Summary of Experience
John J. Reed, Chairman and Chief Executive Officer, is a financial and economic consultant with more than 35 years of experience in the energy industry. He has provided advisory services in the areas of mergers and acquisitions, asset divestitures and purchases, strategic planning, project finance, mega-project management and prudence reviews, energy project development, energy market analysis, rate and regulatory matters and energy contract negotiations to clients across North and Central America. Mr. Reed’s transaction experience includes corporate M&A, and nuclear, fossil, and hydroelectric generation transactions with an aggregate valuation in excess of $35 billion. Mr. Reed has provided expert testimony on financial and economic matters on more than 200 occasions before the FERC, Canadian regulatory agencies, state utility regulatory agencies, various state and federal courts, and before arbitration panels in the United States and Canada. After graduation from the Wharton School of the University of Pennsylvania, Mr. Reed joined Southern California Gas Company, where he worked in the regulatory and financial groups, leaving the firm as Corporate Economist in 1981. He served as executive and consultant with Stone & Webster Management Consulting and R.J. Rudden Associates prior to forming REED Consulting Group (RCG) in 1988. RCG was acquired by Navigant Consulting in 1997, where Mr. Reed served as an executive until leaving Navigant to join Concentric as Chairman and Chief Executive Officer.
B.S., Economics and Finance, Wharton School, University of Pennsylvania
Licensed Securities Professional: NASD Series 7, 63, 24, 79 and 99 Licenses
Alaska Public Utilities Commission; Alberta Energy and Utilities Board; Arizona Corporate Commission; California Energy Commission; California Public Utilities Commission; Colorado Public Utilities Commission; Connecticut Public Utilities Regulatory Authority; Delaware Public Service Commission; Federal Energy Regulatory Commission; Florida Public Service Commission; Hawaii Public Utilities Commission; Illinois Commerce Commission; Indiana Utility Regulatory Commission; Iowa Utilities Board; Maine Public Utilities Commission; Maryland Public Service Commission; Massachusetts Department of Public Utilities; Massachusetts Energy Facilities Siting Council; Michigan Public Service Commission; Minnesota Public Utilities Commission; Missouri Public Service Commission; Montana Public Service Commission; National Energy Board of Canada; New Brunswick Energy and Utilities Board; New Hampshire Public Utilities Commission; New Jersey Board of Public Utilities; New Mexico Public Service Commission; New York Public Service Commission; Nova Scotia Utility and Review Board; Oklahoma Corporate Commission; Ontario Energy Board; Pennsylvania Public Utility Commission; Rhode Island Public Utilities Commission; Texas Public Utilities Commission; Texas Railroad Commission; Texas State Legislature
Courts and Arbitration
American Arbitration Association; Commonwealth of Massachusetts, Appellate Tax Board; Commonwealth of Massachusetts, Suffolk Superior Court; Council of the District of Columbia Committee on Consumer and Regulatory Affairs; Illinois Appellate Court, Fifth Division; Independent Arbitration Panel; International Court of Arbitration; Province of Alberta, Court of Queen’s Bench; State of Colorado District Court, County of Garfield; State of Delaware, Court of Chancery, New Castle County; State of New Jersey, Mercer County Superior Court; State of New York, Nassau County Supreme Court; State of Rhode Island, Providence City Court; State of Texas District Court of Nueces County; State of Texas Hutchinson County Court; State of Utah Third District Court; U. S. Court of Federal Claims; U. S. District Court, Boulder County, Colorado; U. S. District Court, District of Connecticut; U. S. District Court, Massachusetts; U. S. District Court, Montana; U. S. District Court, Northern California; U. S. District Court, Portland Maine, U. S. District Court, Southern District of Florida; U. S. District Court, Southern District of New York; U.S. Bankruptcy Court, Denver, CO; U.S. Bankruptcy Court, District Of New Jersey; U.S. Bankruptcy Court, No. District of New York; U.S. Bankruptcy Court, Northern District Of Texas; U.S. Bankruptcy Court, So. District Of New York; U.S. District Court, New Hampshire; U.S. District Court, Northern District of Illinois, Eastern Division; U.S. Securities and Exchange Commission; Utah Public Service Commission; Vermont Public Service Board; Wisconsin Public Service Commission
As part of our work in a proposed utility merger, our team modeled the broader economic impacts to the impacted state of a proposed electric rate reduction for all the utility’s electric customers using IMPLAN’s macroeconomic input-output model. The IMPLAN analysis quantified the amount of incremental economic activity, employment, and gross regional product generated in […]
We supported the client’s process of developing a Certificate of Necessity and Integrated Resource Plan filing for its public service commission for the purpose of receiving approval to build a clean coal project. We reviewed integrated resource plan assumptions, new construction cost estimates, review of Strategist model outputs, overall guidance and assessment of the Certificate […]
We analyzed the Integrated Resource Plan developed by the client’s state energy and environmental protection agency in order to provide a response to the state on the plan and projected resource needs in the state. Our work involved reviewing assumptions on projected supply side resources and future demand projections to support the client’s position on the need for […]
We acted as an agent of a state regulatory commission by serving as the Independent Evaluator for the competitive acquisition process that our utility client undertook to acquire resources pursuant to its approved state’s resource plan.
We performed an independent evaluation and filed associated expert testimony of the relative economics, risks and benefits of two proposals for new wind resources on behalf of our utility client.
