budget Budget Actual Variance
Other
P&P R&D 26 11 0 11
Direct Current Fast Chargers (Level 3) 159 0 6 (6)
EV Charger Installations (Level 2) 264 79 3 76
Distributed Energy Resources 34 14 0 14
EV Chargers/Staging Plan 0 0 40 (40) (a)
Distributed Energy Resources Management System 244 70 0 70
585 Fleet EV Chargers 115 115 0 115
585 Fleet EV Charging Design Study 25 25 0 25
 Total Other 868 314 49 265

(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 493 444 200 244
Dunder Road Rebuild 0 22 (22) (a)
NZE Transfer Load Between 1L1 to L14 210 0
Rebuild 1L4 from Poles P838 to P2795 173 35 2 32
Rebuild Howard Street Pole P655 to P836 41 41 0 41
Rebuild Plattsburgh Ave Poles P3762 to P3752 40 20 (20)
Rebuild St Paul Street Pole P1004 to P1011 27 27 2 25
Rebuild Wells Street Pole P191 to P183 25 10 2 8
Replace Condemned Poles 210 84 85 (1)
South Cove Rd East Rebuild 81 (81) (a)
South Cove Road West Rebuild 95 (95) (a)
 Total Aerial 1,220 641 510 132

(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 12 (12)
Rebuild UG St. Paul Street (Bank St to Cherry St) 358 1 (1)
 Total Underground 1,073 18 21 3
 Burlington Electric Department
 Capital Projects - FY26

 $000
 Full Year October
 Budget Budget Actual Variance
Customer Driven/City Projects
Champlain Parkway-Billable 400 200 109 91
Champlain Parkway (CAFC) (340) (170) (69) (101)
Great Street-Main Street 621 0 163 (163)
Great Street-Main Street (CAFC) (557) 0
Winooski Bridge Rebuild 34 0
Winooski Bridge Rebuild (CAFC) (34) 0
City Place Streetlighting 195 36 (36)
City Place Streetlighting (CAFC) (104) 0
 Total Customer Driven/City 215 30 239 (173)

Other
Communication Equipment Emergency Repair 16 1 1
Distribution Transformers-Purchase 1,445 723 141 582
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) 1,204 482 230 252
SCADA Field Equipment Replacement 64 3 2 1
SCADA Servers PC's and Monitors 15 (15)
Upgrade ArcFM to GIS Pro 318 0
USAmp Upgrade 7 7 6 1
Other 26 (26)
 Total Other 3,181 1,273 433 840

 Total Distribution Plant-General 5,689 1,962 1,203 802

Distribution Plant - Blanket
Aerial 174 29 90 (61)
Aerial (CAFC) (70) (12) (22) 10
Underground 332 101 105 (4)
Underground (CAFC) (143) (24) (139) 115
Meters 133 50 50 1
Lighting 217 38 53 (15)
Tools & Equipment - Distribution/Technicians 40 8 8 (0)
Replace Failed SCADA Field Equipment 12 1 0 0
Substation Maintenance 18 1 1
Substation Camera Replacement 15 15 15
 Total Distribution Plant - Blanket 729 206 146 60

 Total Distribution Plant 6,419 2,169 1,349 862
 Burlington Electric Department
 Capital Projects - FY26

 $000
 Full Year October
 Budget Budget Actual Variance
General Plant
Computer Equipment/Software 2,724 1,006 285 720 (a)
Vehicle Replacement 309 309 40 269
Buildings & Grounds 179 179 15 164 (b)
Gas Detectors 6 6 6
AED Purchase 11 11 11
 Total General Plant 3,228 1,510 341 1,169

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

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

 Sub-Total Plant $15,220 $6,420 $2,496 $3,966

 Add: CAFC* reclass to "Other Income" 1,247 151 230 (79)

Total Plant $16,467 $6,571 $2,726 $3,845


* Customer Advances (Contributions) for Construction.
 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
 MEMORANDUM

To: Burlington Board of Electric Commissioners
From: Lincoln Sprague
Date: December 8, 2025
Subject: 2026 Calendar Year Draft Budget
_______________________________________________ _______________________

Provided with this memorandum is a draft of the 2026 calendar year (CY) budget for
McNeil Station. This budget was approved by the Joint Owners on 12/1/25 will be on the
agenda for discussion and approval at the December meeting of the Burlington Electric
Commission. Also included for your information are the following:

 1. Capital budget versus actual figures for 2023, 2024, and January through
 September 2025.

 2. Comparison of budget versus actual figures for operation, maintenance, and
 administration and general expenses for calendar years 2023, 2024, and January
 through September 2025.

 3. Budget Narrative (below)


The draft CY26 expense budget is $30,389,256 as compared to $30,173,188 for the
CY25 budget. The CY26 budget is $216,068 more than the approved CY25 budget. The
increase can be attributed to vacancies filled for multiple staff positions, new
requirements imposed by insurers of McNeil Station, increased fees for regular services
(e.g. railcars, power transmission, IT licenses), and increased rates for virtually all
contractor services.
The capital budget for CY26 is $3,096,602 as compared to CY25 which was $2,360,748,
an increase of $735,854. The primary reason for the increase of the capital budget is the
$620,000 RSCR catalyst replacement project that was originally planned for CY25 but
then delayed to CY26 where it now coincides with several other essential projects.
Please do not hesitate to contact me for any questions. I can be reached by phone at
(802) 207-2967 or by email at lsprague@burlingtonelectric.com.




