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Steve Levine is an expert in the economics of the natural gas, oil, and liquefied natural gas (LNG) industries.

Mr. Levine has 25 years of experience advising clients on complex oil & gas litigation matters, and frequently applies economic and finance principles to estimate damages and value oil & gas assets and contracts. He has worked on cases in legal, arbitration, and regulatory forums in the U.S. and Canada, and internationally.

He has substantial experience evaluating oil and natural gas contracts, including long-term purchase and sale agreements for natural gas and LNG, oil and natural gas pipeline transportation contracts, natural gas processing contracts, and the oil and gas fiscal regimes between international oil companies and host governments. Mr. Levine was the testifying expert on damages in two recent matters, the first involving a refinery that had to procure more expensive crude oil supplies due to the discriminatory conduct of a U.S. crude oil pipeline and the second involving a breach of contract matter on a U.S. natural gas pipeline. He was also the testifying expert in a dispute involving the valuation of a natural gas storage facility. Mr. Levine has submitted expert evidence in U.S. Federal courts in Louisiana and Utah, and before the Civilian Board of Contract Appeals, the Federal Energy Regulatory Commission, the National Energy Board of Canada, the California Public Utilities Commission, the Public Service Commission of Wisconsin, and the Maine Public Utilities Commission.

He often provides non-testimonial consulting and assists counsel with discovery, depositions, cross-examination, and settlement negotiations. He has been the consulting expert on damages in a dispute between the joint owners of a crude oil pipeline, in a market manipulation matter in U.S. natural gas markets, and in an international arbitration involving LNG prices.

Mr. Levine’s experience in regulatory economics includes analyzing the rates charged by natural gas and oil pipelines, the business risks faced by natural gas pipelines, the economic justification for proposed natural gas pipelines and LNG peak shaving plants, the reasonableness of natural gas procurement and risk management decisions, and competition and market manipulation issues in natural gas markets.

He is an author of “Understanding Natural Gas Markets” and “Understanding Crude Oil and Product
Markets,” both prepared for the American Petroleum Institute in 2014.

Mr. Levine received his B.A. in economics from Brandeis University and his M.B.A. in finance from Columbia Business School.

