Burlington Electric Commission

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 BETHANY WHITAKER AGENDA Regular Meeting of the Board of Electric Commissioners Wednesday, September 10, 2025 – 5:00 PM 1. Agenda 2. Minutes of the July 23, 2025 Meeting 3. Public Forum 4. Commissioners’ Corner (Discussion) 5. GM Update (Discussion) 6. Financial Review (Discussion) – Emily Stebbins-Wheelock 7. Efficiency Programs Update (Discussion) – Chris Burns 8. Proposed Amendments to Street Lighting Tariff (Discussion and Vote) - James Gibbons 9. Relevate Power (Discussion and Vote) Possible executive session in order to discuss confidential contract terms. 10. Commissioners’ Check-In (Discussion) 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, July 23, 2025 The regular meeting of the Burlington Electric Commission was convened at 5:02 pm on Wednesday, July 23, 2025, at Burlington Electric Department, 585 Pine Street, Burlington, Vermont, and on Microsoft Teams. Attendance  Channel 17 was present to record this meeting.  Commissioners Lara Bonn, Michelle Hobbs, Scott Moody, Andy Vota, and Bethany Whitaker were present.  Staff members Elena Alexander, Paul Alexander, Mike Kanarick, Darren Springer, and Emily Stebbins-Wheelock were present at 585 Pine St.  Staff members James Gibbons and Amber Widmayer were present via Microsoft Teams.  Public members Nick Persampieri, Ashley Adams, Leendert Huisman, Peter MacAusland, Tate Agnew, Steve Goodkind, and Kim Horning-Mavey were present at 585 Pine St.  Public member Pike Porter was present via Microsoft Teams. Agenda Commissioner Whitaker made a motion to add item #9, Sheffield Wind Contract Extension – Discussion and Vote, to the agenda. Commissioner Vota seconded the motion. Vote: 5 ayes 0 nays. Election of Officers  Commissioner Moody made a motion to elect Lara Bonn as Commission Chair; Commissioner Whitaker seconded the motion. Vote: 4 ayes 0 nays.  Commissioner Whitaker made a motion to elect Andy Vota as Commission Vice Chair; Commissioner Moody seconded the motion. Vote: 4 ayes 0 nays.  Commissioner Vota made a motion to elect Elena Alexander as Commission Clerk; Commissioner Moody seconded the motion. Vote: 5 ayes 0 nays. Meeting Minutes Commissioner Moody made a motion to approve the minutes of the June 11, 2025, Commission Meeting; Commissioner Hobbs seconded the motion. Vote: 5 ayes 0 nays. Public Forum Pike Porter expressed appreciation for Burlington Electric Department's Strategic Direction document, commending its focus on low-income customers. However, he stressed the importance of acknowledging the 2019 climate emergency resolution committing Burlington to achieve net-zero 1 greenhouse gas emissions by 2030 across all sectors. Porter argued that net-zero references in BED documents need to be revised to align with this resolution. Porter opposed the inclusion of the District Energy System (DES) in the Strategic Direction, citing concerns that it could increase greenhouse gas emissions and consumer costs, believing that funds could be better spent on community solar initiatives for those unable to install solar panels. Porter advocated for the removal of the DES from the document. While Porter supports BED's directive to seek customer input, he argued that BED has not fully realized this goal despite years of advocacy. Porter applauded the idea of creating educational tools and a website for customers to evaluate heat pumps, electric vehicles, and electri ication technologies, although he questioned if those tools are currently available. Additionally, Porter called for the development of a similar tool for Commissioners and the public that compares costs and emissions of various power sources, speci ically evaluating how the McNeil facility compares to other grid sources. Overall, Porter urged BED to better align with the city’s climate goals, improve community engagement, and enhance transparency regarding energy costs and emissions. Nick Persampieri, a resident of Ward 3, expressed signi icant concerns regarding recent legislation signed by the Connecticut governor that may hinder BED’s ability to sell renewable energy credits (RECs) from the McNeil plant in the Connecticut Class 1 market. Persampieri highlighted that McNeil's inancial viability relies heavily on these REC sales, which typically generate between $6 million to $8 million annually, with Burlington Electric receiving approximately half of that revenue. He pointed out that the plant is already facing inancial losses, and potential changes in legislation could exacerbate the situation. Persampieri referenced General Manager Springer's memo from July 2025 that suggests BED might need to undergo a proposal process through the Connecticut Department of Energy and Environmental Protection to continue selling RECs, raising questions about the future of these sales. He voiced his opposition to pursuing long-term commitments for selling power or RECs from McNeil and advocated for considering the closure of McNeil. He also raised concerns about negotiations related to a potential buyout of the plant’ other joint owners, which could lead BED to bear the full inancial burden of the plant's losses. Persampieri criticized the lack of transparency regarding Burlington Electric's DES project, suggesting it might further entrench the plant’s operations and losses. He stressed the need for increased public disclosure on both the buyout negotiations and the DES project to allow citizens to engage in these critical discussions. Persampieri concluded by urging a reevaluation of BED’s strategic goals aimed at achieving net-zero energy by 2025. Persampieri advocated for a strategy that focuses on reducing overall greenhouse gas emissions, given that the wood-burning power plant is a signi icant source of carbon dioxide emissions within the state. He emphasized the importance of public discourse on these matters for more informed decision-making, particularly regarding environmental impacts. 2 Ashley Adams expressed concern about BED’s direction, particularly regarding the continued operation of the McNeil plant. Adams cited the plant's signi icant contribution to climate change and environmental degradation. Adams voiced her disappointment with the Commission's support for McNeil, deeming it disgraceful and not serving the public good. Adams argued that investing in the plant, which is Vermont's highest carbon emitter, exacerbates the climate emergency and compromises efforts to protect habitats and biodiversity. Adams criticized BED for maintaining misleading claims on its website about McNeil's reduction of greenhouse gas emissions, labeling such assertions as scienti ically inaccurate. Adams strongly opposes the DES project, which she believes would increase greenhouse gas emissions and entrench Burlington in reliance on dirty energy. She re lected on the City Council's 2019 call for signi icant climate action and cited losses incurred by ratepayers due to inaction and mismanagement, including a million-dollar loss from improper paperwork ilings. Additionally, Adams addressed the need to confront anticipated losses of RECs and dispel myths surrounding McNeil's role in ensuring reliability or keeping rates low. Adams asserted that the plant's costs far exceed those of cleaner alternatives available in the grid. Adams stated that it should not be the responsibility of ratepayers to subsidize forestry industries at such a high environmental cost. Adams urged the Commission to act in their iduciary duty by retiring the McNeil plant and advocated for a fair transition for its workers while prioritizing climate action and public health. She called for immediate measures that re lect a commitment to sustainability and the well-being of Burlington's residents. Peter MacAusland asked several questions regarding communication and accountability within Burlington. He inquired if Commissioners are expected to acknowledge correspondence from residents, to which the answer was af irmative. MacAusland referenced a personal email he sent to Commissioner Moody, apologizing for his behavior during a previous Council meeting and mentioning his queries about Quanti ied Ventures, a potential funding source for the DES. MacAusland noted that he has attempted to contact Quanti ied Ventures multiple times and visited their of ice in Montpelier, seeking information on who serves as Burlington's spokesperson. He emphasized the importance of receiving acknowledgment for correspondence, especially when dealing with signi icant proposals, such as a $49 million project mentioned in July 2024 by Michael Ahern of Evergreen Energy. MacAusland challenged the notion that inancing from Quanti ied Ventures is unlikely for energy-related projects, citing a lack of formal communication or partnership despite prior exchanges about low-interest inancing opportunities through the EPA's Greenhouse Gas Reduction Fund. MacAusland also mentioned potential increases in DES project costs, estimating the proposal could be approaching $60 million, urging the need for transparency and communication with the city council regarding inancial implications. Steve Goodkind, a retired Burlington public works director and city engineer, shared his perspective on the DES project. Goodkind, a member of the Stop Vermont Biomass organization, emphasized the 3 need for clarity regarding the project, which was initially perceived as urgent when a resolution was passed twenty months ago. Goodkind believes that the context surrounding the resolution has changed, leading to a mischaracterization of the project as an emergency. He asserted that the resolution, while containing potential positive aspects, was negotiated under undue pressure. Goodkind raised concerns about comparing environmental hazards, likening it to debating which of two unsafe bridges is worse. He argued that both the McNeil plant's CO2 emissions and vehicle emissions are harmful, and downplaying one over the other is unproductive. Goodkind noted that, as of December 2, the McNeil plant is the largest stationary CO2 producer in Vermont, suggesting that arguing over relative harm is misguided. He called for a calm evaluation of the project, free from the emergency narrative that has shaped prior discussions. Kim Horning-Mavey expressed gratitude for BED’s efforts made to improve Burlington's building operations and their transition to more ef icient, less polluting systems, particularly heat pumps. Horning-Mavey addressed the health impacts associated with burning wood, which has been her primary area of study for the past four years. Drawing on research from the American Lung Association and medical connections, Horning-Mavey asserted the extreme toxicity of wood fuel, speci ically its emissions of PM2.5, a critical air pollutant regulated by the EPA. Horning-Mavey noted that PM2.5 is extremely small and poses signi icant health risks, contributing to respiratory issues like asthma and COPD, and is linked to emergencies in local healthcare facilities. Horning-Mavey stated that despite the use of advanced electrostatic precipitators at McNeil, the facility still emits over ive tons of PM2.5, affecting nearby neighborhoods. Horning-Mavey referenced research from Harvard indicating that PM2.5 exposure correlates with heart issues, cancer, mood disorders, and dementia, particularly affecting vulnerable populations such as unborn children, seniors, and those living in impoverished or marginalized communities. Horning-Mavey stated that Vermont ranks ifth nationally for asthma prevalence, with certain demographics, including low-income individuals, the LBGTQ community, and people of color, experiencing higher rates of asthma. Horning-Mavey stated that wood burning releases more harmful pollutants than coal, with studies suggesting that rising wood combustion is leading to increased mortality rates. Horning-Mavey cited a New York Times article discussing research that indicates 10 to 25 percent of lung cancer cases are now found in non-smokers exposed to air pollution, highlighting the signi icant health risks posed by air quality. Horning-Mavey urged a transition away from burning fuels for electricity generation, particularly given the ongoing climate crisis exacerbating air pollution and public health issues. She also noted a potential positive development in solar energy, mentioning that a friend in the solar industry shared insights about projected reductions in solar panel costs due to oversupply. Horning-Mavey believes that this, alongside the incentive for transitioning to solar and heat pump technology, presents an opportunity for signi icant improvement in public health and environmental