OUR PROJECTS

London Economics International’s Mexico City office

Client:

N/A

Claremont Role:

From Sept. 2001 – Dec. 2004, Eric Shumway headed London Economics International’s Mexico City office.

Description:

Mr. Shumway led all work in Mexico and Latin America for London Economics International during this time, and subsequently through 2015.

Escobedo and Topolobampo IPP Procurements

Client:

Private Client of London Economics International (LEI)

Claremont Role:

Eric Shumway led a team comprising LEI and Delphos International.

Description:

The team advised a large IPP participating in the CFE’s (Comisión Federal de Electricidad) Escobedo and Topolobampo IPP (CCGT) procurements to review the bid rules, produce an LCOE model, produce a “simplified” financial model to evaluate outcomes for multiple technologies with automated sensitivities, and assist the client in improvement of its own full financial model.

250 MW Wind Project

Client:

Private Client of London Economics International (LEI)

Claremont Role:

Eric Shumway led the LEI team.

Description:

LEI was retained by a global investment firm to perform due diligence on a potential investment in a 250 MW wind farm in Mexico. Work was completed in two phases: a Market Overview and a Market Outlook. Phase I included an overview of the Mexican power sector, the overall regulatory framework, details of Mexico’s Self Supply program and other renewable support mechanisms. Phase II included a 20-year forecast of long run energy costs to inform the outlook for the bundled retail tariff in Mexico. Work also included a forecast of the demand charge, pursuant to market rules, formulas and project specifics.

USTDA Bankable Feasibility Study for Baja Wind Project

Client:

US Trade and Development Agency (USTDA)

Claremont Role:

Delphos International led a team including London Economics International (LEI), GL Garrad Hassan, and ERC & Asociados. Eric led LEI’s portion of the work.

Description:

The team produced a bankable feasibility study for the Comisión Estatal de Energía de Baja California for a 50 MW wind power “self-supply” project that would sell to state government office buildings and facilities in the State of Baja California. Work included assessing wind resources, verifying the demand profile of potential offtakers, evaluating the financial value of wind power in comparison to existing power supply arrangements, developing a project structuring and financing strategy, and drafting legal documents and agreements for Project implementation. LEI was heavily involved in all the non-engineering portions of the engagement.

Peace Corps

Nepal

Peace Corps (1993 – 1995). Teacher/Teacher Trainer.

Power Sector Planning and Procurement Framework

Client:

World Bank

Claremont’s Role:

Subcontractor to Delphos International

Description:

Delphos led a team with Norton Rose Fulbright on a World Bank engagement to recommend a procurement framework and institutional arrangements for the procurement and contracting of IPPs for Ghana. The framework provides a planning, procurement and contracting process for IPPs that involves least-cost planning, a coordination mechanism and policy actions to be taken to achieve the objectives. Eric Shumway led the Delphos team. The main portion of the report is available here.

USTDA Eastern Transmission Line Feasibility Study

Client:

US Trade and Development Agency (USTDA)

Claremont’s Role:

London Economics International was part of a consortium with Siemens USA, Delphos International, and Eurasia Environmental Associates, that conducted a feasibility study for the Ghana Grid Company. Eric Shumway was heavily involved in the work.

Description:

The study made recommendations on the economic and technical feasibility of expanding and strengthening Ghana’s northern and eastern transmission network with several hundred miles of new/reconductored transmission lines and other associated infrastructure. Work led by Eric Shumway included a cost-benefit analysis of the project, a regulatory assessment, supporting a financial analysis, and producing a development impact assessment.

Technical Assistance to Ministry of Electricity and Energy

Client:

US Trade and Development Agency (USTDA)

Claremont’s Role:

Claremont was subcontracted to Delphos International, which was the prime contractor. Eric Shumway was the Project Manager for the project, based in Yangon for 1.5 years.

Description:

The $1.5 million USTDA-funded technical assistance supported Myanmar’s Ministry of Electricity and Energy MOEE. Tasks included identifying and ranking IPP projects under development; bankable feasibility studies on three promising IPP projects; recommendations to streamline the process of evaluation, selection, and development of proposed power projects; developing bankable forms of project agreements; and production of a Renewable Grid Impacts Study for the interconnected system. Public versions of the report are available here.

