Project and content management for Contemporary Authors volumes
WORK TITLE: Electricity Acts
WORK NOTES:
PSEUDONYM(S):
BIRTHDATE:
WEBSITE: http://www.lenhyman.com
CITY: Sleepy Hollow
STATE: NY
COUNTRY: United States
NATIONALITY: American
RESEARCHER NOTES:
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| HEADING: | Hyman, Leonard S. |
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| 670 | __ |a His America’s electric utilities, c1983: |b t.p. (Leonard S. Hyman) jkt. (grad. of N.Y. Univ.; MA in econ. from Cornell; head of Utility Research Group at Merrill Lynch Pierce, Fenner and Smith) |
| 670 | __ |a The water business, c1998: |b CIP t.p. (Leonard S. Hyman) data sheet (b. 06-05-1940) |
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PERSONAL
Born June 5, 1940.
EDUCATION:New York University; Cornell University, M.A.
ADDRESS
CAREER
Chartered financial analyst and energy consultant. Merrill Lynch Pierce, Fenner and Smith, head of Utility Research Group; on advisory panels for the U.S. Congress’ defunct Office of Technology Assessment; member of the National Electric Reliability Council (NERC) Blue Ribbon panel; on advisory boards of Electric Power Research Institute and Target Rock Advisors; served on a NASA panel to evaluate financing for nuclear power plants on the moon.
WRITINGS
SIDELIGHTS
Leonard S. Hyman is an economist and financial analyst specializing in energy, utility regulation, and finance, and has published numerous books on these subjects. He is a chartered financial analyst and head of Utility Research Group at Merrill Lynch Pierce, Fenner and Smith. He consults on industry organization, regulation, privatization, risk management, and finance. He has worked with investment bank Salomon Smith Barney; participated in utility privatization projects in Mexico, Spain, and the United Kingdom; and was made a member of Institutional Investor’s All American team of top Wall Street analysts for more than ten years.
The Privatization of Public Utilities
Hyman’s 1995 book, The Privatization of Public Utilities, explores the expanse of privatization from developing countries to investors on Wall Street. He discusses the theory of privatization, needed action, deal making, and profits. He provides case studies and detailed appendices with research and reference materials. Chapters include financing the expansion of utilities, the role of the regulator, telecommunications, restructuring, and privatization for specific applications, such as Latin America, Europe, and Great Britain, and for the water and sewage industry, and electric utilities. Writing in The Energy Journal, Frank Felder observed: “Hyman notes that many people are embarrassed to ask about the basics; accordingly he selects authors who write with the assumption that their readers have little knowledge of how restructuring and privatization processes work. As a consequence of these authors’ having direct professional experiences in privatization, many papers in the book have a specific perspective and purpose.”
Hyman joined with cowriters Edward DiNapoli and Richard C. Toole to publish The New Telecommunications Industry: Meeting the Competition in 1997. The time-saving reference book addresses advancements in the telecommunications industry with information on its history, organization, financing, and technology.
The Water Business and Unlocking the Benefits of Restructuring
In The Water Business: Understanding the Water Supply and Wastewater Industry, Hyman examines the water supply and wastewater industry as a business, discussing how the industry operates, its development, financing, and supply and demand. He also talks about the political and economic issues that shape its progress, and the regulatory system, international issues, and federal regulation.
Unlocking the Benefits of Restructuring: A Blueprint for Transmission, written with Shimon Awerbuch and Andrew Vesey, discusses how a regulatory structure designed to connect profits to performance in the newly deregulated American electric utility industry will create a more efficient, dynamic, and customer-oriented system. The book explains ways to design and run an independent transmission company, with information on the function and policy, obstacles, benefits, and technical aspects of the energy transmission industry.
America's Electric Utilities and Electricity Acts
Hyman collaborated with Andrew S. Hyman and Robert C. Hyman to publish America’s Electric Utilities: Past, Present, and Future. First published in 1983 with numerous updated editions, the book has been the electric industry’s most referenced title for more than twenty years. The authors explain the basics of electric utilities, insights into the future of the electric market, industry fundamentals, accounting, engineering, finance, and risk management. The eighth edition includes updated information on rate of return, operations and sales, ownership trends, and market restructuring.
