Burlington Electric Commission — Burlington, VT
Date: 2026-06-10
Time: 17:00

BURLINGTON
 BOARD OF ELECTRIC COMMISSIONERS
 585 Pine Street
 Burlington, Vermont 05401
 To be held at Burlington Electric Department (and)
 Via Microsoft Teams
 +1 802-489-6254, 352445994#
LARA BONN, CHAIR
ALI KENNEY
SCOTT MOODY
ANDY VOTA, VICE CHAIR
BRIAN WILLIAMS
 AGENDA
 Regular Meeting of the Board of Electric Commissioners
 Wednesday, June 10, 2026 – 5:00 PM


1. Agenda (5 min.)

2. Minutes of the May 13, 2026 Meeting (5 min.)

3. Public Forum (10 min.)

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

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

6. GM Update (Oral Update) (10 min.)

7. Financials: April FY26 (Discussion): Emily Stebbins-Wheelock (10 min.)

8. Commissioners’ Check-In (5 min.)




 Attest: _________________________________________
 Katie Morris, Temporary 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 llemieux@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.

To: Burlington Board of Electric Commissioners

From: Darren Springer, General Manager

Date: June 5, 2026

Subject: May 2026 Highlights of Department Activities


General Manager – Darren Springer

• Hydro Contracts – BED was pleased to announce both a short term CY26 hydro contract, and two
 longer term (5 and 10 year contracts) culminating significant work on renewable power procurement -
 https://www.burlingtonelectric.com/hydropurchase-260601/
• DPS Business Process Audit – The DPS business process audit kicked off on Wednesday May 27th with
 ARC, the selected consultant.
• FY27 Rate Case – Approved unanimously at City Council June 1, filing likely by June 12th at PUC.
• DRP – BED is continuing to work with DPS to provide updated DRP plans and budgets now that H. 940
 has been signed.
• New Hires – BED is pleased to welcome Jared Pellerin, currently deputy city attorney for South
 Burlington, who will be joining us at Principal Counsel/Compliance Officer. Jared previously served in
 the Burlington City Attorney’s Office. BED is also pleased to welcome Dan Edson, currently with
 Efficiency Vermont, who will be joining us as Manager of Energy Services. Dan previously led the state
 energy program at Vermont Buildings and General Services. Both Dan and Jared start June 22nd.

Center for Innovation – Emily Stebbins-Wheelock

• Executed 5-year contract with Brookfield for hydro energy and RECs from Skelton Hydro in Saco, ME.
• Submitted draft FERC license application for Winooski One.
• Multiple team members participating in interviews with ARC Business Solutions, firm hired by DPS to
 conduct BED management audit.
• Met with DPW, Planning, Parks, and CEDO re future public EV charger sites.
• 2026 rate case preparation.
• Enrolled first five commercial customers in Building GIANTS program; software vendor Dynamic
 Organics began integrating with their HVAC systems for flexible load management.
• Filed request with PUC to make Neighborhood Charging rate permanent.
• IT Director Erica Ferland serving on planning team for Vermont Emergency Management-DPS
 grid/cyber emergency tabletop exercise.
• Replaced primary network switching at VELCO data center.
• SpryPoint implementation team completed 2.1 functional testing, 2.1 data validation, and bill validation
 round 1.
 May 2026 – Department Highlights



• BED selected for AARP Community Challenge Grant to promote e-biking among Burlingtonians 65+;
 will partner with Local Motion.
• Coordinated meeting with HomeBoost Library program team. Fletcher Free Library, VGS, and BED
 Energy Services are piloting a free, do-it-yourself home energy audit kit in FFL’s Library of Things.
• Co-sponsored two events at the ONE Community Center including e-bike event for women of AALV.
• Met with BHA Housing Support Specialist, Franklin Square/BHA Property Manager, BHA Director of
 Property Management, and the Director of Operations to discuss several high bill complaints, how to
 work with tenants to reduce loads and to arrange for monthly Franklin Square visits starting in June.

