Energy

Market Analysis and Assessment

Market Analysis and Assessment

Wholesale Power Market Assessment Services

NERA experts are leaders in the design of electricity markets and in supporting investment decisions. NERA's experts have supported clients in assessing the fit of investing in energy markets, screening assets for acquisition, valuing both assets and publicly traded companies, and assisting lenders in assessing the attractiveness of lending in the sector. We continue to work with lenders and owners of assets as they attempt to restructure financing, and with potential investors seeking to take a position in generation assets. NERA's services generally fall into the following categories:

Market structure and design

NERA has been involved in the design of energy markets since the beginning of deregulation and has worked closely with a number of governments, companies, and market institutions (such as ISOs and RTOs) on questions of market structure. NERA's market knowledge and insight can assist clients with developing business strategies in evolving markets, and identifying impacts of market structure on asset performance and the ability to monetize asset positions.

Market assessment and economic due diligence

NERA prepares market assessments for all North American and many European and Asian markets. NERA experts have prepared Independent Market Expert Reports in support of over $30 billion in bank debt and capital market offerings, and supported the acquisition of over 21,000 MW of generation. NERA can provide a full range of economic due diligence services. These include customized market price forecasts, review of contracts and fuel supply and transport arrangements, and operating margin projection, leading to detailed asset valuation and risk assessment.

Risk and uncertainty analysis

Uncertainty of outcomes pervades asset strategy decisions and is a significant determinant of the value attributed to asset positions. NERA's asset assessments focus on understanding the drivers of short-term and long-term risks in asset positions, the range of potential outcomes that should be considered in business planning, risk management, transaction structuring, and strategic decisions.

Screening and transaction support

NERA can assist investors in identifying types of investment opportunities in energy markets and evaluating them in light of their investment criteria. Given the investor's investment profile, NERA can help target assets or companies. NERA can assist with origination and structuring of transactions, including identification and segregation of risks, and assistance with placement of elements of a structure. NERA can provide regulatory support, including the prescreening of acquisition targets based on likely regulatory and legal requirements.

Name Title Location Phone Email
Sandra Ringelstetter Ennis Chief Operating Officer
Managing Director
Chicago +1 312 573 2823 sandra.ringelstetter@nera.com
Oscar Arnedillo Managing Director Madrid +34 91 521 0020 oscar.arnedillo@nera.com
Sean Gammons Managing Director London
Berlin
+44 20 7659 8564
+49 30 700 1506 01
sean.gammons@nera.com
Dr. David Harrison Jr. Managing Director
Co-Chair, Environment Practice
Boston +1 617 927 4512 david.harrison@nera.com
Dr. Chantale LaCasse Managing Director Washington, DC
Toronto
+1 202 466 9218
+1 416 868 7314
chantale.lacasse@nera.com
Dr. Jeff D. Makholm Managing Director Boston +1 617 927 4540 jeff.makholm@nera.com
Dr. Ramsey Shehadeh Managing Director New York City +1 212 345 6089 ramsey.shehadeh@nera.com
Dr. Kent Van Liere Managing Director Denver
San Francisco
+1 303 357 4782
+1 415 291 1010
kent.van.liere@nera.com
Dr. Sharon Brown-Hruska Director Washington, DC +1 202 466 9222 sharon.brown.hruska@nera.com
Daniel Radov Director London +44 20 7659 8744 daniel.radov@nera.com
Kurt G. Strunk Director New York City +1 212 345 5035 kurt.strunk@nera.com
Scott J. Bloomberg Associate Director Washington, DC +1 202 466 9234 scott.bloomberg@nera.com
Jonathan Falk Associate Director New York City +1 212 345 5315 jonathan.falk@nera.com
Vakhtang Kvekvetsia Associate Director London +44 20 7659 8746 vakhtang.kvekvetsia@nera.com
Willis Geffert Senior Consultant Washington, DC +1 202 466 9293 willis.geffert@nera.com
Marta Moro Senior Consultant Madrid +34 91 521 0020 marta.moro@nera.com
Dennis Colenutt Affiliated Consultant London +44 20 7659 8500 dennis.colenutt.affiliate@nera.com
Hamish Fraser Affiliated Consultant London +44 20 7659 8500 hamish.fraser.affiliate@nera.com
Edward Kee Affiliated Consultant Washington, DC +1 202 370 7713 edward.kee.affiliate@nera.com
Mike King Affiliated Consultant Denver
San Francisco
Washington, DC
+1 303 357 4781
+1 303 618 4915
+1 303 618 4915
mike.king.affiliate@nera.com
Eugene Meehan Affiliated Consultant Washington, DC +1 202 466 9287 gene.meehan.affiliate@NERA.com
Graham Shuttleworth Affiliated Consultant London +44 20 7659 8654 graham.shuttleworth.affiliate@nera.com
Title Type Author
Institutions, to Property Rights, to High-Technology Gas Markets White Paper By Dr. Jeff D. Makholm
Mexican Wholesale Electricity Market Report Report By Veronica Irastorza
Electricity Deregulation Under Siege Published Article By Dr. Jeff D. Makholm
Mysterious Cost of Capital for Energy Utilities Published Article By Dr. Jeff D. Makholm
Method or Madness: Insights from Germany’s Record-Breaking Offshore Wind Auction and ... White Paper By Dominik Hübler, Daniel Radov, and Lorenz Wieshammer
Beyond net metering: A model for pricing services provided by and to distributed gene... Published Article By Kurt G. Strunk and Willis Geffert
Climate Change, “Grid Neutrality,” and Electricity Distributors Published Article By Dr. Jeff D. Makholm
The Political Economy of “P3” Public-Private Partnerships: Chilean Lessons for Rebuil... White Paper By Dr. Jeff D. Makholm
When Sisyphus Gave Up: Capacity Markets and State Aid in the EU Published Article By George Anstey and Soren Christian
An Honest Broker: Are Non-Domestic Energy Customers Getting a Fair Deal? White Paper By Sean Gammons, George Anstey, and Stephen Buryk