Ann E. Bulkley - Brattle

With more than 25 years of experience in the energy industry, Ms. Bulkley specializes in regulatory economics for the electric and natural gas sectors, including rate of return, cost of equity, and capital structure issues.

Ms. Bulkley has extensive state and federal regulatory experience, and she has provided expert testimony on the cost of capital in nearly 100 regulatory proceedings before 32 state regulatory commissions and the Federal Energy Regulatory Commission (FERC).

In addition to her regulatory experience, Ms. Bulkley has provided valuation and appraisal services for a variety of purposes including the sale or acquisition of utility assets, regulated ratemaking, ad valorem tax disputes, and other litigation purposes. In addition, she has experience in the areas of contract and business unit valuation, strategic alliances, market restructuring, and regulatory and litigation support.

Ms. Bulkley is a Certified General Appraiser licensed in the Commonwealth of Massachusetts and the State of New Hampshire.

Prior to joining Brattle, Ms. Bulkley was a Senior Vice President at an economic consultancy, and also 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

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)

May 21, 2020

The following cost of capital testimonies have been filed before the FERC relying on the methodologies established using FERC’s updated methodologies for natural gas pipelines and electric utilities as established in Docket No. PL19-4-000 (May 21, 2020) and Opinion No. 569A (May 21, 2020):