Safety

• The Safety Team participated in BED internal Restoration and Tabletop exercise planning.
• The Safety Team conducted weekly Tuesday morning safety briefings with operations personnel.
 PreJob tailboards are covered, as well as weekly assignments for Operations with Engineering Support.
 System Operations gives weekly SCADA updates.
• The Safety Team completed weekly OSHA 300 reporting.
• The Safety Team completed and submitted to senior management a weekly safety summary of field
 checks for Operations & Generation.
• The Safety Team participated in McNeil insurance recommendation meeting with two (2) of the major
 insurance carriers.

Environmental
• The McNeil REC team completed the first quarter 2026 GIS submission into NEPOOL which the
 reporting deadline is July 10, 2026. Compliance deadline is 100 days from the end of the reporting
 period.
• The Environmental Team conducted outage inspections of confined spaces and wrote inspection
 reports for the drums and the tubular air heaters. In addition, the resin in demineralizer train B was
 replaced and regenerated.
• The Environmental Team conducted meetings with the State ANR about amending the Gas Turbine
 permit to add R99 fuel usage. There was also a meeting with the new water treatment chemical
 supplier, and they worked with them on changing the systems over.
• The Environmental Team organized and updated the McNeil oil storage room and removed
 accumulated waste from the facility.

Risk Management
• Received final payment re: Small Claims Court case (matter closed).
• Filed with the Burlington Police Department a “theft of service” claim (meter).
• Received and processed insurance invoices for General Liability and Agency fee from H&B.
• Complete performance evaluation for one employee.
• Updated the 2025 version of the “Hazard Mitigation Plan” (HMP) for the Burlington Fire Department.
• Met with broker (Aciurse) on their “Annual Focus Plan.”
• Created liability release for the “Touch-a-Truck” event and E-bike training events with Local Motion.
• Attended VT Charted Property Casualty Underwriter (CPCU) Chapter meeting (CEO roundtable).



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 May 2026 – Department Highlights



• Conducted three new employee orientations.
• Reviewed BED’s privacy policy for Energy Services and a contractor.
• Sent out an “all-users” reminder regarding BED’s E-bike policy and training videos.
• Reviewed and revised the Facility Materials Specialist II, III job description for posting.
• Conducted a 585 Pine Steet employee tour.
• Reviewed and revised the Spark Space use form to include the updated contact information.
• Attended the interview as it relates to compliance with the DPS consultant (ARC) and forward
 requested backup documents.
• Attended the meeting with BED’s Restoration Plan & Annual Tabletop Exercise Committee.

Purchasing/General Services
• Replacement of new HVAC system in Distribution offices has started.
• Attended a meeting with BED’s Restoration Plan & Annual Tabletop Exercise Committee.
• Reviewed Facility Materials Specialist II, III job descriptions to include minor changes. HR & Union
 approved these changes.
• Hired temporary employee Nick Book to help while job posting goes out for Facility Materials Specialist
 I, II, III.
• RFP out for proposals-GT Fire suppression Panel, GT Fuel Transfer Pump & Manifold and 405 Pine St
 EVSE Service.

Center for Operations & Reliability – Munir Kasti

Engineering, Grid Services & Operations
• Added a neutral conductor on Curtis Avenue.
• Commissioned two new Level 3 electric vehicle chargers near City Place.
• Set new poles and reconductored the primary circuit on Wells Street.
• Reconductored primary and neutral circuits on South Union Street and Crombie Street.
• Completed the rebuild of the Main Street Utility Hole #53 for the Main Street Great Streets project.
• Replaced six condemned poles on North Willard Street, Maple Street, Blodgett Street, North Champlain
 Street, Nash Place, and Driftwood Lane.
• Completed two transformer upgrades on South Union Street and North Avenue.
• Coordinated a scheduled power outage for the UVM Davis Center for customer-owned equipment
 repairs.
• Two apprentice line workers attended their second session of the third-year apprenticeship program at
 the Northeast Public Power Association (NEPPA) headquarters in Littleton, Massachusetts.

