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SDP Newsletter Winter 2020

MESSAGE FROM THE PRESIDENTHappy New Year!

Welcome 2020! Here’s hoping you enjoyed the holiday season…

For those that attended the 2019 Conference and Training, what a worthwhile trip that was to Philadelphia. The topics and discussions were both engaging and informative. It was a personal joy to have the opportunity to learn from all of the collective experience we have within SDP. The extended trainings continue to provide a deep dive into the complexities we face as depreciation professionals. This is one of the conferences that so many, myself included, look forward to the most. The membership is so passionate and engaged in sharing their knowledge and experience – and even as accountants and depreciation professionals, we like to have fun!

We continue to face an ever-changing future. As we heard through several of the presentations, we continue to brace for environmental, technology and regulatory challenges. The SDP Board of Directors has continued discussions around future SDP Publications that can help disseminate information to the SDP membership. If you have ideas regarding topics or would like to contribute, please contact me directly at president@depr.org.

Serving as your incoming president is something I anticipate with focus and enthusiasm. For the 2020 Conference and Training, we are looking forward to seeing everyone in Phoenix, AZ September 13-18. I am confident that our incoming Vice-President, Kevin Easterling, will bring together an engaging collection of speakers to deliver insights and experience to the SDP membership. If you would like to suggest a topic or speaker, please reach out to Kevin at admin@depr.org.

Let’s plan to connect as friends and colleagues at the 2020 Conference and Training in Phoenix, where we will surely thrive and have a good time as we gain new connections and knowledge.

Our entire leadership team appreciates your continued support of the Society and commitment to making our organization successful!

All the best for a successful year ahead,

Amber

S A V E T H E D A T E !

33RD ANNUAL CONFERENCE & TRAINING IN PHOENIX, AZ

SEPTEMBER 13 – 18

BOOK YOUR ROOM

CALL FOR SPEAKERS

The Society of Depreciation Professionals is seeking suggestions and speakers for our upcoming 2020 Annual Conference in Phoenix, AZ on September 14 and 15 at the Kimpton Palomar Hotel. SDP members and colleagues should submit the form at the link by March 31, 2020 for consideration by the Conference Committee. All ideas are welcome!

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SDP Newsletter Winter 2020

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SDP Newsletter Winter 2020

SDP BOARD OF DIRECTORS2020 OFFICERS

2020 COMMITTEE CHAIRS

President Amber De Lucenay Manager, Regulatory Plant Accounting TECO Energy

Vice President Kevin Easterling, CDP Manager, Property Accounting CSX Corporation

Treasurer Melissa Howard, CDP, PE Analyst, Gannett Fleming Valuation and Rate Consultants, LLC

Secretary Rich Bennett, CDP Senior Solution Architect PowerPlan

At-Large Directors John Johnson Rates & Regulatory Project Manger, Atmos Energy Corporation

Gerrilynn Wolfe Sr. Capital Recovery Analyst, Arkansas Public Service Commission

Past President Brian Andrews, CDP Associate, Brubaker & Associates, Inc.

Certification & Testing Stephen Barreca, ASA, CDP, PE Founder & President BCRI Valuation Services

Education & Training Director Susan Jensen, PhD, CDP Surface Transportation Board

Membership Vacant

Current Issues Letter Vacant

Conference Program Director Kevin Easterling, CDP Manager, Property Accounting, CSX Corporation

Website & Newsletter Rich Bennett, CDP Senior Manager, PowerPlan, Inc.

SDP TRAININGDR. SUSAN JENSEN, CDP, TRAINING CHAIRWe are pleased to report that in 2019 SDP training had near record attendance with over 100 trainees in Philly! We were near capacity in our Depreciation

Fundamentals course with 42 trainees, split into two sections to maintain the quality of your training experience. Trainees were drawn to SDP for its excellent courses taught by leaders in depreciation.

SDP faculty include a dozen experts with hundreds of years of combined experience. The ratio of trainees to faculty is 8 to 1, giving trainees the best learning experience in the industry.

