Skip to Main Content

Brattle is a market leader in providing economic and financial expertise related to regulatory, litigation, and arbitration matters for the natural gas and petroleum industries.

Our team works with global market participants, law firms, and regulatory agencies to solve complex economic issues related to every sector across the natural gas and petroleum landscape. We offer a unique combination of strong economic and finance expertise coupled with deep institutional knowledge of worldwide oil and gas markets and their regulation. Our strength lies in our ability to apply economic principles to complex issues that arise in oil and gas litigation, and communicate our analyses and opinions clearly and convincingly.

We provide economic and financial expert testimony in a number of areas, including commercial damages, ratemaking and regulation, antitrust, bankruptcy, and tax and royalties. In commercial litigation, clients frequently engage us to work on matters related to contract disputes, failed business transactions, fraudulent disclosure, market manipulation, and trade and treaty disputes. Our regulatory experience involves analyzing the reasonableness of rates charged by regulated entities and the competitiveness of all industry markets - exploration and production, midstream refining and processing, transportation and storage, and wholesale and end-use.

Our clients include natural gas and petroleum producers, pipeline and midstream companies, refiners, shippers, utilities, regulators, law firms, and governments in North and South America, Europe, Australia, and Asia. We have testified in federal and state courts, federal and state regulatory agencies, and in various international arbitration forums.

AREAS OF EXPERTISE

  • Commercial litigation and international arbitration
  • Market manipulation
  • Price reviews
  • Ratemaking and regulatory policy
  • Tax, royalty, and transfer pricing disputes

Engagements
REPRESENTATIVE ENGAGEMENTS

Below is a list of representative engagements for our Oil & Gas practice.

Financial Advisors in an Oil & Gas Bankruptcy

Brattle was retained as financial advisor to the indentured trustee for a group of second lien noteholders in the Chapter 11 bankruptcy proceedings of Chesapeake Energy Corp., in US Bankruptcy Court for the Southern District of Texas. Brattle evaluated Chesapeake’s reorganization value, as well as issues relating to the estimated recoveries under the Chesapeake Plan of Reorganization across various classes of stakeholders. Brattle also analyzed issues relating to whether the plan was in the “best interests” of the second lien creditors.

AAA/ICDR Arbitration Relating to the Profitability of an Oil Concession in Africa

Brattle supported an oil and gas accounting expert in determining the contractually defined net profits earned in an oil concession in Africa. Brattle reviewed 10+ years of joint venture general ledger records, samples of supporting documentation, and audited financial reports. After evaluating the validity and reliability of the general ledgers based on supporting documentation, we worked with the accounting expert to calculate the cash-basis profits earned by the concession. Brattle also supported the testifying expert in rebutting certain flawed accounting methodologies employed by the opposing party’s expert.

LNG Price Reviews in Asia

Brattle experts have advised on several LNG price reviews in Asia, and provided expert testimony in LNG price review arbitrations in the region. For example, Brattle provided expert testimony at the request of a consortium of LNG sellers in a UNCITRAL Arbitration relating to the appropriate price for LNG cargoes sold and amounts due to sellers pursuant to the price review provisions of an LNG sale and purchase agreement. In making this assessment, Brattle experts reviewed various LNG agreements governing sales into the relevant market and compared their price and non-price provisions to those of the contract at issue. The arbitration panel ruled favorably on behalf of the sellers. 

Breach of Natural Gas Processing Contract – Commercial Litigation in Harris County, TX

In Plains Gas Solutions, LLC v. Columbia Gulf Transmission Company, Brattle was engaged as testifying experts for the defendant to evaluate breach of contract claims arising from a natural gas processing contract. We analyzed the impact that significant new shale gas production from the Marcellus Basin had on regional natural gas prices, natural gas pipeline operations, and changing regional natural gas flows. Brattle experts also developed a detailed economic model of natural gas processing in order to value any potential lost profits or reliance damages associated with the natural gas stream delivered under the contract. We also rebutted certain valuation assumptions and techniques put forward by plaintiff’s experts.

Analyzing the Financial Circumstances of a Midstream MLP Merger

In a Delaware Chancery Court investor class action suit, Brattle was retained by the plaintiffs to analyze the circumstances and impacts of a merger between two midstream oil and gas companies that were organized as Master Limited Partnerships (MLPs) and were controlled by the same General Partner (GP). Relying on extensive expertise regarding the MLP business structure, Brattle performed financial analyses to demonstrate that the common GP entity was the principal beneficiary of the merger, garnering billions of dollars in increased annual distributions – including hundreds of millions of dollars diverted from the unitholders of the acquired entity. A Brattle principal provided expert analysis of the economic prospects of the acquisition target, testifying that its contractual arrangements and commercial position providing gathering and processing services in the most prolific US natural gas producing basins—coupled with a stable balance sheet and credit profile—made it a solid and stable going concern, despite a downturn in commodity prices. The Brattle witness’s expert report and trial testimony were central to demonstrating that an increase in General Partner cash distributions – at the expense of cash distributions to legacy Regency limited partner unitholders – was the primary incentive for, and consequence of, the merger.