SAIFI & CAIDI Outage Metrics:
BED’s distribution system experienced 18 outages in May 2026 (3 unscheduled and 15 scheduled). BED’s
SAIFI for the month of May was 0.05 interruptions per customer and CAIDI was 3.3 hours per interruption.
BED's YTD SAIFI is 0.12 interruptions per customer, and YTD CAIDI is 2.33 hours per interruption. The
CAIDI value for the month of May was higher than BED’s target value due to the multiple overnight outages
required for the rebuild of UH#53 as a part of the Main Street Great Streets project. These outages were
required to allow SD Ireland to safely enter our vault and perform our rehabilitation work.


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 May 2026 – Department Highlights




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




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




The following figure shows BED’s historical Unplanned Outages:




Generation

McNeil Generating Station
Month Generation: 0 MWh


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 May 2026 – Department Highlights



YTD Generation: 84,206 MWh
Month Capacity Factor: 0.0%
Month Availability: 0.0%
Hours of Operation: 0 hours

McNeil is currently conducting the annual maintenance outage.

Winooski One Hydroelectric Station
Monthly Generation: 2,879.2 MWh
YTD Generation: 12,334.4 MWh
Month Capacity Factor: 52%
Annual Capacity Factor: 45.99%
Month Availability: 85%

Burlington Gas Turbine
Month Generation: 73.2 MWh
YTD Generation: 693.5 MWh
Month Capacity Factor: 0.45%

Solar (Pine Street 107 kW)
Month Generation: 12.87 MWh (+15% from previous year)
YTD Generation: 33.36 MWh
Month Capacity Factor: 16.2%
Month Availability: 100%

Solar (Airport 499 kW)
Month Generation: 67.56 MWh (+9% from previous year)
YTD Generation: 176.45 MWh
Month Capacity Factor: 18.2%
Month Availability: 100%

Center for Customer Care & Energy Services – Mike Kanarick

Customer Care

• Call Answer Time (75% in 20 seconds): May 2026 58.3%, April 81.0%, March 81.7%, February
 80.6%, January 87.9%, December 2025 91.4%. May 2025 61.4%, April 86.1%, March 90.3%, February
 89.6%, January 86.4%, December 2024 83.4%. Busy Season #s: Monthly # calls increased 60%
 (1,988 to 3,324) from last month. Tremendous increase (6x) in use of web requests for
 termination and new service – up from 111 to 677 since last month.
• May 2026 Stats: please see dashboard for additional metrics categories.




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 May 2026 – Department Highlights




Communications and Marketing
Lake Monsters Customer Appreciation Nights: BED will be on the Centennial Field concourse again this
season on Tuesdays, June 9, and July 28. To show appreciation for our customers, BED will give away
baseball caps to the first 250 Burlingtonians each night. Also, we will provide expert energy advice before
and during the game.

• Robin’s Big Truck Day: BED will join the Robin’s Nest Children’s Center in the Old North End for Big
 Truck Day on June 13 from 9am-12noon. The event is open to the public and provides kids with the



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 May 2026 – Department Highlights



