PANEL: Investor Viewpoint of Utilities

Electric Cooperative Industry Trends & Capital Markets Update
Panelist #1: Greg Starheim, Sr. Vice President, National Rural Utilities Cooperative Finance Corp (“CFC”)
This presentation will identify key trends affecting the electric utility industry including the electric cooperative sector and how rating agencies and the capital markets are responding. 

Mr. Starheim has over 30 years of experience working in the electric utility industry, the last 14 of which working in the electric cooperative program.  Prior to joining CFC in July 2015, he served as President & Chief Executive Officer of Kenergy Corp (Henderson, Kentucky) and  CEO & General Manager of the Delaware County Electric Cooperative (Delhi, New York).  Mr. Starheim began his professional career with the General Electric Company where held a variety of global technology, marketing and product leadership positions over a 19- year period working predominantly in virtually all aspects of  power generation including renewables and distributed-generation.  

The Investor Owned Utility Market Shift
Panelist #2: Chris Norman, Director of Regulatory Services and Chief of Staff to the CEO, Tucson Electric Power
This presentation will cover how the analysis by the ratings agencies has evolved over the last 10-15 years.  In the early/mid 2000s, the focus was on risk and utility company exposure to unregulated activities. Today, the focus has shifted to regulatory outcomes, rate design, cost recovery, etc.

Utility Sector Capital Market Trends

Panelist #3: Darren Hodge, Director, PFM
Panelist #4: Matthew Johansen, Sr. Managing Consultant, PFM

Debt capital markets remain a very efficient means for both corporate and municipal utilities to raise capital.  However, even in the current low interest rate environment, the approach to accessing markets and engaging investors requires an understanding of the key factors the market participants weigh.  This presentation will provide current investor trends in the utility sector, and how to organize a finance structure that not only responds to current investor preferences, but also serves as a building block for ongoing debt issuance in both the taxable and tax-exempt markets.