Partner
Kush Patel

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Kush Patel

Kush Patel leads E3’s asset valuation practice as well as much of E3’s work on the East Coast. He is the primary lead on work with technology companies, investor-owned utilities, project developers, asset owners, investors, and financiers. This work involves a variety of strategic, asset valuation, and financial issues and requires extensive analysis of both wholesale and retail energy markets. Mr. Patel also supports state agencies and regulatory bodies as well as policymakers on a host of issues such as rate design, distributed energy resource (DER) deployment, and utility business model analysis.

Kush led our work on two recent groundbreaking projects for the New York State Energy Research Development Authority and New York State Department of Public Service. E3’s study on full value tariff design and retail rate choices proposed advanced dynamic tariffs to help implement New York’s Reforming the Energy Vision initiative, while the New York State Energy Storage Roadmap offered specific policy, regulatory, and programmatic recommendations to help the state attain its goal of installing 1,500 megawatts of energy storage by 2025. Kush also was the lead in a due diligence analysis for an equity investor to finance a $200 million energy storage project in the Los Angeles Basin, the first project of its kind to successfully attain financing.

With close to 20 years of energy sector experience, Kush brings a deep understanding of how energy markets and regulatory economics interact with on-the-ground experience in renewable energy development and finance. Prior to joining E3 in 2013, he served as director of corporate development and project finance for a solar installation company. Before that, he spent 10 years consulting with natural gas and electric utilities in New York City and in Washington, D.C., for the Oliver Wyman Group at NERA Economic Consulting.

Education: MS, engineering management, Dartmouth College; MS, accountancy, George Washington University School of Business; BA, engineering sciences and economics, and BE, materials science, Dartmouth College

Publications

Projects

Study of Policies to Decarbonize Electric Sector in the Northwest I Public Generating Pool, 2017 – present

On behalf of the Public Generating Pool (PGP), a group of hydro-owning public power entities in Washington and Oregon, E3 completed a study exploring the effectiveness of a range of policy mechanisms to decarbonize the electric sector. This study used RESOLVE, E3’s optimal capacity expansion model, to develop optimized generation portfolios for the region through 2050 that capture […]

Publications

Innovative rate design for energy reform | NYSERDA, 2015–16

E3, working with the New York State Energy Research and Development Authority (NYSERDA),  developed an innovative retail electric rate design to encourage beneficial customer investment in distributed energy resources (DERs), a leading goal of the New York Public Service Commission’s Reforming the Energy Vision initiative. Our conceptual full-value tariff (FVT) has three components: a customer charge, a size-based network subscription charge, and a time-varying kWh price. The network subscription charge may vary by location to reflect local transmission and distribution costs. We modeled customer response to the FVT to assess its impact on the value proposition of DER technologies, such as energy storage, smart thermostats, and smart vehicle charging. The analysis showed that the FVT can yield savings from measures that are not encouraged under existing rates, while still compensating solar PV and energy-efficiency measures in high-value locations. The FVT conceptual framework underpins the Smart Home Rate demonstrations that New York’s investor-owned utilities filed with the commission in February 2017.

Publications

Residential rate design | Hawaiian Electric Company, 2005–present

E3 has supported electric rate design in Hawai‘i since 2005. Currently, E3 is assisting Hawaiian Electric Company (HECO) on next-generation retail pricing strategy and rate designs that align with the state’s goal of meeting its 100 percent renewable portfolio standard (RPS) requirements in a way that encourages cost-effective deployment of customer-owned distributed energy resources. HECO first retained E3 to recommend a strategy for developing rates that would encourage conservation to mitigate the impact of high electricity supply costs on its customers. We recommended a three-tier inclining block structure, which is still in place, to minimize increases on small customers and provide conservation incentives to large customers. We also helped get the rate approved, preparing direct testimony and presenting to the utility’s board of directors.

Market and financial analysis for $200 million storage investment | Macquarie Capital, 2016

Macquarie Capital turned to E3 for analysis and strategic advice on a potential investment in a 50 MW distributed storage project developed by Advanced Microgrid Solutions (AMS) in the Los Angeles Basin. We performed simulations to verify AMS’s internal modeling of the benefits, costs, and value proposition of behind-the-meter, customer-sited storage assets. To understand potential revenue streams over a 20-year period, E3 analyzed the storage project and the underlying business model, forecasting wholesale and retail electric markets. Our financial analysis for the investors and potential lenders was a key element of the due diligence leading to Macquarie’s $200 million financing arrangement with AMS to take ownership of the project.


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