Mark A. Johnston appointed Chief Financial Officer for ML&P
New CFO is expert in public utility regulatory issues with 24 years in senior financial positions
ANCHORAGE, AK – (May 7, 2015) – Mark A. Johnston has been appointed as the new chief financial officer of Municipal Light & Power, replacing former officer Richard Miller who retired on April 30, 2015.
Johnston joined the utility in September 2013 as the Finance projects manager and also took on the role of Regulatory Affairs manager in 2014. In these roles, he provided key oversight of accounting, regulatory issues and costs related to ML&P’s George M. Sullivan Plant 2 generation replacement project.
“Mr. Johnston has 24 years of experience in senior finance positions and has a solid understanding of complex financial operations and regulatory matters in a large public sector utility company,” said ML&P General Manager and Chief Operating Officer Jim Trent.
Before joining ML&P, Johnston most recently worked as the senior vice president of Insurance Operations for Alaska USA Insurance Brokers, where he oversaw the annual revenue forecast, annual agency budgets, and strategic business operating plans for all departments.
Since 1999, he has also provided independent consulting services that include financial analysis of rate filings and company valuations, and has served as an expert witness in regulated utility matters before the Regulatory Commission of Alaska or in legal proceedings.
During his tenure at Alaska USA Federal Credit Union from 1999 to 2006, Johnston served as vice president of Central Operations and later as senior vice president of Central Administration. In these roles he provided executive oversight of several departments: Administration, Personal Lines, Small Commercial, Commercial Support, Facilities, Security, Purchasing, Distribution and Records.
Johnston has also held executive and management level finance positions at the Alaska Public Utilities Commission, Alaska Commission on Postsecondary Education, Alaska Railroad and Federal Energy Regulatory Commission. He was awarded a bachelor of science degree in accounting from the University of Nevada and has been a Certified Public Accountant in the State of Alaska since 1996.
ML&P, an 83-year-old utility, recently received an A+ rating in the bond market and is investing about $459 million in new generation assets.
Municipal Light & Power
Municipal Light & Power provides safe, reliable and affordable electric utility service to about 30,000 residential and commercial customers in its roughly 20-quare-mile service territory. ML&P serves commercial, university and medical customers in the Downtown and Midtown business districts, as well as industrial loads in the Ship Creek and Anchorage Port areas and residents in some of Anchorage’s oldest neighborhoods. In addition, ML&P provides bulk power to Joint Base Elmendorf-Richardson and sells electricity to other Alaska Railbelt utilities. ML&P is owned by the Municipality of Anchorage, which purchased the distribution system from the privately owned Anchorage Power & Light Co. in 1932. ML&P is subject to the Regulatory Commission of Alaska. Since 1932, ML&P has grown to include production and transmission, as well as upgraded and expanded distribution. The utility has a one-third working interest in the Beluga River Unit gas field, making it one of the only vertically integrated natural-gas-fired utilities on the West Coast. The gas field provides ML&P with a secure and reliable source of fuel for most of its needs through 2018. About 15 percent of ML&P’s generation is from renewable hydroelectric resources, and the utility has been investing millions in upgrading its aging facility to include clean and efficient natural-gas-fired generation. ML&P is building a 120-megawatt thermal generation plant in east Anchorage. The new plant will be one of the world’s most energy efficient thermal-generation plants in the world when complete in 2016.