VERMONT ELECTRIC COOPERATIVE, INC.
REGULAR MEETING OF THE BOARD OF DIRECTORS
SEPTEMBER 24, 2013
As required under the VEC Bylaws, notice of this meeting was sent to each Director by deposit in U.S. mail on September 18, 2013
CALL TO ORDER – AGENDA ITEM # 1
President Tom Bailey called the meeting to order at 12:00 p.m. in the Robert P. Northrop Boardroom at VEC offices in Johnson, Vermont. Present were Directors Dan Carswell (First Vice President), Michelle DaVia (Secretary), Ken Hoeppner, George Lague, Carol Maroni, Daniel Parsons (Second Vice President), Rich Westman, Mark Woodward, and Don Worth. Also present from VEC were CEO David Hallquist, CFO Michael Bursell, General Counsel Vickie Brown, Manager of Corporate Services Liz Gamache, Safety & Security Manager John Varney, Engineering and EMS Manager Kris Smith, and Corporate Assistant Nina Russo-Sanchez.
APPROVAL OF MINUTES – AGENDA ITEM # 2
President Bailey informed the Directors and those present that the minutes for the August 27, 2013 Regular Monthly Meeting were under legal review during the time of the Board packet mailing. He stated that the minutes will be presented during the October 29, 2013 meeting.
MEMBER INPUT – AGENDA ITEM # 3
No members were present.
CEO SUMMARY – AGENDA ITEM # 4
Chief Executive Officer Dave Hallquist reviewed information provided in his update included in the 9/24/13 Board packet.
Hallquist reported on the IBM initiative called Deep Thunder which will provide forecasters with more accurate weather forecasting to help in anticipating outages. He further noted that this initiative may also help with integrating solar and other intermittent resources.
Hallquist noted that union negotiations kicked off on Monday, 10/23/13, with the big issue being pension and the steps VEC can take to avoid failing the IRS testing.
Lague moved and DaVia seconded:
That the Board enter into executive session to discuss a confidential issue involving another Vermont utility.
By majority vote of those present the Board entered into executive session at 12:07 p.m.
By majority vote of those present executive session ended at 12:14 p.m.