Larry Kellerman is Managing Partner of TFC Utilities, where he is responsible for firm-wide strategy and direction in the assessment, structuring and implementation of regulated utility acquisitions and their value-accretive operation and optimization. Kellerman’s deep industry knowledge and consistent track record of delivering strongly above-market returns through creating and deploying innovative commercial approaches, while fully embracing the time-proven regulated utility construct, positions him to be a highly effective leader of this investment platform that focuses on the customer-centric evolution of the investor-owned electric utility business model.
Kellerman has spent over three decades in key leadership roles within the electric utility, power generation and independent energy industries. He has managed, acquired, constructed and restructured over 25,000 MW of conventional and renewable generation assets. Most recently CEO of Quantum Utility Generation, a private equity-funded, independent power company, Kellerman was previously Partner at Goldman Sachs and President of the firm’s on-balance sheet electric power business within the firm’s Commodities Division, where he was hired to build the asset base and operations from the ground up. His power generation business grew to include 5,265 MW at its peak and was one of the most profitable business initiatives within Goldman for the better part of a decade.
Earlier in his career, Kellerman served as Sr. Managing Director at El Paso Corporation, where he developed a 6,000 MW fleet of highly profitable North American power generation assets. He was founding President of Citizens Power, the nation’s first independent power marketing enterprise, leading the firm from its start-up through its eventual highly profitable sale. He began his career with electric utilities Southern California Edison, where he negotiated some of the first PURPA contracts in the nation, and with Portland General Electric, where he became General Manager of Power Supply, Power Marketing and Fuels. He holds a BA, Management, from the University of California, Davis (cum laude, Phi Beta Kappa) and an MBA from West Coast University, Los Angeles (summa cum laude).
Peter L. Corsell
Peter L. Corsell is Managing Partner of TFC Utilities, where he is responsible for implementing the firm’s investment thesis of generating excellent long-term returns, while identifying and implementing smart grid and distributed clean energy technologies within the traditional regulated utility model. He is an entrepreneur and investor known for successfully bringing emerging technologies to market. MIT’s Technology Review recognized him as one of the world’s top innovators under age 35, the World Economic Forum named him a Young Global Leader, and the National Association of Corporate Directors included him on its inaugural list of leading directors under 40.
Corsell is also the founder of GridPoint, which he led as CEO until 2010. GridPoint developed an innovative smart grid platform to facilitate increased adoption of distributed energy technologies by aligning the interests of electric utilities, consumers and the environment. GridPoint has evolved into an established cleantech leader and pioneer in the Internet of Things, enabling businesses, utilities and government agencies to maximize energy savings, operational efficiency and environmental sustainability. The company has deployed more than 500,000 connected devices and has saved its customers over $300 million and more than 3.7 billion kilowatt-hours of energy.
In 2011, Corsell cofounded Hubub, a digital platform used by individuals, publishers and brands for exploring, discussing and debating topics of interest. In partnership with Bell Media, Canada’s largest multimedia company, Hubub developed a significant following in Canada, where it was featured in a 2015 Super Bowl commercial. In 2016, Hubub was acquired by the Stagwell Group, the digital marketing services conglomerate founded by Mark Penn, and was renamed Stagwell Technologies.
Corsell has been a board member and driving force behind several technology companies, with a focus on big data analytics and enterprise software. He has been interviewed on Charlie Rose and featured in several books including Hot, Flat, and Crowded by Tom Friedman, Perfect Power by Robert Galvin and Kurt Yeager, Earth: The Sequel by Fred Krupp and The Clean Tech Revolution by Ron Pernick and Clint Wilder. Earlier in his career, Corsell served as a political analyst at the Central Intelligence Agency and with the U.S. Department of State in Havana, Cuba. He holds a BSFS degree from the Edmund A. Walsh School of Foreign Service at Georgetown University.
Partner, Origination & Transaction Structuring
Gizman Abbas is Partner of TFC Utilities, where he functions as the Chief Operating Officer and is responsible for managing the origination and structure of transactional opportunities, and the implementation of partner relationships. He brings a deep background in the financing and financial optimization of energy and natural resource firms, and worked as a central member of Mr. Kellerman’s highly successful power asset team at Goldman Sachs.
