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Director Rates and Regulatory

Company: American Water
Location: Greenwood
Posted on: July 1, 2024

Job Description:

Requisition ID: 106119

Share Our Purpose. Be Yourself. Feel Valued.

People are the heart of our business. As an American Water employee, you will be offered a competitive salary and health benefits package, along with opportunities to develop, grow, and evolve your career. Our benefits packages focus on key areas such as health & wellness, emotional & well-being, and savings for current & future goals.

We are Beautifully Different . We strongly believe having diversity across our company makes us more successful and helps us provide essential services to our customers. We are stronger because we embrace different ideas, viewpoints, experiences, and backgrounds. American Water is the best choice for your next role! Click here for more information on our inclusion, diversity, and equity journey.

About American Water
American Water (NYSE: AWK) is the largest regulated water and wastewater utility company in the United States. With a history dating back to 1886, We Keep Life Flowing - by providing safe, clean, reliable and affordable drinking water and wastewater services to more than 14 million people across 14 regulated jurisdictions and 18 military installations. American Water's 6,500 talented professionals leverage their significant expertise and the company's national size and scale to achieve excellent outcomes for the benefit of customers, employees, investors and other stakeholders.

As one of the fastest growing utilities in the U.S., American Water expects to invest $30 to $34 billion in infrastructure repairs and replacement, system resiliency and regulated acquisitions over the next 10 years. The company has a long-standing history of executing its core operations, aligned with sustainable best practices, through its commitments to safety, affordability, customer service, protecting the environment, an inclusive workforce and strengthening communities.

American Water has been recognized on the 2023 Bloomberg Gender-Equality Indexfor the fifth consecutive year, ranked 18th on Barron's 100 Most Sustainable U.S. Companies 2023 List, earned the U.S. Department of Homeland Security SAFETY Act designation and U.S. Environmental Protection Agency's WaterSense - Excellence Award, among additional state, local and national recognitions.

For more information, visit amwater.com and join American Water on LinkedIn , Facebook , Twitter and Instagram .

Primary Role

Key member of State/Divisional senior leadership team. Oversees the planning and execution of state rate and regulatory strategy for all companies within the Division or the State with joint accountability for
meeting business objectives. Ensures that rate cases, rate mechanism compliance filings and other key rate and regulatory matters are executed effectively to achieve business objectives of all of the companies within the Division. Serves as subject matter expert and business partner providing advice for the Division or State ensuring
coordination of rates and regulatory strategy with state operations, functional groups related to business planning, accounting, finance, legal, business development activities and other regulatory matters. Leads or co-leads the regulatory approval process for acquisitions. Build and retain a diverse pipeline of talent to enable long-term high
performance of the rates and regulatory function. Oversees complex rate and regulatory proceedings across a division or in a state. Position plays a critical role in activities and negotiations that impact the organizational units' ability to meet its business objectives, including the ability of states to recover water and wastewater system investments and advance regulatory initiatives needed to continue to provide high quality service to our customers.

Key Accountabilities

Provides Rates and Regulatory leadership and drives results across the Division or State:

  • Shapes, drives and influences rate case, clause mechanism, and regulatory strategy and policy in collaboration with Division, State, and functional leadership teams and other functions.
  • Ensures coordination of Division or State rates and regulatory strategy with AW rates and regulatory policy objectives.
  • Provides advice and expertise on a pro-active basis to executives, senior managers, and employees.
  • Represents Divisional/State operations in rate and regulatory matters internally as well as to external regulators, other governmental stakeholders and industry groups throughout the Division/State.
  • Develops and maintains a recognized presence in the industry and with regulators, staff and interveners.
  • Contributes to the formulation of AW's policies and procedures and ensures compliance with such policies and procedures.
  • Provides advice and assistance in planning and reporting progress on all regulatory matters with an emphasis on regulatory revenue forecasting.
  • Develop and coach employees to their fullest potential by ensuring that State/Divisional team members are trained and effective in leadership behaviors and effective communication skills and are trained in and understand complex rates and regulatory policies and processes in multiple regulatory jurisdictions. (20%)
  • Works with the State Presidents, operating teams, and functional groups to develop State Rates and Regulatory strategies and plans.
  • Provides the necessary reporting and special request material and data necessary to enable Division/State Presidents to manage all related rates and revenue activities.
  • Works with division/state operations to achieve goals and business plan objectives. Provide business development support and regulatory strategy from planning through regulatory approval of business transactions.
  • Provides the necessary regulatory support for business planning activities on all regulatory matters including base rate cases and mechanism forecasts. (15%)
  • Maximizes value for Division or State.
  • Drives value from the rate case process. Directs, plans and project manages the rate case process for the State/Division.
  • Plan, manage and execute end to end rate case process including filing and prosecution, negotiating settlements, public hearings and evidentiary hearings working in collaboration with Division, State, and functional leadership teams.
  • Ensures that each case is thoroughly and completely prepared to avoid gaps between case outcomes and business plan requirements.
  • Manages external consultants and collaborates with in-house counsel to ensure efficient execution of the case.
  • Prepares filings for other key strategic issues supporting the ongoing development of the business.
  • Provides expert testimony (written and oral) on items of particular complexity or sensitivity. Influence and guide budget and finance strategies to ensure company goals are achieved.
  • Responsible to advise finance regarding appropriate mix of permanent capital (LTD and Common Equity) to achieve business objectives and ensure regulatory compliance. (35%)

