The Search for Capital: Utility Financing in the 21st Century Public Utility Symposium

Transcription

1 2011 Public Utility Symposium The Search for Capital: Utility Financing in the 21st Century Robert J. Trulaske, Sr. College of Business University of Missouri Wednesday, September 21, 2011 University of Missouri Columbia, Missouri

2 Mission Statement Under the academic leadership of the Robert J. Trulaske, Sr. College of Business at the University of Missouri, the Financial Research Institute, through its Public Utilities Division, serves as a neutral environment for the comprehensive examination of sound regulatory policy. The FRI provides interactive forums for consumers, regulators, industry and educators to facilitate innovation, understanding, and education in public utility policy issues. Robert J. Trulaske, Sr. College of Business University of Missouri 404 Cornell Hall University of Missouri Columbia, Missouri Phone (573) Fax (573) FRI@missouri.edu Website 2

3 Table of Contents Welcome by Dr. Stephen Ferris... 4 Program at a Glance... 5 Welcome... 6 Morning Address: Peter Kind... 7 Panel Discussion I: Capital Markets for Utilities... 8 Late Morning Address: John W. Somerhalder II... 9 Panel Discussion II: Regulation, Accounting & the Capital Markets...10 Commissioner Snapshot: Infrastructure Investment...11 Panel Discussion III: Capital Markets: Cause & Effect Financial Research Institute Staff About the FRI FRI Advisory Board Members CLE, CPA and CPE Credit: The 2011 FRI Symposium is eligible for professional credits. To obtain credits send the symposium certificate of attendance along with the symposium program booklet to the appropriate authority. If you have any questions or need further information, please contact the FRI at

4 Dear 2011 FRI Symposium Participant: Welcome to the University of Missouri and the 2011 FRI Public Utility Symposium, The Search for Capital: Utility Financing in the 21st Century. This year s symposium will focus on the need for infrastructure financing and the ability of regulated utilities to access the capital markets. This issue becomes especially important when we consider possible resource constraints in the near future due to increased global competition and the tighter regulation of national capital markets. An examination of this topic involves a number of related issues, which we organize around three major themes. The first of these themes concerns the capital markets themselves. Has the identity of utility investors changed in the last decade? Have new financing vehicles or techniques been introduced into the marketplace? To what extent has international capital been invested in U.S. utilities? The next theme focuses on regulation. How might IFRS impact reported earnings by affecting the ability of utilities to defer costs? Further, how does reform in the financial services industry affect the ability of banks to lend to utilities? How can state commissions respond to pressures to resist rate increases demanded by industry and credit rating agencies? How can commissions better communicate their rate making principles to these constituencies? The third theme emphasizes a discussion of industry s future capital requirements. What infrastructure is required and what is it likely to cost? What are the costs of the newest technology? What is the best mix of private and public investment in utility infrastructure and what does that imply about the design of future public policy? In addition to our three panel discussions and commissioner snapshot, we welcome Mr. Peter Kind and Mr. John W. Somerhalder II as featured speakers. Their comments will be insightful for our learning about the capital needs of regulated public utilities. Today s program was facilitated by the symposium planning committee co-chaired by James W. Gardner, Vice Chairman, Kentucky Public Service Commission and Diane Munns, Vice President, Regulatory Relations and Energy Efficiency, MidAmerican Energy. Other members of this committee are: Scott E. Albertson, Director, Regulatory Affairs, Vectren Corporation; Lewis Louie Binswanger, Vice President, Regulatory and Governmental Affairs, SourceGas; David Dittemore, Manager, Regulatory Affairs, Kansas Gas Service; Sherman J. Elliott, Commissioner, Illinois Commerce Commission; Darrell Hanson, Commissioner, Iowa Utilities Board; Jim Jenkins, Vice President, Rates, American Water; Glenn R. Jennings, Chairman, President and CEO, Delta Natural Gas Company, Inc.; Larry S. Landis, Commissioner, Indiana Utility Regulatory Commission; Mark Martin, VP Rates & Regulatory Affairs, Atmos Energy; Herbert Herb A. Miller, Jr., President of Columbia Gas of Kentucky, Inc (NiSource); Dick Rohlfs, Director, Retail Rates, Westar Energy. This committee designs a symposium that brings together the right combination of speakers and topics to create an event that is both relevant and useful to the many communities that support the FRI. In closing, I would like to thank the advisory board members for their continued dedication and support of the FRI. Their involvement has allowed the FRI to achieve its success. I would also like to thank each of you for your attendance. I hope you find today s symposium to be professionally rewarding as well as intellectually enriching. Sincerely, Steve Ferris Director 4