 Burlington Electric Department
 585 Pine Street Burlington, VT 05401
 burlingtonelectric.com

 Phone 802.658.0300
MCNEIL STATION CALENDAR YEAR 2026 BUDGET



 ACCT TITLE Approved
 CY 2026 CY 2026 Budgeted
 OPERATIONS Budget Budget CY 2025

  500 SUPERVISION & ENGINEERING $546,999 $642,301
  501 FUEL EXPENSE $17,634,429 $17,801,610
  502 STEAM EXPENSE $2,520,651 $2,388,277
  505 ELECTRIC EXPENSE $995,522 $984,840
  506 MISCELLANEOUS STEAM EXPENSE $831,171 $749,911

 MAINTENANCE


  510 SUPERVISION & ENGINEERING $166,882 $126,674
  511 STRUCTURE $158,754 $86,744
  512 BOILER PLANT $1,217,618 $1,180,847
  513 ELECTRIC PLANT $1,065,574 $1,028,999
  514 ROUTINE IMPROVEMENTS $51,001 $48,825

 TOTAL GENERATION EXPENSE $0 $25,188,601 $25,039,028

 TRANSMISSION EXPENSE


  556 SYSTEM CONTROL & LOAD DISPATCHING $113,988 $111,957
  562 OPERATIONS - STATION EQUIPMENT $10,000 $32,400
  567 OPERATIONS - RENT $29,218 $20,218
  570 MAINTENANCE - STATION EQUIPMENT $6,000 $6,000

 TOTAL TRANSMISSION EXPENSE $0 $159,206 $170,575

 ADMINISTRATIVE & GENERAL EXPENSES


  909 INFORMATIONAL ADVERTISING $89,192 $87,565

  920 SALARIES (ALLOCATIONS TO MCNEIL) $1,150,004 $1,160,264

  921 OFFICE SUPPLIES AND EXPENSES
 OFFICE SUPPLIES AND EXPENSES $163,049 $134,134
 ADMINISTRATIVE FEE A&G ALLOCATIONS $38,940 $34,512
 TOTAL ACCOUNT 921 $0 $201,989 $168,646
923 OUTSIDE SERVICES


 LEGAL $6,562 $3,328
 INDIRECT COST ALLOCATION $81,336 $97,332
 HUMAN RESOURCE ALLOCATION $62,700 $58,840
 CONSULTANTS $16,000 $9,508
 FINANCE AUDIT $32,000 $37,025
 TOTAL ACCOUNT 923 $0 $198,598 $206,033

924 PROPERTY INSURANCE $581,011 $576,500


925 LIABILITY INSURANCE (ANNUAL) $95,972 $101,688

925 INJURIES & DAMAGES $117,000 $117,000
925 SAFETY/ENVIRONMENTAL COMPLIANCE $157,721 $238,731
 TOTAL ACCOUNT 925 $0 $370,693 $457,419

926 EMP. BENEFITS - UNALLOCATED $16,500 $15,000

930 MISCELLANEOUS GENERAL EXPENSE $51,262 $36,308

935 MAINTENANCE OF GENERAL PLANT $22,200 $20,200

408 TAXES $1,860,000 $1,735,650

411 GAIN/LOSS ON DISPOSITION $300,000 $300,000
411 LOSS ON DISPOSAL OF INVENTORY $200,000 $200,000

 TOTAL A & G EXPENSES $0 $5,041,449 $4,963,585

 TOTAL EXPENSES $0 $30,389,256 $30,173,188

 Total expenses minus fuel $0 $12,754,827 $12,371,578
MCNEIL STATION CALENDAR YEAR 2026 BUDGET


MHW generation (1) 236,044 232,446

 Approved
 CY 2026 CY 2026 CY 2026 Budgeted
  ACCT TITLE Budget Budget $/MWH CY 2025
OPERATING REVENUES
 ISO-NE Energy $19,462,432 $17,007,669
 ISO-NE Capacity $1,124,532 $1,565,720
 RECs (2) $3,924,888 $8,224,735
 TOTAL OPERATING REVENUES $0 $24,511,852 $104 $26,798,124

OPERATING EXPENSES
 OPERATIONS
 500 SUPERVISION & ENGINEERING $546,999 $642,301
 501 FUEL EXPENSE $17,634,429 $17,801,610
 502 STEAM EXPENSE $2,520,651 $2,388,277
 505 ELECTRIC EXPENSE $995,522 $984,840
 506 MISCELLANEOUS STEAM EXPENSE $831,171 $749,911

 MAINTENANCE
 510 SUPERVISION & ENGINEERING $166,882 $126,674
 511 STRUCTURE $158,754 $86,744
 512 BOILER PLANT $1,217,618 $1,180,847
 513 ELECTRIC PLANT $1,065,574 $1,028,999
 514 ROUTINE IMPROVEMENTS $51,001 $48,825
 TOTAL GENERATION EXPENSE $0 $25,188,601 $107 $25,039,028

 TRANSMISSION EXPENSE
 556 SYSTEM CONTROL & LOAD DISPATCHING $113,988 $111,957
 562 OPERATIONS - STATION EQUIPMENT $10,000 $32,400
 567 OPERATIONS - RENT $29,218 $20,218
 570 MAINTENANCE - STATION EQUIPMENT $6,000 $6,000
 TOTAL TRANSMISSION EXPENSE $0 $159,206 $1 $170,575

 ADMINISTRATIVE & GENERAL EXPENSES
 909 INFORMATIONAL ADVERTISING $89,192 $87,565
 920 SALARIES (ALLOCATIONS TO MCNEIL) $1,150,004 $1,160,264
 921 OFFICE SUPPLIES AND EXPENSES
 OFFICE SUPPLIES AND EXPENSES $163,049 $134,134
 ADMINISTRATIVE FEE A&G ALLOCATION $38,940 $34,512
 TOTAL ACCOUNT 921 $0 $201,989 $168,646

 923 OUTSIDE SERVICES
 LEGAL $6,562 $3,328
 INDIRECT COST ALLOCATION $81,336 $97,332
 HUMAN RESOURCE ALLOCATION $62,700 $58,840
 CONSULTANTS $16,000 $9,508
 FINANCE AUDIT $32,000 $37,025
 TOTAL ACCOUNT 923 $0 $198,598 $206,033

 924 PROPERTY INSURANCE $581,011 $576,500

 925 LIABILITY INSURANCE (ANNUAL) $95,972 $101,688
 925 INJURIES & DAMAGES $117,000 $117,000
 925 SAFETY/ENVIRONMENTAL COMPLIANCE $157,721 $238,731
 TOTAL ACCOUNT 925 $0 $370,693 $457,419

