Welcome Letter From The Manager Letter From The Commission A Look Back At 2014 2014 Financials

Letter From The Manager

Kenneth Goulart

I am honored to take over the helm of Taunton Municipal Lighting Plant (TMLP), an institution that has been a part of my professional life since 1988. I have had the good fortune of watching TMLP and the electric industry grow - both literally and figuratively - from within.

As I begin the next chapter in my 27-year career at TMLP, I look forward to charting a course that reflects our mission statement, one which continues our legacy of providing reliable and price-competitive service to our customers. As the steward of that mission statement, my first priority is the ratepayer.

To that end, I will work throughout my tenure to protect rates and reliability. We, as a company, will continue to ensure a stable and diverse energy portfolio, invest in brick and mortar capacity and continue to improve our existing infrastructure. We will pursue supplemental solutions, such as distributed generation, as a way to reduce capacity and transmission costs; while also continuing to keep abreast of the ever-changing environmental regulations at the local, state and national levels.

2014 was a year of change. Power supply, environmental regulations, transmission increases and workforce retirements all combined to make it quite an interesting year. As I look forward to 2015 I expect we, as a company and as an industry, will continue to navigate these issues.

Recapping the past year would be incomplete without acknowledging the dedication and tremendous accomplishments of recently retired General Manager Mike Horrigan. Mike retired on January 3rd, 2015 after 36 years with the TMLP, seven of those as General Manager.

It was during Mike's watch that TMLP carried forward the current strategic plan that has been such a fundamental part of TMLP operations throughout the past decade. I hope to carry on Mike's vision, moving us forward into the future.

Michael Horrigan

At the end of 2014, I retired after working at TMLP for over 36 years. It was an honor to lead TMLP as its General Manager for the last seven years. TMLP is an exceptional organization - from the Light Commission to its employees. As a publically-owned municipal lighting plant, its mission is clear: delivering safe, reliable, environmentally-sensitive electrical service with competitive rates while providing outstanding customer service. I would like to thank the TMLP customers, as it was a pleasure to serve such appreciative customers.

The electric industry is changing, especially in the power supply area. The closing of oil, coal and nuclear plants has impacted the base load power supply in the Northeast, resulting in high volatility in the price of electricity. TMLP has diversified its power supply to minimize the price volatility to its customers and is positioned to implement more renewable energy and distributed generation, and increase the energy efficiency programs that provide value to its customers.

TMLP also experienced significant changes during 2014. Several senior positions were affected by retirements, necessitating a succession plan to ensure that TMLP continues to be run by knowledgeable and dedicated personnel.

I want to thank the TMLP Commission and its employees for their support, contributions and dedication which have directly contributed to TMLP's success. I wish TMLP and new General Manager Ken Goulart continued success in fulfilling the mission.