5 Program At A Glance Breakfast & Registration 7:30 am 8:30 am Panel Discussion II 12:45 pm 2:00 pm Welcome 8:30 am 8:45 am Dr. Stephen Ferris James Harvey Rogers Chair of Money, Credit and Banking Director, FRI, Robert J. Trulaske, Sr. College of Business University of Missouri Joan T.A. Gabel Dean, Robert J. Trulaske, Sr. College of Business University of Missouri Commissioner Larry S. Landis Indiana Utility Regulatory Commission Morning Address Peter Kind, Senior Managing Director Macquarie Capital Advisors Power & Utilities Industry Group Panel Discussion I Capital Markets for Utilities Panel I Moderator: Commissioner Jeff Davis Missouri Public Service Commission Panel I Panelists: Commissioner Charles R. Borders Kentucky Public Service Commission Ellen Lapson, Managing Director Corporate Ratings, Fitch Ratings David Springe, Consumer Counsel Kansas Citizens Utility Ratepayer Board Paul Foran, Vice President & Counsel Regulatory Programs, American Water Late Morning Address 8:45 am 9:15 am 9:30 am 10:30 am 10:45 am 11:15 am John W. Somerhalder II, Chairman, President & CEO AGL Resources Inc. Regulation, Accounting & the Capital Markets Panel II Moderator: Chairman Kevin Gunn, Missouri Public Service Commission Panel II Panelists: Commissioner Cheryl Roberto Public Utilities Commission of Ohio Bill Graf, Partner, Deloitte & Touche Cynthia Marple, Director Rates & Regulatory Affairs, American Gas Association Richard Cortright, Managing Director U.S. Utilities & Infrastructure Group, Standard & Poor s Mark Schuling, Iowa Consumer Advocate Office of Consumer Advocate Commissioner Snapshot Infrastructure Investment Panelists: Commissioner Larry S. Landis Indiana Utility Regulatory Commission Vice Chair Phyllis Reha Minnesota Public Utilities Commission 2:15 pm 2:45 pm Commissioner Darrell Hanson, Iowa Utilities Board Panel Discussion III Capital Markets: Cause & Effect Panel III Moderator: Commissioner Olan W. Reeves Arkansas Public Service Commission 3:00 pm 4:00 pm Panel III Panelists: Chair Dana Murphy, Oklahoma Corporation Commission Ross Hemphill, Vice President Regulatory Policy & Strategy, Commonwealth Edison Lewis Mills, Public Counsel Missouri Office of the Public Counsel Brett Challenger, Senior Vice President & Manager Energy & Water Banking Division, CoBank Closing Comments 4:15 pm 4:30 pm Lunch 11:15 am 12:40 pm Glenn Jennings, Chairman, President & CEO Delta Natural Gas Company, Inc. 5

6 Welcome: 8:30 am 8:45 am Dr. Stephen Ferris is the James Harvey Rogers Chair of Money, Credit and Banking, at the University of Missouri, and was appointed by the dean of the Robert J. Trulaske, Sr. College of Business as the director of the FRI in December Dr. Ferris started at the University of Missouri as chair of the Department of Finance in Previous to his appointment at MU, he was a member of the finance faculty at Virginia Tech. Dr. Ferris received his undergraduate degree from Duquesne University and his MBA and PhD from the University of Pittsburgh. He also holds an MSS from the U.S. Army War College and serves as a Commander in the U.S. Navy. Joan T.A. Gabel is the Robert J. Trulaske, Sr. Dean at the Trulaske College of Business at the University of Missouri. Dean Gabel previously served as a DeSantis Professor, Department Chair and Director of International Relations for Florida State s College of Business. Prior to her tenure at FSU, Dean Gabel was on the faculty of the Robinson College of Business at Georgia State University for 11 years. At Georgia State, she was interim director of the Institute of International Business and faculty director of the Atlanta Compliance and Ethics Roundtable. As a faculty member, Dean Gabel has taught a variety of courses on campus and around the world. She is the recipient of numerous awards, including the Charles M. Hewitt Teaching Award, the Kay Duffy Service Award and the Bunche, Kemper and Holmes-Cardozo Awards for Excellence in Research. Her work also has been placed on the National Law Journal s Worth Reading list. Commissioner Larry S. Landis of the Indiana Utility Regulatory Commission was appointed in January 2003 and reappointed in 2004 and Landis corporate experience includes: director and vice president of marketing services for three advertising agencies and vice president of corporate advertising for American Fletcher National Bank. He is the Financial Research Institute Advisory Board Chair. Landis earned a bachelor s degree cum laude from Wabash College, with a double major in political science and economics. Closing Comments: 4:15 pm 4:30 pm Glenn Jennings is the Chairman of the Board, President and CEO of Delta Natural Gas Company, Inc., a Kentucky-based natural gas company. He has been with Delta Natural Gas for 32 years and is active in the natural gas industry as a member of the American Gas Association Board of Directors. Jennings is an active board member and the 2012 Chair of the Financial Research Institute. He is also a member of the past Chairman of the Southern Gas Association and a past President of the Kentucky Gas Association. Jennings recieved a bachelor s degree in business administration from Berea College. 6

