1. Innovative Financing for Urban Renewables Ken Nolan Manager of Power Resources 802-865-7316 knolan@burlingtonelectric.com May 14, 2015 Burlington Electric Department GLOBAL LEARNING FORUM

2. About Burlington, VT and its Electric Department  Vermont’s largest City  40,000 residents  Home to the University of Vermont and the region’s only Level I Trauma Center  20,000 Customers  75% residential/25% commercial  350,000 annual MWh electric load  Strong sustainability commitment  Active engaged population  Sources 100% Renewable Electricity - Today Burlington Electric Department Page 2

3. Innovative Financing Strategies Burlington Utilized Burlington Electric Department Page 3  Ownership (on owned or leased property) Municipal bonds Capital Reserve funds  Power Purchase Agreements Varying terms (5, 10, 20, 25 years) Fixed price $/MWh  Incentive Tariffs Net Metering  Commodities Markets Renewable Energy Credits

4. The Real Key to BED Going Green – A Change of Perspective Page 4 Burlington Electric Department  Realizing efficiency is a supply resource  Seeking small victories to build momentum  Recognizing the power of public/private partnerships  Understanding the true cost/benefit of each fuel type  Managing risk not cost

5. Energy Efficiency is the backbone Burlington Electric Department Page 5

6. Renewables can Reduce Costs Page 6