SEIC Visits ConEd Steam Plant

On October 18th, 19 members of the Club headed off to the Con Edison East River steam / electricity generation plant. Following deregulation in the late 1990s, Con Ed sold substantially all of its generation assets while retaining its transmission system. The steam generation assets (and the 100+ miles of pipeline) were one of the exceptions.

Con Ed employees gave the group a very helpful overview of steam generation in NYC, led a tour of the facility and answered all of our questions. The highlight of the tour was an interactive map showing steam supply at each plant and the associated operating costs.

We would like to thank all of those at Con Ed who took time away from their busy days to show us around the plant and answer any and all questions. Additionally, we would like to thank Langone student, Katelyn Tsukada, for hosting us.

SEIC Infrastructure Breakfast

On November 13th, SEIC hosted Professor Paul Tice for the inaugural breakfast lecture on Infrastructure. Professor Tice has worked on Wall Street for the past three decades and has specialized in the energy and infrastructure sector for the past 23 years. His infrastructure breakfast was an excellent introduction to the field, and he framed everything within the scope of potential career opportunities for SEIC club members.

Infrastructure assets are unique due to their long useful lives (several decades), high upfront capital requirements, and extensive barriers to entry due to government regulation. Key topics that Professor Tice covered included the varying risk/regulation profiles of each infrastructure sector; historical and forecasted global infrastructure spending and correlation between economic growth and infrastructure investment; typical project financing parameters and deal structures for infrastructure investments; and an overview of public-private partnerships. Professor Tice tied the materials together with brief case overviews for investments in bridge replacement, renewable energy portfolio deployment, and political risk of investing in developing countries.

SEIC Women in Energy Breakfast

On November 6th, the Stern Energy and Infrastructure Club (SEIC) and Stern Women in Business (SWIB) co-hosted a breakfast for Women in Energy Panel. The attendees had the opportunity to hear from panelists Robyn Liska (BofA, VP Equity Capital markets), Lucie Dupas (EnterSolar, VP of Engineering), and Meredith Menzel (APTIM, Construction manager). The panel was moderated by Sophie Rifkin (Stern CSB). Topics discussed included current market conditions for both renewable and non-renewable energy sources; ESG investments; potential solutions to power outages in California; energy storage and battery; and advices for women who aspire to work in energy.

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SEIC Hosts Power & Utilities 101

On October 30, 2019, SEIC Vice Presidents Sam Simpson-Dore and Andrew O’Brien led an overview of the power and utilities industry for Club members. The session helped to prepare students for successful interviews for power and utilities specific jobs, highlighting key topics, trends, and players within the sector.

The session involved education on important industry topics, including utility basics (e.g. structure, regulations, and rates), generation sources, and load and dispatch curves. Additionally, the students highlighted current industry trends and recent M&A transactions. We wish everyone the best of luck in all of their interviews!

SEIC Renewables Breakfast

On October 2nd, as a kickoff to the SEIC breakfast series, club co-presidents BJ Michaels and Mauricio Mitidieri shared their combined experience in the power sector to cover the renewables markets globally and in the US.

In the spirit of the series, both covered the overall landscape of the segment, and also talked a little about the technologies - solar, wind, hydro and nuclear - that are currently in the market. The session also included discussion on the potential of energy storage and the demand dynamics in the market, or the infamous duck curve in CA.

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SEIC Hosts Panel on Infrastructure Private Equity: AECOM Capital, Brookfield AM, and BlackRock Visit Campus

On December 5th, 2018, the Stern Energy and Infrastructure Club (SEIC) and Stern Private Equity Club (SPEC) co-hosted a panel discussion on the current state of private equity investment in infrastructure.

Attendees were privileged to hear from panelists Jamie Anderson, Principal at AECOM Capital; David Giordano, Head of Renewable Power Americas and APAC at BlackRock; Hillary Higgins, Vice President at Brookfield Asset Management; and Bobby Jahani, Senior Associate at Macquarie Infrastructure and Real Assets. The panel was moderated by Professor Paul Tice of NYU Stern. Topics discussed included the growth in private equity infrastructure investment; how different investors define “infrastructure” as an asset class; how fees structures in the industry are changing; and how tightening credit markets will impact infrastructure financing.

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SEIC Welcomes Rob Glen (Bloomberg New Energy Finance) to Discuss BNEF Outlook

Earlier this month, Rob Glen (MBA ‘99) joined current MBAs for lunch to discuss the state of global energy markets. Rob is the Western U.S. Market Leader at Bloomberg New Energy Finance (NEF). Rob presented Bloomberg NEF’s current outlook on transitions and opportunities in the energy industry, focusing on trends in clean energy investment. Following the presentation, Rob asked students for their thoughts regarding the direction of the industry, prompting interesting discussions about energy policy, electric vehicles, and corporate social responsibility.

SEIC would like to thank Rob Glen for visiting campus again to speak with us!

