W. STEPHEN THAYER, PRINCIPAL
Mr. Thayer is the principal and founder of Southern Illinois Municipal Electric Company (SIMEC) that is doing business as Jersey Energy Group. His career has positioned him to be an expert on energy aggregation that places consumer protections at the forefront. Mr. Thayer’s diverse experience in working with energy markets allows him to negotiate the best pricing terms for aggregations. Currently, Mr. Thayer has completed data collection and load data analyses for forty-five municipalities. Mr. Thayer has successfully finished twenty-two residential aggregations—handling the process from start to finish with partner Michael R. Slapp. Average savings as compared to the utility rate are between 15% to 25%. Just recently, twenty-three new municipalities have signed up for aggregation services by the team.
Mr. Thayer began his career at a New England regional supply company as a marketing/sales representative. Responsibilities at Halifax included marketing and selling electric supply to major industrial and commercial customers in New England at highly competitive market rates, constructing cost savings analyses illustrating to potential customers the benefits of wholesale/index pricing, and staying abreast of competitors’ business practices in order to offer competitive services and to keep well-informed on strategic avenues. Mr. Thayer finished his tenure there with aggressively and effectively closing deals with an 83% success rate.
In 2009, Mr. Thayer continued his career at Good Energy LP as a National Energy Consultant. Here he make presentations to potential customers, analyzed their data, needs, and then marketed and brokered account to suppliers resulting in customer energy savings. Mr. Thayer was the first person in the company’s twelve-year history to generate business opportunities in NH and Canada. Further, he personally selected over eight energy firms, including Constellation New Energy and Hess, competing to receive the exclusive partnership agreement for the NHLRA (New Hampshire Lodging and Restaurant Association) and their 720 Members. Consistently finding new opportunities, Mr. Thayer brought in the highest contract volume in the New England region during his tenure with the following supply companies: Integrys Energy, Sprague Oil and Gas, and Liberty Power, Constellation New Energy. Lastly, Mr. Thayer brought new supplier relationships to Good Energy, including: TransCanada, Royal Dutch Shell, Commerce Energy, and Direct Energy Canada.
Following his departure from Good Energy, Mr. Thayer began his own company, Southern Illinois Municipal Electric Company (SIMEC), in August 2011. Mr. Thayer relocated to Southern Illinois in order to provide maximum service and national energy expertise for municipalities with interest in participating in Community Aggregation. Through Mr. Thayer’s experience, SIMEC was able to aggregate a total of 41 municipalities in Illinois.
Mr. Thayer graduated from the College of Charleston in Charleston, SC with a B.A. in Political Science. Gaining tremendous experience throughout his career, Mr. Thayer is familiar with the nuances of Energy Industry in MISO, PJM, NYISO, CA-ISO, and NEPOOL.
MICHAEL R. SLAPP, PRINCIPAL
Mr. Slapp is the principal and founder of Southern Illinois Municipal Electric Company (SIMEC) that is doing business as Jersey Energy Group. Through his career, Mr. Slapp has demonstrated a strong understanding of energy markets, and he uses this experience to ensure aggregation customers obtain the best possible terms with the lowest prices. Mr. Slapp brings tremendous market experience to the Jersey Energy Group team. Currently, Mr. Slapp has completed data collection and load data analyses for forty-five municipalities. Mr. Slapp has successfully finished twenty-two residential aggregations—handling the process from start to finish with partner W. Stephen Thayer. Average savings as compared to the utility rate are almost 25%. Just recently, twenty-three new municipalities have signed up for aggregation services by the team.
Mr. Slapp began his career at Financial Security Assurance as an Analyst in the Residential Mortgage Group. Here, Mr. Slapp was a member of a six-person deal team insuring over $9.5 billion in sub prime mortgages a year. Responsibilities included valuing the credit enhancement of each deal structure to determine its risk, implementing Intex by tying out existing cash flow models to system, and performing on-site due-diligence with firms such as Clayton and Bohan to ensure file review was performed in accordance with guidelines. As a result of Mr. Slapp’s strong performance, he participated in Credit Review meetings with senior management. Mr. Slapp was promoted to Associate after one year as an Analyst.
Upon leaving Financial Security Assurance, Mr. Slapp joined Credit Suisse First Boston as an Associate in Sub Prime Mortgage Trading. A member of an eight person trading team purchasing, securitizing, and selling over $12 billion in mortgages a year, Mr. Slapp screened on average 40 whole loan pools a week for bid, eliminating collateral representing the highest risk of default. Further, he structured each bid as if it were its own securitization by sizing the bonds according to loss coverage levels from both S&P and Moody’s, estimated the value of the Net Interest Margin (NIM) and the back end residual for each deal at varying yields, and worked on every Home Equity Asset Trust (HEAT) securitization in 2005.
In 2006, Mr. Slapp joined Barclays Capital Markets as an Associate Director. As Associate Director, he managed at least six professionals on the trading desk as well as others on both research and technology desks. Mr. Slapp analyzed the components of the ABX indices as well as other sub prime securities to pick best long and short candidates. As the market deteriorated, Mr. Slapp analyzed mortgage loans or MBS being held across the firm, worked on a model to value abs CDO’s from the bottom up by projecting losses on specific MBS according to each bond’s delinquency pipeline, projected roll rates, loss severity and collateral characteristics. Mr. Slapp left Barclays in 2008 to put on a large financial short position through equity put options, and has achieved outsized returns being short Bear, Citigroup, Washington Mutual, Wachovia and others.
Mr. Slapp graduated from Cornell University in Ithaca, NY earning a degree in economics.