NERA Economic Consulting Announces Officer-Level Promotions

06 September 2012

New York -- NERA Economic Consulting, a leading global provider of economic advice and analysis in business, legal, and regulatory matters, announced today the promotions of multiple global experts to Director, and Vice President/Associate Director.

NERA economists Adrian Kemp, Dr. Emmanuel Llinares, and Dr. Fabrizio Hernández have been promoted to Director. Tomas Haug has been promoted to Associate Director. The following experts have been promoted to Vice President: Dr. Paul Bernstein, Dr. David Blackburn, Sarah Butler, Dr. Elizabeth Newlon, Dr. Stephanie Plancich, Kurt Strunk, and Dr. Kristin Terris.


Mr. Kemp is based in NERA's Sydney, Australia office and advises regulators, governments, and businesses on regulatory and policy matters affecting the transport, energy, and water industries. He has particular expertise in: regulatory design and pricing for network industries; funding and financing mechanisms for infrastructure; heavy vehicle charging and regulation; and wholesale electricity prices. Mr. Kemp holds a Masters of Economics from the Australian National University.

Dr.  Llinares is a Paris-based economist specializing in intercompany pricing, valuation, and intellectual property analyses. He has advised multinational companies on defining sustainable intra-group pricing systems and implementing them. His expertise notably includes the valuation of complex assets, including in particular intangibles and financial transactions. Dr. Llinares analyses are regularly used as key input to group's strategic decisions as well as in the context of litigation and tax audit defense. Dr. Llinares holds a PhD in economics from the University of Delaware and from the University of Lyon.

Dr. Hernández, based in NERA's Madrid, London, and Rome offices, provides advice to companies, regulatory bodies, and international institutions in Europe, the Americas, and Asia. His advisory experience spans energy policy, market design, access tariffs, cost of capital, financial modelling, valuation and damages, risk management, due diligence support, and other commercial issues in energy markets. He has provided written and oral testimony in sectors such as energy, construction and infrastructures, insurance, financial services, and consumer products. Dr. Hernández recently returned to NERA after serving as Secretary of State for Energy for Spain's Ministry of Industry, Tourism and Trade.

Vice Presidents/Associate Directors

Dr. Bernstein, based in Washington, DC, specializes in developing economic models applied to fields related to energy and the environment, including climate change policy, alternative-fuel vehicles, fuel markets, auctions, and electricity generation. He holds PhD and MA degrees in operations research from Stanford University.

Dr. Blackburn is a Washington, DC-based economist whose areas of expertise include intellectual property, antitrust and competition policy, and econometric analysis. He holds a PhD in economics from Harvard University.

Ms. Butler is a San Francisco-based expert in survey research, sampling, market research, statistical, and demographic analyses. She holds an MA in applied sociology from Temple University.

Mr. Haug is based in NERA's London office, where he specializes in regulatory finance. He has provided consulting advice to regulated utilities and regulatory authorities. Mr. Haug holds a Master in Economics and Management from the University of Magdeburg, Germany.

Dr. Newlon, based in NERA's Los Angeles office, has significant experience in antitrust litigation and labor and employment matters. She holds MA and PhD degrees in economics from Carnegie Mellon University.

Mr. Strunk is based in NERA's New York City office and has extensive experience serving as an expert on energy financial and regulatory matters before regulators and courts. He holds an MBA from the European Institute of Business Administration (INSEAD).

Dr. Terris is a Los Angeles-based economist who focuses on antitrust litigation, merger analysis, damages, and labor. Her specialties include applied microeconomics and econometric methods. She holds PhD and MA degrees in economics from Georgetown University.

About NERA

NERA Economic Consulting ( is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For more than six decades, we have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world’s leading law firms and corporations. We bring academic rigor, objectivity, and real-world industry experience to issues arising from competition, regulation, public policy, strategy, finance, and litigation.

NERA’s clients value our ability to apply and communicate state-of-the-art approaches clearly and convincingly, our commitment to deliver unbiased findings, and our reputation for quality and independence. Our clients rely on the integrity and skills of our unparalleled team of economists and other experts backed by the resources and reliability of one of the world’s largest economic consultancies. Continuing our legacy as the first international economic consultancy, NERA serves clients from major cities across North America, Europe, and Asia Pacific.