Regulatory Risk Is Underpriced in Infrastructure M&A

A Practitioner's Framework for Due Diligence in Regulated Asset Acquisitions

Most infrastructure investors underwrite regulatory risk as a binary — will this get approved? The question that actually determines returns is more granular: on what terms, on what timeline, after how much friction, and with what long-term constraints. This white paper presents a practitioner-built framework for assessing regulatory risk in regulated asset acquisitions, built from direct engagement with commission proceedings, rate case records, and the intervenor dynamics that financial models consistently miss.

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