Peter Jacob

Managing Director

BAgEcon (UNE)

Peter has over 25 years of experience in providing strategic assessments together with economic and financial advice to water utilities, government and the agricultural sector.

He has specialist experience and expertise in economic and financial modelling covering business valuations, revenue determinations, long-term cash flow modelling, pricing and tariff structures and benefit cost analyses. Peter has particular expertise in:

  • long term water security planning and assessments integrating outputs from hydrology modeling with economic models
  • natural resource strategic reviews
  • financial and economic modelling, with particular emphasis on urban water and waste-water services and irrigation and drainage businesses venue determinations, long-term cash flow modelling, pricing and tariff structures and cost benefit analyses
  • understanding the key drivers of business profitability
  • feasibility and investment studies
  • business planning and business case preparation
  • providing strategic economic and financial advice in public private partnership infrastructure projects
  • pricing and financial investment studies

In his financial advisory role, Peter works closely and directly with chief executives and financial directors to ensure appropriate commercial and business outcomes.

^ back to top

Dr John Marsden

Founding Director

PhD (ANU), BEcon (WA)

Dr John Marsden has extensive experience in providing both strategic and detailed advice to water and other utilities on economic regulation, governance, pricing, property rights and environmental and natural resource economics.

He has particular skills in the areas of:

  • regulatory pricing principles and their application
  • risk and cost of capital
  • property right and entitlement definition
  • trade and registry arrangements for natural resource-based assets
  • institutional arrangements for utility and natural resource management
  • project integration, particularly of multidisciplinary issues.

John was re-appointed to the Australian Competition Tribunal for a five year term in 2008.

^ back to top

Alasdair Norton

Director (Chairman)

BA (Hons) (Oxford) - Engineering, Economics and Management

Alasdair has over 15 years experience in international investment and financial markets and has managed groups within an international investment bank in London, New York, Tokyo and Hong Kong. He has served as Managing Director of Credit Suisse First Boston with responsibility for its equity capital markets business in Asia and its derivative structuring business in the emerging markets globally.

His experience includes:

  • preparation, negotiation and execution of fixed income and equity capital raisings for a broad range of entities
  • analysis, negotiation and execution of complex financial structuring including credit, equity, foreign exchange, commodity and environmental asset-related derivative products
  • assisting entities in their negotiations with commercial and investment banks with regard to capital structuring and the reverse engineering of derivative products
  • general business and financial mentoring to a range of new ventures, smaller companies and not-for-profit enterprises
  • fixed income and equity portfolio investment management.
^ back to top

Dr Jeremy Cheesman


PhD (ANU), MCom (UNSW), BSc (Hons) (UNSW)

Jeremy Cheesman is an experienced economist, specialising in water resources and the environment. He combines technical expertise with a proven ability in leading complex multi-disciplinary and multi-stakeholder projects, and strong problem solving and communication skills. Jeremy’s areas of technical expertise include:

  • financial and economic modelling, with particular emphasis on cost benefit analyses to support environmental decision making
  • bio-economic and hydro-economic modelling
  • market-based instrument design and implementation
  • non-market valuation
  • business case development and review
  • production efficiency analysis
  • market demand analysis and demand modelling
  • institutional and governance analysis
  • applied micro-econometrics.

Recent projects include:

  • designing and implementing market-based instruments to manage urban stormwater issues
  • developing a framework and investment logic to support source catchment management investment prioritisation
  • economic and commercial analyses of whole of water cycle investments in Melbourne and regional centres
  • expert testimony on regulatory economic matters at VCAT
  • hydro-economic valuation of Victorian watersheds
  • economic evaluations of Victorian regional growth policies and investments
  • evaluating the non-market benefits e-water infrastructure investments
  • water market advice to the Commonwealth
^ back to top

Rod Carr


BEc (Syd.), MEnvSt (Macq.)

Rod Carr is an experienced economist with extensive experience in the water, environmental, natural resource management and transport sectors. Rod has worked for State and Federal Governments over the last 10 years, with Rod’s most recent role being Director New South Wales Priority Water Project with the Australian Government Department of Sustainability, Environment, Water, Population and Communities. Rod has also worked for the Australian Government Department of Agriculture, Fisheries and Forestry, Australian Greenhouse Office and NSW Treasury. Before this Rod was a consultant economist with Sinclair Knight Merz, and Hassall and Associates.

