HomeMy WebLinkAbout2024-12-06 BPMC Agenda and docsBRADLEY LAKE PROJECT MANAGEMENT COMMITTEE MEETING AGENDA -UPDATED December 6, 2024 To participate dial 1-888-585-9008 and use code 212-753-619#
1. CALL TO ORDER
2. ROLL CALL (for Committee members)
3. PUBLIC ROLL CALL (for all others present)
4. AGENDA APPROVAL
5. PUBLIC COMMENTS
6. APPROVAL OF MEETING MINUTES – September 27, 2024
7. NEW BUSINESS
A. FY24 BPMC Audited Financial Statements and Letter
B. FY24 Refund of Surplus
C. Bradley Lake Renewable Energy Credits (REC’s)
i. AEA Board’s Memo and Resolution
ii. Spreadsheet of estimated value
D. FY25 Proposed BPMC Meeting Dates
E. Bradley O&M Agreement - Discussion
8. OLD BUSINESS
A. Grip 3, Phase 1 Update Jim Mendenhall
B. Railbelt Regional Coordination Update Brian Hickey
9. OPERATORS REPORT HEA
10. COMMITTEE REPORTS
A. Budget vs. Actuals Mark Ziesmer
B. O&D Report Andy Patrick
11. EXECUTIVE SESSION – (Bylaws Section 5.11.4(d)) – To discuss confidential financial matters the
immediate knowledge of which may have an adverse effect on the Authority or Project.
12. MEMBERS COMMENTS
13. NEXT MEETING DATE – January 17, 2025 (tentative)
14. ADJOURNMENT
Bradley Lake Project
Management Committee
Operating and Revenue Funds
TO THE BRADLEY LAKE PROJECT MANAGEMENT COMMITTEE
Year Ended June 30, 2024
EXECUTIVE SUMMARY
1
EXECUTIVE SUMMARY
To assist you in your responsibilities as a member of the Bradley Lake Project Management Committee, this
section summarizes the most significant conclusions reached and issues addressed during our audit of the
Bradley Lake Project Management Committee Operating and Revenue Funds for the year ended June 30, 2024.
SIGNIFICANT CONCLUSIONS AND ISSUES
We have completed our audit and issued our report dated November 22, 2024. Based on our work performed:
• We rendered an unmodified opinion on the special-purpose financial statements as of and for the year
ended June 30, 2024.
• We have not identified any conditions that we consider to be material weaknesses in internal control, as
defined by generally accepted auditing standards.
• We have not identified any instances that we consider to be material instances of noncompliance with
certain provisions of laws, regulations, and contracts.
• We received the full cooperation of management and staff throughout the organization and were kept
informed as to developments and plans affecting our audit scope.
• No restrictions were placed on the scope of our work.
The following report includes additional information and communications for the benefit of those charged with
governance, as required by professional standards.
Aldrich CPAs + Advisors LLP
680 Hawthorne Avenue SE, #140
Salem, OR 97301
To the Bradley Lake Project Management Committee
Anchorage, Alaska
We have audited the special-purpose financial statements of the Bradley Lake Project Management Committee (the
Committee) Operating and Revenue Funds for the year ended June 30, 2024, and have issued our report thereon
dated November 22, 2024. Professional standards require that we provide you with information about our
responsibilities under generally accepted auditing standards, as well as certain information related to the planned
scope and timing of our audit. We have communicated such information in our letter to you dated October 14,
2024. Professional standards also require that we communicate to you the following information related to our
audit.
Significant Audit Findings
Qualitative Aspects of Accounting Policies
Management is responsible for the selection and use of appropriate accounting policies. The significant
accounting policies used by the Committee Operating and Revenue Funds are described in Note 1 to the June
30, 2024, special-purpose financial statements. No new accounting policies were adopted, and the application of
existing policies was not changed during fiscal year 2024. We noted no transactions entered into by the
Committee Operating and Revenue Funds during the year for which there is a lack of authoritative guidance or
consensus. All significant transactions have been recognized in the special-purpose financial statements in the
proper period.
Accounting estimates are an integral part of the special-purpose financial statements prepared by management
and are based on management’s knowledge and experience about past and current events and assumptions
about future events.
Certain financial statement disclosures and changes are particularly sensitive because of their significance to
financial statement users. The most sensitive disclosures are:
The disclosures in Note 1 related to revenue and expense recognition
The disclosure of major contracts and agreements
The disclosure of surplus refunds and shortage receivables
The special-purpose financial statement disclosures are neutral, consistent and clear.
Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all misstatements identified during the audit, other than those
that are clearly trivial, and communicate them to the appropriate level of management. Management has
corrected all such misstatements. In addition, none of the misstatements detected as a result of audit procedures
and corrected by management were material, either individually or in the aggregate, to the financial statements
taken as a whole..
Disagreements with Management
For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing
matter that could be significant to the special-purpose financial statements or the auditor’s report. We are pleased
to report that no such disagreements arose during the course of our audit.
Management Representations
We have requested certain representations from management that are included in the management
representation letter dated November 22, 2024.
3
Management Consultations with Other Independent Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting
matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves application of an
accounting principle to the Committee Operating and Revenue Funds’ special-purpose financial statements or a
determination of the type of auditor’s opinion that may be expressed on those statements, our professional
standards require the consulting accountant to check with us to determine that the consultant has all the relevant
facts. To our knowledge, there were no such consultations with other accountants.
Difficulties Encountered in Performing the Audit
We encountered no significant difficulties dealing with management in performing and completing our audit.
Other Audit Findings or Issues
We will generally discuss a variety of matters, including the application of accounting principles and auditing
standards, with management each year prior to retention as the Committee Operating and Revenue Funds’
auditors. However, these discussions occurred in the normal course of our professional relationship and our
responses are not a condition to our retention.
Other Matters
With respect to the supplemental information accompanying the special-purpose financial statements, we made
certain inquiries of management and evaluated the form, content, and methods of preparing the information to
determine that the information complies with accounting requirements of the Operating and Revenue Funds
established under the Alaska Energy Authority Power Revenue Bond Resolution, the method of preparing it has
not changed from the prior period, and the information is appropriate and complete in relation to our audit of the
special-purpose financial statements. We compared and reconciled the supplemental information to the
underlying accounting records used to prepare the special-purpose financial statements or to the special-purpose
financial statements themselves.
This information is intended solely for the use of the Committee and management of the Committee Operating
and Revenue Funds and is not intended to be and should not be used by anyone other than these specified
parties.
Aldrich CPAs + Advisors LLP
Current Liabilities per BPMC FY24 Financial Statements
Payable to Utilities - O & M Refund 1,430,568.82$
Payable to Utilities - R & C Refund 1,346,232.70
Total Bradley Lake Refund 2,776,801.52
Payable to Utilities - O & M Refund 400,229.31
Payable to Utilities - R & C Refund 169,102.27
Total Battle Creek Refund 569,331.58
Payable to Utilities - O & M Refund 319,802.08
Total SSQ Line Refund 319,802.08$
Bradley Lake Refunds by Utility
Utility Percent Shared FY24 Refund O&M Refund R&C Refund Total
Chugach Electric 24007 56.30% 1,563,339.25$ 805,410.24$ 757,929.01 1,563,339.25$
Homer Electric 24011 12.00% 333,216.18 171,668.26 161,547.92 333,216.18
Matanuska Electric 24012 13.80% 383,198.61 197,418.50 185,780.11 383,198.61
Golden Valley Electric 24010 16.90% 469,279.46 241,766.13 227,513.33 469,279.46
City of Seward 24009 1.00% 27,768.02 14,305.69 13,462.33 27,768.02
100.00%2,776,801.52$ 1,430,568.82$ 1,346,232.70$ 2,776,801.52$
Battle Creek Refunds by Utility
Utility Percent Shared FY24 Refund O&M Refund R&C Refund Total
Chugach Electric 24007 30.40% 173,076.80$ 121,669.71$ 51,407.09 173,076.80$
Homer Electric 24011 37.90% 215,776.67 151,686.91 64,089.76 215,776.67
Matanuska Electric 24012 13.80% 78,567.76 55,231.65 23,336.11 78,567.76
Golden Valley Electric 24010 16.90% 96,217.04 67,638.75 28,578.29 96,217.04
City of Seward 24009 1.00% 5,693.31 4,002.29 1,691.02 5,693.31
100.00%569,331.58$ 400,229.31$ 169,102.27$ 569,331.58$
SSQ Line Refunds by Utility
Utility Percent Shared FY24 Refund O&M Refund R&C Refund Total
Chugach Electric 24007 56.30% 180,048.57$ 180,048.57$ - 180,048.57$
Homer Electric 24011 12.00% 38,376.25 38,376.25 - 38,376.25
Matanuska Electric 24012 13.80% 44,132.69 44,132.69 - 44,132.69
Golden Valley Electric 24010 16.90% 54,046.55 54,046.55 - 54,046.55
City of Seward 24009 1.00% 3,198.02 3,198.02 - 3,198.02
100.00%319,802.08$ 319,802.08$ -$ 319,802.08$
Total Refund Due to Each Utility 3,665,935.18$
Utility FY24 Refund
Chugach Electric 24007 1,916,464.62$
Homer Electric 24011 587,369.10
Matanuska Electric 24012 505,899.06
Golden Valley Electric 24010 619,543.05
City of Seward 24009 36,659.35
Total Payment 3,665,935.18$
Balance check 3,665,935.18
Off -
Bradley Lake Project Management Committee
FY24 Refund of Surplus
BRADLEY LAKE PROJECT MANAGEMENT COMMITTEE
OPERA TING AND REVENUE FUNDS
Notes to Financial Statements
Years Ended June 30, 2024 and 2023
Note 4 -Related Party Transactions, continued
Amounts payable to related parties at June 30, 2024 and 2023 were as follows:
Included in accounts payable:
Homer Electric Association, Inc.
