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Mr. Mudge is an expert in corporate and project finance matters in the energy industry.

He has advised energy clients on issues relating to corporate restructuring, contract terminations or amendments, special capital needs, and acquisitions and divestitures. He also has experience in analyzing contractual, regulatory, financing, and tax matters, and projecting effects on cash flows, earnings, and customer rates.

Mr. Mudge served as Brattle’s COO and Treasurer from 2014 to March 2017. Prior to joining the firm, he was a principal at CRA International, where he focused on financial restructuring initiatives for electric utility clients and consulted on matters involving rate design, asset valuation, and project finance structuring and credit requirements. He has provided expert testimony in proceedings before federal and state courts, utility regulators in the U.S. and Canada, and state environmental regulators, as well as in connection with mediation and arbitration proceedings.

As a former investment and commercial banker at Rothschild, ABN AMRO, and Sanwa Bank, he played a central role in developing financeable contract structures for large public and private infrastructure projects, utility mergers and acquisitions, bankruptcy restructuring, and numerous power project financings. He has also served on the advisory board of a start-up venture focused on the acquisition, development, and operation of renewable fuel generation projects and has served as a guest expert for courses on project finance at Georgetown Law School.

Representative Engagements
Power plant valuation
For an offshore investor in U.S. power markets, provided periodic reviews of capacity, ancillary service, and energy market conditions in diverse regions of the United States to support acquisition and financing due diligence.
Conducted solicitation process for Northern Illinois Municipal Power Agency
Conducted a solicitation process in connection with a share in the Prairie State Energy Campus coal plant held by the City of Batavia Illinois. The City’s goal was to transfer the risks and benefits associated with their share to minimize risk exposure and maximize present value. Assessed credit characteristics and pricing features associated with multiple bids.
Testimony regarding competitive bidding process for TransCanada Energy Ltd.
Analyzed and submitted written testimony in connection with the Competitive Process for Critical Transmission Infrastructure in Alberta, Canada. Constructed an illustrative financial model to show unintended consequences of the original RFP design that could have led to high-cost bid selection. The Alberta Electric System Operator accepted this analysis and revised the RFP rules.
Testimony
Regulatory Commission of Alaska, In the Matter of the Tariff Revisions, Designated as TA357-121, filed by the Municipality of Anchorage d/b/a Municipal Light and Power Department. Direct testimony on behalf of Anchorage Municipal Light & Power (“ML&P”), supporting a rate stabilization plan to reallocate the recovery of investment that increased net plant by more than 70%. The plan included design of a regulatory asset for recovery over a 35-year period.
December 30, 2016
Commonwealth of Massachusetts Department of Public Utilities, Case D.P.U. 15-157. Direct testimony on behalf of the Massachusetts Water Resources Authority (“MWRA”) in response to the Petition and associated filings of NSTAR in Massachusetts Department of Public Utilities (“D.P.U.”) 15-157 with respect to appropriate project financing for dedicated electricity delivery facilities for MWRA’s Deer Island water treatment facility and NSTAR’s proposed tariff.
February 9, 2016
Missouri Public Service Commission, Case No. ER-2014-0258. Rebuttal testimony on behalf of Ameren Missouri in the matter of Noranda Aluminum, Inc.’s request for revisions to Ameren Missouri’s Large Transmission Service Tariff to decrease its rate for electric service (as part of a general Ameren rate case). Analysis addressing Noranda’s claim of imminent liquidity crisis, potential alternative capital sourcing, and Noranda’s competitive position in U.S. aluminum industry.
January 15, 2015