Rod has significant experience with:

  • economic analysis, strategy and policy development for government and private sectors;
  • program and project development, management, monitoring and evaluation;
  • business case development and review;
  • market based instruments; and
  • institutional reform, in particular water reform and National Competition Policy reviews.
^ back to top

Alex Marsden

Associate Director and Perth Manager

BEng (Hons) (RMIT), MBA (APESMA and La Trobe), GradCert Competition Policy (NTU)

Alex is an Associate Director and the Manager of Marsden Jacob’s Western Australian operations.  Alex has been with Marsden Jacob since 2008 and in this time Alex has lead a broad range of projects including cost benefit analyses, feasibility studies, business plans, program evaluation, Regulation Impact Statements and advice on policy and legislative reform as well as work in regional development.

Alex’s particular areas of expertise combine his technical and economic knowledge to enable both an overview and detailed understanding of economic issues.  This comes to the fore in areas such as non-market valuation – for the environment, natural resources and preventative health economics. In addition, Alex has a substantial experience in applying these skills in work for a broad range of utilities including water, power and transport.

Alex’s previous experience includes four years with the UK Competition Commission and eight years in West Australian environmental and water resource management. This diverse experience underlined the importance of robust, relevant and defensible process and results including extensive research and consultation to determine the likely costs and benefits of changes to competitive markets.

^ back to top

Dr Joel Byrnes

Associate Director

PhD, BEcon (UNE)

Joel Byrnes recently joined Marsden Jacob.  Joel brings extensive experience in consulting and public policy formation with sound theoretical foundations from teaching economics.  He specialises in providing advice to clients on policy and regulation issues relating to the urban water sector in Australia. He has authored numerous academic articles on the topic, and is also an adjunct professor at La Trobe University in Victoria, Australia.

Prior to commencing his consulting career eight years ago Joel was an academic economist, teaching a wide range of microeconomic subjects, and publishing widely on water resource and local government matters. His publications on the economics of Local Government in Australia are regularly referenced in Government and academic reports. Joel also spent three years at the Reserve Bank of Australia developing policy to improve the financial system in Australia.

Joel maintains an active connection to the academic community. He is currently an adjunct Professor at La Trobe University in Victoria, where he is a member of the Centre for Water Management and Policy. He is a member of the Centre for Local Government at the University of New England, where he sits on the editorial board, and is regularly asked to peer review journal articles in his areas of expertise.

Joel’s particular expertise includes:

  • leading cross disciplinary teams to analyse complex policy problems in the urban water sector
  • development of public policy
  • preparation of Business Cases, particularly in the water, land use and transport sectors
  • Cost Benefit Analysis of policy change and infrastructure investment

Most recently Joel has worked on:

  • Cost Benefit Analysis of changes to new buildings to enable Whole of Water Cycle policy implementation
  • Business Case for investment to deliver improved water quality outcomes in the ACT
  • freight demand forecasts for a range of ports in Papua New Guinea
  • development of a Cost Benefit Analysis Tool for the assessment of Whole of Water Cycle Management policy
  • Cost Benefit Analysis of options to service growth in Melbourne’s Northern Growth Area
^ back to top

Andrew Campbell

Associate Director

MBA (Deakin), BEng (Hons) (Monash)

Andrew joined Marsden Jacob in July 2012 with over 25 years of industry experience that included Intelligent Energy Systems, the Victorian Power Exchange, and roles in generation, transmission and corporate at the State Electricity Commission of Victoria.

Andrew was involved in the establishment of the Victoria and National electricity markets and the Victorian gas market, and has been very active in proving advice and leading assignments in many areas of these markets since they commenced operation.   He was also had a significant involvement in the Western Australian electricity market, national gas market and a number of electricity markets overseas.

Andrew’s particular expertise includes:

  • the economics and operation of electricity and gas markets
  • generator behavior dynamics in electricity spot markets
  • transmission planning, regulation and risks
  • the reform of electricity and gas markets
  • technology developments
  • environmental policies such as carbon pricing and renewable generation
  • the modelling of electricity and gas markets and the use of such models in assignments to support asset transactions, regulatory issues, and general market outlooks.

In Australia Andrew’s clients have included National Electricity Market generator and retail companies, AEMO, AEMC, AER, TNSP’s, industry bodies, investors and banks.