outcomes. Commissioners Corner 4 Commissioner Whitaker requested updates regarding District Energy. General Manager Springer indicated that, although City Council approval was granted in November for the District Energy initiative, progress was delayed due to proposed changes to a recently approved carbon fee. This led to a pause in discussions initiated by the UVM Medical Center and extended into early 2024. A transition in the mayoral of ice delayed matters further as the new administration’s priorities took time to assess. Throughout this time, the focus remained on inalizing a land use Memorandum of Understanding with the UVM Medical Center, which wrapped up in February 2025. Due to limited capacity and competing priorities, discussions on District Energy, along with various other studies and projects (including battery storage and wood chip dryer engineering), were sidelined. General Manager Springer expressed the hope that meaningful discussions and updates on District Energy would resume in the coming months. General Manager Springer responded to a query regarding comparisons between ISO New England’s greenhouse gas emissions and those of the McNeil facility. While some argue that the ISO- NE grid energy mix has lower emissions, this perspective narrowly considers only stack emissions without considering upstream methane leakage associated with natural gas, which comprises more than half of the ISO-ISO energy mix. Conversely, the lifecycle bene its of biomass, such as carbon cycling from certain wood sources, are often dismissed, despite studies indicating a more favorable carbon pro ile for sustainably harvested wood compared to fossil fuels. General Manager Springer highlighted the importance of a lifecycle emissions perspective rather than a solely stack emissions approach. Additionally, he noted that all renewables are generally more expensive than the ISO-NE grid mix; while economics should be considered, they should be considered for all potential resources, not solely for wood resources. FY25 May Financials Ms. Stebbins-Wheelock shared several inancial updates before discussing the results for May 2025.  The BED accounting team is in the process of closing June with a preliminary report on iscal year 2025 expected in September. As of June 30, the operating cash position stands at $8.5 million, which is $1.3 million under budget. Additionally, preparations are underway for the year-end audit, with auditors starting their ieldwork in September.  Regarding the re inancing of the 2014A revenue bonds, the Vermont Bond Bank is set to price the issuance next week, with a closing date on August 7.  The Department is inalizing a iling of miscellaneous service fees for the Public Utility Commission and plans to submit it by week’s end.  The Department has negotiated terms for a new credit card processor; these changes will be implemented coincident with the new customer information system and customer portal next spring. A 3% fee on credit card payments will replace the previous lat fee of $3.50 and the ACH/e-check fee will decrease from $3.50 to $1 per transaction. This revised structure is expected to be more bene icial for customers, particularly low-volume users, addressing concerns surrounding how lat fees impact their payments. May 2025 results, net income was $340,000 against a budget of $1.56 million, creating a variance of $1.2 million, predominantly due to a drop in REC revenues. While there was a favorable variance in 5 customer sales of $76,000, other revenues fell short due to lower-than-expected EEU reimbursements. REC revenues were $1.37 million less than budget due to both timing (some RECs were delivered in April instead of May) and lower wind production in calendar year 2024. Year-to-date, REC revenues are down by a net of $190,000, with all REC transactions concluded. McNeil REC sales for the iscal year were favorable to budget by $425,000, wind REC sales were less than budget by $471,000 and hydro and solar REC sales were less than budget by $96,000 and $47,000, respectively due to lower production in prior periods. Net power supply expense was favorable compared to budget by $67,000, with higher fuel costs offset by lower transmission and purchased power expenses. Other operating and maintenance expenses were favorable by $146,000 compared to budget. Year-to-date net income is $4.5 million compared to a budgeted $3.9 million, a positive variance of $542,000. Commissioner Vota asked for a projection of year-end net income. Ms. Stebbins-Wheelock responded that the Department’s most recent forecast projected a net income of $3.5 million by iscal year-end, which would be slightly better than the budgeted net income of $3.4 million. Commissioner Vota asked about the favorable variance in the Winooski property tax. Ms. Stebbins- Wheelock responded that the FY25 budget was set prior to the completion of Winooski’s recent reappraisal, which resulted in a lower property value for Winooski One based on the plant’s historical revenues and expenses. Capital expenditures for May year-to-date were $7.5 million against a budget of $11.2 million, largely due to delays in IT projects and vehicle replacements. The operating cash position at the end of May was $9.5 million compared to a budgeted amount of $11 million, largely due to additional REC purchases. The debt service coverage is reported at 4.91, with an adjusted ratio of 1.26, and days cash on hand was144 days, including the $10 million line of credit. General Manager’s Update In response to Nick Persampieri's inquiry regarding Connecticut RECs, General Manager Springer con irmed that wood energy remains eligible for Class 1 RECs under the recently passed Connecticut legislation. However, this eligibility is contingent on quali ied biomass plants being awarded a contract in an upcoming RFP process through the Connecticut Department of Energy and Environmental Protection, expected to begin in September. Importantly, McNeil is eligible to participate in the RFP, and BED will be focused on maintaining McNeil’s CT Class 1 REC eligibility to mitigate adverse impacts on revenue in the fourth quarter of the current iscal year and beyond. Additionally, McNeil RECs are still eligible for other New England REC markets, including Vermont, albeit with lower REC values. Connecticut's action to reduce its renewable portfolio standard due to affordability challenges is concerning from a climate perspective, especially considering the recent changes to federal incentives for renewable energy. BED is actively engaged in scenario and inancial contingency planning related to the uncertainty created by the new Connecticut law. 6 The Department anticipates that at the August Transportation, Utilities & Energy Committee meeting the SYNAPSE team will be ready to present modeling of energy ef iciency costs and on-site electri ication for three building types using anonymized, real-world data from Burlington. The Department has been using a mobile battery and its Defeat the Peak initiative to reduce peak demand this summer, with a successful peak event in June. Ita Meno, the 2025 Jim Reardon Award winner, selected the Richard Kemp Center as this year’s irst Defeat the Peak partner. BED will continue to use and test the battery through September. The battery has a nominal output of 1.2 megawatts and can provide up to 240 kW in an hour. BED is reviewing updated bids from its RFP for a larger 5-megawatt battery. Recent federal legislation poses signi icant challenges to climate action and strategic electri ication in Burlington, especially the removal of incentives for solar and wind energy, while fossil fuel incentives persist. This could limit renewable energy access in New England, particularly with the administration’s efforts to shut down offshore wind projects and the negative impact of tariff discussions on Vermont’s relationship with Canada. The Net Zero Roadmap emphasizes the thermal and transportation sectors, but the recent end of various incentive programs, including EV and heat pump incentives—means that BED will be the only source of inancial support for Burlington customers, particularly for EVs. The Department cannot ill this gap, but is evaluating what it can do to support customers doing this period to make EVs more affordable. Regarding the 2025 rate case, there is a possibility that FY26 rates may be reduced from the proposed 4.5% to approximately 4.3% to adjust for one-time consulting fees that were inadvertently included in the 2024 rate case, which could be bene icial to customers. BED is engaged in process with the Department and PUC regarding both rate cases. Lastly, the recent federal legislation did not eliminate the funding source for BED’s $4.85 million Charging & Fueling Infrastructure grant. The Department has engaged with the Vermont Attorney General's Of ice and other grantees to discuss potential legal actions to release these funds. Without securing this funding, EV charging investments will continue, albeit at a limited scale. 2025–2026 Strategic Direction General Manager Springer introduced the 2025-2026 Strategic Direction, stating that this year’s draft re lects an updated yet stable strategic planning process. BED aims to create a concise, one- page strategic document re lecting the contributions of all organization members, encouraging input from the entire team for potential updates. Many of the updates this year have been suggested by the sustainability and equity team. The community engagement section includes new language regarding capacity-building and energy literacy. There is also new language about collaboration with frontline communities to ensure equitable access to services, leveraging partnerships to extend outreach beyond traditional methods. There is proposed new language calling for the renewal of the Vermont Energy Ef iciency Modernization Act which allows for effective use of ef iciency funds to reduce fossil fuel use, which 7 provides an opportunity to support improved incentives for EVs and heat pumps that may help address the loss of federal incentives. Another proposed update expands district energy systems to include multiple energy sources, such as networked geothermal systems. The objective regarding charging infrastructure has been revised to emphasize prioritizing under-resourced areas and obtaining community feedback for charger placements. Finally, there are proposed edits in the budget section regarding focusing on affordability and support for vulnerable communities. Commissioner Vota asked what role the Commission plays in this document. General Manager Springer responded that the Commission does not have a formal role, but that the Department views the Strategic Direction as a communication tool to articulate its plans and goals and welcomes the Commission’s feedback. Commissioner Hobbs made a motion to adopt the 2025–2026 Strategic Direction as presented. Commissioner Whitaker seconded the motion. Vote: 5 ayes 0 nays. Sheffield Wind Contract Extension James Gibbons provided an overview of BED’s existing renewable energy contracts. Mr. Gibbons explained that three agreements will expire relatively soon: the Firstlight hydro contract on December 31, 2025, the Shef ield/Vermont Wind contract in October 2026, and the Hancock, ME Wind contract in December 2026. The Firstlight contract provides 35% of the energy output from a hydro plant in Connecticut along with the associated RECs, the Shef ield contract provides 40% of the plant’s output , and the Hancock contract provides 26% of the plant’s output. Each contract provides approximately 30 GWh of energy to BED per year, and together account for approximately 30% of the BED’s energy supply. BED is actively exploring options for contract renewals and replacements, including negotiating terms of a potential contract extension with Shef ield, which has provided favorable pricing and responsiveness to-date. The Department proposed that the Commission delegate authority to the General Manager to negotiate a contract extension with Shef ield for up to ive years, provided that the contract rate is at or below current levels. This proposal would enable the Department to act quickly to execute a renewal, as City Council approval is not required for contracts less than 5 years in duration. Commissioner Vota inquired about current energy market prices and trends. General Manager Springer responded that the head of ISO-New England recently advised that utilities should expect increasing energy contract prices across-the-board. The Department also gains value from being a 100% renewable energy provider. The Department anticipates bringing replacement proposals