HOSTED BY: NV Energy, Inc. January 15-17, 2014 Trump International Hotel Las Vegas, NV. North American Power Credit Organization

Transcription

1 HOSTED BY: NV Energy, Inc. January 15-17, 2014 Trump International Hotel Las Vegas, NV North American Power Credit Organization

2 JANUARY 15-17, 2014 LAS VEGAS, NV TRUMP INTERNATIONAL HOTEL HOSTED BY CONFERENCE ACCOMODATIONS Hotel Information: Trump International Hotel Las Vegas We have a fantastic rate of US$119 per night at the beautiful, luxury hotel, the Trump International, overlooking the Strip and centrally located. Our limited room block is available on a first-come, first-served basis until December 24, Our discounted rate is available 3 days prior and 3 days post, subject to hotel availability. Please make your reservations as soon as possible since the weekend following is a three-day weekend! Discounted room rate: $119 per night Hotel reservations deadline: Tuesday, December 24, 2013 Book your room ASAP! Telephone: please mention Group NAPCO Additional amenities included with our nightly room rate: Free property-wide wireless internet access Overnight valet parking with in and out privileges Free shuttle service to the Wynn resort and the Forum Shops at Caesars Palace $25.00 credit towards qualifying services at The Spa at Trump. PROGRAM EVENTS Wednesday Evening January 15, 2014: Networking Event details to be announced. Thursday Evening January 16, 2014: Group Networking Dinner at the Triple George Grill Join us for the group dinner providing further opportunities to network with peers. Dinner cost: Included in the cost of the meeting registration fee. Guests of attendees are welcome for an additional fee of $60 (see registration form). EDUCATIONAL CREDITS NAPCO 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 Fourth Avenue North, Suite 700, Nashville, TN Website: CPE CREDITS Upon completion of this meeting, program participants interested in receiving CPE credits will receive a certificate of completion. Participants must be in attendance for the entirety of the conference to be eligible for the full amount of CPE Credits. Delivery Method: Group Live Prerequisites: No perquisites are required for the educational seminars Advanced Preparation: No advanced preparation is required for the seminars. CPE Credits: Earn up to 10.5 CPE

3 PROGRAM AGENDA THURSDAY, JANUARY 16, 2014 Breakfast & Registration 7:30 a.m. to 9:00 a.m. 9:00 a.m. Keynote Address: Overview of NV Energy The presentation will focus on the key events that have impacted and shaped NV Energy over the years as well as future events that are shaping the company today. Speaker: Michael Yackira, President and Chief Executive Officer, NV Energy, Inc. 10:15 a.m. Break 10:30 a.m. Gap Risk in Electricity Master Agreements Physical transactions for the purchase and sale of electricity are documented using one of the common master agreements with the general assumption that the agreements are all generally the same. While any of these forms will create a binding contract, they do not all approach the legal issues in the same manner. This presentation will discuss some of the differences between the EEI, ISDA with the Power Annex and WSPP with a focus on the Credit Support Annexes of each. Speaker: Craig Enochs, Partner, Reed Smith, LLP Lunch 12:00 p.m. to 1:00 p.m. 1:00 p.m. NAPCO Business Meeting 1:15 p.m. The Changing Landscape in the Midstream: Pipelines, Gathering and Processing Mr. Tribolet will discuss the changes occurring within the Midstream market. This discussion will include the changing profile of production by basin in the U.S. as well as wet gas and ethane rejection, propane and butane markets and LNG exports. Speaker: Michael Tribolet, Managing Director, Wells Fargo Bank N.A. 2:15 p.m. Break 2:30 p.m. Cash Flow Analysis During this interactive session, attendees will learn how Moody s analyzes liquidity and calculates various definitions of corporate cash flow. Speaker: Andrew Holmes, Director Senior Training Specialist, Moody s Analytics 3:45 p.m. Understanding California s Cap and Trade Program California s recently launched cap-and-trade program, which uses a market-based mechanism to reduce greenhouse gas emissions, is second in size only to the European Union s Emissions Trading System based on the amount of emissions covered. Mr. Armenta will provide background information on this program, discussing how this regulation has impacted market participants and including information on allowances, offsets, auctions, banking, trading, and compliance issues associated with this historic regulation. Speaker: Jason Armenta, Strategic Origination Director, Calpine Corporation 5:00 p.m. Break