^ back to top

Matthew Clarke

Associate Director

MAppFin (Melb), BCom (Hons) (Melb)

Matthew is an economist with a wide range of experience across transport, agriculture, water, biosecurity, fisheries, emergency management and natural resource management. He has worked in executive level positions in state government and for a federal statutory agency, as well as senior positions in the private sector.

Matthew has extensive experience in:

  • undertaking cost-benefit analysis, market assessments, business cases and investment appraisals for both the public sector and private sector;
  • project and program evaluation;
  • regulatory frameworks and reform;
  • regulatory pricing across a range of sectors, including transport, energy and water. This includes cost allocation, DORC valuations, charging structures and tariff design and cost recovery;
  • logistics pricing (in particular in transport);
  • survey development;
  • stakeholder consultation;
  • supply chain operations and planning; and
  • economic and financial modelling.

Matthew is the Practice Leader for transport and is a leading transport economist with extensive experience in: business cases; cost-benefit analysis; market assessments; regulatory frameworks and reform; regulatory pricing; economic modelling; and research. Matthew has undertaken business cases across a range of areas including trains, heavy vehicles, warehousing, ports, marketing and processing. Matthew has also led large projects involving cost-benefit analysis in transport related to heavy vehicles and roads. He has extensive experience in regulatory pricing in transport – both road and rail. Matthew’s regulatory pricing experience also extends to water where he has undertaken a range of regulatory pricing projects, including demand and supply analysis.

Matthew also has extensive experience as an economist in agriculture and fisheries. Matthew has experience across a range of agriculture sectors including horticulture, lamb, dairy, grains and fruit and nuts, as well as biosecurity which crosses these sectors. He has extensive experience in undertaking a range of projects in agriculture and fisheries, including: cost-benefit analysis; project/program evaluation; productivity analysis; regulatory frameworks and reform; and survey development. Additionally, Matthew was a supply chain manager for many years in the grain sector and has extensive knowledge of this sector.

In the disability sector, Matthew has undertaken pricing reviews and developed accommodation strategies for people with a disability.

^ back to top

Grant Draper

Associate Director


Grant Draper has recently joined Marsden Jacob’s Perth Office as an Associate Director. He has 20 years’ experience in the Australian electricity and gas sectors and has held a range of executive and senior management positions. Grant has led major work programs for Synergy, the Western Power Corporation and the Western Australian State Government.

His specific areas of expertise include:
• commercial valuation of energy projects
• wholesale electricity and gas market forecasts
• corporate and business strategy
• review and impact assessment of proposed regulatory and/or policy changes
• electricity and gas market design
• tariff and contract pricing
• demand side management and distributed generation technologies
• retail and wholesale portfolio strategy

Grant’s formal qualifications includes a Masters Degree of Economics (UWA), specialising in econometrics, cost benefit analysis and public policy, and an Executive Masters Degree in Business Administration (AGSM).

His formal qualifications and experience have enabled him to apply economic frameworks and models to deliver solutions for business and government. Grant is passionate about helping both the energy and water sector manage the risks and realise the benefits that will result from technology change. This includes smart meters, distributed energy and water supply systems, and battery storage.

^ back to top

Gavan Dwyer

Associate Director

MAgSci (Melb.), BAgEcon (Hons) (UNE)

Gavan Dwyer is a leading agricultural and resource economist. His areas of expertise include applied microeconomics of agriculture and natural resources. He is specialised in water, environmental and agricultural policy analysis, institutional and regulatory design, market failure and benefit cost analysis.

Gavan has recently joined the Marsden Jacob team and has led among others the independent review of structural governance for grains research, benefit flow modelling of dairy RDE, benefits and cost assessment of the Pest Free Area, health and activity monitoring framework for the earth resources sector and evaluations of the bushfire risk assessment and management programs.

Gavan was previously Chief Economist of DEPI Victoria and Executive Director of Policy Services of the former DPI, he has also held senior roles in the Productivity Commission and ABARES. He brings with him a wealth of experience in applied analysis of contemporary public policy issues leading among others DPIs socio economic assessment of the Murray Darling Basin Plan, DEPIs economic assessment of the abalone virus, expert witness to the Victorian Supreme Court ruling on the Murray Valley Citrus Board.

Other projects have included modelling retail electricity margins, measurement of the regional dairy industry productivity, red  tape reduction and regulatory and compliance reform, cost recovery arrangements for fisheries and earth resources, and the economics of brown coal development.

