Expert in Applied Accounting, Economics, Financial Analysic, Research, Computer Technology (including project evaluation, historical credit risk assessment, structured finance, restructuring)
Expert ID: 735877 Maryland, USA
He has 21 years of experience in the financial aspects of electricity and public utilities. This experience includes commercial operations of a utility (mainly distribution), transaction advisor, cost/benefit analysis, financial analysis, business valuation and plans, development of methodology and calculation of tariffs, cost of service studies, unbundling, restructuring, privatization, credit and loan repayment evaluation, financial management assessment, subsidy policy, monitoring and evaluation, and risk analysis. He has traveled allowing his expertise to span in Latin America, Central and Eastern Europe, Africa, Asia, South Asia and China.
North America: United States
South America: Argentina, Chile, Colombia, Brazil, Paraguay, Uruguay, Ecuador, Dominican Republic, Costa Rica, Bahamas, Panama
Central Europe: Bosnia, Albania, Romania, Bulgaria, Croatia, Macedonia, Poland, Latvia, Lithuanian, Estonia, Palestine
Eastern Europe: Russia, Ukraine, Armenia, Georgia, Belarus, Kyrgyz Republic, Kazakhstan, Moldova
Africa: South Africa, Liberia, Ghana, Sierra Leone, Angola, Namibia, Mozambique, Rwanda, Kenya, Ethiopia, Uganda, Nigeria, South Sudan
Central Asia: India, Maldives, China, Mongolia
Southeast Asia: Laos, Indonesian, Sri Lanka, Nepal, Bhutan, Bangladesh
|Year: 1994||Degree: Ph.D.||Subject: Finance and Economics||Institution: University of Chicago|
|Year: 1991||Degree: MBA||Subject: Finance and Economics||Institution: University of Chicago|
|Year: 1989||Degree: MS||Subject: Financial Economics||Institution: Virginia Polytechnic Institute and State University|
|Year: 1982||Degree: MS||Subject: Population Genetics (Statistics)||Institution: Virginia Polytechnic Institute and State University|
|Year: 1980||Degree: BA||Subject: Accounting||Institution: Virginia Polytechnic Institute and State University|
|Year: 1980||Degree: BS||Subject: Agriculture||Institution: Virginia Polytechnic Institute and State University|
|Years: 2020 to Present||Employer: Undisclosed||Title: Consultant||Department:||Responsibilities: Under a USTDA contract, determined the cost/benefit analysis, economic and financial rates of return on a number of IEC 61850 type investments with the transmission sector of Brazil. The investments themselves were both new construction and rehabilitation. The technical aspects of such investments is to utilize new communication technology and greater access to onsite switch gear to both improve the overall improvement of the grid operation and limit the potential for blackouts caused by faulty equipment, human error and catastrophic events.|
|Years: 2019 to Present||Employer: Undisclosed||Title: Transaction Advisor||Department:||Responsibilities: Working within the Power Africa framework as a transaction advisor, developed a financial evaluation model for the Ugandan private sector investment Nyabuhaka Hydro Project. The methodology included tariff estimation, projected financial statements and the financial performance parameters of the Project. In addition to the hydro plant and coordinating with the Power Africa Representative for Uganda, developed a basic framework for electricity generation financial and economic evaluation with examples in wind, solar, biomass and the various types of fossil fuels. In addition to the financial model a handbook with working examples was prepared and distributed.|
|Years: 2019 to 2020||Employer: Quanta Technology||Title: Consultant||Department:||Responsibilities: Under a USTDA contract, determined the cost/benefit analysis, economic and financial rates of return on three separate investments within Panama; Automatic Meter Infrastructure, Distribution Automation and Renewable Energy. In addition, examined the financial performance of all three domestic electricity distribution companies to determine their ability and capacity to finance the above investments in distribution technology.|
|Years: 2018 to 2019||Employer: Deloitte||Title: Consultant||Department:||Responsibilities: Assistance was provided to the Nigerian Electricity Regulator Commission (NERC) under the Nigerian Power Sector Program. The task was to audit the tariff methodology currently being used by the Regulator for Country-wide investments within electricity. The audit parameters included ensuring the model being used generated a tariff which was enough to cover all investment and operating costs, debt expense and rate of return to investor. The methodology faces many external obstacles including over complication, inflation, exchange rates, economically eroding asset values from inflation and lack of transparency.|
|Years: 2018 to 2019||Employer: Ospry Investment Group||Title: Consultant||Department:||Responsibilities: Supporting the Department of Petroleum Resources in Nigeria, developed a basic tariff framework with working examples for investment in gas infrastructure. The task itself consisted of explaining the basic calculation used to calculate gas transport tariffs. The instruction included four working examples of existing pipelines. The model also included extension of the basic tariff calculation to include pro forma income statement, balance sheet and cash flow statements to determine the overall profitability of the investment.|
|Years: 2018 to 2018||Employer: AECOM||Title: Consultant||Department:||Responsibilities: Working with the Palestinian Energy and Natural Resources Authority (PEA), Cost of Service was determined for the six electricity companies; North Electricity Distribution Company, Tubas District Distribution Company, Jerusalem Distribution Company, Hebron Distribution Company, Southern Distribution Company and Gaza Electricity Distribution Company. Given the problematic state of the finances of each network, three approaches were used. The traditional FERC methodology using historical data, the FERC approach using operational benchmarks and marginal cost pricing.|
