Summary of Experience
Ann E. Bulkley, Senior Vice President, has nearly two decades of management and economic consulting experience in the energy industry. Ms. Bulkley has extensive state and federal regulatory experience on both electric and natural gas issues including rate of return, cost of equity and capital structure issues. Ms. Bulkley has worked on acquisition teams with investors seeking to acquire utility assets, providing valuation services including an understanding of regulation, market expected returns, and the assessment of utility risk factors. Ms. Bulkley has assisted clients with valuations of public utility and industrial properties for ratemaking, purchase and sale considerations, ad valorem tax assessments, and accounting and financial purposes. Ms. Bulkley was instrumental in developing the firm’s cost of capital practice including developing the analytical foundation, providing strategic advice to clients and providing expert testimony. In addition, Ms. Bulkley has experience in the areas of contract and business unit valuation, strategic alliances, market restructuring and regulatory and litigation support. Prior to joining Concentric, Ms. Bulkley held senior expertise-based consulting positions at several firms, including Reed Consulting Group and Navigant Consulting, Inc. where she specialized in valuation.
M.A., Economics, Boston University
B.A., Economics and Finance, Simmons College
Certified General Appraiser licensed in the Commonwealth of Massachusetts and the State of Michigan
Arizona Corporate Commission; Arkansas Public Service Commission; Colorado Public Utilities Commission; Indiana Utility Regulatory Commission; Massachusetts Department of Public Utilities; Michigan Public Service Commission; Michigan Tax Tribunal; New York Public Service Commission; North Dakota Public Service Commission; Oklahoma Corporate Commission; Ontario Energy Board; South Dakota Public Service Commission; Texas Public Utilities Commission
We provided advisory services pertaining to a potential acquisition of a large North American electric transmission company. We assisted the client in understanding the regulatory landscape applicable to the company and related wholesale power market issues arising from its interaction with the governing electric system operator.
We filed testimony related to the acquisition of an electric utility. We examined certain issues related to proceedings filed before the client’s commission, including recent consolidation within the utility industry, and key drivers behind industry consolidation. We also examined the benefits of increased geographic/customer diversification and enhanced financial strength which enables small and mid-size companies to […]
We supported a diversified conglomerate in the company’s acquisition of a natural gas gathering and marketing company. Our team provided financial due diligence through review of the company’s financial statements, with special focus on payables and receivables. We created a valuation of the company’s assets, including intangibles, for purposes of calculating goodwill and creating an […]
We have testified on the appropriate cost of capital on behalf of many electric utilities before numerous state commissions. We are familiar with the requirements in most state regulatory jurisdictions in terms of the accepted return on equity estimation models and other risk considerations. In each of these cases, We have supported all aspects of the […]
We have an in depth understanding of the natural gas distribution business and the business and financial risks faced by natural gas local distribution companies (“LDCs”). We have developed expert testimony on the appropriate return on equity and capital structure for numerous gas distribution companies that considers LDC-specific risks as compared with appropriate proxy company groups.
Representative generating asset valuation and appraisal engagements include: Asset Asset Type Fuel A.B. Brown Steam Turbine Coal AES Cayuga Steam Turbine Coal Ashtabula Steam Turbine Coal Bailly Generating Station Steam Turbine/Natural Gas Turbine Coal/Natural Gas Bay Shore Steam Turbine/Gas Turbine Distillate/Pet Coke Beaver Valley Pressurized Water Reactor Nuclear Bowline Generating Station Steam Turbine Natural […]