Electric Power
Overview
Experts
Publications

Our economists provide clients with regulatory economic consulting, business strategy, and expert testimony before regulatory agencies, courts, and arbitration panels.

We assist electric utilities, deregulated power producers, customers, regulators, and policy makers around the world with planning and litigation support, and help to develop appropriate regulatory frameworks. Our experts offer a range of operational and financial tools and models for the simulation and forecasting of market structure and conduct. Our experience spans international electricity markets and is supported by our expertise in all aspects of the energy sector.

Areas of Expertise
Principals
Arthur_056
Principal
+1.617.864.7900
Dr. Arthur has more than 15 years of consulting and litigation experience in the natural gas, natural gas liquids, and petroleum industries. More-icon
Bagci
Principal
+44.20.7406.7900
Dr. Bagci has more 15 years of experience advising on competition and regulatory matters and on the economics of energy and financial markets. More-icon
Broehm_076
Principal
+1.617.864.7900
Dr. Broehm is an economic expert in the electric utility industry specializing in the areas of market competition, impacts of regulatory policies on wholesale power markets and power assets and valuation, and the evaluation of power procurement. More-icon
Caldwell_3
Principal
+44.20.7406.7900
Richard Caldwell has extensive experience in economic and financial analysis and valuation across a broad range of industries, from electric power and natural gas to banking and credit cards. More-icon
Carpenter_063
Principal & Chairman
+1.617.864.7900
Dr. Carpenter specializes in the fields of energy economics, regulation, corporate planning, pricing policy, and antitrust. More-icon
Metin_087
Principal
+1.617.864.7900
Dr. Celebi provides expertise in electricity markets and the analysis of environmental and climate policy. More-icon
Chang_037
Principal
+1.617.864.7900
Judy Chang is an economist with a public policy background and expertise in the analysis of electricity power markets. She advises clients on financial and regulatory issues relating to renewable energy investment and procurement decisions. More-icon
Chupka_090
Principal
+1.202.955.5050
Mr. Chupka has more than 25 years of public and private sector experience analyzing energy markets and regulation and assisting energy clients and counsel in a broad span of commercial analysis, regulatory proceedings, and litigation support. More-icon
Ahmadfaruqui_img_4651
Principal
+1.925.408.0149
Dr. Faruqui specializes in smart grid strategies involving the consumer. His expertise includes demand forecasting, innovative rate design, energy efficiency, demand response, advanced metering infrastructure, technology assessment, and cost-benefit analysis. More-icon
Fox-penner_131
Principal
Dr. Fox-Penner specializes in economic, regulatory, and strategic issues in network industries. His practice centers on energy and environmental policies and electric regulation, planning, and competition issues. More-icon
Garcia_084
Principal
+34.91.418.69.70
Dr. García advises clients on competition, regulation, and restructuring policy in the energy, banking, telecommunications, and food supply industries. More-icon
Webrichgoldberg_img_4749
Principal
+1.415.217.1000
Dr. Goldberg specializes in complex litigation in which careful analysis and modeling of economic, business, or financial data is critical. More-icon
Graves_116
Principal
+1.617.864.7900
Mr. Graves specializes in regulatory and financial economics, especially for electric and gas utilities, and in litigation matters related to securities litigation and risk management. More-icon
Hanser_080
Principal
+1.617.864.7900
Mr. Hanser assists clients in issues ranging from utility industry structure and market power and associated regulatory questions, to specific operational and strategic issues, such as transmission pricing, generation planning, and tariff strategies. More-icon
Harris_129
Principal
+39.06.48.888.146
Mr. Harris an expert in the economics of gas and electricity markets. His clients include energy regulators, competition authorities, gas and electricity network companies, gas buyers and sellers, and electricity generators. More-icon
Hesmondhalgh_086
Principal
Dr. Hesmondhalgh has worked as a consultant in the energy sector for more than 20 years, predominantly in the electricity and gas sectors. More-icon
Lapuerta_103pp
Principal
+44.20.7406.7900
Mr. Lapuerta is an expert in economic analysis and financial valuation, which he frequently applies to estimate damages in international arbitration proceedings. More-icon
0107_1_
Principal
Dr. Ledgerwood is an expert in market competitiveness with an emphasis on the economic analysis of potential market manipulation claims in commodities and securities markets. More-icon
Levine_056a
Principal
+1.617.234.5729