International Centre for Settlement of Investment Disputes, Case No. ARB/13/18 (Enel Green Power S.p.A. (“Enel”) v. Republic of El Salvador). Expert report assessing the contingent value of Enel’s ownership stake in LaGeo S.A. de C.V. (“LaGeo”), a geothermal development and operating company with a portfolio of assets in El Salvador, associated with Enel’s rights under a shareholder agreement with the government of El Salvador.
December 5, 2014
Missouri Public Service Commission, Case No. EC-2014-0224. Rebuttal testimony on behalf of Ameren Missouri in the matter of Noranda Aluminum, Inc.’s request for revisions to Ameren Missouri’s Large Transmission Service Tariff to decrease its rate for electric service. Analysis addressing Noranda’s claim of imminent liquidity crisis, potential alternative capital sourcing, and Noranda’s competitive position in U.S. aluminum industry.
May 9, 2014
Federal Energy Regulatory Commission, Docket Nos. ER14-1050. Testimony responding to protests, comments and testimony submitted in ER14-1050 by the New England Power Pool Participants Committee (“NEPOOL”) and others suggesting that ISO-NE’s proposal to integrate stronger performance incentives—referred to as “Pay For Performance”—with the existing Forward Capacity Market would materially hinder debt and equity financing of new generation entering the ISO-NE market.
March 3, 2014
Michigan Public Service Commission, Case No. U-17429. Direct testimony in the matter of the application of Consumers Energy Company for approval of a Certificate of Necessity for the Thetford Generating Plant and for related accounting and ratemaking authorizations. Assessment of imputed debt impact and accompanying financial risks asserted by Consumers in connection with power purchase agreements.
October 29, 2013
Alberta Utilities Commission, Application No. 1607670, Proceeding ID 1449, Alberta Electric System Operator Competitive Process Application. Written testimony assessing AESO proposed evaluation methodology for the financing component of proponents’ RFP bids in connection with the Competitive Process for Critical Transmission Infrastructure (CTI)
June 1, 2012
N.A. General Partnership v. Commissioner, Expert Report, in connection with testimony before the United States Tax Court in the matter of NA General Partnership & Subsidiaries, Iberdrola Renewables Holdings, Inc. & Subsidiaries, Successor in Interest to NA General Partnership & Subsidiaries, Docket 525-10
April 8, 2011
Assessment of Powerbank Transactions – Commercial Rationale and Consistency with Allocation of 2007 Sale Proceeds, Expert Report, in connection with the matter of Paul Bergeron, on behalf of Ridgewood Electric Power Trust V and Ridgewood Power Growth Trust v. Ridgewood Renewable Power, LLC, C.A. No. 07-1205 BLS1
October 28, 2010
Kentucky Public Service Commission, Case No. 2007-00455 (2007) on behalf of Big Rivers Electric Corporation, regarding the Applications of Big Rivers Electric Corporation for: (I) Approval of Wholesale Tariff Additions for Big Rivers Electric Corporation, (II) Approval of Transactions, (III) Approval to Issue Evidences of Indebtedness, and (IV) Approval of Amendments to Contracts; and of E.ON U.S., LLC, Western Kentucky Energy Corp., and LG&E Energy Marketing, Inc., for Approval of Transactions
December 2007
Testimony before the Maine Board of Environmental Protection in the matter of Downeast LNG, Inc. and Downeast Pipeline LLC LNG Terminal and Pipeline, Robbinston, Calais, Baring PLT, Baileyville, and Princeton, L-23432-26-A-N, L-23432-TG-B-N, and A-000960-71-A-N
June 2007
Testimony before American Arbitration Association Construction Industry Tribunal in the matter of the arbitration between The Shaw Group/Stone & Webster, Inc. v. New Harquahala Generating Company, LLC, Case No. 16 110Y00 242 04
2005 and 2006
Publications
Report
California Megafires: Approaches for Risk Compensation and Financial Resiliency Against Extreme Events
October 1, 2018
Prepared for Pacific Gas and Electric Company
Report
Resetting FERC ROE Policy: A Window of Opportunity
May 2018
Published by The Brattle Group, Inc.

The whitepaper discusses potential long-term changes to the Federal Energy Regulatory Commission's (FERC) return on equity (ROE) policy.

Report
Rising Tide of Next Generation U.S. P3s—and How to Sustain It
February 27, 2018
Robert S. Mudge, Elaine Buckberg, and Hannah Sheffield

A new study by Brattle economists illustrates the trends in today’s rapidly growing public-private partnership (P3) market, different incentive structures for successful long-term risk sharing, and highlights key questions for designing a viable P3.

