6.1.a-e. ERMUSR 09-13-2016 ,,/
Elk River
Municipal Utilities UTILITIES COMMISSION MEETING
TO: FROM:
Elk River Municipal Utilities Commission Troy Adams, P.E.—General Manager
John Dietz—Chair
Al Nadeau—Vice Chair
Daryl Thompson—Trustee
MEETING DATE: AGENDA ITEM NUMBER:
September 13, 2016 6.1a
SUBJECT:
Staff Updates—General Manager
DISCUSSION:
• The Board of Directors of the Minnesota Municipal Power Agency(MMPA)met on August 23,
2016 in Shakopee,Minnesota.
Construction continues to move ahead on MMPA's 46 MW Shakopee Energy Park project. The
project remains on schedule for a Q2 2017 in-service date.
MMPA sold bonds to fund the Shakopee Energy Park project on July 28. The yield to maturity
on the 31-year bond issue was 3.37%. Closing on the bonds occurred on August 25.
The Board also discussed the status of MMPA's renewable contracts for both wind and solar
power.
Attached are MMPA's 2015 annual report and unaudited financial statements.
• The Minnesota Municipal Utilities Association(MMUA)Executive Leadership Development
Program committee held interviews for a program director on August 24 and 25.The selection
will be made no later than September 30.
• Staff and I attended the NISC Member Information Conference from August 7—8. Typically this
would not be something I would attend,but due to our involvement with NISC leading to their
decision to provide a fund accounting module we felt an ERMU leadership presence was needed
at this conference. Our NISC Regional Business Manager has facilitated some meeting times for
ERMU to engage key NISC leadership as well as an opportunity for me to meet with NISC's
CEO Vern Dosch.
ATTACHMENTS:
• 2015 Minnesota Municipal Power Agency Annual Report
• Minnesota Municipal Power Agency Unaudited Financials—YTD June 30, 2016
POWERED BY
Page 1 of 1 NATURE
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110
Minnesota Municipal Power Agency I Annual Report 2015
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20
YEARS
the oower
of our hometown
The Agency's mission is to provide reliable,
competitively-priced energy to its members
and to create value for both the Agency
and its members.
MMPA CELEBRATES 20 YEARS
of POWER SUPPLY
We are pleased to present the Minnesota Municipal Power Agency's(MMPA)
1 2015 Annual Report and to share with you our accomplishments and
recognitions over the past year.
! This year signifies a major milestone for the Agency.In 2015,MMPA
F .nx y
7� celebrated 20 years of being the power of your hometown.What
, started out as 8 municipal utilities banding together to provide reliable,
competitively-priced power for their customers has grown to 12 members,
�e
} • `' an Agency-owned power generation portfolio,and a customer base of nearly
0.4', 150,000 Minnesotans.
As the Agency has continued to grow,its commitment to its members remains the same—to provide reliable,
competitively-priced power to its members and to create value for both the Agency and its 12 Minnesota member
municipal utilities.In 2015,the Agency delivered on its mission and accomplished this by being strategic,well-
managed,and financially conservative.
Over the past 20 years,the Agency has been a leader in power generation development.Through its long-term
approach to power supply planning,MMPA has successfully built efficient,innovative,and environmentally respon-
sible generation resources.We are especially proud to share that the Agency's newest generation asset,Hometown
BioEnergy(HTBE),was recognized by the American Biogas Council as the 2015 Municipal Biogas Project of the Year.
The facility was awarded for its leadership,innovation,and contribution to the growth of the U.S.biogas industry.
Looking ahead,the Agency is developing its distributed generation program to meet MMPA's projected growth over
the coming years.This program expects to place natural gas fueled distributed generation in MMPA's member
communities of Shakopee, Chaska,and Anoka.The first facility in the program, Shakopee Energy Park,broke
ground in spring 2016 and is expected to be in service in 2017.
In addition to supplying reliable power,MMPA is committed to supporting the communities we serve.The Agency
accomplishes this in multiple ways,including an Energy Education Program,development of local power generation in
member communities,providing conservation and renewable energy programs to members'customers and converting
waste from our member communities into a valuable source of energy at the Hometown BioEnergy facility.
Planning for the future has brought us to where we are today—an innovative municipal power agency that provides
reliable,competitively-priced power to our member communities,while creating value for both the Agency and
our members.As we celebrate the many achievements and successes of MMPA over the past 20 years,we are
humbled and honored to have served as the"power of your hometown."We look forward to providing our
member communities'power supply for many years to come.
Sincerely, 61.keti
0 bafbx_._
Steve Schmidt Derick 0.Dahlen
Chairman,MMPA Board of Directors Executive Manager,MMPA
President and CEO,Avant Energy,Inc.
East Grand Forks` .
VVDAmonoer
commLntcs
Buffalo
Brownton Elk River
Anoka
Winthrop
/.
Shakopee
' ._ Olivia
atr Y.t North St. Paul
■
■
■ ■ • ■■
• ■ A Chaska
Arlington
Sueur
17L12 .. 1 .24
MMPA Member City Population Total Retail Customers Served
(2010,U.S.Census) (2015)
Who We Are
Together, our momoers orovicc
oower to -early 150000
Vn -esotans,
Our Mission Our Members
The Minnesota Municipal Power Agency's The Minnesota Municipal Power Agency is
(MMPA) mission is to provide reliable, composed of 12 Minnesota member municipal
competitively-priced energy to its members utilities. Our member communities include the
and to create value for both the Agency and its cities of Anoka, Arlington, Brownton, Buffalo,
Minnesota member municipal utilities. MMPA Chaska, East Grand Forks, Elk River, Le Sueur,
accomplishes this by being well-managed, North St. Paul, Olivia, Shakopee, and Winthrop.
financially conservative, and innovative. MMPA provides electricity to its municipal
The electric utility industry is experiencing a utility members who then deliver and sell that
time of great change. Our members compete electricity to customers in their communities.
to attract new customers and retain existing The Agency's members have a combined
customers based on price, reliability, and population of nearly 150,000 and provide
customer service. MMPA's objective is to power to 71,624 homes and businesses
provide energy and other services to enable across Minnesota.
our members to compete successfully.
