Graves_060
Biography
Testimony
Publications
Personal Interests

Mr. Graves, the leader of the firm’s Utilities practice, specializes in regulatory and financial economics, especially for electric and gas utilities, and in litigation matters related to securities litigation and risk management.

He has over 30 years of experience assisting utilities in forecasting, valuation, and risk analysis of many kinds of long-range planning and service design decisions, such as generation and network capacity expansion, supply procurement and cost recovery mechanisms, network flow modeling, renewable asset selection and contracting, and hedging strategies. He has testified before the Federal Energy Regulatory Commission (FERC) and many state regulatory commissions, as well as in state and federal courts, on such matters as integrated resource planning (IRP), the prudence of prior investment and contracting decisions, risk management, costs and benefits of new services, policy options for industry restructuring, adequacy of market competition, and competitive implications of proposed mergers and acquisitions

In the area of financial economics, he has assisted and testified in civil cases in regard to contract damages estimation, securities litigation suits, special purpose audits, tax disputes, risk management, and cost of capital estimation, and testified in criminal cases regarding corporate executives’ culpability for securities fraud.

Representative Engagements
Article
Computerized and High-Frequency Trading
May 2014
Published in The Financial Review, Vol. 49, No. 2
Presentation
Power Market Prices, Nuclear Generation & Greenhouse Gas Policy
February 4, 2014
Presented at the EUEC 2014 Conference
Report
Coal Plant Retirements: Feedback Effects on Wholesale Electricity Prices - Revised
November 2013
Published by The Brattle Group, Inc.
Article
Low Tech Resilience
September 2013
Published in Fortnightly Magazine
Article
Low Voltage Resiliency Insurance:  Ensuring Critical Service Continuity During Major Power Outages
September 2013
Published in Public Utilities Fortnightly
Report
Potential Coal Plant Retirements: 2012 Update
October 2012
Metin Celebi, Frank C. Graves, and Charles Russell
Published by The Brattle Group, Inc.
Report
Centralized Dry Storage of Nuclear Fuel: Lessons for U.S. Policy from Industry Experience and Fukushima
August 2012
Frank C. Graves, Mariko Geronimo, and Glen A. Graves
Published by The Brattle Group, Inc.
Report
The Emerging Need for Greater Gas-Electric Industry Coordination, comments to the FERC NOI, Docket AD12-12-000
March 30, 2012
Published by The Brattle Group, Inc.
Report
Analysis of Strategic Organizational Options for the Long Island Power Authority
October 2011
William P. Zarakas, Frank C. Graves, and Michael J. Beck
Prepared for The Long Island Power Authority
Presentation
Dodd-Frank and Its Impact on Hedging Strategies
February 10, 2011
Presented at Law Seminars International Electric Utility Rate Cases Conference
Newsletter
Trading at the Speed of Light: The Impact of High-Frequency Trading on Market Performance, Regulatory Oversight, and Securities Litigation
2011
Published by The Brattle Group, Inc.
Report
Managing Natural Gas Price Volatility: Principles and Practices Across the Industry
November 2010
Prepared for the American Clean Skies Foundation
Presentation
A Changing Environment for Distcos
March 15, 2010
Presented at NMSU Center for Public Utilities, The Santa Fe Conference, Santa Fe, NM
Article
Risk-Adjusted Damages Calculation in Breach of Contract Disputes: A Case Study
2010
Frank C. Graves, Bin Zhou, Melvin Brosterman, and Quinlan Murphy
Published in Journal of Business Valuation and Economic Loss Analysis
Article
Hedging Effects of Wind on Retail Electric Supply Costs
December 2009
Frank C. Graves and Julia Litvinova
Published in The Electricity Journal
Report
Volatile CO2 Prices Discourage CCS Investment
January 2009
Published by The Brattle Group, Inc.
Presentation
Some Theory on Price and Volatility Modeling
January 2009
Frank C. Graves and Julia Litvinova
Published by The Brattle Group, Inc.
Article
Utility Supply Portfolio Diversity Requirements
June 2007
Published in The Electricity Journal
Article
Utility Automatic Adjustment Clauses Revisited: Why They Are Needed More Than Ever
June 2007
Frank C. Graves, Philip Q Hanser, and Gregory N. Basheda
Published in The Electricity Journal
Presentation
How Transmission Grids Fail
March 22, 2004
Frank C. Graves and Martin L. Baughman
Presented at the NARUC Staff Subcommittee on Accounting and Finance, Spring 2004 Meeting, Scotsdale, AZ
Article
Transmission Management in the Deregulated Electric Industry: A Case Study on Reactive Power
October 2003
Published in The Electricity Journal
Report
Economic Cost of the August 14th 2003 Northeast Power Outage: Preliminary Estimate
August 18, 2003
Lisa V. Wood and Frank C. Graves
Published by The Brattle Group, Inc.
Presentation
POLR and Progress Towards Retail Competition – Can Kindness Kill the Market?
2001
Presented at the Winter Committee Meeting of NARUC
Presentation
Capturing Value with Energy Storage in the Energy and Reserve Markets
September 18, 2000
Frank C. Graves, Thomas Jenkin, Dean M. Murphy, and Rachel Polimeni
Presented at the Electric Energy Storage Applications and Technology Conference, Orlando, FL
Presentation
Stages of Power Plant Development – A Survey
August 2000
Presented at Electric Power Research Institute conference on “Boom-Bust” business cycles in the power industry, Cambridge, MA
Article
PBR Designs for Transcos: Toward a Competitive Framework
August 2000
Frank C. Graves and Steven E. Stoft
Published in The Electricity Journal
Article
Opportunities for Electricity Storage in Deregulating Markets
1999
Dean M. Murphy, Frank C. Graves, and Thomas Jenkin
Published in The Electricity Journal
Report
Pipeline Pricing to Encourage Efficient Capacity Resource Decisions, Filed on behalf of Columbia Gas Transmission Corporation, et al., FERC Docket No. PL98-2-000
February 1998
Published by The Brattle Group, Inc.
Article
Price Caps for Standard Offer Service: A Hidden Stranded Cost
1998
Frank C. Graves and Paul C. Liu
Published in The Electricity Journal
Article
The Economics of Negative Barriers to Entry: How to Recover Stranded Costs and Achieve Competition on Equal Terms in the Electric Utility Industry
1997
Published in Natural Resources Journal
Report
Optimal Use of Ancillary Generation Under Open Access and its Possible Implementation
1995
Frank C. Graves and Marija D. Ilic
Published by M.I.T. Laboratory for Electromagnetic and Electronic Systems Technical Report

Frank is an active professional violinist, performing frequently with freelance orchestra groups in the Boston area.

He has a second degree black belt in Tae Kwon Do, which is his main form of exercise.

In addition, Frank is an avid birdwatcher and wine aficionado.