Ann E. Bulkley

principal
Boston

Practice Co-Leader: Regulatory Economics, Finance & Rates

With more than 30 years of experience in the energy industry, Ms. Bulkley specializes in regulatory economics, particularly cost of capital and capital structure issues. She also has expertise in valuing generation assets, utility property, and industrial property.

She has extensive state and federal regulatory experience, having provided expert testimony on cost of capital matters in nearly 150 regulatory proceedings before over 30 state regulatory commissions and the Federal Energy Regulatory Commission (FERC). Ms. Bulkley has provided valuation and appraisal services to merchant generators, regulated utilities, municipalities, and financial services clients on the sale or acquisition of utility assets, regulated ratemaking, ad valorem tax disputes, and for other litigation purposes. She is also experienced in contract and business unit valuation, strategic alliances, and mergers in the regulated utility industry.

Ms. Bulkley is a Certified General Appraiser licensed in the Commonwealth of Massachusetts and the State of New Hampshire. Prior to joining Brattle, she was a Senior Vice President at an economic consultancy and held senior positions at several consulting firms.

Practices

Electricity Litigation & Regulatory Disputes

M&A Litigation

Regulatory Economics, Finance & Rates

Regulatory Investigations & Enforcement

Tax Controversy & Transfer Pricing

Education

Boston University
MA in Economics

Simmons College
BA in Economics and Finance

Certified General Appraiser licensed in the Commonwealth of Massachusetts and the State of New Hampshire

Personal Interests

When Ms. Bulkley is not consulting, she enjoys volunteering in a local food pantry, the scenic coast of Maine, and pottery.

Testimony

March 19, 2026

Metin Celebi, Ann E. Bulkley

Before the United States District Court for the District of Montana Helena Division, prepared expert report (co-authored with Ann Bulkley) on behalf of NorthWestern Corporation and Talen Montana, LLC, re: the rent due to the State of Montana for the use of the riverbed at the Black Eagle hydroelectric generating facility located in Great Falls, Montana, Cause No. 6:16-CV-00035-DLC (March 19, 2026).

Ms. Bulkley has prepared appraisals of energy assets for a variety of purposes including resolution of sale-leaseback arrangements, ad valorem tax disputes, contract disputes.

- Resolution of sale-lease back arrangements for several coal-fired and nuclear electric generating facilities.
- Valuation of coal fired generators for ad valorem tax disputes.
- Valuation of electric utility transmission and distribution system assets for consideration in municipalization proceedings and for ad valorem tax disputes
- Valuation of hydroelectric generating assets for ad valorem tax disputes.

Ms. Bulkley has prepared several feasibility studies that have considered the costs and benefits of the formation of municipally owned electric utilities, established through the condemnation of investor-owned utility property.

- Puget Sound Energy- Bainbridge Island
- Alliant Energy- Decorah, Iowa
- Black Hills Energy- Pueblo, Colorado

Ms. Bulkley has provided testimony in 32 states estimating the cost of capital and providing an opinion on the appropriate capital structure for regulated utilities (electric, natural gas and water utilities)