Dr Michael Kraus

Senior Adviser

+49 (0) 30 7675 99102

Location: Berlin

Download Image


Michael specialises in energy economics. He joined Oxera in 2013, having worked for an international economic consulting firm in Germany for nine years, where he established an energy practice in Berlin. Michael worked on numerous M&A transactions of German and European gas and electricity networks, power generation assets and underground gas storage facilities. His clients include energy companies as well as investment funds. He also served as expert witness in international arbitration cases and before appellant courts.

Michael’s academic qualifications combine engineering and economics. He started his career at the International Energy Agency in Paris, and from 1999 to 2004 he was Professor of Energy Economics at the Mannheim and Darmstadt Universities of Applied Sciences in Germany.

Selected project experience

  • Regulatory due diligence in relation to the acquisition of a major German gas TSO including the review of the regulatory framework, modelling of regulated revenues, VDR review, SPA protection clauses, lender bank report and discussions with regulators and vendor

  • Regulatory and market due diligence in relation to a Czech gas transport pipeline company including the review of the regulatory framework, modelling of regulated revenues, VDR review, lender bank report and discussions with Czech Regulators and vendor

  • Regulatory and market due diligence in relation to the acquisition of gas distribution companies in the Czech Republic

  • Market and regulatory due diligence in relation to a potential gas storage investment in Germany for an Asian investor

  • Regulatory and market due diligence in relation to the acquisition of a regional transport pipeline company in Germany

  • Expert support in two international arbitration cases over the price review clause of long-term gas import contracts with oil price indexation

  • Analysis of the economic viability of biogas under the German renewable energies regime

  • Pre-due diligence report on the economic regulation of supra-regional gas transport network operators in Germany

  • Expert advice on network regulation in an international arbitration case concerning a German gas TSO

  • Report on regulatory requirements for the merging of adjacent national gas market areas

  • Regulatory due diligence advice on the acquisition of a German electricity TSO

  • Market and regulatory due diligence and valuation for a portfolio of German CCGT plants, including bottom-up district heating modelling

  • Analyses and report on regulatory regimes of German gas networks including regulatory scenarios for consultations with the German regulator

  • Valuation of two German gas storage assets and long-term ‘swing’ contracts

  • Critique of the German regulator’s determination of the return on equity for gas and electricity transmission and distribution networks

  • Assessment of network-specific risks for the determination of market-based rates of return on equity of energy networks

  • Expert report on the allowed return on equity for electricity and gas networks in German regulatory appeal proceedings

  • Review of German industrial end-user segments and gas customer structures for a foreign market entrant

  • Provision of price forecasts in support of an credit rating for a new infrastructure fund comprising German wind assets

  • Assessment of the effects of CO2 emission regulations on electricity prices and sector EBITDA/EBIT in a range of markets

Selected publications

  • Kraus, M. (2009), ‘German Incentive Regulation from the Investor’s Perspective’, Energy Regulation Insights, 36, March.

  • Hern, R., Haug, T., Kraus, M. and Shuttleworth, G. (2008), ‘Die kalkulatorischen Eigenkapitalzinssätze für Strom- und Gasnetze in Deutschland’, Energiewirtschaftliche Tagesfragen, June.

  • Kraus, M. (2006), ‘Incentive Regulation for German Energy Network Operators’, Energy Regulation Insights, July.

  • Kraus, M. (2005), ‘Germany’s push for an incentive regulation in the energy market’, Energy Regulation Insights, March.

  • Kraus, M. (2003), ‘Auswirkungen der Erlaubnispflicht beim Handel mit CO2-Zertifikaten auf Marktintermediäre’, Zeitschrift für Energie, Markt, Wettbewerb, 3, June.

  • Kraus, M. (2003), ‘Auswirkungen der Erlaubnispflicht des CO2-Zertifikatehandels’, in W. Zander, M. Riedel and M. Kraus (eds), Praxishandbuch Energiebeschaffung, Wirtschaftlicher Strom- und Gaseinkauf. Strategien. Konzepte. Lösungen, Deutscher Wirtschaftsdienst Köln, June.

  • Kraus, M. (2001), ‘Morphologie von (Strom-)Börsen’, in P. Becker, M. Riedel, C. Held and C. Theobald (eds), Energiewirtschaft im Aufbruch, Fachverlag Deutscher Wirtschaftsdienst, Köln.


  • PhD Energy Economics, Karlsruhe University, Germany

  • Postgraduate studies Economics, Karlsruhe University, Germany

  • Masters Mechanical Engineering, Karlsruhe University, Germany

More from this section