Chugach Electric Association, Inc.
Matanuska Electric Association, Inc.
Due to others:
Alaska Energy Authority -short-term borrowing
for vendor payments
$
$
$
$
2024
877,536 $
70,728 $
45,849 $
679,491 $
2023
968,319
164,268
73,845
1,135,490
At June 30, 2024, the balance due to the R & C Fund from the Operating Fund for amounts collected but not
transferred at year-end is $73,931 ($688,755 at June 30, 2023).
At June 30, 2024, the balance due from the Operating Reserve and R & C Funds for interest income is $18,789
($194,558 at June 30, 2023).
Note 5 -Surplus Refunds
The $1,430,568 operation and maintenance and $1,346,233 renewal and contingency surpluses related to Bradley
Lake at June 30, 2024, will be refunded to member Utilities in fiscal year 2025 pursuant to the Power Sales
Agreement and direction of the Committee. The $400,229 operations and maintenance and $169,102 renewal and
contingency surpluses related to Battle Creek at June 30, 2024, will be refunded to member Utilities in fiscal year
2025 pursuant to the Power Sales Agreement, the Battle Creek Diversion Project Share Allocation, and direction of
the Committee. The $319,802 operation and maintenance surplus related to the SSQ Line at June 30, 2024, will be
refunded to member Utilities in fiscal year 2025 pursuant to the Power Sales Agreement and direction of the
Committee.
The $998,309 operation and maintenance and $819,703 renewal and contingency surpluses related to Bradley
Lake at June 30, 2023, were refunded to member Utilities in fiscal year 2024 pursuant to the Power Sales
Agreement and direction of the Committee. The $9,593 operation and maintenance and $169,102 renewal and
contingency surpluses related to Battle Creek at June 30, 2023, were refunded to member Utilities in fiscal year
2024 pursuant to the Power Sale Agreement, the Battle Creek Diversion Project Share Allocation, and direction of
the Committee.
Note 6 -Shortage Receivable
The $242,098 operation and maintenance shortage related to the SSQ Line at June 30, 2023, which was invoiced
to member Utilities pursuant to the Power Sales Agreement and direction of the Committee, was received in fiscal
year 2024.
10
813 W Northern Lights Blvd, Anchorage, AK 99503 Phone: (907) 771-3000 Fax: (907) 771-3044 Email: info@akenergyauthority.org
REDUCING THE COST OF ENERGY IN ALASKA AKENERGYAUTHORITY.ORG
MEMORANDUM
DATE: October 22, 2024
TO: AEA Board of Directors
FROM: Curtis W. Thayer, Executive Director
RE: Creation and Sale of Renewable Energy Certificates (RECs) for Bradley Lake
Hydroelectric Project
AEA has the opportunity to generate additional revenue through the creation and sale of
Renewable Energy Certificates (RECs) based on the generation of power at the Bradley Lake
Hydroelectric Project. To capitalize on this opportunity, the Board has before it a draft
resolution, which is supported by this memorandum.
RENEWABLE ENERGY CERTIFICATES
Renewable Energy Certificates (RECs) represent the environmental and renewable attributes of
energy generated from renewable sources, such as wind, solar, hydro, or biomass. One REC
corresponds to the generation and delivery to the grid of one megawatt-hour (MWh) of
renewable electricity. While the electricity itself cannot be physically differentiated once it enters
the grid, RECs serve as a certification of the renewable origin of the energy produced. By
purchasing RECs, companies and individuals can legally claim the use of renewable energy,
regardless of their physical access to renewable energy sources.
The market for Renewable Energy Certificates (RECs) began in the late 1990s as a tool to track
and certify the generation of renewable energy, evolving over time into a widely-used
mechanism for companies and utilities to meet regulatory renewable energy mandates and
voluntary sustainability goals.
The current Renewable Energy Certificate (REC) market is well-established and growing, driven
by increasing corporate demand for sustainability, regulatory requirements, and expanding
renewable energy projects. RECs a key tool for achieving carbon reduction and renewable
energy goals.
RECs can be sold directly or through a broker to either the end-user or a wholesaler. Using a
broker reduces the administrative burden and eliminates the need to develop knowledge of the
market; however, this option incurs brokerage fees and hands over control to the broker. Selling
Alaska Energy Authority Page 2 of 2
to a wholesaler often requires less administrative effort and provides more consistent demand;
however, this option often results in a slightly lower purchase price.
RENEWABLE ENERGY CERTIFICATE OPPORTUNITY FOR AEA
AEA has the opportunity to create and sell roughly 400,000 RECs per year based on the power
generation at the Bradley Lake Hydroelectric Project. This would provide a new revenue stream
while supporting AEA’s mission to reduce the cost of energy in Alaska. The sale would follow an
RFP process, as required by Alaska statute.
STATUTORY AUTHORITY
Under AS 44.83.080, AEA has the power to create and sell RECs. The statute grants AEA broad
authority to manage alternative energy projects, enter into contracts for the sale of power, and
promote energy efficiency. These powers should be exercised consistent with AEA’s corporate
purpose to promote, develop, and advance the general prosperity and economic welfare of
Alaskans through financing and operation of power projects and facilities. Subsection (13) gives
the Authority broad discretion to enter into contracts or agreements with respect to the exercise
of any of its powers, which provides it with flexibility to create and sell RECs as part of its
broader mission to promote renewable energy.1
RESOLUTION AUTHORIZING THE CREATION AND SALE OF RECs
The draft resolution before the Board today would authorize the Executive Director to create
and sell RECs from the Bradley Project. The draft resolution authorizes the Executive Director to
enter into all contracts necessary to achieve the creation and sale of the RECs, including with a
broker if that option is selected through the RFP process.
1 Subsection (7) gives the Authority the power to sell, exchange, donate, convey, or encumber in any
manner real or personal property owned by it when, in the judgment of the authority, the action is in furtherance of its corporate purposes. Subsection (5) gives the Authority the power to improve, equip, operate, and maintain power projects and
alternative energy facilities and equipment, which produce RECs as a byproduct. Subsection (11) gives the Authority the power to enter into contracts for the sale of power from a project.
Subsection (17) grants the Authority the ability to promote energy conservation, energy efficiency, and alternative energy through public education and training.
Renewable Energy Certificates (RECs)Net Income Calculation for Bradley Lake Project2019 2020 2021 2022 2023 2024 2025 2026 2027Estimated Sales Price $0.30 $0.45 $0.55 $0.60 $0.95 $1.08 $1.34 $1.83 $2.74Transaction Costs $0.03 $0.03 $0.03 $0.03 $0.03 $0.03 $0.03 $0.03 $0.03MWh Value (Sale Price - Cost) $0.27 $0.42 $0.52 $0.57 $0.92 $1.05 $1.31 $1.80 $2.71Bradley Lake Project MWh 415,874 431,458 400,901 347,178 375,823 400,000 400,000 400,000 400,000 Revenue after Cost (MWh x (Sale Price - Cost)) $112,286 $181,212 $208,469 $197,891 $345,758 $418,000 $524,000 $718,000 $1,084,000Greelight Service Fee (20% of Revenue after Cost) $22,457 $36,242 $41,694 $39,578 $69,152 $83,600 $104,800 $143,600 $216,800AEA Net Income (80% of Revenue after Cost) $89,829 $144,970 $166,775 $158,313 $276,606 $334,400 $419,200 $574,400 $867,200 3,031,693$ Calendar Year
2025 Proposed BPMC Meeting Dates:
January 17, 2025
March 21, 2025
May 2, 2025
June 20, 2025
July 25, 2025
September 26, 2025
December 5, 2025
813 W Northern Lights Blvd, Anchorage, AK 99503 Phone: (907) 771-3000 Fax: (907) 771-3044 Email: info@akenergyauthority.org
REDUCING THE COST OF ENERGY IN ALASKA AKENERGYAUTHORITY.ORG
MEMORANDUM TO: BPMC THROUGH: Curtis Thayer, Executive Director FROM: Jim Mendenhall, P.E., Program Manager
DATE: November 27, 2024
SUBJECT: Railbelt Innovation and Resliency Project, Phase 1
GRIP Topic 3, Round 1 – Update
AEA, through an existing contract, has engaged Stantec to provide the following items:
1. Initial Project Plan and Schedule
2. HVDC Conceptual Design
3. HVDC Cable Preliminary Design
4. Critical Environmental Issues Analysis
5. Preliminary Cost Estimate AEA has shared the Proposal with the Railbelt Utilitiy members of the Technical Working Group for the project. AEA may authorize Stantec to prepare procurement contracts for major long lead items, specifically the cable and HVDC converter stations. Near term activities include discussing the following items with Stantec:
• System ratings and configuration
• Cable routing concerns from Nikiski to Beluga
• Converter station location at Nikiski
• Cost differential for alternative of going from Nikiski to Anchorage
• Basis for AEA project budget (Confirm what is, and is not required within the GRIP Budget).