Two or more trainers often co-teach a course to give trainees different perspectives, thus setting us apart from other “sole trainer” offerings.

SDP courses apply depreciation methodologies to realworld data, thus making the skills acquired readily transferable to the workplace.

And during our week of training we offer the exam for the credential that depreciation professionals want – the Certified Depreciation Professional (CDP) credential. SDP’s training is the best preparation for the CDP exam.

This year we again offered a variety of courses, from two 1-day courses before the SDP Conference to four 4-day courses following the Conference, as discussed below.

On Sunday before the Conference, the Introduction to Depreciation course provides trainees with an overview of depreciation topics and preparation for the CDP Exam.

“Knowledgeable, helpful experts as instructors. Excellent info. Well-done training materials & organization.”

“Great training, unavailable anywhere else! Will be back with more reps from my team!”

“Appreciate the trainers’ experience and wealth of knowledge which you cannot get from instruction manuals.”

“Having two instructors was effective in breaking up the presentation. Gave a great complement of views.”

“Combo of trainers made for a very informative and entertaining class.”

“Great class! Very applicable to my job.”

The more advanced Depreciation and Ratemaking Issues course includes classes on select topics, such as cost of service and testifying, and a current issues panel.

Our 4-day Extended Training courses include Analyzing Net Salvage in the Real World (new in 2018). This course

examines how gross salvage and cost of removal are recorded to accumulated depreciation, analyzed using statistical

“Intro classes were effective and provided a good background.”

“Instructor did an excellent job. Great conversational teaching style. Plenty of time to answer questions and discuss topics. Net salvage is a very timely topic. Highly recommend this course.”

Click Here for the Volunteer Interest Form

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SDP Newsletter Winter 2020

techniques, estimated (for mass and life-span properties), reflected in the accrual rate, and impacted by the retired asset’s age and inflation. We advise registering early for this class because it fills up quickly!

Depreciation Fundamentals provides an overview of depreciation topics and preparation for the CDP Exam.

This course is beneficial for professionals preparing depreciation studies as well as managers seeking an overview of the segments of a depreciation study.

Analyzing the Life of Real-World Property provides hands-on experience analyzing the life of realworld property in small groups. The course also probes the engineering reasons that cause assets to fail or be replaced and any resulting removal cost.

Preparing and Supporting a Depreciation Study, our capstone course, is intended for depreciation professionals who prepare depreciation studies as well as managers seeking an overview of the depreciation study process. The course focuses on developing life and salvage estimates and depreciation rates that reflect company and

technology impacts. The course also addresses preparing and supporting the study report.

But it’s not all work! Trainees and instructors enjoy informal receptions that provide valuable networking opportunities. We are planning fun receptions for next September in Phoenix!

We have trained almost 1,300 professionals since training began in 2003. We encourage you to register early for SDP’s training in Phoenix before your desired course is SOLD OUT! For additional info about our courses, please visit SDP 2019 Overview.

“All classes were very helpful for a novice in the field. I look forward to taking classes in the future.”

“Great training, very informative. I look forward to next year’s training.”

“One of the best trainings I have attended.”

“I enjoyed the instructors. A ton of knowledge and they presented it well. Very patient with others and a real pleasure to learn from.”

“Excellent presenter - very enthusiastic, engaging, and easy to follow.”

“Instructor did a great job. Really appreciate when she shared her real-life experiences.”

“Class exercise was super engaging, fun, and relevant.”

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SDP Newsletter Winter 2020

NEW CERTIFIED DEPRECIATION PROFESSIONALSCONGRATULATIONS TO THE FOLLOWING INDIVIDUALS FOR OBTAINING THEIR CERTIFICATION AS A CDP!

REQUIREMENTS FOR CDP STATUS

• Active membership in the SDP.

• At least 5 years of full-time professional depreciation experience, at least 2 years of which must be in the area of depreciation administration. Three years’ experience may be in related fields such as engineering, finance, planning, regulation, and regulatory consulting. Depreciation administration comprises any of the following activities: involvement or responsibility for the preparation of depreciation studies, the review of depreciation studies, development of depreciation analysis software systems, and instruction in depreciation analysis and procedures.