Sales to Members Coincident Peak Load
in megawatt hours 350 — in megawatts
1,600,000 —
300 —
1,400,000 — 321.3
1,488,033 1,495,981 1,498,338 MW 308.4
1,200,000 — MWh MWh MWh 250 — MW 297.2
MW
1,000,000 — 200—
800,000 — 150—
600,000 —
100—
400,000 —
200,000 — 50—
0 — 0 -
2013 2014 2015 2013 2014 2015
2015 MMPA Annual Report 3
115 . ,.
Who We Are
Through ✓ VPA rT1emoersnio, each community
has a Voice in oowersuooy
cccisions aliccting its c-orgy fLtLre.
MMPA Officers MMPA Board of Directors
fi; Anoka Elk River
., Steve Schmidt Troy Adams
Councilman Utilities General Manager
r .5
Ed Evans* Allan Nadeau*
Utility Advisory Utilities Commissioner
Board Member
Le Sueur
Arlington
Mark Huntington
Liza DonabauerCouncilman
City Administrator
Greg Drent*
�, Lisa Tesch* Public Services Director
Deputy Clerk
North St. Paul
Brownton
Brian Frandle
'‘,./ I Curt Carrigan Director of
', Councilman Electric Utilities
Jason Ziemer*
Buffalo
Steve Schmidt Matt Podhradsky City Manager
Chairman Vice Chairman Merton Auger
City Administrator
Olivia
Liza Donabauer John Crooks
Secretary Treasurer Joseph Steffel* Bernard Johnson
Utilities Director Councilman
Chaska Dan Coughlin*
MMPA is governed by a Board of Directors. Matt Podhradsky City Administrator
The Board is responsible for setting policy, City Administrator Shakopee
for approving investments in new plants, and Greg Boe* John Crooks
for overseeing management. Each MMPA councilman Utilities Manager
member has a representative and an alternate East Grand Forks Joe Helkamp*
Utilities Commissioner
representative on MMPA's Board. Dan Boyce
Utilities General Manager Winthrop
Jeff Olson* Peter Machaiek
Distribution Superintendent Alderman
Jenny Hazelton*
City Administrator
*Alternate
4 2015 MMPA Annual Report
;.. 116
Who We Are
Member Rates Our Management
MMPA understands the importance of providing MMPA is managed under long-term contracts'--'
its member utilities with competitively-priced by Avant Energy, Inc., an energy management ° ..
power. In 2015, MMPA's average rate to company based in Minneapolis, Minnesota.
Avant has more than 30 years of experience
members was $69.63 per MWh, or just under
in the electric power industry and provides a
seven cents per kilowatt hour (kWh). The wide range of services to the Agency includln
Agency's rates continue to be competitive
strategic management, day-to-day energy.
with other local utilities thanks to MMPA's market operations, power plant development,'
long-term strategic planning and financial energy trading, accounting and finance, and n:
focus. During 2015, the Agency's average rate regulatory compliance
was lower than that of a comparable investor- Avant's specialized expertise in energy markets, .:
owned utility, generation and transmission power supply planning, and development of 4.
}
cooperative, and municipal power agency in power plants is important to MMPA's long-'
the state of Minnesota. term success. Avant is an innovator, pursuing
forward-thinking solutions in the areas of
power generation, energy conservation, and ;;
renewable energy .
Avant
Average MMPA Rate to Members Management
in dollars per megawatt hour
. Derck O.Dahleri
70 — President and CEO
60 _ 68.24
69.73 69.63
$/MWh $/MWh $/MWh ` Oncu H. Er
50 —
I Vice President,
"* Planning
40 —
David W.Niles
30 — Vice President
, i
&Controller
20 — - .
s Kelsey E.Dillon
Vice President,
/ Consulting and
0 — 1 i Development
2013 2014 2015
•
2015 MMPA Annual Report 5
117
MMPA HIGHLIGHTS
The timeline below highlights some of MMPA's significant accomplishments
and successes over the course of the Agency's history.
1992 2001 2005
MMPA Founded as Minnesota River Buffalo Joins MMPA
Political Subdivision of Station Completed
the State of Minnesota MMPA adds another
Leased from the MMPA member, growing the
Eight Minnesota municipal member city of Chaska, the Agency by another 10%.
utilities joined together with Minnesota River Station is
the goal of developing an a 49 MW gas-fired peaking 2005
economical wholesale power plant.
First Phase of Faribault
electric supply.
Energy Park Completed
Anoka Le Sueur
Arlington North St.Paul The Agency's first owned
Brownton Olivia 2004 asset, Faribault Energy Park,
Chaska Winthrop
— East Grand Forks & enters service as a simple
1995 Shakopee Join MMPA cycle gas-fired power plant.
Begins Supplying MMPA grows to 10 communities
Power to Its Members as it admits 2 new members,
increasing the size of the Agency
MMPA begins supplying i by approximately 50%.
power to its members from
power supply resources
through contracts with
other utilities.
