Expertise

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.

CEPA submits cost of capital report on Heathrow H8 price control

In response to the Civil Aviation Authority’s Initial Proposals for the H8 price control for Heathrow Airport, CEPA has submitted a report on behalf of the International Air Transport Association.

CEPA named as one of the UK’s top 5 economics consulting firms in 2026

Based on feedback from clients, consultants and other sector participants, Consultancy UK has placed CEPA in the top, diamond level ranking of economics consultancy providers in the UK.

Sector specific methodology decision: Electricity Distribution price control (ED3)

Ofgem has today published CEPA’s report on regulatory depreciation in ED3, prepared to support Ofgem’s thinking ahead of the ED3 determinations.

Integrated power markets: How European electricity market design reforms could shape Nordic power markets towards 2035

Nordic Energy Research is set to launch a report commissioned from THEMA Consulting and CEPA at an event on 28 April 2026. The report will be presented by Nordic Energy Research and its authors, including CEPA’s Gary Keane and Stephen Garavan.

Ofgem announces record number of qualified OFTO bidders

Ofgem has pre-qualified five bidders for Offshore Transmission Owner (OFTO) Tender Round 13 (TR13). These bidders will compete for three assets worth a combined £3.5bn.

CMA publishes Final Redetermination on PR24 price controls

The Competition and Markes Authority (CMA) today published their Final Redetermination on the PR24 price controls (2025-30) covering the water sector in England and Water.

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.

CEPA helps CRU to provide a balanced framework that enables necessary long-term investment in Ireland’s electricity infrastructure

The Commission for Regulation of Utilities (CRU), Ireland’s independent energy and water regulator has today published its Final Determinations for the next electricity networks price controls, Price Review Six, which will run to December 2030.

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.

Ofgem publishes economic guidance for Sizewell C Nuclear RAB model

Ofgem has published Economic Guidance on the economic regulation of Sizewell C nuclear power station, including a report by CEPA on the risk and return for the operational phase under a Nuclear RAB model.

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.

CRU publishes its PR6 Draft Determinations for the electricity network companies in Ireland

The Commission for Regulation of Utilities (CRU) has today published its Draft Determinations for the next electricity networks price controls (PR6), which will run from January 2026 to December 2030. CEPA has provided technical and economic support to CRU across all key workstreams.

Financial economics / regulatory finance: Consultant, Senior or Managing Consultant

We are seeking an exceptional individual to join us in London, to support CEPA's work in financial economics / regulatory finance. We are interested in candidates applying for roles between our Consultant and Managing Consultant grades.

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.

CEPA continues to grow with additional consulting staff in the UK

We are delighted to welcome eight new members of the CEPA consulting team in London, with two directors, two consultants and four economists adding to CEPA’s expanding pool of people to support our clients.

What is water poverty and how is it defined?

Given the emphasis on the cost of living in several recent party manifestos, we recognise an opportune moment to raise awareness and foster informed discussion about water poverty in the UK.

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.

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).

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.

Commission for Regulation of Utilities Price Control 5 consultation published

Our reports on Irish gas network revenues and incentives have been published by the Commission for Regulation of Utilities.

Director: Energy Markets and Modelling

CEPA is seeking an exceptional individual to join the firm's London office as a Director, supporting its work in the energy sector.

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.

LSE students present findings about biodiversity policy

We are pleased to have supported another cohort of students undertaking the Capstone Course at the London School of Economics (LSE). 

Spectrum auctions: mmWave frequencies for 5G mobile

Regulators and governments around the world are opening up mmWave spectrum to further develop 5G mobile services. We look at market developments in mmWave bands across the world and describe some of the licence award approaches.

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.

Ofgem publishes its RIIO-2 Final Determinations for the GB electricity distribution sector

We are proud to have been working with Ofgem on important elements of the RIIO-ED2 price control, which will run from April 2023 to April 2028.

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.

Ofwat publishes a report that considers how to facilitate the delivery of multi-sector reservoir systems

The Regulators’ Alliance for Progressing Infrastructure Development (RAPID) and three water companies commissioned a report from CEPA and Agilia to consider the legal and commercial models that could facilitate the delivery of multi-sector reservoir systems.

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.

Expert from Ofcom appointed to bolster CEPA’s advisory services for the communications sector

We are pleased to announce the appointment of Dr Chris Doyle as a senior advisor to our communications, media and payment systems practice. Dr Doyle will commence working with CEPA on 1 March 2022.

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

Following another year of providing high-quality advice to our clients across our core sectors, we are grateful for the positive feedback from the market, which has led to CEPA’s inclusion in the Financial Times’ independent ratings report.

CEPA collaborates to advise about the selection of offshore transmission owners (OFTOs)

Continuing our co-operation with other specialist advisors in a consortium, we are pleased to provide further expert financial and economic advice to Ofgem under a new four-year contract for offshore electricity transmission assets.

