20031021Avera Exhibit11.pdf

BEFORE THEIDAHO PUBLIC UTiliTIES COMMISSIONCASE NO. IPC-O3-IDAHO POWER COMPANY
EXHIBIT NO.
W. AVERA
Qualifications of William E. Avera
WilliAM E. AVERA Page 1 of 6WilliAM E. AVERAFIN CAP , INC.Financial Concepts and ApplicationsEconomic and Financial Counsel 3907 Red RiverAustin, Texas 78751(512) 458-4644FAX [phone]fincap~texas.netSummary of qualificationsPh.D. in economics and finance; Chartered Financial Analyst (CF A (~) designation; extensive expertwitness testimony before courts , alternative dispute resolution panels , regulatory agencies andlegislative committees; lectured in executive education programs around the world on ethicsinvestment analysis , and regulation; undergraduate and graduate teaching in business andeconomics; appointed to leadership positions in government, industry, academia, and the military.Emp ymentPrinc ipa IFIN CAP , Inc.(Sep. 1979 to present)Financial , economic and policy consulting to businessand government. Perform business and public policyresearch, cost/benefit analyses and financial modeling,valuation of businesses (over 100 entities valued),estimation of damages , statistical and industry studies.Provide strategy advice and educational services inpublic and private sectors , and serve as expert witness
before regulatory agencies legislative committees
arbitration panels , and courts.
Director, Economic Research
Division
Public Utility Commission of Texas
(Dec. 1977 to Aug. 1979)
Responsible for research and testimony preparation on
rate of return , rate structure , and econometric analysis
dealing with energy, telecommunications water and
sewer utilities. Testified in major rate cases and
appeared before legislative committees and served as
Chief Economist for agency. Administered state and
federal grant funds. Communicated frequently with
political leaders and representatives from consumer
groups , media, and investment community.
Manager, Financial Education
International Paper Company
New York City
(Feb. 1977 to Nov. 1977)
Directed corporate education programs in accounting,
finance , and economics. Developed course materials
recruited and trained instructors , liaison within the
company and with academic institutions. Prepared
operating budget and designed financial controls for
corporate professional development program.
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WILLIAM E. AVERALecturer in FinanceThe University of Texas at Austin(Sep. 1979 to May 1981)Assistant Professor of Finance(Sep. 1975 to May 1977)Assistant Professor of BusinessUniversity of North Carolina atChapel Hill(Sep. 1972 to Jut 1975)EducationPh., Economics and FinanceUniversity of North Carolina atChapel Hill(Jan. 1969 to Aug. 1972)
, Economics
Emory University, Atlanta , Georgia
(Sep. 1961 to Jun. 1965)
Page 2 of 6T aught graduate and undergraduate courses in financialmanagement and investment theory. Conducted researchin business and public policy. Named OutstandingGraduate Business Professor and received variousadministrative appointments.Taught in BBA, MBA , and Ph.D. programs. Createdproject course in finance Financial Management forWomen, and participated in developing Small BusinessManagement sequence. Organized the North CarolinaInstitute for Investment Research , a group of financialinstitutions that supported academic research. Facultyadvisor to the Media Board , which funds studentpublications and broadcast stations.Elective courses included financial management, publicfinance, monetary theory, and econometrics. Awardedthe Stonier Fellowship by the American BankersAssociation and University Teaching Fellowship.T aught statistics, macroeconomics , and microeconomics.
Dissertation: The Geometric Mean Strategy as a
Theory of Multiperiod Portfolio Choice
Active in extracurricular activities , president of the
Barkley Forum (debate team), Emory Religious
Association , and Delta Tau Delta chapter. Individual
awards and team championships at national collegiate
debate tournaments.
Professional Associations
Received Chartered Financial Analyst (CF A) designation in 1977; Vice President for Membership,
Financial Management Association; President, Austin Chapter of Planning Executives Institute;
Board of Directors North Carolina Society of Financial Analysts; Candidate Curriculum Committee
Association for Investment Management and Research; Executive Committee of Southern Finance
Assoc ia ti 0 n; Vice Chair, Staff Sub co mmi ttee on Ec on omi cs and N ati onal Assoc ia ti on of Re gula tory
Utility Commissioners (NARUC); Appointed to NARUC Technical Subcommittee on the National
Energy Act.
