QUARTERLY REPORT TO THE · (802) 658‐1643 Fax. ... Winter Peak Coincident kW Savings Results. Winter Coincident Peak kW for Quarter 4,175 5 4,170 Winter Coincident Peak kW Year

QUARTERLY REPORT TO THE

VERMONT PUBLIC SERVICE BOARD

FOR THE PERIOD

JULY 1 TO SEPTEMBER 30, 2016

128 LAKESIDE AVENUE, SUITE 401 BURLINGTON, VERMONT 05401

(888) 921‐5990

WWW.EFFICIENCYVERMONT.COM

Quarterly Report Table of Contents

Efficiency Vermont Third Quarter 2016 Budget Variance and Performance Report 1

1. Efficiency Vermont Budgets and Performance – July 1-September 30, 2016 1

2. Electric Resource Acquisition Spending 4

3. Resource Acquisition Research-and-Development 5

4. Thermal Resource Acquisition Spending 5

5. Development and Support Services 6

Activity Highlights 9

1. Services to Business, Institutional & Municipal Facilities 9

1.1 Vermont’s Largest Energy Users 9

1.2 Small and Medium-Sized Businesses 9

1.3 Targeted Markets 9

1.4 Key Commercial Technologies 10

2. Services to Homes 11

2.1 Existing Market-Rate Homes 11

2.2 Existing and New Low-Income Housing 11

3. Activities in Service to Multiple Customer Sectors 12

3.1 New Construction Services 12

3.2 Retail Efficient Product Services 12

3.3 Services to Contractors 13

3.4 Community-Based Activities 14

3.5 Financial Services 14

3.6 Resource Acquisition Research & Development 14

4. Development and Support Services 16

4.1 Education and Training 16

4.2 Applied Research and Development 17

4.3 Planning and Reporting 19

4.4 Evaluation 19

4.5 Policy and Public Affairs 20

4.6 Information Technology 21

4.7 General Administration 22

5. Data Tables 23

1

Efficiency Vermont Third Quarter 2016 Budget Variance and Performance Report

1. Efficiency Vermont Budgets and Performance – July 1-September 30, 2016

2

3

1 Annual budget components are provided for information purposes only. Efficiency Vermont operates under a total three-year budget.

Budget

Current Year

(2016)

Actual

Current Year

(2016) %

RESOURCE ACQUISITION % of Year Expired 75%

Electric Efficiency Funds Activities

Business Sector 20,440,100$ 11,306,361$ 55%

Customer Credit 1,496,300$ 235,570$ 16%

Residential Sector 19,400,000$ 11,778,201$ 61%

Research & Development 2,721,300$ 1,448,654$ 53%

Total Electric Efficiency Funds Activities 44,057,700$ 24,768,786$ 56%

Thermal Energy and Process Fuels Funds Activitie

Business Sector 1,665,490$ 462,789$ 28%

Residential Sector 4,996,470$ 2,512,866$ 50%

Total Thermal Energy and Process Fuels Funds Activities 6,661,960$ 2,975,655$ 45%

TOTAL RESOURCE ACQUISITION 50,719,660$ 27,744,441$ 55%

DEVELOPMENT AND SUPPORT SERVICES Education and Training 854,700$ 481,742$ 56%

Applied Research and Development 411,800$ 293,513$ 71%

Planning and Reporting 614,300$ 327,144$ 53%

Evaluation 897,600$ 611,159$ 68%

Policy and Public Affairs 502,900$ 404,038$ 80%

Information Technology 1,199,000$ 1,200,852$ 100%

General Administration 266,600$ 156,732$ 59%

TOTAL DEVELOPMENT AND SUPPORT SERVICES 4,746,900$ 3,475,181$ 73%

4

2. Electric Resource Acquisition Spending

Resource Acquisition (RA) Qtr 1 Qtr 2 Qtr 3

Forecast $9,532,050 $19,064,100 $29,462,700

Actual $7,855,079 $15,954,624 $24,974,814

Variance Over/(Under) ($1,676,971) ($3,109,476) ($4,487,886)

% Over/(Under) -18% -16% -15%Forecast $1,519,028 $2,712,550 $4,340,200

Actual $961,105 $1,947,458 $3,029,217

Variance Over/(Under) ($557,923) ($765,092) ($1,310,983)

% Over/(Under) -37% -28% -30%

Development and Support Services Qtr 1 Qtr 2 Qtr 3

Forecast $1,208,025 $2,271,087 $3,334,149

Actual $1,210,560 $2,371,181 $3,537,734

Variance Over/(Under) $2,535 $100,094 $203,585

% Over/(Under) 0% 4% 6%

Qtr 1 Qtr 2 Qtr 3

Forecast $12,259,103 $24,047,737 $37,137,049

Actual $10,026,744 $20,273,263 $31,541,765

Variance Over/(Under) ($2,232,359) ($3,774,474) ($5,595,284)

