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Dr. Hesmondhalgh has worked as a consultant in the energy sector for more than 20 years, predominantly in the electricity and gas sectors.

Her expertise includes litigation and arbitration, commercial damages, competition cases, asset valuation, the design of trading arrangements, and price controls.

In recent years she has provided expert testimony for more than ten gas contract arbitrations, primarily in northwest Europe, as well as in relation to billing system problems, electricity contracting restrictions and warranty violations for a power station. Many of these projects involved detailed modeling of electricity or gas markets.

Dr. Hesmondhalgh has also worked extensively with EU energy regulators, particularly in Great Britain, on competition and regulation issues. She has been involved with many of the investigations into potential electricity market abuse undertaken by the GB regulator. In addition, she has provided advice on the redesign of trading arrangements (GB, the Netherlands, Belgium), transmission network access (GB, Greece), market monitoring, quality of supply obligations (GB, Germany, Australia), and price controls and incentives (GB, Germany, Australia).

Dr. Hesmondhalgh’s modeling skills have also been used to develop a range of tools for asset valuation including electricity dispatch modeling, power plant asset valuation, price control revenue assessments, interconnector trading arrangement impacts, and pan-European gas flows.

Representative Engagements
Power station warranty damages
On behalf of a major international energy company, managed a project calculating the damages associated with the failure of a GB power plant to perform in accordance with the warranties provided at the time of its purchase.
Assisted Ofgem in developing long-term system operator (SO) incentives from 2013
Part of the Ofgem team working on the long-term SO incentives for electricity transmission to align the current schemes with the TO price control (RIIO T1), including reviewing NGET’s proposals.
Analysis of gas contract flexibility
On behalf of an international oil and gas company, valued the flexibility included in a gas supply contract in comparison with the flexibility in typical German import contracts.
German gas market study
On behalf of a major international energy company, directed a study of the gas market in Germany for use in potential price review arbitrations.
Supply contract margins
For a European energy company, calculated the margin the company could have expected to earn on its supply contracts. As well as providing analysis on contract margins, provided advice on the relevance of German import prices to the obtainable value.
Acted as an independent expert in a planning enquiry relating to the construction of a new gas storage facility in Cheshire. Explored the extent to which forward gas prices signaled a need for new gas storage facilities and whether potential developments in the electricity market could increase the need for storage
Acted as an independent expert in a UK High Court claim for damages in relation to billing problems following the implementation of a new electricity billing system for a major UK utility. Analysed the level and duration of billing problems that could be attributed to the new system
Acted as an independent expert in a UK High Court claim for misrepresentation and breach of contract concerning an allegation that the client’s refusal to allow a third party to sell back electricity or terminate its contract caused damages
Acted as an expert witness for a gas purchaser in eastern Europe in relation to a gas contract arbitration and four subsequent price reviews. Provided evidence covering the value of gas in the target market, and an analysis of the margins earned by the gas purchaser. The findings of the Arbitral Tribunal effectively confirmed all her analyses
Expert witness for a gas purchaser in northwest Europe in relation to five gas contract arbitrations. Provided evidence covering a wide range of issues, including:
  • the value of gas in the target market, including detailed analysis of contracts/tariffs available in the domestic, commercial and industrial segments;
  • an analysis of how the impact of gas-to-gas competition had developed over time, including an explanation of the effects of regulatory, legal and structural changes; and
  • a comparison of the contract under review with comparable contracts

International Experiences in Retail Electricity Markets: Consumer Issues
June 2018
Prepared for The Australian Competition and Consumer Commission (ACCC)

The Brattle Group was commissioned to write a paper on retail electric markets for the Australian Competition & Consumer Commission (ACCC).