Damages Claim for Increased Gas Supply Cost

In a Louisiana State Court matter, Brattle worked as experts for defendant Texas Brine Company to examine and testify to the effects a sinkhole and subsequent pipeline outages had on the natural gas purchase decisions of certain Louisiana pipeline companies. Brattle evaluated the natural gas trades and contracts before, during, and after the pipeline outages to evaluate changes in supply sources, purchase costs, sales volumes, and sale prices. We provided analysis and testimony rebutting plaintiffs’ claims of increased natural gas supply costs. Following Brattle’s rebuttal testimony and prior to trial, plaintiff waived their damage claim related to alleged increased gas supply costs.

Trespass/Right of Way Dispute

In a natural gas pipeline trespass dispute, Brattle submitted an expert report on behalf of a major natural gas pipeline in the south-central U.S., responding to an opposing expert’s theory and estimates of profit disgorgement as a measure of damages. We explained how the opposing expert’s disgorgement calculations did not reflect the incremental profits from the alleged trespass, and served to overstate the benefits of the alleged trespass. We also provided a more reasonable approach to damages that estimated how the pipeline could have actually benefited from the alleged trespass by delaying an investment to relocate the segment of the pipeline in question.

Value of Natural Gas Storage

Brattle submitted expert reports in a condemnation action in which we responded to an opposing expert’s valuation of a natural gas storage facility in Louisiana. We explained how the market for natural gas storage had declined prior to the condemnation, and that the opposing expert’s valuation was based on speculative assumptions regarding forecasted market prices and demand for storage services. Our experts performed sensitivities to the opposing expert’s discounted cash flow model to demonstrate how the valuation changed under more reasonable market price and contracting level assumptions. We also explained several flaws in the opposing expert’s examination of “comparable” storage transactions as a valuation method for the facility.

Oil Pipeline Discrimination

In BP Products North America Inc. v. Sunoco Pipeline L.P., we quantified the damages to BP as a result of the discriminatory conduct of Sunoco Pipeline that reduced BP’s allocation of pipeline capacity and required BP to purchase more expensive crude oil on alternative pipeline routes.

NAESB Natural Gas Supply Contract Pricing

In a dispute involving a Marcellus-area, long-term North American Energy Standards Board (NAESB) natural gas supply contract (Antero Resources Corporation v. South Jersey Resources Group LLC and South Jersey Gas Company), Brattle evaluated whether a Market Disruption Event had occurred. We reviewed the contract’s specific criteria for such an Event and analyzed the contemporaneous evidence regarding the underlying transaction composition of published natural gas price indices. Brattle also examined natural gas market conditions in the Marcellus area and the contracting parties’ pipeline transportation arrangements. Based on analysis of the evidence, Brattle concluded that a Market Disruption Event had not occurred and that the plaintiff was entitled to damages as a result of short-paying by the defendant.

Termination of a Natural Gas Pipeline Transportation Contract

In Rockies Express Pipeline LLC v. Department of the Interior, we submitted an expert report on behalf of the defendant that estimated the damages to Rockies Express Pipeline resulting from the termination of a long-term pipeline transportation contract by the US Department of the Interior (Minerals Management Service). We analyzed the revenues the pipeline would have received from the shipper had the contract not been terminated, as well as the opportunities the pipeline had to mitigate by re-selling the pipeline capacity to other shippers. We also recommended appropriate discount rates to use for future damages given the risk associated with the future cash flows under the contract.

Violation of a Pipeline Transportation Agreement

On behalf of several shippers on a refined products pipeline, we quantified damages in CHS Inc., et al. v. Enterprise TE Products Pipeline Company, LLC resulting from the pipeline’s cancellation of service. The loss of service resulted in increased replacement costs for some shippers and lost sales for others. Both types of damages were calculated while taking into consideration the circumstances of the individual shippers.

Oil Pipeline Lease

In a dispute between the owners of an oil pipeline in Texas, we submitted an expert report on behalf of the plaintiff in Chevron Pipe Line Company v. Sunoco Pipeline, L.P., which calculated the damages that resulted from the majority owner of the pipeline entering into a pipeline lease with a subsidiary at a below-market lease price. Our report analyzed the demand for oil pipeline transportation services in Texas and the prices obtained for oil pipeline transportation service on new oil pipeline projects serving the Gulf Coast market. This analysis informed our opinion of a fair lease rate that could have been achieved by an independent owner of the pipeline.