for the First Light and Hancock contracts to the Commission in the coming months. Commissioner Moody made a motion that delegates the Burlington Electric Department General 8 Manager the discretional authority to negotiate and enter into an extension of the Sheffield Wind contract expiring 10/18/2026 for an additional term of up to five (5) years, provided that the extension price is at or below the current price and other contract conditions are appropriate. Commissioner Vota seconded the motion. Vote: 4 ayes 0 nays. (Commissioner Whitaker was absent for the vote) Commissioners’ Check-In The Commission thanked Commissioner Michelle Hobbs for her time of service and expressed well wishes in future endeavors. Adjourn Commissioner Hobbs made a motion to adjourn; the motion was seconded by Commissioner Moody; Commission vote; 4 ayes 0 nays. The meeting of the Burlington Electric Commission adjourned at 6:28p.m. Microsoft Teams transcript used to create minutes drafted by Elena Alexander, Board Clerk, and edited by Emily Stebbins-Wheelock, CFO and Manager of Strategy & Innovation. Attest: _______________________________________________ Elena Alexander, Board Clerk 9  112 State Street TTY/TDD (VT: 800-253-0191) 4th Floor FAX: 802-828-3351 Montpelier, VT 05620-2701 E-mail: puc.clerk@vermont.gov TEL: 802-828-2358 Internet: www.puc.vermont.gov State of Vermont Public Utility Commission July 31, 2025 Kerrick Johnson, Commissioner Department of Public Service 112 State Street Montpelier, VT 05620 Dear Commissioner Johnson: The Department of Public Service (“Department”) recently stated in a Commission case that the City of Burlington Electric Department (“BED”) “has exhibited a concerning pattern of regulatory errors, inconsistencies, and shortfalls in recent years” and that stronger regulatory oversight is necessary to secure improved performance by BED in the context of its energy efficiency utility program.1 In a July 2 Seven Days article regarding BED’s failure to properly document renewable energy credits from the McNeil Generating Station, you stated, “Prudence would dictate, in order to protect ratepayers, you look at the outward signs of effective management.” 2 The Vermont Public Utility Commission (“Commission”) has observed this pattern of errors, inconsistencies, and shortfalls by BED both in its capacity as an energy efficiency utility and as a distribution utility. 3 We identify the following examples in both current and past case. 4 In Case No. 23-1985-INV, regarding 2024 energy efficiency charge rates, BED’s initial proposal was based on budgets larger than those approved by the Commission. 5 Although this was corrected before a decision was issued, this lack of precision had the potential to cause BED ratepayers to overpay for EEC-funded activities. In Case No. 22-3947-TF, BED filed a revised net-metering tariff to correct an error affecting 206 customers and amounting to $26,275 in under-compensation. 1 Case No. 25-0231-INV, Department Comments of 4/25/25. 2 Kevin McCallum, An Error Cost Burlington Electric $1 Million, SEVEN DAYS, July 2, 2025, https://www.sevendaysvt.com/news/an-error-cost-burlington-electric-1-million-43900313. 3 We opened this case to ensure transparency of this dialogue. This is not a Commission investigation. 4 We note that Chair McNamara is recused from some of the cases identified below. See Chair McNamara’s memorandum regarding conflicts and recusal (2/9/24), available at https://puc.vermont.gov/document/chair- mcnamaras-memorandum-regarding-conflicts-and-recusal. However, this case does not involve making new determinations regarding the merits of these past cases. 5 Case No. 23-1985-INV, BED Revised EEC filing, 11/3/23. VERMONT  In Case No. 24-1832-INV, regarding energy efficiency charge rates for 2025, BED identified a significant negative balance in its EEU fund. The negative balance is likely the result of years of compounded errors in BED’s energy efficiency charge calculations. The Commission opened Case No. 25-0231-INV to investigate the negative fund balance. BED did not report output and fuel type for the McNeil Generating Station for the third quarter of 2024 in the NEPOOL GIS system. As a result, BED lost approximately $951,000, while Green Mountain Power Corporation lost $600,000 and the Vermont Public Power Supply Authority lost $260,000.6 In Case No. 21-2701-INV, regarding 2022 energy efficiency charge rates, the Commission found that the manner in which BED had pursued its proposal was unacceptable because BED was aware that its proposal was inconsistent with a Commission Order yet made no mention of the inconsistency in its initial filing. The Commission noted that “the regulatory process is harmed when an entity subject to our jurisdiction does not act in a manner consistent with our decisions, particularly where such an entity acts as though it can make unilateral decisions that are inconsistent with a Commission order.” The Commission stated that, going forward, it expected “marked improvement in BED’s regulatory diligence.” On March 28, 2022, the Commission issued an order regarding its overall performance assessment of BED as an energy efficiency utility.7 The Commission found inconsistencies in BED’s regulatory engagement. In its discussion, the Commission references Case No. 19-3272-PET, in which the Commission determined that BED had made multiple filings “that were late, had internal inconsistencies, were missing information, or included other mistakes.” 8 BED was directed to develop “robust processes for the internal review of documents before they are filed with the Commission, compliance checks to ensure timely response to Commission orders, and quality controls to verify that filings are made in the appropriate case(s) with all required materials.” 9 BED was directed to put these processes into place before the commencement of the next demand resources plan proceeding. The Commission stated that it is important for BED’s filings to be timely, accurate, and complete.10 In Case No. 24-0598-PET, BED petitioned the Commission to reimburse its distribution utility operating accounts for expenditures that were incurred for the District Energy System (“DES”) in calendar year 2023. The Commission denied the petition because BED should have requested Commission approval of the expenditures in advance, and 6 https://www.sevendaysvt.com/news/an-error-cost-burlington-electric-1-million-43900313 7 Petition of the Department of Public Service, pursuant to 30 V.S.A. § 209(d)(2), requesting a proceeding to conduct Energy Efficiency Utility overall performance assessments and consideration of re-issuance of EEU order of appointments to provide services, Case No. 21-1500-PET, Order of 3/28/22. 8 Id. at 15. 9 Id. at 16. 10 Id. at 18 (“BED has failed to meet several QPIs and MPRs over the past two performance periods. In the context of BED’s organization qualifications, the Department seeks to see more evidence from BED that it is recognizing these shortfalls in a timely manner and managing the EEU's resources to address the shortfalls earlier in each performance cycle. It is incumbent on BED to continually assess performance and to bring issues to the Department and the Commission, as appropriate, as soon as the issues reach a reasonable level of concern.”).  because the petition was ultimately an untimely effort to reconsider a prior Commission denial of a similar request. In Case No. 24-1848-TF, BED asked the Commission to reopen its approval of BED’s 2024 rate case decision due to errors in BED’s cost of service. BED stated that its cost of service unintentionally included $100,460.31 of expenses associated with the DES and did not disclose this information in a discovery response. As a result, the Department’s testimony and the Commission’s order are based on erroneous information provided by BED. 11 In Case No. 25-1010-INV, the Commission is investigating BED’s expenditure of approximately $2 million of energy efficiency utility and ratepayer funds on the development of a district energy system (“DES”) in the 2021-2023 performance period. We will examine “the source(s) of funds for DES support spending, and whether BED had proper regulatory approval for these expenditures.” 12 In Case No. 24A-1346, BED’s 2023 EEU Annual Report, BED acknowledged overspending its residential-sector resource-acquisition budget for the 2021-2023 performance period by 33% as a result of invoicing errors. In BED’s response to the hearing officer’s information request, BED stated, “In hindsight, however, BED should have been more proactive and informed the Commission of these issues sooner than the 2023 EEU Annual Report filing. BED will strive to provide more timely notices in the future.”13 Act 151 of 2022 provides that an electric energy efficiency utility may use a portion of its approved resource-acquisition budget for specified thermal and transportation efficiency programs if certain criteria are met.14 In Case No. 22-1473-PET, BED was directed to make a compliance detailing its Act 151 activities because BED’s implementation of certain parts of its Act 151 programs was inconsistent with representations that BED had made to the Commission.15 To date, and as evidenced by the above recent examples, the Commission has taken up BED’s regulatory errors, inconsistencies, and shortfalls on a case-by-case basis, addressing the facts of a particular circumstance and the policy or legal consequences. However, the pattern of conduct that this list illustrates may necessitate a more holistic approach. The Commission is concerned that BED has not implemented adequate quality-control measures or identified the root cause of these issues. Therefore, we seek the Department’s recommendation on an approach to facilitate effective regulatory engagement. We ask that the Department file a response in the next month in ePUC in this case. We appreciate the Department’s consideration of this request. 11 Case No. 24-1848-TF, BED Motion to Alter or Amend, 5/30/25. 12 Case No. 25-1010-INV, Order of 5/20/25. 13 Case No. 24A-1346, letter of 8/13/24. 14 Vermont Public Act No. 151 (2022 Vt. Adj. Sess.). 15 Case No. 22-1473-PET, Order of 7/8/24 (“BED’s filings in this case are problematic. We conclude that BED’s description of the Act 151 programs that it has implemented continues to be inconsistent with the program plans that BED provided in its DRP and in its re-allocation request.”). This letter is also being issued in multiple open Commission proceedings that concern BED. Vermont’s other distribution utilities and energy efficiency utilities and parties to the above cases have been added to receive notice of this letter. Sincerely, Edward McNamara Margaret Cheney J. Riley Allen Chair Commissioner Commissioner PUC Case No. 25-1584-INV - SERVICE LIST John Abbott (for Vermont Public Vermont Public Power Supply Authority Power Supply Authority) PO Box 126 5195 Waterbury-Stowe Road Waterbury Center, VT 05677 jabbott@vppsa.com Erik Bailey (for Village of Johnson Village of Johnson Water & Light Department Water & Light PO Box 603 Department) Johnson, VT 05656 ebailey@townofjohnson.com Mary Bouchard (for Vermont Gas Vermont Gas Systems, Inc. Systems, Inc.) 85 Swift Street South Burlington, VT 05403 mbouchard@vermontgas.com Sarah Braese (for Town of Hardwick Town of Hardwick Electric Department Electric Department) PO Box 516 123 N. Main Street Hardwick, VT 05843 sbraese@hardwickelectric.com Brian Callnan (for Washington Electric Washington Electric Cooperative Cooperative Inc.) PO Box 8 East Montpelier, VT 05651 brian.callnan@wec.coop Andrea Cohen (for Vermont Electric Vermont Electric Cooperative, Inc. Cooperative Inc.) 42 Wescom Road Johnson, VT 05656 acohen@vermontelectric.coop Conservation Law Foundation 15 East State Street, Suite 4 Montpelier, VT 05602 Jeffrey Cram (for GF Power LLC) GF Power LLC 1000 River Street Essex Junction, VT 05452 jeffrey.cram@globalfoundries.com Crystal Currier (for Barton Village Inc. Vermont Public Power Supply Authority Electric Department) PO Box 126 5195 Waterbury-Stowe Rd Waterbury Center, VT 05677 ccurrier@vppsa.com Sierra Dubie (for Town of Hardwick Town of Hardwick Electric Department Electric Department) PO Box 516 Hardwick, VT 05843 sdubie@hardwickelectric.com William F. Ellis (for City of Burlington McNeil, Leddy & Sheahan Electric Department) 271 South Union Street Burlington, VT 05401 wellis@mcneilvt.com Elijah D Emerson, Esq. (for Village of Johnson Primmer Piper Eggleston & Cramer PC Water & Light P.O. Box 349 Department) (for Village Littleton, NH 03561 of Enosburg Falls Water eemerson@primmer.com & Light Department Inc.) (for Town of Hardwick