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, April 8, 2026 – 5:00 PM 1. Agenda (5 min.) 2. Minutes of March 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: February FY26 (discussion): Emily Stebbins-Wheelock (10 min.) 8. FY27 Preliminary Budget (presentation and discussion): Emily Stebbins-Wheelock (20 min.) 9. Energy Efficiency Update (discussion): Chris Burns (10 min.) 10. Executive Session - Proposed Renewable Wind Energy Contract Terms (discussion) (15 min.) 11. Proposed Renewable Wind Energy Contract (discussion and vote): James Gibbons (10 min.) 12. 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, March 11, 2026 The regular meeting of the Burlington Electric Commission was convened at 5:06 pm on Wednesday, March 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, Andy Vota, and Brian Williams were present at 585 Pine Street.  Commissioner Scott Moody was present via Microsoft Teams.  Staff members Paul Alexander, Xander Briggs, Jen Green, Mike Kanarick, Katie Morris, Lincoln Sprague, Darren Springer, and Emily Stebbins-Wheelock were present at 585 Pine Street.  Staff members Munir Kasti and Erica Ferland were present via Microsoft Teams. 1. Agenda There were no proposed changes to the agenda. 2. Meeting Minutes Commissioner Kenney moved to accept February 11, 2026 minutes as presented. Commissioner Williams seconded the motion. Vote: 3 ayes 0 nays. Commissioner Vota abstained from voting as he was absent from the February 11, 2026 meeting. 3. Public Forum There were no members of the public present. 4. Monthly Impact Minute Jennifer Green, Director of Sustainability and Workforce Development, presented an introduction to the Burlington 2030 district, which is one of 29 2030 districts around the US. Founded in 2017, the 2030 district is a movement to reduce energy use emissions from transportation, water use, and buildings. BED works with our 2030 executive director, Jenna Antino Deari, to partner with Vermont Gas Systems to visit property owners and give them whole-building data to help them make informed decisions about how they can reduce their energy load. One unique aspect of the Burlington 2030 district is a tool called a property energy plan (PEP), developed to give information about energy use intensity in a building and identify goals on how to continue reducing load. This tool assists BED in identifying commercial properties that can be invited to participate in our rebate programs. This strong partnership between BED and VGS help to support the district inancially through work with commercial property owners. Over 10 million square feet in Burlington have been committed to the district, including over 300 unique buildings and 49 property owners. Commissioner Kenney asked how this work overlaps with energy ef iciency efforts. Jennifer Green responded that the 2030 district is a volunteer membership and greatly assists BED and VGS in connecting with commercial partners and offering energy use insights and communicating rebate offerings that are bene icial to property owners. Commissioner Kenney asked if there was any additional added bene it for those that elect to join; Ms. Green responded that there is an annual event for members, in addition to trainings. Commissioner Kenney asked where funding for 2030 district comes from. Ms. Green responded that VGS has received some outside funding and recently BED received a D Grant through the American Public Power Association to help draft a template for the PEP. General Manager Springer commented that it is a helpful group for BED the department is working on any policy initiatives. Commissioner Bonn noted that there is added bene it of having a cohort to share lessons learned in furthering their energy ef iciency work. Ms. Green responded that there is a steering committee meeting once a month that helps to connect 2030 district members. 5. Commissioners’ Corner Commissioner Kenney asked what drove the lower generation REC revenue for McNeil and how BED is considering the capital needs of the plant’s aging infrastructure. General Manager Springer commented that BED develops a 5-year capital plan for generation assets. McNeil goes through a major overhaul around every seven to eight years. The next major overhaul for McNeil is planned for roughly a 2028 timeframe. Per the last budget discussion, BED is trying to phase some of those costs in to leave optionality for the department because results from the RFI are due soon about different technologies identi ied in the report. BED is investing in regular plant maintenance in the most prudent way possible while also thinking about innovation opportunities. Commissioner Kenney asked if we had a draft calendar for the commission and at what point does the commission check in on generation assets. Mr. Springer responded that the department is happy to provide updates whenever it’s helpful. The plant planned on less than typical production due to the heat sink issue, causing the plant to run at 45 MWh instead of 50 MWh since the last outage. The plan is to complete the necessary repairs in the April outage which should bring generation back to the 50 MWh level. Commissioner Williams asked if there was a way to track generation daily versus the ISO grid. Due to audio issues on the Microsoft Teams meeting Commissioner Vota made a motion for a recess at 5:22 p.m. Commissioner Kenney seconded the motion. Vote: 3 ayes 0 nay. 6. General Manager’s Update General Manager Springer shared the following:  FY26 rate case - PUC approved FY26 rate case at 4.33% (vs request of 4.5%), re lecting 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.  