9/26/13

I have an upcoming interview for a power and utilities group and can't seem to find a good answer on why that group. Other than well we need power and its what keeps the country going.

Please help.

Comments (12)

9/26/13

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9/26/13

nontargetPSD92:

//www.wallstreetoasis.com/forums/good-answers...

see wookie102's answer.

best of luck

Thank you that is perfect.

9/26/13

- models are very quant-heavy (heat rate, capacity, CFADS, etc), which is looked upon favorably by PE and H funds

- since most of the activity in the space is around asset sales/purchases, you get a ton of M&A experience. The downside though is that the strategic scenarios are fairly consistent and not as diverse as they would otherwise be in groups like TMT and Healthcare (M&A, debt offering, IPO, etc)

- you deal with a ton of different buyers: PE / infra funds / strategics like Dynegy, Exelon, Duke, etc etc etc. You learn how the same asset is pitched to different buyers based on the toll/PPA structure and the implied returns

- if you're going to a top power group (Barc / MS / maybe JP), since there are considerably fewer potential clients, and since you're in a leading position in the space, you pitch MUCH less (cost of entry is higher for new advisors). Citi, for instance, pitches a ton. The downside again is that most of the deals you're on are similar (asset sales).

That's all I got. The rest should be based on group fit / lifestyle (hopefully, there's some "life").

9/26/13

Yes

9/26/13

Yes

9/26/13

Thomas Edison is your idol.

9/26/13

Cuz you fuckin love being able to work in excel until 4 am when all natural sunlight has long since passed.
hell, you couldn't even use excel if it wasn't for dem 'lectricity boys.

Remember, once you're inside you're on your own.
Oh, you mean I can't count on you?
No.
Good!

9/26/13

I would talk about a deal in the industry and why you find it interesting (the Duke and Progress merger comes to mind).

"For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."

9/26/13
  • regulation / deregulation of the energy markets
  • one of few inelastic markets, you can't really store dispatchable energy
  • interesting way that rates are determined - rate cases, auctions, capacity markets
  • role of state governments/commissions, FERC, NRC, NERC, etc.
  • changing dispatch profile (coal, natural gas, renewables) given what has happened in the midstream space and commodity prices
  • Read about the TXU LBO. Largest LBO in nominal terms. $8 billion of KKR/TPG/GS equity wiped out due to drop in natural gas prices
9/26/13

cuz its fucking tangible and awesome and key to society and all yo

9/26/13

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Remember, once you're inside you're on your own.
Oh, you mean I can't count on you?
No.
Good!