• Project schedule and GRIP funding timelines
• Buy America requirements.
Stantec plans to have an intermediate report in mid-February that will address the budget estimate and schedule. Final report will be issued in March 2025. AEA is finalizing the DOE’s Project Management Plan so it can be approved and the formal kick-off meeting can be scheduled. AEA is preparing to advertise for several postions that will support the GRIP Project.
We continue to have weekly check-in meetings with the DOE.
1
Bradley Lake Project Management Committee Report on Railbelt
Regional Coordination
December 2, 2024
Overview:
The Bradley Lake Project Management Committee is focused on two main objectives: expanding
the project's capacity from 90 MW to its full potential of 120 MW and ensuring the reliable and
resilient delivery of energy and capacity to all stakeholders. Moreover, the committee is
committed to addressing and eliminating large-scale, small-signal instability oscillations that
arise when the Bradley Project interacts with the summer valley during periods of low lake
levels. Consistent with Section 32 of the Power sales agreement, which commits the
participants to seek a high-capacity intertie between the Kenai and Fairbanks, a comprehensive
regional transmission plan, named the Grid Modernization and Resiliency Plan (GMRP), has
been developed.
The implementation of GMRP is expected to yield several ancillary benefits, including a more
resilient and robust grid capable of withstanding extreme weather events and other disruptions.
The modernization efforts will enhance power transfer capabilities between regions, reduce the
need for thermal reserves, decrease fuel consumption, and cut carbon emissions. Additionally,
the upgraded grid will better accommodate variable clean energy sources.
This report outlines our activities related to these efforts over the months of October and
November.
Contractors:
• None
Grant Efforts :
State Match efforts
I continued working with the lobbying team to complete a comprehensive financial package to
fund the entire suite of Railbelt upgrades.
We are working to develop consensus and an agreement to move this concept forward.
2
Looking Forward:
• Given the change in administration the GRIP Funding Cycle three process will likely be
delayed or cancelled
• Continued efforts to coordinate back-up material for State match efforts
Other Activities:
• As noted previously, on April 3rd, I transitioned to a reduced (40%) role at EDRRC as I
begin assisting the Seward Electric System with their utility management. However, I will
continue to oversee the Federal Grant applications process and aid as required in state
and utility match efforts.
• Met with Travis Million of reach agreement on my forward-looking goals
This report reflects our continuous commitment to enhancing the Railbelt region's energy infrastructure
and resilience, marking significant milestones in our journey towards a more sustainable and efficient
energy future.
Bradley Lake Operators Report Page 1
Bradley Lake Operator Report
BPMC
December 6, 2024
Unit Statistics:
Generation Unit 1 (MWhrs) Unit 2 (MWhrs) Total (MWhrs)
Sept. 2024
Oct. 2024
Nov. 2024*
30,715
26,188
24,824
14,632
23,637
18,255
45,347
49,825
43,079
Hydraulics Avg. Lake Level
(ft.)
Bradley Fishwater
(ac ft.)
Battle Creek MIF
(ac ft.)
Sept. 2024
Oct. 2024
Nov. 2024*
1,173
1,172
1,162
2,886
351
1,246
726
1,234
0.0
Battle Creek Inflows to Bradley
(ac ft.)
Sept. 2024
Oct. 2024
Nov. 2024*
9,053
1,733
0.0
*Lake Level – 1,156.9’ As of Nov. 26, 2024
Activities
• Forced Outages –A replacement generator breaker for Unit #2 was ordered with
expected delivery by Jan. 15, 2025. The existing breaker will then be sent out for
repairs.
• Dam/Spillway – Completed the monthly safety inspections, and spillway readings.
DOWL engineer conducted annual operator dam safety training.
• Battle Creek Diversion – We secured the diversion and winterized it on Oct
24.2024.
• Bradley Lake New Residence – The new residence has been completed.
• Safety – There have been no lost time or reportable accidents for the months of
September, October, and November 2024. Next safety meeting is December 11,
2024.
• Needle Valve Purchase- The needle valves have been delivered to the project.
• New Equipment – We have received the Polaris Ranger, F150 pick-up, and the
Pettibone extend-a-boom forklift. The boom mounted brush hog ETA is now Jan.
15, 2024.
• Barge Dock- Reviewing permit requirements. We are developing a revised RFB
package to be sent out.
• Personnel- Nate Cain, Plant Operator/Rover resigned on Nov. 20, 2024. We are
reviewing applications and will conduct interviews in December.
Bradley Lake Operators Report Page 2
Contractors/ Visitors
o DOWL Geotech.
o AEA – Bryan Carey, Ryan McLaughlin, Bill Price, AEA Board, and legislators.
o HEA - Larry Jorgensen, Brad Janorschke– Safety Meetings, Employee updates.
o DOWL – Russ Reed- Operator Dam Safety Training.
o HEA- Andy Patrick, Howerd Somers, Amy Wong – Electrical Safety Training.
o EPS – Dave Buss, John Venables, Kellin Gillming trouble shooting Unit #2 trips.
o ADFG – Holly Dickon and crew.
o AEA- Dixon Diversion Board of Consultants- Brian Sadden, Mike Bruen, Carlos
Jaramillo, Tom Fitzgerald, Ted Deere.
o Bay Safety Fire Systems. Extinguisher inspections.
o Tern Technologies-Phillip Cole, Vibration analysis.
o DOWL – Willy Stole, Dam Survey.
o CIC General- Septic system.
o Spit Spots- Equipment Maintenance.
o Eagle Eye Power Solutions- Geoge Pederson, Ryan Wallace, GFL 1000 training.
o Country Electric- Aspen Marlin, Crew’s Quarters remodel walk down.
o Anderson Brothers Construction- Randall and Andrew Anderson, Crew’s
Quarters remodel walk down.
Bradley Lake Operators Report Page 3
Bradley Lake Dam, Lake Elevation at 1166.9 ft, Nov. 2, 2024
Unit #2 Main Breaker Unit #2 UVD
Bradley Lake Operators Report Page 4
Battle Creek Diversion
Oct. 13, 2024 Oct. 20, 2024
New Residence Septic System New Needles Packed for Storage
Bradley Lake Operators Report Page 5
New Polaris
New F150 Pick-up
Alaska Energy Authority
Bradley Lake
Budget to Actual Expenses
07/01/2024 to 10/31/2024
Page 1 of 13
FY23 FY23 FY24 FY24 FY25 FY25
BUDGET ACTUALS BUDGET ACTUALS BUDGET ACTUALS
Upgrade Crews Quarters and Residents Kitchen 159,000 67,395 - - - -
IRIS Air Gap Monitoring System (computer) 65,000 18,491 - - - -
Replace Dump Truck and Sander - 29,493 - - - -
Heavy Duty trailer for equipment 20,000 20,000 - - - -
ABB Replace GIS Actuators 309,000 310,245 - - - -
Replacement pickup truck - 46,299 - - - -
Needle Valve rebuild 150,000 - - - - -
Start new servo design 250,000 396,171 - - - -
North Fork Improvements 5,000 - - - - -
Mini Excavator 100,000 94,465 - - - -
Install New Bradley Microwave System 500,000 280,356 518,000 45,215 - -
Brush Hog for Front End Loader - - 150,000 - - -
JLG All Terrain Fork Lift- New Purchase - - 190,000 213,942 - -
Replace BL#5 2009 F150 Crew Cab Pickup - - 45,000 - - 48,995
Warehouse Heaters x2 (Replace) - - 5,000 - - -
ISO Shipping Containers x2 (Replace) - - 40,000 30,700 - -
Replace 2012 Polaris Side by Side - - - - 65,000 47,195
