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Analyst Training in the Power and Gas Sectors - June 2013  -  June 19-20, 2013

7:30 am

DAY ONE - Wednesday June 19, 2013

Registration and continental breakfast open. Please note: The list of Instructors and presenters for this session is still being finalized.
8:15 am

Welcome & Introductions

Welcome & Introductions
8:30 am

Power and Natural Gas Market Structures

A look at the energy value chain, including the generation, transmission and distribution of power, as well as the transportation, storage and distribution of natural gas. The session also offers a framework for understanding and measuring industry performance at the macro level.
Walter Crenshaw
Senior Program Manager
SNL Knowledge Center
Steve Piper
Associate Director
SNL Energy
10:30 am

Refreshment Break

10:45 am

Financial Statement Analysis

Through an examination of the typical line items found in corporate financial statements, you will explore essential financial data for evaluating the economic health of power and natural gas companies.
Ellen Lapson, CFA
SNL Knowledge Center
12:00 pm


1:00 pm

Rate Cases and their Impact on Earnings

In addition to dissecting and examining the intricacies of the rate case process, you'll explore the reasons for filing a case and the financial implications of decisions on the concerned parties. Topics covered include revenue requirement calculation, rate base and rate of return, and return on equity methodologies.
Russell Ernst
Senior Financial Analyst
Regulatory Research Associates
Thomas J. Serzan
Vice President
Regulatory Research Associates
2:15 pm

Credit Analysis and Ratings

An examination of energy companies from the perspective of credit rating agencies and the fixed income investor. Gaining insight into the methods used by rating agency analysts to assess financial strength, participants learn what it takes to be a well-rated company. The session also illustrates the relative merits of various balance sheet management strategies, and the warning signs for ratings downgrades.
James Hempstead
Senior Vice President
Moody's Corp.
3:30 pm

Refreshment Break

3:45 pm

Project Finance

A comprehensive introduction to this common method of financing energy assets, including a discussion of structuring options, the importance of due diligence, the benefits of leverage, and financing considerations.
Orli Almog
Managing Director
Coral Advisors, LLC
5:00 pm

Cocktail Reception

8:00 am

DAY TWO - Thursday June 20, 2013

Continental breakfast opens.
8:15 am

Welcome & Announcements

8:30 am

Capital Raising

The advantages and drawbacks of various capital raising strategies and alternatives, illustrating their effects on the company financials and valuation. Time is devoted to addressing current trends in the primary capital markets and providing case studies on the execution and impact of various capital raising efforts.
Edward Manheimer
Vice President
Morgan Stanley
10:00 am

Refreshment Break

10:15 am

Asset-Level Valuation

An exploration of the most common approaches and techniques used to value generation assets. Discussion includes the importance of the nuances surrounding energy assets’ revenue and cost streams.
Gary M. Rygh
Managing Director
12:00 pm


1:00 pm

Enterprise Valuation

Participants will learn the principles of enterprise valuation techniques and how they are applied from both a stand-alone and an acquisition perspective. Insight into distinguishing "art" from "science" in valuation approaches.
Henry Decker
Senior Vice President
Moelis & Company
2:15 pm

Refreshment Break

2:30 pm

Case Study: Investing in the Power and Gas Sector

In a hands-on team exercise, you'll have the opportunity to apply the valuation tools and analytical skills developed over the course of the seminar by utilizing multiple approaches to the analysis and valuation of a publicly-traded power company.
Maurice May
Equity Analyst
Wellington Shields & Co. LLC
4:45 pm

Closing Remarks

5:00 pm

Program Concludes

Orli Almog
Managing Director, Coral Advisors, LLC
Walter Crenshaw
Senior Program Manager, SNL Knowledge Center
Henry Decker
Senior Vice President, Moelis & Company

Henry Decker is a Senior Vice President at Moelis & Company, focused on mergers, acquisitions, divestitures and corporate restructurings within the power, utility, and infrastructure sectors. Prior to Moelis, Mr. Decker was a Vice President in the Mergers and Acquisitions Group at Rothschild, focused on the power, utility and infrastructure sectors. Prior to his experience in the investment banking industry, Mr. Decker was a Senior Financial Analyst at Taro Pharmaceuticals, a Financial Analyst at IBM and a Senior Engineer at BOC Gases.

