Foreign resident capital gains tax changes: A new tax wedge in regulated infrastructure weighted average cost of capital

Proposed Commonwealth capital gains tax changes would place a new 30% tax on nominal capital gains for foreign corporate shareholders in regulated utilities that primarily engage in fixed infrastructure investment.

Spain’s competition and markets authority recommends lower cost of capital for Aena’s upcoming regulatory period

Following CEPA's advice to airlines, Spain’s competition and markets authority has recommended a reduction in Aena’s airport charges for the upcoming 2027-31 regulatory period.

Unitaid publishes CEPA’s evaluation of its investments to support introduction of novel P. vivax treatments

The evaluation also highlights broader strategic lessons for Unitaid in the context of tightening global health financing and increasingly difficult prioritisation decisions.

CEPA support to Ofcom on Telecoms Access Review 2026-2031

CEPA was commissioned by Ofcom to provide an independent view of relevant betas and other weighted average cost of capital parameters in support of the Telecoms Access Review, which aims to promote competition and investment in fibre networks.

Are we stuck in the matrix?

Edoardo Lanfranchi, a senior consultant at CEPA, joins a lineup of speakers to discuss careers in economics, societal pressure and expectations with Queen Mary University London students.

The Lancet publishes article, with contributions from CEPA, about measuring the impact of antimalarial R&D investment

The Lancet Global Health, a “world-leading global health journal”, has published an article showcasing CEPA’s work for the Medicines for Malaria Venture (MMV). CEPA helped MMV to establish their impact measurement framework in 2022 and is pleased to see that work being used as the foundation for the article.

Cost estimates for unabated gas-fired power projects published

The Department for Energy Security and Net Zero commissioned CEPA and GHD to produce an updated comprehensive assessment of the costs of developing new unabated gas-fired power projects in GB, and extending the operating life of existing gas plants.

CEPA assists CRU with transitioning businesses to nationally harmonised, cost-reflective trade effluent charges

Ireland’s Commission for Regulation of Utilities published its Proposed Decision on how businesses with “trade effluent” licences will transition to nationally harmonised charging arrangements, with the assistance of CEPA’s “specialist economic and policy advice.

Australian Competition & Consumer Commission publishes CEPA’s WACC methodology report

CEPA has advised on an approach to estimate the Weighted Average Cost of Capital (WACC) that is suitable for regulated firms in the telecoms and other sectors.

Distribution connection pricing reform in New Zealand

The New Zealand Electricity Authority has published a CEPA report, which considers amendments to the industry participation code. It is proposing an interim restraint on connection charges and consulting on introducing obligations on distributors on when they must offer and maintain connections.

CEPA Australia seeks to fill three key roles

CEPA is seeking senior candidates with the networks, expertise and drive to expand our existing Australian practice into new services, clients and geographies: Partner - Head of CEPA Australia; Director or Managing Consultant; and Senior Consultant or Consultant.

CEPA Australia advises on the ACCC’s approach to determining the cost of capital

The Australian Competition & Consumer Commission (ACCC) consults about a general methodology, which informs its consideration of the cost of capital across regulatory decision-making processes, including the voice interconnection services inquiry.

Exploring future market designs for consumer energy resources

The Australian Energy Market Commission has published a CEPA report on distributed system operator market designs, alongside a public consultation, to progress the National Consumer Energy Resources Roadmap.

Competition Appeal Tribunal passes significant judgment that will impact users of Visa and Mastercard card schemes

A judgment, handed down by a Tribunal on 27 June 2025, has ruled that default multilateral interchange fees of card schemes breach EU and UK competition law.

Single Electricity Market Operator 2024-29 Price Control Final Determination published

CEPA is pleased to have supported the Commission for Regulation of Utilities in Ireland and the Utility Regulator in Northern Ireland, with the 2024-2029 price control for the Single Electricity Market Operator, culminating with the publication of the Final Determination today.

CEPA’s updated analysis of security of energy supply in Ireland

The Irish Government has published a CEPA report on energy security of supply in Ireland, which helped to inform the Irish Government’s strategy on energy security, while ensuring a sustainable transition to a carbon neutral energy system.

The hidden health crisis: How fossil fuels threaten human health

Giulia Gasparri, a CEPA Consultant with significant global health and climate change sector expertise, has today delivered a session at the fifth edition of the Global Community Health Annual Workshop organized by the UNESCO Chair Global Health & Education.

