With rising fuel costs and increased investment in generation, transmission, and distribution infrastructure, many utilities are facing challenging new rate case and regulatory issues that directly impact the bottom line. Representatives of utilities, merchants and intervenor groups, public and private attorneys, in-house counsel, and governmental officials discussed the changing rate case environment at this Law Seminars International conference in Las Vegas on 7-8 February 2008. Two NERA experts -- Senior Vice President and Environment Group Head Dr. David Harrison and Special Consultant Dr. Hethie Parmesano -- participated. Dr. Harrison delivered a presentation on the implications of future carbon policies for electricity companies. He discussed how cap-and-trade programs work and the issues that are likely to arise in rate cases. Dr. Harrison also provided information on the NERA Carbon Financial Impacts Model, which has been used to develop information on the financial effects of carbon regulation for companies in numerous sectors, including the electricity sector. Dr. Parmesano delivered a presentation on the likely forthcoming clash among customer classes as utilities begin new long term construction projects, focusing her remarks on current economic issues in rate design.