The Future of Natural Gas and Coal-Fired Generation

Sponsored by White and Case LLP

What is the future of coal and natural gas as fuels for electricity generation in the United States?

On March 4, 2015, the Guarini Center hosted a panel to discuss this question. Panelists discussed the potential returns for investments in coal and gas generation; the extent of domestic gas supply; how the increase in renewables on the grid has differently affected the economics of coal and gas-fired generation; the impacts of federal environmental regulations on each fuel source; the status of carbon capture and sequestration projects and much more.

Speakers:
Catherine Callaway, Executive Vice President, General Counsel and Chief Compliance Officer, Dynegy Inc.
Robert Mancini (’84), Managing Director & Co-Head of CPP-II, The Carlyle Group
Thad Miller, Executive Vice President, Chief Legal Officer and Secretary, Calpine Corp.
Jeffrey Pollard, Managing Director, Goldman Sachs
Michael Shenberg (’85), Partner, White and Case LLP

Speaker bios:

Catherine Callaway has held the position of Executive Vice President, General Counsel and Chief Compliance Officer of Dynegy Inc. since September 2011. Ms. Callaway leads Dynegy’s Legal, Ethics and Compliance, NERC and Contract Administration functions. Dynegy generates reliable, environmentally responsible and affordable energy from its power stations located in the Midwest, Northeast and West Coast. Dynegy’s fuel-diverse fleet of power stations can generate 13,000 megawatts – about half from coal and half from natural gas plants – enough to power about 10 million homes. Through its retail electricity providers, Homefield Energy and Dynegy Energy Services, Dynegy serves residential, municipal, business and industrial customers in Illinois, Ohio and Pennsylvania. Dynegy will double in size following the consummation of pending transactions with Duke and Energy Capital Partners. Ms. Callaway has been advising energy companies on legal matters for almost 25 years. Prior to joining Dynegy, she was General Counsel of Reliant Energy and the Gulf Coast Region of NRG Energy and prior to that she held various legal positions with Calpine Corporation, Reliant Resources, Coastal Power and Chevron. Ms. Callaway earned her Bachelor of Arts degree from Smith College and her Juris Doctor degree from the University of Texas.

Robert (“Bob”) Mancini is a Managing Director and Co‐Head of CPP II. Mr. Mancini serves as Chairman of the Board of Cogentrix. Mr. Mancini is based in New York.

Prior to joining Carlyle, Mr. Mancini was a Managing Director at Goldman Sachs & Co., where he spent nearly twenty years. Most recently Mr. Mancini led the firm’s on‐balance sheet power asset business through Goldman’s wholly owned subsidiary, Cogentrix Energy LLC, where he was CEO. Mr. Mancini was instrumental in Goldman’s entry into the power asset business in 2003. Prior to 2003 Mr. Mancini was a member of the legal department where he eventually became the Deputy General Counsel of the Securities Division. Prior to joining Goldman, Mr. Mancini spent ten years in private practice as a lawyer with Debevoise and Plimpton, where he established that firm’s derivatives practice.

Mr. Mancini received his J.D. from New York University School of Law in 1984, where he was a member of the Law Review, and received his B.A. degree from Binghamton University in 1980, where he was elected to Phi Beta Kappa.

Thad Miller has been Executive Vice President, Chief Legal Officer and Secretary of Calpine Corporation, the largest US independent power generator based on production, where he has lead the Legal, Governmental & Regulatory Affairs, Internal Audit, Compliance, Corporate Communications and Insurance groups since 2008.  Prior to that he held various positions, including Executive Vice President and Chief Legal Officer of Texas Genco LLC, an IPP;  an energy advisor to TPG, a private equity firm;  Executive Vice President and Chief Legal Officer of Orion Power Holdings, Inc., an IPP;  Vice President of Goldman Sachs & Co.; and a partner with two New York law firms. Mr. Miller earned his Bachelor of Science degree from the U.S. Merchant Marine Academy and his Juris Doctor degree from St. John’s School of Law. In addition, Mr. Miller was an officer in the U.S. Coast Guard from 1973-76.

Jeffrey Pollard is a banker within the Natural Resources Group, where he is focused on coverage and execution activities within the power and utility sector. He joined Goldman Sachs in 2006 as an associate and was named managing director in 2011. Prior to joining the firm, Jeff was a power and utility banker from 2003 to 2006. Previously, he served in several roles internationally and in the United States with the engineering and construction subsidiary of Halliburton Company from 1996 to 2001. Jeff earned a BS in Civil Engineering from the University of California at Berkeley in 1994. He also earned an MS in Structural Engineering from Purdue University in 1996 and an MBA from the Kellogg School of management in 2003.

Michael Shenberg is a partner in the Firm’s Mergers and Acquisitions Practice Group in the New York office. A recognized leader in his field, he focuses on energy M&A, capital markets and financing transactions for the Firm. Mr. Shenberg has represented financial and strategic investors in numerous transactions involving the purchase or sale of energy assets, including large portfolios, single-asset deals and joint ventures. Additionally, he advises on financings including restructurings, and corporate and commercial matters for energy company clients.