7 Morning Address: 8:45 am 9:15 am Peter Kind is a Senior Managing Director in Macquarie Capital (USA) Inc. s Macquarie Capital Advisors group focusing on coverage of the U.S. Utilities and Power industries. Peter joined Macquarie in September 2009 to partner in the development of Macquarie s advisory and capital markets coverage activities with the U.S. Power & Utilities industries. Peter s banking experience includes capital markets advisory and transaction execution and strategic advisory services, including merger and acquisition and corporate finance advice. Peter s M&A experience includes all sectors of regulated utility and non-regulated power businesses. Peter has over 25 years of utility industry investment banking experience, including prior experience at Bank of America, where he lead the Power and Utilities Corporate and Investment Banking effort, and Citigroup and Kidder Peabody, where he co-directed the Power & Utilities industry teams of each of those firms. Prior to investment banking, Peter worked for Arthur Andersen & Co. Peter holds an MBA in Finance from New York University and BBA in Accounting from Iona College. Peter practiced as a Certified Public Accountant until Presently, Peter is Co-Chairman of EEI s Wall Street Advisory Group. 7

8 Panel Discussion I: Capital Markets for Utilities 9:30 am 10:30 am Panel I Moderator: Commissioner Jeff Davis, Missouri Public Service Commission (MPSC) Davis was appointed to the MPSC in 2004, serving as Chairman from 2005 to Prior to his appointment, Davis was the General Counsel and Chief of Staff for Missouri Senate President Pro Tem, Peter Kinder. He serves as a member of the Missouri Universal Board, NARUC subcommittee on Electricity, and the advisory board at the Financial Research Institute. He is the immediate past President of the Mid-America Association of Regulatory Commissioners (MARC) and President of the Regional State Committee for Southwest Power Pool. Davis earned a BS in political science from Southeast Missouri State University and a juris doctor from Washington University. Commissioner Charles R. Borders, Kentucky Public Service Commission (PSC) Borders was appointed to the PSC in 2009 and is a member of the NARUC Water Committee and its Subcommittee on Clean Coal and Carbon Sequestration. Previously, he served in the Kentucky Senate and chaired the Appropriations and Revenue Committee and served on the Committees on Education and Health and Welfare. He is a past member of the Kentucky Council on Post-Secondary Education and of the Kentucky Workforce Investment Board. Borders received both a bachelor s and master s degree in business administration from Morehead State University. Ellen Lapson, Managing Director, Corporate Ratings, Fitch Ratings Lapson joined Fitch in 1994 and is a leader in developing Fitch s policies and sector research for U.S. and international electric utilities, energy marketers, project finance transactions, and structured finance based on utility tariffs or contracts. She has played a key role in Fitch s credit assessments of projects in innovative energy technologies. She is Chair of Fitch s Corporate Finance Criteria Committee and a member and formerly the Chair of the EPRI s Advisory Council. Lapson is a Chartered Financial Analyst and a member of the Wall Street Utility Group and the Fixed Income Analysts Society. She earned a BA in literature from Barnard College and an MBA in accounting from New York University. Paul G. Foran, Vice President & Counsel of Regulatory Programs, American Water Foran joined the American Water in Previously, he was a Commissioner of the Illinois Commerce Commission. He has served as a member of several organizations including: Chair of the NARUC Water Committee & Director of the Annual NARUC Water Committee Rate Schools, the Public Council on Water Supply Research of the American Water Works Association Research Foundation and Chair of the Rates & Regulatory Law Committee of the National Association of Water. Currently, he is on the Advisory Board of the Institute for Public Utilities at Michigan State University and Center for Public Utilities at New Mexico State University. Foran is a graduate of the University of Illinois School of Law. David Springe, Consumer Counsel, Kansas Citizens Utility Ratepayer Board (CURB) Springe was named Consumer Counsel of CURB in December Prior to that, he served as CURB s chief economist, managing the agency s electric, natural gas and telecommunications dockets. Springe also spent six years on the Economic Policy and Planning staff of the Kansas Corporation Commission. He received his MA in economics and a juris doctor from the University of Kansas. Springe is the Immediate Past President of the National Association of State Utility Consumer Advocates. He is a member of the EPRI Energy Efficiency/Smart Grid Public Advisory Board, the Advisory Committee for the Edison Foundation s Institute for Electric Efficiency and the Advisory Board of the Financial Research Institute. 8

