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Fortnightly Magazine - April 2007

A New World of Risks

A new set of skills and expertise will be necessary to deal with the risks created by new government mandates, new market developments, and new energy technologies.

Richard Stavros

Experts say a new set of skills and expertise will be necessary to manage the risk created by new government mandates, new market developments, and new energy technologies.

Penalty Shot

An interpretation of FERC’s first application of EPACT.

William F. Hederman Jr.

At its open meeting on Jan. 18, 2007, FERC unanimously approved settlements with five electric utilities for a total of $22.5 million and other considerations. This action answers some important questions that energy market participants have been asking. In particular, it helps market participants connect some important dots regarding the regulatory landscape in which they must operate, but it also raises important questions that market participants would like answered.

Strong CROs: More Important Than Ever

How important is the risk function at your company?

Clay A. Jackson

Wither the chief risk officer (CRO)? Some utilities have moved risk staff under the CFO or controller, while other utilities have pushed CROs down the management hierarchy. But risk remains, and a rudimentary risk function will not do.

Catch the Wave: New Hydro Generation Comes Ashore

Promises of emissions-free power get the ball rolling, but unknowns remain.

Christian Hamaker

After years of feasibility studies, lack of development funds, and escalating fuel costs across the energy spectrum, ocean energy is suddenly a very hot topic.

Basic Instinct

If private equity makes a killing, Congress should require full disclosure.

Richard Stavros, Executive Editor

There’s just no stopping it. The capital amassed by private takeover firms is simply overwhelming. Any reasonable person could conclude that public utilities face wholesale changes in terms of corporate ownership. Investor-owed? You bet. But the “public” part may well give way to “private.”

People

(April 2007) FPL Group Inc. announced that Toni Jennings was elected to the company’s board of directors. Sierra Pacific Resources announced that Michael W. Yackira was elected president and COO and a member of the company’s board of directors, and Brian J. Kennedy was elected to the company’s board of directors. The board of directors of PG&E Corp. elected Thomas B. King as the corporation’s president. Energy East Corp. announced that its board of directors promoted Richard R. Benson, Robert D. Kump and F. Michael McClain. And others...

One Nation, Two Markets

EEI’s David K. Owens seeks incremental improvements to competitive markets.

Michael T. Burr

For a front-line perspective on FERC’s policy direction, we asked one of the industry’s most prominent policy representatives, David K. Owens at the Edison Electric Institute, to provide his take on FERC’s competition conference and Order 890.

PJM Addresses Local Supply Issues

Electric shortages and the generation overbuild continue to co-exist.

Hind Farag

While maintaining its stance as the most sophisticated competitive electricity market in the country, PJM still faces several challenges, all of which are augmented by its expanded footprint. Most prominent is the RTO’s plan to implement a new reliability pricing model. Further, parts of PJM are ailing from transmission congestion issues that limit access to abundant, cheap power sources in the region.

Merger Frenzy

KKR’s leveraged buyout of TXU might be the first of many private-equity M&A deals, but traditional utility mergers also will increase.

Richard Stavros

Utility mergers and acquisitions took a turn when private-equity firms Kohlberg Kravis Roberts and Texas Pacific Group bid for TXU. Experts from Morgan Stanley, Lazard, and JP Morgan describe the M&A universe.

A View on the TXU Leveraged Buyout

Is power a public good or a private goodie?

Mark T. Williams

Professor Mark T. Williams goes in depth on the TXU leveraged buyout.

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