Abbas has led natural resources investment and development operations for some of the world’s leading financial institutions, leaning on his combined expertise in finance and engineering. Abbas was a founding partner of the commodity investment business at Apollo Global Management, one of the largest private equity businesses in the world with more than $160 billion under management. Previously, he was Vice President at Goldman Sachs, within the firm’s Commodities Division, where he was a core member of the power asset organization, and subsequently worked within the Global Principal Investments group and invested successfully in the natural resource, mining, and agriculture sectors.
Abbas began his finance career in the investment banking division at Morgan Stanley, having previously been a Senior Project Engineer on oil & gas construction projects for Exxon Mobil Corporation and a Power Engineer at Southern Company. Abbas, also a successful real estate developer, holds a BS, Electrical Engineering, from Auburn University and an MBA from the Kellogg School of Management at Northwestern University.
Partner, Commercial Analytics & Execution
Dan Bautch is Partner of TFC Utilities, where he oversees TFC’s modeling and quantitative analysis efforts. He is responsible for managing and assuring the integrity and effectiveness of the firm’s investment analysis and evaluation tools. Bautch is additionally responsible for implementing metrics and modeling criteria from the assessment and diligence stages into the planning and budgeting systems after acquisition, ensuring results that equal or surpass the expectations of all stakeholders.
Bautch is a longtime collaborator with Larry Kellerman and leader of major investments and transactions in the power generation sector. He previously led Topaz Power Management’s acquisitions, divestitures and development strategies as Senior Vice President, being a principal in the spin-merger to form Talen Energy, which was at the time the third largest publicly-traded independent power producer in the United States. As Vice President in Goldman Sachs’ Commodities Division, working alongside Kellerman and Abbas, Bautch was a key executive in the small team that grew the power asset business from scratch to 5,265 MW.
At El Paso Corporation, Bautch supported Kellerman’s North American power generation business enterprise, directing a group of over ten analysts and associates in performing detailed analytics that supported Kellerman’s M&A and restructuring activities. He holds a BS, Mechanical Engineering, from the University of Notre Dame and an MBA from the McCombs School of Business at The University of Texas at Austin.
Partner, Asset Management
Mike Chapin is TFC Utilities Partner with primary responsibility for the management, oversight and value optimization of generation, transmission and distribution assets in each operating utility’s portfolio. Chapin’s significant experience base in developing and operating utility and independent power assets provides him with the skill set necessary to assure disciplined management and effective risk management. Additionally, Chapin works closely with Ken Koye in the development, construction and commissioning of utility-scale renewable and thermal generation assets.
Chapin has over 35 years of transactional, operating and development experience across all major North American power markets. He was previously President of Capstone Power Development Corp. in Vancouver, B.C., and Founding Shareholder and Executive Vice President at GreenWing Energy Management Ltd. Over his career, Mike has led the development and acquisition of more than 6,000 MW of clean energy (wind, solar, and thermal natural gas) projects in North America, including the 100 MW St. Leon Wind Energy Project in Manitoba, the 99.5 MW High Plains Wind Energy Project in Wyoming, and the sale of a 1,400 MW portfolio of wind projects located in California, Nevada, Colorado, New Mexico and North Dakota. He began his career with electric utilities TransAlta and ATCO Power, as a power engineer in their generation plants. He holds a Bachelor of Applied Science Engineering Degree from the University of British Columbia.
Partner & General Counsel
Denis Curran is TFC Utilities Partner and General Counsel, responsible for oversight, management and performance of all legal and legal risk management matters related to the firm’s commercial activities. Curran oversees commercial, financial and compliance related aspects of the TFC corporate initiatives as well as within the TFC operating utilities.
Curran was most recently Executive Vice President and General Counsel of GridPoint, where he was responsible for the company’s legal affairs. Previously, he was Vice President and Assistant General Counsel at Neustar, a provider of clearinghouse and directory services to the global communications and Internet industry. There he managed legal operations relating to corporate and securities matters, including M&A and financing activities, SEC compliance, and corporate governance. Earlier in his career, Curran spent nearly seven years at Gibson, Dunn & Crutcher, where he represented a wide range of business organizations on corporate securities, corporate finance, fund formation, and M&A matters. He also served as clerk for The Honorable Carlos F. Lucero on the U.S. Court of Appeals for the Tenth Circuit, and is a member of the California, District of Columbia and Virginia bars. Curran holds an AB, Politics, from Princeton University and a JD (highest honors) from The George Washington University Law School.