9 Late Morning Address: 10:45 am 11:15 am John W. Somerhalder II was named president and chief executive officer of AGL Resources in March 2006 and elected as chairman of company s board of directors in November With state and regulatory experience in multiple jurisdictions, Mr. Somerhalder brings extensive energy industry knowledge to AGL Resources (NYSE: AGL), an Atlanta-based energy services company, serving 2.3 million customers in six states. The company operates six local natural gas distribution systems Atlanta Gas Light, Chattanooga Gas, Elizabethtown Gas, Elkton Gas, Florida City Gas and Virginia Natural Gas and two natural gas storage facilities Golden Triangle Storage and Jefferson Island Storage & Hub. AGL Resources markets natural gas through its wholesale and retail entities Sequent Energy Management and SouthStar Energy Services. Mr. Somerhalder joined AGL Resources from El Paso Corporation where he spent almost 30 years with El Paso and its predecessor entities, rising through the ranks from engineer to president of El Paso Pipeline Group and executive vice president of El Paso Corporation. Mr. Somerhalder is chairman of the board of the American Gas Association for He also serves on the boards of the Gas Technology Institute, the Georgia Chamber of Commerce and the Metro Atlanta Chamber of Commerce. He has served as past chairman of the Interstate Natural Gas Association of America. He was elected director of Crestwood Gas Services GP LLC in July Committed to community service, Mr. Somerhalder sets an example of involvement for company employees with his work for Habitat for Humanity and the United Way. He served as a hands-on project leader for five Habitat for Humanity homes built by AGL Resources volunteers. A member of the board of the United Way of Metropolitan Atlanta, Mr. Somerhalder successfully chaired the 2009 United Way Campaign for metro Atlanta during difficult economic times and served an unprecedented second term as chair of the 2010 campaign. He is chairman of the board of the BeltLine Partnership, which supports development of the Atlanta BeltLine project along 22 miles of historic railroad around the city. Mr. Somerhalder holds a bachelor of science degree in chemical engineering from the University of Arizona. He and his wife, Rebecca, live in Atlanta. They have four grown children and four grandchildren. 9

