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, March 11, 2026 – 5:00 PM 1. Agenda (5 min.) 2. Minutes of February 11, 2026 Meeting (5 min.) 3. Public Forum (10 min.) 4. Monthly Impact Minute (discussion) (5 min.) 5. Commissioners’ Corner (discussion) (5 min.) 6. GM Update (oral update) (10 min.) 7. Financials: January FY26 (discussion): Emily Stebbins-Wheelock (10 min.) 8. BED Budget Overview (presentation and discussion): Emily Stebbins-Wheelock (20 min.) 9. 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, February 11, 2026 The regular meeting of the Burlington Electric Commission was convened at 5:00 pm on Wednesday, February 11, 2026, at Burlington Electric Department, 585 Pine Street, Burlington, Vermont, and on Microsoft Teams. Attendance  Channel 17 was present to record this meeting.  Commissioners Lara Bonn, Ali Kenney, Scott Moody, and Brian Williams were present.  Staff members Elena Alexander, Xander Briggs, Paul Alexander, Nate Gunesch, Mike Kanarick, Lincoln Sprague, Darren Springer, and Emily Stebbins-Wheelock were present at 585 Pine Street.  Staff members Seth Clifford and James Gibbons were present via Microsoft Teams.  Bond counsel, Kathy Zhou of Paul, Frank + Collins was present at 585 Pine Street.  Public member Jacob Flannigan was present at 585 Pine Street. 1. Agenda Commissioner Moody made a motion to update agenda item #7 from January 2026 to December 2025 Financials. The motion was seconded by Commissioner Kenney. Motion passes 4-0. 2. Meeting Minutes Commissioner Williams moved to accept January 14, 2026 minutes as presented. Commissioner Moody seconded the motion. Vote: 3 ayes 0 nays. Commissioner Bonn abstained from voting as she was absent from the January 14, 2026 meeting. 3. Public Forum Jacob Flannigan shared information about Burlington Window Dressers, a volunteer-driven nonpro it that makes insulated window inserts to help keep homes warmer and reduce heat loss through windows. These window inserts are cost-effective alternatives to expensive window replacements, using simple wooden frames, plastic wrap, and gaskets to create an insulating barrier. The inserts are built annually during a community event where participants, including homeowners, renters, and landlords, collaborate. A signi icant portion of inserts (about 38% statewide) is provided free to low- and moderate-income households, removing cost barriers. 4. Monthly Impact Minute Nate Gunesch, an Energy Innovation Fellow funded by the Department of Energy (DOE) through a two-year grant working at Burlington Electric Department, gave an update on the Building GIANTS program. The DOE fellowship emphasizes learning, training, and involvement in the energy sector, 1 offering opportunities like conference attendance and monthly educational sessions. The Building GIANTS program, with support from a DOE grant, evolves the Department's Defeat the Peak initiative to implement automated lexible load management for commercial and residential electri ied heating and cooling systems in order to reduce peak demand costs and increase the cost- effectiveness of electri ied heating. The commercial part of the program is ready to launch and the Department is actively working to enroll customers. Launch of the residential part of the program is expected later this summer pending inalization of device vendor contracts and iling of a pilot rate with the Public Utility Commission (PUC). 5. Commissioners’ Corner No topics discussed. 6. General Manager’s Update General Manager Springer shared the following:  In calendar year 2025, the McNeil plant had a net income of over $2 million pre- depreciation and interest, largely driven by elevated energy prices.  The gas turbine (GT) at the waterfront, now running on B20 mixed biodiesel and oil with plans to shift towards 100% renewable diesel (R99), is a reliability asset used mainly during high price periods.  Recent high ISO New England energy prices are driven by increased demand for natural gas during colder weather, fuel switching from natural gas to oil, and the need for fast-start units to back up renewable resources.  The Department has provided legislative testimony on the Energy Ef iciency Modernization Act, aiming to balance weatherization, emissions reduction programs, and support for income-quali ied customers' energy upgrades.  Regulatory updates include a new docket assessing the need for a performance assessment of BED’s energy ef iciency utility, the Department of Public Service’s issuance of an RFP for a consultant to conduct a business process review of BED, discovery for the 2027-2029 Demand Resources Plan, and potential for a slight reduction in the FY26 rate case request.  Department staff recently toured the new Burlington High School, which exempli ies modern, energy-ef icient design with geothermal heating/cooling, extensive heat pumps, EV charging, and all-electric kitchen systems supported by incentives and geothermal testing programs. 7. December 2025 Financial Review Emily Stebbins-Wheelock, CFO and Manager of Strategy & Innovation, presented inancial results for December 2025.  The Department recorded a net loss of $460,000, $420,000 worse than the budgeted net loss of $41,000, mainly due to unfavorable net power supply expenses and purchased power costs.  Sales to customers were favorable to budget by nearly $300,000.  Net power supply was unfavorable to budget by $513,000, with savings on fuel offset by higher than budgeted transmission and purchased power expenses. Due to lower than 2  budgeted production from McNeil, Winooski One, and hydro contracts, BED was a net purchaser of energy (“short”) in December, which also contributed to unfavorable variances.  Other operating and maintenance expenses were $397,000 over budget for December, though the year-to-date variance is only 1.65% over budget.  