|Years: 2017 to 2017||Employer: Adam Smith International, London, England||Title: Consultant||Department:||Responsibilities: As part of the potential compact between MCC and Sierra Leone, developed a financial plan for the entire electricity generation, transmission and distribution sector. The work included collecting detailed financial data on existing generation, transmission and distribution assets within the electricity sector, evaluating their cost structure relative to indicative costs for normal operation and building a profile of real costs (as opposed to cash constrained costs) of the sector. In addition, using the database that was assembled above, projected the operating performance of the sector for 10 years. As part of the planning process calculated retail tariffs using both historical data and projected investment data to support an increase in electricity prices. Finally, designed a subsidy policy that targets the neediest consumers.|
|Years: 2015 to 2016||Employer: Crown Agents, Washington DC||Title: Consultant||Department:||Responsibilities: Working within the Privatization Committee (PC) of the Ministry of Finance in Pakistan, was head external transaction adviser. The objective was the privatization of 69 state owned enterprises (PSEs) ranging from electricity to airlines. My main expertise would be used within the electricity and gas sector. The main role is mentoring local PC transaction advisors as to the unique technical and financial characteristics of electricity distribution, transmission and generation activities, power sector marketing, tariffs and regulation. Such mentoring was undertaken through a series of workshops and day to day interaction on individual problems. In addition, the PC had hired Financial Advisers (FA) to perform Due Diligence on 15 separate pending transactions within the electricity field. My role is to review the due diligence and determine the completeness of the FA’s work and whether it meets the criteria for providing information to a private sector’s evaluation of the assets for sale. The areas reviewed included financial, regulatory, technical and power market structure. Although it is difficult to accurately determine the total value of the energy assets available of privatization, the PC frequently used an estimate of US$ 2.35 billion.|
|Years: to Present||Employer: Undisclosed||Title:||Department:||Responsibilities:|
|Associations / Societies|
|Certified Financial Analysis Society
American Farm Bureau
American Dairy Science Association
Hay Producers Association
Brown Swiss Dairy Cattle Breeders Association
|Publications and Patents Summary|
|Other Relevant Experience|
|Quanta Technology (Jan – April 2016)
Under a USTDA contract, determined the cost/benefit analysis, economic and financial rates of return on a SCADA investment within the Dominican Republic electricity sector. The investment seeks to improve the technology of the electricity grid in order to accept new investments of intermittent generation related to renewable energy.
MSI, Washington DC (June –September 2015)
Served as the lead technical adviser concerning the monitoring and evaluation of the $240 million Energy Policy Project (EPP) implemented by the USAID contractor AEAI. The Project itself has four components; investment in generation capacity and upgrading, policy development, new projects and high voltage transmission audit and investment. My role was to evaluate the technical aspects of all the activities under EPP and benchmark the measured success as it relates to expected achievements. Areas investigated included new generation and upgrading of existing thermal and hydro facilities, policy achievements, and transmission activities which included an audit of high voltage grid stations, follow-on investments to reduce line congestion and planning activities.
NRECA, Washington DC (April-May 2015)
Under USAID’s South Sudan Electrification Sustainability Program (SSESP), USAID provided technical electrical infrastructure to three rural utilities located in Yei, Kapoeta and Maridi townships. My role was to visit each one to 1) teach electricity tariff principles, 2) calculate the actual Cost of Service Tariff for each rural electricity station (a town plus a generator) and 3) determine the additional investment required for system expansion to be more inclusive of the rural community.
National Association of Regulatory Utility Commissioners, Washington DC (March – May 2015)
As part of support to the Moldovan Regulator ANRE, advised on a number of financial issues that concerned tariff methodology, investments, asset revaluation, IAS treatment of depreciation, and compliance with the EU’s Energy Community Acquis on unbundling Utilities. The issues were very critical as the Country had recently experienced a 70% decline in the exchange rate, and all the Power Purchase Agreements were valued in dollars. As a result, all the distribution companies where requesting a general increase in the retail electricity tariff of 70% to offset the decline in exchange rates.
National Association of Regulatory Utility Commissioners, Washington DC (Nov 2014- Jan 2015)
Develop a training module on Cost of Service reflective tariffs that will be utilized for regulatory training worldwide. The initial platform will center within Africa. My responsibility is the actual underlying programming that calculates cost of service and tariff design.
World Bank, Washington DC (August 2014 - February 2015)
As team leader, the objective is to perform a feasibility study for a proposed Industrial Park in the Zambezia Province of Mozambique. My role is to coordinate the task and individual consultants in identifying the proposed site, perform an industry analysis including forecasting of future demand of the Industrial Park (including cost benefit analysis of the investment) and serve as final authority on the overall project and feasibility.
