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 BRIAN WILLIAMS AGENDA Regular Meeting of the Board of Electric Commissioners Wednesday, February 11, 2026 – 5:00 PM 1. Agenda (5 min.) 2. Minutes of January 14, 2025 Meeting (5 min.) 3. Public Forum (10 min.) 4. Monthly Impact Minute (discussion) (5 min.) 5. Commissioners’ Corner (discussion) (5 min.) 6. GM Update (oral update) (10 min.) 7. Financials: January FY26 (discussion): Emily Stebbins-Wheelock (10 min.) 8. Supplemental Resolution No. 20 Amending General Bond Resolution (discussion & vote): Emily Stebbins- Wheelock and Kathy Zhou of Paul Frank + Collins (10 min.) 9. McNeil Budget Update – Lincoln Sprague (discussion and vote) (15 min.) 10. Establish policy for managing written and verbal public comments – Commissioner Bonn (10 min.) 11. Commissioners’ Check-In (5 min.) Attest: _________________________________________ Elena Alexander, Board Clerk If anyone from the public wishes to speak during the public forum portion of the Commission Meeting and/or wishes to be present for the Meeting of the Board of Electric Commission via Microsoft Teams, please email ealexander@burlingtonelectric.com to receive a link to the Meeting. Note: Members of the public may speak during the Public Forum, or when recognized by the Chair during consideration of a specific agenda item.  DRAFT MINUTES OF REGULAR MEETING BURLINGTON ELECTRIC COMMISSION Wednesday, January 14, 2025 The regular meeting of the Burlington Electric Commission was convened at 5:02 pm on Wednesday, January 14, 2026, at Burlington Electric Department, 585 Pine Street, Burlington, Vermont, and on Microsoft Teams. Attendance  Channel 17 was present to record this meeting.  Commissioners Ali Kenney, Scott Moody, Andy Vota, and Brian Williams were present.  Staff members Elena Alexander, Paul Alexander, Erica Ferland, Munir Kasti, Lincoln Sprague, Darren Springer, and Emily Stebbins-Wheelock were present at 585 Pine Street.  Staff members Seth Clifford, James Gibbons, Mike Kanarick, and Amber Widmayer were present via Microsoft Teams.  Bond counsel, Kathy Zhou of Paul, Frank + Collins was present at 585 Pine Street.  Public member Jacob Flannigan was present at 585 Pine Street. Agenda Commissioner Moody made a motion to amend the agenda by removing #12 (establish policy for managing written and verbal public comments – Commissioner Bonn). This agenda item will be added to the February 2026 Burlington Electric Commission meeting. The motion was seconded by Commissioner Kenney. Motion passes 4-0. Commissioner Moody made the motion to accept the amended agenda; Commissioner Williams seconded the motion. Motion passes 4-0. Meeting Minutes Commissioner Moody moved to accept the December 10, 2025 minutes as presented. Commissioner Williams seconded the motion. Vote: 3 ayes 0 nays. Commissioner Vota abstained from voting as he was absent from the December 10, 2025 meeting. Public Forum  Pike Porter submitted a written statement.  Jacob Flannigan, a member of a volunteer group hosting weatherization events in Burlington, shared that they have completed a year of work and are seeking collaboration opportunities. The group requested 10 minutes on the February 2026 agenda to present their work and explore synergies with BED. 1 Monthly Impact Minute Lincoln Sprague, Director of Generation Engineering & Maintenance, presented a virtual tour of the McNeil Generating Station. Commissioners’ Corner No topics discussed. General Manager’s Update General Manager Springer shared the following:  Moody's reaf irmed Burlington Electric Department’s credit rating of A3 with a stable outlook, with stronger inancial metrics re lecting post-pandemic recovery and organizational efforts.  The Public Utility Commission (PUC) approved expanding the Energy Assistance Program to include a 12.5% discount for residential shelters serving the unhoused and qualifying affordable housing providers.  The PUC approved the Department’s updated miscellaneous service fees to take effect April 1st; outreach efforts to inform customers are underway.  A Request for Information was issued seeking vendor data on three advanced energy technologies (organic rankine cycle, carbon capture, wood pyrolysis) to potentially improve ef iciency and reduce emissions at McNeil, with responses due March 20th.  The Energy Ef iciency Modernization Act will expire at the end of 2026 without additional legislative action, risking loss of key customer programs. The Department will be offering legislative language to maintain program funding and regulatory lexibility.  The Maine PUC quali ied McNeil as a Class 1 and 1A resource starting July 2025, ensuring continued access to a valuable renewable energy credit market (REC) and improved inancial outlook for McNeil. State REC markets vary. Maine’s currently supports existing renewable capacity retention, in contrast to Connecticut's recent action to limit generator eligibility. November 2025 Financial Review Emily Stebbins-Wheelock, CFO and Manager of Strategy & Innovation, presented inancial results for November 2025.  November net income was $1.1 million, $223,000 favorable versus budget, with year-to- date net income $1.6 million above projection.  Sales to customers and other revenues were favorable to budget by $110,000 and $78,000, respectively, while power supply revenues were $123,000 unfavorable due to lower renewable energy production resulting in lower volumes of RECs available for sale. 2   Net power supply expense was favorable to budget by $478,000 with increased purchased power expense of $147k offset by fuel savings of $501,000 and transmission savings of $81,000.  Other operating & maintenance expense was unfavorable to budget due to labor and timing of expenses.  Capital spending through November is 22% of the full-year capital budget due to project timing, with $3.3 million spent versus $7.8 million planned year-to-date.  Operating cash was $8.3 million in November, $4.42 million below budget primarily due to timing of GO bond proceeds. Days cash on hand was 118 including the $10 million line of credit.  The debt service coverage ratio was 4.79, with an adjusted debt service coverage ratio of 1.22.  Commissioner Kenney asked why McNeil experienced outages in December. General Manager Springer responded that the plant had a failed gearbox and boiler tube leaks, causing lower production and operational impacts. 2026 NZE and Grid Reliability Revenue Bond Resolution Ms. Stebbins-Wheelock and Kathy Zhou from Paul, Frank & Collins presented as follows:  Supplemental Resolution No. 19 to the General Bond Resolution adopted by the Commission would authorize issuance of $20 million in Net Zero Energy Reliability revenue bonds, Series 2026A, .  The bond proceeds will be used to inance capital additions and improvements to the City’s electric system and energy transformation and energy ef iciency projects in furtherance of the City’s Net Zero Energy goals, including capital improvements for the distribution system, grid demand management and battery storage opportunities, generation plant upgrades, IT system upgrades, acquisition of municipal electric vehicles and support of EV charging infrastructure, and tier 3 incentives for strategic electri ication; to fund a debt service reserve fund; and pay for costs of issuance.  The Supplemental Resolution allows lexibility in issuance method, including issuance through the Vermont Bond Bank to take advantage of the State of Vermont’s credit rating and lower issuance costs. If the Department issues through the Bond Bank, any funds due to the City from the State of Vermont would be subject to intercept in the event the Department were to fail to make a scheduled debt service payment.  With the issuance of the 2025A refunding revenue bonds in the summer of 2025, over 2/3 of bondholders have consented to the 2022 amendment to the General Bond Resolution that allows bond proceeds to be used to fund energy transformation/strategic electri ication (Tier 3) incentives. This aligns with the prior change in BED practice and current FERC accounting standards to treat Tier 3 credits as long-term assets, aligning with the bond’s long-term inancing structure. 3   The estimated weighted average useful life of the funded assets is approximately 52 years, which compares favorably with the 20-year bond term. Commissioner Kenney moved that the Burlington Electric Commission approves the adoption of Supplemental Resolution 19 as presented and recommends its adoption to the Board of Finance and City Council. Commissioner Moody seconded the motion. Motion passes 4-0. Executive Session – Continued Delegation of REC Sales for a rolling ive (5) year period Commissioner Williams moved to find that premature general public knowledge of the Commission’s discussion regarding the proposal to enter into REC sales for a rolling 5-year period would clearly place the Burlington Electric Department at a substantial disadvantage per Title 1, Section 313 (a)(1) of the Vermont Statutes. Commissioner Moody seconded the motion. Motion passes 4-0. Commissioner Moody moved that the Commission and staff members enter into executive session to discuss the proposal to enter into REC sales for a rolling 5-year period under the provisions of Title 1, Section 313(a) (1) (A) of the Vermont Statutes. Commissioner Kenney seconded the motion. Motion passes 4-0. Executive Session start time: 6:19pm. Commissioner Kenney made the motion to exit executive session at 6:53, the motion was seconded by Commissioner Moody. Motion passes 4- 0. Commissioner Williams made the motion that the Burlington Electric Commission delegate to the General Manager authority to purchase and sell Renewable Energy Credits (RECs) for a rolling five- year period including RECs produced in