Articles by Omar
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Resilience Amidst Transformation: The Evolving Gas LDC M&A Landscape
Resilience Amidst Transformation: The Evolving Gas LDC M&A Landscape
The utilities market is witnessing an uptick in M&A activity involving gas LDCs, primarily driven by HoldCo plans to…
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EEI’s Summit on IIJA: This Will Be Bigger & More Complicated Than ARRA
EEI’s Summit on IIJA: This Will Be Bigger & More Complicated Than ARRA
Leading electrical companies have spent many months developing comprehensive IIJA-related strategies across each of…
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US Microgrid growth beats past estimates; On pace to exceed 3.7 GW by 2020
US Microgrid growth beats past estimates; On pace to exceed 3.7 GW by 2020
Since the beginning of this year, we've already seen 13 newly commissioned U.S.
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Third-Party Financing Helps Corporates to "Go Solar"
Third-Party Financing Helps Corporates to "Go Solar"
Despite slightly negative market growth for a second straight year, on-site commercial solar remains a compelling…
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Five market trends that are re-shaping C&I energy management and procurement
Five market trends that are re-shaping C&I energy management and procurement
The market for building energy management and procurement solutions is vast and large electricity customers are exposed…
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Opinion: What should we expect from Connecticut’s long-awaited 3rd round of microgrid funding?
Opinion: What should we expect from Connecticut’s long-awaited 3rd round of microgrid funding?
Yes, Connecticut did finally announce more microgrid funding. Firstly, it’s important to recognize that in the wake of…
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ISO regulators redefine the role of DERs in wholesale electricity markets
ISO regulators redefine the role of DERs in wholesale electricity markets
Traditionally, wholesale market regulation has focused on large generating and load-curtailment resources, while…
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The Next Evolution of Demand Response - DERMS
The Next Evolution of Demand Response - DERMS
The proliferation of distributed energy resources (DERs) is by no means a new phenomenon, but it is now becoming…
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An In-Transit Grid Analyst's Saturday Ramble on the Microgrid Market
An In-Transit Grid Analyst's Saturday Ramble on the Microgrid Market
Microgrids. In the early 2000's, not much attention was given to the concept.
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Energy in the Connected Home 2015, New GTM Research Report
Energy in the Connected Home 2015, New GTM Research Report
Energy in the Connected Home 2015: Technology Evolution, Landscape and Distribution Strategies Spurred by the rapid…
Activity
30K followers
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Omar Saadeh shared this200 days (or so) post-OB3, the “renewables apocalypse” hasn’t materialized, but the market has clearly changed shape. ISO renewable/storage queue withdrawals are up >200%, as early-stage and undercapitalized projects exit. At the same time, late-stage assets are commanding a premium, with in-construction solar valuations roughly doubling (~$1.7M/MW). The 5-year outlook is becoming more differentiated: Solar remains resilient with modest revisions, storage is gaining momentum with upward forecasts, and wind is experiencing the most pronounced pullback. Net: a smaller, more selective pipeline, but one that is increasingly financeable and execution-ready. Capital isn’t retreating, it’s concentrating. The market is setting up for consolidation, but it is unfolding gradually rather than through a sudden shakeout. Activity to date is mostly targeted acquisitions by stronger players, particularly to secure interconnection positions, add platform capabilities (e.g., storage), or as opportunistic asset-level value creation (e.g., leverage safe harbored inventory, restructure commercial model). Co-authored with Teneo colleagues Daniel Gabaldon and Philipp Braukmann. Link to full article in comments.