 926 EMP. BENEFITS - UNALLOCATED $16,500 $15,000
 930 MISCELLANEOUS GENERAL EXPENSE $51,262 $36,308
 935 MAINTENANCE OF GENERAL PLANT $22,200 $20,200
 408 TAXES $1,860,000 $1,735,650
 TOTAL ADMIN & GENERAL EXPENSE $0 $4,541,449 $19 $4,463,585

 TOTAL OPERATING EXPENSES $0 $29,889,256 $127 $29,673,188

NET OPERATING INCOME (LOSS) BEFORE DEPREC EXP (2) $0 -$5,377,404 -$23 -$2,875,064

OTHER INCOME & DEDUCTIONS
 411 GAIN/LOSS ON DISPOSITION $300,000 $300,000
 411 LOSS ON DISPOSAL OF INVENTORY $200,000 $200,000
 TOTAL OTHER INCOME & DEDUCTIONS $0 $500,000 $2 $500,000

NET INCOME (LOSS) BEFORE
INTEREST & DEPRECIATION EXPENSE (3) $0 -$5,877,404 -$25 -$3,375,064

(1) Production assumes a return to more reliable wood supply.
(2) BED does not have complete information on Joint Owners REC sales. Total REC sales assumed to be at same average revenue/REC as
BED.
(3) Each owner records depreciation expense based on the total costs of its investment in the Station, its depreciation method, and its useful
life for rate-making purposes.
 MCNEIL STATION CALENDAR YEAR 2026 BUDGET- FUEL

 BREAKDOWN OF ACCOUNT 501 (FUEL EXPENSE) CY 2026 Budgeted
 Fuel Budget CY 2025
OIL
 OIL USAGE FOR START-UP - 1,080 GALLONS @ $3.75/GALLON $ 4,047 $ 4,050

 OIL USAGE FOR NOX REDUCTION - 504 GALLONS @ $3.75/GALLON $ 1,890 $ 1,890

Gas
 GAS FOR INTERRUPTIBLE (STARTUP) - 10,000 MCF @ 9.00 / MCF $ 90,004 $ 90,004

 GAS MCF FIRM - 2721 MCF @ $9.00/MCF $ 24,489 $ 24,489

 GAS USAGE FOR NOX REDUCTION - 500 MCF @ $9.00/MCF $ 4,500 $ 4,500

 VGS METER CHARGE $ 4,200 $ 4,200

 WOOD
 WOOD USAGE IS 340,000 TONS @ $34.37 & $34.50 / TON $ 11,711,150 $ 11,828,700

 WOOD - LABOR - YARDWORKER $ 624,962 $ 576,400
 WOOD - LABOR & EXPENSES - FORESTERS $ 700,290 $ 727,143
 WOOD - WASTE WOOD YARD LABOR $ 133,608 $ 130,934

 WOOD - RAILROAD
 RAIL COSTS FOR 175 (rounded) TRAINS @ $10,500/TRAIN (January - Sept) $ 1,512,097 $ 1,548,387
 RAIL COSTS FOR 55 (rounded) TRAINS @ $12,000/TRAIN (Oct - December) $ 544,354 $ 656,682
 TOTAL WOOD - RAILROAD TRAIN COST FOR CY 2021 $2,056,451 $2,205,069

 RAILROAD FUEL EQUALIZATION ADJUSTMENT $ 205,645 $ 220,507

 THREE WEATHER RELATED UNLOADING DELAYS @ $2,750/TRAIN $ 8,250 $ 8,250
 ADDITIONAL SNOW TRAINS 2 TRAINS @ 10,500 & 1 TRAIN @ 10,233 $ 31,500 $ 31,500

 WOOD - SWANTON YARD
 SWANTON COSTS ARE 263,250 TONS @ $3.55 and 3.63 / TON $ 943,200 $ 946,538
 SWANTON YARD EQUALIZATION ADJUSTMENT $ 94,320 $ 94,654

 RAILCAR UNLOADING CONTRACT (TEMP LABOR) $ 14,040 $ 18,000

 ASH HANDLING $ 133,205 $ 133,205
 LOADER FUEL MCNEIL YARD 45,000 GALLONS @ $3.75/GALLON $ 168,750 $ 168,750
 LOADER FUEL WASTE WOOD YARD 2,626 GALLONS @ $3.75/GALLON $ 9,848 $ 9,848
 EMERGENCY LOADER RENTAL $ 8,000 $ 8,000
 RAILCAR MAINTENANCE $ 175,000 $ 100,000
 LOADER MAINTENANCE - MCNEIL YARD $ 213,500 $ 198,500
 LOADER MAINTENANCE - WASTE WOOD YARD (CONSUMABLES) $ 57,600 $ 57,000
 GRINDING COST FOR WASTE WOOD $ 155,000 $ 154,000
 RAILROAD - NERC INDUSTRIAL TRACK LEASE AGREEMENT $ 11,500 $ 11,000
 RAILROAD TRACK ENGINEER INSPECTION $ 3,000 $ 3,000
 RAILROAD TRACK MAINTENANCE $ 40,000 $ 35,000
 RAILROAD SWITCHING @110/SWITCH/14 SWITCHES PER MONTH $ 18,480 $ 18,480
 ROUTINE CHARGES - RAILCARS/SCALES/VEHICLES ETC $ 48,000 $ 48,000
CSWD ANNUAL PAYMENT FOR OPERATION OF THE WASTE WOOD YARD $ (60,000) $ (60,000)
 Fuel Account Sheet
 TOTAL 501 CHARGES $17,634,429 $17,801,610
MCNEIL STATION CALENDAR YEAR 2026 BUDGET - CAPITAL




ACCT. TITLE CY 2026 Budgeted
 Capital Budget CY2025
311 STRUCTURES & IMPROVEMENTS
 ROUTINE STATION IMPROVEMENTS / STRUCTURES & IMPROVEMENTS $ 40,000
 NEW WELL $ 208,756

