Mr. Michael Tolleth specializes in the financial analysis of energy markets, with a dual emphasis on the cost of capital and regulatory economics in the oil and natural gas industries. His experience includes cost of service, rate design, market-based rates analysis, and damages calculation for oil and natural gas pipelines. He has assisted clients with issues related to competition and commercial damages in the downstream petroleum product marketing sector, and with financial analysis of upstream oil and gas production operations. Mr. Tolleth’s work involves financial modeling of energy assets for regulatory, valuation, and policy evaluation purposes, as well as application of asset pricing theory to energy derivatives markets. He also has extensive experience estimating the cost of capital for regulated companies in the utilities, pipeline, and railroad industries, as well as for valuation applications.

Mr. Tolleth has prior professional experience in the fields of STEM education and curriculum publishing that informs his ability to frame problems conceptually and explain complex analyses effectively to diverse audiences. He also completed a finance internship at Exelon Corporation, where he analyzed equity valuation methodologies for competitive integrated electric utility companies.

Mr. Tolleth earned an M.B.A. with High Honors from the University of Chicago Booth School of Business. His degree concentrations were in finance, economics, and statistics and econometrics. He also holds a B.S. magna cum laude in Chemical Physics from the University of California at San Diego.

Representative Engagements
Analysis of Initial Comments Regarding Commission’s Income Tax Allowance Policy for Partnership Pipelines
Submitted on behalf of United Airlines Petitioners and Aligned Shippers, in FERC Docket No. PL17-1-000
Aurizon Network 2016 Access Undertaking: Aspects of the WACC
November 30, 2016
Prepared for Aurizon Network for submission to the Queensland Competition Authority
Natural Gas Pipeline FERC ROE
March 2016
Presented at the Interstate Natural Gas Association of America (INGAA) Rate of Return Seminar
Understanding Crude Oil and Product Markets
September 2014
Published by the American Petroleum Institute
Paying for Pipelines
September 9, 2013
Presented at Law Seminars International’s (LSI) Energy in the Northeast Conference