summary of experience - utahpscdocs.utah.gov/electric/11docs/11035200/229112exa...years of...

DocketNo.11‐035‐200UIECExh.__(JAL‐1)

6 Real Place • Sandia Park, NM 87047 • main: 505.286.8833 • DC Office: 202.446.2062 www.continentalecon.com

JonathanA.Lesser,Ph.D.President

SUMMARYOFEXPERIENCE

Dr. Jonathan Lesser is the President of Continental Economics, Inc., and has over 25yearsof experienceworking for regulatedutilities, governments, and as an economicconsultant. He has extensive experience in valuation and damages analysis, fromestimatingthedamagesassociatedwithbreakingcommercialleasestovaluingnuclearpower plants. Dr. Lesser has performed due diligence studies for investment banks,testifiedongeneratingplantstrandedcosts,assesseddamagesincommerciallitigationcases,andperformedstatisticalanalysisforclasscertification.Hehasalsoservedasanarbiterincommercialdamagesproceedings.

Hehasanalyzedeconomicandregulatoryissuesaffectingtheenergyindustry,includingcost‐benefitanalysisoftransmission,generation,anddistribution investment,gasandelectricutilitystructureandoperations,generatingassetvaluationunderuncertainty,mergersandacquisitions,costallocationandratedesign,resourceinvestmentdecisionstrategies, cost of capital, depreciation, risk management, incentive regulation,economicimpactstudiesofenergyinfrastructuredevelopment,andgeneralregulatorypolicy.

Dr. Lesser has prepared expert testimony and reports in cases before utilitycommissions in numerous U.S. states; before the Federal Energy RegulatoryCommission (FERC); before international regulators in Latin America and theCaribbean; in commercial litigation cases; and before legislative committees inConnecticut,Maryland,NewJersey,Ohio,Texas,Vermont,andWashingtonState.Hehasalso served as an independent arbiter in disputes involving regulatory treatment ofutilitiesandvaluationofenergygenerationassets.

Dr.Lesser is theauthorofnumerousacademicandtradepressarticles.He isalsothecoauthorofEnvironmentalEconomicsandPolicy,publishedin1997byAddisonWesleyLongman, Fundamentals of Energy Regulation, published in 2007 by Public UtilitiesReports, Inc., andPrinciplesofUtilityCorporateFinance, published in 2011 by PublicUtilitiesReports, Inc. Dr. Lesser is also a contributing columnist andEditorialBoardmemberforNaturalGas&Electricity.

AREASOFEXPERTISE

• State,federal,andinternationalrateregulation–costofcapital,depreciation,costofservice,costallocation,ratedesign,incentiveregulation,andregulatoryframeworkdesign

• Commercialdamagesestimationandlitigation• Cost‐benefitanalysis• Regulatorypolicyandmarketdesign• Economicimpactanalysisandinput‐outputstudies• Environmentalcomplianceandlitigation• Marketpoweranalysis• Loadforecastingandenergymarketmodeling• Energyassetvaluationandduediligence

SELECTEDEXPERTTESTIMONYANDREPORTS

FirstEnergySolutionsCorp.

ProceedingbeforetheOhioPublicUtilitiesCommission(CaseNos.11‐346‐EL‐SSOand11‐348‐EL‐SSO)

Subject:RevisedAEPOhioenergysecurityplan,benefitsofretailmarketcompetition.

ProceedingbeforetheOhioPublicUtilitiesCommission(CaseNo.10‐2929‐EL‐UNC)

Subject:AppropriatepriceforcommercialretailelectricsupplierstobechargedbyAEPOhioforinstalledcapacityunderthePJMFixedResourceRequirementtariffoption.

SouthwesternElectricCooperative

FERCproceedingregardingwholesaledistributionrateapplicationofAmerenIllinois(Re:MidwesternISOandAmerenIllinois,DocketNo.ER11‐2777‐002,etal.)

Subject:Allowedrateofreturnandcapitalstructure

ExelonCorporation

ProceedingbeforetheNewJerseyBoardofPublicUtilities(DocketNo.EO‐11050309)

Subject:PJMCapacityMarket,CapacityProcurement,andTransmissionPlanning

FirstEnergySolutionsCorp.

ProceedingbeforetheOhioPublicUtilitiesCommission(CaseNos.11‐346‐EL‐SSOand11‐348‐EL‐SSO)

Subject:AEPOhioenergysecurityplan,benefitsofretailmarketcompetition.

IndustrialEnergyUsersofOhio

ProceedingbeforetheOhioPublicUtilitiesCommission(CaseNo.08‐917‐EL‐SSO)

Subject:Determinationofcostassociatedwith“provider‐of‐last‐resort”(POLR)serviceandAEPOhio’suseofoptionpricingmodels.

SouthwestGasCorporation

FERCproceedingregardingrateapplicationofElPasoNaturalGasCompany(DocketNo.RP10‐1398‐000)

Subject:Developmentofrisk‐sharingmethodologyforunsubscribedanddiscountcapacitycosts.

PortlandNaturalGasShippers

FERCrateproceedingregardingtherateapplicationbyNorthernBorderPipelineCompany(Re:PortlandNaturalGasTransmissionSystem,DocketNo.RP10‐729‐000)

FERCrateproceedingregardingtherateapplicationbyNorthernBorderPipelineCompany(Re:PortlandNaturalGasTransmissionSystem,DocketNo.RP08‐306‐000)

Subject:Naturalgassupplies,economiclifetime,anddepreciationrates.

IndependentPowerProducersofNewYork

FERCproceeding(NewYorkIndependentSystemOperator,Inc.,DocketNo.ER11‐2224‐000)

Subject:ReasonablenessoftheproposedinstalledcapacitydemandcurvesandcostofnewentryvaluesproposedbytheNewYorkIndependentSystemOperator.