the current calendar year (at any point in time) and the succeeding four calendar years. Commissioner Kenney seconded the motion. Motion passes 4-0. Executive Session – Cybersecurity Update Commissioner Kenney moved to find that premature general public knowledge regarding cybersecurity would clearly place the Burlington Electric Department at a substantial disadvantage per Title 1 VSA §313(a)(10) of the Vermont Statutes. Commissioner Williams seconded the motion. Motion passes 4-0. Commissioner Williams moved the Commission and staff members enter into executive session to discuss cybersecurity under the provisions of Title 1 VSA §313(a)(10) of the Vermont Statutes. Commissioner Moody seconded the motion. Motion passes 4-0. Executive Session start time: 6:57pm. Commissioner Moody made the motion to exit executive session at 7:32, the motion was seconded by Commissioner Williams. Motion passes 4-0. Commissioners’ Check-In 4 Commissioner Williams shared that he has been re lecting on comments from General Manager Springer and public participants regarding future discussions on probabilistic impacts related to McNeil's performance. Commissioner Williams stated that he has relevant expertise and intends to model this topic as a forward-looking discussion in the future. Commissioner Vota praised the Burlington Electric Department’s innovative efforts to broaden the Energy Assistance Program to more people. The EAP expansion is an important and commendable initiative not commonly implemented elsewhere. Adjourn Commissioner Moody made a motion to adjourn; the motion was seconded by Commissioner Kenney. Motion passes, 4 ayes 0 nays. The meeting of the Burlington Electric Commission adjourned at 7:35p.m. Microsoft Teams transcript used to draft minutes prepared by Elena Alexander and edited by Emily Stebbins-Wheelock, CFO and Manager of Strategy and Innovation. Attest: ______________________________________________ Elena Alexander, Board Clerk Final version to be signed Attest: _______________________________________________ Emily Stebbins-Wheelock, CFO and Manager of Strategy and Innovation. 5 To: Burlington Board of Electric Commissioners From: Darren Springer, General Manager Date: February 6, 2026 Subject: January 2026 Highlights of Department Activities General Manager – Darren Springer  McNeil CY25 financials – Unlike CY2024, where McNeil had a net loss as a plant (separate from any BED or Burlington benefits), in CY2025 the plant had a net income of over $2 million pre- depreciation and interest expense. This reflects much stronger energy prices in CY2025 ($83.65) compared to CY2024 ($49.51).  ISO prices/winter – Very high sustained pricing around the clock on ISO-NE market in January due to colder weather/storms, and continuing in February. Thanks to the generation team for their work keeping our plants running, including shifts at GT. Region relying far more heavily on oil than typical.  Legislative - BED testified 1/23 in House Energy & Digital Infrastructure on Energy Efficiency Modernization Act (EEMA) extension. Following discussions with Department of Public Service we believe we have a compromise proposal to present, and working with Committee on that proposal.  Regulatory – Will provide verbal update on EEU early performance docket, RFP draft, DRP discovery process, and FY26 rate case.  New High School – BED team had a chance to visit and tour the under construction new high school, and see energy systems including geothermal and heat pumps, heat pump water heaters, EV chargers, and all electric kitchen. BED provided geothermal test well funding and is supporting other energy efficiency and electrification investments at the high school. Center for Innovation – Emily Stebbins-Wheelock  Preparing for 2026 revenue bond issuance.  Began FY27 budget process.  Began FIS vendor contract negotiations.  SpryCIS data validation and functional testing for 2.0 data conversion.  Department of Public Service (DPS) filed comments expressing no concerns nor further questions with BED’s testimony in the DES investigation docket.  PUC approved BED’s Standard Offer Exemption for 2026.  BED and DPS both filed comments in EEU performance assessment recommending no special investigation and to follow regular schedule for upcoming review of all EEUs to begin this summer.  Jorgen DeJarlais and Xander Briggs joined the Policy & Planning team as Resource Planner Is.  Commercial & industrial portion of Building GIANTS program is ready to launch. Policy & Planning and Energy Services will begin engaging/enrolling large customers in February.  Formally submitted Mayor’s Climate Advisors report to the Mayor, including discussion with Mayor on key themes and high-level recommendations.  Coordinated tour of new BHS including colleagues from CCRP and South Burlington. Submitted New England Sustainable Energy Association application for fall “pro-tour” of project.  January 2026 – Department Highlights  During “office hours” at the Fletcher Free Library, conducted impromptu mini-workshops on how to use different winterization tools such as plastic wrap, clay rope, and weatherstripping. Center for Safety and Risk Management – Paul Alexander Safety  SQRP completed and submitted for 1/8/26: a. Lost Time Incident Rate (LTIR) = Multiply the total number of lost time injuries in a certain period multiply by 200,000. Then divide by actual total hours worked to get the LTIR. i. This number tells you the number of lost time injuries per 100 workers, (equivalent to 2000 hours worked for each of 100 workers). The 200,000 is a standardized benchmark to compare companies of different sizes. 1. State of VT Annual SQRP Lost Time Incident Rate (LTIR) Baseline: <=3.5 a. BED 2025 LTIR = 0.95 b. The Lost Time Severity Rate (LTSR) = Measures the average number of days lost per lost- time injury, indicating the seriousness of workplace accidents. It is calculated by (total lost workdays * 200,000). Then divide by actual total hours worked to get the LTSR. i. This number tells you the number of days lost per 100 workers, (equivalent to 2000 hours worked for each of 100 workers). The 200,000 is a standardized benchmark to compare companies of different sizes. 1. State of VT Annual SQRP Lost Time Severity Rate (LTSR) Baseline: <=71 a. BED 2025 LTSR = 25.52  The 2025 OSHA Logs were closed out and signed, and it was posted on 1/29/26. This will meet OSHA 1904 Standard to post Form 300A summary of OSHA recordable activity for Calendar Year 2025 of this report being posted by 2/1/26.  Bureau of Labor Statistics (BLS) report which is due 1/31/26 was completed and submitted on 1/16/26.  OSHA Injury Tracking Report due 1/31/26 was completed and submitted on 1/16/26. Environmental  The Environmental Team completed the McNeil annual emissions inventory report for the VTDEC. This report totalizes specific compounds such as NOx, CO, PM, and VOC/HAPs emitted from our combustion units each year to determine our operating fee.  The Environmental Team completed the McNeil certification of compliance, a form that highlights all the conditions of our air permit and certifies if we have remained in compliance all year. Any excursions are noted as intermittent noncompliance and detailed for the length of time and cause.  The Environmental Team completed the Multi-Sector General Permit renewal application for stormwater otherwise known as the Stormwater Pollution Prevention Plan. This is a federal program managed by the VTDEC stormwater department that requires industrial sectors to operate with best stormwater management practices in mind and has conditional monitoring requirements plus inspections.  The Environmental Team completed the EPA quarterly emissions report for the acid rain program reporting requirement as well as completing the VTDEC Title V air emissions report for 2025 quarter 4 along with REC and GIS data submittals. Page 2  January 2026 – Department Highlights Risk Management  Extensive work on reviewing and producing the FY’27 Budget for Center for Safety (C4S), both Expense, Capital and 5-yr forecast  Corresponded with Lost Tree Property Management re: revising our Electric Avenue access agreement  Made final draft revisions/updates to BED’s “Garage Use” policy now called “Employee Personal Use of BED Property policy” which was adopted at this month’s Labor Management Committee (LMC) with the IBEW  Conducted new employee orientation on Workers’ Comp, Auto accident and Loss control topics  Chaired both BED Safety Committee and LMC meetings  Extensive time researching and working with the State of VT re: our Rodent Bait Trap process at 585 Pine Street  Met on next round of Foresters’ vehicles and Electrification options.  Working with our NPCC consultant (Utility Services) re: report of our 6-month breaker testing program Purchasing/General Services  Worked with McNeil & GE to order the Turbine Blade Carrier#5 which should install in the spring in 2028  Received the new transformer trailer (need to haul heavy transformer)  Received proposal back for RFP# 039-26 GIS team is reviewing  Plowing & salting extreme amount this month  RFQ for Metering truck budgetary number for FY27 budget  Put out RFP# 049-26 Winooski 1 DECS – 250  Put out RFP# for the McNeil spring outage - New Well Drill - ESP Field Rebuild  Put out RFP for 7 different size transformers. Center for Operations & Reliability – Munir Kasti  After discovering a manufacturing defect in the lighting arms on Main Street’s Great Streets project, distribution and metering crews were tasked with making temporary adjustments to ensure the arms were safe until new ones can be installed. Upgraded the primary system and installed new transformers on Isham Street to address a load imbalance.  Upgraded transformers on Archibald Street, Western Avenue, and at UVM’s Wheeler Barn.  