Crew Quarters Remodel - - - - 85,000 -
Total Non R&C Capital Purchases 1,558,000 1,262,914 948,000 289,857 150,000 96,190
BRADLEY LAKE
CAPITAL PURCHASES NOT FUNDED BY R&C FUND
ALASKA ENERGY AUTHORITY
BRADLEY LAKE HYDROELECTRIC PROJECT
Schedule A
Expenses for the period 07/01/24 to 10/31/24
Page 2 of 13
ALASKA ENERGY AUTHORITY
BRADLEY LAKE OPERATIONS & MAINTENANCE
SCHEDULE B
BUDGET TO ACTUAL EXPENSES
FOR THE PERIOD 07/01/2024 THROUGH 10/31/2024
FY 25 FY 24
FY25 Approved
Budget
BUDGET %
07/01/2024 -
10/31/2024 HEA Actual CEA Actual AEA Actual Total Actual
(Over) Under
Budget to Date
FY24 Approved
Budget FY24 Actual
Summary by expense type
Staff Professional Services (Direct)312,585 104,195 - - - - 104,195 387,700 325,581
Labor & Benefits 2,054,317 684,772 302,799 2,562 60,259 365,620 319,152 2,023,067 1,763,168
Travel 51,500 17,167 722 1,433 27,254 29,408 (12,242) 78,500 23,515
Training 55,000 18,333 5,031 - 2,064 7,095 11,238 50,000 10,238
Contractual 1,243,010 414,337 250,232 - 53,520 303,752 110,585 1,181,381 917,237
Consulting-Administrative 315,000 105,000 - - 44,587 44,587 60,413 265,000 236,601
Supplies & Materials 378,500 126,167 53,593 6,235 - 59,828 66,339 330,332 166,554
Other Costs 112,718 37,573 15,091 7,285 3,360 25,735 11,837 79,318 62,747
Equipment, Furniture & Machinery 35,000 11,667 6,239 - - 6,239 5,428 165,000 159,553
Administrative Costs 1,978,224 659,408 17,214 - 411,972 429,186 230,222 1,553,800 1,807,663
Indirect Costs 1,480,105 493,368 351,031 - - 351,031 142,337 1,480,105 1,315,396
O&M 4% Allocation to Battle Creek (320,638) (106,879) - - - - (106,879) (303,768) -
Total Bradley Lake Budget 7,695,321 2,565,107 1,001,950 17,515 603,016 1,622,482 942,625 7,290,435 6,788,254
FERC 535 - Operation Supervision & Engineering
Operations Sup/Eng
Bradley Lake Operating
Labor & Benefits 105,451 35,150 24,387 - - 24,387 10,763 105,451 106,921
Travel 5,000 1,667 287 - - 287 1,380 5,000 1,972
Training 5,000 1,667 - - - - 1,667 5,000 581
Contractual 3,000 1,000 - - - - 1,000 3,000 -
Supplies & Materials 4,000 1,333 - - - - 1,333 4,000 233
Indirect Costs 155,698 51,899 35,420 - - 35,420 16,480 155,698 149,004
Bradley Lake Operating Total 278,149 92,716 60,093 - - 60,093 32,623 278,149 258,711
FERC 535 - Operation Supervision & Engineering Total 278,149 92,716 60,093 - - 60,093 32,623 278,149 258,711
FERC 537 - Hydraulic Expenses
Hydraulic Expenses
Bradley Lake Operating
Labor & Benefits 95,262 31,754 19,581 - - 19,581 12,173 95,262 72,310
Contractual - - - - - - - 60,000 -
Supplies & Materials 4,000 1,333 - - - - 1,333 2,000 2,461
Indirect Costs 109,250 36,417 27,859 - - 27,859 8,558 109,250 100,356
Bradley Lake Operating Total 208,512 69,504 47,440 - - 47,440 22,064 266,512 175,127
FERC 537 - Hydraulic Expenses Total 208,512 69,504 47,440 - - 47,440 22,064 266,512 175,127
FERC 538 - Electric Expenses
Electric Expenses
Bradley Lake Operating
Labor & Benefits 218,044 72,681 58,981 - - 58,981 13,700 218,044 211,756
Travel 7,000 2,333 - - - - 2,333 7,000 209
Training 30,000 10,000 5,031 - - 5,031 4,969 30,000 9,514
Contractual 10,000 3,333 - - - - 3,333 5,000 2,506
Supplies & Materials 18,500 6,167 - - - - 6,167 13,732 11,183
Indirect Costs 262,004 87,335 69,607 - - 69,607 17,728 262,004 246,564
Bradley Lake Operating Total 545,548 181,849 133,619 - - 133,619 48,230 535,780 481,731
FERC 538 - Electric Expenses Total 545,548 181,849 133,619 - - 133,619 48,230 535,780 481,731
FERC 539 - Misc. Hydraulic Power Generation Expenses
Misc Hydro Power Exp
Bradley Lake Operating
Labor & Benefits 107,742 35,914 21,682 - - 21,682 14,232 105,742 82,466
Training 20,000 6,667 - - - - 6,667 15,000 -
Contractual 385,067 128,356 186,236 - - 186,236 (57,880) 360,067 398,523
Supplies & Materials 25,000 8,333 4,346 - - 4,346 3,987 25,000 34,014
Indirect Costs 114,320 38,107 31,373 - - 31,373 6,734 114,320 114,239
Bradley Lake Operating Total 652,129 217,376 243,637 - - 243,637 (26,260) 620,129 629,241
BRADLEY CIRCUITS/RADIO TO BERNICE LK
Other Costs 35,695 11,898 8,567 - - 8,567 3,331 35,695 34,268
BRADLEY CIRCUITS/RADIO TO BERNICE LK Total 35,695 11,898 8,567 - - 8,567 3,331 35,695 34,268
BRADLEY CIRCUITS BERNICE LK TO ANCH
Other Costs 29,773 9,924 - 7,246 - 7,246 2,678 29,773 28,239
BRADLEY CIRCUITS BERNICE LK TO ANCH Total 29,773 9,924 - 7,246 - 7,246 2,678 29,773 28,239
LOWER BRADLEY CIRCUITS/RADIO TO BARGE DOCK
Other Costs 45,000 15,000 6,524 - - 6,524 8,476 - -
LOWER BRADLEY CIRCUITS/RADIO TO BARGE DOCK Total 45,000 15,000 6,524 - - 6,524 8,476 - -
FERC 539 - Misc. Hydraulic Power Generation Expenses Total 762,597 254,199 258,727 7,246 - 265,974 (11,775) 685,597 691,748
FERC 541 - Maintenance Supervision & Engineering
Maint Supervision/Eng
Bradley Lake Operating
Labor & Benefits 110,451 36,817 24,387 - - 24,387 12,430 110,451 112,706
Indirect Costs 155,698 51,899 35,420 - - 35,420 16,480 155,698 149,940
Bradley Lake Operating Total 266,149 88,716 59,807 - - 59,807 28,909 266,149 262,645
FERC 541 - Maintenance Supervision & Engineering Total 266,149 88,716 59,807 - - 59,807 28,909 266,149 262,645
FERC 542 - Maintenance of Structures
Maintenance of Structures
Default
Default Total - - - - - - - - -
Bradley Lake Operating
Labor & Benefits 89,710 29,903 17,736 - - 17,736 12,167 89,710 70,851
Contractual 126,000 42,000 5,971 - - 5,971 36,029 56,000 43,732
Supplies & Materials 70,000 23,333 1,564 - - 1,564 21,770 78,000 20,423
Equipment, Furniture & Machinery 20,000 6,667 6,239 - - 6,239 428 15,000 19,772
Indirect Costs 102,350 34,117 25,113 - - 25,113 9,004 102,350 95,457
Bradley Lake Operating Total 408,060 136,020 56,623 - - 56,623 79,397 341,060 250,235
FERC 542 - Maintenance of Structures Total 408,060 136,020 56,623 - - 56,623 79,397 341,060 250,235
FERC 543 - Maintenance of Reservoirs, Dams & Waterways
Maint Res, Dams, WWays
Bradley Lake Operating
Labor & Benefits 51,783 17,261 7,906 - - 7,906 9,355 51,783 6,012
Page 3 of 13
ALASKA ENERGY AUTHORITY
BRADLEY LAKE OPERATIONS & MAINTENANCE
SCHEDULE B
BUDGET TO ACTUAL EXPENSES
FOR THE PERIOD 07/01/2024 THROUGH 10/31/2024
FY 25 FY 24
FY25 Approved
Budget
BUDGET %
07/01/2024 -
10/31/2024 HEA Actual CEA Actual AEA Actual Total Actual
(Over) Under
Budget to Date
FY24 Approved
Budget FY24 Actual
Contractual 39,500 13,167 - - - - 13,167 6,500 -
Supplies & Materials 85,000 28,333 - - - - 28,333 20,000 -
Equipment, Furniture & Machinery 15,000 5,000 - - - - 5,000 - -
Indirect Costs 58,650 19,550 9,622 - - 9,622 9,928 58,650 8,664
Bradley Lake Operating Total 249,933 83,311 17,528 - - 17,528 65,783 136,933 14,675
BRADLEY POWER TUNNEL MAINT (Dam)
Contractual 15,000 5,000 - - - - 5,000 15,000 -
BRADLEY POWER TUNNEL MAINT (Dam) Total 15,000 5,000 - - - - 5,000 15,000 -
FERC 543 - Maintenance of Reservoirs, Dams & Waterways Total 264,933 88,311 17,528 - - 17,528 70,783 151,933 14,675
FERC 544 - Maintenance of Electric Plant
Maintenance of Elec Plant
Bradley Lake Operating
Labor & Benefits 309,110 103,037 63,296 - - 63,296 39,740 309,110 259,650
Travel 4,500 1,500 435 - - 435 1,065 4,500 354
Contractual 75,000 25,000 22,669 - - 22,669 2,331 40,000 51,632