Pipeline Cost of Service and Ratemaking

We have extensive experience with pipeline cost of service and ratemaking matters. In the context of rate proceedings, Brattle consultants have performed and evaluated cost of service and rate design studies concerning the transportation rates of both natural gas pipelines—including El Paso Natural Gas, Southern Natural Gas, Tennessee Gas Pipeline, TransCanada Pipeline, Florida Gas Transmission, Iroquois Gas Transmission, SoCalGas, Pacific Gas & Electric, British Gas, and Texas Eastern Transmission—and oil pipelines, including Enbridge’s Mainline, Colonial Pipeline, Seaway Pipeline, SFPP, Buckeye, Enterprise TEPPCO, and Mid-America Pipeline.

In pipeline rate cases, Brattle experts have provided testimony regarding rate base derivation, capital structure and allowed return, operations and maintenance expense levels (including corporate overhead cost), and test period billing determinants. We have also analyzed and testified on issues including cost allocation (e.g., between non-jurisdictional and non-jurisdictional services and among distinct regulated pipeline systems), amortization of deferred costs (such as deferred taxes and decommissioning costs), recovery of product loss costs, expense versus capitalization decisions, and changes in economic circumstances underlying oil pipeline rates treated as “grandfathered” pursuant to the Energy Policy Act of 1992. The outcomes of these cases has resulted in billions of dollars of value to firms on whose behalf Brattle experts provided testimony.

Market-Based Rates for Oil and Natural Gas Pipelines

Brattle consultants have presented testimony before the US Federal Energy Regulatory Commission (FERC) and Canadian Energy Regulator (CER) analyzing the market power held by oil and natural gas pipelines in the context of applications for market-based rates or whether negotiated rates should be approved. Our analysis focuses on the competitiveness of alternatives to the pipeline and the ability of the pipeline to increase rates above a competitive level. This analysis focuses on the competitiveness of origin as well as destination geographic markets.

Regulatory Policy for Oil Pipelines

In proceedings before the US Federal Energy Regulatory Commission (FERC), Brattle consultants have performed analysis and presented evidence regarding policy issues related to the regulation of oil pipelines. In the context of FERC’s Five-Year Reviews of the Oil Pipeline Index in 2010, 2015, and 2020, we analyzed cost and operational data for FERC-jurisdictional pipelines to support the Commission’s determination of the “index differential” used to set the annual rate index. Brattle experts also recommended certain methodological improvements, which FERC adopted, resulting in more accurate measurements of industry-wide cost change being used to set the index. Brattle experts have also submitted reports and affidavits on the appropriate standard for evaluating shipper challenges to index-based rate increases, as well as regarding appropriate cost-of-service reporting requirements to permit FERC to evaluate pipeline rates.

We have also analyzed and opined on issues pertaining to the treatment of income tax costs in FERC’s cost-of-service methodology for oil pipelines. In particular, Brattle experts provided extensive testimony demonstrating that the provision of an income tax allowance (ITA) results in the double recovery of investor income tax costs included in the cost of service for pipelines owned by tax pass-through entities such as Master Limited Partnerships (MLPs). This testimony resulted in Federal Appeals Court and FERC decisions that eliminated this double-recovery by ceasing to grant ITAs to MLP-owned pipelines. Brattle experts have also offered testimony on the appropriate treatment of Accumulated Deferred Income Taxes (ADIT) associated with a disallowance of an ITA for MLP-owned pipelines.

Regulatory Evaluation of New Natural Gas Infrastructure

Brattle experts have substantial experience evaluating the economics of new natural gas infrastructure in a regulatory setting. For example, Brattle experts testified before the Maine Public Utilities Commission evaluating proposed contracts for new LNG storage facilities in Maine. Our testimony highlighted the substantial risk to ratepayers associated with the LNG storage contract proposals and recommended that the Commission reject the proposals. In another proceeding, a Brattle expert submitted affidavits to the US Federal Energy Regulatory Commission regarding a new pipeline proposed in the US Midwest. The expert found that the proposed pipeline had not passed a “market test” that demonstrated its need, but instead relied on a subsidy from its affiliate’s captive retail ratepayers by shifting the vast majority of project risks to them.

Analysis of Actual Pipeline Expenditures

In the context of a regulatory investigation into the San Bruno pipeline incident, Brattle prepared an analysis of 12 years of actual spending on operating expenses and capital expenditures by Pacific Gas & Electric Company’s natural gas transmission and storage business relative to the levels of spending authorized in its approved revenue requirements. In our analysis, we found that the business’ actual expenditures equaled or exceeded the amounts contained in authorized revenue requirements for the periods at issue. Our report also explained the key methodological differences between our results and the results of an audit prepared for regulatory staff as well as the deficiencies in that audit. Brattle provided testimony on its analysis in the regulatory proceeding before the California Public Utilities Commission.

