Energy Training & Electric Power Classroom Seminars

Essentials of Regulatory Finance--In Partnership with S&P Global Market Intelligence
A Two-Day Classroom Seminar (CPE Approved)
Washington, DC - April 4 & 5, Georgetown University Hotel and Conference Center

You know it takes more than a general understanding of corporate finance to successfully navigate the utilities sector. Essentials of Regulatory Finance gives you the utility finance knowledge you need, and how it applies to strategic decision-making in the sector. Case studies are used throughout to illustrate key points in a real-world context.

Understand and apply the principles of finance specific to regulated electric utilities, particularly cost of capital issues; this Essentials of regulatory Finance seminar is geared to the needs of industry, finance and regulatory professionals.

Click here to register.

What You Will Learn
  1. A thorough understanding of the issues in cost of capital calculations, capital allocation frameworks and alternative capital structures
  2. Familiarity with the key metrics for assessing risk and performance
  3. The advantages, drawbacks and impact of capital-raising instruments common to utilities
  4. Knowledge of equity performance measures, including economic value added (EVA), dividend discount model (DDM), cash flow return on investment (ROI) and key financial risk ratios
  5. Exposure to the ways utilities utilize hedging and other risk management practices
  6. A grasp of the effects of regulation and rate cases on a company's financial decision-making frameworks and financial outlook
Seminar Agenda
Untitled Document

8:30 am
DAY ONE
Registration and continental breakfast open
9:00 am
The Regulatory Process – Overview and Key Issues

  • Cost of service, revenue requirements and rate cases
  • Computation of revenue requirements
  • Rate base and rate of return
  • Rate case issues in the current regulatory environment

10:00 am
Capital Allocation and Economic Value Creation

  • Net Present Value (NPV) vs. revenue requirements

10:30 am
Break
10:45 am
Risk Analysis and Financial Statements

  • Accounting vs. economic metrics
  • Essential ratios for measuring risk and performance: Interest coverage, fixed charge coverage, dividend payout, ROE, market value-to-EBITDA, ROTC
  • Impact of business risk and competition on financial ratios
  • Risk profile of utilities
  • Influence of unregulated activity
  • Impact of the current financial environment

11:30 am
Determining Credit Ratings
12:00 pm
Lunch
1:00 pm
Rate of Return and Value Creation

  • Spread and return on invested capital (ROIC)
  • Linking capital budgeting and returns

1:30 pm
Cost of Capital and Capital Structure

  • Understanding risk and return in capital markets
  • Modern portfolio theory and asset pricing models
  • Cost of equity methodologies and illustrations
  • Practical applications illustrated through case study
  • Divisional cost of capital – unbundling risk and return across segments: generation vs. transmission vs. distribution
  • Appropriate capital structures in a restructured regulatory environment
  • Optimal capital structure simulation model
  • Case Study: Florida leverage formula

3:00 pm
Day One concludes
8:30 am
DAY TWO
Continental breakfast opens
9:00 am
Utility applications and cutting edge techniques

  • Contemporary rate of return techniques
  • The new performance metrics applied to utilities
  • Cutting edge techniques in capital allocation
  • Case studies

10:00 am
Break
11:30 am
Performance-Based Regulation and financial implications: Alternatives to Traditional Ratemaking

  • Focused vs. integrated rate of return incentives
  • Price cap regulation
  • Market basket ratemaking
  • Innovative rate mechanisms

12:00 pm
Lunch
1:00 pm
Risk-Mitigating Mechanisms and Regulatory Policies
3:00 pm
Program concludes

Your Instructor - Washington

Roger A. Morin, PhD

Dr. Morin is Emeritus Professor of Finance at the College of Business Administration, Georgia State University and Distinguished Professor of Finance for Regulated Industry at the Center for the Study of Regulated Industry at Georgia State University. Dr. Morin is also chairman and CEO of Utility Research International, an enterprise engaged in regulatory economics/finance consulting and formal training activities.

Dr. Morin has taught at the Wharton School of Finance at the University of Pennsylvania, Amos Tuck School of Business at Dartmouth College, Drexel University, McGill University, and Georgia State University, among others. In addition, he has developed and conducted numerous executive development programs for professional trade associations, corporations, and universities. Dr. Morin was a faculty member of Advanced Management Research International, and is currently a faculty member of SNL Center for Financial Education.

He has authored or co-authored several books, monographs, and articles in academic scientific journals on the subject of finance. They have appeared in a variety of journals, including the Journal of Finance, the Journal of Business Administration, International Management Review, and Public Utility Fortnightly. He has published three widely-used treatises on regulatory finance: Utilities' Cost of Capital, Regulatory Finance, and more recently, New Regulatory Finance. His most recent book, Driving Shareholder Value: Value-Building Techniques for Creating Shareholder Wealth, published by McGraw-Hill is widely used as a reference text in executive education training programs.

