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Analyst Training in the Power and Gas Sectors
September 10-11, 2019
New York, NY
Convene Conference Center
Produced by the Knowledge Center, expert training from S&P Global Market Intelligence
In this comprehensive analyst training workshop, you will gain unique insights into the power, gas, and renewables sectors. Working with industry experts, you will gain a better understanding of how the sectors work, factors that impact each segment of the value chain, and learn how to measure industry performance.
WHY SHOULD I ATTEND?
Expert presenters will explain important topics such as capital markets, rate case design and it impact on earnings, financial statement and credit analysis, asset valuation, ESG and impact investing. You will move beyond academic methodologies and come away with practical knowledge you can use immediately.
Upon completion, you will have a deeper understanding of the power markets, and be prepared to make more informed, strategic decisions, backed by essential industry analysis and data.
As an attendee, you will:
• Break down power markets and natural gas markets, identifying market factors, risks, and opportunities, along the value chain
• Get an introduction to asset and enterprise-level valuation techniques – to help your team take advantage of M&A opportunities and optimize pricing
• ESG guidelines and incorporating principles into financial analysis
• Gain a better understanding of what a rate case is, how it is designed, and the importance of this process to a regulated utility
• Learn the key measures of profitability and financial strength in the power and natural gas industries – to give you the understanding you need to perform all analysis in the sector
• Understand various capital-raising instruments and the impact of capital management strategies under various market scenarios to help your firm minimize funding costs and risks
• Gain perspective on the economic outlook for individual companies and the sector as a whole, allowing you to make better-informed decisions and understand your firm’s position in the industry
Familiarity with basic finance and accounting concepts; pre-class reading material, which will be provided prior to the program; a calculator (or equivalent phone app) for use during the seminar.
Steve Piper, Research Director, S&P Global Market Intelligence
This overview will examine energy market structures, including generation, transmission and distribution of power. This session will provide a framework for understanding and measuring industry performance at the macro level
Break: Refreshments and Networking
Natural Gas Markets 101
Richard M. Redash, Head of Research, North American Gas and Power, Analytics, S&P Global Platts
In this introduction to natural gas markets, gain a deeper understanding of the parts of the natural gas value chain, identifying important assets and risks, infrastructure components, and the impact of supply and demand.
Investment Case Study Introduction and Prep Work
Leonard Hyman, Advisory Board, Target Rock Advisors
Edward Manheimer, Executive Director, Global Power and Utility Group, Morgan Stanley
This session will discuss 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 practical examples on the execution and impact of various capital raising efforts.
Break: Refreshments and Networking
Utility Rate Making 101
Russell Ernst, Principal Analyst, S&P Global Market Intelligence
Learn the history and fundamentals of utility regulation, and how the supply and demand of power and gas lead to a need for regulation. Examine key terms, metrics and calculations involved in the rate case process, and walk through how rates are determined.
How a Rate Case impacts Earnings
Tom Serzan, Principal Analyst, S&P Global Market Intelligence
Take a deeper dive into regulated utilities and explore the strategic decision making process behind filing a rate case. Examine rate of return and return on equity methodologies.
Applying Financial Analysis to Understand Market Trends
Mark Agnew, Senior Director, Financial Analysis, Edison Electric Institute
Financial State of the U.S. Electric Utility Industry – Presentation will cover key industry financial metrics and the current trends, including Capex, M&A, credit ratings, rate case activity and stock performance. The industry’s evolving generation fleet will also be covered, as well as two industry issues of focus in 2017: Tax Reform and ESG/Sustainability. Gain a deeper understanding from an executive perspective on market trends that impact overall performance.
An exploration of the most common approaches and techniques used to value power generation assets. Discussion includes the importance of the nuances surrounding power generation assets’ revenue and cost streams
Product Demo: S&P Global Market Intelligence
Mock Investment Committee
Leonard Hyman, Advisory Board, Target Rock Advisors
After careful analysis of several companies, take part in a mock investment committee. In a collaborative environment, you will apply the valuation tools and analytical skills learned to assess the overall strength of a company, and make an informed investment decision based on key market factors. Work with the instructor, Committee Chair, to determine investment strategy.
Russell ErnstPrincipal Analyst, S&P Global Market Intelligence
Russell is a Principal 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. Full Bio
Russell is a 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. Minimize
David FeldmanSenior Financial Analyst, National Renewable Energy Laboratory (NREL)
David Feldman is a Senior Financial Analyst for the National Renewable Energy Laboratory (NREL), helping the organization plan and carry out a wide range of analytical activities related to financial, policy, and market developments in the solar industry. Full Bio
David Feldman is a Senior Financial Analyst for the National Renewable Energy Laboratory (NREL), helping the organization plan and carry out a wide range of analytical activities related to financial, policy, and market developments in the solar industry. His primary areas of expertise include project finance of renewable energy assets, public capital in the renewable energy sector, and solar market development. David came to NREL from Soltage, a commercial-scale solar development company, where he worked in their project finance department. David holds an MBA from the Yale School of Management with a focus in finance and a BA in philosophy from Amherst College. Minimize
Keturah Nelson is a Director in PwC’s Transaction Services Group, with over fifteen years experience consulting in the power and utility industry including the merchant energy, regulated utility and biofuels markets. Full Bio
Keturah Nelson is a Director in PwC’s Transaction Services Group, with over fifteen years experience consulting in the power and utility industry including the merchant energy, regulated utility and biofuels markets. Keturah specializes in power market and generating asset analytics and modeling as well as asset and business valuations in support of long-lived asset impairments, goodwill impairments, and purchase accounting. She has experience in commodity price, operations, revenue and cost forecasting, asset valuations, due diligence, litigation support, and data management during restructurings. She has led engagements performing or reviewing valuations of all types of generating assets and multiple electric and gas utilities across the U.S. markets.
