Vilbert 119
Personal Interests

Dr. Vilbert specializes in cost of capital, regulatory economics, financial planning, income tax disputes, and valuation. He has advised clients on these matters in various investment and regulatory decisions. He divides his time between the firm’s Cambridge and San Francisco offices, working side-by-side with clients around the country.

His recent work has focused on evaluating the effects of various regulatory policy changes, such as decoupling of a company’s cost of capital and asset valuation in arbitration proceedings.

Dr. Vilbert has testified before the U.S. Federal Energy Regulatory Commission, the Canadian National Energy Board, numerous state and provincial regulatory commissions and boards, and in federal court. He has also assisted the U.S. Department of Justice and the U.S. Internal Revenue Service in a variety of complex tax litigation cases.

Representative Engagements
Risk and Return for Regulated Industries
May 2017
Published by Elsevier

This book establishes the principles and procedures for determining the fair rate of return on capital investment.

Effect on the Cost of Capital of Ratemaking that Relaxes the Linkage between Revenue and kWh Sales: An Updated Empirical Investigation of the Electric Industry
November 2016
Michael J. Vilbert, Joseph B. Wharton, Shirley Zhang, and James Hall
Published by The Brattle Group, Inc.
Moving Toward Value in Utility Compensation: Shareholder Value Concept
June 13, 2016
Presented to the California Public Utilities Commission
Natural Gas Pipeline FERC ROE
March 2016
Presented at the Interstate Natural Gas Association of America (INGAA) Rate of Return Seminar
Decoupling and the Cost of Capital
September 8, 2015
Published in The Electricity Journal
Incentive-Based Ratemaking: Recommendations to the Hawaiian Electric Companies
May 20, 2014
Prepared for The Hawaiian Electric Companies
The Impact of Revenue Decoupling on the Cost of Capital for Electric Utilities: An Empirical Investigation
March 20, 2014
Michael J. Vilbert, Joseph B. Wharton, Charles Gibbons, Melanie Rosenberg, and Yang Wei Neo
Prepared for The Energy Foundation
Estimating the Cost of Equity for Regulated Companies
February 17, 2013
Prepared for the Australian Pipeline Industry Association
Survey of Cost of Capital Practices in Canada
May 2012
Published by The Brattle Group, Inc.
Economic Impact on City of Portland of Allocation of Remediation Costs of Portland Harbor Superfund Site
March 2012
Published by The Brattle Group, Inc.
The Impact of Decoupling on the Cost of Capital – An Empirical Study
March 2011
Published by The Brattle Group, Inc.
Understanding Debt Imputation Issues
June 2008
Prepared for The Edison Electric Institute
Measuring Return on Equity Correctly: Why current estimation models set allowed ROE too low
August 2005
Published in Public Utilities Fortnightly
The Effect of Debt on the Cost of Equity in a Regulatory Setting
April 2005
Published by Edison Electric Institute
Current Issues in Cost of Capital
Presented at the EEE Electric Rates Advanced Course, Madison, WI
Issues for Cost of Capital Estimation
February 2004
Prepared for the Edison Electric Institute Cost of Capital Conference

Michael came to consulting after a career in the United States Air Force. After serving as a fighter pilot and intelligence officer at the Pentagon, he was a professor at the United States Air Force Academy, where he taught corporate finance, investments, and operations research. During his tenure at the Academy, he tutored collegiate athletes and gave flying instruction in both glider and light aircraft. He was also an active member of the Academy’s sky diving, skiing, and scuba clubs. After moving to San Francisco in 2009, he has particularly enjoyed exploring the many wineries in the Bay Area, especially those in Napa Valley. Michael is married with one son. He and his wife reside the East Bay.