Completed service upgrades on North Street and North Union Street.  Metering and distribution crews continue to upgrade the city’s streetlights to LED as defective fixtures are identified.  BED welcomed Matt Butler as the newest member of the line crew. Matt joins us from GMP and brings more than 20 years of experience. He is a strong addition to our team.  BED welcomed Luke Hulbert to the Technician group as an Electrician 1. Luke transitioned from the McNeil plant where he was an Electrician 1. Page 3  January 2026 – Department Highlights Engineering, Grid Services & Operations SAIFI & CAIDI Outage Metrics: BED’s distribution system experienced 8 outages in January 2026 (1 unscheduled and 7 scheduled). BED’s SAIFI for the Month of January was 0 interruptions per customer and CAIDI was 1.04 hours per interruption. BED's YTD SAIFI is 0 interruptions per customer and YTD CAIDI is 1.04 hours per interruption. The following figure shows BED’s historical YTD SAIFI and CAIDI: The following figure shows BED’s historical January SAIFI and CAIDI: The following figure shows BED’s historical Unplanned Outages: Page 4  January 2026 – Department Highlights Generation McNeil Generating Station Month Generation: 22,108 MWh YTD Generation: 22,108 MWh Month Capacity Factor: 59.43% Month Availability: 63.17% Hours of Operation: 470 hours McNeil hired a Station Operator and a Yard Worker in the Month of January. Winooski One Hydroelectric Station Monthly Generation: 1,949.4 MWh YTD Generation: 1,949.4 MWh Month Capacity Factor: 35% Annual Capacity Factor: 35.41% Month Availability: 70% Winooski One has been fighting 6-inch thick ice on the trash rack, requiring operators to attend three times a day, seven days a week to ensure the ice does not get too thick. Project and budget planning are underway for Winooski One. Burlington Gas Turbine Month Generation: 527.3 MWh YTD Generation: 527.3 MWh Month Capacity Factor: 3.2% Month Availability: 99% Hours of Operation Unit A: 31.9 hours Hours of Operation Unit B: 30.8 hours Solar (Pine Street 107 kW) Month Generation: 2 MWh (-40% from previous year) YTD Generation: 2 MWh Month Capacity Factor: 2.3% Month Availability: 100% Solar (Airport 499 kW) Month Generation: 10 MWh (-45% from previous year) YTD Generation: 10 MWh Month Capacity Factor: 2.7% Month Availability: 100% Center for Customer Care & Energy Services – Mike Kanarick Customer Care Page 5  January 2026 – Department Highlights  Call Answer Time (75% in 20 seconds): January 2026 90.4%, December 2025 91.4%, November 80.3%, October 81.7%, September 75.9%, August 78.4%. January 2025 86.4%, December 2024 83.4%, November 84%, October 80.6%, September 2024 75.2%, August 83%.  January 2026 Stats: please see dashboard for additional metrics categories. Complaints to DPS about Customer Care Team 20 14 15 # of Complaints 15 9 9 10 5 5 0 1 0 0 0 0 0 0 0 0 0 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Jan-26 Calendar Year Communications and Marketing  BED Annual Report: our yearly update was included in the City of Burlington Annual Financial Report that will be distributed at the polling places on Town Meeting Day and soon will be available on the City website. Page 6  January 2026 – Department Highlights  Net Zero Energy Festival – A Supercharged Day of Family Fun: please mark your calendars for Saturday, August 22, 2026 from 12noon-4pm. Planning already has begun for our 5th annual NZE Festival to help our community continue to learn how to take steps to meet our Net Zero Energy city goal by 2030. We again will have many activities and provide much information for folks of all ages, including: food trucks, DJ &/or live music, raffles, E-Bike test rides and EV test-drives, mobile bike repair unit, bike parking, heat pump, solar, and lawn care vendor partners, walking, biking, and carsharing advocates, BED energy experts, CHAMP, and more.  Net Zero Energy Podcast: we invite you to take a listen at burlingtonelectric.com/podcast. Our latest episode features Dwight DeCoster, Program Manager for Champlain Valley Weatherization with the Champlain Valley Office of Economic Opportunity (CVOEO). Dwight shares information about weatherization opportunities for homeowners and renters to improve home energy efficiency and comfort and to decrease heating bills at little or no cost to qualifying residents.  Full website visits for January 2026 Top-performing Facebook & Instagram posts Podcast episodes and Burlington Telecom email discontinuation Energy Services UVM & UVMMC  ES is working with staff and contractors on several ongoing projects.  UVM Medical Center / Chiller System Economizer Heat Exchanger – This project included the installation of a heat-exchanger system coupled to the existing cooling tower which allows chilled water to be supplied to the hospital during the colder months without the need to run any electric chillers. Previously at least one chiller was required to be run throughout the winter and shoulder Page 7  January 2026 – Department Highlights seasons. The savings calculations have been completed, and the final site visit was completed this month.  UVM Medical Center / Chilled Water System Chiller Replacement – A 1,300-ton chiller in the central plant has failed and the hospital has identified a replacement unit, which is now on-order. It will be more efficient than CBES energy code baseline, is a magnetic bearing chiller, and also utilizes an ultra- low GWP refrigerant.  UVM Howe Library / HVAC Re-Commissioning – During late spring of last year, UVM’s controls group implemented control sequence improvements in the 160,000 SF Howe Library’s DDC. This included implementation of an occupancy schedule, improved VFD control of ventilation fans, and implementation of an economizer sequence. The electric and natural gas savings are significant because of the large size of the building. Using UVM’s DDC and sub-metered electric, steam and chilled water data, BED has completed the energy savings analysis for electric savings and brought VGS in to provide incentives for the NG savings. A final site visit for the project is scheduled for early February.  UVM Stem Building Re-commissioning – This is large lab and classroom/office complex that has undergone an HVAC re-commissioning study by a third-party contractor. One identified measure involves leak detection of the lab compressed air system. The system involves two 30HP compressors which historically run 24/7. BED is working with UVM on a strategy to estimate energy savings for more efficient use of compressed air used by the research labs. Other Services  Continued Decline in New Development and Energy Efficiency Activity  As previously reported, over the past year few new construction zoning applications have been submitted to Department of Permitting and Inspections (DPI), indicating a decline in near term new development. High lending costs and construction costs continue to slow this market.  ES also continues to see an overall slowdown in EEU and Tier 3 activity with customers. As previously reported, challenging, and uncertain, economic conditions are influencing customer decision-making. Customers continue to face economic headwinds where discretionary energy efficiency, and beneficial electrification improvements, are understandably not a priority even when utility incentives are available. BED and VGS continue to work with the Burlington 2030 District and CEDO/Business and Workforce Development (BWD) to get the word out about our services and that we are here to help.  ES continues to:  Work on several projects including the major renovation to the Fletcher Free Library, the HVAC renovation at the Integrated Arts Academy, and the ventilation upgrade project at Christ the King School.  Support the customer care team with a number of residential and commercial customer high bill concerns.  Partner with the VGS ES team on a number of residential weatherization and heat pump projects and commercial retrofit projects. Electric Vehicles & Charging Stations  The EVSE (ChargePoint, Flo & AmpUp) dispensed a total of 40.0MWh and supported 1,811 sessions.  The ChargePoint EVSE served 676 unique drivers. Page 8  January 2026 – Department Highlights  The top 3 sales on the ChargePoint network were 113kWh, 115kWh, and 122kWh and occurred at the College St. Garage and the Pease Lot DCFC.  Approximately 48% (or 21.3MWh) of the energy sold from the entire network is attributed to the Pine St., Marketplace Garage, and Pease Lot DCFC’s. The Pine St. DCFC dispensed the most energy.  The Front St. pole mounted charger dispensed the most energy of all Level 2 ports.  EV and PHEV rebates to date – 1,198 (of this 262 LMI rebates to date)  Customers currently participating in the new EV Charging Rate- 439  Single-family & multifamily home EV charging stations rebates to date – 437  ChargePoint will institute a per session fee starting in March 2026.  