Year-to-date net income was $2.4 million, about $1.2 million better than budget. The Department is monitoring the iscal year-end forecast closely given the potential for continued power supply challenges in January and February.  Capital spending is at 25% of the iscal year budget, with a projected spend of $14.1 million and revenue bond issuance scheduled for March 18, 2026.  The debt service coverage ratio was (DSCR) 4.6 and the adjusted debt service coverage ratio (ADSCR) was 1.14, with a target ADSCR of 1.2 for iscal year-end to maintain Moody’s comfort level and credit rating.  Commissioner Kenney asked for an explanation of the difference between the DSCR and ADSCR calculations. Ms. Stebbins-Wheelock responded that the ADSCR incorporates all debt obligations and deducts payments in lieu of taxes from revenue available for debt service. An ADSCR ratio below 1.1 would likely lag Moody’s concern.  Ms. Stebbins-Wheelock addressed some additional questions from Commissioner Kenney regarding the impact of ISO-New England energy prices on BED’s inancials. To the extent BED is “long” on energy, higher regional energy prices are bene icial. Generally, it is advantageous if McNeil has a high availability factor (available as a resource to ISO-New England), but if McNeil has a lower capacity factor (actual output as compared to theoretical output) that coincides with high energy prices, that is disadvantageous.  BED’s projected load growth is lat at 0.5-1% per year, limiting revenue growth without rate increases, posing challenges for debt coverage ratios.  Ms. Stebbins-Wheelock shared a graph of BED’s long-term debt service for the next 20 years. A large decline in principal payment is expected in iscal year 2031. 8. Supplemental Resolution No. 20 Ms. Stebbins-Wheelock and Kathy Zhou of Paul, Frank & Collins presented as follows:  Bond counsel is proposing Supplemental Resolution No. 20 to amend the General Bond Resolution adopted in 1981.  The amendments include allowing lexibility in debt service reserve fund requirements (based on the current IRS “least of three” tests for tax bond compliance), enabling bond issuance with or without a debt service reserve fund, permitting funding of the debt service reserve fund via credit facilities instead of cash, and modernizing bondholder noti ications from newspaper ads to electronic publication via the Municipal Securities Rulemaking Board’s EMMA system, improving ef iciency and reducing costs.  The amendments require the consent of 2/3 of bondholders to take effect, typically achieved through new bond issuances.  The PUC is not required to approve the Department’s bond issuances due to city charter authority; PUC oversight would occur during rate-making proceedings if liquidity impacts are involved. Commissioner Kenney moved that the Burlington Electric Commission approve the adoption of 3 Supplemental Resolution 20 as amended and Commissioner Moody seconded the motion. Motion passes 4-0. 9. McNeil Budget Update Lincoln Sprague, Director of Generation Engineering and Maintenance, presented three changes to the calendar year 2026 McNeil Station budget for a vote.  First item: Add a $1,000,393 capital expense to replace the RSCR system heat sink to restore plant capacity by 5 MW, which would be scheduled for the April outage.  Second item: Add a payment for a new turbine blade carrier, a major, long lead-time part needed for a 2028 outage, with a staggered payment schedule to maintain future lexibility amid joint ownership considerations.  Third item: Increase in the revenue forecast to $7.36 million due to McNeil Station's admission to Maine’s renewable energy credit market. Commissioner Moody made the motion to accept the amended McNeil budget as presented. Commissioner Williams seconded the motion. Motion passes 4 ayes 0 nays. 10. Written and Verbal Public Comments Policy Commissioner Bonn proposed a formal policy to manage written and verbal public comments provided to the Commission to ensure clarity, transparency, and consistency. The policy proposed is as follows:  Written comments are to be directed to the Board clerk, who acknowledges receipt and shares them with all Commissioners but does not include them in the Commission packet.  Verbal comments require sign-up (virtual or in-person), will be subject to a time limit (suggested ive minutes). Members of the public will be encouraged to submit written comments if they are unable to comment verbally.  The policy recommends limiting back-and-forth exchanges during public comments to avoid adversarial interactions, reserving discussions for actionable items.  Commissioners can raise issues during Commissioners' corner or request agenda items to discuss actionable feedback and follow up questions. 11. Commissioners’ Corner No topics discussed. Adjourn Commissioner Moody made a motion to adjourn; the motion was seconded by Commissioner Kenney. Motion passes, 4 ayes 0 nays. The meeting of the Burlington Electric Commission adjourned at 6:50p.m. Microsoft Teams transcript used to draft minutes prepared by Elena Alexander and edited by Emily Stebbins-Wheelock. 4 Attest: ______________________________________________ original to be signed Attest: _________________________________________ Elena Alexander, Board Clerk Emily Stebbins-Wheelock, CFO and Manager of Strategy and Innovation 5 To: Burlington Board of Electric Commissioners From: Darren Springer, General Manager Date: March 6, 2026 Subject: February 2026 Highlights of Department Activities General Manager – Darren Springer  FY26 rate case - PUC approved FY26 rate case at 4.33% (vs request of 4.5%), reflecting agreement amongst parties to reduce the rate request slightly to account for inclusion of one-time costs in prior rate case that should have been excluded. Given surcharge at 4.5% has been in effect since late summer 2025, BED will refund difference to customers.  