Keturah holds a Bachelor of Science in Business Administration, with an emphasis in Finance from the Boston University. Minimize
Steve PiperResearch Director, Energy, S&P Global Market Intelligence
Has extensive knowledge of electric power markets as well as developments in upstream oil, natural gas, and coal industries domestically and internationally. Full Bio
Has extensive knowledge of electric power markets as well as developments in upstream oil, natural gas, and coal industries domestically and internationally. Has managed existing forecast services and launched new services aimed at energy trading and risk management segment. Has managed teams of 8-10 professionals. Served as principal author of written reports, articles for publication, and oral presentations for clients, conferences, and webinars. Experienced modeler utilizing software for electricity market simulation.
Specialties: Specialist in power and upstream fuels market forecasting, forward curve estimation, asset valuation, demand forecasting, power resource planning, and environmental analysis. Minimize
Kenyon WillhoitDirector of Power and Utilities Valuation, PwC
Kenyon Willhoit is the lead Power & Utilities Director in PwC’s Deals Group, with diversified valuation and finance experience in the renewables, merchant energy, regulated utility, oil and gas, and biofuels industries. Full Bio
Kenyon Willhoit is the lead Power & Utilities Director in PwC’s Deals Group, with diversified valuation and finance experience in the renewables, merchant energy, regulated utility, oil and gas, and biofuels industries. Kenyon has over 13 years of experience in the Power & Utilities industry. Kenyon’s experience includes project and business valuation, mergers and acquisition support, corporate and financial restructurings, interim management roles, complex financial analysis and modeling, business and financial due diligence, cash flow and earnings forecasting, transaction and financing support, litigation support, and forensic accounting.
Prior to PwC, Kenyon was a Managing Consultant in PA Consulting Group, Inc.’s Energy Capital Markets practice, where he led the valuation team in producing and delivering insight driven analytical and advisory work product for consulting engagements. While at PA Consulting Group, Kenyon contributed to a number of successful and significant power and utility, oil and gas, and biofuels projects for an array of clients including merchant energy companies, regulated utilities, hedge funds, private equity firms, and investment banks.
Kenyon holds a Bachelor of Science in Business Administration, with an emphasis in Finance and Accounting, from the University of Colorado at Boulder Leeds School of Business, a Master of Business Administration from the Indiana University Kelley School of Business, and a Master of Science in Finance from the Indiana University Kelley School of Business. Minimize
SPGMI, its affiliates, and third-party providers offer these programs with the understanding that SPGMI is not providing any professional advice and assumes no liability whatsoever in connection with the use of its materials. SPGMI reserves the right to (i) make portions of the program registration information available to program sponsors; and (ii) to cancel or change programs, content, speakers or venues at any time. Full payment must be received by SPGMI prior to the start of the program. Attendee substitutions from the same company may be made at any time; however, SPGMI reserves the right to decline registrants at any time for any reason.
SPGMI offers a tiered cancellation plan. These Refund Terms set forth the conditions for when you may be eligible to receive a refund, which generally is the program fee less an administrative fee. SPGMI will not be held liable for any costs incurred by registrant due to individual registration cancellation.
You may be eligible to receive a full or partial refund if the following conditions apply:
a. Full Refund: In the event that a program is cancelled due to inclement weather, faculty cancellation or force majeure, SPGMI will refund the registrant's tuition in full, however SPGMI will not be liable for incidental or consequential out of pocket expenses incurred by registrants.
b. Partial Refund: If you cancel fifteen (15) days or more prior to the start of the program, you will receive a refund of the program fee less a $150 administrative fee.
You may not receive a refund if the following conditions apply:
a. No Refund: You are responsible for the full program fee if any of the following conditions apply:
• No Shows: If you do not attend the program, you are responsible for the full program fee and will not receive a refund. • Late Cancellation: If you cancel less than five (5) days before the start of the program, you are responsible for the full program fee and will not receive a refund.
b. Program Credit: Eligible registrants who cancel after the date in paragraph b, but at least five (5) days prior to the start of the program will receive a credit of the program fee less a $150 administrative fee. This credit may be applied to future programs but registrants will not receive a refund.
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.
Participants who complete this program qualify for up to 17 hours of CPE credit (Specialized Knowledge and Applications). Program Level: Intermediate. Delivery Method: Group-Live. The Knowledge Center, S&P Global Market Intelligence 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.
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