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Photo of Karen  Morgan, CFA

Summary

Karen Morgan has more than 20 years of experience, specializing in utility rate and regulatory matters. Her work has primarily consisted of research on cost of equity capital for public utilities, capital market forecasting, financial statement analysis, and other utility issues. She is currently working on various procurements and the fuel audit of a major utility. Previously, she worked for both private and public sector entities in Canada, England and the United States including Foster Associates, Enbridge Gas Distribution, British Telecom and Energy Mines and Resources Canada.

At Bates White, Ms. Morgan has submitted testimony on behalf of the Mississippi Public Utilities Staff before the Mississippi Public Service Commission (Docket No. 2015-UN-049 (Atmos Mississippi)).  Bates White provided an assessment of the rate rider as a tool to recover the costs, recommended enhancements and alternatives, and provided an assessment of the impact on the financial indicators of Atmos Mississippi of the rider as proposed and under various scenarios arising from the testimony on other witnesses. In addition to the auction work, Ms. Morgan has worked on a wider variety of projects, including the review of utility transmission and distribution plans, project valuations, FERC market power filings, and issues related to transfer pricing.

Prior to Bates White, Ms. Morgan supported the preparation of over 150 cost of capital studies and testimonies for presentation before public utility commissions in both the United States and Canada, including the generic rate of return cases in both Alberta and British Columbia. These testimonies incorporated the assessment of the impact of business risk factors (e.g., competition, rate design, contractual arrangements) on capital structure and equity return requirements. She also conducted research related to regulatory practice (e.g., weighted average cost of capital, performance-based return, capital cost recovery, deferral accounts, etc.). 

Education

MA, Economics, University of Western Ontario

BA, Economics, Queen’s University at Kingston

Selected Work

Selected Experience

  • Supported the preparation of over 150 cost of capital studies and testimonies for presentation before public utility commissions in both the United States and Canada including the recent generic rate of return cases in both Alberta and British Columbia. Testimonies incorporated the assessment of the impact of business risk factors (e.g., competition, rate design, contractual arrangements) on capital structure and equity return requirements.
  • Conducted research projects related to regulatory practice (e.g., weighted average cost of capital, performance-based return, capital cost recovery, deferral accounts, etc).
  • Developed a spreadsheet-based cost of service model for a large Canadian vertically integrated utility. The final product aggregated a series of regional cost of service models and was designed to permit some modification of input assumptions to facilitate scenario testing.
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