Mr. Levine specializes in energy and regulatory economics and is an expert in the economics of the natural gas, oil, and liquefied natural gas markets. More-icon
Lo_passo
Principal
Dr. Lo Passo specializes in the application of regulatory economic principles to energy, transportation, telecommunications, and other industries in Italy and throughout the world. More-icon
Marin_083
Principal
+44.20.7406.7900
Dr. Marín is an expert in competition and regulation in various sectors, including energy, telecommunications, transportation, and R&D-intensive industries. More-icon
Mudge_129
Principal
+1.202.955.5050
Mr. Mudge, Chief Operating Officer of The Brattle Group, is an expert in corporate and project finance matters in the energy industry. More-icon
Murphy_038
Principal
+1.617.864.7900
Dr. Murphy is an engineer and economist with expertise in energy, competitive, and regulatory economics and finance, as well as quantitative modeling and risk analysis. More-icon
Newell_090
Principal
+1.617.864.7900
Dr. Newell is an expert in electricity wholesale markets, the transmission system, and RTO rules. More-icon
Pfeifenberger_034_edited
Principal
Mr. Pfeifenberger is an economist with a background in electrical engineering and over twenty-five years of experience in the areas of regulatory economics and finance. More-icon
Read_050
Principal
+1.617.864.7900
Mr. Read is an expert in valuation, risk management, and capital budgeting in the energy industry, especially electric power and natural gas. More-icon
Reitzes_067
Principal
+1.202.955.5050
Dr. Reitzes, a former Federal Trade Commission economist, specializes in antitrust and regulatory economics. More-icon
Principal
+1.202.955.5050
Dr. Reynolds is widely known for his empirical and theoretical analyses of antitrust, regulatory, and financial issues. More-icon
Shavel_087
Principal
+1.202.955.5050
Dr. Shavel is an energy economist specializing in the economics and operations of the U.S. electric power system, generation and transmission investment, and environmental strategy. More-icon
Taylor_066
Principal
+1.617.864.7900
Mr. Taylor's areas of expertise include contract and market risks and incentives, antitrust and regulatory economics, and transition markets. More-icon
Tsuchida_084
Principal
+1.617.864.7900
Mr. Tsuchida specializes in the analysis of wholesale electric markets and modeling. More-icon
Villadsen_048
Principal
+1.617.864.7900
Dr. Villadsen specializes in finance and accounting matters with an emphasis on the energy industry. More-icon
Jurgen_weiss0492
Principal
+1.617.864.7900
Dr. Weiss specializes in issues broadly motivated by climate change concerns, such as renewable energy, energy efficiency, energy storage, the interaction between electricity, gas and transportation, and carbon pricing. More-icon
Wharton_123
Principal
+1.415.217.1000
Dr. Wharton specializes in the development of new business models and innovative pricing policies for regulated industries. More-icon
Zarakas_092
Principal
+1.617.864.7900
Mr. Zarakas is an expert in economic, financial, strategic, and regulatory analyses in the utility, telecommunications, and media industries. More-icon
Academic Advisors
Academic Advisor
Dr. Brealey is an Emeritus Professor at the London Business School and a Fellow of the British Academy. More-icon
Academic Advisor
Dr. Brennan is a Professor of Public Policy and Economics at the University of Maryland, Baltimore County and a Senior Fellow at Resources for the Future. More-icon
Academic Advisor
+1.917.776.8777
Dr. Economides is an expert on network economics, electronic commerce, antitrust, and public policy. More-icon
Academic Advisor
Dr. Kahn is a professor at the UCLA Institute of the Environment, the Department of Economics, and the Department of Public Policy. His research focuses on environmental, urban, and energy economics. More-icon
Academic Advisor
Dr. Kwoka is the Neal F. Finnegan Distinguished Professor of Economics at Northeastern University. More-icon
Academic Advisor
Dr. Metcalf is a Professor of Economics at Tufts University and a Research Associate at both the National Bureau of Economic Research and MIT's Joint Program on the Science and Policy of Global Change. More-icon
Academic Advisor
Dr. Robinson is a Senior Fellow of the Oxford Institute for Energy Studies. He consults on competition, regulation, and corporate strategy in energy and other regulated sectors. More-icon
Academic Advisor
Dr. Sue Wing is an Associate Professor in the Department of Geography and Environment at Boston University. More-icon
Academic Advisor
Professor Williams, a risk management expert, teaches finance and economics at Boston University. More-icon
Consultants
Thebrattlegroup_tobybrown_img_4852
Senior Associate
+1.415.217.1000
Dr. Toby Brown specializes in the regulation and economics of the gas and electricity sectors. He has consulted for pipelines, utilities, and regulators and he has particular expertise in incentive-based regulation in the energy sector. More-icon