Led the client’s efforts to structure and manage a RFP to sell or outsource the management of its portfolio of power purchase agreements. We valued the remaining years of 25 PPAs and then compared the pricing under each PPA to forecasted New England energy and capacity prices. We also prepared marketing materials in order to […]
Our role as lead financial advisor in the sales of generating assets has included the development and negotiation of power purchase agreements (“PPAs”), including: Development of form of PPA upon which to solicit proposals Development of pricing parameter (e.g., cost of service and market prices) to use in evaluation of proposals Review of bidder feedback […]
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 managed all of our client’s overall transmission-related U.S. Department of Energy (“DOE”) loan guarantee effort. Working with the client’s internal team and its other outside advisors, our team was responsible for insuring that the client was well-positioned to have its application favorably received by the DOE, all required documentation for the application was completed and filed […]
We assisted the client with its filing of the $9 billion U.S. Department of Energy (“DOE”) loan guarantee application. We reviewed the feasibility of the project, evaluated the reactor technologies from a risk standpoint, attended meetings with the DOE on behalf of the client, responded to requests for additional information, and developed alternative financing plans. Throughout the assignment, […]
We are providing services in support of our client’s proposed acquisition an island electric utility. Our expert is the lead expert presented by the applicants in this proceeding and is the primary witness on all regulatory policy, merger benefits, and merger commitment issues.
We filed testimony in support of a merger of two energy companies before three state regulatory commissions. Our work addressed the respective jurisdictional requirements for a regulated utility merger in each jurisdiction, summarized a comprehensive review of potential synergy savings, and discussed the areas for potential integration savings following the successful completion of the proposed merger.
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 assisted a natural gas utility as it sought compensation for gas that was delivered but not paid for by a customer. We prepared an expert report that addresses gas billing and accounting, gas balancing and transfers, and analysis of damages claimed in the litigation and the appropriate methods for, or criteria applicable to, their quantification.
We provided arbitration dispute services related to three small independent power producers(“IPP”) concerning the price set for renewing power purchase agreement contracts. The services we provided include opinions on the North East American energy market evolution, prevailing pricing parameters, the reasonableness and fairness of the price offered by the client, how that price compares with […]
We have provided litigation support and expert testimony to clients in six separate legal proceedings before the U.S. Court of Federal Claims on the government’s breach of the Standard Contract for spent nuclear fuel disposal. We screened and analyzed more than a hundred thousand pages of discovery materials in these cases, advised the clients’ legal […]
We provided expert evidence regarding industry standards and contracting practices on behalf of a natural gas consortium (the defendant) in a gas contract pricing dispute with back-billing claims in excess of $100 million. The Court ruled completely in favor of our client.
We provided an expert report, rebuttal report, and trial testimony related to uncertainty in valuation and market forces faced by a gas-fired combined heat and power generation facility located outside of Rotterdam, The Netherlands. Our work was filed as part of litigation related to the IRS’ disallowance for tax purposes of a leveraged lease transaction.
We provided a contract and damages assessment in an arbitration case. The assessment involved contract review and an analysis of damages based on energy and capacity clearing prices versus contract prices.
We were retained to review and opine as to the prudence of the client’s development of an overall commercial strategy for a refurbishment project at the client’s nuclear facility, as well as the specific commercial strategies being pursued for multiple major work packages. We reviewed and considered the client’s ability to manage the project under […]
We provide assistance related to the client’s efforts to develop an option to construct and operate two new reactors at the company’s nuclear facility. We conduct assessments of the project controls and project management practices used to plan and implement four extended power uprate projects. We review the processes used by the client to consider […]
We assisted the client with a review of the project management processes used to manage an extended power uprate-life cycle management project at the client’s nuclear generating facilities. This work included reviewing the extended power uprate (“EPU”)/life cycle management (“LCM”) project and the prudence of management’s decisions and actions over the course of the EPU/LCM […]
Following the completion of major construction activities at the client’s coal-fired generating units, we reviewed the client’s efforts to develop and construct the project. We reviewed and opined as to the prudence of the project management practices utilized to construct this project, including the client’s initial cost estimation efforts, risk management process, organizational structure, project […]
We were asked to provide regulatory and policy support throughout a National Energy Board (“NEB”) Application process for the approval of transportation services and toll methodology for the client’s expanded oil pipeline project. We provided expert written direct and reply evidence on the reasonableness of the open season process as well as the rate, risk […]
Our team provided extensive litigation support for over three years to the natural gas pipeline client as part of its pipeline restructuring proceeding before the National Energy Board (“NEB”) to address the numerous industry changes that had impacted capacity and tolls on the pipeline. We filed numerous rounds of written evidence covering policy matters, cost […]
We provided an assessment of strategic alternatives for the client’s nuclear generating facility. We then supported the client with the sale of nuclear plant and acted as financial advisor and auction manager for that process. We prepared an offering memorandum, managed a highly technical and intensive due diligence process, solicited and evaluated bids, negotiated the […]
The client wanted to carefully consider all of its strategic alternatives for its two nuclear generating units, including continuing to have them operated by the existing operating company, switching to a new contract operator, selling all or part of the units, maintaining rights to future generation development, and combinations of these alternatives. We were retained […]
Representative examples of our staff’s transaction management experience include: