Energy and the Economy: Markets in Transition
About this event
The Federal Reserve Banks of Kansas City and Dallas held their fourth joint energy conference on October 18 in Denver. The conference focused on the outlook for the global crude oil market, renewable and energy transitions with the U.S. generation mix, energy finance and more.
|October 18, 2019||8 a.m. - 4 p.m.||
Denver Branch of the Federal Reserve Bank of Kansas City
1020 16th Street
Denver, Colorado 80202
If you are interested in more information about the Energy Conference, please contact Pam Campbell.
- 7:30 AM Energy Conference Registration and Breakfast
Denver Branch Executive
Federal Reserve Bank of Kansas City
President & CEO
Kansas City Fed
Session I: Outlook for Global Crude Oil Markets
Session Chair: Mine Yucel, Senior Vice President, Dallas Fed
- Global Economic Outlook: Torsten Slok, Deutsche Bank
Torsten Slok joined Deutsche Bank Securities in the fall of 2005. Mr. Slok’s Economics team has been top-ranked by Institutional Investor in fixed income and equities since 2010. Slok currently serves as a member of the Economic Club of New York. Prior to joining the firm, Mr. Slok worked at the OECD in Paris in the Money and Finance Division and the Structural Policy Analysis Division. Before joining the OECD he worked for four years at the IMF in the Division responsible for writing the World Economic Outlook and the Division responsible for China, Hong Kong, and Mongolia. Mr. Slok studied at University of Copenhagen and Princeton University. He has published numerous journal articles and reviews on economics and policy analysis, including in Journal of International Economics, Journal of International Money and Finance, and The Econometric Journal.
- General: Jim Burkhard, IHS Markit
Jim Burkhard is recognized as one of the world’s top analysts on global oil markets and on the future of energy and transportation. Based in Washington, DC, Burkhard is vice president and head of crude oil market and energy and mobility research. Jim is a member of the IHS Markit Energy Research Council overseeing thought leadership across global energy and has over 20 years of experience in the international oil business. He is responsible for the development and coordination of IHS Markit insights and messages for global and regional oil markets and scenarios. His expertise covers geopolitics, industry dynamics, and global oil demand and supply trends.
- Geopolitics: Kevin Book, Clearview Energy Partners, LLC
Kevin Book heads the research team at ClearView Energy Partners, LLC, an independent firm headquartered in Washington, D.C. that serves institutional investors and corporate strategists. In his analytical capacity, Mr. Book covers economic and policy trends in oil, natural gas, coal and refined products. Outside the office, he appears frequently in print and broadcast media, participates in government and private-sector policy forums and meets with top Washington decision-makers. He has also testified before several House and Senate Committees. Mr. Book is a member of the Council on Foreign Relations. He is also a member of the National Petroleum Council, a self-funded advisory body to the Secretary of Energy, and a nonresident Senior Associate with the Energy and National Security Program at the Center for Strategic and International Studies. Prior to co-founding ClearView, Mr. Book worked as a senior energy analyst at FBR Capital Markets. He holds an M.A. in law and diplomacy from the Fletcher School of Law and Diplomacy and a B.A. in economics from Tufts University.
- 10:05 AM Break
Session II: Renewable Transitions and the U.S. Power Generation Mix
Session Chair: Jason Brown, Assistant Vice President, Kansas City Fed
- General Renewables: Matt DePrato, Wood Mackenzie
Matt DaPrato is a Director for Wood Mackenzie Energy Transition and Power & Renewables practice research focused on the technologies and market impacts of the global energy transition. His past focus has been in the Americas power and renewables market having authored studies on onshore and offshore wind, transmission, and federal, regional and state policy.
- Utility: Alice Jackson, Xcel Energy
Alice K. Jackson is President of Xcel Energy – Colorado, a company serving 1.4 million electric customers and 1.3 million natural gas customers. The company is a recognized industry leader in delivering affordable and reliable service, providing clean energy choices, and in reducing carbon and other emissions. Since joining Xcel Energy in 2011, Ms. Jackson has held various positions of increasing responsibility. Before her time with Xcel Energy, Jackson spent close to 10 years with Occidental Petroleum Corporation (Oxy) managing the energy needs of this large consumer across the country. Through her involvement in the federal and state electric markets, multiple rate cases, and interaction with customers large and small, Alice developed a unique respect for utilities and their contributions to society.