6 2015 MMPA Annual Report
20 YEARS of
0 R HISTORY POW R SUPPLY
x �
011111 41Ik
MMPA Board of
n N
Directors and / 110.11
� ^� •
Management +:�" ,
/
f _ E
' A
-40 1.
2007 2011 2014
Faribault Energy Park Oak Glen Wind Farm Energizes First
Grand Opening (2nd Completed Transmission Line
Phase Completed)
MMPA completes its first The Agency's first-owned
Thousands attend the grand utility-scale wind project, a transmission asset,a 6 mile
opening of Faribault Energy 44 MW wind farm located in 115kV transmission line in
Park, which celebrates the Blooming Prairie, Minnesota. the member community of
plant's completion as an effi- Anoka, is energized.
cient combined-cycle facility. 2013 2015
Elk River Joins MMPA
MMPA Celebrates 20
2010 Years of Power Supply
The Agency admits its 12th
Hometown WindPower member,which will begin
Completed purchasing power from 2016
MMPA in 2018, growing Shakopee Energy Park
The Agency installs 160 kW MMPA by another 20%. Begins Construction
wind turbines in member
cities, making MMPA the first 2013 The Agency starts construction
municipal power agency with Hometown BioEnergy on a 46 MW natural gas
a turbine in every community. distributedgeneration facility.
MMPA diversifies its renewable
portfolio by adding 8 MW of
dispatchable, renewable energy.
2015 MMPA Annual Report 7
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MMPA CELEBRATES 20 YEARS
of POWER SUPPLY.-
Power supply in the United States has changed greatly over the past 20 years.
In this changing environment, MMPA's focus has been to maintain power supply
flexibility to ensure that the Agency is best positioned to continue delivering
reliable, competitively-priced power to our members, while creating value for
the Agency and our members. MMPA takes a long-term approach to power
supply planning that includes assembling a diversified portfolio of owned and
purchased generation containing both conventional and renewable resources.
Minnesota River Station
The Minnesota River Station (MRS) is a 49 Built in two phases, FEP began operation as a
MW power plant that provides local, reliable, simple-cycle facility in 2005 to satisfy the need
peaking power for the Agency. The simple- for peak summer energy use and went into full
cycle facility entered service in 2001. The combined-cycle operation in 2007. The plant
plant is located in, and owned by, the member runs primarily on natural gas but also uses
community of Chaska. The Agency has a long- fuel oil as a backup fuel. The facility provides
term lease with the City of Chaska for the approximately 70% of the Agency's capacity
facility through 2031. requirements.
Faribault Energy Park FEP is an integral part of the local community
In 2001, MMPA's management identified a by providing education, recreation, and
regional need for energy during times of peak aesthetic beauty. Students and area residents
use in Minnesota. In response to this need are welcomed to visit the facility's 35 acres of
for energy, electric utility industry conditions, park-like wetlands. While on site, guests are
and the Agency's projected growth, MMPA able to view the control room and the steam
built its first owned generation asset — turbine from an observation area. In addition,
Faribault Energy Park (FEP). The 300 MW visitors can also view educational displays, a
combined-cycle facility, located in Faribault, wind turbine, and a solar array, and can even
Minnesota, was designed to be a model of drop a fishing line into one of the ponds.
environmental responsibility and innovation.
2015 MMPA Annual Report 9
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V VDA is comnittcc to
provicing our nombcrs with
ccan roewaoo onergy
MMPA is expanding its portfolio of renewable resources (wind, solar, and
biomass). These resources support meeting the Minnesota Renewable
Energy Standard (RES) and our members' customers' demand for renewable
energy. The RES requires 25% of the Agency's energy to come from
renewable sources by 2025.
Hometown WindPower Hometown BioEnergy
In 2010, MMPA placed a 160 kW wind turbine MMPA's Hometown BioEnergy (HTBE) facility
in each member community, as well as at its was recognized by the American Biogas
Faribault Energy Park facility. This innovative Council as the "Municipal Biogas Project of
Hometown WindPower program made MMPA the Year" in 2015. The 8 MW biomass facility,
the first municipal power agency in the country located in the MMPA member community of
to have a wind turbine in each member Le Sueur, provides local, dispatchable, on-peak,
community. These turbines are a resource to renewable energy for the Agency.
help community members learn about the
HTBE uses anaerobic digestion technology
benefits and operating characteristics of wind
to produce biogas from agricultural and
power, while also demonstrating the Agency's
food processing wastes from a number of
commitment to renewable energy.
local sources, including 4 MMPA member
Oak Glen Wind Farm communities. The biogas serves as fuel for
Oak Glen Wind Farm (OGWF) is a 44 MW the reciprocating engines, which produce
wind project located near Blooming Prairie, electricity. Unique compared to other forms
Minnesota. The project is composed of 24 of renewable generation, the plant has
turbines that produce renewable energy for significant gas storage, allowing the Agency
the Agency. The wind farm is projected to to generate electricity during on-peak hours
produce approximately 150,000 MWh of when electricity generation is more valuable.
renewable energy annually. OGWF entered The facility also creates valuable by-products,
service in 2011 and has consistently performed including a liquid by-product used for fertilizer
at a high level of reliability. by local farmers.
2015 MMPA Annual Report 11
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Power Supply
VRAsexoanoHg
its oowor su o o y portfo
MMPA's members' electric demands have grown and are expected to continue
to grow over the coming years. This, combined with Elk River beginning
to buy power from MMPA in 2018, creates the need for the Agency to add
generating resources to its diversified portfolio.