Electric Department) (for Town of Northfield Electric Department) Marla Emery (for Village of Johnson Village of Johnson Water & Light Department Water & Light P.O. Box 603 Department) Johnson, VT 05656 memery@townofjohnson.com Beth Essary (for Town of Hardwick Town of Hardwick Electric Department Electric Department) PO Box 516 Hardwick, VT 05843 bessary@hardwickelectric.com Brian Evans-Mongeon (for Village of Hyde Village of Hyde Park Electric Department Park Electric P.O. Box 400 Department) Hyde Park, VT 05655 gm@villageofhydepark.com Steven R Farman (for Vermont Public Vermont Public Power Supply Authority Power Supply Authority) 5195 Waterbury-Stowe rd Waterbury Center, VT 05766 sfarman@vppsa.com Karen Field (for Town of Hardwick Town of Hardwick Electric Department Electric Department) PO Box 516 Hardwick, VT 05843 kfield@hardwickelectric.com Edward B. French, Jr., Esq. (for Village of Hyde Stackpole & French Park Electric PO Box 819 Department) (for Town Stowe, VT 05672-0819 of Stowe Electric efrench@stackpolefrench.com Department) James Gibbons (for City of Burlington City of Burlington Electric Department Electric Department) 585 Pine Street Burlington, VT 05401 jgibbons@burlingtonelectric.com Grace Grundhauser (for Green Mountain Green Mountain Power Corporation Power Corporation) 163 Acorn Lane Colchester, VT 05446 grace.grundhauser@greenmountainpower.com Kerrick Johnson (for Vermont Vermont Department of Public Service Department of Public 112 State Street Service) Montpelier, VT 05620-2601 Kerrick.Johnson@vermont.gov Scott Johnstone (for Village of Village of Morrisville Water & Light Department Morrisville Water & 857 Elmore Street Light Department) Morrisville, VT 05661 sjohnstone@mwlvt.com Michael Lazorchak (for Town of Stowe Town of Stowe Electric Department Electric Department) PO Box 190 Stowe, VT 05672 mlazorchak@stoweelectric.com Mari McClure (for Green Mountain Green Mountain Power Corporation Power Corporation) 163 Acorn Lane Colchester, VT 05446 ceo@greenmountainpower.com Abbey Miller (for Village of Enosburg Village of Enosburg Falls Water & Light Department Falls Water & Light 42 Village Drive Department Inc.) Enosburg Falls, VT 05450 amiller@enosburg.net Liz Miller (for Green Mountain Green Mountain Power Power Corporation) 163 Acorn Lane Colchester, VT 05446 Liz.Miller@greenmountainpower.com John Morley (for Village of Orleans Village of Orleans Electric Department Electric Department) Municipal Building One Memorial Square Orleans, VT 05860 jmorley@villageoforleansvt.org John Morley (for Barton Village Inc. Village of Orleans Electric Department Electric Department) Municipal Building One Memorial Square Orleans, VT 05860 jmorley@villageoforleansvt.org Ken Nolan (for Vermont Public Vermont Public Power Supply Authority Power Supply Authority) P.O. Box 126 Waterbury Center, VT 05677 knolan@vppsa.com Lynn Paradis (for Swanton Village, Village of Swanton Inc. Electric Department) Village of Swanton 120 First St. Swanton, VT 05488 lparadis@swanton.net Jill Pfenning (for Vermont Gas Vermont Gas Systems, Inc. Systems, Inc.) 85 Swift Street South Burlington, VT 05403 jpfenning@vermontgas.com Louis Porter (for Washington Electric Washington Electric Cooperative Cooperative Inc.) PO Box 8 East Montpelier, VT 05651 louis.porter@wec.coop Jackie Pratt (for Town of Stowe Town of Stowe Electric Department Electric Department) PO Box 190 Stowe, VT 05672 jpratt@stoweelectric.com James Porter, Director of Public Advocacy (for Vermont Vermont Department of Public Service Department of Public 112 State Street Service) Montpelier, VT 05620-2601 DPS-PA@vermont.gov Christopher Recchia (for Village of Ludlow Village of Ludlow Electric Light Department Electric Light 9 Pond Street Department) Ludlow, VT 05149 crecchia@ludlowelectric.com Renewable Energy Vermont P.O. Box 1036 Montpelier, VT 05601 Jeffrey Schulz (for Town of Northfield Town of Northfield Electric Department Electric Department) 51 South Main Street Northfield, VT 05663 jschulz@northfield.vt.us Thea Schwartz (for Vermont Electric Vermont Electric Cooperative, Inc. Cooperative Inc.) 42 Wescom Road Johnson, VT 05656 tschwartz@vermontelectric.coop S Mark Sciarrotta (for Vermont Transco Vermont Electric Power Company, Inc. LLC) 366 Pinnacle Ridge Road Rutland, VT 05701 msciarrotta@velco.com S Mark Sciarrotta (for Vermont Electric Vermont Electric Power Company, Inc. Power Company, Inc.) 366 Pinnacle Ridge Road Rutland, VT 05701 msciarrotta@velco.com William (Bill) Sheets (for Swanton Village, Swanton Village, Inc. Electric Department Inc. Electric Department) 120 First Street Swanton, VT 05488 wsheets@swanton.net Ronald A. Shems, Esq. (for Washington Electric Tarrant, Gillies & Shems, LLP Cooperative Inc.) P.O. Box 1440 Montpelier, VT 05601-1440 ron@tarrantgillies.com Darren Springer (for City of Burlington City of Burlington Electric Department Electric Department) 585 Pine Street Burlington, VT 05401 dspringer@burlingtonelectric.com Emily Stebbins-Wheelock (for City of Burlington City of Burlington Electric Department Electric Department) 585 Pine Street Burlington, VT 05401 estebbins-wheelock@burlingtonelectric.com Rebecca Towne (for Vermont Electric Vermont Electric Cooperative, Inc. Cooperative Inc.) 42 Wescom Road Johnson, VT 05656 rtowne@vermontelectric.coop Joseph Vandette, Jr. (for Washington Electric Washington Electric Cooperative Cooperative Inc.) P.O. Box 8 East Montpelier, VT 05651 jj.vandette@wec.coop James Weber (for Village of Village of Jacksonville Electric Company Jacksonville Electric manager@jacksonvilleelectric.net Company) Erica Welton (for Town of Lyndon Town of Lyndon Electric Department Electric Department) PO BOX 119 Lyndonville, VT 05851 ewelton@lyndonelectric.com David C. Westman (for Efficiency Vermont Efficiency Vermont - Vermont Energy Investment Corporation - Vermont Energy 20 Winooski Falls Way Investment Corporation) 5th Floor Winooski, VT 05404 dwestman@veic.org State of Vermont Department of Public Service [phone] 802-828-2811 112 State Street [fax] 802-828-2342 Montpelier, VT 05620-2601 [tdd] 800-734-8390 http://public service.vermont.gov August 29, 2025 Edward McNamara, Chair Margaret Cheney, Commissioner J. Riley Allen, Commissioner Vermont Public Utility Commission 112 State Street Montpelier, VT 05620 RE: Burlington Electric Department Dear Chair McNamara, Commissioner Cheney, and Commissioner Allen: Thank you for your letter dated July 31, 2025, in which the Commission notes the Department’s stated concerns regarding Burlington Electric Department’s (“BED”) troubling pattern of “regulatory errors, inconsistencies, and shortfalls.” The letter enumerates a number, but not all of the examples that comprise BED’s regulatory deficiencies, both as an energy efficiency utility and as a distribution utility, that led to the Department’s filings and public statements. The Commission’s letter concludes with a request for the Department’s recommendation “on an approach to facilitate effective regulatory engagement” on the part of BED. As described below, the Department recommends a focused management audit of BED’s key business practices. More specifically, the Department recommends that the Commission open an investigation into BED’s internal quality controls. As part of this investigation, the Department would engage a firm with the requisite expertise to conduct a business process audit with a specific focus on internal quality controls. It is the Department's expectation that BED would fully cooperate and collaborate with the selected auditing firm. While BED’s internal practices have not yet been assessed, an audit could reveal the need to implement additional quality controls. Examples of such controls include: x Regulatory Quality Controls – Ensuring processes to maintain compliance with state and federal regulations. o Compliance Monitoring that would include multiple levels of data review, supporting document verification, and independent calculations to ensure filing accuracy. o Reporting Controls that would include data validation and supervisor review. o Record Keeping that would include transaction logs and create audit trails for all system changes, including user identification, timestamps, and approval documentation. 1  x Operational Quality Controls - Clear documentation of policies and procedures to understand how decisions are made and evaluate the effectiveness of internal operations with a goal of ensuring consistency, compliance, and accountability. x Financial Quality Controls - Promote fiscal discipline, prevent waste, and ensure that all public funds are spent efficiently and effectively (e.g., Revenue Management, Expenditure Controls). x Cross-Functional Quality Controls o Training and Competency assessments for all employees. Verify employee qualifications before authorizing specific work activities. Ensure adequate staffing levels and provide ongoing training, on-the-job performance monitoring, and feedback mechanisms. Ensure succession planning for critical positions. o Continuous Improvement processes that identify the root cause or systemic issue requiring corrective action. Implement performance metrics over time to identify degrading performance before it becomes problematic. This is a particularly pertinent discipline lacking at BED. Again, this list is illustrative. BED’s management performance issues regarding energy efficiency and power supply-related functions are well documented. What is not clear to the Department, however, is whether or how far these issues extend and how those issues might further disadvantage their customers. Our recommendation is that the audit focus on the four areas described above while taking a broader look at the overall management structure and culture. Having said that, as documented in its Service Quality and Reliability Plan (SQRP) metrics, the Department believes it is important to note that BED delivers reliable service to its customers. Further, the Department receives very few complaints from BED's customers, and we note that BED seems to mostly enjoy strong customer support as evidenced by recent bond votes. Most importantly in this context, we do not believe that BED is intentionally obscuring facts or engaging in actions for any malicious purposes. These are some of the reasons why the Department finds their poor performance in the identified areas so frustrating: they can do better, they know they should, and yet to date they have not. In fact, in the last two weeks, BED withdrew its Revised Miscellaneous Service Fees Tariff dated August 4, 2025, due to the Department uncovering multiple formula errors in the supporting spreadsheets that resulted in incorrect fee calculations. When alerted to these errors by Department staff, BED responds reasonably well but its continued mistakes and need of remedial help diverts precious resources from other critical Departmental responsibilities and comes at an as yet unquantified cost to their customers. Such a state is unsustainable. The impact of BED’s poor performance doesn’t just affect their own customers and personnel, but all of Vermont’s electric ratepayers. That is why, in the end, the Department recommends that the Commission open the investigation as described. We are mindful of the demands on BED personnel’s time, the Department and Commission’s time, and the possibility of unintended negative consequences that may accrue from the recommended audit. Yet, it is BED’s own performance that has brought us to this point. The Department’s goal in recommending this investigation and audit is to secure effective, comprehensive and sustained performance by BED to best ensure self-sustained reliable and affordable service. It is intended as a corrective action that the Department decided upon only after careful consideration of all other options. The Department would like nothing better than to help BED quickly secure an end state whereby all aspects of the utility’s operations are effectively managed. Thank you for your consideration of these recommendations. Sincerely, Kerrick Johnson Commissioner To: Burlington Board of Electric Commissioners From: Darren Springer, General Manager Date: September 5, 2025 Subject: August 2025 Highlights of Department Activities General Manager – Darren Springer • DPS response 8.29 to PUC 7.31 letter - BED is in receipt of the Department of Public Service (DPS) letter to the Public Utility Commission recommending a third-party review of BED’s business processes and regulatory work. We acknowledge and take accountability for the McNeil REC error from 2024 and the other instances where we have not performed to expectation in the regulatory context and are committed to improve our performance. As reported previously to the Commission, we’ve taken steps to address these issues including: o Establishing a regular quarterly meeting with principals for BED with DPS to improve communications opportunities, on top of other regular check-ins during the normal course of business; o The REC process review and updated business processes (with guidance/input from DPS) documented in our memo and appendix presented to the Electric Commission at its May 2025 meeting; o Undertaking a similar process, currently underway, for our energy efficiency programs (again in conjunction with DPS guidance); and o As noted later in this report, undertaking a permit process review In addition to the above steps, we have recently taken several additional steps including: o Posting for two policy & planning positions (one recently vacated and one held vacant for budgetary purposes) to bolster staff capacity; o Pausing, with one exception (the EV announcement noted below) any incentive changes or additional program launches not already planned for an indefinite period of time to give our team room to focus on implementation of the important existing set of programs and initiatives currently underway; and o Holding an intensive weekly internal regulatory review meeting with the GM, two Managers, three directors (finance, energy services, and policy & planning), and regulatory team members to better coordinate work on dockets, filings, and reports in the regulatory space, (on top of other internal regulatory meetings); While we’ve taken the steps outlined above, we welcome the third-party review and the opportunity to learn more about recommendations and best practices we can implement.  