In 2017, Hyman published Electricity Acts, an examination of the British government’s privatizing and deregulating of its electrical utilities in the 1990s, and issues it faced standardizing supply and distribution across the country. This electricity revolution had winners and losers, affecting coal miners, nuclear operators, investors, executives, and politicians. The model was adopted in America with similar results. Hyman offers strategies on restructuring, financing, policymaking, consumer advocates, and renewable energy resources. Calling the book complicated and dense at times, but always informative, a writer in Kirkus Reviews remarked: “Hyman has clearly mastered his subject, and he has an eye for intriguing details …and he sprinkles his prose with pithy insights and memorable turns of phrase.”
BIOCRIT
PERIODICALS
Energy Journal, October 1996, Frank Felder, review of The Privatization of Public Utilities, p. 163.
Kirkus Reviews, March 1, 2018, review of Electricity Acts.
Welcome to Leonard Hyman's Webpage
Leonard S. Hyman, is an economist and financial analyst specializing in energy, utility regulation and finance. He headed utility research at one of American's largest brokerage firms, Merrill Lynch, advised the power banking group at investment bank Salomon Smith Barney and participated in utility privatization projects in Mexico, Spain and the United Kingdom. He was voted a member of Institutional Investor's All American team of top Wall Street analysts for more than ten years in succession and was among the first Wall Street analysts to lay out the prospects for utility deregulation.
Mr. Hyman is the author, co-author or editor of seven books, including America's Electric Utilities: Past, Present and Future, which is in its eighth edition. He and William I. Tilles write regularly for Public Utilities Fortnightly and OilPrice.com. He was on advisory panels for the U.S. Congress' regrettably defunct Office of Technology Assessment, testified before Congress, and was member of Pennsylvania's pioneering panel on deregulation, the National Electric Reliability Council (NERC) Blue Ribbon panel on reorganizing NERC, advisory boards of Electric Power Research Institute and Target Rock Advisors, and most memorably, served on a NASA panel to evaluate financing for nuclear power plants on the moon.
Leonard S. Hyman is a Chartered Financial Analyst (CFA). He graduated as a member of Phi Beta Kappa from New York University and received a masters degree in economics from Cornell University. He lives in Sleepy Hollow, NY.
Leonard Hyman
Leonard S. Hyman, is an economist and financial analyst specializing in energy, utility regulation and finance. He headed utility research at one of American's largest brokerage firms, Merrill Lynch, advised the power banking group at investment bank Salomon Smith Barney and participated in utility privatization projects in Mexico, Spain and the United Kingdom. He was voted a member of Institutional Investor's All American team of top Wall Street analysts for more than ten years in succession and was among the first Wall Street analysts to lay out the prospects for utility deregulation.
Mr. Hyman is the author, co-author or editor of seven books, including America's Electric Utilities: Past, Present and Future, which is in its eighth edition. He and William I. Tilles write regularly for Public Utilities Fortnightly and OilPrice.com. He was on advisory panels for the U.S. Congress' regrettably defunct Office of Technology Assessment, testified before Congress, and was member of Pennsylvania's pioneering panel on deregulation, the National Electric Reliability Council (NERC) Blue Ribbon panel on reorganizing NERC, advisory boards of Electric Power Research Institute and Target Rock Advisors, and most memorably, served on a NASA panel to evaluate financing for nuclear power plants on the moon.
Leonard S. Hyman is a Chartered Financial Analyst (CFA). He graduated as a member of Phi Beta Kappa from New York University and received a masters degree in economics from Cornell University. He lives in Sleepy Hollow, NY.
Works
Energy acts cover
Electricity Acts
In the 1990s, the British government turned its whole electricity system upside down and inside out, privatizing and deregulating the utilities. The British model spread worldwide – even to America. How did the British industry get into a state that required a revolution, and what did this revolution really accomplish?
The electricity revolution in Britain created millions of winners and losers – consumers, coal miners, nuclear operators, investors, executives and politicians – and the same process is ongoing in the United States.
https://www.fortnightly.com/electricity-acts
2017
America's Electric Utilities: Past, Present, and Future -- 8th Edition.
