Expert Details

Expert in Applied Accounting, Economics, Financial Analysis, Research, Computer Technology (including Project Evaluation, Historical Credit Risk Assessment, Structured Finance, Restructuring)

Expert ID: 735877 Maryland, USA

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Expert has a prestigious 26 years of experience in applied accounting, economic and financial analysis, and research combined with personal computer technology. His major work areas include accounting and financial analysis (including project evaluation, historical credit risk assessment, structured finance, restructuring, and privatization proposals) for projects in power, water, energy, gas, agriculture, agro-business, industry, and banking. Being a commercial banker for seven years, Expert holds a BA in Accounting and earned his MBA and Ph.D. degrees in finance from the University of Chicago. Experience in Latin America, Central, and Eastern Europe, Africa, Asia, South Asia, Middle East, and China.

30 years of experience in agriculture. Three areas of specialty; applied animal and crop production, agricultural credit and finance, and agricultural value chain assessment. Born and raised on a dairy and crop farm; in the past, owner, operator of his dairy farm; and at present own, operate 150 A hay and grain farm. Agricultural and agro-business banker for seven years. He worked on agricultural trade policy issues and agricultural value chain assessments with The World Bank. The studies resulted in seven publications on agricultural value chains and trade. Have BS in animal production and MS in agriculture production.

15 years of experience in the financial and economic aspects of the small, medium, and large enterprises in the energy and related businesses. Experience includes operating the commercial and financial operations of electric utilities and other companies, IAS restatement of accounts, financial analysis, value chain analysis, demand studies, business valuation, development of methodology and calculation of tariffs, cost of service studies, unbundling, restructuring, privatization, credit, and loan repayment evaluation, financial management assessment, subsidy policy, and risk analysis.

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 Latin America, Central, and Eastern Europe, Africa, Asia, South Asia, and China.

GEOGRAPHIC EXPERIENCE
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

PROFESSIONAL AGRICULTURAL EXPERIENCE

USAID (USAID/AFR/SD/EGEA).
Working within the framework of both the Global Climate Change and Feed the Future Initiatives, wrote a discussion paper underscoring the evolution of renewable energy in recent years and its application towards enhancing productivity in the agricultural sectors of developing countries in African. The paper, entitled “The Importance of Energy in Agriculture,” first tracks the role energy has played in developed countries' agricultural economics in improving efficiency and productivity and then extends this analysis to the developing African country scenario with the inclusion of renewable energy. The main conclusion is that renewable energy today offers rural populations in Africa a chance to develop beyond their traditional subsistence level of farming with cost-effective renewable energy technologies. Moreover, in the last decade, renewable energy has become cost-effective due to increased manufacturing technology and economies of scale related to the mass production of individual units.

The World Bank
Within the Republic of Georgia, developed the financial, credit, and economic analysis of the restructuring of the wine sector. The goal was to increase its international marketability. The study included a detailed look at the financial and credit condition of several of the larger wine producers, the impact of the proposed reforms on the small grower, and financial projections of expanding the market into the international marketplace. In addition, an analysis was performed of the various scenarios related to the existing three-year inventory due to the embargo by Russia of Georgian spirit products. As part of the assessment, Expert examined the value chain of production to processing to market to determine if any efficiency could be gained given the current system was based on FSU modeled markets.

The World Bank
Examine the historical financial statements for financial analysis and agricultural credit risk of 11 different agribusinesses within Ukraine for the Agricultural Structural Adjustment Loan. The agribusinesses consisted of 5-grain marketing cooperatives, one rendering plant, three fertilizer and agrochemical suppliers, and two machinery suppliers. As part of the analysis, the value chain of each sub-sector was examined to determine the overall market viability of the enterprise compared with alternatives.

The World Bank
Worked as agricultural finance (microfinance) credit 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. Expert participated in the initial structure of each Bank. In Latvia, responsibilities also included instruction of credit risk analysis of microfinance projects to domestic lenders at the Agriculture and Rural Finance Banks. The instruction included proper credit evaluation of both agribusiness and agricultural producers, value chain assessment, current agriculture lending practices, and procedures to 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 were to evaluate proposed credit procedures for efficiency and correct decision-making and perform in-field examination of proposed projects for inclusion in the World Bank sub loan. In addition, for each country’s PMU, he has developed procedures for project progress reporting.