August 2025 – Department Highlights We take our regulatory responsibilities seriously, and we’ll work constructively with our regulators on these items. Our customers expect and deserve our best performance in regulatory space, and we’ll work as hard as we possibly can to improve and meet expectations. • R99 Testing – BED will be working with the State in September to test the use of R99 (99% renewable diesel) at the Gas Turbine peaker plant. The plant previously ran on oil, and currently runs on a B20 mix of 20% biodiesel and 80% oil. BED has been working to convert the unit, which runs very infrequently for peak demand needs, to renewable and lower carbon energy. R99 is a non-fossil based renewable diesel, and has been highlighted as a drop in, far lower greenhouse gas emission replacement for fossil fuel based diesel in states like Oregon (https://www.oregon.gov/odot/climate/Documents/Alt_Diesel_InfoSheet- ODOTghginventory.pdf) and California (https://ww2.arb.ca.gov/resources/fact- sheets/fact-sheet-renewable-diesel-fuel-requirements) and Hawaii (https://hidot.hawaii.gov/wp-content/uploads/2025/06/Draft-ESWRP-6.27.25.pdf).. • Upcoming EV announcement – BED is working towards an announcement later this month to support EV drivers, including income-qualified customers, in the wake of the federal legislation which abruptly removes the federal EV tax credit at month-end. • McNeil Studies - K2Q provided an update to TEUC at its August meeting about the forestry study, and we anticipate Velerity will provide an update on the efficiency/emissions reduction study at the September TEUC meeting. • Benchmarking/BERO Work - BED was joined by Synapse and Building Electrification Institute for a set of presentations at TEUC in August on energy benchmarking and BERO, including analysis of cost-benefit of certain approaches using real buildings in Burlington as examples. We look forward to engaging further with TEUC on possible policy development and to seeing the energy benchmarking data as it becomes available in Spring 2026. • 4th Annual Net Zero Energy Festival – We had to move the Festival due to rain from Saturday September 6th, to Sunday September 7th, but appreciate all the work our team members put into planning the event and coordinating logistics of the date change. Center for Innovation – Emily Stebbins-Wheelock • Prepared to implement approved FY25 5.5% rate increase, tariff adjustment for pending FY26 4.5% rate increase, and Water Resources renter assistance program on September 1 • PUC filings in multiple dockets: o District Energy System spending investigation o Statewide energy burden proceeding o Updated plans for use of surplus TEPF Funds o Miscellaneous Service Fees – withdrew filing; will update for Commission and Council approval before refiling o Moduly battery pilot program o Annual RES compliance report for 2024 o Commercial Demand Response pilot rate o EAP rate expansion o Demand Resource Plan for 2027-2029 performance period Page 2  August 2025 – Department Highlights • Completed DEED grant-funded video on heating and cooling and started transportation video script. • Supported Church Street’s weekly passagiata with Ford Lightning F150 and e-bike display. Included partner agency Local Motion. Tabled at Family Room and Fletcher Free Library. Center for Safety and Risk Management – Paul Alexander Safety • Safety completed the annual testing & recertification of Operation Personnel insulated hot sticks, personal grounds and other assorted protective rubber goods. A safety presentation was completed on ergonomics and back safety. • A Lock Out Tag Out (LOTO) kit was procured for the Winooski One Hydro. This will allow technicians to work safely on equipment, which will include a job leader lock that will be first on, last off. • The Center for Safety met with the City committee to end homelessness. A meeting has been arranged to discuss the removal of an encampment that has grown on the private landowners property adjacent to 585 Pine Street, North Lot. Environmental • The Environmental Team worked with the Generation Team to complete the 2nd quarter 2025 GIS Submission into NEPOOL which is due October 10th. Verification of the data will be completed by Policy & Planning. • The Environmental Team is the lead of a State of VT approved test run of R99 renewable diesel at the Gas Turbine on September 17th. Testing protocols have been submitted to the State for their approval. • At the request of the General Manager the Environmental Team assembled a document covering all environmental permits, reports, testing, sampling events, and requirements plus their expiration dates and filing due dates. Risk Management • Working with the Burlington Police Department, City Attorney’ office and the “Safe Outdoor Sites” committee to address “tenters/trespassers on our property and/or adjacent sites. • Awarded full judgment (include filing fees) at the 8/1 VT Superior Court hearing via our Small Claims court case which involves paying back BED funds that were used in an apprentice program as outlined in Section 8.6 of our Union (IBEW) contract. • Received NPCC’s summary letter re: Self-certification Audit on regulatory standards PRC-005 and PRC-006 (Protection System and Underfrequency Load shedding. No further requests for information, and BED passed without any findings. • Finished reviewing/editing the COB’s Standard Contract Conditions language, in particular, Attachment C-1 (Insurance & Indemnification) to be used as a template in future BED contracts/agreements, as well as our minimum insurance level requirements. Purchasing/General Services • An all-Electric Bucket Proposal was reviewed, and truck will be purchased in FY27 • A request-for-proposal (RFP) for a Bucket Truck charger (Level 2/Level 3) was written up and put out to bid • Our Gas Turbine (GT) Dispatch area has had reflective tint put on the windows to help cool the area from the greenhouse effect of the sun Page 3  August 2025 – Department Highlights Center for Operations & Reliability – Munir Kasti Engineering, Grid Services & Operations • Issued work order for relocation of primary underground along St. Paul Street near City Place. • Completed reconductoring work on South Cove Road, Dunder Road, and Revere Court. • Completed Phase 1 of the City Place street lighting project on Bank Street. • Two apprentice line workers attended their third round of the second-year apprenticeship training at the New England Public Power Association headquarters in Massachusetts. SAIFI & CAIDI Outage Metrics: BED’s distribution system experienced 13 outages in August 2025 (2 unscheduled and 11 scheduled). BED’s SAIFI for the Month of August was 0 interruptions per customer and CAIDI was 2.13 hours per interruption. BED's YTD SAIFI is 0.21 interruptions per customer and YTD CAIDI is 1.07 hours per interruption. BED experienced a high CAIDI value for the month of August due to multiple pole transfers as a part of the South Cove Road rebuild project. The following figure shows BED’s historical YTD SAIFI and CAIDI: The following figure shows BED’s historical August SAIFI and CAIDI: Page 4  August 2025 – Department Highlights The following figure shows BED’s historical Unplanned Outages: Generation McNeil Generating Station Month Generation: 29,433 MWh YTD Generation: 156,718 MWh Month Capacity Factor: 79.12% Month Availability: 87.0% Hours of Operation: 651.28 hours A McNeil Yard Worker position was filled on August 25, and the new hire is in the process of training to be on shift. Winooski One Hydroelectric Station Monthly Generation: 0 MWH (0% of average) YTD Generation: 12,203.34 MWh (57.62 % of average) Month Capacity Factor: 0% Annual Capacity Factor: 28.28% Month Availability: 0% due to lack of water flow. Routine maintenance, preventative maintenance, and process improvement projects were conducted at Winooski One in August. The process of preparing for turbine overhauls in September has continued. There has been a significant lack of water flow in August. Burlington Gas Turbine Month Generation: 33.6 MWh YTD Generation: 386.8 MWh Month Capacity Factor: 0.235% Month Availability: 99.1% Hours of Operation Unit A: 3.2 hours Hours of Operation Unit B: 3.2 hours The Gas Turbine was successfully dispatched one time in August and had a monthly test run for a Page 5  August 2025 – Department Highlights total of 33.6 MWh. Solar Solar (Pine Street 107 kW) Month Generation: 14 MWh (+16% from previous year) YTD Generation: 79 MWh Month Capacity Factor: 17.9% Month Availability: 100% Solar (Airport 499 kW) Month Generation: 79 MWh (+20% from previous year) YTD Generation: 405 MWh Month Capacity Factor: 21.3% Month Availability: 100% Center for Customer Care & Energy Services – Mike Kanarick Energy Services UVM & UVMMC • ES is working with staff and contractors on several ongoing projects. • Working with UVM on a partial HVAC replacement project in the Waterman building. The existing constant-volume AHU and air-cooled chiller that serve the basement offices in building are being replaced. • Working with UVMMC on a main parking garage ventilation fan replacement project that includes two 150-HP blower fans that need to run 24/7 for safety purposes. Other Services • Continued Decline in New Development and Energy Efficiency Activity • As previously reported, over the past several months few new construction zoning applications have been submitted to DPI, indicating a decline in near term new development. High lending costs and construction costs continue to slow this market. • ES also continues to see a slowdown in EEU and Tier 3 activity with smaller and medium- sized commercial customers. As report widely in the media, these customers continue to face economic headwinds where discretionary energy efficiency, and beneficial electrification improvements, are understandably not a priority. BED and VGS continue to work with the Burlington 2030 District and CEDO/Business and Workforce Development (BWD) to get the word out about our services and that we are here to help. • ES continues to: • Work on new construction projects such as the conversion of the office space at 1 Lawson Lane to 33 apartments, CHT’s 70-unit building at Cambrian Rise, Burlington High School with a geothermal heating and cooling system, the former YMCA conversion to apartments, Burlington Square (aka City Place), CHT’s Post Apartments on S. Winooski Ave and Mater Christi’s Early Education Center. • 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. Page 6  August 2025 – Department Highlights Electric Vehicles & Charging Stations • The EVSE (ChargePoint, Flo & AmpUp) dispensed a total of 44.4MWh and supported 2,254 sessions. • Approximately 39% (or 17.4 MWh) of the energy sold from the entire network is attributed to the Pine St., Marketplace Garage, and Pease Lot DCFC’s. The Pease Lot DCFC dispensed the most energy. • EV and PHEV rebates to date – 1,098 (of this 249 LMI rebates to date) • Customers