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Analyst Training in the Power and Gas Sectors

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 and gas sectors. Working with industry experts in the field, you will gain a better understanding of how power and gas markets work, factors that impact each segment of the value chain, and learn how to measure industry performance.

Expert presenters will explain important topics such as capital markets, rate case design and how it impacts earnings and profitability, financial statement and credit analysis, and asset valuation. You will participate in a hands-on case study, featuring multiple approaches to the analysis of a publicly-traded power company. You will move beyond academic methodologies and come away with practical knowledge you can use immediately. 

Upon completion, you will have a comprehensive understanding of the power and gas markets, and be prepared to make more informed, strategic decisions, backed by expert industry analysis and data.

As an attendee, you will:

  • Break down power markets and 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 firm take advantage of M&A opportunities and optimize pricing 
  • Gain a better understanding of what a rate case is, how it is designed, and the importance of a rate 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 
  • Gain a better understanding of financial statement and credit analysis, and how credit rating agencies interpret companies and markets

Key topics include:

  • The power value chain: generation, transmission and distribution
  • The natural gas value chain: transportation, storage and distribution
  • Assessing the credit quality of power and natural gas companies
  • Analyzing the financial statements of companies in the sector
  • Valuation techniques and analytical tools
  • Strategies and tactics by which power and natural gas companies access and manage capital
  • Macroeconomic trends affecting earnings and returns in the power and natural gas industries
  • The impact of federal and state regulatory forces

Prerequisites:

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.

"An excellent introduction to the industry; a 'must attend' for new analysts."
– Senior treasury analyst, electric utility company 

"Great overview for both debt and equity analysis."
– Credit analyst, retail banking company 

"Quickly expanded my understanding of the industry."
– Business analyst, an engineering company

Speakers

Edward Manheimer
Morgan Stanley
Executive Director
Steve Piper
S&P Global Market Intelligence
Research Director
Richard M. Redash
PIRA Energy Group
Managing Director of N.A. Natural Gas
Todd Shipman CFA
Senior Director, Senior Director-Ratings and Analytical
S&P Global Ratings
Kenyon Willhoit
PwC
Director of Power and Utilities Valuation

Analyst Training in the Power and Gas Sectors Agenda

TIME
WEDNESDAY, June 21st
Agenda is tentative. Please check back for updates
08:00 am
Registration Open & Continental Breakfast
08:45 am
Welcome and Introductions
09:00 am
Power Markets 101

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
10:30 am
Refreshment Break
10:45 am
Natural Gas Markets 101

Richard M. Redash, Managing Director of N.A. Natural Gas, PIRA Energy Group
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.
12:00 pm
Lunch
01:00 pm
Capital Markets-Capital Raising Strategies and Alternatives

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.
02:30 pm
Refreshment Break
02:45 pm
Utility Rate Making 101

Russell Ernst, Senior Research 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.
04:00 pm
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.
05:00 pm
Day one concludes with happy hour reception
TIME
THURSDAY, June 22nd
08:30 am
Applying Financial Analysis to Understand Market Trends

Mark Agnew, Senior Director, Financial Analysis, Edison Electric Institute
09:45 am
Refreshment Break
10:00 am
Asset Valuation and Case Study

Kenyon Willhoit, Director of Power and Utilities Valuation, PwC
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
12:00 pm
Lunch
01:00 pm
Product Demo-S&P Global Market Intelligence

Adam Picketts, Senior Representative, S&P Global Market Intelligence
01:30 pm
Credit and Risk Analysis and the Impact on Ratings-S&P Ratings

Todd Shipman, Senior Director Ratings and Analytical, S&P Global Ratings
An examination of power and utilities from the perspective of a credit agency. Identify key data points on financial statements, learn effective balance sheet management strategies, as well as warning signs for ratings downgrades. Learn the importance of credit and counterparties as they relate to a company’s financial strength.
02:30 pm
Refreshment Break
03:00 pm
Investment Case Study
In a collaborative team exercise, 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.
04:30 pm
Main Program Concludes
TIME
FRIDAY, June 23rd
08:30 am
Natural Gas Operational Capacity Datasets
Optional Modeling Workshop
10:00 am
Refreshment Break
10:15 am
Simulation Modeling
11:15 am
Equity Valuation Modeling
More

Ticket Info

$1,695 for main seminar

$1,995 for seminar
and June 23 workshop

Register

Event location

Downtown Conference Center
157 William Street
New York, NY
+1 (212) 618-6990

Early Bird Info:

$1,495 for main seminar before May 5th

$1,795 for seminar and June 23 workshop before May 5th

Group pricing discounts are available. Contact us at +1 (888) 991-7786

FAQs

Who Attends?
  • Analysts at power and gas companies that seek a better understanding of the industry, and their role in the company 
  • Financial Planning and Analysis professionals within a power and gas company 
  • Industry professionals involved in rate case preparation and/or design 
  • Investment Banking Analysts, Project Finance, Asset Management, Hedge Fund, Equity/Fixed Income Research 
  • Finance, Investor Relations, Corporate Strategy/Development professionals at power and gas companies 
  • State and Federal Regulatory agency professionals seeking a better understanding of the power and gas industry 
  • Suppliers, Engineers, Consultants, Attorneys, Advisory personnel to the power and gas industries

What is the dress code?
Business casual.