Gavan is currently President of the Victorian  Branch of the Australian Agriculture and Resource Economics Society of Australia.

^ back to top

Dr Peter Kinrade

Associate Director

PhD (Melb), MEnvSt (Tas), BCom (Melb)

Peter is an economist and environmental manager with Marsden Jacob Associates.  He coordinates Marsden Jacob’s  environment and climate change practice. He has more than 20 years of professional experience in environmental and natural resources economics, policy and management with a particular focus on climate change and greenhouse, sustainable energy and waste management.  Peter’s specific areas of expertise include:

  • cost benefit analysis, including non-market valuation;
  • risk and vulnerability assessment;
  • environmental/ resource accounting;
  • environmental, energy and natural resource policy and program development and review.

He also has considerable experience in stakeholder engagement and community outreach on environmental management and economics.

Peter has applied his expertise across a range of sectors including coastal management, energy, water, forestry, fisheries, waste management and land use planning. His consulting work has been undertaken for numerous clients including federal and state government departments and agencies, local government, water and energy utilities, NGOs and the private sector (manufacturing, energy and investment banking).

^ back to top

Bruce Low

Associate Director

MBA (RGU) Grad Cert Management (AGSM) M Comm (UNSW) B Sports Science (UNSW)

Bruce has almost 20 years’ experience in financial markets and over 12 years focusing on energy, oil & gas, electricity markets, and renewable energy & storage.  He has held roles  in asset consulting, broking, equities analysis, and portfolio management.  His industry knowledge and experience enable him to understand and analyse operational challenges and provide forecasts and advice to key decision makers.

He is well connected and experienced in financial markets with industry bodies, government and corporates, including senior management of many of Australia’s largest listed companies.

Bruce brings leading expertise in the information needs and assessment frameworks of different investors and in-depth knowledge across the following sectors:

  • Energy markets including electricity and oil & gas,
  • Transport (rail, trucking, ports), Logistics and Waste Management,
  • Infrastructure and Utilities

Bruce’s key skills and expertise include:

  • Financial modelling, analysis and forecasting,
  • Critical analysis of process efficiency improvement and cost optimisation,
  • Assessment of individual project feasibility, corporate strategy and overall company investment attractiveness.
^ back to top

Rob Nolan


BA BEcon (La Trobe)

Rob Nolan brings leading industry expertise in economic regulation, government policy and strategic business planning in the water and energy sectors. This has included providing strategic economic advice to support the development of key business and pricing strategies, plus significant experience working with Boards and senior executives. Achievements include:

  • Leading the development and delivery of pricing strategies, including South East Water’s 2013 and 2018 price submissions to the Essential Services Commission. South East Water’s 2018 price submission, delivered under the new PREMO framework, received a fast-tracked draft decision from the Essential Services Commission with no changes to the submission proposals. This required:
    • Development of customer outcomes and performance measures that South East Water will commit to delivering for customers to increase customer value over the next 5 years, as well as ensured they met ESC expectations under its revised pricing framework
    • Development of robust demand and expenditure forecasts, review and modeling of tariff structures and prices, taking into account customer preferences and customer impacts
    • Preparation of the high quality written submissions to the ESC to justify the basis of South East Water’s pricing strategies
    • Effective engagement with senior executive and South East Water’s Board to ensure they understood and were well informed of key pricing strategies
    • Effective management of South East Water’s relationship with key stakeholders, including the Essential Services Commission, customer representative groups and the State Government
  • Managing elements of price reviews in the energy and water sectors. This has included:  (1) reviews of capital expenditure and demand forecasts of the Victorian electricity distribution regulatory proposals for the 2011-2015 regulatory period, (2) quantitative reviews of electricity expenditure and demand forecasts to test against requirements of the National Electricity Rules (3) assessing ring fencing provisions in access regimes for water and sewerage services (4) reviewing the regulatory accounting code for Victorian water businesses
  • Leading the development of South East Water’s corporate strategy and annual business plans to the shareholder
  • Leading submissions to the Essential Services Commission and the Department of Environment, Land, Water and Planning on the review of the pricing and regulatory frameworks in Victoria
  • Leading and contributing to economic cost-benefit analyses for a number of major water and energy project business cases, and ensuring economic principles were being applied appropriately

Rob is well-known and respected across Victoria’s water and energy regulatory and policy sectors. He joins us after almost eight years with South East Water, where he was most recently Group Manager of Planning and Regulation.  Previously Rob was an Assistant Director at the Australian Energy Regulator, and held economic and policy advisor roles at the Essential Services Commission and the Victorian Department of Premier and Cabinet.

