Tomas Haug

Senior Managing Director


Tel: +49 30 700 1506 10

Tel: +32 2 282 4340

Email: tomas.haug@nera.com
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Chartered Financial Analyst (CFA)
Master in economics and management (Diplom-Kaufmann), University of Magdeburg, Germany ("Best Graduate")
MSc in economics, University of Quebec in Montreal, Canada (with honours)


Tomas Haug has 20 years of consulting and testifying experience and specializes in providing economic assessment and damages quantification in litigation and international commercial and investment treaty arbitration proceedings at venues such as ICSID, ICC, DIS, PCA, and ad hoc for public and private entities. Mr. Haug has provided testimony—predominantly in energy and commodities markets, including nuclear, gas and electricity, solar, offshore wind, and biomass—involving the quantification of lost profits and price adjustments of long-term contracts. His testimonies have helped arbitral tribunals adjust contract terms on the basis of change of circumstance, hardship, and anticompetitive behavior.

Mr. Haug provides advisory services to private companies, investors, and regulatory authorities on a wide range of economic and financial matters, including financial and tariff modelling, access pricing, competition policy matters, tariff structure, efficiency studies, and wider questions of regulatory reform. He is a CFA charterholder and an expert on cost of capital estimation, financial modelling, and the assessment of financial risk, including the design of mechanisms to mitigate risk. Mr. Haug has also acted as a due diligence advisor in several recent billion-euro network sales in Germany, Austria, France, Belgium, the Czech Republic, and the UK, as well as other countries.

Mr. Haug is recommended as a leading energy expert by Who’s Who Legal (2019–2022), where he is touted as a first-rate economist who “receives a plethora of endorsements from peers and has over 15 years of experience providing economic assessment and damages quantification in energy disputes.” Mr. Haug is credited for having “strong analytical skills and considerable experience handling matters across the gas and storage markets.”