IN-PERSON CLASSROOM SEMINARS

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28th Annual Power and Gas M&A Symposium - In Partnership with SNL
Suggested February 17th Pre-Conference Workshop - See PGS website for details

A Two-Day Classroom Seminar (CPE Approved)

While mergers and acquisitions among regulated utilities have become less frequent as the universe has contracted, a broader look at the sector, encompassing non-regulated generation, retail energy marketing and other related businesses, reveals a steady flow of deal activity. M&A continues to be an important part of many companies' strategies, and pressure to grow has never been greater, resulting in a high volume of asset acquisitions and considerable interest in merger opportunities that arise. Much of the activity is coming from auctions, new business lines and alternative generation sources. Divestitures also have been a big driver of asset level activity, as companies seek to re-balance their business mixes. Throughout the Symposium, you'll gain critical insight into how M&A can be used to support your growth strategy.

Please join us at this unique gathering and enjoy the opportunity to meet with colleagues, clients and advisors in a collegial atmosphere. You'll return to your business armed with actionable insights from across the utility sector.

What You Will Learn
  • What Does the Utility of the Future Look Like?
  • Public Policy Forecast for Energy in the Current Political Climate
  • Generation Capacity for Utilities, IPPs and Merchant Plants
  • Alternative Strategies to Traditional M&A Deals
  • Please see agenda below for further details
Seminar Agenda
Untitled Document

Pre-Conference Workshop - February 17 is recommended before this two day Symposium.  Please see PGS website.

 

Day One - February 18

8:00 am

Welcome and Introductions

8:15 am

Opening Keynote Address

Audrey Zibelman

Chair
New York State Public Service Commission

9:00 am

Views from the Top - Key Challenges Facing the Industry

  • How are companies changing their strategies in response to the changes affecting the industry?  How is U.S. energy policy impacting companies' strategies?
  • How can shareholder value be created in low growth environment?
  • How can the potential cost impact of new infrastructure investment on consumers be mitigated?
  • What role should new alternative sources of generation play?
  • What are the implications of new markets for gas and electricity, such as electric and CNG powered vehicles?
  • How can mergers and acquisitions be used to address strategic concerns in the new environment?  Have the drivers of mergers and acquisitions changed?
  • When do mergers create value? 
  • Are regulators more receptive today to the benefits of consolidation?

10:15 am

Break

10:45 am

Investment Banking Overview

  • What economic, financial and strategic factors are driving transactions today? How important is the ability to reduce costs and capture synergies?
  • Are certain types of assets arguably undervalued?
  • How important are geographic, regulatory, weather and fuel diversity?
  • Are low interest rates and the ability to finance transactions with debt driving much of the activity?
  • How important a factor is market structure?
  • Is there a role for hybrid T&D and generation companies or is the hybrid model outmoded?  Will investors continue to drive utilities to focus on regulated assets?
  • What is the track record of value creation for the shareholders of acquiring companies?

12:00 pm

Luncheon and Luncheon Address

Mayor Rudolph W. Giuliani

Partner
Bracewell & Giuliani LLP

1:30 pm

Opportunities in Electric Transmission Assets

  • How have FERC Order 1000 and the FERC ROE cases impacted investment in transmission?
  • Why have joint ventures become popular in transmission?  Is a partnership with the incumbent utility a de facto requirement to win a bid?
  • How has the competitive bidding process for transmission worked so far?
  • What is the outlook for acquisition and divestiture transactions in the transmission sector?
  • Are we likely to see a number of new entrants in this space?

2:30 pm

Capturing Value in Generation Transactions

  • What is driving the continued high level of activity in generation transactions?
  • How has intense competition for generation assets impacted deal terms?
  • Who are the emerging market leaders in merchant generation?
  • What is the role of financial buyers and infrastructure investors in the generation markets?
  • How has the sustained low price of natural gas impacted valuations and transaction activity, and renewable generation development?
  • How are developments in capacity markets affecting generation asset valuations?
  • What is the secondary market for coal plants? What are the market implications of substantial coal retirements? How will the carbon rule affect valuations?
  • What are the implications of the move by some hybrids to the pure utility model?