Distributed Generation Program
MMPA's distributed generation program will SEP will provide the Agency with peaking power
support the Agency's projected growth. The during times of high energy use in the market.
program expects to place natural gas fueled The facility will provide additional benefits to the
distributed generation in the member communities Agency, including local interconnection to avoid
of Shakopee, Chaska, and Anoka. By locating high voltage transmission costs and increased
generation at or near load, the program expands local reliability. SEP also helps support business
the Agency's commitment to local power development in our member communities.
generation within our member communities.
Like other MMPA facilities, Shakopee Energy
Shakopee Energy Park Park goes beyond power generation and
Shakopee Energy Park (SEP) will be the first seeks to provide the Agency and its member
natural gas fueled distributed generation facility community of Shakopee with a long-term
in the distributed generation program. The 46 energy supply asset for many years to come.
MW facility near Canterbury Park broke ground
in spring 2016 and is expected to be in service
in 2017.
issomkr
lir
1
A 1 iY1
2015 MMPA Annual Report 13
Power Supply
Black Oak Getty
'" .� To support the Agency's commitment to
' � renewables, MMPA signed a twenty-year
.; � a contract with Sempra U.S. Gas& Power for
,, the output of the Black Oak Getty Wind
Project in Stearns County, Minnesota.
Construction of the 78 MW wind project
...011Pr .
k
began in spring 2016 and is expected to be
complete in fall 2016.The contract will supply
approximately 300,000 MWh of renewable
energy annually for the Agency.
Buffalo Solar
To further diversify the Agency's renewable
portfolio, MMPA is working with a developer
j
on a utility-scale solar project in its member
... �, community of Buffalo. MMPA will purchase
the output from the 7 MW solar project via a
power purchase agreement. The Buffalo solar
project is expected to be in service in 2017.
Renewable Energy Credits
MMPA purchases renewable energy credits
(RECs)from a variety of renewable facilities in
Minnesota and the Midwest. These RECs are
sourced from a variety of renewable technol-
ogies and supplement the Agency's owned
renewable generation. REC purchases support
the Agency's commitment to renewables and
meeting the RES requirements from the State
of Minnesota.
Power Supply
V V strives to orovice
rc I a J c, co m octitivc y-oriccc
oower to or members.
To position the Agency to deliver on its mission, MMPA invests in
transmission and manages a robust hedging program. In response
to volatile energy markets, the Agency utilizes its physical assets and
forward contracts to achieve rate predictability for our members.
Transmission Forward Market Purchases
MMPA owns transmission in its member The Agency purchases both electricity and
communities of Anoka and Chaska. These natural gas in forward markets to reduce risk
transmission assets support the Agency's and promote rate stability. These efforts mitigate
objective to provide reliable power. In short-term energy price risks for MMPA.
addition, they provide an economic return to
MMPA. Looking ahead, the Agency continues Energy Price Cap
Faribault Energy Park and Minnesota River
to explore additional transmission investment
Station provide a price cap on energy costs
opportunities in its member communities.
for the Agency. Shakopee Energy Park and
future distributed generation resources will also
provide price caps for MMPA.
rc Resource Hedging
Oak Glen WFarm Hometown BioEnergy
hedge energyind Price riskand for MMPA. Black Oak
:-:,/,'
Getty and Buffalo Solar will provide additional
/~- hedges for the Agency.
2015 MMPA Annual Report 15
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Supporting Our Member Communities
V V A su000rtstho
corn munIties wo sorve,
Utility customer needs are changing and will continue to evolve. To meet
these needs, MMPA offers programs and services designed to provide
value to our members' customers.
Energy Education
2,500 students participated in the Agency's lesson ranging from the concept of energy and
2015 Energy Education Program. This unique energy sources to how a power plant, such as
educational experience provides students with FEP, generates electricity and provides power
the opportunity to learn first-hand about power to local homes and businesses.
generation and about their local utility. For schools not easily accessible to FEP,
The Program aligns with Minnesota's 4th Grade the Agency offers an in-school education
Science Standards and focuses on how energy assembly, developed and presented by MMPA
is generated, transmitted, and used. Students in partnership with the Science Museum of
learn these concepts through MMPA's Energy Minnesota. These educational events help bring
Education Workbook, interactive tours, and interactive energy learning opportunities to more
in-school assemblies. students throughout our member communities.
A key component of the Energy Education
Program is the Faribault Energy Park (FEP)
Tour Event. While visiting the 300 MW capacity Energy Education
natural gas facility, students are able to view
the control room, steam turbine, on-site wind „
turbine, and solar array. During the month of ' '> f
�►
May, fourth graders attend the Tour Event and r" n ; , '
rotate through educational stations located
throughout the facility and its wetlands park. < ,
Each station focuses on a specific energy
2015 MMPA Annual Report 17
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Supporting Our Member Communities
fVVDA Iaunc -cs its
Hometown Soarorant Drogram ,
The future of our energy supply includes both conventional and renewable
resources. The Hometown Solar Grant Program offers our members a
unique, local learning opportunity to educate and familiarize members'
customers with solar power.
Hometown Solar
In 2015, the Agency launched its Hometown The Agency selected the member communities
Solar Grant Program — an extension of MMPA's of Arlington, Brownton, Olivia, and Winthrop
Energy Education Program. The purpose of as the first to receive grant awards. Solar
the grant program is to provide an educational installations are expected to be installed at
asset to our member communities and to help Sibley East Middle/High School, Brownton City
teach local youth first-hand how sunlight is Offices, Bird Island-Olivia-Lake Lillian (BOLD)
converted into electricity, as well as the unique High School, and Gibbon-Fairfax-Winthrop (GFW)
benefits of solar power. High School.