Ef iciency pilot extension is part of a committee bill in House Energy & Digital Infrastructure Committee, for consideration week of March 9, 2026.  The Rocky Mountain Institute published a new case study focused on affordability and used BED as an example, highlighting our ef iciency efforts and diverse renewable generation sources. 7. January 2026 Financial Review Emily Stebbins-Wheelock, CFO and Manager of Strategy & Innovation, presented inancial results for January 2026. 8. BED Budget Overview 9. Commissioners Check-In No topics discussed. Adjourn Commissioner Williams made a motion to adjourn; the motion was seconded by Commissioner Vota. Motion passes, 3 ayes 0 nays. The meeting of the Burlington Electric Commission adjourned at 6:32 p.m. Microsoft Teams transcript used to draft minutes prepared by Katie Morris and edited by Emily Stebbins-Wheelock. To: Burlington Board of Electric Commissioners From: Darren Springer, General Manager Date: April 3, 2026 Subject: March 2026 Highlights of Department Activities General Manager – Darren Springer  Sheffield Wind – 5 year extension of Sheffield Wind contract signed, press release available at: https://www.burlingtonelectric.com/burlington-electric-announces-renewed-power-purchase- agreement-with-vermont-wind-for-sheffield-wind-farm/  Regulatory and Legislative Update – Verbal Update.  FY25 Rate Case – Approved as discussed at 4.33%, BED has presented customer refund plan for the surcharge in place since September (which was at 4.5%) and compliance tariffs to PUC.  2026 Jim Reardon BED Public Service Award – Chair Bonn joining Executive Team to review nominations, award ceremony April 15th.  Electrify Vermont Summit April 13th in partnership with BED, UVM, Renewable Energy Vermont – BED pleased to again organize the second Electrify Vermont Summit.  Net Zero Energy Roadmap – Finalizing annual Net Zero Energy Roadmap update with Synapse Energy Economics, with new 2025 data and for first time weather normalization for thermal data. Hoping to report update in late April at City Council, will share with Commission at the May meeting.  Net Zero Energy & Grid Reliability Bond - $20 million bond issued through Vermont Bond Bank, press release available at: https://www.burlingtonelectric.com/burlington-electric-partners-with- vermont-bond-bank-to-issue-20m-net-zero-energy-and-grid-reliability-revenue-bond-to-fund- critical-infrastructure-net-zero-energy-roadmap-goals/ Center for Innovation – Emily Stebbins-Wheelock  FY25 Uniform Guidance/single audit issued with unmodified opinion and no findings.  Issued 2026A Net Zero Energy & Grid Reliability revenue bond.  FY27 budget development.  Signed extension of Sheffield Wind contract.  Informed by Relevate that they are unable to execute contract for 2 New England hydro assets. One asset is under contract.  Sourcing short-term and long-term renewable energy contracts.  Public Utility Commission denied BED’s motion for summary judgment on 2023 IRP; case will continue to be litigated.  Selected Oracle NetSuite for Government as new financial/budgeting/payroll system, in coordination with the City of Burlington, which will also be switching to Oracle. Contract will be presented to Board of Finance for approval on April 13.  Finalized format for quarterly cybersecurity report to the Electric Commission with Chair Bonn and Commissioner Kenney. Confidential written reports will be distributed separately from the  March 2026 – Department Highlights Commission packet on a quarterly basis, with a cybersecurity update in executive session provided annually, typically in November.  Upgraded networking equipment at McNeil and controls systems at Winooski One.  Mentoring 2026 DeltaClime cohort.  Co-hosted quarterly gathering of New England Women in Energy and the Environment network at BED. Orchestrated tours of McNeil for approximately 30 participants.  Met with Burlington School District re public EV chargers at schools, initially CP Smith and BHS.  Completed final APPA DEED grant-funded video: How Household Appliances Use Electricity and why Energy Efficiency Matters. Center for Safety and Risk Management – Paul Alexander Safety  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 three full days of safety training for Generation Personnel. Covered: o Train Trestle Safety o Ash Handling procedures o Hot Work Permits o Confined Space Entry o Lock Out Tag Out Procedures o Pre Job Safety Briefs o Forklift refresher training o Gas Detector & Hazard Communication training o Spill Prevention Control & Countermeasures o Respiratory Protection Program o Annual Respirator Fit Tests  Completed weekly OSHA 300 reporting. Environmental  The McNeil REC team completed the 4th quarter 2025 GIS Submission into NEPOOL on February 19th, and Inputs were verified by Policy & Planning on 3/26/26. The Reporting Deadline is April 10th, 2026.  The Environmental Team conducted the bimonthly meetings with McNeil Operations. Air & Water weekly reports are covered with emphasis on water chemistry and emissions compliance.  The McNeil Station Title V air permit was released. The air permit allows McNeil to continue operation for another five years.  