Cost of Capital Testimony

I have included testimony on the cost of capital for electricity and gas companies on this page. I hope you do not get angry at some of my ideas about the cost of capital testimony is somewhat radical. I generally have the option that all over finance people over estimate the cost of capital. I generally suggest that regulated companies are getting away with returns that far exceed their cost of capital.

Cost of cost of capital testimony that covered how the financial crisis has affected the cost of capital for regulated companies.


Cost of Capital Report for Boring Electric Utility Distribution Companies with Price/Book, CAPM and DCF


Bodmer Testimony on Financial Crisis.pdf

Rebuttal Testimony on Financial Crisis and Cost of Capital.pdf


Testimony on Deriving the Cost of Capital from Merger Presentations

Bodmer_Direct_Testimony on Cost of Capital ComEd 05-0597.pdf

Testimony on Cost of Captial, Betas, Market to Book Ratios and DCF demonstrating that cost of equity can be measured using a regression that sets the MB ratio to 1.0

Ameren Direct 06-0070.pdf

Testimony on Merger Savings

Direct Testimony in NSP WE Merger E,G0003 PA-959500.pdf

Rebuttal Testimony in NSP WE Merger E,G003 PA-959500.pdf

Rebuttal Testimony in 01-0423 on behalf of Government and Consumer Interests.pdf

Testimony on Construction Financing and Financial Condition

Direct Testimony in Interim 82-0026.pdf

Direct Testimony for ICC Staff in 82-0026.pdf

Testimony on measuring deferred taxes after changes in tax rates

Direct Testimony in ICC Docket 83-0309 on Deferred Taxes.pdf

Testimony on Financial Analysis of Water Company

Direct Testimony in ICC No. 80-519 on Phase in for Willobrook Water.pdf

Testimony on Cost Recovery of Decommissioning Cost

Direct Testimony in Decommissioning Case 00-0361 on Behalf of Industrial Customers and Hospitals.pdf

Rebuttal Testimony in Decommissioning Case 00-0361 on Behalf of Industrial Customres and Health Care.pdf

Testimony on Corporate Structure

Ring Fencing ITC_Midwest_–_07-0246_–_Exhibit_ECB_10[1].0.pdf

Testimony for ICC Staff in No. 80-0544 Illinois Power CWIP in Rate Base.pdf

Testimony on the financial implications of declaring service competitive

Direct Testimony in ICC 99-0013 on Behalf of Competitive Energy Suppliers.pdf

General Testimony on Cost of Capital

Vermont Publc Interest Research Group No. 5491 April 1991.pdf