Mr. Hayward is the author of over 17 books and professional papers including:

• Valuing an Electric Utility: Theory and Application, (Public Utilities Reports, Inc., 1999), (primary author). Available from PUR at www.PUR.com.
  
  
• "Water Utility Valuation: Beyond the Dartboard Approach," Business Appraisal Practice, Spring and Summer 2006.

• "Plant Valuations: Book Value and Beyond," Public Utilities Fortnightly, September 1, 1999. Available from PUR at www.PUR.com.
  
  
• Valuing A Water Utility, (Hayward Consulting Group), 2006. Available from NAWC at Mike@NAWC.com.
  
  
• "Valuing Water Utilities: Opportunities and Challenges," Water, (National Association of Water Companies,), Vol. 37, No. 4., (winter 1996). Available from NAWC at Mike@NAWC.com.
  
  
• Valuing A Utility Company: What You Absolutely Need To Know, (HCG/National Association of Certified Valuation Analysts, 1997). The training manual has been used by over 50 organizations worldwide including utilities, consulting firms, regulatory agencies, investment banks, law firms, and others.
  

Valuing an Electric Utility: Theory and Application PUR "Best Seller"

Table of Contents

• Chapter 1 - Introduction
• Chapter 2 - The Electric Utility Framework
• Chapter 3 - Accounting Rules Affecting Electric Utilities
• Chapter 4 - Changes in the Electric Utility Industry
• Chapter 5 - Analyzing Historical Financial and Operating Data
• Chapter 6 - Estimating Future Earnings
• Chapter 7 - Capitalization/Discount Rates
• Chapter 8 - Valuation Methodologies
• Chapter 9 - Valuing Generation Assets
• Chapter 10 - Utility Valuation Problem
• Chapter 11 - Case Study: El Paso Electric Company
• Chapter 12 - International Issues.
• Appendices: The Basics of Regulation and Ratemaking; Approaches to Pricing Utility Services; Valuation Checklist; PG&E Corporation 1996 Annual Report; Sources of Valuation Data; Glossary; Abbreviations; Bibliography; Index.

Valuing a Water Utility

Table of Contents

• Chapter 1, Introduction
• Chapter 2, Water Utility Framework (Part 1);
• Chapter 3, Water Utility Framework (Part 2);
• Chapter 4, Issues in the Water Utility Industry;
• Chapter 5, Analyzing Historical Financial and Operating Data; Chapter 6, Estimating Future Earnings;
• Chapter 7, Capitalization and Discount Rates;
• Chapter 8, Valuation Methodologies;
• Chapter 9, Hypothetical Case Study;
• Chapter 10, Summary. Appendices:
• Appendix A, Selected Bibliography; Appendix B, Glossary of Terms; Appendix C, Sources of Valuation Data; Appendix D, Small Water Utility Issues; Appendix E, California Water Service Group, 1998 Financial Reports; Appendix F, Value Line's Report For California Water Service Group; Appendix G, Valuation Checklist; Appendix H, The Basics of Regulation and Ratemaking; Appendix I, Government-Owned Water Utilities.

Selected Utility Regulation Publications

• "The Energy Act for Montenegro: A Primer (Economic Regulation/Cost of Service Concepts), USAID," 2002.
  
  
• "Confidential Business Plan," prepared for Teplo-Vratimov (Czech Republic), under a USAID-funded project, 1995. (A new company was formed that was a joint venture between a city and a steel company to provide district-heating services.)

For more information contact:

Hayward Consulting L.L.C.
David L. Hayward, President
1047 Hygeia Ave., Leucadia, CA 92024
Phone: (760) 436-7888
E-mail: DavidLHayward@cs.com