Myanmar Renewable Energy Program

Client:

New Zealand Ministry of Foreign Affairs and Trade (MFAT)

Claremont’s Role:

Eric Shumway (provided by Claremont) was subcontracted to Andaman Capital Partners, which was contracted by MFAT.

Description:

Eric was senior advisor on renewable energy for a team managing the Myanmar Renewable Energy Programme for New Zealand’s Ministry of Foreign Affairs and Trade (MFAT). The Programme provides grant funding for rural electrification; technical assistance for distributed renewable energy projects; technical assistance for Bawgata Hydro power project; renewable energy training for MOEE professional staff; and other projects.

Financial Solutions for Renewable Energy Mini Grids

Client:

Rockefeller Foundation

Claremont’s Role:

Delphos International led the work. Eric Shumway was a senior advisor on the project.

Description:

Delphos assessed options for closing the financing gap for renewable energy mini grids in Myanmar. Work included assessing financing solutions; engaging potential funders, investors and developers; and producing a financing strategy for further engagement by Rockefeller in this space. The final report for the project is available here.

Project Readiness Assessment for Cardenillo Hydroelectric Project

Client:

Global Infrastructure Facility

Claremont Role:

Eric Shumway (provided by Claremont) led a Delphos International team, including hydro engineer Lionel Ciampi.

Description:

The work supported the Global Infrastructure Facility, in coordination with the Inter-American Development Bank, on behalf of the Government of Ecuador to provide specialist technical advice to evaluate the state of preparation of the 595 MW Cardenillo Hydropower Project, which had been identified as national priority and a potential PPP transaction. The assessment had two main objectives: identify any risks to the overall bankability of the project, and the degree to which these risks can or cannot be mitigated; and, identify further actions by both government and potential further GIF technical assistance necessary to achieve a successful transaction.

Electric Power Industry Restructuring

Client:

Ministry of Energy, Industry and Mineral Resources (MEIM)

Claremont’s Role:

London Economics International (LEI) led the engagement. Claremont was a subcontractor. Eric Shumway was senior advisor for the project, leading the team on the ground in Riyadh for a month and presenting findings to senior KSA stakeholders.

Description:

LEI advised MEIM on options for restructuring the Saudi Arabia electric power industry. Options under consideration ranged from full restructuring/privatization of gencos to embracing a “National Champion” strategy for the national power utility.

Renewable Energy Market Design

Client:

a KSA entity focused on nuclear and renewables development.

Claremont’s Role:

The work was led by London Economics International (LEI). Eric Shumway led a portion of LEI’s work.

Description:

LEI was engaged to recommend a design for renewable energy competitive procurements, a feed-in tariff program and a sustainable energy procurement company, together with all relevant related documents and methodologies. Among other tasks, Eric Shumway supervised production of case studies covering renewable policies in Brazil, Morocco and South Africa, a detailed report discussing waste to energy (technological overview, economic and regulatory issues, international case studies, and recommendations for inclusion within Saudi Arabia’s renewable regime), and presenting findings to the client and stakeholders.

Technical Assistance for Electricity Regulatory Authority

Client:

Frankfurt School of Finance

Claremont’s Role:

London Economics International LLC (“LEI”) was part of a consortium led by the Frankfurt School of Finance & Management. Eric Shumway led LEI’s portion of the work.

Description:

The technical assistance, funded by KfW Development Bank and called “Tariff Modeling and Optional Services under the GET FiT TA Facility”, included trainings of Electricity Regulatory Authority staff on hydro power project financial modeling, power project proposal assessment, and levelized cost analysis, as well as creation of various power project proposal evaluation tools.

US Treasury

Client:

US Treasury Department, Office of Technical Assistance (OTA)

Claremont’s Role:

Eric Shumway worked as an Intermittent Advisor for OTA.

Description:

Work included engagement with Government of Uganda officials and US Embassy staff, as well as assistance with a project finance capacity building event.