IRG and USAID, Washington DC (Feb 2013-May 2014)
As part of the ongoing $240 million USAID Pakistan Distribution Project, responsibility was to evaluate the management and infrastructure of a well performing and a turnaround electric distribution company to determine what investment would be required by USAID to increase its profitability, efficiency and effectiveness in providing electricity to its service area. In addition, supported the Pakistan Regulator NEPRA with electricity tariff methodology to bring final tariffs more in line with Cost of Service for distribution. This work includes theoretical basis for both accounting and economic (Long Run Marginal Cost) based tariffs along with the actual tariffs calculations that will be used to support increased tariffs to full Cost of Service levels.
In addition, I was senior technical expert on the drafting of the Power Africa proposal for USAID. My contributions were in the technical areas related to Renewable Energy and Electricity Reform. Topics specifically drafted included regulation, tariffs, markets, power pools and gas sector. I was also involved with proposals for energy work in Georgia, Afghanistan and Africa.
Partnership International and USTDA, Washington DC (June 2012- February 2013)
My role within the Angola Electricity Distribution Rehabilitation and Hydropower Development Study was to perform the economic and financial aspects of the Project. Included within the work was the tasks to 1) develop a projected demand forecast for three areas in southern Angola: Leua, Cuchi and Leauna; 2) calculate the tariffs based on the expansion plan for generation and distribution and 3) develop the master plan for distribution grid expansion in each area.
Nexant, Washington DC (June 2011- February 2013)
Task Order Manager for the Africa Infrastructure Project (AIP). Responsibilities include interaction with host country on technical issues related to energy infrastructure development, mobilization of consultants, and management of the task itself. Tasks included the Renewable Energy Feed in Tariff design and implementation in Namibia and Mozambique, MCC’s $350 million grant to Malawi for energy infrastructure, and geothermal development along the Rift Valley in Africa. Projects focus mainly on the transactional aspect of late stage project development and structured finance. Emphasis was placed on private sector investment. In addition, was the chief liaison with USAID and when needed provided supporting research on critical energy issues and programs for the development of Power Africa.
USAID, Washington DC (March – May 2011)
Authored a Policy Paper for both the USAID Feed the Future and Global Climate Change initiatives. The paper establishes a link between energy and food production. The Paper provided critical research into the evolution of energy with increases in food production in developed countries, provided evidence that energy increases the efficiency of food production even at the basic levels present in Africa and examined the critical role that renewable energy could serve going forward to improving agriculture beyond subsistence levels in Africa. The research provided support for the ongoing Empower Africa Program which started in July 2012.
AEAI and USAID, Washington DC (May 2010- Dec 2010)
Senior financial advisor for the Sheberghan Gas Field Development Project in Afghanistan. Served as the economic and financial advisor for the development of a Feasibility Study for gas well development, gas processing and 100 MW gas fired power plant in the Northern Sheberghan region. Developed the structured finance related to the investment.
Partnership International and USTDA, Washington DC (January 2010 - July 2011)
Senior financial advisor to the Pakistani Power Regulator NEPRA. My role was to examine the current processes used in tariff determination and make recommendations to fully streamline the process to make the petition for tariffs of renewable energy easier to undertake. In addition, developed financial models for wind, bagasse (sugar waste), solar, biogas, and hydro so the analysts within NEPRA can more fully understand the financial characteristics of each technology. Finally, assessed the risk parameters of the sector and determine the barriers to investment within the entire energy sector.
IRG and USAID, Washington DC (August 2009 – December 2009)
Senior financial advisor within the Empower Pakistan Project. Although initial role was the responsibility to reduce theft and improve collections in five Distribution Networks across Pakistan, the Project and my role evolved into feasibility studies and the organization of the tube well pump pilot project that would set the model for a considerably larger investment by USAID.
IRG and USAID, Washington DC (April 2009 – July 2009).
Senior financial advisor to the Afghan Electric Utility. My role was to both develop and train the Distribution Utility on a Power Imports Settlement Procedure. As such, developed a comprehensive financial model with supporting rules and regulations to settle the imports of power from Tajikistan, Uzbekistan and Turkmenistan. The mechanism itself is a systematic, secure way to both account for and pay for power. The above work expanded to teaching these procedures to groups within the commercial section of both the Government and the Utilities.
IRG and USAID, Washington DC (July 2006 – March 2009)
Overall senior advisor to the startup utility Liberian Electricity Corporation (LEC). My responsibilities were the Distribution Function (metering, billing and collections, anti-theft). The work included the development of a corporate accounting system, cost of service study to determine both the tariff charged the public and the amount of subsidy required from the GOL to support continued operations. As compared to prewar levels of 40% theft and 55% collections, theft was reduced to 10% and collection rates exceeded 90% under my management. The success of the Utility’s commercial operations led to the implementation of a management contract sponsored by Norway.