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Omar Saadeh shared thisMy Teneo colleagues Daniel Gabaldon, Hoora Sarajan, and Benjamin Silcox, PhD published our take on the implications of OB3 on the US battery energy storage market. One of many takeaways: $35/kWh manufacturing tax credits plus tariff avoidance could make U.S.-made cells competitive by 2027. Anode and cathode supply, which account for 15–20% and 40% of LFP cell costs, would still however need to be produced outside China to meet FEOC's MACR thresholds. Read more about our perspective; let us know whether you agree. https://lnkd.in/edBtn8rm
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Omar Saadeh shared thisImmigrant mentality. Relentless hustle. Unshakable grit. Zero ego. Bruce Falck on OVNI Capital’s pod shares his Silicon Valley journey of starting from scratch, re-starting from scratch (in his 50s with 3 kids), and fighting for every inch. Excited to see what he and the Halcyon team do next in the Cleantech space. https://lnkd.in/ejspe87P
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Omar Saadeh reposted thisOmar Saadeh reposted thisTeneo is proud to have advised Nippon Steel Corporation on its landmark $14.1 billion partnership with United States Steel Corporation — a transaction that marks a new era for the global steel industry. Led by Chairman, Americas Robert Mead and our teams in New York, Tokyo, Washington and Brussels, Teneo worked alongside Nippon Steel over the past 2 years to help realize a shared vision: one that protects and creates more than 100,000 jobs and unlocks unprecedented investment in American steelmaking. The deal creates the world’s 3rd largest steel producer. Congratulations to Nippon Steel, U.S. Steel and all those who played a part in making this transformative deal a reality. Monika Driscoll, Jack Coster, Tucker Elcock, Mai Mizuta, Joseph Faddoul, Jan Hromadko, Mackenzie Foskett, Kate Seklir, Annie Ruehl, Naomi Elliott Saito, Mariko S., Tomomi Hiiro, Karly Hopper, Gavin Muir, Lucy Walker
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Omar Saadeh shared thisTeneo’s inaugural Global CFO and Investor Outlook Survey was released earlier today; the report uncovers timely insights into how CFOs and investors are responding to geopolitical uncertainty, shifting trade policies, macroeconomic uncertainty, M&A conditions and capital allocation priorities. Key insights from the report include: - U.S. CFOs are more bullish than those elsewhere, with 53% expecting improvement in the second half of the year vs. only 29% of their international peers. - Economic headwinds, including tariffs, are affecting major change: CFOs are altering supply chain management (86%), CapEx (71%) and SG&A spending (81%). Nearly a quarter are lowering earnings guidance as a result of current policies. - New economic realities are causing 71% of CFOs to change their approach to M&A. - More than half of CFOs and nearly 40% of investors see market volatility as the leading barrier to deals, followed closely by geopolitical uncertainty, higher cost of capital and a lack of high-quality acquisition targets. - Tech disruption, which is largely driven by the rise of AI, is cited as the main accelerant (42%) to M&A and is the leading force behind increased SG&A spending (49%) and capital expenditures (50%). - CFOs and investors remain confident about access to debt markets, with 67% optimistic on the affordability of debt. Read the full report here: https://lnkd.in/dzJ9rHWH #TeneoVision2025Vision 2025: Global CFO and Investor Outlook Survey | TeneoVision 2025: Global CFO and Investor Outlook Survey | Teneo
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Omar Saadeh shared thisRenewable developers are facing mounting policy headwinds as the federal government considers repealing parts of the IRA and revising tariffs. These policy changes could more-than-double "effective" CapEx costs, dampening 5-year cumulative growth in the C&I and community solar market by up to 29%. To protect returns, we're seeing leading renewable developers pursue several mitigating strategies: pre-purchase equipment to ensure safe-harboring and ITC grandfathering, contract more strategically (pricing, terms and conditions), diversity procurement, shift from greenfield development to operating project M&A, pursue BTM over FTM (less capital intensity, reliability and on-site benefits, etc.), and lead policy/regulatory campaigns. See more of our insight and analysis in our latest Teneo perspective. Daniel Gabaldon, Matthew Farleigh, PhD, Nicole Weygandt, Ph.D. https://lnkd.in/egkeYxDrImplications of Federal Policy Changes on the U.S. Distributed Solar and Storage Markets | TeneoImplications of Federal Policy Changes on the U.S. Distributed Solar and Storage Markets | Teneo
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Omar Saadeh shared thisThe energy transition is real; as its pace and shape evolve, sometimes rapidly, strategic decision-making will face growing uncertainty. We're building a new kind of strategy consulting practice at Teneo focused on Energy and Infrastructure, to advise clients on exactly these tough decisions. We think this is going to be really fun and a lot of work -- we're looking for like-minded folks to build our A-team. https://lnkd.in/ex3t__k5Teneo Launches Global Energy and Infrastructure Practice | TeneoTeneo Launches Global Energy and Infrastructure Practice | Teneo
