You are cordially

invited to join
leading utility
executives,
financiers, M&A
advisors and
regulators as they 23rd Annual
address strategies
for growth and the
role of M&A.
Power and Utilities
For 22 years,
the SNL EXNET
Symposium
Power and Utilities
Symposium has Mergers, acquisitions
been the gold
standard of utility and strategic
growth opportunities
conferences. This
year’s agenda
features a slate of
panelists second
to none.

STEVEN H. DAVIS
Chairman and Partner
Dewey & LeBoeuf LLP January 25-26, 2010
Gregory W. The Ritz-Carlton Battery Park
Gartland
Managing Director
SNL Center for New York City
Financial Education
 PANELISTS AND SPEAKERS

Jonathan Baliff, Executive Vice President, Strategy, NRG Energy

Jean-Pierre Benqué, President, EDF, Development
George W. Bilicic, Chairman, Power, Utilities & Infrastructure, Lazard FrÈres & Co.
John A. Bohn, Commissioner, California Public Utilities Commission
Paul J. Bonavia, Chairman, President and CEO, UniSource Energy Corporation
Michael J.B. Carter, Director, Energy Group, SNL Financial
Steven H. Davis, Chairman and Partner, Dewey & LeBoeuf LLP
Gregory S. Donat, Director, Head of North American Infrastructure, Lazard FrÈres & Co.
Thomas J. Flaherty III, Senior Partner, Booz & Company
Christopher K. Hearn, Managing Director, First Reserve corporation
Jeffrey R. Holzschuh, Vice Chairman, Morgan Stanley
Jay D. Horine, Managing Director, Head of U.S. Power & Utilities Investment Banking, J.P. Morgan
Alan W. James, Senior Managing Director, Macquarie capital (usa)
Joseph T. Kelliher, Executive Vice President, Federal Regulatory Affairs, FPL Group
Timothy M. Kingston, Partner and Managing Director, Goldman Sachs & Co.
John G. Klauberg, Partner, Dewey & LeBoeuf LLP
William S. Lamb, Partner, Dewey & LeBoeuf LLP
Alan B. Levande, Senior Managing Director, Tenaska Capital Management
Dennis Mahoney, Senior Managing Partner, Head of Origination, SteelRiver Infrastructure Partners
Jeffrey A. McDermott, Managing Partner, Greentech Capital Advisors
James M. Metcalfe, Global Head of Power & Utilities, UBS Investment Bank
Frank A. Napolitano, President, Lakeside energy
Michael O’Sullivan, Senior Vice President, Development, NextEra Energy Resources
Alan R. Schriber, Chairman, Public Utilities Commission of Ohio
John W. Somerhalder II, Chairman, President and CEO, AGL Resources
Edward Sondey, Managing Director, Bofa merrill lynch
Marc Spitzer, Commissioner, Federal Energy Regulatory Commission
David Springe, Consumer Counsel, Kansas Citizens’ Utility Ratepayer Board
James P. Torgerson, President and CEO, UIL Holdings corporation
Bertrand A. Valdman, Executive Vice President and COO, Puget sound energy
Wouter T. van Kempen, President, Duke Energy Generation Services
Larry L. Weyers, Executive Chairman, Integrys Energy Group
Stan Wise, Commissioner, Georgia Public Service Commission
Raymond S. Wood, Managing Director, Credit Suisse
Michael W. Yackira, President and CEO, NV Energy
 Power and Utilities Symposium
Monday, January 25
7:30 Registration and
Continental Breakfast
Hosted by PricewaterhouseCoopers
8:30 Welcome and Introduction
Michael J.B. Carter, Director, Energy Group
SNL Financial
8:45 The Investment Bankers’
Perspective
With uncertain valuations, capital issues and climate change
arguments continuing to cloud the landscape, how is the
M&A environment likely to play out in the short term?
What are the drivers for consolidation? Who are the likely
buyers and sellers? What will it take to close a deal?
George W. Bilicic, Chairman, Power, Utilities and Infrastructure
LAZARD FRÈRES & Co.
Jeffrey R. Holzschuh, Vice Chairman
Morgan Stanley
Jay D. Horine, Managing Director, Head of U.S. Power &
Utilities Investment Banking, J.P. Morgan
Timothy M. Kingston, Partner and Managing Director
Goldman Sachs & Co.
James M. Metcalfe, Global Head of Power & Utilities
UBS Investment Bank
William S. Lamb (Moderator), Partner, Dewey & LeBoeuf LLP
10:15 Refreshment Break
Hosted by Huron Consulting Group
Considerations from State
10:35
Regulators and Consumer Advocates
How are state regulators assessing mergers today and what
approaches are most likely to win approval? What does it
take for a merger to create value for customers? What are
some of the key considerations regulatory commissions use
to balance utility costs with ratepayer perceptions?
John A. Bohn, Commissioner
CALIFORNIA Public Utilities Commission
Alan R. Schriber, Chairman
OHIO Public Utilities Commission
David Springe, Consumer Counsel
K ansas Citizens’ Utilit y Ratepayer Board
Stan Wise, Commissioner
GEORGIA Public Service Commission