Report on risk and return published as part of CMA redetermination

CEPA, in continuing to support Ofwat as Delivery Partner on the PR24 water sector price controls throughout the Competition and Markets Authority redetermination, has published evidence on the cost of capital.

Immunisation: a critical pillar of climate adaptation

Gavi, the Vaccine Alliance has published a technical paper, developed with support from CEPA, which makes the case for the integration of immunisation as an effective anticipatory measure into climate adaptation strategies.

CEPA immersive work experience

We were delighted to welcome three Economics A-Level students for a two-day immersive course at CEPA. We introduced the students to the world of economic consultancy and shared insights into some of our key sectors - energy, water and global health.

The capacity market debate: What is the underlying market failure?

Utilities Policy, a leading peer-reviewed journal for the utilities community, has published a paper co-authored by CEPA Senior Advisor, Darryl Biggar.

Setting the cap and floor for long duration electricity storage

The UK’s Department for Energy Security and Net Zero published a joint government and Ofgem technical decision document, which confirms details of the long duration electricity storage cap and floor scheme and how it will operate.

The National Payments Vision: What are its chances of success?

Payment ecosystems have evolved significantly in recent years – but the UK is no longer the leader it once was. Hence the new National Payments Vision (NPV) outlined by Rachel Reeves in her Mansion House speech in late November. We examine the drivers behind the NPV and its chances of success.

Report on cost of capital for Heathrow H8 price review

CEPA, on behalf of the International Air Transport Association, publishes review of Civil Aviation Authority view on the cost of capital for the H8 price control.

Advice about the regulation of distribution connection charges provided to the New Zealand Electricity Authority

CEPA was engaged to prepare a report on the regulation of one-off or upfront charges that are typically triggered by the creation of a new connection – or the upgrade of an existing connection – to a distribution network.

Final regulations published for a forthcoming mmWave spectrum auction

Ofcom, the UK communications regulator, has published final regulations for a mmWave spectrum auction in the 26 GHz and 40 GHz bands. The approach balances competitive allocation in high density areas with first come, first served in low density areas.

Dr Jonathan Mirrlees-Black

The Board of Cambridge Economic Policy Associates Pty Ltd (“Company”) and its related entities wishes to announce that one of its directors, Dr Jonathan Mirrlees-Black, has decided to resign from the Company to pursue other opportunities.

Mobile takeaway: trick or treat?

A study looking at the relationship between market concentration, market dynamism and investment shows a complex story in high-tech industries like telecoms. It seems concentration can facilitate higher investments, in part in a race to lower unit costs through scale and this may be associated with intensified competition.

Price control for Northern Ireland Electricity Networks: Final Determination published

CEPA is pleased to have supported the economic regulator for electricity in Northern Ireland, which has approved an investment package for Northern Ireland Electricity Networks (NIEN) of £2.23 bn in its seventh regulatory price control for NIEN, which will run from April 2025 to March 2031.

Is Europe handicapped in high-speed/capacity broadband networks?

CEPA's Chris Doyle considers The Draghi Report “The Future of European Competitiveness”, which claims that regulation and competition policies have disincentivized consolidation in the high-speed/capacity broadband telecoms networks sector.

There is method to the dynamic pricing madness, says David Jones

A CEPA director writes about the benefits of dynamic pricing under certain scenarios, even though this mechanism often appears unpopular.

Leveraging private sector investment in digital communications infrastructure in Eastern Africa

Chris Doyle presents the findings of a CEPA study, commissioned by The World Bank, at its launch to East African stakeholder states.

CEPA’s Strategy Review of The Global Fund to Fight AIDS, Tuberculosis and Malaria is published

CEPA was appointed to conduct the end-term strategic review of The Global Fund for 2017-22.

An article by CEPA associated authors is published in the journal, Energy Policy

The research article "Marginal curtailment of wind and solar PV: Transmission constraints, pricing and access regimes for efficient investment", written by David Newbery and Darryl Biggar, has been published.

CEPA co-founder knighted in the King’s 2024 Birthday Honours

We congratulate Dr Keith Palmer OBE, who has been recognised for his exceptional contribution to international development.

The Weighted Average Cost of Capital (WACC) for various electricity generation and storage technologies in Australia

AEMO Services commissioned CEPA to provide independent advice on appropriate assumptions on the WACC. CEPA’s report has been published and is available from AEMO Services’ website.