We’re looking forward to Rob’s capacity, industry knowledge, networks and experience benefitting our practice and clients.

^ back to top

Rick Stankiewicz

Associate Director

B Econ, M Ec Studies, M Prof Acc, MBA

Rick has specialised in regulatory economics, competition policy, strategic planning and investment, and pricing. He is a well-known and respected senior advisor to government on water, energy, and transport.

Rick joins us from the Queensland Competition Authority where he was Director (Water) from 1997-2014.  At the QCA he was responsible for the regulatory oversight of Queensland’s regulated water supply entities. He recently developed a regulatory framework for south east Queensland (SEQ) retail water entities which places increased reliance upon incentive mechanisms and a greater focus on strategic planning and investment, pricing and tariff structures, customer engagement, and service quality reporting.

During his tenure he was responsible for:

  • the economic regulation of the Queensland water sector: including the 5 retail/distribution entities and the bulk water supplier for south east Queensland (SEQ), 37 irrigation schemes of SunWater and Seqwater, and the Gladstone Area Water Board. His major recent reports include:

o    SEQ (Draft) Bulk Water Price Path 2015‐18 (2014)

o    SEQ Retail Water Long‐Term Regulatory Framework, including pricing principles (2014)

o    SEQ Price Monitoring for 2013-15

o    Seqwater Irrigation Price Review 2013-17 (2013)

o    SunWater Irrigation Price Review 2012-17 (2012)

o    Multiple reviews of Gladstone Area Water Board.

  • the review of Queensland local government business activities’ compliance with competition policy, reviews of proposed local government infrastructure charges, investigations of complaints relating to competitive neutrality (electricity, rail) and a review of the regulatory arrangements for the Queensland coal seam gas industry.

Thereviews typically involved reviews of demand forecasts, forecast capital and operating expenditures (including related policies and procedures and benchmarking), the proposed return of and on capital, and pricing and tariff structures.

Before joining QCA, Rick was Director (Economic Portfolios) of the Queensland Audit Commission and Director (Microeconomics) of Queensland Treasury.  He holds a Master of Economic Studies, a Master of Professional Accounting, an MBA and a Bachelor of Economics.

^ back to top

Nadja Arold


MSc (Econ) (Hagen), MBA (Melb), BEng (DHBW Mannheim)

Nadja is an economist with extensive experience in the regulated utility sectors, public policy and natural resource management. She’s a strong analyst with an energetic and innovative approach to problem solving and project delivery.  Nadja is able to quickly appreciate the details of and issues faced by individual businesses and translate that understanding into productive, high quality analysis for consideration and evaluation by boards, executive managers and other stakeholders.

She offers strong analytic and technical skills in applied economics, and has a substantial track record in quantitative research and analysis and in the presentation of complex analysis in well-written reports.

For example, Nadja recently completed a major Water Security study in Tuvalu. The assignment required developing complex water demand and supply models to understand the current and future water demand and supply balance on Funafuti and Vaitupu. The demand-supply models were then used to develop augmentation portfolios addressing future supply shortfalls. Nadja has also conducted two separate cost benefit analyses (CBAs) for the two atolls, assessing potential water security portfolios. This was followed by training workshops to build capacity amongst officials from Tuvalu government ministries and regional development organisations.

Other recent projects include:

  • economic and financial analyses of integrated water management (IWM) and water sensitive urban design (WSUD) investment proposals;
  • evaluation of non-market benefits of water infrastructure investments;
  • evaluation of dual reticulation schemes;
  • analysis of community and regional level social and economic impacts of national water reforms;
  • cost benefit and cost effectiveness analyses of water supply augmentation options.
  • development of comprehensive and rigorous business cases;
  • surveying water brokers and forecasting prices and trade volumes in Australian allocation water markets; and
  • the development of a decision support framework and guide to improve the capacity of coastal councils to make rigorous and transparent decisions on adaptation responses to climate risks.

Nadja’s master thesis ‘The Economic Value of Life’ focuses on the non-market valuation of changes in the survival probability, which forms the basis for estimating the value of a statistical life.

