Utility Regulatory Policy and Ratemaking
Overview
Experts
Publications

The Brattle Group assists clients with regulatory policy and ratemaking matters in electricity, natural gas, and oil pipeline markets around the world.

Our clients include investor-owned utilities, public utilities, electricity and pipeline customers, power generators, transmission organizations, and regulatory agencies. We have experience and institutional knowledge in the regulation of vertically integrated utilities, the regulatory policies of liberalized energy markets, as well as the regulation of energy industry segments such as gas and oil pipelines and power generation, transmission, and distribution.

Our economic experts combine regulatory policy expertise with financial and accounting skills, in-depth industry experience, and familiarity with a diverse set of regulatory jurisdictions in North America, Europe, and Asia. We help clients to anticipate regulatory change, comply with existing regulations, respond to new regulatory mandates, and manage the challenges and opportunities of changing markets and regulatory environments.

We perform quantitative analyses involving resource planning, forecasting, rates and rate design, cost allocation, cost of capital, and valuation. Our staff includes internationally recognized experts who advise on regulatory matters, provide litigation support, and expert testimony before regulatory agencies, courts, and arbitration panels 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
Bagci
Principal
+44.20.7406.7900
Dr. Bagci has more 15 years of experience advising on competition and regulatory matters and on the economics of energy and financial markets. 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
Thebrattlegroup tobybrown img 4852
Principal
+61.2.8123.0999
Dr. Toby Brown specializes in the regulation and economics of the gas and electricity sectors. He has consulted for pipelines, utilities, and regulators and he has particular expertise in incentive-based regulation in the energy sector. 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
Metin 087
Principal
+1.617.864.7900
Dr. Metin Celebi provides expertise in electricity markets and analysis of environmental and climate policy. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Chang for web
Principal
+1.617.864.7900
Judy Chang is an energy economist and policy expert with a background in electrical engineering. She has 20 years of experience in advising clients in transmission, resource, and strategic planning. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Chupka 090
Principal
+1.202.955.5050
Mr. Chupka has more than 25 years of public and private sector experience analyzing energy markets and regulation and assisting energy clients and counsel in a broad span of commercial analysis, regulatory proceedings, and litigation support. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Faruqui web
Principal
+1.925.408.0149
Dr. Faruqui specializes in smart grid strategies involving the consumer. His expertise includes demand forecasting, innovative rate design, energy efficiency, demand response, advanced metering infrastructure, technology assessment, and cost-benefit analysis. 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
Graves 060
Principal
+1.617.864.7900
Mr. Graves specializes in regulatory and financial economics, especially for electric and gas utilities, and in litigation matters related to securities litigation and risk management. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Hanser 080
Principal
+1.617.864.7900
Mr. Hanser assists clients in issues ranging from utility industry structure and market power and associated regulatory questions, to specific operational and strategic issues, such as transmission pricing, generation planning, and tariff strategies. 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
Ryanhledik img 4596
Principal
+44.20.7406.7900
+1.415.217.1000
Mr. Hledik has expertise in assessing the economics of smart grid investments and policies. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Lapuerta 103pp
Principal
+44.20.7406.7900
Mr. Lapuerta is an expert in economic analysis and financial valuation, which he frequently applies to estimate damages in international arbitration proceedings. 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
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
Levy 080
Principal
+1.415.217.1011
Dr. Levy specializes in microeconomics, econometrics, and statistics. He has supported expert work calculating damages in numerous litigation cases with an emphasis on statistical and econometric issues. 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
Marin 083
Principal
+34.91.048.71.13
+44.20.7406.7900
Dr. Marin is an economic expert on regulation and competition in various sectors, particularly energy, telecommunications, and transportation, as well as on econometrics, microeconomic and valuation techniques. 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
Murphy 038
Principal
+1.617.864.7900
Dr. Murphy is an engineer and economist with expertise in energy, competitive, and regulatory economics and finance, as well as quantitative modeling and risk analysis. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Newell 090