PierceAtwood and USAID, Portland, ME (September 2003 – December 2004)
Acting CFO for the State electric utility in Albania (KESH). In my role as the senior financial person within the US$200 million utility, I was in charge of handling any financial issues requested by the various donor agencies and the $630 million in current and pending investments (with corresponding debt), all electricity tariff calculations for the Country, any financial issues related to the pending restructuring of the sector and developing an overall program to improve financial management within the Utility. Completed the structured finance agreements on behalf of KESH with the World Bank concerning a US$120 million investment in a thermal power plant, finalized the retail electricity tariffs that were passed by Parliament and were implemented in February 2004 and helped the Utility finalize 2003-5 financial statements. Also, supported the development of laws and methodologies related to the calculation of electricity tariffs.
IRG, Deliotte & Touche and USAID, Washington, DC (January 2004 – February 2004)
Prepared and delivered a series of training lectures to both the electricity (ANRE) and gas (ANRGN) regulator in Romania on accounting and financial issues facing the Country and the utility sector. Topics included IAS standards, FERC accounting regulations, asset valuation, financial aspects of energy project development and the accounting needs for electricity and gas cost of service methodologies.
CORE International and USAID, Washington, DC (August 2004 – November 2004)
Performed an overall financial evaluation of the electricity sector within the Republic of Georgia. Tasks included a financial analysis of the two major distribution companies, the transmission company and several hydro generation plants. In addition, examined in detail the overall cost of service structures and the methodologies used by the regulatory agency GNERC. Finally, based on the above findings, presented conclusions of the potential privatization of the sector given the existing situation.
Pierce Atwood and USAID, Portland, ME (October 2002 – May 2003)
Performed a Cost of Service analysis on the electricity Albanian Utility KESH to determine what future tariffs should be. Utilized both actual raw accounting data and developed operating financial benchmarks to determine what the electricity system’s operating requirements were based on normally operating practices. Benchmarks were required since the Utility through high technical and non-technical losses, and low collections rates only received payment for ½ electricity retailed. In addition, assisted the Energy Regulatory Commission in setting tariffs and examined the uniform accounting standards of Albania and how they apply to the electricity utility’s accounting systems and the regulators requirements for electricity tariff calculation. Developed a Marginal Cost and Revenue Requirement model for the regulator to understand electricity tariffs.
Asian Development Bank and PA Consulting, Washington, D.C. (November 2001-May 2002)
Senior financial advisor of the restructuring program for Gujarat Electricity Board (GEB distribution) in India to prepare it for pending privatization. As a member of the task team, responsibilities included an analysis of financial management and structure of the State owned utility (including debt management) and identification of the financial policy deficiencies currently present, the development of a restructuring program to improve the situation, development of a financial model to restructure the electricity distribution network into more efficient and profitable units, development and testing of different restructuring options available to the GEB (including cost benefit analysis), and the evaluation of each restructuring option as it relates to both the current and restructured situation. Responsibilities also included Policy Analysis; topics included the estimation of the economic and financial rural electricity subsidy component of the tariff and calculations of the full cost financial tariffs for each customer class. Finally, assumed the role of the liaison role with counterparts and the management of the local financial team working on the project.
The World Bank, Washington, D.C. (November 2000-March 2001)
Manager of the financial tasks of the Moldova Energy II Project. Role was to first identify financial and operational problems concerning both electricity policy and business practice, and develop restructuring options and a timetable for implementation in order for the SE Moldtranselectro to improve its operations and qualify for a $35 million World Bank Structured Finance Credit Responsibilities include the IAS conversion of the accounts of the newly restructured SE Moldtranselectro State Enterprise, the development of pro forma financial statements for credit risk analysis, the assessment of repayment capacity (debt management) for both electricity sector’s total outstanding debts and the proposed $35 million World Bank credit, and an estimation of the full cost recovery electricity transmission tariff of the transmission sector. Changes in policy were especially important since the sector was undergoing transition from Socialist to Market conditions, and part of the sector was already being privatized. I worked closely with the newly formed regulator and their international advisors on tariff and cost of service issues, and developed an action plan to improve the financial component of pricing the transmission service. For the World Bank, I developed the financial conditionalities of the proposed structured financing credit. Drafted the TORs for future consulting work for both the sector and the electric transmission company.
PricewaterhouseCoopers Government Consulting Services (October 2000 – July 2001)
Manager of a cost of service study for the Public Utilities Commission (Bahamas) and the Bahamas Electricity Corporation. (BEC). Responsibilities within the project include all financial issues including the Required Revenue Component of the study, and the design and construction of a multi-price tariff model for both the Main Island and several rural electric systems located on the outer Islands. The work included assessment of financial management, the financial analysis/model of the current financial condition (including debt management), the development of pro forma set of financial statements for credit risk analysis and loan covenants restrictions, and the adjustment of Strict Long Run Marginal Costs to meet the Required Revenue needed to financially operate the system.