^ back to top

Philip Jones


BEcon (Qld)

Thirty years’ experience undertaking economic analysis in the private and public sectors underpins Philip’s expertise and skills across policy, project and regulatory assignments. This provides Philip with tools he has applied to analysis across a broad range of sectors. Most recently these have been applied in analysis of the alcohol and gambling sectors; in addition, he has also experience in telecommunications, water, cemeteries and transport.

For example, recent analyses of alcohol pricing applied rigorous cost benefit analysis to the range of impacts affected by these policies. Key elements of the analysis included review and development of demand estimates across consumer groups and products, consideration of the range of impacts of drinking to drinkers and others and their incorporation into the framework and economic model.

Philip has extensive experience in the application of National Competition Policy, particularly in infrastructure charges and in the reform of government enterprise and regulation.

^ back to top

Kanchana Karunaratna


MBA (Melb), Grad Dip Bus Admin (Melb) B Eng (Curtin)

Kanchana Karunaratna has joined Marsden Jacob Associates’ Melbourne office.

Kanchana brings with him a wealth of knowledge across the water sector with over ten years’ experience in Victoria and Western Australia. He is a specialist in urban water management and integrated water cycle systems analysis, with proven ability in understanding and deconstructing the complex issues related to strategic planning within the water sector. Kanchana has a strong understanding of the needs of asset owners and water retailers when it comes to making prudent and efficient decisions regarding future infrastructure options.

Prior to joining Marsden Jacob Associates, Kanchana held strategic advisory roles at Yarra Valley Water (YVW) and the State Government of Victoria. He has enduring, well established relationships within the water sector as well as insight into the delivery pathways from strategic objectives to practical implementation.

Recent work includes:

  • Attestation for the Yarra Valley Water Regulatory Pricing Submission under the new Essential Services Commission PREMO framework. This work included managing the Board attestation process and providing guidance on the preparation of YWV’s business cases for capital and operational expenditure to prove robustness of the forecasting methodology.
  • Analysis of water retailer historical performance and providing advice on future performance benchmarks based on Citizens Jury recommendations.
  • Chair of the recent sector wide project to develop the investment evaluation framework for the Victorian Metropolitan Urban Water Strategies. The work included investigating and confirming the use of long run marginal cost (LRMC) for water supply based on future climate forecasts in investment evaluation, the treatment of direct and indirect network costs, and the treatment of positive and negative externalities. The findings confirmed the appropriateness of using  LRMC for water headworks and sewer treatment, however, the use of LRMC for valuing transfer infrastructure was considered to be inappropriate.
  • Water resource modelling based on historical streamflow sequences to confirm desalination water orders and cost. The objective of the project was to identify the lowest cost desalination order to satisfy the water security rules within a three year period.
  • Technical advisor for the Melbourne northern growth corridor integrated water management project. The project was carried out on behalf of the Victorian State Government and included options assessment for provision of alternative water supply for the growth corridor.
  • As a member of the recently formed Melbourne Water Industry Climate Change Committee, Kanchana provided recommendations to meet strategic outcomes in addressing climate change adaptation and conducted knowledge sharing forums to cross pollinate ideas across industries.
  • Whole of water cycle assessment for integrated water management projects for multiple greenfield, redevelopment and infill developments within Metropolitan Melbourne.

Kanchana has a pragmatic and practical approach to problem solving and enjoys looking at the problem from multiple angles to understand its nuances. Kanchana’s appointment will further strengthen Marsden Jacob’s capabilities in urban water management, systems analysis, regulation and pricing, and investment evaluation.

^ back to top

Rasmus Moerch


M. Econ, B. Econ (Copenhagen)

Rasmus Moerch has joined Marsden Jacob’s Perth practice. Rasmus brings 20 years of experience in economic analysis including designing, implementing and refining regulatory, economic, and structural policy across the electricity, gas, water and agriculture sectors.

He joins us from the Economic Regulation Authority in Western Australia, where he was most recently an Assistant Director, Licensing. Prior to the Economic Regulation Authority, Rasmus held economics and policy roles at the Western Australian Office of Energy, Department of Industry and Resources, Department of Treasury and Finance and the Department of Agriculture.  He holds a Masters Degree in Economics from the University of Copenhagen, Denmark.