Principal
+1.617.864.7900
Dr. Newell is an expert in electricity wholesale markets, the transmission system, and RTO rules. 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
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
Sergici 102
Principal
+1.617.864.7900
Dr. Sergici assists electric utilities, regulators, and wholesale market operators in their strategic questions related to energy efficiency, demand response, and customer behavior in the context of Smart Grid. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Shavel 087
Principal
+1.202.955.5050
Dr. Shavel is an energy economist specializing in the economics and operations of the U.S. electric power system, generation and transmission investment, and environmental strategy. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Davesunding img 4729
Principal
+1.415.217.1000
Professor Sunding advises on matters relating to environmental and natural resource economics, utility regulation and ratemaking, damages, and valuation. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Tsuchida 084
Principal
+1.617.864.7900
Mr. Tsuchida specializes in the analysis of wholesale electric markets and modeling. 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
Jurgen weiss0492
Principal
+1.617.864.7900
Dr. Weiss specializes in issues broadly motivated by climate change concerns, such as renewable energy, energy efficiency, energy storage, the interaction between electricity, gas and transportation, and carbon pricing. 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
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
Tye web
Principal Emeritus
Dr. Tye is an expert in economic analysis and public policy and specializes in regulatory and antitrust issues. 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
Dr. Brennan is a Professor of Public Policy and Economics at the University of Maryland, Baltimore County and a Senior Fellow at Resources for the Future. 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. Hamilton, a Professor and Chair of Economics in the Orfalea College of Business at California Polytechnic State University, is an expert in the fields of environmental and natural resource economics, energy economics, antitrust regulation, and public economics. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Academic Advisor
Dr. Kahn is a professor at the UCLA Institute of the Environment, the Department of Economics, and the Department of Public Policy. His research focuses on environmental, urban, and energy economics. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Academic Advisor
Dr. Robinson is a Senior Fellow of the Oxford Institute for Energy Studies. He consults on competition, regulation, and corporate strategy in energy and other regulated sectors. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Academic Advisor
Professor Yamey is an Emeritus Professor of Economics at the London School of Economics. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Senior Consultants
Senior Consultant
+1.202.955.5050
Senior Associates
Aydin 087
Senior Associate
+1.617.864.7900
Mr. Onur Aydin is a senior associate with an engineering background and over 10 years of experience in energy economics, electricity market modeling, and transmission planning. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Fantini
Senior Associate
+39.06.48.888.10
Ms. Fantini has more than 10 years of experience in the energy sector, particularly in the natural gas and electricity industries. 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
Lessem 054
Senior Associate
+61.2.8123.0999
Dr. Lessem assists utilities, policymakers and technology firms across North America, Asia, the Middle East and Australia on rate design, energy policy, innovative pricing, experimental design, technology adoption and policy impact measurement. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Ruiz 065
Senior Associate
+1.617.864.7900
Dr. Ruiz is an electrical engineer with experience in electric power systems analysis and research. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Thapa 112
Senior Associate
+1.617.864.7900
Mr. Thapa is an expert in the regulation and economics of the energy sector. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Article
February 2017
Neil Lessem, Ahmad Faruqui, Sanem Sergici, and Dean Mountain
This article was published in Public Utilities Fortnightly, February 2017. Copyright PUR Inc. (www.fortnightly.com). Used by permission of the publisher.
Presentation
December 14, 2016
Presented at Energy Central’s Knowledge Executive Summit, “Connecting the World’s Most Influential Utility Leaders"
Presentation
December 14, 2016
Frank C. Graves, William P. Zarakas, and Heidi Bishop
Presented at SNL Knowledge Center’s Energy Utility Regulation Conference: Strategies for Profit and Reliability

The presentation discusses how technology, updated energy storage, and rooftop solar are forcing utilities to re-examine existing pricing methods. It also examines alternatives rate making methods, special pricing structures and various incentives from the utility, regulator, and customer point of view.