% Over/(Under) -18% -16% -15%

Combined EEC & TEPF

Total Efficiency Vermont

Electric Efficiency Charge

(EEC) excluding Customer Credit

Thermal Energy and Process Fuels

(TEPF)

5

3. Resource Acquisition Research-and-Development

4. Thermal Resource Acquisition Spending

6

5. Development and Support Services

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2 An API allows disparate software platforms to speak to one another (e.g. the Navigator and TRM applications have an API that allows for the two applications to interface with each other)

9

Activity Highlights

1. Services to Business, Institutional & Municipal Facilities

1.1 Vermont’s Largest Energy Users

o

o

o

1.2 Small and Medium-Sized Businesses

1.3 Targeted Markets

10

1.4 Key Commercial Technologies

11

2. Services to Homes

2.1 Existing Market-Rate Homes

2.2 Existing and New Low-Income Housing

12

3. Activities in Service to Multiple Customer Sectors

3.1 New Construction Services

3.2 Retail Efficient Product Services

13

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o

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o

3.3 Services to Contractors

14

3.4 Community-Based Activities

o

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3.5 Financial Services

3.6 Resource Acquisition Research & Development

15

16

4. Development and Support Services

4.1 Education and Training

o

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http://www.efficiencyvermont.com/

17

4.2 Applied Research and Development

18

19

4.3 Planning and Reporting

4.4 Evaluation

was

20

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4.5 Policy and Public Affairs

21

4.6 Information Technology

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4.7 General Administration

128 Lakeside Avenue, Suite 401Burlington, VT 05401

(888) 921‐5990 Toll‐Free(802) 658‐1643 Fax

2015 ‐ 2017

Reporting period: 2016 September Quarterly

Resource Acquisition CategoryTotal

Efficiency VermontResource Acquisition

Thermal Energy and Process Fuels

Resource Acquisition

Electric Resource Acquisition

Efficiency Vermont CostsCosts for Quarter $9,486,922 $1,081,759 $8,405,163Year to Date Costs $26,533,129 $3,029,217 $23,503,913Annual Budget Estimate1 $47,339,075 $6,781,875 $40,557,200Unspent Annual Budget Estimate $20,805,946 $3,752,659 $17,053,287% Annual Budget Estimate Unspent 44% 55% 42%Other CostsParticipant Costs for Quarter $8,120,145 $2,327,810 $5,792,335Participant Costs Year to Date $23,323,118 $6,464,651 $16,858,467Third Party Costs for Quarter ($16,966) $7,906 ($24,872)Third Party Costs Year to Date ($73,026) $32,988 ($106,014)MWh Savings ResultsMWh for Quarter 24,210 32 24,179MWh Year to Date 69,740 ‐54 69,793MWh cumulative starting 1/1/15 173,877 ‐914 174,791Winter Peak Coincident kW Savings ResultsWinter Coincident Peak kW for Quarter 4,175 5 4,170Winter Coincident Peak kW Year to Date 12,680 47 12,634Winter Coincident Peak kW Starting 1/1/15 30,844 22 30,822Summer Peak Coincident kW Savings ResultsSummer Coincident Peak kW for Quarter 2,835 0 2,835Summer Coincident Peak kW Year to Date 7,447 ‐16 7,463Summer Coincident Peak kW Starting 1/1/15 19,282 ‐65 19,347Total Resource Benefits (TRB) Savings ResultsTRB for Quarter $27,102,803 $4,064,562 $23,038,241TRB Year to Date $81,714,832 $10,302,485 $71,412,347TRB Starting 1/1/15 $211,088,679 $27,816,670 $183,272,009MMBtu Savings ResultsMMBtu for Quarter 28,018 22,827 5,192MMBtu Year to Date 64,076 48,524 15,553MMBtu Starting 1/1/15 156,776 95,536 61,239Participation Partic.w/ installs for Quarter 15,699 713 14,986Partic.w/ installs Year to Date 49,594 2,285 47,309Partic.w/ installs cumulative starting 1/1/15 138,026 4,962 133,064

1 Annual projections are estimates only and provided for informational purposes. For details regarding ISO‐New England Regional Capacity Activities see FCM Quarterly report.This report does not contain results for the Customer Credit Program.

