Regulatory Finance and Accounting
Overview
Experts
Publications

Brattle assists companies affected by regulation to make strategic, investment, pricing, and financing decisions.

We work with firms to anticipate how regulators will view the risk and value outcomes of different regulatory programs. We determine the costs and benefits of alternative arrangements, such as organizational unbundling, supply hedging obligations, provider of last resort obligations, service proliferation, and incentive ratemaking.

We have pioneered the application of economic, finance, and accounting theory and practice to matters in regulatory proceedings. Our economic consultants publish leading texts on corporate finance and frequently advise companies and government officials as well as testify before regulatory agencies worldwide.

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
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
Kolbe_092
Principal
+1.617.864.7900
Dr. Kolbe's work focuses on applied financial economics and his projects address risk, return, and regulatory policy for rate-regulated industries; tax disputes; and firm, security, or project valuation questions in a wide variety of settings. 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
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
Neels_241
Principal
+1.202.955.5050
Dr. Neels has more than 30 years of research and consulting experience in all aspects of the transportation sector. More-icon
O'loughlin_109-1
Principal
+1.617.864.7900
Mr. O'Loughlin specializes in regulatory economics and valuation as applied to the natural gas, oil pipeline, and electric power industries. More-icon
Oldfield_098-1
Principal
+1.202.955.5050
Dr. Oldfield is an expert in financial economics, including mortgage securitization, trading strategies, market making, corporate bond valuation, financial derivatives, and risk management. 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
Vilbert_119
Principal
+1.415.217.1000
Dr. Vilbert specializes in cost of capital, regulatory economics, financial planning, income tax disputes, and valuation. 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
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
Zhou_082
Principal
+1.617.864.7900
Dr. Zhou is a valuation, corporate finance, and accounting expert with 15 years of consulting experience. More-icon
Academic Advisors
Academic Advisor
Mr. Bailar an Emeritus Professor and Dean at Rice University. More-icon
Academic Advisor
Dr. Brealey is an Emeritus Professor at the London Business School and a Fellow of the British Academy. More-icon
Academic Advisor
James Dow is Professor of Finance and Research Dean at the London Business School. His research interests focus on corporate finance. More-icon
Academic Advisor
Dr. Goldstein is Chair of the Finance Division and a Professor of Finance at Babson College, where he holds the Donald P. Babson Chair in Applied Investments. More-icon
Academic Advisor
Professor Sappington is the Lanzillotti-McKethan Eminent Scholar Chair in the Department of Economics at the University of Florida, where he serves as the Director of the University’s Public Policy Research Center. More-icon
Academic Advisor
Dr. Schwartz is Associate Professor of Accounting in the Carroll School of Management at Boston College. More-icon
Consultants
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
Kumar_066
Senior Associate
+1.415.217.1000
Dr. Kumar is an economist with expertise in the areas of regulatory finance, financial statement analysis, and business valuation. 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
Report
Estimating the Cost of Equity for Regulated Companies
February 17, 2013
Prepared for the Australian Pipeline Industry Association
Presentation
Utility Accounting and Financial Analysis: The Impact of Regulatory Initiatives on Accounting and Credit Metrics
October 29, 2012
Presented at EUCI, Denver, CO
Report
The WACC for mobile, fixed-line and cable termination rates
March 15, 2012
Prepared for the Independent Post and Telecommunication Authority in the Netherlands (OPTA)
Report
FASB Accounting Rules and Implications for Natural Gas Purchase Agreements
February 7, 2011
Bente Villadsen and Fiona Wang
Prepared for American Clean Skies Foundation
Article
IFRS and You
December 2010
Bente Villadsen, Amit Koshal, and Wyatt Toolson
Published in Public Utilities Fortnightly
Article
Forward Contracts and Futures Contracts
2009
George S. Oldfield and Robert A. Jarrow
Published in Journal of Financial Economics
Report
Understanding Debt Imputation Issues
June 2008
Prepared for The Edison Electric Institute
Article
Measuring Return on Equity Correctly: Why current estimation models set allowed ROE too low
August 2005
Published in Public Utilities Fortnightly
Report
The Effect of Debt on the Cost of Equity in a Regulatory Setting
April 2005
Published by Edison Electric Institute
Presentation
Current Issues in Cost of Capital
2005
Presented at the EEE Electric Rates Advanced Course, Madison, WI