Presentation
December 8, 2016
Published by The Brattle Group, Inc.

This Brattle presentation illustrates how the U.S. electric power industry has been investing in renewable resources well beyond states’ renewable portfolio standards (RPS) and targets.

Presentation
October 6, 2016
Presented at the Energy Bar Association's (EBA) 2016 Mid-Year Energy Forum
Report
Electricity Cost and Environmental Effects of Retiring the Quad Cities and Clinton Nuclear Plants
October 2016
Prepared for the Chicagoland Chamber of Commerce, the Illinois Hispanic Chamber of Commerce, and the Illinois Retail Merchants Association

The report estimates the effects that two Illinois nuclear plants, the Quad Cities and Clinton plants, have on electricity costs to Illinois consumers, and on emissions of CO2 and other pollutants.

Report
September 1, 2016
Prepared for the Public Utilities Office of the Government of Western Australia’s Department of Finance

The report evaluates mechanisms for mitigating market power in the reformed wholesale energy market scheduled for July 2017 implementation in Western Australia’s South West Interconnect System.

Presentation
Brattle Tariff Design Best Practices
June 1, 2016
Prepared for Tenaga Nasional Berhad (TNB) and the Government of Malaysia
Presentation
A Conversation About Standby Rates
January 20, 2016
Presented to Standby Rate Working Group Michigan Public Service Commission
Report
Cost-Benefit Analysis of ERCOT’s Future Ancillary Services (FAS) Proposal
December 21, 2015
Prepared for the Electric Reliability Council of Texas (ERCOT)
Report
New York’s Upstate Nuclear Power Plants’ Contribution to the State Economy
December 2015
Prepared for the New York State IBEW Utility Labor Council, Rochester Building and Construction Trades Council, and the Central and Northern New York Building and Construction Trades Council
Report
Enhancing the Efficiency of Resource Adequacy Planning and Procurements in the Midcontinent ISO Footprint: Options for MISO, Utilities, and States
November 2015
Prepared for NRG
Report
The Nuclear Industry’s Contribution to the U.S. Economy
July 7, 2015
Prepared for Nuclear Matters
Article
Growth Prospects and Shifting Electric Utility Business Models: Retail, Wholesale and Telecom Markets
July 1, 2015
Published in The Electricity Journal
Presentation
Do We Need a New Way to Regulate Electric Utilities?
May 6, 2015
Presented at the 2015 Energy Bar Association Annual Meeting
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.
Article
The Paradox of Inclining Block Rates
April 2015
Ahmad Faruqui, Ryan Hledik, and Wade Davis
Published in the April 2015 issue of Public Utilities Fortnightly
Report
Targeted Performance Incentives: Recommendations to the Hawaiian Electric Companies
September 15, 2014
Prepared for the Hawaiian Electric Companies
Report
Structure of Electricity Distribution Network Tariffs: Recovery of Residual Costs
August 2014
Prepared for the Australian Energy Market Commission
Report
Policy Brief - EPA’s Proposed Clean Power Plan: Implications for States and the Electric Industry
June 2014
Published by The Brattle Group, Inc.
Report
Exploring Natural Gas and Renewables in ERCOT, Part III: The Role of Demand Response, Energy Efficiency, and Combined Heat & Power
May 29, 2014
Prepared for the Texas Clean Energy Coalition (TCEC)
Report
Coal Plant Retirements: Feedback Effects on Wholesale Electricity Prices - Revised
November 2013
Published by The Brattle Group, Inc.
Article
Low Voltage Resiliency Insurance:  Ensuring Critical Service Continuity During Major Power Outages
September 2013
Published in Public Utilities Fortnightly
Report
A Tale of Two Crises: The Betas of EU Networks
August 2013
Published by The Brattle Group, Inc.
Presentation
