Mike is a Director of Frontier’s Energy Practice with seventeen years of consulting experience and twenty years of experience in the energy industry. His main areas of expertise are network regulation and competition in energy wholesale and retail markets. Mike also has extensive experience leading transaction support assignments. Mike’s advice is focused on using his extensive experience of the energy industry, together with applied economics, to help clients take value maximising decisions.
Mike specialises in regulatory design, the assessment of comparative efficiency and regulatory finance. Mike has advised both regulators and regulated companies across Europe on a wide range of regulatory issues.
He has also undertaken numerous competition assignments for clients across Europe assessing, for example, potential merger effects, the steps that could be taken to mitigate market power in wholesale electricity markets and the competition issues that arise when retail markets are liberalised.
Mike is an expert on regulatory design and has advised numerous energy regulators on their regulatory arrangements. Mike has also advised regulated companies and investors across North Western Europe on a wide range of regulatory issues, including efficiency analysis, incentive design and regulatory finance.
For example, Mike has provided advice to Northern Powergrid throughout their last two electricity price control reviews, including preparing submissions to Ofgem in support of its business plan on finance, incentive design and efficiency/productivity analysis. Mike advised Northern Ireland Electricity (NIE) on all aspects of their fifth price control review, a review that drew heavily on the latest regulatory developments in GB. This included preparing a series of expert reports on allowed returns, covering all elements of the usual CAPM approach to estimating WACC.
Mike has recently worked on regulatory cases in Belgium, Finland, Ireland, the Netherlands, Sweden and the UK.
Mike has extensive experience of leading transaction support assignments. He has advised a range of investors, including industry players and infrastructure funds, on due diligence in respect of energy network acquisitions.
Mike’s recent case work has covered the provision of formal due diligence reports for electrical networks in Great Britain, Finland, Ireland and Sweden. Mike has also provided transaction support in respect of renewable projects, most recently advising on valuation risks arising from announced changes to renewable generation support policies in respect of a solar park in GB.
Mike’s advice on transaction assignments typically centres on identifying key risks to future value and helping his clients to determine what information is needed to quantify those risks. Much of his recent advice has focused on the possible future evolution of allowed returns, in the light of themes emerging from recent regulatory determinations across Europe.
Mike has advised clients on a variety of competition cases in both retail and wholesale energy markets.
In respect of wholesale markets, Mike has advised on a range of high profile European mergers (e.g. Nuon-Reliant and Essent-Nuon), addressing both horizontal and vertical concerns. Mike has advised regulatory authorities and incumbent generators on market power mitigation measures, such as capacity release programmes and other contractual remedies, and he has also analysed the options for market opening and market design for ESB in Ireland.
In respect of retail markets, Mike has advised Ofgem on the determinants of customer switching. Mike has supported an incumbent utility through the process of retail deregulation, and has also provided advice to investors on the possible evolution of retail margins as the relevant markets move through various stages of deregulation.