Note: The next session of Strategies for Utility Financing is scheduled for
September 2010. The material below is from the most recent (September
2009) session.

To receive information on the September 2010 session as it becomes
available, click here.

Tuesday, September 15

Registration with continental breakfast opens at 7:30 a.m.

8:30 a.m.             

Welcome and Introductions

8:45 a.m.           

Short-Term Funding and Bank Lending

• The existing and anticipated working capital and liquidity needs of utilities

• Current state of bank lending and syndicates

• • Status of the traditional term loan and large revolvers
• • Stricter covenant packages and evolving pressure to secure a facility with first  
      mortgage bonds
• •  The impact of ratings and split ratings on pricing models
• • The link to the commercial paper market and the prospect of A2-P2 ratings
• • Use of asset-secured hedge facilities

• Arthur Beattie Executive Vice President, CFO and Treasurer, Alabama Power Company

  Mark Brumfield Managing Director, Wells Fargo Securities

  Raya Prabhu Vice President , Goldman Sachs & Co.

  Terry C. Bridges (moderator) Partner, Troutman Sanders LLP

10:00 a.m.         

Refreshment Break

10:30 a.m.            

Financing through the Capital Markets

•Current state of capital markets, types of investors and their investment goals

• Tighter covenant packages and the end of "covenant free" financing for 

•   regulated issuers

• • Asset-based lending: The modern utility mortgage versus the traditional
•   depression era model
• • Losing WKSI status with the SEC and alternatives for timely access to the
•   credit markets
  
• • "At the market" equity distribution programs
• •  Impacts of the hold-co/op-co structure on financing

• Richard Cortright Managing Director, Standard & Poor's

  Bud Ellis Partner and Co-Head, Utilities, Power and Pipelines, Dewey & Leboeuf LLP

  G. Scott Hetzer Senior Vice President and Treasurer, Dominion Resources

  Jay Horine Managing Director, Head of Power, Utilities and Alternative Energy, J.P. Morgan Securities

  James J. Wheaton (moderator) Partner, Troutman Sanders LLP

12:30 p.m.            

Luncheon and Luncheon Address

G. Edison Holland, Jr.

Executive Vice President, General Counsel and Corporate Secretary, Southern Company

1:30 p.m.             

Creative and Alternative Funding Mechanisms

• Funding opportunities under the Recovery Act for utility capital programs and

•     customer-based programs
• • The federal loan guarantee program for nuclear and other energy projects
• • Storm Cost Recovery Bonds and Environmental Trust Financing
• • Innovative cost-recovery rate treatment
• • Innovative rate structures and financing for transmission assets such as the
      Allegheny model
• • Credit intermediation, credit sleeves

• Anthony Kamerick Senior Vice President and Chief Financial Officer, Pepco Holdings

  J. Nicholas McKee Managing Director and Co-Head, North American Power and Utilities Banking, Citigroup Global Markets

  James M. Metcalfe Managing Director, Global Head of Power and Utilities, UBS Investment Bank

  Stan Wise Commissioner, Georgia Public Service Commission

  Daniel L. Larcamp (moderator) Partner, Troutman Sanders LLP

2:45 p.m.             

Refreshment Break

3:15 p.m.             

Financing Renewable and Alternative Energy

• Using federal tax credits, incentives and grants

• • The decline in financing availability for renewables through traditional capital
•     mechanisms
• • JV opportunities for utilities; shared development/financing risk
• • The impacts of state RPS, possible federal RPS and carbon regulation on
•     renewable projects
• • Innovative cost recovery and rate treatment

• Jeff Barnett Vice President, Tax, Edison International

  Angel Fierro Vice President , Credit Suisse

  Donald A. Russak Senior Vice President, Corporate Planning and Finance, New York Power Authority

  Andrew Shapiro Founder and President, GreenOrder

  Todd R. Coles (moderator) Partner, Troutman Sanders LLP

              

4:15 p.m.           

Pension Liabilities

• Sleeping giant or red herring: The state of off-balance sheet pension fund

•     liabilities for the utility sector
• • Credit impact for utilities with significant under-funded pension and other post-
•     employment benefit liabilities
• • The likelihood of needing to raise additional capital

• • New challenges in asset-liability management, including long-duration bonds
•   and interest rate swaps
• • Potential impact on future rate cases and capital spending

5:00 p.m.

Closing Remarks

5:15 p.m.            

Cocktail Reception