Testimony Related to Pipeline and Local Distribution Company Business Risk and Cost of Capital

Brattle has sponsored testimony on behalf of interstate pipelines and local distribution companies evaluating business risk, in the context of U.S. and Canadian regulatory rate and toll-setting proceedings to determine the cost of capital and allowed rates of return. Our testimony has analyzed the competitive and regulatory environment in which the companies operate and how this environment impacts the companies’ market position and business risk.

Natural Gas Market Manipulation

On behalf of the Enforcement Litigation Staff of the US Federal Energy Regulatory Commission (FERC), we investigated the activities of a natural gas trading company over a two-year period and determined that the company manipulated the price of natural gas at a specific location through its trading patterns on the Intercontinental Exchange (ICE) trading platform. The results of our investigation were included in a report to FERC.

Experts
Brattle Experts & Consultants
Academic Advisors & Other Outside Experts
Richard B. Mancke
Academic Advisor
Leipzig Graduate School of Management
View Bio
Robert J. Weiner
Academic Advisor
The George Washington University
View Bio
Publications
Book
Damages in Oil and Gas and Mining Arbitrations
February 2021
Chapter from Global Arbitration Review's "The Guide to Damages in International Arbitration" (Fourth Edition)
Report
Financial Information Disclosed by Gas Pipelines in Australia: Under Part 23 of the National Gas Rules
October 2019
Presentation
Demand Response for Natural Gas Distribution
June 29, 2018
Presented at the Center for Research in Regulated Industries (CRRI) 31st Annual Western Conference
Presentation
Incentivizing the Adoption of Gas-Fueled Emerging Technologies with Pricing Tools
June 25, 2018
Léa Grausz and Ahmad Faruqui
Presented at the 27th World Gas Conference
Presentation
Demand Response for Natural Gas Distribution: Opportunities and Challenges
June 2018
Published by The Brattle Group, Inc.

The study evaluates both the potential benefits of and challenges hindering natural gas demand response (DR).

Publication
Natural Gas & Petroleum Commercial Damages
January 2018
Published by The Brattle Group, Inc.
Report
Performance Based Regulation Plans: Goals, Incentives and Alignment
December 6, 2017
William P. Zarakas, Toby Brown, Léa Grausz, Heidi Bishop, and Henna Trewn
Presentation
Summary of the FERC White Papers on Compliance and Enforcement
January 26, 2017
Presented at the Electric Utility Consultants, Inc. (EUCI) conference, “Financial Transmission Rights (FTRs/CRRs/TCRs)”
Report
Border Adjustment Import Taxation: Impact on the U.S. Crude Oil and Petroleum Product Markets
December 16, 2016

The whitepaper finds that the U.S. House of Representatives’ Tax Reform Task Force Blueprint (the Blueprint) would lead to an increase in the domestic price of crude oil.

Report
Benefits and Costs of Integration in Transmission/Transportation Networks: An Application to Eastern Australia Gas Markets
August 01, 2016
Prepared for APA Group

The report authored by Brattle economists on behalf of APA Group reviews integration in APA’s pipeline operations in Eastern Australia since the acquisition of Epic Energy in December 2012, and identifies the economic costs and benefits associated with integration.

Report
Presentation
Valuation Controversies in Oil and Gas Bankruptcies
June 02, 2016
Published by The Brattle Group, Inc.
Report
LNG and Renewable Power: Risk and Opportunity in a Changing World
January 15, 2016
Published by The Brattle Group, Inc.
Presentation
The Global Context for Alaskan LNG
December 07, 2015
Presented to LSI Energy in Alaska Conference
Report
Is inexpensive natural gas hindering the grid energy storage industry?
October 05, 2015
Roger Lueken and Eric Hittinger
Published in Energy Policy
Report
Understanding Natural Gas Markets
September 2014
Published by the American Petroleum Institute
Report
Understanding Crude Oil and Product Markets
September 2014
Published by the American Petroleum Institute
Report
Exploring Natural Gas and Renewables in ERCOT, Part III: The Role of Demand Response, Energy Efficiency, and Combined Heat & Power
May 29, 2014
Ira H. Shavel, Peter S. Fox-Penner, Ryan Hledik, Pablo Ruiz, Yingxia Yang, Jürgen Weiss, and Rebecca Carroll
Prepared for the Texas Clean Energy Coalition (TCEC)
Report
Wholesale Gas Price for AGL’s VPA Proposal for 2014–16 (public version)
February 2014
Prepared for AGL Energy
Article
Pipeline Regulatory Issues Arising From Oil and Natural Gas Production Growth in North America
February 2014
Published in Energy Law Advisor
Report
Exploring Natural Gas and Renewables in ERCOT Part II: Future Generation Scenarios for Texas
December 10, 2013
Ira H. Shavel, Jürgen Weiss, Peter S. Fox-Penner, Pablo Ruiz, Yingxia Yang, Jake Zahniser-Word, and Rebecca Carroll
Prepared for The Texas Clean Energy Coalition
Presentation
Paying for Pipelines
September 09, 2013
Presented at Law Seminars International’s (LSI) Energy in the Northeast Conference
Report
International Experience In Pipeline Capacity Trading
August 05, 2013
Dan Harris, Toby Brown, and Alessandro Massolo
Prepared for the Australian Energy Market Operator
Report
Gas market integration via implicit allocation: Feasibility from the North-West European gas market perspective
April 23, 2012
Prepared for NMa
Article
A Comparison of Anti-Manipulation Rules in U.S. and EU Electricity and Natural Gas Markets: A Proposal for a Common Standard
April 2012
Published in Energy Law Journal
Article
Who Pays, Who Benefits, and Adequate Investment in Natural Gas Infrastructure
2007
Published in Energy Law Journal
Report
Competition in Gas Pipeline Markets: International Precedent for Regulatory Coverage Decisions
June 2000
Paul R. Carpenter and Judy Chang
Prepared for the National Competition Council of Australia
News & Knowledge
May 11, 2021
The Future of FERC's Regulation of Oil Pipeline Market Power: Dr. Daniel Arthur to Discuss at EBA's Annual Meeting and Conference