Transaction Advisory to Government of Botswana

Client:

Ministry of Energy, Mining and Mineral Resources (MMEMR)

Claremont’s Role:

Delphos International led a consortium initially including London Economics International (LEI) and Hunton & Williams. Subsequently, LEI’s portion of the work was taken over by Claremont and Hunton & Williams’ portion by Megawatt Law. Eric Shumway led all work performed by LEI and Claremont in the engagement.

Description:

Eric Shumway led economic work for a consortium advising the Government of Botswana regarding regulatory, legal, financial and economic issues in connection with a procurement process for the 300 MW Morupule B Phase II brownfield Independent Power Project. Work involved drafting a PPA, coal supply agreement (and other agreements), bid evaluation criteria and methodology (including an LCOE model), evaluation of proposals, agreements negotiation with preferred bidder (Marubeni/POSCO) and creation of a “reference” bidder financial model. The PPA was signed in early 2017 but the project did not proceed. Other advisory for MMEMR included evaluating three unsolicited project proposals, and several years advising on the Mmamabula Energy Project.

Various Projects for Botswana Power Corporation

Client:

Botswana Power Corporation (BPC)

Claremont’s Role:

Delphos International led a consortium initially including London Economics International (LEI) and Hunton & Williams. Subsequently, LEI’s portion of the work was taken over by Claremont and Hunton & Williams’ portion by Megawatt Law. Eric Shumway led all work performed by LEI and Claremont in the engagement.

Description:

The consortium advised BPC on helping lead and evaluate a fast track procurement, resulting in the 90 MW Orapa facility [link], designing and leading an emergency rentals procurement, resulting in a 70 MW APR project, on issues related to the coal supply agreements for BPC facilities, and on contract issues related to a power plant refurbishment contract.

Feasibility Study, Enabling Environment and Transaction Advisory for Mmamabula Energy Project

Client:

US Trade and Development Agency (USTDA)

Claremont’s Role:

Delphos International led a consortium initially including London Economics International (LEI) and Hunton & Williams. Eric Shumway led all work performed by LEI in the engagement.

Description:

The team advised the Government of Botswana regarding regulatory, financial and economic issues in connection with the 1,200 MW Mmamabula minemouth coal-fired power plant and associated mine. Tasks included conducting a cost-benefit analysis of the project, reviewing the existing regulatory structure, and making recommendations to facilitate IPP investment.

Bid Support for ISAGEN Privatization

Client:

a large Canadian investment fund

Claremont’s Role:

London Economics International (LEI) led the engagement. Eric Shumway led the team.

Description:

The client was participating in the privatization process of ISAGEN, involving 2,700 MW of hydro and 700 MW of gas-fired assets. Work included producing a detailed report on the structure and design of the Colombia wholesale power and gas markets; spot market (“Bolsa”) and dispatch forecasting; forecasting of firm energy prices; revenue forecasting for the target assets; analysis of market power issues; detailed analysis of market design and process in relation to storage hydro assets; and, walking investors through the market analysis and modeling findings. The client closed on its acquisition of the assets for $2.2 billion in January 2016.

Valuation of Gas-fired Power Plant

Client:

Enron Caribbean Basin

Claremont’s Role:

London Economics International (LEI) led the engagement. Eric Shumway performed the modeling and much analysis for the team.

Description:

The engagement involved a price and revenue forecasting exercise to aid in the valuation of the TermoFlores gas-fired power plant on the Caribbean coast.

Claremont Energy Fund I, LP

Client:

N/A

Claremont’s Role:

Claremont was the General Partner of the LP.

Description:

Claremont Energy closed its inaugural investment fund in September 2004. Fund I was fully invested in two 10 MW natural gas-fired cogeneration power plants in Idaho. The fund sold its portfolio in December 2005.

Claremont Energy Fund II, LP

Client:

N/A

Claremont’s Role:

Claremont was the General Partner of the LP.

Description:

Claremont Energy closed its second investment fund in May 2005. Claremont Energy Fund II provided venture capital to Tierra Energy, a leading developer of wind and natural gas projects in the United States. Fund II exited the investment when Tierra Energy sold its wind assets to Duke Energy in May 2007.