• College degree or its equivalent. Each year of practical depreciation experience equals 1 year of college equivalency. The Certification Committee recognizes career development and non-academic equivalency, e.g., courses, seminars, teaching, administrative/supervisory positions, membership in professional organizations. Documentation of all academic and non-academic experience is mandatory and must be on file at the SDP office (e.g., copy of diploma, current letter from college, transcript).

• An application form (PDF) and an application fee of $100 must be received by SDP 20 days prior to the exam date. If a candidate is unable to attend the scheduled exam, they must notify SDP 5 days prior to the exam date or a cancellation fee of $50 may be assessed.

For more details on the exam, requirements, and related resources, please visit the Certification section on our website here: https://depr.site-ym.com/page/Certification.

HOW TO BECOME A CDPSTEPHEN L. BARRECA, ASA, CDP, PE CERTIFICATION & TESTING CHAIR

The Society of Depreciation Professionals (SDP) is the only internationally recognized and respected professional organization devoted to the depreciation profession. SDP is a non-profit multi-disciplined organization, including regulators, depreciation analysts, economic life analyst, appraisers and related fields. The SDP is the keeper of depreciation and life analysis methods. Our membership includes many professionals distinguished for their proficiency, knowledge and expertise.

The SDP accreditation program is thorough and challenging. We only award our Certified Depreciation Professional (CDP) designation to members that meet the SDP’s high standards; which confirm the member’s demonstrated proficiency, knowledge, expertise and experience in the depreciation profession. Our CDP designation is internationally recognized. As a holder of the CDP you will be recognized as a depreciation and life analysis expert by regulators, in legal forums, and by other professionals.

I strongly encourage all members to pursue obtaining their CDP certification. While the CDP confirms your expertise and will give you an advantage over your peers, it is also central to the SDP maintaining its international prestige.

THERE WERE SIX NEW CDPS ISSUED IN 2019:

Stephen Dixon, CDP John Dimler, CDP Joel Fishkin, CDP

Melissa Howard, CDP Rebecca Richards, CDP

THE GOALS OF CDP PROGRAM

• Allow individuals to demonstrate their knowledge of depreciation.

• Provide an opportunity for members to be recognized as having met the requirements established by SDP.

• Elevate the practice of depreciation by establishing minimum standards.

• Keep members current and participating in the field.

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WELCOME NEW SDP BOARD MEMBERSVICE PRESIDENTKEVIN EASTERLING, CDP - CSXKevin Easterling, CDP is the Manager of Property Accounting at CSX. Mr. Easterling currently manages $43B in assets with over $1.2B in annual depreciation expense. Approximately 85% of this portfolio uses group depreciation. Mr. Easterling was a key contributor in automating the depreciation expense calculation into Oracle Fixed Assets for group depreciation and forecasts the annual depreciation expense for CSX Transportation. During his time in Property Accounting, he has been involved in three equipment and two road and track depreciation studies for submission to the Surface Transportation Board. He earned the CDP designation in 2018 and currently serves on the SDP Board of Directors.

TREASURERMELISSA HOWARD, PE – GANNETT FLEMINGMs. Howard is a Depreciation Analyst at Gannett Fleming Valuation and Rate Consultants, LLC based in Harrisburg, PA. She has been with the firm since 2007 and has performed numerous depreciation studies for a variety of electric, gas and water companies. She has extensive experience conducting actuarial and simulated life analyses, performing net salvage analyses and calculating annual and accrued depreciation. She also provides support in rate case proceedings related to these studies in multiple jurisdictions.

Prior to her current position, Melissa worked as a Civil Engineer for Gannett Fleming, Inc. in the company’s Dams and Hydraulics Practice performing hydrologic and hydraulic analyses for dam and other water resource projects. Her previous experience also included work for engineering firms that specialize in transportation and land development.

