James M. Coyne

  Detailed Overview and Technical Assessment of the North American Energy Industry

We provided advisory services pertaining to potential acquisitions of U.S. energy companies. We provided a detailed overview and technical assessment of the North American energy industry to help the client better understand the industry and regulatory landscape in which they may invest. The assessment included a detailed overview of the electric and natural gas industries […]

  Due Diligence for an Energy Infrastructure Company

We provided  financial advisory services pertaining to the acquisition of a major energy infrastructure company, including natural gas distribution and pipelines.  This effort included detailed due diligence to develop twenty-year financial projections for all regulated operating subsidiaries of the client’s identified target, including key revenue drivers impacting the valuation. Specifically, we provided the following support: reviewed […]

  Major Capital Investment Program Prudence Review

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 […]

  Strategic Planning Support Focused on the Utility of the Future

We provided strategic planning support for the client’s senior management retreat focused on the “Utility of the Future.”  We profiled the principal driving forces impacting the industry, including economic, demographic, regulatory, and technological trends, and characterized the risks and opportunities created for utilities.

  Long-Term Gas Strategy for Gas and Electric Utilities

We assisted the client with examining and evaluating potential strategies, costs and risks in pursuing longer-term supply resources for acquiring and managing natural gas.  We presented the results of our research to the client’s Executive Team and Board of Directors on the merits of acquiring gas reserves as part of its long-term gas supply and overall integrated resource planning strategy.

  Acquisition Support of a Natural Gas Gathering and Marketing Company

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 […]

  Shifting the Regulatory Paradigm

We provided the client with extensive analysis and expert evidence relating to its next generation Incentive Regulation (“IR”) Plan proposal. Our role included conducting an assessment of relevant regulatory precedents in select North American jurisdictions pertaining to IR plans and researching productivity factors and methods established in other jurisdictions for estimating utility productivity. The research found […]

  Cost of Capital for Electric

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 […]

  Cost of Capital for Gas Distribution

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.

  Cost of Capital for FERC Electric Transmission

We have presented testimony on the rate of return and overall cost of capital in numerous electric transmission cases before the Federal Energy Regulatory Commission (“FERC”). We are well versed in the historical and more recent precedent established by the FERC in setting the return on equity for electric transmission including the geographic region for the proxy group, the […]

  Economic Assessment and Sale of Energy Facility

We performed an assessment of the client’s natural gas and biomass-fired electric generating facilities (the “Facilities”) located at its manufacturing plant. The assessment focused on the economic capability of the Facilities to operate as a stand-alone business, and if so, what value that plant would command in the market. Working with the client team, we […]

  Regulatory and Market Due Diligence Advisor

We served as the lead regulatory and market due diligence advisor to an investment management firm in a $7.4 billion acquisition of a regulated natural gas and electric utility company.  Our role in the transaction included detailed due diligence on all regulatory and market assumptions underlying the valuation model; validation of the rates, cost of service and customer […]

  Transaction Management Summary

Representative examples of our staff’s transaction management experience include:                                                                                    

  PPL Solutions, LLC / Hansen Technologies Limited

Concentric recently served as the sell-side financial advisor and manager to PPL Services Corporation in the divestiture of PPL Corp. (NYSE: PPL) subsidiary, PPL Solutions, LLC (“Solutions”). Headquartered in Bethlehem, PA, Solutions provides billing, business processing outsourcing, call centers, and information technology services to competitive electric and gas suppliers and regulated utilities in the US. […]

  Utility Business Model and Regulatory Framework

Concentric organized, delivered, facilitated, and documented two multi-day “Utility-of-the-Future” workshops for a vertically-integrated utility as a level setting exercise that would establish a foundation for development of corporate strategy and participation in an anticipated generic policy proceeding. The first workshop addressed the key change drivers and business model implications, the role of innovation and new […]

  Innovation

On behalf of the Canadian Gas Association and the Canadian Electricity Association, Concentric has prepared a discussion paper and three updates for utility executives and provincial regulators that examined the roles that Canada’s utilities and regulators serve to promote innovation. The paper offers a framework to consider the roles for government, utilities, and other private-sector […]