Brattle Principal Dr. Daniel Arthur will discuss the regulation of oil pipeline market power at the 2021 Annual Meeting and Conference of the Energy Bar Association (EBA), which will take place virtually May 11–12.

June 18, 2020
Who's Who Legal Recognizes Brattle Economists as Leading Consulting Experts for their Work in Energy

Who’s Who Legal has recognized six Brattle economists as leading economic consulting experts in their WWL Energy 2020 list: Dr. Ahmad Faruqui, Dr. José Antonio García, Dan Harris, Carlos Lapuerta, Dr. Pedro Marín, and Dr. Kathleen Spees.

May 05, 2020
Brattle Publication Explores Disputes Connected to Hub-Indexed Gas Contracts in Europe

Brattle Principals Carlos Lapuerta, Dan Harris, and former Senior Associate Valentina Bonetti explore disputes connected to hub-indexed gas contracts in Europe in the new book, Gas and LNG Price Arbitrations: A Practice Handbook, Second Edition, edited by James Freeman and Mark Levy QC.

June 25, 2018
Léa Grausz to Present at World Gas Conference

Brattle Associate Léa Grausz will speak at the 27th Annual World Gas Conference, to be held June 25-29, 2018 in Washington, D.C.

June 06, 2018
Brattle Analysis: Natural Gas Demand Response Could Alleviate Peak Supply Constraints

A study released today by Brattle economists evaluates both the potential benefits of and challenges hindering natural gas demand response (DR).

April 05, 2018
Daniel Arthur to Participate in EBA Panel on Emerging Issues in Oil Pipeline Regulation

Brattle Principal Daniel Arthur will participate in the Energy Bar Association (EBA) Energizer, “Emerging Topics in Oil Pipeline Regulation,” taking place April 5, 2018 in Houston, TX and Washington, DC.

March 20, 2018
FERC's Revised Policy Statement Eliminating Income Tax Allowances for Master Limited Partnership Pipelines Consistent with Brattle Economists' Report

Consistent with the economic and financial analysis provided by Brattle economists in the FERC's NOI on behalf of the United Airlines Petitioners and Aligned Shippers, FERC eliminated the income tax allowance for MLP pipelines noting that “an impermissible double recovery results from granting an MLP pipeline both an income tax allowance and a DCF ROE.”

February 13, 2018
Sam Newell to Present at National Association of Regulatory Utility Commissioners' Winter Policy Summit

Brattle Principal Sam Newell will present at the National Association of Regulatory Utility Commissioners’ (NARUC) Winter Policy Summit, taking place February 11-14, 2018 in Washington, DC.

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.

December 07, 2017
Matthew O'Loughlin to Present at the Institute for Energy Law's Midstream Oil & Gas Law Conference

Brattle Principal Matthew O’Loughlin will present at the Institute for Energy Law’s (IEL) 5th Midstream Oil & Gas Law Conference, taking place on December 7, 2017 in Houston, TX.

November 30, 2017
Brattle Economists Contribute to DC Circuit Court Ruling Regarding Oil Pipeline Index Rate Formula

The DC Circuit Court of Appeals (Court) recently denied a petition for review of the Federal Energy Regulatory Commission’s (FERC) methodology for determining the oil pipeline index rate formula for 2016 to 2021.

July 20, 2017
Brattle to Host ABA Market Manipulation Teleconference

The Brattle Group will host the upcoming American Bar Association (ABA) teleconference, “Market Manipulation: When Is It An Antitrust Issue?,” taking place on Thursday, July 20, 2017 from 12:00 – 1:00 PM EST.