 ROUTINE STATION IMPROVEMENTS / STRUCTURES & IMPROVEMENTS $ 40,000



 TOTAL ACCOUNT 311 $ 288,756 $ 162,500

312 BOILER PLANT EQUIPMENT
 ROUTINE STATION IMPROVEMENTS / STRUCTURES & IMPROVEMENTS $ 45,000
 STATION TOOLS AND TOOLBOXES $ 7,500
 ANALYZER UPGRADES FOR CHEMICAL TREATMENT $ 17,500
 ESP MECHANICAL FIELD REBUILD $ 613,951
 DEMIN RESIN $ 40,000
 OPACITY REPLACEMENT $ 49,855

 ROUTINE STATION IMPROVEMENTS / STRUCTURES & IMPROVEMENTS $ 45,000
 STATION TOOLS AND TOOLBOXES $ 7,500
 REPLACEMENT RAILCARS $ 100,000
 OPACITY REPLACEMENT $ 13,290

 TOTAL ACCOUNT 312 $ 939,596 $ 1,812,666

314 TURBINE GENERATOR
 ROUTINE STATION IMPROVEMENTS / STRUCTURES & IMPROVEMENTS $ 45,000
 RSCR CATALYST REPLACEMENT $ 620,000

 ROUTINE STATION IMPROVEMENTS / STRUCTURES & IMPROVEMENTS $ 45,000

 TOTAL ACCOUNT 314 $ 710,000 $ 155,000

315 ACCESSORY ELECTRIC EQUIPMENT
 ROUTINE STATION IMPROVEMENTS / STRUCTURES & IMPROVEMENTS $ 45,000

 ROUTINE STATION IMPROVEMENTS / STRUCTURES & IMPROVEMENTS $ 45,000
 IT FORWARD (FINANCE BUDGET) $ 100,000
 AWS SOFTWARE $ 15,000


 TOTAL ACCOUNT 315 $ 205,000 $187,382

316 PLANT AND EQUIPMENT
 ROUTINE STATION IMPROVEMENTS / STRUCTURES & IMPROVEMENTS $ 10,000
 RIGGING EQUIPMENT $ 5,000

 ROUTINE STATION IMPROVEMENTS / STRUCTURES & IMPROVEMENTS $ 10,000
 RIGGING EQUIPMENT $ 5,000
 WOOD HANDLING FRONT END LOADER $ 850,000
 TRUCK DUMPER REPAIR $ 33,250

 TOTAL ACCOUNT 316 $ 913,250 $30,000

362 STATION EQUIPMENT



 TOTAL ACCOUNT 362 $ - $0

391 OFFICE FURNITURE & EQUIPMENT



 TOTAL ACCOUNT 391 $ - $11,000

392 TRANSPORTATION EQUIPMENT

 FORESTRY VEHICLE $ 40,000


 TOTAL ACCOUNT 392 $ 40,000 $0

398 MISCELLANEOUS EQUIPMENT



 TOTAL ACCOUNT 398 $ - $2,200

 CAPITAL BUDGET TOTAL $ 3,096,602 $ 2,360,748




 12/8/2025 10:32
MCNEIL STATION BUDGET AND ACTUAL AMOUNTS
FOR CALENDAR YEARS 2023 - 2024 AND JANUARY- SEPTEMBER 2025

ACCT. CY 2025
 CY2023 CY 2023 CY2024 CY 2024 CY2025 ACTUAL AS OF CY2026
 OPERATIONS Budget ACTUAL Budget ACTUAL Budget September Budget

 500 SUPERVISION & ENGINEERING 667,877 455,339 573,048 448,890 $642,301 585,523 546,999

 501 FUEL EXPENSE 22,138,770 14,606,608 19,212,830 14,716,514 $17,801,610 13,046,383 17,634,429

 502 STEAM EXPENSE 2,261,028 1,963,683 2,154,073 2,240,747 $2,388,277 1,721,176 2,520,651

 505 ELECTRIC EXPENSE 870,923 757,479 894,131 760,844 $984,840 628,067 995,522

 506 MISCELLANEOUS STEAM EXPENSE 871,317 689,620 719,697 723,989 $749,911 559,166 831,171

 MAINTENANCE

 510 SUPERVISION & ENGINEERING 92,720 148,378 161,885 28,431 $126,674 0 166,882

 511 STRUCTURE 116,760 44,986 86,640 52,452 $86,744 51,800 158,754

 512 BOILER PLANT 1,368,167 1,439,905 1,055,304 790,431 $1,180,847 578,490 1,217,618

 513 ELECTRIC PLANT 800,362 514,330 958,959 821,135 $1,028,999 492,130 1,065,574

 514 MISCELLANEOUS STEAM PLANT 52,145 54,232 50,908 29,523 $48,825 28,105 51,001

 TOTAL GENERATION EXPENSES 29,240,069 20,674,560 25,867,475 20,612,956 25,039,028 17,690,840 25,188,601



 556 SYSTEM CONTROL & LOAD DISPATCHING 86,180 45,592 113,566 49,790 $111,957 46,389 113,988
 562 OPERATIONS STATION EQUIPMENT 30,800 1,051 32,400 2,131 $32,400 8,626 10,000
 567 OPERATIONS - RENT 20,218 20,170 20,218 21,745 $20,218 16,929 29,218
 570 MAINTENANCE - STATION EQUIP. 6,000 0 6,000 0 $6,000 0 6,000