Article
New Technologies and Old Issues under PURPA
February 20, 2018
Published in the February 2018 issue of Norton Rose Fulbright's Project Finance NewsWire

The article discusses how the Public Utilities Regulatory Policies Act (PURPA) has resurfaced as a prime mover for renewables development in the U.S.

Presentation
Six Implications of the New Tax Law for Regulated Utilities
January 2018
Published by The Brattle Group, Inc.

An analysis by Brattle economists shows that while there are bona fide effects and benefits for customers, the enthusiasm for U.S. tax rate reductions may result in unrealistic expectations as well as overshadowing some important off-setting effects.

Presentation
Update on Clean Imperative and Sectoral Responses in the US Power Industry
September 08, 2016
Robert S. Mudge, Metin Celebi, Susan Nickey , Allyson Umberger Browne, and Elias B. Hinckley
Presented at the American Bar Association (ABA) Business Law Section's Annual Meeting
Report
Comparative Generation Costs of Utility-Scale and Residential-Scale PV in Xcel Energy Colorado’s Service Area
July 2015
Prepared for First Solar
Presentation
Overview of Rooftop Solar PV 'Green Bank’ Financing Model
January 17, 2013
Robert S. Mudge and Ann Murray
Sponsored by Connecticut Clean Energy Finance and Investment Authority and the Coalition for Green Capital
Report
ERCOT Investment Incentives and Resource Adequacy
June 01, 2012
Prepared for the Electric Reliability Council of Texas
Presentation
MLPs for Renewables: Complement or Substitute for Tax Credits?
December 06, 2011
Presented at the EUCI conference on Renewable Energy M&A Transactions, San Diego, CA
News & Events
November 08, 2018
Robert Mudge to Present at Saul Ewing Arnstein & Lehr Real Estate Conference

Brattle Principal Robert Mudge will speak at the Saul Ewing Arnstein & Lehr 10th Annual Real Estate Conference, to be held November 8 in Baltimore, MD.

May 21, 2018
Brattle Economists Outline Recommendations for Reformulating FERC ROE Policy in New Whitepaper

Brattle economists have authored a whitepaper that discusses potential long-term changes to the Federal Energy Regulatory Commission's (FERC) return on equity (ROE) policy.

May 07, 2018
Robert Mudge to Present on Tax Law at EBA Annual Meeting

Brattle Principal Robert Mudge will present at the 2018 Energy Bar Association (EBA) Annual Meeting & Conference, taking place May 7-8, 2018 in Washington, DC.

April 23, 2018
Robert Mudge to Discuss U.S. Public Private Partnership Infrastructure Development at P3Insights Event

Brattle Principal Robert Mudge will participate in the April P3Insights Breakfast, “What’s Ahead for US Public Private Partnership Infrastructure Development,” taking place April 23rd, 2018 in Washington, DC.

April 19, 2018
Robert Mudge to Discuss State of the Power Market at POWER Engineers Symposium

Brattle Principal Robert Mudge will present at the POWER Engineers Symposium, “The Evolving Energy Landscape: Transformation of the Power Market,” taking place April 19, 2018 in Weehawken, NJ.

April 09, 2018
Robert Mudge to Present on Automated Vehicle Infrastructure at Pennsylvania Automated Vehicle Summit

Brattle Principal Robert Mudge will present during the Pennsylvania Automated Vehicle (PAAV) Summit, taking place April 9-10, 2018 in Pittsburgh, PA.

March 12, 2018
Robert Mudge to Present at EUCI's PURPA 101 Conference

Brattle Principal Robert Mudge will present at the Electric Utility Consultants, Inc.’s (EUCI) Public Utilities Regulatory Policies Act (PURPA) 101 conference, taking place March 12-13, 2018 in Portland, OR.

February 27, 2018
Public-Private Partnerships Could Play Significant Role in Addressing the U.S. Infrastructure Crisis, According to Brattle Economists

A new study by Brattle economists illustrates the trends in today’s rapidly growing public-private partnership (P3) market, different incentive structures for successful long-term risk sharing, and highlights key questions for designing a viable P3.