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WILLIAM E. AVERA Page 3 of 6TeachinQ in Executive Education ProQramsUniversity-Sponsored Programs:Central Michigan University, Duke University, Louisiana StateUniversity, National Defense University, National University of Singapore, Texas A&M University,University of Kansas , University of North Carolina, University of Texas.Business and Government-Sponsored Programs:Advanced Seminar on Earnings RegulationAmerican Public Welfare Association , Association for Investment Management and ResearchCongressional Fellows Program Cost of Capital Workshop, Electricity Consumers ResourceCouncil, Financial Analysts Association of Indonesia Financial Analysts Review , FinancialAnalysts Seminar at Northwestern University, Governor s Executive Development Program ofTexasLouisiana Association of Business and Industry, National Association of PurchasingManagement, National Association of Tire Dealers Planning Executives Institute School ofBanking of the South , State of Wisconsin Investment Board, Stock Exchange of Thailand , TexasAssociation of State Sponsored Computer Centers Texas Bankers ' Association Texas BarAssociation, Texas Savings and Loan League , Texas Society of CP As , Tokyo Association ofForeign Banks , Union Bank of Switzerland , U.S. Department of State , U.S. Navy, U.S. VeteransAdministration, in addition to Texas state agencies and major corporations.Presented papers for Mills B. Lane Lecture Series at the University of Georgia and HeubnerLectures at the University of Pennsylvania. Taught graduate courses in finance and economics inevening program at St. Edward's University in Austin from January 1979 through 1998.lliert Witness Testimon'lTestified in nearly 200 cases before regulatory agencies addressing cost of capital, rate design , andother economic and financial issues.
Federal Agencies:Federal Communications Commission , Federal Energy Regulatory Commission
Surface Transportation Board Interstate Commerce Commission and the Canadian
Radio- Television and Telecommunications Commission.
State Regulatorv Agencies:Alaska, Arizona , Arkansas , California, Colorado , Connecticut
Delaware , Florida, Hawaii , Idaho , Illinois, Indiana , Kansas , Maryland, Michigan , Missouri
Nevada, New Mexico , North Carolina, Ohio , Oklahoma, Oregon , Pennsylvania, South Carolina
Texas , Virginia , Washington , West Virginia , and Wisconsin.
Testified in over 30 cases before federal and state courts, arbitration panels, and alternative dispute
tribunals (over 60 depositions given) regarding damages, valuation , antitrust liability, fiduciary
duties , and other economic and financial issues.
Board Positions and Other Professional Activities
Audit Committee and Outside Director, Georgia System Operations Corporation (electric system
operator for member-owned electric cooperatives in Georgia); Chairman, Board of Print Depot, Inc.