The Hometown Solar Grant Program provides MMPA completed its first Hometown Solar
schools and other educational facilities (i.e. installation at its Faribault Energy Park (FEP)
community centers, city offices, and libraries) in spring 2015. The FEP installation supports
with the opportunity to apply for a 5 kW solar MMPA's Energy Education Program, including
installation. educational tours at the Faribault facility.
MMPA plans to award four grants each year
for three years, providing all 12 MMPA member
communities the opportunity to participate.
"3y having a solar panel installec anc locatec right
on school crouncs our stucents will nave access
to an invaluasle ecucation tool H which to more
intricately stucy the use of solar cower"
— John Dotson, BOLD Schools Superintendent (Olivia)
2015 MMPA Annual Report 19
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Supporting Our Member Communities
V VPAs innovative products
Gnc services orovce vaue
to our mem ocrs' customers,
Conservation
MMPA offers a Conservation Improvement Customer education is crucial, both at the
Program (CIP) to our member communities. The residential and commercial level. Our members
program provides a wide range of residential work to implement thoughtful efforts to engage
and commercial rebates that provide value their customers. To increase awareness of
to our members' utility customers. Currently, LED lighting, three members distributed
7 MMPA communities participate in the conservation kits to residential customers.
Agency's program. Another member distributed LED T8 lamps to
MMPA's 2015 program achieved its 1.5% CIP commercial customers through a door-to-door
spending requirement and had energy savings campaign. A team of utility staff and industry
of 1.1% of average retail sales. The program volunteers visited local businesses, educating
includes a variety of offerings to customers, customers on energy efficient products and
from residential ENERGY STAR® appliance and available commercial rebates, and offered a
lighting rebates to retrofit and new construe free pair of 4 foot LED T8 lamps to customers
tion lighting, variable frequency drive, and agreeing to replace existing fluorescent lamps.
custom rebates for commercial and industrial Renewable Products
customers. 2015 program additions included a MMPA launched its renewable products
residential ENERGY STAR humidifier rebate and program in 2015 in select member
new commercial LED fixture rebates. communities. The program offers choice
MMPA actively pursues custom projects because to residential customers, with options of
they yield high kWh savings per dollar spent purchasing all or a portion of their electricity
and provide incentives for large customers from renewable resources. The Agency
to pursue energysavingtechnologies. In 2015, strives to support our members' needs
9� pp by
MMPA worked directly with commercial and providing useful information, convenient
industrial customers on custom rebates for services and innovative products from their
innovative, energy efficient projects. As an electric providers.
example, one member paid a $30,000 custom
rebate to a large industrial customer for a
project that saved over 700,000 kWh.
2015 MMPA Annual Report 21
Financial Highlights
VVDAs - fla ficial strengtn
su000rts the Agency's ability to orovice
sty e anc CO '1r1 oCtltiVe ratCsr
Rate Stabilization Fund Bond Retirement
At the end of 2015, MMPA's rate stabilization The Agency used cash to retire$14 million of its
fund balance totaled $30.5 million. The rate outstanding bonds in 2015.These bonds had
stabilization fund allows MMPA to set stable a 5%coupon and were scheduled to mature in
and predictable rates to members based on 2034 and 2035. Extinguishing this debt saves
long-term energy price expectations. The goal approximately$700,000 per year in interest
of the Agency's rate stabilization fund is to expense for the next 20 years, resulting in lower
assist in providing competitive electric prices rates to members.
to members.
Debt Service Coverage
Forward-Looking Energy The MMPA Board of Directors has a policy of
Adjustment Clause adopting an annual budget that provides debt
Energy prices can be volatile. MMPA's rates to service coverage of at least 1.20 times debt
members includes a forward-looking energy service. This target is higher than the 1.15 times
adjustment clause (EAC). At the beginning of debt service coverage requirement contained
each month, the Agency sets rates to members in the Agency's bond indenture. The policy is
based on projected costs for the month. Having intended to provide the Agency with flexibility
a forward-looking EAC helps MMPA by matching to withstand unexpected events, while ensuring
the timing of revenues and expenses. financial strength. The Agency exceeded its
target in 2015 with a debt service coverage ratio
of 1.27 times debt service.
