John D. Stewart


Market Analysis and Resource Planning:
Demand response, Distributed generation, Energy efficiency, Net metering, Smart grid

Cost of capital and return on equity, Cost of service studies (marginal and embedded), Incentive regulation, Rate design, Regulatory policy, Regulatory strategy, Revenue requirements

John D. Stewart

Senior Vice President

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Summary of Experience

John Stewart has over fourty 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.


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 Commission; Maine Public Utilities Commission; New York Public Service Commission


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