Rasmus brings to our team and clients leading experience and practice in the economic principles, design and implementation of:

  • Licence frameworks for the electricity, gas and water sectors including design and implementation of licensing frameworks, assessment of licence applications and management of financial and technical assessments.
  • Third party access arrangements for electricity and gas infrastructure, including review of terms and conditions, and pricing of access.
  • Review, design and implementation of pricing regimes particularly for the water, gas and electricity sectors including building block models and tariff variation mechanisms.
  • Regulatory, industry and institutional reform with focus on the national energy reform process and the electricity and gas access legislation, and liaison and consultation with industry participants.
  • Economic analysis including economic research, cost benefit analysis, policy advice with regard to climate change, sustainability and major resource projects; foreign investment reviews; State Budgeting including forecasts of economic aggregates.
  • Structural policy including microeconomic and financial analysis of competition policy, and government business enterprises, incentive regulation and industry assistance.
^ back to top

Simo Tervonen


M Sc (University of Eastern Finland), M Sc (Lappeenranta University of Technology )

Simo Tervonen has joined Marsden Jacob Associates’ Sydney office. Simo brings a rare level of nationwide expertise in all facets of water markets, policy and trade protocols, and is widely recognised by market participants, governments and water authorities as a leading expert in Australian water markets and water trading rules. He joins us after more than four years at Waterfind Australia, where he most recently led the trade, policy and water market operations team.

Simo has longstanding and trusted networks across industry participants, governments and relevant water authorities. He has unrivalled expertise in:

  • The application of water trading rules across Australia
  • Sourcing and analysing water market information
  • Developing water market research and reports for industry participants, governments and water authorities
  • Developing market trading strategies for private clients
  • Conducting monthly, quarterly and annual water market reporting, asset valuation and analysis for large corporate client water portfolios
  • Completing commercial due diligence assessments, and assessments of regulatory risks and opportunities
  • Developing new water market products, including forward markets and leases
  • Supporting the development of water legislation, policy and procedures to mature emerging markets
  • Maintaining and developing water market trading platforms.
^ back to top

Peter McKenzie

Senior Consultant

BSc (Monash), BEng (Monash)

Peter McKenzie joined Marsden Jacob in July 2012 after four years of industry experience with Intelligent Energy Systems.

Peter has had significant involvement in numerous projects associated with all the Australian States and Territories in electricity and gas markets.  Peter has led the quantitative modelling in a number of projects ranging from due diligence assignments to policy impacts.

Peter has particular expertise in:

  • the operation of the electricity and gas markets operating in Australia;
  • simulation modelling of electricity markets and the design of such modelling
  • economic least cost modelling of electricity and gas markets
  • the modelling of environmental markets that include carbon emission trading and renewable energy
  • sophisticated analysis and presentation of market data and modelling results supported by the use of statistical analysis software
  • development of bespoke models in electricity and gas markets
^ back to top

Hana Ramli

Senior Consultant

B Sc (Actuarial Science) (Hons) (Curtin)

Hana has recently joined Mardsen Jacob after providing advice across the private and public sectors on a range of  issues in the energy sectors.

For over six years, Hana was a Commercial analyst with experience in strategy development, pricing and forecasting, and managing advice on market intelligence and regulatory changes for companies such as Wesfarmers and Alinta Energy.

In energy, Hana also undertook a range of modelling roles including with gas and electricity load demand for the WA retail market, financial models for Corporate Finance use and responses to the Public Utility Office on retail matters.

Prior to this extensive energy experience, Hana was an Actuarial Analyst at Wesfarmers Insurance where she worked with various actuarial models such as for insurance portfolio including Employers Liability, Home and Content and Motor Vehicle.

^ back to top

Dr David Rogers

Senior Consultant

B Ag Econ (hons) PhD (Sydney)

David Rogers has joined Marsden Jacob as a Senior Consultant in our Sydney office.  David is a natural resource and agricultural economist who combines his strong background in natural resource and agricultural economics, risk and portfolio theory, markets, and quantitative analysis to deliver leading applied research into environmental, resource, agricultural and labour market issues. David has real ability in being able to take economic first-principles, frameworks and quantitative methods and apply these to translate complex issues into clear, evidence based and actionable findings.