Year-Ending Rate Debt Service Coverage Ratio
Stabilization Balance
in thousands of dollars 1.30 —
35,000 —
30,000 — 1.25— 1.27 1.27
$29,300 $30,450 $30,450 124
25,000 — 1.20 —
20,000 —
1.15 —
15,000 —
1.10—
10,000 —
a
5,000 —
0 — 1.00 -
2013 2014 2015 2013 2014 2015
22 2015 MMPA Annual Report
134
Financial Highlights
Minnesota Municipal Power Agency
Statements of Net Position
December 31 December 31
Assets 2015 2014
Current assets:
Cash and cash equivalents $ 21,329,356 39,090,296
Restricted cash and cash equivalents 5,363,890 4,299,485
Short-term investments 1,000,000 2,999,556
Accrued interest receivable 169,253 68,420
Power sales receivables 8,104,945 8,519,502
Other receivable 304,177 458,169
Fuel inventory 1,354,777 1,501,063
Plant inventory—spares 1,981,104 1,843,544
Prepaid expenses 1,005,845 472,878
Total current assets 40,613,347 59,252,913
Noncurrent assets:
Capital assets:
Equipment 1,192,857 962,290
Capital lease asset 29,080,531 29,080,531
Land 6,116,062 4,222,351
Electric plant 311,946,139 310,305,095
Rotable combustion turbine parts 9,844,205 9,844,205
Less accumulated depreciation (87,446,358) (75,612,012)
Property and equipment, net 270,733,436 278,802,460
Construction in progress 6,741,563 471,219
Total capital assets, net 277,474,999 279,273,679
Investments 1,000,000 2,000,000
Restricted cash and cash equivalents 269,341 441,405
Restricted investments 19,814,495 22,206,743
Prepaid expenses 530,538 561,243
Future recoverable costs 37,242,644 32,605,392
Total noncurrent assets 336,332,017 337,088,462
Total assets 376,945,364 396,341,375
Deferred Outflows
Deferred outflows of resources 2,359,009 1,788,969
Total assets and deferred outflows of resources $379,304,373 398,130,344
Liabilities
Liabilities:
Current liabilities:
Accounts payable and accrued liabilities $ 7,389,957 11,985,661
Retainage payable — 338,934
Accrued interest payable 2,815,077 2,386,016
Long-term debt due within one year 8,713,333 8,813,334
Capital lease liability due within one year 865,561 816,798
Derivative instruments—futures 742,090 81,900
Total current liabilities 20,526,018 24,422,643
Long-term debt, net 242,763,042 266,657,458
Capital lease liability 19,910,496 20,776,057
Total noncurrent liabilities 262,673,538 287,433,515
Total liabilities 283,199,556 311,856,158
Deferred Inflows
Deferred inflows of resources—rate stabilization 30,450,000 30,450,000
Deferred inflows of resources—other 7,545,438 7,179,591
Total liabilities and deferred inflows of resources 321,194,994 349,485,749
Net Position
Net position:
Net investment in capital assets 32,099,907 9,508,833
Restricted for debt service 5,363,890 6,298,873
Unrestricted 20,645,582 32,836,889
Total net position 58,109,379 48,644,595
Total liabilities and deferred inflows of resources
and net position $379,304,373 398,130,344
2015 MMPA Annual Report 23
Financial Highlights
Minnesota Municipal Power Agency
Statements of Revenues, Expenses,
and Changes in Net Position Year ended Year ended
December 31 December 31
2015 2014
Operating revenues:
Power sales to members $104,806,467 104,722,737
Power sales to nonmembers 577,120 156,123
Total operating revenues 105,383,587 104,878,860
Operating expenses:
Power acquisition expense 42,466,770 44,839,029
Transmission 11,125,853 10,444,101
Other operating expenses 23,597,219 21,836,740
Depreciation 11,834,346 11,576,917
Total operating expenses 89,024,188 88,696,787
Operating income 16,359,399 16,182,073
Nonoperating revenues (expenses):
Amortization of premium on long-term debt, net 782,146 324,833
Interest expense (13,403,391) (14,422,118)
Investment income 1,402,545 980,363
Net(decrease) increase in fair value of investments (680,102) 1,999,388
Gain on extinguishment of debt 378,022 -
Gain on sale of investments - 102,123
Total nonoperating revenues (expenses), net (11,520,780) (11,015,411)
Change in net position before
future recoverable costs 4,838,619 5,166,662
Future recoverable costs 4,626,165 2,267,338
Change in net position 9,464,784 7,434,000
Total net position, beginning of year 48,644,595 41,210,595
Total net position, end of year $ 58,109,379 48,644,595
Visit www.mmpa.org to see comolete aucitec
financial statements anc learn more aoout VV DA.
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24 2015 MMPA Annual Report
MMPA
Minnesota Municipal Power Agency
220 South Sixth Street,Suite 1300 612.349.6868
Minneapolis,MN 55402 www.mmpa.org
Minnesota Municipal Power Agency
Statement of Net Position
As of June 30,2016-Unaudited
Assets
Current assets:
Cash and cash equivalents $ 7,708,294
Restricted cash and cash equivalents 9,350,076
Short-term investments 1,000,000
Accrued interest receivable 170,675
Power sales receivables 10,686,329
Other receivable —
Fuel inventory 1,204,612
Plant inventory-spares 2,177,270
Prepaid expenses 1,143,719
Total current assets 33,440,975
Noncurrent assets:
Capital assets:
Equipment 1,192,857
Capital lease asset 29,080,531
Land 7,066,131
Electric plant 311,975,372
Rotable combustion turbine parts 9,844,205
Less accumulated depreciation (93,412,098)
Property and equipment,net 265,746,998
Construction in progress 24,192,685
Total capital assets,net 289,939,683
Investments 1,000,000
Restricted cash and cash equivalents 414,086
Restricted investments 20,865,477
Prepaid expenses 515,186
Future recoverable costs 38,001,261
Total noncurrent assets 350,735,693
Total assets 384,176,668
Deferred Outflows
Deferred outflows of resources 1,097,044
Total assets and deferred outflows of resources $ 385,273,712
Liabilities
Liabilities:
Current liabilities:
Accounts payable and accrued liabilities $ 10,027,210
Retainage payable 383,037
Accrued interest payable 2,815,077
Long-term debt due within one year 8,713,333
Capital lease liability due within one year 891,023
Derivative instruments-futures (382,740)