 TOTAL TRANSMISSION EXPENSE 143,198 66,813 172,184 73,666 170,575 71,944 159,206

 ADMINISTRATIVE & GENERAL EXPENSE

 909 INFORMATIONAL ADVERTISING 94,771 73,959 81,974 82,393 $87,565 61,181 89,192

 920 SALARIES 767,351 673,040 913,150 771,988 $1,160,264 565,875 1,150,004

 921 OFFICE SUPPLIES AND EXPENSES 144,975 75,252 124,221 97,864 $134,134 91,505 163,049

 921 ADMINISTRATIVE FEE (A&G & ALLOC) 43,122 42,732 45,606 38,730 $34,512 27,894 38,940

 923 OUTSIDE SERVICES 218,810 211,662 289,411 198,371 $206,033 150,888 198,598

 924 PROPERTY INSURANCE (ANNUAL) 525,218 509,419 596,942 567,341 $576,500 487,826 581,011


 TOTAL ACCOUNT 909 - 924 1,794,247 1,586,064 2,051,304 1,756,687 2,199,008 1,385,169 2,220,794

 925 LIABILITY INSURANCE (ANNUAL) 97,168 49,509 111,378 77,843 $101,688 53,082 95,972


 925 SAFETY 144,479 113,617 154,322 124,403 $238,731 $103,079 $157,721

 925 INJURIES & DAMAGES 111,000 174,842 111,000 93,927 $117,000 $85,733 $117,000

 TOTAL ACCOUNT 925 352,647 337,968 376,700 296,173 457,419 241,894 370,693

 926 EMP. BENEFITS - UNALLOCATED 9,600 (12,439) 2,898 57,358 $15,000 $13,849 $16,500

 930 MISCELLANEOUS GENERAL EXPENSE 106,604 27,059 32,419 23,586 $36,308 $20,525 $51,262

 935 MAINT. OF GENERAL PLANT 22,000 6,059 19,700 6,792 $20,200 $11,209 $22,200

 TOTAL A&G EXPENSES 2,285,098 1,944,711 2,483,021 2,140,596 2,727,935 1,672,646 2,681,449


 408 TAXES 1,710,000 1,613,308 1,710,000 1,730,800 $1,735,650 $1,346,435 $1,860,000

 411 GAIN/LOSS ONDISPOSAL OF PLANT 300,000 0 300,000 368,507 $300,000 $20,972 $300,000
 411 LOSS ON DISPOSAL OF INVENTORY 200,000 0 200,000 0 $200,000 $0 $200,000

 421 MISC NON-OPERATING INCOME (61,446) (54,740) ($51,015)

 TOTAL EXPENSES 33,878,365 24,237,946 30,732,680 24,871,785 30,173,188 20,751,822 30,389,256

 MAJOR TURBINE OUTAGE

 Total Expense Minus Outage
MCNEIL STATION CAPITAL BUDGET AMOUNTS AND ACTUAL SPENT
FOR CALENDAR YEARS 2023 - 2024 AND JANUARY- SEPTEMBER 2025


 Acct DESCRIPTION 2023 2023 2024 2024 2025 2025 2026
 BUDGET BUDGET BUDGET ACTUAL AS OF BUDGET
 AMOUT ACTUAL AMOUT ACTUAL AMOUT SEPTEMBER AMOUT


 303 Software and Licenses $0 $0 $0 $0 $0 $0


 311 Structures & Improvements $175,000 $139,723 $454,977 $10,442 $162,500 $7,183 $288,756


 312 Boiler Plant Equipment $1,014,290 $1,123,177 $1,996,906 $961,484 $1,812,666 $788,081 $939,596


 314 Turbine Generator $687,963 $123,614 $179,988 $615,631 $155,000 $5,639 $710,000


 315 Accessory Electric Equipment $129,803 $268,415 $90,000 $28,573 $187,382 $1,243 $205,000


 316 Miscellaneous Plant Equipment $714,500 $416,684 $31,856 ($50,605) $30,000 $5,938 $913,250


 362 Station Equipment $0 $0 $0 $0 $0 $0 $0


 391 Office Furniture & Equipment $7,000 $3,167 $5,000 $0 $11,000 $1,170 $0


 392 Transportation Equipment $113,000 $0 $40,000 $36,187 $0 $2,210 $40,000


 398 Miscellaneous Equipment $2,000 $3,971 $1,000 $0 $2,200 $0


 Total $2,843,556 $2,078,751 $2,799,727 $1,601,712 $2,360,748 $811,464 $3,096,602




 7. CY2026 DRAFT BUDGET
National Institute of Standards & Technology (NIST) Cybersecurity Framework
 0-1.9 Red
 Score (1-3) 2-2.5 Yellow
Identify 2.6-3.0 Green
 1.1 Asset Inventory
 1.2 Critical Asset Classification
 1.3 Risk Assessment
 1.4 Vendor/Third Party Reviews
Protect
 2.1 IT and OT use Multifactor
 2.2 Patch Management
 2.3 Security Awareness Training
 2.4 Endpoint and Network Protection
 2.5 Critical Backups, performed test and verified
Detect
 3.1 Security Monitoring Coverage
 3.2 Mean Time to Detect (MTTD)
 3.3 Alert Triage & SLA Compliance
 3.4 Anomalous Activity Trends
 3.5 OT/SCADA Detection Capabilities
Respond
 4.1 Documented Incident Reponse Plan
 4.2 Incident Response Testing
 4.3 Mean Response Time
 4.4 Post incident Review Completed
 4.5 Communication and Escalation
Recover
 5.1 Backup success and validation (IT/OT)
 5.2 RTO
 5.3 RPO
 5.4 Recovery Plan Documentation
 5.5 Recovery Plan Testing
 5.6 Improvement Process


 Overall Maturity
 0 nothing in place
 1 partial/not adequate
 2 controls/methodology in place but not validated/tested
 3 robust controls/methodology in place and tested
Current Threat Exposures - Top Three
 1)
 2)
 3)

Selected Key Performance Indicators Score Target Comments
Risk Management
 Applicable High-Risk Vulnerabilities (Server OS) N/A
 Annual Penetration Test Yearly
 Documentation Yearly
Technical Controls
 Users enrolled in MFA 100%
 Workstation Patch Compliance/Windows Updates 95%
 Server Patch Compliance/Windows Updates 95%
 Endpoint Protection 100%
 Total Quarantined Messages (November) O365 N/A
 Released Messages N/A
 Quarantined Phish N/A
 Malware N/A
User Awareness and Training - Q4 2025 to-date
 Total Phishing Simulations 8
 Simulation Failure Rate 1%
 Unique Users Compromised (Simulation) 1%
 Remedial Training Completion Rate 100%
 Repeat Users Compromised (Simulation) 0
 Annual Training Completion (UKG/Schoox) 100%
Incident Response/Security Operations Center (SOC) - Rolling three months
 SOC Alarms N/A
 Critical Alarms N/A
 SOC Reports/Tickets N/A
 Tickets Open End of November N/A
 Time to Detection < 30
 First Response < 60
 Burlington Electric Department
 McNeil Plant Project Update
 November 25, 2025
Transportation, Energy, and Utilities Committee


