Past event: Analyst Training in the Power and Gas Sectors Seminar

Your Instructors

• JEFFREY W. CLIVER, Vice President, Global Power, Energy & Infrastructure, Lazard Freres & Co. Inc.
• BRIAN COLLINS, Product Manager, Energy Financials and Regulatory Research Associates, SNL Energy.
• WALTER CRENSHAW, Associate Director, SNL Knowledge Center
• ROBERT EBERHARDT, Associate, Chadbourne & Park LLP
• JAMES HEMPSTEAD, Senior Vice President, Moody’s Investors Service
• ELLEN LAPSON, CFA, Founder and Principal, Lapson Advisory.
• EDO MACAN, Principal, Charles River Associates.
• EDWARD MANHEIMER, Vice President, Global Power and Utilities Group, Morgan Stanley
• MAURICE E. MAY, Equity Analyst, Wellington Shields & Co. LLC
• STEVE PIPER, Associate Director, SNL Energy.

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Seminar Agenda

7:30 am - DAY ONE - Monday, August 11

Registration and continental breakfast opens.

8:15 am - Welcome and Introductions

8:30 am - Power and Natural Gas Market Structures

This overview will examine the energy value chain, including the generation, transmission and distribution of power, as well as the transportation, storage and distribution of natural gas. The session also offers a framework for understanding and measuring industry performance at the macro level.

10:30 am - Refreshment Break

10:45 am - Financial Statement Analysis - Case Study

Through an examination of the typical line items found in corporate financial statements, you will explore essential financial data for evaluating the economic health of power and natural gas companies.

12:00 pm - Lunch

1:00 pm - Rate Cases and their Impact on Earnings

In addition to dissecting and examining the intricacies of the rate case process, you'll explore the reasons for filing a case and the financial implications of decisions on the concerned parties. Topics covered include revenue requirement calculation, rate base and rate of return, and return on equity methodologies.

2:15 pm - Credit Analysis and Ratings

An examination of energy companies from the perspective of credit rating agencies and the fixed income investor. Gaining insight into the methods used by rating agency analysts to assess financial strength, participants learn what it takes to be a well-rated company. The session also illustrates the relative merits of various balance sheet management strategies, and the warning signs for ratings downgrades.

3:30 pm - Refreshment Break

3:45 pm - Project Finance

A comprehensive introduction to this common method of financing energy assets, including a discussion of structuring options, the importance of due diligence, the benefits of leverage, and financing considerations.

5:00 pm - Day One Concludes


8:15 am - DAY TWO - Tuesday, August 12

Continental breakfast opens.

8:30 am - Capital Raising

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 case studies on the execution and impact of various capital raising efforts.

10:00 am - Refreshment Break

10:15 am - Case Study: Asset Valuation

An exploration of the most common approaches and techniques used to value generation assets. Discussion includes the importance of the nuances surrounding energy assets’ revenue and cost streams.

12:00 pm - Lunch

1:00 pm - Enterprise Valuation

Participants will learn the principles of enterprise valuation techniques and how they are applied from both a stand-alone and an acquisition perspective. Insight into distinguishing "art" from "science" in valuation approaches.

2:15 pm - Refreshment Break

2:30 pm - Case Study: Investing in the Power and Gas Sector

In a hands-on team exercise, you'll have the opportunity to apply the valuation tools and analytical skills developed over the course of the seminar by utilizing multiple approaches to the analysis and valuation of a publicly-traded power company.

4:30 pm - Day Two Concludes


8:15 am - DAY THREE

Continental breakfast opens.

8:30 am - Valuation Model

• Go over the basic revenue and cost drivers of a standard DCF power valuation model using dispatch model and market price inputs
• Identify some of the risks affecting the value of a power asset

10:00 am - Refreshment Break

10:15 am - Power Equity Evaluation Analytics

• We'll go over the standard metrics and analyses around equity investments
• Including market risk premium and beta calculations, market value vs. intrinsic

11:45 am - Project Finance Model

• Cover the basic structure of a project finance model and the inputs, as well as where to find them (PPA, EPC, market, etc.)
• Students will leave with a basic model they can adapt to more specific circumstances

1:00 pm - Day Three Concludes

Boxed lunch will be provided

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Venue

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Who Should Attend this Seminar

Finance, investor relations or corporate strategy/development professionals at power or gas companies. Professionals in investment banking, project finance, asset management, hedge funds, or equity/ fixed income research. Consultants, accountants and lawyers who advise power and gas clients. Industry regulators. Suppliers to the power and gas sectors.

Prerequisites and Advance Preparation
Some familiarity with basic accounting and finance concepts.: Pre-class reading material, which will be provided prior to the program.: A calculator (or equivalent phone app) for use during the seminar. Excel modeling will be a key element of the workshop on day three.

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

Delivery Method
Group-live.

Hotel and Seminar Information

The seminar will start promptly at 8:15 AM and will finish at 5:00 PM on the first day followed. On the second day, the seminar will resume at 8:15 AM and will finish at 4:30 PM. On day three the seminar starts at 8:15 AM and concludes at 1:00 PM. Program includes all program materials, continental breakfast and lunch. Dress is business casual for all seminars.

Downtown Conference Center
157 William Street
New York, NY 10038
Telephone: (212) 618-6990
View Seminar Location Website