Adrian P. De Luca
Adrian De Luca is TFC Utilities Partner overseeing the identification and execution of renewable generation initiatives, both distributed and utility-scale, as well as customer-facing energy management and conservation technologies. De Luca relies on his deep experience in innovative, technology-platformed energy management, monitoring, and supply companies to help select sustainable technology partners and programs to serve the needs of utility stakeholders.
De Luca has over 15 years of experience leading marketing, sales and application engineering teams. Previously, he was Executive Vice President of Sales and Marketing at Locus Energy, an Internet of Things software business and provider of SaaS-based solutions for the renewable industry. As part of the founding team, he helped the company grow to become the largest independent provider of asset monitoring solutions in the United States. In 2015, Locus Energy was acquired by Genscape, a leading global provider of real-time data and intelligence for commodity and energy markets. De Luca was also a member of the founding team at GridPoint, where he was the company’s first Vice President of Sales and Marketing. He began his career as an analyst on the investment banking services team at Thomson Financial, leading the convertible bond data products team. De Luca holds a BA, Economics, from Pomona College.
Partner, Customer Programs & Distribution
Ken Floyd is TFC Utilities Partner with responsibility for direction and oversight of all customer-facing programs, policies and initiatives, and for the optimization of electric distribution systems within the TFC organization. Floyd’s deep experience in utility customer service, customer operations, and distribution management give him a singularly insightful perspective on the customer experience and how to optimize it for both distribution-only and fully integrated electric utilities.
Floyd is a 25-year veteran of the utility industry and is known for transforming legacy utility business models by driving costs down and improving customer and employee satisfaction. Floyd was most recently Partner at Utilligent, a utility management consulting company working with public power agencies and investor-owned utilities. Floyd was Vice President, Marketing and Customer Solutions, for Xcel Energy, where he led a division of 1,800 employees across eight states, including all of marketing, customer care, demand management, and “meter-to-cash” functions. Floyd held senior positions in distribution and customer service at Sacramento Municipal Utility District and Pacific Gas & Electric, where he began his career. He holds a BS, Management, from Golden Gate University and an MBA from St. Mary’s College.
Joe Garcia is a former U.S. Congressman for Florida’s 26th district, which spans southern Miami-Dade County, the Everglades, and the Florida Keys. Garcia was an integral member of the Committee on Natural Resources, including the Subcommittee on Energy and Mineral Resources and the Subcommittee on Public Lands and Environmental Regulation. He also served on the Committee on the Judiciary, including the Subcommittee on Regulatory Reform, Commercial and Antitrust Law. Previously, Garcia was appointed, with unanimous confirmation by the Senate, to the Department of Energy as Director of the Office of Economic Impact and Diversity. Garcia is also former Chairman of the Florida Public Service Commission. During his tenure, he served on the National Association of Regulatory Utility Commissioners (NARUC) and was Chair of its International Committee, as well as Vice Chair of the Southeastern Association of Regulatory Utility Commissioners. Garcia has served a wide variety of state and federal committees, among them the Federal Energy Regulatory Commission as an advisor, and as member of a Federal Communications Commission Joint Board. Congressman Garcia is a member of the Florida Bar, and holds a JD and a BA from the University of Miami.
Partner, Development, Engineering & Operations
Ken Koye is TFC Utilities Partner focused on engineering and operations of the utility generation and transmission asset base. Koye’s responsibility includes oversight of generation and transmission project development initiatives from design to commissioning.