The World Bank
The Emergency Farm Credit Program (Kyrgyz Republic) presented a Policy Analysis on the rural banking and credit system, the collapsed agricultural finance sector, and the lack of agricultural credit available to the sector for seasonal agribusiness and agriculture lending. In addition, he estimated agriculture’s inputs (fertilizer, seeds, and agrochemical) demand and supply, examined the entire value chain of the major crops to determine the overall profitability, and based on findings, developed a credit in-kind lending program within the institutional constraints of the agricultural financial system.

The World Bank and Government of Croatia
Trade and Financial Analyst for the Agricultural Structural Adjustment Loan in Croatia. Presented a policy and value chain analysis of domestic agriculture commodities, 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 value 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 had beef, pork, milk, corn, wheat (cereal), and wheat flour.

The World Bank and Government of Ukraine
Trade and Financial Analyst for Agricultural Structural Adjustment Loan in Ukraine. Presented a policy and value chain 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 had sugar, sugar beet, sunflower, sunflower oil, winter wheat (cereal), corn, pork, poultry, and eggs.

The World Bank
Trade and Financial Analyst for Agricultural Structural Adjustment Loan in Russia. Presented a policy and value chain 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 had beef, pork, milk, sugar beet, sunflower, winter wheat.

The World Bank
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, value chain, 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, the establishment of grain exchange, agricultural protein and animal feed production, and aquaculture. The kinds of agro-business analyzed included protein (oilseed) processing mills, large State farms, aquaculture production facilities, wholesalers, and fertilizer manufacturers.

The World Bank
The 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 collect data and calculate the degree of protection within their respective economies. Presented a policy and value chain 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 value 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 within the value chain 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, Barley, 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, and Expert coauthored seven.

(Undisclosed) Farm
Founder, owner, and operator of 250-acre hay, cereal grain, and oilseed commercial farming enterprise in Maryland, USA (small/medium enterprise development). Responsible for all farm management, agricultural production and value chain management, and agricultural credit (microfinance) 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. On an annual basis, 140 acres of hay, 70 acres of wheat, and 20 acres of soybeans are grown. Of the main agronomy crop, hay, three varieties are grown; 30 acres of alfalfa, 40 acres of timothy grass, and 70 acres of traditional grass are harvested. In addition, a marketing program has been developed for the hay that targets customers that require premium quality hay.

Chicago Board of Trade
Worked on the grain trading floor of the CBOT while attending graduate business school at the University of Chicago. He 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 sold orders from customers off the trading floor. In addition to the day-to-day activities, he was required to remain up to date concerning the supply and demand of various commodities, value chains at multiple points within the agro-business marketing chain, worldwide weather reports, and other statistics relating to the consumption of the commodities.

Farmers & Mechanics National Bank, Frederick, Md. (1984-1989)
Agribusiness and Agricultural Loan Officer
As the top agribusiness and rural finance loan officer for the 2nd most extensive agricultural loan portfolio in the State of Maryland, Expert was in charge of all lending to the farming 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 himself 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 he entered the Bank. When he assumed the role as credit risk officer, over $12 million in nonperforming loans existed from the previous lending before my arrival. After 4 years, all the existing agricultural-related loans were classified performing with the total loss to the Bank of only $63,000. In addition, he was the first to adopt PC technology in the Bank. Expert programmed an agricultural loan evaluation sheet to analyze farm loans that were later adapted for agribusiness and commercial (nonagricultural) lending. The same software he developed was still being used within the Bank for loan evaluation as of 2005. Another major accomplishment was the adoption of detailed filing on each agricultural and agribusiness loan. The details included an inventory of fixed assets used as collateral, financial statements, loan documents, business plans, and any other necessary documentation related to the loan. The system he 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. Was a regional geneticist who was responsible for the procurement of young males that would enter the progeny test program. Visited numerous dairy farms on the East Coast of the US to inspect genetically superior female dairy cattle suitable for contracting to produce a male for progeny testing. Purchased for the company approximately 100 young males each year with a value of US$ 2 million. Other responsibilities were monitoring the progeny test program in the area (around 200 different dairy heads across the East Coast) and supporting the sales force through various lectures, export promotion, seminars, and on-farm visits with a dairyman. 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 for all farm management, agricultural production and distribution, and agricultural credit (microfinance) 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. The rolling herd average of the animals was 2nd highest in the County and 13th highest in the State of Virginia within three years of starting production. On an annual basis, 100 acres of hay, 350 acres of wheat, and 350 acres of soybeans are grown. Of the main agronomy crop, corn was most 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 had the highest rolling herd average of any dairy in the United States during that period. They were also a leading breeding establishment of purebred Holstein cattle and owned and operated a dairy cattle genetic evaluation program to prove young Holstein bulls' genetic merit. 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 father on a purebred Brown Swiss Dairy Cattle Farm (small/medium enterprise development). During this period, he was active in purebred dairy cattle shows. 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.

