Tomas Haug

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 is a Managing Director in NERA’s Berlin office who has 15 years of consulting and testifying experience. He specialises 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 both 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/or on the basis of anti-competitive behaviour. Who’s Who Legal has recognized Mr. Haug as the top of his generation in the arbitration future leader series (2021-2023).

Mr Haug further 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.” 



Title Type Author
Regulation of Electricity Interconnectors in the EU: Providing Efficient Investment I... Book By Tomas Haug, et al.
German Efficiency Gone Wrong: Unintended Incentives Arising from the Gas TSOs’ Benchm... Published Article Tomas Haug and Lorenz Wieshammer
Regulatory Cost of Capital – New Data to Answer Old Questions Published Article Tomas Haug, Lorenz Wieshammer, Paul Waidelich, and Jakob Lutz
Ground Zero for German Grid Regulation? Published Article Tomas Haug, Dominik Huebler, and Lorenz Wieshammer
Implications of Decarbonisation for Gas Network Regulation Published Article By Tomas Haug and Lorenz Wieshammer
The Cost of Equity for German Energy Networks – Implications of the Federal Supreme C... Published Article By Tomas Haug and Lorenz Wieshammer
A Review of European Efficiency Benchmarking Exercises for Regulated Power and Gas Ne... Published Article By Tomas Haug and Lorenz Wieshammer
Cost of Equity for Regulated Networks: Recent Developments in Continental Europe Published Article Tomas Haug and Lorenz Wieshammer
Decisions on the Allowed Rate of Return Must Reflect Current Market Conditions, Not S... Published Article By Tomas Haug and Lorenz Wieshammer
Selecting a Benchmarking Model Creates Need for an Error Margin, Says Dutch Court Published Article By Tomas Haug