Representative Engagements
Natural gas market manipulation
Investigated the activities of natural gas traders and utilities and analyzed whether those activities resulted in market manipulation.
Pipeline cost of service and rates
Evaluated pipeline rates and oversaw the development of models to calculate the impact of alternative cost of service assumptions and the revenues earned by pipelines under different settlement proposals. Submitted testimony before the Federal Energy Regulatory Commission in oil pipeline rate proceedings.
Regulatory finance and accounting
Evaluated the operations, maintenance, and capital expenditures made by a gas transmission and distribution company over a twelve-year period relative to the levels allowed in rates. Responded to an opposing expert claiming the company underspent on O&M and capital expenditures relative to the amounts allowed in the company’s rate proceedings.
Gas procurement and hedging
Evaluated the reasonableness of natural gas procurement, contracting, and hedging practices for gas and electric utilities.
Damages estimation and contract disputes
Estimated damages in natural gas contract disputes and critiqued damage estimates provided by opposing witnesses; analyzed the terms and conditions in long-term gas supply contracts in overseas price review arbitrations.
Natural gas market analysis
Evaluated the business risks faced by North American natural gas pipelines, including supply and market risks.
Testimony
Before the Maine Public Utilities Commission, Docket No. 2016-00253, Request for Proposals for Physical Energy Storage Contracts for Liquefied Natural Gas Storage Capacity, Comments of Steven H. Levine and Anul Thapa on Navigant’s December 2016 Report Analyzing Proposals for Liquefied Natural Gas Storage Capacity.
January 30, 2017
Expert Report of Matthew P. O’Loughlin and Steven H. Levine on behalf of a natural gas producer in an arbitration proceeding regarding the pricing provisions in a natural gas supply contract.
October 31, 2016
Before the United States District Court for the District of Colorado, Antero Resources Corporation v. South Jersey Resources Group LLC, and South Jersey Gas Company, Expert Report of Matthew P. O’Loughlin and Steven H. Levine, on behalf of Antero Resources Corporation.
October 31, 2016
Before the United States District Court for the Middle District of Louisiana, United States of America v. 9.345 Acres of Land, More or Less, situate in Iberville Parish, State of Louisiana, and Sidney Vincent Arbour, III, et.al., Expert Report of Steven H. Levine, Supplement to Report Submitted on August 5, 2013, on behalf of the U.S. Department of Justice (Environment and Natural Resources Division, Land Acquisition Section).
October 28, 2016
Before the Federal Energy Regulatory Commission, BP Products North America, Inc. v. Sunoco Pipeline L.P., Docket No. OR15-25-000, Prepared Rebuttal Testimony of Steven H. Levine on behalf of BP Products North America, Inc.
September 30, 2016
Before the Federal Energy Regulatory Commission, BP Products North America, Inc. v. Sunoco Pipeline L.P., Docket No. OR15-25-000, Prepared Direct Testimony of Steven H. Levine on behalf of BP Products North America, Inc.
January 26, 2016
Before the Civilian Board of Contract Appeals, Rockies Express Pipeline v. Department of the Interior, No. 1821, Expert Report of Paul R. Carpenter and Steven H. Levine on behalf of the Department of Interior, January 23, 2015. Supplemental Expert Report of Paul R. Carpenter and Steven H. Levine, March 25, 2015.
March 25, 2015
Before the National Energy Board of Canada, Docket No. RHW-001-2013, Trans Mountain Pipeline ULC Application for Tariff Amendments regarding Verification Procedures, Written Evidence of Steven H. Levine and Matthew P. O’Loughlin, April 22, 2014, Reply Evidence of Steven H. Levine and Matthew P. O’Loughlin, August 5, 2014.
August 5, 2014
Before the Public Service Commission of Wisconsin, Docket No. 6680-FR-106, Application of Wisconsin Power and Light Company for Authority to Adjust Rates in Accordance with Its 2014 Fuel Cost Plan, Rebuttal Testimony of Steven H. Levine on behalf of Wisconsin Power and Light Company regarding the use of NYMEX futures prices in deriving Wisconsin Power and Light’s 2014 fuel cost plan.
October 25, 2013
Before the United States District Court for the Middle District of Louisiana, United States of America v. 9.345 Acres of Land, More or Less, situate in Iberville Parish, State of Louisiana, and Sidney Vincent Arbour, III, et.al., Expert Report of Steven H. Levine regarding evaluation of a natural gas storage cavern and assessment of factors impacting the value of natural gas storage on behalf of the U.S. Department of Justice (Environment and Natural Resources Division, Land Acquisition Section).
August 5, 2013
Publications
Presentation
Demand Response for Natural Gas Distribution
June 29, 2018
Presented at the Center for Research in Regulated Industries (CRRI) 31st Annual Western Conference
Presentation
Demand Response for Natural Gas Distribution: Opportunities and Challenges
June 2018
Published by The Brattle Group, Inc.

The study evaluates both the potential benefits of and challenges hindering natural gas demand response (DR).