The Environmental Team completed the McNeil annual outage training both as an employee and instructor. Staff are trained on multi-gas detectors for confined space safety, the GHS system of chemical identification, and going over how to address hazardous spills.  The Environmental Team completed the annual inspection with the VTDEC Air Quality Climate Division inspector. Inspection went well, having reviewed the emissions monitoring equipment, pollution sources, and going over the new permit. Page 2  March 2026 – Department Highlights Risk Management  Continued effort on reviewing and producing the FY’27 Budget for Center for Safety (C4S), both Expense, Capital, and 5-yr forecast  Reviewed City of Burlington Direct Cost (insurance) charges for FY’27  Reviewed latest HIS/ICE procedures from City Attorney and placed in appropriate areas/BED properties  Sat in on Financial Analyst position interviews with team  Met with Metering re: Service calls and pinging of meters  Extensive effort on reviewing and replying to LawVu RFP’s as they related to the McNeil Annual Outage  Attended McNeil Annual Outage Safety Training Purchasing/General Services  TEAMS meeting with City Attorney on latest procedures on HIS/ICE  Working with LawVu, McNeil staff & vendor to get RFP’s and sole source contracts & T&C signed an agreement  New EV Bucket Truck work with vendor to get a final price soon, now that we have all adjustments made on compartments, Capstan PTO drive added, hose reel and other items.  We have received new Ford F150 Lightning for the Distribution Supervisor, and his Ford Mustang Mach E will be used by the Center for Safety Department  Carpet in the new dispatch area was faulty and the company we purchased it from came in and replaced the whole carpet.  Center for Safety staff setup and staffed Town Meeting 6:30am – 9:30pm Center for Operations & Reliability – Munir Kasti  Completed overhead rebuild on Woodlawn Road.  Replaced 10 condemned poles throughout the city.  Completed transformer upgrades on North Avenue and Poirer Place.  Completed a new service to solar installation at the new Burlington High School.  Completed make ready work for reinforcement work of a utility vault on Main Street.  Released two line crews to Green Mountain Power for mutual aid following the windstorm on March 17, 2026. Engineering, Grid Services & Operations SAIFI & CAIDI Outage Metrics: BED’s distribution system experienced 9 outages in March 2026 (2 unscheduled and 7 scheduled). BED’s SAIFI for the month of March was 0.05 interruptions per customer and CAIDI was 1.93 hours per interruption. BED's YTD SAIFI is 0.05 interruptions per customer and YTD CAIDI is 1.89 hours per interruption. BED experienced a higher-than-average CAIDI value for the month of March due to an extended unplanned outage to repair bad direct buried cables on Locust Street. Page 3  March 2026 – Department Highlights The following figure shows BED’s historical YTD SAIFI and CAIDI: The following figure shows BED’s historical March SAIFI and CAIDI: The following figure shows BED’s historical Unplanned Outages: Generation McNeil Generating Station Month Generation: 28,803 MWh YTD Generation: 73,690 MWh Month Capacity Factor: 77.4% Month Availability: 84.4% Hours of Operation: 628 hours Page 4  March 2026 – Department Highlights Winooski One Hydroelectric Station Monthly Generation: 2755.5 MWh YTD Generation: 5686.2 MWh Month Capacity Factor: 50% Annual Capacity Factor: 35.57% Month Availability: 90% Burlington Gas Turbine Month Generation: 12.6 MWh YTD Generation: 593.1 MWh Month Capacity Factor: 0.077% Month Availability: 99% Solar (Pine Street 107 kW) Month Generation: 7 MWh(-23% from previous year) YTD Generation: 9 MWh Month Capacity Factor: 9.2% Month Availability: 100% Solar (Airport 499 kW) Month Generation: 37 MWh (-33% from previous year) YTD Generation: 49 MWh Month Capacity Factor: 10.0% Month Availability: 100% Center for Customer Care & Energy Services – Mike Kanarick Energy Services UVM & UVMMC  UVM Medical Center – Scheduled 2026 project check-in meetings with facilities and sustainability staff members and VGS.  UVM – BED and VGS were invited to a presentation by RSG Engineering, Inc. who has been studying the UVM campus for capital planning purposes which includes both decarbonization and energy efficiency opportunities. Other Services  Continued Decline in New Development and Energy Efficiency Activity  As previously reported, over the past year and a half few new construction zoning applications have been submitted to Department of Permitting and Inspections (DPI), indicating a decline in near term new development. High lending costs and construction costs continue to slow this market.  As previously reported, ES also continues to see an overall slowdown in EEU and Tier 3 activity with customers. Challenging, and uncertain, economic conditions are influencing customer decision-making. Customers continue to face economic headwinds where discretionary energy efficiency, and beneficial electrification improvements, are understandably not a priority even when utility incentives are available. VGS and EVT have reported similar market conditions. BED Page 5  March 2026 – Department Highlights and VGS continue to work with the Burlington 2030 District and CEDO’s Business Support Servies team to get the word out about our services and that we are here to help. BED, VGS and CEDO will be meeting in April to brainstorm business outreach approaches.  