Resource Acquisition SummaryElectric & Thermal Energy and Process Fuels

23

Budget Current Year

(2016)

Actual Current Year

(2016) %Budget

2015‐2017 Actual

2015‐2017 % RESOURCE ACQUISITION % of Year Expired 75% % of Period Expired 58%Electric Efficiency Funds ActivitiesBusiness Sector 20,440,100$ 11,306,361$ 55% 81,805,167$ 33,007,749$ 40%Customer Credit 1,496,300$ 235,570$ 16% 3,027,960$ 737,889$ 24%Residential Sector 19,400,000$ 11,778,201$ 61% 45,561,683$ 32,042,331$ 70%Research & Development 2,721,300$ 1,448,654$ 53% 5,004,067$ 2,525,263$ 50%Total Electric Efficiency Funds Activities 44,057,700$ 24,768,786$ 56% 135,398,877$ 68,313,232$ 50%

Thermal Energy and Process Fuels Funds ActivitiesBusiness Sector 1,665,490$ 462,789$ 28% 5,050,671$ 1,017,478$ 20%Residential Sector 4,996,470$ 2,512,866$ 50% 15,152,012$ 7,256,233$ 48%Total Thermal Energy and Process Fuels Funds Activities 6,661,960$ 2,975,655$ 45% 20,202,683$ 8,273,711$ 41%

TOTAL RESOURCE ACQUISITION 50,719,660$ 27,744,441$ 55% 155,601,560$ 76,586,943$ 49%

DEVELOPMENT AND SUPPORT SERVICES Education and Training 854,700$ 481,742$ 56% 2,564,460$ 1,106,618$ 43%Applied Research and Development 411,800$ 293,513$ 71% 1,235,565$ 656,427$ 53%Planning and Reporting 614,300$ 327,144$ 53% 1,655,840$ 678,130$ 41%Evaluation 897,600$ 611,159$ 68% 2,693,160$ 1,418,714$ 53%Policy and Public Affairs 502,900$ 404,038$ 80% 1,508,855$ 1,257,630$ 83%Information Technology 1,199,000$ 1,200,852$ 100% 3,922,520$ 2,527,882$ 64%General Administration 266,600$ 156,732$ 59% 800,000$ 414,583$ 52%TOTAL DEVELOPMENT AND SUPPORT SERVICES 4,746,900$ 3,475,181$ 73% 14,380,400$ 8,059,984$ 56%

Smart Grid (2014 Carryover) ‐$ ‐$ 0% 18,652$ 18,652$ 100%

Operations Fee 976,850$ 561,953$ 58% 3,060,100$ 1,523,924$ 50%

Sub‐Total Prior to Performance‐Based Fee 56,443,410$ 31,781,575$ 56% 173,060,712$ 86,189,503$ 50%

Performance‐Based Fee ‐$ ‐$ 0% 4,507,758$ ‐$ 0%

TOTAL ESTIMATED COSTS INCLUDING PERFORMANCE‐BASED FEE 56,443,410$ 31,781,575$ 56% 177,568,470$ 86,189,503$ 49%

BUDGET SUMMARY

Annual budget components are provided for information purposes only. VEIC operates under a total three‐year budget for each of the above line items.

For the Period Ending September 30, 2016

24

QPI# Title Performance Indicator / Milestone Target Status %

1 Electricity Savings Annual incremental net MWh savings 321,800 174,791 54%

2 Total Resource Benefits Present worth of lifetime electric, fossil, and water benefits $336,300,000 $183,272,009 54%

3 Statewide Summer Peak Demand Savings Cumulative net summer peak demand (kW) savings 41,300 19,347 47%

4 Statewide Winter Peak Demand Savings Cumulative net winter peak demand (kW) savings 53,700 30,822 57%

5 Business ComprehensivenessSavings as a % of baseline year usage for Companies who complete Business Existing Facilities efficiency projects

11.0% 8.1% 74%

6 Market Transformation Residential1Residential new construction project completions with substantial energy savings in 2015‐2017 as % of total residential new construction permits in 2014‐2016

42% 15% 37%

7 Market Transformation BusinessNumber of energy efficiency measure supply chain partners linked to at least three (completed) projects

500 338 68%

MPR# Title Minimum Requirement Minimum Status %

8 Minimum Electric Benefits Total electric benefits divided by total costs 1.2 2.0 167%

9Threshold (or minimum acceptable) Level of Participation by Residential Customers

Total residential sector spending $32,500,000 $32,619,040 100%

10Threshold (or minimum acceptable) Level of Participation by Low‐Income Households

Total low‐income single and multifamily services spending $10,500,000 $5,951,531 57%

11Threshold (or minimum acceptable) Level of Participation by Small Business Customers

Number of total non‐residential premises with annual electric use of 40,000 kWh/yr or less that acquire kwh savings

2,000 1,891 95%

12 Geographic Equity TRB for each geographic area is greater than values shown on Geo‐Equity Table 12 4 33%

13 Program Efficiency Meet all pre‐determined milestones on schedule 6 3 50%

14 Service Quality Achieve 92 or more metric points 92 42 46%

15Resource Acquisition‐Performance Period Spending

Total spending for a three‐year performance period (including applicable operations fees) is less than threshold

$136,181,694 $0 0%

16Development and Support Services‐ Performance Period Spending

Total spending for a three‐year performance period (including applicable operations fees) is less than threshold

$14,788,290 $0 0%

2015‐2017 ElectricPerformance Indicators & Minimum Requirements

Reporting period: 2016 September Quarterly Report

1 Residential Market Transformation results are reported as total completions through current report period as a percentage of the estimated number of permits for 2015‐2017.

