Analyst Training in the Power and Gas Sector by odl20037

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									Analyst Training
  in the Power and Gas Sector
               A comprehensive overview of the toolsets
                        for evaluating companies within
                   the power and natural gas industries.

Note: This brochure is from         December 2-3, 2008
the December 2008 session.               Stamford, CT
Agenda, speakers and
pricing are subject to change.
Who should attend:
 • Finance, corporate strategy, development and investor relations
   professionals at power or gas companies
 • Professionals in investment banking, project finance, asset management,
   hedge funds, or equity/ fixed income research
 • Consultants, accountants and lawyers who advise power and gas clients
 • Industry regulators
 • Current and potential investors, suppliers or professionals looking for an
   understanding of how Wall Street analyzes the power and gas sector and
   the fundamentals that bear on their analyses


Topics include:
 • The power value chain: generation, transmission and distribution
 • The natural gas value chain: transportation, storage and distribution
 • Assessing the earnings quality of power and natural gas companies
 • Analyzing the financial statements of companies in the sector
 • Valuation techniques and analytical tools
 • Strategies and tactics by which power and gas companies access
    and manage capital
 • Macroeconomic trends affecting earnings and returns in the power
    and gas industries
 • The impact of federal and state regulatory forces
   Note: This brochure is from
   the December 2008 session.
   Agenda, speakers and
   pricing are subject to change.
                                                       www.snlcenter.com/pgat




                                   Note: This brochure is from
                                   the December 2008 session.
                                   Agenda, speakers and
                                   pricing are subject to change.



Analyst Training
in the Power and Gas Sector
A complete introduction to the toolsets necessary for the financial
analysis of companies in the power and natural gas industries.

“A great way to acquire understanding of the industry
 along with a good overview of current trends.”
 C. Alvarado, Associate
 BOOZ, ALLEN & HAMILTON, INC.



What participants gain:

 • Insight into the key measures of profitability and financial strength of
   companies in the power and gas industries

 • An understanding of valuation techniques for companies in the sector

 • A grasp of the effects of regulation and rate cases on a company’s
    financial outlook

 • The advantages, drawbacks and impact of the capital-raising strategies
    available within the sector

 • Perspectives and commentary from leading industry experts on the
    economic outlook for individual companies and the sector as a whole
       AGENDA

Past Participating
Organizations               DAY ONE - Tuesday, December 2
A.G. Edwards                Registration and continental breakfast open at 7:30 a.m. Program begins at 8:30 a.m.
ABP Investments
Allstate Investment         Morning
American Electric Power
                            Overview of the Power and Natural Gas
American Gas
Association                 Industries: Structure and Performance
Arizona Public Service      This introductory workshop looks at the energy value chain, including the
Company                     generation, transmission and distribution of power, as well as the transportation,
Atlas Pipeline              storage and distribution of natural gas. The session also offers a framework for
Mid-Continent
                            understanding and measuring industry performance at the macro level.
Bank Degroof SA-NV
Bank of Nova Scotia
Bank of Tokyo-Mitsubishi
                            Rate Cases and Their Impact
UFJ Trust Co.               In addition to dissecting and examining the intricacies of the rate case process,
Barclays Capital            this session explores the reasons for filing a case and the financial implications
Barclays Global             of decisions on the concerned parties. Topics covered include revenue requirement
Investors                   calculation, rate base and rate of return, and return on equity methodologies.
BB&T Corporation
Black & Veatch
                            The Evolution and Politics of the Regulatory
Black River Asset
Management                  Environment
BMO Nesbitt Burns           In this review of the energy sector’s regulatory bodies, participants examine
BNP Paribas                 the evolution of the regulatory environment, paying particular attention to the
Booz, Allen & Hamilton      regulatory changes that have and will affect the economic performance of power
Brookfield Renewable        and gas companies.        Note: This brochure is from the December
Power
CenterPoint Energy
                                                         2008 session. Agenda, speakers and
                            Afternoon                    pricing are subject to change.
Chickasaw Capital
Management, LLC             Financial Statement Analysis
CIBC World Markets          Through a dissection of the typical line items found in the financial statements of
Incorporated
                            power and gas companies, participants will explore the sources of financial data
Citigroup Global Markets
                            critical to evaluating the economic health of companies in the sector.
Citigroup, Inc.
CoBank, ACB
Consolidated Edison
                            Earnings Quality
Company of New York         This session walks participants through the sources of data critical to analyzing
Constellation Energy        the reported earnings of a power or gas company and judging its underlying
Group                       economic health. Participants will explore techniques for normalizing earnings
David Vaughan               among companies, identifying cash versus non-cash earnings, and understanding
Investments
                            key earnings metrics. In addition, the session also addresses the earnings impact
Deloitte & Touche
Direct Energy
                            of corporate structures, regulation and project financing.
Edison Electric Institute
Ensign Peak Advisors
                            Capital Raising
EPCOR Utilities             This session highlights the advantages and drawbacks of various capital raising
Exelon Corporation          strategies and alternatives, illustrating their effects on the company financials
Fitch Ratings               and valuation. Time is devoted to addressing current trends in the primary capital
GE Energy Financial         markets and providing case studies on the execution and impact of various capital
Services                    raising efforts.
Goldman Sachs Group
Greenwich Capital           Day One concludes at approximately 5:30 p.m. Cocktail and networking reception follows.
Markets
(434) 951-7786                                                         www.snlcenter.com/pgat



