Mr. Michael Tolleth specializes in the financial analysis of energy markets, with a dual emphasis on the cost of capital and regulatory economics in the oil and natural gas industries.

His experience includes cost of service, rate design, market-based rates analysis, and damages calculation for oil and natural gas pipelines. He has assisted clients with issues related to competition and commercial damages in the downstream petroleum product marketing sector, and with financial analysis of upstream oil and gas production operations. Mr. Tolleth’s work involves financial modeling of energy assets for regulatory, valuation, and policy evaluation purposes, as well as application of asset pricing theory to energy derivatives markets. He also has extensive experience estimating the cost of capital for regulated companies in the utilities, pipeline, and railroad industries, as well as for valuation applications.

Mr. Tolleth has prior professional experience in the fields of STEM education and curriculum publishing that informs his ability to frame problems conceptually and explain complex analyses effectively to diverse audiences. He also completed a finance internship at Exelon Corporation, where he analyzed equity valuation methodologies for competitive integrated electric utility companies.

Mr. Tolleth earned an MBA with High Honors from The University of Chicago Booth School of Business. His degree concentrations were in finance, economics, and statistics and econometrics. He also holds a BS magna cum laude in Chemical Physics from the University of California at San Diego.

Practices
Education

The University of Chicago Booth School of Business, MBA (with concentrations in Finance, Economics, and Econometrics and Statistics)

University of California, San Diego, BS in Chemical Physics

Testimony

January 2017
Before the Federal Energy Regulatory Commission, sworn Affidavit on behalf of Airlines for America, the National Propane Gas Association, and Valero Marketing and Supply Company, Revisions to Indexing Policies and Page 700 of FERC Form No. 6, Docket No. RM17-1-000, January 2017.
September 2015
Before the Federal Energy Regulatory Commission, sworn Affidavit on behalf of Airlines for America, the National Propane Gas Association, and Valero Marketing and Supply Company, Petition for Rulemaking, Docket No. RM15-19-000, September 2015.