Fantini
Senior Associate
+39.06.48.888.10
Ms. Fantini has more than 10 years of experience in the energy sector, particularly in the natural gas and electricity industries. More-icon
Geronimo_062
Senior Associate
+1.617.864.7900
Ms. Geronimo addresses electricity industry topics in the context of litigation, regulatory proceedings, and company-internal consulting services. More-icon
Ryanhledik_img_4596
Senior Associate
+1.415.217.1000
Mr. Hledik has expertise in assessing the economics of smart grid investments and policies. More-icon
Senior Associate
+1.202.419.3356
Mr. Kline’s areas of expertise include electricity markets and regulation, financial accounting, corporate finance, asset valuation, international arbitration, market manipulation, and fraud. More-icon
0014_1_
Senior Associate
+1.202.955.5050
Dr. Powers has expertise in industrial organization and energy economics. More-icon
Ruiz_065
Senior Associate
+1.617.864.7900
Dr. Ruiz is an electrical engineer with experience in electric power systems analysis and research. More-icon
Senior Consultant
+1.202.955.5050
Mr. Schumacher focuses on the quantitative economic analysis of issues facing the electric utility industry. More-icon
Sergici_102
Senior Associate
+1.617.864.7900
Dr. Sergici assists electric utilities, regulators, and wholesale market operators in their strategic questions related to energy efficiency, demand response, and customer behavior in the context of Smart Grid. More-icon
Spees_099
Senior Associate
+1.617.864.7900
Dr. Kathleen Spees has expertise in wholesale electric energy, capacity, and ancillary service market design and price forecasting. More-icon
Verlinda_web
Senior Associate
+1.202.955.5050
Dr. Verlinda specializes in industrial organization, antitrust, econometrics, and statistics. More-icon
Article
Utility Investments in Resiliency: Balancing Benefits with Cost in an Uncertain Environment
June 2014
William P. Zarakas, Sanem Sergici, Heidi Bishop, Jake Zahniser-Word, and Peter S. Fox-Penner
Published in The Electricity Journal, Volume 27, Issue 5
Report
Policy Brief - EPA’s Proposed Clean Power Plan: Implications for States and the Electric Industry
June 2014
Published by The Brattle Group, Inc.
Report
Exploring Natural Gas and Renewables in ERCOT, Part III: The Role of Demand Response, Energy Efficiency, and Combined Heat & Power
May 29, 2014
Prepared for the Texas Clean Energy Coalition (TCEC)
Presentation
Transmission Topology Control Algorithms (TCA): Simulations on PJM Real Time Markets
November 19, 2013
Pablo Ruiz, Xiao Li, Michael Caramanis, Evgeniy Goldis, Bhavana Keshavamurthy, Mahendra Patel, Alex Rudkevich, Richard Tabors, and Toshiki (Bruce) Tsuchida
Presented at the TCA/RATC Workshop on Topology Control, Norristown, PA
Report
Coal Plant Retirements: Feedback Effects on Wholesale Electricity Prices - Revised
November 2013
Published by The Brattle Group, Inc.
Article
Arcturus: International Evidence on Dynamic Pricing
September 2013
Published in The Electricity Journal
Report
Resource Adequacy Requirements: Reliability and Economic Implications
September 2013
Johannes P. Pfeifenberger, Kathleen Spees, Kevin Carden, and Nick Wintermantel
Prepared for the Federal Energy Regulatory Commission (FERC)
Report
The Benefits of Electric Transmission: Identifying and Analyzing the Value of Investments
July 2013
Published by Working group for Investment in Reliable and Economic electric Systems (WIRES)
Article
Benchmarking Your Rate Case
July 2013
Published in Public Utilities Fortnightly
Presentation
Making Energy-Only Markets Work: Market Fundamentals and Resource Adequacy in Alberta
June 13, 2013
Presented at the Harvard Electricity Policy Group Meeting, Calgary
Presentation
Partnering Natural Gas and Renewables in ERCOT
June 11, 2013
Prepared for the Texas Clean Energy Coalition; sponsored by the Cynthia and George Mitchell Foundation
Article
Reducing Rate Shocks
June 2013
Published in Public Utilities Fortnightly
Article
Surviving Sub-One-Percent Growth
June 2013
Published in Electricity Policy
Presentation
Independent Transmission Companies: Business Models, Opportunities, and Challenges
April 23, 2013
Presented at the American Antitrust Institute's 13th Annual Energy Roundtable, Washington, DC
Presentation
An Economic Approach to FERC Anti-Manipulation Compliance
March 2013
Presented at an anti-manipulation compliance seminar presented in separate sessions to the compliance staff and traders of a major commercial energy trading company
Report
Evaluation of Market Fundamentals and Challenges to Long-Term System Adequacy in Alberta’s Electricity Market: 2013 Update
March 2013
Prepared for the Alberta Electric System Operator
Report
A Learning Investment-Based Analysis of the Economic Potential for Offshore Wind: The Case of the United States
February 28, 2013
Published by The Brattle Group, Inc.
