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Dr. Villadsen specializes in finance and accounting matters with an emphasis on the energy industry.

She is a frequent author and speaker on regulatory return and risk issues and has testified on rate of return and discount rate matters as well as accounting and damages in many jurisdictions including the FERC, state regulatory settings, U.S. and international arbitrations, and the U.S. federal court.

Her recent work has included the determination of the cost of capital for electric power, electric utilities, pipelines, and water companies in Australia, Canada, the Netherlands, and the United States. She has evaluated the appropriate recovery or value of asset retirement obligations for pipelines and the effect of power purchase agreements on the risk of both the power producer and buyer. In addition, Dr. Villadsen has been deeply involved in analyzed credit and capital structure issues, risk management and the prudence hereof, as well the impact of regulatory initiatives such as energy efficiency and de-coupling on credit, cost of capital, and earnings.

She has recently been involved in accounting disclosure issues and principles including impairment testing, fair value accounting, leases, accounting for hybrid securities, accounting for equity investments, consolidation issues, cash flow estimation, and overhead allocation. Dr. Villadsen has estimated damages in both the U.S and internationally for companies in the energy, construction, telecommunications, cement, and rail road industries. She has measured damages as lost profits, impact on stock price, or the impact of mis-allocated assets among investment opportunities.

Representative Engagements
Cost of equity study
Led a study on the applicability and weighting of cost of equity estimation methods for the Australian Pipeline Industry Association. The study emphasized the impact of economic or industry factors on which model(s) or method(s) are more appropriate resulted in two white papers filed with the Australian Energy Regulator.
Wells Fargo & Company and Subsidiaries v. US
In the Federal Court of Claims, provided expert testimony on the impact of discount rates on the economic value of alternative scenarios for a lease transaction pertaining to telecommunication and transit assets.
Arbitration on the allocation of corporate overhead
In an arbitration matter before the International Centre for Settlement of Investment Disputes, provided expert reports and oral testimony on the allocation of corporate overhead costs and damages in the form of lost profit. Also reviewed internal book keeping records to assess how various inter-company transactions were handled.
Prudence review of hedging strategies
In connection with regulatory reviews of electric and gas utilities hedging programs, studied whether forward prices, the volatility implied by the market, market conditions, or measures such as Value at Risk indicated that hedging policies were inappropriate. This work was used in connection with the utilities prudence review before state regulatory commission.
Testimony regarding regulatory assets for Atlantic Wind Connection
For the Atlantic Wind Connection (AWC), she filed testimony with the FERC regarding the use of regulatory assets, the return on regulatory assets, and the merits of including Construction Work in Progress in the allowed rate base for the AWC.
Testimony
Supplemental Direct Testimony on cost of capital submitted to the Regulatory Commission of Alaska on behalf of Anchorage Water and Wastewater utilities, Docket U-13-202
September 2014
Rebuttal Testimony regarding Cost of Capital before the Oregon Public Utility Commission on behalf of Portland General Electric, Docket No. UE 283
July 2014
Direct Testimony on the rate impact of the pension re-allocation and other items for Upper Peninsula Power Company in connection with the acquisition by BBIP before the Michigan Public Service Commission in Docket No. U-17564
March 2014
Expert Report and hearing appearance on specific accrual and cash flow items in a Sales and Purchase Agreement in international arbitration before the International Chamber of Commerce. Case No. 19651/TO
July and November 2014
Expert Report on cost of equity and recovery of asset retirement obligations on behalf of oil pipeline in Canadian arbitration
April 2013
Direct Testimony on the treatment of goodwill before the Federal Energy Regulatory Commission on behalf of ITC Holdings Corp and ITC Midwest, LLC in Docket No. PA10-13-000
February 2012
Direct Testimony, Rebuttal Testimony, and Hearing Appearance on cost of capital before the New Mexico Public Regulation Commission on behalf of New Mexico-American Water in Case No. 11-00196-UT
May 2011, November 2011, and December 2011
Direct Testimony, Rebuttal Testimony, and Rejoinder Testimony on the cost of capital before the Arizona Corporation Commission on behalf of Arizona-American Water in Docket No. W-01303A-10-0448
November 2010, July 2011, and August 2011
Direct and Rebuttal Testimony on cost of capital before the Public Utilities Commission of the State of California on behalf of California-American Water in Application No. 11-05
May 2011
Expert Report and deposition in Civil Action No. 02-618 (GK/JMF) in the United States District Court for the District of Columbia
November 2010, January 2011
Direct Testimony on regulatory assets and FERC accounting before the Federal Energy Regulatory Commission on behalf of AWC Companies, ER11-13-000/Eli-1-3-000
December 2010
Rebuttal Expert Report, Deposition and Oral Testimony re. the impact of alternative discount rate assumptions in tax litigation. United States Court of Federal Claims, Case No. 06-628 T (confidential)
January, February, April 2009
Expert Report, Supplemental Expert Report, and Hearing Appearance on the allocation of corporate overhead and damages from lost profit. The International Centre for the Settlement of Investment Disputes, Case No. ARB/03/29 (Confidential)
February, April, and June 2008
Expert Report, Rebuttal Expert Report, and Hearing Appearance regarding investing activities, impairment of assets, leases, shareholder’ equity under U.S. GAAP and valuation. International Chamber of Commerce (ICC), Case No. 14144/CCO (Confidential)
May 2007, August 2007, September 2007
Expert Report on accounting information needed to assess income. United States District Court for the District of Maryland (Baltimore Division), Civil No. 1:06cv02046-JFM (confidential)
June 2007
Verified Statement and Verified Reply Statement on the cost of capital calculation for railroads submitted to the Surface Transportation Board on behalf of the Association of American Railroads, Docket No. EP 664 (Sub-No. 2)
September and November 2014
Publications
Presentation
Six Implications of the New Tax Law for Regulated Utilities
January 2018
Published by The Brattle Group, Inc.

