Stuart Caplan — Partner at White & Case LLP

Mr. Stuart A. Caplan is a Partner at White & Case LLP. Previously he was a Partner at Huber Lawrence & Abell. He has over 15 years of experience in the energy industry, including electric and natural gas industry restructuring. He became chair of the firm's Energy Regulatory Department in 1998. He has worked extensively with HLA's generator auction team, which has represented divesting utilities in auctions producing proceeds in excess of $3.5 billion, as well as bidders in several other auctions. He and his department have counseled power marketers on new market structures, including navigating independent system operators ('ISOs') such as ISO-New England, the New York Independent System Operator ('NYISO'), the Pennsylvania-New Jersey-Maryland Interconnection ('PJM'), the Southeastern Electric Reliability Council ('SERC'), and the Arizona Independent Scheduling Association. He counseled a marketer on energy regulatory, settlement, scheduling and trading issues from its conceptual stage until it became a thriving enterprise. In addition to advising New York Power Pool Members on regional transmission organization ('RTO') and ISO formation issues, he was lead counsel in developing the NYISO tariff. He is also lead Federal Energy Regulatory Commission ('FERC') counsel for a mid-west independent system operator. He and his department prepared and filed comments in the FERC RTO proceeding for public power and investor-owned utility clients in three different regions of the country. He has advised clients on ISO formation and restructuring within the New England Power Pool; PJM; the Virginia-Carolina Reliability Council and the Southwest. He has extensive experience in utility restructuring proceedings before FERC and state regulators and he has worked extensively on retail wheeling program development, generation divestiture, stranded cost recovery and market power issues. He led the Coalition for Economic Competition, which includes eleven major utilities in its involvement in FERC's Stranded Cost and Open Access proceedings. He advises lenders and investors on energy projects and industrial customers on energy supply arrangements. He also had a leading role in the Joint Coalition in natural gas pipeline cases which resulted in the Mega-NOPR. He also advises clients on energy project finance, which has included advising a lender syndicate on a multi-million dollar gas transmission project. He has significant utility antitrust experience and has conducted several antitrust compliance programs at electric and gas utilities. He authored sections of the American Bar Association Antitrust Section Handbook on Energy and Antitrust Law specifically addressing ISOs.