Brattle provided economic analysis in support of Alro, an aluminium producer, in connection with an EC state aid investigation of the price of electricity in a long-term power purchase agreement (PPA) with Hidroelectrica, a state owned electricity generator in Romania. Our analysis entailed detailed financial and electricity market modelling to determine but-for market prices and profitability, absent the PPA. Following an in-depth investigation, the European Commission concluded that the electricity supply contract did not constitute State Aid. In its decision, the Commission referred to the “ample and comprehensive studies prepared by the Brattle Group in support of their arguments according to which the agreement with Hidroelectrica did not involve any state aid.”