Performed cost-benefit analysis of proposed merger between Exelon Corporation and PSEG Corporation on behalf of the State of New Jersey Board of Public Utilities (The Joint Petition Of Public Service Electric And Gas Company And Exelon Corporation For Approval Of A Change In Control Of Public Service Electric And Gas Company And Related Authorizations, BPU Docket No. EM05020106, OAL Docket No. PUC-1874-050). Analysis determined whether the proposed merger met the state’s positive benefits test, and included analysis of market power, value of changes in nuclear plant operations, and merger synergies.

Submitted expert testimony in a merger-related dispute in the energy industry; testimony involved the valuation of a potential environmental liability/toxic tort arising from oil and gas operations, including an assessment of the materiality of the liability to the proposed merger.

Submitted expert testimony on behalf of InterGen in FERC proceedings (Docket No. EC03-131-000) related to Oklahoma Gas & Electric’s proposed acquisition of NRG McClain; analyzed issues of horizontal and vertical market power within the context of a hearing to identify appropriate mitigation measures.

Submitted expert testimony on behalf of the Independent Energy Producers Association on vertical market power in FERC proceedings (Docket No. ER04-316-000) related to Southern California Edison’s proposed acquisition of a Mountainview, Calif., electricity-generating facility and a subsequent interaffiliate Power Purchase Agreement.

Conducted an analysis of the competitive effects of a merger between electric utilities whose marketing areas were adjacent; matter was reviewed by FERC, the Antitrust Division of the Department of Justice, and the public service commissions of several states; intervention to reduce anticompetitive incentives was determined to be unnecessary.

Provided advice and litigation support on investment efficiency study matters regarding a joint venture of refining, marketing, and transportation operations valued at $8 billion for Ultramar Diamond Shamrock Corporation’s acquisition of Phillips Petroleum Company.

Served as principal manager of the economic support effort on behalf of Koch Energy and Entergy Trading in the FTC investigation of this joint venture between a gas pipeline company and an electric power producer; and developed an economic model of this vertical relationship.

Provided advice and litigation support on investment efficiency matters regarding a joint venture of refining, marketing, and transportation operations valued at $7 billion for Marathon Oil Co.’s acquisition of Ashland Petroleum, Co.

Conducted competitive analyses; interpreted regulatory factors affecting acquisition targets and industry restructuring; developed national and regional acquisition strategies; and analyzed the strategic fit and value of power plant acquisitions and contracts for a mergers and acquisitions matter regarding the independent power industry.