We are an industry leader in the economics and finance of energy assets, with in-depth experience in electricity, natural gas, and petroleum markets. Our clients are diverse, including electric and gas utilities, independent power producers, pipeline companies and shippers on pipelines, electric transmission companies, technology vendors, trade associations, non-governmental organizations, regulators, government agencies, and consumer advocates. We advise clients in the acquisition and divestiture of energy assets; auction design; the design, pricing, and risk management of utility services; and associated policy questions. We regularly provide testimony before regulatory agencies on a wide range of policy, rate, and business matters as well as in settings where these issues are the subject of litigation or arbitration.
Members of the firm are nationally recognized for work in the areas of market analysis; asset valuation; regulatory cost of service and cost of capital; risk management; auction design; and antitrust relating to the energy, transport, and telecom sectors. They are supported by extensive staff expertise in financial economics, corporate finance, statistics, and competitive analysis.
For an international investor in electric utility assets, Brattle supported regulatory due diligence regarding the potential acquisition of Cleco Corporation.
In connection with a company’s application to construct a backbone electric transmission project off the Mid-Atlantic Coast, a Brattle expert submitted testimony before the Federal Energy Regulatory Commission on the accounting and regulatory treatment of regulatory assets, pre-construction costs, construction work in progress, and capitalization issues.
For Balfour Beatty Infrastructure Partners, a member of The Brattle Group provided testimony before the Michigan Public Service Commission on the impact of transaction specific changes to pension plans and other rate base issues.
For gas transit pipeline TAG in central Europe, Brattle supported management in discussions with its regulator about a new tariff framework with specific focus on allowed costs, revenues from capacity auctions, and cost allocation to transit and transportation services.
On behalf of major pipelines, integrated electric utilities, non-integrated electric utilities, gas distribution companies, water utilities, railroads, and other parties, Brattle routinely estimates the cost of capital in the U.S., Canada, and Europe. The work has been used in connection with the companies’ rate hearings before the Federal Energy Regulatory Commission, the Canadian National Energy Board, the Surface Transportation Board, state and provincial commissions, and other regulatory bodies.
For several potential investors in electricity transmission projects, Brattle has assessed the likely value proposition of transmission projects in terms of the revenues associated with energy, capacity, and environmental attributes.
For the Massachusetts Water Resources Authority (MWRA), a member of The Brattle Group provided testimony on appropriate project financing for a dedicated electricity line providing delivery service to MWRA’s Deer Island water treatment facility and implications for associated service charges.
For the NYPA, Brattle assisted in evaluating RFP responses in connection with contingency plans for the potential retirement of the Indian Point Energy Center. Brattle assessed the feasibility of proposed projects and the sponsors’ ability to complete them on schedule. Our evaluation included the assessment of site control and permitting; technical and contractual feasibility, project financial plans and sponsor capabilities, and community impact.
For TransCanada, a member of The Brattle Group submitted testimony assessing Alberta Electric System Operator’s Competitive Process for Critical Transmission Infrastructure (CTI). The analysis compared project versus balance sheet financing structures and, based on the differences, showed how the original bid structure was suboptimal in minimizing ultimate ratepayer costs.
Complex business and legal matters require intellectually honest and analytically rigorous solutions that are thoughtfully developed and clearly communicated. We apply economic and finance principles with uncompromising quality to achieve clarity in the face of complexity. Independent analysis, responsive execution, and compelling presentation. That’s Brattle. That’s the Power of Economics.