About Mark Sarro Areas of Expertise Qualifications Contact Privacy |
Dr. Sarro's recent experience involving the energy industry includes: Energy Merger/Bankruptcy Mark consulted in a breach of contract case in which the bankruptcy estate of a multi-billion dollar energy company alleged another company breached a merger contract proposed just prior to the bankruptcy filing. The plaintiff alleged the defendant's breach was the proximate cause of the bankruptcy. Mark analyzed alternative causes of the merger failure, including the potential for false and misleading information in the financial statements before and during the merger negotiations. Cost of Capital Mark contributed to the preparation of expert testimony for regulatory proceedings in the U.S. and overseas regarding the cost of capital for regulated utilities and related unregulated entities. In these cases, he estimated weighted average cost of capital and rigorously analyzed the degree of underlying economic risk in financial markets, U.S. electricity markets, and Asian economies. Cost Estimation Mark developed a financial model that incorporated historical cost data and client-specific information and assumptions to estimate fixed operating and maintenance (O&M) costs for electricity plants in all U.S. power markets. The estimates were incorporated into multi-area transmission and dispatch models of all markets. Ratemaking Mark conducted an economic analysis of distance-based rates versus postage stamp rates on a major gas pipeline in the U.S. Southwest. The analysis was part of prepared testimony filed with the Federal Energy Regulatory Commission in the case. Mark subsequently provided litigation support through the administrative hearing process. He has worked on a similar case for shippers on an oil pipeline regulated by the FERC. Price Forecasts For a large corporate client, Mark forecast market conditions and hourly spot prices in competitive wholesale power markets using a multi-area transmission and dispatch model of the northeastern and western United States. The results of the model were used as the basis for recommendations regarding asset acquisitions, retirements, new builds, and existing asset allocation. DSM Mark conducted a study of demand-side management programs in the western United States, and developed an empirical model of dispatchable demand, standby electricity generation, and related power market conditions. The model was used to determine the critical price levels at which dispatchable demand and standby generation are economically optimal given a set of relevant assumptions. Consumer Protection For a regulatory body implementing electricity market restructuring, Mark researched and reported on alternative proposals for consumer protection and full disclosure in existing competitive energy markets. |
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