3:45 pm

Break

4:00 pm

Investment Opportunities in the Midstream Sector and E&P Sectors

  • Pipeline Integrity: how big is too big?
  • End of the shale boom?
  • When does it make sense for a regulated utility to include gas reserves in rate-base?
  • LNG, liquids, infrastructure
  • Reversal of flows

5:30 pm

Cocktail Reception

Day Two - February 19

8:30 am

Opening Remarks

8:45 am

The End of the Grid? The Future of the Regulated Utility Model

  • How is solar driving distributed generation?  Are existing distributed solar companies of sufficient size and scale or will consolidation be required?
  • What technological changes are necessary to accommodate substantial distributed generation?
  • Is distributed generation economic for all customer classes?
  • What regulatory policies are needed to harmonize distributed generation with a stable utility model?  At what point does net metering require fundamental changes to regulation?
  • Is reliability and energy security achievable without primary reliance on a central grid?
  • Are stranded costs being appropriately factored into the costs of distributed generation?
  • Will utilities acquire new energy companies to serve customers in new ways?

10:00 am

Alternative Structures: MLPs, Yieldcos and REITs

  • What advantages do these entities have over conventional acquisition vehicles?  
  • What financial and governance risks do these structures pose to sponsors?   
  • How do these entities affect the achievement of scale and vertical integration?
  • What new types of asset classes have been attracted to these structures?  Will these entities be long term players in the market for electric and gas assets or are they destined to be "niche" players whose advantage is limited to specific types of assets?
  • How have these structures been impacted by the long-term low interest rate environment?
  • Are some of these structures no longer as desirable as they once were?
  • Why are some of the leading sponsors using these structures moving toward more conventional structures?

11:00 am

Break

11:15 am

Where Will the Capital Come From?

  • How much capital is likely to be needed for new electric and gas infrastructure investment over the next decade?
  • What are the most attractive investment opportunities for infrastructure funds vs. traditional regulated sources?
  • What are the implications of market structure and region of the country on availability of capital for new assets?
  • Why are we seeing increased private equity and infrastructure fund activity in the utility and gas space?
  • How is fund raising affected by CFIUS and increased regulatory scrutiny upon foreign investors in infrastructure?

12:30 pm

Program Concludes with buffet luncheon

Hotel and Seminar Information
Your registration includes all conference materials, continental breakfast and lunch both days, and the evening cocktail reception at the end of Day One. Registration for just the pre-conference workshop covers that day's activities only. The symposium will start at 8:00 AM and will finish at 5:30 PM on the first day and from 8:30 AM to 1:30 pm on the second day. Breakfast and lunches are provided. Dress is formal business attire.
COVID 19 Information: Please click here for the PGS Covid-19 policy. You can confirm each hotel's specific COVID 19 policy using the link(s) provided below.
Registration Fee and Discounts
The price for this comprehensive two-day seminar is $1,795 (USD).
Register online or Call (440) 853-1038.
  • Additional attendees and government employees receive a 10% discount.
  • Register 4 or more attendees and receive 20% Off. Special pricing is available for groups of 5 or more.
    If you want attendees to pay with separate credit cards or have other questions, please call (440) 853-1038 for assistance.
Payments and Cancellations
Payment is due prior to the start of the seminar by Visa, Master Card, American Express, 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 will result in a credit that is good for 2 years which can be transferred to a colleague. Substitutions may be made at any time. 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

This live group seminar is eligible for 11.5 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 Energy Training is registered with GARP as an Approved Provider of Continuing Professional Development (CPD) credits. If you are a Certified FRM or ERP, please record this activity in your Credit Tracker at http://www.garp.org/cpd. Please inform PGS Energy Training that you are a GARP CPE participant upon seminar registration.

The Global Association of Risk Professionals (GARP) is a not-for-profit membership association dedicated to preparing professionals and organizations for making better-informed risk decisions. GARP's membership represents more than 150,000 risk management practitioners and researchers at academic institutions, banks, corporations, government agencies, and investment management firms in 195 countries and territories. GARP administers the Financial Risk Manager (FRM) and Energy Risk Professional (ERP) Exams – certifications recognized by risk professionals worldwide. Visit www.garp.org/cpd.
Who Should Attend

Senior-level executives at utilities and merchant generators.Investment banking professionals.Industry regulators.Asset managers and analysts.Private equity and sovereign fund investors.

Legal and management advisors to the industry.

Prerequisites and Advance Preparation

This fundamental level group live seminar has no prerequisites. No advance preparation is required before the seminar. However, the February 17th Pre-Conference workshop is suggested.

Why Choose PGS?

PGS in Partnership with SNL Energy seminars are known for their clear explanations and in-depth content. Register today, and join the energy professionals who have already attended one of these proven programs.

Program Level & Delivery Method
Basic level. This fundamental course begins with basic material and then proceeds to the intermediate level. Delivery method is "Group-Live.”