Supplies & Materials 40,000 13,333 12,836 - - 12,836 497 40,000 36,163
Indirect Costs 423,178 141,059 91,458 - - 91,458 49,601 423,178 360,486
Bradley Lake Operating Total 851,788 283,929 190,695 - - 190,695 93,234 816,788 708,284
FERC 544 - Maintenance of Electric Plant Total 851,788 283,929 190,695 - - 190,695 93,234 816,788 708,284
FERC 545 - Maintenance of Misc. Hydraulic Plant
Maint of Misc Hydr Plant
Bradley Lake Operating
Labor & Benefits 69,297 23,099 17,688 - - 17,688 5,411 69,297 65,189
Contractual 45,000 15,000 - - - - 15,000 45,000 74,760
Supplies & Materials 68,000 22,667 8,879 - - 8,879 13,787 68,000 53,871
Equipment, Furniture & Machinery - - - - - - - 150,000 139,780
Indirect Costs 98,957 32,986 25,160 - - 25,160 7,825 98,957 90,687
Bradley Lake Operating Total 281,254 93,751 51,727 - - 51,727 42,024 431,254 424,287
FERC 545 - Maintenance of Misc. Hydraulic Plant Total 281,254 93,751 51,727 - - 51,727 42,024 431,254 424,287
FERC 556 - System Control & Load Dispatching
System Cntl & Load Disp
Bradley Lake Operating
Labor & Benefits 20,174 6,725 18,584 - - 18,584 (11,859) 20,174 11,901
Contractual 103,500 34,500 28,070 - - 28,070 6,430 85,500 44,724
Supplies & Materials 12,000 4,000 - - - - 4,000 12,000 438
Bradley Lake Operating Total 135,674 45,225 46,654 - - 46,654 (1,429) 117,674 57,063
Snow Measurement
Bradley Lake Operating
Contractual 10,000 3,333 - - - - 3,333 10,000 9,600
Bradley Lake Operating Total 10,000 3,333 - - - - 3,333 10,000 9,600
Seismic Service
Bradley Lake Operating
Contractual 64,868 21,623 - - - - 21,623 62,000 60,755
Bradley Lake Operating Total 64,868 21,623 - - - - 21,623 62,000 60,755
Streamguaging Serv
Bradley Lake Operating
Contractual 216,275 72,092 - - 53,520 53,520 18,572 278,014 151,920
Bradley Lake Operating Total 216,275 72,092 - - 53,520 53,520 18,572 278,014 151,920
Permits
Bradley Lake Operating
Other Costs 350 117 - - - - 117 350 240
Bradley Lake Operating Total 350 117 - - - - 117 350 240
FERC 556 - System Control & Load Dispatching Total 427,167 142,389 46,654 - 53,520 100,174 42,215 468,038 279,578
FERC 562 - Station Expenses
Station Expenses
Bradley Lake Operating
Labor & Benefits 96,612 32,204 17,111 2,562 - 19,674 12,530 102,043 162,103
Travel 2,500 833 - 1,433 - 1,433 (599) 3,500 336
Contractual 79,800 26,600 7,285 - - 7,285 19,315 80,300 79,087
Supplies & Materials 23,000 7,667 14,002 6,235 - 20,237 (12,570) 19,600 5,501
Other Costs 1,900 633 - 38 - 38 595 1,500 -
Bradley Lake Operating Total 203,812 67,937 38,398 10,269 - 48,667 19,270 206,943 247,026
FERC 562 - Station Expenses Total 203,812 67,937 38,398 10,269 - 48,667 19,270 206,943 247,026
FERC 571 - Maintenance of Overhead Lines
Maint of OH Lines
Bradley Lake Operating
Labor & Benefits 36,500 12,167 11,459 - - 11,459 708 16,000 52,998
Contractual 70,000 23,333 - - - - 23,333 75,000 -
Supplies & Materials 20,000 6,667 11,965 - - 11,965 (5,299) 30,000 -
Bradley Lake Operating Total 126,500 42,167 23,424 - - 23,424 18,742 121,000 52,998
FERC 571 - Maintenance of Overhead Lines Total 126,500 42,167 23,424 - - 23,424 18,742 121,000 52,998
FERC 920 & 930 - Administrative Expense
AEA Bradley Fixed Admin Fees
Bradley Lake Operating
Staff Professional Services (Direct)312,585 104,195 - - - - 104,195 387,700 325,581
Travel - - - - 25,186 25,186 (25,186) - 20,643
Training - - - - 2,064 2,064 (2,064) - 144
Consulting-Administrative - - - - 307 307 (307) - 17,374
Supplies & Materials - - - - - - - - 2,268
Other Costs - - - - 3,360 3,360 (3,360) - -
Administrative Costs 172,500 57,500 - - 2,964 2,964 54,536 2,500 186,707
Bradley Lake Operating Total 485,085 161,695 - - 33,881 33,881 127,814 390,200 552,716
General & Administrative Costs
General & Administrative Costs Total - - - - - - - - -
Operating Committee Exp-Audit
Bradley Lake Operating
Administrative Costs 41,000 13,667 - - - - 13,667 22,000 35,030
Page 4 of 13
ALASKA ENERGY AUTHORITY
BRADLEY LAKE OPERATIONS & MAINTENANCE
SCHEDULE B
BUDGET TO ACTUAL EXPENSES
FOR THE PERIOD 07/01/2024 THROUGH 10/31/2024
FY 25 FY 24
FY25 Approved
Budget
BUDGET %
07/01/2024 -
10/31/2024 HEA Actual CEA Actual AEA Actual Total Actual
(Over) Under
Budget to Date
FY24 Approved
Budget FY24 Actual
Bradley Lake Operating Total 41,000 13,667 - - - - 13,667 22,000 35,030
Operating Committee Exp-Legal
Bradley Lake Operating
Administrative Costs 80,000 26,667 - - 43,129 43,129 (16,463) 80,000 149,198
Bradley Lake Operating Total 80,000 26,667 - - 43,129 43,129 (16,463) 80,000 149,198
Trust & Account Fees
Bradley Lake Operating
Administrative Costs - - - - - - - 13,000 -
Bradley Lake Operating Total - - - - - - - 13,000 -
Battle Creek Operating
Battle Creek Operating Total - - - - - - - - -
Misc Admin
Bradley Lake Operating
Administrative Costs 13,000 4,333 - - - - 4,333 13,000 14,110
Bradley Lake Operating Total 13,000 4,333 - - - - 4,333 13,000 14,110
Professional Consultants
Bradley Lake Operating
Labor & Benefits 744,181 248,060 - - 60,259 60,259 187,801 730,000 548,307
Travel 32,500 10,833 - - 2,068 2,068 8,765 58,500 -
Supplies & Materials 9,000 3,000 - - - - 3,000 18,000 -
Other Costs - - - - - - - 12,000 -
Bradley Lake Operating Total 785,681 261,894 - - 62,327 62,327 199,567 818,500 548,307
FERC 920 & 930 - Administrative Expense Total 1,404,766 468,255 - - 139,337 139,337 328,918 1,336,700 1,299,363
FERC 924 & 925 - Insurance Premiums
Insurance Premiums
Bradley Lake Operating
Administrative Costs 1,371,724 457,241 17,214 - 365,879 383,093 74,149 1,138,300 1,219,190
Bradley Lake Operating Total 1,371,724 457,241 17,214 - 365,879 383,093 74,149 1,138,300 1,219,190
FERC 924 & 925 - Insurance Premiums Total 1,371,724 457,241 17,214 - 365,879 383,093 74,149 1,138,300 1,219,190
FERC 923 - Outside Services Employed
Outside Services Employed
Bradley Lake Operating
Consulting-Administrative 315,000 105,000 - - 44,280 44,280 60,720 265,000 219,228
Bradley Lake Operating Total 315,000 105,000 - - 44,280 44,280 60,720 265,000 219,228
FERC 923 - Outside Services Employed Total 315,000 105,000 - - 44,280 44,280 60,720 265,000 219,228
FERC 928 - Regulatory Commission Expenses
FERC Admin Fees
Bradley Lake Operating
Administrative Costs 180,000 60,000 - - - - 60,000 165,000 155,391
Bradley Lake Operating Total 180,000 60,000 - - - - 60,000 165,000 155,391
FERC Related Prof Services
Bradley Lake Operating
Bradley Lake Operating Total - - - - - - - - -
BRADLEY CONTRACTUAL ENGINEER-FERC LICENSE ISSUES
Administrative Costs 120,000 40,000 - - - - 40,000 120,000 48,036
BRADLEY CONTRACTUAL ENGINEER-FERC LICENSE ISSUES Total 120,000 40,000 - - - - 40,000 120,000 48,036
FERC 928 - Regulatory Commission Expenses Total 300,000 100,000 - - - - 100,000 285,000 203,427
O&M 4% Allocation to Battle Creek (320,638) (106,879) - - - - (106,879) (303,768) -
Total Bradley Lake Budget 7,695,321 2,565,107 1,001,950 17,515 603,016 1,622,482 942,625 7,290,435 6,788,254
- - - - - - - - -
Page 5 of 13
Actual Projected Actual Projected Actual Projected
@ 6/30/23 TO REPAY Budget @ 6/30/24 TO REPAY Budget @ 6/30/25 TO REPAY Budget
Description Expense @6/30/23 FY23 Expense @6/30/24 FY24 Expense @6/30/25 FY25
R&C FUND PROJECTS