Mr. Decker holds a Bachelor of Mechanical Engineering degree from the Georgia Institute of Technology and an M.B.A. from Carnegie Mellon University.


Russell Ernst
Senior Financial Analyst, Regulatory Research Associates

Russell is a Senior Analyst at Regulatory Research Associates, an SNL Energy affiliate. Russell analyzes regulatory developments in the electric and natural gas utility sector and follows several utility equity securities for the firm's Financial Focus product. Before joining RRA, Russell was a Senior Research Assistant in Standard & Poor’s Corporate Ratings division, focusing on issuers in the retail, gaming and hospitality sectors. He began his career with Deutsche Bank’s OTC Derivatives division.

Russell received a Bachelor of Science from The University at Albany, State University of New York, and a Master of Business Administration from Rutgers Business School. He is a Chartered Financial Analyst and is a member of the New York Society of Security Analysts and the CFA Institute.

James Hempstead
Senior Vice President, Moody's Corp.
Ellen Lapson, CFA
Instructor, SNL Knowledge Center

Ellen has more than thirty-five years of experience in the fields of utility credit analysis and infrastructure financing. Prior to forming Lapson Advisory in 2011, she was a Managing Director at Fitch Ratings, where she oversaw ratings criteria and directed fixed-income investor outreach for the Utilities Group. 

In her 17 years at Fitch, Ellen led the credit evaluations or chaired Fitch rating committees for hundreds of North American utilities and projects, from the largest to the smallest entities. She directed and participated in credit assessments of innovative energy technology projects including renewable energy sources, advanced coal plants, new nuclear power plants, and nuclear enrichment. 

In 2010-2011, Ellen chaired Fitch's Corporate Finance Criteria Committee, the group responsible for determining the global criteria and guidelines the agency used to rate corporations, banks and financial institutions, insurers, and global infrastructure projects. 

Ellen has served for eight years as a member of the Electric Power Research Institute's Advisory Council and chaired the Advisory Council. She is a Chartered Financial Analyst and a member of the Wall Street Utility Group. She earned an MBA in accounting from New York University and a BA in literature from Barnard College.

Edward Manheimer
Vice President, Morgan Stanley

Eddie Manheimer joined Morgan Stanley in 2008 and is a Vice President in the Global Power & Utility Group. He has worked on a number of financing and strategic advisory assignments in power and utilities, and focuses on mergers & acquisitions and structured financings with the power & utility and clean technology space.

Prior to joining Morgan Stanley, Eddie worked at Proskauer Rose LLP as a corporate attorney. He received a BA in Philosophy, Politics & Economics from the University of Pennsylvania, a JD from Harvard Law School and an MBA from Columbia Business School.


Maurice May
Equity Analyst, Wellington Shields & Co. LLC
Maurice E. May is an equity analyst who has followed electric and gas utilities for three decades with the following firms: Alex. Brown & Sons, Ferris Baker Watts, Gardner & Preston Moss/INVESCO, and Friedman Billings Ramsey & Co. He founded Power Insights in March 2003 in association with Soleil Securities of New York to focus primarily on small- to midcap electric utility companies. Mr. May has a BA from the University of Maryland, and is a member of the CFA Institute, the Providence Society of Financial Analysts, and the CFA Society of Washington.


