Mr. Morgan is a Senior Regulatory Consultant with Exeter Associates, Inc. At Exeter, Mr. Morgan has been involved in the analysis of the operations of public utilities with particular emphasis on rate regulation. He has reviewed and analyzed utility rate filings, focusing primarily on revenue requirements determination. This work included natural gas, water, electric, and telephone utilities.

Prior to his association with Exeter, Mr. Morgan served as a Senior Financial Analyst with Potomac Electric Power Company (Pepco). Mr. Morgan prepared cost of service, rate base, and ratemaking adjustments supporting the Company's request for revenue increases in its retail jurisdictions. Before joining Pepco, Mr. Morgan was a Staff Accountant with the North Carolina Utilities Commission - Public Staff. He was responsible for analyzing testimony, exhibits, and other data presented by parties before the Commission. In addition, he performed examinations of the books and records of utilities involved in rate proceedings before the North Carolina Utilities Commission. Mr. Morgan also participated in several policy proceedings involving regulated utilities. Mr. Morgan holds a BBA in accounting from North Carolina Central University and an M.B.A. in Finance from the George Washington University. Mr. Morgan is also a licensed C.P.A. in the State of North Carolina.