GIANTS Grant- BED and Dynamic Organics conducted site visits for the following customers. City of Burlington, Burlington School Department, University of Vermont, Main Street Landing, Champlain College, and HULA. All entities expressed a desire to participate in the program. Contract completion and integration engineering are underway.  ES continues to:  Work on several projects continues including Rhino Foods cooler & freezer upgrade, Nu Chocolate cooler control improvements and a planned ten-unit multi-family building on North Ave.  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 39.6 MWh and supported 1,878 sessions.  The ChargePoint EVSE served 715 unique drivers.  The top 3 sales on the ChargePoint network were 98kWh, 101kWh, and 123kWh and occurred at the College St. Garage, the Pease Lot DCFC, the College St. Garage and Hannaford NNE.  Approximately 45% (or 17.7MWh) 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 BE11 (Champlain College Summit St.) head was replaced on March 26th.  DCFC’s BE20 and BE21 (Bank St. & St. Paul St.) will be commissioned on April 8th.  EV and PHEV rebates to date – 1,214 (of this 271 LMI rebates to date)  Customers currently participating in the EV Charging Rate- 443  Single-family & multifamily home EV charging stations rebates to date – 418 *ES over reported Jan 2026 rebates in error. 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 – 3,257 installations (of this 252 LMI rebates to date) Customer Care – March #s for Customer Care will be incorporated in the April BEC report  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  March 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  Women’s History Month: in honor of this special month, we featured BED’s own Jessica Frank, Senior Project Manager/Business Analyst, and Katie Dorey, Project Manager/Business Analyst. Check it out on Facebook.  Press Releases o On March 18, BED announced a five-year renewal of a Power Purchase Agreement with Vermont Wind’s Sheffield Wind Farm. Read press release here. o On March 26, BED issued its voter-approved $20 million Net Zero Energy (NZE) and Grid Reliability Revenue Bond through the Vermont Bond Bank as part of the Vermont Bond Bank’s Pooled Loan Program. Read the press release here. Page 7  March 2026 – Department Highlights  Earth Day: we have invited the community to join our BED team on Earth Day, Wednesday, April 22 from 10am to 2pm at the New North End Branch of the Fletcher Free Library at Ethan Allen Shopping Center. We will be set up in the parking lot in front of the NNE Branch with BED electric fleet vehicles, including a Ford F-150 Lightning, Mustang Mach-E, and more. Come on over and check out these EVs, learn about BED rebates for EVs, and enjoy FFL’s selection of books on energy, the environment, and electrification.  Net Zero Energy Podcast: we invite you to listen to our latest podcast episodes, featuring Peter Sterling, Executive Director of Renewable Energy Vermont (REV), who discusses the challenges and opportunities we face to meet Vermont’s Renewable Energy Standard, and Heather Ferrell, Burlington City Arts (BCA) Curator and Director of Exhibitions, who highlights the upcoming “Human Impact: Contemporary Art and Our Environment” exhibit at BCA’s Church Street gallery. burlingtonelectric.com/podcast  Full website visits for March 26 Top-performing Facebook & Instagram posts Women’s Month Spotlight on Jessica Frank and Katie Dorey. Outage alert. Page 8  BED 2025-2026 Strategic Direction Dashboard 2025 2026 Yearly Mar 2026 Feb 2026 Jan 2026 Yearly 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly Target Actuals 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 0 942 936 929 843 234 Energy Assistance Program Customers (currently enrolled) 300 782 782 777 771 772 770 219 # of residential weatherization completions 10 1 1 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 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) 4,039 982 982 952 506 1,674 1,116 2,940 4053 3057 Total residential annual mWh saved via the EE programs (cumulative for year) 702 56 56 37 22 233 333 494 862 917 Total commercial sector annual mWh saved via the EE programs (cumulative for year) 3,337 926 926 915 484 1,441 783 2,447 3191 2140 % of EEU charge from LMI customers spent on EE services for LMI customers $ 277,854 $ 297,026 $ 306,434 $ 306,434 $ 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 61,763 21,286 18,276 22,201 267,394 # of unique website homepage views 16,902 8,400 3,986 4,516 53,579 Strengthen Reliability SAIFI (AVG interruptions/customer) (annual target) < 2.1 0.02 0.05 0.00 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 1.99 1.93 2.99 1.04 1.44 0.94 0.67 1.49 0.55 0.75 Distribution System Unplanned Outages (annual target) 82 3 2 0 1 58 69 39 61 44 90 98 McNeil Forced Outages 0 4 2 1 1 11 10 5 14 5 21 TBD W1H Forced Outages 0 0 0 0 0 2 3 2 6 9 2 TBD GT Forced Outages 0 3 0 1 2 3 2 9 6 2 3 TBD Invest in Our People, Processes, and Technology Avg. # of days to fill positions under recruitment 120 168 147 129 228 282 253 219 100 68 179 # of budgeted positions vacant 0 9 11 10 7 avg 10 avg 12 avg 12 avg 9 avg 9 6 NA  BED 2025-2026 Strategic Direction Dashboard 2025 2026 Yearly Mar 2026 Feb 2026 Jan 2026 Yearly 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly Target Actuals 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 33 6 13 14 217 176 186 255 315 203 10 # of commercial heat pump installs 2 2 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 