Experience — Merit Advisory

Government-owned generator

Challenge: The board wanted a shared view of the strategic risks shaping its capex and investment decisions — market trends and price risk against a tightening supply-demand balance, and the pace and cost of the renewables and gas transition for a territory generation fleet.
Approach: A strategic risk workshop facilitated directly with the board, covering market trends, price risk, capex exposure and the renewables/gas mix. Jointly led by both of us, drawing on market analysis alongside commercial and governance expertise.
Outcome: The board reached a shared, evidence-based view of its key strategic risks and a clearer basis for the investment decisions ahead — from advisors with no development or trading interests.

Major electricity retailer

Challenge: The board needed a view on the forces reshaping the retail market, on questions where reliable information was scarce.
Approach: We explained the market disruptors, workshopped the key issues with the board, and undertook confidential market sounding where public information did not exist.
Outcome: We drafted the strategy as the board discussed it, for the board to edit and issue as its own.

Data centre developer

Challenge: A data centre business entering the energy market needed to understand the changes and risks it was taking on.
Approach: We set out the market changes and risks, then workshopped the key issues directly with the board.
Outcome: The session was recorded and returned as a short summary of the agreed goals.

Renewable energy investor

Challenge: A renewables player needed a model for a potential pumped hydro investment at a time when battery costs and the pace of the battery market were far less certain than they are now.
Approach: We built the financial model, ran the returns including the likely development of firming alternatives, and reviewed the results with the sponsor.
Outcome: A detailed analysis of the competing technology, and a forward view of battery costs that the client did not otherwise have.

Aluminium smelter

Challenge: Assess the likely cost of repowering an aluminium smelter from coal to renewables, including a detailed review of the firming options.
Approach: Half-hourly modelling of expected wind and solar output to measure the firming required and estimate its cost, then evaluation of alternatives — including using alumina boiler interruptibility as a firming solution.
Outcome: Modelling and data provided to management that they did not otherwise have, and innovative options quantified rather than asserted.

Major oil and gas producer

Challenge: Support the board to assess three PPA and co-development opportunities for gas and renewable hybrid generation assets in Queensland, New South Wales and South Australia.
Approach: Business case, strategy and structuring to identify the investment thesis; appointment of technical advisors for initial design; market sounding of 40 selected generators, retailers and developers; then the full EOI process from strategy through procurement documents, shortlisting and Q&A with proponents.
Outcome: EOI results presented to the board, which granted approval to proceed to the RFP phase.

Global mining company

Challenge: Act as board advisor on the renegotiation of the company's electricity supply agreements.
Approach: Review of the current strategy, assessment of the financial model and the reasonableness of its key parameters, evaluation of the counterparty's proposed rate of return, and board workshops and director interviews.
Outcome: The board negotiated against an independent view of what the counterparty's position was worth.

Renewable energy developer

Challenge: Lead the legal and commercial functions for the contractual development and sell-down of a 1 GW global renewable portfolio.
Approach: Drafting and negotiation across the contract suite — SPAs, EPC, O&M and PPAs — through development to divestment.
Outcome: Assets developed and sold down across multiple jurisdictions.

Selected engagements