Steve Piper
Associate Director, SNL Energy
Steve Piper, Associate Director, has 20 years experience in the electric power, coal and natural gas business, specializing in market price forecasting, economic feasibility assessment, demand forecasting, and environmental analysis. Prior to joining SNL Energy in 2009, he analyzed North American electricity markets in support of merchant plant feasibility, asset valuation, and price forecasting for Platts. Past engagements have included natural gas supply analysis, LDC fuel procurement analysis, and coal plant environmental compliance strategies. Mr. Piper’s clients have included power plant developers, investment banks, electric utilities, and industrial end users. Mr. Piper earned a BA in history from Grinnell College and an MPM in environmental policy from the University of Maryland, School of Public Affairs.


Gary M. Rygh
Managing Director, Barclays
Gary Rygh is a Managing Director within the Power and Utilities Mergers and Acquisitions Group at Barclays Capital, based in New York. The team is responsible for strategic advisory assignments in the power and utility sector. Mr. Rygh joined Barclays Capital in September 2008 from Lehman Brothers. Prior to that, he worked at Morgan Stanley. Mr. Rygh graduated with a Bachelors of Science in Commerce from the University of Virginia in 1995.


Thomas J. Serzan
Vice President, Regulatory Research Associates

Tom has a diverse background in the utility industry and is currently responsible for RRA’s Financial Focus Research product which encompasses individual company coverage as well as extensive industry financial studies. Tom rejoined RRA in 2001 after having been at the firm for a period in the mid-1990’s. Tom began his utility career with the New Jersey Board of Public Utilities in 1982, where he was a member Staff in the revenue requirements area, participating in many rate cases. At the BPU, his primary focus was on telephone rate cases and issues surrounding the divestiture of the telephone industry. In 1986, Tom moved over to the financial community when he joined Argus Research, initially following state regulation and later moving into equity coverage of the electric group. From 1989 through the late 1990’s, Tom was a sell-side utility equity research analyst for Gruntal & Company and Nesbitt Burns Securities. From 1998-2001, Tom was a buy-side equity analyst with Merrill Lynch Investment Managers, where he followed the utility and energy group.


Event Date:
June 19-20, 2013
Event Location:
Downtown Conference Center
157 William Street
New York, NY, US
Registration Fee:

Your registration includes all program work materials, plus continental breakfast, refreshment breaks and lunch both days.


This program is designed for:

  • Finance, investor relations or corporate strategy/development professionals at power or gas companies
  • Professionals in investment banking, project finance, asset management, hedge funds, or equity/ fixed income research
  • Consultants, accountants and lawyers who advise power and gas clients
  • Industry regulators
  • Suppliers to the power and gas sectors

This seminar presumes familiarity with basic accounting and finance concepts. Prior to the program, participants will receive materials for the program's case study as well as suggested reading for those new to the sector. This program does not include Excel modeling.

ABP Investments
Allstate Investment
American Electric Power
American Gas Association
Atlas Pipeline Mid-Continent
Bank of Tokyo-Mitsubishi UFJ Trust Co.
Barclays Global Investors
BB&T Corporation
Bechtel Enterprises Inc.
Black River Asset Management
Black & Veatch
BMO Nesbitt Burns
BNP Paribas Group
Booz & Company
Bridge Strategy Group
Brookfield Powert
Brubaker & Associates
Bryn Mawr Capital Management
Capital Power
CenterPoint Energy
CIBC World Markets
Citigroup Global Markets
CoBank ACB
Consolidated Edison Company
Constellation Energy Group
David Vaughan Investments
Direct Energy
Doble Engineering
Dominion Resources
DTE Energy Company
Edison Electric Institute
El Paso Electric Company
Ensign Peak Advisors
EPCOR Utilities
EPRI Technical Library
Ernst & Young
Excelon Corporation
Fitch Ratings
Greenhill & Co.
Goldman Sachs Group
Hastings Funds Management
Hess Corporation
Highstar Capital
Hunt Power
Hunt Transmission Services
HVB Group
JP Morgan Chase
KeyBanc Capital Markets
KeySpan Energy Corporation
Laclede Gas Company
Liberty Natural Gas
Lord Abbett & Company
Macquarie Holdings (USA)
Madison Gas & Electric
Morgan Stanley
Navigant Consulting
NRG Energy
Northeast Utilities
NorthWestern Energy Division
Oklahoma Corporation Commission
Osaka Gas Company
Pirate Capital
PSEG Power
Puget Sound Energy
RNK Capital
Sasco Capital
Seguin Capital
Sempra Energy
Sequent Energy Management
Siemens Financial Services
South Jersey Industries
Starwood Capital Group Management
Stifel Nicolaus & Co.
Tennessee Valley Authority
TD Bank
The Pataki-Cahill Group
Tyr Energy
UBS Investment Bank
Vectren Corporation
Victory Capital Management
Wellington Management Company
West LB
Wood Mackenzie
Xcel Energy Services
Event Date:
June 19-20, 2013
Downtown Conference Center
157 William Street
New York, NY, US
Although lodging is not provided as part of this program, the hotels listed below are convenient to the Downtown Conference Center. Please call the Downtown Conference Center to inquire about negotiated rates or with any other lodging related questions (1-877-DCC-MEET)