The Payment Systems Regulator (PSR) publishes its report on the card-acquiring market

Card-acquiring services enable merchants to accept card payments. We supported the PSR with its market review and have advised about a range of other payment systems policies.

Smith Square Partners’ Ofgem consortium; TR7 preferred bidder for first asset announced

Ofgem, the GB energy regulator has announced the identity of the preferred bidder for the offshore wind transmission asset connecting the Triton Knoll wind farm to the Lincolnshire coast.

European energy regulators report on Innovative Business Models and Consumer Protection

The Council of European Energy Regulators (CEER) has published a report, for which we undertook the identification and analysis of the business models and supporting case studies.

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.

Ofwat’s vision for the 2024 price review (PR24)

We take a look at: What have we learned about Ofwat’s thinking? What changes are proposed? Where do we expect engagement? And what will water companies need to do?

Australian Energy Regulator considers the links between the risk-free rate & market risk premium

The AER asked us to advise on the approach to estimating the Market Risk Premium (MRP) for the 2022 review of the Rate of Return Instrument. Specifically, we were asked whether there is a relationship between the risk-free rate (RfR) and MRP.

Consultation on Minded to Positions for ‘fast-tracked’ charging options published by Ofgem

Ofgem publishes consultation under the Access and Forward-looking Charges Significant Code Review with our Quantitative Analysis and Methodology reports alongside.

Ofwat publishes further CEPA report on allocation of risk

Our latest report for Ofwat supports its early thinking on the design of the next water sector price review, PR24.

Ofwat outlines its initial views about the Price Review frameworks for 2024 (PR24) and beyond

The regulator of the water sector in England & Wales has published a consultation response, which discusses its high-level ideas for maximising the potential of price reviews to help the sector create value for customers, communities, and the environment.

Ofgem publishes its RIIO-2 Final Determinations

We have been supporting Ofgem with its review of the responses to the Draft Determinations for the electricity and gas transmission and gas distribution sectors, and the electricity system operator.

Consortium appointed to advise on the auction of offshore electricity transmission assets

CEPA appointed as part of Smith Square Partners consortium to advise Ofgem on the TR7 auction of offshore electricity transmission assets.

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.

The Utility Regulator for Northern Ireland publishes its price control draft determination

We have been involved in the process since 2018 and have produced reports, which have been used by the regulator to set efficient cost allowances for NI Water.

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.

Advice for GB energy regulator to inform its 2021-2026 price controls

We are pleased to be assisting Ofgem with economic and financial components of its Revenue=Incentives+Innovation+Outputs (RIIO-2) process.

Peer review of study into the ‘hurdle rates’ for different electricity generation technologies

The Department for Business, Energy & Industrial Strategy (BEIS) asked us to peer review a cost of capital update for electricity generation, storage & demand side response technologies.

Supporting the decarbonisation of Ireland’s electricity system

Reports published as part of the draft determination for Ireland’s 2021-2025 price control.

CEPA provides analysis for the New Appointments & Variations Regime in the water industry

Ofwat, the economic regulator of the water sector in England & Wales, has commissioned CEPA to analyse bulk charges for the New Appointments and Variations (NAVs) Regime.

CEPA helps to define water poverty, understand future pressures & appraise UK water companies’ efforts

CEPA supports UK Water Industry Research with their work designed to help decision makers and water companies in making water and sewerage bills affordable and their ambition to achieve 'zero customers in water poverty by 2030'.

Ofgem publishes its Decision on UNC678; the modification proposals relating to gas transmission charging

CEPA helps Ofgem, the GB energy regulator, to reach its Decision on the modification proposals relating to the gas transmission charging arrangements.

Ofgem consults on amendments to Gas Transmission Charging regime

Ofgem, Great Britain's independent energy regulator, is seeking views on its 'minded to’ decision on the proposals for modification to the gas transmission charging arrangements.

Civil Aviation Authority issues decision on the price control review of UK air traffic control operator

The UK Civil Aviation Authority (CAA) has issued its decision on the 2020-24 price control review (RP3) of the UK air traffic control operator NATS.

CEPA’s expansion continues across its offices

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

Ofgem consult on cost assessment tools & techniques

Ofgem has published a consultation on the cost assessment tools and techniques it intends to apply in setting the RIIO-2 price controls.

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.

Highways - Efficiency review for the Office of Rail and Road

CEPA commissioned to support review of Highways England’s proposed efficiencies and to perform a high-level analysis of the deliverability of the proposed enhancement programme.

Highways benchmarking: pavement condition

CEPA, alongside TRL, have twice been commissioned by the Office of Rail and Road to assess how pavement condition is measured.

How to regulate fibre service providers

The New Zealand Commerce Commission published its emerging views on regulating the fibre service providers.