July 18, 2017
Matthew O’Loughlin to Discuss Oil and Gas Bankruptcies for Knowledge Group

Brattle Principal Matthew O’Loughlin will present during The Knowledge Group’s webinar, “Legal Issues, Ramifications and Strategic Approaches in Oil and Gas E&P Bankruptcies and Restructurings,” taking place July 18, 2017 from 12-2 pm EST.

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.

June 16, 2017
Brattle Congratulates Client Naftogaz on Set-Aside of Take-or-Pay Claims in Arbitration over Gazprom Contract

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

June 05, 2017
Brattle Consultants Contribute to Favorable Initial Decision for BP Products North America Inc. on Discrimination Claims Against Sunoco Pipeline

An initial decision by the FERC, finding that Sunoco Pipeline L.P. discriminated against BP Products North America Inc., relied extensively on testimony and evidence submitted by Brattle Principal Steve Levine.

February 15, 2017
Ahmad Faruqui to Present at Association of Energy Services Professionals’ National Conference

Brattle Principal Ahmad Faruqui will present at the Association of Energy Services Professionals’ (AESP) National Conference 2017, taking place February 13-16, 2017 in Orlando, FL.

January 26, 2017
Shaun Ledgerwood to Present at EUCI Conference on Financial Transmission Rights

Brattle Principal Shaun Ledgerwood will present at the Electric Utility Consultants, Inc. (EUCI) conference, “Financial Transmission Rights (FTRs/CRRs/TCRs),” taking place January 25-26, 2017 in Washington, DC.

December 16, 2016
Tax Reform Task Force Blueprint Could Lead to Increase in Domestic Retail Prices of Gasoline and Diesel Fuel, According to Brattle Whitepaper

A whitepaper released today by leading energy and commodities expert Philip Verleger and economists at The Brattle Group finds that the U.S. House of Representatives’ Tax Reform Task Force Blueprint (the Blueprint) would lead to an increase in the domestic price of crude oil.

November 14, 2016
Elaine Buckberg to Present at OECD’s 54th Session of the Public Governance Committee

Brattle Principal Elaine Buckberg will present at the upcoming Organization for Economic Co-operation and Development’s (OECD) 54th Session of the Public Governance Committee (PGC) Symposium, taking place November 14, 2016 in Paris, France.

November 11, 2016
Marketing and Statistics Expert Greg Allenby Affiliates with The Brattle Group

The Brattle Group is pleased to announce that Greg Allenby has joined the firm’s growing network of internationally renowned experts as an academic advisor.

September 06, 2016
Economists Help Secure Favorable Outcome for Alaskan Refiners in Appellate Court Decision on Trans Alaska Pipeline Dispute

Oil expert Dr. Philip Verleger, working with Brattle Principal Darrell Chodorow, helped to obtain a favorable outcome for Alaskan refiners in an August 30, 2016 decision handed down by the United States Court of Appeals for the District of Columbia Circuit.

August 23, 2016
Report by Brattle Economists Quantifies Economic Benefits Associated with Natural Gas Pipeline Integration

A new report authored by Brattle economists on behalf of APA Group reviews integration in APA’s pipeline operations in Eastern Australia since the acquisition of Epic Energy in December 2012, and identifies the economic costs and benefits associated with integration.

July 15, 2016
Report by Brattle Economists Examines EPA's Proposed 2017 Renewable Volume Obligations

Brattle economists have authored a report that analyzes the role that higher ethanol blends of gasoline (E85) could play in meeting the proposed 2017 renewable volume obligations (RVOs) under the Renewable Fuel Standards (RFS) program.

July 11, 2016
Damages Testimony by Brattle Principals Contributes to Favorable Outcome for U.S. Department of the Interior in Gas Pipeline Contract Dispute

Expert testimony by Principals Paul Carpenter and Steve Levine helped to secure a favorable outcome for the U.S. Department of the Interior in a contract dispute with Rockies Express Pipeline LLC.

July 06, 2016
Testimony of Brattle Principals Contributes to DC Circuit Court Ruling Limiting Income Tax Allowance for Partnership Pipelines

The DC Circuit Court of Appeals recently ruled that the Federal Energy Regulatory Commission’s (FERC) Income Tax Allowance (ITA) policy for partnership pipelines, when applied in tandem with its Discounted Cash Flow Rate of Return on Equity (DCF ROE) methodology, results in inequitable rates of return for partnership pipelines.

May 03, 2016
Law360 Article by Brattle Economists Examines Considerations When Implementing Oil and Gas Contract Termination Payments

Principals Richard Goldberg and James Read have authored an article published in Law360 that examines potential points of contention when implementing oil and gas contract termination payments, in light of the ongoing decline of energy commodity prices.

March 31, 2016
Jürgen Weiss Discusses Increasing Competition Between Renewables and LNG on Canada’s Business News Network

Brattle Principal Jürgen Weiss appeared on a March 30, 2016 segment of Canada’s Business News Network (BNN), where he discussed the increasing competition between renewable power and LNG-fueled gas-fired generation in global energy markets.

