Tomas Haug



Tel: +49 30 700 1506 10

Email: tomas.haug@nera.com
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Master in Economics and Management (Diplom-Kaufmann), University of Magdeburg, Germany ("Best Graduate")
MSc in economics, University of Quebec in Montreal, Canada


Tomas Haug is a Director in NERA's Energy, Environment, Communications & Infrastructure (EECI) Practice. Mr. Haug has provided consulting services to utilities, investors, and regulatory authorities on a wide range of economic and financial issues, including efficiency studies, financial and tariff modeling, access pricing and competition policy issues, tariff structure, and wider regulatory and competition reform 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. On several recent transactions, Mr. Haug acted as a regulatory due diligence advisor in Germany, the UK, and neighboring countries.

In 2008, Mr. Haug co-authored a book on the cost of capital for the German electricity and gas network operators.

Selected consulting experience includes:

  • Efficiency benchmarking of a pan-European group of electricity transmission system operators
  • Advice to regulators and utilities on all aspects of setting the allowed cost of capital for the regulated energy, water, telecommuications, and transport sectors in Germany, France, Italy, the Netherlands, Singapore, and the UK
  • Support to regulated utilities in their appeal against the determination of the allowed cost of capital in Germany, the Netherlands, Singapore, and the UK
  • Risk modeling and analysis in the context of new regulatory mechanisms (e.g., RIIO proposals on debt indexation)
  • Expert witness in an appeal (Beschwerdeverfahren) against the Bundesnetzagentur
  • Due diligence in relation to Open Grid Europe, Net4Gas, TIGF, Enovos, BEB, TenneT, and BorWin1
  • Calculated the risk premium for Next Generation Access networks in Germany, Italy, the Netherlands, and France using real options analysis
  • Established "best practice" methodology on tariff calculation on behalf of the German industry body for energy
  • Analysis on the internal rate of return of new investments for energy networks under the German incentive regulation
  • Valuation and transaction advice in relation to the operations of a portfolio of energy plants including onshore wind
  • Restructuring options for a national water utility and development of options for private sector participation
  • Regulatory and market design in relation to the construction and operation of an LNG terminal and the power procurement business for a utility
  • Valuation and calculation of settlement charges in the context of international arbitration
  • Profitability analysis in relation to state aid allegations

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



Title Type Author
Selecting a Benchmarking Model Creates Need for an Error Margin, Says Dutch Court Published Article By Tomas Haug
A critical review of Germany’s proposed ROE cut for power and gas networks Regulatory Filing By Tomas Haug, Dominik Huebler, Lorenz Wieshammer, Virginia Sondergeld
Kommentierung des § 24 EEG (Förderungskürzung bei negative Preisen) im Berliner Komme... Book Tomas Haug und Dominik Hübler
NERA Further Report on Setting Discount Rates for Annual License Fees for Spectrum Regulatory Filing By Tomas Haug, Dominik Hübler, Philipp Kroeger, and Georg Arndt
European Regulators’ WACC Decisions Risk Undermining Investment Decisions Published Article By James Grayburn and Tomas Haug
Eine Ökonomische Beurteilung der Anreizregulierung (An Economic Evaluation of Germany... Book By Tomas Haug and Dominik Hübler
NERA Reports on Ofcom's Consultation on Annual Licence Fees for 900 MHz and 1800 MHz ... Report By Richard Marsden, Jonathan Falk, and Jonathan Pike; and Tomas Haug, Philipp Kröger, and Alexander Malanyuk
e3GRID: Was machen wir mit den Ergebnissen des Effizienz-Benchmarkings? (What are we ... Published Article By Tomas Haug and Bastian Gottschling
The Cost of Capital for Merchant Power Generation: The Example of Drax Brief By Tomas Haug and Dr. Richard Hern
The Evidence for a Small Company Premium on the Cost of Capital at PR09 and A Review ... Report By Dr. Richard Hern, Tomas Haug, Anthony Legg, Mark Robinson, Dominik Huebler, and Svetlana Shcherbakova