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Comprehensive Business Process Review and Audit Final Report

Prepared for

Vermont Electric Cooperative, Inc.

December 24, 2007

Proprietary & Confidential
This document includes information that is proprietary and confidential to Stone & Webster Management Consultants, Inc. (Stone & Webster Consultants) and shall not be disclosed outside the Recipient’s organization. This document shall not be duplicated, used, or disclosed – in whole or in part – for any purpose other than evaluation of this document by the Recipient. This restriction does not limit the Recipient’s right to use information contained in this document, if it is obtained from another source without restriction. The information subject to this restriction is contained in pages of this document marked “Proprietary & Confidential”. This document shall be returned to Stone & Webster Consultants upon its request.

Mr. David Hallquist CEO Vermont Electric Cooperative, Inc. 42 Wescom Road Johnson, Vermont 05656-9717 Subject: Final Report of the Comprehensive Business Process Review and Audit (BPRA) Efforts

December 24, 2007

Dear Mr. Hallquist: Stone & Webster Management Consultants, Inc. (Stone & Webster Consultants) is pleased to submit our team’s report resulting from our efforts to provide a Comprehensive Business Process Review and Audit (BPRA) to the Vermont Electric Cooperative, Inc. (VEC). We have incorporated those comments that we felt were appropriate in this final version of the report. We are also providing this report to Mr. Geoff Commons of the Vermont Department of Public Service (VT DPS). This report summarizes the approach, findings, recommendations and implementation plan that were developed throughout the Business Process Review and Audit which commenced March 30, 2007. We have discussed our findings with all interested parties and expect that the findings herein

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