An analysis by Brattle economists shows that while there are bona fide effects and benefits for customers, the enthusiasm for U.S. tax rate reductions may result in unrealistic expectations as well as overshadowing some important off-setting effects.

Presentation
A Seminar on the Cost of Capital in Regulated Industries: Time for a Fresh Perspective?
October 24, 2017
Presented at a Brattle seminar, Brussels, Belgium

On October 24, 2017, The Brattle Group hosted a half-day seminar in Brussels that explored whether there is a case for adjusting current methods of measuring the cost of capital in the face of a changing industrial and regulatory landscape.

Book
Risk and Return for Regulated Industries
May 02, 2017
Published by Elsevier

This book establishes the principles and procedures for determining the fair rate of return on capital investment.

Article
Using Electric And Gas Forwards To Manage Market Risks
May 2017
Published in North American Windpower
Presentation
Should Regulated Utilities Hedge Fuel Cost and if so, How?
April 21, 2017
Presented at the Society of Utility and Regulatory Financial Analysts’ (SURFA) 49th Financial Forum “Cost of Capital in a Changing Utility Landscape”
Report
Aurizon Network 2016 Access Undertaking: Aspects of the WACC
November 30, 2016
Prepared for Aurizon Network for submission to the Queensland Competition Authority
Presentation
Decoupling in the U.S. and its Impact on Cost of Capital and Profit
July 16, 2014
Presented to the Thai Energy Regulatory Commission, OERC, and Utilities Delegation, Boston, MA
Report
Alternative Regulation and Ratemaking Approaches for Water Companies
September 23, 2013
Joseph B. Wharton, Bente Villadsen, and Heidi Bishop
Prepared for the National Association of Water Companies
Presentation
Current Issues in Cost of Capital
July 2013
Presented at EEI Advanced Rate School: Rates to Meet New Market Opportunities and Constraints, Madison, WI
Report
Estimating the Cost of Debt
March 04, 2013
Prepared for the Dampier Bunbury Pipeline
Report
The WACC for the Dutch TSOs, DSOs, water companies and the Dutch Pilotage Organisation
March 04, 2013
Prepared for NMa
Report
Estimating the Cost of Equity for Regulated Companies
February 17, 2013
Prepared for the Australian Pipeline Industry Association
Report
Calculating the Equity Risk Premium and the Risk-free Rate
November 26, 2012
Prepared for NMa
Presentation
International Innovations in Rate of Return Determination
April 26, 2012
Presented at the SURFA 2012 Forum
Article
Shale Gas and Pipeline Risk
April 2012
Published in Public Utilities Fortnightly
Report
FASB Accounting Rules and Implications for Natural Gas Purchase Agreements
February 07, 2011
Bente Villadsen and Fiona Wang
Prepared for American Clean Skies Foundation
Article
IFRS and You
December 2010
Bente Villadsen, Amit Koshal, and Wyatt Toolson
Published in Public Utilities Fortnightly
Newsletter
Corporate Pension Plans: New Developments and Litigation
2010
George S. Oldfield, Bente Villadsen, and Urvashi Malhotra
Published by The Brattle Group, Inc.
Report
Building Sustainable Efficiency Businesses: Evaluating Business Models
August 2008
Published by Edison Electric Institute
Report
Understanding Debt Imputation Issues
June 2008
Prepared for The Edison Electric Institute
Article
Measuring Return on Equity Correctly: Why current estimation models set allowed ROE too low
August 2005
Published in Public Utilities Fortnightly
Article
Communication and Delegation in Collusive Agencies
January 1995
Published in Journal of Accounting and Economics
Article
Beta Distributed Market Shares in a Spatial Model with an Application to the Market for Audit Services
January 1995
Published in Review of Industrial Organization
News & Events
August 21, 2018
Bente Villadsen to Present at AGA/EEI Public Utility Accounting Course

Brattle Principal Bente Villadsen will present at the American Gas Association (AGA)/Edison Electric Institute (EEI) “Introduction and Advanced Public Utility Accounting Courses,” to be held August 20-23, 2018, in St. Louis, Missouri.