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.

January 15, 2016
Report by Brattle Economists Reveals Increasing Competition Between Renewable Power and LNG-Fueled Gas-Fired Generation in Global Energy Markets

A new report by economists at The Brattle Group finds that competition between renewable power and gas-fired generation using liquefied natural gas (LNG) from North America is increasing in overseas markets as a result of declining renewable power costs.

November 23, 2015
Peter Fox-Penner Authors Financial Times Letter to the Editor on Benefits of Utility-Scale Solar PV

Brattle principal Peter Fox-Penner has authored a letter to the editor published in the November 20, 2015 issue of the Financial Times that discusses the significant cost advantages of utility-scale solar PV technologies.

October 30, 2015
Pallavi Seth Appointed Vice-Chair of ABA’s International Trade Commission Committee

Senior associate Pallavi Seth has been appointed as Vice-Chair of the International Trade Commission (ITC) Committee in the American Bar Association’s (ABA) Section of Intellectual Property Law (ABA-IPL) for the upcoming 2015-2016 membership year.

October 15, 2015
Rand Ghayad Co-Authors a Book Chapter in Transforming U.S. Workforce Development Policies for the 21st Century

Brattle associate Rand Ghayad recently contributed a chapter on long-term unemployment (LTU) as part of the newly released book, Transforming U.S. Workforce Development Policies for the 21st Century.

September 17, 2015
Robert Mudge to Present on Finance in the Power Sector at the 2015 PJM Market Summit

Brattle principal Robert Mudge will present at the upcoming Infocast 2015 PJM Market Summit, taking place September 15-17, 2015 in Philadelphia, PA.

September 02, 2015
Brattle Report Cited in Utility Dive Article on Energy Storage in the Texas Market

A November 2014 Brattle report was recently featured in a Utility Dive article discussing the possibility of Texas market rules holding back utilities from deploying cost-effective energy storage.

August 25, 2015
The Brattle Group Recognized as One of the 10 Best Consulting Firms to Work For by the Vault

The Brattle Group has been recognized as one of the 10 best consulting firms to work for in the 2016 Vault Consulting 50. For the second consecutive year, Brattle ranked seventh overall, the highest among all economic consulting firms.

August 03, 2015
Brattle Economists Author Article in Tax Notes on Corporate Inversions

Brattle principals Michael Cragg and Evan Cohen, associate Jehan deFonseka, and research analyst Ryan Tholanikunnel recently authored the article, “Corporate Inversion Transactions: Valuation Considerations,” featured in the July edition of Tax Notes International.

July 21, 2015
The Brattle Group Opens a Toronto Office

The Brattle Group is pleased to announce that we have opened an office in Toronto, allowing us to respond quickly and effectively to the legal and business challenges facing our Canadian clients.

June 12, 2015
Pavitra Kumar Authors Article on Hedge Fund Characteristics and Performance Persistence

Senior Associate Pavitra Kumar recently published an article investigating the association between select hedge fund characteristics and persistence in positive and negative abnormal returns. The article, “Hedge Fund Characteristics and Performance Persistence: Evidence from 1996-2006,” was published in Volume 5, No. 2 of the Quarterly Journal of Finance (June 2015).

June 02, 2015
The Brattle Group Selected to Analyze Potential Impacts of 2024 Summer Olympics in Boston

The Brattle Group has been selected to provide an independent analysis of the potential impacts of the 2024 Summer Olympic and Paralympic Games being hosted in Boston.

May 29, 2015
Brattle to Serve as Advisor for Italian State Railway in Railroad Privatization Process

Consultants at The Brattle Group have been retained by Ferrovie dello Stato Italiane (FS), the Italian State Railway, to serve as an advisor for the railway’s privatization process.

May 12, 2015
Stewart Myers Receives Onassis Prize for Finance

Stewart Myers, Brattle principal and Robert C. Merton (1970) Professor of Financial Economics at the Massachusetts Institute of Technology, was recently awarded the 2015 Onassis Prize for Finance from the Cass Business School, part of City University London.

May 07, 2015
Andrew Abere and Pinar Bagci Author Article on Cartel Damages Under The New EU Directive

Brattle principals Andrew Abere and Pinar Bagci authored an article on cartel damages in the EU that was published in the April-June 2015 issue of Corporate Disputes.

May 07, 2015
Torben Voetmann to Present at Practising Law Institute’s Conference on Financial and Accounting Information for Lawyers and Other Professionals

Brattle principal Torben Voetmann has been invited to speak at the upcoming Practising Law Institute (PLI) Conference, “Pocket MBA Summer 2015: Finance for Lawyers and Other Professionals,” taking place May 7-8, 2015 in San Francisco, CA.

April 29, 2015
Academic Advisor Stuart Brotman Authors Report on Assessing Broadband Internet Capabilities

Brattle academic advisor and Harvard Law School faculty member Stuart Brotman recently prepared a report that analyzes a new approach for assessing a country’s broadband Internet capabilities.

