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Principles of Valuation in the Power Sector

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

Join us for two full days of comprehensive power valuation training, providing the skills you need to quickly and accurately value individual U.S. power sector assets and whole companies. The power valuation techniques you'll learn are specific to the industry, so you can apply these principles immediately in your day-to-day efforts.

You will learn by doing – studying real world case studies, rather than getting mired in theoretical abstractions. Build your knowledge of power assets, power plant valuation, power purchase agreements and tolling contracts and utility valuation. You will take home time-tested model templates that will save you effort as you apply these techniques yourself.

Take your understanding of valuation to the next level and attend our optional 3rd day Renewable Energy Valuation Workshop.

As an attendee, you will:

  • Create more accurate valuations by applying the standard valuation methods, including DCF, comparable analysis, and multiple analysis
  • See how to get the data that is used in standard modeling assumptions
  • Learn how to incorporate market based revenue and cost drivers, including forward and spot pricing and implied heat rates to develop more relevant, robust valuations
  • Discuss the role of PPAs, tolling agreements, steam contracts, and other financial arrangements that affect the value of a deal
  • Gain invaluable real world insight from a seasoned, world class instructor with decades of transaction experience in the power sector
  • Practice using take-home models that value single plants, T&D assets, regulated generation assets and whole companies so you can apply the principles you’ve learned immediately upon your return to work

Prerequisites:

This program presumes familiarity with basic accounting and finance concepts. Participants will need to bring a laptop computer.

"Great instructor with tremendous deal-making experience."
– Director of Finance and Business Planning, A Regulated Utility Company

"A good balance of real world and academic perspectives – highly recommended."
– Manager, Analytics & Asset Optimization, An Energy Company

"Great case studies. I liked walking through the NPV model."
– Senior Financial Analyst, A Power Solutions Company

Join us on November 1-2, 2017 for this event.

Instructor

James W. Bowen

Momentum Development Corporation, President
Momentum Development Corporation

Jim Bowen is President of Momentum Development Corporation, which provides advisory and management services to clients in the energy sector, including banks, investment funds, and principal investors. He has been an instructor for the Knowledge Center for over four years. As a veteran consultant in the energy industry, Jim has valued hundreds of power plants, integrated utilities, transmission and distribution systems, power purchase agreements, tolling agreements, options, and midstream and downstream energy assets.Jim has taught regularly at McKinsey & Company's internal training programs, and was an adjunct faculty member at the U.S. Military Academy at West Point. Prior to founding Momentum Development, Jim was a consultant with McKinsey, a litigation attorney with Akin, Gump, Strauss, Hauer & Feld LLP, and an officer in the U.S. Army.He holds a J.D., cum laude, from the Harvard Law School, a Master of Finance from the University of London, and a B.S. in Economics from the U.S. Military Academy.

Principles of Valuation in the Power Sector Agenda

TIME
WEDNESDAY, November 1st
Agenda is tentative. Please check back for updates.
7:45 am
Registration and Continental Breakfast
8:30 am
Introduction and Overview
9:00 am
Valuation of a Single Plant
10:30 am
Refreshment Break
10:45 am
Case Study
12:00 pm
Lunch
1:00 pm
Valuation of other Generation Assets: Hydro, Nuclear, Coal, Renewables and Peaking Assets
2:15 pm
Other Valuation Techniques: Comparables, Multiples, Real Options
3:00 pm
Refreshment Break
3:15 pm
Valuing Power Purchase Agreements (PPAs) and Tolling Agreements
4:00 pm
The Relationship Between DCF and ROE
4:30 pm
Debt Capital Markets Considerations
5:00 pm
Day One concludes
TIME
THURSDAY, November 2nd
8:00 am
Registration and Continental Breakfast
8:30 am
Valuation of a Regulated Utility: Discussion
10:00 am
Refreshment Break
10:15 am
Valuing Transmission and Distribution Businesses and Assets
11:00 am
Valuing Regulated Generation Assets
12:00 pm
Lunch
1:00 pm
Putting the Pieces Together: Valuing An Integrated Utility
1:45 pm
Case Study
2:45 pm
Refreshment Break
3:00 pm
Other Valuation Issues:
  • • M&A and Regulatory Environment Considerations
  • • Regulatory Value Drivers
  • • Mitigating Risks to Value
  • • Project Finance
5:00 pm
Day Two concludes
TIME
FRIDAY, November 3rd
8:00 am
Registration and Continental Breakfast
8:30 am
Valuation of Renewable Assets Using DCF; Computing ROE
10:15 am
Case Study
11:00 am
Renewable Finance Topics:
  • • Tax Considerations for Value Creation
  • • Risk Allocation in Power Purchase Agreements
12:00 pm
Program concludes
More

Ticket Info

Main Seminar: $2,395
Main Seminar + Workshop: $2,995
Workshop only: $750

Event location

Venue: TBD


Early bird Price info

Main Seminar: $2,195
Main Seminar + Workshop: $2,795

Registration includes all program work materials, plus continental breakfast and lunch both days.

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

Downloads & FAQs

Who Attends?
Principles of Valuation in the Power Sector is designed for:

  • Finance, corporate development/strategy, and investor relations professionals at power and utilities companies
  • Professionals in investment banking, project finance, asset management, hedge funds, or equity/fixed income research
  • Consultants, accountants and lawyers who advise power clients
  • Current and potential suppliers or professionals looking for an understanding of how Wall Street analyzes the power and gas sector and the fundamentals that bear on their analyses
  • M&A professionals
  • Renewable energy professionals, developers, analysts
  • State and Federal regulatory agencies interested in a deeper understanding of valuation techniques and the methods investors and developers use

Prerequisites:
This program presumes familiarity with basic accounting and finance concepts. Participants will need to bring a laptop computer equipped with Microsoft Excel.

Are there any group discounts?

Group Pricing Discounts for Seminars

 Number of Attendees  3  4  5+
 Seminars*  15%  25%  30%

*Excludes conferences and partnership programs - call for more information

Contact us at +1 (888) 991-7786 to register your group or inquire about in-house training

Discounts only apply on regular prices and cannot be applied to early bird pricing and special offers

What is the dress code? 
Business casual. 

Do I need a laptop? 
Yes, because this seminar features Excel based analysis, participants will need to bring a laptop computer with access to Microsoft Excel and a calculator.  

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.

Continuing Education Credits

10.5 Hours of Continuing Education Credit
As a participant in the CFA Institute Approved-Provider Program, SNL Knowledge Center has determined that this program qualifies for 10.5 credit hour(s). If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE tracking tool.
12.5 Hours of CPE Credit
Participants who complete this program qualify for 12.5 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.