Claremont Energy Fund III, LP

Client:

N/A

Claremont’s Role:

Claremont was the General Partner of the LP. Eric Shumway was also the COO of the entity owning the projects.

Description:

Claremont Energy established its third investment fund, Claremont Energy Fund III, LP, in January 2007. Fund III provided refurbishment capital for two 12.5 MW wood-fired biomass power plants in California. The developer sold the plants to a private equity firm in December 2010.

London Economics International (LEI) Projects.

Eric Shumway led or was involved in numerous consulting engagements for LEI over 15 years, ranging from dispatch modeling in most US markets to preparation of testimony to FERC on competitive implications of a proposed power utility merger.

Bid Support for Coal-fired Power Station

Client:

private client of London Economics International (LEI)

Claremont’s Role:

LEI led the engagement. Eric Shumway led the work.

Description:

LEI was engaged by an investment firm to provide asset valuation, due diligence support and market analysis related to the potential acquisition of a coal-fired power plant in Chile. Work included an overview of the Chilean electric power market, dispatch modeling of the Chilean spot market and plant level operating statistics; review of various PPAs associated with the power plants; and feedback on the client’s gross revenue model associated with the potential acquisition.

Peru Chile Interconnection Project

Client:

private client of London Economics International (LEI)

Claremont’s Role:

LEI led the engagement. Eric Shumway led the work.

Description:

LEI assisted an independent energy transmission developer in assessing the economics of a proposed transmission project to interconnect Peru’s power market with the Sistema Interconectado del Norte Grande (“SING”) market in Chile. LEI provided an overview of the electric power markets of Peru and Chile, a 10-year market outlook for Peru and Chile spot electricity prices and an analysis of the project’s economic impact on the two relevant markets.

Strategic Considerations under Chilean Market Re-Design

Client:

a major Chilean generating company

Claremont’s Role:

London Economics International (LEI) led the engagement. Eric Shumway was heavily involved in the work.

Description:

The work involved a detailed review of the regulatory regimes of four restructured power markets (California, Colombia, NordPool, and Spain), as well as an analysis of the Chilean regulatory regime and changes to that regime that the regulator had proposed. The engagement also involved developing a set of recommended changes to the proposed new regime, and a strategic plan for the company in light of the likely new structure of the market.

Bid Support for Solar PV Developer

Client:

a US-based private client of Delphos International

Claremont’s Role:

Delphos led the engagement. Eric Shumway was heavily involved in the work.

Description:

Work included analysis of the RFP rules, commercial arrangements under the draft PPA, and auditing of the financial models underpinning bids.

Peru - Chile Interconnection Project

Client:

private client of London Economics International (LEI)

Claremont’s Role:

LEI led the engagement. Eric Shumway led the work.

Description:

LEI assisted an independent energy transmission developer in assessing the economics of a proposed transmission project to interconnect Peru’s power market with the Sistema Interconectado del Norte Grande (“SING”) market in Chile. LEI provided an overview of the electric power markets of Peru and Chile, a 10-year market outlook for Peru and Chile spot electricity prices and an analysis of the project’s economic impact on the two relevant markets.

Solar PV Project Development

Client:

N/A

Claremont’s Role:

Claremont’s subsidiary, Claremont Energy Development El Salvador, LLC, led development of a solar PV project in El Salvador.

Description:

The 10 MW project was bid into the 2014 renewable procurement and was technically qualified (that is, it advanced to the opening of economic offers) but lost on price. See more

Various Engagements

Client:

Leading US-based IPP and a regional industrial conglomerate.

Claremont’s Role:

London Economics International (LEI) was engaged by the clients. Eric Shumway led all work on the engagements.

Description:

Work over approximately four years included advisory in relation to a proposed 500 MW LNG-CCGT power plant and associated infrastructure, focused on potential dispatch complications resulting from the local and regional dispatch procedures; subsequently, Eric supported an IPP’s evaluation of an investment opportunity in a 355 MW LNG-fired diesel motor power project.

Coal Project Development

Client:

AES Fonseca Energía

Claremont’s Role:

London Economics International (LEI) was engaged by the client. Eric Shumway led all work on the engagement.