 Brad Bradshaw
 Katherine Birnie
 Velerity LLC
Agenda



 City Council Resolution 7.6 and Scope of Work

 Setting Emissions Baseline

 Potential GHG Emissions Reduction Initiatives

 Renewables and Storage Needed if McNeil Were Not In Service




 2
 November 20, 2023 City Council Resolution 7.6 formed the basis for
 developing and implementing a seven step task plan.
 Requests that BED do the following: And commission an analysis to assess:
1) Study the potential timeframes of plans to transition away from the need 1) The possibilities of repowering the McNeil site with different fuels that would significantly reduce greenhouse
 for conventional wood chip combustion as a significant power source for emissions at the stack as a bridge measure until truly low carbon sources of electricity such as wind, solar and
 the City of Burlington, including but not limited to the possibilities of storage technologies can provide reliable electric generation capacity within the affordability needs of
 repowering the McNeil plant with different fuels that would reduce ratepayers with particularity to low and moderate-income ratepayers;
 greenhouse gas emissions 2) The utilization of technologies that would significantly reduce greenhouse emissions in the future, including
2) Generate and implement a plan in collaboration with McNeil joint more efficient combustion;
 owners to reduce the greenhouse gas emissions from the McNeil plant 3) The utilization of the McNeil site for additional energy needs including energy storage and/or thermal energy
 stack by at least 25% in the next 5 years and 50% in the next 10 years to provision;
 the greatest extent practicable while continuing to reliably operate the
 4) The expansion of innovative partnerships such as the UVM solar research center newly located at the McNeil
 Plant for the benefit of ratepayers; and
 Plant; and
3) Identify opportunities for utilizing the McNeil site for additional energy
 5) The scale and types of alternative renewable energy technologies and energy storage that would be needed if
 needs including energy storage and/or thermal provision and/.or
 McNeil were not in service and Burlington desired to have its community provided with the lowest-carbon
 expansion of innovative partnerships such as the UVM solar research
 emissions renewable power generation that is both reliable and affordable particularly for low and moderate-
 center.
 income ratepayers.


 Task 5
 Task 1 Task 2 Task 3 Task 4 Tasks 6 & 7
 Identify & Evaluate Potential
 Start-up Meeting Process Inputs Characterize McNeil Plant Future Roles for McNeil Site Interim & Final Reports
 Solutions
• Project Plan • Evaluation criteria • Systems, Operating profile, • RE & storage analysis if McNeil • Develop screening criteria • Prepare interim report
• Goals & Objectives • Final report outline Efficiency, Utilization rates shut down • Identify potential solutions • Prepare final report
• Respective roles and • Modelling approaches • Economics, Emissions, • Analyze site potential for • Perform initial screening
 responsibilities • Outcomes Emissions controls energy including electric, • Detailed evaluation and
• Deliverables • Role within BED, Role within thermal and storage modelling
• Schedule ISO-NE, REC markets, Land • Analyze opportunities for
 usage innovative partnerships



 3
The principal focus is on two areas: reducing emissions and
understanding the renewable and storage resources required for
the “not-in-service” scenario
I. Analyze a range of potential initiatives to reduce stack II. Determine the scale and types of renewables and
 emissions by 25% and 50% energy storage required if McNeil were not in service that
 are reliable and affordable
  Establish an emissions baseline for McNeil Characterize McNeil considering energy, capacity and ancillary
  Identify, characterize and evaluate potential emissions services
  reduction initiatives Understand McNeil operating profile and economics
  Determine emissions impacts Understand how McNeil generates economic value for the
  Characterize operating cost impact people of Burlington
  Characterize capital requirements Determine the scale and types of renewable and storage assets
  Determine rate impacts needed if McNeil were not in service



 Maintaining 100% renewable energy designation
 Securing energy and capacity resources that are renewable
 Boundary Maintaining rates that do not materially change especially considering economically disadvantaged customers
 Conditions: Mix of energy, monthly peak capacity, annual peak capacity and ancillary resources that in aggregate mimic
 or that do not materially increase BED rates



 4
McNeil generation, wood consumption and emissions have been
generally been falling since hitting a peak in 2014 and 2015, aside
from the Ukraine war impact in 2021.




 5
Identifying and evaluating potential emission reduction initiatives
required setting an emissions baseline, a starting point from which
to measure the scale and impact of potential initiatives

  Generation 2020 2021 2022 2023 2024
 Generation, FY, MWh 270,713 305,412 275,141 241,775 204,240
 Generation, 5 year average 259,456

  Wood Consumption 367,606 414,725 373,619 328,311 277,341
 Five year average, tons/year 352,320
 Rate, tons/MWh 1.36 1.36 1.36 1.36 1.36
 Rate, MWh/ton 0.74 0.74 0.74 0.74 0.74

  Emissions Rate 1.36 tons per MWh
 Emissions, tons 368,170 415,360 374,192 328,814 277,766
  Five year average, tons/year 352,860 tons per year
 Target emissions levels
  25% reduction 88,215 tons per year 264,645 tons/year
  50% reduction 176,430 tons per year 176,430 tons/year

  Cost to remove at $90/ton
 25% reduction 7,939,360 $/year
 50% reduction 15,878,719 $/year
 6
Using the baseline of 352,860 tons/year, a 25% reduction equates
to a 4.7% reduction from 2024 while a 50% reduction equates to a
36.5% reduction from 2024.
 ‣ To achieve the 25% reduction
 in emissions from the baseline
 emissions level requires a 4.7%
 reduction in emissions from
 2024.