10 Panel Discussion II: Regulation, Accounting & the Capital Markets 12:45 pm 2:00 pm Panel II Moderator: Chairman Kevin Gunn, Missouri Public Service Commission Gunn was appointed in Prior to his appointment to the commission, Gunn was an attorney in private law practice in St. Louis with the law firm of Sonnenschein, Nath and Rosenthal. He was appointed to NARUC Board of Directors and currently serves on the Committee on International Relations. Gunn was appointed to the NARUC Committee on Water and the Co-Chair of the NARUC Washington Action Program. He is a member of the Executive Committee of the Eastern Interconnection States Planning Collaborative (EISPC), and the Eastern Interconnection Planning Collaborative (EIPC) and the EIPC Stakeholder Steering Committee (SSC). Commissioner Cheryl Roberto, Public Utilities Commission of Ohio Roberto was appointed in She serves as a member of the NARUC Committees for Electricity and Critical Infrastructure and the State Energy Efficiency Action Network s working group on Utility Motivation. Her previous roles include: director of the city of Columbus Public Utilities Department; assistant attorney general in the state of Ohio; assistant general counsel in the commonwealth of Pennsylvania; and legal counsel to the cities of Columbus, Ohio and Erie, Pennsylvania. Roberto received her BA in political science cum laude with general honors from the Honors College, Kent State University and her JD from the Moritz College of Law at Ohio State University. Bill Graf, Partner, Deloitte & Touche Graf is a partner and the Firm s National Professional Practice Director for the Energy & Resources Industry. In more than 27 years of service to the energy industry, he has provided audits of financial statements, expert witness preparation for regulatory proceedings, due diligence on energy company acquisitions, depreciation studies, and control issues for energy companies. He serves as the lead client service partner and he has provided training on regulatory and accounting matters to companies, industry groups and major regulatory agencies. Graf is on the Board of Directors of the Illinois CPA Society and he holds a BS in accountancy from the University of Illinois. Cynthia Marple, Director, Rates & Regulatory Affairs, American Gas Association Marple is responsible for the development of association policy on federal and state regulation of natural gas utilities, outreach to state regulators, and the direction of AGA s rates programs. She is the staff executive to the AGA Rate Committee and represents AGA in numerous legislative and regulatory forums. Marple is a frequent writer and speaker on regulatory and financial issues affecting the natural gas industry. She has an MBA in finance from George Mason University and a BS from Michigan State University. Richard Cortright, Managing Director, U.S. Utilities & Infrastructure Ratings Group, Standard & Poor s Cortright is engaged in the analysis and communication of ratings of top tier utility and merchant energy credits. He is a principal spokesperson for Standard & Poor s in these sectors, leads the department s publishing efforts by contributing and coordinating key analytical commentaries, and ensures appropriate media and investor communication. Previously, Cortright was responsible for managing several Standard & Poor s analysts and maintaining the quality of ratings in the utility sector. He holds a BA in history from Swarthmore College and an MIA from Columbia University School of International Affairs. Mark Schuling, Iowa Consumer Advocate, Office of the Consumer Advocate Schuling was appointed as Consumer Advocate in January Previously he was the was Director of the Iowa Department of Revenue and a practicing attorney with the Brick, Gentry, Bowers, Swartz, Stoltze, Schuling & Levis law firm. Schuling has experience and expertise in federal and state tax law, utility and telecommunications matters, and general civil law. He earned his law degree from the Drake University Law School. He is a Certified Public Accountant. Schuling was President of the Federation of Tax Administrators and has served on the Iowa Governor s Economic Council. 10

11 Commissioner Snapshot: Infrastructure Investment 2:15 pm 2:45 pm Commissioner Larry S. Landis, Indiana Utility Regulatory Commission Landis was appointed in January 2003 and reappointed in 2004 and Landis corporate experience includes: director and vice president of marketing services for three advertising agencies and vice president of corporate advertising for American Fletcher National Bank. In 2003, he was named to the NARUC Telecommunications Committee and is active in a number of roles on that Committee. Landis served on NARUC s Legislative Task Force. He is a member of the Federal-State Joint Board on Universal Service. He is the FRI Advisory Board Chair. Landis earned a bachelor s degree cum laude from Wabash College, with a double major in political science and economics. Vice Chair Phyllis A. Reha, Minnesota Public Utilities Commission Reha was appointed in May 2001 and reappointed in June Her past service includes: (Chair) Energy Resources and the Environment Committee of the NARUC; NARUC s Board of Directors; (President) MARC. Current service includes: Energy Resources and the Environment Committee, and the Subcommittee on Clean Coal and Carbon Sequestration of NARUC; (Co-Chair) FERC/NARUC Collaborative on Smart Response; (Co-Chair) State Energy Efficiency Action Network; Advisory Councils of the New Mexico State University Center for Public Utilities, The National Council on Electricity Policy, and the FRI at MU. Reha earned a BA from the University of Minnesota and a J.D. from the University of Minnesota Law School. Commissioner Darrell Hanson, Iowa Utilities Board Hanson was appointed in 2007 and he is a NARUC member and serves on the NARUC Committee on Gas and the Committee on International Relations. He also serves on the NARUC Subcommittee on Nuclear Issues Waste Disposal. Hanson is a member of the Mid-American Regulatory Conference (MARC) and serves as its president. Hanson serves as the IUB representative to the Advisory Council of the Iowa Energy Center. He also serves on the Advisory Boards of the Financial Research Institute and the Center for Global and Regional Environmental Research (CGRER). 11