MarylandPublicServiceCommission

MergerapplicationofFirstEnergyCorporationandAlleghenyEnergy,Inc.(I/M/OFirstEnergyCorpandAlleghenyEnergy,Inc.,CaseNo.9233)

Subject:ProposedmergerbetweenFirstEnergyCorporationandAlleghenyEnergy.Testimonydescribedthestructureandresultsofacost‐benefitanalysistodeterminewhethertheproposedmergermetthestate’spositivebenefitstest,andincludedanalysisofmarketpowerandmergersynergies.

AlliancetoProtectNantucketSound

ProceedingbeforetheMassachusettsDepartmentofPublicUtilities(CaseNo.D.P.U.10‐54)

Subject:ApprovalofProposedLong‐TermContractsforRenewableEnergyWithCapeWindAssociates,LLC.

BrookfieldEnergyMarketing,LLC

FERCproceeding(NewEnglandPowerGeneratorsAssociation,etal.v.ISONewEngland,Inc.,DocketNos.ER10‐787‐000,ER10‐50‐000,andEL10‐57‐000(consolidated)).

Subject:ProposedforwardcapacitymarketpaymentsforimportedcapacityintoISO‐NE.

PublicServiceCompanyofNewMexico

ProceedingbeforetheNewMexicoPublicRegulationCommission(CaseNo.10‐00086‐UT)

Subject:Loadforecastforfuturetestyear,residentialpriceelasticitystudy.

M‐S‐RPublicPowerAgency

FERCproceeding(SouthernCaliforniaEdisonCo.,DocketNo.ER09‐187‐000andER10‐160‐000)

Subject:Allowedrateofreturnforconstructionworkinprogress(CWIP)expendituresforcertaintransmissionfacilities.

FERCproceeding(SouthernCaliforniaEdisonCo.,DocketNo.ER10‐160‐000)

Subject:Allowedrateofreturnforconstructionworkinprogress(CWIP)expendituresforcertaintransmissionfacilities.

FinancialMarketers

FERCproceeding(BlackOakEnergy,LLCvPJMInterconnection,L.L.C.,DocketNo.EL08‐014‐002)

Subject:AllocationofsurplustransmissionlinelossesunderthePJMtariff.

SouthwestGasCorporationandSaltRiverProject

FERCproceedingregardingrateapplicationofElPasoNaturalGasCompany(DocketNo.RP08‐426‐000)

Subject:Analysisofproposedcapitalstructureandrecommendedcapitalstructureadjustments

NewYorkRegionalInterconnect,Inc.

ProceedingbeforetheNewYorkPublicServiceCommission(CaseNo.06‐T‐0650)

Subject:Analysisofeconomicandpublicpolicybenefitsofaproposedhigh‐voltagetransmissionline.

OccidentalChemicalCorporation

FERCProceeding(WestarEnergy,Inc.ER07‐1344‐000)

Subject:ComplianceofwholesalepowersalesagreementwithFERCstandards

EPICMerchantEnergy,LLC,etal.

FERCProceeding(AmerenServicesCompanyv.MidwestIndependentSystemOperator,Inc.,DocketNos.EL07‐86‐000,EL07‐88‐000,EL07‐92‐000(Consolidated)

Subject:Allocationofrevenuesufficiencyguaranteecosts.

CottonwoodEnergy,LP

ProceedingbeforethePublicUtilityCommissionofTexas(ApplicationofKelsonTransmissionCompany,LLCforaCertificateofConvenienceandNecessityfortheAmendedProposedCanaltoDeweyville345kVTransmissionLinewithChambers,Hardin,Jasper,Jefferson,Liberty,Newton,andOrangeCounties,DocketNo.34611,SOAHDocketNo.473‐08‐3341)

Subject:Benefitsoftransmissioncapacityinvestments.

RedbudEnergy,LP

ProceedingbeforetheOklahomaCorporationCommission(RequestofPublicServiceCompanyofOklahomafortheOklahomaCorporationCommissiontoRetainanIndependentEvaluator,CauseNo.PUD200700418)

Subject:ReasonablenessofPSO’s2008RFPdesign.

TheNRGCompanies

FERCProceeding(ISONewEnglandInc.andNewEnglandPowerPool,DocketNo.ER08‐1209‐000)

Subject:CompensationofRejectedDe‐listBidsUnderISO‐NE’sForwardCapacityMarketDesign

DynegyPowerMarketing,LLC

• FERCproceeding,KeySpan‐Ravenswood,LLCv.NewYorkIndependentSystemOperator,Inc.,DocketNo.EL05‐17‐000

Subject:EstimationofdamagesaccruingtoDynegyarisingfromafailurebytheNYISOtoaccuratelycalculatelocationalinstalledcapacityrequirementsinNYISOduringthesummerof2002.

ConstellationEnergyGroup

FERCproceeding(MarylandPublicUtilityCommission,etal.,v.PJMInterconnection,LLC,DocketNo.EL08‐67‐000)

Subject:“Justandreasonableness”ofPJM’sReliabilityPricingMechanism.

GovernmentofBelize,PublicUtilityCommission

ProceedingbeforetheBelizePublicUtilityCommission,IntheMatterofthePublicUtilitiesCommissionInitialDecisioninthe2008AnnualReviewProceedingforBelizeElectricityLimited.

Subject:ArbitrationandIndependentExpert’sreport,indisputebetweentheBelizePUCandBelizeElectricityLimitedinanannualelectricratetariffreview,asrequiredunderBelizelaw.

FederalEnergyRegulatoryCommission

Technicalhearingsonwholesaleelectriccapacitymarketdesign.

Subject:AnalysisofproposaltoreviseRTOcapacitymarketdesigndevelopedbytheAmericanForestandPaperAssociation.

DogwoodEnergy,LLC

ProceedingbeforetheMissouriPublicServiceCommission,IntheMatteroftheApplicationofAquila,Inc.,d/b/aAquilaNetworks‐MPSandAquilaCaseNo.EO‐2008‐0046,Networks‐L&PforAuthoritytoTransferOperationalControlofCertainTransmissionAssetstotheMidwestIndependentTransmissionSystemOperator,Inc.,CaseNo.EO‐2008‐0046.