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Omar Saadeh shared thisAccenture's Utilities Strategy team is thrilled to have worked with this California consortium to secure over $600 million in federal grant funding through the U.S. DOE Grid Deployment Office, to advance energy reliability, sustainability, affordability, economic & workforce development, and quality jobs in the state of California and for its stakeholders. We're proud of our track record in the federal stimulus space and excited for our clients' plans to transform our nation's power infrastructure. James Mazurek, Scott Tinkler, Stephanie Jamison, Aaron Saint, Nicole Baker, Michael Coleman, Miguel G. Torreira, Vivek Chidambaram, Muqsit Ashraf, Cole Turnbow, Mark Pietri, Jake DiRe, Patrick Bourke, Jessica Krejcie, Jane WebbCalifornia receives more than half a billion dollars in federal funds to improve power gridCalifornia receives more than half a billion dollars in federal funds to improve power grid
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Omar Saadeh liked thisOmar Saadeh liked thisExcited to be on UT campus today and honored to be judging the spring TVL Investment Competition! Always happy to support the next generation of startup founders from UT! Hook ‘em! Brumley Institute for Graduate Entrepreneurship
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Omar Saadeh reacted on thisOmar Saadeh reacted on thisI had the privilege of serving on the Prince George's County, Maryland, Early Connections Provider Forum panel this weekend, hosted by County Executive Aisha N. Braveboy, Esq., and Councilwoman Oriadha. I was so inspired by the passion of these key partners and caregivers and their dedication to improving early access to high-quality screening, diagnosis, and intervention for young autistic children. Abila Tazanu, Melissa Duchene, Ebony Holliday, Ron Drummond, M.Ed., BCBA, LBA https://lnkd.in/eCV-YSXJ
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Omar Saadeh liked thisAs some of you know, I recently took a project finance course at NYU, taught by Michael DeLucia, where I had to actually build models across a range of renewable scenarios. (And passed the course!) It was hard! I learned new ways to view risk in project lending with the help of some talented classmates working in the renewable space. But more importantly, it taught me to strip away "the story". - You see exactly where distress creeps in - You see how thin the margin is between base case and downside - And you see how quickly a model can be “managed” when a sell-side process gets crowded Build the model yourself and a lot of current BESS valuations start to look… aspirational. Especially when you layer in: – optimistic dispatch curves – perfectly timed revenue stacking – and the assumption that tax equity or transfer markets will always be there at the right price That’s the part that doesn’t often get said out loud in a $3bn to $4bn process and personally needs to be better reported by all of us journalist in the energy space. This is why I pay attention to what Neil Booth of Orbis is putting out. From what I’ve seen, his team is actually trying to anchor BESS modeling in something resembling reality, not just underwriting to clear a process. If he’s putting that thinking out for free, it’s likely worth your time to read it. Because in this market, the gap between modeled value and realizable value is where the next round of pain sits. Right? #BESS #Valuations #RenwablesOmar Saadeh liked thisThe last piece in our series on BESS financing discusses how developers and financiers gain scale by layering assets together into a portfolio, or platform. Because one asset is good; but five assets is better. This is one area of the modeling world where using AI just isn't an option - stacking asset cash flows into a portfolio relies on human intelligence to inform the benefits of making economic trade-offs for control vs. scale. From an operational perspective, BESS assets' capacity can be deployed strategically, making them an ideal partner to utility scale solar projects or data centers. BESS assets also retained ITC eligibility post-OBBB, making the decision to scale them a fairly straightforward. However, choosing the flavor of finance structure (i.e., ITC transfer, partnership flip, hybrid) still requires some thought. Given these tailwinds, as well as anticipated record-breaking infrastructure fundraising, we're expecting a raft of new BESS financings this year, though we'd love to hear how your organization is approaching the category. As with past pieces, we have (100% human-built) asset and HoldCo models that convert some of the points covered here into real Excel code. Just reach out to get copies. Orbis Consulting, LLC Ashish Yadav Sheikh Jakir Hossain, Ph.D
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Omar Saadeh liked thisOmar Saadeh liked thisI’m excited to share that I’ve officially been admitted to the NSW roll as a solicitor. ⚖️✨ This milestone comes 12 years after I was first called to the Bar in British Columbia, Canada, and after a path that has taken me through multiple markets, different communities and several seasons of building anew. Thank you to the LUNA team for the continued support and encouragement throughout this process. I’m excited to continue the work as Special Counsel – Venture Practice Lead, supporting founders, startups and venture-backed businesses through the legal and commercial moments that shape their growth. Here’s to the next chapter. 🌏🚀