4 PROGRAM AGENDA FRIDAY, JANUARY 17, 2014 Breakfast 7:30 a.m. to 9:00 a.m. 9:00 a.m. The Trade Options Trainwreck In this new Dodd-Frank regulated world, Mr. Weinstein will seek to make sense of the four separate trade option reporting requirements, the three part, seven part, five part, and other trade option and volumetric optionality determination tests. He will also discuss the interim final rules, no action letters and provide undated CFTC FAQs. Throughout the presentation, there will be entertaining visual aids to help in providing sense of the trade options trainwreck. Speaker: Jeremy Weinstein, Law Offices of Jeremy D. Weinstein, P.C. 10:30 a.m. Break 10:45 a.m. Value at Risk (Var) for the Real World Mr. Rich will discuss VaR and various related metrics like portfolio VaR, credit VaR and Cashflow at Risk. Drawing upon his extensive industry experience, Mr. Rich will introduce some useful extensions that he has used that make this well-known and relatively simple metric work in a risky world that is definitely not normally distributed. Speaker: Jim Rich, Vice President Risk Management, Tenaska, Inc. 12:00 p.m. Closing Remarks and Meeting Adjourned

5 ABOUT OUR SPEAKERS NAPCO and NV Energy would like to thank all of our speakers for taking time out of their busy schedules to prepare and deliver their presentations. Their participation enables NAPCO to continue to offer a high quality educational program at a very reasonable registration fee. In addition, we would like to thank all the volunteers of the NAPCO Education Committee for their time in finding great speakers! Thank you! JASON ARMENTA Strategic Origination Director, CALPINE CORPORATION Mr. Armenta is currently responsible for the origination of power, natural gas, capacity, renewable energy, green-house gas allowance and offset transactions in the Western region at Calpine Corporation. He has over 15 years of energy trading, logistics, and portfolio management experience and was the commercial lead for Calpine s cap and trade implementation project. Mr. Armenta holds both a Bachelors and a Masters degree in Business Administration from Texas A&M University. CRAIG ENOCHS Partner, REED SMITH, LLP Craig Enochs represents clients in commodity and derivative transactions with a focus on wholesale and retail energy transactions. His counsel includes advising on contract structures and risks and credit arrangements in wholesale and retail transactions. Mr. Enochs represents clients in wholesale transactions that include asset-based structured transactions, such as tolling, fuel-supply, off-take and power purchase agreements; transactions for the purchase and sale of energy-related commodities including natural gas, electricity, coal, and various environmental credits; transmission and transportation agreements for these commodities; and energy and agricultural commodity prepaid swaps. His experience includes structuring and negotiating highly structured custom agreements as well as standardized energy commodity master agreements including the ISDA and its various annexes, EEI, WSPP, NAESB, GasEDI, and CTA. Mr. Enochs also works with clients in supporting documents such as security agreements, master netting agreements, transportation agreements, storage agreements, and related tariffs. He has worked on gas and electricity transactions in Canada and in the US, including electricity transactions in CAISO, ERCOT, ISO-NE, MISO, and NYISO. Mr. Enochs has been listed in The Best Lawyers in America for Derivatives Law from and was named a Top Lawyer in Derivatives Law by H Texas magazine. Mr. Enochs received his B.A. from The University of Houston and his J.D. from The University of California Hastings College of the Law. He is licensed in Texas. ANDREW HOLMES Director Senior Training Specialist, MOODY S ANALYTICS Andrew Holmes brings over fifteen years of experience to Moody s on both the buy and sell-side with an emphasis on leveraged finance and fixed income. Mr. Holmes started his career in equity origination working in teams advising UK companies for ANZ Merchant bank and Hoare Govett before heading off to the States where he obtained a Masters of Business Administration with honors from the University of Chicago. He then joined JP Morgan in New York moving into leveraged finance, working on a broad array of leveraged transactions for both financial sponsors and corporates. Mr. Holmes then moved onto Credit Suisse First Boston, becoming a director responsible for the marketing, origination and execution of leveraged bank, bond and mezzanine financing for transactions first in the U.S. and later in Europe. Mr. Holmes then took up a position with Putnam Investments, where he developed and marketed fixed income funds ranging from Treasuries to High Yield and EMD. Most recently, Mr. Holmes focused on the European fixed income market as a Product Manager at Schroder Investments. Prior to starting his financial career, Mr. Holmes received a first from Cambridge University in Natural History. JAMES H. RICH Vice President Risk Management, TENASKA, INC. James (Jim) Rich, Vice President Risk Management, is responsible for enterprise-wide measurement of market risk and valuation of the collective Tenaska Companies with a focus on TMV, the natural gas marketing business, and TPS, the power

