Management Team

Nat Treadway

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Nat Treadway is a co-founder and Managing Partner of DEFG LLC.

Nat has focused on energy and environment for 49 years, including 35 years in the electric utility industry. Nat studies energy consumer behavior, the delivery and integration of utility customer services, innovations in energy services, consumer choice, and programs for energy efficiency, demand response, and distributed energy resources (DER). Nat is an expert in utility regulations and the market structures and laws that affect the performance of retail energy markets.

Nat leads DEFG’s Low Income Energy Issues Forum (LIEIF), a diverse group of stakeholders working on energy affordability, and conducts market research. From 2007-15, Nat was the author of the Annual Baseline Assessment of Choice in Canada and the United States (ABACCUS), a scorecard on electricity restructuring in North America. Nat served as a member of Alberta’s Retail Market Review Committee in 2012, which conducted a comprehensive review of electric markets for the Minister of Energy. In 2008, he provided a book chapter on distributed generation for Electricity Restructuring: The Texas Story, describing the role of cogeneration to create a foundation for future, successful retail electric markets.

From 1985-95, Nat testified as an expert witness on behalf of the public interest at the Public Utility Commission of Texas. In the late 1990s, he was a senior policy adviser to Texas regulatory commissioners. In the lead-up to Texas electric industry restructuring, he advised commissioners on the use of Deliberative Polls® as a tool to assess Texans’ preferences for energy efficiency and renewable energy. He developed definition of “energy services,” and explained to them the necessity of a separation of electric distribution utility functions from competitive energy services.

Nat worked as a municipal energy manager for the City of Ogden, Utah, from 1982-85. He was an agriculture Peace Corps volunteer in Sierra Leone from 1975-78, working in villages with rice farmers. In college, he studied energy, environment, and the water pollution associated with an oil shale extraction industry. Nat has a B.S.E. in Civil Engineering from Princeton University and an M.S. in Agricultural Economics from Michigan State University. He has made Houston his home since 1999.