Energy Careers Panel Brings MBA Alumni to Campus to Discuss Finance, Consulting, and Corporate Strategy

To introduce Stern students to the various career paths available to those with an interest in making an impact in the energy sector, the Stern Energy & Infrastructure Club (SEIC) hosted an energy careers panel on campus. The panelists were:

Sam Edelson, Associate, Bank of America Merrill Lynch (MBA 2017)
Jake Berlin, Principal, ICF (MBA 2009)
Zach Sussman, Senior Specialist, Con Edison (Langone)

Moderated by NYU Stern faculty member and SEIC sponsor Paul Tice, the panel covered topics including trends in the power sector affecting markets and firms, strategies for pursuing energy careers from Stern, and the best classes to take. SEIC would like to thank each of the panelists and Professor Tice for their time and guidance, which was appreciated by students.

Energy & Infrastructure 101 Introduces MBAs to the Industry

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Led by three MBA2s, the Stern Energy & Infrastructure Club presented a comprehensive overview of the trends, players, and business models that exist in the space.

Students with experience in Power & Utilities, Renewables, Oil & Gas, and Infrastructure gave current MBAs a high-level summary of everything from OPEC’s role in the global marketplace to the increasing need to renew the nation’s aging infrastructure. Armed with this introductory-level knowledge, students are better equipped to tackle energy and infrastructure specific interviews this fall and spring.

The club would like to thank Greg Gangelhoff, Arnab Khasnobis, and Jonathan Kienzle for their contributions to the event.

SEIC Visits ConEd Steam Plant

On May 4, 2018, members of the Stern Energy & Infrastructure Club went on a local trek to Con Edison’s East River Steam/Electricity Plant located on 14th Street in Manhattan. The plant serves customers ranging from households to hospitals to the restaurant industry by providing pure steam and electricity to the local grid.

The attendees were treated to a tour of the entire facility, a technical overview of the intricacies of the plant processes, and a Q&A session dealing with the economic complexities of the utility industry. It was quite interesting to see such a large-scale industrial facility nestled in the busy streets of New York City.

The club would like to thank the employees of the Con Edison East River Steam Plant and Zach Sussman (Stern ’18) for setting up the trek.

SEIC Hosts Mike Sibilia, CFO, LaGuardia Gateway Partners

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On April 11, the Stern Energy & Infrastructure Club hosted Mike Sibilia, CFO of LaGuardia Gateway Partners, to discuss both his involvement in the major upgrade at LaGuardia International Airport and his career in the fields of real estate and infrastructure development.

Before an extensive Q&A session, Mr. Sibilia walked the audience through the complexities of Public Private Partnerships and how they can be applied to major infrastructure upgrades like LaGuardia’s current project. The Stern community was delighted to have him spend the evening with us.

The event also bore a great deal of significance for the club because it’s the first event dedicated solely to the business of infrastructure development since the Club rebranded (from Stern Energy Club) this past year. The discussion marks the beginning of what will be a number of informative events on the future of infrastructure improvement.

Panel: Batteries and Electric Vehicles, The Future of Mobility and Energy Storage

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The Stern Energy & Infrastructure Club hosted a panel discussion of "Batteries and Electric Vehicles: The Future of Mobility and Energy Storage" on April 24th, 2018. Panelists included Stern alumni from Bloomberg New Energy Finance and EOS Energy Storage, as well as experts from Tesla and the Natural Resources Defense Council. 

The discussion focused on the state of battery storage and electric vehicle markets and technologies, along with the way forward for public and private stakeholders in the sector. The conversation also covered the status of battery and electric vehicle deployment in emerging markets and the viability of different battery technologies for vehicle and utility-scale applications.

Panelists included:

Salim Morsy (MBA ’16), Specialist, Advanced Transport, Bloomberg New Energy Finance

Michael Oster (MBA ’88), CEO and Co-Founder, EOS Energy Storage

Brian Warshay, Business Development, Tesla

Pamela MacDougall, Science Fellow, Natural Resources Defense Council

Seminar: An Introduction to Power Generation Modeling

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On April 4th the Stern Energy and Infrastructure club hosted Kevin Chang, Vice President at Credit Suisse, for a seminar on the financial modeling of power generation projects. Kevin led a discussion of the market factors impacting a sample power generation project and demonstrated how to build a basic financial model of the project. The Stern community was delighted to have him spend the evening with us.

The club would like to thank Kevin Chang for leading the session.

Case Team Competes at Columbia

Pictured (L to R): Ryan Wall, Gideon Banner, Brett Gallagher, Guy Brearey, and Jonathan Kienzle

Pictured (L to R): Ryan Wall, Gideon Banner, Brett Gallagher, Guy Brearey, and Jonathan Kienzle

On February 1, SEIC members Gideon Banner, Guy Brearey, Brett Gallagher, Jonathan Kienzle, and Ryan Wall competed in the 3rd Annual Columbia University Energy Symposium Case Competition.