Governor - 4,052,070 - - 4,052,070 - - 4,052,070 -
Replace RFLS - 251,093 - - 251,093 - - 251,093 -
Replace Runners - 1,946,733 - - 1,946,733 - - 1,946,733 -
Replace cable from dam to power house - 2,321,923 - - 2,321,923 - - 2,321,923 -
Replace power system stabilizer - 619,205 - - 619,205 - - 619,205 -
Replace two RTUs - 86,905 - - 86,905 - - 86,905 -
Culvert Repairs - 675,967 - - 675,967 - - 675,967 -
Tower Repair for Jack Frost Heaves - 887,597 - - 887,597 - - 887,597 -
Replace Plant and SCADA Controls - 1,344,683 - - 1,344,683 - - 1,344,683 -
Vibration Monitoring System - 490 - - 490 - - 490 -
Fire Alarm System Replacement 3,173 137,397 1,500,000 33,942 171,339 1,338,000 - 171,339 1,307,299
Battle Creek Diversion - 1,170,000 - - 1,170,000 - - 1,170,000 -
Bradley Replace Electro-Mechanical Relays - 1,277,197 - - 1,277,197 - - 1,277,197 -
Fishwater Screen Debris Removal - 312,236 - - 312,236 - - 312,236 -
Turbine Nozzle Repair - 1,428,861 - - 1,428,861 - - 1,428,861 -
SVC replacement Daves Creek | Soldotna - 8,517,991 - - 8,517,991 - - 8,517,991 -
Equipment Storage Shed - 510,550 - - 510,550 - - 510,550 -
Emerson Operating System Upgrade - 622,665 - - 622,665 - - 622,665 -
Generator #2 Replacement - 953,213 - - 953,213 - - 953,213 -
Road Grader - 342,330 - - 342,330 - - 342,330 -
Battle Creek Construction - 3,739,591 - - 3,739,591 - - 3,739,591 -
Battle Creek Cash Call-Expended - 750,000 - - 750,000 - - 750,000 -
Battle Creek Cash Call-Paid by Utilities - (750,000) - - (750,000) - - (750,000) -
Needle Repairs - 1,482,791 - - 1,482,791 - - 1,482,791 -
Construct Additional Residence 125,175 194,769 - 805,515 1,000,284 910,000 60,820 1,061,104 -
Spillway Raise & Expansion Project (aka Dixon Diversion)**661,472 1,208,731 1,500,000 175,651 1,384,381 252,000 256,937 1,641,318 839,270
Needle Valve Rebuild - - - 198,086 198,086 1,579,535 1,386,600 1,584,686 1,719,535
Barge Dock Rehabilitation - - - - - - 401 401 600,000
789,820 34,084,987 3,000,000 1,213,194 35,298,181 4,079,535 1,704,757 37,002,938 4,466,103
Current Year R&C Repayment (2,757,013) (3,338,646) (2,580,808)
Adjust balance to $5 million - - -
Interest in Fund Applied to Repayment (100,912) (246,205) (65,319)
Net Transfer from Revenue Fund (2,857,925) (3,584,851) (2,646,127)
Cumulative Prior Years R&C Repayments (29,808,017) (31,677,137) (33,746,653)
Due to (from) Utilities 988,805 1,515,335 1,472,130
Adjust Due to R&C Actual - - -
(28,819,211) (30,161,802) (32,274,522)
NET DUE TO R&C FUND 2,407,851 1,551,528 2,082,289
R&C FUND CASH FLOW PROJECTION
Beginning Investment Balance 2,363,808 4,370,333 6,177,000
Disbursements-current year -Accrual - - -
Disbursements-prior year accrued (473,241) (789,379) (1,213,194)
Utilities' R&C Refund (378,159) (988,805) (1,515,335)
Net other cash inflow(outflow) - - -
Current year interest earnings 100,912 246,205 65,319
Participants Contributions to R&C Fund 2,757,013 3,338,646 2,580,808
Ending Investment Balance 4,370,333 6,177,000 6,094,599
Accrued Due to (from) Utilities (988,805) (1,515,335) (1,472,130)
R&C payable back to the revenue fund - - -
Accrued R&C vendor Payable at Year End (789,379) (1,213,194) (1,704,757)
PROJECTED NET DUE + ENDING INVESTMENT BALANCE 5,000,000 5,000,000 5,000,000
**Spillway Raise & Expansion Project (aka Dixon Diversion)
Paid with Bradley Lake R&C Fund ($2.3M) 1,641,759
Paid with Renewable Energy Fund Grant ($1MM) 684,360
Paid with State Appropriations ($5MM) 3,176,241
Total Project Cost at 10/31/24 5,502,360
4th 103,013
3rd 1,321,709 4th 1,321,709
2nd 247,054 3rd 247,054 4th 247,054
1st 197,455 2nd 197,455 3rd 197,455
1st 303,298 2nd 303,298
1st 426,189
1,869,230 2,069,516 1,173,997
BRADLEY LAKE
R&C FUND DISBURSEMENTS AND REPAYMENTS
SCHEDULE D
Expenses for the period 07/01/24 to 10/31/24
Page 6 of 13
FY23 FY23 FY24 FY24 FY25 FY25
BUDGET ACTUALS BUDGET ACTUALS BUDGET ACTUALS
Battle Creek Associated Costs 15,000 11,986 15,000 - - -
Vent Enlargement 50,000 32,407 - - - -
Pressure Sensor w SCADA 25,000 27,030 - - - -
Survey and Monument DNR Lease - - 150,000 88,651 5,000 -
Total Non R&C Capital Purchases 90,000 71,423 165,000 88,651 5,000 -
BATTLE CREEK
CAPITAL PURCHASES NOT FUNDED BY R&C FUND
ALASKA ENERGY AUTHORITY
BRADLEY LAKE HYDROELECTRIC PROJECT
Battle Creek Capital Purchases
Schedule E
Expenses for the period 07/01/24 to 10/31/24
Page 7 of 13
BATTLE CREEK OPERATIONS & MAINTENANCE
SCHEDULE F
BUDGET TO ACTUAL EXPENSES
FOR THE PERIOD 07/01/2024 THROUGH 10/31/2024
FY 25 FY 24
FY25 Approved
Budget
BUDGET %
07/01/2024 -
10/31/2024 HEA Actual CEA Actual AEA Actual Total Actual
(Over) Under
Budget to Date
FY24 Approved
Budget FY24 Actual
Summary by expense type
Staff Professional Services (Direct)50,000 16,667 - - - - 16,667 50,000 48,886
Labor & Benefits 10,000 3,333 12,617 107 2,511 15,234 (11,901) - 73,465
Travel - - 30 60 1,181 1,270 (1,270) - 1,411
Training - - 210 - 86 296 (296) - 427
Contractual 201,300 67,100 10,426 - 2,230 12,656 54,444 125,000 154,741
Consulting-Administrative - - - - 1,858 1,858 (1,858) - 9,858
Supplies & Materials 5,000 1,667 2,233 260 - 2,493 (826) - 6,940
Other Costs - - 629 304 140 1,072 (1,072) - 2,614
Equipment, Furniture & Machinery - - 260 - - 260 (260) - 6,648
Administrative Costs 14,000 4,667 717 - 17,166 17,883 (13,216) 11,500 81,420
Indirect Costs - - 14,626 - - 14,626 (14,626) - 54,808
O&M 4% Allocation to Battle Creek 320,638 106,879 - - - - 106,879 303,768 -
Total Battle Creek Budget 600,938 200,313 41,748 730 25,171 67,648 132,664 490,268 441,218
FERC 535 - Operation Supervision & Engineering
Operations Sup/Eng
Battle Creek Operating
Labor & Benefits 1,500 500 1,016 - - 1,016 (516) - 4,455
Travel - - 12 - - 12 (12) - 82
Training - - - - - - - - 24
Supplies & Materials 1,000 333 - - - - 333 - 10
Indirect Costs - - 1,476 - - 1,476 (1,476) - 6,209
Battle Creek Operating Total 2,500 833 2,504 - - 2,504 (1,671) - 10,780
FERC 535 - Operation Supervision & Engineering Total 2,500 833 2,504 - - 2,504 (1,671) - 10,780
FERC 537 - Hydraulic Expenses
Hydraulic Expenses
Battle Creek Operating
Labor & Benefits 1,500 500 816 - - 816 (316) - 3,013
Contractual 145,000 48,333 - - - - 48,333 70,000 62,923
Supplies & Materials 1,000 333 - - - - 333 - 103
Indirect Costs - - 1,161 - - 1,161 (1,161) - 4,182
Battle Creek Operating Total 147,500 49,167 1,977 - - 1,977 47,190 70,000 70,220
FERC 537 - Hydraulic Expenses Total 147,500 49,167 1,977 - - 1,977 47,190 70,000 70,220
FERC 538 - Electric Expenses
Electric Expenses
Battle Creek Operating
Labor & Benefits 1,500 500 2,458 - - 2,458 (1,958) - 8,823
Travel - - - - - - - - 9
Training - - 210 - - 210 (210) - 396
Contractual - - - - - - - - 104
Supplies & Materials 1,000 333 - - - - 333 - 466
Indirect Costs - - 2,900 - - 2,900 (2,900) - 10,273
Battle Creek Operating Total 2,500 833 5,567 - - 5,567 (4,734) - 20,072
FERC 538 - Electric Expenses Total 2,500 833 5,567 - - 5,567 (4,734) - 20,072
FERC 539 - Misc. Hydraulic Power Generation Expenses
Misc Hydro Power Exp
Battle Creek Operating
Labor & Benefits 1,500 500 903 - - 903 (403) - 3,436
Contractual - - 7,760 - - 7,760 (7,760) - 16,605
Supplies & Materials 1,000 333 181 - - 181 152 - 1,417