6 marketing business. Mr. Rich has over 20 years of experience in risk management with over a decade of experience in the financial services industry. Prior to joining Tenaska in 2004, he headed the energy risk management practice of ERisk where he assisted energy industry clients with the adoption of proven concepts for risk measurement and management common to the financial services industry. Projects included the practical implementation of credit and market risk frameworks for energy marketing companies. Prior to ERisk, Mr. Rich was employed in the risk practice of First Manhattan Consulting Group where he consulted to banking and financial services clients on risk management strategy. Mr. Rich has also held a management position in the capital markets division of a $30 billion commercial bank and the fixed income trading desk of a $50 billion asset management company. Mr. Rich graduated from Tulane University where he earned a Bachelor of Science degree in chemical engineering and from Babson College where he earned an M.B.A. MICHAEL TRIBOLET Managing Director, WELLS FARGO BANK N.A. Michael Tribolet is a Managing Director and heads the underwriting for Wells Fargo Bank s Power and Utility Group in U.S. Corporate Banking. He is responsible for the underwriting of credit and industry analytics within the group. Mr. Tribolet has 25 years corporate banking experience. This included eight years in relationship management, six years in credit restructuring and the remainder in credit underwriting. He was Corporate Representative on the Official Unsecured Creditors Committee for Pacific Gas & Electric (chairing finance subcommittee). Since 1992, Mr. Tribolet has specialized in the energy industry to include exploration and production, midstream, independent power generation, regulated utilities and commodity derivatives. Mr. Tribolet is a fourth generation Arizonan and holds a Bachelor of Science in Finance from the University of Arizona. He and his wife and their two children reside in Houston. JEREMY WEINSTEIN Attorney, LAW OFFICES OF JEREMY D. WEINSTEIN, P.C. Jeremy Weinstein has for nearly 25 years represented major energy companies in energy and environmental commodity trading and derivatives, resource procurement, and bankruptcy-related issues. He authored, with esteemed colleagues, several important comment letters on CFTC proposed Dodd-Frank Act rules, including comments submitted by the International Energy Credit Association (IECA) and the Environmental Markets Association (EMA). He also contributed to comments submitted by the Edison Electric Institute (EEI) and California Utilities that were also cited by the CFTC in its rulemakings. These comments were cited by the CFTC throughout several key rulemakings, including more than thirty times in each of its swap definition and swap documentation final rules. He was an active member of the subcommittees that wrote the IECA Dodd-Frank ISDA Protocol Amendment Agreements and Representation and Reporting Agreement. He has also participated in several other key energy industry efforts to respond to and cope with Dodd-Frank regulations. Mr. Weinstein holds a J.D. from the University of California; a B.A. and M.A., both in law and with honors, from Trinity Hall, Cambridge University; and a B.A., summa cum laude, from UC Berkeley. MICHAEL YACKIRA President and Chief Executive Officer, NV ENERGY, INC. Michael Yackira joined NV Energy in January He was elected Chief Executive Officer effective August 1, In February 2007, he was elected President and Chief Operating Officer and also to the Board of Directors. Prior to that Mr. Yackira was Corporate Executive Vice President and Chief Financial Officer (December 2003 to February 2007) and Executive Vice President, Strategy and Policy (January 2003 to December 2003). Mr. Yackira spent more than a decade as an executive with FPL Group, serving in several positions, including President of FPL Energy; Vice President, Finance and Chief Financial Officer of FPL Group; and Senior Vice President of Market and Regulatory Services for Florida Power & Light. His experience includes extensive roles in operations, finance and regulatory matters in other industries, including telecommunications, and oil and gas. Mr. Yackira holds a Bachelor of Science Degree in Accounting from Lehman College, City University of New York, and is a Certified Public Accountant.

7 ADDITIONAL INFORMATION North American Power Credit Organization (NAPCO) is facilitated by RMG Financial Consulting, Inc. COMPLAINT RESOLUTION Any meeting related complaints should be directed to the acting NAPCO Chairperson: Mark Oosterman at Sacramento Municipal Utility District at (916) or for prompt action and resolution. NAPCO is a member run organization. All complaints will be addressed at the discretion of the NAPCO Executive Committee. NAPCO reserves the right to alter this program without prior notice. Please note that the opinions of the speakers are entirely their own and do not necessarily represent those of NAPCO, RMG Financial, or the Host Company. ***