Electric Power
Energy Mergers and Acquisitions
Overview
Engagements
Experts
Publications

The Brattle Group frequently advises applicants, third parties, and competition authorities on mergers and acquisitions in the energy sector. We have presented expert testimony and findings on potential competitive impacts of vertical and horizontal mergers involving electric and natural gas businesses before regulators and antitrust enforcement agencies in North America and the European Union. We have appeared before the Federal Trade Commission, the Federal Energy Regulatory Commission (FERC), the Surface Transportation Board, the Securities and Exchange Commission, the U.S. Department of Justice, various state commissions, the Canadian Competition Bureau, the Dutch Competition Authority, the European Commission, and the German Federal Cartel Office.

We use a variety of economic analyses, including a “Delivered Price Test,” the Cournot Model, and detailed simulation models to analyze a proposed merger’s effect on the market participant’s ability and incentive to exercise market power. Our knowledge and experience in energy regulation and antitrust economics, combined with our use of state-of-the-art simulation models and statistical techniques, allows us to provide reliable qualitative and quantitative assessments of the likely competitive impact of mergers and acquisitions.

Principals
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 f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Carpenter 063
Principal
+1.617.864.7900
Dr. Carpenter specializes in the fields of energy economics, regulation, corporate planning, pricing policy, and antitrust. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Garcia 084
Principal
+34.91.048.71.00
Dr. García advises clients on competition, regulation, and restructuring policy in the energy, banking, telecommunications, and food supply industries. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
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 f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Harris 129
Principal
(Rome) +39.06.48.888.146
(London) +44.20.3829.2340
Mr. Harris has more than fifteen years of experience as expert in valuation, quantification of damages, and the economics of gas and electricity markets. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
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 f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
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 f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Mudge 129
Principal
+1.202.955.5050
Mr. Mudge is an expert in corporate and project finance matters in the energy industry. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
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 f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Reitzes 067
Principal
(Washington) +1.202.955.5050
(Toronto) +1.416.360.4849
Dr. Reitzes, a former Federal Trade Commission economist, specializes in antitrust and regulatory economics. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
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 f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Principal Emeritus
Principal Emeritus
Dr. Reynolds is widely known for his empirical and theoretical analyses of antitrust, regulatory, and financial issues. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Academic Advisors
Fox penner 131
Academic Advisor
+1.202.955.5050
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 f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Report
Comments of Drs. Romkaew Broehm, Jeremy Verlinda, and James Reitzes to the Federal Energy Regulatory Commission Regarding Modifications to Commission Requirements for Review of Transaction Under Section 203 of the Federal Power Act and Market-Based Rate Applications under Section 205 of the Federal Power Act (Docket No. RM16-21-000)
November 28, 2016
Prepared for the Federal Energy Regulatory Commission

The comments offer commentary on four proposed changes by the FERC regarding its horizontal market power review standards for M&A and market-based rate approvals.

Article
The New Art of Plant Acquisition
June 2006
Published in Public Utilities Fortnightly