ChargePoint account holders: $0.25 (AC) / $0.49 (DC)  Guest/Anonymous users: $0.49 (AC) / $0.99 (DC)  In addition to their fee of 10% of all revenue, which in Jan. was $820, the per session fees, if implemented in Jan, would have netted ChargePoint and additional $540. Heat Pump Installations to Date Total Heat Pump Technology Installations including Multi-Family New Construction Projects & Installations in existing buildings since the September 2019 NZEC announcement – 3,225 installations (of this 243 LMI rebates to date) Page 9  BED 2025-2026 Strategic Direction Dashboard 2025 Jan 2026 Yearly Dec 2025 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly Target Actuals Actuals Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual Engage Customers and Community Call answer time 75% within 20 seconds 75% 90% avg 81% 91% avg 81% avg 82% avg 82% avg 82% avg 81% Delinquent accounts >$500 0 298 avg 280 301 avg 223 avg 168 avg 188 avg 529 avg 201 Disconnects for non-payment 0 8 351 0 308 224 12 0 45 Energy Assistance Program Customers (program lifetime) NA 936 929 929 843 234 Energy Assistance Program Customers (currently enrolled) 300 771 772 772 770 219 # of residential weatherization completions 10 0 3 0 7 11 5 5 3 11 Weatherization completions in rental properties 0 0 0 3 8 6 0 0 TBD # or % of homes or SF weatherized TBD 0 TBD 0 TBD TBD TBD TBD 0 # of commercial building with improved thermal envelopes 0 1 0 5 6 4 5 5 0 Total annual mWh saved via the EE programs (annual goal) 4,039 506 1,674 1,674 1,116 2,940 4053 3057 Total residential annual mWh saved via the EE programs (cumulative for year) 702 22 233 233 333 494 862 917 Total commercial sector annual mWh saved via the EE programs (cumulative for year) 3,337 484 1,441 1,441 783 2,447 3191 2140 % of EEU charge from LMI customers spent on EE services for LMI customers $ 277,854 $ 297,026 $ 282,343 $ 277,854 $ 164,186 $ 504,942 $ 335,234 TBD TBD TBD (cumulative for 2024- 2026 3-year EEU performance period) # of pageviews, overall website-wide 22,201 267,394 21,565 # of unique website homepage views 4,516 53,579 4,177 Strengthen Reliability SAIFI (AVG interruptions/customer) (annual target) < 2.1 0.00 0.35 0.01 1.63 0.56 1.05 0.17 1.48 1.01 CAIDI (AVG time in hrs to restore service) (annual target) < 1.2 1.04 1.44 1.44 0.94 0.67 1.49 0.55 0.75 Distribution System Unplanned Outages (annual target) 82 1 58 6 69 39 61 44 90 98 McNeil Forced Outages 0 1 11 2 10 5 14 5 21 TBD W1H Forced Outages 0 0 2 0 3 2 6 9 2 TBD GT Forced Outages 0 2 3 0 2 9 6 2 3 TBD Invest in Our People, Processes, and Technology Avg. # of days to fill positions under recruitment 120 228 282 228 253 219 100 68 179 # of budgeted positions vacant 0 7 avg 10 12 avg 12 avg 12 avg 9 avg 9 6 NA  BED 2025-2026 Strategic Direction Dashboard 2025 Jan 2026 Yearly Dec 2025 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly Target Actuals Actuals Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual Innovate to Reach Net Zero Energy Tier 3 Program # of residential heat pump installs 14 217 40 176 186 255 315 203 10 # of commercial heat pump installs 0 1 1 5 8 4 4 13 0 # of residential hot water heat pump installs 0 30 3 28 31 26 14 6 4 # of commercial hot water heat pump installs 0 - - 0 0 0 0 0 0 Heat pump rebates 14 232 41 185 206 271 328 212 0 Heat pump hot water heater rebates 0 30 3 28 47 18 15 3 0 LMI heat pump rebates 0 42 - 35 21 43 28 6 4 Heat pump technology installs in rental properties 0 - - 3 8 10 14 9 TBD LMI heat pump hot water heater rebates 2 24 10 2 6 1 2 0 1 EV rebates - new 1 127 8 125 103 53 67 14 36 EV rebates - pre-owned 3 32 4 23 16 18 7 8 2 See NZE LMI EV rebates 0 26 - 50 26 9 11 7 7 Roadmap PHEV rebates - new 3 33 1 44 25 27 41 10 17 Goals below PHEV rebates - preowned 1 15 - 8 6 12 6 5 3 LMI PHEV rebates 0 3 - 11 5 15 13 6 2 Public EV chargers in BTV (total) 41 ports 41 ports 41 ports 40 ports 32 ports 30 ports 27 ports 27 ports 14 Public EV charger energy dispensed (kWh) 40,000 483,500 45,300 355500 244,300 151,360 86,570 35,690 78,000 Home EV charging station rebates 9 148 31 82 72 70 32 20 12 EV charging rate customers (total) 441 425 425 347 246 157 40 40 28 Level 2 charger rebates 0 86 - 22 10 11 10 0 1 Level 1 charger rebates 0 1 - 0 0 - 0 1 0 E-bike rebates 0 263 12 169 147 152 88 36 65 E-mower rebates 1 88 1 109 135 159 154 95 142 E-forklift rebates 0 - - 0 0 1 0 0 0 MWE of Tier 3 measures installed 1,272 45,276 2,240 26,120 22,374 22,837 23,763 35,112 3,342 % Tier 3 obligation met with program measures 100% 5% 187% 187% 122% 117% 131% 159% 283% 31% Net Zero Energy Roadmap Goals # of solar net metering projects installed 1 26 8 13 32 33 29 24 33 No. of homes receiving NZE Home Roadmaps 0 - - 0 - 7 10 7 Residential heat pumps for space heating (no. of homes) 2025: 14,181 NA NA NA 2,320, 18% of goal 1,952 1,749 1,448 1,112 925 Commercial heat pumps for space heating (1000 SF floor space served) 2025: 7,806 NA NA NA 487, 7% of goal 431 411 405 374 374 Residential heat pumps for water heating (no. of homes) 2025: 10,553 NA NA NA 344, 4% of goal 289 243 224 208 203 Commercial heat pumps for water heating (1000 SF floor space served) 2025: 3,281 NA NA NA 6, 0.2% of goal 0 0 0 0 - EV registrations in BTV (light-duty) 2025: 7,503 NA NA NA 1,285, 23% of goal 829 699 549 361 296 Greenhouse gas emissions (1000 metric tons CO2) 2025: 99 NA NA NA 174, 55% above target 179 193 188 185 214 Fossil fuel consumption (billion BTU) 2025: 1,539 NA NA NA 2,964, 68% above target 3,044 3,319 3,169 3,185 3,660  BED 2025-2026 Strategic Direction Dashboard 2025 Jan 2026 Yearly Dec 2025 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly Target Actuals Actuals Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual Demand Response Manage Budget and Risks Responsibly Safety & Environmental No. of workers' compensation/accidents per month 0 1 6 0 7 8 16 4 8 Total Paid losses for workers’ compensation accidents (for the month) annual $982 $ 186,754 $ 7,138 $272,353 $98,393 $ 145,102 $ 93,612 $ 165,402 $38,288 Lost Time Incident Rate (days/year) (Dec numbers reflect annual results) <= 3.5 annual N/A 0.95 0.95 0.99 2.0 1.99 0.0 0.93 0.89 Lost Time Severity Rate (days/year) (Dec numbers reflect annual results) <= 71 annual N/A 25.52 25.52 9.90 107.4 112.63 0.0 41.71 78.2 Lost work days per month 0 0 27 0 avg 10 avg 12 avg 9 0.0 45 NOx reporting levels to EPA (Quarterly) (lbs/mmbtu) <0.075 0.065 0.071 0.069 0.06 0.06 0.06 0.07 0.07 # of reported spills, waste water incidents (monthly) 0 1 0 0 4 2 6 4 4 Phosphorus levels to DEC in lbs (monthly/yearly total) <0.8/37 0.155/1.283 1.256 0.076/1.281 1.87 0.705 0.688 2.028 1.169 # of new power outage claims reported (monthly) 1 1 2 0 6 3 5 7 4 # of new auto/property/other liability claims reported (monthly) 2 1 19 1 24 36 27 18 27 Purchasing & Facilities # of Purchase Orders for Inventory (Target: avg for winter months) 42 58 891 104 738 541 636 644 593 $ value of Purchase Orders for Inv. (Target: avg dollars spent during winter) $78,000 $95,931 $ 8,244,846 $2,152,920 $ 6,613,883 $2,481,531 $ 4,861,023 $ 3,278,620 975,531 # of stock issued for Inventory (Target: avg during winter months) 320 657 8361 600 7,207 6,777 6,187 4,402 4,545 $ value of stock issued for Inventory (Target: avg. during winter) $ 65,000 $ 393,980 $ 2,032,594 $ 100,985 $ 2,352,360 $ 1,925,781 $ 2,200,233 855,456 1,086,478 # of posters pulled from poles monthly (Target: goal to remove each month) 58 0 917 - 351 592 900 2,728 627 # of Spark Space and Auditorium setup/breakdowns monthly (Target: Covid impact) 3 6 166 9 199 207 132 88 87 Finance Debt service coverage ratio (avg of previous 12-months) 1.25 50.7 FY25 4.60 4.10 FY24 3.81 FY23 4.61 FY22 4.26 FY21 3.77 FY20 3.56 FY19 Adjusted debt service coverage ratio (avg of previous 12-months) 1.5 1.29 FY25 1.14 1.25 FY24 1.29 FY23 1.22 FY22 1.08 FY21 0.93 FY20 0.90 FY19 Days unrestricted cash on hand (incl line of credit) >90 144 FY25 141 146 FY24 93 FY23 120 FY22 121 FY21 120 FY20 109 FY19 Arrearages >60 days $ 610,081 $ 627,497 $ 627,497 $ 470,940 $ 392,196 $ 408,903 $ 1,087,769 $ 749,054 Regulatory Open PUC dockets 37 33 35 Open PUC dockets with deadlines in next 3 months 8 10 12 Power Supply McNeil generation (MWH) (100%) per budget 22,108 209,276 21,341 197,044 184,798 228,981 273,355 192,696 McNeil availability factor 100% 63% 60% 63% 66% 84% 67% 80% McNeil capacity factor per budget 59% 48% 57% 45% 42.3% 52.4% 62.4% Winooski One generation (MWH) per budget 1,949 17,075 1,865 29,498 36,318 25,350 24,752 21,194 Winooski One availability factor 100% 70% 53% 70% 98% 97.2% 98.3% 97% Winooski One capacity factor per budget 35% 26% 34% 48% 56% 41.7% 37% Gas Turbine generation (MWH) NA 527 682 20 484 475 356 373 441 Gas Turbine availability factor 100% 99% 96% 100% 98% 46.7% 54.5% 96% Gas Turbine capacity factor NA 3% 1% 0.2% 0.1% 0.2% 0.2% 0.21% BTV solar PV production (mWh) 138 4,905 93 5,020 4,681 5,260 5,015 5,182 Cost of power supply - gross ($000) $ 34,980 $ 3,764 $34,858 $30,002 $36,755 $30,285 $31,081 Cost of power supply - net ($000) $ 27,131 $ 3,764 $27,984 $22,710 $27,487 $22,134 $23,388 Average cost of power supply - gross $/KWH $ 0.12 $ 0.13 $0.11 $0.09 $0.11 $0.09 $0.10 Average cost of power supply - net $/KWH $ 0.09 $ 0.13 $0.08 $0.07 $0.08 $0.07 $0.08  FY 2026 Financial Review December February 4, 2026  Burlington Electric Department Financial Review FY 2026 Table of Contents: ● Financial Highlights 1-2 ● Revenues and Expenses o KWH Sales – Total 3 o Cooling/Heating Degree Days 4 o KWH Sales – Residential & Commercial 5 o Net Power Supply Costs 6-11 o Operating & Maintenance Expense 12 o Labor Overhead 13 o Net Income 14 ● Capital Spending 15 - 18 ● Cash 19  Full Yr CURRENT MONTH YEAR TO DATE ($000) Budget Budget Actual Variance Budget Actual Variance Sales to Customers 56,090 5,197 5,496 299 29,882 30,680 797 Other Revenues 3,881 414 362 (51) 2,156 1,622 (534) Power Supply Revenues 7,631 0 0 0 4,698 4,150 (548) Total Operating Revenues 67,602 5,611 5,858 247 36,737 36,452 (285) Power Supply Expense (Net) 35,540 3,251 3,764 (513) 20,443 19,517 926 Operating Expense 22,912 1,871 2,268 (397) 11,660 11,825 (165) Depreciation & Amortization 5,832 495 539 (44) 2,972 3,153 (181) Taxes 3,615 304 290 14 1,834 1,728 106 Sub-Total Expenses 67,899 5,921 6,861 (940) 36,909 36,223 686 Operating Income (298) (310) (1,003) (693) (173) 228 401 Other Income & Deductions 6,855 525 800 275 2,897 3,695 798 Interest Expense 3,204 256 257 (0) 1,549 1,523 25 Net Income (Loss) 3,354 (41) (460) (420) 1,177 2,400 1,223 Year-to-Date Results: • Sales to Customers up $797,400 (2.67%). Residential Sales up $327,000 and Non-Residential Sales up $470,400. • Other Revenues down $534,000 (25%) a. DSM billable (customer driven). • Power Supply Revenues down $548,000 due to lower production in CY 2025. a. McNeil REC revenue of $1,906,000 compared to a budget of $2,263,000. b. Wind REC revenue of $1,918,000 compared to a budget of $1,972,000. c. Hydro REC revenue of $326,000 compared to a budget of $463,000. • Power Supply Expenses (Net) down $925,000 (4.5%) a. Fuel down $1,270,000 (23.5%). b. Purchased Power up $432,000 (4.7%). c. Transmission down $87,000 (1.5%). • Other Operating Expenses up $165,000 (1.4%) a. Timing: various items were less than budget including outside services ($227,000), materials & supplies ($169,000), and RES Compliance ($182,000); offset by items higher than budget including labor and labor overhead, $317,000; and rentals/leases, $60,600. • Taxes down $106,300 (5.8%) a. Actual Payment in Lieu of Tax (PILOT) is $162,300 lower than budget assumption for the year. b. Actual Winooski One Property Tax is $29,700 lower than budget assumption for the year. • Other Income & Deductions up $798,000 (27.5%) a. Timing; favorable gain/loss on disposition of plant, $153,400. b. Interest/investment income up $99,000. c. Timing; favorable customer contribution /grant proceeds $564,700. d. Offset by timing of jobbing ($93,200). 