Competition & Market Manipulation

Brattle is at the forefront of developing and applying new and improved tools to distinguish acceptable competitive behavior from anticompetitive or manipulative actions. Brattle has been involved in both reactive litigation and enforcement matters as well as proactive compliance and transaction screening matters to help find acceptably competitive outcomes.

This involvement has spanned many levels of agencies and different jurisdictions from civil actions between parties to state and federal reviews in both North America and Europe. Our work in energy-related market conduct assessments draws on our deep familiarity with operational and planning procedures in the electric and gas industries, while our work in other commodities benefits from Brattle’s experience in financial securities, risk management and trading practices, and antitrust tools and frameworks used in non-energy settings, such as the U.S. Federal Trade Commission.

Areas of Expertise

Principals
Arthur 056
Principal
+1.617.864.7900
Dr. Arthur has more than 15 years of consulting and litigation experience in the natural gas, natural gas liquids, and petroleum industries. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Broehm 076
Principal
+1.617.864.7900
Dr. Broehm is an economic expert in the electric utility industry specializing in the areas of market competition, impacts of regulatory policies on wholesale power markets and power assets and valuation, and the evaluation of power procurement. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Carpenter 063
Principal
+1.617.864.7900
Dr. Carpenter specializes in the fields of energy economics, regulation, corporate planning, pricing policy, and antitrust. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Garces photo bio new
Principal
+1.202.955.5050
Dr. Eliana Garcés is an economist with broad experience in antitrust enforcement and regulatory design. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Garcia 084
Principal
+34.91.048.71.00
Dr. García advises clients on competition, regulation, and restructuring policy in the energy, banking, telecommunications, and food supply industries. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Webrichgoldberg img 4749
Principal
+1.415.217.1000
Dr. Goldberg specializes in complex litigation in which careful analysis and modeling of economic, business, or financial data is critical. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Harris 129
Principal
(Rome) +39.06.48.888.146
(London) +44.20.3829.2340
Mr. Harris has more than fifteen years of experience as expert in valuation, quantification of damages, and the economics of gas and electricity markets. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Hesmondhalgh 086
Principal
Dr. Hesmondhalgh has worked as a consultant in the energy sector for more than 20 years, predominantly in the electricity and gas sectors. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
0107 1
Principal
Dr. Ledgerwood is an expert in market competitiveness with an emphasis on the economic analysis of potential market manipulation claims in commodities and securities markets. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Ros bio photo
Principal
+1.617.864.7900
Dr. Ros specializes in costing and demand analysis, cost of service and performance-based ratemaking, competition analysis and disputes, damages, and econometric modelling. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Taylor 066
Principal
+1.617.864.7900
Mr. Taylor's areas of expertise include contract and market risks and incentives, antitrust and regulatory economics, and transition markets. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Senior Associates
Barza
Senior Associate
+44.20.7406.7900
Dr. Rachael Barza has worked on cases concerning valuation and damages, state aid, abuse of dominance, cartels, and acquisitions, before the European Competition Commission and various European high courts. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
0014 1
Senior Associate
+1.202.955.5050
Dr. Powers has expertise in industrial organization and energy economics. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Article
Market Manipulation in Energy-Related Markets
August 2017
Published in the American Bar Association's (ABA) Transportation and Energy Industries Digest
Report
Building an Effective Trade Surveillance System: A Framework-Based Approach using Guidance from Two Recent FERC White Papers
March 2017
Published by The Brattle Group, Inc.

The whitepaper outlines a cost-effective, learning-driven approach for companies to develop in-house trade surveillance systems to analyze potentially manipulative behavior.

Presentation
January 26, 2017
Presented at the Electric Utility Consultants, Inc. (EUCI) conference, “Financial Transmission Rights (FTRs/CRRs/TCRs)”
Article
2017
Published in The Energy Journal, Volume 38, Number 4

The article estimates electricity demand elasticity for different customer classes as well as the price effects from unbundled wholesale generation in conjunction with retail competition in the United States during the period 1972-2009.