35 8 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 0 2 24 2 6 1 2 0 1 EV rebates - new 6 4 1 1 127 125 103 53 67 14 36 EV rebates - pre-owned 11 4 4 3 32 23 16 18 7 8 2 See NZE LMI EV rebates 6 3 3 0 26 50 26 9 11 7 7 Roadmap PHEV rebates - new 3 0 0 3 33 44 25 27 41 10 17 Goals below PHEV rebates - preowned 1 0 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 41 ports 40 ports 32 ports 30 ports 27 ports 27 ports 14 Public EV charger energy dispensed (kWh) 120,400 39,600 40,800 40,000 483,500 355500 244,300 151,360 86,570 35,690 78,000 Home EV charging station rebates 13 4 0 9 148 82 72 70 32 20 12 EV charging rate customers (total) 1,331 447 443 441 425 347 246 157 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 13 7 6 0 263 169 147 152 88 36 65 E-mower rebates 2 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 11,943 766 9,890 1,287 45,276 26,120 22,374 22,837 23,763 35,112 3,342 % Tier 3 obligation met with program measures 100% 92% 45% 42% 5% 187% 122% 117% 131% 159% 283% 31% Net Zero Energy Roadmap Goals # of solar net metering projects installed 4 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 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 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 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 NA 6, 0.2% of goal 0 0 0 0 - EV registrations in BTV (light-duty) 2025: 7,503 NA 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 NA 174, 55% above target 179 193 188 185 214 Fossil fuel consumption (billion BTU) 2025: 1,539 NA NA NA NA NA 2,964, 68% above target 3,044 3,319 3,169 3,185 3,660  BED 2025-2026 Strategic Direction Dashboard 2025 2026 Yearly Mar 2026 Feb 2026 Jan 2026 Yearly 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly Target Actuals 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 3 1 1 1 6 7 8 16 4 8 Total Paid losses for workers’ compensation accidents (for the month) annual 27078 $ 9,338 $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 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 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 0 27 avg 10 avg 12 avg 9 0.0 45 NOx reporting levels to EPA (Quarterly) (lbs/mmbtu) <0.075 0.066 0.066 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 0 1 1 0 4 2 6 4 4 Phosphorus levels to DEC in lbs (monthly/yearly total) <0.8/37 0.147/1.253 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 0 1 2 6 3 5 7 4 # of new auto/property/other liability claims reported (monthly) 2 8 2 5 1 19 24 36 27 18 27 Purchasing & Facilities # of Purchase Orders for Inventory (Target: avg for winter months) 42 63 68 63 58 891 738 541 636 644 593 $ value of Purchase Orders for Inv. (Target: avg dollars spent during winter) $78,000 $ 247,046 $ 494,031 $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) 320 580 547 536 657 8361 7,207 6,777 6,187 4,402 4,545 $ value of stock issued for Inventory (Target: avg. during winter) $ 65,000 $ 218,839 $ 125,646 $ 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 0 917 351 592 900 2,728 627 # of Spark Space and Auditorium setup/breakdowns monthly (Target: Covid impact) 3 39 18 15 6 166 199 207 132 88 87 Finance Debt service coverage ratio (avg of previous 12-months) 1.25 4.57 4.86 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 1.13 1.22 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) >90 144 148 140 144 FY25 146 FY24 93 FY23 120 FY22 121 FY21 120 FY20 109 FY19 Arrearages >60 days $ 625,759 $ 647,690 $ 619,506 $ 610,081 $ 627,497 $ 470,940 $ 392,196 $ 408,903 $ 1,087,769 $ 749,054 Regulatory Open PUC dockets 37 38 37 37 33 Open PUC dockets with deadlines in next 3 months 7 7 6 8 10 Power Supply McNeil generation (MWH) (100%) per budget 73,690 28,803 22,779 22,108 209,276 197,044 184,798 228,981 273,355 192,696 McNeil availability factor 100% 74% 84% 75% 63% 60% 66% 84% 67% 80% McNeil capacity factor per budget 68% 77% 68% 59% 48% 45% 42.3% 52.4% 62.4% Winooski One generation (MWH) per budget 5,687 2,756 982 1,949 17,075 29,498 36,318 25,350 24,752 21,194 Winooski One availability factor 100% 87% 90% 100% 70% 53% 98% 97.2% 98.3% 97% Winooski One capacity factor per budget 30% 36% 20% 35% 26% 48% 56% 41.7% 37% Gas Turbine generation (MWH) NA 566 13 26 527 682 484 475 356 373 441 Gas Turbine availability factor 100% 99% 99% 99% 99% 96% 98% 46.7% 54.5% 96% Gas Turbine capacity factor NA 5% 1% 12% 3% 1% 0.1% 0.2% 0.2% 0.21% BTV solar PV production (mWh) 667 394 135 138 4,905 5,020 4,681 5,260 5,015 5,182 Cost of power supply - gross ($000) $ 3,288 $3,208 $3,368 $ 34,980 $34,858 $30,002 $36,755 $30,285 $31,081 Cost of power supply - net ($000) $ 2,312 $1,256 $3,368 $ 27,131 $27,984 $22,710 $27,487 $22,134 $23,388 Average cost of power supply - gross $/KWH $ 0.11 $0.12 $0.11 $ 0.12 $0.11 $0.09 $0.11 $0.09 $0.10 Average cost of power supply - net $/KWH $ 0.08 $0.05 $0.11 $ 0.09 $0.08 $0.07 $0.08 $0.07 $0.08  FY 2026 Financial Review February April 1, 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 - 17 ● Cash 18  FINANCIAL HIGHLIGHTS – BUDGET VS ACTUAL as of February FY26 Full Yr CURRENT MONTH YEAR TO DATE ($000) Budget Budget Actual Variance Budget Actual Variance Sales to Customers 56,090 4,858 5,020 163 40,159 41,249 1,090 Other Revenues 3,881 338 308 (30) 2,852 2,333 (518) Power Supply Revenues 7,631 2,056 1,951 (104) 6,754 6,101 (652) Total Operating Revenues 67,602 7,251 7,279 28 49,765 49,684 (81) Power Supply Expense (Net) 35,540 3,209 3,208 1 26,755 26,093 