Other Costs - - 629 302 - 931 (931) - 2,604
Indirect Costs - - 1,307 - - 1,307 (1,307) - 4,760
Battle Creek Operating Total 2,500 833 10,780 302 - 11,082 (10,249) - 28,823
FERC 539 - Misc. Hydraulic Power Generation Expenses Total 2,500 833 10,780 302 - 11,082 (10,249) - 28,823
FERC 541 - Maintenance Supervision & Engineering
Maint Supervision/Eng
Battle Creek Operating
Labor & Benefits 2,500 833 1,016 - - 1,016 (183) - 4,696
Indirect Costs - - 1,476 - - 1,476 (1,476) - 6,247
Battle Creek Operating Total 2,500 833 2,492 - - 2,492 (1,659) - 10,944
FERC 541 - Maintenance Supervision & Engineering Total 2,500 833 2,492 - - 2,492 (1,659) - 10,944
FERC 542 - Maintenance of Structures
Maintenance of Structures
Battle Creek Operating
Labor & Benefits 1,500 500 739 - - 739 (239) - 2,952
Contractual - - 249 - - 249 (249) - 1,822
Supplies & Materials 1,000 333 65 - - 65 268 - 851
Equipment, Furniture & Machinery - - 260 - - 260 (260) - 824
Indirect Costs - - 1,046 - - 1,046 (1,046) - 3,977
Battle Creek Operating Total 2,500 833 2,359 - - 2,359 (1,526) - 10,426
FERC 542 - Maintenance of Structures Total 2,500 833 2,359 - - 2,359 (1,526) - 10,426
FERC 543 - Maintenance of Reservoirs, Dams & Waterways
Maint Res, Dams, WWays
Battle Creek Operating
Labor & Benefits - - 329 - - 329 (329) - 250
Indirect Costs - - 401 - - 401 (401) - 361
Battle Creek Operating Total - - 730 - - 730 (730) - 611
FERC 543 - Maintenance of Reservoirs, Dams & Waterways Total - - 730 - - 730 (730) - 611
FERC 544 - Maintenance of Electric Plant
Maintenance of Elec Plant
Battle Creek Operating
Labor & Benefits - - 2,637 - - 2,637 (2,637) - 10,819
Travel - - 18 - - 18 (18) - 15
Contractual - - 945 - - 945 (945) - 2,151
Supplies & Materials - - 535 - - 535 (535) - 1,507
Indirect Costs - - 3,811 - - 3,811 (3,811) - 15,020
Battle Creek Operating Total - - 7,946 - - 7,946 (7,946) - 29,512
ALASKA ENERGY AUTHORITY
Page 8 of 13
BATTLE CREEK OPERATIONS & MAINTENANCE
SCHEDULE F
BUDGET TO ACTUAL EXPENSES
FOR THE PERIOD 07/01/2024 THROUGH 10/31/2024
FY 25 FY 24
FY25 Approved
Budget
BUDGET %
07/01/2024 -
10/31/2024 HEA Actual CEA Actual AEA Actual Total Actual
(Over) Under
Budget to Date
FY24 Approved
Budget FY24 Actual
ALASKA ENERGY AUTHORITY
FERC 544 - Maintenance of Electric Plant Total - - 7,946 - - 7,946 (7,946) - 29,512
FERC 545 - Maintenance of Misc. Hydraulic Plant
Maint of Misc Hydr Plant
Battle Creek Operating
Labor & Benefits - - 737 - - 737 (737) - 2,716
Contractual - - - - - - - - 3,115
Supplies & Materials - - 370 - - 370 (370) - 2,245
Equipment, Furniture & Machinery - - - - - - - - 5,824
Indirect Costs - - 1,048 - - 1,048 (1,048) - 3,779
Battle Creek Operating Total - - 2,155 - - 2,155 (2,155) - 17,679
FERC 545 - Maintenance of Misc. Hydraulic Plant Total - - 2,155 - - 2,155 (2,155) - 17,679
FERC 556 - System Control & Load Dispatching
System Cntl & Load Disp
Battle Creek Operating
Labor & Benefits - - 774 - - 774 (774) - 496
Contractual - - 1,170 - - 1,170 (1,170) - 1,864
Supplies & Materials - - - - - - - - 18
Battle Creek Operating Total - - 1,944 - - 1,944 (1,944) - 2,378
Snow Measurement
Battle Creek Operating
Contractual - - - - - - - - 400
Battle Creek Operating Total - - - - - - - - 400
Seismic Service
Battle Creek Operating
Contractual - - - - - - - - 2,531
Battle Creek Operating Total - - - - - - - - 2,531
Streamguaging Serv
Battle Creek Operating
Contractual 56,300 18,767 - - 2,230 2,230 16,537 55,000 59,930
Battle Creek Operating Total 56,300 18,767 - - 2,230 2,230 16,537 55,000 59,930
Permits
Battle Creek Operating
Other Costs - - - - - - - - 10
Battle Creek Operating Total - - - - - - - - 10
FERC 556 - System Control & Load Dispatching Total 56,300 18,767 1,944 - 2,230 4,174 14,593 55,000 65,249
FERC 562 - Station Expenses
Station Expenses
Battle Creek Operating
Labor & Benefits - - 713 107 - 820 (820) - 6,754
Travel - - - 60 - 60 (60) - 14
Contractual - - 304 - - 304 (304) - 3,295
Supplies & Materials - - 583 260 - 843 (843) - 229
Other Costs - - - 2 - 2 (2) - -
Battle Creek Operating Total - - 1,600 428 - 2,028 (2,028) - 10,293
FERC 562 - Station Expenses Total - - 1,600 428 - 2,028 (2,028) - 10,293
FERC 571 - Maintenance of Overhead Lines
Maint of OH Lines
Battle Creek Operating
Labor & Benefits - - 477 - - 477 (477) - 2,208
Supplies & Materials - - 499 - - 499 (499) - -
Battle Creek Operating Total - - 976 - - 976 (976) - 2,208
FERC 571 - Maintenance of Overhead Lines Total - - 976 - - 976 (976) - 2,208
FERC 920 & 930 - Administrative Expense
AEA Bradley Fixed Admin Fees
Battle Creek Operating
Staff Professional Services (Direct)50,000 16,667 - - - - 16,667 50,000 48,886
Travel - - - - 1,094 1,094 (1,094) - 1,291
Training - - - - 86 86 (86) - 6
Consulting-Administrative - - - - 13 13 (13) - 724
Supplies & Materials - - - - - - - - 94
Other Costs - - - - 140 140 (140) - -
Administrative Costs - - - - 123 123 (123) - 7,793
Battle Creek Operating Total 50,000 16,667 - - 1,457 1,457 15,210 50,000 58,794
Operating Committee Exp-Audit
Battle Creek Operating
Administrative Costs - - - - - - - - 1,460
Battle Creek Operating Total - - - - - - - - 1,460
Operating Committee Exp-Legal
Battle Creek Operating
Administrative Costs 5,000 1,667 - - 1,797 1,797 (130) 5,000 6,217
Battle Creek Operating Total 5,000 1,667 - - 1,797 1,797 (130) 5,000 6,217
Operat Committee Exp-Arbitrage
Battle Creek Operating
Administrative Costs 2,500 833 - - - - 833 - 1,690
Battle Creek Operating Total 2,500 833 - - - - 833 - 1,690
Trust & Account Fees
Battle Creek Operating
Administrative Costs 5,500 1,833 - - - - 1,833 5,500 4,170
Battle Creek Operating Total 5,500 1,833 - - - - 1,833 5,500 4,170
Misc Admin
Battle Creek Operating
Administrative Costs 1,000 333 - - - - 333 1,000 588
Battle Creek Operating Total 1,000 333 - - - - 333 1,000 588
Professional Consultants
Battle Creek Operating
Labor & Benefits - - - - 2,511 2,511 (2,511) - 22,846
Travel - - - - 86 86 (86) - -
Page 9 of 13
BATTLE CREEK OPERATIONS & MAINTENANCE
SCHEDULE F
BUDGET TO ACTUAL EXPENSES
FOR THE PERIOD 07/01/2024 THROUGH 10/31/2024
FY 25 FY 24
FY25 Approved
Budget
BUDGET %
07/01/2024 -
10/31/2024 HEA Actual CEA Actual AEA Actual Total Actual
(Over) Under
Budget to Date
FY24 Approved
Budget FY24 Actual
ALASKA ENERGY AUTHORITY
Battle Creek Operating Total - - - - 2,597 2,597 (2,597) - 22,846
FERC 920 & 930 - Administrative Expense Total 64,000 21,333 - - 5,851 5,851 15,483 61,500 95,764
FERC 924 & 925 - Insurance Premiums
Insurance Premiums
Battle Creek Operating
Administrative Costs - - 717 - 15,245 15,962 (15,962) - 50,800
Battle Creek Operating Total - - 717 - 15,245 15,962 (15,962) - 50,800
FERC 924 & 925 - Insurance Premiums Total - - 717 - 15,245 15,962 (15,962) - 50,800
FERC 923 - Outside Services Employed
Outside Services Employed
Battle Creek Operating
Consulting-Administrative - - - - 1,845 1,845 (1,845) - 9,134
Battle Creek Operating Total - - - - 1,845 1,845 (1,845) - 9,134
FERC 923 - Outside Services Employed Total - - - - 1,845 1,845 (1,845) - 9,134
FERC 928 - Regulatory Commission Expenses
FERC Admin Fees
Battle Creek Operating
Administrative Costs - - - - - - - - 6,475
