Experience: Mr. David L. Hayward is an economist with over 25 years experience in the utility industry, including fifteen in consulting, five with New Mexico Public Regulatory Commission, and five with public utilities.

Mr. Hayward has participated in major gas, electric, and water utility proceedings including preparing testimony and/or project work in 37 cases in 14 jurisdictions throughout the U.S. Some cases involved utilities with assets in excess of $27 billion. Mr. Hayward teaches economics part time at the University of Phoenix, San Diego.

 Through the World Bank and other organizations, Mr. Hayward has international consulting experience involving privatization and regulatory reform issues in 11 developing countries including: Armenia, Bolivia, Czech Republic, Egypt, Guyana, India, Nigeria, Pakistan, Philippines, Poland, and Serbia-Montenegro.

Education: BS and MS, Economics, University of Utah. Continuing education: Stanford University.

Certifications: Certified Rate of Return Analyst (CRRA) through the Society of Utility and Regulatory Financial Analysts (SURFA).

Utility regulatory jurisdiction experience: Arizona, California, District of Columbia, Federal Energy Regulatory Commission (FERC), Georgia, Montana, Nevada, New Jersey, New Mexico, New York, Pennsylvania, Texas, Utah, and Wyoming.

Professional affiliations: National Association of Business Economists (NABE), National Association of Water Companies (NAWC), Society of Utility and Regulatory Financial Analysts (SURFA), and National Association of Certified Valuation Analysts (NACVA) - honorary member

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