Our Key People


Luis Maria Caruso

Luis María Caruso is an international expert in the strategic issues of reform processes in the infrastructure sector. His expertise includes the design of guidelines, objectives and policies, development planning and implementation, institutional development and strengthening, sector restructuring models, organization of efficient competitive markets, technical and economic regulation and management of transition plans. He has excellent experience in regulatory environments typical of developing economies.

Luis was one of the founding partners and former CEO of Mercados Energéticos S.A. (Buenos Aires, Argentina) in 1993 and later of Mercados Energy Markets International (Madrid, Spain) in 2006 and of MRC Consultants and Transaction Advisers in 2014.

During the 1990s, Luis directed the transformation of the Argentine power industry, its regulations and institutions, including the start-up of the Wholesale Electricity Market, the organisation, regulation and privatisation of the transmission activity and the creation of the Independent Market and System Operator. During his time at Mercados EMI he worked extensively in many Latin American countries and in the most recent power sector reform processes in China, Spain, Turkey, and Central America, including the general design of the regional Central American electricity market.

Luis has a Masters Degree in Electrical Engineering from the University of Buenos Aires (Argentina).

Luis is based in Madrid, Spain.




Roberto D’Addario

Roberto D’Addario specialises in transaction advisory within the energy sector and in the restructuring of power sectors. His expertise includes institutional and regulatory design of competitive electricity markets, incentive-based mechanisms for promoting private sector participation, restructuring process implementation, procedures and operational standards, and the design of regional energy markets.

During the power sector reforms in Argentina, Roberto participated directly in the development of the new regulatory framework for the wholesale market, the drafting of detailed rules for transmission and in the creation and start-up of the Independent Market and System Operator. Throughout his career he has directed many power sector restructuring projects in Latin America, China, the Greater Mekong Subregion, Nigeria, Tanzania, and Russia.

Since 2010 Roberto has been providing transaction advisory to clients worldwide for acquisition of power plant and power distribution companies, greenfield projects, and on competitive bids for government-owned power sector assets undergoing privatization.

Roberto has a Master’s degree in Electrical Engineering from the University of Rosario (Argentina) and a Post-graduate degree in Network Control Centres obtained in Germany.

Roberto is based in Madrid, Spain.




Arnaldo Orlandini

Arnaldo Orlandini has 18 years of experience in the natural gas industry. He specializes in international gas markets, evaluation of gas projects, gas supply contracts, LNG and storage, gas regulation, gas network codes and energy risk management systems.

Prior to joining MRC, Arnaldo was Director of Consulting at Mercados EMI, leading the Gas and Economic Modelling practice and leading the company in Italy. He acts regularly as Expert Witness on disputes concerning gas supply agreements and gas markets before arbitration and ordinary courts. He had an extensive career in Eni SpA (Italy), where he held various senior positions from 1997 to 2008, including Gas Market Analysis Manager (Planning department), Head of Financial Risk Control (Administration and Control Department), Risk Management Senior Analyst (Gas Trading Department) and Economic and Legal Analyst (Tariffs department, transmission and distribution).

Arnaldo holds a degree in Economics, a Master’s degree in Energy Economics and a Master’s degree in International Economics and Development. He is a PhD candidate in International Economics with a dissertation on “The recent evolution of the European gas market”.

Arnaldo is based in Madrid, Spain.





Robert Yates

Robert is Chairman of MRC Group and a Director of EMRC. He is an economist, management scientist and certified accountant. He has over 35 years’ experience across 50 countries advising on major transactions in power and gas. He has expertise in regulation, power and gas markets, financing and risk, PPA's and GSA's. He has twice received the British Consultants Bureau “Consultant of the Year” award.

Robert works at the forefront of developing innovative approaches to power sector reform and financing which support private sector participation. He has advised on restructuring and the introduction of private sector capital in various countries including Lesotho, Nigeria and Georgia.

His work on legal and regulatory reform covers electricity (including Kosovo, Jamaica, Lesotho, Montenegro, India), gas (Nigeria), and mining (Kyrgyzstan, Peru, Colombia, Poland, Romania) sectors, much of it oriented towards creating favourable regimes for private sector investment. He has drafted legislation and regulations in a variety of legal frameworks.

His work on international projects has involved a broad range of issues including drafting and negotiating purchase and sale, O&M, concession and other agreements, negotiation of fuel supply and power purchase, distribution and supply contracts, due diligence, risk allocation and risk mitigation strategies, project financing and funding, financial modelling and tax planning.

