Burlington Electric Commission — Burlington, VT
Date: 2026-02-11
Time: 17:00

BURLINGTON
 BOARD OF ELECTRIC COMMISSIONERS
 585 Pine Street
 Burlington, Vermont 05401
 To be held at Burlington Electric Department (and)
 Via Microsoft Teams
 +1 802-489-6254
 Conference ID: 636 059 465#
LARA BONN, CHAIR
ALI KENNEY
SCOTT MOODY
ANDY VOTA, VICE CHAIR
BRIAN WILLIAMS
 AGENDA
 Regular Meeting of the Board of Electric Commissioners
 Wednesday, February 11, 2026 – 5:00 PM


1. Agenda (5 min.)

2. Minutes of January 14, 2025 Meeting (5 min.)

3. Public Forum (10 min.)

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

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

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

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

8. Supplemental Resolution No. 20 Amending General Bond Resolution (discussion & vote): Emily Stebbins-
 Wheelock and Kathy Zhou of Paul Frank + Collins (10 min.)

9. McNeil Budget Update – Lincoln Sprague (discussion and vote) (15 min.)

10. Establish policy for managing written and verbal public comments – Commissioner Bonn (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, February 11, 2026 – 5:00 PM


1. Agenda (5 min.)

2. Minutes of January 14, 2025 Meeting (5 min.)

3. Public Forum (10 min.)

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

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

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

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

8. Supplemental Resolution No. 20 Amending General Bond Resolution (discussion & vote): Emily Stebbins-
 Wheelock and Kathy Zhou of Paul Frank + Collins (10 min.)

9. McNeil Budget Update – Lincoln Sprague (discussion and vote) (15 min.)

10. Establish policy for managing written and verbal public comments – Commissioner Bonn (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, January 14, 2025

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

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

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

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

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

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

Commissioners’ Corner
No topics discussed.

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

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


 2
  Net power supply expense was favorable to budget by $478,000 with increased purchased
 power expense of $147k offset by fuel savings of $501,000 and transmission savings of
 $81,000.
  Other operating & maintenance expense was unfavorable to budget due to labor and timing
 of expenses.
  Capital spending through November is 22% of the full-year capital budget due to project
 timing, with $3.3 million spent versus $7.8 million planned year-to-date.
  Operating cash was $8.3 million in November, $4.42 million below budget primarily due to
 timing of GO bond proceeds. Days cash on hand was 118 including the $10 million line of
 credit.
  The debt service coverage ratio was 4.79, with an adjusted debt service coverage ratio of
 1.22.
  Commissioner Kenney asked why McNeil experienced outages in December. General
 Manager Springer responded that the plant had a failed gearbox and boiler tube leaks,
 causing lower production and operational impacts.

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

 3
  The estimated weighted average useful life of the funded assets is approximately 52 years,
 which compares favorably with the 20-year bond term.

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

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

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

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

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

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

Commissioners’ Check-In


 4
Commissioner Williams shared that he has been re lecting on comments from General Manager
Springer and public participants regarding future discussions on probabilistic impacts related to
McNeil's performance. Commissioner Williams stated that he has relevant expertise and intends to
model this topic as a forward-looking discussion in the future.

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

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

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

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



 Attest: ______________________________________________
 Elena Alexander, Board Clerk


 Final version to be signed
 Attest: _______________________________________________
 Emily Stebbins-Wheelock, CFO and Manager of
 Strategy and Innovation.




 5
To: Burlington Board of Electric Commissioners

From: Darren Springer, General Manager

Date: February 6, 2026

Subject: January 2026 Highlights of Department Activities


General Manager – Darren Springer
  McNeil CY25 financials – Unlike CY2024, where McNeil had a net loss as a plant (separate from
 any BED or Burlington benefits), in CY2025 the plant had a net income of over $2 million pre-
 depreciation and interest expense. This reflects much stronger energy prices in CY2025 ($83.65)
 compared to CY2024 ($49.51).
  ISO prices/winter – Very high sustained pricing around the clock on ISO-NE market in January due
 to colder weather/storms, and continuing in February. Thanks to the generation team for their
 work keeping our plants running, including shifts at GT. Region relying far more heavily on oil than
 typical.
  Legislative - BED testified 1/23 in House Energy & Digital Infrastructure on Energy Efficiency
 Modernization Act (EEMA) extension. Following discussions with Department of Public Service we
 believe we have a compromise proposal to present, and working with Committee on that proposal.
  Regulatory – Will provide verbal update on EEU early performance docket, RFP draft, DRP
 discovery process, and FY26 rate case.
  New High School – BED team had a chance to visit and tour the under construction new high
 school, and see energy systems including geothermal and heat pumps, heat pump water heaters, EV
 chargers, and all electric kitchen. BED provided geothermal test well funding and is supporting
 other energy efficiency and electrification investments at the high school.

Center for Innovation – Emily Stebbins-Wheelock
  Preparing for 2026 revenue bond issuance.
  Began FY27 budget process.
  Began FIS vendor contract negotiations.
  SpryCIS data validation and functional testing for 2.0 data conversion.
  Department of Public Service (DPS) filed comments expressing no concerns nor further questions
 with BED’s testimony in the DES investigation docket.
  PUC approved BED’s Standard Offer Exemption for 2026.
  BED and DPS both filed comments in EEU performance assessment recommending no special
 investigation and to follow regular schedule for upcoming review of all EEUs to begin this summer.
  Jorgen DeJarlais and Xander Briggs joined the Policy & Planning team as Resource Planner Is.
  Commercial & industrial portion of Building GIANTS program is ready to launch. Policy & Planning
 and Energy Services will begin engaging/enrolling large customers in February.
  Formally submitted Mayor’s Climate Advisors report to the Mayor, including discussion with Mayor
 on key themes and high-level recommendations.
  Coordinated tour of new BHS including colleagues from CCRP and South Burlington. Submitted New
 England Sustainable Energy Association application for fall “pro-tour” of project.
 January 2026 – Department Highlights



  During “office hours” at the Fletcher Free Library, conducted impromptu mini-workshops on how
 to use different winterization tools such as plastic wrap, clay rope, and weatherstripping.

Center for Safety and Risk Management – Paul Alexander
Safety
  SQRP completed and submitted for 1/8/26:
 a. Lost Time Incident Rate (LTIR) = Multiply the total number of lost time injuries in a
 certain period multiply by 200,000. Then divide by actual total hours worked to get the
 LTIR.
 i. This number tells you the number of lost time injuries per 100 workers, (equivalent
 to 2000 hours worked for each of 100 workers). The 200,000 is a standardized
 benchmark to compare companies of different sizes.
 1. State of VT Annual SQRP Lost Time Incident Rate (LTIR) Baseline: <=3.5
 a. BED 2025 LTIR = 0.95
 b. The Lost Time Severity Rate (LTSR) = Measures the average number of days lost per lost-
 time injury, indicating the seriousness of workplace accidents. It is calculated by (total lost
 workdays * 200,000). Then divide by actual total hours worked to get the LTSR.
 i. This number tells you the number of days lost per 100 workers, (equivalent to 2000
 hours worked for each of 100 workers). The 200,000 is a standardized benchmark
 to compare companies of different sizes.
 1. State of VT Annual SQRP Lost Time Severity Rate (LTSR)
 Baseline: <=71
 a. BED 2025 LTSR = 25.52
  The 2025 OSHA Logs were closed out and signed, and it was posted on 1/29/26. This will meet
 OSHA 1904 Standard to post Form 300A summary of OSHA recordable activity for Calendar
 Year 2025 of this report being posted by 2/1/26.
  Bureau of Labor Statistics (BLS) report which is due 1/31/26 was completed and submitted on
 1/16/26.
  OSHA Injury Tracking Report due 1/31/26 was completed and submitted on 1/16/26.
Environmental
  The Environmental Team completed the McNeil annual emissions inventory report for the VTDEC.
 This report totalizes specific compounds such as NOx, CO, PM, and VOC/HAPs emitted from our
 combustion units each year to determine our operating fee.
  The Environmental Team completed the McNeil certification of compliance, a form that highlights
 all the conditions of our air permit and certifies if we have remained in compliance all year. Any
 excursions are noted as intermittent noncompliance and detailed for the length of time and cause.
  The Environmental Team completed the Multi-Sector General Permit renewal application for
 stormwater otherwise known as the Stormwater Pollution Prevention Plan. This is a federal
 program managed by the VTDEC stormwater department that requires industrial sectors to operate
 with best stormwater management practices in mind and has conditional monitoring requirements
 plus inspections.
  The Environmental Team completed the EPA quarterly emissions report for the acid rain program
 reporting requirement as well as completing the VTDEC Title V air emissions report for 2025
 quarter 4 along with REC and GIS data submittals.