- Renewable Technology: Jill Engel-Cox, NREL/JISEA
Jill Engel-Cox is Director of the Joint Institute for Strategic Energy Analysis (JISEA) at the U.S. National Renewable Energy Laboratory (NREL). Over her 25-year career, Dr. Engel-Cox has been an engineer, researcher, program manager, and strategic planner for a diverse suite of renewable energy, clean technology, and environmental programs in the United States, Asia, and Middle East. Her first job was climbing smokestacks in Los Angeles, followed by leading industrial pollution prevention programs for small and medium sized businesses and R&D laboratories in the United States and internationally. In the past decade, she has led international strategic planning and technology assessments for renewable energy and environmental sustainability research programs, working extensively in Malaysia and Saudi Arabia. She also teaches industrial processes and environmental communications courses at Johns Hopkins University Engineering for Professionals Program.
- 11:30 AM Lunch
Center for the New Energy Economy
Governor Bill Ritter was elected Colorado's 41st governor in 2006 and was the District Attorney of Denver from 1993-2005. During his four-year term as Governor, Ritter established Colorado as a national and international leader in clean energy by building a New Energy Economy. After leaving the Governor’s Office, Ritter founded the Center for the New Energy Economy at Colorado State University, which works with state and federal policy makers to create clean energy policy throughout the country. Governor Ritter has authored a book that was recently published entitled, Powering Forward – What Everyone Should Know About America’s Energy Revolution.
- 12:45 PM Break
Session III: Transitions in Energy Finance
Session Chair: Jill Cetina, Vice President, Dallas Fed
- Oil and Gas: Bobby Tudor, Tudor, Pickering, Holt & Co.
Bobby Tudor is a Partner at Perella Weinberg Partners, where he co-heads the firm’s Investment Banking Business. He also serves as the Chairman of Tudor, Pickering, Holt & Co. which combined with Perella Weinberg Partners in November 2016. TPH is a leading Energy Investment and Merchant bank formed in 2007 with over 180 employees in five offices in the US, Canada and UK. It is widely recognized for its industry leading position in Energy securities research, Energy investment banking advisory transactions, and Energy asset management. Prior to forming TPH, Mr. Tudor was a Partner at Goldman Sachs and a leader of its worldwide Energy practice. Over his 30-plus year career in Investment Banking, he has worked on many of the defining transactions of the period, across most energy subsectors and geographies. Mr. Tudor serves as Chairman of the Board of Trustees of Rice University, and on the Board of Advisors for Rice University’s Baker Institute for Public Policy. He is Vice Chair of the Greater Houston Partnership, and on the Board of Advisors for Collaborative for Children. Mr. Tudor also serves on the Board of Directors of the National Petroleum Council, the Houston Symphony, the MD Anderson Board of Visitors, and the New York Philharmonic. Mr. Tudor holds a BA in English and Legal Studies from Rice University, and a JD from Tulane.
- Derivatives: Christopher Edmonds, ICE
Chris Edmonds is Senior Vice President, Financial Markets at Intercontinental Exchange, Inc. (NYSE: ICE). In this role he oversees the development of initiatives within ICE's exchange listed and OTC financial markets, including all futures and options, credit derivatives, ICE Link and ICE Swap Trade. Edmonds previously served as President of ICE Clear Credit, ICE’s wholly owned credit default swap (CDS) clearing house which is responsible for ICE’s North American credit derivatives clearing operations. Prior to joining ICE in February 2010, Edmonds was Chief Executive Officer of the International Derivatives Exchange Group (IDCG) a clearing house for interest rate swaps. Prior to IDCG, Edmonds was the Chief Development Officer for ICAP Energy. Edmonds held a variety of positions at ICAP between 2002 and 2008, and at APB Energy between 1997 and 2002. His professional career prior to APB Energy focused on advising businesses on strategic planning in the areas of technology, sales and marketing and operations. Edmonds earned a Bachelor of Arts degree in Political Science from the University of Alabama
- Renewable: Jim Hughes, Prisma Energy
James A. Hughes, serves as CEO and director of Prisma Energy LLC, a private entity focused on investments in energy storage. He is the former CEO and director (2012-2016) of First Solar, Inc., a NASDAQ listed provider of comprehensive photovoltaic solar systems which use its advanced module and system technology. Mr. Hughes also served as CEO and director (2007-2011) of AEI Services LLC, a private company that owned and operated power distribution, power generation (both thermal and renewable), natural gas transportation and services, and natural gas distribution businesses in emerging markets worldwide. He served as president and CEO (2002-2004) of Prisma Energy International, which was formed out of former Enron interests in international electric and natural gas utilities. Prior to that role, Mr. Hughes spent almost a decade with Enron Corporations in positions that included president and chief operating officer of Enron Global Assets, president and chief operating officer of Enron Asia, Pacific, Africa and China and as assistant general counsel of Enron International.
