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Fabrizio Hernández specializes in regulation and pricing in network industries, particularly in energy markets. He has provided advice on regulatory and valuation issues to companies, regulatory bodies, and the investment community. He assists clients with public policy design, regulation of network industries, financial valuation, due diligence support, and commodity pricing, particularly in the natural gas, LNG, and electricity industries.

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Dr. Hernández has 25 years of experience in the application of economics to regulatory and commercial issues, often in the context of legal disputes. He has advised clients in more than 50 legal disputes, mainly in relation to the economic consequences of long-term contract clauses for infrastructure, LNG pricing, risk assessment, and financial valuation. He has testified as an expert witness more than 30 times before both national courts and international arbitration tribunals, including ICC, LCIA, UNCITRAL, and ad-hoc arbitration. He is listed in Who’s Who Legal’s 2020 Consulting Experts Directory for the Quantum of Damages. Dr. Hernández is also recognized as a leading arbitration expert witness (2023-2024) by Who’s Who Legal.

In 2011, Dr. Hernández left NERA when he was appointed to Spain’s Ministry of Industry, Tourism and Trade as Secretary of State for Energy, in which he was broadly responsible for Spain’s energy policy. During this period, he also chaired the Institute for Energy Diversification and Saving (IDAE) and the Institute for the Restructuring of Coal Mining and Alternative Development of Mining Regions (IRMC). In addition, he also chaired the Interministerial Board responsible for the securitization on the electricity sector deficit. Dr. Hernández rejoined NERA in 2012 and has since leveraged his government experience to help his clients with the design and implementation of regulatory reforms, the assessment and valuation of commodity markets, investments in network industries and renewable energy sources, and the design of energy policies.


  • DPhil in economics, Oxford University
  • MA in economics and finance, Centro de Estudios Monetarios y Financieros, Madrid
  • BA in economics, University Complutense, Madrid


  • French
  • Italian
  • Spanish


In Who’s Who Legal: Arbitration Expert Witness 2024, Dr. Hernández’s clients recognized:


  • He “is extremely intelligent and has a deep understanding of regulated sectors,” and
  • “He can explain really complex issues with clarity, to the point that they seem simple.”