 Page 2
 January 2026 – Department Highlights



Risk Management
  Extensive work on reviewing and producing the FY’27 Budget for Center for Safety (C4S), both
 Expense, Capital and 5-yr forecast
  Corresponded with Lost Tree Property Management re: revising our Electric Avenue access
 agreement
  Made final draft revisions/updates to BED’s “Garage Use” policy now called “Employee Personal
 Use of BED Property policy” which was adopted at this month’s Labor Management Committee
 (LMC) with the IBEW
  Conducted new employee orientation on Workers’ Comp, Auto accident and Loss control topics
  Chaired both BED Safety Committee and LMC meetings
  Extensive time researching and working with the State of VT re: our Rodent Bait Trap process at
 585 Pine Street
  Met on next round of Foresters’ vehicles and Electrification options.
  Working with our NPCC consultant (Utility Services) re: report of our 6-month breaker testing
 program


Purchasing/General Services
  Worked with McNeil & GE to order the Turbine Blade Carrier#5 which should install in the spring
 in 2028
  Received the new transformer trailer (need to haul heavy transformer)
  Received proposal back for RFP# 039-26 GIS team is reviewing
  Plowing & salting extreme amount this month
  RFQ for Metering truck budgetary number for FY27 budget
  Put out RFP# 049-26 Winooski 1 DECS – 250
  Put out RFP# for the McNeil spring outage - New Well Drill - ESP Field Rebuild
  Put out RFP for 7 different size transformers.

Center for Operations & Reliability – Munir Kasti
 After discovering a manufacturing defect in the lighting arms on Main Street’s Great Streets project,
 distribution and metering crews were tasked with making temporary adjustments to ensure the arms
 were safe until new ones can be installed. Upgraded the primary system and installed new
 transformers on Isham Street to address a load imbalance.
 Upgraded transformers on Archibald Street, Western Avenue, and at UVM’s Wheeler Barn.
 Completed service upgrades on North Street and North Union Street.
 Metering and distribution crews continue to upgrade the city’s streetlights to LED as defective fixtures
 are identified.
 BED welcomed Matt Butler as the newest member of the line crew. Matt joins us from GMP and brings
 more than 20 years of experience. He is a strong addition to our team.
 BED welcomed Luke Hulbert to the Technician group as an Electrician 1. Luke transitioned from the
 McNeil plant where he was an Electrician 1.




 Page 3
 January 2026 – Department Highlights



Engineering, Grid Services & Operations
SAIFI & CAIDI Outage Metrics:
BED’s distribution system experienced 8 outages in January 2026 (1 unscheduled and 7 scheduled). BED’s
SAIFI for the Month of January was 0 interruptions per customer and CAIDI was 1.04 hours per
interruption. BED's YTD SAIFI is 0 interruptions per customer and YTD CAIDI is 1.04 hours per
interruption.

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




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




The following figure shows BED’s historical Unplanned Outages:




 Page 4
 January 2026 – Department Highlights



Generation

McNeil Generating Station
Month Generation: 22,108 MWh
YTD Generation: 22,108 MWh
Month Capacity Factor: 59.43%
Month Availability: 63.17%
Hours of Operation: 470 hours

McNeil hired a Station Operator and a Yard Worker in the Month of January.

Winooski One Hydroelectric Station
Monthly Generation: 1,949.4 MWh
YTD Generation: 1,949.4 MWh
Month Capacity Factor: 35%
Annual Capacity Factor: 35.41%
Month Availability: 70%

Winooski One has been fighting 6-inch thick ice on the trash rack, requiring operators to attend three times
a day, seven days a week to ensure the ice does not get too thick. Project and budget planning are
underway for Winooski One.

Burlington Gas Turbine
Month Generation: 527.3 MWh
YTD Generation: 527.3 MWh
Month Capacity Factor: 3.2%
Month Availability: 99%
Hours of Operation Unit A: 31.9 hours
Hours of Operation Unit B: 30.8 hours

Solar (Pine Street 107 kW)
Month Generation: 2 MWh (-40% from previous year)
YTD Generation: 2 MWh
Month Capacity Factor: 2.3%
Month Availability: 100%

Solar (Airport 499 kW)
Month Generation: 10 MWh (-45% from previous year)
YTD Generation: 10 MWh
Month Capacity Factor: 2.7%
Month Availability: 100%

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




 Page 5
 January 2026 – Department Highlights



 Call Answer Time (75% in 20 seconds): January 2026 90.4%, December 2025 91.4%, November
 80.3%, October 81.7%, September 75.9%, August 78.4%. January 2025 86.4%, December 2024 83.4%,
 November 84%, October 80.6%, September 2024 75.2%, August 83%.

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




 Complaints to DPS about Customer Care Team
 20
 14 15




 # of Complaints
 15
 9 9
 10
 5
 5
 0 1 0 0 0 0 0 0 0 0 0
 0
 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Jan-26
 Calendar Year


Communications and Marketing

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




 Page 6
 January 2026 – Department Highlights



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

 Net Zero Energy Podcast: we invite you to take a listen at burlingtonelectric.com/podcast. Our latest
 episode features Dwight DeCoster, Program Manager for Champlain Valley Weatherization with the
 Champlain Valley Office of Economic Opportunity (CVOEO). Dwight shares information about
 weatherization opportunities for homeowners and renters to improve home energy efficiency and
 comfort and to decrease heating bills at little or no cost to qualifying residents.

 Full website visits for January 2026




Top-performing Facebook & Instagram posts


Podcast episodes and Burlington Telecom email discontinuation




Energy Services
 UVM & UVMMC
 ES is working with staff and contractors on several ongoing projects.
 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 during the colder months without the need to run any electric
 chillers. Previously at least one chiller was required to be run throughout the winter and shoulder




 Page 7
 January 2026 – Department Highlights



 seasons. The savings calculations have been completed, and the final site visit was completed this
 month.
 UVM Medical Center / Chilled Water System Chiller Replacement – A 1,300-ton chiller in the central
 plant has failed and the hospital has identified a replacement unit, which is now on-order. It will be
 more efficient than CBES energy code baseline, is a magnetic bearing chiller, and also utilizes an ultra-
 low GWP refrigerant.
 UVM Howe Library / HVAC Re-Commissioning – During late spring of last year, UVM’s controls group
 implemented control sequence improvements in the 160,000 SF Howe Library’s DDC. This included
 implementation of an occupancy schedule, improved VFD control of ventilation fans, and
 implementation of an economizer sequence. The electric and natural gas savings are significant
 because of the large size of the building. Using UVM’s DDC and sub-metered electric, steam and chilled
 water data, BED has completed the energy savings analysis for electric savings and brought VGS in to
 provide incentives for the NG savings. A final site visit for the project is scheduled for early February.
 UVM Stem Building Re-commissioning – This is large lab and classroom/office complex that has
 undergone an HVAC re-commissioning study by a third-party contractor. One identified measure
 involves leak detection of the lab compressed air system. The system involves two 30HP compressors
 which historically run 24/7. BED is working with UVM on a strategy to estimate energy savings for
 more efficient use of compressed air used by the research labs.

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

Electric Vehicles & Charging Stations
 The EVSE (ChargePoint, Flo & AmpUp) dispensed a total of 40.0MWh and supported 1,811 sessions.
 The ChargePoint EVSE served 676 unique drivers.



 Page 8
 January 2026 – Department Highlights



 The top 3 sales on the ChargePoint network were 113kWh, 115kWh, and 122kWh and occurred at the
 College St. Garage and the Pease Lot DCFC.
 Approximately 48% (or 21.3MWh) of the energy sold from the entire network is attributed to the Pine
 St., Marketplace Garage, and Pease Lot DCFC’s. The Pine St. DCFC dispensed the most energy.
 The Front St. pole mounted charger dispensed the most energy of all Level 2 ports.
 EV and PHEV rebates to date – 1,198 (of this 262 LMI rebates to date)
 Customers currently participating in the new EV Charging Rate- 439
 Single-family & multifamily home EV charging stations rebates to date – 437
 ChargePoint will institute a per session fee starting in March 2026.

  ChargePoint account holders: $0.25 (AC) / $0.49 (DC)
  Guest/Anonymous users: $0.49 (AC) / $0.99 (DC)
  In addition to their fee of 10% of all revenue, which in Jan. was $820, the per session fees, if
 implemented in Jan, would have netted ChargePoint and additional $540.

