Fortnightly Magazine - March 2006

Building a Strong ERO

The North American Electric Reliability Council should be promptly certified as America’s electric reliability organization.

James Fama

To create the strong electric reliability system envisioned by Congress, FERC needs to focus on many issues, two of which are especially important: creating consistency in how compliance and enforcement programs are carried out at the regional level, and leading the transition—effectively and promptly—from today’s world to the new era called for in EPACT.

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The Top Utility Stocks

A review of total shareholder returns shows how growth and merger strategies drove performance last year.

Dean C. Maschoff, Thomas F. Read, and Jason K. D’Souza

To better understand the performance of the electric utility sector from both a short-term and long-term perspective, we examined the total shareholder return (TSR)—dividends plus change in stock price—of 58 electric companies for 2005 and for three- and five-year periods. We grouped these companies into four categories to better understand the impact of alternative strategies on investor performance: Recovering, Traditionalist, Growth, and Merger.

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The Art of Gas Storage Valuation

Benefits and drawbacks of the most popular estimation methods or modeling techniques.

Christopher Athaide

Before we go about trying to value natural-gas storage, we should try and come up with a list of important considerations in any valuation process. Also, the data requirements should be modest, and the calculation time should be reasonable. But not all gas storage valuations are created equal.

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