Education

Year Degree Subject Institution
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: 1983 Degree: MS Subject: Population Genetics (Statistics) Institution: Virginia Polytechnic Institute and State University
Year: 1982 Degree: BA Subject: Accounting Institution: Virginia Polytechnic Institute and State University
Year: 1980 Degree: BS Subject: Agriculture Institution: Virginia Polytechnic Institute and State University

Work History

Years Employer Title Department
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 several 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 are to utilize new communication technology and greater access to onsite switchgear to improve the overall improvement of the grid operation and limit the potential for blackouts caused by faulty equipment, human error, and catastrophic events.
Years Employer Title Department
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 the 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 Employer Title Department
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 Employer Title Department
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 Regulator's tariff methodology for Country-wide investments within electricity. The audit parameters included ensuring the model being used generated a tariff that was enough to cover all investment and operating costs, debt expense, and rate of return to investors. The methodology faces many external obstacles, including over-complication, inflation, exchange rates, economically eroding asset values from inflation, and lack of transparency.
Years Employer Title Department
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 had an extension of the basic tariff calculation to include a pro forma income statement, balance sheet, and cash flow statements to determine the overall profitability of the investment.
Years Employer Title Department
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 Employer Title Department
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 regular operation, and building a profile of actual expenditures (as opposed to cash-constrained expenses) the industry. In addition, using the database that was assembled above, projected the operating performance of the sector for ten years. As part of the planning process, calculated retail tariffs using both historical data and forecasted investment data to support an increase in electricity prices and finally designed a subsidy policy targeting the neediest consumers.
Years Employer Title Department
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. Primary expertise would be used within the electricity and gas sector. The primary role is to mentor local PC transaction advisors about 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 interactions 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. 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 Employer Title Department
Years: 2011 to Present Employer: Undisclosed Title: Senior Project Manager Department:
Responsibilities:
Senior project manager for the African Infrastructure Program (AIP) in Africa. The primary responsibility is to offer late-stage transactional support to renewable energy projects. Have managed projects with the target of both developing small-scale renewable energy for solar, hydro, and wind in both Namibia and Mozambique, and large-scale geothermal in Kenya. Also served an the financial specialist for developing a credit enhancement package to encourage private investment for geothermal projects in Kenya.
Years Employer Title Department
Years: 2010 to Present Employer: Undisclosed Title: Senior Financial Advisor Department:
Responsibilities:
Senior financial advisor on the Sheberghan Gas Field Development Project on Afghanistan. Served as the economic and financial advisor towards developing a Feasibility Study for the gas well development, gas processing, and 100 MW gas-fired power plant in the Northern Sheberghan region.
Years Employer Title Department
Years: 2010 to Present Employer: Undisclosed Title: Senior Financial Advisor Department:
Responsibilities:
Senior financial advisor to the Pakistani Power Regulator NEPRA. Role in examining the current processes used in tariff determination and making recommendations to fully streamline the process to make the petition for renewable energy tariffs easier to undertake. In addition, will develop financial models for wind, bagasse (sugar waste), solar, biogas, and hydro so that the analysts within NEPRA can more fully understand the financial characteristics of each technology. Finally, will assess the risk parameters of the sector and determine the barriers to investment within the entire energy sector
Years Employer Title Department
Years: 2009 to 2009 Employer: IRG and USAID Title: Senior Financial Advisor Department:
Responsibilities:
A senior financial advisor within the Empower Pakistan Project. Although the initial role was the responsibility to reduce theft and improve collections in five discos across Pakistan, later completed the feasibility studies and the organization of the tube well pump pilot project that would set the model for a considerably more significant $125 million investment by USAID. Part of the tube well project was to develop a workshop for stakeholders. Currently developing a series of Disco management seminars similar to the USAID DRUM Program in India.