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 – 3,225 installations (of
this 243 LMI rebates to date)




 Page 9
 BED 2025-2026
 Strategic Direction Dashboard

 2025
 Jan 2026 Yearly Dec 2025 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly
 Target Actuals Actuals Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual
Engage Customers and Community
Call answer time 75% within 20 seconds 75% 90% avg 81% 91% avg 81% avg 82% avg 82% avg 82% avg 81%
Delinquent accounts >$500 0 298 avg 280 301 avg 223 avg 168 avg 188 avg 529 avg 201
Disconnects for non-payment 0 8 351 0 308 224 12 0 45
Energy Assistance Program Customers (program lifetime) NA 936 929 929 843 234
Energy Assistance Program Customers (currently enrolled) 300 771 772 772 770 219
# of residential weatherization completions 10 0 3 0 7 11 5 5 3 11
Weatherization completions in rental properties 0 0 0 3 8 6 0 0 TBD
# or % of homes or SF weatherized TBD 0 TBD 0 TBD TBD TBD TBD 0
# of commercial building with improved thermal envelopes 0 1 0 5 6 4 5 5 0
Total annual mWh saved via the EE programs (annual goal) 4,039 506 1,674 1,674 1,116 2,940 4053 3057
Total residential annual mWh saved via the EE programs (cumulative for year) 702 22 233 233 333 494 862 917
Total commercial sector annual mWh saved via the EE programs (cumulative for year) 3,337 484 1,441 1,441 783 2,447 3191
 2140
% of EEU charge from LMI customers spent on EE services for LMI customers $ 277,854
 $ 297,026 $ 282,343 $ 277,854 $ 164,186 $ 504,942 $ 335,234 TBD TBD TBD
(cumulative for 2024- 2026 3-year EEU performance period)
# of pageviews, overall website-wide 22,201 267,394 21,565
# of unique website homepage views 4,516 53,579 4,177
Strengthen Reliability
SAIFI (AVG interruptions/customer) (annual target) < 2.1 0.00 0.35 0.01 1.63 0.56 1.05 0.17 1.48 1.01
CAIDI (AVG time in hrs to restore service) (annual target) < 1.2 1.04 1.44 1.44 0.94 0.67 1.49 0.55 0.75
Distribution System Unplanned Outages (annual target) 82 1 58 6 69 39 61 44 90 98
McNeil Forced Outages 0 1 11 2 10 5 14 5 21 TBD
W1H Forced Outages 0 0 2 0 3 2 6 9 2 TBD
GT Forced Outages 0 2 3 0 2 9 6 2 3 TBD
Invest in Our People, Processes, and Technology
Avg. # of days to fill positions under recruitment 120 228 282 228 253 219 100 68 179
# of budgeted positions vacant 0 7 avg 10 12 avg 12 avg 12 avg 9 avg 9 6 NA
 BED 2025-2026
 Strategic Direction Dashboard

 2025
 Jan 2026 Yearly Dec 2025 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly
 Target Actuals Actuals Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual
Innovate to Reach Net Zero Energy
Tier 3 Program
# of residential heat pump installs 14 217 40 176 186 255 315 203 10
# of commercial heat pump installs 0 1 1 5 8 4 4 13 0
# of residential hot water heat pump installs 0 30 3 28 31 26 14 6 4
# of commercial hot water heat pump installs 0 - - 0 0 0 0 0 0
Heat pump rebates 14 232 41 185 206 271 328 212 0
Heat pump hot water heater rebates 0 30 3 28 47 18 15 3 0
LMI heat pump rebates 0 42 - 35 21 43 28 6 4
Heat pump technology installs in rental properties 0 - - 3 8 10 14 9 TBD
LMI heat pump hot water heater rebates 2 24 10 2 6 1 2 0 1
EV rebates - new 1 127 8 125 103 53 67 14 36
EV rebates - pre-owned 3 32 4 23 16 18 7 8 2
 See NZE
LMI EV rebates 0 26 - 50 26 9 11 7 7
 Roadmap
PHEV rebates - new 3 33 1 44 25 27 41 10 17
 Goals below
PHEV rebates - preowned 1 15 - 8 6 12 6 5 3
LMI PHEV rebates 0 3 - 11 5 15 13 6 2
Public EV chargers in BTV (total) 41 ports 41 ports 41 ports 40 ports 32 ports 30 ports 27 ports 27 ports 14
Public EV charger energy dispensed (kWh) 40,000 483,500 45,300 355500 244,300 151,360 86,570 35,690 78,000
Home EV charging station rebates 9 148 31 82 72 70 32 20 12
EV charging rate customers (total) 441 425 425 347 246 157 40 40 28
Level 2 charger rebates 0 86 - 22 10 11 10 0 1
Level 1 charger rebates 0 1 - 0 0 - 0 1 0
E-bike rebates 0 263 12 169 147 152 88 36 65
E-mower rebates 1 88 1 109 135 159 154 95 142
E-forklift rebates 0 - - 0 0 1 0 0 0
MWE of Tier 3 measures installed 1,272 45,276 2,240 26,120 22,374 22,837 23,763 35,112 3,342
% Tier 3 obligation met with program measures 100% 5% 187% 187% 122% 117% 131% 159% 283% 31%
Net Zero Energy Roadmap Goals
# of solar net metering projects installed 1 26 8 13 32 33 29 24 33
No. of homes receiving NZE Home Roadmaps 0 - - 0 - 7 10 7
Residential heat pumps for space heating (no. of homes) 2025: 14,181 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 487, 7% of goal 431 411 405 374 374
Residential heat pumps for water heating (no. of homes) 2025: 10,553 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 6, 0.2% of goal 0 0 0 0 -
EV registrations in BTV (light-duty) 2025: 7,503 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 174, 55% above target 179 193 188 185 214
Fossil fuel consumption (billion BTU) 2025: 1,539 NA NA NA 2,964, 68% above target 3,044 3,319 3,169 3,185 3,660
 BED 2025-2026
 Strategic Direction Dashboard

 2025
 Jan 2026 Yearly Dec 2025 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly
 Target Actuals Actuals Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual
Demand Response
Manage Budget and Risks Responsibly
Safety & Environmental
No. of workers' compensation/accidents per month 0 1 6 0 7 8 16 4 8
Total Paid losses for workers’ compensation accidents (for the month) annual $982 $ 186,754 $ 7,138 $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 0.95 0.95 0.99 2.0 1.99 0.0 0.93 0.89
Lost Time Severity Rate (days/year) (Dec numbers reflect annual results) <= 71 annual N/A 25.52 25.52 9.90 107.4 112.63 0.0 41.71 78.2
Lost work days per month 0 0 27 0 avg 10 avg 12 avg 9 0.0 45
NOx reporting levels to EPA (Quarterly) (lbs/mmbtu) <0.075 0.065 0.071 0.069 0.06 0.06 0.06 0.07 0.07
# of reported spills, waste water incidents (monthly) 0 1 0 0 4 2 6 4 4
Phosphorus levels to DEC in lbs (monthly/yearly total) <0.8/37 0.155/1.283 1.256 0.076/1.281 1.87 0.705 0.688 2.028 1.169
# of new power outage claims reported (monthly) 1 1 2 0 6 3 5 7 4
# of new auto/property/other liability claims reported (monthly) 2 1 19 1 24 36 27 18 27
Purchasing & Facilities
# of Purchase Orders for Inventory (Target: avg for winter months) 42 58 891 104 738 541 636 644 593
$ value of Purchase Orders for Inv. (Target: avg dollars spent during winter) $78,000 $95,931 $ 8,244,846 $2,152,920 $ 6,613,883 $2,481,531 $ 4,861,023 $ 3,278,620 975,531
# of stock issued for Inventory (Target: avg during winter months) 320 657 8361 600 7,207 6,777 6,187 4,402 4,545
$ value of stock issued for Inventory (Target: avg. during winter) $ 65,000 $ 393,980 $ 2,032,594 $ 100,985 $ 2,352,360 $ 1,925,781 $ 2,200,233 855,456 1,086,478
# of posters pulled from poles monthly (Target: goal to remove each month) 58 0 917 - 351 592 900 2,728 627
# of Spark Space and Auditorium setup/breakdowns monthly (Target: Covid impact) 3 6 166 9 199 207 132 88 87
Finance
Debt service coverage ratio (avg of previous 12-months) 1.25 50.7 FY25 4.60 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 1.29 FY25 1.14 1.25 FY24 1.29 FY23  1.22 FY22 1.08 FY21 0.93 FY20 0.90 FY19
Days unrestricted cash on hand (incl line of credit) >90 144 FY25 141 146 FY24 93 FY23 120 FY22 121 FY21 120 FY20 109 FY19
Arrearages >60 days $ 610,081 $ 627,497 $ 627,497 $ 470,940 $ 392,196 $ 408,903 $ 1,087,769 $ 749,054
Regulatory
Open PUC dockets 37 33 35
Open PUC dockets with deadlines in next 3 months 8 10 12
Power Supply
McNeil generation (MWH) (100%) per budget 22,108 209,276 21,341 197,044 184,798 228,981 273,355 192,696
McNeil availability factor 100% 63% 60% 63% 66% 84% 67% 80%
McNeil capacity factor per budget 59% 48% 57% 45% 42.3% 52.4% 62.4%
Winooski One generation (MWH) per budget 1,949 17,075 1,865 29,498 36,318 25,350 24,752 21,194
Winooski One availability factor 100% 70% 53% 70% 98% 97.2% 98.3% 97%
Winooski One capacity factor per budget 35% 26% 34% 48% 56% 41.7% 37%
Gas Turbine generation (MWH) NA 527 682 20 484 475 356 373 441
Gas Turbine availability factor 100% 99% 96% 100% 98% 46.7% 54.5% 96%
Gas Turbine capacity factor NA 3% 1% 0.2% 0.1% 0.2% 0.2% 0.21%
BTV solar PV production (mWh) 138 4,905 93 5,020 4,681 5,260 5,015 5,182
Cost of power supply - gross ($000) $ 34,980 $ 3,764 $34,858 $30,002 $36,755 $30,285 $31,081
Cost of power supply - net ($000) $ 27,131 $ 3,764 $27,984 $22,710 $27,487 $22,134 $23,388
Average cost of power supply - gross $/KWH $ 0.12 $ 0.13 $0.11 $0.09 $0.11 $0.09 $0.10
Average cost of power supply - net $/KWH $ 0.09 $ 0.13 $0.08 $0.07 $0.08 $0.07 $0.08
 FY 2026
Financial Review
 December