Description:

Advisory work over five years supported development of the 250 MW Fonseca coal-fired power project, and included extensive market design lobbying with regulators and other government officials as part of a radical re-design of the power market; preparation of bid documents for a pass-through PPA auction; negotiation with distribution companies of a possible bilateral PPA; extensive spot market and dispatch modeling for El Salvador and Central America in general; and a regional market design review focused on “seams issues” with the El Salvadoran market.

Strategic and Business Plan Advisory for GDC

Client:

Geothermex; beneficiary: Geothermal Development Company of Kenya (“GDC”)

Claremont’s Role:

Eric Shumway led London Economics International’s work as part of a consortium with GeothermEx and Shaw Consultants supporting GDC’s updating of its business and strategic plans.

Description:

GDC is a state-owned SPV mandated to spur the development of Kenya’s geothermal resources. Work was partially funded through the Agence Française de Développement. LEI’s scope of work included leading workshops with stakeholders, leading technical training seminars with GDC staff, conducting a detailed review of Kenya’s energy sector and its legal and regulatory framework, analysis of green power funding sources, and developing a financing plan and detailed corporate financial model.

USTDA Bankable Feasibility Study for Solar PV Project

Client:

US Trade and Development Agency (USTDA).

Claremont’s Role:

London Economics International (LEI) was part of a consortium with Power Engineers and Delphos International. Eric Shumway led LEI’s work.

Description:

The work supported the development of a pilot 5 MW solar PV project in Essaouira, Morocco by the Agence Nationale pour le Développement des Energies Renouvelables et de l’Efficacité Energétique (“ADEREE”). The engagement was essentially a bankable feasibility study for the project. A portion of LEI’s work consisted of drafting an RFP for development of the project, in compliance with Morocco’s power sector regulatory regime and public procurement rules; other work included working closely with Delphos International and the beneficiary to determine an appropriate project ownership and financing structure, estimating potential subsidies to the project with respect to the national utility’s incremental levelized cost of energy, and summarizing siting and permitting requirements.

Market Study for Hydroelectric Portfolio Transaction

Client:

Canadian Imperial Bank of Commerce

Claremont’s Role:

Eric Shumway led London Economics International’s work on the project, which included a significant role for PSR.

Description:

In relation to the acquisition of a large portfolio of hydroelectric power plants in Brazil, work included a complete regulatory and commercial description of the Brazilian power market, as well as wholesale power price forecasting. LEI’s reports were relied on to establish the value of the hydro portfolio as part of a $13 billion public company transaction.

Multiple London Economics International (LEI) Projects.

Client:

various private clients of LEI

Claremont’s Role:

Eric Shumway led or was involved in numerous consulting engagements for LEI over 15 years.

Description:

Eric worked on or led electricity dispatch and price forecasting efforts for the following US and Canadian markets: MAPP, Ontario, PJM, Pacific Northwest, NEPOOL, and WECC. Other work involved analysis of nuclear power plant portfolios and coal-fired power project litigation support.

OTA

Client:

US Treasury Department, Office of Technical Assistance (OTA)

Claremont’s Role:

Eric Shumway works as an Intermittent Advisor for OTA.

Description:

Work involves engaging with counterparts at the Ministerio de Economia y Finanzas (MEF), Empresa de Transmisión Eléctrica S.A. (ETESA), and other Government of Panama officials and US Embassy staff, with a focus on matters of mutual interest to the two governments in the area of energy and infrastructure finance.

Copper Mine and Coal-fired Power Plant

Client:

private client of London Economics International (LEI)

Claremont’s Role:

LEI was engaged by the client. Eric Shumway led all work.

Description:

The engagement was development support (market and regulatory focus) in relation to a 300 MW coal-fired power plant and associated copper mine under development in Panama.

Hydro Project Financing Support

Client:

HSBC

Claremont’s Role:

London Economics International was engaged by the client. Eric Shumway led all work.

Description:

Market expert to a mandated lender to two hydroelectric projects under construction totaling over 140 MW.

AES Panama – Multiple Projects

Client:

AES Panama / IFC

Claremont’s Role:

London Economics International was engaged by the client. Eric Shumway led all work.