2005
The Water Business: Understanding the Water Supply and Wastewater Industry
1998
The Privatization of Public Utilities
1995
Press and Media Mentions
Three Ways Electric Utilities Can Avoid A Death Spiral. Article in Forbes by Mike O'Boyle mentions how Leonard Hyman and William Tilles predict a "“death spiral” for utilities where rising prices create ever-reinforcing incentives for customers to find cheaper power elsewhere."
Leonard S. Hyman is an economist and financial analyst specializing in the energy sector. He headed utility equity research at a major brokerage house and has provided advice on industry organization, regulation, privatization, risk management and finance to investment bankers, governments and private firms, including one effort to place nuclear fusion reactors on the moon. He is a Chartered Financial Analyst and author, co-author or editor of six books including America’s Electric Utilities: Past, Present and Future and Energy Risk Management: A Primer for the Utility Industry.
Hyman, Leonard S.: ELECTRICITY ACTS
Kirkus Reviews.
(Mar. 1, 2018): From Book Review Index Plus. COPYRIGHT 2018 Kirkus Media LLC http://www.kirkusreviews.com/
Full Text:
Hyman, Leonard S. ELECTRICITY ACTS Public Utilities Reports (Indie Nonfiction) $6.32 7, 1 ISBN: 978-0-910325-38-7
A political and economic history of the nationalization and deregulation of the United Kingdom's electricity systems.
American investment banker Hyman (The Water Business, 1998, etc.) builds on his body of writing about energy deregulation to offer a detailed look at Britain's electricity industry from the invention of the generator to the present day. The book shows his deep research, but it's also shaped by his personal connection as one of the bankers responsible for marketing shares in newly privatized U.K. utilities in the 1980s. The book follows the country's electric companies from their municipal origins through nationalization, highlighting the many difficulties that the U.K. faced in standardizing supply and distribution across the country, the windfall profits of the privatization era, and the challenges of modernizing a system that has long relied on coal. There are also frequent comparisons to regulation and infrastructure in the United States, which will offer simple points of reference for American readers. Hyman is generally a proponent of free- market solutions, but he offers plenty of criticisms of how privatization was implemented and suggestions for equitable treatment of both customers and shareholders. Many tables and charts illustrate his points, and an appendix provides concise, coherent explanations of financial and scientific concepts for nonexperts. The book's structure makes it feasible to track Hyman's arguments across hundreds of pages; he highlights each chapter's conclusions and provides a list of points to consider at the end of the narrative. Although the subject matter can be dense at times, Hyman has clearly mastered his subject, and he has an eye for intriguing details (noting, for example, that by 1949, only 150 of 155,000 utility employees weren't part of a union), and he sprinkles his prose with pithy insights and memorable turns of phrase ("The UK could, also, openly re-regulate, simplify life for all and reduce electric company cost of capital but the odds
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of that happening are lower than a Papal nullification of priestly celibacy").
An occasionally complicated but always informative look at the transformation of an industry over centuries.
Source Citation (MLA 8th Edition)
"Hyman, Leonard S.: ELECTRICITY ACTS." Kirkus Reviews, 1 Mar. 2018. Book Review Index
Plus, http://link.galegroup.com/apps/doc/A528959743/GPS?u=schlager&sid=GPS& xid=70cc54a7. Accessed 14 July 2018.
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The Privatization of Public Utilities
Frank Felder
The Energy Journal.
17.4 (Oct. 1996): p163+. From Book Review Index Plus. COPYRIGHT 1996 International Association for Energy Economics http://www.iaee.org/en/publications/journal.aspx
Full Text:
By Leonard S. Hyman, ed., (Vienna, Virginia, USA: Public Utilities Reports, Inc., 1995), 473 pages, ISBN: 0-910325-59-6
Restructuring and privatization of utilities--telephone, electric, natural gas, and others--have, if nothing else, created a cottage industry in publishing anthologies. If these books are read with the mindset that they are not the definitive sources on the subject and that over time other authors with the benefit of hindsight are likely to conduct more complete analyses, possibly with different conclusions, then readers of these anthologies will not be disappointed. Leonard Hyman's collection of papers should be read with this frame of mind.