currently participating in the new EV Charging Rate- 399 • Single-family & multifamily home EV charging stations rebates to date – 366 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 – 3,057 installations (of this 212 LMI rebates to date) Customer Care • Call Answer Time (75% in 20 seconds): August 2025 78.4%, July 77.5%, June 69.4%, May 61.4%, April 86.1%, March 90.3%. August 2024 83%, July 76.5%, June 74.6%, May 69.2%, April 85.8%, March 87.7%. • August 2025 Stats: please see dashboard for additional metrics categories. Page 7  August 2025 – Department Highlights Complaints to DPS about Customer Care Team 6 5 # of Complaints 5 4 3 2 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Calendar Year Communications and Marketing • DATE CHANGE (due to weather): 4th Annual Net Zero Energy Festival – A Supercharged Day of Family Fun: this SUNDAY, SEPTEMBER 7, from 10:00am to 2:00pm at BED during Art Hop weekend. Activities for people of all ages focused on reducing fossil fuel use and electrifying everything, including: renewably-powered food trucks; games and activities for children; Star 92.9’s radio personalities Mike & Mary; raffles; E-bike test rides; EV showcase; mobile bike repair unit; bike parking; BED partners providing heat pump, solar, and electric lawn care products; carshare and biking partners; BED energy experts; and more. • Art Hop sponsorship: BED will sponsor SEABA’s Art Hop, taking place from September 5-7. BED’s 585 Pine Street building will host the “HOPE” statue and again will be part of “Light Hop,” with SEABA installing LED lighting on the building at night. • Full website visits for August 2025 • Top-performing Facebook & Instagram posts Passeggiata Page 8  BED 2025-2026 Strategic Direction Dashboard Aug 2025 July 2025 June 2025 May 2025 April 2025 March 2025 February January 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly Target Actuals Actuals Actuals Actuals Actuals Actuals 2025 Actuals 2025 Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual Engage Customers and Community Call answer time 75% within 20 seconds 75% 78% 78% 69% 61% 86% 90% 90% 86% avg 81% avg 82% avg 82% avg 82% avg 81% Delinquent accounts >$500 0 262 276 248 242 246 323 287 251 avg 223 avg 168 avg 188 avg 529 avg 201 Disconnects for non-payment 0 34 22 2 31 153 10 1 1 308 224 12 0 45 Energy Assistance Program Customers (program lifetime) NA 898 887 881 871 869 862 858 852 843 234 Energy Assistance Program Customers (currently enrolled) 300 787 781 776 788 776 776 776 774 770 219 # of residential weatherization completions 10 1 0 0 1 0 0 0 0 7 11 5 5 3 11 Weatherization completions in rental properties 0% 0 0 0 0 0 0 0 3 8 6 0 0 TBD # or % of homes or SF weatherized TBD TBD TBD TBD TBD TBD TBD TBD 0 TBD TBD TBD TBD 0 # of commercial building with improved thermal envelopes 0 0 1 0 0 0 0 0 5 6 4 5 5 0 Total annual mWh saved via the EE programs (annual goal) 4,032 1,391 1,031 1,003 934 904 877 84 61 1116 2,940 4053 3057 Total residential annual mWh saved via the EE programs (cumulative for year) 724 166 142 128 68 64 51 35 28 333 494 862 917 Total commercial sector annual mWh saved via the EE programs (cumulative for year) 3,308 1,225 889 875 866 840 828 49 33 783 2,447 3191 2140 % of EEU charge from LMI customers spent on EE services for LMI customers $ 297,026 $ 233,861 $ 215,682 $ 204,228 $ 200,971 $ 195,750 $ 186,013 $ 178,052 $ 167,552 $ 155,814 $ 504,942 $ 335,234 TBD TBD TBD (cumulative for 2024- 2026 3-year EEU performance period) # of customers enrolled in DtP mailing list TBD 852 844 826 816 NA NA NA NA 812 800 738 689 698 523 # of large customers participating in DtP 12 12 12 12 NA NA NA NA 12 12 11 # of pageviews, overall website-wide 20,567 22,866 21,052 28,406 21,747 19,047 18,341 23,653 # of unique website homepage views 4,181 4,867 4,621 5,046 4,617 4,251 3,804 4,739 Strengthen Reliability SAIFI (AVG interruptions/customer) (annual target) < 2.1 0.0 0.04 0.003 0.03 0.02 0.01 0.05 0.07 1.63 0.56 1.05 0.17 1.48 1.01 CAIDI (AVG time in hrs to restore service) (annual target) < 1.2 2.13 0.62 1.09 1.16 2.39 1.94 1.72 0.44 0.94 0.67 1.49 0.55 0.75 Distribution System Unplanned Outages (annual target) 82 2 10 6 2 6 4 5 3 69 39 61 44 90 98 McNeil Forced Outages 0 0 1 1 1 1 2 1 0 10 5 14 5 21 TBD W1H Forced Outages 0 0 0 0 0 0 1 1 0 3 2 6 9 2 TBD GT Forced Outages 0 0 1 0 1 0 0 0 1 2 9 6 2 3 TBD Invest in Our People, Processes, and Technology Avg. # of days to fill positions under recruitment 120 366 311 282 281 217 317 257 232 253 219 100 68 179 # of budgeted positions vacant 0 9 10 11 10 10 9 11 11 avg 12 avg 12 avg 9 avg 9 6 NA  BED 2025-2026 Strategic Direction Dashboard Aug 2025 July 2025 June 2025 May 2025 April 2025 March 2025 February January 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly Target Actuals Actuals Actuals Actuals Actuals Actuals 2025 Actuals 2025 Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual Innovate to Reach Net Zero Energy Tier 3 Program # of residential heat pump installs 13 20 20 0 10 18 11 31 176 186 255 315 203 10 # of commercial heat pump installs 0 0 0 0 0 0 0 0 5 8 4 4 13 0 # of residential hot water heat pump installs 1 0 3 0 5 1 2 5 28 31 26 14 6 4 # of commercial hot water heat pump installs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Heat pump rebates 19 22 20 6 10 18 11 31 185 206 271 328 212 0 Heat pump hot water heater rebates 1 0 3 0 5 1 2 5 28 47 18 15 3 0 LMI heat pump rebates 6 2 4 6 0 1 0 0 35 21 43 28 6 4 Heat pump technology installs in rental properties 0 0 0 0 0 0 0 0 3 8 10 14 9 TBD LMI heat pump hot water heater rebates 0 0 4 0 1 0 0 0 2 6 1 2 0 1 EV rebates - new 10 3 9 16 11 10 6 18 125 103 53 67 14 36 EV rebates - pre-owned 3 1 1 1 3 2 2 1 23 16 18 7 8 2 See NZE LMI EV rebates 2 2 2 4 1 4 2 5 50 26 9 11 7 7 Roadmap PHEV rebates - new 5 2 3 0 2 4 3 7 44 25 27 41 10 17 Goals below PHEV rebates - preowned 1 1 2 3 1 0 0 5 8 6 12 6 5 3 LMI PHEV rebates 1 0 1 0 0 0 0 0 11 5 15 13 6 2 Public EV chargers in BTV (total) 41 ports 41 ports 41 ports 41 ports 41 ports 41 ports 40 ports 40 ports 40 ports 32 ports 30 ports 27 ports 27 ports 14 Public EV charger energy dispensed (kWh) 44,400 40,400 36,700 36,700 39,100 38,500 36,400 40800 355500 244,300 151,360 86,570 35,690 78,000 Home EV charging station rebates 17 6 3 5 13 8 5 18 82 72 70 32 20 12 EV charging rate customers (total) 399 394 389 382 379 364 354 351 347 246 157 40 40 28 Level 2 charger rebates 0 11 0 0 0 0 0 1 22 10 11 10 0 1 Level 1 charger rebates 0 1 0 0 0 0 0 0 0 0 - 0 1 0 E-bike rebates 29 24 36 32 39 22 1 27 169 147 152 88 36 65 E-mower rebates 3 8 31 25 10 1 0 2 109 135 159 154 95 142 E-forklift rebates 0 0 0 0 0 0 0 0 0 0 1 0 0 0 MWE of Tier 3 measures installed 2,434 21,135 4,409 1,040 1,400 1,788 1,139 1,977 26,120 22,374 22,837 23,763 35,112 3,342 % Tier 3 obligation met with program measures 100% 146% 136% 49% 30% 26% 20% 13% 8% 122% 117% 131% 159% 283% 31% Net Zero Energy Roadmap Goals # of solar net metering projects installed 0 1 2 0 2 2 1 1 13 32 33 29 24 33 No. of homes receiving NZE Home Roadmaps 0 0 0 0 0 0 0 0 0 - 7 10 7 Residential heat pumps for space heating (no. of homes) 2023: 8615 NA NA NA NA NA NA NA NA 2,320, 18% of goal 1,952 1,749 1,448 1,112 925 Commercial heat pumps for space heating (1000 SF floor space served) 2023: 5397 NA NA NA NA NA NA NA NA 487, 7% of goal 431 411 405 374 374 Residential heat pumps for water heating (no. of homes) 2023: 4365 NA NA NA NA NA NA NA NA 344, 4% of goal 289 243 224 208 203 Commercial heat pumps for water heating (1000 SF floor space served) 2023: 1019 NA NA NA NA NA NA NA NA 6, 0.2% of goal 0 0 0 0 - EV registrations in BTV (light-duty) 2023: 2294 NA NA NA NA NA NA NA NA 1,285, 23% of goal 829 699 549 361 296 Greenhouse gas emissions (1000 metric tons CO2) 2023: 150 NA NA NA NA NA NA NA NA 174, 55% above target 179 193 188 185 214 Fossil fuel consumption (billion BTU) 2023: 2418 NA NA NA NA NA NA NA NA 2,964, 68% above target 3,044 3,319 3,169 3,185 3,660  BED 2025-2026 Strategic Direction Dashboard Aug 2025 July 2025 June 2025 May 2025 April 2025 March 2025 February January 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly Target Actuals Actuals Actuals Actuals Actuals Actuals 2025 Actuals 2025 Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual Demand Response # of Defeat the Peak events called 0 0 1 0 0 0 0 0 2 3 3 5 3 4 Average kW savings per DtP event NA NA 413 NA NA NA NA NA 342 372 463 419.5 261 242 Manage Budget and Risks Responsibly Safety & Environmental No. of workers' compensation/accidents per month 0 1 0 0 2 2 0 0 0 7 8 16 4 8 Total Paid losses for workers’ compensation accidents (for the month) annual $11,091 $7,121 $21,245 $13,204 $10,248 $3,018 $5,489 $66,100 $272,353 $98,393 $ 145,102 $ 93,612 $ 165,402 $38,288 Lost Time Incident Rate (days/year) (Dec numbers reflect annual results) <= 3.5 annual N/A N/A N/A N/A N/A N/A N/A N/A 0.99 2.0 1.99 0.0 0.93 0.89 Lost Time Severity Rate (days/year) (Dec numbers reflect annual results) <= 71 annual N/A N/A N/A N/A N/A N/A N/A N/A 9.90 107.4 112.63 0.0 41.71 78.2 Lost work days per month 0 0 0 11 16 0 0 0 0 avg 10 avg 12 avg 9 0.0 45 NOx reporting levels to EPA (Quarterly) (lbs/mmbtu) <0.075 0.066 0.067 0.068 0.069 0.091 0.068 0.069 0.068 0.06 0.06 0.06 0.07 0.07 # of reported spills, waste water incidents (monthly) 0 0 0 0 0 0 0 0 0 4 2 6 4 4 Phosphorus levels to DEC in lbs (monthly/yearly total) <0.8/37 0.172/1.152 0.038/1.053 0.04/1.063 0.013/1.024 0.181/2.082 0.174/1.979 0.165/1.986 0.153/1.965 1.87 0.705 0.688 2.028 1.169 # of new power outage claims reported (monthly) 1 0 1 0 0 0 0 0 0 6 3 5 7 4 # of new auto/property/other liability claims reported (monthly) 2 2 2 1 3 3 1 1 4 24 36 27 18 27 Purchasing & Facilities # of Purchase Orders for Inventory (Target: avg for winter months) 42 67 108 41 78 67 86 72 51 738 541 636 644 593 $ value of Purchase Orders for Inv. (Target: avg dollars spent during winter) $78,000 $493,359 $1,128,775 $140,202 $325,805 $401,355 $973,263 $919,825 $142,579 $ 6,613,883 $2,481,531 $ 4,861,023 $ 3,278,620 975,531 # of stock issued for Inventory (Target: avg during winter months) 320 731 641 732 563 707 730 510 631 7,207 6,777 6,187 4,402 4,545 $ value of stock issued for Inventory (Target: avg. during winter) $ 65,000 $ 164,571 $ 66,137 $ 359,158 $ 134,027 $ 190,684 $ 151,857 $ 122,341 $ 66,331 $ 2,352,360 $ 1,925,781 $ 2,200,233 855,456 1,086,478 # of posters pulled from poles monthly (Target: goal to remove each month) 58 125 64 0 121 0 0 0 40 351 592 900 2,728 627 # of Spark Space and Auditorium setup/breakdowns monthly (Target: Covid impact) 3 13 14 11 16 13 19 16 15 199 207 132 88 87 Finance Debt service coverage ratio (avg of previous 12-months) 1.25 1.24 TBD 4.91 5.47 5.08 5.14 4.95 4.10 FY24 3.81 FY23 4.61 FY22 4.26 FY21 3.77 FY20 3.56 FY19 Adjusted debt service coverage ratio (avg of previous 12-months) 1.5 4.92 TBD 1.26 1.44 1.32 1.34 1.29 1.25 FY24 1.29 FY23 1.22 FY22 1.08 FY21 0.93 FY20 0.90 FY19 Days unrestricted cash on hand (incl line of credit) >90 141 TBD 144 137 152 156 153 146 FY24 93 FY23 120 FY22 121 FY21 120 FY20 109 FY19 Arrearages >60 days $568,448 $561,164 $ 558,755 $ 514,677 $ 486,445 $ 493,414 $ 484,303 $ 480,633 $ 470,940 $ 392,196 $ 408,903 $ 1,087,769 $ 749,054 Power Supply McNeil generation (MWH) (100%) per budget 29,433 26,010 18,513 13,684 552 10,132 25,714 32,680 197,044 184,798 228,981 273,355 192,696 McNeil availability factor 100% 87% 76% 61% 67% 2% 29% 81% 100% 66% 84% 67% 80% McNeil capacity factor per budget 79% 72% 51% 37% 1.5% 27% 77% 88% 45% 42.3% 52.4% 62.4% Winooski One generation (MWH) per budget 0 471 1,442 2,805 2,974 2,573 854 1,083 29,498 36,318 25,350 24,752 21,194 Winooski One availability factor 100% 0% 40% 60% 70% 70% 70% 90% 90% 98% 97.2% 98.3% 97% Winooski One capacity factor per budget 0% 48% 27% 56% 56% 47% 17% 20% 48% 56% 41.7% 37% Gas Turbine generation (MWH) NA 33.6 97.9 171.7 22.0 17.7 19.0 18.1 6.9 484 475 356 373 441 Gas Turbine availability factor 100% 99% 99% 86% 89% 100% 100% 100% 97% 98% 46.7% 54.5% 96% Gas Turbine capacity factor NA 0.2% 0.6% 1.2% 0.1% 0.1% 0.1% 0.1% 0.0% 0.1% 0.2% 0.2% 0.21% BTV solar PV production (mWh) 646 658 632 466 503 410 117 215 5,020 4,681 5,260 5,015 5,182 Cost of power supply - gross ($000) $3,574 $3,073 $2,760 $4,328 $3,346 $2,968 $2,629 $34,858 $30,002 $36,755 $30,285 $31,081 Cost of power supply - net ($000) $3,574 $3,073 $1,829 $1,559 $3,346 $2,968 $2,629 $27,984 $22,710 $27,487 $22,134 $23,388 Average cost of power supply - gross $/KWH $0.11 $0.11 $0.11 $0.18 $0.13 $0.11 $0.09 $0.11 $0.09 $0.11 $0.09 $0.10 Average cost of power supply - net $/KWH $0.11 $0.11 $0.07 $0.06 $0.13 $0.11 $0.09 $0.08 $0.07 $0.08 $0.07 $0.08  FY 2026 Financial Review July September 5, 2025  Burlington Electric Department Financial Review FY 2026 Table of Contents: ● Financial Highlights 1-2 ● Revenues and Expenses o KWH Sales – Total 3 o Cooling/Heating Degree Days 4 o KWH Sales – Residential & Commercial 5 o Net Power Supply Costs 6-11 o Operating & Maintenance Expense 12 o Labor Overhead 13 o Net Income 14 ● Capital Spending 15 - 18 ● Cash 19  FINANCIAL HIGHLIGHTS – BUDGET VS ACTUAL as of July FY26 Full Yr CURRENT MONTH YEAR TO DATE ($000) Budget Budget Actual Variance Budget Actual Variance Sales to Customers 56,090 5,638 5,934 296 5,638 5,934 296 Other Revenues 3,881 364 280 (84) 364 280 (84) Power Supply Revenues 7,631 0 0 0 0 0 0 Total Operating Revenues 67,602 6,002 6,214 212 6,002 6,214 212 Power Supply Expense (Net) 35,540 3,466 3,574 (107) 3,466 3,574 (107) Operating Expense 22,912 2,243 2,088 155 2,243 2,088 155 Depreciation & Amortization 5,832 495 513 (17) 495 513 (17) Taxes 3,615 308 291 17 308 291 17 Sub-Total Expenses 67,899 6,513 6,466 47 6,513 6,466 47 Operating Income (298) (511) (251) 260 (511) (251) 260 Other Income & Deductions 6,855 490 457 (33) 490 457 (33) Interest Expense 3,204 259 258 1 259 258 1 Net Income (Loss) 3,354 (279) (52) 227 (279) (52) 227 Year-to-Date Results:  Sales to Customers up $296,500 (5%). Residential Sales up $113,000 and Non-Residential Sales up $179,600.  