1  Capital Spending – December YTD ($000s) Plant Type Full Yr. Budget Budget Actual % Spent Production $4,481 $2,597 $1,035 23% Other 868 448 62 7% Transmission 222 222 230 103% Distribution 6,419 3,720 1,939 30% General 3,228 1,832 548 17% Total $15,218 $8,819 $3,813 25% (1) Production – Timing; projects at McNeil and W1 are under budget including NOx system catalyst replacement ($146,000) and well ($185,000), FERC relicensing ($330,000), and plate torque/embankment repair ($403,600). Also, budget assumed $50,000 for replacement rail cars in July vs $0. (2) Distribution – Transformers under budget due to availability ($782,500); timing of Deforest Rd ($98,500) and ADMS ($194,500) projects. (3) General – Timing of IT Forward projects ($605,100) and electric forklift ($137,700). As of December 31, 2025 Operating Cash and Investments Operating Funds $10,594,969 Operating Funds – CDs $988,620 CD/Money Market - GOB $1,065,542 Total Operating Cash $12,649,131 Credit Rating Factors – December 2025 3 Year "A" "Baa" Current Average Debt Service Coverage Ratio 1.25 1.25 4.60 4.38 Adjusted Debt Service Coverage Ratio 1.50 1.10 1.14 1.27 Cash Coverage - Days Cash on Hand 90 30 - With $10M Line of Credit 141 139 - Without Line of Credit 82 2  Burlington Electric Department Fiscal Year Ending June 30, 2026 Total Sales to Customers - KWH Monthly 35,000 30,000 KWH (000) 25,000 20,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Budget 32,855 30,319 26,899 25,256 24,532 27,238 28,518 25,711 26,620 24,405 24,403 25,950 Actual 32,740 29,621 25,937 25,167 25,102 28,524 KWH Sales to Customers (YTD) Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Budget 32,855 63,173 90,073 115,329 139,861 167,098 195,617 221,328 247,949 272,354 296,757 322,708 Actual 32,740 62,361 88,298 113,465 138,567 167,091 3  FY 2026 Cooling Degree Days (CDD) 350 300 250 200 150 100 50 0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Budget CDD 278 222 86 8 1 0 0 0 0 2 53 138 Actual CDD 306 190 39 21 0 0 Heating Degree Days (HDD) 1,400 1,200 1,000 800 600 400 200 0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Budget HDD 2 7 96 384 769 1,066 1,307 1,152 968 571 213 44 Actual HDD 1 19 59 386 827 1,295 Average Monthly Temperature Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Budget 74 72 65 53 39 30 23 24 34 46 60 68 Actual 75 70 64 53 37 23 CDD/HDD definition per National Weather Service : Degree days are based on the assumption that when the outside temperature is 65°F, we don't need heating or cooling to be comfortable. Degree days are the difference between the daily temperature mean (high temperature plus low temperature divided by two) and 65°F. If the temperature mean is above 65°F, we subtract 65 from the mean and the result is Cooling Degree Days. If the temperature mean is below 65°F, we subtract the mean from 65 and the result is Heating Degree Days. 4  Burlington Electric Department Fiscal Year Ending June 30, 2026 KWH Sales Residential Customers 10,000 9,000 8,000 KWH (000) 7,000 6,000 5,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Budget 9,514 8,313 6,733 6,475 6,932 8,616 9,028 7,941 7,858 6,569 5,990 6,737 Actual 9,524 8,228 6,431 6,503 7,418 9,227 Commercial & Industrial Customers 25,000 22,500 20,000 KWH (000) 17,500 15,000 12,500 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Budget 23,340 22,006 20,166 18,780 17,601 18,622 19,490 17,770 18,762 17,837 18,413 19,213 Actual 23,216 21,392 19,506 18,664 17,684 19,297 Street Lighting is included with Commercial & Industrial Customers. 5  Net Power Supply Costs December - FY 2026 ($000) Current Month Year-to-Date Budget Actual Variance Budget Actual Variance Expenses: Fuel (p. 7) $1,155 $773 $382 (1) $5,414 $4,144 $1,270 (1) Purchased Power (p.11) 1,061 1,874 (813) (2) 8,840 9,272 (432) (2) Purchased Power Adjustment (p 11) 43 43 (0) 260 260 (0) Transmission Fees - ISO-NE 697 720 (22) (3) 4,661 4,822 (161) (3) Transmission Fees - VELCO 210 257 (47) (4) 821 670 150 (4) Transmission Fees - Other 83 97 (14) (5) 446 348 98 (5) Total Expenses 3,250 3,764 (514) 20,442 19,517 925 Revenues: Renewable Energy Certificates - McNeil 0 0 0 2,263 1,906 (358) Renewable Energy Certificates - Wind 0 0 0 1,972 1,918 (54) Renewable Energy Certificates - Hydro 0 0 0 463 326 (136) Renewable Energy Certificates - Other 0 0 0 0 0 0 Total Revenues 0 0 0 4,698 4,150 (548) (6) Net Power Supply Costs $3,250 $3,764 ($514) $15,744 $15,367 $377 Load (MWh) 27,664 29,186 1,522 172,156 171,838 (319) $/MWh $117.49 $128.97 $11.48 $91.45 $89.43 ($2.02) Current Month: (1) See detail on page 7. (2) See detail on page 11. (3) ISO-NE Peak Load over Budget. (4) VELCO Common charges and BED Share thereof over Budget. (5) NYPA Transmission over Budget. YTD: (1) See detail on page 7. (2) See detail on page 11. (3) ISO-NE Peak Load over Budget. (4) VELCO Common charges under Budget. (5) NYPA Transmission under Budget. (6) REC sales under budget due to lower production in CY25. 6  Net Power Supply Costs December - FY 2026 ($000) Current Month Year-to-Date Budget Actual Variance Budget Actual Variance FUEL: McNeil 1,142 766 376 (1) 5,273 3,892 1,381 (1) Gas Turbine 13 7 6 (2) 141 252 (110) (2) Total Fuel 1,155 773 382 5,414 4,144 1,270 Current Month: (1) McNeil production 35% under Budget. Wood Price Per Ton 4% under Budget. (p. 8) (2) GT production (20 MWh) 36% under Budget. YTD: (1) McNeil production 23% under Budget. Wood Price Per Ton 5% under Budget. (p. 8) (2) GT production (428 MWh) 97% over Budget. Budget includes $50,000 in July for R99 testing. 7  Burlington Electric Department McNeil Plant - MWH Production (50%) FY 2026 25,000 20,000 15,000 10,000 5,000 0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Budget 15,353 13,749 6,000 6,573 11,538 16,538 17,347 15,544 12,227 4,199 3,875 8,431 Actual 13,005 14,717 11,344 0 4,265 10,671 Maximum 18,600 18,600 18,000 18,600 18,000 18,600 18,600 16,800 18,600 18,000 18,600 18,000 8  Burlington Electric Department Winooski One - MWH Production FY 2026 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 (1,000) Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Budget 2,650 1,246 832 1,541 1,942 3,216 2,531 1,587 2,032 4,503 3,575 3,643 Actual 468 (13) 23 425 2,536 1,863 Maximum 5,506 5,506 5,328 5,506 5,328 5,506 5,506 4,973 5,506 5,328 5,506 5,328 9  Burlington Electric Depatment Fiscal Year 2026 Woodchips Price Per Ton Monthly Variance 30% 25% 20% 15% 10% 5% $/Ton 0% -5% -10% -15% -20% -25% -30% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Actual -5% -5% -6% -6% -4% -4% Woodchips Price Per Ton Year-to-Date Variance 30% 25% 20% 15% 10% 5% $/Ton 0% -5% -10% -15% -20% -25% -30% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Actual -5% -5% -5% -6% -5% -5% * Wood only. Does not include other costs. 10  Net Power Supply Costs December - FY 2026 ($000) Current Month Year-to-Date Budget Actual Variance Budget Actual Variance PURCHASED POWER: Non-Energy (capacity) 75 31 44 517 110 407 (1) Energy: Georgia Mountain Wind 322 398 (76) (1) 1,699 1,549 149 (2) Hancock Wind 332 377 (44) (2) 1,342 1,348 (6) VT Wind 251 236 15 (3) 1,192 831 361 (3) Brookfield 0 0 0 0 449 (449) (4) Hydro Quebec 341 330 11 (4) 1,861 1,839 21 In City Solar Generators 26 17 9 (5) 423 433 (10) (5) NYPA 7 8 (1) 38 40 (2) ISO Exchange (886) 153 (1,039) (6) (136) 1,564 (1,700) (6) ISO Exchange Adjustment 43 43 (0) (**) 260 260 (0) (**) FirstLight 283 183 101 (7) 1,015 475 539 (7) Velco Exchange 0 (1) 1 0 (2) 2 Total Energy 719 1,744 (1,024) 7,692 8,785 (1,093) Ancillary Charges (10) (97) 87 (8) 10 (237) 247 (8) VT RES Tier 1 Compliance Expense 262 179 82 523 466 57 Renewable Energy Credit Purchase 0 0 0 0 0 0 Miscellaneous-Other 58 60 (2) 359 408 (49) (9) Total Purchased Power Expense 1,105 1,917 (813) 9,100 9,533 (432) Special Note (**) Adjustment to reduce expense and create regulatory asset by amount of ISO Exchange excess winter energy revenue shortfall ($4,162,233) and record one-eighth ($520,279) as amortization in FY24. Current Month: (1) Production 24% over Budget. (2) Production 13% over Budget. (3) Production 4% under Budget. (4) Rate 3% under Budget. (5) Production under Budget. (6) Production (McNeil (35%), Winooski One (42%) and FirstLight (36%)) under Budget. (7) Production 36% under Budget. (8) Reserve revenues over Budget. YTD: (1) Includes credit from Pay for Performance events. (2) Production 9% under Budget. (3) Production 21% under Budget. Financial Settlements under Budget. (4) Short-Term purchase not in Budget. (5) Production over Budget. (6) Production (McNeil (23%), Winooski One (54%), FirstLight (53%), and Wind (9%)) under Budget. (7) Production 53% under Budget. (8) Reserve revenues over Budget. (9) ISO-NE Misc. over Budget. 