Description:

The work, under which Eric Shumway was initially engaged by AES Panama and subsequent by IFC and other lenders as Market Expert, supported a corporate debt issuance by AES Panama, closed Q4 2006, for $300 million (2006); supported financing for AES Panama’s Changuinola 75 hydro project, closed first quarter 2007 for $366 million; and supported the $336 million financing for the Changuinola 220 hydro project, comprising senior loans from a club of commercial banks led by Banco Continental of Panama, closed in 2008. An earlier engagement supported AES’s securing of long-term financing for over 200 MW of new, and 175 MW of refurbished, hydroelectric capacity. The process involved producing a detailed report on the market design, forecasting wholesale electricity prices using a least-cost dispatch price-forecasting program and Monte Carlo Simulation approaches, developing revenue forecasts for a portfolio of power plants, and walking officers of the IFC and other lenders through the assumptions and procedures used. The long-term limited-recourse loan package, which closed yearend 2003 and totaled approximately $334 million, received an international investment grade rating of "BBB-" (Triple B Minus) from Fitch Ratings. The facilities were provided by IFC under an A/B loan structure, with Credit Suisse First Boston acting as private placement agent for the IFC B loan, and EKN, the Swedish ex-im bank.

Distressed Thermal Asset Advisory

Client:

Interamerican Development Bank (IDB)

Claremont’s Role:

London Economics International was engaged by the client. Eric Shumway led all work.

Description:

The advisory for the IDB and associated lenders was on the outlook for debt servicing by one of the largest thermal power companies in Panama. Work involved extensive spot market and dispatch modeling of the Central American system; revenue forecasting; meetings with regulators; auditing of the company’s financial model; and regulatory reviews. Follow-on work advised the IDB on ways Panamanian regulators had misapplied or ignored market rules in attempting to hold tariffs down. The focus of the work was on quantifying industry damages from improper regulation and on developing a set of key action items for the IDB to emphasize in its dialogue with the Government of Panama.

RFP for BOT Hydro

Client:

private client of London Economics International (LEI)

Claremont’s Role:

LEI was engaged by the client. Eric Shumway led all work.

Description:

Market analysis for a private client considering participating in an RFP for a BOT scheme 50 MW hydro project.

Distribution Company Tariff Setting

Client:

ENRE (Argentina’s power sector regulator)

Claremont’s Role:

London Economics International (LEI) was part of a consortium for the project. Eric Shumway provided day-to-day management of this engagement for LEI.

Description:

The team was far advanced in the engagement advising ENRE, the Argentine power sector regulator, in setting tariffs for Edenor, a large distribution company in northern portion of Buenos Aires, when the project was suspended as a result of the Argentine financial crisis. Tariffs were to be established using an RPI-X methodology, with Data Envelopment Analysis used to determine the X factor.

Bid Support in Hydro Asset Auction

Client:

Multiple private clients of London Economics International (LEI)

Claremont’s Role:

London Economics International (LEI) led the engagement. Eric Shumway led the work.

Description:

The engagement involved a price and revenue forecasting exercise to support bid(s) for one or more generating companies offered at auction as part of a Nicaraguan privatization program.

Bid Support for Distribution Company Auction

Client:

a private client of London Economics International (LEI)

Claremont’s Role:

London Economics International (LEI) led the engagement. Eric Shumway led the work.

Description:

Provided analysis regarding the pace and degree of electricity market restructuring in Romania, particularly with regard to the “supply” or marketing function, to inform client’s bidding strategy in the auction for the Muntenia Sud distribution company.

Multiple projects in Myanmar

Multiple projects in Myanmar. Market modeling and analysis included Chinese-backed cross-border hydro projects, as well as cross-border natural gas exports to China and Thailand.

Feasibility Study on Multilateral Power Trade

Client:

International Energy Agency

Claremont Role:

Claremont Energy was subcontracted to Delphos International for this engagement, which Eric Shumway led.