 opportunity to climb on and explore trucks of all sizes, including a BED Ford F-150 Lightning electric
 truck.
• Juneteenth: BED will participate in the City’s Juneteenth celebration on Saturday, June 20, in City Hall
 Park and on the Church Street Marketplace. Visit our tent to ask us your energy questions and to check
 out our Ford F-150 Lightning electric truck that will power a stove to prepare treats for our visitors to
 enjoy.
• Net Zero Energy Festival – A Supercharged Day of Family Fun: mark your calendars for Saturday,
 August 22 (rain date August 23) from 12noon-4pm at Waterfront Park (new venue – not at BED this
 year). To further our NZE progress, we’ll have activities for people of all ages focused on reducing fossil
 fuel use and electrifying everything, including: renewably-powered food trucks; games and activities
 for children; Star 92.9’s radio personalities Mike & Mary; raffles; E-bike test rides; EV showcase; mobile
 bike repair unit; bike parking; BED partners providing heat pump, solar, and electric lawn care
 products; carshare and biking partners; BED energy experts; rescue dog adoption opportunity; and
 more.
• Net Zero Energy Podcast: we invite you to listen to our latest podcast episodes, featuring Chad Farrell,
 founder and president of Encore Renewable Energy, who discusses the evolving world of solar energy,
 GM Darren Springer, providing a progress report on the City’s Net Zero Energy Roadmap.
 burlingtonelectric.com/podcast

• Full website visits for May 2026




Top-performing Facebook & Instagram posts

• New public Level 3 EV chargers

• GM Darren Springer podcast on Net Zero Energy Roadmap update




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 May 2026 – Department Highlights




Center for Energy Services – Chris Burns

UVM & UVMMC
• UVM Medical Center / East Pavilion 3 and Old Hall Level 4 Lighting Upgrades – BED has developed
  savings estimates for both lighting measures. The EP3 project is a fixture retrofit for an Oncology fit up.
  The Old Hall project is a new fit-up located at 1 South Prospect Street for a Suicide Care Clinic, treated
  as a new construction lighting project. A site visit was completed by BED for the EP3 project this month,
  with an additional walk-through to view another upcoming lighting upgrade in the West Pavilion on
  Floor 5 of the ACC.
• UVM Rowell / Classroom 003A & B Lighting Retrofit – UVM has provided to BED information on a
  basement nursing classroom lighting retrofit involving 24 T5 2-Lamp fixtures to be replaced one-for-
  one with LED. BED has completed the savings analysis for this small lighting project and delivered an
  incentive offer to the customer.

Other Services
• Continued decline in new development and energy efficiency activity.
• As previously reported, over the past year and a half 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.
• As previously reported, ES also continues to see an overall slowdown in EEU and Tier 3 activity with
 customers. 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. VGS and EVT continue to report similar market conditions. BED and VGS continue to work
 with the Burlington 2030 District and CEDO’s Business Support Servies team to get the word out about
 our services and that we are here to help. BED, VGS, and CEDO have been meeting monthly to
 brainstorm business outreach and program approaches.

Energy Services continues to:
• Work on several projects which include Burlington City Arts / 405 Pine Street multi-phase renovation,
 City of Burlington Water Dept / Water Reservoir Pump Upgrade, Hill Gardens / 47 S. Williams Street
 lighting retrofit and Cambrian Rise / BLDG C (Sunset House) NC Project including 135 apartments.
• 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.


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 May 2026 – Department Highlights



Electric Vehicles & Charging Stations
• The EVSE (ChargePoint, Flo & AmpUp) dispensed a total of 41.9 MWh and supported 2,016 sessions.
• The ChargePoint EVSE served 880 unique drivers.
• The top 3 sales on the ChargePoint network were 106 kWh, 110 kWh, and 120 kWh and occurred at the
 Cherry Street Garage and at one of the new St. Paul Street & Bank Street DCFC’s.
• Approximately 55% (or 23.1 MWh) of the energy sold from the entire network is attributed to the
 DCFC’s. The Pine Street DCFC dispensed the most energy.
• The AmpUp Maple Street station was repaired.
• Installation of the BE22 and BE23 (120 Main Street) was completed Wednesday May 27. The station
 activation form was submitted the same day.
• EV and PHEV rebates to date – 1,235 (of this 276 LMI rebates to date)
• Customers currently participating in the EV Charging Rate- 457
• Single-family & multifamily home EV charging stations rebates to date – 431 (of this 23 LMI rebates to
 date).