11 Burlington Electric Department Operating and Maintenance Expense by Spending Category FY 2026 - December YTD % Budget Actual Variance Variance * Labor-Regular 4,618,341 4,789,792 (171,451) 4% a Labor-Overtime 229,134 300,201 (71,067) 31% b Labor-Temporary 19,500 15,566 3,935 20% c Labor-Overhead 1,996,173 2,075,003 (78,830) 4% d Outside Services 1,541,112 1,313,713 227,400 15% e DSM (rebates & outside services) 1,036,001 967,897 68,104 7% f Materials & Supplies 550,886 381,683 169,203 31% g Insurance 376,545 337,551 38,994 10% A & G Clearing (654,713) (369,087) (285,625) 44% h Other - RES Tier 3 Compliance 516,994 334,798 182,196 35% Other 1,430,390 1,678,363 (247,974) 17% i Operating & Maintenance Expense 11,660,362 11,825,479 (165,117) 1% (a) Labor is impacted by the amount of capital (vs. expense) work. (b) McNeil, $64,404, and Dispatch, $16,423, higher than planned. (c) Temporary help at McNeil Plant. (d) See page 13. (e) Timing; technical items at GT and Winooski One is under budget, $284,931. (f) Projects are driven almost entirely by customer decisions. The budget is based on information on specific projects or seasonal variations; otherwise the amount is spread evenly across the year. (g) Timing of various projects. (h) The credit for A&G ("Admin and General Expenses") charged to Capital projects was less than planned. (i) Various areas are higher than budget including Dues and Fees ($10,000), Building Clearing ($23,500), Rentals and Leases ($60,600), and Uncollectible Accounts ($169,500); offset by areas lower than budget including Education & Training ($38,200), Transportation Clearing ($103,800), and Advertising ($18,300). 12  Burlington Electric Department Budget vs Actual Spending Analysis FY 2026 - December YTD (000's) Labor - Overhead Budget Actual Variance % Pension $924 $904 $20 2% (a) Medical Insurance $1,217 $1,227 (10) -1% (b) Social Security Taxes $561 522 39 7% (a) Workers Compensation Ins. $221 221 0 0% (b) Dental Insurance $48 48 (0) 0% (b) Life Insurance $11 9 1 12% (b) Childcare Contribution Tax $32 28 4 13% (d) $3,014 $2,960 $54 2% Rates Table: Budget Pension (a) 12.58% Social Security (c) 7.65% Childcare Payroll Tax 0.44% (a) Function of labor cost. Budget includes pension per City, $1,760,100 and amortization of IBEW Pension back payment, $87,041. (b) Budget provided by the City during budget development. (c) Function of labor cost. (d) New tax as of July 1, 2024 is 0.44% of wages. 13  Net Income FY 2026 - December ($000) Current Month Year - To - Date Ref Budget Actual Variance Budget Actual Variance Operating Revenues Sales to Customers p.3 5,197 5,496 299 29,882 30,680 797 Other Revenues 414 362 (51) (a) 2,156 1,622 (534) (a) Power Supply Revenues p.6 0 0 0 4,698 4,150 (548) (b) Total Operating Revenues 5,611 5,858 247 36,737 36,452 (285) Operating Expenses Fuel p.6 1,155 773 382 5,414 4,144 1,270 Purchased Power p.6 1,105 1,917 (813) 9,100 9,533 (432) Transmission p.6 991 1,074 (83) 5,928 5,841 87 Operating and Maintenance p.12 1,871 2,268 (397) 11,660 11,825 (165) Depreciation & Amortization 495 539 (44) 2,972 3,153 (181) Revenue Taxes 55 56 (1) 342 344 (1) Property Taxes Winooski One 27 25 2 (b) 164 149 15 (c) Payment In Lieu of Taxes 221 209 12 (c) 1,328 1,235 93 (d) Total Operating Expenses 5,920 6,861 (941) 36,908 36,223 685 Other Income and Deductions Interest/Investment Income 39 39 (0) 229 328 99 Dividends 375 375 0 2,243 2,242 (2) Customer Contributions/Grant Proceeds 119 342 223 (d) 580 1,144 565 (e) Gain/(Loss) on Disp of Plant (15) (24) (9) (175) (22) 153 Other 7 68 60 21 3 (18) (f) Total Other Income & Deductions 525 800 275 2,897 3,695 798 Interest Expense 256 257 (0) 1,549 1,523 25 Net Income (41) (460) (420) 1,177 2,400 1,223 Current Month: (a) Energy Efficiency Program cost reimbursement was lower than planned, $50,000. (b) Actual Winooski One tax bill is lower than budget assumption by $29,700 for the year. (c) Actual Payment in Lieu of Tax (PILOT) is lower than budget assumption by $162,300 for the year. (d) Budget includes customer contributions for Champlain Pkwy ($238,100), OH/UG billable ($74,400), grant income for Building GIANTS ($31,000) and Distributed Energy Resources Management System project ($33,000). Actual includes customer contribution for Champlain Pkwy ($117,500), OH/UG billable ($138,900) and various grant income ($86,000). Year - To - Date: (a) Energy Efficiency Program cost reimbursement was lower than planned, $511,000. (b) REC sales under budget due to lower McN, wind, and hydro production in CY 2025. (c) Actual Winooski One tax bill is lower than budget assumption by $29,700 for the year. (d) Actual Payment in Lieu of Tax (PILOT) is lower than budget assumption by $162,300 for the year. (e) Budget includes customer contributions for Champlain Pkwy ($340,200) and grant income for Building GIANTS ($162,700), and Distributed Energy Resources Management ($104,300). Actual includes customer contribution for Champlain Parkway ($186,500), OH & UG billable ($368,100) and various grant income ($589,700). 14  Burlington Electric Department Capital Projects - FY26 $000 Full Year December Budget Budget Actual Variance McNeil (BED 50% Share) Analyzer Upgrades for Chemical Treatment 9 0 Ash Silo Pug Mill/Auger Upgrade (312) 13 13 4 9 Augers Replaced 30 0 Catalyst Replacement for Nox System (312) 150 150 4 146 CEMS Server Upgrade (312) 15 15 (15) Cooling Tower Timber Replacement 84 84 106 (22) Demineralization Resin 20 0 Disk Screen 15 15 15 ESP Mechanical Field Rebuild 300 11 (11) Farmhouse Improvements (311) 9 0 Freight Elevator Geared Equipment and Controls (311) 180 0 (0) IT Forward - FIS Replacement (McNeil) 37 0 IT Forward - Work & Asset Management (McNeil) 22 0 Live Bottom Rebuild 139 139 177 (38) McNeil Relay Engineering Study (315) 134 40 1 39 Network Infrastructure - McNeil Switches 7 7 7 Opacity Replacement (312) 20 0 Portable Radio Upgrade 0 0 (0) Reclaimer Rebuild 0 12 (12) (a) Replacement Rail Cars (312) 50 50 50 Routine Station Improvements 1 188 94 11 83 Safety Valve Replacements (312) 25 13 13 Shredder Upgrade (312) 100 0 Station Tools & Tool Boxes (312) 8 4 2 2 Transportation Equipment 0 2 (2) Well New (311) 185 185 0 185 Woodchip Dryer (1 of 3) (312) 626 26 (26) Other 17 8 3 5 (b) Total McNeil Plant 2,380 801 375 426 (a) Prior year project. (b) Budget includes appliances, energy efficiency upgrades, furniture, perimeter fence, replacement scale at Swanton, rigging equipment and switchgear & station upgrades. Hydro Production 1,926 1,655 627 1,029 (a) (a) Timing of FERC relicensing, embankment repair & dam plate torque, and other proejcts. Gas Turbine 175 140 33 107 (a) (a) Budget assumes main breaker and outlet bucket replacement. Actual includes prior year GT Roof Replacement, $2,800 and GT Server Upgrade, $29,800. 15  Burlington Electric Department Capital Projects - FY26 $000 Full Year December Budget Budget Actual Variance Other P&P R&D 26 16 0 16 Direct Current Fast Chargers (Level 3) 159 0 15 (15) EV Charger Installations (Level 2) 264 132 3 129 Distributed Energy Resources 34 21 0 21 EV Chargers/Staging Plan 0 0 41 (41) (a) Distributed Energy Resources Management System 244 140 0 140 585 Fleet EV Chargers 115 115 3 112 585 Fleet EV Charging Design Study 25 25 0 25 Total Other 868 448 62 387 (a) Prior year project #C20255. Transmission Plant VT Transco Investment 222 222 230 (8) Total Transmission Plant 222 222 230 (8) Distribution Plant-General Aerial Deforest Road Rebuild 493 493 395 99 Dunder Road Rebuild 0 0 22 (22) (a) NZE Transfer Load Between 1L1 to L14 210 6 (6) Rebuild 1L4 from Poles P838 to P2795 173 173 19 154 Rebuild Howard Street Pole P655 to P836 41 41 0 41 Rebuild Plattsburgh Ave Poles P3762 to P3752 40 24 20 4 Rebuild St Paul Street Pole P1004 to P1011 27 27 2 25 Rebuild Wells Street Pole P191 to P183 25 25 2 23 Replace Condemned Poles 210 126 91 35 South Cove Rd East Rebuild 81 (81) (a) South Cove Road West Rebuild 95 (95) (a) Total Aerial 1,220 910 733 177 (a) Prior year project. Underground Battery Street Replacement 2 (2) St. Paul St. Rebuild (Bank to ) 1 Replace UG to UVM Aiken Center 18 18 0 18 Given Transfer Switch 7 Replace 2L3 from UH303 to 929S 698 698 12 685 Rebuild UG St. Paul Street (Bank St to Cherry St) 358 0 Total Underground 1,073 716 23 701 16  Burlington Electric Department Capital Projects - FY26 $000 Full Year December Budget Budget Actual Variance Customer Driven/City Projects Champlain Parkway-Billable 400 280 113 167 Champlain Parkway (CAFC) (340) (238) (187) (52) Great Street-Main Street 621 0 360 (360) Great Street-Main Street (CAFC) (557) 0 Winooski Bridge Rebuild 34 0 Winooski Bridge Rebuild (CAFC) (34) 0 City Place Streetlighting 195 41 (41) City Place Streetlighting (CAFC) (104) 0 Total Customer Driven/City 215 42 327 (245) Other Communication Equipment Emergency Repair 16 5 5 Distribution Transformers-Purchase 1,445 1,012 229 783 Distribution Transformers-Install 11 6 15 (8) Fiber Optical Time Domain Reflectometer Unit (OTDR) 12 12 12 Lake Street Battery Bank Replacement 41 41 11 30 Replace Failed 920S/921S/922S Switch 63 0 SCADA ADMS Upgrade (Phases 3/4) 1,204 602 407 194 SCADA Field Equipment Replacement 64 22 10 12 SCADA Servers PC's and Monitors 0 15 (15) Upgrade ArcFM to GIS Pro 318 0 USAmp Upgrade 7 7 6 1 Other 38 (38) Total Other 3,181 1,709 732 977 Total Distribution Plant-General 5,689 3,376 1,815 1,610 Distribution Plant - Blanket Aerial 174 64 123 (59) Aerial (CAFC) (70) (24) (41) 16 Underground 332 140 157 (17) Underground (CAFC) (143) (50) (327) 277 Meters 133 95 57 38 Lighting 217 77 135 (58) Tools & Equipment - Distribution/Technicians 40 16 20 (4) Replace Failed SCADA Field Equipment 12 4 0 4 Substation Maintenance 18 6 6 Substation Camera Replacement 15 15 15 Total Distribution Plant - Blanket 729 344 123 221 Total Distribution Plant 6,419 3,720 1,938 1,831 17  Burlington Electric Department Capital Projects - FY26 $000 Full Year December Budget Budget Actual Variance General Plant Computer Equipment/Software 2,724 1,328 442 886 (a) Vehicle Replacement 309 309 91 218 Buildings & Grounds 179 179 16 164 (b) Gas Detectors 6 6 6 AED Purchase 11 11 11 Total General Plant 3,228 1,832 548 1,284 (a) Budget includes IT Forward, $642K vs actual of $264K. (b) Actual includes new SCADA Room, $15,430 from prior year. Sub-Total Plant $15,218 $8,819 $3,812 $5,056 Add: CAFC* reclass to "Other Income" 1,247 313 555 (242) Total Plant $16,465 $9,131 $4,367 $4,764 * Customer Advances (Contributions) for Construction. 