- 2:10 PM Break
Panel Discussion with Energy Executives
Moderator: Chad Wilkerson, OKC Branch Executive, Kansas City Fed
- Exploration & Production: Brad Holly, Whiting Petroleum
Bradley J. Holly has been a director of Whiting Petroleum Corporation since his appointment on November 1, 2017, as President and Chief Executive Officer. He was appointed Chairman of the Board in May 2018. Mr. Holly has more than 20 years of experience in the oil and natural gas industry. Prior to joining Whiting, he served at Anadarko Petroleum Corporation in various roles of increasing responsibility, ultimately leading to Executive Vice President, U.S. Onshore Exploration and Production. Mr. Holly holds a Bachelor of Science degree in Petroleum Engineering from Texas Tech University, and he is a graduate of the Harvard Business School Advanced Management Program.
- Oilfield Services: Chris Wright, Liberty Oilfield Services
Chris Wright serves as Chief Executive Officer and Chairman of the Board of Liberty Oilfield Services. Additionally, Chris founded and serves as Executive Chairman of Liberty Resources, a Bakken-focused E&P company and Liberty Midstream Solutions. He has had a lifelong passion for energy and its role in human life. He has spoken on energy to the UK House of Lords, the States Attorneys General, Federal and State Judges, debated the merits of the shale revolution on TV and given over 100 talks. Wright completed an undergraduate degree in Mechanical Engineering at MIT and graduate work in Electrical Engineering at both UC Berkeley and MIT. Chris founded Pinnacle Technologies and from 1992 - 2006 years served as CEO. Pinnacle created the hydraulic fracture mapping industry by developing and commercializing tiltmeter and microseismic fracture mapping. Pinnacle's innovations in fracturing practices helped launch commercial shale gas production in the late 1990’s. Chris was Chairman of Stroud Energy, an early shale gas producer, prior to its sale to Range Resources in 2006. Chris is a director of TAS (industrial energy technology company), Kerogen Exploration, Liberty Oilfield Services, and Liberty Resources.
- Utility: Mary Kipp, Puget Sound Energy
Mary E. Kipp has been president of PSE since August of 2019. Kipp has responsibility for energy supply, regulatory and government affairs, operations, IT, and customer care. Kipp joined PSE from El Paso Electric (EPE), where she served as chief executive officer since 2015 and president since 2014. Under her leadership, EPE—also a 100-year-plus company with a deeply-rooted community history—evolved to serve a diverse customer base spread across a mountain west region and growing border communities. With EPE since 2007, Kipp held a variety of leadership roles throughout the company, including regulatory and rates, risk management, human resources, external affairs, customer care, environmental and safety. Prior to EPE, Kipp was a prosecuting attorney for FERC for four years, investigating and prosecuting violations of federal energy laws. Kipp also worked as a lawyer at El Paso Natural Gas Company and at Greenberg Traurig, LLP. Kipp serves as chair of SEPA (Smart Electric Power Alliance). She is also past deputy chair of the Federal Reserve Bank of Dallas; past chair of the Borderplex Alliance; and past executive committee member of the Texas Business Leadership Council. Kipp received a Bachelor of Arts degree cum laude from Williams College in Massachusetts, a Juris Doctor degree from The University of Texas School of Law, and is an alumnus of Exeter College, Oxford University.
Moderated Q & A
Rob Kaplan, President & CEO, Dallas Fed
Moderator: Cindy Taylor, Oil States International
Cindy Taylor is president and chief executive officer of Oil States International, Inc. and is a member of the company’s board of directors. Taylor joined the Houston Branch board of the Federal Reserve Bank of Dallas in 2018. Oil States is a global oilfield products and services company serving the drilling, completion, subsea, production and infrastructure sectors of the oil and gas industry. Prior to assuming the role of CEO in 2007, Taylor served as president and chief operating officer of Oil States from 2006 to 2007, and as senior vice president, chief financial officer and treasurer from 2000 to 2006. She formerly served as chief financial officer of L.E. Simmons & Associates, Inc. (SCF Partners), where she helped lead the effort to merge four private companies and take them public via initial public offering, which later became Oil States International, Inc. Taylor has also held positions at Cliffs Drilling Co. and Ernst & Young, LLP.
- 3:55 PM Closing Remarks by Conference Organizers