Heat Pump Installations to Date
Total heat pump technology installations including multi-family new construction projects and installations
in existing buildings since the September 2019 NZEC announcement – 3,283 installations (of this 259 LMI
rebates to date).




 Page 9

DRAFT
 MINUTES OF REGULAR MEETING
 BURLINGTON ELECTRIC COMMISSION

 Wednesday, June 10, 2026

The regular meeting of the Burlington Electric Commission was convened at 5:09 pm on
Wednesday, June 10, 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, Andy Vota, and Brian Williams were
 present.
 • Staff members Paul Alexander, Mike Kanarick, Munir Kasti, Ita Meno, Katie Morris, Lincoln
 Sprague, Darren Springer, and Emily Stebbins-Wheelock and Donald Tobi were present at
 585 Pine Street.
 • Staff member Amber Widmayer was present via Microsoft Teams.
 • Public member Noel Dodge was present at 585 Pine Street.

1. Agenda
No changes to the agenda.

2. Meeting Minutes
Commissioner Williams requested a change to the Public Forum section of the May 13, 2026
minutes when Mr. Porter spoke to change the word ‘independence’ since it seemed to be a typo.
Commissioner Vota moved to change the wording to ‘resolution’ instead. Commissioner Moody
moved to accept the change to the minutes. Commissioner Vota seconded the motion. Vote: 5 ayes 0
nays.

3. Public Forum
No members of the public were present.

4. Monthly Impact Minute
Don Tobi, a forester at McNeil for the last 33 years, presented with Noel Dodge, a Wildlife Biologist
and Private Land & Habitat Program Manager for the State of Vermont.

Before McNeil can purchase any wood or wood chips in Vermont, all logging jobs must be approved
through a harvest notification submitted to Vermont Fish & Wildlife. Seven regional biologists
review these notifications based on geographic zones. Noel Dodge explained that he covers
 1
Lamoille County and Washington County. The review process focuses on identifying deer wintering
areas, wetlands, rare/threatened/endangered species, and critical wildlife habitat. The McNeil team
prepares a harvest map overlaying harvest areas with the pertinent environmental features, along
with paperwork detailing job location, landowner, harvester identity, site description, and cutting
prescriptions for each area. Mr. Dodge presented a review of the last 10 years of harvest
notification data submitted to Fish & Wildlife, including data on acreage changes and mitigation
measures.

Mr. Dodge built a harvest notification database in 2016, now covering over 10 years of data.
The average Fish & Wildlife response time is 6 days, well under the 15-day MOU requirement.
Three quarters of notifications have no resource concerns and are straightforward to process
(excluding self-certified projects). Self-certification applies when a landowner has a state-approved
forest management plan and no identified wildlife concerns (no deer yards, wetlands, or RT&E
species).

10-Year Data Summary (Burlington Electric Notifications):
 • About 115 notifications reviewed per year; over 1,000 total in 10 years.
 • 2,700–2,800 acres notified per year; ~89,665 total acres reviewed over 10 years.
 o Of those, 23,000 acres had some resource concern (deer yards, RT&E species, etc.).
 o Only 12% of that subset (~2,800 acres) had actual negative impacts — a very small
 fraction of total acreage reviewed.
 • Every year, acres protected far exceeded acres impacted.

Wood sourcing is centered around the McNeil plant, spreading across central/northern Vermont.
Elmore had the most acres reviewed (~3,000), largely due to large timber harvests with significant
bat habitat protection. Chip harvesting is typically a byproduct of larger timber operations (saw
logs, pulpwood, firewood come first). Biomass-only cuts do occur for wildlife/habitat purposes but
are less common. The chip harvest notification process gives Fish & Wildlife review authority over
entire harvest operations (not just the biomass portion) creating broad habitat oversight on private
lands that might otherwise have none. Participants noted that landowners and loggers generally
view the process positively, as technical assistance and market access rather than burdensome
oversight. Loggers benefit from a market for otherwise unsaleable material.

