Note: The next session of Analyst Training in the Power and Gas Sector is scheduled for 2011. The material below is from the most recent (August 2010) session. To receive more information on the 2011 session as it becomes available click here.

Day One - Tuesday, August 3rd

Registration opens at 7:30 a.m. Session begins at 8:30 a.m.

Morning

Power and Natural Gas Market Structures
A look at 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 framwork for understanding and measuring industry performance at the macro level.

Rate Cases and Their Impact
In addition to dissecting and examining the intricacies of the rate case process, this session explores 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.

Afternoon

Financial Statement Analysis
Through a dissection of the typical line items found in the financial statements of power and gas companies, participants will explore the sources of financial data critical to evaluating the economic health of companies in the sector.

Earnings Quality
This session walks participants through the sources of data critical to analyzing the reported earnings of a power or gas company and judging its underlying economic health. Participants will explore techniques for normalizing earnings among companies, identifying cash versus non-cash earnings, and understanding key earnings metrics. In addition, the session also addresses the earnings impact of corporate structures, regulation and project financing.

Credit Analysis and Ratings
This session looks at 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.

Session ends at approximately 5:00 p.m. Cocktail reception follows.

Day Two - Wednesday, August 4th

Continental breakfast opens at 8:00 a.m. Program begins at 8:30 a.m.

Morning

Capital Raising
This session highlights 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.

Asset and Enterprise Valuation Methodologies
Participants will learn the principles of asset- and enterprise-level 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.

Afternoon

Luncheon Address: State of the Industry
Mr. Edward Tirello, Jr., Managing Director and Senior Power Strategist, Berenson & Company

Blending over 30 years of experience with his current perspective as Director of Berenson & Company's Power and Utilities Group , Mr. Tirello will explore what today's changing economic and regulatory environments hold in store for the power sector. Looking at current industry trends, Mr. Tirello will discuss the impact of these issues and expand upon the challenges to come.

Investing in the Power and Gas Sector: A Case Study
In a hands-on team exercise, participants will 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.

Program concludes at approximately 4:45 p.m.