He is an expert financial modeller and combines detailed accounting, financing and tax skills with advanced technical and mathematical modelling skills. He has experience in financial projections, bankable documents, despatch modelling and power market modelling. His work on legal and regulatory reform covers both electricity and fuels sectors, much of it oriented towards creating favourable regimes for private sector investment. He has drafted legislation and regulations including PPA’s in a variety of legal frameworks.

Robert is based in Edinburgh, United Kingdom.




Rahila Thomas

Rahila is a Director of EMRC with over 16 years' experience in the power sector. She is a Power Sector Strategist with a deep understanding of electricity industry dynamics. She has expertise in policy development, power sector reform, regulation, power market design and power project developments.

In Nigeria Rahila has supported both Gencos and Discos through the privatisation process that resulted in handover in November 2013. Following Handover, she has continued to support private investors in the newly privatised power sector in Nigeria including distribution, hydro and thermal generation. Her numerous assignments include assessment of the market for solar power and other decentralised renewables in Nigeria for private investors. Her other work for developers includes  due diligence for prospecting investors, preparation of Information Memorandum for Quantum Power, the developers of the Yellowstone IPP. She is advising the Association of Nigerian Electricity Distributers (the Disco Roundtable) on regulatory, commercial and power market matters as well as the Discos' Investors Group.

She previously worked as Technical Adviser on the Regulatory and Transaction Team of the Nigeria Presidential Task Force on Power and held several advisory positions to Ministers of the Power Sector from 2008 to 2012. Prior to that she was a core member of the Electric Power Team of the Nigeria Bureau of Public Enterprises in driving the Nigeria power sector reform programme. She was involved in the unbundling process of PHCN and the development of the new market and earlier privatisation processes. She was also appointed Technical Assistant on Energy to the Minister/Deputy Chairman of the National Planning Commission in Abuja. She has an unrivalled knowledge of all aspects of the Nigerian power sector.

Rahila holds a degree in Business Administration and a Masters degree in Energy Studies with specialisation in Energy Finance from the Centre for Energy, Petroleum and Mineral Law and Policy (CEPMLP), Scotland, UK.

Rahila is based in Abuja, Nigeria.




Alice Waltham

Alice has 13 years’ wide-ranging experience of the international energy industry, power market, policy, regulation and economics. She manages EMRC’s activities in the UK. She has a Master’s degree in Economics (Finance) from the University of Edinburgh.

Alice has advised internationally on the regulatory and commercial frameworks for distribution and generation projects. She has advised on effective transmission and distribution regulatory frameworks and the promotion of renewable energy, including designing appropriate, bankable PPA and feed in tariff terms.

Alice has worked on the development of numerous support mechanisms for renewable energy, including the renewable heat incentive and renewables obligation in the UK, and has helped to develop appropriate renewable energy support mechanisms in the Gambia, Bulgaria, Republic of Macedonia and Armenia. She was Renewable Energy Expert for a study analysing the impact of the 2020 targets in the Energy Community.

Her work in networks has included managing an international IEA Renewable Energy Technology Deployment (RETD) funded study identifying best practice for integrating variable generation sources into electricity networks and markets. In Russia, Alice provided a report and training to Energostream on international best practice for distribution company use of system charging.

Before becoming a consultant, Alice worked for a renewable electricity supplier, Good Energy. There she participated in a wide variety of activities in the compliance, retail, trading and generation parts of the business, including drafting, negotiating and managing contracts with renewable generators. She managed power trade agreements with brokers, consolidators and other suppliers. She holds a PRINCE2 project management practitioner qualification and is an experienced project manager.

Alice is based in Edinburgh, United Kingdom.





Andrea Marroni

Andrea is a Climate & Energy advisor (Policy, Law & Regulation). Following the adoption of the Paris Agreement in December 2015, MRC Consultants and Transaction Advisers will keep abreast of developments across all aspects of climate change and energy, with a core team (consisting of permanent staff, associates and external consultants), working with IFIS and private sector, positioning MRC as player in the international energy and climate finance advisory market for the Fund Management Industry.

He has worked in a national public administration, in an international organization, in the private sector. Deep understanding of the international climate policy environment (incl. tech, Gov, business strategy and finance), experience with various sustainable energy policies which are implemented in the countries of the Western Balkans, Middle East and North Africa, Sub-Saharan Africa regions. Strong experience in renewable energy integration in power systems, specialist in Power Markets Assessment: regulatory infrastructure, legal aspects of market restructuring, design of frameworks for adoption of market-oriented reforms (unbundling process & roadmap), off-grid energy policies.

Strong experience in Post-Conflict and multi-lateral diplomacy, having demonstrated sensitivity and tact. Excellent interpersonal skills, working in teams composed of people from a wide range of background in multicultural environment.