Article
The Future of US Energy Utilities
February 1, 2013
Published in The Oxford Energy Forum
Presentation
Causation and Effect: Emissions Analysis in Retrospective NSR Cases
January 29, 2013
Presented at the Energy, Utility and Environmental Conference, Phoenix, AZ
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
Article
Rates, Reliability, and Region
January 2013
Published in Public Utilities Fortnightly
Article
Dynamic Pricing of Electricity for Residential Customers: The Evidence from Michigan
November 2012
Ahmad Faruqui, Sanem Sergici, and Lamine Akaka
Published in Energy Efficiency
Article
Bridging the Seams: Interregional planning under FERC Order 1000
November 2012
Published in Public Utilities Fortnightly
Presentation
Interregional Cost Allocation: A Flexible Framework to Support Interregional Transmission Planning
October 11, 2012
Presented to the Harvard Electricity Policy Group
Article
What Price, GHGs?
October 2012
Published in Public Utilities Fortnightly
Presentation
Transmission Investment Trends and Planning Challenges
August 8, 2012
Presented at the EEI Transmission and Wholesale Markets School, Madison, WI
Report
The Potential Impact of Solar PV on Electricity Markets in Texas
June 19, 2012
Prepared for the Solar Energy Industries Association and the Energy Foundation
Report
ERCOT Investment Incentives and Resource Adequacy
June 1, 2012
Prepared for the Electric Reliability Council of Texas
Presentation
New U.S. Emission Regulations: Electric Industry Impacts
May 11, 2012
Presented at the U.S. Energy 24th Annual Energy Conference
Article
Hedge Timing: There’s No Magic in Dollar Cost Averaging
May 2012
Published in Public Utilities Fortnightly
Article
A Comparison of Anti-Manipulation Rules in U.S. and EU Electricity and Natural Gas Markets: A Proposal for a Common Standard
April 2012
Published in Energy Law Journal
Article
Transmission’s True Value: Adding up the benefits of infrastructure investments
February 2012
Johannes P. Pfeifenberger and Delphine Hou
Published in Public Utilities Fortnightly
Article
Drivers of Demand Response Adoption: Past, Present, and Future
January 2012
Ahmad Faruqui, Ryan Hledik, and Kelly Smith
Published in Public Utilities Fortnightly
Report
Approaches to Setting Electric Distribution Reliability Standards and Outcomes
January 2012
Published by The Brattle Group, Inc.
Article
Trusting Capacity Markets: Does the lack of long-term pricing undermine the financing of new power plants?
December 2011
Published in Public Utilities Fortnightly
Report
Summary of Transmission Project Cost Control Mechanisms in Selected U.S. Power Markets
October 2011
Johannes P. Pfeifenberger and Delphine Hou
Prepared for the Alberta Electric System Operator
Report
Analysis of Strategic Organizational Options for the Long Island Power Authority
October 2011
William P. Zarakas, Frank C. Graves, and Michael J. Beck
Prepared for The Long Island Power Authority
Report
The Costs and Benefits of Smart Meters for Residential Customers
July 2011
Ahmad Faruqui, Douglas C. Mitarotonda, Lisa V. Wood, Adam Cooper, and Judith Schwartz
Published by The Edison Foundation
Presentation
An Economic Analysis of the Remit Proposals
June 2011
Presented at The 16th European Gas Conference in Oslo, Norway
Report
BSC Modification 229: Potential interactions with options for changes to transmission charging
May 23, 2011
Prepared for Ofgem
Presentation
Policy Challenges Associated with Renewable Energy Integration
April 2011
Prepared for the 2011 MITEI Symposium: Managing Large-Scale Penetration of Intermittent Renewables
Presentation
Renewable Integration: Quantifying the Effects of Variable Energy Resources
January 24, 2011
Presented at the Wind and Solar Integration Summit, Scottsdale, AZ
Presentation
Potential Coal Plant Retirements Under Emerging Environmental Regulations
December 8, 2010
Metin Celebi, Frank C. Graves, Gunjan Bathla, and Lucas Bressan
Published by The Brattle Group, Inc.