Description:

The work assisted the International Energy Agency on developing a feasibility study on establishing multilateral power trade among the ASEAN Member States (AMS). Work included producing case studies on regions with cross-border, multilateral power trading; identifying best practices and lessons learned that are relevant to the ASEAN context; and presenting case studies to AMS stakeholders. The Case Studies were on New England, South Asia Regional Initiative on Energy Integration (SARI/EI), India, and Central American Electrical Interconnected System (SIEPAC). The public version of a portion of the work is available here.

Numerous projects

While at London Economics International, Eric Shumway led numerous (> 20) spot market and dispatch modeling exercises for the Central American (SIEPAC - MER) power markets for multiple clients in the region over a 15-year period. Each of these exercises modeled SIEPAC as a single, interconnected, region. Eric Shumway also spoke at several industry conferences on market integration (or “seams”) issues in the MER. Countries/topics of focus were Panama and El Salvador, as well as the potential interconnection for Panama and Colombia.

Central America Market Evaluation Studies

Client:

Private client of London Economics International (LEI).

Claremont Role:

Eric Shumway led the engagement for LEI.

Description:

For a large solar PV manufacturer and IPP developer, Eric led an evaluation of potential utility-scale solar PV power development projects in the SIEPAC markets of Central America. The core tasks are to produce a Screening Report that would reduce to three the number of target countries for further investigation; a Regulatory Report containing brief regulatory/market overviews of the power markets of the three target countries plus the Mercado Eléctrico Regional (the “MER”); and a Market Report summarizing all spot market and dispatch modeling results under a variety of conditions.

SIEPAC Case Study

Client:

International Energy Agency (IEA)

Claremont Role:

Claremont Energy was subcontracted to Delphos International for this engagement, which Eric Shumway led.

Description:

The work assisted the IEA on developing a feasibility study on establishing multilateral power trade among the ASEAN Member States (AMS). Work included producing case studies on regions with cross-border, multilateral power trading; identifying best practices and lessons learned that are relevant to the ASEAN context; and presenting case studies to AMS stakeholders. The Case Studies were on New England, South Asia Regional Initiative on Energy Integration (SARI/EI), India, and Central American Electrical Interconnected System (SIEPAC). The public version of a portion of the work is available here.

Clean Power Market Screening

Client:

private client of London Economics International (LEI)

Claremont’s Role:

LEI led the engagement. Eric Shumway led the work.

Description:

Advised large publicly traded clean power developer to identify target countries for clean power (especially solar PV) development in the Caribbean and selected Latin American countries. Core tasks included producing a Screening Report to identify countries for further investigation; various detailed country reports and a Regional Strategy Report to identify and develop opportunities in target markets.

Valuation of Mirant’s Caribbean Generation Assets

Client:

a private client of London Economics International (LEI)

Claremont Role:

LEI led the engagement. Eric Shumway was heavily involved in the work.

Description:

The work supported valuation of Mirant’s Caribbean assets, in Trinidad, Jamaica, Curacao, and the Bahamas.

Mmamabula Energy Project

Client:

US Trade and Development Agency (USTDA) and subsequently, the Government of Botswana.

Claremont’s Role:

Delphos International led a consortium initially including London Economics International (LEI) and Hunton & Williams. Eric Shumway led all work performed by LEI in the engagement.

Description:

The team advised the Government of Botswana regarding regulatory, financial and economic issues in connection with the 1,200 MW Mmamabula minemouth coal-fired power plant and associated mine. Eskom was to offtake 75% of the power, while BPC (Botswana’s national power utility) would offtake the rest. Initial tasks under the USTDA-financed part of the work included conducting a cost-benefit analysis of the project, reviewing the existing regulatory structure, and making recommendations to facilitate IPP investment. In a subsequent transaction advisory phase, the team advised the government in all major negotiations with Eskom and the project’s sponsors.

Peru - Chile Interconnection Project

Client:

private client of London Economics International (LEI)

Claremont’s Role:

LEI led the engagement. Eric Shumway led the work.

Description:

LEI assisted an independent energy transmission developer in assessing the economics of a proposed transmission project to interconnect Peru’s power market with the Sistema Interconectado del Norte Grande (“SING”) market in Chile. LEI provided an overview of the electric power markets of Peru and Chile, a 10-year market outlook for Peru and Chile spot electricity prices and an analysis of the project’s economic impact on the two relevant markets.

