The Brattle Group has developed innovative methods to estimate the cost of capital at a line-of-business level for companies considering vertical disintegration, for firms entering foreign markets, and for companies facing radical changes to their cost structure. These techniques supplement traditional measures (such as DCF or CAPM) with structured models of risk and careful analogies to other industries or time frames.

We frequently provide expert testimony before regulatory bodies, courts, and arbitration panels regarding appropriate cost of capital, allowed rate of return, and discount rate.

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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
Harris 129
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(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
Lapuerta 103pp
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
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.
Decoupling and the Cost of Capital
September 8, 2015
Published in The Electricity Journal
Current Issues in Cost of Capital
July 2013
Presented at EEI Advanced Rate School: Rates to Meet New Market Opportunities and Constraints, Madison, WI
The WACC for the Dutch TSOs, DSOs, water companies and the Dutch Pilotage Organisation
March 4, 2013
Prepared for NMa
Estimating the Cost of Debt
March 4, 2013
Prepared for the Dampier Bunbury Pipeline
Estimating the Cost of Equity for Regulated Companies
February 17, 2013
Prepared for the Australian Pipeline Industry Association
Survey of Cost of Capital Practices in Canada
May 2012
Published by The Brattle Group, Inc.
International Innovations in Rate of Return Determination
April 26, 2012
Presented at the SURFA 2012 Forum
An Empirical Study of Impact of Decoupling on Cost of Capital
June 6, 2011
Presented at the National Conference of Regulatory Attorneys, Missoula, MT