Subject:Cost‐benefitanalysistodeterminewhetherAquilashouldjoineithertheMidwestIndependentSystemOperator(MISO)ortheSouthwestPowerPool(SPP).

IndependentPowerProducersofNewYork

• FERCproceeding(Re:NewYorkIndependentSystemOperator,Inc.,DocketNo.ER08‐283‐000)

Subject:Revisionstotheinstalledcapacity(ICAP)marketdemandcurvesintheNewYorkcontrolarea,whicharedesignedtoprovideeconomicincentivesfornewgenerationdevelopment.

EmpresaEléctricadeGuatemala

• RateproceedingbeforetheComisiónNacionaldeEnergíaEléctrica

Subject:Rateofreturnforanelectricdistributioncompany

ElectricPowerSupplyAssociation

• FERCproceeding(Re:MidwestIndependentTransmissionSystemOperator,Inc.,DocketNo.ER07‐1182‐000)

Subject:Critiqueofcost‐benefitanalysisbyMISOIndependentMarketMonitorconcludingthatpermanentestablishmentofBroadConstrainedAreamitigationwasappropriate.

ConstellationEnergyCommoditiesGroup,LLC

• FERCproceedingregardingrateapplicationforancillaryservicesbyAmerenEnergy(Re:AmerenEnergyMarketingCompanyandAmerenEnergy,Inc.,DocketNos.ER07‐169‐000andER07‐170‐000)

• Subject:Analysisandtestimonyonappropriate“opportunitycost”ratesforancillaryservices,includingregulationserviceandspinningreserveservice.Casesettledpriortotestimonybeingfiled.

SuizaDairyCorporation

• RateproceedingbeforetheOfficeofMilkIndustryRegulatoryAdministrationofPuertoRico.

• Subject:AnalysisandtestimonyontheappropriaterateofreturnforregulatedmilkprocessorsintheCommonwealthofPuertoRico.

DPLInc.

• ProceedingbeforetheOhioBoardofTaxAppeals(DPL,Inc.anditssubsidiariesv.WilliamW.Wilkins,TaxCommissionerofOhio,CaseNo.2004‐A‐1437)

Subject:Economicimpactsofgenerationinvestmentandqualificationofelectricutilityinvestmentsas“manufacturing”investmentsforpurposesofstateinvestmenttaxcredits.

IGIResources,LLCandBPCanadaEnergyMarketingCorp.

• FERCproceedingregardingtherateapplicationbyGasTransmissionNorthwestCorporation(Re:GasTransmissionNorthwest,DocketNo.RP06‐407‐000)

BaltimoreGasandElectricCo.

• MarylandPublicServiceCommission(CaseNo.9099)

Subject:StandardOfferServicepricing.Testimonyfocusedonfactorsdrivingelectricpriceincreasessince1999,andestimatesofratesundercontinuedregulation

Subject:Strandedcostsofgeneration.Testimonyfocusedonanalysisofbenefitsofcompetitivewholesalepowerindustry.

Subject:OptimalstructureofMaryland’selectricindustry.Testimonyfocusedonthebenefitsofcompetitivewholesaleelectricmarkets.Presentedindependentestimatesofbenefitsofrestructuringsince1999.

Pemex‐GasyPetroquímicaBásica

• Expertreportinarateproceeding.PresentedanalysisbeforetheComisiónReguladoradeEnergíaontheappropriaterateofreturnforthenaturalgaspipelineindustry.

BPCanadaMarketingCorp.

• FERCproceedingregardingtherateapplicationbyNorthernBorderPipelineCompany(Re:NorthernBorderPipeline,DocketNo.RP06‐072‐000)

TransmissionAgencyofNorthernCalifornia

• FERCrateproceeding(Re:PacificGas&ElectricCompany,DocketNo.ER09‐1521‐000)

Subject:Analysisofappropriatereturnonequity,capitalstructure,andoverallcostofcapital.Casesettledpriortofilingexperttestimony.

• FERCrateproceeding(Re:PacificGas&ElectricCompany,DocketNos.ER03‐409‐000,ER03‐666‐000)

Subject:Analysisanddevelopmentofrecommendationfortheappropriatereturnonequity,capitalstructure,andoverallcostofcapital.

StateofNewJerseyBoardofPublicUtilities

• MergerapplicationofPublicServiceEnterpriseGroupandExelonCorporation(I/M/OTheJointPetitionOfPublicServiceElectricAndGasCompanyAndExelonCorporationForApprovalOfAChangeInControlOfPublicServiceElectricAndGasCompanyAndRelatedAuthorizations,BPUDocketNo.EM05020106,OALDocketNo.PUC‐1874‐050)

Subject:ProposedmergerbetweenExelonCorporationandPSEGCorporation.Testimonydescribedthestructureandresultsofacost‐benefitanalysistodeterminewhethertheproposedmergermetthestate’spositivebenefitstest,andincludedanalysisofmarketpower,valueofchangesinnuclearplantoperations,andmergersynergies.

SierraPacificPowerCorp.

• FERCproceedingregardingtherateapplicationbyPaiutePipelineCompany(RePaiutePipelineCompanyDocketNo.RP05‐163‐000)

Subject:Depreciationanalysis,negativesalvage,andnaturalgassupplies.Casesettledpriortofilingexperttestimony.

MatanuskaElectric

• RegulatoryCommissionofAlaskarateproceeding(IntheMatteroftheRevisiontoCurrentDepreciationRatesFiledbyChugachElectricAssociation,Inc.,DocketNo.U‐04‐102)

Subject:AnalysisofthereasonablenessofChugachelectric’sdepreciationstudy.

DukeEnergyNorthAmerica,LLC

• FERCproceeding(Re:DevonPower,LLC,etal.,DocketNo.ER03‐563‐030)

Subject:AppropriatemarketdesignforlocationalinstalledgeneratingcapacityintheNewEnglandmarkettoensuresystemreliability.

