Summary of Experience
Mr. Stewart has over 30 years of experience, expertise, and insights on utility finance, regulatory policy, and ratemaking issues. During his time at Concentric, he has worked on a variety of regulatory matters ranging from rate of return and reliability-must-run cost of service revenue requirement estimates to activity based savings estimates resulting from specific corporate transactions.
Prior to Concentric, Mr. Stewart spent nearly three decades at the New York Public Service Commission (NYPSC). In that time, he testified as an expert witness and presented analyses directly to the Commission on a range of topics including rate of return, capital structure, bond ratings, financial integrity, cash flow adequacy, performance-based ratemaking, mergers and acquisitions, generation divestitures, prudence standards, revenue decoupling, nuclear power, demand-side management, and renewable resources. Specifically, Mr. Stewart has extensive rate case work experience, having been a supervisor of NYPSC rate case teams and then an advisor to the Commission on rate case issues. He worked as a staff member or supervisor on rate cases for all of New York’s energy utilities.
Most recently, Mr. Stewart had the dual responsibilities of being the senior technical and policy advisor to the Commission while also serving as the Managing Director of the Commission’s Offices of Accounting & Finance; Regulatory Economics; Energy Efficiency and the Environment; and Electric, Gas & Water.
Education
M.B.A., the State University of New York
B.S., Business Administration, St. John Fisher College
Testified Before
Federal Energy Regulatory Commission; Federal Nuclear Regulatory Agency; Maine Public Utilities Commission; New York Public Service Commission
Case Studies
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.
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.
New York Energy Policy – Overview
At the beginning of the New York REV proceeding in 2014, the PSC Chair requested that the investor-owned utilities participate as a group, establishing the Joint Utilities of New York (“Joint Utilities”). Concentric provides Project Management Office (“PMO”) support to the Joint Utilities and works with Subject Matter Expert teams to prepare comments in REV-related […]
New York Energy Policy – Up a Level
Concentric provides Project Management Office (“PMO”) support to New York’s large investor-owned utilities and works with Subject Matter Expert teams to prepare comments in NY REV-related proceedings. Our work began in 2014 and 2015 with the seminal “Track 1” and “Track 2” policy proceedings that addressed business model and ratemaking issues, respectively. Subsequent comments have […]
VDER Tariff
The New York State Public Service Commission (PSC) was an early adopter of the Value of Distributed Energy Resources (VDER) as a methodology to succeed Net Energy Metering to compensate Distributed Energy Resources (DER). The March 9, 2017 order in Case E-15-0751 established a methodology to compensate DER for five distinct sources of value: Energy […]
Utility of the Future Regulatory Proceeding Support
We are providing assistance related to our clients’ collaborative participation in a major policy proceeding that seeks to implement a new vision for the electric industry. Our policy guidance for the utilities is focused on regulatory frameworks, new rate designs, and demonstration projects to achieve the proceeding objectives, including long-term rate plans and outcome-oriented regulatory […]