Legislative – Efficiency pilot extension is part of a committee bill in House Energy & Digital Infrastructure Committee, for consideration week of 3/9.  Rocky Mountain Institute BED Case Study – The Rocky Mountain Institute published a new case study focused on affordability and used BED as an example, highlighting our efficiency efforts and diverse renewable generation sources. https://rmi.org/why- communities-can-and- must-consider-electricity- affordability-and-risk- together/. It included this chart:  February 2026 – Department Highlights Center for Innovation – Emily Stebbins-Wheelock  PUC closed EEU performance assessment docket; EEU will be assessed per regular review schedule of all EEUs beginning this summer.  Preparing for 2026 revenue bond issuance.  FY27 budget development.  Implemented new Energy Efficiency Charge rates effective February 1.  Signed purchased power contract with Relevate for New England hydro.  Began participating in VELCO advisory committee re replacement of the Highgate Converter.  Met with VGS to review BTU data for commercial customers between 10,000-49,999 square feet in support of Building Energy Reduction Ordinance (BERO). Center for Safety and Risk Management – Paul Alexander Safety  The Safety Team completed a review of Forklift safety procedures as well as presented Section 15 procedures on Bucket Trucks and safe installation of meters.  The Safety Team conducted weekly Tuesday morning safety briefings with operations personnel. PreJob tailboards are covered, as well as weekly assignments for Operations with Engineering Support. System Operations gives weekly SCADA updates.  The Safety Team conducted the Monthly BED Safety Committee meeting for Generation.  The Safety Team is scheduling Crane & Hoist Inspections in March for McNeil, Winooski One Hydro and Pine Street Operations. Environmental  The Environmental Team reorganized the cooling tower chemical injection configuration to include the installation of new containment. Also completed was the hazardous material accumulation inventory and it has been scheduled for pick up and removal.  The Truck Dumper hydraulic hose broke which resulted in a State of VT reportable spill. All material was immediately contained and the State acknowledged receipt and closed out the report.  The Environmental Team passed on the R99 results report to the State of VT for review. Next step is to schedule meeting with the State of VT in late March for discussion on moving forward with Gas Turbine permit.  The Environmental Team conducted the bimonthly meetings with McNeil Operations. Air & Water weekly reports are covered with emphasis on water chemistry and emissions compliance. Risk Management  Made further revisions/updates to BED’s “Garage Use” policy, now called “Employee Personal Use of BED Property policy,” also sent information on C4S claim forms and vendor sign-in, building security reminders to all employees  Conducted new employee orientation on Workers’ Comp, Auto accident, and Loss control topics  Extensive time researching the Winooski Bridge/Winooski One Hydro land record and ownership lines for City/Legal  Filed with our NPCC consultant (Utility Services) re: self-report of our 6-month breaker testing program Page 2  February 2026 – Department Highlights Purchasing/General Services  Order 7 loads of B200 fuel for GT (because of the demand for the unit to run)  Worked with GE Representative on Spring Outage Scope & Parts List Center for Operations & Reliability – Munir Kasti  Completed service upgrades on Archibald Street and Isham Street.  Completed a new service installation to Electric Vehicle Supply Equipment (EVSE) for UVM on South Prospect Street.  Completed a rebuild of the overhead distribution systems on Isham Street and Intervale Avenue.  Completed transformer upgrades on Intervale Avenue.  Completed a rebuild of the underground distribution system and streetlighting upgrades on Deforest Road. Engineering, Grid Services & Operations SAIFI & CAIDI Outage Metrics: BED’s distribution system experienced 2 outages in February 2026 (0 unscheduled and 2 scheduled). BED’s SAIFI for the Month of February was 0 interruptions per customer and CAIDI was 2.99 hours per interruption. BED's YTD SAIFI is 0.0005 interruptions per customer and YTD CAIDI is 1.29 hours per interruption. The CAIDI was above the YTD average due to only experiencing two outages, both being scheduled outages. One of those outages required a 3-hour outage to complete the work. The following figure shows BED’s historical YTD SAIFI and CAIDI: YTD SAIFI (01/01 - 02/28) YTD CAIDI (01/01 - 02/28) 2.50 2.50 Interruptions per Customer Interruption Duration (Hours) 2.00 2.00 1.50 1.50 1.00 1.00 0.50 0.50 0.00 0.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 The following figure shows BED’s historical February SAIFI and CAIDI: Month of February SAIFI Month of February CAIDI 2.50 3.50 Interruptions per Customer Interruption Duration (Hours) 3.00 2.00 2.50 1.50 2.00 1.50 1.00 1.00 0.50 0.50 0.00 0.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Page 3  February 2026 – Department Highlights The following figure shows BED’s historical Unplanned Outages: YTD Unplanned Outages (01/01 - 02/28) Month of February Unplanned Outages 18 12 16 10 14 12 8 # of Outages # of Outages 10 6 8 6 4 4 2 2 0 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Generation McNeil Generating Station Month Generation: 22,779 MWh YTD Generation: 44,887 MWh Month Capacity Factor: 67.8% Month Availability: 75.1% Hours of Operation: 505 hours Winooski One Hydroelectric Station Monthly Generation: 981.8 MWh YTD Generation: 2930.8 MWh Month Capacity Factor: 20% Annual Capacity Factor: 27.97% Month Availability: 100% Burlington Gas Turbine Month Generation: 26.4 MWh YTD Generation: 580.5 MWh Month Capacity Factor: 0.12% Month Availability: 99% Solar (Pine Street 107 kW) Month Generation: 0.2 MWh (-82% from previous year) YTD Generation: 2 MWh Month Capacity Factor: 1.1% Month Availability: 100% Solar (Airport 499 kW) Month Generation: 2 MWh (-77% from previous year) YTD Generation: 12 MWh Month Capacity Factor: 2.7% Month Availability: 100% Page 4  February 2026 – Department Highlights Center for Customer Care & Energy Services – Mike Kanarick Energy Services UVM & UVMMC  ES is working with staff and contractors on several ongoing projects.  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 baseline, is a magnetic bearing chiller, and also utilizes an ultra-low GWP refrigerant. A meeting was held this month with the UVM project manager and the engineering team. BED has requested technical data concerning the planned operation of the chiller so that an energy savings estimate can be determined.  UVM Howe Library / HVAC Re-Commissioning – UVM’s HVAC 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. 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 occurred last month. 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 continues including the HVAC renovation at the Miller Center, HVAC Re- Commissioning at the YMCA, and BETA Technologies / North Hangar HVAC Re-Commissioning.  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 40.8MWh and supported 1,876 sessions.  The ChargePoint EVSE served 680 unique drivers.  The top 3 sales on the ChargePoint network were 106kWh, 115kWh, and 119kWh and occurred at the College St. Garage, the Pease Lot DCFC and the Marketplace Garage DCFC.  Approximately 43% (or 17.6MWh) of the energy sold from the entire network is attributed to the Pine St., Marketplace Garage, and Pease Lot DCFC’s. The Pine St. DCFC dispensed the most energy. Page 5  February 2026 – Department Highlights  Relocation of BE11 Summit St. Champlain College is no longer necessary. The College did express interest in adding a second station at this location. Conversation will continue early March.  EV and PHEV rebates to date – 1,201 (of this 262 LMI rebates to date)  Customers currently participating in the EV Charging Rate- 443  Single-family & multifamily home EV charging stations rebates to date – 418 *corrected figure from January report 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 – 3,239 installations (of this 246 LMI rebates to date) Customer Care  Call Answer Time (75% in 20 seconds): February 2026 80.6%, January 90.4%, December 2025 91.4%, November 80.3%, October 81.7%, September 75.9%. February 2025 89.6%, January 86.4%, December 2024 83.4%, November 84%, October 80.6%, September 2024 75.2%.  February 2026 Stats: please see dashboard for additional metrics categories. Page 6  February 2026 – Department Highlights Complaints to DPS about Customer Care Team 20 15 # of Complaints 14 15 9 9 10 5 5 1 0 0 0 0 0 0 0 0 0 0 0 0 Calendar Year Communications and Marketing  BED Annual Report: our yearly update was included in the City of Burlington Annual Financial Report that was distributed at the polling places on Town Meeting Day is available on the City website.  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.  Full website visits for February 2026 Page 7  February 2026 – Department Highlights Top-performing Facebook & Instagram posts Black History Month, Engineers Week, and podcast episodes got solid responses Page 8  BED 2025-2026 Strategic Direction Dashboard 2025 2026 Yearly Feb 2026 Jan 2026 Yearly 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly Target Actuals Actuals Actuals Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual Engage Customers and Community Call answer time 75% within 20 seconds 75% 86% 81% 90% avg 81% avg 81% avg 82% avg 82% avg 82% avg 81% Delinquent accounts >$500 0 316 333 298 avg 280 avg 223 avg 168 avg 188 avg 529 avg 201 Disconnects for non-payment 0 8 0 8 351 308 224 12 0 45 Energy Assistance Program Customers (program lifetime) NA 942 942 936 929 843 234 Energy Assistance Program Customers (currently enrolled) 300 777 777 771 772 770 219 # of residential weatherization completions 10 0 0 0 3 7 11 5 5 3 11 Weatherization completions in rental properties 0 0 0 0 3 8 6 0 0 TBD # or % of homes or SF weatherized TBD TBD TBD 0 0 TBD TBD TBD TBD 0 # of commercial building with improved thermal envelopes 0 0 0 1 5 6 4 5 5 0 Total annual mWh saved via the EE programs (annual goal) 4,039 952 952 506 1,674 1,116 2,940 4053 3057 Total residential annual mWh saved via the EE programs (cumulative for year) 702 37 37 22 233 333 494 862 917 Total commercial sector annual mWh saved via the EE programs (cumulative for year) 3,337 915 915 484 1,441 783 2,447 3191 2140 % of EEU charge from LMI customers spent on EE services for LMI customers $ 277,854 $ 297,026 $ 290,691 $ 290,691 $ 282,343 $ 164,186 $ 504,942 $ 335,234 TBD TBD TBD (cumulative for 2024- 2026 3-year EEU performance period) # of pageviews, overall website-wide 40,477 18,276 22,201 267,394 # of unique website homepage views 8,502 3,986 4,516 53,579 Strengthen Reliability SAIFI (AVG interruptions/customer) (annual target) < 2.1 - 0.0 0.00 0.35 1.63 0.56 1.05 0.17 1.48 1.01 CAIDI (AVG time in hrs to restore service) (annual target) < 1.2 2.02 2.99 1.04 1.44 0.94 0.67 1.49 0.55 0.75 Distribution System Unplanned Outages (annual target) 82 1 0 1 58 69 39 61 44 90 98 McNeil Forced Outages 0 2 1 1 11 10 5 14 5 21 TBD W1H Forced Outages 0 0 0 0 2 3 2 6 9 2 TBD GT Forced Outages 0 3 1 2 3 2 9 6 2 3 TBD Invest in Our People, Processes, and Technology Avg. # of days to fill positions under recruitment 120 179 129 228 282 253 219 100 68 179 # of budgeted positions vacant 0 9 10 7 avg 10 avg 12 avg 12 avg 9 avg 9 6 NA  BED 2025-2026 Strategic Direction Dashboard 2025 2026 Yearly Feb 2026 Jan 2026 Yearly 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly Target Actuals 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 27 13 14 217 176 186 255 315 203 10 # of commercial heat pump installs 0 0 0 1 5 8 4 4 13 0 # of residential hot water heat pump installs 0 0 0 30 28 31 26 14 6 4 # of commercial hot water heat pump installs 0 0 0 - 0 0 0 0 0 0 Heat pump rebates 27 13 14 232 185 206 271 328 212 0 Heat pump hot water heater rebates 0 0 0 30 28 47 18 15 3 0 LMI heat pump rebates 0 0 0 42 35 21 43 28 6 4 Heat pump technology installs in rental properties 0 0 0 - 3 8 10 14 9 TBD LMI heat pump hot water heater rebates 2 0 2 24 2 6 1 2 0 1 EV rebates - new 2 1 1 127 125 103 53 67 14 36 EV rebates - pre-owned 7 4 3 32 23 16 18 7 8 2 See NZE LMI EV rebates 3 3 0 26 50 26 9 11 7 7 Roadmap PHEV rebates - new 3 0 3 33 44 25 27 41 10 17 Goals below PHEV rebates - preowned 1 0 1 15 8 6 12 6 5 3 LMI PHEV rebates 0 0 0 3 11 5 15 13 6 2 Public EV chargers in BTV (total) 41 ports 41 ports 41 ports 41 ports 40 ports 32 ports 30 ports 27 ports 27 ports 14 Public EV charger energy dispensed (kWh) 80,800 40,800 40,000 483,500 355500 244,300 151,360 86,570 35,690 78,000 Home EV charging station rebates 9 0 9 148 82 72 70 32 20 12 EV charging rate customers (total) 884 443 441 425 347 246 157 40 40 28 Level 2 charger rebates - 0 0 86 22 10 11 10 0 1 Level 1 charger rebates - 0 0 1 0 0 - 0 1 0 E-bike rebates 6 6 0 263 169 147 152 88 36 65 E-mower rebates 1 0 1 88 109 135 159 154 95 142 E-forklift rebates - 0 0 - 0 0 1 0 0 0 MWE of Tier 3 measures installed 11,166 9,879 1,287 45,276 26,120 22,374 22,837 23,763 35,112 3,342 % Tier 3 obligation met with program measures 100% 47% 42% 5% 187% 122% 117% 131% 159% 283% 31% Net Zero Energy Roadmap Goals # of solar net metering projects installed 2 1 1 26 13 32 33 29 24 33 No. of homes receiving NZE Home Roadmaps - 0 0 - 0 - 7 10 7 Residential heat pumps for space heating (no. of homes) 2025: 14,181 NA NA NA NA 2,320, 18% of goal 1,952 1,749 1,448 1,112 925 Commercial heat pumps for space heating (1000 SF floor space served) 2025: 7,806 NA NA NA NA 487, 7% of goal 431 411 405 374 374 Residential heat pumps for water heating (no. of homes) 2025: 10,553 NA NA NA NA 344, 4% of goal 289 243 224 208 203 Commercial heat pumps for water heating (1000 SF floor space served) 2025: 3,281 NA NA NA NA 6, 0.2% of goal 0 0 0 0 - EV registrations in BTV (light-duty) 2025: 7,503 NA NA NA NA 1,285, 23% of goal 829 699 549 361 296 Greenhouse gas emissions (1000 metric tons CO2) 2025: 99 NA NA NA NA 174, 55% above target 179 193 188 185 214 Fossil fuel consumption (billion BTU) 2025: 1,539 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 2025 2026 Yearly Feb 2026 Jan 2026 Yearly 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly Target Actuals 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 2 1 1 6 7 8 16 4 8 Total Paid losses for workers’ compensation accidents (for the month) annual 17740 $16,758 $982 $ 186,754 $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 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 N/A N/A 25.52 9.90 107.4 112.63 0.0 41.71 78.2 Lost work days per month 0 0 0 0 27 avg 10 avg 12 avg 9 0.0 45 NOx reporting levels to EPA (Quarterly) (lbs/mmbtu) <0.075 0.1 0.066 0.065 0.071 0.06 0.06 0.06 0.07 0.07 # of reported spills, waste water incidents (monthly) 0 2 1 1 0 4 2 6 4 4 Phosphorus levels to DEC in lbs (monthly/yearly total) <0.8/37 0.162/1.280 0.155/1.283 1.256 1.87 0.705 0.688 2.028 1.169 # of new power outage claims reported (monthly) 1 1 0 1 2 6 3 5 7 4 # of new auto/property/other liability claims reported (monthly) 2 6 5 1 19 24 36 27 18 27 Purchasing & Facilities # of Purchase Orders for Inventory (Target: avg for winter months) 42 61 63 58 891 738 541 636 644 593 $ value of Purchase Orders for Inv. (Target: avg dollars spent during winter) $78,000 $ 123,554 $151,176 $95,931 $8,244,846 $ 6,613,883 $2,481,531 $ 4,861,023 $ 3,278,620 975,531 # of stock issued for Inventory (Target: avg during winter months) 320 597 536 657 8361 7,207 6,777 6,187 4,402 4,545 $ value of stock issued for Inventory (Target: avg. during winter) $ 65,000 $ 265,435 $ 136,890 $ 393,980 $2,032,594 $ 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 0 0 917 351 592 900 2,728 627 # of Spark Space and Auditorium setup/breakdowns monthly (Target: Covid impact) 3 21 15 6 166 199 207 132 88 87 Finance Debt service coverage ratio (avg of previous 12-months) 1.25 4.27 4.27 50.7 FY25 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 1.04 1.04 1.29 FY25 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) >90 140 140 144 FY25 146 FY24 93 FY23 120 FY22 121 FY21 120 FY20 109 FY19 Arrearages >60 days $ 614,794 $ 619,506 $ 610,081 $ 627,497 $ 470,940 $ 392,196 $ 408,903 $ 1,087,769 $ 749,054 Regulatory Open PUC dockets 37 37 37 33 Open PUC dockets with deadlines in next 3 months 7 6 8 10 Power Supply McNeil generation (MWH) (100%) per budget 44,887 22,779 22,108 209,276 197,044 184,798 228,981 273,355 192,696 McNeil availability factor 100% 69% 75% 63% 60% 66% 84% 67% 80% McNeil capacity factor per budget 64% 68% 59% 48% 45% 42.3% 52.4% 62.4% Winooski One generation (MWH) per budget 2,931 982 1,949 17,075 29,498 36,318 25,350 24,752 21,194 Winooski One availability factor 100% 85% 100% 70% 53% 98% 97.2% 98.3% 97% Winooski One capacity factor per budget 28% 20% 35% 26% 48% 56% 41.7% 37% Gas Turbine generation (MWH) NA 554 26 527 682 484 475 356 373 441 Gas Turbine availability factor 100% 99% 99% 99% 96% 98% 46.7% 54.5% 96% Gas Turbine capacity factor NA 8% 12% 3% 1% 0.1% 0.2% 0.2% 0.21% BTV solar PV production (mWh) 273 135 138 4,905 5,020 4,681 5,260 5,015 5,182 Cost of power supply - gross ($000) $ 3,368 $3,368 $ 34,980 $34,858 $30,002 $36,755 $30,285 $31,081 Cost of