Battle Creek Operating Total - - - - - - - - 6,475
FERC Related Prof Services
BRADLEY CONTRACTUAL ENGINEER-FERC LICENSE ISSUES
Administrative Costs - - - - - - - - 227
BRADLEY CONTRACTUAL ENGINEER-FERC LICENSE ISSUES Total - - - - - - - - 227
Battle Creek Operating
Administrative Costs - - - - - - - - 2,002
Battle Creek Operating Total - - - - - - - - 2,002
FERC 928 - Regulatory Commission Expenses Total - - - - - - - - 8,703
O&M Allocation to Battle Creek 320,638 106,879 - - - - 106,879 303,768 -
Total Battle Creek Budget 600,938 200,313 41,748 730 25,171 67,648 132,664 490,268 441,218
Page 10 of 13
FY23 FY23 FY24 FY24 FY25 FY25
BUDGET ACTUALS BUDGET ACTUALS BUDGET ACTUALS
SSQ Line Access Documentation - 23,555 - - - -
SSQ Soldotna-Qtz Ck 230kV Construction - 441,262 - - - -
Total Non R&C Capital Purchases - 464,817 - - - -
SSQ LINE CAPITAL PURCHASES NOT FUNDED BY R&C FUND
ALASKA ENERGY AUTHORITY
BRADLEY LAKE HYDROELECTRIC PROJECT
SSQ Line Capital Purchases
Schedule H
Expenses for the period 07/01/24 to 10/31/24
Page 11 of 13
FY 25 FY 24
FY25 Approved
Budget
BUDGET %
07/01/2024 -
10/31/2024 HEA Actual CEA Actual AEA Actual Total Actual
(Over) Under
Budget to Date
FY24 Approved
Budget FY24 Actual
Summary by expense type
Staff Professional Services (Direct)40,000 13,333 - - - - 13,333 15,000 34,357
Labor & Benefits 50,000 16,667 21,212 - - 21,212 (4,545) 50,000 -
Travel - - - - - - - - 338
Contractual 150,000 50,000 48,618 - - 48,618 1,382 175,000 -
Permitting 36,878 12,293 - - - - 12,293 40,000 2,969
Supplies & Materials 20,000 6,667 - - - - 6,667 25,000 567
Other Costs - - - - - - - - 1,250
Administrative Costs 47,000 15,667 - - - - 15,667 2,000 38,439
Total SSQ Line Budget 343,878 114,626 69,830 - - 69,830 44,796 307,000 77,920
FERC 540 - Rents
FERC Land Use Fee
SSQ Line Operating
Other Costs - - - - - - - - 1,250
SSQ Line Operating Total - - - - - - - - 1,250
FERC 540 - Rents Total - - - - - - - - 1,250
FERC 556 - System Control & Load Dispatching
Permits
SSQ Line Operating
Permitting 36,878 12,293 - - - - 12,293 40,000 2,969
SSQ Line Operating Total 36,878 12,293 - - - - 12,293 40,000 2,969
FERC 556 - System Control & Load Dispatching Total 36,878 12,293 - - - - 12,293 40,000 2,969
FERC 571 - Maintenance of Overhead Lines
Maint of OH Lines
SSQ Line Operating
Labor & Benefits 50,000 16,667 21,212 - - 21,212 (4,545) 50,000 -
Contractual 150,000 50,000 48,618 - - 48,618 1,382 175,000 -
Supplies & Materials 20,000 6,667 - - - - 6,667 25,000 -
SSQ Line Operating Total 220,000 73,333 69,830 - - 69,830 3,503 250,000 -
FERC 571 - Maintenance of Overhead Lines Total 220,000 73,333 69,830 - - 69,830 3,503 250,000 -
FERC 920 & 930 - Administrative Expense
AEA Bradley Fixed Admin Fees
Battle Creek Operating
Battle Creek Operating Total - - - - - - - - -
SSQ Line Operating
Staff Professional Services (Direct)40,000 13,333 - - - - 13,333 15,000 34,357
Travel - - - - - - - - 338
Supplies & Materials - - - - - - - - 567
Administrative Costs 20,000 6,667 - - - - 6,667 - 36,439
SSQ Line Operating Total 60,000 20,000 - - - - 20,000 15,000 71,701
General & Administrative Costs
General & Administrative Costs Total - - - - - - - - -
Trust & Account Fees
SSQ Line Operating
Administrative Costs 2,000 667 - - - - 667 2,000 2,000
SSQ Line Operating Total 2,000 667 - - - - 667 2,000 2,000
FERC 920 & 930 - Administrative Expense Total 62,000 20,667 - - - - 20,667 17,000 73,701
FERC 928 - Regulatory Commission Expenses
FERC Related Prof Services
BRADLEY CONTRACTUAL ENGINEER-FERC LICENSE ISSUES
Administrative Costs 25,000 8,333 - - - - 8,333 - -
BRADLEY CONTRACTUAL ENGINEER-FERC LICENSE ISSUES Total 25,000 8,333 - - - - 8,333 - -
FERC 928 - Regulatory Commission Expenses Total 25,000 8,333 - - - - 8,333 - -
Total SSQ Line Budget 343,878 114,626 69,830 - - 69,830 44,796 307,000 77,920
ALASKA ENERGY AUTHORITY
SSQ LINE OPERATIONS & MAINTENANCE
SCHEDULE I
BUDGET TO ACTUAL EXPENSES
FOR THE PERIOD 07/01/2024 THROUGH 10/31/2024
Page 12 of 13
Source
Construction Funds
at 11/30/22
Investment
Expenses
Calculated Capital
Reserve at
11/30/22
Released from
Capital Reserve
Total Available
Funding
Required Project Work Bond Series 11 Funding 166,013,134 (157,250) (12,454,346) 557,196 153,958,734
BESS Required Project Work Bond Series 11 Funded Capital
Projects Total Funding Project Budget Encumbered Total Actual Costs
(Over) / Under
Project Budget
(Over) / Under
Total Funding
BRADLEY HEA BESS Preliminary Study 23,885,557 75,000 22,473 958 74,042 23,862,125
Total BESS Capital Projects 23,885,557 75,000 22,473 958 74,042 23,862,125
Transmission Required Project Work Bond Series 11 Funded
Capital Projects Total Funding Project Budget Encumbered Total Actual Costs
(Over) / Under
Project Budget
(Over) / Under
Total Funding
SSQ Line Sterling-Qtz Ck 230kV Construction - 163,989 1,181,273 (1,181,273)
Soldotna-Sterling 230kV Construction - - 360,392 (360,392)
BRADLEY Required Project Work Support - - 87,598 (87,598)
Bradley RPW - Bond Series 11 - -
5,471 (5,471)
Total Transmission Capital Projects 80,073,177 - 163,989 1,634,734 (1,634,734) 78,274,454
GRIP 3 Round 1 Required Project Work Bond Series 11 Funded
Projects - HVDC Line Total Funding Project Budget Encumbered Total Actual Costs
(Over) / Under
Project Budget
(Over) / Under
Total Funding
Allocate from BESS AEA Resolution 24-12 30,000,000 - - 30,000,000
Allocate from Transmission AEA Resolution 24-02 20,000,000 - -
20,000,000
Total Grip 3 Round 1 Capital Projects 50,000,000 50,000,000 - - 50,000,000 50,000,000
Total Required Project Work 153,958,734 50,075,000 186,462 1,635,692 48,439,308 152,136,580
78,274,454 80,073,177
50,000,000 50,000,000
ALASKA ENERGY AUTHORITY
BRADLEY LAKE HYDROELECTRIC PROJECT
Capital Projects Funded by Bond Proceeds
Appendix A
10/31/24
Page 13 of 13
Bradley Operation and Dispatch Committee Report
December 2024
Meeting Dates:
October 21 and November 25, 2024
Notable Discussions and Items:
Scheduled Islanding
There has been extensive discussion regarding the timing and duration of the 2025
Kenai-Anchorage transmission construction. Current islanding schedule:
Sterling-Quartz: 1/7 – 2/16
Indian – Girdwood: 2/18 – 3/4
Sterling – Quartz: 3/11 – 3/21
Committee’s concerns are that emergency system restoration may take days and that
the timing of work was generally not coordinated with the O&D Committee.
Dam Raise considerations:
Individual utilities continue to evaluate their recommendations which are expected to
be sent to AEA later in December.
Water Tracking & Lake Level:
As of Nov 1 , Bradley Lake contained approximately 242,000 MWh of energy.
Railbelt utilities are heavily scheduling their capacity shares, with the exception of
HEA who is conserving their share in anticipation of the islanding next month.
Committee Assignments:
□ CEA continues work to address SCADA challenges to allow HEA wheeling capacity as
defined in the existing Bradley agreement.
□ BPMC approved - CEA & HEA investigating appropriate relay settings - $15k spend limit.
• HEA and CEA working on the development of work scope for best practice analysis.
Next Meeting:
January 10, 2025