To be fair, Hyman's objective with this text is limited, and he states so in his preface. The book discusses the basics of the privatization process through a series of papers written by authors with hands-on experience. Hyman notes that many people are embarrassed to ask about the basics; accordingly he selects authors who write with the assumption that their readers have little knowledge of how restructuring and privatization processes work. As a consequence of these authors' having direct professional experiences in privatization, many papers in the book have a specific perspective and purpose. The danger here, of course, is that the reader trying to sort out the basics may assume that one particular viewpoint is more than just that.
In the first chapter of his book, Hyman defines privatization broadly to include industry restructuring. This is in contrast to the definition he presents in the preface, where he uses the more narrow and commonly accepted notion of this term, namely the sale of government-owned businesses to the private sector. Hyman explicitly acknowledges his broadening of this definition when he writes in his first chapter: "Perhaps `restructuring' is a more descriptive term for the process than `privatization.'" Given that a whole section of his book focuses on the U.S. electric utility industry in which privatization is not applicable for the most part, Hyman could have served his interests better by using the word `restructuring' in the title of his anthology.
The book has eight parts, each with a varying number of papers. Part I consists of four chapters written by Hyman and sets the stage for the remainder of the book. This section is the basics of the basics, and even keeping Hyman's audience in mind, it is hard to imagine a segment of his readers who would not quickly skim this part, with the possible exception of an initial undergraduate class in regulatory economics.
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Part II is somewhat out of place. Its title is "Views from the Field," but given that there are two other sections that respectively address the United Kingdom's privatization of its electricity industry and telephone privatization, its not clear why Part II is inserted here. In any event, three of the papers are advocacy pieces, which are more appropriately described as presentations, not papers. The paper by M. Mario Zenteno entitled "Chile and Beyond: Privatization in Latin America" is worth reading because it gives a comprehensive review of the privatization of Chile's electricity industry, which is the paper's primary focus.
Hyman begins the next section with a paper by David Haug who works for Enron, a company that prides itself on "doing the deal." Haug's paper is worth reading because it both provides a hands-on perspective of dealmaking and discusses how this important company conducts business throughout the world.
Part IV, "The Public Offering and Beyond," examines selling the shares of the newly privatized company and dealing with shareholders afterwards. This section points out several unique aspects of privatizing national industries that are important, both from a policy and political point of view. In particular, these issues include governments' retaining some corporate control over the newly formed company; maintaining at least some degree of national ownership of the company's stock including among average citizens; and managing the investment community. The paper by Angel Cordero emphasizes a key point: "Perhaps the basic problem within the process of privatization lies in what the state should and should not do. " Unless those important policies that are necessary for regulating these newly formed companies are in place, the benefits of privatization will not accrue to the nation as a whole, but rather to shareholders.
Part V consists of four papers on management and finance topics. The primary thrust of these papers revolves around the U.S. and its electric power industry restructuring; not much of this section is linked specifically to privatization. The papers are on reengineering, financial strategy for U. S. investor-owned electric utilities, the U.S. bond market, and power supply contracts. These papers are decent primers on their topics.
Parts VI and VII are perhaps the most useful. As stated above, these sections address privatization of the U.K.'s electric power industry and telephone deregulation. Alex Henney provides a comprehensive and dispassionate review of the electricity supply industry in England and Wales. The paper examines the privatization effort from its inception through an after-the- fact review of its successes and failures; it also considers the political, economic, and implementation issues associated with this privatization effort. The anthology ends with brief concluding remarks.
Overall, some of Hyman's collection of papers are helpful, but if the opportunity is missed, do not fret; the next anthology is expected to be published soon.
Source Citation (MLA 8th Edition)
Felder, Frank. "The Privatization of Public Utilities." The Energy Journal, vol. 17, no. 4, 1996, p.
163+. Book Review Index Plus, http://link.galegroup.com/apps/doc/A18967870 /GPS?u=schlager&sid=GPS&xid=887c17c8. Accessed 14 July 2018.
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