United States: Webcast: Impacts Of The Tax Cuts And Jobs Act On Electric Utilities

Last Updated: July 9 2019
Article by Gibson, Dunn & Crutcher

This webcast brings together a diverse panel of professionals in electric utility tax issues to discuss the impact of the 2017 Federal Tax Cuts and Jobs Act ("TCJA") on electric utilities, with a particular focus on the impacts on utility accounting and Federal Energy Regulatory Commission ("FERC") ratemaking. Although the industry awaits a final FERC rulemaking addressing these issues, the impacts of the TCJA are already being felt, with some utilities already adjusting rates, recording regulatory liabilities for excess accumulated deferred income taxes ("ADITs"), and taking other ratemaking actions. And once the rulemaking issues, utilities will want to be ready to move quickly to implement any mandates as stakeholders will be anxious to capture the benefits of the TCJA for themselves.

The panelists for the webcast have extensive experience on these issues and represent a cross-section of professionals in this area—an electric utility attorney, an electric utility tax manager, and a "Big Four" accountant—each of whom will discuss their own experiences with these issues. Anyone involved in utility tax accounting or ratemaking will want to attend to hear their insights into these evolving issues.

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PANELISTS:

David Davoren is the Corporate Tax Manager for Emera Maine, an electric utility company operating in eastern and northern Maine. At Emera Maine, Mr. Davoren is responsible for, among other things, the determination and financial disclosure of corporate income tax expense (federal and state) used in audited financials and regulatory reporting. Mr. Davoren has also assisted in developing filings with the Federal Energy Regulatory Commission related to the Tax Cuts and Jobs Act of 2017 and its effects on ADITs. Prior to joining Emera Maine in 2012, Mr. Davoren previously worked as a Corporate Tax Consultant for the Corporate Tax Group, a regional tax consulting firm specializing in corporate tax clients. Mr. Davoren is a Certified Public Accountant in the state of Maine and holds a Bachelor's of Science in Business Administration from Boston College.elect

Jeffrey M. Jakubiak is a partner in Gibson Dunn's New York and Washington, D.C. offices and a member of the firm's Energy, Regulation and Litigation Practice Group who counsels clients regarding matters at the Federal Energy Regulatory Commission. Holding a bachelor's degree in quantitative economics, Mr. Jakubiak's practice focuses on matters at the crossroads of law and economics, particularly those involving electric company ratemaking, mergers, and power sales, as well as the workings of energy markets. Mr. Jakubiak also has developed proprietary quantitative analytical tools that he uses to advise clients on electric asset transactions, market-based rate authorizations, and litigation risk.

Kimberly Johnston is a National Tax Partner in Ernst & Young's Power & Utilities tax practice serving clients, industry groups, and regional teams throughout the United States, Canada, and Mexico to deliver sustainable value for tax operations, regulatory proceedings, and investment growth plans. Ms. Johnston has 25 years of energy sector experience in corporate tax, including experience leading tax efficient M&A strategies, legislative advocacy efforts, regulatory proceedings, audit settlement negotiations, tax operational effectiveness, and merger integration and divesture plans. Her areas of focus include serving investor-owned utilities, independent power producers and midstream energy companies on regulatory strategy, rate case proceedings, tax planning strategies, due diligence on investment growth opportunities, and tax operations. Prior to rejoining Ernst & Young, Ms. Johnston served as the Vice President of Tax for CenterPoint Energy and Tax Director of Spectra Energy.

Moderator:

Jennifer C. Mansh is a senior associate in Gibson Dunn's Washington, D.C. office and a member of the firm's Energy, Regulation and Litigation Practice Group. Ms. Mansh advises clients on a wide range of energy litigation, regulatory, and transactional matters before the Federal Energy Regulatory Commission, the Commodity Futures Trading Commission, the Department of Energy, and state public utility commissions. Ms. Mansh has represented a wide variety of electric utilities, merchant transmission companies, power marketers, and natural gas and oil pipeline companies in rate, licensing, and enforcement proceedings before FERC, CFTC, and state public utility Commissions. In addition to her litigation experience, Ms. Mansh assists clients on a variety of transactional matters and compliance issues.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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