 ‣ To achieve the 50% reduction
 in emissions from the baseline
 emissions level requires a
 36.5% reduction in emissions
 from 2024.




 7
 12 potential emission reduction initiatives were assessed relative to
 reducing McNeil stack emissions
Potential initiatives Description Potential initiatives Description
Renewable Natural Purchase wholesale renewable natural gas from Circulating Fluidized Install a new combustion system in McNeil to
Gas Blending landfills and feed into the McNeil boiler system Bed Boiler improve combustion efficiency


Ammonia Blending Purchase low carbon ammonia, receive via tanker Air Fuel Optimization Install a control system that modulate and
 rail car and feed into the McNeil boiler system for optimizes the air fuel mixture in real time
 combustion
Burlington Work with Winooski and Burlington wastewater Pre-Heat Combustion Recovery waste heat from the stack to pre-heat
Wastewater RNG treatment plants to have anaerobic digesters Fuel incoming air for the combustion process
 installed to produce RNG
Wood Chip Drying Recover waste heat from the McNeil stack and Organic Rankine Cycle Install a waste heat recovery system using flue
 use to heat to reduce the moisture content of the gases to operate an ORC to produce additional
 wood chips electricity
OxyFuel Combustion Install an air separation unit to produce and mix Carbon Capture Install an amine process to capture carbon-
 into the combustion process pure oxygen dioxide from the flue gases, which is then cooled
 to a liquid state and sold
Biomass Gasification Install a gasifier unit to gasify the wood chips to Wood Pyrolysis Install a pyrolysis system that converts wood
 run the syngas through a high efficiency chips to a syngas to feed a combined cycle gas
 combustion turbine turbine to produce electricity

 8
 12 potential emission reduction initiatives were evaluated resulting
 in Carbon Capture and Wood Pyrolysis being the most promising to
 substantively reduce McNeil emissions
 Initial Emissions Economic Most
• Renewable Natural Gas
 Blending Screening Screening Screening Promising
• Ammonia Blending
• Burlington Wastewater
 Treatment Plant RNG Carbon Capture
• Wood Chip Drying
• Oxy Fuel Combustion
• Biomass Gasification Wood Pyrolysis
• Circulating Fluidized Bed
 Boiler
• Air-fuel Optimization
• Pre-heat Combustion Air
• Organic Rankine Cycle
• Carbon Capture
• Wood Pyrolysis



Biomass Gasification Already investigated and abandoned Burlington Low quantity of RNG – limited Renewable Natural Fuel cost to high
 Wastewater RNG impact Gas Blending
Circulating Fluidized Small efficiency gains do not warrant Wood Chip Drying Insufficient waste heat available Ammonia Blending Fuel cost to high
Bed Boiler the massive rebuild constraining impact

Air Fuel Optimization Already implemented Organic Rankine Insufficient waste heat available
 Cycle constraining impact

Pre-Heat Already implemented
Combustion Fuel

 9
 Summary results considering prospective rate impacts and carbon
 reduction

 Ammonia
 Blending




Wood Chip Ammonia RNG
 Drying Blending Blending

 RNG Blending
 Carbon
  ORC 1 Capture
 Carbon
 Capture ORC 2
 Pyrolysis




 10
Carbon Capture
‣ Post combustion carbon capture was evaluated for McNeil. The capital costs and operating costs were evaluated
 for achieving a 50% reduction in emissions, targeting 100,000 tons per year of carbon removal. Key source is the
 study of 110 wood fired CHP facilities in Sweden with post combustion carbon capture.
‣ The captured carbon dioxide would be sold in the Northeast market for carbon dioxide, estimated to be
 approximately 500,000 tons per year. CO2 would be purified and compressed and distributed in liquid CO2 trailer
 trucks. McNeil would be able to realize revenues from the sale of CO2, helping mitigate operating expenses, with
 potential revenues of up to $3 million per year, depending on market uptake.




 11
Carbon Capture


 Rate Impact 25% Level 50% Level
 CapX 67,159 518,678
 OpX 242,609 1,873,706
 Revenues 262,422 2,026,724
 Total 47,346 365,661
 Annual electricity sales 327,126 327,126
 Average rate 0.1734 0.1734
 Annual revenues 56,737,888 56,737,888
 Increase in revenue requirements 47,346 365,661
 New revenue requirements 56,785,234 57,103,548
 Implied rate requirement 0.1736 0.1746
 Rate increase 0.0001 0.0011
 Rate increase 0.08% 0.64%




 12
 Wood pyrolysis represents an opportunity to significantly increase
 the electric production efficiency while simultaneously reducing
 carbon emissions
Wood Chips Syngas Syngas Electricity
 Pyrolysis Process Heat Exchanger Turbine Generator



 Biochar
 Thermal Heat Recovery Electricity
 Energy Steam Turbine
 Steam Generator



 Stack
• Pyrolysis is a thermal process that decomposes the wood molecules and embedded moisture using a
 high temperature in the absence of oxygen. The process is not a combustion process and does not emit
 CO2. Depending on the temperature and the use of a catalyst, pyrolysis produces biochar and a syngas.
 The biochar can be sold into markets as a soil additive for agricultural purposes while the syngas can be
 used to produce electricity.
• Syngas is fed into a combined cycle gas turbine including a combustion turbine and a steam turbine,
 resulting in high efficiency electricity generation of approximately 60%.
• The combustion of the syngas with atmosphere does produce nitrous oxides which are mitigated in the
 design of the turbine to meet EPA requirements. The exhaust gases could potentially be fed into the
 McNeil existing NOx capture system to further reduce NOx emissions.
• The pyrolysis system would benefit from continuous operation as a baseload system for Burlington.
• The pyrolysis reduces carbon emissions for the McNeil site in two ways:
• Biochar contains carbon that is removed from the process
• The doubling of efficiency reduces emissions per unit of 13
 electricity generated
 Pyrolysis benefits from having a high efficiency as well as being able
 to sell the biochar output to generate additional revenues
 Carbon Intensity,
 Wood CO2 tons/ton Carbon
Carbon emissions Consumption tpy wood consumed Emissions
 McNeil 141,504 1.00 141,720
 Pyrolysis 75,000 0.40 30,046



