James Heidell
Vice President
Education
CFA Charterholder
MBA in finance and accounting, University of Washington
MS in engineering economics systems (with a focus on decision analysis and energy policy), Stanford University
BSE in civil engineering, Tufts University
Experience
Mr. Heidell is a Vice President in NERA's Energy, Environment, and Network Industries Practice, based in Denver. He specializes in electricity and natural gas utilities, electric wholesale markets, and evaluation of renewable energy technologies. Mr. Heidell provides market forecasting and economic analysis to support transactions related to the purchase and sale of electric generation assets and electric and natural gas distribution systems. Mr. Heidell also provides advisory services to utilities in regulatory issues including cost allocation, rates, and resource planning. Mr. Heidell has provided expert testimony in regulatory and civil proceedings related to energy policy and contract issues.
Mr. Heidell has led numerous consulting assignments related to:
- Renewable Energy Investment Assessments: Developed market expert reports to support the financing of different renewable technologies including polysilicon manufacturing, PV cell manufacturing, flywheels, and fuel cells. Preparation of market expert reports to support the financing of renewable energy generation technologies including solar thermal, geothermal, wind, battery storage, and IGCC projects.
- Power Plant Project Finance: Developed independent valuations and market expert reports for merchant energy companies seeking debt financing/refinancing. Provided support necessary for credit committee approval and bond ratings for billions of dollars in financing and thousands of megawatts for US generation plants.
- Fair Market Valuation Assessments: Analyzed of transaction prices to determine the components of tangible and intangible value for tax and accounting treatment.
- Civil Litigation Testimony & Support: Prepared testimony and expert witness testimony, along with expert witness support, in power contract litigation, property tax cases, power plant development agreements, and assessment of economic damages.
- Utility Regulatory Support: Prepared expert testimony in regulatory hearings related to resource acquisition, QF issues, rate impacts, marginal and embedded cost of service, and rate design. Develop marginal and embedded cost studies for regulated utilities.
- Bankruptcy Advisory Services: Led major engagements to analyze the finances and determine the value of multibillion dollar merchant electric generation companies in bankruptcy, in particular developing projections of future income, cash flow, and debt service coverage for creditors of bankrupt companies.
- M&A Advisor: Provided valuation advice for acquisition of electric generation portfolios, single power plants, electric utilities, and gas distribution companies. Work also included review of wholesale and retail regulatory pricing mechanisms and analysis of associated risk.
- Wholesale Electric Market Modeling: Directed wholesale energy market forecasts for most of the NERC regions and analysis of northeast capacity markets to support: strategic investments by utilities and major energy companies, development of utility risk management strategies, and corporate strategies for generation asset acquisition and disposition.
- Merchant Transmission Investment Analysis: Analyzed the economics of merchant transmission projects and the associated regulatory requirements.
Mr. Heidell holds the Chartered Financial Analyst (CFA) designation. He also holds an MBA in finance and accounting from the University of Washington, an MS in engineering economics systems with a focus on decision analysis and energy policy from Stanford University, and a BSE in civil engineering from Tufts University.