Melissa holds a B.S. in Civil Engineering and an M.B.A. both from Temple University in Philadelphia, PA as well as an M.S. in Civil Engineering from Lehigh University in Bethlehem, PA. She became a licensed Professional Engineer in the state of Pennsylvania in 2004.

Her technical education related to depreciation has included the training offered by the Society of Depreciation Professionals as well as in-house depreciation courses administered by Gannett Fleming. She has also completed the American Gas Association’s introductory course in Public Utility Accounting. Melissa has been a member of SDP since 2007.

DIRECTOR AT LARGE (TWO SEATS)GERRILYNN WOLFE – ARKANSAS PUBLIC SERVICE COMMISSIONI am a CPA with over 14 experience in the utility industry. I joined the Arkansas Public Service Commission as a Capital Recovery Analyst in June 2013 and have been the Senior Capital Recovery Analyst since 2017. I am responsible for reviewing and conducting comprehensive depreciation studies for utility companies subject to the Commission’s jurisdiction. I also review utility requests to maintain or change depreciation rates and evaluate the basis for such requests, as well as developing the Staff’s position in response. I began my utility career in telecommunications at Alltel/Verizon Communications in 2005, where I was the project manager for the development of an asset tracking system for plant accounting responsible for data management of 1.35 million assets totaling $3.6 billion across 73 markets nationwide.

Education: BA Accounting – University of Central Arkansas BA Marketing – University of Little Rock

Professional Associations: Society of Depreciation Professionals – 2013

Certifications: CPA – State of Arkansas, 2008

JOHN JOHNSON – ATMOS ENERGY CORPORATIONJohn Johnson is a Rates & Regulatory Project Manager for Atmos Energy Corporation in Dallas, Texas. He has worked for Atmos Energy since 2005. His current responsibilities include managing rate case filings and acting as a company liaison for depreciation consultants. Also, in his position, he reviews witness testimony, prepares responses to data requests, and performs various other analyses for annual filings and reports to be provided to Commissions across eight states. From 1998 to 2005, Mr. Johnson worked for Deloitte on depreciation studies for various electric, natural gas, and water public utility companies.

Mr. Johnson holds a Bachelor of Business Administration degree in Strategic Management from the University of North Texas.

Mr. Johnson has been a member of the Society of Depreciation Professionals since 2003 and is a former Director at Large.

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If you understand the title in terms of regulated utilities, this article is for you. The specific issue is whether any change of depreciation rates implies a necessity to change rate of return. The short answer is “no”. Changes in depreciation rates mean that the regulator has accepted the most recent analysis of the economic service life of the assets under regulation. It has no bearing on the recommendations for rate of return on those assets.

The depreciation “engineer”, as was once the common job title, is tasked with estimating the economic life of the assets under regulation. The analysis is an account-by-account, and sometimes subaccount, review of the subject asset’s economic life taking into account, when appropriate, all available information as to historic life patterns, technology state, physical conditions and function obsolescence. The final determination of the individual annual depreciation rate (% per year) is made by the regulator (state public service commission or the FERC) based on review of the company provided depreciation study, direct testimony, cross examination and

Like the lament or tag line of 1960’s era comedian Rodney Dangerfield, the study of depreciation “gets no respect” when it comes to utility ratemaking. Apparently return of capital is just not that interesting. Certainly depreciation draws nothing like the attention lavished on the topic of return on capital presented in public utility rate case rate of return testimony. Why is that?

It certainly cannot be because depreciation expense is not a significant number in the calculation

rebuttal testimony by the regulator’s staff experts. Nowhere in this process is there any reference to the rate-of-return (ROE) proposed or approved by the regulator.