Joseph T. Kelliher (Moderator), Executive Vice President
Federal Regulatory Affairs, FPL GROUP
12:00 Luncheon with Remarks
Marc Spitzer, Commissioner
federal energy regul atory commission
Luncheon hosted by Ernst & Young
1:30 Views from the Top: Using
Mergers and Acquisitions to Address
Strategic Uncertainty
How are capital, infrastructure and environmental issues
impacting deal-making and future strategic growth? How
are legislative and regulatory uncertainties affecting the
sector? What are the most pressing challenges facing the
industry in the near term and long-term? How will M&A
be part of a company’s forward plans?
Paul J. Bonavia, Chairman, President and CEO
UNISOURCE ENERGY CORPORATION
John W. Somerhalder II, Chairman, President and CEO
AGL RESOURCES
Larry L. Weyers, Executive Chairman
INTEGRYS ENERGY GROUP
Michael W. Yackira, President and CEO
NV Energy
Steven H. Davis (Moderator), Chairman
Dewey & LeBoeuf llp
3:00 Refreshment Break
3:20 Alternative Energy Transactions
Where is the most activity in this space and why? What are
the valuation and cost implications of the Treasury Grant
and available tax subsidies? What are the financing options
and challenges in the current market? Is there a case to be
made for joint ventures? Is a secondary market for renewable
energy assets beginning to materialize?
Jeffrey A. McDermott, Managing Partner
GREENTECH CAPITAL ADVISORS
Michael O’Sullivan, Senior Vice President, Development
NEXTERA ENERGY RESOURCEs
Wouter T. van Kempen, President
Duke Energy Generation Services
Raymond S. Wood, Managing Director
CREDIT SUISSE
John G. Klauberg (Moderator), Partner
Dewey & LeBoeuf LLP
5:00 Cocktail Reception
Hosted by Booz & Company
 “A n outstanding, unique event... The only time all year decision-makers from across
the entire spectrum of utility transactions come together to frame the issues.
Tuesday, January 26
7:45 Continental Breakfast
8:30 Asset Acquisitions and
Divestitures
Where is the market for generation assets headed in
2010 and 2011? What are the implications of carbon
policy and climate change on the type of assets that
used to be attractive and that will be attractive? How
will the need for “intelligent” valuations drive asset
value if credit remains scarce? Who are the buyers and
sellers, and how will macro factors inf luence market
participants?
Jean-Pierre Benqué, President
EDF, Development
Christopher K. Hearn, Managing Director
FIRST RESERVE coporation
Alan B. Levande, Senior Managing Director
TENASK A CAPITAL MANAGEMENT
Frank A. Napolitano, President
LAkeside Energy
Edward Sondey (Moderator) , Managing Director
BofA Merrill lynch
10:00 Refreshment Break
10:15 Strategies for Sustained Growth
What are the challenges to achieving sustained
growth? What are the implications for financing capital
expenditures? What will it take for industry inorganic
growth to regain momentum? How will companies address
the impacts of growth on prices to customers?
Jonathan Baliff, Executive Vice President, Strategy
NRG ENERGY
James P. Torgerson, President and CEO
UIL Holdings corporation
Bertrand A. Valdman, Executive Vice President and COO
Puget sound energy
Thomas J. Flaherty III (Moderator), Senior Partner
Booz and COMPANY
11:30 Refreshment Break
11:45 Infrastructure Financing
”
Opportunities and Challenges
How will utilities address their transmission and other
aging infrastructure? How should operators approach
raising and allocating capital and executing transactions in
the ordinary course and in non-traditional manners? What
are the opportunities for investors and what is their decision
process for allocating capital?
Alan W. James, Senior Managing Director
Macquarie capital (usa)
Dennis Mahoney, Senior Managing Partner, Head of Origination
STEELRIVER INFRASTRUCTURE PARTNERS
Gregory S.Donat (Moderator), Director, Head of North
American Infrastructure, LAZARD FRÈRES & Co.
Additional panelists to be announced
1:00 Closing Remarks
Buffet luncheon to be served.
4To Register
Online: www.snlcenter.com/uma
By Phone: (434) 951-7786
4Program Fees
$1,795 Individual
$1,595 Each additional registrant from same
organization at the same time
$1,095 Federal or State Regulatory Commission
4Venue and Accommodations
T he Symposium is being held at The Ritz-Carlton
Battery Park in New York City. Guest rooms at
the hotel have been reserved for this event at a
special rate of $349 per night, exclusive of taxes
and fees. The discount rate is available through
January 5, 2010 or until the block is filled.
To reserve your room, please call the hotel
directly at (212) 344-0800 and mention the
SNL EXNET Symposium.
 S P O N SO R S a n d PARTNERS

