Regulatory Finance and Accounting
Overview
Experts
Publications

Brattle assists companies affected by regulation to make strategic, investment, pricing, and financing decisions.

We work with firms to anticipate how regulators will view the risk and value outcomes of different regulatory programs. We determine the costs and benefits of alternative arrangements, such as organizational unbundling, supply hedging obligations, provider of last resort obligations, service proliferation, and incentive ratemaking.

We have pioneered the application of economic, finance, and accounting theory and practice to matters in regulatory proceedings. Our economic consultants publish leading texts on corporate finance and frequently advise companies and government officials as well as testify before regulatory agencies worldwide.

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
Buckberg search v2
Principal
+1.202.955.5050
Dr. Buckberg provides consulting services and testimony in litigation and regulatory disputes in finance, complex commercial litigation, and bankruptcy and advises parties in public-private partnerships for infrastructure investment. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Laursen cropped for web search new
Principal
+1.202.955.5050
Mr. Laursen is an expert in financial products and institutions, markets, regulation, and risk management. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Levine 056a
Principal
+1.617.234.5729
Mr. Levine specializes in energy and regulatory economics and is an expert in the economics of the natural gas, oil, and liquefied natural gas markets. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Lo passo
Principal
Dr. Lo Passo specializes in the application of regulatory economic principles to energy, transportation, telecommunications, and other industries in Italy and throughout the world. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Mudge 129
Principal
+1.202.955.5050
Mr. Mudge, Chief Operating Officer of The Brattle Group, is an expert in corporate and project finance matters in the energy industry. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Neels 241
Principal
+1.202.955.5050
Dr. Neels has more than 30 years of research and consulting experience in all aspects of the transportation sector. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
O'loughlin 109 1
Principal
+1.617.864.7900
Mr. O'Loughlin specializes in regulatory economics and valuation as applied to the natural gas, oil pipeline, and electric power industries. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Oldfield 098 1
Principal
+1.202.955.5050
Dr. Oldfield is an expert in financial economics, including mortgage securitization, trading strategies, market making, corporate bond valuation, financial derivatives, and risk management. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Pfeifenberger 034 edited
Principal
Mr. Pfeifenberger is an economist with a background in electrical engineering and over twenty-five years of experience in the areas of regulatory economics and finance. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Read 050
Principal
+1.617.864.7900
Mr. Read is an expert in valuation, risk management, and capital budgeting in the energy industry, especially electric power and natural gas. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Vilbert 119
Principal
+1.415.217.1000
Dr. Vilbert specializes in cost of capital, regulatory economics, financial planning, income tax disputes, and valuation. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Villadsen 048
Principal
+1.617.864.7900
Dr. Villadsen specializes in finance and accounting matters with an emphasis on the energy industry. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Zarakas 092
Principal
+1.617.864.7900
Mr. Zarakas is an expert in economic, financial, strategic, and regulatory analyses in the utility, telecommunications, and media industries. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Zhou 082
Principal
+1.617.864.7900
Dr. Zhou is a valuation, corporate finance, and accounting expert with more than 15 years of consulting experience. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Principal Emeritus
Kolbe 092
Principal Emeritus
+1.617.864.7900
Dr. Kolbe's work focuses on applied financial economics and his projects address risk, return, and regulatory policy for rate-regulated industries; tax disputes; and firm, security, or project valuation questions in a wide variety of settings. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Wharton 123
Principal Emeritus
+1.415.217.1000
Dr. Wharton specializes in the development of new business models and innovative pricing policies for regulated industries. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Academic Advisors
Academic Advisor
Mr. Bailar is an Emeritus Professor at Rice University. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Academic Advisor
Dr. Brealey is an Emeritus Professor at the London Business School and a Fellow of the British Academy. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Academic Advisor
James Dow is Professor of Finance and Research Dean at the London Business School. His research interests focus on corporate finance. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Fox penner 131
Academic Advisor
+1.202.955.5050
Dr. Fox-Penner specializes in economic, regulatory, and strategic issues in network industries. His practice centers on energy and environmental policies and electric regulation, planning, and competition issues. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Academic Advisor
Dr. Goldstein is Professor of Finance at Babson College, where he holds the Donald P. Babson Chair in Applied Investments. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Academic Advisor
Professor Sappington is the Lanzillotti-McKethan Eminent Scholar Chair in the Department of Economics at the University of Florida, where he serves as the Director of the University’s Public Policy Research Center. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Senior Consultants
Senior Consultant
Branko Jovanovic specializes in providing economic analysis and expert testimony in the areas of securities and finance, and consumer protection across a wide range of industries. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Senior Consultant
+1.202.955.5050
Senior Associates
Bonetti19
Senior Associate
Valentina Bonetti has experience in litigation and regulation projects, particularly in the natural gas and LNG industry. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
24 edit 2
Senior Associate
+1.202.419.3356
Mr. Kline’s areas of expertise include electricity markets and regulation, financial accounting, corporate finance, asset valuation, international arbitration, market manipulation, and fraud. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Report
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.
Presentation
October 6, 2016
Presented at the Energy Bar Association's (EBA) 2016 Mid-Year Energy Forum
Report
Estimating the Cost of Equity for Regulated Companies
February 17, 2013
Prepared for the Australian Pipeline Industry Association
Presentation
Utility Accounting and Financial Analysis: The Impact of Regulatory Initiatives on Accounting and Credit Metrics
October 29, 2012
Presented at EUCI, Denver, CO
Report
The WACC for mobile, fixed-line and cable termination rates
March 15, 2012
Dan Harris, Jack Stirzaker, and Cosimo Fischietti
Prepared for the Independent Post and Telecommunication Authority in the Netherlands (OPTA)
Article
Forward Contracts and Futures Contracts
2009
George S. Oldfield and Robert A. Jarrow
Published in Journal of Financial Economics
Report
Understanding Debt Imputation Issues
June 2008
Prepared for The Edison Electric Institute
Article
Measuring Return on Equity Correctly: Why current estimation models set allowed ROE too low
August 2005
Published in Public Utilities Fortnightly
Report
The Effect of Debt on the Cost of Equity in a Regulatory Setting
April 2005
Published by Edison Electric Institute
Presentation
Current Issues in Cost of Capital
2005
Presented at the EEE Electric Rates Advanced Course, Madison, WI