25

Geographic Area1

RequiredTRB per

Geographic Area2Period To Date TRB per

Geographic Area % of Goal

Addison $9,569,786 $9,117,437 95%Bennington $11,755,268 $13,062,187 111%Caledonia $7,381,188 $13,526,493 183%

Chittenden $34,376,179 $49,409,538 144%Essex/Orleans $8,700,557 $7,473,948 86%

Franklin $14,422,521 $8,699,304 60%Grand Isle/Lamoille $9,155,602 $8,079,837 88%

Orange $5,985,825 $5,412,483 90%Rutland $19,819,855 $15,812,048 80%

Washington $16,412,881 $26,865,904 164%Windham $16,951,229 $13,555,785 80%Windsor $16,433,720 $12,254,069 75%

Total $170,964,610 $183,269,033 107%

1 All geographic names above refer to Vermont Counties.2 Required TRB targets have been adjusted for Customer Credit

2015‐2017 Electric Minimum TRB per Geographic Area (QPI #12)


26

Metric # Metric DescriptionReporting Frequency

Actual Performance this

Period

Points Earned this Period

Cumulative 2015‐17 Points

Earned

Total Possible 2015‐17 Points

Points Earned % of Total Possible

1Residential Customer Service Satisfaction: Percentage of Residential Customers who contact Efficiency Vermont and are satisfied or very satisfied with Efficiency Vermont Customer Service will be greater than or equal to 80%

performance period

NA 0 0 12 0%

2Business Customer Service Satisfaction: Percentage of Business Customers who contact Efficiency Vermont and are satisfied or very satisfied with Efficiency Vermont Customer Service will be greater than or equal to 80%

performance period

NA 0 0 12 0%

3Customer Satisfaction upon Project Completion: Per each market segment, annual percentage of survey respondents with average service ratings of 3 (or better) shall be ≥ 90%

annually 99% 4 4 12 33%

4 Average answer time shall be ≤ 15 seconds per call quarterly 8.0 1 7 12 58%

5 Average percentage of calls answered shall be ≥ 85% quarterly 90.0% 1 7 12 58%

6 Average percentage of abandoned calls shall be ≤ 3% quarterly 3.0% 1 7 12 58%

7 Percentage of complaint follow‐up call attempted by end of next business day shall be ≥ 95% quarterly 100.0% 1 7 12 58%

8 Percentage of complaints closed within 12 business days of initial complaint call shall be ≥ 95% quarterly 100.0% 1 6 12 50%

9For each reporting year, the ratio of total complaints received per total number of Efficiency Vermont participants shall be ≤ 0.5% (one‐half of one percent)

annually 0.1% 4 4 12 33%

Totals13 42 108 39%

Service Quality & Reliability Summary Report


27

QPI# Title Performance Indicator / Milestone Target Status %

1Thermal & Mechanical Energy Efficiency Savings

Annual incremental net MMBtu savings 279,000 95,536 34%

a. Average air leakage reduction per project 34% 32% 94%

b. Percent of projects with square feet of insulation added equivalent to at least 50% of the home's finished square feet of floor area

44% 60% 136%

c. Percent of households (premises) with both shell measures and heating system measures installed, within contiguous calendar years

16% 9% 56%

MPR# Title Minimum Requirement Minimum Status %

3Threshold (or minimum acceptable) Level of Participation by Residential Customers

Residential sector spending as % of total spending

62.5% 87.7% 140%

4Threshold (or minimum acceptable) Level of Participation by Low‐Income Households

Low‐income single‐ and multi‐family spending as % of total spending

17.0% 19.7% 116%

5 Performance Period SpendingTotal spending for a three‐year performance period (including applicable operations fees) is less than threshold

$20,818,062 $0 0%


2015‐2017 Thermal Energy and Process Fuels Performance Indicators & Minimum Requirements

Residential Single Family Comprehensiveness2

28

Quarterly Report: 2016 September Quarterly

Totals Business Energy Services Other

Resource Acquisition CategoryTotal Electric

Efficiency Services (including CC)

Total Electric Efficiency Services (excluding CC)