Prior to joining us David was analysing the impact of the digital economy on firm size and location, and the location and clustering of workers’ occupations and skills with CSIRO’s Data61.  Prior to that he spent more than a decade at University of Sydney as a lecturer, coordinator and tutor for several economics units of study including:

  • Agricultural Finance and Risk: David lectured in broad range of topics covering production risk and other sources of risk in agriculture. Noteworthy topics include statistical techniques for estimating stochastic processes from data and incorporating them into real options analysis, Bayesian updating, and portfolio theory.
  • Agricultural Markets: providing an understanding of the underlying forces driving agricultural markets by exploring price analysis and efficiency; information and contracts; consumer concerns; futures market; and other risk sharing devices.
  • Agribusiness Marketing: exploring theory relating to the firm-level marketing mix and marketing strategy, with emphasis on the organisation and trends of agribusiness marketing, including value-adding and market power in the supply chain, market efficiency, and international marketing.
  • Economic Environment of Agriculture: A cross-faculty unit designed for students studying science-based degrees. Topics covered include the structure, nature, and history of the agricultural industries in Australia; agricultural adjustment in the world economy; introductory principles of production economics and farm management; elementary price theory; and factors affecting the demand, supply, and prices of agricultural commodities.

David is very highly skilled in using Excel Models, Numerical Simulation, Dynamic Programming, Statistical Data Analysis, and Matlab to evaluate economic, policy and risk issues in the resource, agriculture and environment issues.  His work has included developing stochastic dynamic programming and simulation models to evaluate optimal environmental policies and quantify the option value of the role of learning and uncertainty in fuzzy decision environments, and using clustering algorithms to inform optimal land use zoning decisions.

David has a strong base in economics with a First Class Honours in Agricultural Economics, a Doctor of Philosophy (PhD) in Economics, and two years of economics lecturing all at University of Sydney.  He has also been received a number of awards including but not limited to an Australian Bureau of Agricultural and Resource Economics (ABARE) Scholarship, the Alan Randall Prize in Resource Economics, the Warren F Musgrave Prize in Resource Economics, and the Bruce R Davidson Memorial Prize in Resource Economics, among others.

David can be contacted in our Sydney office at

^ back to top

Philippa Short

Senior Consultant

B Econ (UWA) B Sc (Honours) (UWA) M Econ (UWA) Grad Cert Competition Policy (Oxford Brookes University)

Philippa is an experienced consultant across both economic and natural resource analysis.  She has extensive experience in competition economics as well as previous experience as an environmental consultant.  As a result, she has the ability to research and analyse economic, scientific and regulatory information and recognise and present relevant information in a clear and concise manner.

Philippa has strong project management skills and has the ability to exercise judgement to identify and resolve key client issues under time and budgetary constraints.  In addition, she has excellent oral and interpersonal skills which enable the building of strong working relationships with stakeholders and clients.

Philippa also has extensive experience developing findings based on written and verbal consultations with stakeholders and third parties.

^ back to top

Makere Hurst


BCom BA (Wellington) completing MEcon (Monash)

Makere is an experienced policy analyst focussing on the intersections of economics, natural resources and sustainability. She approaches her analysis through application of economic theory and quantitative modelling, with a keen focus on the practical implications of her work.  She’s adept at taking complex information and communicating it in ways that make it accessible to stakeholders at all levels.

Makere joins us from New Zealand where she was most recently a policy advisor in the Just Transitions Unit with the Ministry of Business, Innovation and Employment. As an advisor in the Just Transitions Unit, she worked specifically on the government’s cross-agency climate change response group (The Transition Hub), on the Transition to a Low Emissions Economy. Her work included analysis and modelling assessing the economic impact on regions, sectors, communities and households of efficiently transitioning to a low emissions economy. This work included developed linked emissions, household expenditure and CGE models. She also assisted in drafting the New Zealand Zero Carbon Bill, which led to establishing the Independent Climate Change Commission, setting the 2050 Net Zero Target under the Paris Agreement and reforming the New Zealand Emissions Trading Scheme.

Makere has also acted as secretary and policy advisor in Regional Economic Development) with the NZ Ministry of Business, Innovation and Employment.  As an advisor, she worked on the government’s Regional Growth Programme, analysing and implementing economic development policy to help increase jobs, income and investment for New Zealand in the regions.  This work included analysed business cases, and undertaking cost-benefit analysis to assist regional councils with their economic development objectives, through allocation of the Provincial Growth Fund.

^ back to top