Keyspan‐Ravenswood,LLC

• FERCproceeding,KeySpan‐Ravenswood,LLCv.NewYorkIndependentSystemOperator,Inc.,DocketNo.EL05‐17‐000

Subject:EstimationofdamagesarisingfromafailurebytheNYISOtoaccuratelycalculatelocationalinstalledcapacityrequirementsinNewYorkCityduringthesummerof2002.

ElectricPowerSupplyAssociation

• FERCproceeding(Re:PJMInterconnection,LLC,DocketNo.EL03‐236‐002)

Subject:AnalysisandcritiqueofproposedpivotalsuppliertestsformarketpowerinPJMidentifiedloadpockets.

VermontDepartmentofPublicService

• VermontPublicServiceBoardRateProceedings

o Concurrentproceedings:Re:GreenMountainPowerCorp.,DocketsNo.7175and7176.Subject:Costofcapitalandallowedreturnonequity

undercostofserviceregulation,aswellasunderaproposedalternativeregulationproposal.

o Re:ShorehamTelephoneCompany,DocketNo.6914.Subject:Analysisanddevelopmentofrecommendationsfortheappropriatereturnonequity,capitalstructure,andoverallcostofcapital.

o Re:VermontElectricPowerCompany,DocketNo.6860.Subject:Developmentofaleast‐costtransmissionsysteminvestmentstrategytoanalyzetheprudenceofamajorhigh‐voltagetransmissionsystemupgradeproposedbytheVermontElectricPowerCompany.

o Re:CentralVermontPublicServiceCompany,DocketNo.6867.Subject:Analysisanddevelopmentofrecommendationsfortheappropriatereturnonequity,capitalstructure,andoverallcostofcapital.

o Re:GreenMountainPowerCorporation,DocketNo.6866.Subject:Analysisanddevelopmentofrecommendationsfortheappropriatereturnonequity,capitalstructure,andoverallcostofcapital.

Pipelineshippers

• FERCproceedingregardingtherateapplicationofNorthernNaturalGasCompany(Re:NorthernNaturalGasCompany,DocketNo.RP03‐398‐000)

Subject:Gassupplyanalysistodeterminepipelinedepreciationratesaspartofanoverallrateproceeding.

ArkansasOklahomaGasCorp.

• OklahomaCorporationCommissionrateproceeding(Re:ArkansasOklahomaGasCorporation,DocketNo.03‐088)

Subject:Analysisanddevelopmentofrecommendationsfortheappropriatereturnonequity,capitalstructure,andoverallcostofcapital.

• ArkansasPublicServiceCommissionrateproceedings

o IntheMatteroftheApplicationofArkansasOklahomaGasCorporationforaGeneralChangeinRatesandTariffs,DocketNo.05‐006‐U.Subject:Analysisanddevelopmentofrecommendationsfortheappropriatereturnonequity,capitalstructure,andoverallcostofcapital.

o IntheMatteroftheApplicationofArkansasOklahomaGasCorporationforaGeneralChangeinRatesandTariffs,DocketNo.02‐24‐U.Subject:Analysisand

developmentofrecommendationsfortheappropriatereturnonequity,capitalstructure,andoverallcostofcapital.

EntergyNuclearVermontYankee,LLC

• VermontPublicServiceBoardproceeding(Re:PetitionofEntergyNuclearVermontYankeeforaCertificateofPublicGood,DocketNo.6812)

Subject:AnalysisoftheeconomicbenefitsofnuclearplantgeneratingcapacityexpansionasrequiredforanapplicationforaCertificateofPublicGood.

CentralIllinoisLightingCompany

• IllinoisCommerceCommissionrateproceeding(Re:CentralIllinoisLightingCompany,DocketNo.02‐0837)

Subject:Analysisanddevelopmentofrecommendationsfortheappropriatereturnonequity,capitalstructure,andoverallcostofcapital.

CitizensUtilitiesCorp.

• VermontPublicServiceBoardrateproceeding(TariffFilingofCitizensCommunicationsCompanyrequestingarateincreaseintheamountof40.02%totakeeffectDecember15,2001,DocketNo.6596)

Subject:Analysisoftheprudenceandeconomicused‐and‐usefulnessofCitizens’long‐termpurchaseofgenerationfromHydroQuebec,includingtheestimatedenvironmentalcostsandbenefitsofthepurchase.

DynegyLNGProduction,LP

• FERCproceeding(Re:DynegyLNGProductionTerminal,LP,DocketNo.CP01‐423‐000).September2001

Subject:AnalysisofmarketpowerimpactsofproposedLNGfacilitydevelopment.

MissouriGasEnergyCorp.

• FERCrateproceeding(Re:KansasPipelineCorporation,DocketNo.RP99‐485‐000)

Subject:Gassupplyanalysistodeterminepipelinedepreciationratesaspartofanoverallrateproceeding.

GreenMountainPowerCorp.

• VermontPublicServiceBoardrateproceedings

o IntheMatterofGreenMountainPowerCorporationrequestinga12.93%RateIncreasetotakeeffectJanuary22,1999,DocketNo.6107.Subject:Analysisoftheappropriatediscountrate,treatmentofenvironmentalcosts,andthetreatmentofriskanduncertaintyaspartofamajorpower‐purchaseagreementwithHydro‐Quebec.

o InvestigationintotheDepartmentofPublicService’sProposedEnergyEfficiencyUtility,DocketNo.5980.Subject:Analysisofdistributedutilityplanningmethodologiesandenvironmentalcosts.

o TariffFilingofGreenMountainPowerCorporationrequestinga16.7%RateIncreasetotakeeffect7/31/97,DocketNo.5983.Subject:Analysisofdistributedutilityplanningmethodologiesandavoidedelectricitycosts.

o TariffFilingofGreenMountainPowerCorporationrequestinga16.7%RateIncreasetotakeeffect7/31/97,DocketNo.5983.Subject:Valuationofalong‐termpowerpurchasecontractwithHydro‐Quebecinthecontextofadeterminationofprudenceandeconomicused‐and‐usefulness.

