"The most complete and comprehensive guide to valuation - with real-life examples in every chapter."

Public Utilities Reports

"No one has studied electric utility valuation more than David Hayward…The demanding National Association of Certified Valuation Analysts chose him to develop their training seminar and accompanying workbook."

Public Utilities Reports

"This is an informative, thought-provoking compilation of perspectives on the future of the electric utility industry. The authors should be commended for including both detailed descriptions of events at the state level as well as broader, national perspectives on the future of the industry. "

Susan E. Stratton, Administrator,
Electric Division, Public Service Commission of Wisconsin

"Your presentation on Utility Valuation (California Water Association, Spring 2005 Conference) was truly excellent."

Bob Kelly, Vice President Regulatory Affairs
Suburban Water Systems

"I just spent the last couple of hours reviewing your Valuation Manual [Valuing A Water Utility] that we purchased and found it very informative and very well written. Upon further reflection I think our involving someone of your expertise is an essential part of our feasibility analysis and acquisition process."

After the feasibility phase of the study was complete, Mr. Castronova said:

"I do plan on recommending that your assignment [completing a cash flow analysis] be expanded going forward."

Eli Castronova, Executive Vice President
Aspen Enterprises, L.L.C.

"I thought your electric book [Valuing an Electric Utility: Theory and Application] was extremely helpful and well written… This book [Valuing A Water Utility] looks like it is of equally high value."

Brian Browne, Ph.D.
Water Economist

"I have a copy of your workbook on valuing utilities ... It's very good."

Bill King, JSI Capital Advisors, LLC

"David Hayward provides very valuable information on valuation. I used it successfully for training purposes."

Robin Diedrich, CFA
Edward Jones Brokerage House

"David, Thanks for the thoroughly researched report [water utility valuation]. Hope we can use your services again."

Mr. Charles D. Garrison, President, Cottonwood Water Works, Inc.

"Again, I would like to say how much I appreciated the job well done by David in explaining to us the particulars of FERC Order 436."

Suedeen Kelly, Chairman
New Mexico Public Service Commission.

"Now that the major portion of the 'Staff Work' for this case [Case No. 2147] has been completed, I want to take this opportunity to formally commend you [David Hayward] on what I feel has been an extremely high level of performance on your part. The rate design for this case will by far overshadow any other issues that may arise and I believe you should be recognized for the effort you have put into this case. As coordinator for this case, I feel very fortunate to have you as a member of the team."

Philip L. Baca, Utility Engineer
New Mexico Public Service Commission.

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