Mr. Mudge is an expert in corporate and project finance matters in the energy industry.
He has advised energy clients on issues relating to corporate restructuring, contract terminations or amendments, special capital needs, and acquisitions and divestitures. He also has experience in analyzing contractual, regulatory, financing, and tax matters, and projecting effects on cash flows, earnings, and customer rates.
Mr. Mudge served as Brattle’s COO and Treasurer from 2014 to March 2017. Prior to joining the firm, he was a principal at CRA International, where he focused on financial restructuring initiatives for electric utility clients and consulted on matters involving rate design, asset valuation, and project finance structuring and credit requirements. He has provided expert testimony in proceedings before federal and state courts, utility regulators in the U.S. and Canada, and state environmental regulators, as well as in connection with mediation and arbitration proceedings.
As a former investment and commercial banker at Rothschild, ABN AMRO, and Sanwa Bank, he played a central role in developing financeable contract structures for large public and private infrastructure projects, utility mergers and acquisitions, bankruptcy restructuring, and numerous power project financings. He has also served on the advisory board of a start-up venture focused on the acquisition, development, and operation of renewable fuel generation projects and has served as a guest expert for courses on project finance at Georgetown Law School.
For an offshore investor in U.S. power markets, provided periodic reviews of capacity, ancillary service, and energy market conditions in diverse regions of the United States to support acquisition and financing due diligence.
Conducted a solicitation process in connection with a share in the Prairie State Energy Campus coal plant held by the City of Batavia Illinois. The City’s goal was to transfer the risks and benefits associated with their share to minimize risk exposure and maximize present value. Assessed credit characteristics and pricing features associated with multiple bids.
Analyzed and submitted written testimony in connection with the Competitive Process for Critical Transmission Infrastructure in Alberta, Canada. Constructed an illustrative financial model to show unintended consequences of the original RFP design that could have led to high-cost bid selection. The Alberta Electric System Operator accepted this analysis and revised the RFP rules.
Regulatory Commission of Alaska, In the Matter of the Tariff Revisions, Designated as TA357-121, filed by the Municipality of Anchorage d/b/a Municipal Light and Power Department. Direct testimony on behalf of Anchorage Municipal Light & Power (“ML&P”), supporting a rate stabilization plan to reallocate the recovery of investment that increased net plant by more than 70%. The plan included design of a regulatory asset for recovery over a 35-year period.
December 30, 2016
Commonwealth of Massachusetts Department of Public Utilities, Case D.P.U. 15-157. Direct testimony on behalf of the Massachusetts Water Resources Authority (“MWRA”) in response to the Petition and associated filings of NSTAR in Massachusetts Department of Public Utilities (“D.P.U.”) 15-157 with respect to appropriate project financing for dedicated electricity delivery facilities for MWRA’s Deer Island water treatment facility and NSTAR’s proposed tariff.
February 9, 2016
Missouri Public Service Commission, Case No. ER-2014-0258. Rebuttal testimony on behalf of Ameren Missouri in the matter of Noranda Aluminum, Inc.’s request for revisions to Ameren Missouri’s Large Transmission Service Tariff to decrease its rate for electric service (as part of a general Ameren rate case). Analysis addressing Noranda’s claim of imminent liquidity crisis, potential alternative capital sourcing, and Noranda’s competitive position in U.S. aluminum industry.
January 15, 2015
International Centre for Settlement of Investment Disputes, Case No. ARB/13/18 (Enel Green Power S.p.A. (“Enel”) v. Republic of El Salvador). Expert report assessing the contingent value of Enel’s ownership stake in LaGeo S.A. de C.V. (“LaGeo”), a geothermal development and operating company with a portfolio of assets in El Salvador, associated with Enel’s rights under a shareholder agreement with the government of El Salvador.
December 5, 2014
Missouri Public Service Commission, Case No. EC-2014-0224. Rebuttal testimony on behalf of Ameren Missouri in the matter of Noranda Aluminum, Inc.’s request for revisions to Ameren Missouri’s Large Transmission Service Tariff to decrease its rate for electric service. Analysis addressing Noranda’s claim of imminent liquidity crisis, potential alternative capital sourcing, and Noranda’s competitive position in U.S. aluminum industry.
May 9, 2014
Federal Energy Regulatory Commission, Docket Nos. ER14-1050. Testimony responding to protests, comments and testimony submitted in ER14-1050 by the New England Power Pool Participants Committee (“NEPOOL”) and others suggesting that ISO-NE’s proposal to integrate stronger performance incentives—referred to as “Pay For Performance”—with the existing Forward Capacity Market would materially hinder debt and equity financing of new generation entering the ISO-NE market.
March 3, 2014
Michigan Public Service Commission, Case No. U-17429. Direct testimony in the matter of the application of Consumers Energy Company for approval of a Certificate of Necessity for the Thetford Generating Plant and for related accounting and ratemaking authorizations. Assessment of imputed debt impact and accompanying financial risks asserted by Consumers in connection with power purchase agreements.
October 29, 2013
Alberta Utilities Commission, Application No. 1607670, Proceeding ID 1449, Alberta Electric System Operator Competitive Process Application. Written testimony assessing AESO proposed evaluation methodology for the financing component of proponents’ RFP bids in connection with the Competitive Process for Critical Transmission Infrastructure (CTI)
June 1, 2012
N.A. General Partnership v. Commissioner, Expert Report, in connection with testimony before the United States Tax Court in the matter of
NA General Partnership & Subsidiaries, Iberdrola Renewables Holdings, Inc. & Subsidiaries, Successor in Interest to NA General Partnership & Subsidiaries, Docket 525-10
April 8, 2011
Assessment of Powerbank Transactions – Commercial Rationale and Consistency with Allocation of 2007 Sale Proceeds, Expert Report, in connection with the matter of Paul Bergeron, on behalf of
Ridgewood Electric Power Trust V and Ridgewood Power Growth Trust v. Ridgewood Renewable Power, LLC, C.A. No. 07-1205 BLS1
October 28, 2010
Kentucky Public Service Commission, Case No. 2007-00455 (2007) on behalf of Big Rivers Electric Corporation, regarding the Applications of Big Rivers Electric Corporation for: (I) Approval of Wholesale Tariff Additions for Big Rivers Electric Corporation, (II) Approval of Transactions, (III) Approval to Issue Evidences of Indebtedness, and (IV) Approval of Amendments to Contracts; and of E.ON U.S., LLC, Western Kentucky Energy Corp., and LG&E Energy Marketing, Inc., for Approval of Transactions
December 2007
Testimony before the Maine Board of Environmental Protection in the matter of
Downeast LNG, Inc. and Downeast Pipeline LLC LNG Terminal and Pipeline, Robbinston, Calais, Baring PLT, Baileyville, and Princeton, L-23432-26-A-N, L-23432-TG-B-N, and A-000960-71-A-N
June 2007
Testimony before American Arbitration Association Construction Industry Tribunal in the matter of the arbitration between
The Shaw Group/Stone & Webster, Inc. v. New Harquahala Generating Company, LLC, Case No. 16 110Y00 242 04
2005 and 2006