power supply - net ($000) $ 3,368 $3,368 $ 27,131 $27,984 $22,710 $27,487 $22,134 $23,388 Average cost of power supply - gross $/KWH $ 0.11 $0.11 $ 0.12 $0.11 $0.09 $0.11 $0.09 $0.10 Average cost of power supply - net $/KWH $ 0.11 $0.11 $ 0.09 $0.08 $0.07 $0.08 $0.07 $0.08  FY 2026 Financial Review January March 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  FINANCIAL HIGHLIGHTS – BUDGET VS ACTUAL as of January FY26 Full Yr CURRENT MONTH YEAR TO DATE ($000) Budget Budget Actual Variance Budget Actual Variance Sales to Customers 56,090 5,419 5,549 130 35,302 36,229 927 Other Revenues 3,881 358 404 46 2,514 2,026 (488) Power Supply Revenues 7,631 0 0 0 4,698 4,150 (548) Total Operating Revenues 67,602 5,777 5,953 176 42,514 42,405 (109) Power Supply Expense (Net) 35,540 3,104 3,368 (264) 23,547 22,886 661 Operating Expense 22,912 1,972 2,318 (346) 13,632 14,143 (511) Depreciation & Amortization 5,832 495 529 (34) 3,467 3,682 (215) Taxes 3,615 306 299 7 2,140 2,027 113 Sub-Total Expenses 67,899 5,878 6,515 (637) 42,786 42,738 48 Operating Income (298) (101) (562) (461) (272) (333) (61) Other Income & Deductions 6,855 495 498 3 3,392 4,193 801 Interest Expense 3,204 256 250 6 1,805 1,774 32 Net Income (Loss) 3,354 139 (314) (453) 1,316 2,086 770 Year-to-Date Results: • Sales to Customers up $927,400 (2.63%). Residential Sales up $400,500 and Non-Residential Sales up $526,900. • Other Revenues down $488,000 (19.4%) 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 $660,000 (2.8%) a. Fuel down $1,502,000 (22.6%). b. Purchased Power up $828,000 (8.3%). c. Transmission up $14,000 (0.2%). • Other Operating Expenses up $511,000 (3.7%) a. Timing: various items were less than budget including materials & supplies ($207,000), and RES Compliance ($209,000); offset by items higher than budget including labor and labor overhead, $371,800; and rentals/leases, $57,800. • Taxes down $112,800 (5.3%) 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 $801,000 (23.6%) a. Timing; favorable gain/loss on disposition of plant, $127,900. b. Interest/investment income up $87,800. c. Timing; favorable customer contribution /grant proceeds $678,200. d. Offset by timing of jobbing ($187,700). 1  FINANCIAL HIGHLIGHTS – BUDGET VS ACTUAL as of January FY26 Capital Spending – January YTD ($000s) Plant Type Full Yr. Budget Budget Actual % Spent Production $4,481 $3,312 $1,027 23% Other 868 489 95 11% Transmission 222 222 230 103% Distribution 6,419 4,429 2,636 41% General 3,228 2,062 642 20% Total $15,218 $10,515 $4,630 30% (1) Production – Timing; projects at McNeil and W1 are under budget including NOx system catalyst replacement ($146,000), well ($185,000), woodchip dryer ($627,000), FERC relicensing ($377,000), automatic voltage regulator ($136,000), 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 ($760,300); timing of Deforest Rd ($105,600) and ADMS ($244,000) projects. (3) General – Timing of IT Forward projects ($742,500) and electric forklift ($137,700). As of January 31, 2026 Operating Cash and Investments Operating Funds $10,596,798 Operating Funds – CDs $990,803 CD/Money Market - GOB $1,601,353 Total Operating Cash $13,188,953 Credit Rating Factors – January 2026 3 Year "A" "Baa" Current Average Debt Service Coverage Ratio 1.25 1.25 4.27 4.42 Adjusted Debt Service Coverage Ratio 1.50 1.10 1.04 1.27 Cash Coverage - Days Cash on Hand 90 30 - With $10M Line of Credit 140 140 - 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 29,363 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 88,298 113,465 138,567 167,091 196,454 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 0 Heating Degree Days (HDD) 1,600 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 1,385 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 20 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 9,628 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 19,735 Street Lighting is included with Commercial & Industrial Customers. 5  Net Power Supply Costs January - FY 2026 ($000) Current Month Year-to-Date Budget Actual Variance Budget Actual Variance Expenses: Fuel (p. 7) $1,244 $1,011 $232 (1) $6,658 $5,155 $1,502 (1) Purchased Power (p.11) 840 1,236 (396) (2) 9,680 10,508 (828) (2) Purchased Power Adjustment (p 11) 43 43 (0) 303 303 (0) Transmission Fees - ISO-NE 693 732 (39) (3) 5,354 5,554 (200) (3) Transmission Fees - VELCO 186 206 (20) (4) 1,007 877 130 (4) Transmission Fees - Other 98 140 (42) (5) 543 488 56 (5) Total Expenses 3,103 3,368 (265) 23,546 22,886 660 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 $3,103 $3,368 ($265) $18,847 $18,736 $112 Load (MWh) 29,472 30,214 741 201,629 202,051 423 $/MWh $105.30 $111.48 $6.18 $93.48 $92.73 ($0.75) 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. (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 January - FY 2026 ($000) Current Month Year-to-Date Budget Actual Variance Budget Actual Variance FUEL: McNeil 1,231 810 422 (1) 6,504 4,702 1,802 (1) Gas Turbine 12 202 (189) (2) 154 453 (300) (2) Total Fuel 1,244 1,011 232 6,658 5,155 1,502 Current Month: (1) McNeil production 35% under Budget. Wood Price Per Ton 8% under Budget. (p. 8) (2) GT production (554 MWh) 1,779% over Budget. YTD: (1) McNeil production 23% under Budget. Wood Price Per Ton 5% under Budget. (p. 8) (2) GT production (982 MWh) 297% 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 11,054 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 1,947 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% -8% 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% -5% * Wood only. Does not include other costs. 