Dr. Villadsen specializes in finance and accounting matters with an emphasis on the energy industry.

She is a frequent author and speaker on regulatory return and risk issues and has testified on rate of return and discount rate matters as well as accounting and damages in many jurisdictions including the FERC, state regulatory settings, US and international arbitrations, and the US federal court.

Her recent work has included the determination of the cost of capital for electric power, electric utilities, pipelines, and water companies in Australia, Canada, the Netherlands, and the US. She has evaluated the appropriate recovery or value of asset retirement obligations for pipelines and the effect of power purchase agreements on the risk of both the power producer and buyer. In addition, Dr. Villadsen has been deeply involved in analyzed credit and capital structure issues, risk management and the prudence hereof, as well the impact of regulatory initiatives such as energy efficiency and de-coupling on credit, cost of capital, and earnings.

She has recently been involved in accounting disclosure issues and principles including impairment testing, fair value accounting, leases, accounting for hybrid securities, accounting for equity investments, consolidation issues, cash flow estimation, and overhead allocation. Dr. Villadsen has estimated damages in both the US and internationally for companies in the energy, construction, telecommunications, cement, and railroad industries. She has measured damages as lost profits, impact on stock price, or the impact of mis-allocated assets among investment opportunities.


Yale University, PhD

University of Aarhus, Denmark, MS and BS, joint degrees in Economics and Mathematics

Personal Interests

Born and raised in the Danish countryside, Bente has a keen interest in outdoor activities such as hiking, kayaking, skiing, gardening and caring for her rescue dogs. She also enjoys music and live performances.


September and November 2014

Verified Statement and Verified Reply Statement on the cost of capital calculation for railroads submitted to the Surface Transportation Board on behalf of the Association of American Railroads, Docket No. EP 664 (Sub-No. 2)

September 2014

Supplemental Direct Testimony on cost of capital submitted to the Regulatory Commission of Alaska on behalf of Anchorage Water and Wastewater utilities, Docket U-13-202

July 2014

Rebuttal Testimony regarding Cost of Capital before the Oregon Public Utility Commission on behalf of Portland General Electric, Docket No. UE 283

March 2014

Direct Testimony on the rate impact of the pension re-allocation and other items for Upper Peninsula Power Company in connection with the acquisition by BBIP before the Michigan Public Service Commission in Docket No. U-17564