UnitedIlluminatingCompany

• ConnecticutDept.ofPublicUtilityControlproceeding(ApplicationoftheUnitedIlluminatingCompanyforRecoveryofStrandedCosts,DocketNo.99‐03‐04)

Subject:Developmentandapplicationofdynamicprogrammingmodelstoestimatenuclearplantstrandedcosts.

COMMERCIALLITIGATIONEXPERIENCE

• U.S.DistrictCourt,DistrictofPuertoRico,CivilCaseNo.04‐1840.(VacqueriaTresMonjitasandSuizaDairy,Inc.v.JoseO.Laboy,inhisOfficialcapacity,astheSecretaryoftheDepartmentofAgriculturefortheCommonwealthofPuertoRico,andJuanR.Pedro‐Gordian,inhisofficialcapacity,asAdministratoroftheOfficeoftheMilkIndustryRegulatoryAdministrationfortheCommonwealthofPuertoRico)Determinedtheappropriate“countryrisk”premiumforthefreshmilkdairyindustryintheCommonwealthofPuertoRico.

• Lorali,Ltd.,etal.v.SempraEnergySolutions,LLC,etal.Damagesassociatedwithabrogationofretailelectricsupplycontract.

• IMOIndustriesv.Transamerica.Estimatedtheappropriatediscountratetouseforestimatingdamagesovertimeassociatedwithafailureoftheinsurancecompaniestoreimburseasbestos‐relateddamageclaimsandtheresultinglossestothefirm’svalue.

• JohnC.LincolnHospitalv.MaricopaCounty.Performedstatisticalanalysistodeterminethevalueofaclassofunpaidhospitalinsuranceclaims.

• Catamount/Brownell,LLC.v.RandyRowland.Preparedanexpertreportonthedamagesassociatedwithbreachofcommerciallease.

• Lyubnerv.SizzlingPlatters,Inc..Performedaneconometricanalysisofdamageclaimsbasedonsalesimpactsassociatedwithadvertising.

• Pietrov.Pietro.Estimatedpensionbenefitsarisingfromadivorcecase.

• U.S.DistrictCourtfortheDistrictofVermont.Nat’l.AssociationofElectricManufacturersv.Sorrell.Expertreportandtestimonyonthecostsoflabelingfluorescentlampsandtheimpactsoflabelinglawsonthedemandforelectricity.

ARBITRATIONCASES

TransCanadaHydroNortheast,Inc.v.TownofLittleton,NewHampshire,(CPRFileNo.G‐09‐24).

Subject:disputeregardingvaluationforpropertytaxpurposesofahydroelectricfacilitylocatedontheConnecticutRiver.

Servedasneutralonathree‐personarbitrationpanel.

BelizeElectricityLimitedv.BelizePublicUtilitiesCommission(ClaimNo.512of2008).

Subject:ProceedingbeforetheSupremeCourtofBelizeallegingthattheFinalDecisionbytheBelizePublicUtilitiesCommissionsettingelectricratesandtariffsforthe2008‐2009periodwereunreasonableandnon‐compensatory.

PreparedindependentreportonbehalfoftheBelizeSupremeCourtforarbitrationofthedispute.

SELECTEDBUSINESSCONSULTINGEXPERIENCE

• FortheCOMPETECoalition,preparedreportonhowelectriccompetitioncreateseconomicgrowth.

• Foranindustrygroup,developedeconometricmodelsoftheimpactsofshalegasproductiononU.S.naturalgasandelectricprices.

• Foranenvironmentaladvocacygroup,criticallyevaluatedthefinancialimplicationsofoperatingrestrictionsforanoff‐shorewindgeneratingfacilitystemmingfromrequirementsundertheU.S.EndangeredSpeciesAct.

• Foramajorinvestor‐ownedutilityintheUS,preparedanewsystemofshort‐termpeakandenergyforecastingmodels.

• Foramajorwholesaleelectricgenerationcompany,preparedcomprehensiveeconomicimpactstudiesforuseinFERChydroelectricrelicensingproceedings.

• Foramajorinvestor‐ownedutilityintheSouthwestUS,preparedadetailedeconometricmodelandwroteacomprehensivereportonresidentialpriceelasticitythatwasrequiredbyregulators.

• Foramajorinvestor‐ownedutilityintheSouthwestUS,developedamethodologytovaluenuclearplantleasesthatincorporatedfutureuncertaintyregardinggreenhousegasregulations.

• Facultymember,PURC/WorldBankInternationalTrainingProgramonUtilityRegulationandStrategy,UniversityofFlorida,PublicUtilityResearchCenter,Gainesville,FL,2008–2009.Coursestaught:

o SectorIssues:BasicTechniques–Energyo SectorIssuesinRateDesign:Energyo SectorIssuesinRateDesign:Energy–CaseStudieso TransmissionPricingIssues

• Foramajorsolarenergyfirm,evaluatedcostsandbenefitsofalternativesolartechnologies;assistedwithsitingandtransmissionaccessissues.

• ForindustrialcustomersintheStateofVermont,preparedapositionpaperontheimpactsofdemandsidemanagementfundingonelectricratesandcompetitiveness.

• ForamajorNewYorkbrokeragefirm,performedafairnessopinionvaluationofagas‐firedelectricgeneratingfacility.

• Forelectricutilitiesundergoingrestructuring,developedcomprehensiveeconomicmodelstovaluebuyeroffersassociatedwithnuclearpowerplantdivestitures.

• ForalargemunicipalelectricutilityinFlorida,analyzedrealoptionvaluesofalternativeproposedpurchasedgenerationcontractswhosestrikepricesweretiedtofuturenaturalgasandoilprices,anddevelopedcontractrecommendations.

• ForamunicipalelectricutilityinFlorida,developedananalyticalmodeltodeterminerisk‐returntradeoffsofalternativegenerationportfolios,identifyanefficientfrontierofgenerationassetportfolios,andrecommendedassetpurchaseandsalestrategies.