Years Employer Title Department
Years: 2009 to 2009 Employer: IRG and USAID Title: Senior Financial Advisor Department:
Responsibilities:
Senior financial advisor to the Afghan Electric Utility. The role was to both develop and train the 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, and taught these procedures to a group within the commercial section of both the Government and Utility.
Years Employer Title Department
Years: 2006 to 2009 Employer: IRG and USAID Title: Senior Advisor Department:
Responsibilities:
Overall senior advisor to the startup utility Liberian Electricity Corporation (LEC). Responsibilities are metering, billing, and collections, anti-theft, developing 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. Compared to prewar levels of 40% theft and 55% collections, theft was reduced to 8%, and collection rates are over 95% under my management. The success of responsibility, commercial operations led to the consideration of a management contract sponsored by Norway.
Years Employer Title Department
Years: 2003 to 2004 Employer: PierceAtwood and USAID Title: Acting CFO Department:
Responsibilities:
Acting CFO for the state electric utility in Albania KESH. As the senior financial person within the US$200 million utility, 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 financial 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 passed by Parliament and implemented in February 2004, and helped the utility finalize 2003 financial statements. Also, supported the development of laws and methodologies related to the calculation of electricity tariffs.
Years Employer Title Department
Years: 2004 to 2004 Employer: IRG, Deliotte & Touche, USAID Title: Department:
Responsibilities:
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 in particular. 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.
Years Employer Title Department
Years: 2004 to 2004 Employer: CORE International and USAID Title: Financial Evaluator Department:
Responsibilities:
Performed an overall financial evaluation of the electricity sector with the Republic of Georgia. Tasks included an economic analysis of the two primary 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 and several accounting issues (the main one being asset valuation) that directly impacted tariffs. Finally, based on the above findings, present conclusions regarding the privatization of the sector given the existing situation.
Years Employer Title Department
Years: 2002 to 2003 Employer: PierceAtwood and USAID Title: Department:
Responsibilities:
Performed a Cost of Service analysis on the electricity KESH to determine what future tariffs will be. Utilized both actual raw accounting data and developed operating financial benchmarks to assess the electricity system’s operating requirements based on standard operating practices. This was required since the utility, through high technical and non-technical losses and low collections rates only received payment for ½ electricity generated and imported. 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 required revenue-based financial model for the regulator to understand electricity tariffs for the country. The tariffs were based on a system of predominant hydropower.
Years Employer Title Department
Years: 2001 to 2002 Employer: Asian Development Bank and PA Consulting Title: Senior Financial Advisor Department:
Responsibilities:
Senior financial advisor of the restructuring program for Gujarat Electricity Board (GEB) in India to prepare it for 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 an economic 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, which included estimating the economic and financial rural electricity subsidy component of the tariff and calculations of the total 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.
Years Employer Title Department
Years: 2000 to 2001 Employer: The World Bank Title: Manager Department:
Responsibilities:
Manager of the financial tasks of the Moldova Energy II Project. The role was to first identify financial and operational problems concerning electricity policy and business practice and develop restructuring options. A timetable for implementation for the SE Moldtranselectro to improve its operations and qualify for a $35 million World Bank 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 total cost recovery electricity transmission tariff of the transmission sector. Policy changes were significant since the industry was transitioning from Socialist to Market conditions, and part of the sector was already being privatized. 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 transmission service's financial component. The World Bank- developed the financial conditionalities of the proposed credit. Drafted the TORs for future consulting work for both the sector and the electric transmission company.
Years Employer Title Department
Years: 2000 to 2001 Employer: PricewaterhouseCoopers Title: Manager Department:
Responsibilities:
