Panel Kleinman Center Event

States at the Helm: Utility Finance, Securitization, & Consumer Protection

Thursday, February 26, 2026 | 12:00PM - 1:15PM

Event Recap

Speakers

David S. Lapp People's Counsel, Maryland
Severin Borenstein E.T. Grether Professor of Business Administration and Public Policy, Haas School of Business

Moderators

Heather Boushey Professor of Practice, Kleinman Center for Energy Policy

Virtual Event

State regulators and governors play a central role in shaping how the clean-energy buildout is financed.

This event is invite-only. If you are interested in attending, please contact Reid Fauble: rfauble@upenn.edu.

Event Summary

The word of the moment is “affordability.” For many families, electricity prices have become a pain point and there’s growing concern that there’s even more price hikes to come as utilities invest in capital improvements and build up new capacity to meet new demand.

This seminar asks the question families need answered: How can utility finance structures, securitization tools, and rate design support new investments and the transition from legacy assets to new infrastructure while keeping electricity affordable? Drawing on examples from state commissions, energy offices, and public power systems, we will explore how different approaches allocate risk among shareholders, bondholders, and customers, and whether current rate designs protect vulnerable households. The discussion will clarify how states can design oversight and governance frameworks that promote both investment and fairness for ratepayers.

The EconClimate Lab at the Kleinman Center for Energy Policy hosts a webinar brown bag lunch to discuss the question of how costs and benefits on land on ratepayers as federal clean-energy incentives flow to states.

speaker

David S. Lapp

Maryland’s People’s Counsel

David S. Lapp was appointed People’s Counsel in 2021 by Maryland Attorney General Brian E. Frosh. David has 30 years of combined experience as a lawyer, policy analyst and writer focusing on public policy and corporate accountability in important segments of the economy.

speaker

Severin Borenstein

E.T. Grether Professor, Haas School of Business

Severin Borenstein is E.T. Grether Professor of Business Administration and Public Policy at the Haas School of Business and faculty director of the Energy Institute at Haas. Borenstein was a 2023-2024 Kleinman Center Visiting Scholar.

moderator

Heather Boushey

Professor of Practice

Heather Boushey is a professor of practice at the Kleinman Center. Boushey served in the Biden administration as a member of the Council of Economic Advisers and chief economist to the President’s Investing in America cabinet.