Hoff Stauffer

154 Beacon Street

Boston, MA 02116

617-236-2125 home

617-407-2632 cell

hoffstauffer@alumni.stanfordgsb.org

**CURRENT ASPIRATIONS**

I want to work with first-class people on first-class problems.

**EDUCATION**

> Wesleyan University, in Middletown, CT
>
> BA, with High Honors in Economics, 1967
>
> Economics Award
>
> Stanford Graduate School of Business
>
> MBA, 1969
>
> Arbuckle Award

**EMPLOYMENT**

> McKinsey and Company, 1969-1973
>
> Associate
>
> U.S. Environmental Protection Agency, 1971-1973
>
> First Director of Economic Analysis
>
> On leave of absence from McKinsey
>
> ICF, 1973-1986
>
> Chairman of Board
>
> Head of Coal and Clean Air Act Practices
>
> Helped grow firm from five founders to over 200 employees.
>
> Booz, Allen & Hamilton, 1986-1996
>
> Partner
>
> Head of Utility Practice
>
> Putnam, Hayes, & Bartlett, 1996-1998
>
> Senior Director
>
> Focused on Electricity Markets
>
> A. T. Kearney, 1998-2002
>
> Vice President
>
> Head of US Utilities Practice
>
> Cambridge Economic Research Associates, 2002-present
>
> Senior Consultant
>
> Led Transmission and Asset Valuation Practices

**SELECTED ACCOMPLISHMENTS**

-   Honors Theses at Wesleyan on Mutual Funds and Efficiency of
    Financial Markets was published in an economics journal.

-   Co-Founder of Business Development Association at Stanford GSB,
    which enabled business students to consult minority enterprise in
    the Bay Area.

-   At McKinsey, worked on team that set up Amtrak.

-   While at EPA, wrote [Economic Impact of Environmental
    Regulations]{.underline}. Report changed political equation.
    Industry lobbyists could no longer credibly argue that the
    environmental movement would bankrupt the economy, and the
    environmental movement realized that there was a role for economics
    in environmental policy debates.

-   At ICF, developed Coal and Electric Utilities Model, which was used
    in setting the new (revised) New Source Performance Standards in
    late 1970s. Issue of using models in setting environmental
    regulations went to Federal District Court, which upheld the role of
    analytic models in setting regulations.

-   Just before I left ICF, I worked with EPA staff and various public
    interest groups to design an economically efficient acid rain
    mitigation program. This was the first use to the cap and trade
    concept. The Reagan Administration shelved the program, but it was
    enacted when the first Bush administration came into office.

-   At Booz, in about 1987 I wrote [Vision 2000]{.underline} for the
    electric utility industry. This turned out to anticipate nearly
    everything that transpired by the end of the century.

-   At Booz, helped Public Service Indiana (Jim Rogers) defeat a hostile
    take-over attempt by IPALCO, even though IPALCO had a better hand.
    This led to the merger that formed Cinergy.

-   At Booz, helped Commonwealth Edison sort out its strategy in the
    early 1990s. When we started the process, the executive team felt
    they were going bankrupt. We helped set them on a course that
    created enormous shareholder value.

-   At ICF and at Booz, I developed an in depth understanding of the
    global warming issues. I continue this avocation, since it, like
    terrorism and economic development, is one of the major public
    policy issues of our time.

-   At ICF and Booz, I testified before the US Congress on various
    energy and environmental policy issues and before regulatory
    commissions on various big-ticket regulatory issues.

-   At PHB, helped US Generating Company win the bid for the NEES
    generation assets. The bid surprised other bidders. We knew there
    was even more value there. We simply did the valuation rigorously
    and carefully. But our bid led other bidders to look for \"other\"
    sources of value. This futile search ultimately led to overpayments
    and an enormous overbuild of new generation capacity in North
    America.

-   At PHB, I helped Con Edison divest its generation assets and
    developed in-depth understanding of market power and market power
    mitigation. This helped us anticipate the events in California years
    before they occurred. It also helped us recognize who was behaving
    illegally and hence in jeopardy of onerous eventual sanctions

-   At A T Kearney, we warned National Energy Group (formally US
    Generating Company) about the impending overbuild and various
    transmission constraints that would reduce the value of the projects
    they were developing. In response to our sage advice, our clients
    fired us because we were not \"helping\" them develop their
    projects. This firing turned out to be an important credential in
    establishing our valuation credibility. Those assets are currently
    worth about 20% of initial costs.

-   At CERA,

    -   Developed the \"Cambridge theory\" about the 2003 Blackout
        within one week of the event. This was published on the first
        page of the [New York Times]{.underline}. Subsequent government
        reports confirmed my hypotheses.

    -   Led multi-client studies on transmission congestion. Found where
        substantial economic congestion exists and developed cost
        effective transmission solutions.

    -   Designed and developed CERA\'s asset valuation service which has
        grown from nothing into a multi-million business. This builds on
        the proprietary version of GE MAPS that I developed with my team
        and on our in-depth understanding of the electricity markets and
        FERC, including Standard Market Design and more recent
        developments, such with capacity markets in the Northeast.

-   I have been a participant at the Aspen Institute Energy Policy Forum
    since 1986.

-   I know many important people in utilities, merchants, investment
    firms, government, and academia.

> References are available on request.