Tomás Butelman

Research Associate on BloombergNEF's Energy Economics team

• Conducted credit risk and capital structure analysis across a range of digital infrastructure and AI-compute issuers integrating leverage, liquidity, refinancing risk, capex intensity, and power-cost exposure. • Assessed risk and relative value by tying issuer balance sheets to local power-market fundamentals (electricity cost structures, utilization, and capacity additions) to inform convertible-bond selection. • Analyzed constraints on US data-center expansion by integrating power interconnection queues, build timelines, and critical-material/metal supply exposure into issuer-level risk and valuation views.

• Modeled IRR, LCOE, and CO₂ abatement costs for utility-scale ammonia, hydrogen, fuel-blend, and natural gas versus heavy fuel oil across sensitivity cases for efficiency, scale, policy, and financing for Aramco stakeholders. • Built a discounted cash flow model for a novel maritime fuel desulfurization process, incorporating commodity market research, capital structures, configurations, scales, and projected cost declines from technology maturation. • Researched the Li-ion battery recycling value chain and global lithium and cobalt markets, including in-use battery stock, LFP vs NMC adoption impacts on future metal demand, mining and recycling capacity, and geopolitical supply risk (export controls, sanctions, supply-chain concentration). • Built NPV and life-cycle models of a novel LiB recycling technology under varying feedstock (black mass) compositions, benchmarking against competing technologies, commercial feasibility, regional CAPEX/OPEX, supporting commercialization into CirCoLi (battery recycling startup). • Presented at IEA’s 6th Post-Combustion Carbon Capture Conference on emissions, energy penalties, costs, pollutant valorization, and commodity inputs for cryogenic CO₂ capture in hard-to-abate industry (cement, steel). • Conducted technoeconomic analysis of maritime infrastructure and CCUS systems for maritime decarbonization; project won First Place at the Business Analytics Industry Project Conference 2025 (UWA Business School).

• Supported anti-money laundering investigations and credit risk assessments for commercial clients. • Designed internal compliance materials and streamlined reporting processes.

Relevant courses: Econometrics, Competition and Regulation in Energy Markets, Geospatial Data Science, Quantitative Evaluation of Public Policies & the Environment, Panel Data & Duration Models, Sustainable Finance

Capstone Paper: Evaluated near-term economic and socio-political risks of climate change across MENA through an interdisciplinary analysis supervised by Environmental Economist Gernot Wagner (graded A).