Total current liabilities 22,446,940
Long-term debt,net 242,379,731
Capital lease liability 19,458,526
Derivative instruments-futures (92,060)
Total noncurrent liabilities 261,746,197
Total liabilities 284,193,137
Deferred Inflows
Deferred inflows of resources-rate stabilization 33,071,000
Deferred inflows of resources-other 8,379,944
Total liabilities and deferred inflows of resources 325,644,081
Net Position
Net position:
Net investment in capital assets 46,600,259
Restricted for debt service 9,350,076
Unrestricted 3,679,296
Total net position 59,629,631
Total liabilities and deferred inflows of resources and net position $ 385,273,712
139
Minnesota Municipal Power Agency
Statements of Revenues, Expenses and Changes in Net Position
YTD June 30, 2016- Unaudited
Operating revenues—power sales to members $ 51,520,479
Operating revenues—power sales to non-members 398,861
Total operating revenues 51,919,340
Operating expenses:
Power acquisition expense 20,344,940
Transmission 9,073,629
Other operating expenses 11,386,862
Depreciation 5,965,739
Total operating expenses 46,771,170
Operating income(loss) 5,148,170
Nonoperating revenues(expenses):
Amortization of premium on long-term debt,net 383,312
Interest expense (6,273,907)
Investment income 452,698
Net change in the fair value of investments 1,051,362
Total nonoperating revenues(expenses),net (4,386,535)
Change in net position before future recoverable costs 761,635
Future recoverable costs 758,617
Change in net position 1,520,252
Total net position,beginning of year 58,109,379
Total net position,June 30, 2016 $ 59,629,631
140
,,i
Elk River
Municipal Utilities UTILITIES COMMISSION MEETING
TO: FROM:
Elk River Municipal Utilities Commission Theresa Slominski—Finance and Office Manager
John Dietz—Chair
Al Nadeau—Vice Chair
Daryl Thompson—Trustee
MEETING DATE: AGENDA ITEM NUMBER:
September 13, 2016 6.1b
SUBJECT:
Staff Update
DISCUSSION:
We will be doing our last round of shutoffs in early October before the Cold Weather Rule
comes into play for the time period of October 15t through April 15th. The shutoffs have been
successful this year in that we are getting our pool of customers needing shutoffs in a tighter
group. As noted previously,this year we were turning off some apartments in the summer
months and usually we are able to include apartments because there are too many other
individual residences that are on the list.
On August 22nd I attended our City, County, Other Government Agency (CCOGA) meeting for
our medical insurance pool and received our renewal increase that was 19%. This is a high
renewal rate; however, I feel it worthy to note that a significant benefit of being in the CCOGA
pool is that it spreads our risk and mitigates high renewals. Because of our claims this past year,
we should have had a 46% increase in our premiums; but because we are in the pool we are
limited to a 19% increase. We have had some ups and downs with the renewal rates over the
years, ranging from-9.5%to 22%, with our average increase at 7.37% The Wage and Benefits
Committee has a meeting September 12th to review options and will be bringing more
information to the commission after that meeting.
I will be attending the NISC Membership Information Conference (MIC) and will be out of the
office the afternoon of Tuesday, September 6th through Friday, September 9th. I hope to find out
more information about NISC's commitment to Fund Accounting and future software
enhancements that will benefit us. I will provide a verbal update at the commission meeting.
IIEPOiEOEO BY
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141
.,/
Elk River
Municipal Utilities UTILITIES COMMISSION MEETING
TO: FROM:
Elk River Municipal Utilities Commission Mark Fuchs—Electric Superintendent
John Dietz—Chair
Al Nadeau—Vice Chair
Daryl Thompson—Trustee
MEETING DATE: AGENDA ITEM NUMBER:
September 13,2016 6.1c
SUBJECT:
Staff Update
DISCUSSION:
• Had eight new services.
• Continue working on collecting data with the GPS for our ArcView maps as time
permits.
• Continue rebuilding River Ranch in Otsego.
• Continue working on changing out some of the rusty junction boxes or removing ones
that are no longer necessary. During the process of going through these areas,we also
install fuse pads for better sectionalizing when a fault occurs.
• Continue installing a new feeder from the east side of HWY 169 by GRE to the east side
of HWY 10 across from Nature's Edge Business Center. This feeder will give us a feeder
loop under HWY 10 to be used when we acquire area two from Connexus.
• Had to lower some three phase underground primary at the Sherburne County
Government Center for a parking lot they're putting in.
• Had to replace a guy wire pole that was struck by a vehicle on County Road 12 and
Cleveland Street.
• Lightning hit two blades on a pole which caused an outage in Connexus acquisition Area
1A and 1B on August 18th at 6:15 am. It took approximately an hour to get the load
switched around and the power restored. During the process of moving load around, we
discovered damaged PMH-9 pad mount switchgear that also needed to be replaced.
• Lightning also hit a cutout and dead-end insulator in Dayton on September 5th which
caused an outage.
P0VEHE0 8Y
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Elk River
Municipal Utilities UTILITIES COMMISSION MEETING
TO: FROM:
Elk River Municipal Utilities Commission Mike O'Neill—Technical Services Superintendent
John Dietz—Chair
Al Nadeau—Vice-Chair
Daryl Thompson- Trustee
MEETING DATE: AGENDA ITEM NUMBER:
September 13th, 2016 6.1d
SUBJECT:
Staff Update
DISCUSSION:
• In August, The Locating department had a total of 521 locate tickets; consisting of 8
emergency tickets, 16 cancellations, 15 meetings, 426 normal tickets and 26 updated tickets.
