Sponsored by the Society of Utility and Regulatory Financial Analysts (SURFA).


Register online or PDF form (email or fax)

Hotel Accommodations:

Hotel reservations should be made at Bourbon Orleans Hotel.

2017 SURFA Financial Forum

The Annual Financial Forum of the Society of Utility and Regulatory promotes better understanding of current cost of capital issues affecting the regulated utility industries — energy, water, and telecommunications. The program will be of interest to rate-of-return professionals and financial analysts as well as regulatory commissioners and staff, consumer advocates, attorneys, accountants, and consultants.
Financial Forum attendees may earn CPE credits. Although no advanced preparation is required, a background in corporate finance and a working knowledge of public utility ratemaking is a prerequisite for earning credits. The learning objectives for the program are as follows:

  • To identify key issues affecting the utility sector;
  • To understand how certain regulatory decisions impact utility credit ratings;
  • To compare and evaluate the cost of capital for utilities; and
  • To identify how industry and policy changes might impact the cost of capital

2017 Presentations

Panel 1: Lonski, John

Panel 2:

Panel 3: Moharam, Partha S. / Hunt, Paul

Panel 4: Weinstein, Michael / Wobbrock, Ryan / Hyman, Leonard

Panel 5: Villadsen, Bente / Gettings, Mike

Other presentations will be posted when available

It is SURFA’s policy to resolve questions and complaints with its members on a case-by-case basis. For more information or to register a complaint, please contact SURFA President Bente Villadsen at 617-864-7900 or


Bourbon Orleans Hotel
717 Orleans Street
New Orleans, LA 70116
To make reservations call the hotel at either 504-523-2222 or 866-513-9744 by Monday, March 20, 2017 or use the online reservation site.

Hotel Website | Make Reservation Online
April 19, 2017
Check-out: April 21, 2017
Group Name: Society of Utility and Regulatory Financial Analysts
Group Code: SURFA
Group Rate: $160/night

Additional Information:

Click here for the 2016 list of attendees.

Click here for the 2016 speaker bios.

Click here for 2017 brochure

SURFA Webinars

Past webinars

12/9/2016       Competition, Climate and Cost of Capital: A Look at Electric Utilities in the US

(click for presentation)

Len Hyman and Bill Tilles

Upcoming webinars

 January:   “Addressing Pension Obligations” with Tim Jennings, Goldman Sachs

February: “Outlook for Utility Equities” with Julien Dumoulin-Smith, UBS

(exact data and time will be announced later)

For comments or suggestions on our webinars, please contact Enrique Bacalao or Jim Hempstead


The Society is a non-profit corporation, founded in 1977 by financial analysts representing a cross-section of the regulatory process.  These financial analysts representing government, the financial community, industry and academia founded the National Society of Rate of Return Analysts (NSRRA).  The Society’s 1st Financial Forum, held on October 21, 1977, addressed such issues as “Risk Evaluation and Measurement”, “measuring and rewarding Efficient” and “Approaches to Rate of Return Determination.”  The objectives of the new Society were outlined by John J. McGrath, the luncheon speaker who stated:

“Rate of Return analysis, as defined in the Society’s Constitution, is the “study of economic, financial and other pertinent facts and forecasts for the purpose of appraising risk and reflectively determining an appropriate level of profitability or rate of return on investment in regulated and non-regulated industries. The aim of the Society is to discuss and disseminate concepts and practices in the application of rate of return analysis, to promote the education and understanding of rate of return analysis, and to foster a high standard of ethics for members.”

In 1996, the name of the Society was changed to the Society of Utility and Regulatory Financial Analysts (SURFA). Despite the name change, more than thirty years later, SURFA is a highly-respected and widely-recognized organization whose objectives continue to remain the same.

To advance and foster the society’s objectives, SURFA presents an annual Financial Forum on a variety of topics related to rate of return analysis and sponsors the Certified Rate of Return Analyst (CCRA) Program.


SURFA Certification (CRRA)

The Certified Rate of Return Analyst (CRRA) program was initiated in 1990 as an educational service of the Society. The purpose of the program is to aid practitioners in acquiring knowledge relevant to rate of return analysis, to recognize the candidate’s knowledge level and to enhance awareness of the regulatory rate of return process. The program focuses on understanding the mechanics of rate of return analysis and is intended to be unbiased in that no single technique or approach is favored.

Study materials to assist in preparing for the examination will be sent to registered candidates. The study program includes The Cost of Capital – A Practitioner’s Guide (10th Edition), available for purchase through SURFA for $40 including shipping and handling (plus 5.3% sales tax for Virginia registrants).

The CRRA is available only to SURFA members and membership is required for the CRRA designation. The fee to sit for the exam is $350 and membership in SURFA is required (additional fee). The registration deadline for the 2017 CRRA exam is February 15, 2017 and the exam will be given on Wednesday, April 19, 2017 in conjunction with the annual Financial Forum (registration required). Please see the registration form for details.