AEMC forum sets the stage for a consumer driven future

CEPA’s Darryl Biggar accepted an invitation to present at the Australian Energy Market Commission’s recent Connecting Policy and Research Forum.

Study about the productivity of electricity distribution businesses in New Zealand

CEPA’s Australian office was engaged by the Commerce Commission to estimate productivity changes in New Zealand’s electricity distribution sector.

Women in Economics: Breaking Barriers Together

CEPA Senior Consultant Charlotte Hallam joined the panel for the Women in Economics event, along with female economists from the Bank of England, KPMG and the Fraser of Allander Institute.

DESNZ publishes CEPA’s report about Local Electricity Markets

The Department for Energy Security and Net Zero (DESNZ) has launched its second consultation about the ongoing Review of Electricity Market Arrangements (REMA).

Consortium acts on the completed transfer of an offshore transmission link

CEPA is proud to have been part of the Smith Square Partners' Consortium that acted on the £666 million completed transfer of Moray East offshore wind farm transmission link.

Development & climate finance: is just looking at the quantum of finance sufficient?

This Viewpoint Note reports on innovative methods to scale up the financing capacity of the multilateral development banks and explores some of the new proposals, emanating from the Global South.

Report about unlocking new sources of electricity system flexibility from households published

Energy Systems Catapult has published a report, prepared with input from CEPA and Ovo, that developed and tested innovative retail propositions against a range of 2030 market scenarios to identify how to best elicit flexibility.

Owner/operator of Ireland’s gas network receives decision about its allowable revenue

The Commission for Regulation of Utilities, Ireland’s independent energy and water regulator, has published its decision about Gas Networks Ireland’s (GNI) current price control, which sets out the revenues GNI can collect from its customers over a five-year period.

£573 million transfer of Triton Knoll offshore wind farm transmission link completed

Ofgem has announced its confirmation to grant an offshore transmission licence to ETEPCO (a consortium of Equitix Ltd & TEPCO Power Grid Inc).

Ireland’s energy security package to 2030

Managing energy security of supply while transitioning to a low carbon, renewables-led energy system is one of the critical challenges facing Irish policy makers.

CEPA supports water, regulatory finance and global health practices with promotions to its partnership

Join us in congratulating Tom Cochrane and Kaveri Kumar on their recent promotions to the firm’s partnership. They join CEPA’s existing global Partners to lead a growing team of more than 50 economic, public and financial policy consulting experts.

Energy sector expert explores the causes of crises in two key energy-only wholesale electricity markets

CEPA’s energy sector consulting team was pleased to take part in an interactive knowledge-sharing session.

Darryl Biggar presents at the ACCC/AER Annual Regulatory Conference

Darryl Biggar, a Senior Advisor at CEPA Australia, presents a session about market failure and reform of the childcare sector.

Sub-Saharan Africa, Agenda 2063, digital connectivity and gender: bridging digital gaps

We explore where Sub-Saharan Africa (SSA) stands today in regard of digital connectivity and highlight digital gaps, in particular the gender digital divide.

CEPA Australia responds to Australian Energy Regulator’s invitation to comment

As an interested stakeholder, CEPA is pleased to make submissions on the Gas Distribution Network Tariffs Review Issues Paper.

Assessment of competition issues in the telecoms sector is reaffirmed by Australian Competition Tribunal

CEPA’s advice to Australian communications provider Optus, highlighting the adverse impacts of a merger transaction between its two competitors, has been supported by the Australian Competition Tribunal.

Reputation acknowledged by ranking recognition

CEPA thanks those clients, industry leaders, associates and future economists for the feedback they provided to Consultancy.uk, resulting in the firm’s high-level, 2023 ranking as one of the “Top Economics consulting firms in the UK”.

Dr Darryl Biggar appointed to bolster CEPA Australia’s practice

CEPA is pleased to announce the appointment of Dr Darryl Biggar as a senior advisor in its Australian practice.

Net Zero’s trade imperative: A case study on the global demand for solar technology

We were commissioned by the Hinrich Foundation, to help them understand if global trade will be essential to sustain the transition to reach the International Energy Agency's target of Net Zero by 2050.

CEPA has again been recognised as one of the UK’s leading management consultants

We are grateful for the continued positive feedback from the market, which has led to CEPA retaining its position in the Financial Times' ratings.

Competition issues in telecoms and related markets

Read our briefing note that examines issues in competition economics and law and how these affect market structure, firm behaviour, sharing agreements and mergers.

