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Richard Caldwell is an economics and financial expert, with experience valuing businesses and financial instruments across a range of industries, from mining to banking to telecoms, and in a range of settings.

He routinely provides economic and financial advice concerning the areas of corporate finance and valuation, the pricing of securities and derivatives, and assessments of competition and regulatory issues.

Mr. Caldwell has testified before the UK Competition Appeals Tribunal on the level of returns for network companies, and testified on damages and financial issues in over twenty international arbitrations. He has testified before tribunals set up under the rules of the Energy Charter Treaty, the London Court of International Arbitration ("LCIA"), the International Centre for Settlement of Investment Disputes ("ICSID"), UNCITRAL, Dutch Law and Swiss Law. He has worked on behalf of both claimants and respondents.

Mr. Caldwell is currently retained as an expert witness by international investors in sixteen ongoing ICSID cases against the Kingdom of Spain claiming damages arising from the changes in Spanish energy renewables regulations. As part of that work he has analysed the financing structure of renewables investments including project finance loans and interest rate swap (IRS) contracts, and assessed Spanish regulatory risks. He is also currently retained as an expert witness in arbitrations concerning the retroactive conversion of foreign exchange loans and the failure of Eastern European State to address illegal activity in a consumer market.

He regularly teaches a core corporate finance and valuation course on the Masters in Finance program at the London Business School.

Publications
Article
Valuing Natural Resources Investments
2018
Published in Contemporary and Emerging Issues on the Law of Damages and Valuation in International Investment Arbitration

Brattle Principals Richard Caldwell, Darrell Chodorow, and Florin Dorobantu have authored a chapter exploring the issues that arise in quantum analysis for natural resources investments matters for a new book.

Article
Damages in Competition/Antitrust Arbitrations
November 22, 2016
Published in Global Arbitration Review’s (GAR) Guide to Damages in International Arbitration
Report
Review of Approaches to Estimate a Reasonable Rate of Return for Investments in Telecoms Networks in Regulatory Proceedings and Options for EU Harmonization
July 18, 2016
Prepared for the European Commission’s Directorate-General for Communications Networks, Content and Technology (DG Connect)
A report offering guidelines for EU-based National Regulatory Authorities (NRAs) to use when calculating an allowed rate of return—typically the weighted average cost of capital (WACC)—for electronic telecommunications operators with significant market power (SMP).
Article
A Subject of Interest: Pre-award Interest Rates in International Arbitration
June 01, 2015
Published by The Brattle Group, Inc.
Article
Towards Non-binding Guidance for Courts: The Oxera Report and the Quantification of Antitrust Damages
September 2010
Published in Journal of European Competition Law & Practice
Report
The Cost of Capital for the Nor-Ned Cable
June 2004
Published by The Brattle Group, Ltd
News & Events
June 27, 2018
Cliente de Brattle Antin consigue un laudo favorable de 112 millones de euros

El Centro Internacional de Arreglo de Diferencias Relativas a Inversiones (Ciadi), organismo dependiente del Banco Mundial, ha fallado en favor de Antin Infrastructure Services Luxemburg y Antin Energia Termosolar BV (Antin) y ha condenado al Estado español (España) al pago de una indemnización de 112 millones de euros, más un interés mensual compuesto del 2,07%.

June 27, 2018
Brattle Client Antin Receives 112 Million EUR Arbitration Award

Brattle Client Antin Infrastructure Services Luxemburg (Antin) was recently awarded 112 million EUR by the International Centre for Settlement of Investment Disputes (ICSID) in their arbitration proceeding against the Kingdom of Spain (Spain) for the removal of economic incentives in Spain’s renewable energy products.

June 21, 2018
Brattle Client Masdar Awarded 64.5 Million EUR in Arbitration Award

A tribunal for the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) recently ruled that The Kingdom of Spain (Spain) must pay Masdar, Abu Dhabi’s leading clean energy company, 64.5 Million EUR plus interest for loss of earnings caused by the country’s policy changes.