The registration deadline for the 2017 CRRA exam is February 15, 2017 and the exam will be given on April 19, 2017 in conjunction with the annual Financial Forum (registration required). Please click here for CRRA Application, Membership Application, or Reference Request. More information can be found here.

Inquiries concerning the CRRA program should be directed to:

David Parcell

Technical Associates


Certified Rate of Return Analysts

  • Bradley E. Lorton, Indiana Office of Utility Consumer Advocate
  • Brian Kim, Baker Tilly Virchow Krause LLP
  • Bwembya Chikolwa, Texas Comptroller of Public Accountants
  • Byron S. Watson, Energy & Resource Consulting Group, LLC
  • Charles E. Peterson, Utah Division of Public Utilities
  • Daniel J. Duann, Office of Ohio Consumers Counsel
  • David C. Parcell, Technical Associates, Inc.
  • David J. Garrett, Oklahoma Corporation Commission
  • David Murray, Missouri Public Service Commission
  • Douglas Carlisle, South Carolina Office of Regulatory Staff
  • Dylan W. D’Ascendis, Sussex Economic Advisors, LLC
  • Edward R. Kaufman, Indiana Office of Utility Consumer Counselor
  • Emily Sears, Texas Public Utility Commission
  • Enrique Bacalao, CRRA, Public Service Commission of WI
  • Farris M. Maddox, Virginia State Corporation Commission
  • Frank M. Tomicek, Railroad Commission of Texas
  • Geoffrey M. Rush, Oklahoma Corporation Commission
  • Janet Fairchild-Hamilton, Alaska Department of Law
  • Jim Zell, Public Utilities Commission of Ohio
  • Joel Fishkin, Indiana Utility Regulatory Commission
  • Joel M. Reiker, Arizona Water Company
  • John Cassidy, Arizona Residential Utility Consumer Office
  • Joseph M. Brock, Railroad Commission of Texas
  • Keith Magee, Sussex Economic Advisors
  • Kim O. Davis, Arkansas Public Service Commission
  • Lawrence T. Oliver, Virginia State Corporation Commission
  • Marcos Munoz, Iowa Office of Consumer Advocate
  • Mark Cicchetti, Florida Public Service Commission
  • Michael Marchand, Arkansas Public Service Commission
  • Michelle D. Barnett, AKT LLP
  • Patrick Hager, PGE
  • Pauline Ahern, ScottMadden, Inc.
  • Rachel A. Maurer, Pennsylvania Public Utility Commission
  • Robert B. Mease, Arizona Residential Utility Consumer Office
  • Ronald Norton, University of Maine at Augusta
  • Selby P. Jones, III, AUS Consultants
  • Shahid Mahmud, Public Utilities Commission of Ohio
  • Stephen G. Hill, Hill Associates
  • Vincent V. Rea, NiSource, Inc.
  • W. Wade Horigan, Tangibl, LLC

SURFA Leadership

SURFA Officers 2016-2017


Bente Villadsen, Principal

The Brattle Group

(617) 864-7900

Vice President

Chrys Remmers

Tampa Electric Company

(813) 228-4746


Mark Cicchetti

Florida Public Service Commission

(850) 413-6066

Board of Directors
Pauline M. Ahern, CRRA, ScottMadden, Inc.

Enrique Bacalao, CRRA, Public Service Commission of WI

Douglas Carlisle, CRRA, SC Office of Regulatory Staff

Patrick Hager, CRRA, Portland General Electric

Stephen G. Hill, CRRA, Hill Associates

Jim Hempstead, Moody’s Investor Services

Paul Hunt, Southern California Edison Company

James Jenkins, American Water Works, Inc.

Edward Kaufman, CRRA, IN Off. of Util. Cons. Counselor

Tommy Oliver, CRRA, VA State Corporation Commission

Vincent Rea, CRRA, NiSource Inc.

Rita Scuris, CFA, CT Dept. of Energy & Env. Protection Public Utilities Regulatory Authority

SURFA Membership

SURFA membership dues are $100. Membership dues are applied to registration for the annual Financial Forum.  The CRRA designation is available only to SURFA members in good standing.

Inquiries concerning membership should be directed to:

Mark Cicchetti

Florida Public Service Commission

(850) 413-6066


2016 SURFA Financial Forum Panelists’ Presentations

Panel One

Lonski, John

Panel Two

Grabowski, Roger


Panel Three

Rich, Leslie

Gordon, Greg

Panel Four

Parcell, David

Keyton, Robert

Panel Five

Costello, Ken

Villadsen, Bente

Lowry, Mark Newton


SURFA Contact Information

For general information, please contact Bente Villadsen:

For membership information, please contact Mark Cicchetti:

For CRRA (certification) information, please contact David Parcell: