Advisory Services

Lapson Advisory assists corporate CFOs and Treasurers to structure credit and debt transactions. Ellen Lapson is an independent consultant and advisor with fifty years of hands-on corporate finance experience in utility corporate finance and project finance. She can act as a behind-the-scenes advisor and coach to help clients meet their objectives. Unlike large consulting firms or investment banks, Lapson Advisory welcomes projects both large and small. We meet clients’ needs quickly and efficiently.

Some representative advisory assignments are summarized below:

Client

Advisory Assignment

Washington Gas Light Co.

2019

Quantify effect of merger and ratings change upon cost of long-term and short-term debt.

Objective: Regulatory compliance.

NJ American Water Co.

2018

Analyzed impacts of tax reform on water utility’s cash flow and ratings.

Objective: Regulatory strategy.

AltaGas Ltd.

2017

Credit ratings advisory on ratings of Washington Gas under hypothetical cases.

Objective: Business and regulatory strategy.

Entergy Texas, Inc.

2016

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)

2014

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

2014

Evaluated debt equivalence of power purchase obligations.

Objective: Clarify credit impact of contract obligations.

GenOn Energy Inc.

2012

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)

 2011

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)

2012

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.