 February 4, 2026
 Burlington Electric Department
 Financial Review

 FY 2026



Table of Contents:

● Financial Highlights 1-2


● Revenues and Expenses

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


● Capital Spending 15 - 18


● Cash 19
 Full Yr CURRENT MONTH YEAR TO DATE
($000) Budget Budget Actual Variance Budget Actual Variance
 Sales to Customers 56,090 5,197 5,496 299 29,882 30,680 797
 Other Revenues 3,881 414 362 (51) 2,156 1,622 (534)
 Power Supply Revenues 7,631 0 0 0 4,698 4,150 (548)
Total Operating Revenues 67,602 5,611 5,858 247 36,737 36,452 (285)
 Power Supply Expense (Net) 35,540 3,251 3,764 (513) 20,443 19,517 926
 Operating Expense 22,912 1,871 2,268 (397) 11,660 11,825 (165)
 Depreciation & Amortization 5,832 495 539 (44) 2,972 3,153 (181)
 Taxes 3,615 304 290 14 1,834 1,728 106
Sub-Total Expenses 67,899 5,921 6,861 (940) 36,909 36,223 686
Operating Income (298) (310) (1,003) (693) (173) 228 401
Other Income & Deductions 6,855 525 800 275 2,897 3,695 798
Interest Expense 3,204 256 257 (0) 1,549 1,523 25
Net Income (Loss) 3,354 (41) (460) (420) 1,177 2,400 1,223

Year-to-Date Results:
 • Sales to Customers up $797,400 (2.67%). Residential Sales up $327,000 and Non-Residential Sales up
 $470,400.

 • Other Revenues down $534,000 (25%)
 a. DSM billable (customer driven).

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

 • Power Supply Expenses (Net) down $925,000 (4.5%)
 a. Fuel down $1,270,000 (23.5%).
 b. Purchased Power up $432,000 (4.7%).
 c. Transmission down $87,000 (1.5%).

 • Other Operating Expenses up $165,000 (1.4%)
 a. Timing: various items were less than budget including outside services ($227,000), materials & supplies
 ($169,000), and RES Compliance ($182,000); offset by items higher than budget including labor and
 labor overhead, $317,000; and rentals/leases, $60,600.

 • Taxes down $106,300 (5.8%)
 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 $798,000 (27.5%)
 a. Timing; favorable gain/loss on disposition of plant, $153,400.
 b. Interest/investment income up $99,000.
 c. Timing; favorable customer contribution /grant proceeds $564,700.
 d. Offset by timing of jobbing ($93,200).




 1
 Capital Spending – December YTD
 ($000s)
 Plant Type Full Yr. Budget Budget Actual % Spent
 Production $4,481 $2,597  $1,035 23%
 Other 868 448 62 7%
 Transmission 222 222 230 103%
 Distribution 6,419 3,720 1,939 30%
 General 3,228 1,832 548 17%

 Total $15,218 $8,819 $3,813 25%

(1) Production – Timing; projects at McNeil and W1 are under budget including NOx system
 catalyst replacement ($146,000) and well ($185,000), FERC relicensing ($330,000), and plate
 torque/embankment repair ($403,600). Also, budget assumed $50,000 for replacement rail cars
 in July vs $0.

(2) Distribution – Transformers under budget due to availability ($782,500); timing of Deforest Rd
 ($98,500) and ADMS ($194,500) projects.

(3) General – Timing of IT Forward projects ($605,100) and electric forklift ($137,700).



 As of December 31, 2025
 Operating Cash and Investments
 Operating Funds $10,594,969
 Operating Funds – CDs $988,620
 CD/Money Market - GOB $1,065,542
 Total Operating Cash $12,649,131




 Credit Rating Factors – December 2025
 3 Year
 "A" "Baa" Current Average
 Debt Service Coverage Ratio 1.25 1.25  4.60 4.38
 Adjusted Debt Service Coverage Ratio 1.50 1.10  1.14 1.27
 Cash Coverage - Days Cash on Hand 90 30
 - With $10M Line of Credit 141 139
 - Without Line of Credit 82




 2
 Burlington Electric Department
 Fiscal Year Ending June 30, 2026


 Total Sales to Customers - KWH
 Monthly

 35,000




 30,000




 KWH (000)
 25,000




 20,000
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
 Budget 32,855 30,319 26,899 25,256 24,532 27,238 28,518 25,711 26,620 24,405 24,403 25,950
 Actual 32,740 29,621 25,937 25,167 25,102 28,524




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



 3
 FY 2026
 Cooling Degree Days (CDD)
 350

 300

 250

 200

 150

 100

 50

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



 Heating Degree Days (HDD)
 1,400

 1,200

 1,000

 800

 600

 400

 200

 0
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
 Budget HDD 2 7 96 384 769 1,066 1,307 1,152 968 571 213 44
 Actual HDD 1 19 59 386 827 1,295

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

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

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


 Residential Customers


 10,000


 9,000


 8,000


 KWH (000) 7,000


 6,000


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




 Commercial & Industrial Customers


 25,000


 22,500


 20,000


 KWH (000) 17,500


 15,000


 12,500
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
 Budget 23,340 22,006 20,166 18,780 17,601 18,622 19,490 17,770 18,762 17,837 18,413 19,213
 Actual 23,216 21,392 19,506 18,664 17,684 19,297




Street Lighting is included with Commercial & Industrial Customers.




 5
 Net Power Supply Costs
 December - FY 2026
 ($000)
 Current Month Year-to-Date
 Budget Actual Variance Budget Actual Variance
Expenses:
 Fuel (p. 7) $1,155 $773 $382 (1) $5,414 $4,144 $1,270 (1)
 Purchased Power (p.11) 1,061 1,874 (813) (2) 8,840 9,272 (432) (2)
 Purchased Power Adjustment (p 11) 43 43 (0) 260 260 (0)
 Transmission Fees - ISO-NE 697 720 (22) (3) 4,661 4,822 (161) (3)
 Transmission Fees - VELCO 210 257 (47) (4) 821 670 150 (4)
 Transmission Fees - Other 83 97 (14) (5) 446 348 98 (5)
Total Expenses 3,250 3,764 (514) 20,442 19,517 925

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

Net Power Supply Costs $3,250 $3,764 ($514) $15,744 $15,367 $377

Load (MWh) 27,664 29,186 1,522 172,156 171,838 (319)
$/MWh $117.49 $128.97 $11.48 $91.45 $89.43 ($2.02)


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

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




 6
 Net Power Supply Costs
 December - FY 2026

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

McNeil 1,142 766 376 (1) 5,273 3,892 1,381 (1)

Gas Turbine 13 7 6 (2) 141 252 (110) (2)

Total Fuel 1,155 773 382 5,414 4,144 1,270




Current Month:
(1) McNeil production 35% under Budget. Wood Price Per Ton 4% under Budget. (p. 8)
(2) GT production (20 MWh) 36% under Budget.

