Energy consulting cases cover three sub-sectors — oil & gas, renewables, and utilities — each with distinct economics and regulatory dynamics driving the $10-trillion global energy transition. The four dominant case types are renewable investment evaluation, energy transition strategy, utility rate cases, and EV infrastructure deployment, with LCOE and capacity factor as the key metrics to know.
Energy consulting cases are surging in frequency as the global energy transition reshapes a $10-trillion industry. Based on our analysis, energy-related cases have doubled in MBB interviews over the past three years, driven by massive capital allocation decisions around renewables, grid modernization, and decarbonization.
The Energy Landscape: Three Sectors in Transition
Every energy case fits into one of three sub-sectors, each with distinct economics and regulatory dynamics:
| Sub-Sector | Revenue Model | Key Challenge | Common Case Type |
|---|---|---|---|
| Oil & Gas | Commodity pricing, volume-driven | Decarbonization pressure, stranded asset risk | Portfolio strategy, diversification into renewables |
| Renewables | Long-term power purchase agreements (PPAs) | Intermittency, grid connection, permitting | Investment evaluation, project economics |
| Utilities | Regulated rate base, guaranteed return | Grid modernization, distributed energy disruption | Rate case optimization, capital planning |
Understanding which sub-sector you are working in determines the framework. An oil major diversifying into renewables faces a fundamentally different problem than a utility planning grid upgrades.
Use this decision tree to identify the right analytical approach for any energy case:
flowchart TD
A[Energy Case] --> B{Which sub-sector?}
B -->|Oil & Gas| C[Portfolio Strategy]
B -->|Renewables| D[Project Economics]
B -->|Utilities| E[Rate Case Analysis]
C --> C1[Stranded asset risk?]
C1 -->|Yes| C2[Divestiture / Transition plan]
C1 -->|No| C3[Diversification into renewables]
D --> D1[Calculate LCOE]
D1 --> D2[Compare to PPA price]
D2 --> D3[Evaluate subsidy impact]
E --> E1[Understand rate base]
E1 --> E2[Map capital investments]
E2 --> E3[Balance stakeholder interests]
Four Case Types That Dominate Energy Interviews
1. Renewable Energy Investment
Should a company invest in a solar, wind, or battery storage project? These cases test your ability to evaluate project economics using levelized cost of energy (LCOE), capacity factor, and internal rate of return. LCOE for utility-scale solar has fallen roughly 90% since 2010, now averaging $30-40 per MWh in favorable locations. Browse energy sector cases for practice scenarios.
2. Energy Transition Strategy
How should a traditional oil and gas company reposition for a low-carbon future? This is a growth strategy question at its core, but with industry-specific layers: stranded asset valuation, carbon pricing scenarios, and portfolio rebalancing between legacy and emerging businesses.
3. Utility Rate Case
How should a regulated utility set its rates after a major capital investment? These cases require understanding cost-of-service regulation, rate base calculations, and the balance between affordability, reliability, and clean energy mandates. See our utilities case interview guide for a deeper dive on regulatory frameworks.
4. EV Infrastructure Deployment
Where and how should a company deploy electric vehicle charging stations? This combines market entry analysis with network planning, real estate economics, and utilization forecasting. EV adoption is projected to reach 30-40% of new car sales in major markets by 2030.
Energy-Specific Metrics to Know
When you encounter an energy case, these metrics signal fluency:
- LCOE (Levelized Cost of Energy): Total lifetime cost divided by total lifetime energy output. The single most important metric for comparing generation technologies.
- Capacity factor: Actual output divided by maximum possible output. Solar averages 20-25%, onshore wind 30-40%, natural gas 50-60%.
- ROIC (Return on Invested Capital): Critical for capital-intensive energy projects. Traditional utilities target 8-10%; renewable projects aim for 8-12%.
- Carbon intensity (tCO2/MWh): Measures emissions per unit of electricity. Coal averages 0.9-1.0, natural gas 0.4-0.5, renewables near zero.
Structuring an Energy Case
A strong approach to energy cases incorporates these five elements:
- Regulatory environment – What subsidies, mandates, or carbon pricing mechanisms apply? Government policy is often the single largest variable in energy economics.
- Capital requirements and timing – Energy projects involve large upfront investments with 20-30 year payback horizons. Map the investment timeline and financing structure.
- Technology risk – Is the technology proven at scale? What is the learning curve trajectory?
- Market dynamics – Supply-demand balance, commodity price forecasts, and competitive landscape.
- ESG and stakeholder considerations – Investor expectations, community impact, and environmental commitments increasingly shape strategic decisions.
In our experience, the candidates who stand out on energy cases are those who can quantify trade-offs between economic return and decarbonization goals rather than treating them as separate analyses.
Key Takeaways
- Energy cases have doubled in MBB interview frequency, driven by the multi-trillion-dollar energy transition
- Always identify the sub-sector (oil and gas, renewables, utilities) first – each has fundamentally different economics and regulatory frameworks
- LCOE, capacity factor, and carbon intensity are the metrics that demonstrate energy sector fluency
- Renewable investment cases hinge on project economics: LCOE comparisons, PPA terms, and subsidy structures
- Government policy is often the single largest variable in energy cases; always ask about the regulatory environment early
Put these frameworks to work with our energy industry cases, or simulate a full energy case with an AI Mock Interview to get real-time feedback on your structure and analysis.