Subtotal Business

Efficiency Services

Subtotal Residential Efficiency Services

Business New Construction

Business Existing Facilities

Residential New Construction

Efficient Products Existing HomesCustomer Credit

Program

Efficiency Vermont CostsCosts for Quarter $8,535,241 $8,405,163 $3,726,954 $4,678,209 $610,468 $3,116,486 $970,973 $2,865,507 $841,730 $130,078Year to Date Costs $23,739,894 $23,503,913 $11,513,704 $11,990,209 $1,883,954 $9,629,750 $2,301,800 $7,310,475 $2,377,934 $235,981Annual Budget Estimate1,2 $42,059,100 $40,557,200 $20,808,000 $19,749,200 $3,054,000 $17,754,000 $3,054,000 $12,826,800 $3,868,400 $1,501,900Unspent Annual Budget Estimate $18,319,206 $17,053,287 $9,294,296 $7,758,991 $1,170,046 $8,124,250 $752,200 $5,516,325 $1,490,466 $1,265,919% Annual Budget Estimate Unspent 44% 42% 45% 39% 38% 46% 25% 43% 39% 84%Other CostsParticipant Costs for Quarter $5,792,335 $5,792,335 $3,508,290 $2,284,045 $565,143 $2,943,147 $249,214 $2,058,621 ($23,790) $0Participant Costs Year to Date $16,858,467 $16,858,467 $10,924,260 $5,934,206 $1,910,924 $9,013,336 $775,395 $5,204,561 ($45,750) $0Third Party Costs for Quarter ($24,872) ($24,872) $0 ($24,872) $0 $0 $19,500 $0 ($44,372) $0Third Party Costs Year to Date ($106,014) ($106,014) $0 ($106,014) $0 $0 $50,425 $0 ($156,439) $0MWh Savings ResultsMWh for Quarter 26,614 24,179 11,569 12,609 1,287 10,282 679 11,468 463 2,436MWh Year to Date 72,282 69,793 34,877 34,916 4,678 30,198 1,815 31,817 1,284 2,489MWh Starting 1/1/15 179,242 174,791 84,450 90,341 15,588 68,863 3,855 82,697 3,788 4,4503‐Year MWh Goal N/A 321,800 221,900 99,900 29,900 192,000 5,700 84,600 9,600 N/A% of 3‐Year MWh Goal N/A 54% 38% 90% 52% 36% 68% 98% 39% N/AWinter Peak Coincident kW Savings ResultsWinter Coincident Peak kW for Quarter 4,170 4,170 1,683 2,487 190 1,493 142 2,256 89 0Winter Coincident Peak kW Year to Date 12,641 12,634 5,112 7,522 588 4,523 367 6,899 256 7Winter Coincident Peak kW Starting 1/1/15 31,151 30,822 12,157 18,664 2,292 9,866 781 17,090 794 3303‐Year Winter Coincident Peak kW Goal N/A 53,700 31,100 22,600 3,500 27,600 1,100 19,800 1,700 N/A% of 3‐Year Winter Coincident Peak kW Goal N/A 57% 39% 83% 65% 36% 71% 86% 47% N/ASummer Peak Coincident kW Savings ResultsSummer Coincident Peak kW for Quarter 2,835 2,835 1,560 1,275 195 1,365 83 1,155 37 0Summer Coincident Peak kW Year to Date 7,469 7,463 4,541 2,922 754 3,787 208 2,617 96 7Summer Coincident Peak kW Starting 1/1/15 19,676 19,347 11,033 8,314 2,616 8,416 424 7,615 275 3293‐Year Summer Coincident Peak kW Goal N/A 41,300 27,800 13,500 4,500 23,300 700 11,900 900 N/A% of 3‐Year Summer Coincident Peak kW Goal N/A 47% 40% 62% 58% 36% 61% 64% 31% N/ATotal Resource Benefits (TRB) Savings ResultsTRB for Quarter $23,166,321 $23,038,241 $10,946,171 $12,092,071 $1,793,746 $9,152,425 $2,312,588 $9,470,367 $309,115 $128,080TRB Year to Date $71,600,791 $71,412,347 $38,488,386 $32,923,961 $12,852,349 $25,636,037 $5,489,625 $26,516,834 $917,503 $188,443TRB Starting 1/1/15 $185,296,257 $183,272,009 $102,390,980 $80,881,029 $41,096,696 $61,294,284 $12,686,189 $65,071,956 $3,122,884 $2,024,2483‐Year TRB Goal N/A $336,300,000 $236,737,700 $99,562,301 $47,830,700 $188,907,000 $28,176,000 $61,036,300 $10,350,000 N/A% of 3‐Year TRB Goal N/A 54% 43% 81% 86% 32% 45% 107% 30% N/AParticipationPartic.w/ installs for Quarter 14,987 14,986 747 14,239 43 704 586 13,127 526 1Partic.w/ installs Year to Date 47,310 47,309 1,910 45,399 156 1,754 1,146 42,810 1,443 1Partic.w/ installs Starting 1/1/15 133,066 133,064 4,050 129,014 391 3,659 2,480 121,111 5,423 2

1 Annual projections of the Customer Credit Program funds are estimates only and provided for informational purposes.2 Annual projections for all other markets are estimates only. Efficiency Vermont performance is based on three‐year cumulative budgets and savings goals.

