Kimberly Dismukes, Senior Research Consultant
Kimberly Dismukes is the managing partner and lead consultant with ACG. She has participated numerous regulatory proceedings over the past 37 years, involving natural gas, electric power, telecommunications, and water and wastewater utilities.
Ms. Dismukes has testified in more than 55 proceedings and participated in over 200 regulatory proceedings, thereby forming a broad and in-depth understanding of numerous regulatory issues. These issues range from those in traditional revenue requirement and rate of return cases to highly specialized concerns including fuel audits, water conservation programs, and incentive regulation plans. Ms. Dismukes has pre-filed testimony and/or testified in Alaska, Florida, Louisiana, Texas, Tennessee, Connecticut, California, Georgia, Nevada, North Carolina, Kansas, Utah, and Washington.
Ms. Dismukes has extensive experience in the areas of rate design, revenue distribution, and class cost of service studies. She has performed analyses on these issues in connection with: El Paso Electric Company; Southwest Gas Corporation; Delmarva Power & Light Company; Potomac Electric Power Company; Baltimore Gas and Electric Company; UNS Gas, Inc.; and Texas Gas Service Company.
Ms. Dismukes also has expertise in affiliate transactions, decoupling, demand side management, trackers, performance-based regulation, retail wheeling and competition, stranded investment, electric restructuring, mergers and acquisitions, synergy cost savings, fuel projections, fuel adjustment and gas adjustment clauses, alternative coal technologies, production costing, avoided costs, off-system and unit power arrangements, economy energy transactions, excess capacity, prudence of construction projects and the prudence of cost recovery associated with Manufactured Gas plants.
Ms. Dismukes has managed fuel audits of three gas utilities and one electric utility. These audits involved an examination of the reasonableness of the fuel costs included in adjustment clauses, the utility’s compliance with the regulators’ fuel adjustment orders, affiliate transactions, the prudence of fuel purchasing practices, take-or-pay considerations, nuclear fuel, inventory practices, and compliance with commissions’ refunding requirements.
Ms. Dismukes’ gas industry experience also includes examination of natural gas procurement and transportation issues associated with gas adjustment clause investigations. She has examined LDC proposals to implement revenue neutrality and revenue decoupling proposals. Ms. Dismukes has also examined issues related to the development and implementation of natural gas energy efficiency and demand-side management (“DSM”) programs and rate design matters including customer charges and inverted block rates. She has extensive experience in examining infrastructure replacement riders, production cost riders, as well as fuel riders. Ms. Dismukes has also investigated the cost and schedule, budgeting, cost recovery, prudence, and ratemaking treatment of gas infrastructure expenditures and associated riders and trackers.
Ms. Dismukes has developed models to evaluate the royalty fee for salt cavern leasing and assisted with the negotiation of the terms and conditions for the lease. Ms. Dismukes has also examined and analyzed the contracts and pricing structures as well as the performance risks and the costs and benefits associated with storage facilities in Arkansas and Massachusetts.
Ms. Dismukes has examined and/or testified on numerous revenue requirement and financial issues, including but not limited to affiliate transactions, mergers and acquisitions, regulatory treatment of acquisition adjustments, financial integrity, revenue adjustments, directory revenue, tax effect of interest, working capital, federal, state, local, and property taxes, proforma adjustments, projected test year, advertising expenses, charitable contributions, salaries and wages, depreciation, cost allocations, jurisdictional separations/allocations, capital structure, cost of debt and preferred stock, and risk return relationships.
Ms. Dismukes has developed financial models to evaluate the impact of various scenarios on the financial integrity of utilities, addressing such issues as potential bond downgrades and capital attraction. Her financial modeling includes analysis of the impact of load loss and customer growth and the related implication of proposed decoupling mechanisms. Ms. Dismukes has experience examining large offshore wind power transmission and generation projects. Her work includes modeling project financial profiles, capital costs, regulatory treatment and taxes.
Ms. Dismukes has worked on behalf of attorney generals, public counsels, public service commissions, and other public and private organizations in 29 different states. She holds a B.S. (Finance) and M.B.A. (Finance) from the Florida State University and has published articles on affiliate transactions and mergers and acquisitions in Public Utilities Fortnightly.