Paul R. Sutherland

Biography

Education

MBA (1973) in Finance from University of Chicago. BS (1969) in Electrical Engineering from Cornell University.

Experience - FPL Group and Florida Power & Light Co.

FPL Group is a holding company for one of the larger electric utility companies in the U.S., with over $12 billion of assets, $6 billion of operating revenues, and $600 million of net income. Its electric system includes over 16,000 megawatts of generating capacity.

• 1997-1998 Director, Finance, Accounting & Systems, FPL Energy Marketing & Trading
  • Created and implemented credit risk management procedures
  • Managed selection of trading and risk management software
• 1991-1997 Assistant Treasurer and Manager of Corporate Finance
  • Wrote testimony and testified as expert witness in various regulatory proceedings. See, for example, testimony from FERC Docket No.ER93-465-000. "FPL witness Sutherland's DCF model, more than any other witness's approach, fully considered the changes occurring in the electric utility industry and their impact on FPL's level of risk." Administrative Law Judge Bruce L. Birchman
  • Completed over $2 billion of debt and equity financing for FPL, FPL Group, and FPL Group Capital
  • Executed various exotic and innovative financial transactions, such as an exchange offer of tax deductible preferred stock for conventional retail preferred stock.
  • Responsible for capital structure analysis, dividend policy and rating agency relations
  • Acted as temporary Assistant Controller in 1993-1994, responsible for SEC and management reporting, and accounting research to insure compliance with GAAP and other accounting standards.
• 1987-1991 Assistant Treasurer and Manager of Financial Analysis & Forecasting
  • Developed forecasting tools which saved FPL over $10 million in 1989 by identifying non-earning assets
  • Prepared testimony to the Florida Public Service Commission supporting cost of equity and financial integrity
• 1976-1984 Various positions, including Manager of Utility Finance and Coordinator of Financial Systems
  • Managed first electric utility use of variable rate tax exempt demand notes backed by bank letters of credit
  • Developed business plan and executed start-up of FPL Investments, an unregulated subsidiary engaged in leveraged leasing
  • Testified before subcommittee of U.S. House of Representatives regarding the economics of Ocean Thermal Energy Conversion

The Singer Company

Singer Company at that time was a major multi-national conglomerate.

• 1973-1975 Various financial positions, leading to Controller, Industrial Products Division, Spain

U.S. Peace Corps

• 1969-1971 Electrical engineer in Brazil for rural electrification program. Fluent in Portuguese.