Koye has more than 30 years of experience in the electric power and mid-stream natural gas industries. He has led origination, structuring, project development, project financing, EPC execution oversight and asset management for over $10 billion dollars in capital investments. Koye was previously Senior Vice President at EDF Trading, responsible for LNG and midstream NGL assets and infrastructure, and Group Vice President for BP Alternative Energy. He served as Senior Vice President of Project Development at Calpine Corporation, leading transactions for utility customers such as the Ontario Power Authority, CFE de Mexico, East Kentucky Power, Hoosier Electric, Sacramento Municipal Utility District and corporate customers such as Alcoa, GE and Mitsui. At Enron International, Koye led development of energy projects and acquisition of generating assets across Latin America. Starting his career at Proctor & Gamble, he managed the execution and operations for a 30 MW biomass plant. Koye holds a BS and MS, Nuclear and Mechanical Engineering, from Georgia Institute of Technology, and an MBA from the Darden School of Business at the University of Virginia.
Partner, Finance & Operations
Hayes Nuss is TFC Utilities Partner and serves as the organization’s Chief Financial Officer, overseeing the organization’s financial management, operating and capital budgeting, cash management and risk management activities.
Nuss has approximately two decades of experience in finance, investments and risk management. Previously, he was a Partner and Managing Director at Strategic Investment Group, an investment management firm with $32 billion under management. There he was responsible for client investment policies where he worked with clients to develop investment strategies that aligned with their business risks and objectives. He managed the teams responsible for investment analytics and risk, led the redesign of front and back office systems, and conceived new methods to assess portfolio risk across multiple asset classes. He began his career as a naval architect on Department of Defense projects, focusing on the forensic analysis of structural failures in ships. He holds a BS, Aerospace Engineering, from Virginia Tech, an ME, Mechanical Engineering, from the University of Virginia, and an MBA from the Wharton School at the University of Pennsylvania.
Todd M. Raba
Partner, Utility Management
Todd Raba is TFC Utilities Partner working with, mentoring, and overseeing the performance of the senior-most executives at the operating utilities within the TFC portfolio. Raba’s broad-ranging experience as a utility and industrial enterprise Chief Executive Officer provides him with the managerial skill set and pattern recognition to optimize utility management within TFC’s purview.
Raba has more than 30 years of experience leading large, highly competitive organizations to success. Raba was the chief executive of the MidAmerican Energy Company, serving as the initial leader of Berkshire Hathaway Energy’s first utility acquisition. MidAmerican Energy is Iowa’s largest electric and gas utility, with revenues in excess of $3.2 billion and more than 3,500 employees. Previously, Raba was Chairman, President and CEO of Johns Manville (also a Berkshire Hathaway company), a $2.5 billion global manufacturer and marketer of premium-quality building products with over 6,500 employees. In that role he reported directly to Warren Buffett. He was most recently President and CEO of GridPoint, where he oversaw strategy and operations, and earlier in his career, Raba was Regional Vice President of Rollins Environmental Services. Raba holds a BS, Forestry from the University of Vermont.
Partner, Utility Transformation & Regulation
Cheryl Roberto is TFC Utilities Partner with responsibility for state, local and federal regulatory policy and oversight. She also leads the organization’s strategic initiatives to design and implement policies and practices for transforming TFC investments into best-in-class operations. Roberto is responsible for aligning the interests of the consumer, environmental and regional stakeholder groups that are most reflective of the individual operating utilities’ customer perspectives and demographics.
Roberto has significant executive level experience in utility operations, energy regulation and public policy. Previously, she led the Environmental Defense Fund (EDF) Clean Energy Program, a national initiative dedicated to modernizing the U.S. energy infrastructure through regulatory reform. Roberto served as a Commissioner of the Public Utilities Commission of Ohio (PUCO) from 2008 to 2012, where she was Co-Chair of the 2012 National Electricity Forum. In 2013, Roberto received the Inspiring Efficiency Leadership Award presented by the Midwest Energy Efficiency Alliance to the organization or individual within a thirteen state region who has demonstrated exceptional leadership in support of energy efficiency. Prior to joining PUCO, Roberto led the City of Columbus, Ohio Department of Public Utilities for four years. As CEO of the city’s four utilities she managed a team of over 1,300 employees and established and successfully managed a $2.5 billion dollar capital engineering and construction program. Roberto is also an experienced environmental litigator who has served as an Ohio Assistant Attorney General and an Assistant General Counsel for the Commonwealth of Pennsylvania. She holds a BA, Political Science, from Kent State and a JD from The Ohio State University.