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Expertise

Tomas Haug

Senior Consultant

London
tel: +44 20 7659 8856
fax: +44 20 7659 8501
Frankfurt
tel: +49 69 710 447 500
fax: +49 69 710 447 505


tomas.haug@nera.com
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Education

Master in Economics and Management (Diplom-Kaufmann), University of Magdeburg, Germany ("Best Graduate")
MSc in economics, University of Quebec in Montreal, Canada

Experience

Mr. Haug is a Senior Consultant in NERA's London office, where he specializes in the area of regulatory finance. Mr. Haug has provided consulting advice to regulated utilities and regulatory authorities on a wide range of economic and financial issues. He is an expert on the estimation of the cost of capital, financial modeling, and assessment of financial risk, including the design of mechanisms to mitigate financial risk.

Selected consulting experience includes:

  • Calculated the impact of the financial crisis on key cost of capital parameters -- with a particular focus on the equity risk premium and risk free rate and how to account for it in current regulatory cost of capital decisions.
  • Derived a "small company premium" for regulated companies drawing on multi-factor models, such as the Fama-French Three Factor model.
  • Calculated the risk premium for investment in next generation access (NGA) networks -- with a particular focus on providing incentives for (co-)investment under open access.
  • Calculated "hurdle rates" for various investments in regulated and unregulated energy infrastructure projects, including LNG, gas storage, and pipelines.
  • Provided valuation and economic due diligence support in the context of acquisitions in the German and other European energy and water sectors.

In 2008, he co-authored a book on the cost of equity for the German electricity and gas network operators (Die kalkulatorischen Eigenkapitalzinssätze für Strom- und Gasnetze in Deutschland, BDEW, 1. Auflage 2008).

Mr. Haug holds a Masters in economics and management (Diplom-Kaufmann) from the University in Magdeburg, Germany, where he was awarded the faculty prize of "Best Graduate," and an MSc in economics from the University of Quebec in Montreal, Canada. Since 2008, he is also a CFA charterholder.

Languages

English
French
German