18th SQUARE

Investment (2024-Present).  Advised confidential investment fund on potential US wind generation investments.

Investment (2023-Present).  Advised C-suite executives at a privately held Midwest power company on potential investments in hundreds of millions of dollars worth of networked electric transmission, including financial pro formas, regulatory analysis, and board correspondence.

Investment (2023-Present).  Assisted a company investing billions in US electric transmission on internal procedures relating to cost-allocation, its accounting implementation, and other matters.

Hedge Fund Research (2023-Present).  Conducted investment research on behalf of a confidential hedge fund concentrating in emerging markets, with a focus on consumer products.

Gaming M&A (2022-Present).  Advised C-suite executives at a publicly traded US gaming company on a potential acquisition target.  The analysis required a sum-of-the-parts assessment of a collection of operating and in-development casinos and potential synergies.

Offshore Wind (2023).  Conducted detailed competitor analysis and advised a confidential partnership of European offshore wind developers on their valuation and bid strategy in an Irish offshore wind auction using DCF and IRR valuation techniques, layered with Monte Carlo simulation to structure the successful auction strategy.

Investment (2022-2023).  Advised a confidential Japanese client ($70 billion of assets) reformulating its assessment of risk vs return across business lines to guide internal investment.  The company supplied internal accounting by business line, forming the basis for a comprehensive model factoring in cash flow stability, debt levels, credit metrics, tax considerations, etc.

Offshore Wind (2021-2022).  Conducted detailed competitor analysis and advised a partnership of confidential European offshore wind developers on valuation and bid strategy in a US offshore wind auction using DCF and IRR valuation techniques, layered with Monte Carlo simulation to devise the auction strategy.

Hedge Fund Research (2020-2021).  Conducted investment research on behalf of a confidential hedge fund concentrating in international markets.  Focuses included regulated energy, payments, and education.

Gas Utility Due Diligence (2019-2021).  Advised confidential infrastructure investor on the potential acquisition of a regulated and unregulated gas utility business.

Chugach Electric – Acquisition of ML&P (2016-2020).  Advised Chugach Electric on the merits of acquiring a neighboring utility, ML&P ($1 billion transaction size).  Regularly presented to C-suite executives, advised on negotiations, compiled internal proformas (working in-person with Chugach’s internal accounting department), and compiled filings for the Regulatory Commission of Alaska (RCA).

Offshore Wind (2020).  Conducted detailed competitor analysis and advised a confidential offshore wind developer on valuation and bid strategy in a US offshore wind auction using DCF and IRR valuation techniques, layered with Monte Carlo simulation to construct the auction strategy.

Gas Utility Due Diligence (2020).  Advised confidential institutional infrastructure investor on the potential acquisition of a portfolio of regulated gas local distribution companies using IRR and DCF analyses.

Lost-Business Analysis (2023-Present).  Calculated and supported DCF-based damages on behalf of a confidential Middle Eastern government attributable to the alleged revocation of a telecom business opportunity.

Lost-Business Analysis (2022-Present).  Calculated and supported DCF-based damages on behalf of a confidential Asian telecom client attributable to the revocation of a European telecom operating license.

United Power – Exit Fee (2019-2024).  Constructed and supported written arguments and financial models addressing just and reasonable Contract Termination Payments under the Wholesale Electric Service Contract between Tri-State Generation and Transmission Association and its members, several of which have sought to green their power supply portfolios.  Submitted written testimony before the FERC in May 2022.

Contract Breaches (2021-Present).  Calculated and supported DCF damages on behalf of a western rural electric utility resulting from the imprudent plant operations by an active majority owner (cost of replacement power, excess O&M, and excess capital expenditures).

Derivatives Market Manipulation (2022-2023).  Rebutted a derivatives market manipulation claim against a confidential global food processing and commodities trading corporation, focusing on both computation and regulatory arguments.

Lost Business Analysis (2021-2022).  Calculated and supported DCF damages analysis on behalf of a confidential Asian government client in assessing alleged damages attributable to the revocation of a telecom operating license.

Contract Closeout Valuation (2021).  On behalf of a confidential Texas electric cooperative, calculated and supported estimated closeout values (NPV) for exiting two long-term power contracts—the larger of which required Monte Carlo simulation to value a heat-rate call option.

Exit Fee (2021).  Advised a northwestern electric cooperative with economic analysis during exit fee negotiations with its umbrella G&T cooperative.

Offshore Oil Dispute (2019-2020).  Advised confidential oil platform developer on an international arbitration dispute using DCF modeling.

Mine Bankruptcy Litigation (2023-2024).  Assisted with bankruptcy-related litigation focusing on the nature of an iron ore offtake agreement.

D&O Insurance Litigation (2023).  Assisted with litigation related to D&O insurance associated with MF Global's 2011 bankruptcy.