Other Revenues down $84,000 (23%) a. DSM billable (customer driven).  Power Supply Expenses (Net) up $107,000 (3%) a. Fuel down $236,000. b. Purchased Power up $11,000. c. Transmission was up $331,000.  Operating Expenses down $155,000 (7%) a. Timing: various items were less than budget including outside services ($177,000), materials & supplies ($52,000), and RPS Compliance ($31,000); offset by items higher than budget including maintenance contracts, $55,600.  Taxes down $17,200, (5.6%) a. Actual Payment in Lieu of Tax (PILOT) is $162,300 lower than budget assumption for the year. b. Actual Winooski One Property Tax is $29,700 lower than budget assumption for the year.  Other Income & Deductions down $33,000 (6.8%) a. Timing of jobbing unfavorable ($100,000). b. Offset by unrealized gain on investment $24,600 and customer contribution/grant proceeds $48,000. P.1  FINANCIAL HIGHLIGHTS – BUDGET VS ACTUAL as of July FY26 Capital Spending – July YTD ($000s) Plant Type Full Yr. Budget Budget Actual % Spent Production $4,481 $249 $41 1% Other 868 89 18 2% Transmission 222 0 0 0% Distribution 6,419 560 137 2% General 3,228 465 42 1% Total $15,218 $1,363 $239 2% (1) Production – Timing; W1 FERC Relicensing budget assumed $121,950 in July vs actual of $2,400. Also, budget assumed $50,000 for replacement rail cars in July vs $0. (2) Distribution – Transformers under budget due to availability ($269,000). (3) General – Timing; budget includes IT Forward projects of $166,650 vs actual of $32,670. Also, timing of Forklift EV, $137,700. RFP is out for proposal. As of July 31, 2025 Operating Cash and Investments Operating Funds $6,913,900 Operating Fund – CD’s $985,100 CD/Money Market - GOB $3,814,300 Total Operating Cash $11,713,300 Credit Rating Factors – July 2025 3 Year "A" "Baa" Current Average Debt Service Coverage Ratio 1.25 1.25 4.92 4.22 Adjusted Debt Service Coverage Ratio 1.50 1.10 1.24 1.25 Cash Coverage - Days Cash on Hand 90 30 - With $10M Line of Credit 141 132 - Without Line of Credit 80 P.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 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 P.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 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 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 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. P.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 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 Street Lighting is included with Commercial & Industrial Customers. P.5  Net Power Supply Costs July - FY 2026 ($000) Current Month Year-to-Date Budget Actual Variance Budget Actual Variance Expenses: Fuel (p. 7) $1,201 $966 $236 (1) $1,201 $966 $236 (1) Purchased Power (p.11) 1,428 1,440 (11) (2) 1,428 1,440 (11) (2) Purchased Power Adjustment (p 11) 43 43 (0) 43 43 (0) Transmission Fees - ISO 772 933 (161) (3) 772 933 (161) (3) Transmission Fees - Velco (41) 129 (170) (4) (41) 129 (170) (4) Transmission Fees - Other 63 63 (0) 63 63 (0) Total Expenses 3,466 3,574 (107) 3,466 3,574 (107) Revenues: Renewable Energy Certificates - McNeil 0 0 0 0 0 0 Renewable Energy Certificates - Wind 0 0 0 0 0 0 Renewable Energy Certificates - Hydro 0 0 0 0 0 0 Renewable Energy Certificates - Other 0 0 0 0 0 0 Total Revenues 0 0 0 0 0 0 Net Power Supply Costs $3,466 $3,574 ($107) $3,466 $3,574 ($107) Load (MWh) 33,465 33,680 215 33,465 33,680 215 $/MWh $103.58 $106.10 $2.52 $103.58 $106.10 $2.52 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 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 over Budget. P.6  Net Power Supply Costs July - FY 2026 ($000) Current Month Year-to-Date Budget Actual Variance Budget Actual Variance FUEL: McNeil 1,129 927 202 (1) 1,129 927 202 (1) Gas Turbine 72 39 34 (2) 72 39 34 (2) Total Fuel 1,201 966 236 1,201 966 236 Current Month: (1) McNeil production 15% under Budget. Wood Price Per Ton 5% under Budget. (p. 8) (2) GT production (98 MWh) 85% over Budget. Budget includes $50,000 in July for R99 testing. YTD: (1) McNeil production 15% under Budget. Wood Price Per Ton 5% under Budget. (p. 8) (2) GT production (98 MWh) 85% over Budget. Budget includes $50,000 in July for R99 testing. P.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 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 P.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 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 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 P.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% 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% * Wood only. Does not include other costs. P.10  Net Power Supply Costs July - FY 2026 ($000) Current Month Year-to-Date Budget Actual Variance Budget Actual Variance PURCHASED POWER: Non-Energy (capacity) 95 (73) 168 (1) 95 (73) 168 (1) Energy: Georgia Mountain Wind 204 193 11 (2) 204 193 11 (2) Hancock Wind 130 140 (9) (3) 130 140 (9) (3) VT Wind 121 110 11 (4) 121 110 11 (4) Hydro Quebec 300 300 (0) 300 300 (0) In City Solar Generators 114 109 6 114 109 6 NYPA 6 7 (1) 6 7 (1) ISO Exchange 208 637 (430) (5) 208 637 (430) (5) ISO Exchange Adjustment 43 43 (0) (**) 43 43 (0) (**) FirstLight 178 99 78 (6) 178 99 78 (6) Velco Exchange 0 (0) 0 0 (0) 0 Total Energy 1,305 1,638 (334) 1,305 1,638 (334) Ancillary Charges 5 (157) 162 (7) 5 (157) 162 (7) VT RES Tier 1 Compliance Expense 0 0 0 0 0 0 Renewable Energy Credit Purchase 0 0 0 0 0 0 Miscellaneous-Other 67 75 (8) 67 75 (8) Total Purchased Power Expense 1,472 1,483 (11) 1,472 1,483 (11) Special Note (**) Adjustment to reduce expense and create regulatory asset by amount of ISO Exchange excess winter energy revenue shortfall ($4,162,233) and record one-eighth ($520,279) as amortization in FY24. Current Month: (1) Includes credit from Pay for Performance event. (2) Production 6% under Budget. (3) Production 7% over Budget. (4) Production 9% under Budget. (5) Production (McNeil (15%), Winooski One (82%), FirstLight (44%), and Wind (3%)) under Budget. (6) Production 44% under Budget. (7) Reserve revenues over Budget. YTD: (1) Includes credit from Pay for Performance event. (2) Production 6% under Budget. (3) Production 7% over Budget. (4) Production 9% under Budget. (5) Production (McNeil (15%), Winooski One (82%), FirstLight (44%), and Wind (3%)) under Budget. (6) Production 44% under Budget. (7) Reserve revenues over Budget. P.11 Burlington Electric Department Operating and Maintenance Expense by Spending Category FY 2026 - July YTD % Budget Actual Variance Variance * Labor-Regular 801,333 832,505 (31,172) 4% a Labor-Overtime 40,925 42,361 (1,436) 4% Labor-Temporary 6,900 1,728 5,172 75% b Labor-Overhead 346,838 351,538 (4,700) 1% c Outside Services 382,381 205,371 177,010 46% d DSM (rebates & outside services) 181,917 184,275 (2,358) 1% e Materials & Supplies 140,083 88,019 52,064 37% f Insurance 65,592 63,990 1,602 2% A & G Clearing (88,798) (31,713) (57,085) 64% g Other - RPS Tier 3 Compliance 99,133 67,847 31,286 32% Other 265,437 282,237 (16,800) 6% Operating & Maintenance Expense 2,241,740 2,088,158 153,582 7% (a) Labor is impacted by the amount of capital (vs. expense) work. (b) Temporary help at McNeil Plant. (c) See page 13. (d) Timing; budget assumed GT R99 Testing in July, $171,000. (e) 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. (f) Timing of various areas. (g) The credit for A&G ("Admin and General Expenses") charged to Capital projects was less than planned. P.12  Burlington Electric Department Budget vs Actual Spending Analysis FY 2026 - July YTD (000's) Labor - Overhead Budget Actual Variance % Pension $154 $160 ($6) -4% (a) Medical Insurance 203 196 7 3% (b) Social Security Taxes 94 93 1 1% (c) Workers Compensation Ins. 37 35 2 6% (b) Dental Insurance 8 8 0 1% (b) Life Insurance 2 2 0 7% (b) Childcare Contribution Tax 5 5 0 7% (d) $502 $499 $3 1% Rates Table: Budget Pension (a) 12.58% Social Security (c) 7.65% Childcare Payroll Tax 0.44% (a) Function of labor cost. 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. (d) New tax as of July 1, 2024 is 0.44% of wages. P.13  Net Income FY 2026 - July ($000) Current Month Year - To - Date Ref Budget Actual Variance Budget Actual Variance Operating Revenues Sales to Customers p.3 5,638 5,934 296 5,638 5,934 296 Other Revenues 364 280 (84) (a) 364 280 (84) (a) Power Supply Revenues p.6 0 0 0 0 0 0 Total Operating Revenues 6,002 6,214 212 6,002 6,214 212 Operating Expenses Fuel p.6 1,201 966 235 1,201 966 235 Purchased Power p.6 1,471 1,483 (12) 1,471 1,483 (12) Transmission p.6 793 1,125 (332) 793 1,125 (332) Operating and Maintenance p.12 2,243 2,088 155 2,243 2,088 155 Depreciation & Amortization 495 513 (17) 495 513 (17) Revenue Taxes 60 60 (0) 60 60 (0) Property Taxes Winooski One 27 25 2 (b) 27 25 2 (b) Payment In Lieu of Taxes 221 206 15 (c) 221 206 15 (c) Total Operating Expenses 6,512 6,466 46 6,512 6,466 46 Other Income and Deductions Interest/Investment Income 31 28 (3) 31 28 (3) Dividends 373 373 0 373 373 0 Customer Contributions/Grant Proceeds 76 124 48 (d) 76 0 (76) (d) Gain/(Loss) on Disp of Plant 0 0 0 0 0 0 Other 10 (68) (78) (e) 10 56 46 (e) Total Other Income & Deductions 490 457 (33) 490 457 (33) Interest Expense 259 258 1 259 258 1 Net Income (279) (52) 227 (279) (52) 227 Current Month: (a) Energy Efficiency Program cost reimbursement was lower than planned, $78,300. (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 ($51,000). Also, grant income for "Building Giants" (Federal 50% share) ($23,400) and Distributed Energy Resources Management ($1,500). Actual includes customer contribution for Champlain Parkway ($69,000) and various grant income. (f) Timing of jobbing unfavorable, ($100,000); offset by unrealized gain on investment, $24,600. Year - To - Date: (a) Energy Efficiency Program cost reimbursement was lower than planned, $78,300. (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 ($51,000). Also, grant income for "Building Giants" (Federal 50% share) ($23,400) and Distributed Energy Resources Management ($1,500). Actual includes customer contribution for Champlain Parkway ($69,000) and various grant income. (f) Timing of jobbing unfavorable, ($100,000); offset by unrealized gain on investment, $24,600. P.14  Burlington Electric Department Capital Projects - FY26 $000 Full Year July Budget Budget Actual Variance McNeil (BED 50% Share) Analyzer Upgrades for Chemical Treatment 9 0 Ash Silo Pug Mill/Auger Upgrade (312) 13 0 Augers Replaced 30 0 Catalyst Replacement for Nox System (312) 150 1 (1) CEMS Server Upgrade (312) 15 0 Cooling Tower Timber Replacement 84 0 (0) Demineralization Resin 20 0 Disk Screen 15 0 ESP Mechanical Field Rebuild 300 0 Farmhouse Improvements (311) 9 0 Freight Elevator Geared Equipment and Controls (311) 180 0 IT Forward - FIS Replacement (McNeil) 37 0 IT Forward - Work & Asset Management (McNeil) 22 0 Live Bottom Rebuild 139 0 McNeil Relay Engineering Study (315) 134 7 1 6 Network Infrastructure - McNeil Switches 7 0 Opacity Replacement (312) 20 0 Reclaimer Rebuild 12 (12) (a) Replacement Rail Cars (312) 50 50 50 Routine Station Improvements 1 188 38 38 Safety Valve Replacements (312) 25 6 6 Shredder Upgrade (312) 100 0 Station Tools & Tool Boxes (312) 8 1 2 (1) Well New (311) 185 0 Woodchip Dryer (1 of 3) (312) 626 0 