Financial Specialist Eric Fornell Focuses on Utility and Energy Fields
Eric Fornell serves as a vice chairman of investment banking and capital markets at Wells Fargo Securities in New York. He is responsible for providing strategic and financial advice to clients of the bank and focuses primarily on assisting clients within the utility and energy industries. First joining Wells Fargo in 2012, he promoted Well Fargo’s expansion into Canada. He was in charge of expanding the investment banking business into the country and oversaw the recruitment of investment banking teams in Calgary and Toronto. Prior to starting his current position, Eric Fornell was a vice chairman of JP Morgan Securities. He first joined JP Morgan in 1999 as a managing director and group head of power and utilities and spent the next several years advising clients in the utility and energy businesses.
Eric Fornell also worked with environmental groups on behalf of the company to establish the Carbon Principles, which govern how several banks finance the construction of new coal-burning power plants. Before joining J.P. Morgan, Mr. Fornell spent nine years working for Goldman Sachs & Co. as an energy and generalist banker and nine years working with CMS Energy and American Natural Resources. He prepared for his successful career by graduating from both Amherst College and Oxford University.
Factors Addressed in the Carbon Principles
An investment banker with a background in oil and gas exploration, Eric Fornell oversees energy and utility advisory services at Wells Fargo Securities. Having been in the industry for nearly three decades, Eric Fornell has played a valuable role negotiating various agreements, including the Carbon Principles.
The Carbon Principles were adopted in 2008 to establish environmental standards for financing coal-fired power plants. Citi, JPMorgan Chase, and Morgan Stanley, three of the nation’s largest banks, adhere to the principles to reduce emission of greenhouse gases. Among the factors addressed are energy efficiency and renewable and low-carbon energy technologies.
In terms of energy efficiency, the three institutions agree to educate clients on carbon dioxide (CO2) emissions and encourage the practice of energy efficient processes when producing electricity. This includes addressing challenges related to investment in cost effective demand reduction. Advocacy is expected to reduce CO2 emissions while creating new jobs in America.
Liggett School Offers Numerous Arts Opportunities
Eric Fornell works as vice chairman of investment banking and capital markets with Wells Fargo Securities in New York City. Outside of work, Eric Fornell has volunteered his time serving on the board of trustees of the University Liggett School in Grosse Pointe, Michigan.
The University Liggett School is a private institution that serves students from age three through twelfth grade. One of the school’s unique features is its Manoogian Arts Wing. The Wing’s Anderson Exhibition Center showcases works from visiting artists with a different artist in residence four times during the school year. Student works are also displayed regularly here; the public may visit during school hours.
The arts wing also houses music and art rooms, a recital hall and a photography studio. Students have the opportunity to begin playing stringed instruments in grade three and band instruments in grade six; singing is also available beginning in the primary grades. Theater productions are open to middle and upper school students, and performing opportunities run the gamut from dramas to Broadway musicals.
Merck-Horton Center for Teaching and Learning at St. George's School
Eric Fornell serves as the vice chairman of investment banking for Wells Fargo Securities in New York. Alongside his commitment to his clients, Eric Fornell actively supports education in the surrounding region. He accordingly makes charitable contributions to such educational institutions as St. George's School in Newport, Rhode Island.
St. George's was established in 1896 and has provided a rigorous, coeducational learning experience for thousands of students since. Its beautiful 125-acre campus is dotted with all manner of academic and athletic edifices, including the 30,000-volume Nathaniel P. Hill Library, which houses the Merck-Horton Center for Teaching and Learning. This program, run in conjunction with researchers from the Harvard Graduate School of Education, provides educators with the newest and best teaching strategies.
Devoted to student success, the Center focuses on the methods that help students thrive. It promotes active and mastery-based learning in order to put students in charge of their own education. Enhanced teaching techniques put student success first, allowing St. George's students to learn better.
Green Vale School Announces Marine Science Program
Involved in investment banking for several decades, Eric Fornell has worked as vice chair of investment banking and capital markets for Wells Fargo Securities based in New York City since February 2012. Heavily involved in philanthropy, Eric Fornell has served on the board of trustees for several schools, one of which includes the Green Vale School on Long Island, which he has been a part of for more than a decade.
A coed educational establishment, Green Vale School has classes for children ranging in age from pre-nursery through eighth grade. Sitting on approximately 40 acres, the campus was founded in 1923. As of 2016, a majority of the school’s 442 students come from more than 30 school districts and reside within a 15-mile radius of the school. With 85 teachers, the school prides itself on having 13 to 16 students per class in grades one through eight.
In February 2016, the school announced the launching of its marine science program to give students an appreciation for aquatics and educate them about issues affecting marine life. About two dozen sixth and seventh graders participated in the program, in which students analyzed artifacts found from area shipwrecks. They also inspected marine and water samples from Garvies Point Preserve in Glen Cove.
Texas Energy Company Acquisition Finalized
A vice chairman at Wells Fargo Securities’ New York office, Eric Fornell has facilitated the company’s expansion into Toronto and Calgary, Canada. Earlier, Eric Fornell served as a financial advisor for the acquisition of a natural gas company in Texas.
In October 2015, NextEra Energy Partners LP acquired NET Midstream, which owns and operates seven natural gas pipelines in the Eagle Ford Shale Field in south Texas. The field is considered to be a massive resource, attracting some $30 billion in development funds in 2013.
The pipelines serve utility and manufacturing customers in south Texas and business and residential users in the Houston area. NET Midstream’s largest pipeline also delivers gas from the field to a growing number of consumers in Mexico. Two other conduits have interconnections in the field for future growth. They transport gas to Galveston County and the Houston Ship Canal.
Financial benefits to NextEra involve access to long-term gas contracts and the further diversification of that section of its portfolio. The combined company plans to use some of the funds for expansion. The total transaction was valued at $2.1 billion, including cash considerations and assumption of debts.