Do I need a laptop?
Participants are not required to bring a laptop. A calculator may be helpful, but is not mandatory.

Is there required pre-reading?
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.

Are meals included?
Your registration fee includes continental breakfast and lunch for both days of the program. Also included is the Tuesday evening cocktail reception.

Past Participating Companies

ABP Investments Dominion Resources NICOR
Allstate Investment DTE Energy Company Northeast Utilities
American Electric Power Edison Electric Institute NorthWestern Energy Division
Ambac El Paso Electric Company Oklahoma Corporation Commission
American Gas Association Ensign Peak Advisors Osaka Gas Company
Atlas Pipeline Mid-Continent EPCOR Utilities Pinebridge
Bank of Tokyo-Mitsubishi UFJ Trust Co. EPRI Technical Library Pirate Capital
Barclays Global Investors Ernst & Young PricewaterhouseCoopers
BayernLB Excelon Corporation PPL
BB&T Corporation Fitch Ratings PSEG Power
Bechtel Enterprises Inc. GenPower Puget Sound Energy
Black River Asset Management Greenhill & Co. RNK Capital
Black & Veatch Goldman Sachs Group Sasco Capital
BMO Nesbitt Burns Hastings Funds Management Seguin Capital
BNP Paribas Group Hess Corporation Sempra Energy
Booz & Company Highstar Capital Sequent Energy Management
Bridge Strategy Group Hunt Power Siemens Financial Services
Brookfield Powert Hunt Transmission Services South Jersey Industries
Brubaker & Associates HVB Group Starwood Capital Group Management
Bryn Mawr Capital Management IDT Stifel Nicolaus & Co.
Capital Power JP Morgan Chase Tennessee Valley Authority
CenterPoint Energy KeyBanc Capital Markets TD Bank
CIBC World Markets KeySpan Energy Corporation The Pataki-Cahill Group
Citigroup Global Markets Laclede Gas Company Tyr Energy
CoBank ACB Liberty Natural Gas UBS Investment Bank
Consolidated Edison Company Lord Abbett & Company Vectren Corporation
Constellation Energy Group Macquarie Holdings (USA) Victory Capital Management
David Vaughan Investments Madison Gas & Electric Wellington Management Company
Deloitte Morgan Stanley West LB
Direct Energy Navigant Consulting Wood Mackenzie
Doble Engineering NRG Energy Xcel Energy Services

What is the cancellation policy?

Cancellations for this program are eligible for a full refund, less a $150.00 administrative fee, if received at least 15 business days prior to the start of the program. Cancellations received after that date but at least 5 business days prior to the start of the program receive a credit in the amount of the registration fee, less a $150.00 administrative fee, to attend another Knowledge Center program within 13 months. Cancellations received fewer than 5 business days prior to the start of the program are not eligible for a refund or credit.

Attendee substitutions from the same company may be made at any time. In the event of a cancellation from a group discount, refunds or credits are issued beginning with the most heavily discounted price, minus a $150.00 administration fee. "No shows" - or those who cancel within 15 days of the program - and have registered under the Invoice option, remain liable for the full program fee.

The Knowledge Center reserves the right to cancel/change programs, content, speakers or venue at any time. The Knowledge Center reserves the right to make portions of the program registration information available to program sponsors. The Knowledge Center will not be held liable for any costs incurred by registrant due to individual registration cancellation. In the event that a seminar is cancelled due to inclement weather, faculty cancellation or force majeure, the Knowledge Center will refund the registrant's tuition in full, however the Knowledge Center will not be liable for incidental or consequential out of pocket expenses incurred by the registrant. If you have questions regarding the Knowledge Center's refund, complaint or program cancellation policy, please call us at (434) 951-7786.

Registrant, as an individual person attending a Knowledge Center conference, seminar, or other program, hereby grants permission to the Knowledge Center to use and publish his or her image, likeness, or testimonials collected in connection with the program for advertising and trade purposes in connection with the Knowledge Center’s conferences, instructional, and/or marketing activities.