18  Operating Cash - FY 2026 Monthly Ending Balance 16,000 14,000 12,000 10,000 $000 8,000 6,000 4,000 2,000 0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Budget 11,796 12,786 13,998 13,397 12,763 12,585 13,665 14,922 13,431 12,560 14,123 13,221 Actual 11,713 12,126 15,199 9,842 8,335 12,649 Notes: Operating Cash = Operating + GOB Funding 19  MEMORANDUM To: McNeil Joint Owners From: Lincoln Sprague, Director of Generation Engineering and Maintenance Date: February 2, 2026 Subject: Additions to 2026 Calendar Year Budget _______________________________________________ During the Joint Owner meeting held on December 1, 2025, BED General Manager Springer informed the Joint Owners of expected modifications for the calendar year 2026 budget that would be presented at the next meeting, scheduled for February 2, 2026. The following table lists requested updates to the calendar year 2026 budget for McNeil Station. All figures are 100% values, not scaled for Joint Owner stakes. We seek approval from the Joint Owners to incorporate the following items into the approved calendar year 2026 budget. Item Category Amount RSCR heatsink replacement Capital expense $1,393,000 Payment for turbine blade carrier Capital expense $170,000 Renewable energy credits Revenue $7,364,855 (Adjusted total amount) Burlington Electric Department 585 Pine Street Burlington, VT 05401 burlingtonelectric.com Phone 802.658.0300 TO: Burlington Electric Commission FROM: Emily Stebbins-Wheelock, CFO and Manager of Strategy & Innovation DATE: February 11, 2026 RE: Supplemental Resolution No. 20 to the General Bond Resolution As we prepare for issuance of the 2026 BED revenue bonds, we have reviewed the General Bond Resolution (GBR) in consultation with bond counsel and PFM to see if there is potential to modernize some of the GBR’s provisions coincident with the issuance of new debt. Attached is proposed Supplemental Resolution No. 20 to the GBR, which would: 1. Amend the Debt Service Reserve Fund (DSRF) requirement provisions to give BED the option to issue future bonds with or without the DSRF, as determined in the Supplemental Resolution authorizing such bonds. 2. Modify the DSRF Requirement to be the “least of the three” test consistent with current U.S. Treasury Department regulations, rather than just maximum annual debt service. 3. Include language that would give BED flexibility to fund the DSRF with a credit facility in lieu of cash. 4. Modify the actual vs. budgeted operating expense spending requirements. Since these are substantive amendments, 2/3 of outstanding bondholders must approve of them before the changes go into effect. Assuming Supplemental Resolution 20 is adopted, we would ask the Vermont Bond Bank to consent to these amendments—both for the 2025 Refunding Bonds and the new 2026 Bonds—which would represent approximately 50% of bondholders. That percentage will continue to increase as outstanding debt is paid off. In the future, should BED issue new bonds, we would include consent to these amendments as a condition of purchase. If the Commission votes to adopt Supplemental Resolution 20, the next step would be City Board of Finance and City Council approval, followed by a written concurrence from the bond trustee, Zions Bank. We have consulted informally Zions and the Vermont Bond Bank about these changes; while we have not yet requested their formal consent, they have expressed no objections or concerns at this time.  CITY OF BURLINGTON, VERMONT Board of Electric Commissioners SUPPLEMENTAL RESOLUTION NO. 20 Be it Resolved by the Board of Electric Commissioners (the “Board”) of the City of Burlington, Vermont (the “City”) as follows: Section 1. Amendment to General Bond Resolution. The Board has heretofore authorized and issued the $4,010,000 Electric System Revenue Refunding Bonds, 2017 Series A (the “Series 2017A Bonds”), $5,410,000 Taxable Electric System Revenue Refunding Bonds, 2017 Series B (the “Series 2017B Bonds”), $18,045,000 Electric System Revenue Bonds, 2022 Series A (Net Zero Energy Projects) (the “Series 2022A Bonds”), and $6,540,000 Electric System Revenue Refunding Bonds, 2025 Series A (the “Series 2025A Bonds,” and, together with the Series 2017A Bonds, the Series 2017B Bonds, and the Series 2022A Bonds, and all future series of bonds issued under the Resolution (as defined below), the “Outstanding Bonds”). The Board presently expects to issue $20,000,000 of its Electric System Revenue Bonds, 2026 Series A (the “Series 2026A Bonds”) to finance capital additions and improvements to the City’s electric system, and energy transformation and energy efficiency projects, in furtherance of the City’s Net Zero Energy goals, as authorized by the voters of the City on November 5, 2024. The Board hereby authorizes the amendment of the General Bond Resolution (as defined below), subject to the conditions set forth herein. Section 2. Definitions. (a) Except as provided herein or unless the context clearly indicates some other meaning, the terms used in this Supplemental Resolution which are defined in the General Bond Resolution (the “General Bond Resolution”) adopted by the Board on October 7, 1981, as amended and supplemented, have the same meaning in this Supplemental Resolution as in the General Bond Resolution. The General Bond Resolution as amended or supplemented from time to time by Supplemental Resolutions is hereinafter referred to as the “Resolution.” Section 3. General Bond Resolution Amended. Subject to the satisfaction of the conditions set forth in Section 4 herein, the Resolution is hereby amended as follows: (a) Amendment to Debt Service Reserve Fund. Pursuant to Section 9.2 of the Resolution, the following sections of the Resolution are amended: (i) Section 1.1(Q) of the Resolution is amended to read as follows: (Q) “Debt Service Reserve Fund Requirement” means, with respect to any Series of Bonds, at the election of the City as set forth in the Supplemental Resolution authorizing such Series, (a) with respect to any -1- 10614092_3:12576-00051  Common Bond Reserve Account, as of any date of calculation, an amount equal to the least of (i) the maximum annual Debt Service on outstanding Bonds during the then current or any future Fiscal Year (taking into consideration Sections 2.6 and 2.7 hereof), (ii) 125% of the average annual Debt Service on outstanding Bonds, or (iii) 10% of the aggregate proceeds of all outstanding Bonds upon original issuance thereof and (b) with respect to any Separate Bond Reserve Account, the amount, if any, specified in such Supplemental Resolution. (ii) The following defined terms are added to Section 1.1 of the Resolution: “Credit Facility” means any letter or line of credit, policy of bond insurance, indemnity or surety bond, guarantee or similar instrument issued by a financial, insurance or other institution and which provides security and/or liquidity in respect of Bonds. “Qualified Financial Institution” means and includes: (1) any U.S. domestic institution which is a bank, trust company, national banking association or a corporation, including the Trustee and any of its affiliates, subject to registration with the Board of Governors of the Federal Reserve System under the Bank Holding Company Act of 1956, or a member of the Financial Industry Regulatory Authority (FINRA), in each case whose unsecured obligations or uncollateralized long-term debt obligations have been assigned a rating within one of the two highest rating categories by Standard & Poor’s Corporation, Moody’s Investor’s Service, Inc. or Fitch Investors Service, Inc., or which has issued a letter of credit, contract, agreement or surety bond in support of debt obligations which have been so rated; (2) an insurance company with a claims-paying ability or a corporation whose obligations are guaranteed by an insurance company (in the form of an insurance policy) or by an insurance holding company rated within one of the two highest rating categories by Standard & Poor’s Corporation, Moody’s Investor’s Service, Inc. or Fitch Investors Service, Inc., or whose unsecured obligations or uncollateralized long-term debt obligations have been assigned a rating within one of the two highest rating categories by Standard & Poor’s Corporation, Moody’s Investor’s Service, Inc. or Fitch Investors Service, Inc.; or (3) any banking institution whose unsecured obligations or uncollateralized long-term debt obligations have been assigned a rating within one of the two highest rating categories by Standard & Poor’s Corporation, Moody’s Investor’s Service, Inc. or Fitch Investors Service, Inc. (iii) The third paragraph of Section 5.2 of the Resolution is amended to read as follows: Second, to payment of the amounts to be paid from the Revenue fund into the Debt Service Fund, Debt Service Reserve Fund (pro rata on the basis of the