Report
Comments of Drs. Romkaew Broehm, Jeremy Verlinda, and James Reitzes to the Federal Energy Regulatory Commission Regarding Modifications to Commission Requirements for Review of Transaction Under Section 203 of the Federal Power Act and Market-Based Rate Applications under Section 205 of the Federal Power Act (Docket No. RM16-21-000)
November 28, 2016
Prepared for the Federal Energy Regulatory Commission

The comments offer commentary on four proposed changes by the FERC regarding its horizontal market power review standards for M&A and market-based rate approvals.

Presentation
FERC's Market Manipulation Rule: Impact on FTRs and the Virtual Market
March 8, 2016
Presented at the Energy Bar Association Midwest Chapter Annual Meeting
Article
January 14, 2016
Published in Risk.net
Book
Market Power and Market Manipulation in Energy Markets: From the California Crisis to the Present
April 2015
Gerald A. Taylor, Shaun D. Ledgerwood, Romkaew P. Broehm, and Peter S. Fox-Penner
Published by PUR Inc.
Report
Comments of Dr. Romkaew Broehm and Mr. Gerald A. Taylor to the Federal Energy Regulatory Commission Regarding Market-Based Rates for Wholesale Sales of Electric Energy, Capacity and Ancillary Services by Public Utilities (Docket No. RM14-14-000)
September 2014
Prepared for the Federal Energy Regulatory Commission
Report
Summary of Proposed Refinements to Market-Based Rates Policies & Procedures
June 2014
Romkaew P. Broehm and Richard Sweet
Published by The Brattle Group, Inc., in response to Notice of Proposed Rule Making (Docket No. RM14-14)
Presentation
Is It Possible to Charge Market-Based Pricing for Ancillary Services in a Non-ISO Market? Regulation and Operating Reserves
May 16, 2014
Presented at the Center for Research in Regulated Industries 33rd Eastern Conference
Article
Infrastructure and Competition in the Electric Delivery System
September 2013
Published in The Electricity Journal, Volume 26, Issue 7
Article
Uneconomic trading and market manipulation
July 2013
Published in Energy Risk
Presentation
Market Manipulation post Hunter vs. FERC: A Framework for Unified Analysis
June 2013
Panel presentation delivered at the Harvard Electricity Policy Group’s 71st Plenary Session, Calgary, AB
Presentation
Uneconomic Trading in Energy Markets: A Framework of Market Manipulation
April 2013
Presented at the Penn State Faculty Colloquy, State College, PA
Presentation
Market Manipulation Cases in U.S. Wholesale Electricity and Natural Gas Markets
February 2013
Presented at the Bird & Bird Seminar on Market Abuse, London, UK
Article
A Framework for Analyzing Market Manipulation
September 2012
Published in Review of Law & Economics, Volume 8, No. 1
Article
Rummaging through the Bottom of Pandora’s Box: Funding Predatory Pricing through Contemporaneous Recoupment
April 2012
Shaun D. Ledgerwood and Wesley Health
Published in Virginia Law and Business Review, Volume 6, Number 3
Presentation
An Analytical Framework for Anti-Manipulation Compliance, Monitoring, and Enforcement
April 2012
Presented at the Marcus Evans Conference on European Energy Market Integrity: REMIT & Regulatory Compliance, London, UK
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
Report
Completing the Puzzle: Defining Manipulation Under REMIT
January 2012
Published by The Brattle Group, Inc.
Presentation
Triggers and Targets: A Framework for Analyzing Market Manipulation
July 2011
Presented to the American Gas Association, Washington, DC
Article
Market Manipulation Without Market Power
June 2011
Published in Law360
Report
Defining Market Manipulation in a Post-REMIT World
June 2011
Published by The Brattle Group, Inc.
Presentation
An Economic Analysis of the Remit Proposals
June 2011
Presented at The 16th European Gas Conference in Oslo, Norway
Report
Comments of Romkaew P. Broehm and Peter S. Fox-Penner, re: Market-Based Rates for Wholesale Sales Of Electric Energy, Capacity and Ancillary Services by Public Utilities
May 2011
Report
Losing Money to Increase Profits: A Proposed Framework for Defining Market Manipulation
March 2011
Published by The Brattle Group, Inc.
Article
Network Effects in Infrastructure Regulation: Principles and Paradoxes
2009
Published in Review of Network Economics