This year’s case addressed an issue facing many small communities: grid resilience, and the opportunities and challenges of meeting that issue with a microgrid.  The Stern team – named “Transmission Critical” – was tasked with determining not only the financial implications of a microgrid investment, but also how to address the concerns of the many different stakeholders involved. After applying with a response to a short mini-case (dealing with community solar), the NYU team was selected as one of 14 teams from top-tier schools from across the country.  The team presented its solution to a panel of judges from firms such as NRG and Booz Allen Hamilton.

Despite not advancing to the final round of presentations, the team saw the competition as an excellent opportunity to learn about the wide variety of challenges associated with implementing a successful microgrid project.  Most importantly, everyone was glad to have the chance to represent both NYU Stern and the Energy and Infrastructure Club with pride.

Renewable Energy Case Competition (RECC) at University of Michigan Ross School of Business.

Pictured (L to R): Stephanie Chen, Tracy Jacobson, Jonathan Kienzle

Pictured (L to R): Stephanie Chen, Tracy Jacobson, Jonathan Kienzle

On December 1, 2017, SEIC members Stephanie Chen, Tracy Jacobson, Jonathan Kienzle, Levent Touter, and David Wu competed in the 9th annual Renewable Energy Case Competition (RECC) held by University of Michigan Ross School of Business.

This year, the case challenges the teams to create a plan for a mid-sized private food company to meet its goal of procuring 100% of its electricity from renewable sources by 2030. The energy procurement strategy may include VPPA(s), green tariff through utility, voluntary RECs, and on-site solar generation. The Stern team – named “Solar Flares” – was selected as one of 16 teams from top-tier MBA programs around the world to present its procurement strategy to a panel of judges from firms such as DTE Energy, Schneider Electric, and Lazard.

Although Solar Flares did not advance to the final round of presentations, the team received praise and found it especially inspiring to see the diverse approaches used by the different teams to tackle the same challenge. In addition, through researching and creating an energy procurement plan for the competition, the Stern team learned about the energy mixes in different grids and how they impact the supply risk associated with them and understood the implications of the different procurement alternatives on current energy sustainability issues. Solar Flares team members enjoyed competing in RECC very much and look forward to participating again next year with other Stern students interested in renewable energy!

 

2017 Energy Finance Panel

The Stern Energy & Infrastructure Club hosted an Energy Finance Panel on the evening of November 20th, 2017. Panelists included Stern alumni from Barclays, Goldman Sachs, and GE Energy Financial Services. This year’s discussion focused on macroeconomic trends within the energy industry, including the impact of depressed oil prices, low interest rates and the role of capital markets. The conversation included interesting insights around the evolving energy landscape and each panelist’s concerns regarding potential future risks.  The speakers also discussed their views on the role of Private Equity within the Infrastructure space and changing investment profile of future projects.

Panelists included:
David Friedman (MBA ’15), Assistant Vice President, GE Energy Financial Services
Philipp Hacker (MBA ’13), VP, Goldman Sachs
Steve Miller, (MBA ’14), Senior Associate, Barclays

How Sustainability Drives Success at Con Edison

All Photos: ©NYU Photo Bureau: Hollenshead

On October 26th, the NYU Center for Sustainable Business hosted a standing-room only luncheon talk between Tensie Whelan, Director of the CSB, and John McAvoy, CEO of Con Edison and Stern alum.  Mr. McAvoy spoke with clarity and depth about his experiences at Con Edison and the directions it intends to take in the future.  He spoke about some of the company’s core efforts, including workplace safety, cybersecurity, grid reliability, infrastructure hardening & climate change adaptation, customer focus, diversity & inclusion, and commitment to STEM education. He reminded the audience that not only is Con Edison the 5th largest solar provider in the U.S., but that it is undertaking a vast change to a new business model that will incorporate electric vehicles, battery storage, distributed renewables integration, and beneficial electrification.  He also emphasized two of Con Edison’s more important efforts: a territory-wide switch to smart meters, which he said would provide huge cost savings and enable a host of benefits to customers, the utility, and third-party providers; and a new move toward “non-pipeline alternatives”, which would build on the success that electrical utilities have made in reducing peak demand load, but this time with natural gas distribution and consumption.

Powering the Future: Energy Transformation in the US

All Photos: ©NYU Photo Bureau: Creighton

NYU Stern's Center for Sustainable Business and the Stern Energy & Infrastructure Club co-hosted a panel discussion on the changing landscape of power generation and distribution in the US. Tensie Whelan, Director of NYU's Center for Sustainable Business, moderated the conversation as representatives from ConEd, NRG Energy, SunPower and ReThink Energy gave their perspectives on the sector's evolution and how their companies are driving change. The packed audience included industry professionals in addition to students and faculty members from the NYU community. Following the Q&A session, all of the panelists and their colleagues stayed for a networking reception.

Thank you to ConEdison for their generous support of this event.

Panelists included:

Jake Berlin (MBA '09), Founder and Managing Partner, Rethink Energy
Robin Dutta, Market Development & Policy, Eastern US, SunPower
Kelli Joseph, Director, Market & Regulatory Affairs, NRG Energy
Robert Schimmenti, SVP, Electric Operations, ConEdison