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Dr. Carpenter specializes in the fields of energy economics, regulation, corporate planning, pricing policy, and antitrust. He is an expert in the economics and regulation of the natural gas, oil, and electric utility industries.

Dr. Carpenter has provided expert testimony before the British Monopolies and Merger Commission, the Australian Competition Tribunal, various U.S. and Canadian regulatory authorities, and U.S. federal and state courts. In addition, he has testified before the U.S. Congress on issues surrounding the transition of network industries from strict regulation to increased competition and in high-stakes commercial disputes involving the energy industries. These issues have included: stranded investments and contracts; asset valuation and cost of capital; pricing in long-term supply agreements; evaluation of supply, demand, and price forecasting models; the competitive effects of capacity expansions; and the design of innovative regulatory regimes including performance-based regulation. Dr. Carpenter was the lead testifying economist in several of the seminal antitrust and market manipulation cases involving natural gas markets in North America, including State of Illinois v. Panhandle Eastern Pipeline Co. (Fed. Ct. for C.D. Ill) and Energy Transfer Partners, FERC Docket No. IN06-3-003.

Dr. Carpenter has worked extensively with clients throughout Europe, Australia, and New Zealand to help apply lessons on restructuring and regulation from the North American experience. He co-founded Incentives Research, Inc. in 1983 and is the former Chairman of The Brattle Group.

Representative Engagements
December 12, 2016
Presented at Law Seminars International’s (LSI) 12th Annual Comprehensive Conference on Alaska Energy Markets and Regulation
Benefits and Costs of Integration in Transmission/Transportation Networks: An Application to Eastern Australia Gas Markets
August 1, 2016
Prepared for APA Group

The report authored by Brattle economists on behalf of APA Group reviews integration in APA’s pipeline operations in Eastern Australia since the acquisition of Epic Energy in December 2012, and identifies the economic costs and benefits associated with integration.

The Global Context for Alaskan LNG
December 7, 2015
Presented to LSI Energy in Alaska Conference
Changing Times – New Uncertainties: Assessing Their Effects on Global Energy and LNG Export Markets
December 8, 2014
Presented at the LSI Energy Markets and Regulation in Alaska Conference, Anchorage, AK
Understanding Natural Gas Markets
September 2014
Published by the American Petroleum Institute
Wholesale Gas Price for AGL’s VPA Proposal for 2014–16 (public version)
February 2014
Prepared for AGL Energy
Pipeline Regulatory Issues Arising From Oil and Natural Gas Production Growth in North America
February 2014
Published in Energy Law Advisor
Outlook for North American Trade in LNG and Oil
October 24, 2013
Presented at the LSI Energy Exports in the Northwest Conference
Estimating the Cost of Equity for Regulated Companies
February 17, 2013
Prepared for the Australian Pipeline Industry Association
The Uncertain Future For ANS LNG Exports
December 3, 2012
Presented at LSI's Energy in Alaska Conference, Anchorage, AK
A Framework for Analyzing Market Manipulation
September 2012
Published in Review of Law & Economics, Volume 8, No. 1
Framework for Assessing Capex and Opex Forecasts as Part of a “Building Blocks” Approach to Revenue/Price Determinations
June 2012
Prepared for the Australian Energy Market Commission
Shale Gas and Pipeline Risk
April 2012
Published in Public Utilities Fortnightly
Incentive Regulation—Design: Key Plan Components I
May 26, 2010
Presented at Alberta Utilities Commission Performance Based Ratemaking workshop, the Van Horne Institute
Price Re-Openers in Natural Gas Supply Contracts: Avoiding Costly Mistakes in Arbitration
Published by The Brattle Group, Inc.
Options for Reforming the Building-Blocks Framework
December 16, 2009
Prepared for The Australian Energy Market Commission
Review of Incentive Power and Regulatory Options in Victoria
December 2009
Prepared for The Australian Energy Market Commission
Australian Greenhouse Gas Emissions Trading: Comments by The Brattle Group
March 6, 2007
Published by The Brattle Group, Inc.
The Advent of U.S. Gas Demand Destruction and its Likely Consequences for the Pricing of Future European Gas Supplied
March 16, 2005
Paul R. Carpenter, Carlos Lapuerta, and Morten Frisch
Presented at the GASTECH 2005 Conference, Bilbao, Spain
REX Incentives: PBR Choices that Reflect Firms' Performance Expectations
November 2001
Published in The Electricity Journal
New Pipeline Authorisation and Third-Party Access Tariffs for the Natural Gas Network in Ireland
July 2000
Carlos Lapuerta, Paul R. Carpenter, and Boaz Moselle
Report to the Irish Government
Methodologies for Establishing National and Cross-Border Systems of Pricing of Access to the Gas System in Europe
February 17, 2000
Paul R. Carpenter, Carlos Lapuerta, and Boaz Moselle
Prepared for the European Commission
A Critique of Light-handed Regulation: The Case of British Gas
January 1999
Published in Northwestern Journal of International Law & Business
Separate Marketing of Natural Gas by Joint Venture Producers in Australia
September 26, 1998
Prepared at the request of Optima Energy for Submission to the Upstream Issues Working Group Australian and New Zealand Minerals and Energy Council
Pipeline Pricing to Encourage Efficient Capacity Resource Decisions, Filed on behalf of Columbia Gas Transmission Corporation, et al., FERC Docket No. PL98-2-000
February 1998
Published by The Brattle Group, Inc.