5. Commissioners’ Corner
Commissioner Bonn opened the Commissioner's Corner by formally recognizing Commissioner
Moody for 16 years of service on the Burlington Electric Commission, expressing gratitude for his
dedication, care, and impact on the board, BED staff, and Burlington customers.

Commissioner Moody remarked on some of the highlights from his tenure, including:
 • Removal of unnecessary lights on the Beltline (one of his first actions)
 2
 • Transition from the old grid system to Smart Grid.
 • Acquisition of new generation assets and contracts from renewable energy sources.
 • Fleet electrification and broader city electrification efforts.
 • Progress toward Net Zero 2030.
 • Proactive neighborhood outreach and infrastructure work.

Commissioner Moody stated his hopes for BED’s future includes full ownership of the McNeil plant
and control over its future direction, moving forward on district heating, pursuing geothermal
energy as a future resource and continued leadership as one of the most forward-thinking
municipal utilities in the country. Commissioner Moody closed with praise for BED staff and
expressed confidence in the department's, commission's, and city's future.

Commissioner Willliams noted receiving public inquiries about District Energy and asked for an
update given the lack of recent discussion on the topic.

General Manager Darren Springer responded that District Energy is not currently active, which is
why it hasn't come up recently. BED's current focus at McNeil is on two key initiatives:
 • Battery Storage: A project is in active development and may be brought to the commission
 as soon as the July meeting (potentially July 8, 2026, the earliest possible date). The meeting
 date may be adjusted depending on project timelines; a special summer meeting could also
 be considered given BED typically does not have a meeting in August. Battery storage is
 envisioned as the next step in McNeil's innovation arc, building on the existing solar test
 center (with UVM) and the on-site indoor agriculture facility (with a nonprofit partner).
 • Wood Pyrolysis: Drawing on findings from the Velarity Report, BED is exploring wood
 pyrolysis as an alternative approach to maximizing the efficiency of wood chip use at
 McNeil, addressing some of the same goals that district energy had aimed to achieve.

Mr. Springer indicated both topics will be brought forward for commission discussion in the near
future.

Commissioner Kenney raised a longer-term question about the commission's role in integrated
resource planning, noting that shorter-term energy decisions feel harder to weigh in on without
visibility into the bigger picture, particularly given emerging topics like renewable energy supply
challenges, McNeil performance, virtual power plants, and electrification.

Mr. Springer responded that the IRP is produced every three years and serves as an analytical
framework (not a decision document) for evaluating renewable resource options and priorities.
The process typically involves multiple consultation meetings with the commission, collaboration
with the Department of Public Service, and a public forum before a plan is submitted. The most
recent IRP was submitted in November 2023. Unusually, two interveners were granted limited
 3
intervention in the docket, which has significantly prolonged the process. Responses to a third set
of interrogatories are still underway as of June 2026. Due to the unresolved prior IRP docket, the
commission has twice approved delaying the start of the next IRP cycle. BED would like to bring the
current litigation to a close before beginning a new one. When the next IRP process begins, the
commission will be involved in its development as is standard practice. In the meantime, power
contracts will continue to be brought forward on a case-by-case basis as needed.

Mr. Springer noted that the 2023 IRP is available on BED's website and encouraged commissioners
to review it, noting that while some specifics are dated, many core concepts remain relevant.
Battery storage, for example, was modeled in the 2023 IRP and is now being evaluated using that
same model for real projects.

Commissioner Kenney asked whether a framework exists, separate from or within the IRP, that the
commission can reference to understand how staff currently weighs and prioritizes different
energy resources (battery storage, virtual power plants, etc.).