DAY TWO - Wednesday, December 3
Continental breakfast opens at 7:30 a.m. Program begins at 8:30 a.m.

Morning
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.

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. Additional
material covers 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 his 31 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 or gas company.

Day Two concludes at approximately 4:30 p.m.


                                               Note: This brochure is from
                                               the December 2008 session.
                                               Agenda, speakers and
                                               pricing are subject to change.

While attending
Do you use SNLi or SNLxl? These web-based products from SNL Financial are powerful and
essential analysis tools. During Analyst Training product experts will be on-hand to demonstrate
their uses and to offer training to current subscribers upon request.
INSTRUCTORS                                                                                   (434) 951-7786


Hastings Funds             Eric Ackerman                               Christopher Radtke
Management
                           Senior Manager                              Energy Group
Hess Corporation
                           Edison Electric Institute                   Credit Suisse
Hunt Oil Company
Hunt Power                                                             Norm Richardson
                           Richard Cortright
Hunt Transmission
                           Managing Director                           Associate Director
Services
HVB Group                  Standard & Poor’s                           SNL Energy
JP Morgan Chase
                           Mauricio Del Valle                          Partho Sanyal
Kestrel Investment
Management Corporation     Energy Group                                Vice President
KeyBanc Capital Markets    Morgan Stanley                              Merrill Lynch
KeySpan Energy Corp.
                           Edward Metz                                 Robert Schain
Laclede Gas Company
                           Director                                    President
LaSalle Bank Corporation
Lord Abbett & Company      SNL Energy                                  Regulatory Research Associates
Louis Dreyfus Energy
Services
                           David E. Parker                             Edward Tirello
Madison Gas & Electric     Senior Research Analyst, Utilities          Managing Director and Senior Power
McKinsey & Company         Robert W. Baird & Co.                       Strategist, Berenson & Company
Merrill Lynch & Co.
                           Additional speakers are being confirmed. Please visit our website for the latest
Morgan Stanley & Co.
                           information: www.snlcenter.com/pgat
New York City Economic
Development Corporation
NICOR, Inc                 Professional Development Credits
NorthWestern Corporation              CFA INSTITUTE
NorthWestern Energy                   15 hours of Professional Development Credit
Division
                           SNL Center for Financial Education is registered with CFA Institute as an Approved
NRG Energy
                           Provider of professional development programs. This program is eligible for 15 PD
Osaka Gas Energy
American Corporation       credit hours, inclusive of 1.5 Standards, Ethics and Regulatory (SER) credit hours,
Pirate Capital             as granted by CFA Institute. If you are a CFA Institute member, PD credit for your
PricewaterhouseCoopers     attendance at this event will be automatically recorded in your PD Diary.
PSEG Power
                                     NATIONAL ASSOCIATION OF STATE BOARDS OF ACCOUNTANCY
RBS Securities
RNK Capital
                                     17.5 hours of CPE Credit
Santa Barbara Asset        Participants completing this program qualify for 17.5 hours of CPE Specialized
Management                 Knowledge and Applications credit. Program Level: Intermediate. Delivery Method:
ScottMadden, Inc.          Group-Live. SNL Center for Financial Education, LLC, is registered with the National
Sempra Energy              Association of State Boards of Accountancy (NASBA), as a sponsor of continuing
Sequent Energy             professional education on the National Registry of CPE Sponsors. State boards of
Sidoti & Company           accountancy have final authority on the acceptance of individual courses for CPE
Southern Company
                           credit. Complaints regarding registered sponsors may be addressed to the National
Starwood Capital
Managment
                           Registry of CPE Sponsors, 150 4th Ave N, Ste 700, Nashville, TN, 37219-2417.
                           Website: www.nasba.org.
Stifel Nicolaus & Co.
                                                       Note: This brochure is from
UBS Investment Bank
Vectren Corporation
                                                       the December 2008 session.
Victory Capital                                        Agenda, speakers and
Management
                                                       pricing are subject to change.
Wachovia Securities
Wells Fargo
Xcel Energy Services
JOIN US                                                                    www.snlcenter.com/pgat


