Energy

Energy consulting

CRA is a leading global consulting firm that blends decades of energy industry knowledge with world-class economic and analytical expertise—a unique and powerful combination that yields deeper insights and better-informed decisions. Our comprehensive understanding of the energy sector includes expertise in market design, investment strategy, portfolio risk management, mergers and acquisitions, asset and enterprise valuation, and regulatory strategy.

Our energy consulting and testifying experts have researched, published, taught, and advised on energy matters worldwide. Our work in the energy industry has established legal precedents and set new standards in market oversight. We have advised on developing the structure of national and regional competitive markets, reorganized multi-billion-dollar companies, testified in hundred-million-dollar damages litigation, and played a key role in most North American utility mergers and acquisitions that have taken place over the last decade.

Services

Regulatory strategy and support

CRA provides regulatory strategy and energy consulting support to infrastructure owners, investors, and financiers. Our energy experts help clients gain desired approvals, policy and rule changes, and other important regulatory outcomes in state, federal, and international jurisdictions.

Sample engagements
CRA energy experts have provided consulting support in a wide range of regulatory engagements.

  • Testified at FERC on behalf of generation owners on capacity market rules
  • Developed the net benefit analysis for a utility’s transmission project that was filed with US state and federal regulators
  • Developed and supported a seven-year energy infrastructure investment plan for replacing and modernizing transmission and distribution assets in the Midwest United States
  • Advised Ofgem, the UK electricity and gas regulator, on retail price controls and on National Grid Transco price controls

Related expertise
Click the links below for more examples of CRA's regulatory strategy and support expertise.

  • Energy and capacity market rules
  • Transmission planning
  • Infrastructure replacement and modernization plans
  • Transaction-related regulatory support

Investment strategy, planning, and prioritization

Our energy consulting professionals work with leadership at energy companies and investment groups to develop capital investment strategies to optimize portfolio performance. CRA’s experience has ranged from helping a merchant generator identify strategic investment opportunities in new RTOs, to supporting a utility in its development of a corporate growth strategy premised on coal retirement and natural gas reinvestment.

Related expertise
Click the links below for more examples of CRA's CRA's investment strategy, planning, and prioritization expertise.

  • Strategic advisory
  • Capital prioritization

Transactions support

CRA energy consultants regularly provide advisory, due diligence, and expert services related to energy sector transactions, including purchases, sales, financings, and bankruptcies. Transactions have ranged from advising an infrastructure fund with an electric utility acquisition, to serving as the natural gas expert to the creditors’ committee in one of the largest energy company bankruptcies in U.S. history.

Related expertise
Click the links below for more examples of CRA's transactions support expertise.

  • Advisory services
  • Due diligence
  • Expert services

Portfolio and enterprise risk management

CRA energy consultants regularly provide strategic guidance and advisory services to energy asset owners and investors related to valuation of generation assets and storage facilities, commodity contracts, energy derivatives, as well as guidance on energy risk management, deal structuring, hedging strategies and portfolio optimization.

Related expertise
Click the links below for more examples of CRA's portfolio and enterprise risk management expertise.

  • Valuation of generation assets
  • Portfolio optimization
  • Derivatives pricing
  • Storage valuation
  • Energy risk management
  • Energy trading

Market design and restructuring

CRA energy consultants have designed and supported the development of electricity and natural gas markets worldwide. Our work has included advising the State of California on retail market structure, supporting ISO-NE and PJM stakeholders on capacity market development, and advising stakeholders in the U.K. on market reform. CRA also has recently advised ISOs on implementation of FERC Order 1000 with respect to non-biased project selection.

CRA’s economic and financial experts have substantial experience in efficient market design, including designating electricity and capacity products, developing robust and effective market rules, performing system impact studies and analysis, price forecasting, and pro forma project analysis under new market schemes. CRA frequently works with regulators, generators, utilities, and energy investors to develop and navigate these complex changes.

Procurement and competitive bidding

CRA provides extensive expertise in energy-related auctions and market design and implementation. CRA’s experience ranges from developing power procurement programs for investor owned utilities to designing and running default energy service auctions in Ohio and Pennsylvania and designing and implementing a €1 billion/year auction process for one of the largest German utilities. CRA’s Energy Practice works closely with its Auctions and Competitive Bidding Practice, which also supports clients in other industries.

Related expertise
Click the links below for more details on CRA's procurement and competitive bidding expertise.

  • Design of bidding mechanisms
  • Implementation of bidding processes
  • Auction and market monitoring
  • Bidder support and strategy

Expert testimony and support

CRA professionals regularly provide expert-related services in complex legal and regulatory matters involving diverse energy topics. CRA’s energy experts include PhD economists, mathematicians and statisticians, accounting and finance professionals, and energy industry practitioners who are leading experts in their field. CRA works with inside and outside counsel for energy infrastructure manufacturers, owners, investors, operators, and customers.

CRA’s energy litigation work has ranged from valuing stranded costs for a European nuclear plant owner that was forced to retire due to new legislation, to analyzing complex energy trades where market manipulation was suspected. Our regulatory work in the energy industry has ranged from developing testimony around proposed changes to PJM capacity market rules to testifying on market power related to a proposed utility acquisition.

Our extensive energy litigation expertise informs the entire litigation process, from initial pleading through discovery, expert report preparation, hearings, and briefings.

EU state aid analysis and support

Our European CRA professionals have extensive experience providing economic analysis and advice on matters related to EU State Aid regulations. Our experts have conducted Market Economy Investor Principle assessments and various analyses in support of restructuring State Aid approvals for energy companies.