Denzel helped prepare expert testimony to the Federal Energy Regulatory Commission (FERC) on behalf of PG&E. As part of this work, he analyzed submissions by a variety of power marketers and utilities of power purchase costs. He conducted an extensive analysis of marketers' and utility trading books, and simulated dispatch using resource stacking analysis to determine which resources were used to serve native load and which were used to sell into the California Independent System Operator and Power Exchange (CAISO-PX).