2015 ‐ 2017 Electric Resource Acquisition Summary

Residential Energy Services

29


Resource Acquisition Category

Total Thermal Energy and

Process FuelsEfficiency Services

Subtotal Business

Efficiency Services

Subtotal Residential

Efficiency ServicesNew Construction

Existing Facilities

New ConstructionEfficient Products

Existing Homes

Efficiency Vermont CostsCosts for Quarter $1,081,759 $233,217 $848,542 $8,089 $225,128 $2,850 $77,180 $768,511Year to Date Costs $3,029,217 $471,120 $2,558,097 $42,316 $428,804 $5,943 $176,364 $2,375,790Annual Budget Estimate1 $6,781,875 $1,695,469 $5,086,406 $27,107 $1,668,362 $2,552 $432,682 $4,651,172Unspent Annual Budget Estimate $3,752,659 $1,224,350 $2,528,309 ‐$15,209 $1,239,558 ‐$3,391 $256,318 $2,275,382% Annual Budget Estimate Unspent 55% 72% 50% ‐56% 74% ‐133% 59% 49%Other CostsParticipant Costs for Quarter $2,327,810 $625,655 $1,702,155 $19,776 $605,879 $48,000 ($62,409) $1,716,564Participant Costs Year to Date $6,464,651 $1,399,463 $5,065,188 $189,469 $1,209,994 $48,000 ($141,375) $5,158,563Third Party Costs for Quarter $7,906 $0 $7,906 $0 $0 $0 $0 $7,906Third Party Costs Year to Date $32,988 $0 $32,988 $0 $0 $0 $0 $32,988MMBtu Savings ResultsMMBtu for Quarter 22,827 17,330 5,497 503 16,826 46 1,820 3,631MMBtu Year to Date 48,524 32,358 16,165 2,959 29,399 46 4,287 11,832MMBtu Starting 1/1/15 95,536 48,424 47,112 4,258 44,167 1,404 11,741 33,9673‐Year MMBtu Goal 279,000 171,300 107,700 28,400 142,900 2,300 14,700 90,700% of 3‐Year MMBtu Goal 34% 28% 44% 15% 31% 61% 80% 37%Associated BenefitsMWh for Quarter 32 208 (177) 64 144 0 ‐177 1MWh Year to Date ‐54 215 (268) 62 153 0 ‐418 150MWh Starting 1/1/15 ‐914 251 (1,165) 61 190 ‐1 ‐1,399 235Winter Coincident Peak kW for Quarter 5 27 (22) 12 15 0 ‐22 1Winter Coincident Peak kW Year to Date 47 29 18 12 17 0 ‐53 71Winter Coincident Peak kW Starting 1/1/15 22 56 (34) 11 44 0 ‐147 113Summer Coincident Peak kW for Quarter 0 12 (11) 1 11 0 ‐11 0Summer Coincident Peak kW Year to Date ‐16 11 (27) 1 11 0 ‐27 0Summer Coincident Peak kW Starting 1/1/15 ‐65 12 (77) 1 11 0 ‐74 ‐3TRB for Quarter $4,064,562 $2,753,143 $1,311,419 $194,459 $2,558,685 $73,940 $224,237 $1,013,241TRB Year to Date $10,302,485 $6,148,738 $4,153,747 $735,879 $5,412,859 $73,940 $527,940 $3,551,868TRB Starting 1/1/15 $27,816,670 $11,784,188 $16,032,482 $2,143,858 $9,640,330 $628,679 $2,423,485 $12,980,318ParticipationPartic.w/ installs for Quarter 713 73 640 6 67 9 125 506Partic.w/ installs Year to Date 2,285 196 2,089 20 176 9 233 1,847Partic.w/ installs Starting 1/1/15 4,962 448 4,514 36 412 10 492 4,012

1 Annual projections are estimates only and provided for informational purposes. For details regarding ISO‐New England Regional Capacity Activities see FCM Quarterly report.