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Omar Saadeh liked thisOmar Saadeh liked thisFinancial advisors are out pitching Aypa Power at $4 billion Big Energy funds came back at $3.3 billion to $3.5 billion - I reported this week. That’s not a “tight bid range.” That’s buyers telling you the model is doing a lot of work. Because the story being sold is clean: contracted tolling platform, long-dated cash flows, infrastructure multiple. But I think the story being underwritten is just a little messier. Those tolling revenues are not sitting there untouched. They are already carrying debt, covering opex, and eventually rolling into merchant exposure. Then on top of that, the sell-side math assumes you can run a clean tax equity process and pull more value out. From my view - That’s where this starts to look like double counting. You don’t get to call contracted revenue “stable infra cash flow” and then also assume you can fully monetize tax equity off the same stack like it’s incremental upside. Or can you? 😕 Tax equity is not free money. It takes priority, it shapes distributions, and it pushes sponsor cash further out. In this rate environment, it’s also not clearing as tightly as people want to pretend. Buyers know that. So they haircut it- right? Then there’s the Aypa development pipeline. On paper: contracted, advancing, financeable. In reality: still needs permits, still needs lenders, still needs the forward curve to cooperate for the next two to three years. And that’s before you get into how those contracts are actually structured and what rolls off when. That’s not contracted value. That’s “maybe, if everything goes right” value. And right now, no one is paying full price for “maybe.” 🤨 So the $700 million gap? That’s not a negotiation. Isn't that’s the market saying: - we’re not paying for the same cash flow twice - we’re not assuming perfect tax equity execution - and we’re not underwriting a pipeline like it’s already built? If anything, the more uncomfortable question is whether $3.5 billion is where this clears or just where bidders started? 🤔 And if you actually want to understand why buyers could be drawing that line, the likely answer is in the tolling stack and merchant risk. I broke out detailed project-level pricing across the portfolio in my exclusive news analysis this week. #aypa #batteries #renewables https://lnkd.in/eEPTe74q Contact cfety@greenstreet.com to subcribe or get on a trial.
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Omar Saadeh liked thisOmar Saadeh liked thisThree pitches I saw this week had similar themes and I got to thinking why. When every founder is reading the same feed, seeing the same raises, and using the same AI tools to research the same markets, where does original thinking come from? I started unpacking this with some colleagues over drinks, and we concluded that social media is playing a bigger role in what gets built, what gets funded, and how we all think than anyone wants to admit. Here's the loop. A founder raises a big round. It gets posted on LinkedIn or X. Other founders see it, often subconsciously, and it shapes what feels fundable. They build something adjacent, pitch it in similar language, reference similar markets. A VC sees the pitch and it pattern-matches to the last successful raise they heard about. The deal gets done. It gets posted. And the cycle repeats. Everyone in the loop thinks they're making independent decisions. The founder thinks they discovered the idea. The VC thinks they evaluated it on the merits. LPs see the same trends and start asking why you're not in AI or defense or whatever the feed says is working. The timeline is quietly shaping what feels obvious, what feels timely, and what feels safe at every level of the stack. The result? Waves of startups that look alike, talk alike, and pitch alike. Add AI and it gets more interesting. We're all ingesting more data points than ever, faster than ever. AI tools summarize markets, generate competitive analyses, surface patterns. That's powerful, but it also means everyone is drawing from the same well. When every founder uses the same tools to research the same markets, the outputs converge too. The irony is the very notion of building and investing is supposed to be contrarian. The best founders see something others don't. The best investors back things that feel wrong to most people. But the information environment is pushing everyone toward the same conclusions at the same time. I notice VCs doing it too. A deal gets buzz on Twitter and suddenly you're more interested in that category. The social signal becomes a proxy for conviction. I've caught myself doing it. When we built Brontes Technologies, we quite literally built it in a basement. I had no idea what other startups were doing, even though there were two companies on the floors above me. We just built the thing we were focused on. That tunnel vision was an asset. It meant we couldn't accidentally converge toward what everyone else was building. Some of our best investments were in founders who seemed almost oblivious to what the market was telling them was "hot." Part of me thinks the next generation of outliers will be the founders who are least online. Is founder tunnel vision a competitive advantage or a blind spot? -- Venturing in Public 4/17/26
