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2011 Annual Meeting Presentation

CEO presentation to the membership
by

David Hallquist

on 21 May 2011

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Transcript of 2011 Annual Meeting Presentation

2011 Annual Meeting
CEO Presentation 2 Minute Safety Drill Agenda
Power Supply - No Easy Answers
Accomplishments
Smart Grid
The Co-op Advantage Base-Load Power Supply Choices - All are Problematic
Nuclear
Oil
Natural Gas
Coal What about renewables?
No new utilty-scale hydro available
Wind and solar are intermittent, still need baseload sources VEC Power Supply Strategy

Meet VT renewable goals
Maximize Hydro Quebec
Portfolio diversification Meet Vt. Renewable Goals (20% by 2017)

Available "green" choices-
Sheffield and KCW projects (10 cents/kwh)
Biomass (14 cents/kwh)
Low altitude wind (20 cents/kwh)
Solar (20c - 30 cents/kwh) Hydro-Quebec
New contract for 25% base-load needs (vs. 37% historical)
Vermont gets 1/3 less in new contract
Contract will follow market with 15% maximum change yearly
Does not qualify for Vt Renewable Mandate
Members will vote on contract in July Power Supply Highlights for the Year
VEC continues to close medium term market contracts. The following was also considered;
Kingdom Community Wind
Vermont Yankee
Hydro-Quebec (Vt. does not recongize for renewable mandate Kingdom Community Wind
Lowest price of resources that qualify for VT mandates
Provides members with infrastructure upgrades
GMP to provide power at cost
Members will vote on KCW infrastructure in July Sustainably Priced Energy Development Vermont Yankee
Fair deal - not great deal
Adjusts to market annually
Prices capped on upside Key Accomplishments
'A' rated by Standard & Poors
System Average Interruption Frequency Index of 1.8 - cut by 50% in 3 years
Smart Grid Grant - 40% spent - 3% administration
$11.2 million EDA grant for North East Kingdom Connector
VEC is a leader in Smart Grid Smart Grid - History Smart Grid - Today
90% of meters are smart
50% of subs are automated
Consumer Behavior Study starting this summer Consumer Behavior Study
700 members - proactive customer service (PCS)
360 members - In home Display (IHD)
380 members - Proactive Customer Service & In Home Display
Flat rate 1st year, Variable Peak Pricing 2nd year Smart Grid - The Future
Control transmission costs
Greater member empowerment
Appliance level control
Integrating local power generation The Co-op Advantage
Smart grid leaders
You have a voice
You get to vote Smart Grid Member Benefits
Cut system losses by 1.5%
Cut outages by 50%
Faster outage response time
Greater outage detail
Wattwatchers reduces complaints
Higher levels of member service VEC members have already received the benefit of shared savings from the smart grid The consumer behavior study
will test how consumers will use the
smart grid and what additional savings
can be found VEC was one of nine utilities in the nation to
be selected for the Consumer Behavior Study.
We will provide a test-bed for Vermont, as well as the nation.
Full transcript