Inactive Customers and Unilateral Market Power: The CMA’s Energy Market Investigation
July 2016
Published by The Brattle Group, Inc.
Understanding the UK’s Potential for Demand Response
December 12, 2015
Published in Utility Week
A Trip to RIIO in Your Future?
October 2013
Published in Public Utilities Fortnightly
A Visit to RIIO in Your Future? Great Britain’s Latest Innovation in Grid Regulation
June 2013
Published by The Brattle Group, Ltd.
Approaches to Setting Electric Distribution Reliability Standards and Outcomes
January 2012
Published by The Brattle Group, Inc.
Easing the Transition from Oil-Indexation
August 03, 2011
Published in Petroleum Economist
An Economic Analysis of the Remit Proposals
June 2011
Presented at The 16th European Gas Conference in Oslo, Norway
BSC Modification 229: Potential interactions with options for changes to transmission charging
May 23, 2011
Prepared for Ofgem
Resource Adequacy and Renewable Energy in Competitive Wholesale Electricity Markets
September 23, 2010
Presented at the 8th Annual British Institute of Economics Academic Conference
A Review of LE/Ventyx's Cost-Benefit Analysis of Modification, P229, Lot 1 Report
September 2010
Published by The Brattle Group, Ltd
A Review of LE/Ventyx's Cost-Benefit Analysis of Modification, P229, Lot 3 Additional Analysis
September 2010
Published by The Brattle Group, Ltd
Alternative Trading Arrangements for Intermittent Renewable Power: A Centralised Renewables Market and Other Concepts
April 2010
Published by The Brattle Group, Ltd
Oil Indexation & Gas Prices: Is Current Pricing For Gas Sustainable?
March 2010
Presented at the Flame 2010 Conference, Amsterdam, the Netherlands
How Do You Value Storage in Emerging Gas Markets?
December 2009
Presented at the Sparks and Flames Conference, Rotterdam, the Netherlands
Liquidity in wholesale electricity markets
August 2009
Presented at Ofgem Seminar, London, United Kingdom
EU Climate and Energy Policy to 2030 and the Implications for Carbon Capture and Storage: A Report for ALSTOM Power Systems
March 2009
Published by The Brattle Group, Inc.
Critique of the Industry Codes Governance Arrangements
June 2008
Serena Hesmondhalgh, Boaz Moselle, and Toby Brown
Prepared for Ofgem
How Open are Europe’s Energy Markets?
April 2008
Presented at 13. IIR-Jahrestkongress für die Energiewirtschaft, Austria
News & Events
July 12, 2018
Brattle Experts' Report on Retail Electricity Market Design Used by ACCC in Electricity Pricing Report

The Brattle Group was recently commissioned to write a paper on retail electric markets for the Australian Competition & Consumer Commission (ACCC). Brattle’s report discussed policy options for protecting customers and promoting retail competition that have been successfully implemented by other jurisdictions around the world.

June 26, 2018
Serena Hesmondhalgh to Speak at Summer School on Regulation of Energy Utilities

Brattle Principal Serena Hesmondhalgh will present at the Summer School on Regulation of Energy Utilities taking place in Florence, Italy, June 25-29, 2018.

March 12, 2018
Brattle Client Naftogaz Awarded $2.56 Billion in Arbitration Victory Against Gazprom

The Arbitration Institute of the Stockholm Chamber of Commerce ruled that Russia’s Gazprom must pay Ukraine’s Naftogaz $2.56 billion, ending two commercial arbitrations that have lasted nearly four years.

January 09, 2018
Brattle Client Naftogaz Successful in Securing Set-Aside of Take-or-Pay Claims in Arbitration over Gazprom Contract

The Brattle Group’s client Naftogaz, the national oil and gas company of Ukraine, was successful in securing the set-aside of take-or-pay claims in the arbitration over their gas supply contact with Russia’s Gazprom.

July 06, 2017
Serena Hesmondhalgh Presents at C5’s European Congress on Long Term Gas Supply Contracts

Brattle Principal Serena Hesmondhalgh will present at C5’s 7th European Congress on Successfully Negotiating & Renegotiating Long Term Gas Supply Contracts, taking place July 6-7, 2017 in Berlin, Germany.

July 15, 2016
Article by Pinar Bagci and Serena Hesmondhalgh Examines Key Findings of the UK’s CMA Energy Market Investigation

In a new Brattle article, Pinar Bagci and Serena Hesmondhalgh and examine the key findings of the energy market investigation and comment on the possible effects of the CMA’s decision to implement a transitional price cap for prepayment meter (PPM) customers, impacting nearly four million households.

March 09, 2016
Serena Hesmondhalgh Presents on Gas Contract Arbitrations at LCILP Conference

Brattle Principal Serena Hesmondhalgh recently presented on gas contract arbitrations at the London Centre of International Law Practice’s 1st Annual Conference on Energy Arbitration & Dispute Resolution in the Middle East & Africa, which took place March 7-9, 2016 in London.