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Omar Saadeh liked thisOmar Saadeh liked thisRecently, I posted a question: who do you want to be when you grow up? Here is my answer. I want to be someone who gets to solve complex, hairy problems. The kind that require an operator's mindset, not just a slide deck. And I want to do it with people I love being around. That’s it. That's the whole answer. I joined Alvarez & Marsal as a Managing Director in CFO Services in February. I said nothing on LinkedIn because I wanted to do more than announce, I wanted to share what I learned. After eighty-plus individual conversations, I have something meaningful to share. Two things were said to me in my first few weeks that I filed away as either marketing or truth: "Love what you do. Love who you do it with." And: "If you want to think about something, call McKinsey. If you want to get it done, call A&M." Two months in, both have proven true, repeatedly. I also have a proprietary, highly analytical, and thoroughly proven methodology for testing company and team culture. It anchors on how quickly a room goes from corporate pleasantries and compliments to making fun of one another. Patents pending on the methodology 😊 It happened quickly at A&M. Smart people, who love what they do, who enjoy the people they do it with, and who get stuff done when the stakes are real. That is what I found. That is who I want to be. If you are working on something thorny, pressurized, and deeply interconnected and you want a team that will be on your side of the table, getting it done, and having a few laughs with you along the way, I would welcome a conversation. Grateful to Tiffany Brown, Mike D., and Tom Elsenbrookfor the welcome and for making the answer obvious.
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Omar Saadeh liked thisOmar Saadeh liked thisA&M's Corporate Performance Improvement practice is excited to welcome Shobit Arora as a Managing Director in Houston, TX. Shobit brings over 15 years of experience helping CFOs redesign how their organizations operate, drive structural cost reduction, and navigate the implications of AI and digital disruption. Welcome, Shobit! Learn more: https://okt.to/oF7KEO #AMon #AMonPI #Leadership #CPI #FinanceTransformation
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Education
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McGill University
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Activities and Societies: McGill Daily Staff Writer
Concentrating on Economic Aspects of Smart/Micro Grids; optimizing the performance (decreasing the cost) of a decentralized multi-agent (multi-player) based energy system
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Publications
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Energy transition: Unlock incremental value from retiring coal plants
Accenture
The US coal market is declining, with the market capitalization of the top four US coal producers down by around 80% from 2011 to 2018. Market, regulatory, and investor forces have prompted an acceleration in coal generation plant retirements, with closures quadrupling since 2011. We believe PJM's large coal (>500 MW) operating capacity will fall by up to 50% by 2035 EOY. Coal operators however can achieve big savings by adopting a "run to retire" strategy while also transitioning to a…
The US coal market is declining, with the market capitalization of the top four US coal producers down by around 80% from 2011 to 2018. Market, regulatory, and investor forces have prompted an acceleration in coal generation plant retirements, with closures quadrupling since 2011. We believe PJM's large coal (>500 MW) operating capacity will fall by up to 50% by 2035 EOY. Coal operators however can achieve big savings by adopting a "run to retire" strategy while also transitioning to a renewable generation portfolio.
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Numerous "Grid Edge" Market Reports, Greentech Media Research / Wood MacKenzie Power & Renewables
Greentech Media Research / Wood MacKenzie Power & Renewables
See publicationTopics include: Microgrids, DERMS, Utility Regulation, Energy Storage, Energy in the Connected Home, Energy Management, Analytics, etc.
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Thesis & Academic Publications - Microgrids, Renewables, & Electric Vehicles
McGill University
The thesis examines microgrid benefits under various decentralized control schemes and proposes an agent-based optimization approach to meet objectives - e.g., minimize O&M costs, maximize renewable consumption.
Cigre 2013: Decentralized Asynchronous Microgrid Dispatch with Renewable Generation
IEEE 2009: Advantages and Applications of Vehicle to Grid Mode of Operation in Plug-In Hybrid Electric VehiclesOther authors -
Languages
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English
Native or bilingual proficiency
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French
Full professional proficiency
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Aaron Ratner
Batteries or better transmission. “EEI suggests 91 GW of new generating capacity is currently under construction, and an additional 488 GW is planned or has been proposed for the next five years. “For comparison, the grid currently has approximately 1,250 GW of capacity,” the report notes.”