Mr. Springer responded that the 2023 IRP is the primary framework and is fully public (though still
in litigation for formal approval). Commissioners are encouraged to review it to understand how
BED evaluates and values different resources. The IRP model was used to analyze battery storage as
a sample case in the 2023 cycle, anticipating that a real project might follow — which is now
materializing. The energy market is highly dynamic, meaning some specifics from the 2023 IRP
(developed partly in 2022) are already out of date. BED has an updated load forecast from Itron
that would serve as a foundation for the next IRP, but work on the 2026 IRP has not yet begun due
to the ongoing litigation over the 2023 plan. Under normal circumstances, the commission would
already be engaged in developing the 2026 IRP. That process remains on hold pending resolution of
the current docket.

6. General Manager’s Update
General Manager Springer announced a new hydropower agreement: Skelton Hydro in Maine. It is a
short-term agreement secured for 100% of output through end of 2025 to address near-term
supply needs in addition to a five-year agreement (previously approved by commission) now
executed, starting January 1 for 50% of output. This helps replace expiring Hancock Wind contract
and fills a gap left by a third Relevate asset that did not materialize. BED's portfolio will shift toward
more hydro and less wind.

There was a kickoff meeting held on May 27th with the Department of Public Service and their
consultant ARC, for the business process audit. Staff interviews are wrapping up and a draft report
with recommendations is expected by mid-July. The final report to the PUC is expected in early
August. Some process improvements already being implemented proactively as they emerge during
the audit.
 4
The FY27 rate case was unanimously approved by City Council. The filing timeline was adjusted due
to the under-3% (non-litigated) rate case process. BED is working with DPS on revised timing and
notice requirements. Customer bill notices are being prepared to communicate the proposed 2.99%
rate change.

Filing for the Distributed Resources Plan (DRP) is planned for later this week based on legislation
that passed H940. BED is submitting a plan in consultation with the Department of Public Service
and taking feedback that would cover our three-year electric efficiency budget and three-year TEPF
budget. Per the legislation, 60% of the TEPF funds would go toward thermal efficiency,
weatherization, income-eligible electric panel upgrades, and pre-weatherization work (asbestos,
roof leaks, knob-and-tube wiring). 40% of the funds available would go toward greenhouse gas
emission reduction programs including commercial custom programs, geothermal initiatives,
electric transit buses, EV incentives (boosted incentive to be extended through next three-year
period given loss of federal and state support), multifamily EV charging, and high-mileage driver EV
adoption.

Strategic Direction Update:

The annual update to BED's one-page strategic direction document will be presented at the July
commission meeting. New commissioners are encouraged to review the current version on BED's
website.

BED will have two new hires starting June 22nd: Dan Edson (from Efficiency Vermont) will be the
new BED Manager of Energy Services and Jared Pellerin (formerly Deputy City Attorney, South
Burlington) will be BED’s new Principal Counsel and Compliance Officer position, created to build
internal legal capacity and reduce reliance on outside counsel.

Commissioner Vota requested that the strategic direction document be shared with commissioners
as early as possible in advance of the July meeting, and asked if there was an update about the FERC
rebate.

Mr. Springer noted he had attended a VELCO board strategic retreat earlier that day where this was
a major topic. There were no substantive updates beyond the prior meeting, but several active
threads:

 • Refund treatment: Whether existing refunds remain in place and whether FERC allows
 VELCO and others to treat them as a regulatory asset is still unresolved.
 • How BED and others will fund any refund obligations remains an open question.

 5
 • The reduction in VELCO’s allowed equity rate of return has already been incorporated into
 BED's budgets.
 • New equity being issued by VELCO could provide some additional return on capital
 investments, all else equal.
 • Transmission owners nationally (not just Vermont) have filed a motion at FERC to raise the
 allowed rate of return to upwards of 11% based on more current market factors — this will
 be litigated and could affect BED's future VELCO dividends.
 • The Vermont Department of Public Service is actively engaged in regional advocacy given
 Vermont's unique position in this litigation, and VELCO is also working to find mitigation
 pathways.

Mr. Springer committed to keeping the commission updated as developments unfold.

