Utility Regulatory Policy and Ratemaking
Overview
Experts
Publications

The Brattle Group assists clients with regulatory policy and ratemaking matters in electricity, natural gas, and oil pipeline markets around the world.

Our clients include investor-owned utilities, public utilities, electricity and pipeline customers, power generators, transmission organizations, and regulatory agencies. We have experience and institutional knowledge in the regulation of vertically integrated utilities, the regulatory policies of liberalized energy markets, as well as the regulation of energy industry segments such as gas and oil pipelines and power generation, transmission, and distribution.

Our economic experts combine regulatory policy expertise with financial and accounting skills, in-depth industry experience, and familiarity with a diverse set of regulatory jurisdictions in North America, Europe, and Asia. We help clients to anticipate regulatory change, comply with existing regulations, respond to new regulatory mandates, and manage the challenges and opportunities of changing markets and regulatory environments.

We perform quantitative analyses involving resource planning, forecasting, rates and rate design, cost allocation, cost of capital, and valuation. Our staff includes internationally recognized experts who advise on regulatory matters, provide litigation support, and expert testimony before regulatory agencies, courts, and arbitration panels 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
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
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
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
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
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
Levy_080
Principal
+1.415.217.1000
Dr. Levy specializes in microeconomics, econometrics, and statistics. He has supported expert work calculating damages in numerous litigation cases with an emphasis on statistical and econometric issues. 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
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
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
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
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
Davesunding_img_4729
Principal
+1.415.217.1000
Professor Sunding advises on matters relating to environmental and natural resource economics, utility regulation and ratemaking, damages, and valuation. More-icon
Tsuchida_084
Principal
+1.617.864.7900
Mr. Tsuchida specializes in the analysis of wholesale electric markets and modeling. 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
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
Principal Emeritus
Principal Emeritus
Dr. Tye is an expert in economic analysis and public policy and specializes in regulatory and antitrust issues. More-icon
Academic Advisors
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
Dr. Hamilton, a Professor and Chair of Economics in the Orfalea College of Business at California Polytechnic State University, is an expert in the fields of environmental and natural resource economics, energy economics, antitrust regulation, and public economics. 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. 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
Professor Yamey is an Emeritus Professor of Economics at the London School of Economics. 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
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
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
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)
Report
Coal Plant Retirements: Feedback Effects on Wholesale Electricity Prices - Revised
November 2013
Published by The Brattle Group, Inc.
Article
Low Voltage Resiliency Insurance:  Ensuring Critical Service Continuity During Major Power Outages
September 2013
Published in Public Utilities Fortnightly
Report
A Tale of Two Crises: The Betas of EU Networks
August 2013
Published by The Brattle Group, Inc.
Presentation
Current Issues in Cost of Capital
July 2013
Presented at EEI Advanced Rate School: Rates to Meet New Market Opportunities and Constraints, Madison, WI
Article
Redefining Normal Temperatures
May 2013
Robert E. Livezey and Philip Q Hanser
Published in Public Utilities Fortnightly
Report
Estimating the Cost of Debt
March 4, 2013
Prepared for the Dampier Bunbury Pipeline
Report
The WACC for the Dutch TSOs, DSOs, water companies and the Dutch Pilotage Organisation
March 4, 2013
Prepared for NMa
Article
The Future of US Energy Utilities
February 1, 2013
Published in The Oxford Energy Forum
Presentation
U.S. Coal Plant Retirements: Outlook and Implications
January 24, 2013
Presented at the West LegalEdcenter CLE Webcast
Presentation
Infrastructure and Rate Structure: Lessening the Shock
November 12, 2012
Presented at the 2012 NASUCA Annual Meeting, Baltimore, MD
Article
Bridging the Seams: Interregional planning under FERC Order 1000
November 2012
Published in Public Utilities Fortnightly
Report
Potential Coal Plant Retirements: 2012 Update
October 2012
Metin Celebi, Frank C. Graves, and Charles Russell
Published by The Brattle Group, Inc.
Report
Centralized Dry Storage of Nuclear Fuel: Lessons for U.S. Policy from Industry Experience and Fukushima
August 2012
Frank C. Graves, Mariko Geronimo, and Glen A. Graves
Published by The Brattle Group, Inc.
Presentation
The Economics of Reliability and Resource Adequacy Planning
June 12, 2012
Presented at the Mid-America Regulatory Conference, Des Moines, IA
Report
ERCOT Investment Incentives and Resource Adequacy
June 1, 2012
Prepared for the Electric Reliability Council of Texas
Report
Survey of Cost of Capital Practices in Canada
May 2012
Published by The Brattle Group, Inc.
Presentation
International Innovations in Rate of Return Determination
April 26, 2012
Presented at the SURFA 2012 Forum
Article
State Regulatory Hurdles to Utility Environmental Compliance
April 2012
Published in The Electricity Journal
Presentation
An Empirical Study of Impact of Decoupling on Cost of Capital
June 6, 2011
Presented at the National Conference of Regulatory Attorneys, Missoula, MT
Report
The Economics of Resource Adequacy Planning: Why Reserve Margins Are Not Just About Keeping the Lights On
April 2011
Kevin Carden, Nick Wintermantel, and Johannes P. Pfeifenberger
Published by National Regulatory Research Institute
Presentation
Incentive Regulation: Introduction and Context
May 26, 2010
Presented at AUC PBR Workshop
Presentation
Incentive Regulation—Design: Key Plan Components I
May 26, 2010
Presented at Alberta Utilities Commission Performance Based Ratemaking workshop, the Van Horne Institute
Report
2010 Integrated Resource Plan for Connecticut
January 2010
Published by The Brattle Group, Inc.
Report
Options for Reforming the Building-Blocks Framework
December 16, 2009
Prepared for The Australian Energy Market Commission
Report
Review of Incentive Power and Regulatory Options in Victoria
December 2009
Prepared for The Australian Energy Market Commission
Report
2009 Integrated Resource Plan for Connecticut
January 2009
Published by The Brattle Group, Inc.
Presentation
How Open are Europe’s Energy Markets?
April 2008
Presented at 13. IIR-Jahrestkongress für die Energiewirtschaft, Austria
Article
Downstream Price-Cap Regulation and Upstream Market Power
April 2008
Published in Journal of Regulatory Economics
Newsletter
Reviving Integrated Resource Planning for Electric Utilities: New Challenges and Innovative Approaches
2008
Published by The Brattle Group, Inc.