Asian Development Bank and PA Consulting, Washington, D.C. (October 2000 – April 2001)
Was the financial task manager of the Power Sector Study of Laos with responsibilities of all financial matters of both the sector and State Owned Utility Electricite du Laos (EdL). Constructed a detailed financial model of the historical financial performance of EdL and based on this model presented a financial analysis of its historical operating performance and financial structure. Presented a Policy Analysis on the Energy Economics and Impact Analysis of the issue of imposed rural electric policy on the utility and proposed several alternatives for Policy Development. In addition, constructed a pro forma set of financial projections to determine the impact of different restructuring scenarios, perform structured finance credit risk analysis (including debt management) for current and potential loans to the sector/utility. Examine historical electricity tariff regime and its impact on the financial performance of the Utility and made recommendations for future changes in the tariff to more accurately reflect the Required Revenue of the Utility. In addition, estimated the cost of service to determine the subsidy imposed by the rural electric sector, examined the investment plan relative to future capital inflows and examine various restructuring plans for the sector to improve its financial condition. Examined the effects that hydropower had on exports of electricity and provided a policy analysis with respect to both future development of hydropower and export earnings needed to fund internal development of both the country and sector.
The World Bank, Washington, D.C. (June 1999-February 2000)
Manager of the financial tasks of the Energy Efficiency Support Loan for Georgia. Presented a Policy Analysis of the sector’s energy economics and its impact on the financial performance of the Utility. Responsibilities include the IAS conversion of the historical accounts of the large Power State Enterprise, the financial analysis of the Utility’s historical performance and current financial structure, the development of financial statements for the restructured transmission and dispatch company, the development of pro forma financial statements for structured finance credit risk analysis for both the restructured transmission and dispatch company, and the assessment of repayment capacity for both outstanding sector debts and the proposed $50 million World Bank credit. The electricity sector’s electricity tariff regime was also examined to determine its adequacy in relation outstanding debts (debt management), and recommendations for Required Revenue for both the sector and the newly restructured Utilities were presented.
Booz, Allen & Hamilton, Management Consulting Services (February 1999 – June 1999)
Manager of the financial and economic tasks of the World Bank’s Donetsk Environmental Project. Responsibilities included management of the accounting team that collected financial data on two Ukrainian large scale coke (steel industry) plants and a methane extraction plant. The work included development of both an historical accounting restatement computer algorithm to convert the accounts to IAS, financial analysis of historical performance and financial structure, and construction of pro forma financial projections for credit risk analysis. Also constructed the model used for financial and economic analysis of the projects being funded.
PricewaterhouseCoopers, Government Consulting Services (April 1999 – May 1999)
Senior Advisor to the TACIS Energy Privatization Project in Ukraine. Served as a technical consultant on development of implementation plan and accounting framework for the IAS conversion of the four largest GENCOS that were being considered for privatization.
USTDA (March 1999)
Completed a definitional mission to Albania, Romania, Bulgaria, Croatia and Montenegro to examine export opportunities in the gas sector.
Hagler Bailly, (February 1999 – May 2000)
Manager of the financial tasks of the Georgian Power and Gas Sector Privatization Project. Main tasks were to support investment banker Merrill Lynch’s effort to privatize the electric distribution sector by estimating the private market valuation of 67 electric distribution companies. My role was to serve on the privatization task team. As the financial member, I was to examine the present energy economics, identify deficiencies, and present a Policy Analysis of the current situation. In addition, develop a plan to improve the policies in order for the sector to be more attractive to external investment capital and privatization. To accomplish this goal, I worked closely with local counterparts both in the GOG and the newly formed regulatory body GNERC. The focus of the work was tariff issues for each segment of the utility. Once the policy plan was completed, the second step was to develop alternatives to restructuring that would enhance investor interest as well as accomplishing the GOG development goals. These alternatives were examined in detail using pro forma financial models I developed. Finally, it was my task to work closely with the investment banker (and in some cases the actual buyer) in valuing the alternatives bids for selective assets submitted by interested buyers and to aid in the development of the conditionalities of the pending sale of assets. To support the valuation process, responsibilities included management of the accounting team that collected financial data on 67 distribution companies for historical accounting restatement into International Accounting Standards and the programming of the valuation model that would value all 67 entities. Results would be used in the privatization process. In addition, collected the necessary data and converted the accounting data to IAS standards to perform the private market valuation of the Tbilsi Gas Distribution Company.
PricewaterhouseCoopers and USAID, Government Consulting Services (March 1998 – December 1998)
Manager of the financial tasks of the Ukraine Power Sector Privatization Project. Responsibilities included management of the accounting team that collected financial data on two Electric Distribution Companies for accounting restatement into International Accounting Standards, the development of accounting restatement computer algorithm to restate the current accounts into IAS, the financial analysis of the historical performance and the detailed business analysis and valuation for privatization of the two companies. In addition to the accounting work, reported on the analysis of the sector and business practices of two distribution networks that were going to be offered for privatization, liaison between counterparts - distribution management and Project Implementation.
The World Bank (June 1998 - September 1998)
Manager of the structured finance aspects of the Electric Distribution Rehabilitation Loan to the Mongolian Energy Authority. The credit total US$ 47 million. Tasks included the restatement of historical financial statements into IAS financial analysis of the Utilities historical performance, the development of pro forma financial model and statements to be used for credit risk analysis and recommendations for restructuring.
