Advisory Services

Lapson Advisory assists corporate CFOs and Treasurers to structure, negotiate, and document credit and debt transactions, or acts as the behind-the-scenes coach to help clients hone their approach to rating agencies, creditors, fixed income investors, or regulators.  

Ellen Lapson is an independent consultant and advisor with forty plus years of hands-on corporate finance experience in the world of utility corporate and project finance.  Unlike large consulting firms or investment banks, Lapson Advisory takes on projects of any size and scope. We meet clients’ needs quickly and efficiently.

Representative advisory assignments are summarized below:


Advisory Assignment

Utility Holdco (Undisclosed)


Credit ratings advisory, hypothetical cases.

Objective: Assess ratings impact of changing business portfolio.

Energy Texas, Inc.


White Paper and recommendations on debt equivalence and capital allocation associated with capacity purchase agreements; effects of new lease accounting standards on PPAs.

Objective: Adjust policy on RFP and contract evaluation.

Bank (Undisclosed)


White Paper and recommendations on Loss Given Default and historical experience of default and recovery in the regulated utility sector.

Objective: Appropriate capital allocation for loan portfolio. 

Northeast Utilities


Evaluated debt equivalence of power purchase obligations.

Objective: Clarify credit impact of contract obligations.

GenOn Energy Inc.


White Paper on appropriate industry peers for a competitive power generation and energy company.   

Objective: Improve peer comparisons in shareholder communications and compensation studies.

Toll Highway (Undisclosed)


Recommended scenario for adding debt while minimizing risk of downgrade.  Plan for rating agency communications.

Objectives: Free up equity for alternate growth investments while preserving credit ratings.

Transmission Utility (Undisclosed)


Recommended the appropriate capital structure and debt leverage during a period of high capital spending. 

Objective: Reduce need for added equity during multi-year capex project; preserve existing credit ratings.

District Thermal Cooling Company 


Recommended a project loan structure to deal with seasonal cash flow. Optimized payment schedule, form and timing of financial covenants.

Objectives: Reduce default risk; improve capital efficiency.