Register at: www.snlcenter.com/uma

or call (434) 951-7786

Professional Development Credits

CFA Institute
CFA Institute members who complete this Past Attending Organizations
program in its entirety are eligible for 9.5 PD Abatis Capital Energy Future Holdings Morgan Stanley & Co.
Accenture EnergyCo National Grid
credit hours as granted by CFA Institute. SNL
AEGIS Insurance Services ENSTOR Navigant Consulting
Center for Financial Education is registered with CFA Institute
AIG Entreet Nicor
as an Approved Provider of professional development programs. Ameren Entergy Nuclear NorthWestern Energy
If you are a CFA Institute member, PD credit for your attendance American Electric Power Ernst & Young NRG
at this event will be automatically recorded in your PD Diary. American Sercurities Exelon Corp. NV Energy
American Transmission FirstEnergy OGE Energy Corp.
National Association of State Boards of Accountancy Company Foley & Lardner Oliver Wyman
Aquila Fortress Investment Group Osaka Gas Company
Participants attending this program qualify for 11.5
Arcapita FTI Consulting Otter Tail Corporation
hours of CPE Specialized Knowledge and Banco Santander GE Energy Financial Pareto Energy
Applications credit. Learning Objective: Professional Bank of Tokyo-Mitsubishi Services Pepco Holdings
UFJ
Growth. Method of Presentation: Group Live. Level of Learning: Glacial Energy Perennial Power Holdings
Black & Veatch Goldman Sachs Group
Overview; Update. Requisite Knowledge and Experience: None. Blank Rome
PG&E Corp.
Hamilton Clark & Co. Philadelphia Gas Works
SNL CFE is registered with the National Association of State BNP Paribas Hastings Funds PPL Energy Services Group
Boards of Accountancy (NASBA) as a sponsor of continuing BofA Merrill Lynch Management
PricewaterhouseCoopers
professional education on the National Registry of CPE Sponsors. Booz & Co. HBK Investments
PSEG Services Corporation
Bridge Strategy Group HDR | Cummins & Barnard
State boards of accountancy have final authority on the acceptance PUC of Ohio
Brookfield Renewable HongKong Electric Company
of individual courses for CPE credit. Complaints regarding Power Horizon Power
Quanta Services
registered sponsors may be addressed to the National Registry Brown Rudnick Berlack R.W. Beck
Hunt Power
Israels Regulatory Research
of CPE Sponsors, 150 4th Ave N, Ste 700, Nashville, TN CapGemini America Inc.
Huron Consulting Group Associates
3271-2417. Website: www.nasba.org. Husch Blackwell Sanders Rothschild Inc.
Cernig Geracao e
Transmissao Iberdrola Renewables Royal Bank of Scotland
Symposium Objectives: Apply the current valuation and capital CH Energy Group ICF International Sargent & Lundy
market considerations to current M&A environment • Integrate Choate, Hall & Stewart IBM Global Services Saul Ewing
role of regulatory commissions into growth strategies • Evaluate Citigroup Alternative IDT Corporation ScottMadden
Investments Imperium Capital
financing options and challenges in renewable sector • Identify Citigroup Global Markets
SDG
Integrys Energy Group Sempra Energy
the price impacts of cost recovery to customers • Analyze the Cleco Corporation Joele Frank, Wilkinson Sierra Pacific Resources
current and future infrastructure financing opportunities Clifford Chance Brimmer Katcher
Simpson Thacher & Bartlett
Colonial First State Asset Jones Day
Management SK Exploration and Storage
About SNL EXNET Concentric Energy Advisors
J.P. Morgan
Skadden Arps
KeyBanc Capital Markets
SNL EXNET is a brand-name of SNL Center for Financial Consolidated Edison Somerset Gas Transmission
KeySpan Corp.
Education (CFE), a leading provider of conferences and seminars Constellation Energy Group Knox Lawrence
Southern Company
for professionals who focus on the energy, financial services, Credit Suisse International Starwood Capital
Deloitte Koch Supply & Trading Strategic Decisions Group
real estate and media sectors. SNL CFE is an affiliate of SNL
Denham Capital Kohlberg Kravis Roberts Strategic Energy
Financial, LC. Website: www.snlcenter.com. Management & Co. Tara Energy
Deutsche Bank Securities Korea Electric Power TCW Investment
Cancellations Dewey & LeBoeuf
Corporation Management
KPMG TECO Energy
Registration fees are fully refundable, less a $150.00 administrative Direct Energy
Lindsay Goldberg Tenaska
fee, if notice is received by January 5, 2010. Cancellations received Dominion Resources
Services LS Power Equity Partners Thorndike Landing
after that date but by Tuesday, January 19 receive a conference credit DPL Inc. Madison Dearborn Partners Tonkon Torp LLP
in the amount of the registration fee, less a $150.00 administrative DTE Energy Services Marubeni Power Towers Perrin
International
fee, to attend another SNL CFE program within 13 months. Duff & Phelps TRC Energy Services
McGuireWoods
Duke Energy
Cancellations received after January 19 are not eligible for a refund McKinsey & Company
UBS
E.ON U.S. United Illuminating
or future conference credit. Substitutions from the same company MDU Resources Group Company
Edison Electric Institute
may be made at any time. For more information regarding SNL Edison International
Merrill Corporation Vertex Business Services
CFE refund, complaint and program cancellation policy, Milbank, Tweed, Hadley & Wachovia Securities
Electricite de France McCloy
please call us at (434) 951-7786. ENDESA, S.A. Winston & Strawn
MMC Energy N.A.
Energy East Corporation Xcel Energy