Photo of Karen  Morgan, CFA

Selected Expertise

  • Utility cost of capital
  • Utility finance and accounting
  • Utility regulatory modeling
  • Utility cost of service
  • Utility rate regulation
  • Canadian utility regulation

Karen Morgan, CFA


Karen Morgan has more than 20 years of experience, specializing in utility rate and regulatory matters. Her work has consisted of research on cost of equity capital for public utilities, capital market forecasting, financial statement analysis, and other utility issues. Previously, she worked for both private and public sector entities including Enbridge Gas Distribution and Energy Mines and Resources Canada.

Selected Experience

Past experience includes:

  • 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.


MA, Economics, University of Western Ontario

BA, Economics, Queen’s University at Kingston