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Essentials of Regulatory Finance

Produced by the Knowledge Center, expert training from S&P Global Market Intelligence

Essentials of Regulatory Finance teaches the skills needed to apply the principles of corporate finance to regulated utilities. Combining intensive instruction on theory and application, supplemented by real life examples, ERF provides the equivalent of graduate level instruction under the guidance of one of the most highly respected academics in energy finance.

Classwork features problem sets that illustrate the nuances of finance issues in this complex sector under the current regulatory environment including cost of capital calculations, capital allocation frameworks and alternative capital structures.

What participants gain:

  • A thorough understanding of the issues in regulated cost of capital calculations, return on equity, discounted cash flow models, and the cost of debt and credit ratings.
  • Familiarity with the key metrics in risk analysis and financial statements and performance based ratemaking.
  • The advantages, drawbacks and impact of capital-raising instruments common to utilities
  • Knowledge of equity performance measures, including economic value added (EVA), dividend discount model (DDM), cash flow return on investment (ROI) and key financial risk ratios
  • Exposure to the ways utilities utilize hedging and other risk management practices
  • A grasp of the effects of regulation and rate cases on a company's financial decision-making frameworks and financial outlook

This program presumes an understanding of basic accounting and finance concepts, as well as familiarity with utility business models.

Instructor

Roger Morin, PhD

Professor of Finance
College of Business Administration, Georgia State University

Dr. Morin is Emeritus Professor of Finance at the College of Business Administration, Georgia State University and Distinguished Professor of Finance for Regulated Industry at the Center for the Study of Regulated Industry at Georgia State University. Dr. Morin is also chairman and CEO of Utility Research International, an enterprise engaged in regulatory economics/finance consulting and formal training activities.Dr. Morin has taught at the Wharton School of Finance at the University of Pennsylvania, Amos Tuck School of Business at Dartmouth College, Drexel University, McGill University, and Georgia State University, among others. In addition, he has developed and conducted numerous executive development programs for professional trade associations, corporations, and universities. Dr. Morin was a faculty member of Advanced Management Research International, and is currently a faculty member of SNL Center for Financial Education. He has authored or co-authored several books, monographs, and articles in academic scientific journals on the subject of finance. They have appeared in a variety of journals, including the Journal of Finance, the Journal of Business Administration, International Management Review, and Public Utility Fortnightly. He has published three widely-used treatises on regulatory finance: Utilities' Cost of Capital, Regulatory Finance, and more recently, New Regulatory Finance. His most recent book, Driving Shareholder Value: Value-Building Techniques for Creating Shareholder Wealth, published by McGraw-Hill is widely used as a reference text in executive education training programs. Dr. Morin has engaged in extensive consulting activities on behalf of numerous Fortune 500 corporations and legal firms in matters of financial management and corporate litigation. He is a leading expert witness in matters of corporate finance, and has appeared as an expert witness in some 200 cases before some 50 federal and provincial/state regulatory boards in United States, Canada, and abroad, including the Federal Energy Regulatory Commission and the Federal Communications Commission. He holds a Bachelor of Engineering Physics degree, an MBA in Finance from McGill University, Montreal, Canada, and a PhD in Finance and Econometrics from the Wharton School of Finance, University of Pennsylvania.

Essentials of Regulatory Finance Agenda

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Downloads & FAQs

Download our - Justification Letter: Essentials of Regulatory Finance

Who Attends?

  • Corporate finance, treasury, investor relations or corporate strategy/development professionals at power or gas companies
  • Professionals in investment banking, project finance or equity/fixed-income research
  • Traditional asset managers, as well as asset managers and investors at private equity, sovereign and hedge funds
  • Consultants, accountants and lawyers who advise power and gas clients
  • Industry regulators and staff
  • Ratings agency professionals
  • Others seeking a thorough understanding of corporate finance issues and analyses for regulated utilities

This program presumes an understanding of basic accounting and finance concepts, as well as familiarity with utility business models.

Do I need to bring a laptop?
No.

What is the dress code? 
Business casual

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. Knowledge Center reserves the right to make portions of the program registration information available to program sponsors. 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, Knowledge Center will refund the registrant's tuition in full, however Knowledge Center will not be liable for incidental or consequential out of pocket expenses incurred by the registrant. If you have questions regarding 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 Knowledge Center’s conferences, instructional, and/or marketing activities.

Continuing Education Credits

9.5 Hours of Continuing Education Credit
Knowledge Center is registered with CFA Institute as an Approved Provider of professional development programs. This program is eligible for 9.5 CE credit hours as granted by CFA Institute. If you are a CFA Institute member, CE credit for your attendance at this event will be automatically recorded in your CE Diary upon request.
11 Hours of CPE Credit
Participants who complete this program qualify for 11 hours of CPE credit (Accounting). Program Level: Intermediate. Delivery Method: Group-Live. Knowledge Center 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.