Villadsen 048
Biography
Testimony
Publications
Personal Interests

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
Presentation
April 20, 2017
Presented at the Society of Utility and Regulatory Financial Analysts’ (SURFA) 49th Financial Forum “Cost of Capital in a Changing Utility Landscape”
Report
January 2017
Published by The Brattle Group, Inc.

The whitepaper examines how wind generators could use standard electric and gas forward contracts to hedge its revenue to reduce risk over mid- to long-term horizons.

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
The WACC for the Dutch TSOs, DSOs, water companies and the Dutch Pilotage Organisation
March 4, 2013
Prepared for NMa
Report
Estimating the Cost of Debt
March 4, 2013
Prepared for the Dampier Bunbury Pipeline
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 7, 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

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.