Don't come up short using general business valuation methods.
Only Valuing an Electric Utility
takes the specialized needs of your industry into account, including accounting
peculiarities, government regulations, and the challenges of a market in transition.
How do you satisfy the interests
of your boss, your customers, your stockholders, the regulators, and yourself?
Your challenge is great. With this volume, you can deal from your strengths.
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View Table of Contents
Chapter 1: Overview
- Establishing the Value of an Electric Utility.
- Capital Structure--A Key Element.
- Overview of Issues.
- Valuation Implications.
Chapter 2: The Electric Utility Framework
- Legal Framework.
- Economic Planning Accounting Framework and Financial Statements.
- Valuation Implications.
Chapter 3: Accounting Rules Affecting Electric Utilities
- Introduction.
- Significant FAS Rules.
- FAS Exposure Drafts.
- The Effects of Competition.
- Valuation Implications of Accounting Rules.
Chapter 3: Supplement
Chapter 4: Changes in the Electric Utility Industry
- Introduction.
- Current Issues.
- Valuation Implications.
Chapter 5: Analyzing Historical Data
- Overview.
- Historical Data.
- Economic/Normalized Financial Statements.
- Ratio Analysis.
- Valuation Implications.
Chapter 5: Supplement
- Green Mountain Power's (GMP) Statistics
Chapter 6: Estimating Future Earnings
- Introduction.
- What Measure--GAAP Basis, Tax Basis, or Other?
- Evaluating Strategic Position.
- Developing Performance Scenarios.
- Methods of Estimating Free Cash Flow.
- Analyzing and Interpreting Results.
Chapter 7: Capitalization/Discount Rates
- Introduction.
- Analyzing the Elements of Risk.
- Financial Profile.
- Sources of Capital.
- Estimating the Cost of Equity Capital.
- Capital Structure and the Weighted Average Cost of Capital.
- Valuation Implications.
- Chapter 7 Supplements:
- Example of Capitalization and Discount Rates.
- Strengths, Weaknesses and Critiques of Common Equity Models.
- Comparisons of Book and Market Values.
Chapter 8: Valuation Methodologies
- Introduction.
- The Primary Valuation Models:
- Simple Models.
- Asset-Based Models.
- Discounted Cash Flow-Based Models.
- Valuation Implications.
Chapter 9: Valuing Generation Assets
- Introduction.
- Regulatory Approvals.
- Structuring the Deal.
- Analysis of a Deal.
Chapter 10: Utility Valuation Problem
- Introduction/Company Background.
- Analyzing the Company's Historical Financial Statements.
- The ALJ's Decision.
- Valuation Implications.
Chapter 11: Case Study: El Paso Electric Company (EPE)
- Introduction.
- Case Study Results.
- History.
- Valuation as Part of the Merger.
- Alternative Valuation of EPE.
Chapter 12: International Issues.
- Introduction.
- The Privatization of the Electric Utility Industry Overseas.
Appendices:
- Appendix A: The Basics of Regulation and Ratemaking.
- Appendix B: Approaches to Pricing Utility Services.
- Appendix C: Valuation Checklist.
- Appendix D: PG&E Corporation Annual Report.
- Appendix E: Sources of Valuation Data.
- Glossary.
- Abbreviations.
- Bibliography.
- Index.
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