Spectrum auctions: thirty years in the making

Spectrum auctions are of strategic importance. Over the last three decades, hundreds of spectrum auctions have taken place worldwide and billions of dollars have been spent.

Our report about using reverse auctions for allocating public subsidies to promote mobile broadband coverage is presented to government

Dr Chris Doyle, CEPA's Head of Telecoms, has presented the findings of our latest communications sector report, commissioned by The World Bank, to Tanzanian government officials.

In the news: CEPA’s assessment of telecoms deal reaches the headlines

Our work is featured by iTnews and the author of the Expert Report, Dr Chris Doyle, CEPA's Head of Telecoms, is quoted for the independent analysis’ dissenting findings, drawn from the economic evidence.

Price caps in the Australian National Energy Market (NEM)

We were engaged by the Australian Energy Council to consider whether a relatively high market price cap and other market settings, in the presence of a capacity mechanism, would result in double payment for capacity at unnecessary customer cost.

The potential impacts of a partial merger between two of the three Australian mobile telecommunications market operators

Optus has commissioned CEPA to assess the competition impacts of an application to the Australian Competition and Consumer Commission for merger authorisation between Telstra Corporation Limited and TPG Telecom.

CEPA advises on tools to evolve energy regulation

The Council of European Energy Regulators has today published our recommendations for how energy regulators can best deploy ‘dynamic regulation’ tools – exemptions from the standard regulations that are limited in time and scope, which aim to foster learnings for future regulatory reforms.

New infrastructure investment approach to benefit millions across the Pacific region

A guide for institutional investors about co-investment options in infrastructure, developed by CEPA Australia, has been published.

Getting to net zero requires more policy experiments

A short note that proposes a greater role for deliberate policy experiments to help policy-makers and regulators identify the solutions that will best support decarbonisation at the lowest cost.

Final report on New Zealand’s 2020/21 base milk price calculation published

The Commerce Commission in New Zealand has published its final report following the review of Fonterra’s 2020/21 base milk price calculation.

Evaluation of New Reg trial in Australia released

The Australian Energy Regulator has published our independent evaluation of a trial, to deliver better outcomes for consumers through network consumer engagement and regulatory innovation.

CEPA Australia advise on asset beta and specific risk premium

We have supported the Commerce Commission, New Zealand with their regular review of the base milk price calculation.

From Rome to Sydney, a CEPA consultant’s tale of two cities

Tommaso Autorino, a consultant in CEPA's Australia office, is interviewed by Corriere della Sera (one of the main Italian newspapers).

Decisions made on the regulation of fibre service providers in New Zealand

The New Zealand Commerce Commission has published its first set of final decisions on the regulation of fibre service providers.

Improvements in market operator governance

Calls are made for improvements to the governance framework for the Australian Energy Market Operator to support investment efficiencies, manage growing customer costs and achieve national energy goals.

CEPA supports Australian distributed energy resource (DER) access & pricing conversations

The Australian Energy Market Commission engaged CEPA to identify options that could improve the integration of DER into the electricity system.

CEPA senior advisor appointed to Australian Energy Regulator’s Board

Congratulations to Eric Groom PSM, on his prestigious appointment.

CEPA launches cost-effective, specialist energy modelling service

CEPA Energy Modelling Ltd, a new subsidiary dedicated to meeting the increasing advisory needs of energy companies, regulators and governments across the globe is formed.

CEPA’s expansion continues across its offices

Increasing demand for CEPA's support and advice drives a growth in consulting team numbers.

Report for the ongoing evaluation of the New Reg process published

The Australian Energy Regulator has published a second insights report that CEPA prepared for the ongoing evaluation of AusNet Services' trial of the New Reg process.

Publication of an issues paper on public transport fares in Sydney

The Independent Pricing and Regulatory Tribunal (IPART) has published an issues paper as part of a major review of public transport fares in Sydney and surrounding areas.

Insights report for the ongoing evaluation of AusNet Services trial of the New Reg process

The Australian Energy Regulator (AER) has today published a second insights report that CEPA has prepared for the ongoing evaluation of AusNet Services trial of the New Reg process.

Mid-term evaluation of the Stop TB Partnership’s TB REACH initiative

In 2011-12, CEPA was appointed to conduct a mid-term evaluation of the TB REACH initiative.

Electricity hurdle rates survey

Survey documents.