Gee Strategies Group, LLC

THURSDAY, MAY 6

8:00-8:30

Registration and Continental Breakfast

8:30 -8:45

Welcome
Robert Gee, President, The Gee Strategies Group
Chairman Bill Flynn, New York Public Service Commission
Agenda Overview & Ground rules
Robert Gee, President, The Gee Strategies Group

8:45 - 9:15

A Brief Retrospective: Changes Affecting the Utility Industry Over the Last Decade

Presenter: David Owens, Executive Vice President, Edison
Electric Institute - Download Presentation

9:15 - 10:30

Utility CEO/Commissioner Roundtable: "The New Business Environment For Utilities"

Introduction: This will be an opportunity for regulators and utility CEOs to discuss the new business models and the new set of business risks. For the varied utility organizational structures (wires-only, vertically integrated, etc), what are the new risks?

Panelists:
James S. Haines, Jr., President, Director, and Chief Executive Officer, Westar Energy, Inc.
Walter M. Higgins, Chairman, President and Chief Executive Officer, Sierra Pacific Resources, Inc.
Charles W. Shivery, Chairman, President, and Chief Executive Officer, Northeast Utilities

Lead Respondents:
William M. Flynn, Chairman, New York Public Service Commission
Elia Germani, Chairman, Rhode Island Public Utilities Commission
Sandra Hochstetter, Chairman, Arkansas Public Service Commission

Moderator: Commissioner Stan Wise, Georgia Public Service Commission

10:30 - 10:45

Break

10:45 - 12:00

Credit Rating Agency Perspectives On Regulation And The Utility Business

Introduction: Brief overview of the financial perspectives and unique role that credit rating agencies play in the market place including how their business has been affected in a post-Sarbanes-Oxley environment.

Panelists:
Sharon Bonelli, Senior Director, Global Power, FitchRatings - Download Presentation
Kevin Rose, Vice President - Senior Analyst, Moody's Investors Service - Download Presentation
John Whitlock, Director, Standard & Poor's - Download Presentation

Lead Respondents:
Wendell F. Holland, Commissioner, Pennsylvania Public Utility Commission
Judy Jones, Commissioner, Public Utilities Commission of Ohio

Moderator: Steve Fetter, President, Regulation UnFettered

12:00 - 1:45

Buffet Lunch

1:45 - 3:15

The Security Analysts' Perspective on Regulation And The Utility Business

Introduction: Brief overview of the financial perspectives and unique roles that Buy & Sell Side, Fixed Income & Equity analysts play in the market place including how their business has been affected by a post-Sarbanes-Oxley environment.

Panelists:
Nancy Doyle, Director, Met Life
Daniel Ford, Managing Director, Lehman Brothers
Peter Quinn, Vice President, Goldman Sachs & Company
Evan Silverstein, President, Silcap, LLC

Lead Respondents:
Gregory Sopkin, Chairman, Colorado Public Utilities Commission
Constance B. White, Commissioner, Utah Public Service Commission

Moderator: Julie Cannell, President, J.M. Cannell, Inc.

3:15 - 3:30

Break

3:30 - 4:45

The Investment Bankers' Perspective On Regulation And The Utility Business

Introduction: Brief overview of the financial perspectives and unique role that Investment Bankers play in the market place including how their business has been affected by a post-Sarbanes-Oxley environment.

Panelists:
George Bilicic, Managing Director, Lazard Freres & Co., LLC James - Download Presentation
McGinnis, Managing Director, Morgan Stanley
John Thorndike, Vice Chairman - Investment Banking,
Merrill Lynch - Download Presentation

Lead Respondents:
Diane Munns , Chair, Iowa Utilities Board
Bob Rowe, Chairman, Montana Public Service Commission

Moderator: Carl Seligson, Senior Advisor, K Road
Management, LL

6:00 - 8:15

Reception and Dinner Hosted by Morgan Stanley
Location: Morgan Stanley
1585 Broadway (between 47 and 48th)
41st Floor

FRIDAY, MAY 7

7:30 - 8:00

Continental Breakfast

8:00 - 8:05

Program Goals for Day Two
Presenter: Robert Gee, President, The Gee Strategies Group

8:05 - 9:30

How Regulators View Their Role in 2004

Introduction: How do regulators see their role in a hybrid regulatory environment with new business models and a new set of business risks? What are their thoughts based on the discussion of the preceding day?

Panelists:
Sandra Hochstetter, Chairman, Arkansas Public Service Commission
Arnetta McRae, Chair, Delaware Public Service Commission
Bob Rowe, Chairman, Montana Public Service Commission

Moderator:
Marilyn Showalter, Chair, Washington Utilities and Transportation Commission

9:30 - 10:30

Not Your Father's Rate of Return Methodology

Introduction: Are there new business risks and what are they? Are traditional measures for setting returns still viable in light of the dissimilarities now characterizing much of the utility?

Panelists:
Michael Vilbert, Principal, The Brattle Group - Download Presentation
Karl McDermott, Vice President, NERA Economic Consulting - Download Presentation

Lead Respondents:
Diane Munns, Chair, Iowa Utilities Board
Marsha Smith, Commissioner, Idaho Public Utilities Commission
Constance B. White, Commissioner, Utah Public Service Commission

Moderator: J. Peter Lark, Chairman, Michigan Public Service Commission

10:30 - 10:45

Break

10:45 - 11:45

Removing Barriers to Investment to Meet Consumer Needs in a Risk-Averse Financial Market

Introduction: How will the utility industry meet growing capital investment requirements owing to new regulatory obligations to address heightened reliability standards and environmental controls? Are there new ways of covering risk so that these new investments can be financed?

Speaker:
John Jurewitz, Director, Regulatory Policy, Southern
California Edison Company - Download Presentation

Lead Respondents:
Elia Germani, Chairman, Rhode Island Public Utilities Commission
Connie O. Hughes, Commissioner, New Jersey Board of Public Utilities
James Y. Kerr, Commissioner, North Carolina Utilities Commission

Moderator: Joseph Fichera, Senior Managing Director &
CEO, Saber Partners, LLC

11:45 - 12:00

Closing Remarks

Robert Gee, President, The Gee Strategies Group

Adjournment