amounts so required), and Special Redemption Fund; -2- 10614092_3:12576-00051  (iv) Section 5.4 of the Resolution is amended to read as follows: Section 5.4 Debt Service Reserve Fund. A. There is hereby established a special reserve fund of the City to be held in trust and administered by the Bond Trustee and to be known as the “Electric System Revenue Bond Debt Service Reserve Fund”. The purpose of the Debt Service Reserve Fund is to provide a reserve for the payment of the principal or redemption price and interest on any Series of Bonds, as may be deemed appropriate at the time of issuance of such Series of Bonds. B. There shall be created a separate account in the Debt Service Reserve Fund to be known as the “Common Bond Reserve Account”, which shall be applied, to the extent other funds are not available therefor, solely to pay the principal, interest, and any sinking fund installments due on: (i) all outstanding Bonds of the following series (a) the $4,010,000 Electrical System Revenue Refunding Bonds, 2017 Series A dated December 20, 2017, (b) the $5,410,000 Taxable Electrical System Revenue Refunding Bonds, 2017 Series B dated December 20, 2017, (c) the $18,045,000 Electric System Revenue Bonds, 2022 Series A (Net Zero Energy Projects) dated April 5, 2022, (d) the $6,540,000 Electric System Revenue Refunding Bonds, 2025 Series A dated August 7, 2025, and (e) the $20,000,000 Electric System Revenue Refunding Bonds, 2026 Series A authorized by Supplemental Resolution No. 19, to the extent outstanding and (ii) any other Series of Bonds designated as being secured by the Common Bond Reserve Account in the Supplemental Resolution providing for the issuance of such Bonds (such Bonds, the “Common Bond Reserve Account Secured Bonds”). If there is a deficiency in the amounts transferred from the Interest Account, Principal Account or Sinking Fund Account to pay an installment of interest or principal or a sinking fund installment on the Common Bond Reserve Account Secured Bonds, the Bond Trustee shall make up the deficiency by transfer from the Debt Service Reserve Fund. The City shall forthwith reimburse the Common Bond Reserve Account from the Revenue Fund. In the event of the refunding of any Common Bond Reserve Account Secured Bonds, the Trustee shall, upon the written direction of the City, withdraw from the Common Bond Reserve Account all or any portion of the amounts accumulated therein with respect to such Bonds to be refunded and deposit such amounts as provided in such written direction; provided, however, that such withdrawal shall not be made unless (i) immediately thereafter the Bonds being refunded shall be deemed to have been paid pursuant to Section 11.1 hereof and (ii) after giving effect to any amounts being simultaneously deposited therein, the amount remaining in the Common Bond Reserve Account after such withdrawal shall not be less than the Debt Service Reserve Fund Requirement. -3- 10614092_3:12576-00051  C. Each Supplemental Resolution providing for the issuance of a Series of Bonds may also provide for the establishment of a separate account to be maintained in the Debt Service Reserve Fund (a “Separate Bond Reserve Account”, and together with the Common Bond Reserve Account, the “Bond Reserve Accounts”). Amounts on deposit in any Separate Bond Reserve Account shall be used and withdrawn as provided in the Supplemental Resolution authorizing such Series of Bonds, and any withdrawals therefrom shall be replenished or reimbursed as provided in such related Supplemental Resolution. Amounts in any Separate Bond Reserve Account shall be used only for the benefit of the holders of the Series of Bonds which were issued pursuant to the Supplemental Resolution establishing such Separate Bond Reserve Account and not for the benefit of the holders of any other Series of Bonds. D. There shall be deposited from the proceeds of each Series of Bonds into the Debt Service Reserve Fund the amount necessary so that there will be on deposit in the Debt Service Reserve Fund immediately after their issuance an amount equal to the Debt Service Reserve Fund Requirement, except that the Supplemental Resolution providing for the issuance of the Series may provide for payment of a portion or all of the Debt Service Reserve Fund Requirement (or of the increase thereof resulting from the issuance) from the Revenue Fund into the Debt Service Reserve Fund in one or more installments ending not later than three (3) years from the estimated Date of Commercial Operation, as set forth in the Supplemental Resolution, of the Project to which the Series is attributable. If the Series is attributable to more than one Project, it may be subdivided for this purpose. E. If the amount in the Debt Service Reserve Fund is less than the Debt Service Reserve Fund Requirement on June 30 of any year, the City shall forthwith make up the deficiency from the Revenue Fund. If the amount in the Debt Service Reserve Fund is greater than the Debt Service Reserve Fund Requirement on June 30 of any year or immediately after the issuance of a Series of Bonds, the excess shall be dealt with in the manner provided for earnings from investment of the Debt Service Reserve Fund. For the purposes of this paragraph, the Debt Service Reserve Fund Requirement shall be adjusted to reflect provisions by Supplemental Resolution for installment payment of the Debt Service Reserve Fund Requirement pursuant to this Section. F. In lieu of the deposit of moneys in the Debt Service Reserve Fund, or in substitution of moneys previously deposited therein, the City at any time may cause to be credited to the Debt Service Reserve Fund, from a Qualified Financial Institution, a Credit Facility for the benefit of the holders of any Series of Bonds equal to the difference between the Debt Service Reserve Fund Requirement and all other amounts then on deposit (or, in the case of substitution of moneys previously on deposit therein, the -4- 10614092_3:12576-00051  amount remaining on deposit) in the applicable Bond Reserve Account for such Series of Bonds. Any funds in the Debt Service Reserve Fund that are subsequently replaced by a Credit Facility shall be transferred by the Trustee to the Renewal and Replacement Fund, the Special Redemption Fund or the Construction Fund, as the City shall direct; provided that the City may direct the Trustee to transfer such funds to any other Fund or Account under this Resolution or otherwise upon advice from bond counsel to the effect that such transfer will not adversely affect the tax-exempt nature of the interest on any Series of outstanding Bonds. The Credit Facility shall be payable (upon the giving of notice as required thereunder) on any date on which moneys will be required to be withdrawn from the applicable Bond Reserve Account and applied to the payment of the principal of or interest on any Bonds of such Series and such withdrawals cannot be made by amounts credited to the Debt Service Reserve Fund. If a disbursement is made pursuant to a Credit Facility provided pursuant to this paragraph the City shall be obligated either (i) to reinstate the maximum limits of such Credit Facility or (ii) to deposit funds into the applicable Bond Reserve Account of the Debt Service Reserve Fund in accordance with this Section 5.4, or a combination of such alternatives, as shall provide that the amount credited to the applicable Bond Reserve Account of the Debt Service Reserve Fund equals the applicable Debt Service Reserve Fund Requirement. In the event that the City elects to substitute a Credit Facility for moneys deposited in the Debt Service Reserve Fund, the City shall give notice of such substitution to all rating agencies then rating the Bonds. ANY CREDIT FACILITY DEPOSITED IN THE DEBT SERVICE RESERVE FUND WITH RESPECT TO AN OUTSTANDING SERIES OF BONDS AND THAT RELATED SERIES OF BONDS SHALL BE DISREGARDED IN DETERMINING THE DEBT SERVICE RESERVE FUND REQUIREMENT FOR OTHER BONDS OUTSTANDING UNDER THE RESOLUTION. (b) Amendment to Annual Budget Requirements. Pursuant to Section 9.2 of the Resolution, Section 7.2 of the Resolution is amended by deleting the sentence “The City shall not incur aggregate Operating Expenses in any Fiscal Year in excess of the aggregate amount shown in the annual budget as amended and supplemented except in case of emergency and shall promptly file a written report of such excess expenditure with the Bond Trustee”. Section 4. Effect of Amendments. The effectiveness of the amendments to the Resolution contained in Section 3 herein shall be effective upon satisfaction of the following conditions: (a) The consent of the holders of not less than sixty-six and two-thirds percent (66 ⅔%) in principal amount of the Outstanding Bonds as required under Section 9.2 of the Resolution; -5- 10614092_3:12576-00051  (b) The written concurrence of the Bond Trustee under Section 9.2 of the Resolution; and (c) The delivery of an opinion of counsel to the City under Section 9.4 of the Resolution. On and after the satisfaction of the respective conditions set forth in this Section 4 for the applicable amendment contained in Section 3 herein, in the case of any inconsistency or contradiction between the provisions set forth in the applicable section of this Supplemental Resolution No. 20 and the Resolution, the applicable provisions of this Supplemental Resolution No. 20 shall control. -6- 10614092_3:12576-00051 McNeil Budget Motion: I move that the Burlington Electric Commission approves the 2026 McNeil Budget as presented. Resolution #20 General Bond Motion: I move that the Burlington Electric Commission approve the adoption of Supplemental Resolution 20 to the General Bond Resolution as presented and recommend its adoption to the Board of Finance and City Council.