10  Net Power Supply Costs January - FY 2026 ($000) Current Month Year-to-Date Budget Actual Variance Budget Actual Variance PURCHASED POWER: Non-Energy (capacity) 75 37 39 592 147 445 (1) Energy: Georgia Mountain Wind 273 334 (61) (1) 1,972 1,884 88 (2) Hancock Wind 324 295 29 (2) 1,666 1,644 23 (3) VT Wind 216 92 125 (3) 1,408 922 486 (4) Brookfield 0 0 0 0 449 (449) (5) Hydro Quebec 341 330 11 (4) 2,201 2,169 32 (6) In City Solar Generators 22 25 (3) (5) 444 457 (13) (7) NYPA 6 7 (1) 44 47 (3) ISO Exchange (484) 356 (840) (6) (620) 1,920 (2,539) (8) ISO Exchange Adjustment 43 43 (0) (**) 303 303 (0) (**) FirstLight 0 0 0 1,015 475 539 (9) Velco Exchange 0 (6) 6 0 (8) 8 Total Energy 743 1,476 (733) 8,435 10,261 (1,827) Ancillary Charges (0) (302) 302 (7) 9 (539) 548 (10) VT RES Tier 1 Compliance Expense 0 0 0 523 466 57 Renewable Energy Credit Purchase 0 0 0 0 0 0 Miscellaneous-Other 66 68 (3) 424 476 (52) (11) Total Purchased Power Expense 883 1,279 (396) 9,983 10,812 (828) Special Note (**) Adjustment to reduce expense and create regulatory asset by amount of ISO Exchange excess winter energy revenue shortfall ($4,162,233) and record one-eighth ($520,279) as amortization in FY24. Current Month: (1) Production 22% over Budget. (2) Production 9% under Budget. (3) Production 58% under Budget. (4) Rate 3% under Budget. (5) Production over Budget. (6) Production (McNeil (36%), Winooski One (23%) and Wind (16%)) under Budget. (7) Reserve revenues over Budget. YTD: (1) Includes credit from Pay for Performance events. (2) Production 5% under Budget. (3) Production 1% under Budget. (4) Production 27% under Budget. Financial Settlements under Budget. (5) Short-Term purchase not in Budget. (6) Rate 1% under Budget. (7) Production over Budget. (8) Production (McNeil (25%), Winooski One (48%), FirstLight (53%), and Wind (10%)) under Budget. (9) Production 53% under Budget. (10) Reserve revenues over Budget. (11) ISO-NE Misc. over Budget. 11 Burlington Electric Department Operating and Maintenance Expense by Spending Category FY 2026 - January YTD % Budget Actual Variance Variance * Labor-Regular 5,422,600 5,627,659 (205,059) 4% a Labor-Overtime 263,561 360,513 (96,952) 37% b Labor-Temporary 19,500 24,210 (4,710) 24% c Labor-Overhead 2,341,543 2,406,622 (65,079) 3% d Outside Services 1,732,695 1,734,222 (1,527) 0% DSM (rebates & outside services) 1,215,749 1,268,610 (52,861) 4% e Materials & Supplies 646,283 439,364 206,919 32% f Insurance 438,495 386,768 51,727 12% A & G Clearing (750,485) (439,846) (310,639) 41% g Other - RES Tier 3 Compliance 610,246 401,315 208,931 34% Other 1,692,144 1,933,872 (241,728) 14% h Operating & Maintenance Expense 13,632,330 14,143,309 (510,979) 4% (a) Labor is impacted by the amount of capital (vs. expense) work. (b) McNeil, $86,400, and Dispatch, $18,900, higher than planned. (c) Temporary help at McNeil Plant and in Finance. (d) See page 13. (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 projects. (g) The credit for A&G ("Admin and General Expenses") charged to Capital projects was less than planned. (h) Various areas are higher than budget including Building Clearing ($23,100), Rentals and Leases ($57,800), and Uncollectible Accounts ($188,300); offset by areas lower than budget including Education & Training ($36,800), Transportation Clearing ($120,300), and Advertising ($19,000).  Burlington Electric Department Budget vs Actual Spending Analysis FY 2026 - January YTD (000's) Labor - Overhead Budget Actual Variance % Pension $1,077 $1,055 $22 2% (a) Medical Insurance $1,420 $1,405 15 1% (b) Social Security Taxes $655 616 39 6% (c) Workers Compensation Ins. $258 258 0 0% (b) Dental Insurance $56 56 0 1% (b) Life Insurance $12 11 2 13% (b) Childcare Contribution Tax $38 33 5 13% (d) $3,516 $3,433 $83 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 - January ($000) Current Month Year - To - Date Ref Budget Actual Variance Budget Actual Variance Operating Revenues Sales to Customers p.3 5,419 5,549 130 35,302 36,229 927 Other Revenues 358 404 46 (a) 2,514 2,026 (488) (a) Power Supply Revenues p.6 0 0 0 4,698 4,150 (548) (b) Total Operating Revenues 5,777 5,953 176 42,514 42,405 (109) Operating Expenses Fuel p.6 1,244 1,011 232 6,658 5,155 1,502 Purchased Power p.6 883 1,279 (396) 9,983 10,812 (828) Transmission p.6 976 1,078 (101) 6,904 6,918 (14) Operating and Maintenance p.12 1,972 2,318 (346) 13,632 14,143 (511) Depreciation & Amortization 495 529 (34) 3,467 3,682 (215) Revenue Taxes 57 58 (1) 400 402 (2) Property Taxes Winooski One 27 25 2 (b) 191 174 17 (c) Payment In Lieu of Taxes 221 216 5 (c) 1,549 1,452 98 (d) Total Operating Expenses 5,877 6,515 (638) 42,785 42,738 47 Other Income and Deductions Interest/Investment Income 45 34 (11) 274 362 88 Dividends 375 375 0 2,618 2,617 (2) Customer Contributions/Grant Proceeds 75 188 113 (d) 654 1,332 678 (e) Gain/(Loss) on Disp of Plant 0 (25) (25) (175) (48) 128 Other (0) (74) (74) 21 (71) (92) (f) Total Other Income & Deductions 495 498 3 3,392 4,193 801 Interest Expense 256 250 6 1,805 1,774 32 Net Income 139 (314) (453) 1,316 2,086 770 Current Month: (a) Energy Efficiency Program cost reimbursement was higher 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 OH/UG billable ($10,600), grant income for Building GIANTS ($31,000) and Distributed Energy Resources Management System project ($33,000). Actual includes various grant income ($188,000). Year - To - Date: (a) Energy Efficiency Program cost reimbursement was lower than planned, $462,000. (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 ($238,100) and OH/UG billable ($85,000) and grant income for Building GIANTS ($193,500), and Distributed Energy Resources Management ($137,500). Actual includes customer contribution for Champlain Parkway ($186,500), OH & UG billable ($368,100) and various grant income ($777,800). 