Society of Utility and Regulatory Financial Analysts

 

 
Welcome to SURFA

The Society of Utility and Regulatory Financial Analysts (SURFA) is a leading professional association for regulatory commission staff, consumer advocates, consultants, attorneys, academics, and other industry professionals engaged in utility regulation and rate of return analysis.

Since 1977, SURFA has advanced professional excellence through education, collaboration, and the exchange of ideas across the regulatory community.

Members benefit from:
  • Professional networking with utility finance experts
  • The annual SURFA Financial Forum
  • The Certified Rate of Return Analyst (CRRA) program
  • Continuing education and professional development
  • A nationwide community of utility and regulatory professionals
Explore SURFA
Education, certification, and professional connection for the utility regulatory community.
SURFA's 58th Financial Forum

April 8–9, 2027
University of Florida Conference Center
Gainesville, Florida

SURFA's Annual Financial Forum promotes a deeper understanding of current cost of capital issues affecting the regulated utility industry.

The Forum is designed for rate of return professionals, financial analysts, regulatory commissioners and staff, consumer advocates, attorneys, accountants, consultants, and other utility finance professionals.

Continuing Education
Full attendance qualifies participants to earn ten continuing education credits. While no advanced preparation is required, participants should have a background in corporate finance and a working knowledge of public utility ratemaking.

Learning Objectives
  • Understand current interest-rate and equity-market trends and their effects on utility cash flow and cost of capital.
  • Evaluate the financial implications of data-center load growth for utilities.
  • Understand the financial theory underlying beta, including issues related to its estimation and use in ratemaking models.
  • Assess how current capital-market and economic conditions affect utility risk and the determination of an appropriate regulatory rate of return.
Pre-Forum Workshop
SURFA will also offer a Cost of Capital Training Workshop on April 6–7, immediately preceding the Financial Forum.

Registration opens in early 2027.
Additional program details and registration information will be announced soon.
Certified Rate of Return Analyst Program

The Certified Rate of Return Analyst (CRRA) program helps utility finance professionals strengthen their knowledge of rate of return analysis and demonstrate proficiency in the regulatory rate of return process.

Established in 1990, the program provides a balanced, practical foundation in the mechanics of rate of return analysis without favoring any single methodology or approach.

2027 CRRA Examination

April 7, 2027
University of Florida Conference Center
Gainesville, Florida

The CRRA designation is available exclusively to SURFA members. Eligibility requirements apply.

Registration is now open.
Visit the CRRA page for eligibility requirements, fees, examination details, and application information.

Learn More About the CRRA

Announcing the CRRA Scholarship

SURFA’s inaugural CRRA Scholarship covers the CRRA program registration fee, one year of membership dues, a copy of the program textbook, and registration for the 2027 Financial Forum.

Application deadline: 5 p.m. Eastern on Friday, January 15, 2027.

Download the Scholarship Application