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Mr. Stirzaker is an economics expert who focuses on corporate finance and valuation in international investor-state and commercial arbitrations. He has advised clients on cases and testified on damages before key arbitration venues around the world.

On behalf of both claimants and respondents, Mr. Stirzaker conducts damages assessments in arbitration and litigation matters. He regularly develops sophisticated valuation models for projects across a number of different industries, including energy, regulation, telecommunications, real estate, and financial services.

Mr. Stirzaker has appeared as an expert witness at oral hearings and supported other expert witnesses in over 30 arbitration cases. He is experienced advising on matters and testifying before the International Centre for the Settlement of Investment Disputes (ICSID), United Nations Commission on International Trade Law (UNCITRAL), International Chamber of Commerce (ICC), London Court of International Arbitration (LCIA), and Stockholm Chamber of Commerce (SCC).

Outside of Brattle, Mr. Stirzaker presents to law firms and at conferences on the principles for estimating damages, regulatory independence, and investor protection. He regularly teaches a core corporate finance and valuation course in the Masters in Finance program at London Business School.

Representative Engagements
Change in Renewable Tariff Regime
For separate investors in solar PV, concentrated solar power, and wind, created financial models in ten separate ICSID proceedings calculating the impact of a mid-stream switch in the regulatory regime for Spanish renewables. The analysis considered both the reduction in remuneration plus side effects, such as a need for debt restructurings, guarantee payments, and planned refinancing.
Value of Steel Agency
For a major steel company, provided analysis concerning the value of a steel trading business in Western Europe. The analysis considered the potential sales of the trading business and the financial incentives of the trader’s contractual suppliers to expand production and sales in the relevant territories.
Value of Gas to Liquids Plant
For a start-up company, provided analysis for an LCIA arbitration concerning the value of its equity share in a 90% complete gas-to-liquids plant. The case involved the valuation of a set of non-standard American options.
Value of Prime Russian Real-Estate Project
For investors in a large real estate development in Russia, assisted in the provision of expert testimony for an LCIA arbitration. The dispute related to an alleged corporate raid.
Power Station Warranty
For an international power company, created models calculating the damages associated with the failure of a large power station to operate in the manner guaranteed by the warranties provided by the seller at the time that the power station was sold.
Publications
Book
Accounting-Based Valuation Approach
February 2021
Chapter from Global Arbitration Review's "The Guide to Damages in International Arbitration" (Fourth Edition)
Report
The WACC for the Dutch TSOs, DSOs, water companies and the Dutch Pilotage Organisation
March 04, 2013
Prepared for NMa
News & Events
March 02, 2021
Brattle Experts Contribute to New Book on Damages in International Arbitration

Brattle experts have authored three chapters in Global Arbitration Review’s The Guide to Damages in International Arbitration (Fourth Edition).

February 06, 2020
Six Consultants Become Principals at The Brattle Group

The Brattle Group is pleased to introduce the six outstanding experts who were recently named as principals.

June 27, 2018
Cliente de Brattle Antin consigue un laudo favorable de 112 millones de euros

El Centro Internacional de Arreglo de Diferencias Relativas a Inversiones (Ciadi), organismo dependiente del Banco Mundial, ha fallado en favor de Antin Infrastructure Services Luxemburg y Antin Energia Termosolar BV (Antin) y ha condenado al Estado español (España) al pago de una indemnización de 112 millones de euros, más un interés mensual compuesto del 2,07%.

June 27, 2018
Brattle Client Antin Receives 112 Million EUR Arbitration Award

Brattle Client Antin Infrastructure Services Luxemburg (Antin) was recently awarded 112 million EUR by the International Centre for Settlement of Investment Disputes (ICSID) in their arbitration proceeding against the Kingdom of Spain (Spain) for the removal of economic incentives in Spain’s renewable energy products.

June 21, 2018
Brattle Client Masdar Awarded 64.5 Million EUR in Arbitration Award

A tribunal for the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) recently ruled that The Kingdom of Spain (Spain) must pay Masdar, Abu Dhabi’s leading clean energy company, 64.5 Million EUR plus interest for loss of earnings caused by the country’s policy changes.