The World Bank, Washington, D.C. With K & M Engineering (October 1997 – July 1998)
Manager of the financial tasks of the Electricity Sector Reform Project in Ecuador. One of the essential conditions of the World Bank reform program in Ecuador was the restructuring and privatization of the State Enterprise INECEL. My responsibilities were Policy Analysis and its financial impact on INECEL financial operating performance, examine the existing financial condition of the sector, recommendations to improve its overall marketability to the private sector, develop the required methodologies to restructure both the sector and INECEL into more attractive business units to investors interested in privatizing the Utility, provide a framework to value the various components of INECEL, and present the different privatization options along with costs and benefits to INECEL management and the regulatory body CONAM. To support the work, I managed the team that collected financial data on 17 power distribution companies, the transmission company and the 37 generation plants, and developed the financial model that both restructured the sector into a more efficient configuration and then valued each newly configured entity for privatization. Also calculated the electricity tariff for transmission and distribution. Presented an analysis of financial management practiced within sector.
The World Bank (September 1996 - August 1997)
Manager of the financial tasks in the Energy Rehabilitation Loan to Armenia. Responsibilities include supervising collection of domestic and supplemental quarterly financial data for 1996 for 121 energy business units, developed and implemented an IAS conversion model to restate the accounts, and quantitatively analyzed the flow of power generated and money received through entire power sector. Based on the above work, present a financial analysis of the current situation including details analysis of generation, transmission and distribution. Analyzed financial management practices within the sector. Developed pro forma financial projections for both the existing and consolidated structure of the sector and its individual business components. The model was used for estimating capital required, Required Revenue (used for tariff calculations) and credit risk analysis of the proposed US$53 million structured finance to the sector.
The World Bank (April 1997-October 1997)
Financial Analyst for the Ozone Depletion Project in the Ukraine and Belarus. Responsibilities include the development of a financial model to convert Soviet manufacturing accounting data into IAS format, financial data collection on 23 separate enterprises in Ukraine and 7 in Belarus (all involved on some form of industrial manufacturing), historical financial analysis and credit risk analysis. In addition, developed both the financial and economic model for each project, and calculated the financial and economic rates of return with corresponding analysis in the Report
The World Bank (September 1995 - August 1996)
Financial Analyst for the Donetsk Environmental Project in the Ukraine. Responsible for the collection, IAS restatement and financial and economic analysis of the Maripol Vodolkanal (water company) and wastewater treatment plant. As part of the analysis I developed a financial model detailing the historical financial operations of the Water Company, pro forma financial statements for both the Company and the project, and an economic model for analysis of the economic aspects of the project and the project itself.
The World Bank (November 1996)
Examined the historical financial statements for credit risk of 11 different agribusinesses with Ukraine for the Agricultural Structural Adjustment Loan. The agribusiness consisted of 5 grain marketing cooperatives, 1 render plant, 3 fertilizer and agrochemical suppliers and 2 machinery suppliers.
The World Bank (November 1996 – May 1997)
Worked as agriculture finance (microfinance) specialist on the Rural Credit Loans to Latvia and Lithuania. The rural credit loan itself set up two commercial banks specializing in agriculture and agribusiness. I participated in the initial structure of each Banks. In Latvia responsibilities also included instruction of credit risk analysis of micro finance projects to domestic lenders at the Agriculture and Rural Finance Banks. The instruction included proper credit evaluation of both agribusiness and agricultural producers, current agriculture lending practices and procedures in order help domestic lenders more efficiently process loans, micro enterprise financial services and advise ways to improve both credit risk evaluation and loan processing. In Lithuania responsibilities are to evaluate proposed credit procedures for efficiency and correct decision-making, and perform in-field examination of proposed projects for inclusion in World Bank loan. In addition, for each country’s PMU, I have developed procedures for project progress reporting.
The World Bank (December 1994)
With respect to the Emergency Farm Credit Program (Kyrgyz Republic), presented a Policy Analysis on the rural banking system, the collapsed agricultural finance sector and the lack of agricultural credit available to the sector for seasonal agribusiness and agriculture lending. In addition, estimated agriculture’s inputs (fertilizer, seeds and agrochemical) demand and supply, and based on findings, developed a credit in-kind lending program within the institutional constraints of the agricultural financial system.
The World Bank (March 1994 - April 1995)
Financial Analyst of the Ozone Depleting Substance (ODS) Phase-out project in Poland. In the project money was being loaned to various manufacturing entities for replacement of Ozone Depleting Technology. My role was to perform a credit risk analysis on each sponsor (borrower) of a project based on their historical financial performance and financial structure, calculate a financial rate of return on the project and develop economic model to calculate the economic rate of return for each project. A total of 23 projects and sponsors participated within the project. All sponsors were involved in some type of industrial manufacturing activity that ranged from insulation of heating pipes to refrigerator manufacturing.
