A.J. Goulding

A.J. Goulding is the founder and president of Ampersand Energy Partners, LLC, a private investment firm established in 2003 that acquires, owns, and operates small hydroelectric and solar power facilities in the Northeastern United States and Canada. The firm also engages in the development of real estate adjacent to its energy assets. In parallel, Goulding serves as president of London Economics International LLC (LEI), an international consulting firm he has led since 1999 that provides financial, economic, and strategic advisory services to the energy and infrastructure industries. His consulting work spans every continent except Antarctica, covering both OECD and emerging market jurisdictions.

Goulding holds an MA from Columbia University, where his graduate research focused on India's electricity sector and led to a published article on Indian privatization. He began his career performing natural gas market analysis at ICF Resources (a subsidiary of ICF Kaiser International) in Washington, DC, then spent two years in New Delhi advising the United States Agency for International Development (USAID) on electric power sector restructuring in India. Following his graduate studies, he served as a business development associate at Citizens Power LLC, then a top-ten US wholesale power marketer, before transitioning to London Economics International.

In addition to his investment and consulting activities, Goulding is an Adjunct Associate Professor at Columbia University's School of International and Public Affairs (SIPA), where he has taught since 2014. He instructs courses on electricity market design and regulatory economics and supervises graduate workshops. He is also affiliated with Columbia's Center on Global Energy Policy (CGEP) as a faculty affiliate, and serves as a fellow at the C.D. Howe Institute, a leading Canadian policy think tank. With over thirty years of experience in electricity and natural gas markets, he is widely recognized as an expert in regulatory economics, power sector asset valuation, market design, and international utility business development strategy.

Goulding's investment approach through Ampersand Energy Partners centers on acquiring and operating small-scale renewable energy infrastructure -- primarily hydroelectric facilities -- in the Northeastern United States and Canada. The thesis is grounded in the stable, long-term cash flows generated by small hydro and solar assets, combined with the opportunity to develop adjacent real estate to enhance returns. His deep expertise in electricity market design, regulatory economics, and power sector valuation -- built through decades of consulting and academic work -- gives him a differentiated ability to identify undervalued or overlooked renewable energy assets and navigate the complex regulatory environments surrounding them. The firm has expanded from its core hydroelectric focus to also include solar power facilities.