Current Issues in Cost of Capital
July 2013
Presented at EEI Advanced Rate School: Rates to Meet New Market Opportunities and Constraints, Madison, WI
Article
Redefining Normal Temperatures
May 2013
Robert E. Livezey and Philip Q Hanser
Published in Public Utilities Fortnightly
Report
Integrated System Nodal Study: Costs & Revenues of ISO Membership
March 8, 2013
Prepared for Basin Electric Power Cooperative, Heartland Consumers Power District, and the Western Area Power Administration
Report
Estimating the Cost of Debt
March 4, 2013
Prepared for the Dampier Bunbury Pipeline
Report
The WACC for the Dutch TSOs, DSOs, water companies and the Dutch Pilotage Organisation
March 4, 2013
Prepared for NMa
Article
The Future of US Energy Utilities
February 1, 2013
Published in The Oxford Energy Forum
Presentation
U.S. Coal Plant Retirements: Outlook and Implications
January 24, 2013
Presented at the West LegalEdcenter CLE Webcast
Presentation
Infrastructure and Rate Structure: Lessening the Shock
November 12, 2012
Presented at the 2012 NASUCA Annual Meeting, Baltimore, MD
Article
Bridging the Seams: Interregional planning under FERC Order 1000
November 2012
Published in Public Utilities Fortnightly
Report
Potential Coal Plant Retirements: 2012 Update
October 2012
Metin Celebi, Frank C. Graves, and Charles Russell
Published by The Brattle Group, Inc.
Report
Centralized Dry Storage of Nuclear Fuel: Lessons for U.S. Policy from Industry Experience and Fukushima
August 2012
Frank C. Graves, Mariko Geronimo, and Glen A. Graves
Published by The Brattle Group, Inc.
Presentation
The Economics of Reliability and Resource Adequacy Planning
June 12, 2012
Presented at the Mid-America Regulatory Conference, Des Moines, IA
Report
ERCOT Investment Incentives and Resource Adequacy
June 1, 2012
Prepared for the Electric Reliability Council of Texas
Report
Survey of Cost of Capital Practices in Canada
May 2012
Published by The Brattle Group, Inc.
Presentation
International Innovations in Rate of Return Determination
April 26, 2012
Presented at the SURFA 2012 Forum
Article
State Regulatory Hurdles to Utility Environmental Compliance
April 2012
Published in The Electricity Journal
Presentation
An Empirical Study of Impact of Decoupling on Cost of Capital
June 6, 2011
Presented at the National Conference of Regulatory Attorneys, Missoula, MT
Report
The Economics of Resource Adequacy Planning: Why Reserve Margins Are Not Just About Keeping the Lights On
April 2011
Kevin Carden, Nick Wintermantel, and Johannes P. Pfeifenberger
Published by National Regulatory Research Institute
Presentation
Incentive Regulation: Introduction and Context
May 26, 2010
Presented at AUC PBR Workshop
Presentation
Incentive Regulation—Design: Key Plan Components I
May 26, 2010
Presented at Alberta Utilities Commission Performance Based Ratemaking workshop, the Van Horne Institute
Report
2010 Integrated Resource Plan for Connecticut
January 2010
Published by The Brattle Group, Inc.
Report
Options for Reforming the Building-Blocks Framework
December 16, 2009
Prepared for The Australian Energy Market Commission
Report
Review of Incentive Power and Regulatory Options in Victoria
December 2009
Prepared for The Australian Energy Market Commission
Report
2009 Integrated Resource Plan for Connecticut
January 2009
Published by The Brattle Group, Inc.
Article
Downstream Price-Cap Regulation and Upstream Market Power
April 2008
Published in Journal of Regulatory Economics
Presentation
How Open are Europe’s Energy Markets?
April 2008
Presented at 13. IIR-Jahrestkongress für die Energiewirtschaft, Austria
Newsletter
Reviving Integrated Resource Planning for Electric Utilities: New Challenges and Innovative Approaches
2008
Published by The Brattle Group, Inc.