661 Operating Expense 22,912 2,090 1,965 125 15,722 16,109 (386) Depreciation & Amortization 5,832 495 557 (62) 3,962 4,239 (277) Taxes 3,615 311 297 14 2,451 2,324 127 Sub-Total Expenses 67,899 6,105 6,027 78 48,890 48,765 125 Operating Income (298) 1,146 1,252 107 875 919 44 Other Income & Deductions 6,855 347 457 111 3,739 4,650 911 Interest Expense 3,204 256 250 6 2,061 2,024 38 Net Income (Loss) 3,354 1,237 1,460 222 2,553 3,546 992 Year-to-Date Results: • Sales to Customers up $1,090,000 (2.71%). Residential Sales up $540,200 and Non-Residential Sales up $549,800. • Other Revenues down $518,000 (18.2%) a. DSM billable (customer driven). • Power Supply Revenues down $652,000 due to lower production in CY 2025. a. McNeil REC revenue of $3,450,000 compared to a budget of $3,617,000. b. Wind REC revenue of $2,311,000 compared to a budget of $2,560,000. c. Hydro REC revenue of $340,000 compared to a budget of $576,000. • Power Supply Expenses (Net) down $660,500 (2.5%) a. Fuel down $1,731,000 (22.3%). b. Purchased Power up $1,095,000 (9.9%). c. Transmission down $25,000 (0.3%). • Other Operating Expenses up $386,000 (2.5%) a. Timing: various items were less than budget including outside services ($163,000), materials & supplies ($223,000), and RES Compliance ($238,000); offset by items higher than budget including labor and labor overhead, $440,000; and rentals/leases, $57,900. • Taxes down $127,200 (5.2%) 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 $911,000 (24.4%) a. Timing; favorable gain/loss on disposition of plant, $288,100. b. Interest/investment income up $131,300. c. Timing; favorable customer contribution/grant proceeds $608,900. d. Offset by timing of jobbing ($173,400). 1  FINANCIAL HIGHLIGHTS – BUDGET VS ACTUAL as of February FY26 Capital Spending – February YTD ($000s) Plant Type Full Yr. Budget Budget Actual % Spent Production $4,481 $3,432 $1,549 35% Other 868 530 105 12% Transmission 222 222 230 103% Distribution 6,419 4,787 2,817 44% General 3,228 2,308 750 23% Total $15,218 $11,279 $5,451 36% (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), 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 ($895,000); timing of St. Paul Street underground ($358,000), Deforest Rd ($105,600), GIS Pro upgrade ($125,000) and ADMS ($287,000) projects. (3) General & Other – Timing of IT Forward projects ($903,000), Distributed Energy Resources Management System ($209,000) and electric forklift ($137,700). As of February 28, 2026 Operating Cash and Investments Operating Funds $11,868,022 Operating Funds – CDs $987,753 CD/Money Market - GOB $2,137,163 Total Operating Cash $14,992,937 Credit Rating Factors – February 2026 3 Year "A" "Baa" Current Average Debt Service Coverage Ratio 1.25 1.25 4.86 4.49 Adjusted Debt Service Coverage Ratio 1.50 1.10 1.22 1.28 Cash Coverage - Days Cash on Hand 90 30 - With $10M Line of Credit 148 141 - Without Line of Credit 91 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 26,695 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 88,298 113,465 138,567 167,091 196,454 223,149 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 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 1,265 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 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 8,554 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 18,140 Street Lighting is included with Commercial & Industrial Customers. 5  Net Power Supply Costs February - FY 2026 ($000) Current Month Year-to-Date Budget Actual Variance Budget Actual Variance Expenses: Fuel (p. 7) $1,100 $871 $228 (1) $7,758 $6,027 $1,731 (1) Purchased Power (p.11) 1,000 1,267 (267) (2) 10,680 11,776 (1,095) (2) Purchased Power Adjustment (p 11) 43 43 (0) 347 347 (0) Transmission Fees - ISO-NE 765 781 (16) (3) 6,119 6,335 (216) (3) Transmission Fees - VELCO 200 131 69 (4) 1,207 1,008 199 (4) Transmission Fees - Other 99 114 (14) (5) 643 601 41 (5) Total Expenses 3,208 3,208 0 26,754 26,093 660 Revenues: Renewable Energy Certificates - McNeil 1,354 1,545 190 3,618 3,450 (167) Renewable Energy Certificates - Wind 588 393 (195) 2,560 2,311 (249) Renewable Energy Certificates - Hydro 113 14 (99) 576 340 (236) Renewable Energy Certificates - Other 0 0 0 0 0 0 Total Revenues 2,056 1,951 (104) 6,754 6,101 (652) (6) Net Power Supply Costs $1,153 $1,256 ($104) $20,000 $19,992 $8 Load (MWh) 26,558 27,310 752 228,187 229,361 1,174 $/MWh $43.40 $46.00 $2.60 $87.65 $87.16 ($0.48) 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 under 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 February - FY 2026 ($000) Current Month Year-to-Date Budget Actual Variance Budget Actual Variance FUEL: McNeil 1,084 861 223 (1) 7,589 5,563 2,025 (1) Gas Turbine 16 10 5 (2) 169 464 (294) (2) Total Fuel 1,100 871 228 7,758 6,027 1,731 Current Month: (1) McNeil production 27% under Budget. Wood Price Per Ton 5% under Budget. (p. 8) (2) GT production (26 MWh) 29% under Budget. YTD: (1) McNeil production 26% under Budget. Wood Price Per Ton 5% under Budget. (p. 8) (2) GT production (1,008 MWh) 254% 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 11,390 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 1,947 981 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% -5% Woodchips Price Per Ton Year-to-Date Variance 30% 25% 20% 15% 10% 5% $/Ton 0% -5% -10% -15% -20% -25% -30% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Actual -5% -5% -5% -6% -5% -5% -5% -5% * Wood only. Does not include other costs. 