The World Bank (March 1994 - April 1995)
Financial Analyst for a US$150 million investment in a Greenfield geothermal plant in Zacopone, Poland. In this role I was responsible for developing the pro forma financial statements for the project and its sponsor. A financial model was developed to calculate the financial and capital flows of the project and based on this model a financial analysis was presented that analyzed the project. In addition, an economic model was developed to calculate the economic rate of return on the project.
The World Bank and Government of Croatia (February 1996 - July 1996)
Trade and Financial Analyst for Agricultural Structural Adjustment Loan in Croatia. Presented a Policy Analysis of domestic agriculture commodities and agribusiness production and distribution policies, Agro Industrial economics, and agricultural marketing channels for barriers to trade, export promotion, amounts and direction of government subsidies and transfers, and estimation of agriculture trade protection indicators. As part of the study, a detailed examination of the agribusiness portion of the marketing chain (including processing margins) was undertaken to determine abnormalities in marketing margins that created excessive taxation on producers. In addition, the cost structure of input markets (including credit and rural banking, fertilizer, agrochemicals and labor) for each commodity was studied to determine if any hidden subsidies or taxes existed through excessively high or low input prices. Commodities included within the study included beef, pork, milk, corn, wheat (cereal) and wheat flour.
The World Bank (March 1994 - May 1994)
Served as chief financial analyst on Moldovan energy project. Converted Soviet accounting results into IAS financial statements for three firms in two sub-sectors - natural gas and oil. Financially analyzed the results to determine each State owned enterprises shortcomings, and presented both short and long term re-structuring solutions to the sub-sector's financial difficulties.
The World Bank and Government of Ukraine (March 1995 – July 1995)
Trade and Financial Analyst for Agricultural Structural Adjustment Loan in Ukraine. Presented a Policy Analysis of domestic agriculture commodities and agribusiness production and distribution policies, Agro Industrial economics, and agricultural marketing channels for barriers to trade, export promotion, amounts and direction of government subsidies and transfers, and estimation of agriculture trade protection indicators. As part of the study, a detailed examination of the agribusiness portion of the marketing chain (including processing margins) was undertaken to determine abnormalities in marketing margins that created excessive taxation on producers. In addition, the cost structure of input markets (including credit and rural banking, fertilizer, agrochemicals and labor) for each commodity was studied to determine if any hidden subsidies or taxes existed through excessively high or low input prices. Commodities included within the study included sugar, sugar beet, sunflower, sunflower oil, winter wheat (cereal), corn, pork, poultry and eggs.
The World Bank (June 1995 – July 1996)
Trade and Financial Analyst for Agricultural Structural Adjustment Loan in Russia. Presented a Policy Analysis of domestic agriculture commodities and agribusiness production and distribution policies, Agro Industrial economics, and agricultural marketing channels for barriers to trade, export promotion, amounts and direction of government subsidies and transfers, and estimation of agriculture trade protection indicators. As part of the study, a detailed examination of the agribusiness portion of the marketing chain (including processing margins) was undertaken to determine abnormalities in marketing margins that created excessive taxation on producers. In addition, the cost structure of input markets (including credit and rural banking, fertilizer, agrochemicals and labor) for each commodity was studied to determine if any hidden subsidies or taxes existed through excessively high or low input prices. Commodities included within the study included beef, pork, milk, sugar beet, sunflower, winter wheat.
The World Bank (September 1994- June 1995)
Alternate task manager, financial manager and economist to a US$ 300 million loan to the agribusiness sector of China. Responsibilities include the compilation and processing of financial data from Chinese agribusiness sources, and financial and economic analysis of 34 different agribusiness sub-projects along with the credit risk analysis of the agro-sponsors of the sub-projects. Types of projects include agribusiness manufacturing, establishment of a grain exchange, agricultural protein and animal feed production, and aquaculture. The types of agro business analyzed included protein (oilseed) processing mills, large State farms, aquaculture production facilities, wholesalers and fertilizer manufacturers.
The World Bank (December 1991 – September 1994)
Project involves measuring agricultural trade protection in nine Latin American countries to aid in developing and monitoring progress towards of trade liberalization program. Responsible for database compilation, initial and continued calculation of aggregate trade protection indicators, and development of a standard analytical model of trade protection measurement for other countries to use in collecting data and calculating the degree of protection within their respective economies. Presented a Policy Analysis of domestic agriculture commodities and agribusiness production and distribution policies, Agro Industrial economics, and agricultural marketing channels for barriers to trade, export promotion, amounts and direction of government subsidies and transfers, and estimation of agriculture trade protection indicators. As part of the study, a detailed examination of the agribusiness portion of the marketing chain (including processing margins) was undertaken to determine abnormalities in marketing margins that created excessive taxation on producers. In addition, the cost structure of input markets (including credit and rural banking, fertilizer, agrochemicals and labor) for each commodity was studied to determine if any hidden subsidies or taxes existed through excessively high or low input prices. The nine countries included Argentina, Brazil, Chile, Colombia, Uruguay, Paraguay, Dominican Republic, Ecuador and Costa Rica. Commodities included within the study were Beef, Pork, Wool, Milk, Rice, Barely, Sunflower, Wheat, Cotton, Sorghum, Soybean, Tobacco, Tomatoes, Cocoa, Coffee, Palm Oil, Sugar beets, Apples and Grapes. Nine official World Bank publications resulted from the work.