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Will Driscoll
The Rutgers University rural agrivoltaics program has advised New Jersey regulators on the design of a pilot agrivoltaics program. Projects receiving support will need to track data on agricultural production on fields with and without solar installations. (My latest story for PV Magazine USA) New Jersey Board of Public Utilities Clean Energy States Alliance (CESA)
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Kevin Stevens
PJM released the results of its annual capacity bidding process yesterday and the results were, as expected, higher energy prices. The final numbers came in at $329.17 per megawatt day, a 22% increase over 2024 which was an 800% increase from 2023. PJM is also slated to retire 15-30% of its generation between now at 2035 meaning the problem will only get worse if something doesn’t give. h/t Grid Status for the chart More from me here: https://lnkd.in/gR6iQTTB #energy #datacenters #ai
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Ronnie Mauldin
Weekly Grid Watch Update: July 30, 2025 1. Distributed Solar & Storage Scaling Fast California and New Jersey are leading with record-setting rooftop solar projects—630 MW across warehouse rooftops and growing long-duration storage deployments. Utilities see distributed assets as a resilience and congestion management tool, not just generation. 2. AI Accelerating Grid Connections ISOs like MISO and PJM are deploying AI to cut renewable interconnection study timelines from years to months. This could unlock thousands of MW of stalled projects by 2026, signaling a tipping point in grid modernization. 3. Transmission Buildout Lagging Despite demand, only 322 miles of high-voltage transmission were added in 2024. DOE’s loan cancellation for Grain Belt Express highlights regulatory hurdles, even as federal goals call for 5,000+ miles annually. Utilities are watching for new private financing and regional compacts. 4. AMI 2.0 + Grid Edge Upgrades Utilities face a decision: extend the life of aging AMI systems or invest in next-gen metering platforms. The shift is toward meters as grid-edge intelligence nodes, feeding outage, load, and DER data directly to operations. 5. Reliability Margins Under Pressure NYISO and other operators are raising concerns as fossil retirements outpace renewable integration. Calls are growing for transitional strategies—including repowering select fossil assets and leveraging DER dispatch—to keep reserve margins stable. ⸻ Smart grid evolution continues to be a balance of technology acceleration, infrastructure gaps, and reliability safeguards. Each week shows how quickly utilities are moving from strategy to execution. #WeeklyGridWatch
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Robin Harvey
Infrastructure investment manager, Palisade Infrastructure, has invested in MicroGrid Networks, a leading developer, builder, and operator of battery energy storage systems (BESS) projects in New York City. The transaction includes Palisade's acquisition of an equity interest in MicroGrid Networks and the establishment of a joint venture to advance development-stage projects, representing Palisade's fifth investment in the U.S. These BESS projects will deliver critical grid reliability infrastructure to help power New York City with sustainable energy. Our advising team was led by Washington and New York-based Energy and Infrastructure partners Jean Lee and Simon Clark, supported by counsels Kara Altman and Peter Tolson, and associates Aigul Gaisin, Michael Walraven, Marco Maduri, and Juan Santiago. Read more on the transaction here: https://lnkd.in/eSdnbPgn #AOShearman #EnergyAndInfrastructure
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Adam S. Tesanovich
⚡ New ACP analysis on PJM sends a clear signal: Failing to add new clean power will significantly raise electricity costs and strain grid reliability across the PJM region. The report shows that without timely deployment of clean energy and storage, households and businesses could face thousands of dollars in higher power bills, driven by reliance on older, higher-cost generation as demand accelerates (data centers, electrification, advanced manufacturing). Clean power isn’t just a climate issue — it’s a cost, reliability, and competitiveness issue. 📄 Worth a read: https://lnkd.in/gna_iFM8
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Kit Yu
According to the state grid plan, the cross regional power transmission is targeted to increase capacity by over 30% with a focus on the UHV DC projects, for the coming five years. Also, NEA has a similar target that implies 24% growth in the same context. We have made assumptions that unit capex of UHV projects will reach Rmb25mn per kilometer in 2026-2030E, 30% higher versus 2021-2025A, based on the disclosure of three most recently announced lines in 2025. The annual average length of UHV projects to put into operation would be around 5,000km in 15th FYP, 24% higher than the average of prior five-year plans. The impact on metal demand is limited, in our view.
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