10  Net Power Supply Costs February - FY 2026 ($000) Current Month Year-to-Date Budget Actual Variance Budget Actual Variance PURCHASED POWER: Non-Energy (capacity) 75 16 59 (1) 667 163 504 (1) Energy: Georgia Mountain Wind 298 196 101 (2) 2,270 2,080 190 (2) Hancock Wind 305 149 157 (3) 1,972 1,792 179 (3) VT Wind 218 146 72 (4) 1,626 1,068 558 (4) Brookfield 0 0 0 0 449 (449) (5) Hydro Quebec 308 298 10 2,509 2,467 42 In City Solar Generators 42 26 17 (5) 487 483 4 NYPA 5 5 (0) 49 53 (3) ISO Exchange (312) 412 (724) (6) (932) 2,331 (3,264) (6) ISO Exchange Adjustment 43 43 (0) (**) 347 347 (0) (**) FirstLight 0 0 0 1,015 475 539 (7) Velco Exchange 0 1 (1) 0 (7) 7 Total Energy 907 1,276 (370) 9,342 11,538 (2,196) Ancillary Charges (3) (53) 50 (7) 7 (592) 598 (8) VT RES Tier 1 Compliance Expense 0 0 0 523 466 57 Renewable Energy Credit Purchase 0 0 0 0 0 0 Miscellaneous-Other 64 70 (6) (8) 488 547 (58) (9) Total Purchased Power Expense 1,044 1,311 (267) 11,027 12,122 (1,095) Special Note (**) Adjustment to reduce expense and create regulatory asset by amount of ISO Exchange excess winter energy revenue shortfall ($4,162,233) and record one-eighth ($520,279) as amortization in FY24. Current Month: (1) Includes extra month of VT Wind capacity credit. (2) Production 34% under Budget. (3) Production 51% under Budget. (4) Production 33% under Budget. (5) Production under Budget. (6) Production (McNeil (27%), Winooski One (38%) and Wind (41%)) under Budget. (7) Reserve revenues over Budget. (8) ISO-NE Misc. over Budget. YTD: (1) Includes credit from Pay for Performance events. (2) Production 8% under Budget. (3) Production 9% under Budget. (4) Production 28% under Budget. Financial Settlements under Budget. (5) Short-Term purchase not in Budget. (6) Production (McNeil (26%), Winooski One (47%), FirstLight (53%), and Wind (15%)) 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 - February YTD % Budget Actual Variance Variance * Labor-Regular 6,154,428 6,381,227 (226,799) 4% a Labor-Overtime 298,999 419,154 (120,155) 40% b Labor-Temporary 19,500 32,911 (13,411) 69% c Labor-Overhead 2,657,521 2,737,274 (79,753) 3% d Outside Services 2,177,862 2,015,020 162,842 7% DSM (rebates & outside services) 1,377,082 1,490,726 (113,643) 8% e Materials & Supplies 732,335 508,885 223,450 31% f Insurance 500,445 435,985 64,460 13% A & G Clearing (813,128) (519,410) (293,717) 36% g Other - RES Tier 3 Compliance 693,902 455,613 238,289 34% Other 1,923,218 2,151,206 (227,988) 12% h Operating & Maintenance Expense 15,722,165 16,108,590 (386,426) 2% (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). 12  Burlington Electric Department Budget vs Actual Spending Analysis FY 2026 - February YTD (000's) Labor - Overhead Budget Actual Variance % Pension $1,231 $1,193 $38 3% (a) Medical Insurance $1,623 $1,584 39 2% (b) Social Security Taxes $748 700 48 6% (c) Workers Compensation Ins. $295 295 0 0% (b) Dental Insurance $64 64 1 1% (b) Life Insurance $14 12 2 14% (b) Childcare Contribution Tax $43 37 6 13% (d) $4,018 $3,885 $133 3% 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 - February ($000) Current Month Year - To - Date Ref Budget Actual Variance Budget Actual Variance Operating Revenues Sales to Customers p.3 4,858 5,020 163 40,159 41,249 1,090 Other Revenues 338 308 (30) (a) 2,852 2,333 (518) (a) Power Supply Revenues p.6 2,056 1,951 (104) 6,754 6,101 (652) (b) Total Operating Revenues 7,251 7,279 28 49,765 49,684 (81) Operating Expenses Fuel p.6 1,100 871 228 7,758 6,027 1,731 Purchased Power p.6 1,044 1,311 (267) 11,027 12,122 (1,095) Transmission p.6 1,065 1,026 39 7,969 7,944 25 Operating and Maintenance p.12 2,090 1,965 125 15,722 16,109 (386) Depreciation & Amortization 495 557 (62) 3,962 4,239 (277) Revenue Taxes 62 67 (4) 462 469 (6) Property Taxes Winooski One 27 25 2 (b) 219 199 20 (c) Payment In Lieu of Taxes 221 205 16 (c) 1,770 1,656 114 (d) Total Operating Expenses 6,104 6,027 77 48,889 48,765 124 Other Income and Deductions Interest/Investment Income 36 80 44 310 441 131 Dividends 375 375 0 2,993 2,992 (2) Customer Contributions/Grant Proceeds 96 27 (69) (d) 750 1,359 609 (e) Gain/(Loss) on Disp of Plant (160) 0 160 (336) (48) 288 Other (0) (24) (24) 21 (95) (116) (f) Total Other Income & Deductions 347 457 111 3,739 4,650 911 Interest Expense 256 250 6 2,061 2,024 38 Net Income 1,237 1,460 222 2,553 3,546 992 Current Month: (a) Energy Efficiency Program cost reimbursement was higher than planned, $12,000. Timing of $12,000 budgeted Winooski One fish billing. (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 ($31,900), grant income for Building GIANTS ($31,000) and Distributed Energy Resources Management System project ($33,000). Actual includes customer constribution for OH/UG billable ($15,900) and various grant income ($10,700). Year - To - Date: (a) Energy Efficiency Program cost reimbursement was lower than planned, $473,300. (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 ($117,000) and grant income for Building GIANTS ($224,400), and Distributed Energy Resources Management ($170,600). Actual includes customer contribution for Champlain Parkway ($186,500), OH & UG billable ($384,000) and various grant income ($788,400). 