Dr. Morin has engaged in extensive consulting activities on behalf of numerous Fortune 500 corporations and legal firms in matters of financial management and corporate litigation. He is a leading expert witness in matters of corporate finance, and has appeared as an expert witness in some 200 cases before some 50 federal and provincial/state regulatory boards in United States, Canada, and abroad, including the Federal Energy Regulatory Commission and the Federal Communications Commission.

He holds a Bachelor of Engineering Physics degree, an MBA in Finance from McGill University, Montreal, Canada, and a Ph.D. in Finance and Econometrics from the Wharton School of Finance, University of Pennsylvania.

Who Should Attend this Seminar

Corporate finance, treasury, investor relations or corporate strategy/development professionals at power or gas companies. Professionals in investment banking, project finance or equity-fixed-income research. Traditional asset managers, as well as asset managers and investors at private equity, sovereign and hedge funds. Consultants, accountants and lawyers who advise power and gas clients. Industry regulators and staff. Ratings agency professionals. Others seeking a thorough understanding of corporate finance issues and analyses for regulated utilities

Prerequisites and Advance Preparation

This program presumes an understanding of basic accounting and finance concepts, as well as familiarity with utility business models.

Program Level

Basic level. This fundamental course begins with basic material and then proceeds to the intermediate level.

Delivery Method

Group-live.

Why Choose PGS in Partnership with S&P Global Market Intelligence

PGS in Partnership with S&P Global Market Intelligence seminars are known for their clear explanations and in-depth content. The SNL Energy seminars are produced by the Knowledge Center, expert training from S&P Global Market Intelligence. Register today, and join the energy professionals who have already attended one of these proven programs.

Hotel and Seminar Information
This two-day seminar will be held at the hotel listed below. The seminar will start promptly at 9:00 AM and will finish at 3:00 PM on the first day. On the second day, the seminar will resume at 9:00 AM and will finish at 3:00 PM. The program includes continental breakfast, lunch and all program work materials. Dress is business casual.
April 4 & 5
Georgetown University Hotel and Conference Center
3800 Reservoir Road
Washington, DC 20057
Telephone: (888) 991-7786
Because of the diversity of hotels found in the area, PGS Energy Training will not be holding a block of sleeping rooms with one particular hotel. Should you need a list of local hotels in the area, please contact us at (440) 853-1038 and we can help you with your accommodations.
Registration Fee and Discounts

Register Today!. The price for this comprehensive two-day seminar is $1,995 (USD).

  • Additional attendees and government employees receive a 10% discount.
  • Members of TOGA, AIPRO, INGAA or IOGA-NY receive a 15% discount. Please call (440) 853-1038.
  • Sign up for 4 or more classroom seats during the same month and all attendees will receive a 20% total discount.
    (If you plan to register 4 or more classroom seats for the same seminar, but want attendees to pay by separate credit cards, register one party now and mention this fact in the "Comments" section of the registration form. We will manually subtract the 20% discount from the first registrant's seminar fee and will call you to obtain the credit cards and registration information for your other attendees in order to give them their 20% discount. If applicable the Early Bird discount of either $200 or $100 will be divided evenly between all participants.) Please call (440) 853-1038 for more information.
    Special pricing is available for groups of 5 or more. Please call Janice Ohmura at (440) 853-1038.
Payment and Cancellations

Payment is due prior to the start of the seminar by Visa, Master Card, American Express, Diners Club, or corporate check. Seminar fees will be charged to your credit card at the time of registration unless other arrangements have been made. Please make checks payable to "PGS Energy Training" 26 Teal Lane · Hilton Head Island, SC 29926. Cancellations can be made up to five (5) business days prior to the start of the seminar for a full refund. No refunds will be made thereafter, but a one year full seminar credit will be given toward future workshops upon receipt of $175 which will used to help offset the non-refundable food, beverage, manual and other expenses incurred by PGS. This one year seminar credit is good for any PGS Energy Training program except for seminars offered by PGS affiliate organizations. Colleague substitutions may be made at any time. If PGS needs to cancel a seminar due to instructor unavailability, lack of attendance or other unforeseen reason, you will be offered the choice of rescheduling for another seminar, a seminar credit, or a refund. For more information on PGS policies regarding administrative matters and complaint resolution, please contact our offices at (440) 853-1038.

CPE Credits in Specialized Knowledge & Applications

This live group seminar is eligible for 11.0 CPE credits. Be aware that state boards of accountancy have final authority on the acceptance of individual courses for CPE credit. As of January 1, 2002, sponsored learning activities are measured by program length, with one 50-minute period equal to one CPE credit. One-half CPE credit increments (equal to 25 minutes) are permitted after the first credit has been earned in a given learning activity. You may want to verify that the state board from which your participants will be receiving credit accept one-half credits.

PGS Energy Training 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 submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. CPAs interested in attending any seminars should contact our offices for details on CPE credits granted and any prerequisite requirements. PGS telephone seminars are eligible for CPE credits only if seminar participants use the printed seminar slides - not the Internet posted slides.

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