  PROGRAM FEE: $1,795
  Registration includes all conference materials, networking cocktail reception on day one, plus breakfast
  and lunch both days. Discounts are available for groups of two or more registering from the same com-
  pany at the same time. Call (434) 951-7786.

  TO REGISTER                                  Note: This brochure is from
  On-line: www.snlcenter.com/pgat              the December 2008 session.
  Phone: (434) 951-7786                        Agenda, speakers and
                                               pricing are subject to change.
  PAYMENT
  We welcome American Express, MasterCard, Visa and checks. If paying by check, please make payable
  and remit to:
                    SNL Center for Financial Education
                    One SNL Plaza, PO Box 2016
                        Charlottesville, VA 22902

  VENUE
  This session of Analyst Training in the Power and Gas Sector is being held at the Stamford Hilton in
  Stamford, CT, just 25 miles from New York City.

  The Stamford Hilton is conveniently located right off I-95 for anyone traveling via car. It is just blocks
  from the Stamford train station which offers regularly scheduled non-stop service to and from New York
  City’s Grand Central Station. The Stamford Hilton is easily accessible from local airports: Westchester
  Co. Airport (12 mi.), LaGuardia International Airport (30 mi.), JFK international Airport (35 mi.).

  Hotel rooms are available at a negotiated rate of $189 per night plus tax. To reserve a room at this rate,
  please call the Hilton directly by Monday, November 10th at 203-967-2222 and mention the SNL Power
  and Gas Analyst Training Program.

  PREREQUISITES
  This seminar presumes familiarity with basic accounting and finance concepts. Prior to the program,
  participants will receive materials for the program’s case study as well as suggested reading for those
  new to the sector.

  CANCELLATIONS
  Cancellations received by 11/10/08 are eligible for a full refund, less a $150 administrative fee.
  Cancellations received after that date but at least 3 business days prior to the start of the program
  receive a credit in the amount of the registration fee (less a $150 administrative fee) towards
  attending another SNL CFE program within 13 months. Cancellations received fewer than 3 business
  days prior to the start of the program are not eligible for refund or credit. Attendee substitutions from
  the same company are welcome at any time. For more information regarding SNL CFE refund, complaint
  and program cancellation policies, please call us at (434) 951-7786.

								
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