14  $000 Capital Projects - FY26 Full February Yr Budget Budget Actual Variance McNeil Plant (BED 50% Share) Analyzer Upgrades for Chemical Treatment 9 9 9 Appliances 1 1 1 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 0 15 -15 Cooling Tower Timber Replacement 84 84 109 -25 Demineralization Resin 20 0 0 Disk Screen 15 15 15 Energy Efficiency Improvements (311) 3 2 2 ESP Mechanical Field Rebuild 300 0 12 -12 Farmhouse Improvements (311) 9 0 0 Freight Elevator Geared Equipment and Controls (311) 180 0 0 0 Furniture-Farmhouse (391) 1 1 1 Furniture-McNeil (391) 1 1 1 IT Forward - FIS Replacement (McNeil) 37 12 12 IT Forward - Work & Asset Management (McNeil) 22 7 7 Live Bottom Rebuild 139 139 177 -38 Major Turbine Overhaul 0 0 1 -1 McNeil Relay Engineering Study (315) 134 67 1 66 Network Infrastructure - McNeil Switches 7 7 7 Opacity Replacement (312) 20 0 13 -13 Perimeter Fence Upgrade (311) 2 1 3 -1 Portable Radio Upgrade 0 0 0 0 Reclaimer Rebuild (312) 0 0 12 -12 Replacement Rail Cars (312) 50 50 50 Replacement Scale PC in Swanton 2 2 2 Rigging Equipment (316) 5 3 3 Routine Station Improvements 1 187 112 3 109 Routine Station Improvements 2 0 0 8 -8 RSCR Heat Sink Replacement 0 0 Safety Valve Replacements (312) 25 19 19 Shredder Upgrade (312) 100 0 0 Station Tools & Tool Boxes (312) 8 5 5 0 Switchgear & Station Upgrades (315) 2 0 1 -1 Transportation Equipment 0 0 2 -2 Turbine Blade Payment 43 -43 Well New (311) 185 185 185 Woodchip Dryer (1 of 3) (312) 626 626 -1 627 McNeil Plant (BED 50% Share) Total 2,380 1,525 410 1,115 Hydro Production Plant 1,926 1,763 1,106 657 Gas Turbine Plant 175 144 33 110 Other 585 Fleet EV Chargers 115 115 3 112 585 Fleet EV Charging Design Study 25 25 25 Direct Current Fast Chargers (Level 3) 159 0 47 -47 Distributed Energy Resources 34 27 27 Distributed Energy Resources Management System 244 209 209 EV Charger Installations (Level 2) 264 132 9 123 EV Chargers/Staging Plan 0 0 46 -46 P&P R&D 26 21 21 Other Total 868 530 105 425 Transmission Plant VT Transco 222 222 230 -8 Transmission Plant Total 222 222 230 -8 15  $000 Capital Projects - FY26 Full February Yr Budget Budget Actual Variance Distribution Plant - Aerial Bayview St Rcndt P896-851 0 0 0 0 Deforest Road Rebuild 493 493 388 106 Dunder Road Rebuild 0 0 22 -22 Foster St. Secondary Replacement P133-142 0 0 1 -1 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 40 20 20 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 210 126 105 21 S Cove Rd East Rebuild 0 0 81 -81 South Cove Road West Rebuild 0 0 95 -95 Distribution Plant - Aerial Total 1,220 926 759 167 Distribution Plant - Underground 621/622CB Cap Bank Repair 0 0 4 -4 Battery Street Replacement 0 0 2 -2 Given Transfer Switch 0 0 7 -7 Rebuild UG St. Paul Street (Bank St to Cherry St) 358 358 358 Replace 2L3 from UH303 to 929S 698 698 481 217 Replace UG to UVM Aiken Center 18 18 18 St. Paul St. Rebuild (Bank to ) 0 0 1 -1 Distribution Plant - Underground Total 1,073 1,073 496 578 Distribution Plant - Customer Driven/City Projects Champlain Parkway (CAFC) -340 -238 -187 -52 Champlain Parkway-Billable 400 280 114 166 City Place Streetlighting 195 0 41 -41 City Place Streetlighting (CAFC) -104 0 0 Great Street-Main Street 621 0 396 -396 Great Street-Main Street (CAFC) -557 0 0 Winooski Bridge Rebuild 34 0 0 0 Winooski Bridge Rebuild (CAFC) -34 0 0 Distribution Plant - Customer Driven/City Projects Total 215 42 364 -323 Distribution Plant - Other 774R Transformer Recloser replace 0 0 4 -4 861S Switch Sensor Install 0 0 15 -15 Communication Equipment Emergency Repair 16 12 12 Distribution Transformers-Install 11 8 21 -13 Distribution Transformers-Purchase 1,445 1,301 406 895 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 Replace Fiber Optic Cable East Ave Sub 0 0 18 -18 SCADA ADMS Upgrade (Phases 3/4) 1,204 722 435 287 SCADA Equipment 0 0 1 -1 SCADA Field Equipment Replacement 64 48 33 15 SCADA Servers, PCs and Monitors 0 0 16 -16 SCADA Video Display 0 0 0 0 Upgrade ArcFM to GIS Pro 318 127 2 125 USAmp Upgrade 7 7 6 1 Distribution Plant - Other Total 3,181 2,279 981 1,298 16  $000 Capital Projects - FY26 Full February Yr Budget Budget Actual Variance Distribution Plant - Blanket - Aerial Overhead Construction - Billable 70 38 38 0 Overhead Construction - New 21 13 13 Overhead Construction (CAFC) -70 -38 -46 7 Overhead Replacement 84 59 114 -56 Distribution Plant - Blanket - Aerial Total 105 71 107 -36 Distribution Plant - Blanket - Lighting 217 121 195 -74 Distribution Plant - Blanket - Meters 133 107 58 49 Distribution Plant - Blanket - Other SCADA Field Equipment 12 9 0 9 Substation Camera Replacement 15 15 15 Substation Maintenance 18 13 13 Tools & Equipment - Distribution/Technicians 40 32 32 0 Distribution Plant - Blanket - Other Total 85 69 32 37 Distribution Plant - Blanket - Underground Misc UG Other Replacement 0 0 4 -4 Replace Utility Holes and Handholes 91 55 2 52 UG Construction - Billable 143 79 107 -28 UG Construction - New 21 6 5 1 UG Construction (CAFC) -143 -79 -338 260 UG Replacement 77 38 45 -7 Distribution Plant - Blanket - Underground Total 189 100 -175 274 General Plant - Computer Equipment/Software 2,724 1,803 636 1,168 General Plant - Vehicle Replacements 309 309 90 219 General Plant - Buildings & Grounds 179 179 23 156 General Plant - Other Office Furniture 0 0 1 -1 General Plant - Other Total 0 0 1 -1 General Plant - Other Equipment AED Purchase (5) 11 11 11 Gas Detectors (4) 6 6 6 General Plant - Other Equipment Total 16 16 16 Grand Total 15,218 11,279 5,451 5,828 17  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 14,993 Notes: Operating Cash = Operating + GOB Funding 18