Presentation
The Global Context for Alaskan Oil and LNG
December 12, 2016
Presented at Law Seminars International's (LSI) 12th Annual Comprehensive Conference on Alaska Energy Markets and Regulation
Presentation
Valuation Controversies in Oil and Gas Bankruptcies
June 02, 2016
Published by The Brattle Group, Inc.
Presentation
Changing Times – New Uncertainties: Assessing Their Effects on Global Energy and LNG Export Markets
December 08, 2014
Presented at the LSI Energy Markets and Regulation in Alaska Conference, Anchorage, AK
Report
Understanding Crude Oil and Product Markets
September 2014
Published by the American Petroleum Institute
Report
Understanding Natural Gas Markets
September 2014
Published by the American Petroleum Institute
Article
Pipeline Regulatory Issues Arising From Oil and Natural Gas Production Growth in North America
February 2014
Published in Energy Law Advisor
Presentation
Outlook for North American Trade in LNG and Oil
October 24, 2013
Presented at the LSI Energy Exports in the Northwest Conference
Presentation
The Uncertain Future of Global LNG Trade
July 18, 2013
Presented at the LSI Natural Gas for Transportation and LNG Markets Conference, Washington, DC
Presentation
The Uncertain Future For ANS LNG Exports
December 03, 2012
Presented at LSI's Energy in Alaska Conference, Anchorage, AK
Article
Shale Gas and Pipeline Risk
April 2012
Published in Public Utilities Fortnightly
Report
Natural Gas Demand and Environmental Policies
April 13, 2011
Prepared for the Northeast Gas Association Regional Market Trends Forum
Report
Managing Natural Gas Price Volatility: Principles and Practices Across the Industry
November 2010
Prepared for the American Clean Skies Foundation
Presentation
Gas Price Volatility and Risk Management
September 30, 2010
Prepared for the American Gas Association Energy Market Regulation Conference, Bellevue, WA
Presentation
Natural Gas Demand and Climate Policies
July 11, 2010
Prepared for the American Gas Association Legal Forum, Lake Geneva, WI
Report
Prospects for Natural Gas Under Climate Policy Legislation: Will There Be a Boom in Gas Demand?
March 2010
Published by The Brattle Group, Inc.
Presentation
North American Natural Gas Demand Outlook
September 24, 2009
Prepared for Platts 4th Annual Pipeline Development and Expansion Conference, Houston, TX
News & Events
June 06, 2018
Brattle Analysis: Natural Gas Demand Response Could Alleviate Peak Supply Constraints

A study released today by Brattle economists evaluates both the potential benefits of and challenges hindering natural gas demand response (DR).

June 05, 2017
Brattle Consultants Contribute to Favorable Initial Decision for BP Products North America Inc. on Discrimination Claims Against Sunoco Pipeline

An initial decision by the FERC, finding that Sunoco Pipeline L.P. discriminated against BP Products North America Inc., relied extensively on testimony and evidence submitted by Brattle Principal Steve Levine.

December 12, 2016
Paul Carpenter to Present at LSI Conference on Alaska Energy Markets and Regulation

Brattle Principal Paul Carpenter will present at the Law Seminars International’s (LSI) 12th Annual Comprehensive Conference on Alaska Energy Markets and Regulation, taking place December 12-13, 2016 in Anchorage, AK and via webcast.

July 11, 2016
Damages Testimony by Brattle Principals Contributes to Favorable Outcome for U.S. Department of the Interior in Gas Pipeline Contract Dispute

Expert testimony by Principals Paul Carpenter and Steve Levine helped to secure a favorable outcome for the U.S. Department of the Interior in a contract dispute with Rockies Express Pipeline LLC.

January 15, 2016
Report by Brattle Economists Reveals Increasing Competition Between Renewable Power and LNG-Fueled Gas-Fired Generation in Global Energy Markets

A new report by economists at The Brattle Group finds that competition between renewable power and gas-fired generation using liquefied natural gas (LNG) from North America is increasing in overseas markets as a result of declining renewable power costs.

October 09, 2014
Frank Graves and Steve Levine to Participate in American Gas Association’s Seventh Annual Energy Market Regulation Conference

Brattle principals Frank Graves and Steve Levine will be speaking at the upcoming American Gas Association’s Seventh Annual Energy Market Regulation Conference, taking place October 9, 2014 in New Orleans, LA.

September 02, 2014
Brattle Consultants Prepare Two Reports for the American Petroleum Institute on Natural Gas and Crude Oil Markets

Brattle consultants have authored two separate reports for the American Petroleum Institute (API) that provide a comprehensive overview of the natural gas and crude oil and product markets.

June 04, 2014
Brattle Co-Hosts Roundtable Discussion on the Potential Role of Demand Response in the Natural Gas Industry

The Brattle Group and Brown Rudnick LLP co-hosted the event, “Gas Demand Response: A Solution to the Electricity/Gas Interface Issue?”