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Dr. Rachael Barza has worked on cases concerning valuation and damages, state aid, abuse of dominance, cartels, and acquisitions, before the European Competition Commission and various European high courts.

Her regulatory and energy experience covers oil, natural gas, and electricity markets worldwide, on behalf of national regulators and major energy companies.

Representative Engagements
CMA Retail Banking Inquiry
For a retail bank, assisted with the UK Competition and Markets Authority investigation into the competitiveness of the retail banking market for current accounts. Assessed average consumer bills and gains from switching providers, and evaluated the effectiveness and proportionality of proposed behavioural and regulatory remedies.
Financial Derivative Product Market Making
For an investment bank under investigation for cartel behaviour by the European Commission, provided evidence that the relevant market was not sufficiently mature for exchange trading and that banks lacked individual incentive to support an exchange.
Gas Flexibility Competition
For a European competition authority, assessed competition in the market for seasonal gas flexibility, using the Small but Significant and Non-transitory Increase in Price (“SSNIP”) test to determine market power, and withholding analysis to determine incentive and ability to manipulate prices.
Aluminium Smelter State Aid
For an aluminium smelter under European Commission investigation, assessed a long-term electricity supply contract under the market economy investor principle. Developed financial model valuing contract against counterfactual market price, estimated generator's marginal costs, and benchmarked the contract price to comparable contracts and alternative electricity supply sources.
Gas Contract Arbitration - Value of Frequent Price Review
For a gas supply company, forecast contractual and local market prices using Monte-Carlo analysis and option-implied volatility. Valued reduced contract risk resulting from decreasing the price review period from five years to three, based on expected cost of financing price divergences.
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