The rate–of-return (ROE), as estimated by the regulator for use in the annual revenue requirement development, is subject to similar analysis. Usually the regulated company will provide an expert witness who will provide a recommendation based on the expert’s analysis of the requirements of the capital markets for the specific type of utility, given its capital structure, regulatory environment and other factors. The ROE witness will use a peer group of companies meeting the court established criteria of business enterprises of “similar risk”. Concurrently experts on behalf of interveners and the regulatory staff will provide testimony, exhibits and rebuttal to the company’s witness. The regulator will make a determination of the ROE to be applied in the revenue requirement development based on the evidence in the record and veracity of the expert witnesses.

RETURN OF AND RETURN ON CAPITALBy Branko Terzic

DEPRECIATION: NO RESPECT!By Branko Terzic

In developing a recommendation for the ROE recommendation the expert witness must make the assumption that whatever depreciation is in effect and authorized by regulator is the correct one. To make an assumption otherwise would require the ROE witness to have an expert opinion as to what the correct depreciation rates should be. With this alternative assumption, of an incorrect depreciation rate for the subject public utility, the ROE witness would also have to have an opinion on whether the depreciation rates for the peer group of companies are correct as well. This is clearly neither tenable nor possible.

Thus, changes in depreciation rates do not imply changes in rate of return estimations. New depreciation rates merely indicate that the most recent information available to the regulator on the future economic service lives of the public utility’s assets have been evaluated and implemented. The ROE analysis continues under the assumption that the regulatory approved depreciation rates are always correct. ◊

of a public utility’s annual revenue requirement. With composite depreciation rates in the range of 3-4% per year a typical US electric utility with a $5-$10 Billion rate base would claim $150 million to $400 million in revenue requirement for depreciation expense. Consider that on a similar rate base with a 50-50 capital structure an annual return on equity at 10% would be $250 million to $500 million in revenue requirement. In other words, the annual depreciation expense for most utilities is nothing to sneeze at. But it still does not draw the

attention or interest.

One possible reason is that, in my experience, everyone and I mean everyone, has or will venture an opinion of the issue of return on equity. Who doesn’t have an opinion on the level of “profit” a monopoly utility should earn? After all, everyone has had experience with debt rates, whether house mortgage, automobile financing or credit cards and many know the current, pitifully low, interest offered on savings accounts. So with a range of 25% per year for credit debt

...Continued on Page 8

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DEPRECIATION: NO RESPECT! (CONTINUED...)and 1% on savings rates, guessing an order of magnitude for a level of profit in percent per year in that range seems reasonable and pretty much everyone is willing to take a stab at it when asked.

It’s not so with annual depreciation rates. The general public and few regulators have any familiarity with depreciation concepts or rates. To do so would not just require a knowledge of accounting concepts but also asset recognition and service life estimation. Who but public utility professionals know those things? And on what basis would the average citizen speculate that annual composite depreciation rates for an electric utility are at the level of 1%, 10% or 100% per year? So it’s a mystery.

There’s another reason annual depreciation rates and expenses gets less attention than rate of return. Annual depreciation is a unique number for each utility. It based on studies of the lives of assets in each individual account. Unlike rate of return where the studies refer to one capital market, each depreciation study is stand alone. The service lives of metal meters along the salty shores of the Atlantic states do not inform about the lives of similar meters in dry Arizona. However, the cost of capital witnesses rightly point out that each utility’s stock must compete for investors with other companies in the same capital markets. Thus, a comparison can be directly made of returns available in the market and those proposed for the subject company. It’s not so with estimation of depreciation rates. Each company is unique.

This reliance on the financial market as a checking mechanism also means that markets react quickly to commission orders setting rates of return above or below market requirements. Stock analysts, fund managers, investors all will recognize and publicly comment when a specific commission order misses the mark in rate of return. Of course, the stock price may move as well.

Not so with misestimating the annual depreciation rate. In the first place, how would anyone know. Even if the

commission ignores the testimony of expert witnesses on depreciation, as long as someone on the record has provided an alternative estimate the commissioners are well within their authority to choose the incorrect number. Secondly, depreciation expense is the only expense totally under the control of the regulator. Unlike rate-of-return and its market check, no market check exists for the level of depreciation expense approved by the regulator. This means that all too frequently the regulator’s decision to increase depreciation rates may be more informed by the direct rate impact affect (higher depreciation rates equals higher revenue requirements) than by the need to recognize new depreciation realities such as technological obsolescence.