YTD:
(1) McNeil production 23% under Budget. Wood Price Per Ton 5% under Budget. (p. 8)
(2) GT production (428 MWh) 97% over Budget. Budget includes $50,000 in July for R99 testing.




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




20,000




15,000




10,000




  5,000




 0
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Budget 15,353 13,749 6,000 6,573 11,538 16,538 17,347 15,544 12,227 4,199 3,875 8,431
Actual 13,005 14,717 11,344 0 4,265 10,671
Maximum 18,600 18,600 18,000 18,600 18,000 18,600 18,600 16,800 18,600 18,000 18,600 18,000




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

  7,000

  6,000

  5,000

  4,000

  3,000

  2,000

  1,000

 0

 (1,000)
 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Budget 2,650 1,246 832 1,541 1,942 3,216 2,531 1,587 2,032 4,503 3,575 3,643
Actual 468 (13) 23 425 2,536 1,863
Maximum 5,506 5,506 5,328 5,506 5,328 5,506 5,506 4,973 5,506 5,328 5,506 5,328




 9
 Burlington Electric Depatment
 Fiscal Year 2026


 Woodchips Price Per Ton
 Monthly Variance


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




 Woodchips Price Per Ton
 Year-to-Date Variance


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




* Wood only. Does not include other costs.




 10
 Net Power Supply Costs
 December - FY 2026

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

PURCHASED POWER:

Non-Energy (capacity) 75 31 44 517 110 407 (1)

Energy:
  Georgia Mountain Wind 322 398 (76) (1) 1,699 1,549 149 (2)
  Hancock Wind 332 377 (44) (2) 1,342 1,348 (6)
  VT Wind 251 236 15 (3) 1,192 831 361 (3)
  Brookfield 0 0 0 0 449 (449) (4)
  Hydro Quebec 341 330 11 (4) 1,861 1,839 21
  In City Solar Generators 26 17 9 (5) 423 433 (10) (5)
  NYPA 7 8 (1) 38 40 (2)
  ISO Exchange (886) 153 (1,039) (6) (136) 1,564 (1,700) (6)
  ISO Exchange Adjustment 43 43 (0) (**) 260 260 (0) (**)
  FirstLight 283 183 101 (7) 1,015 475 539 (7)
  Velco Exchange 0 (1) 1 0 (2) 2
Total Energy 719 1,744 (1,024) 7,692 8,785 (1,093)

Ancillary Charges (10) (97) 87 (8) 10 (237) 247 (8)

VT RES Tier 1 Compliance Expense 262 179 82 523 466 57
Renewable Energy Credit Purchase 0 0 0 0 0 0
Miscellaneous-Other 58 60 (2) 359 408 (49) (9)

Total Purchased Power Expense 1,105 1,917 (813) 9,100 9,533 (432)

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 24% over Budget.
(2) Production 13% over Budget.
(3) Production 4% under Budget.
(4) Rate 3% under Budget.
(5) Production under Budget.
(6) Production (McNeil (35%), Winooski One (42%) and FirstLight (36%)) under Budget.
(7) Production 36% under Budget.
(8) Reserve revenues over Budget.

YTD:
(1) Includes credit from Pay for Performance events.
(2) Production 9% under Budget.
(3) Production 21% under Budget. Financial Settlements under Budget.
(4) Short-Term purchase not in Budget.
(5) Production over Budget.
(6) Production (McNeil (23%), Winooski One (54%), FirstLight (53%), and Wind (9%)) under Budget.
(7) Production 53% under Budget.
(8) Reserve revenues over Budget.
(9) ISO-NE Misc. over Budget.




 11
Burlington Electric Department
Operating and Maintenance Expense by Spending Category
FY 2026 - December YTD
 %
 Budget Actual Variance Variance *
Labor-Regular 4,618,341 4,789,792 (171,451) 4% a
Labor-Overtime 229,134 300,201 (71,067) 31% b
Labor-Temporary 19,500 15,566 3,935 20% c
Labor-Overhead 1,996,173 2,075,003 (78,830) 4% d
Outside Services 1,541,112 1,313,713 227,400 15% e
DSM (rebates & outside services) 1,036,001 967,897 68,104 7% f
Materials & Supplies 550,886 381,683 169,203 31% g
Insurance 376,545 337,551 38,994 10%
A & G Clearing (654,713) (369,087) (285,625) 44% h
Other - RES Tier 3 Compliance 516,994 334,798 182,196 35%
Other 1,430,390 1,678,363 (247,974) 17% i
  Operating & Maintenance Expense 11,660,362 11,825,479 (165,117) 1%



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

(b) McNeil, $64,404, and Dispatch, $16,423, higher than planned.

(c) Temporary help at McNeil Plant.

(d) See page 13.

(e) Timing; technical items at GT and Winooski One is under budget, $284,931.


(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 Dues and Fees ($10,000), Building Clearing ($23,500), Rentals
and Leases ($60,600), and Uncollectible Accounts ($169,500); offset by areas lower than budget including
Education & Training ($38,200), Transportation Clearing ($103,800), and Advertising ($18,300).




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


 (000's)
Labor - Overhead Budget Actual Variance %
 Pension $924 $904 $20 2% (a)
 Medical Insurance $1,217 $1,227 (10) -1% (b)
 Social Security Taxes $561 522 39 7% (a)
 Workers Compensation Ins. $221 221 0 0% (b)
 Dental Insurance $48 48 (0) 0% (b)
 Life Insurance $11 9 1 12% (b)
 Childcare Contribution Tax $32 28 4 13% (d)
 $3,014 $2,960 $54 2%



Rates Table: Budget

Pension (a) 12.58%

Social Security (c) 7.65%

Childcare Payroll Tax 0.44%


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




 13
 Net Income
 FY 2026 - December ($000)

 Current Month Year - To - Date
 Ref Budget Actual Variance Budget Actual Variance
Operating Revenues
 Sales to Customers p.3 5,197 5,496 299 29,882 30,680 797
 Other Revenues 414 362 (51) (a) 2,156 1,622 (534) (a)
 Power Supply Revenues p.6 0 0 0 4,698 4,150 (548) (b)
 Total Operating Revenues 5,611 5,858 247 36,737 36,452 (285)

Operating Expenses
 Fuel p.6 1,155 773 382 5,414 4,144 1,270
 Purchased Power p.6 1,105 1,917 (813) 9,100 9,533 (432)
 Transmission p.6 991 1,074 (83) 5,928 5,841 87
 Operating and Maintenance p.12 1,871 2,268 (397) 11,660 11,825 (165)
 Depreciation & Amortization 495 539 (44) 2,972 3,153 (181)
 Revenue Taxes 55 56 (1) 342 344 (1)
 Property Taxes Winooski One 27 25 2 (b) 164 149 15 (c)
 Payment In Lieu of Taxes 221 209 12 (c) 1,328 1,235 93 (d)
 Total Operating Expenses 5,920 6,861 (941) 36,908 36,223 685

Other Income and Deductions
 Interest/Investment Income 39 39 (0) 229 328 99
 Dividends 375 375 0 2,243 2,242 (2)
 Customer Contributions/Grant Proceeds 119 342 223 (d) 580 1,144 565 (e)
 Gain/(Loss) on Disp of Plant (15) (24) (9) (175) (22) 153
 Other 7 68 60 21 3 (18) (f)
 Total Other Income & Deductions 525 800 275 2,897 3,695 798

Interest Expense 256 257 (0) 1,549 1,523 25

Net Income (41) (460) (420) 1,177 2,400 1,223

Current Month:
(a) Energy Efficiency Program cost reimbursement was lower than planned, $50,000.
(b) Actual Winooski One tax bill is lower than budget assumption by $29,700 for the year.
(c) Actual Payment in Lieu of Tax (PILOT) is lower than budget assumption by $162,300 for the year.
(d) Budget includes customer contributions for Champlain Pkwy ($238,100), OH/UG billable ($74,400), grant income for Building
 GIANTS ($31,000) and Distributed Energy Resources Management System project ($33,000). Actual includes customer
 contribution for Champlain Pkwy ($117,500), OH/UG billable ($138,900) and various grant income ($86,000).


Year - To - Date:
(a) Energy Efficiency Program cost reimbursement was lower than planned, $511,000.
(b) REC sales under budget due to lower McN, wind, and hydro production in CY 2025.
(c) Actual Winooski One tax bill is lower than budget assumption by $29,700 for the year.
(d) Actual Payment in Lieu of Tax (PILOT) is lower than budget assumption by $162,300 for the year.
(e) Budget includes customer contributions for Champlain Pkwy ($340,200) and grant income for Building GIANTS ($162,700),
 and Distributed Energy Resources Management ($104,300). Actual includes customer contribution for Champlain Parkway
 ($186,500), OH & UG billable ($368,100) and various grant income ($589,700).