Manager of a cost of service study for the Public Utilities Commission 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 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 financial operate the system.
Years Employer Title Department
Years: 2000 to 2001 Employer: Asian Development Bank and PA Consulting Title: Financial Task Manager Department:
Responsibilities:
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 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.
Years Employer Title Department
Years: 1999 to 2000 Employer: The World Bank Title: Manager of Financial Tasks Department:
Responsibilities:
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 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.
Years Employer Title Department
Years: 1999 to 1999 Employer: Booz, Allen & Hamilton Title: Manager of Financial and Economic Tasks Department:
Responsibilities:
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.
Years Employer Title Department
Years: 1999 to 1999 Employer: PricewaterhouseCoopers Title: Senior Advisor Department:
Responsibilities:
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.
Years Employer Title Department
Years: 1999 to 1999 Employer: USTDA Title: Department:
Responsibilities:
Completed a definitional mission to Albania, Romania, Bulgaria, Croatia and Montenegro to examine export opportunities in the gas sector.
Years Employer Title Department
Years: 1999 to 2000 Employer: Hagler Bailly Title: Manager of Financial Tasks Department:
Responsibilities:
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. Role was to serve on the privatization task team. Examined the present energy economics, identify deficiencies, and present a Policy Analysis of the current situation. In addition, developed a plan to improve the policies in order for the sector to be more attractive to external investment capital and privatization. Accomplished this goal by working closely with local counterparts both in the GOG and the newly formed regulatory body GNERC. The main focus of 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 developed. Finally, tasked 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.
Years Employer Title Department
Years: 1998 to 1998 Employer: PricewaterhouseCoopers and USAID Title: Manager of Financial Tasks Department:
Responsibilities:
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.
Years Employer Title Department
Years: 1998 to 1998 Employer: The World Bank Title: Manager of Financial Aspects Department:
Responsibilities:
Manager of the financial 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.
Years Employer Title Department
Years: 1997 to 1998 Employer: The World Bank Title: Manager of Financial Tasks Department:
Responsibilities:
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, 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.
Years Employer Title Department
Years: 1996 to 1997 Employer: The World Bank Title: Manager of Financial Tasks Department:
Responsibilities:
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 loan to the sector.
Years Employer Title Department
Years: 1997 to 1997 Employer: The World Bank Title: Financial Analyst Department:
Responsibilities:
Financial Analyst for the Ozone Depletion Project in the Ukraine and Belarus. Responsibilities include developing 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 in 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
Years Employer Title Department
Years: 1994 to 1995 Employer: The World Bank Title: Financial Analyst Department:
Responsibilities:
Financial Analyst of the Ozone Depleting Substance (ODS) Phase-out project in Poland. In the project, money was being loaned to various manufacturing entities to replace Ozone Depleting Technology. Role was to perform a credit risk analysis on each sponsor (borrower) of a project based on their historical financial performance and structure, calculate a monetary rate of return on the project, and develop an economic model to estimate the economic rate of return for each project. A total of 23 projects and sponsors participated in the project. All sponsors were involved in industrial manufacturing activities ranging from heating pipes to refrigerator manufacturing.
Years Employer Title Department
Years: 1994 to 1995 Employer: The World Bank Title: Financial Analyst Department:
Responsibilities:
Financial Analyst for a US$150 million investment in a Greenfield geothermal plant in Zacopone, Poland. 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.
Years Employer Title Department
Years: 1994 to 1994 Employer: The World Bank Title: Chief Financial Analyst Department:
Responsibilities:
Served as the chief financial analyst on the 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 enterprise's shortcomings and presented short- and long-term re-structuring solutions to the sub-sectors financial difficulties.

Career Accomplishments

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
Publications: 8

Language Skills

Language Proficiency
English Native
Spanish Reading with some spoken
Russian Basic

Fields of Expertise

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