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.


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:

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 bente.villadsen@brattle.com.


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.


Inquiries concerning the CRRA program should be directed to:


David Parcell

Technical Associates





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, Sussex Economic Advisors, LLC

Enrique Bacalao, CRRA, Bacalao Consulting Practice

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 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



For general information, please contact Bente Villadsen: Bente.Villadsen@brattle.com

For membership information, please contact Mark Cicchetti: mcicchet@psc.state.fl.us 

For CRRA (certification) information, please contact David Parcell: parcelld@tai-econ.com