12 Panel Discussion III: Capital Markets: Cause & Effect 3:00 pm 4:00 pm Panel III Moderator: Commissioner Olan Reeves, Arkansas Public Service Commission Reeves was appointed to the Arkansas Public Service Commission in Previously, he was chairman of the Workers Compensation Commission; chief legal counsel to the Governor; State Drug Director; a lawyer in the Governor s office; Senior Assistant Attorney General and Assistant Attorney General; and law clerk to Arkansas Supreme Court Associate Justice David Newbern. Reeves is on the Energy Resources and the Environment Committee at NARUC and an advisory board member at the Financial Research Institute at MU. He has a BA, MSE and a juris doctor. Chair Dana L. Murphy, Oklahoma Corporation Commission Murphy was elected in 2008 and reelected in She has over 22 years experience in the petroleum industry including owning and operating her own private law practice specializing in oil and gas title, regulatory practice, transactional work and working as a geologist in the Oklahoma petroleum industry. Murphy is member of serveral organizations including: NARUC where she serves on the Energy Resources and the Environment Committee; the OSU Water Research advisory board; the Oklahoma Bar Association; American Association of Petroleum Geologists and Energy Advocates. She earned a bachelor s degree in geology from OSU and graduated cum laude from Oklahoma City University with a law degree. Ross C. Hemphill, Vice President of Regulatory Policy & Strategy, Commonwealth Edison Hemphill s responisibities include: managing regulatory relationships with the ICC and regulatory bodies; retail rates, revenue policy, dockets, development and implementation of pricing policy; and analysis of strategic policy options for distribution business. Previously, he served as Director, Rate & Regulatory Advisory Group for Black & Veatch Corporation. He has published articles on utility economics and pricing design in Electricity Journal, Public Utilities Fortnightly and Resources and Energy. He earned his doctorate in resource economics from Ohio State University, a master s degree in economics from Indiana State University and a bachelor s degree in economics from Lewis University. Lewis Mills, Missouri Public Counsel, Missouri Office of the Public Counsel Mills received his undergraduate degree in geology from St. Lawrence University and his law degree from the University of Utah. He first came to the Missouri Office of the Public Counsel in 1988, was promoted to Deputy Public Counsel in 1989 and served in that capacity until From 1998 to 2005, Mr. Mills was the deputy chief administrative law judge at the Missouri Public Service Commission. In May 2005 he was appointed Public Counsel. He serves on the Executive Committee of the National Association of State Utility Consumer Advocates, and as the Treasurer of that organization, the Missouri Universal Service Board, the Relay Missouri Advisory Committee, the Missouri Energy Task Force, and the advisory board at the FRI. Brett Challenger, Senior Vice President & Manager, Energy & Water Banking Division, CoBank Challenger has more than 20 years of experience in advising, lending, and capital raising for companies in the energy, power, and water sectors. His prior roles include: Senior Vice President and Principal at Duke Capital Partners, LLC; Managing Director and Head of the Energy & Power Group within Structured Syndicated Debt Capital Markets at Banc of America Securities, LLC; and Vice President with Union Bank of California in the Energy Capital Services Group. Challenger earned a BA in economics at the University of Colorado and an MBA in finance at the University of Cincinnati. 12

13 Financial Research Institute Staff Dr. Stephen Ferris is the J.H. Rogers Chair of Money, Credit, and Banking and the director of the FRI. Previously, Dr. Ferris was the chairman of the Department of Finance at MU and a faculty member at Virginia Tech. He has held visiting appointments at Duquesne University, the University of Memphis, and the University of Pittsburgh. Dr. Ferris earned a BA from Duquesne University and a MBA and PhD from the University of Pittsburgh. He also holds an MSS from the US Army War College and serves as a Commander in the U.S. Navy. ferriss@missouri.edu Phone: Sarah M. Gott is the manager of board programs for the FRI. She is responsible for FRI marketing and communications, board management, and developing FRI education programs. She directs the hot topic program and the annual symposium. Sarah recently joined the FRI team after spending several years with GE Energy as a marketing communications professional. She holds a BS in organizational communication and in the course of her career, has received continued training in core leadership and project management programs. gotts@missouri.edu Phone: Melissa Byers is the administrative assistant and the symposium coordinator for the FRI. She earned a BS in mathematics and chemistry from the University of Iowa and an MBA with emphases in finance and marketing from the University of Missouri. byersma@missouri.edu Phone: About the FRI Background The Financial Research Institute (FRI) was established in 1988 within the Robert J. Trulaske, Sr. College of Business at the University of Missouri to promote education, research and service across various areas of finance. Today, the FRI, through its public utility division, provides a neutral environment for stakeholders in the regulated public utility industry to come together to examine, understand, and debate current issues relating to public utility policy. Advisory Board The FRI advisory board was established in 1988 as an essential component of the FRI. The advisory board includes regulators, industry executives, and consumer representatives, and operates under the leadership of Dr. Stephen Ferris. The advisory board provides financial assistance, professional advice, and identifies FRI s strategic direction. Annual Public Utility Symposium The FRI s flagship event is its annual public utility symposium. Held in the fall, this one day event examines issues relevant to the Midwest region that impact consumers, industry, and regulators. The symposium is targeted to state regulators, legislators, commission staff, utility managers, policy analysts, attorneys, consumer advocates, and academics. The event is accredited for both continuing legal and professional education (CLE, CPE). Hot Topic Hotline The Hot Topic Hotline Program is an opportunity for FRI Advisory Board Members to discuss hot issues via webconference. The program is offered bi-monthly and topics are sponsored by an Advisory Board Member. For a full list of upcoming and previous Hot Topics please visit 13

14 Financial research institute Advisory Board Scott E. Albertson Director, Regulatory Affairs Vectren Corporation John Bear President & CEO MISO Lewis Louie Binswanger Vice President Regulatory & Governmental Affairs, SourceGas Jeff Davis Commissioner Missouri Public Service Commission Alan Decker Director, Regulatory Services Public Service Company of Oklahoma David Dittemore Manager, Regulatory Affairs Kansas Gas Service James W. Gardner Vice Chairman Kentucky Public Service Commission Kevin Gunn Chairman Missouri Public Service Commission Darrell Hanson Commissioner Iowa Utilities Board Kimberly A. Joyce Manager, Regulatory Affairs Aqua America Scott Krawec Director, Regulatory Services Indiana Michigan Power Larry S. Landis FRI Board Chair Commissioner, Indiana Utility Regulatory Commission Diane Munns Vice President, Regulatory Relations & Energy Efficiency MidAmerican Energy Olan W. Reeves Commissioner Arkansas Public Service Commission Phyllis A. Reha Vice Chair Minnesota Public Utilities Commission Mark R. Schuling Iowa Consumer Advocate Office of the Consumer Advocate Dona Seger-Lawson Director, Regulatory Operations The Dayton Power and Light Company David Springe Consumer Counsel Kansas Citizens Utility Ratepayer Board (CURB) 14

15 Financial research institute Advisory Board Anne Bomar Senior Vice President & General Manager Dominion East Ohio Michael J. Callan President Arkansas Oklahoma Gas Corporation Mark C. Darrell Senior Vice President and General Counsel Laclede Gas Company Sherman J. Elliott Commissioner Illinois Commerce Commission Douglas Esamann President Duke Energy Indiana Dr. Stephen Ferris Director, FRI Charles Chuck Harder Senior Director, Regulatory Policy & External Relations CenterPoint Energy Jim Jenkins Vice President, Rates American Water Glenn R. Jennings FRI Board Vice Chair Chairman, President & CEO Delta Natural Gas Company Mark Martin Vice President Rates & Regulatory Affairs Atmos Energy Herbert Herb Miller, Jr. President Columbia Gas of Kentucky, Inc. (NiSource) Lewis Mills Missouri Public Counsel Missouri Office of the Public Counsel Cheryl L. Roberto Commissioner Public Utilities Commission of Ohio Dick Rohlfs Director, Retail Rates Westar Energy Tim Rush Director, Regulatory Affairs Kansas City Power & Light Kelly Walters Vice President & COO - Electric, The Empire District Electric Company Warren Wood Vice President, Regulatory & Legislative Affairs (Missouri) Ameren Missouri Thomas E. Wright Commissioner Kansas Corporation Commission 15

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