White & Case LLP - Lawyers - Stuart A. Caplan

Practice Experience

Mr. Caplan has 20 years of experience in the energy industry and concentrates on electric and natural gas industry restructuring, renewable, fossil fuel and transmission project development, and the regulatory aspects of mergers and acquisitions. Prior to joining White & Case, he chaired the regulatory department of a leading public utility law boutique and holds leadership positions in the energy bar.

Mergers & Acquisitions; Securities
Mr. Caplan has worked extensively with utilities in generator auctions producing proceeds in excess of US$3.5 billion and with bidders in several other auctions. He has taken lead roles on creative transaction structures to enhance auction results and has effectively and timely secured federal transaction approvals. He provides expert energy regulatory advice to lenders and investors and has worked on the following representative transactions:

FPLE National Wind US$450 million bond financings (lead FERC counsel for underwriter);
Ormat Technologies initial public offering (lead energy regulatory counsel for underwriter);
A major wind project in the US Southwest (counsel to the underwriter);
The National Bank of Canada's underwriting of the acquisition of a fleet of hydroelectric generation assets;
Counsel to an international energy company in connection with its proposed bid for Westinghouse;
South Carolina Public Service Authority in its recent bid with Central Electric Cooperative to acquire an interest in the Catawaba Nuclear Generating Station operated by Duke Power;
Legal advisor to New Jersey Board of Public Utilities' consultant in Exelon-PSE&G merger (US$13 billion);
Hedge fund's acquisition of interests in Lake Road, La Paloma and Liberty generating project companies;
MACH Gen transactions (lead regulatory counsel for four-station, 3,850 MW fleet);
Joint venture to form Hess LNG (lead energy regulatory counsel for Amerada Hess);
Lattice Group PLC's merger with National Grid (lead FERC counsel);
Energy East acquisitions of Central Maine Power and Rochester Gas and Electric;
NYSEG's sale of Homer City Generating Station to Edison Mission Energy (US$1.8 billion);
NYSEG's sale of New York coal fleet to AES (US$1.3 billion);
Credit Suisse-First Boston - TXU transaction;
Rochester Gas and Electric's sale of the R.E. Ginna Nuclear Generating Station; and
Barclays Bank (lead bank) and the lender syndicate US$520 million project financing of the Iroquois Gas Transmission System.

Power Market Formation & Energy Transactions
Mr. Caplan is a leading legal expert on power market formation. He has counseled market participants on new market structures in markets throughout the East Coast and the Southwest. He was lead counsel in developing the NY Independent System Operator (ISO) tariff and lead FERC counsel for the Arizona Independent Scheduling Administrator. Mr. Caplan also was involved in negotiating the formation of the New England regional transmission organization (RTO). He advises clients on power market evolution and restructuring within the New England Power Pool; the NYISO; the Pennsylvania-New Jersey-Maryland Interconnection; the Southeast and the Southwest. Mr. Caplan appears regularly before FERC and ISO committees and boards to press for market improvements. He has assisted power marketers and ESCOs with power, transmission and retail wheeling transactions and agreements.

He was active in creating a multi-sector coalition in natural gas pipeline "comparable service" cases that led to the first "Mega-NOPR" and participated in many FERC natural gas pipeline cases. Mr. Caplan is active in advising clients on liquefied natural gas ("LNG") and related pipeline projects.

SMD, RTOs and Standards of Conduct (Order No. 2004)
Mr. Caplan participated in FERC proceedings on Standard Market Design (SMD) and RTOs and was a leading advocate in the Northeast RTO Mediation at FERC (RT01-99) and in negotiating agreements to form the NYISO and RTO-New England. He has been on the cutting edge of electric reform since he led the Coalition for Economic Competition's legal efforts in FERC's Stranded Cost and Open Access proceedings (RM95-8 & RM94-7). The Coalition included eleven major energy companies. Mr. Caplan advises clients on Order No. 2004 compliance and has a wealth of experience in FERC's Standard of Conduct and Code of Conduct requirements and related waiver applications.

Bars and Courts
New York State Bar
US District Court for the Southern District of New York
US Court of Appeals for the District of Columbia Circuit

Education
JD, The Washington College of Law, 1985
BA, Columbia University, 1982

Publications
Contributing Author, Hand Book, Energy Antitrust, Chapters on "Independent System Operators and Power Exchanges" and "Antitrust in the Context of Generation Divestiture," American Bar Association Antitrust Section, Fall 2002
Editor, Report of the Committee on Electric Regulation, 22 Energy Law Journal 425, Fall 2001 (Committee Chair)
Contributing Author, Report of the Committee on Electric Regulation, Section on Transmission Access and Pricing, 15 Energy Law Journal 505, 1994

Speaking Engagements
Speaker, American Bar Association Renewable Energy Conference, "Renewable Energy Development: the Interplay Among State Programs, FERC, and ISO/RTO Markets," December 2005
Conference Organizer, Energy Bar Association Northeast Chapter Meeting, New York, NY, June 2005
Conference Organizer, Energy Bar Association Annual Meeting, Washington, DC, April 2005
Moderator, Energy Bar Association Fall Meeting, Panel on "The Shifting Tides of Appellate Review of FERC Decisions," Washington, D.C., November 2004
Speaker, EEI Strategic Issues Conference, "Liquefied Natural Gas: Part of the U.S. Energy Solution?," Chicago, IL, September 2004
Testimony before the Council of the City of New York, On the New York Independent System Operator's Installed Capacity Market Restructuring, before the Committee on Environmental Protection, April 8, 2003
Moderator, Energy Bar Association Annual New York City Meeting, Panel on Northeast Energy Market Developments, including FERC General Counsel Cynthia Marlette, March 2003
Panelist, EEI Strategic Issues Conference "FERC's Standard Market Design: The Good, the Bad and the Ugly," Chicago, IL, Fall 2002
Panelist, Energy Committee, Association of the Bar of the City of New York, presentation on Energy Sector Mergers & Acquisitions, December 2001
Panelist, ISOs - When is Regulatory Intervention Appropriate and the Future of Energy Markets?, State of New York Department of Public Service Law Department Annual Seminar, December 2000

Leadership Positions In The Energy Bar
Mr. Caplan is a member of the Board of Directors of the Energy Bar Association ("EBA") and will serve through 2008. He was Chair of the EBA Committee on Electric Utility Regulation in 2001. He was Vice Chair in 2000 and was Chair of the Committee on Energy of the Association of the Bar of the City of New York (1995-97). In these capacities, he has hosted FERC and state Commissioners and senior staff members, utility analysts, senior energy industry executives, and UN officials. He is also a member of the American Bar Association Antitrust and Public Utilities, Telecommunications and Transportation Law Sections. Mr. Caplan is a frequent speaker and writer on energy and antitrust law issues.

Languages
English

Citizenship
United States