Summary Rate Impact
 Number of Pyrolysis Systems 3 CapX annual carrying cost 2,072,814
 Combustion turbine production 68,157 MWh/yr Pyrolysis wood cost change 3,317,250
 Steam turbine production 31,877 MWh/yr McNeil wood cost change (6,008,101)
 Total 100,034 MWh/yr Total (618,037)
 Target production 204,240 MWh/yr BED annual electricity sales 327,126
 McNeil electricity production 104,206 MWh Average rate (calculation) 0.1734
 Pyrolysis percentage of total output 49.0% Annual BED electricity revenues 56,737,888
 Increase in revenue requirements (618,037)
 New revenue requirements 56,119,851
 Implied rate requirement 0.1716
 Rate increase (0.0019)
 Rate increase -1.09%


 14
City Council Resolution regarding considering the renewables and
storage needed if McNeil were not in service.
‣ From the City Council Resolution:
 • Assess the scale and types of alternative renewable energy technologies and energy storage that
 would be needed if McNeil were not in service and Burlington desired to have its community
 provided with the lowest carbon emissions renewable power generation that is both reliable and
 affordable particularly for low and moderate-income ratepayers.

‣ Boundary conditions:
 • Making sure that BED can still be qualified as 100% renewable energy in accordance with the
 criteria established by the state of Vermont.
 • Maintaining rates that do not materially change especially considering economically
 disadvantaged customers




 15
McNeil provides several significant sources of value to its
stakeholders including the people, institutions and commercial
enterprises in the city of Burlington as well as the regional economy
‣ Generates and provides cost effective electricity to BED”s customers
‣ Contributes to maintaining the Burlington Electric Department’s 100% renewable
  energy designation on the part of the state of Vermont
‣ Provides a significant portion of the electricity consumed by the people, institutions
  and commercial enterprises in the city of Burlington
‣ Contributes materially to meeting BED’s Capacity Load Obligation
‣ Contributes to the regional economy in terms of employment, maintenance, services
  and capital improvements through the wood supply chain and plant operations




 16
McNeil has a favorable fuel cost of approximately $4.40 per MMBtu




 17
Based on a preliminary analysis, considering only energy, purchasing
replacement power on the wholesale market plus purchasing additional RECs
would increase BED’s revenue requirements by an estimated 17%
‣ In January, 2024 the McNeil power plant generated 32,680 MWh and had a capacity factor of 85.8%, implying that the plant operated 638 hours out
 of 744 hours in the month. For estimation and illustration purposes, we are applying the January 2024 operating profile to January 2025 ISO-NE LMP
 data to understand some of the financial implications if McNeil were not in service.
‣ To illustrate, BED customers benefit economically from the plant’s operation in two ways, taking one approach:
 • Power costs - Instead of generating power, BED would have to buy power from the wholesale market well above the McNeil’s implied offer
 price, amounting to an estimated power cost premium $1,098,225.
 • REC costs - Because ISO-NE grid power is mostly fossil fuel, BED would have to purchase RECs to green up the power, adding an estimated
 $594,776 in REC costs, considering that the ISO-NE grid was 52% fossil in January 2025



 Savings Provided
 by McNeil over
 Blue Line: Vermont Red Line: McNeil LMP Market Price
 Locational Implied Offer Price,
 Marginal Price, $/MWh
 $/MWh




 Percentage of Hours
 in the Month


 18
Considerations for the scale and types of renewable energy and
energy storage if McNeil were not in service

 Renewable Energy Annual Capacity Load Obligation Ancillary Services
• Source 111,690 MWh/year • Burlington has an annual peak of about 62 • Provide ancillary services to the wholesale
• Evaluate in the context of maintaining MW market in keeping with available resource
  BED’s meeting Vermont’s Renewable • BED’s share of the McNeil capacity is mix
  Energy Standard requirements for 100% approximately 26 MW • Generating revenues from the provision of
  renewable. • As a Load Serving Entity, BED has an ancillary services is not a technical
• Consider renewable resources that can obligation to make available capacity requirement but potentially represents a
  contribute to meeting BED’s Capacity Load resources to meet peak capacity during the loss of value associated with the not in
  Obligation annual New England peak hour (Capacity service scenario.
• Consider the full range of renewable Load Obligation)
  resources available to BED • Consider the full range of potential capacity
 resources available.




 19
BED would need to implement a mix of resources if McNeil were
not in service, each with material implications associated
availability, timing, capital requirements and performance risks
 Generation with High Effective Load
 Dispatchable Generation for Capacity
 Carrying Capacity
 Hydropower PPA or Investment BED Combustion Turbine
 BED Wood Pyrolysis Power Generation on the BED Reciprocating Engine
 McNeil Site




 Utility Scale Battery Energy Storage Distributed Energy Resources / VPP

 BED MW class battery energy storage system Mix of DER resources:
 Vehicle to Grid Enabled School Buses
 Industrial load management
 Residential domestic hot water load
 management
 Utility initiated behind the meter backup power


 20
The scale and types of renewable energy and energy storage if
McNeil were not in service
‣ Scenario 1 – Wood pyrolysis, utility scale BESS and distributed energy
  resources Energy Capacity
 Pyrolysis/BESS/DER MWh MW
 Wood Pyrolysis 111,681 12.75
 Utility scale BESS - 5.00
 Distributed Energy Resources - 9.32
 Total 111,681 27.07


‣ Scenario 2 – Hydropower, utility scale battery energy storage and
  distributed energy resources
 Energy Capacity
 Hydro/BESS/DER MWh MW
 Hydropower 111,681 15.00
 Utility scale BESS - 5.00
 Distributed Energy Resources - 9.32
 Total 111,681 29.32


 21

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
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 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
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 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.
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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




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