This was the case in the 1970’s when state regulators and the FCC missed the boat on the digital technological revolution in the telephone industry.

Charles A. Zielinski, former Chairman of the New York Public Service Commission, in an address in 1981 at Iowa State addressed this issue:

“And those (regulators) with a broad sense of fairness might also want to see whether the old technology was under-depreciated because of their past refusals to accelerate depreciation:”

Regrettably the only signal that depreciation rates are or have been inadequate comes at the end of the line when finally, costs are “stranded” and assets are to be replaced by new technologies without having been properly depreciated over their economic service lives.

There is no need for that to happen. Depreciation analysis is a well-developed profession with its own professional society and certification system. The Society of Depreciation Professionals (SDP) holds it next annual convention and training program in September in Phoenix, AZ. Consider this an invitation from one of the SDP’s founders. See www.depr.org ◊

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PUBLICATIONS FROM SDP EDUCATION FUNDThe Society of Depreciation Professionals (SDP) announced the formation of the SDP Education Fund (Fund) in 2018 to further SDP’s purpose as an educational institution. The Fund will help to further the SDP’s objectives “… to promote the professional development and professional ethics of those practitioners in the field of depreciation; to collect and exchange information about depreciation engineering and analysis; to provide a national forum of programs and publications concerning depreciation.”

The views expressed in the books provided through the SDP Education Fund are those of the authors. These opinions do not necessarily reflect the

views of the Society of Depreciation Professionals.

DEPRECIATION OF GROUP PROPERTIESby Robley Winfrey

ENGINEERING RESEARCH INSTITUTE BULLETIN 155

1942

REPRINTED 1969

IOWA STATE UNIVERSITYENGINEERING RESEARCH INSTITUTE

AMES, IOWA 50010

Statistical Analyses of Industrial Property Retirements

by

Robley Winfrey

Bulletin 125revised

enGineerinG reseArCH institutei owA s tAt e u n i v e r s i t y • A m e s , i owA

Bulletins 125 & 155 are available through our website with a minimum donation of $35 each or $60 for both. A bundle of all three Fund publications is available for $100. All three of these texts have been out of circulation for a number of years, and we are grateful to the authors and institutions who provided permission to reprint them!

Click the image below to get your copy today, or visit the registration desk at the 2020 SDP Conference and Training to pick up your copies on site.

• Depreciation Systems by Frank K. Wolf and W. Chester Fitch - $50 donation

• Iowa Engineering Experiment Station Bulletin 125, “Statistical Analyses of Industrial Property Retirements” - $35 Donation

• Iowa Engineering Experiment Station Bulletin 155, “Depreciation of Group Properties” - $35 Donation

FEEDBACK REQUESTEDWe are pleased to inform you that the SDP Education Fund is republishing Marston, Hempstead and Winfrey, “Engineering Valuation and Depreciation”! In an effort to ensure we have copies available to all who are interested, please indicate your interest in ordering the text by filling out this survey.

If you would like to be notified when the publications are available, enter your contact information on the survey page. For more information on the Education Fund and the other publications available, click here.

Thank you for your time!

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SDP Newsletter Winter 2020

2020 SPONSORS

Alliance Consulting Group is an international consulting firm formed in 2004 to provide professional and expert witness services to utilities. Since 2004, Alliance Consulting Group has conducted over 200 depreciation studies for regulated and non-regulated clients across nearly all utility segments. We have filed testimony more than 35 states as well as FERC. Alliance Consulting Group is led by Managing Partner Dane Watson who is actively involved in the day-to-day operations and is their primary Expert Witness. We currently have three full-time Senior Consultants, Dr. Karen Ponder, Ms. Rhonda Watts, and Ms. Rebecca Richards, as well as other support staff. Alliance Consulting Group is dedicated to providing quality consulting and expert services to the utility industry. Our professionals have over 115 years of combined experience around the utility industry, and we have been employed in the industry as utility employees, managers and consultants.