    Knowledge/Skills

    • Recognized as an expert in utility rate and regulation; responsible to lead a team of fellow professionals to meet the objectives of the Division/State.
    • Demonstrated ability to influence key stakeholders to drive constructive regulatory policies, procedures, and concepts, including adjustment mechanisms, forecast test years, consolidated pricing, Detailed understanding of state specific regulations and regulatory environment.
    • Comprehensive and advanced knowledge of US GAAP, accounting requirements and practices of regulatory agencies, state utility rate and regulatory policies/practices and procedures, and technical expertise required in rates or accounting/finance.
    • Understanding of state specific political and economic factors. Highly experienced in working with public utility commissions' staff, consumer advocates, and governmental entities. Proficient at preparing written testimony and delivering oral testimony on complex rate cases issues in multiple jurisdictions. Experience covers multiple complex rate cases in multiple jurisdictions.
    • Detailed understanding of automatic adjustment mechanisms policies, procedures, and concepts, including items such as surcharge mechanisms, automatic adjustment mechanisms, Balancing Accounts, conservation rates, decoupling, declining consumption, consolidated taxes and creative recovery on significant source of supply projects, to recover actual cost of service.
    • Advanced knowledge of financial systems, frameworks and functionality. Has demonstrated the ability to influence key stakeholders and when required, lead or play key role in Company negotiations in base rate cases and other regulatory proceedings.
    • Strong ability to collaborate with others internally and externally; effective leadership and communication skills; ability to effectively engage and negotiate with multiple external parties (including, Utility Commission Staff, Public Advocate and other government stakeholders and multiple interveners); effective expert witness in rate and other regulatory proceedings; ability to stay calm under extreme pressure and case deadlines; ability to oversee the planning and execution of multiple complex cases in different regulatory jurisdictions at the same time.

      Experience/Education

      • 10 years demonstrated results in driving and executing rate cases and regulatory filings in multiple jurisdictions in lead role on multiple rate cases.
      • 10 years prior accounting/finance related job experience required, including experience with full cycle accounting processes.
      • 5 years supervisory experience or equivalent required.
      • Demonstrated experience in managing and coaching direct reports and establishing career development plans by identifying development goals, milestones and measures.
      • Experience in matrixed multi state utility strongly preferred.
      • Bachelor's Degree in Accounting/Finance or related field MBA in Accounting or Finance preferred
      • Certifications & Licenses: Advance certification such as CPA, CMA or Engineering preferred

        Work Environment

        • Standard office environment


          Travel Requirements

          • 40%

            Other

            Key Accountabilities (Continued)
            • Ensures on-going compliance to maintain the Company's good standing.
            • Identifies, documents and completes rate related regulatory requirements and liaises with other functions (operations, HR, etc.) to advise on other regulatory requirements.
            • Establishes and meets targets consistent with good business practices for critical items not specified as a regulatory requirement. In alignment with State operations lead efforts to implement alternative regulatory mechanisms.
            • In collaboration with State operations teams and other functions, ensures timely and accurate filings of all periodic rates related compliance filings, e.g., infrastructure surcharge mechanisms, expense adjustment mechanisms, new and revised rate schedules and tariff provisions, . etc.
            • Ensures compliance with US GAAP and all applicable SOX requirements in accordance with the local rate making process.
            • Key advisor/decision maker in determination of regulatory assets and liabilities. (20%)
            • Guides and develops rate leaders that represent state operations on all regulatory matters.
            • Coaches state rate leaders in enhancing expert witness skills in both written and oral testimony, negotiation skills, and oversees implementation of new rates.
            • Provides guidance to assigned rate and regulatory services team on specific regulatory services requested. Serve as liaison to Rates and Regulatory Services team on all rate and regulatory matters in the State/Division. Reviews Rate and Regulatory Services team deliverables to ensure alignment with state regulatory strategies.
            • Coordinate with Rate and Regulatory Services team and other functions and the state operations to ensure adequate resourcing for state rate and regulatory assignments. (10%)

              Competencies

              Drives Safety Culture

              Drives Vision & Purpose

              Strategic & Learning Agility

              Political & Organizational Savvy

              Builds Effective Teams & Network

              Situational Adaptability

              Persuades

              Join American Water... We Keep Life Flowing ---

              American Water is firmly committed to Equal Employment Opportunity (EEO) and prohibits employment discrimination for employees and applicants based on his or her age, race, color, pregnancy, gender, gender identity, sexual orientation, national origin, religion, marital status, citizenship, or because they are an individual with a disability, protected veteran or other status protected by federal, state, and local laws.

              Nearest Major Market: Indianapolis

Keywords: American Water, Greenwood , Director Rates and Regulatory, Executive , Greenwood, Indiana

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