CT Municipal Electric Energy Cooperative CMEEC

SUBJECT TO APPROVAL MINUTES OF THE MEETING OF THE MEMBER DELEGATION OF CONNECTICUT MUNICIPAL ELECTRIC ENERGY COOPERATIVE May 2, 2024 A Regular Hybrid Meeting of the Member Delegation of the Connecticut Municipal Electric Energy Cooperative (“CMEEC MD”) was held in person at 30 Stott Avenue, Norwich, CT and via Zoom on Thursday, May 2, 2024 at 3:00 p.m. The meeting was legally noticed in compliance with Connecticut General Statutes and all proceedings and actions thereafter recorded occurred during the publicly open portions of the meeting. The following Member Delegates and Alternate Member Delegates participated in person or via Zoom: Groton Utilities: Ronald Gaudet in person, Jeffrey Godley via Zoom Norwich Public Utilities: Christopher LaRose via Zoom Bozrah Light & Power: Scott Barber via Zoom, William Ballinger via Zoom South Norwalk Electric & Water: Alan Huth via Zoom Third Taxing District, East Norwalk: Kevin Barber via Zoom Jewett City Department of Public Utilities: Louis Demicco via Zoom The following Non-Voting Members participated via Zoom: Groton Municipal Representative: Mark Oefinger Norwich Public Utilities: Robert Staley Jewett City Department of Public Utilities: James Derusha Jewett City Municipal Representative: George Kennedy East Norwalk Municipal Representative: Pete Johnson The following CMEEC Staff participated in person: Dave Meisinger, CMEEC CEO Patricia Meek, CMEEC Director of Finance & Accounting Joanne Menard, CMEEC Controller Margaret Job, CMEEC Director of Administrative Services Lauren Gaudet, CMEEC Administrative and Sustainability Specialist Others participated: David Silverstone, Esquire, Municipal Electric Consumer Advocate Ms. Job recorded. Member Delegation Chair Gaudet called the meeting to order at 3:00 p.m. He stated that today’s meeting is being held in person at 30 Stott Avenue, Norwich, CT and via Zoom. Chair Gaudet requested that all those participating via Zoom mute their devices unless speaking to eliminate confusion and background noise. He requested that participants state their name when speaking for clarity of the record. Specific Agenda Item A Public Comment Period No public comment was made. B Conduct Roll Call and Voting Roster Ms. Job conducted roll call identifying voting persons at today’s meeting. Chair Gaudet confirmed a quorum of the Member Delegation was present. C Approve Minutes of the November 16, 2023 Annual Meeting of the CMEEC Member Delegation A motion was made by Member Delegate LaRose, seconded by Member Delegate Scott Barber to approve the Minutes of the November 16, 2023 Annual Meeting of the CMEEC Member Delegation. Motion passed unanimously. MD 24-05-01 D Review of 2023 CMEEC Equity Values: Application of Excess Equity Formula and Calculation for 2023 Proposed Executive Session Pursuant to C.G.S. §§ 1-200(6)(E) and 1-210(b)(1) and (b)(5) The Member Delegation agreed that the meeting would not move into Executive Session unless discussion warranted doing so. Ms. Meek walked the Member Delegation through considerations for distribution of eligible equity under the Membership Agreement guidelines. She then explained the distribution of eligible equity at various target equity levels. She added that the target equity level by the Membership Agreement is 20%. Ms. Meek further explained that based on the historic method of performing this calculation, CMEEC equity target  exceeds the minimum target. Ms. Meek noted that staff recommendation was for the Member Delegation to vote to decline distribution at this time. She added that in preparing for today’s meeting, staff has identified some apparent ambiguities within the Membership Agreement and the Replacement Power Supply Agreements, which appear to warrant further review and discussion and should potentially be addressed in an appropriate amendment to these and possibly other CMEEC organic or enabling documents and agreements. Ms. Meek requested that CMEEC be given time to determine an appropriate approach to conduct the equity distribution calculation and determine an equitable distribution acceptable to the Member Delegation. After lengthy discussion, the Member Delegation agreed not to approve an equity distribution at this time and instead agreed to vote to defer the decision until further review by CMEEC staff is conducted. The Member Delegation agreed that equity distribution may be discussed at either the Annual Meeting of the Member Delegation on November 21, 2024 or at a Special Meeting called prior to the Annual Meeting in November. A motion was made by Member Delegate Kevin Barber, seconded by Member Delegate Scott Barber to defer further discussion or final decision on the distribution of 2023 Excess Equity until the Annual Meeting of the Member Delegation or at such other Special Meeting called by the Chair of the Member Delegation. Motion passed unanimously. MD 24-05-02 E Public Session: Possible Vote on Excess Equity Distribution The Member Delegation unanimously voted to defer discussion on the Excess Equity Distribution as noted in the discussion of Agenda Item D above. F New Business There was no new business. G Adjourn A motion was made by Member Delegate Scott Barber, seconded by Alternate Member Delegate Demicco to adjourn. Motion passed unanimously. MD 24-05-03 The meeting was adjourned at 3:18 p.m.