• ForCentralVermontPublicServiceCorp.andGreenMountainPowerCorp.,developedanalysesofdistributioncapacityinvestmentsaccountingforuncertaintyoverfuturepeakloadgrowth.

• ForamajorelectricutilityinLatinAmerica,developedriskmanagementstrategiesforhedgingnaturalgassupplieswithminimalup‐frontinvestment;preparedtrainingmaterialsforutilitystaff;andwrotetheutility’sriskmanagementPoliciesandProceduresManual.

• ForamajornuclearplantownerandoperatorintheU.S.,preparedreportsoftheeconomicbenefitsofnuclearplantoperationanddevelopment.

• FortheElectricPowerSupplyAssociation,preparednumerouspolicypapersaddressingwholesaleelectricmarketdesignandcompetition.

• FortheCaliforniaEnergyCommission,developedanewpolicyapproachtorenewablesfeed‐intariffsanddevelopedportfolioanalysismodelstodevelopan“efficientfrontier”ofgenerationportfoliosforthestate.

• Foramajornuclearplantownerandoperator,assessedthelikelihoodofrelicensingaspecificnuclearplantinNewEngland,givenstateregulatoryconcernsoveron‐sitespentfuelstorage.

• Foralargeinvestor‐ownedutilityintheSoutheast,analyzedalternativeenvironmentalcompliancestrategiesthatdirectlyincorporateduncertaintyoverfutureemissionscosts,environmentalregulations,andalternativepollutioncontroltechnologyeffectiveness.

• ForaSpecialLegislativeCommitteeoftheProvinceofNewBrunswick,servedasanexpertadvisoronthedevelopmentofaderegulatedelectricpowermarket.

• FortheBonnevillePowerAdministration,developedmodelstoassesstheeconomicimpactsoflocalgenerationresourcedevelopmentinWashingtonStateandOregon.

• ForanelectricutilityinthePacificNorthwest,assistedinnegotiationssurroundingrelicensingofalargehydroelectricgeneratingfacility.

• ServedasanexpertadvisorfortheNorthwestPowerPlanningCouncilregardingfuturepowersupplies,loadgrowth,andeconomicgrowth.

EDUCATION

• PhD,Economics,UniversityofWashington

• MA,Economics,UniversityofWashington

• BSc,MathematicsandEconomics(withhonors),UniversityofNewMexico

EMPLOYMENTHISTORY

2009–Present:ContinentalEconomics,Inc.,President.

2004–2009:BatesWhite,LLC,Partner,EnergyPractice.

2003–2004:VermontDept.ofPublicService,DirectorofPlanning.

1998–2003:NavigantConsulting,SeniorManagingEconomist.

1996–1998:AdjunctLecturer,SchoolofBusiness,UniversityofVermont.

1993–1998:GreenMountainPowerCorporation,Manager,EconomicAnalysis.

1990–1993:AdjunctLecturer,Dept.ofBusinessandEconomics,SaintMartin’sCollege.

1986–1993:WashingtonStateEnergyOffice,EnergyPolicySpecialist.

1984–1986:PacificNorthwestUtilitiesConferenceCommittee,EnergyEconomist.

1983–1984:IdahoPowerCorporation,LoadForecastingAnalyst.

PROFESSIONALACTIVITIES

• Reviewer,Energy

• Reviewer,TheEnergyJournal

• Reviewer,EnergyPolicy

• Reviewer,JournalofRegulatoryEconomics

PROFESSIONALASSOCIATIONS

• EnergyBarAssociation

• InternationalAssociationforEnergyEconomics

• SocietyforBenefit‐CostAnalysis

PUBLICATIONS

Peer‐reviewedjournalarticles

• Lesser,J.,“Gresham’sLawofGreenEnergy,”Regulation,Winter2010‐2011,pp.12‐18.

• Lesser,J.,andE.Nicholson,“AbandonallHope?FERC’sEvolvingStandardsforIdentifyingComparableFirmsandEstimatingtheRateofReturn,”EnergyLawJournal30(April2009):105‐132.

• Lesser,J.andX.Su.“DesignofanEconomicallyEfficientFeed‐inTariffStructureforRenewableEnergyDevelopment.”EnergyPolicy36(March2008)981–990.

• Lesser,J.“TheEconomicUsed‐and‐UsefulTest:ItsOriginsandImplicationsforaRestructuredElectricIndustry.”EnergyLawJournal23(November2002):349–82.

• Lesser,J.,andC.Feinstein.“ElectricUtilityRestructuring,RegulationofDistributionUtilities,andtheFallacyof‘AvoidedCost’Rules.”JournalofRegulatoryEconomics15(January1999):93–110.

• Lesser,J.,andC.Feinstein.“DefiningDistributedUtilityPlanning.”TheEnergyJournal,SpecialIssue,DistributedResources:TowardaNewParadigm(1998):41–62.

• Lesser,J.,andR.Zerbe.“WhatCanEconomicAnalysisContributetotheSustainabilityDebate?”ContemporaryPolicyIssues13(July1995):88–100.

• Lesser,J.,andR.Zerbe.“TheDiscountRateforEnvironmentalProjects.”JournalofPolicyAnalysisandManagement13(Winter1994):140–56.

• Lesser,J.,andD.Dodds.“CanUtilityCommissionsImproveonEnvironmentalRegulations?”LandEconomics70(February1994):63–76.

• Lesser,J.“EstimatingtheEconomicImpactsofGeothermalResourceDevelopment.”Geothermics24(Winter1994):52–69.

• Lesser,J.“ApplicationofStochasticDominanceTeststoUtilityResourcePlanningUnderUncertainty.”Energy15(December1990):949–61.

• Lesser,J.“ResaleoftheColumbiaRiverTreatyDownstreamPowerBenefits:OneRoadFromHeretoThere.”NaturalResourcesJournal30(July1990):609–28.

• Lesser,J.,andJ.Weber.“The65M.P.H.SpeedLimitandtheDemandforGasoline:ACaseStudyfortheStateofWashington.”EnergySystemsandPolicy13(July1989):191–203.