Other 17 5 1 4 (b) Total McNeil Plant 2,380 106 16 90 (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 1,926 134 3 131 (a) (a) Budget assumed FERC Relicensing, $121,950 vs actual $2,383. Also, Timing; Routine Station Improvements. Gas Turbine 175 9 22 (13) (a) (a) Budget assumes Rigging Equipment. Actual includes prior year GT Roof Replacement, $2,800 and GT Server Upgrade, $19,443. P.15  Burlington Electric Department Capital Projects - FY26 $000 Full Year July Budget Budget Actual Variance Other Direct Current Fast Chargers (Level 3) 159 0 0 (0) Distributed Energy Resources 34 3 3 Distributed Energy Resources Management System 244 0 0 EV Charger Installations (Level 2) 264 0 0 (0) EV Chargers/Staging Plan 0 0 18 (18) P&P R&D 26 3 3 585 Fleet EV Chargers 115 58 58 585 Fleet EV Charging Design Study 25 25 25 Total Other 868 89 18 70 Transmission Plant VT Transco Investment 222 0 0 0 Total Transmission Plant 222 0 0 0 Distribution Plant-General Aerial Deforest Road Rebuild 493 99 2 96 Dunder Road Rebuild 0 22 (22) (a) NZE Transfer Load Between 1L1 to L14 210 0 Rebuild 1L4 from Poles P838 to P2795 173 0 Rebuild Howard Street Pole P655 to P836 41 0 Rebuild Plattsburgh Ave Poles P3762 to P3752 40 0 (0) Rebuild St Paul Street Pole P1004 to P1011 27 0 Rebuild Wells Street Pole P191 to P183 25 0 (0) Replace Condemned Poles 210 0 (0) S Cove Rd East Rebuild 62 (62) (a) South Cove Road West Rebuild 42 (42) (a) Total Aerial 1,220 99 129 (30) (a) Prior year project. Underground Battery Street Replacement 2 (2) Replace UG to UVM Aiken Center 18 18 18 Replace 2L3 from UH303 to 929S 698 0 Rebuild UG St. Paul Street (Bank St to Cherry St) 358 0 Total Underground 1,073 18 2 16 P.16  Burlington Electric Department Capital Projects - FY26 $000 Full Year July Budget Budget Actual Variance Customer Driven/City Projects Champlain Parkway-Billable 400 60 60 Champlain Parkway (CAFC) (340) (51) (69) 18 City Place Streetlighting 195 0 City Place Streetlighting (CAFC) (104) 0 Great Street-Main Street 621 4 (4) Great Street-Main Street (CAFC) (557) 0 Winooski Bridge Rebuild 34 0 Winooski Bridge Rebuild (CAFC) (34) 0 Total Underground 215 9 (65) 74 Other Communication Equipment Emergency Repair 16 0 Distribution Transformers-Install 11 6 (6) Distribution Transformers-Purchase 1,445 289 20 269 Fiber Optical Time Domain Reflectometer Unit (OTDR) 12 12 12 Lake Street Battery Bank Replacement 41 0 Replace Failed 920S/921S/922S Switch 63 0 SCADA ADMS Upgrade (Phases 3/4) 1,204 120 33 87 SCADA Field Equipment Replacement 64 0 SCADA Servers PC's and Monitors 12 (12) Upgrade ArcFM to GIS Pro 318 0 USAmp Upgrade 7 7 7 Other 0 Total Other 3,181 429 71 358 Total Distribution Plant-General 5,689 555 137 418 Distribution Plant - Blanket Aerial 174 2 0 2 Aerial (CAFC) (70) (7) 7 Underground 332 21 (21) Underground (CAFC) (143) (18) 18 Meters 133 3 3 (0) Lighting 217 1 0 0 Tools & Equipment - Distribution/Technicians 40 0 Replaces Failed SCADA Field Equipment 12 0 (0) Substation Maintenance 18 Substation Camera Replacement 15 0 Total Distribution Plant - Blanket 729 5 0 5 Total Distribution Plant 6,419 560 137 423 P.17  Burlington Electric Department Capital Projects - FY26 $000 Full Year July Budget Budget Actual Variance General Plant Computer Equipment/Software 2,724 292 33 260 (a) Vehicle Replacement 309 138 138 Buildings & Grounds 179 35 9 26 (b) Gas Detectors 6 0 AED Purchase 11 Total General Plant 3,228 465 42 423 (a) Budget includes IT Forward, $166,650 vs actual of $32,670. Other various projects include Internet Firewall. (b) Budget includes Meter Shop renovation (HVAC) $35,000. Actual includes new SCADA Room, $9,200 from prior year. Sub-Total Plant $15,218 $1,363 $239 $1,124 Add: CAFC* reclass to "Other Income" 1,247 51 94 (43) Total Plant $16,465 $1,414 $332 $1,082 * Customer Advances (Contributions) for Construction. P.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 P.19  MEMORANDUM To: Burlington Board of Finance and City Council From: Darren Springer, General Manager Date: 9/8/2025 and 9/29/2025 Subject: Street Light Tariff Update Introduction Burlington Electric Department (“BED”) is seeking Board of Finance and City Council approval to file with the Vermont Public Utility Commission (PUC) the documents needed to update our municipal Street Lighting tariff to accommodate billing for the use of security cameras requested by Burlington Police Department and parking ban lights for the City. Currently such uses would require prohibitively expensive individual metering under the tariff. BED proposes instead, with the requested tariff update, to establish a per month charge for municipal use of a camera or parking ban light, and use the data from a small number of meters to monitor our consumption assumptions and provide for accurate system loss calculations. For cameras, this is how we bill and monitor the consumption of street lights (both street lights and 24/7 cameras have predictable hours of operation and known wattages). In the case of parking ban lights, the consumption is so low as to make detailed energy metering and billing unreasonable, but monitoring of use will still occur via a few representative meters. BED has also taken the opportunity to make update other portions of the tariff to reflect current business practices. A redlined copy of the Street Lighting tariff is attached to this memo. BED staff will be present at Board of Finance on 9.8.25 and the 9.29.25 Council meeting to answer any questions. PLEASE NOTE: The rates shown in the proposed tariff are based on BED’s currently approved rates without the 4.5% surcharge that went into effect on bills rendered after September 1, 2025. This proposed tariff, if approved, would be subject to that 4.5% surcharge while the FY26 rate case is pending at the PUC, and the proposed tariff would ultimately be increased by 4.5% after the FY26 rate filing is approved. The 4.5% rate change is subject to PUC review and approval and could be approved at different level than the 4.5% proposed. Streetlight Tariff Filing Motions Board of Finance: To approve and recommend that the City Council authorize the General Manager of the Burlington Electric Department or their designee to file the updated Street Lighting tariff with the Vermont Public Utility Commission and to take such actions as may be needed to secure its approval. City Council: To approve and authorize the General Manager of the Burlington Electric Department or their designee to file the updated street lighting tariff with the Vermont Public Utility Commission and to take such actions as may be needed to secure its approval.  Burlington Electric Department Tariff Sheets Effective August 1, 2024, for bills rendered on and after September 1, 2024 Effective date TBD (upon Public Utility Commission approval) STREET LIGHTING (SL) RATE (SL Page 1 of 2) Availability For Burlington Electric Department (BED-)-owned municipal street lighting and city-owned parking ban lights on city-accepted streets and, municipally owned security cameras, and privately owned overhead lighting illuminating private property where such lighting is not metered as a portion of the load served under another BED tariff. Character of Service Unmetered alternating current, 60 Hertz, single phase, at nominal voltages of 120, 120/240, or 277 volts. Standard street and area lighting service entails providing, operating, and maintaining standard dusk to dawn street luminaires fed from overhead distribution lines. BED will own and maintain all poles and luminaires served under this tariff and reserves the right to approve or deny individual fixture choices that differ from those typically stocked. Parking ban lights and security cameras will be fed by existing distribution lines, or by new distribution line extensions (where required) installed at customer expense. For BED-owned municipal street lighting and private area lighting, BED will maintain all poles, luminaires, conductors, conduits, and all associated materials served under this tariff. For all other uses, BED will maintain BED-owned poles, conductors, conduits, and all associated materials served under this tariff (but not the parking ban lights, security cameras, or any conductors and/or conduits between the customer owned device(s) and BED’s first secondary connection point on the pole or in the underground system). Monthly BillRate Standard Rates per Luminaire (LED wattages not shown below will be charged at the rate of the LED fixture closest in watts) or Device Nominal Assumed Luminaire Luminaire Wattage or Wattage with BulbTypeLuminaire Device Type Ballast Bulb Type $/Month 100 117 Mercury Vapor $ 11.94 175 205 Mercury Vapor $ 16.10 250 292 Mercury Vapor $ 21.88 400 453 Mercury Vapor $ 30.76 Approved: May 1, 2025, by Public Utility Commission in Case # 24-1848-TF For further information, see BED's Operating Guidelines  Burlington Electric Department Tariff Sheets Effective August 1, 2024, for bills rendered on and after September 1, 2024 Effective date TBD (upon Public Utility Commission approval) 100 119 Metal Halide $ 15.35 175 206 Metal Halide $ 19.26 250 288 Metal Halide $ 24.20 400 450 Metal Halide $ 33.59 70 99 High Pressure Sodium $ 11.00 100 136 High Pressure Sodium $ 12.94 150 195 High Pressure Sodium $ 16.06 250 305 High Pressure Sodium $ 23.44 400 466 High Pressure Sodium $ 32.47 189 189 Incandescent $ 20.68 40 44 LED $ 12.00 65 72 LED $ 14.58 90 100 LED $ 16.81 120 133 LED $ 21.34 150 170 LED $ 25.40 180 204 LED $ 29.48 Security Camera N/A N/A $ 13.39 Parking Ban Light 80 N/A $ 0.42 (SL Page 2 of 2) Terms and Conditions 1) New or additional servicerequired distribution lines installed under this tariff for any use must be reviewed and approved in advance by BED to insureensure that requested facilities comply with current BED engineering standards. For parking ban light and security camera installations, all electrical work not owned by BED must comply with all applicable National Electrical Code (NEC) standards and any City permitting requirements. 1)2) New BED-owned municipal street lighting installations shall meet the recommendations of the Illuminating Engineering Society of North America (IESNA). IES-NA). Any new street lighting installations on city streets or on new streets that will become accepted city streets shall meet these recommendations as detailed in the latest version of the IESNAIES-NA Lighting Handbook. Lighting levels for illuminating private property will be as requested by the customer subject to BED approval. 3) TheFor decorative BED-owned municipal street lighting, the customer must make a contribution in aid of construction, in advance, to cover incremental costs the cost for the installation of requested facilities such as decorative fixtures that are in excess of $651 per installed luminaire (the luminaire being defined as all hardware required at the location except above the cost of BED’s standard design costs for municipal street lighting for a pole). If a requested lighting service requires setting a dedicated polesimilar non-decorative fixture. Approved: May 1, 2025, by Public Utility Commission in Case # 24-1848-TF For further information, see BED's Operating Guidelines  Burlington Electric Department Tariff Sheets Effective August 1, 2024, for bills rendered on and after September 1, 2024 Effective date TBD (upon Public Utility Commission approval) 2)4) For new parking ban lights and security cameras, the customer shall paymust make a contribution in aid of construction, in advance equal to the cost of installing that pole. Excess costs may optionally be financed over 60 months in accordance with BED’s Lending Policy., to cover the cost of extending the existing or constructing a new distribution line. 3) The customer may be required to enter into a contract with a minimum term of 5 years for any new or additional lighting facilities. 5) BED no longer accepts new applications for or alterations to pre-existing overhead lighting illuminating private property where such lighting is not metered as a portion of the load served under another BED tariff. 4)6) Lighting service shall be provided from dusk to dawn as controlled locally by photocells. Service for parking ban lights and security cameras will be provided all hours. 5)7) For purposes of computing billed energy for BED-owned municipal street lighting, the following burning hours will behave been assumed: Month Burning Hours January 456 February 379 March 374 April 316 May 285 June 255 July 274 August 310 September 344 October 403 November 432 December 468 Approved: May 1, 2025, by Public Utility Commission in Case # 24-1848-TF For further information, see BED's Operating Guidelines