 14
 Burlington Electric Department
 Capital Projects - FY26

 $000
 Full Year December
 Budget Budget Actual Variance
McNeil (BED 50% Share)
Analyzer Upgrades for Chemical Treatment 9 0
Ash Silo Pug Mill/Auger Upgrade (312) 13 13 4 9
Augers Replaced 30 0
Catalyst Replacement for Nox System (312) 150 150 4 146
CEMS Server Upgrade (312) 15 15 (15)
Cooling Tower Timber Replacement 84 84 106 (22)
Demineralization Resin 20 0
Disk Screen 15 15 15
ESP Mechanical Field Rebuild 300 11 (11)
Farmhouse Improvements (311) 9 0
Freight Elevator Geared Equipment and Controls (311) 180 0 (0)
IT Forward - FIS Replacement (McNeil) 37 0
IT Forward - Work & Asset Management (McNeil) 22 0
Live Bottom Rebuild 139 139 177 (38)
McNeil Relay Engineering Study (315) 134 40 1 39
Network Infrastructure - McNeil Switches 7 7 7
Opacity Replacement (312) 20 0
Portable Radio Upgrade 0 0 (0)
Reclaimer Rebuild 0 12 (12) (a)
Replacement Rail Cars (312) 50 50 50
Routine Station Improvements 1 188 94 11 83
Safety Valve Replacements (312) 25 13 13
Shredder Upgrade (312) 100 0
Station Tools & Tool Boxes (312) 8 4 2 2
Transportation Equipment 0 2 (2)
Well New (311) 185 185 0 185
Woodchip Dryer (1 of 3) (312) 626 26 (26)
Other 17 8 3 5 (b)
 Total McNeil Plant 2,380 801 375 426

(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 1,655 627 1,029 (a)

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

Gas Turbine 175 140 33 107 (a)

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




 15
 Burlington Electric Department
 Capital Projects - FY26

 $000
 Full Year December
 Budget Budget Actual Variance
Other
P&P R&D 26 16 0 16
Direct Current Fast Chargers (Level 3) 159 0 15 (15)
EV Charger Installations (Level 2) 264 132 3 129
Distributed Energy Resources 34 21 0 21
EV Chargers/Staging Plan 0 0 41 (41) (a)
Distributed Energy Resources Management System 244 140 0 140
585 Fleet EV Chargers 115 115 3 112
585 Fleet EV Charging Design Study 25 25 0 25
 Total Other 868 448 62 387

(a) Prior year project #C20255.

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

Distribution Plant-General

Aerial
Deforest Road Rebuild 493 493 395 99
Dunder Road Rebuild 0 0 22 (22) (a)
NZE Transfer Load Between 1L1 to L14 210 6 (6)
Rebuild 1L4 from Poles P838 to P2795 173 173 19 154
Rebuild Howard Street Pole P655 to P836 41 41 0 41
Rebuild Plattsburgh Ave Poles P3762 to P3752 40 24 20 4
Rebuild St Paul Street Pole P1004 to P1011 27 27 2 25
Rebuild Wells Street Pole P191 to P183 25 25 2 23
Replace Condemned Poles 210 126 91 35
South Cove Rd East Rebuild 81 (81) (a)
South Cove Road West Rebuild 95 (95) (a)
 Total Aerial 1,220 910 733 177

(a) Prior year project.

Underground
Battery Street Replacement 2 (2)
St. Paul St. Rebuild (Bank to ) 1
Replace UG to UVM Aiken Center 18 18 0 18
Given Transfer Switch 7
Replace 2L3 from UH303 to 929S 698 698 12 685
Rebuild UG St. Paul Street (Bank St to Cherry St) 358 0
 Total Underground 1,073 716 23 701




 16
 Burlington Electric Department
 Capital Projects - FY26

 $000
 Full Year December
 Budget Budget Actual Variance
Customer Driven/City Projects
Champlain Parkway-Billable 400 280 113 167
Champlain Parkway (CAFC) (340) (238) (187) (52)
Great Street-Main Street 621 0 360 (360)
Great Street-Main Street (CAFC) (557) 0
Winooski Bridge Rebuild 34 0
Winooski Bridge Rebuild (CAFC) (34) 0
City Place Streetlighting 195 41 (41)
City Place Streetlighting (CAFC) (104) 0
 Total Customer Driven/City 215 42 327 (245)

Other
Communication Equipment Emergency Repair 16 5 5
Distribution Transformers-Purchase 1,445 1,012 229 783
Distribution Transformers-Install 11 6 15 (8)
Fiber Optical Time Domain Reflectometer Unit (OTDR) 12 12 12
Lake Street Battery Bank Replacement 41 41 11 30
Replace Failed 920S/921S/922S Switch 63 0
SCADA ADMS Upgrade (Phases 3/4) 1,204 602 407 194
SCADA Field Equipment Replacement 64 22 10 12
SCADA Servers PC's and Monitors 0 15 (15)
Upgrade ArcFM to GIS Pro 318 0
USAmp Upgrade 7 7 6 1
Other 38 (38)
 Total Other 3,181 1,709 732 977

 Total Distribution Plant-General 5,689 3,376 1,815 1,610

Distribution Plant - Blanket
Aerial 174 64 123 (59)
Aerial (CAFC) (70) (24) (41) 16
Underground 332 140 157 (17)
Underground (CAFC) (143) (50) (327) 277
Meters 133 95 57 38
Lighting 217 77 135 (58)
Tools & Equipment - Distribution/Technicians 40 16 20 (4)
Replace Failed SCADA Field Equipment 12 4 0 4
Substation Maintenance 18 6 6
Substation Camera Replacement 15 15 15
 Total Distribution Plant - Blanket 729 344 123 221

 Total Distribution Plant 6,419 3,720 1,938 1,831




 17
 Burlington Electric Department
 Capital Projects - FY26

 $000
 Full Year December
 Budget Budget Actual Variance
General Plant
Computer Equipment/Software 2,724 1,328 442 886 (a)
Vehicle Replacement 309 309 91 218
Buildings & Grounds 179 179 16 164 (b)
Gas Detectors 6 6 6
AED Purchase 11 11 11
 Total General Plant 3,228 1,832 548 1,284

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

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

 Sub-Total Plant $15,218 $8,819 $3,812 $5,056

 Add: CAFC* reclass to "Other Income" 1,247 313 555 (242)

Total Plant $16,465 $9,131 $4,367 $4,764

* Customer Advances (Contributions) for Construction.




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

 14,000

 12,000

 10,000

 $000 8,000

 6,000

 4,000

 2,000

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




Notes: Operating Cash = Operating + GOB Funding




 19
 MEMORANDUM


To: McNeil Joint Owners

From: Lincoln Sprague, Director of Generation Engineering and Maintenance

Date: February 2, 2026

Subject: Additions to 2026 Calendar Year Budget
_______________________________________________

During the Joint Owner meeting held on December 1, 2025, BED General
Manager Springer informed the Joint Owners of expected modifications for the
calendar year 2026 budget that would be presented at the next meeting,
scheduled for February 2, 2026.

The following table lists requested updates to the calendar year 2026 budget for
McNeil Station. All figures are 100% values, not scaled for Joint Owner stakes.
We seek approval from the Joint Owners to incorporate the following items into
the approved calendar year 2026 budget.

 Item Category Amount
 RSCR heatsink replacement Capital expense $1,393,000
 Payment for turbine blade carrier Capital expense $170,000
 Renewable energy credits Revenue $7,364,855
 (Adjusted total amount)




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

 Phone 802.658.0300
TO: Burlington Electric Commission

FROM: Emily Stebbins-Wheelock, CFO and Manager of Strategy & Innovation

DATE: February 11, 2026

RE: Supplemental Resolution No. 20 to the General Bond Resolution


As we prepare for issuance of the 2026 BED revenue bonds, we have reviewed the General Bond Resolution
(GBR) in consultation with bond counsel and PFM to see if there is potential to modernize some of the GBR’s
provisions coincident with the issuance of new debt.

Attached is proposed Supplemental Resolution No. 20 to the GBR, which would:

 1. Amend the Debt Service Reserve Fund (DSRF) requirement provisions to give BED the option to issue
 future bonds with or without the DSRF, as determined in the Supplemental Resolution authorizing such
 bonds.

 2. Modify the DSRF Requirement to be the “least of the three” test consistent with current U.S. Treasury
 Department regulations, rather than just maximum annual debt service.

