Skip to Main Content

Dr. Goldberg specializes in complex litigation in which careful analysis and modeling of economic, business, or financial data is critical.

His work often requires statistical analysis of market price data, valuation of complex financial instruments, quantifying market risk, and analyzing trading records. Dr. Goldberg combines technical prowess with a deep knowledge of the practical aspects of analyzing and constructing large scale data. Dr. Goldberg has provided expert testimony before federal and state courts, arbitration panels, mediators, and regulatory bodies. His conclusions are often based on statistical analysis, market valuation, a determination of policy compliance, or a damages calculation. In addition to providing expert testimony, Dr. Goldberg also consults to attorneys by providing assistance in the interpretation and evaluation of complex analyses and in preparing to depose or rebut economic experts proffered by an opposing party. He frequently provides energy companies with analysis, training, and tool development related to market price forecasting, valuation of power plants and energy supply contracts, and risk management. He is considered an industry expert in the application of derivative security pricing methods to calculate the market value of energy contracts and physical assets. Dr. Goldberg is the co-author of a leading textbook on digital audio technology and a Visiting Scholar at Stanford University’s Computer Center for Research in Music and Acoustics (CCRMA), where he teaches audio compression technology to graduate students and industry professionals. Prior to joining The Brattle Group, Dr. Goldberg was Manager, Risk & Asset Management for the Electric Power Research Institute (EPRI). He has held research positions at Stanford University, Lawrence Livermore National Laboratory, Princeton University, the National Center for Atmospheric Research, and the Harvard-Smithsonian Center for Astrophysics.

Representative Engagements
Expert testimony in power and natural gas trading issues
Provided expert testimony and consulting support in civil suits, mediation, and arbitration proceedings on a variety of issues related to power and natural gas trading including valuation of terminated contracts, analysis of historical trading data for compliance with risk management protocols, and valuation of trading portfolios.
Expert testimony in company risk management issues
Provided expert testimony in state regulatory proceedings as to the prudence of company risk management and trading practices and policies.
Analysis of historical energy market prices
For several energy companies, analyzed historical energy market prices to characterize the degree of uncertainty in future market prices. The resulting volatility description was then used in valuing energy contracts and for assessing the risk of portfolios of assets and contracts.
Analysis of trading records to determine compliance
During the course of litigation, analyzed the trading records of an energy hedge fund to determine the compliance of one of its traders with risk management policies and instructions.
Review of methodology for estimating trading losses
Following the disclosure of a coding error by a quantitative hedge fund, reviewed for a group of investors the fund’s methodology for estimating trading losses caused by the error.
Analysis of due diligence and quality control reports for loans in mortgage-backed securities
Analyzed due diligence and quality control reports for loans in pools underlying mortgage-backed securities to determine the degree to which the securitized loans adhered to claimed underwriting standards. In related work, compared characteristics of loans held in inventory with those of loans included in pools rated subprime to identify the fraction of loans in inventory which would be reasonably considered subprime loans.
Expert in securities litigation on loss causation
Provided expert testimony in securities litigation on loss causation based on event study analysis of stock price movements following corporate disclosures.
Statistical analysis of employee stock option grants
In several matters, analyzed employee stock option grant data using statistical tools to determine the likelihood that the reported grant dates were retroactively selected.
Cost analysis of retroactive stock option grants
In several matters, estimated the additional costs incurred by a company due to retroactive selection of employee stock option grant dates.
Testimony

Direct and rebuttal testimony before the Federal Energy Regulatory Commission on behalf of the California Parties in Docket Nos. EL02-71-000

Filed November 2016 and March 2017 with live testimony April 2017

Direct and rebuttal testimony before the Federal Energy Regulatory Commission on behalf of the California Parties in Docket Nos. EL02-60-007 and EL-02-62-006 (Consolidated)

Filed May 2015 and October 2015 with live testimony November 2015
Rebuttal expert report (filed jointly with Paul Pfleiderer) on behalf of the IRS in a tax dispute with a hedge fund
August 2013
Expert report filed District Court of Harris County, Texas on behalf of Saracen Energy Advisors L.P., et. al., in Cause No. 2008-29241
March 2011
Expert report filed in the United States Bankruptcy Court for the Southern District of New York on behalf of Reliant Energy Electric Solutions, LLC in Adv. Proc. No. 08-01251
March 2009
Expert reports filed in the United States District Court for the Western District Of Louisiana on behalf of the plaintiffs in the derivative securities litigation against Stone Energy Corp. in Civil Action No. 6:05CV2088