2015 ‐ 2017 Thermal Energy and Process Fuels Resource Acquisition Summary

Business Energy Services Residential Energy ServicesTOTALS

30

Forward Capacity Market Participation Quarterly Report to the Vermont Public Service Board


Total Portfolio of FCM Participation

Efficiency Vermont Portion of FCM Participation1

GMP EEF Portion of FCM Participation1

GMP CEED Portion of FCM

Participation1

Revenue ReceivedRevenue Received for Quarter4 $890,116 $873,078 $12,563 $4,475Revenue Received Year to Date $2,642,386 $2,598,251 $32,744 $11,391* Annual Revenue Estimate $3,616,405 $3,523,636 $57,391 $35,378% Annual Revenue Estimate Received 73.1% 73.7% 57.1% 32.2%Revenue Received during 3‐Year Period (2015 ‐2017) $8,604,002 $8,559,867 $32,744 $11,391Revenue Estimate for 3‐Year Period (2015 ‐2017) $10,064,348 $9,822,217 $121,066 $121,066% 3‐Year Period Revenue Estimate Received 85.5% 87.1% 27.0% 9.4%VEIC CostsCosts for Quarter $123,966Year to Date Costs $303,911* Annual Budget Estimate $402,900Unspent Annual Budget Estimate $98,989% Annual Budget Estimate Unspent 24.6%FCM Peak Capacity Results2

FCM Summer Peak kW at end of Quarter3 93,390 91,290 1,441 659Annual Summer FCM Peak kW Forecast 92,000 89,640 1,460 900% Annual Summer FCM Peak kW Forecast Achieved 101.5% 101.8% 98.7% 73.2%3‐Year Summer FCM Peak kW Commitment 116,384 113,584 1,400 1,400% 3‐Year Summer FCM Peak kW Commitment Achieved 80.2% 80.4% 102.9% 47.1%

1The GMP EEF and CEED portions of FCM revenue shown here are net of allocated cost of participation ‐ as such, costs are not broken out separately below.

2Reflects cumulative peak kW savings from measures installed since 6/16/2006. Full details on the ISO‐NE Forward Capacity Market and requirements for participation, including calculation of capacity obligations, can be found in: "Playing with the Big Boys: Energy Efficiency as a Resource in the ISO‐NE Forward Capacity Market", www.veic.org/ResourceLibrary3 Actual claims are for Summer Peak Capacity (kW) for April through November, and for Winter Peak Capacity (kW) for December through March.4 Revenue includes $18,627 from ISO‐NE as an adjustment to payment for excess capacity delivered in 2010‐2012.

* Annual projections are estimates only and provided for informational purposes.

Forward Capacity Market (FCM) Current Claims and Forecasts

n/a

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Forward Capacity Market Participation Quarterly Report to the Vermont Public Service Board


FCM #1‐#4: Existing Portfolio

FCM #5: Portfolio Expansion






Total Current Commitment

Actual FCM Peak Capacity to Date

Monthly Payment Committed from ISO‐NE

12‐Month Pmt Committed from

ISO‐NE

Total Actual Payments Received to

Date

Revenue Rec'd Over (Under)

Initial Commitment

1 6/1/2010 ‐ 5/31/2011 39,117 39,117 $217,296 $2,607,552 $2,891,075 $283,5232 6/1/2011 ‐ 5/31/2012 48,414 48,414 $268,514 $3,222,168 $3,415,893 $193,7253 6/1/2012 ‐ 5/31/2013 55,264 55,264 $291,567 $3,498,804 $3,621,871 $123,0674 6/1/2013 ‐ 5/31/2014 72,093 72,093 $370,915 $4,450,980 $4,465,395 $14,4155 6/1/2014 ‐ 5/31/2015 71,313 12,456 83,769 $425,618 $5,107,413 $5,029,523 ($77,890)6 6/1/2015 ‐ 5/31/2016 71,869 12,456 14,807 99,132 $378,525 $4,542,300 $3,390,207 ($1,152,093)7 6/1/2016 ‐ 5/31/2017 68,713 12,456 14,807 13,589 109,565 93,390 $376,083 $4,512,993 $895,5598 6/1/2017 ‐ 5/31/2018 75,532 12,456 14,807 13,589 0 116,384 $717,379 $8,608,5489 6/1/2018 ‐ 5/31/2019 104,367 0 0 0 0 0 104,367 $1,076,554 $12,918,64810 6/1/2019 ‐ 5/31/2020 99,603 0 99,603 $756,224 $9,074,688

Total: $58,544,094 $23,709,523 ($615,253)

FCM#4 FCM#5 FCM#6 FCM#7 FCM#8 FCM#9 FCM#10 FCM#11 Credit4 Total5

$219,199 $289,971 $0 $0 $0 $0 ($290,793) $274,057

$33,424$7,573

$211,626 $289,971 $0 $0 $0 $33,424 ($292,583) $303,048

FCM#1‐4 FCM#5 FCM#6 FCM#7 FCM#8 FCM#9 FCM#10 FCM#116/1/2016 6/1/2017 6/1/2018 6/1/2019 6/1/20202/4/2013 2/3/2014 2/2/2015 2/8/2016 2/6/20189/28/2012 9/27/2013 9/26/2014 9/25/2015 9/30/20166/15/2012 6/17/2013 6/17/2014 6/16/2015 6/21/20161/17/2012 2/28/2013 3/4/2014 3/3/2015 4/22/2016

15,473

1As of this date, we have commitments and committed pricing through FCM Auction #9. The information in this section reflects only ACTUAL committed capacity and currently commited prices for that capacity.