Chicago Board of Trade (October 1990 – September 1991)
Worked on the grain trading floor of the CBOT while attending graduate business school at University of Chicago. Started initially as an order delivery clerk and after 3 months was promoted to grain trader within the corn futures pit. Responsibilities were the execution of buy and sell orders from customers off the trading floor. In addition to the day to day activities, I was required to remain up to date concerning supply and demand of various commodities, marketing margins at various points within the agro business marketing chain, world wide weather reports and other statistics relating to the consumption of the commodities.
American Enterprise Institute (October 1989-August 1990)
Economist/Statistician working on Social Security and retirement issues for a senior fellow.
Farmers & Mechanics National Bank, Frederick, Md. (1984-1989)
Agribusiness and Agricultural Loan Officer
As the principal agribusiness and rural finance loan officer for the 2nd largest agricultural loan portfolio in the State of Maryland (total of $63 million in loans), I was in charge of all lending to the sector. Within this capacity, my responsibly included taking initial loan applications from potential borrowers, credit risk analysis of all agribusiness and rural credit applications either taken by myself directly or by others through the branch network of the Bank, approval authority for any loans under $100,000, monitoring of existing loans and development of workout strategies for non performing loans that existed before I entered the Bank. When I assumed the role as credit risk officer, over $12 million in non performing loans existed from previous lending prior to my arrival. After 4 years, all the existing agricultural related loans were classified performing with the entire loss to the Bank of only $63,000. In addition, I was the first to adopt PC technology in the Bank. I programmed an agricultural loan evaluation sheet for analyzing farm loans that was later adopted for both agribusiness loans and commercial (non agricultural) lending. As of two years ago (1999), the exact same software I developed 13 years earlier was still being used within the Bank for loan evaluation. Another major accomplishment was the adoption of detailed filing on each agricultural and agribusiness loan. The details included inventory of fixed assets used as collateral, financial statements, loan documents, business plans and any other important documentation related to the loan. The system I developed was later utilized for commercial loans.
American Breeders Service, Deforest, WI. (1983-1984)
Dairy Cattle Geneticist
American Breeders Service was the leader in the world in the agribusiness of producing advanced genetics for dairy and beef production. I was a regional geneticist who was responsible for procurement of young males that would enter the progeny test program. I visited numerous dairy farms on the East Coast of US to inspect genetically superior female dairy cattle suitable for contracting to produce a male for progeny testing. I purchased for the company approximately 100 young males each year with a value of US$ million. Other responsibilities monitoring the progeny test program in my area (approximately 200 different dairy heads across the East Coast) and supporting the sales force through varies lectures, export promotion, seminars and on-farm visits with dairyman. I also worked numerous trade fairs and shows with the marketing representative.
Chestnut Ridge Farm II (March 1982 – May 1985)
Founder, owner and operator of an 800 acre dairy, hay, cereal grain and oilseed commercial farming enterprise in Loudon County, VA (small/medium enterprise development). Responsible of all farm management, agricultural production and distribution, and agricultural credit (micro finance) decisions including formulation of agronomy plans, capital and operating funds required and their allocation fertilizer, agrochemical (weed control) and integrated pest management decisions, production and harvesting schedules, marketing program, farm mechanization maintenance and repair, and post harvest handling and storage. The dairy farm consisted of a total of 120 head of purebred dairy cows and replacements. Of the total 80% were registered Holsteins and 20% purebred Brown Swiss. Rolling herd average of the animals was 2nd highest in the County and 13th highest in the State of Virginia. On an annual basis, 100 acres of hay, 450 acres of wheat and 350 acres of soybeans are grown. Of the main agronomy crop, corn, most was harvested for animal feed
Ru Ann Dairy (1982)
Worked on a large California Dairy farm as a summer intern. The dairy at the time milked over 1,000 dairy animals and during that period had the highest rolling herd average of any dairy in the United States. They were also a leading breeding establishment of purebred Holstein cattle and owned and operated a dairy cattle genetic evaluation program for proving the genetic merit of young Holstein bulls. My role included production/harvesting of various cereals and oilseeds used in animal feed, farm management, post harvest handling and storage and all phases of animal husbandry.
Chestnut Ridge Farm I (1972-1982)
Worked with my father on a purebred Brown Swiss Dairy Cattle Farm (small/medium enterprise development). During this period I was active in purebred dairy cattle shows. Major accomplishments included exhibiting the All American Brown Swiss 3 year old in 1982 (best animal for her age in the world), exhibited the Grand Champion Brown Swiss dairy female at Maryland State Fair (1981), and winning the top exhibitor award at the same show. My role included production/harvesting of various cereals and oilseeds used in animal feed, farm management, post harvest handling and storage and all phases of animal husbandry including genetics, nutrition, veterinary work and farm management.
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