Report
The Economic Impact of AB 32 on Localities: A Look at Chula Vista
December 2010
Published by The Brattle Group, Inc.
Report
Screens for the Detection of Manipulative Intent
December 2010
Available from Social Science Research Network (SSRN)
Article
Household Response to Dynamic Pricing of Electricity – A Survey of 15 Experiments
October 2010
Published in Journal of Regulatory Economics
Article
Unlocking the €53 Billion Savings from Smart Meters in the EU: how increasing the adoption of dynamic tariffs could make or break the EU's smart grid investment
October 2010
Published in Energy Policy
Report
Executive Summary - The Economic Impact of AB 32 on Small Businesses: An Update
October 2010
Published by Union of Concerned Scientists
Presentation
Renewable Integration Model Presentation
August 25, 2010
Presented at the California Public Utility Commission’s Long-Term Procurement Plan Workshop, San Francisco, CA
Presentation
Capacity Market Designs: Focus on CAISO, NYISO, PJM, and ISO-NE
July 19, 2010
Published by The Brattle Group, Inc.
Presentation
Natural Gas Demand and Climate Policies
July 11, 2010
Prepared for the American Gas Association Legal Forum, Lake Geneva, WI
Presentation
Renewable Integration Model and Analysis
April 21, 2010
Judy Chang, Kamen Madjarov, Ross Baldick, Antonio Alvarez, and Philip Q Hanser
Poster Presented by Kamen Madjarov at IEEE 2010 Transmission and Distribution Conference and Exposition, New Orleans, LA
Report
Job and Economic Benefits of Transmission and Wind Generation Investments in the SPP Region
March 2010
Johannes P. Pfeifenberger, Judy Chang, Delphine Hou, and Kamen Madjarov
Prepared for the Southwest Power Pool
Report
Midwest ISO’s Resource Adequacy Construct: An Evaluation of Market Design Elements
January 19, 2010
Prepared for Midwest Independent System Operator (MISO)
Article
The Untold Story: A Survey of C&I Dynamic Pricing Pilot Studies
2010
Sanem Sergici, Ahmad Faruqui, and Jennifer Palmer
Published in Metering International
Article
Risk-Adjusted Damages Calculation in Breach of Contract Disputes: A Case Study
2010
Frank C. Graves, Bin Zhou, Melvin Brosterman, and Quinlan Murphy
Published in Journal of Business Valuation and Economic Loss Analysis
Article
The impact of informational feedback on energy consumption - A survey of the experimental evidence
2010
Ahmad Faruqui, Sanem Sergici, and Ahmed Sharif
Published in Energy
Article
Hedging Effects of Wind on Retail Electric Supply Costs
December 2009
Frank C. Graves and Julia Litvinova
Published in The Electricity Journal
Article
Ethanol 2.0
December 2009
Robert L. Earle and Ahmad Faruqui
Published in Regulation
Presentation
Cross-RTO Survey of Capacity Markets: What is Working and What is Not
November 9, 2009
Presented at the EUCI Conference on ’Smart’ Capacity Markets
Report
A Comparison of PJM's RPM with Alternative Energy and Capacity Market Designs
September 2009
Prepared for PJM Interconnection
Report
EU Climate and Energy Policy to 2030 and the Implications for Carbon Capture and Storage: A Report for ALSTOM Power Systems
March 2009
Published by The Brattle Group, Inc.
Report
Volatile CO2 Prices Discourage CCS Investment
January 2009
Published by The Brattle Group, Inc.
Report
Transforming America's Power Industry: The Investment Challenge 2010-2030
November 2008
Prepared for The Edison Foundation
Report
Critique of the Industry Codes Governance Arrangements
June 2008
Serena Hesmondhalgh, Boaz Moselle, and Toby Brown
Prepared for Ofgem
Report
The Power of Five Percent: How Dynamic Pricing Can Save $35 Billion in Electricity Costs
May 16, 2007
Published by The Brattle Group, Inc.