Panama – Colombia Interconnection Project

Client:

private clients of London Economics International (LEI)

Claremont’s Role:

LEI led the engagements. Eric Shumway led the work.

Description:

In connection with several engagements in Panama, power plant sponsors and lenders were interested in the potential impacts of a planned interconnection between Panama and Colombia. Work included modeling of interconnection of the two power markets, as well as scenarios treating Colombia as import units within the Panamanian market; lobbying with industry thinktanks; and interaction with the press.

India – World Bank: Improved Renewable Energy Integration and Electricity Services through Battery Storage in India

Client:

GE Energy Consulting – GE India Industrial Private Ltd

Claremont’s Role:

Eric Shumway (provided by Claremont) led a Delphos International team subcontracted to GE Energy Consulting.

Description:

The assignment examines Battery Energy Storage Systems (BESS) and alternatives to address current and anticipated challenges to India’s power system, including under scenarios involving entry of large amounts of wind and solar generating capacity. The assignment examines whether BESS can provide viable solutions to address these challenges, or whether alternate system solutions are more economical and face lower barriers. Delphos International leads analysis of BESS business and regulatory structures in various international jurisdictions and guidance on production of bankable forms of agreement for BESS projects in India.

Pakistan – Sustainable Energy for Pakistan (SEP) Project

Client:

TetraTech

Claremont’s Role:

Delphos International is serving as a subcontractor to Tetra Tech, the SEP Project lead. Eric Shumway (provided by Claremont) is leading portions of the work.

Description:

The USAID-funded Sustainable Energy for Pakistan (SEP) Project supports the efforts of the Government of Pakistan to increase the supply of clean energy on the national grid. Among initial tasks under this assignment, Delphos has prepared on a memo on risk mitigation measures related to the financing of renewable energy projects in the Pakistani context, evaluated reverse auction tender documents for wind and solar power projects, and produced levelized tariff models and tools to be used for the procurement.

Utility Sustainability and National Electrification

Client:

USAID / RTI

Claremont’s Role:

RTI is the lead contractor. Delphos International is a key subcontractor. Claremont Energy is subcontracted to Delphos International for this engagement. Eric Shumway is the Senior Financial Specialist for the project.

Description:

The USAID Papua New Guinea Electrification Partnership (USAID-PEP) is a 5-year USAID-funded project focused on increasing electrification in the country through on grid and off-grid interventions. Work streams include improving financial viability and operational efficiency of the national power utility (PPL), enhancing energy regulation and the regulator, catalyzing private investment for power projects, and developing off-gid electrification models. Eric is Senior Finance Specialist for this project.

Regional Cross-Border Transmission and Regional Grid Code Assessments

Client:

USAID–Clean Power Asia / Abt Consultants

Claremont’s Role:

Claremont Energy was subcontracted to Delphos International for this engagement, which Eric Shumway led.

Description:

Eric led a team of consultants, under a consortium led by Delphos, advising on transmission planning and grid code issues in Southeast Asia, with a focus on the Lower Mekong region. Work included reviewing studies on regional power market integration involving the Lower Mekong area, developing findings on a common basis, collating and summarizing information about all existing and proposed cross-border transmission projects in the region, and evaluating proposed projects. A separate portion of the work involved assessing national grid codes in the region against a proposed regional grid code. The report is available here

Regional BESS PPP Study

Client:

World Bank

Claremont’s Role:

Delphos was contracted by the World Bank to lead the work, supported by the Hawai'i Natural Energy Institute (HNEI). Eric Shumway, who led the work, was subcontracted to Delphos for the engagement.

Description:

The work involved designing a regional BESS policy framework and guidelines, plus technical and commercial assessments for private sector’s participation in BESS in each of the 11 countries covered. Work included (i) review regional BESS policy framework and technical guidelines; (ii) develop technical and commercial assessments for private sector’s participation in BESS under PPP and auction arrangements; and (iii), design detailed BESS development roadmaps for three specific countries Federated States of Micronesia, Republic of Marshall Islands, and Tuvalu.