2Commitments include capacity from GMP EEF and CEED projects.

3Our Financial Assurance obligations are met through a letter of credit to ISO‐NE from Cormerica Bank backed by the VEIC line of credit with Chittenden Bank

4Credit to FA obligation based on 1 month's upcoming revenue from FCM claims per ISO‐NE policy; varies due to monthly fees

5Includes mark‐up to cover 80% credit test.

6 Multi‐year obligations for New Resources from FCM#5 through FCM#7 removed as of FCM#9

FCM Period Delivery Dates

Summer Peak Capacity (kW)FCM Future Commitments and Revenue Forecast1,2,6

Date of Show of Interest

New Obligations

Date of Qualification Notification

Delivery Period begins:Date of Auction

Financial Assurance Obligation at End of Next Quarter (Estimate)

Obligation Released (Est)

Date of Qualification Submission

Delivered

Expected Upcoming Transactions:

Revenue

Delivered Delivered

FCM Peak Capacity Proposed (Summer Peak kW) ‐ Not Committed

Current Financial Assurance Obligations Related to FCM Capacity Above 3

Delivered

Financial Assurance Obligation at End of Quarter

Additional FCM Peak Capacity Qualified to participate in upcoming auction

Additional FCM Peak Capacity submitted as a Show of Interest for future auction

Additional FCM Peak Capacity currently under review for Qualification

Delivered

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AreaAnnual Net

MWh Saved

Lifetime Net

MWh Saved

Net Total Resource

Benefits Delivered³

Designated Downtowns¹

Barre City 181 2,835 $295,597

Bellows Falls 55 831 $52,329

Bennington 21 300 $112,741

Bradford 6 94 $5,451

Brandon 642 9,107 $513,629

Brattleboro 277 3,250 $911,359

Bristol 27 385 $39,331

Middlebury 160 1,972 $383,988

Montpelier 138 2,059 $447,121

Morrisville Not Available Not Available Not Available

Newport City Not Available Not Available Not Available

Poultney 25 365 $21,151

Randolph 122 1,767 $195,019

Rutland City 99 1,434 $113,335

Saint Albans 291 3,493 $234,918

Saint Johnsbury 272 6,093 $367,402

Springfield 23 292 $85,364

Vergennes 2 26 $24,044

Waterbury 26 336 $36,289

White River Junction 40 593 $59,931

Wilmington 1 11 $6,648

Windsor 57 626 $78,448

Winooski 245 2,518 $381,503

Totals: 2,711 38,388 $4,365,597

New Town Centers¹

Colchester 0 7 $417

South Burlington 33 492 $30,664

Totals: 33 499 $31,081

Growth Centers¹

Bennington 2,577 39,509 $3,050,179

Colchester 0 7 $417

Hartford 660 7,918 $2,433,710

Montpelier 404 5,888 $1,426,492

Saint Albans 609 8,404 $566,480

Williston 581 7,705 $472,308

Totals: 4,831 69,431 $7,949,586

BENEFITS TO VERMONT'S DESIGNATED DOWNTOWNS, NEW TOWN CENTERS AND GROWTH CENTERS

All results are cumulative for the period 2015 - 2017

¹Vermont Agency of Commerce & Community Development - Department of Housing and Community Development

(http://accd.vermont.gov/strong_communities/opportunities/revitalization/downtown )

²Burlington is excluded from reporting because it is not part of Efficiency Vermont service territory.

³Present Value of Lifetime Reductions in Electric, Fuel, and Water Costs from all Efficiency Vermont programs and

services accomplished through both Energy Efficiency Charge and Thermal Energy and Process Fuels funding.

Reporting is dependant on the ability of mapping electric utility premises to these designated areas. Efficiency Vermont is coordinating with the affected electric distribution utilities and the Vermont Agency of Commerce and Community Development to complete the mapping process.

33

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WWW.EFFICIENCYVERMONT.COM

Documents

QUARTERLY REPORT TO THE · (802) 658‐1643 Fax. ... Winter Peak Coincident kW Savings Results. Winter Coincident Peak kW for Quarter 4,175 5 4,170 Winter Coincident Peak kW Year