Millennium Hilton
55 Church St.

Gild Hall
15 Gold St.

Seaport Inn
33 Peck Slip

Hampton Inn Seaport
320 Pearl St.

Conrad Hotel
102 North End Ave.

Eurostars Wall Street Hotel
129 Front St.

Wall Street Inn
9 S William St.

Ritz-Carlton Battery Park
2 West St.
CFA Institute

13 Professional Development credit hours
SNL Knowledge Center is registered with CFA Institute as an Approved Provider of professional development programs. This program is eligible for 13 PD credit hours, as granted by CFA Institute. If you are a CFA Institute member, PD credit for your attendance at this event will be automatically recorded in your PD Diary.


National Association of State Boards of Accountancy
15.5 hours of CPE credit
Participants attending the entire program qualify for 15.5 CPE credit hours (Specialized Knowledge and Applications). Program Level: Intermediate. Delivery Method: Group-Live. SNL Knowledge Center is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 4th Ave N, Ste 700, Nashville, TN, 37219-2417. Web site: www.nasba.org.

What is the dress code?
Business casual.

Do I need a laptop?
Participants are not required to bring a laptop. A calculator may be helpful, but is not mandatory.

Is there required pre-reading?
Yes. Prior to the program, participants who have paid their registration fee in full will receive advance reading materials. We encourage you to thoughtfully review these materials prior to the start of the program.

Are meals included?
Your registration fee includes continental breakfast and lunch for both days of the program. Also included is the Tuesday evening cocktail reception.

What is the cancellation policy?
Cancellations for this program are eligible for a full refund, less a $150.00 administrative fee, if received at least 15 business days prior to the start of the program. Cancellations received after that date but at least 5 business days prior to the start of the program receive a credit in the amount of the registration fee, less a $150.00 administrative fee, to attend another SNL CFE program within 13 months. Due to expenses and commitments, cancellations received fewer than 5 business days prior to the start of the program are not eligible for a refund or credit.

Attendee substitutions from the same company may be made at any time.

In the event of a cancellation from a group discount, refunds or credits are issued beginning with the most heavily discounted price, minus a $150.00 administration fee.

"No shows" - or those who cancel within 15 days of the program - and have registered under the Invoice option, remain liable for the full program fee.

SNL Center for Financial Education reserves the right to cancel/change programs, content, speakers or venue at any time. SNL CFE reserves the right to make portions of the program registration information available to program sponsors. SNL CFE will not be held liable for any costs incurred by registrant due to individual registration cancellation. In the event that a seminar is cancelled due to inclement weather, faculty cancellation or force majeure, CFE will refund the registrant's tuition in full, however CFE will not be liable for incidental or consequential out of pocket expenses incurred by the registrant. If you have questions regarding SNL CFE's refund, complaint or program cancellation policy, please call us at (434) 951-7786.

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