14  Burlington Electric Department Capital Projects - FY26 $000 Full Year January Budget Budget Actual Variance McNeil (BED 50% Share) Analyzer Upgrades for Chemical Treatment 9 9 9 Ash Silo Pug Mill/Auger Upgrade (312) 13 13 4 9 Augers Replaced 30 15 15 Catalyst Replacement for Nox System (312) 150 150 4 146 CEMS Server Upgrade (312) 15 15 (15) Cooling Tower Timber Replacement 84 84 109 (25) 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 6 6 IT Forward - Work & Asset Management (McNeil) 22 4 4 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 13 (13) Portable Radio Upgrade 0 0 (0) Reclaimer Rebuild 0 12 (12) (a) Replacement Rail Cars (312) 50 50 50 1 Routine Station Improvements 188 94 11 83 Safety Valve Replacements (312) 25 19 19 Shredder Upgrade (312) 100 0 Station Tools & Tool Boxes (312) 8 5 5 (0) Transportation Equipment 0 2 (2) Well New (311) 185 185 0 185 Woodchip Dryer (1 of 3) (312) 626 626 (1) 627 Other 17 11 3 7 (b) Total McNeil Plant 2,380 1,469 366 1,104 (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 1,703 627 1,075 (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 January Budget Budget Actual Variance Other P&P R&D 26 19 0 19 Direct Current Fast Chargers (Level 3) 159 0 42 (42) EV Charger Installations (Level 2) 264 132 4 129 Distributed Energy Resources 34 24 0 24 EV Chargers/Staging Plan 0 0 46 (46) (a) Distributed Energy Resources Management System 244 174 0 174 585 Fleet EV Chargers 115 115 3 112 585 Fleet EV Charging Design Study 25 25 0 25 Total Other 868 489 95 394 (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 493 493 388 106 Dunder Road Rebuild 0 0 22 (22) (a) NZE Transfer Load Between 1L1 to L14 210 0 6 (6) Rebuild 1L4 from Poles P838 to P2795 173 173 37 136 Rebuild Howard Street Pole P655 to P836 41 41 0 41 Rebuild Plattsburgh Ave Poles P3762 to P3752 40 36 20 16 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) Bayview St Rcndt P896-851 0 (0) Foster St. Secondary Replacement P133-142 1 (1) Total Aerial 1,220 922 745 177 (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 698 698 436 261 Rebuild UG St. Paul Street (Bank St to Cherry St) 358 358 0 358 Total Underground 1,073 1,073 447 635 16  Burlington Electric Department Capital Projects - FY26 $000 Full Year January 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 621 362 (362) Great Street-Main Street (CAFC) (557) 0 0 Winooski Bridge Rebuild 34 0 (0) Winooski Bridge Rebuild (CAFC) (34) 0 City Place Streetlighting 195 41 (41) City Place Streetlighting (CAFC) (104) 0 Total Customer Driven/City 215 42 330 (247) Other Communication Equipment Emergency Repair 16 9 9 Distribution Transformers-Purchase 1,445 1,156 396 760 Distribution Transformers-Install 11 6 20 (13) Fiber Optical Time Domain Reflectometer Unit (OTDR) 12 12 12 Lake Street Battery Bank Replacement 41 41 23 18 Replace Failed 920S/921S/922S Switch 63 0 0 SCADA ADMS Upgrade (Phases 3/4) 1,204 662 418 244 SCADA Field Equipment Replacement 64 35 13 22 SCADA Servers PC's and Monitors 15 (15) Upgrade ArcFM to GIS Pro 318 64 2 62 USAmp Upgrade 7 7 6 1 Other 38 (38) Total Other 3,181 1,993 931 1,062 Total Distribution Plant-General 5,689 4,030 2,452 1,627 Distribution Plant - Blanket Aerial 174 86 147 (60) Aerial (CAFC) (70) (28) (41) 13 Underground 332 157 160 (4) Underground (CAFC) (143) (57) (327) 270 Meters 133 96 57 40 Lighting 217 89 161 (72) Tools & Equipment - Distribution/Technicians 40 24 27 (3) Replace Failed SCADA Field Equipment 12 7 0 6 Substation Maintenance 18 10 10 Substation Camera Replacement 15 15 15 Total Distribution Plant - Blanket 729 399 183 216 Total Distribution Plant 6,419 4,429 2,636 1,842 17  Burlington Electric Department Capital Projects - FY26 $000 Full Year January Budget Budget Actual Variance General Plant Computer Equipment/Software 2,724 1,558 537 1,021 (a) Vehicle Replacement 309 309 90 219 Buildings & Grounds 179 179 16 164 (b) Gas Detectors 6 6 6 AED Purchase 11 11 11 Total General Plant 3,228 2,062 642 1,421 (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 $10,515 $4,628 $5,936 Add: CAFC* reclass to "Other Income" 1,247 323 555 (231) Total Plant $16,465 $10,838 $5,183 $5,655 * 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 13,189 Notes: Operating Cash = Operating + GOB Funding 19 Burlington Electric Commission - Public Comments Policy February 19, 2026 o For written comments, comments should be directed to the Board Clerk and will be shared with all Commissioners but not included in a commission packet. The Board Clerk will acknowledge receipt, note that the correspondence will be shared with the commissioners, and reply with our process around public comments. If one commissioner wants to bring forward something that is sent to the commissioners from the public, they can bring it up at the commissioners corner section of the agenda or a commissioner can propose a more formal addition to the agenda by sending the request to the chair and copying the Board Clerk. If a commissioner has a clarifying question, they will coordinate with the chair to understand if there is existing information and then, the commissioner can ask clarifying questions directly and keep the chair informed. o For verbal public comments, members of the public should attend the meeting virtually or in-person and let the board clerk know through sign-up sheet or virtual meeting comment or raised hand feature. Speakers are asked to keep comments to communicated amount of time, which is five minutes unless otherwise requested and approved for longer presentation. The Chair of the Commission will acknowledge their comments but during the public comment session, commissioners will not directly respond. If commissioners want to discuss, they will do so at the commissioners corner or the GM will do so during the GM update. If a member of the public is not able to attend to share verbal comments, then, they are asked to either share written comments to the Board Clerk or attend next month's meeting if that is their preference in communication.