Please note: Agenda subject to changes.

Day One

Registration and continental breakfast open at 7:45 a.m.

Session begins at 8:30 a.m. 

Introduction and Overview

Valuation of a Single Plant

• Discounted cash flow modeling of power assets
• Revenue drivers, including forward strips vs. predicted spot prices; implied heat rates
• Plant costs, including fixed costs, depreciation and fired hour costs; other non-cash items; application of initial and ongoing capital expenditures
• Calculating terminal value and computing discount rates

Refreshment Break

Lunch

Other Valuation Techniques: Comparables and Multiples

• Application and use of transaction and market peer comparables and multiples to single plant valuation

Refreshment Break

Other Valuation Techniques: Real Options

• Real options, including growth, market switching and fuel switching options; and how to apply real options to plant valuation
• How could the plant be used outside of routine operations?

Valuation of other generation assets: Hydro, Nuclear, Coal, Renewables and Peaking Assets

• The unique characteristics of each production technology in the asset or company valuation

Day One concludes at approximately 5:00 p.m.

Day Two

Continental breakfast opens at 8:00 a.m.

Session begins at 8:30 a.m.

Valuation of a Regulated Utility: Discussion

• Overview of key valuation techniques, including value drivers, capital structure, and techniques for finding data to be used as inputs for valuation models

Refreshment Break

Valuing Transmission and Distribution Businesses and Assets

• Regulated rate of return, customer service costs, reliability and operating risk, rate base assets, fuel cost recovery and cost-sharing formulas

Valuing Regulated Generation Assets

• Recovery of environmental compliance costs, off-system sales (decoupling) and fuel cost management

Lunch

Putting the Pieces Together: Valuing an Integrated Utility

• Financial flows, energy balances, corporate overhead

Refreshment Break

M&A and Regulatory Environment Considerations

• Estimating synergies between merged or acquired companies
• Accounting for regulatory requirements for approval, including impact on valuation of anticipated rate reduction

Refreshment Break

Regulatory Value Drivers

• Including recoverable vs. non-recoverable expenditures, stranded assets, multi-jurisdictional challenges, and allowable rate of return

Valuing Power Purchase Agreements (PPAs) and Tolling Agreements

• Understanding PPAs, tolling agreements, steam contracts, and similar financial arrangements

Day Two concludes at approximately 5:00 p.m.