February 20, 2018
Brattle Economists Discuss the Resurgence of PURPA in Norton Rose Fulbright's Project Finance NewsWire

Brattle economists have contributed an article to the February 2018 issue of Norton Rose Fulbright’s Project Finance NewsWire that discusses how the Public Utilities Regulatory Policies Act (PURPA) has resurfaced as a prime mover for renewables development in the U.S.

January 30, 2018
Brattle Economists Outline Implications of New Tax Law for Regulated Utilities

A new analysis by Brattle economists shows that while there are bona fide effects and benefits for customers, the enthusiasm for U.S. tax rate reductions may result in unrealistic expectations as well as overshadowing some important off-setting effects.

November 16, 2017
Robert Mudge to Present at PURPA Litigation and Qualifying Facilities Symposium

Brattle Principal Robert Mudge will present at Electric Utility Consultants, Inc. (EUCI) Public Utility Regulatory Policies Act of 1978 (PURPA) Litigation and Qualifying Facilities (QF) Symposium, taking place November 16-17, 2017 in Denver, CO.

June 29, 2017
Brattle Economists to Present at Rutgers Center for Research in Regulated Industries Annual Western Conference

A group of Brattle consultants will present at Rutgers Center for Research in Regulated Industries’ (CRRI) 30th Annual Western Conference, taking place June 28-30, 2017 in Monterey, CA.

October 06, 2016
Robert Mudge to Present at Vermont Law School Alumni in Energy’s Third Annual Energy Symposium

Brattle Principal Robert Mudge will present at Vermont Law School Alumni in Energy’s Third Annual Energy Symposium, “Energy System Optimization: The Role of Decentralization,” taking place October 6, 2016 at Bracewell LLP in Washington, DC.

September 08, 2016
Robert Mudge and Metin Celebi to Present on Updates in the US Power Industry at the ABA Business Law Section Annual Meeting

Principals Robert Mudge and Metin Celebi will present at the American Bar Association Business Law Section Annual Meeting, taking place September 8-10, 2016 in Boston, MA.

February 25, 2016
Robert Mudge Presents at Wisconsin Public Utility Institute Conference on Community-Based Solar

Principal Robert Mudge presented at the Wisconsin Public Utility Institute (WPUI) conference on “Community-Based Solar in Wisconsin,” which took place February 25, 2016 at the University of Wisconsin, Madison.

February 23, 2016
Robert Mudge and Marc Chupka to Present at Practical Law Webinar on U.S. Power Industry Developments and Trends

Brattle Principals Robert Mudge and Marc Chupka will present at the upcoming Thomson Reuters Practical Law webinar, “Key Developments and Trends in the U.S. Power Industry,” taking place on February 23, 2016 from 1:00 pm - 2:15 pm EST.

October 29, 2015
Robert Mudge to Present on Solar PV at Great Lakes Utilities Annual Meeting

Brattle principal Robert Mudge will present at the upcoming Great Lakes Utilities (GLU) Annual Meeting, taking place on October 29, 2015 in Shawano, WI.

September 17, 2015
Robert Mudge to Present on Finance in the Power Sector at the 2015 PJM Market Summit

Brattle principal Robert Mudge will present at the upcoming Infocast 2015 PJM Market Summit, taking place September 15-17, 2015 in Philadelphia, PA.

July 13, 2015
Study by Brattle Economists Quantifies the Benefits of Utility-Scale Solar PV

A study released by economists at The Brattle Group finds that utility-scale solar photovoltaic (PV) systems in the U.S. are significantly more cost effective than residential-scale (rooftop) PV systems as a vehicle for achieving the economic and policy benefits of PV solar.

August 21, 2014
Testimony by Principal Bob Mudge Key to Ameren Win in $500 Million Rate Dispute Before Missouri Public Service Commission

Testimony provided by Brattle principal Bob Mudge underpinned key criteria cited by the Missouri Public Service Commission in a unanimous ruling against Ameren’s largest customer, Noranda Aluminum, Inc.