 3. Include language that would give BED flexibility to fund the DSRF with a credit facility in lieu of cash.

 4. Modify the actual vs. budgeted operating expense spending requirements.

Since these are substantive amendments, 2/3 of outstanding bondholders must approve of them before the
changes go into effect. Assuming Supplemental Resolution 20 is adopted, we would ask the Vermont Bond Bank
to consent to these amendments—both for the 2025 Refunding Bonds and the new 2026 Bonds—which
would represent approximately 50% of bondholders. That percentage will continue to increase as outstanding
debt is paid off. In the future, should BED issue new bonds, we would include consent to these amendments as a
condition of purchase.

If the Commission votes to adopt Supplemental Resolution 20, the next step would be City Board of Finance and
City Council approval, followed by a written concurrence from the bond trustee, Zions Bank. We have consulted
informally Zions and the Vermont Bond Bank about these changes; while we have not yet requested their formal
consent, they have expressed no objections or concerns at this time.
 CITY OF BURLINGTON, VERMONT

 Board of Electric Commissioners

 SUPPLEMENTAL RESOLUTION NO. 20


 Be it Resolved by the Board of Electric Commissioners (the “Board”) of the City of
Burlington, Vermont (the “City”) as follows:

 Section 1. Amendment to General Bond Resolution. The Board has heretofore
authorized and issued the $4,010,000 Electric System Revenue Refunding Bonds, 2017 Series A
(the “Series 2017A Bonds”), $5,410,000 Taxable Electric System Revenue Refunding Bonds,
2017 Series B (the “Series 2017B Bonds”), $18,045,000 Electric System Revenue Bonds, 2022
Series A (Net Zero Energy Projects) (the “Series 2022A Bonds”), and $6,540,000 Electric System
Revenue Refunding Bonds, 2025 Series A (the “Series 2025A Bonds,” and, together with the
Series 2017A Bonds, the Series 2017B Bonds, and the Series 2022A Bonds, and all future series
of bonds issued under the Resolution (as defined below), the “Outstanding Bonds”). The Board
presently expects to issue $20,000,000 of its Electric System Revenue Bonds, 2026 Series A (the
“Series 2026A Bonds”) to finance capital additions and improvements to the City’s electric
system, and energy transformation and energy efficiency projects, in furtherance of the City’s Net
Zero Energy goals, as authorized by the voters of the City on November 5, 2024.

 The Board hereby authorizes the amendment of the General Bond Resolution (as defined
below), subject to the conditions set forth herein.

 Section 2. Definitions.

 (a) Except as provided herein or unless the context clearly indicates some other
meaning, the terms used in this Supplemental Resolution which are defined in the General Bond
Resolution (the “General Bond Resolution”) adopted by the Board on October 7, 1981, as amended
and supplemented, have the same meaning in this Supplemental Resolution as in the General Bond
Resolution. The General Bond Resolution as amended or supplemented from time to time by
Supplemental Resolutions is hereinafter referred to as the “Resolution.”

 Section 3. General Bond Resolution Amended. Subject to the satisfaction of the
conditions set forth in Section 4 herein, the Resolution is hereby amended as follows:

 (a) Amendment to Debt Service Reserve Fund.

 Pursuant to Section 9.2 of the Resolution, the following sections of the Resolution are
amended:

 (i) Section 1.1(Q) of the Resolution is amended to read as follows:

 (Q) “Debt Service Reserve Fund Requirement” means, with respect to
 any Series of Bonds, at the election of the City as set forth in the
 Supplemental Resolution authorizing such Series, (a) with respect to any
 -1-
10614092_3:12576-00051
 Common Bond Reserve Account, as of any date of calculation, an amount
 equal to the least of (i) the maximum annual Debt Service on outstanding
 Bonds during the then current or any future Fiscal Year (taking into
 consideration Sections 2.6 and 2.7 hereof), (ii) 125% of the average annual
 Debt Service on outstanding Bonds, or (iii) 10% of the aggregate proceeds
 of all outstanding Bonds upon original issuance thereof and (b) with respect
 to any Separate Bond Reserve Account, the amount, if any, specified in such
 Supplemental Resolution.

 (ii) The following defined terms are added to Section 1.1 of the Resolution:

 “Credit Facility” means any letter or line of credit, policy of bond insurance,
 indemnity or surety bond, guarantee or similar instrument issued by a
 financial, insurance or other institution and which provides security and/or
 liquidity in respect of Bonds.

 “Qualified Financial Institution” means and includes: (1) any U.S. domestic
 institution which is a bank, trust company, national banking association or
 a corporation, including the Trustee and any of its affiliates, subject to
 registration with the Board of Governors of the Federal Reserve System
 under the Bank Holding Company Act of 1956, or a member of the
 Financial Industry Regulatory Authority (FINRA), in each case whose
 unsecured obligations or uncollateralized long-term debt obligations have
 been assigned a rating within one of the two highest rating categories by
 Standard & Poor’s Corporation, Moody’s Investor’s Service, Inc. or Fitch
 Investors Service, Inc., or which has issued a letter of credit, contract,
 agreement or surety bond in support of debt obligations which have been so
 rated; (2) an insurance company with a claims-paying ability or a
 corporation whose obligations are guaranteed by an insurance company (in
 the form of an insurance policy) or by an insurance holding company rated
 within one of the two highest rating categories by Standard & Poor’s
 Corporation, Moody’s Investor’s Service, Inc. or Fitch Investors Service,
 Inc., or whose unsecured obligations or uncollateralized long-term debt
 obligations have been assigned a rating within one of the two highest rating
 categories by Standard & Poor’s Corporation, Moody’s Investor’s Service,
 Inc. or Fitch Investors Service, Inc.; or (3) any banking institution whose
 unsecured obligations or uncollateralized long-term debt obligations have
 been assigned a rating within one of the two highest rating categories by
 Standard & Poor’s Corporation, Moody’s Investor’s Service, Inc. or Fitch
 Investors Service, Inc.

 (iii) The third paragraph of Section 5.2 of the Resolution is amended to read as
 follows:

 Second, to payment of the amounts to be paid from the Revenue fund into
 the Debt Service Fund, Debt Service Reserve Fund (pro rata on the basis of
 the amounts so required), and Special Redemption Fund;
 -2-
10614092_3:12576-00051
 (iv) Section 5.4 of the Resolution is amended to read as follows:

 Section 5.4 Debt Service Reserve Fund.

 A. There is hereby established a special reserve fund of the City to be
 held in trust and administered by the Bond Trustee and to be known as the
 “Electric System Revenue Bond Debt Service Reserve Fund”. The purpose
 of the Debt Service Reserve Fund is to provide a reserve for the payment of
 the principal or redemption price and interest on any Series of Bonds, as
 may be deemed appropriate at the time of issuance of such Series of Bonds.

 B. There shall be created a separate account in the Debt Service
 Reserve Fund to be known as the “Common Bond Reserve Account”, which
 shall be applied, to the extent other funds are not available therefor, solely
 to pay the principal, interest, and any sinking fund installments due on: (i)
 all outstanding Bonds of the following series (a) the $4,010,000 Electrical
 System Revenue Refunding Bonds, 2017 Series A dated December 20,
 2017, (b) the $5,410,000 Taxable Electrical System Revenue Refunding
 Bonds, 2017 Series B dated December 20, 2017, (c) the $18,045,000
 Electric System Revenue Bonds, 2022 Series A (Net Zero Energy Projects)
 dated April 5, 2022, (d) the $6,540,000 Electric System Revenue Refunding
 Bonds, 2025 Series A dated August 7, 2025, and (e) the $20,000,000
 Electric System Revenue Refunding Bonds, 2026 Series A authorized by
 Supplemental Resolution No. 19, to the extent outstanding and (ii) any other
 Series of Bonds designated as being secured by the Common Bond Reserve
 Account in the Supplemental Resolution providing for the issuance of such
 Bonds (such Bonds, the “Common Bond Reserve Account Secured
 Bonds”). If there is a deficiency in the amounts transferred from the Interest
 Account, Principal Account or Sinking Fund Account to pay an installment
 of interest or principal or a sinking fund installment on the Common Bond
 Reserve Account Secured Bonds, the Bond Trustee shall make up the
 deficiency by transfer from the Debt Service Reserve Fund. The City shall
 forthwith reimburse the Common Bond Reserve Account from the Revenue
 Fund. In the event of the refunding of any Common Bond Reserve Account
 Secured Bonds, the Trustee shall, upon the written direction of the City,
 withdraw from the Common Bond Reserve Account all or any portion of
 the amounts accumulated therein with respect to such Bonds to be refunded
 and deposit such amounts as provided in such written direction; provided,
 however, that such withdrawal shall not be made unless (i) immediately
 thereafter the Bonds being refunded shall be deemed to have been paid
 pursuant to Section 11.1 hereof and (ii) after giving effect to any amounts
 being simultaneously deposited therein, the amount remaining in the
 Common Bond Reserve Account after such withdrawal shall not be less
 than the Debt Service Reserve Fund Requirement.