• In August,the security systems sales and installation department was shut down. WH
Security is currently handling all of the service and sales calls for ERMU. Attached is the
security system update and analysis for the month of July.
• Electric Technicians continue with the meter reading, power bill, substation checks, hanging
red-tags, meter read-outs, dealing with meter and off-peak issues, as well as delivering and
installing new meters to commercial customers. They continue to change out the three phase
meters with meters that will be read by radio ERT. Preparing for meter change outs in Area
2 as well as auditing the meters already acquired from Areas 1 a and lb.
• Metering department is working with Itron to acquire and install replacement software for
MVRS;the new software will give us greater capabilities in meter reading and data sharing.
• The power plant staff did the monthly engine run on August 30th. All engines with the
exception of engine 4 ran well. We are currently working on engine 4 to determine why we
couldn't get that one online.
• Mapping department is very close to being finished with getting entire service territory map
updated to reflect entire system in Esri mapping software. They continue to enter GPS
points and attribute points for our systems assets.
• Jeff Murray attended the Upper Midwest Metering Association Summer Meeting August 3-
5 in Duluth, MN. His education report is attached.
ATTACHMENTS:
• Security Systems Weekly Update
• Security System Analysis
• Jeff Murry Education Report
POWERED BY
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4
Elk River —
Municipal Utilities
13069 Orono Parkway
P.O. Box 430
Elk River, MN 55330-0430
Elk River Municipal Utilities
Security System Weekly Update
Month of July
Number of Contacts 77
Number of systems quoted 9
Number of sales made 5
Number of Installs completed 6
Number of service calls 30
Personal Visits 9
Revenue Jul-15 $ 19,953
Expense Jul-15 $ 14,174
Margin* Jul-15 $ 5,780
YTD Revenue Jul-15 $ 148,062
YTD Expense Jul-15 $ 98,330
YTD Margin* Jul-15 $ 49,733
*Margin calculations exclude depreciation,payroll taxes,benefits coverage and office support
144
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Elk River
Municipal Utilities UTILITIES COMMISSION MEETING
TO: FROM:
Elk River Municipal Utilities Commission Eric Volk- Water Superintendent
John Dietz—Chair
Al Nadeau—Vice Chair
Daryl Thompson—Trustee
MEETING DATE: AGENDA ITEM NUMBER:
September 13, 2016 6.1e
SUBJECT:
Staff Update
DISCUSSION:
• Delivered seven new water meters.
• Sealed the water meter, and took curb stop ties from ten water services.
• Went on seven service calls.
• Completed 25 BACTI/Total Chlorine Residual Samples
o All confirmed negative for Coliform Bacteria.
• Completed 20 routine fluoride samples
o All samples met MDH standards.
• Completed one validation fluoride sample mandated by the MDH.
• The water operators have completed the work on all of the hydrants that were scheduled
for maintenance this year. Upon that completion,the 1,200+hydrants in our system have
had preventative maintenance performed on them within the past four years. The private
hydrants have had maintenance completed three times.
• The WTP#7 Expansion is on schedule. Some of the piping has been removed from inside
the building. All of the footings and beams have been poured. The filter is scheduled to
be set in place by the 9th of September.
• The 2016 leak detection survey has been completed. It was discovered that ten fire
hydrants were leaking which required repairs. We also discovered two water main breaks
that have never surfaced; one break is located on the corner of County Road 30 and
Macon Street and the other one is located in West Oaks. As the West Oaks break is on a
private main it will be repaired by the association.
ATTACHMENTS:
• July Pumping by Well
• July 2016 Accumulated Precipitation Graph
• July 2016 Daily Temperature Graph
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Elk River
Municipal Utilitie S UTILITIES COMMISSION MEETING
TO: FROM:
Elk River Municipal Utilities Commission Tom Sagstetter- Conservation and Key Accounts
John Dietz—Chair Manager
Al Nadeau—Vice Chair
Daryl Thompson—Trustee
MEETING DATE: AGENDA ITEM NUMBER:
September 13, 2016 6.1f
SUBJECT:
Staff Update
DISCUSSION:
• Staff met with Dave Berg Consulting, LLC on the cost of service study to answer some
general questions on cost and sales projections. The study is progressing and the first
analysis should be completed in September. Staff has allowed for some flexibility in the
schedule to allow for the inclusion of updated capital and wholesale power costs.
• Waste Management has submitted all the expenses through July for the landfill gas plant.
This includes monthly maintenance over contracted amounts; the rebuild of engine#4
and re-rings on engines#1, #2, and#3. ERMU staff has submitted data to the League of
Minnesota Cities (LMC) as part of the insurance claim. The LMC is waiting to hear back
from the re-insurance company on the claim. The operating revenue is projected to be
positive for 2016 prior to the insurance claim and including the waiver of landfill gas
expense.
• We had another residential customer install a larger 240 volt charger. ERMU staff
worked with the customer, and the customer's electrician,to install the unit properly so
they could participate in the electric vehicle charging rate program which continues to
grow. Staff learned a great deal on this installation because it was the largest one to date.
• Working with Connexus Energy on the second service territory transfer. The transfer
will occur on September 20th, at 9:00 a.m. The customers have been contacted and
informed of the transfer and outage. Staff has been working with primarily commercial
customers on the rate changes that will occur. Some commercial customers are on
special rates or on incorrect rate schedules with Connexus Energy. There has been
discussion with some customers on the transition to the appropriate rate schedule and the
possibility of a$1 per kW demand adjustment for 2017. The demand adjustment, if
approved in the budget, would be funded from reserves in 2017.
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