• Lesser,J.“TheEconomicsofPreferencePower.”ResearchinLawandEconomics12(1989):131–51.

Booksandcontributedchapters

• Lesser,J.,andL.R.Giacchino,PrinciplesofUtilityCorporateFinance,Vienna,VA:PublicUtilitiesReports,2011.

• Lesser,J.,andL.R.Giacchino.FundamentalsofEnergyRegulation,Vienna,VA:PublicUtilitiesReports,2007.

• Lesser,J.,andR.Zerbe.“APractitioner’sGuidetoBenefit‐CostAnalysis.”InHandbookofPublicFinance,editedbyF.Thompson,221–68.NewYork:RowanandAllenheld,1998.

• Lesser,J.,D.Dodds,andR.Zerbe.EnvironmentalEconomicsandPolicy,Reading:MA:AddisonWesleyLongman,1997.

Tradepresspublications

• Lesser,J.“HowwillEPA’sNewestRegulationsAffectElectricMarkets?”NaturalGasandElectricity(June2012):30‐32.

• Lesser,J.“PipelinePetulance,”NaturalGasandElectricity(March2012):27‐29.

• Lesser,J.“GlobalWarming,ClimateChange,erClimateVolatility:2012andBeyond,”NaturalGasandElectricity(January2012):22‐24.

• Lesser,J.,“Sunburnt:Solyndra,Subsidies,andtheGreenJobsDebacle,”NaturalGas&Electricity(November2011):30‐32..

• Lesser,J.,“IllinoisanExampleofwhentheWindDoesn’tBlow,”NaturalGas&Electricity(September2011):27‐29.

• Lesser,J.,“SalmonandWindDuelingforSubsidiesinthePacificNorthwest,”NaturalGas&Electricity(July2011):18‐20.

• Lesser,J.,“NuclearFallout,”NaturalGas&Electricity(May2011):31‐33.

• Lesser,J.,“TexasTwo‐Step:EPA’sGreenhouseGasPermittingTakeover,”NaturalGas&Electricity(March2011):21‐23.

• Lesser,J.,“LookingForward:EnergyandtheEnvironmentthrough2012,”NaturalGas&Electricity(January2011):30‐32.

• Lesser,J.,“First‐MoverDisadvantage:OffshoreWind’sFalseEconomicPromises,”NaturalGas&Electricity(November2010):26‐28.

• Lesser,J.,“WilltheBPDisasterAffectNaturalGasandElectricityMarkets?,”NaturalGas&Electricity(August2010):23‐24.

• Lesser,J.,“RenewableEnergyandtheFallacyof‘Green’Jobs,”TheElectricityJournal(August2010):45‐53.

• Lesser,J.,“LettheToughChoicesBegin:AffordableorGreen?,”NaturalGas&Electricity(June2010):27‐29.

• Lesser,J.,“WillShaleGasProductionbeDamagedbyTooManyFraccingComplaints?,”NaturalGas&Electricity(April2010):31‐32.

• Lesser,J.,“AstheClimateTurns:TheSagaContinues,”NaturalGas&Electricity(February2010):29‐32.

• Lesser,J.andN.Puga,“PublicPolicyandPrivateInterests:WhyTransmissionPlanningandCost‐AllocationMethodsContinuetoStifleRenewableEnergyPolicyGoals,”TheElectricityJournal(December2009):7‐19.

• Lesser,J,“ShortCircuit:WillElectricCarsProvideEnergyandEnvironmentalSalvation?”NaturalGas&Electricity(November2009):27‐28.

• Lesser,J.,“GreenistheNewRed:TheHighCostofGreenJobs,”NaturalGas&Electricity(August2009):31‐32.

• Lesser,J.,“RegulatingGreenhouseGasEmissions:EPAGetsDown,”NaturalGas&Electricity(June2009):31‐32.

• Lesser,J.,“BeingReasonableWhileRegulatingGreenhouseGasEmissionsundertheCleanAirAct,”NaturalGas&Electricity(April2009):30‐32.

• Lesser,J.,“Renewables,BecomingCheaper,AreSuddenlyPassé,”NaturalGas&Electricity(February2009):30‐32.

• Lesser,J.,“MeasuringtheCostsandtheBenefitsofEnergyDevelopment,”NaturalGas&Electricity(December2008):30‐32.

• Lesser,J.,“ComparingtheBenefitsandtheCostsofEnergyDevelopment,”NaturalGas&Electricity(October2008):31‐32.

• Lesser,J.,“NewSourceReviewIsStillAnythingbutRoutine,”NaturalGas&Electricity(August2008):31‐32.

• Lesser,J.,andN.Puga,“PVversusSolarThermal,”PublicUtilitiesFortnightly146(July2008),pp.16‐20,27.

• Lesser,J.,“Cap‐and‐TradeforGasoline?,”WallStreetJournal,June14,2008,A14.

• Lesser,J.,“KansasSecretaryUnilaterallyBansCoalPlants,”NaturalGas&Electricity(June2008):30‐32.

• Lesser,J.,“SeeingThroughaGlass,Darkly,BanksApproachCoal‐FiredPowerFinancing,”NaturalGas&Electricity(April2008):29‐31.

• Lesser,J.,“TheEnergyIndependenceandSecurityActof2007:NoSubsidyLeftBehind,”NaturalGas&Electricity(February2008):29‐31.

• Lesser,J.,“ControlofGreenhouseGases:DifficultwithEitherCap‐and‐TradeorTax‐and‐Spend.”NaturalGas&Electricity(December2007):28‐31.

• Lesser,J.,“DéjàvuAllOverAgain:TheGrasswasnotGreenerUnderUtilityRegulation.”TheElectricityJournal20(December2007):35–39.

• Lesser,J.,“Blowin’intheWind:RenewableEnergyMandates,ElectricRates,andEnvironmentalQuality.”NaturalGas&Electricity(October2007):26‐28.