 -3-
10614092_3:12576-00051
 C. Each Supplemental Resolution providing for the issuance of a Series
 of Bonds may also provide for the establishment of a separate account to be
 maintained in the Debt Service Reserve Fund (a “Separate Bond Reserve
 Account”, and together with the Common Bond Reserve Account, the
 “Bond Reserve Accounts”). Amounts on deposit in any Separate Bond
 Reserve Account shall be used and withdrawn as provided in the
 Supplemental Resolution authorizing such Series of Bonds, and any
 withdrawals therefrom shall be replenished or reimbursed as provided in
 such related Supplemental Resolution. Amounts in any Separate Bond
 Reserve Account shall be used only for the benefit of the holders of the
 Series of Bonds which were issued pursuant to the Supplemental Resolution
 establishing such Separate Bond Reserve Account and not for the benefit of
 the holders of any other Series of Bonds.

 D. There shall be deposited from the proceeds of each Series of Bonds
 into the Debt Service Reserve Fund the amount necessary so that there will
 be on deposit in the Debt Service Reserve Fund immediately after their
 issuance an amount equal to the Debt Service Reserve Fund Requirement,
 except that the Supplemental Resolution providing for the issuance of the
 Series may provide for payment of a portion or all of the Debt Service
 Reserve Fund Requirement (or of the increase thereof resulting from the
 issuance) from the Revenue Fund into the Debt Service Reserve Fund in
 one or more installments ending not later than three (3) years from the
 estimated Date of Commercial Operation, as set forth in the Supplemental
 Resolution, of the Project to which the Series is attributable. If the Series is
 attributable to more than one Project, it may be subdivided for this purpose.

 E. If the amount in the Debt Service Reserve Fund is less than the Debt
 Service Reserve Fund Requirement on June 30 of any year, the City shall
 forthwith make up the deficiency from the Revenue Fund. If the amount in
 the Debt Service Reserve Fund is greater than the Debt Service Reserve
 Fund Requirement on June 30 of any year or immediately after the issuance
 of a Series of Bonds, the excess shall be dealt with in the manner provided
 for earnings from investment of the Debt Service Reserve Fund. For the
 purposes of this paragraph, the Debt Service Reserve Fund Requirement
 shall be adjusted to reflect provisions by Supplemental Resolution for
 installment payment of the Debt Service Reserve Fund Requirement
 pursuant to this Section.

 F. In lieu of the deposit of moneys in the Debt Service Reserve Fund,
 or in substitution of moneys previously deposited therein, the City at any
 time may cause to be credited to the Debt Service Reserve Fund, from a
 Qualified Financial Institution, a Credit Facility for the benefit of the
 holders of any Series of Bonds equal to the difference between the Debt
 Service Reserve Fund Requirement and all other amounts then on deposit
 (or, in the case of substitution of moneys previously on deposit therein, the

 -4-
10614092_3:12576-00051
 amount remaining on deposit) in the applicable Bond Reserve Account for
 such Series of Bonds. Any funds in the Debt Service Reserve Fund that are
 subsequently replaced by a Credit Facility shall be transferred by the
 Trustee to the Renewal and Replacement Fund, the Special Redemption
 Fund or the Construction Fund, as the City shall direct; provided that the
 City may direct the Trustee to transfer such funds to any other Fund or
 Account under this Resolution or otherwise upon advice from bond counsel
 to the effect that such transfer will not adversely affect the tax-exempt
 nature of the interest on any Series of outstanding Bonds. The Credit
 Facility shall be payable (upon the giving of notice as required thereunder)
 on any date on which moneys will be required to be withdrawn from the
 applicable Bond Reserve Account and applied to the payment of the
 principal of or interest on any Bonds of such Series and such withdrawals
 cannot be made by amounts credited to the Debt Service Reserve Fund. If a
 disbursement is made pursuant to a Credit Facility provided pursuant to this
 paragraph the City shall be obligated either (i) to reinstate the maximum
 limits of such Credit Facility or (ii) to deposit funds into the applicable Bond
 Reserve Account of the Debt Service Reserve Fund in accordance with this
 Section 5.4, or a combination of such alternatives, as shall provide that the
 amount credited to the applicable Bond Reserve Account of the Debt
 Service Reserve Fund equals the applicable Debt Service Reserve Fund
 Requirement. In the event that the City elects to substitute a Credit Facility
 for moneys deposited in the Debt Service Reserve Fund, the City shall give
 notice of such substitution to all rating agencies then rating the Bonds.

 ANY CREDIT FACILITY DEPOSITED IN THE DEBT SERVICE
 RESERVE FUND WITH RESPECT TO AN OUTSTANDING
 SERIES OF BONDS AND THAT RELATED SERIES OF BONDS
 SHALL BE DISREGARDED IN DETERMINING THE DEBT
 SERVICE RESERVE FUND REQUIREMENT FOR OTHER BONDS
 OUTSTANDING UNDER THE RESOLUTION.

 (b) Amendment to Annual Budget Requirements.

 Pursuant to Section 9.2 of the Resolution, Section 7.2 of the Resolution is amended by
deleting the sentence “The City shall not incur aggregate Operating Expenses in any Fiscal Year
in excess of the aggregate amount shown in the annual budget as amended and supplemented
except in case of emergency and shall promptly file a written report of such excess expenditure
with the Bond Trustee”.

 Section 4. Effect of Amendments. The effectiveness of the amendments to the
Resolution contained in Section 3 herein shall be effective upon satisfaction of the following
conditions:

 (a) The consent of the holders of not less than sixty-six and two-thirds percent (66 ⅔%)
in principal amount of the Outstanding Bonds as required under Section 9.2 of the Resolution;

 -5-
10614092_3:12576-00051
 (b) The written concurrence of the Bond Trustee under Section 9.2 of the Resolution;
and

 (c) The delivery of an opinion of counsel to the City under Section 9.4 of the
Resolution.

On and after the satisfaction of the respective conditions set forth in this Section 4 for the
applicable amendment contained in Section 3 herein, in the case of any inconsistency or
contradiction between the provisions set forth in the applicable section of this Supplemental
Resolution No. 20 and the Resolution, the applicable provisions of this Supplemental Resolution
No. 20 shall control.




 -6-
10614092_3:12576-00051
McNeil Budget Motion:

I move that the Burlington Electric Commission approves the 2026 McNeil Budget as
presented.



Resolution #20 General Bond Motion:

I move that the Burlington Electric Commission approve the adoption of Supplemental
Resolution 20 to the General Bond Resolution as presented and recommend its adoption to the
Board of Finance and City Council.

MINUTES OF REGULAR MEETING
 BURLINGTON ELECTRIC COMMISSION

 Wednesday, February 11, 2026

The regular meeting of the Burlington Electric Commission was convened at 5:00 pm on
Wednesday, February 11, 2026, at Burlington Electric Department, 585 Pine Street, Burlington,
Vermont, and on Microsoft Teams.

Attendance
 • Channel 17 was present to record this meeting.
 • Commissioners Lara Bonn, Ali Kenney, Scott Moody, and Brian Williams were present.
 • Staff members Elena Alexander, Xander Briggs, Paul Alexander, Nate Gunesch, Mike
 Kanarick, Lincoln Sprague, Darren Springer, and Emily Stebbins-Wheelock were present at
 585 Pine Street.
 • Staff members Seth Clifford and James Gibbons were present via Microsoft Teams.
 • Bond counsel, Kathy Zhou of Paul, Frank + Collins was present at 585 Pine Street.
 • Public member Jacob Flannigan was present at 585 Pine Street.

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

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

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

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

5. Commissioners’ Corner
No topics discussed.

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

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

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

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

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

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

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

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

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

11. Commissioners’ Corner
No topics discussed.

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

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

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

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 Emily Digitally signed by Emily Stebbins-Wheelock (50085)
 DN: C=US, S=MA, L=Holyoke, O=ISO New England
 Inc, OU=USER ID - 600069772, OU=ISNE,


 Stebbins-Wheel
 CN=Emily Stebbins-Wheelock (50085),
 E=estebbins-wheelock@burlingtonelectric.com
 Reason: I am approving this document
 Location: your signing location here


Attest: Attest: ock (50085)
 Date: 2026-03-09 07:38:03
 Foxit PhantomPDF Version: 9.7.0




 Elena Alexander, Board Clerk Emily Stebbins-Wheelock, CFO and
 Manager of Strategy and Innovation




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