April 14, 2015
Brattle Consultants Release Book on Market Power and Market Manipulation in Energy Markets

Brattle principals Gerald Taylor, Shaun Ledgerwood, Romkaew Broehm, and Peter Fox-Penner have authored a book that provides insights and an analytical framework for understanding the legal and economic nuances associated with energy market manipulation. Market Power and Market Manipulation in Energy Markets: From the California Crisis to the Present will be published in April 2015 by PUR Inc.

March 11, 2015
Sam Newell to Present at University of Houston Symposium on Energy Reliability and Security

Brattle principal Sam Newell will participate in a panel discussion at the Global Energy Management Institute’s (GEMI) upcoming Symposium on Reliability and Security Across the Energy Value Chain. Hosted by the University of Houston’s Bauer College of Business, the event will take place on March 11, 2015 in Houston, TX.

January 05, 2015
The Brattle Group Announces Three Principal Promotions

The Brattle Group is pleased to announce the promotion of Toby Brown, Ryan Hledik, and Kathleen Spees to principal.

December 29, 2014
Principal Paul Carpenter Featured in Petroleum News on the Outlook of Alaska’s Oil and Gas Markets

Brattle principal Paul Carpenter has been featured in an article from the December 21, 2014 issue of Petroleum News that discusses the long-term pricing outlook of Alaska’s oil and gas markets.

November 19, 2014
Brattle Assists Metropolitan Edison Company, Pennsylvania Electric Company, and Pennsylvania Power Company to Complete Purchase of Solar Photovoltaic Alternative Energy Credits

Through a competitive bidding process conducted by Brattle economists, FirstEnergy Corp.’s subsidiaries Metropolitan Edison Company, Pennsylvania Electric Company, and Pennsylvania Power Company have successfully solicited contracts for 48,500 Solar Photovoltaic Alternative Energy Credits annually over a two-year period.

October 29, 2014
Brattle Featured in Bloomberg Businessweek for Report on the Potential Impact of Coal Plant Retirements on Future Power Prices

The Brattle Group was recently featured in a Bloomberg Businessweek article, “Breathing Cleaner Air to Cost Americans on Utility Bills,” which outlines the implications U.S. electricity markets will face as clean-air regulations shut down more coal-fired power plants, forcing producers to rely more on natural gas.

October 09, 2014
Frank Graves and Steve Levine to Participate in American Gas Association’s Seventh Annual Energy Market Regulation Conference

Brattle principals Frank Graves and Steve Levine will be speaking at the upcoming American Gas Association’s Seventh Annual Energy Market Regulation Conference, taking place October 9, 2014 in New Orleans, LA.

September 02, 2014
Brattle Consultants Prepare Two Reports for the American Petroleum Institute on Natural Gas and Crude Oil Markets

Brattle consultants have authored two separate reports for the American Petroleum Institute (API) that provide a comprehensive overview of the natural gas and crude oil and product markets.

August 14, 2014
Shaun Ledgerwood Featured in New York Times Article on the Risks of Market Manipulation in the Electric Grid

Brattle principal Shaun Ledgerwood was quoted in The New York Times article “Traders Profit as Power Grid Is Overworked,” which discusses the recent trend of energy traders and banks profiting as a result of the increasingly congested electric grid as it struggles to meet demand.

August 07, 2014
Brattle Consultants Author Article on the Adoption of Time-Varying Rates for Public Utilities Fortnightly

Principal Ahmad Faruqui, senior associate Ryan Hledik, and associate Neil Lessem have recently authored an article on the Adoption of Time-Varying Rates for the August 2014 issue of Public Utilities Fortnightly.

July 25, 2014
Peter Fox-Penner to Participate in Joint Institute for Strategic Energy Analysis Regional Clean Energy Leadership Forum

Peter Fox-Penner has been selected to participate on a panel for the upcoming Joint Institute for Strategic Energy Analysis (JISEA) conference, “Synergies of Natural Gas and Renewable Energy: 360 Degrees of Opportunity.”

June 23, 2014
Principal Peter Fox-Penner to Discuss Energy Development at Clinton Global Initiative Panel

Brattle principal Peter Fox-Penner will serve as a panelist at a discussion on “Responsible Energy Development: Addressing Common Challenges and Opportunities,” part of the Clinton Global Initiative (CGI) America.

May 29, 2014
Report Authored by Brattle Consultants Expands on Previous Work in Analyzing Relationship Between Natural Gas and Renewables in Texas Electricity Market

Brattle consultants released a new report for the Texas Clean Energy Coalition to show how renewable and natural gas-fired electricity sources would develop in the next two decades, and how this development would depend on gas prices, the existence of a capacity mechanism in ERCOT, national carbon policies, and other key market drivers.