7. March 2026 Financial Review
Emily Stebbins-Wheelock, CFO and Manager of Strategy & Innovation, presented April 2026
financial results.

BED reported a budgeted net loss of $963,000 versus an actual net loss of $502,000, with a
favorable variance versus budget of $461,000.

Sales to customers were worse than budget by $277,000. Other revenues were essentially on
target; $92,000 better than budget. Power supply revenues were favorable by $214,000, due to
timing of REC deliveries arriving in April rather than the originally budgeted period.

Net power supply expense was favorable by $409,000, driven by transmission and purchased
power variances. Other operating & maintenance expenses were $455,000 favorable, largely due to
timing of outside services and maintenance contracts. Depreciation was over budget by $65,000.

Other income & deductions was unfavorable by $321,000 primarily due to timing of customer
contributions to capital projects compared to what was budgeted and some grant income variation.
Interest expense was slightly over budget due to the 2026 revenue bond issuance.

Actual capital spending was $7 million vs. budgeted $13.8 million (46% of full-year budget).
It is projected to reach $9–10 million through end of June. The McNeil outage began in April but was
primarily in May, so production actuals will increase significantly once May closes. Distribution
project spending is expected to rise as warmer weather enables more field work.

Commissioner Kenney asked about the reasons behind the delay in the IT projects that are
underway and if they are creating reliability or cybersecurity risks.

 6
Ms. Stebbins-Wheelock responded that the financial system was delayed due to contract
negotiation timing. The contract was signed last month, and a kickoff meeting has been scheduled.
The CIS/Customer Portal/Mobile Work Management (SpryPoint) project is progressing more
slowly than planned but is not over budget. There are no reliability or cybersecurity risks identified
as a result of these delays.

The April 30 cash was $14.8 million ($2.3 million better than budget). For the credit rating factors,
the debt service coverage was 4.6 (adjusted: 1.19) and 154 days cash on hand.

8. Commissioners’ Check-in
Commissioner Kenney asked what can be done at the utility, state, and advocacy levels to enable
more renewable energy development in Vermont given increasing supply shortages.

General Manager Darren Springer responded that offshore wind cancellations are a significant
regional challenge. Several New England states and New York have sued the federal administration
over canceled leases and redirected energy policy. Vermont currently has no new wood, hydro, or
wind development in the pipeline and a moratorium on new wind exists, driven by state leadership.
Solar continues to be built but has limitations in terms of capacity versus actual energy production,
particularly seasonally. Canadian hydro imports are a recurring conversation but face long-standing
transmission capacity constraints. Nuclear, including small modular reactors, is emerging as the
primary state-level conversation around new supply.

A legislative study was passed to examine whether Vermont's updated (2024) renewable energy
standard can be met with available supply. Potential changes could include allowing nuclear to
qualify. Some states have rolled back renewable portfolio standards for affordability reasons, which
sends mixed market signals. The only new proposed generation in Vermont is a 2.2 MW wood
pyrolysis facility in Lyndonville.

BED currently purchases from Sheffield and Georgia Mountain wind projects and would remain
interested in new Vermont wind if cost-effective projects were proposed. BED actively supports
and will continue to support solar projects in Burlington. Solar projects outside of Burlington are
economically challenging due to transmission costs at the scale BED typically operates. Battery
storage is being actively advanced. Revisiting the 2016/2017 noise standards would likely be a
prerequisite for any new wind development. Existing wind sites (e.g., Searsburg, which was already
repowered) could potentially be upgraded or expanded. Any new wind development would need to
carefully account for noise, shadow flicker, wildlife, and stormwater impacts.

Adjourn
Commissioner Moody made a motion to adjourn; the motion was seconded by Commissioner Vota.
Vote: 5 ayes 0 nays.
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The meeting of the Burlington Electric Commission adjourned at 6:10 p.m.

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

Attest: Elena Alexander, Board Clerk
 (Reviewed and approved by Emily Stebbins-Wheelock)




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