and FINCAP , Inc.; Co-chair Synchronous Interconnection Committee , appointed by Governor
George Bush and Public Utility Commission of Texas; Operator ofAAA Ranch, a certified organic
producer of agricultural products; Appointed to Organic Livestock Advisory Committee by Texas
Agricultural Commissioner Susan Combs; Appointed by Texas Railroad Commissioners to study
group for The UP/SP Merger: An Assessment of the Impacts on the State of Texas; Appointed by
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WILLIAM E. AVERA Page 4 of 6Hawaii Public Utilities Commission to team reviewing affiliate relationships of Hawaiian ElectricIndustries; Chainnan, Energy Task Force , Greater Austin-San Antonio Corridor Council; Consultantto Public Utility Commission of Texas on cogeneration policy and other matters; Consultant toPublic Service Commission of New Mexico on cogeneration policy; Evaluator of Energy ResearchGrant Proposals for Texas Higher Education Coordinating Board.Community ActivitiesBoard Member, Sustainable Food Center; Chair, Board of Deacons , Finance Committee , and ElderCentral Presbyterian Church of Austin; Founding Member, Orange-Chatham County (N.) LegalAid Screening Committee.Militar'lCaptain, U.S. Naval Reserve (retired after 28 years service); Commanding Officer , Naval SpecialWarfare (SEAL) Engineering Support Unit; Officer-in-charge of SWIFT patrol boat in Vietnam;Enlisted service as weather analyst (advanced to second class petty officer).MonographsEthics and the Investment Professional (video , workbook and instructor s guide) and EthicsChallenge Today (video), Association for Investment Management and Research (1995)Definition of Industry Ethics and Development of a Code " and "Applying Ethics in the RealWorld" in Good Ethics: The Essential Element of a Firm s Success Association for InvestmentManagement and Research (1994)
On the Use of Security Analysts ' Growth Projections in the DCF Model " with Bruce H. Fairchild
in Earnings Regulation Under Inflation J. R. Foster and S. R. Holmberg, eds. Institute for Study
of Regulation (1982)
An Examination of the Concept of Using Relative Customer Class Risk to Set Target Rates of Return
in Electric Cost-of-Service Studies with Bruce H. Fairchild , Electricity Consumers Resource
Council (ELCON) (1981); portions reprinted in Public Utilities Fortnightly (Nov. 11 , 1982)
u sefulness of Current Values to Investors and Creditors Research Study on Current- Value
Accounting Measurements and Utility, George M. Scott, ed., Touche Ross Foundation (1978)
The Geometric Mean Strategy and Common Stock Investment Management " with Henry A.
Latane in Life Insurance Investment Policies David Cummins , ed. (1977)
Investment Companies: Analysis of Current Operations and Future Prospects with J. Finley Lee
and Glenn L. Wood , American College of Life Underwriters (1975)
Articles
Should Analysts Own the Stocks they Cover?" The Financial Journalist (March 2002)
Liquidity, Exchange Listing, and Common Stock Performance " with John C. Groth and Kerry
Cooper Journal of Economics and Business (Spring 1985); reprinted by National Association
S e curi ty Dealers
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WILLIAM E. AVERA Page 5 of 6The Energy Crisis and the Homeowner: The Grief Process Texas Business Review (Jan.Feb.1980); reprinted in The Energy Picture: Problems and Prospects J. E. Pluta , ed., Bureau ofBusiness Research (1980)Use ofIFPS at the Public Utility Commission of Texas Proceedings of the IFPS Users GroupAnnual Meeting (1979)Production Capacity Allocation: Conversion, CWIP , and One-Anned Economics Proceedings ofthe NARUC Biennial Regulatory Information Conference (1978)Some Thoughts on the Rate of Return to Public Utility Companies " with Bruce H. Fairchild inProceedings of the NARUC Biennial Regulatory Information Conference (1978)A New Capital Budgeting Measure: The Integration of Time , Liquidity, and Uncertainty," withDavid Cordell in Proceedings of the Southwestern Finance Association (1977)U sefulness of Current Values to Investors and Creditors " in Inflation Accounting/Indexing andStock Behavior (1977)Consumer Expectations and the Economy,Texas Business Review (Nov. 1976)Portfolio Performance Evaluation and Long-run Capital Growth " with Henry A. Latane inProceedings of the Eastern Finance Association (1973)Book reviews in Journal of Finance and Financial Review. Abstracts for CF A Digest. Articles inCarolina Financial Times.Selected Papers and PresentationsThe Who , What, When , How , and Why of Ethics , San Antonio Financial Analysts Society (Jan., 2002). Similar presentation given to the Austin Society of Financial Analysts (Jan. 17 , 2002)Ethics for Financial Analysts " Sponsored by Canadian Council of Financial Analysts: delivered in
Calgary, Edmonton, Regina, and Winnipeg, June 1997. Similar presentations given to Austin
Society of Financial Analysts (Mar. 1994), San Antonio Society of Financial Analysts (Nov.
1985), and St. Louis Society of Financial Analysts (Feb. 1986)
Cost of Capital for Multi-Divisional Corporations " Financial Management Association , New
Orleans , Louisiana (Oct. 1996)
Ethics and the Treasury Function " Government Treasurers Organization of Texas , Corpus Christi
Texas (Jun. 1996)
A Cooperative Future " Iowa Association of Electric Cooperatives , Des Moines (December 1995).