Founded  in 1915, Gannett Fleming is a global infrastructure firm that provides  planning, design, technology, and construction management services for a  diverse array of markets and  disciplines. We have helped to shape infrastructure and improve communities through transportation, environmental, water, energy, and facility-related projects in more than 65 countries. The firm embraces  sustainability and innovation for all projects and  internal activities, finding the best solutions and the most efficient processes while being responsible stewards of the environment. Gannett Fleming Valuation and Rate Consultants, LLC provides consulting services  to investor-owned and publicly-owned utilities  and has successfully represented clients in public pricing policy and  related matters before regulators and in courts of law. Our team of  engineers, accountants and analysts has a broad experience base to meet  your needs and is skilled in using computer-modeling  techniques to customize studies and analysis. We combine the guiding  traditional principles with innovative approaches to provide an  understandable product that can stand the test of scrutiny.

Regulated Capital Consultants was formed in 2010 with the purpose of providing rate-regulated and asset-intensive industries with a trusted advisor, offering accounting, tax, regulatory, and IT departments with systems advocacy services and internal resource support. RCC’s consultants combine their knowledge of accounting, tax, and regulatory processes with deep technical expertise to provide customers with results that are accurate and actionable. With unparalleled experience in the industry, RCC’s expert consultants add immediate value to every project.

RCC consultants specialize in providing solutions to meet the unique requirements of the rate-regulated and asset-intensive industries. From the west coast to the east coast, and just about all the investor-owned utilities, railroads and telecoms in between, RCC consultants have spent time consulting and creating, planning, managing and implementing no-nonsense data and process solutions. Along the way, RCC has had the opportunity to work side by side with great software innovators as well as industry leaders within an ever-changing economic, business, regulatory and technology environment.

RCC continues to focus on the capital asset lifecycle’s impacts on fixed asset accounting, income tax compliance and accounting, rate-making, and technology. RCC believes in a cross-functional approach to enable clients to build a best-in-class accounting and systems process that meets customers’ internal and external requirements. In order to maintain the high levels of service for which it is known, RCC continues to invest in attaining and retaining all the functional knowledge and technical skills required to plan and execute proven solutions for the most challenging situations.

PowerPlan software provides financial insight into how complex rules and regulations impact your organization – empowering you to make credible decisions that improve overall corporate performance. The integrated solution provides complete visibility starting with forecasting and monitoring to scenario planning and analytics while maintaining financial compliance. For more information, email info@powerplan.com or visit www.powerplan.com

Concentric Advisors, ULC is a new Canadian subsidiary of Concentric Energy Advisors, located in Calgary, Alberta. Concentric Advisors possesses expertise in numerous aspects of the power, natural gas, oil pipeline, telecom, water, and railway industries with a focus on depreciation and valuation

AUS Consultants has been delivering unsurpassed consulting services to the utility industry for decades. Our expertise includes all aspects of the utility regulatory and ratemaking arenas, as well as the valuation field. Because we focus exclusively on the utility industry, we have developed deep industry expertise and experience, which we pass on to our clients, providing first-rate services and ensuring our clients’ success. Our consultants have decades of experience, are well respected throughout the industry, and understand the key strategic issues faced by today’s utility professionals. All of our consultants are utility experts and have advised vertically integrated utilities as well as utilities operating in the restructured industry. AUS Consultants’ valuation expertise includes utility asset valuation, as well as the valuation of intellectual property and intangible assets. AUS Consultants publishes two of the top utility reports in the industry: the AUS Monthly Utility Report and the AUS Telephone Plant Index.

FOR INFORMATION ON BECOMING A SPONSOR VISIT OUR WEBSITE DEPR.ORG

Our sponsors provide generous monetary donations and donations-in-kind toward making our Annual Conference and Training the successful events that they are. These contributions go towards the many breakfasts, lunches and special events that conference and training attendees enjoy throughout the week.