Events

Financial Concepts for Regulated Utilities

NARUC Professional Development
Track: Accounting & Rate Design

January 13–15, 2026, 2:00 PM–4:00 PM ET each day

This course provides students with an understanding of the basic finance and regulatory concepts of utility regulation, including financial risk and return; portfolio theory; the relationship between rate base and capital structure; the weighted average cost of capital; and the required return on common equity.

Fees: 
Dues-Paying Members / Associate & Federal Members: $250
State, Federal, and International Agencies / NASUCA Members / Academia: $450
All Others: $650

Register

Course Outline

Day 1:

  • Why Are Utilities Regulated
  • Market Structure
  • Competition versus Natural Monopoly
  • Economic Profits
  • Risk and Return

Day 2:

  • Portfolio Theory
  • Beta
  • Rate Base/Rate of Return Regulation
  • Reconciling Rate Base and Capital Structure

Day 3:

  • The Required Return on Common Equity
  • Legal Concepts
  • Discounted Cash Flow (DCF)
  • Capital Asset Pricing Model (CAPM)
  • Financial Concepts for Regulated Utilities

Course Instructor

Mark Cicchetti, Florida Public Service Commission

Mark Cicchetti is the Director of the Division of Accounting and Finance at the Florida Public Service Commission. Mr. Cicchetti has over 40 years’ experience in utility regulation and has testified as an expert witness numerous times on a wide variety of subjects but mainly regarding the required return on equity. Mr. Cicchetti was awarded the 2019 Gerald L. Gunter Distinguished Service Award by the Public Utility Research Center at the University of Florida for Contributions to Regulatory Policy. Mark has a BS in Business Administration and an MBA in Finance, both from Florida State University.