Similar presentations given to National G & T Conference , Irving, Texas (June 1995), Kentucky
Association of Electric Cooperatives Annual Meeting, Louisville (Nov. 1994), Virginia
Maryland, and Delaware Association of Electric Cooperatives Annual Meeting, Richmond (July
1994), and Carolina Electric Cooperatives Annual Meeting, Raleigh (Mar. 1994)
Infonnation Superhighway Warnings: Speed Bumps on Wall Street and Detours from the
Economy," Texas Society of Certified Public Accountants Natural Gas , Telecommunications and
Electric Industries Conference , Austin (Apr. 1995)
Economic/Wall Street Outlook " Carolinas Council of the Institute of Management Accountants
Myrtle Beach South Carolina (May 1994). Similar presentation given to Bell Operating
Company Accounting Witness Conference , Santa Fe , New Mexico (Apr. 1993)
Regulatory Developments in Telecommunications " Regional Holding Company Financial and
Accounting Conference , San Antonio (Sep. 1993)
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WILLIAM E. AVERA Page 6 of 6Estimating the Cost of Capital During the 1990s: Issues and Directions " The National Society ofRate of Return Analysts , Washington , D.C. (May 1992)Making Utility Regulation Work at the Public Utility Commission of Texas " Center for Legal andRegulatory Studies , University of Texas , Austin (June 1991)Can Regulation Compete for the Hearts and Minds of Industrial Customers " Emerging Issues ofCompetition in the Electric Utility Industry Conference , Austin (May 1988)The Role of Utilities in Fostering New Energy Technologies " Emerging Energy Technologies inTexas Conference , Austin (Mar. 1988)The Regulators ' Perspective " Bellcore Economic Analysis Conference , San Antonio (N ov. 1987)Public Utility Commissions and the Nuclear Plant Contractor Construction LitigationSuperconference, Laguna Beach , California (Dec. 1986)Development of Cogeneration Policies in Texas " University of Georgia Fifth Annual PublicUtilities Conference , Atlanta (Sep. 1985)Wheeling for Power Sales " Energy Bureau Cogeneration Conference , Houston (Nov. 1985).Asymmetric Discounting of Information and Relative Liquidity: Some Empirical Evidence forCommon Stocks " (with John Groth and Kerry Cooper), Southern Finance Association , NewOrleans (Nov. 1982)Used and Useful Planning Models " Planning Executive Institute 27th Corporate PlanningConference, Los Angeles (N ov. 1979)Staff Input to Commission Rate of Return Decisions " The National Society of Rate of ReturnAnalysts, New York (Oct. 1979)Electric Rate Design in Texas " Southwestern Economics Association, Fort Worth (Mar. 1979)
Discounted Cash Life: A New Measure of the Time Dimension in Capital Budgeting," with David
Cordell , Southern Finance Association , New Orleans (Nov. 1978)
The Relative Value of Statistics of Ex Post Common Stock Distributions to Explain Variance
with Charles G. Martin , Southern Finance Association , Atlanta (Nov. 1977)
An ANOV A Representation of Common Stock Returns as a Framework for the Allocation of
Portfolio Management Effort " with Charles G. Martin , Financial Management Association
Montreal (Oct. 1976)
A Growth-Optimal Portfolio Selection Model with Finite Horizon " with Henry A. Latane
American Finance Association , San Francisco (Dec. 1974)
An Optimal Approach to the Finance Decision " with Henry A. Latane Southern Finance
Association , Atlanta (Nov. 1974)
A Pragmatic Approach to the Capital Structure Decision Based on Long-Run Growth " with Henry
A. Latane , Financial Management Association , San Diego (Oct. 1974)
Multi -period Wealth Distributions and Portfolio Theory," Southern Finance Association , Houston
(Nov. 1973)
Growth Rates , Expected Returns , and Variance in Portfolio Selection and Performance
Evaluation " with Henry A. Latane , Econometric Society, Oslo , Norway (Aug. 1973)
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