July 22, 2018
Brattle Principals to Present at EEI's Electric Rates Advanced Course

Brattle Principals Phil Hanser, Agustin Ros, and Bente Villadsen will present at the Edison Electric Institute’s (EEI) Electric Rates Advanced Course, to be held July 22-25, 2018 in Madison, Wisconsin.

January 30, 2018
Brattle Economists Outline Implications of New Tax Law for Regulated Utilities

A new analysis by Brattle economists shows that while there are bona fide effects and benefits for customers, the enthusiasm for U.S. tax rate reductions may result in unrealistic expectations as well as overshadowing some important off-setting effects.

October 24, 2017
Brattle Hosts European Seminar on the Cost of Capital in Regulated Industries

On October 24, 2017, The Brattle Group hosted a half-day seminar in Brussels that explored whether there is a case for adjusting current methods of measuring the cost of capital in the face of a changing industrial and regulatory landscape.

August 22, 2017
Bente Villadsen to Participate in EEI and AGA Introduction to Public Utility Accounting Courses

Brattle Principal Bente Villadsen will present at the Edison Electric Institute (EEI) and American Gas Association’s (AGA) Introduction and Advanced Public Utility Accounting Courses, taking place August 21-24, 2017 in Minneapolis, MN.

May 02, 2017
Brattle Economists Author Risk and Return for Regulated Industries

Brattle Principals Bente Villadsen, Michael Vilbert, and Dan Harris, and Principal Emeritus A. Lawrence Kolbe have authored a new book that examines the topic of cost of capital for regulated industries.

April 21, 2017
Bente Villadsen to Present at SURFA Financial Forum

Brattle Principal Bente Villadsen will present at the Society of Utility and Regulatory Financial Analysts’ (SURFA) 49th Financial Forum, “Cost of Capital in a Changing Utility Landscape,” taking place April 20-21, 2017 in New Orleans, LA.

August 24, 2016
Bente Villadsen to Present at AGA/EEI Public Utility Accounting Courses

Brattle Principal Bente Villadsen will present at the upcoming American Gas Association (AGA) and Edison Electric Institute’s (EEI) Public Utility Accounting Courses, taking place August 22-25, 2016 in Atlanta, GA.

July 25, 2016
Bente Villadsen to Present at EEI Electric Rates Advanced Course

Brattle Principal Bente Villadsen will present at the 2016 Edison Electric Institute’s (EEI) Electric Rates Advanced Course, taking place July 24-27, 2016 in Madison, WI.

April 28, 2016
Bente Villadsen to Moderate Panel at the 48th Financial Forum of the Society of Utility and Regulatory Financial Analysts

Brattle Principal Bente Villadsen will moderate a panel discussion at the annual Financial Forum of the Society of Utility Regulatory Financial Analysts (SURFA), taking place April 28-29, 2016 in Indianapolis, IN.

August 26, 2015
Bente Villadsen to Present at American Gas Association and Edison Electric Institute’s Joint Public Utility Accounting Course

Brattle principal Bente Villadsen will present at the upcoming American Gas Association and Edison Electric Institute (EEI) joint course, “Introduction to Public Utility Accounting,” taking place August 24-27, 2015 in Washington, DC.

July 19, 2015
Bente Villadsen and Philip Hanser to Present at EEI Electric Rates Advanced Course

Brattle principals Bente Villadsen and Philip Hanser will present at the upcoming Edison Electric Institute Electric Rates Advanced Course, taking place July 19-22, 2015 in Madison, WI.

May 14, 2015
Brattle Experts Assist in Securing Favorable Outcome for Client in Nortel’s Bankruptcy Allocation Trial

A decision reached by the Courts' regarding the allocation of Nortel's $7.3 billion liquidation proceeds relied heavily on the findings by Brattle experts.

September 14, 2014
Bente Villadsen to Present at the Society of Depreciation Professionals Annual Conference

Brattle principal Bente Villadsen will speak on “Alternative Regulation and Ratemaking Approaches for Water Companies” at the upcoming Society of Depreciation Professionals annual conference.

August 08, 2014
Brattle Consultants Provide Expert Testimony and Litigation Support in Recently-Concluded Nortel Bankruptcy Proceedings

The Brattle Group was retained by counsel for the UK Pension claimants to opine on allocation and claims issues in Nortel’s bankruptcy proceedings. Brattle experts sponsored and supported two testifying experts in recently-concluded trials.

July 16, 2014
Brattle Consultants Lead Demand Response Workshop Before Thai Energy Regulatory Commission and Utilities Delegation

Brattle consultants presented a half-day workshop on the growth of demand response technology in the electric utility industry before the Energy Regulatory Commission of Thailand, along with other representatives on July 16, 2014 at EnerNOC’s Boston headquarters.

Personal Interests

Born and raised in the Danish countryside, Bente has a keen interest in outdoor activities such as hiking, kayaking, skiing, gardening and caring for her rescue dogs. She also enjoys music and live performances.