• Lesser,J.,“NoLegtoStandOn.”NaturalGas&Electricity(August2007):28–31.

• Lesser,J.,“GoldilocksChillsOut.”NaturalGas&Electricity(July2007):26–28.

• Lesser,J.,“GoldilocksandtheThreeClimates.”NaturalGas&Electricity(April2007):22–24.

• Lesser,J.,“Command‐and‐ControlStillLurksinEveryLegislature.”NaturalGas&Electricity(February2007):8–12.

• Lesser,J.,andG.Israilevich,“TheCapacityMarketEnigma.”PublicUtilitiesFortnightly143(December2005):38‐42.

• Lesser,J.,“OverblownPromises:TheHiddenCostsofSymbolicEnvironmentalism.”Livin’Vermont1(January/February2005):7,27.

• Lesser,J.,“RegulationbyLitigation.”PublicUtilitiesFortnightly142(October2004):24–29.

• Lesser,J.,“ROE:TheGorillaisStillattheDoor.”PublicUtilitiesFortnightly144(July2004):19–23.

• Lesser,J.,andS.Chapel,“KeystoTransmissionandDistributionReliability.”PublicUtilitiesFortnightly142(April2004):58–62.

• Lesser,J.,“DCFUtilityValuation:StilltheGoldStandard?”PublicUtilitiesFortnightly141(February15,2003):14–21.

• Lesser,J.,“WelcometotheNewEraofResourcePlanning:WhyRestructuringMayLeadtoMoreComplexRegulation,NotLess.”TheElectricityJournal15(July2002):20–28.

• Lesser,J.,andC.Feinstein,“IdentifyingApplicationsforDistributedGeneration:Hypevs.Hope.”PublicUtilitiesFortnightly140(June1,2002):20–28.

• Lesser,J.,etal.,“UtilityResourcePlanning:TheNeedforaNewApproach.”PublicUtilitiesFortnightly140(January15,2002):24–27.

• Lesser,J.,“DistributionUtilities:ForgottenOrphansofElectricRestructuring?”PublicUtilitiesFortnightly137(March1,1999):50–55.

• Lesser,J.,“RegulatingDistributionUtilitiesinaRestructuredWorld.”TheElectricityJournal12(January/February1999):40–48.

• Lesser,J.,“IsitHowMuchorWhoPays?AResponsetoRothkopf.”TheElectricityJournal10(December1997):17–22.

• Lesser,J.,andM.Ainspan,“UsingMarketstoValueStrandedCosts.”TheElectricityJournal(October1996):66–74.

• Lesser,J.,“EconomicAnalysisofDistributedResources:AnIntroduction.”Proceedings,FirstAnnualConferenceonDistributedResources,ElectricPowerResearchInstitute,KansasCity,MO,July1995.

• Lesser,J.,“DistributedResourcesasaCompetitiveOpportunity:TheSmallUtilityPerspective.”Proceedings,FirstAnnualConferenceonDistributedResources,ElectricPowerResearchInstitute,KansasCity,MO,July1995.

• Lesser,J.,andM.Ainspan,“RetailWheeling:DejavuAllOverAgain?”TheElectricityJournal7(April1994):33–49.

• Lesser,J.,“AnEconomicallyRationalApproachtoLeast‐CostPlanning:Comment.”TheElectricityJournal4(October1991).

• Lesser,J.,“Long‐TermUtilityPlanningUnderUncertainty:ANewApproach.”PaperpresentedfortheElectricPowerResearchInstitute:InnovationsinPricingandPlanning,May1990.

• Lesser,J.,“Centralizedvs.DecentralizedResourceAcquisition:ImplicationsforBiddingStrategies.”PublicUtilitiesFortnightly(June1990).

• Lesser,J.,“MostValue—TheRightMeasurefortheWrongMarket?”TheElectricityJournal2(December1989):47–51.

Selectedspeakingengagements

• “EPARegulationofGeneratorEmissions–KeyMarketIssues,”EnergyBarAssociation,AnnualMeeting,April28,2012.

• “CompetitiveEnergyMarkets:HowaretheyWorking?”ConstellationExecutiveEnergyForum,November2,2011.

• “TheFailuresofTransmissionPlanningandPolicy,”HarvardElectricPolicyGroup,February25,2010.

• “FinancingtheSmartGrid,”EnergyBarAssociationSeminar,Washington,DC,December4,2009.

• “RenewablePower:AttheCrossroadsofEconomicsandPolicy,”PresentationtotheUtilitiesStateGovernmentOrganization,Newport,RhodeIsland,July13,2009.

• “TheStimulusActandLawstheyDidn’tTeachYouinLawSchool,”presentationtothe27thNationalRegulatoryConference,Williamsburg,VA,May19,2009.

• “RateRecoveryforCapitalIntensiveGeneration:RateBaseandConstructionWorkinProgress,”LawSeminarsInternational,LasVegas,NV,February5,2009.

• “FinancialRisksFacedbyRegulatedUtilities:ImplicationsfortheCostofCapitalandRatemakingPolicies,”LawSeminarsInternational,LasVegas,NV,February7,2008.

• “AlternativeRegulatoryStructuresandTariffMechanisms:Practicalapproachestoprovidinglow‐cost,environmentallyresponsibleenergyandhowtoavoidsomedangerouspitfalls.”WesternEnergyInstitute,October1,2007.

• “EconomicsandEnergyRegulation.”LawSeminarsInternational,Washington,DC,March15‐16,2007.

• “EnergyintheNortheast:ResourceAdequacy&Reliability.”LawSeminarsInternational,Boston,MA,October16–17,2006.

• “EnergyintheSouthwest:NewDirectionsinEnergyMarketsandRegulations.”LawSeminarsInternational,SantaFe,NM,July14,2006.

• “EnergyandtheEnvironment.”VermontJournalofEnvironmentalLaw,SouthRoyalton,VT,March10,2006.

• “ElectricityandNaturalGasRegulation:AnIntroduction.”LawSeminarsInternational,Washington,DC,March17–18,2005.

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