Andrea is based in Milan, Italy.





Michael Bernhardsson

Michael Bernhardsson has over 30 years professional experience working in the energy sector, with particular focus on commercial and transaction advisory aspects of energy markets and industries.

Michael has led numerous transaction advisory projects for major energy industry companies in Sweden and Europe. He acted as the commercial manager for the Moldova Energy Sector Reform and Efficiency Improvements Project in Chisinau and led a study on the possibility of an LNG maritime infrastructure in the Sulphur Emission Control Area (SECA).

Michael acted as commercial manager for the financial turn-around of the Zanzibar Electricity Company where he led activities to provide a solid financial foundation for ZECO and to diminish urgent risks in the power system. The assignment included reduction of technical and non-technical losses, customer inspection program, public awareness and communication program, balance sheet clean-up, business planning, development of performance indicators and development of a financial management system.

Michael holds a Bachelors degree in Mechanical Engineering from Hässleholm Technical College, an MSc in Industrial Maintenance from the University of Lund and a Diploma in Business Administration from the University of Lund.

Michael is based in Malmö, Sweden.





Anatoly Kopylov

Anatoly has a Ph.D. in Economics and over 10 years’ experience in the energy sector. Prior to joining MRC he was project manager and senior policy expert for renewable energy, energy efficiency and capacity building projects in Russia and CIS countries.

He has extensive experience related to drafting energy regulation and policy in Russia and CIS countries as well as developing strategies for power utilities. Anatoly has experience in the development of primary and secondary legislation, identifying required changes in local and regional legislation regarding renewable energy, energy saving and energy efficiency issues and assisting regulators of different countries.

He has managed projects for some of the biggest players in the Russian market such as ОАО, RAO UES, RusHydro and Market Council of Russia. He also has experience with a number of IFI’s including World Bank and EBRD.

Anatoly is based in Moscow, Russian Federation.




Tatiana Shekh

Tatiana leads the business development activities of ACTA Consult in Russia.

From 2003 until 2014 she was the country manager of AF Mercados where she coordinated a number of projects for various clients including JSC RusHydro, Lukoil, RUSAL, Ministries of Energy of Russia and CIS countries as well as IFIs, such as EBRD, World Bank and Asian Development Bank.

Tatiana is based in Moscow, Russian Federation.





Fernando Alvarez

Fernando is a specialist in network industry regulation and transmission projects and has participated in the design and construction of important transmission systems in Argentina. He currently leads MRC activity in Brazil. Prior to this he was the Regulatory Studies Manager and Development Manager for Sigla.

Since the deregulation of the electricity industry in Latin America in 1992 he has developed and managed several regulatory studies related to generation, transmission and distribution for the Sigla energy consulting companies.

With over 30 years of experience, he has advised a significant number of electricity utilities in Brazil, Argentina, and other Latin American countries such as Chile, Panama, Peru, El Salvador, Guatemala, Bolivia, and Uruguay. He has also advised water utilities in Brazil on tariff review processes and was the Argentinian representative to the International Electrotechnical Commission (IEC) and to the CIGREE.

Fernando also has experience in academia having taught several subjects for 20 years at University of Buenos Aires including Strategic Business Planning and Transmission and Distribution Network Planning.

He has a post graduate degree in Electric Business Management from the Technological Institute of Buenos Aires. (ITBA) and a degree in Electromechanical Engineering from the National University of Buenos Aires.

Fernando is based in Rio de Janeiro, Brazil.




Leonardo Campos

Leonardo is a specialist in economic regulation for network utilities. His professional career started in academia, where he undertook research and teaching activities related to regulation of energy markets. He worked for the ANP (national oil and gas regulator) (1998-2000) and was a Competitive Intelligence Manager in Embratel (a large telecom utility).

Between 2002 and 2007, he worked as Associate Consultant in a Rio based energy consulting business (CBIE) where he was responsible for managing and developing consulting projects related to oil, gas and electricity markets. Since 2007, he has been working as Manager in SIGLASUL undertaking projects and developing businesses associated to gas, electricity and water sectors in Brazil.





Sebastian Butto

Sebastian is a specialist in economic regulation of public services. He has 12 years of experience advising regulatory agencies, industry associations and large electricity and water utilities on issues related to economic regulation, defining business strategies, evaluation of investment projects, benchmarking studies, analysis of EVA, Research & Development (R&D) projects, and written experts reports on technical, tariff and regulatory matters.

He has participated in more than 20 tariff review processes in Latin America countries (Brazil, Argentina, Panama, Guatemala, Bolivia and Peru). Previously, he was a trainee in the Regional Energy Integration Commission, CIER (1999) and worked as a researcher in the Roela Bank (1996-1998).