June 04, 2018
Brattle Principals Examine Issues in Valuing Natural Resources Investments

Brattle Principals Richard Caldwell, Darrell Chodorow, and Florin Dorobantu have authored a chapter exploring the issues that arise in quantum analysis for natural resources investments matters for a new book, Contemporary and Emerging Issues on the Law of Damages and Valuation in International Investment Arbitration.

April 13, 2018
Dan Harris and Richard Caldwell to Discuss What Makes a Good Expert during Paris Arbitration Week

Brattle Principals Dan Harris and Richard Caldwell will participate in Freshfields Bruckhaus Deringer LLP's (Freshfields) panel discussion, “What Makes a Good Expert,” taking place during Paris Arbitration Week on April 13, 2018.

December 05, 2017
Six Brattle Principals Recognized as Top Expert Witnesses in Arbitration by Who's Who Legal

The Brattle Group is pleased to announce that Principals Richard Caldwell, Darrell Chodorow, Dan Harris, Carlos Lapuerta, Alexis Maniatis, and Stewart Myers have been named among the world’s top arbitration expert witnesses by Who’s Who Legal.

May 07, 2017
Brattle Economists Provide Testimony on Behalf of Solar Investors in Spain Resulting in €128 Million Award

Spain has lost the first of the international arbitration claims under the Energy Charter Treaty, arising from the application to thermal solar investors of certain changes to the Spanish regulatory framework for renewable installations. The International Centre for the Settlement of Investment Disputes (ICSID) has rendered an €128 award in favor of the British-based Eiser Infrastructure Limited and its affiliate Energia Solar Luxembourg S.à r.I., which own three 50 MW thermo-solar power plants in Spain, ASTEXOL-2, ASTE 1A, and ASTE 1B.

November 22, 2016
Brattle Economists Co-Author Article for Global Arbitration Review on Damages in Competition and Antitrust Arbitrations

Brattle Principals Carlos Lapuerta and Richard Caldwell have co-authored an article published in Global Arbitration Review’s (GAR) Guide to Damages in International Arbitration that addresses issues relevant to the calculation of damages from competition claims.

July 18, 2016
Report by Brattle Economists Sets Uniform Guidelines for EU Telecommunications Regulators

A report released today by economists at The Brattle Group offers guidelines for EU-based National Regulatory Authorities (NRAs) to use when calculating an allowed rate of return—typically the weighted average cost of capital (WACC)—for electronic telecommunications operators with significant market power (SMP).

July 04, 2016
Brattle Principal Richard Caldwell and Academic Advisor James Dow Selected as Faculty for the 2016 Arbitration Academy

Brattle Principal Richard Caldwell and Academic Advisor James Dow has been selected to be on the faculty for the prestigious 2016 Arbitration Academy, which will take place from 4 July – 22 July, 2016 in Paris, France.

March 07, 2016
The Brattle Group Featured Among Leading International Arbitration Expert Witness Providers in Survey by Global Arbitration Review

The Brattle Group has been featured in a recent Global Arbitration Review (GAR) analysis of the most active firms for providing expert witness services in the field of international arbitration.

January 20, 2016
Dan Harris and Richard Caldwell to Deliver Keynote Presentations for the European Commission’s WACC Workshop on Legacy and Next Generation Networks in the EU

Brattle Principals Dan Harris and Richard Caldwell will give the keynote presentations at the European Commission’s Workshop on The Weighted Average Cost of Capital (WACC) for Legacy and Next Generation Networks in Telecoms Regulation, taking place in Brussels on January 20, 2016.

June 01, 2015
Brattle Economists Author Article on Pre-award Interest Rates in International Arbitration

Brattle principals Dan Harris, Richard Caldwell, and Alexis Maniatis recently authored an article on pre-award interest rates and the significant impact they can have on damages awards the longer the legal process takes.