Power, utilities, and renewables quarterly accounting update: Q4 2025

Tom Keefe is the vice chair and US power, utilities, and renewables sector leader, with a keen understanding of sector trends. His focus areas include utility generation and distribution, gas transmission–related midstream activities, and storage, as well as nuclear generation, independent power production, and renewable energy. He is also a partner at Deloitte & Touche LLP, where he has led many large energy clients.

Dave regularly advises clients in the areas of planning, evaluating, and supporting federal income tax reporting positions. He also leads Deloitte’s US Power, Utilities & Renewables Tax practice. His work with power and gas companies includes consultation and representation with respect to Internal Revenue Service (IRS) controversies; drafting/reviewing Applications for Change in Accounting Method (IRS Form 3115) and participating in accounting method reviews; and, serving as a tax specialist on financial statement audits. He works with regulated public utilities to model the ratemaking effects of tax benefits, compute the tax components of rate base and cost of service, draft/review pre-filed rate case testimony, draft/review IRS ruling requests, and meet with public utility commission staff and IRS national office personnel regarding normalization issues. Dave is a frequent speaker regarding federal income tax matters relevant to regulated utilities and unregulated power producers, including seminars sponsored by the tax committee of Edison Electric Institute, the combined tax committees of the American Gas Association and the Interstate Natural Gas Association of America, Tax Executives Institute, the staff subcommittee on accounting and finance of the National Association of Regulatory Utility Commissioners, SNL/EXNET, PowerPlant Consultants, Infocast, and Institute for International Research. Dave also leads the Deloitte course, Utility Industry Book/Tax Differences and Financial Reporting for Income Taxes: Rate-regulated Utilities and is responsible for updating the content of these courses. Dave holds a BS in commerce (accountancy) and a MS in taxation from DePaul University.

James is a member of the Accounting Services group in Deloitte & Touche LLP's national office, primarily focused on financial instrument issues and lease accounting. He leads the leasing and real estate subject matter team and represents Deloitte on the Financial Accounting Committee of the Equipment Leasing and Finance Association and the FEI Lease Working Group. He also serves as Deputy Industry Professional Practice Director for the Energy and Resources attest practice. He is co-chair of AICPA Power and Utilities industry task force focused on implementation of the new revenue recognition standard. Prior to this role, James was a partner in Deloitte's Capital Markets practice where he focused on the energy industry and served as subject matter expert for derivatives and hedging activities. Prior to joining Deloitte, James worked in the audit division of Andersen where he served a variety of energy companies - domestically and abroad, and clients in the airline and healthcare industries.

Christine Mazor is an audit partner with more than 25 years of experience in serving domestic and global clients. She serves as a partner on the SEC Reporting and Business Combinations subject matter teams in accounting & reporting services in Deloitte’s National Office, assisting clients and engagement teams with applying SEC regulations in capital market transactions including IPOs, SPACs, mergers, spin-offs, and debt offerings. Her responsibilities include consultation on SEC reporting matters and interpretation of regulations, including the SEC’s guidance and final rule on cybersecurity disclosures. She is involved in the authoring and production of published interpretive guidance on SEC related matters, including Deloitte’s Roadmap to Non-GAAP Financial Measures and Heads Up publications on cybersecurity disclosures. Christine is the deputy professional practice director for Retail and Consumer Business, with experience serving this industry throughout her career at Deloitte.