Ruy Fernando Varela

Ruy is an expert in regulation and energy economics. With 40 years of experience in the Latin American electricity sector, Ruy has advised a large number of electricity distribution companies in Argentina, Brazil and other Latin American countries in different tariff review processes. Since the deregulation and privatization of the electricity industry in Latin America, he has directed several restructuring and privatization projects within generation, transmission and distribution sectors. Furthermore, Ruy is a founding member and currently President of SIGLA S.A. He is an Industrial Engineer graduated from the Instituto Tecnológico de Buenos Aires with postgraduate studies in Operative Research at the Universidad Católica Argentina.

Ruy is based in Buenos Aires, Argentina.





María Bence Pieres

With over 19 years in the energy sector, María specialises in tariff review processes, strategic planning, M&A, financial models, due diligence and project evaluation in Argentina and several other countries within Latin-America. She has been an independent consultant for many years. Previously, she worked at Dresdner Kleinwort Wasserstein in the global corporate finance area, mainly focused on the public services sector, and Aguas Bonaerenses (former Azurix), advising the company's vice president on various topics such as the development of the valuation model of the company and the models to be presented to the World Bank. María joined SIGLA in July 2011 and is currently Business Development Manager. She has a degree in both Economics and Business Economics from the Universidad Di Tella.

María is based in Buenos Aires, Argentina.



Pieter Nel

Pieter has over 20 years of experience in the power industry. He mainly specialises in providing innovative professional advice and solutions to improve performance, enhance return on investment and enable more informed decision making with particular focus in the energy sector and with regulatory regimes.

He has extensive experience in utility management and in advising utilities in the power sector in developing countries. In Nigeria, he has fulfilled the roles of Deputy CEO and Strategic and Regulatory Consultant within different distribution utilities. For these roles, Pieter was actively involved with developing corporate financial strategies to achieve numerous stakeholder requirements. Pieter was also responsible for the development of financial models and maintaining these models incorporating changes in in the utility’s corporate strategies and regulatory drivers.

Apart from providing utility management services, Pieter has been actively involved in providing regulatory advisory services to energy regulators in different jurisdictions most specifically in the Asia-Pacific. Pieter has assisted the Energy Regulatory Commission of the Philippines with the implementation of Performance Based Regulation since 2008 and has also undertaken numerous projects for the New Zealand Commerce Commission and the Economic Regulation Authority in Australia in relation to applying price regulation to the regulated transmission and distribution entities.

Pieter has successfully project managed several major transmission, distribution and generation projects in different jurisdictions utilising experts from all over the world and uniting them to achieve the goals of every project.

From Pieter’s extensive experience in providing advisory services to regulators and utilities in power industries across the globe, he has identified the need for constant improvements in the management of assets, processes and information. He has led the development of several innovative solutions targeting the three main pillars in a utility’s business which are assets, staff and customers.

Pieter holds a Bachelor of Engineering – Electrical degree from the University of Stellenbosch.

Pieter is based in Auckland, New Zealand



Kris Tampinco

Kris has over 15 years of experience in the power industry and specialises in the assessment of systems, processes, assets and work programs for regulators, transmission and distribution utilities. Apart from this, she also specialises in providing advice to investors through the financial, regulatory and market assessment of projects particularly in their acquisition of either Greenfield or Brownfield generation, transmission or distribution assets.

For several years she has been extensively undertaking projects for regulators in the Asia-Pacific which includes policy development, tariff setting, engineering reviews, asset valuation, capital and operational expenditure programs, financial modeling and conducting training sessions. Kris has worked closely with the Energy Regulatory Commission of the Philippines in the implementation of performance based regulation as well as with the New Zealand Commerce Commission in relation to default price quality regulation of the electricity and gas industries.

Given her extensive experience working with electricity regulators, Kris can also provide expert assistance to utilities and investors in the management or acquisition of generation, transmission or distribution assets through the provision of strategic and financial advice with particular focus on operating in a regulated environment. At the onset of the opening of Myanmar’s economy, Kris has provided strategic and financial advice to investors in their participation in the privatisation of power generation and distribution utilities. Similarly, she has undertaken various financial and technical assessments for investors in Nigeria at the height of Nigeria’s reform process. She has also provided consultancy service in the areas of tariff modeling, asset management, financial assessment, and regulatory strategy to several utilities in the Philippines.

Kris is an Industrial Engineer and also holds a Master of Science degree in Management Engineering, graduating cum laude.

Kris is based in Manila, Philippines.