May 2008 and October 2009
Expert report filed in the District Court of Dallas County, Texas 193rd Judicial District on behalf of the plaintiffs in the derivative securities litigation against Affiliated Computer Services, Inc. in Cause No. 06-03403
February 2008
Direct and rebuttal testimony in the Court of Chancery for the State of Delaware on behalf of the plaintiffs in the books and records proceeding related to allegations of stock option backdating/springloading by Countrywide Financial Corporation in Civil Action No. 2608-N
April 2007
Expert report filed in the United States District Court for the Southern District of New York on behalf of the plaintiffs in the securities litigation against the Omnicom Group in Docket 02-CV-4483
December 2006
Direct and rebuttal testimony in an arbitration proceeding between ExxonMobil and Duke Energy on behalf of ExxonMobil
October 2006
Expert report filed in the United States District Court for the Northern District of Oklahoma on behalf of the plaintiffs in the securities litigation against the Williams Companies in Docket No. 02-72
February 2006
Testimony in an arbitration proceeding between Duke Energy Trading and Marketing and Southern California Edison on behalf of Southern California Edison
November 2005
Expert report filed in the United States District Court, Northern District of California, on behalf of the U.S. Attorney’s Office in Docket CR 04-0125 VRW
October 2005
Publications
Presentation
Valuation Controversies in Oil and Gas Bankruptcies
June 02, 2016
Published by The Brattle Group, Inc.
Article
Hedge Timing: There’s No Magic in Dollar Cost Averaging
May 2012
Published in Public Utilities Fortnightly
Report
Advances in Volatility Modeling for Energy Markets: Methods for Reproducing Volatility Clustering, Fat Tails, Smiles, and Smirks in Energy Price Forecasts
December 2011
Published by Electric Power Research Institute (EPRI), TR 1021812
Report
Cleaning Up Spark Spreads: How Plant Owners Can Reduce Risk Through Carbon Markets
March 2011
Published by The Brattle Group, Inc.
Report
The Impact of Decoupling on the Cost of Capital – An Empirical Study
March 2011
Published by The Brattle Group, Inc.
Article
Smart Power, Energy Price Risk Management Evolution
November 2010
Published by Electric Light and Power, vol. 88, issue 6
Report
Just Lucky? A Statistical Test for Option Backdating
March 27, 2007
Published by Social Science Research Network, No. 977518
Report
Delta Hedging Energy Portfolios
2005
Published by Electric Power Research Institute (EPRI), TR 1010686
Report
Seasonal Volatility in Energy Prices: A Study of Natural Gas and Electricity Futures
2004
David A. Andrade, Richard E. Goldberg, and James A. Read, Jr.
Published by Electric Power Research Institute (EPRI)
Report
Retail Risk Management: A Primer
2003
Published by Electric Power Research Institute (EPRI), TR 1002225
Report
Analytic Approximations for Generation Option Values
2003
Published by Electric Power Research Institute (EPRI), TR 1002209
Report
Financial Engineering in the Energy Book System - A Wind Turbine (technical update)
December 2002
Published by Electric Power Research Institute (EPRI)
Book
Introduction to Digital Audio Coding and Standards
2002
Richard E. Goldberg and Marina Bosi
Published by Kluwer Academic Publishers
Report
Modeling Seasonal Volatility in the Energy Book System
December 2001
Published by Electric Power Research Institute (EPRI)
Report
Optimization and Valuation of Natural Gas Storage or How to Get More out of the Gas Piggy Bank
2001
Published by Electric Power Research Institute (EPRI)
Article
Dealing with a Price-Spike World
May 2000
Published in Energy & Power Risk Management
Article
Energy Derivatives and Price Risk Management
2000
In Pricing in Competitive Electricity Markets, edited by Ahmad Faruqui and B. Kelly Eakin, and published by Springer
News & Events
May 03, 2016
Law360 Article by Brattle Economists Examines Considerations When Implementing Oil and Gas Contract Termination Payments

Principals Richard Goldberg and James Read have authored an article published in Law360 that examines potential points of contention when implementing oil and gas contract termination payments, in light of the ongoing decline of energy commodity prices.

April 13, 2016
Brattle Consultants Contribute to Significant Win for the State of California on Energy Crisis Long-Term Contracts

Based on evidence presented by Brattle consultants, a FERC Administrative Law Judge issued a ruling that found that the Mobile-Sierra doctrine does not protect two long-term wholesale electricity contracts entered into during the Western Energy Crisis in 2001.

May 18, 2015
Richard Goldberg to Present at Knowledge Congress Webcast on Big Data in Litigation

Brattle principal Richard Goldberg will participate in the upcoming live webcast, “Big Data in Litigation: What it is and How it’s Used by Economic Experts and Lawyers in Complex Litigation,” taking place May 18, 2015 from 12:00PM – 2:00PM EST.

October 02, 2014
Rich Goldberg and Ioannis Gkatzimas to Present at DataLead 2014 Conference

Brattle principals Rich Goldberg and Ioannis Gkatzimas will be presenting at the upcoming DataLead 2014 Conference, taking place September 30 to October 2, 2014 in Berkeley, CA.