CEPA feature as a guest speaker at annual energy conference

Ben Shafran, a consultant who specialises in energy policy and regulation, will feature as a guest speaker at the 2019 UKERC Annual Conference.

Efficiency assessment for Crossrail 2

Transport for London commissioned CEPA to examine the levels of efficiency that might be delivered in designing and constructing Crossrail 2.

Utility Regulator publishes approach papers for its price control

The Utility Regulator in preparation for its price control (PC21), has published its PC21 Opex ‘minded to’ Methodology and PC21 Capex 'minded to' Methodology.

The impacts of digitalisation on the energy market

CEPA has been pleased to support a London School of Economics ‘Capstone’ project to explore impacts of digitalisation on the energy market.

Efficiency incentives to apply to the economic regulation of Heathrow

The Civil Aviation Authority (CAA) has published a report by CEPA alongside its policy update and consultation on the economic regulation of capacity expansion at Heathrow Airport (CAP 1782).

Cost-benefit analysis of new interconnectors in Ireland

Our cost-benefit analysis for the electricity interconnectors demonstrated that increasing the interconnection of Ireland to other markets is expensive but the benefits are likely to outweigh the costs.

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.

Senior hire to meet demand from energy companies and regulators worldwide

CEPA today welcomes Gary Keane as a director to the consulting firm’s London headquarters.

Airport capacity strategy

CEPA’s contribution to this study on delivering the future airport capacity requirements in Ireland for the Irish Department of Transport, Tourism and Sport set out the decisions Ireland has to make - and the timing - to come to a good decision on the future capacity requirements of Dublin Airport.

Cybersecurity in the energy sector: what does it mean for network regulation?

Read our briefing note to learn more about what the key issues might be in the next RIIO price controls.

Assessing the impact of equal transmission charging treatment with gas storage

Our analysis demonstrated that applying equal charging treatment at Bacton IP as for GB storage would further the interests of GB consumers through lower gas prices. 

CEPA senior advisor invited to speak at payments regulation forum

Richard Gleed to address government officials, regulators and representatives from across the payments supply chain at a key industry event considering “The future of payments regulation in the UK”.

Econometric benchmarking for Ofwat

CEPA was commissioned by Ofwat to develop a suite of econometric models focusing on different parts of the value chain in order to determine the efficient level of costs allowed for companies under each of the binding price control settlements for PR19.

RIIO-1 price control framework and performance review

Ahead of the RIIO-2 price controls, Ofgem wanted to gather insights on the outcomes of the RIIO-1 regulatory framework. At the end of 2017, the regulator commissioned CEPA to review the RIIO price control framework applied to the first set of RIIO price controls.

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.

What should regulators make of big data?

In almost every market one can think of, people are talking about the application of big data analytics and machine learning. Energy and other utilities are no different.

Going electric: How to incentivise the efficient deployment of electric vehicles

In our briefing, we examine how the regulatory framework implied by Ofgem’s strategy would affect one of the main drivers of the change: electric vehicles (EVs).

Setting of allowed revenues for the gas transmission & distribution

As part of a consortium, CEPA advised on setting allowed revenues for Gas Networks Ireland’s (GNI) TSO and DSO businesses over the PC4 price control period.

Expert advice on cost of capital issues in the telecoms sector

We provided expert advice to Ofcom on cost of capital issues in the telecoms sector.

Approach to customer segmentation in the water sector

CEPA was engaged by Ofwat to build an evidence base on approaches to customer segmentation and possible data sources to inform approaches to residential customer segmentation.

Assessment of a regulatory framework for retail

We were asked by an economic regulator of the energy sector, to develop a framework for assessing whether their domestic retail energy market was delivering good customer outcomes.

Evaluating the social and economic impact of investments in wastewater

CEPA conducted a literature review of methodological approaches to evaluate economic and social impact of investments in the wastewater sector.

Review of readiness for retail market opening

CEPA was appointed by Ofwat to carry out a targeted review of market participants’ readiness for opening of the retail market in April 2017 for...

Enabling flexibility in the GB electricity market

The advice provided to a GB electricity distribution company in relation to smart networks and flexible energy systems helped our client advance their position with the regulator and government.

Alternative approaches for setting the cost of debt

CEPA were commissioned by two UK economic regulators to look at alternative approaches that could be used in regulatory determinations for the cost of debt allowance.

Open Access funding for publication system in Switzerland

CEPA was asked by the Swiss National Science Foundation (SNSF) to recommend a funding model that would allow for a complete transition to an Open Access (OA) publication system in Switzerland by 2020-2024.  

Financing the Universal Postal Service

We have helped Ofcom (and previously Postcomm) think through how best to ensure that Royal Mail is able to deliver the Universal Service in a financially sustainable manner.

Economic assessment of the Future Charging Model for cheque processing

Cheque and Credit Clearing Company (C&CCC) appointed CEPA to provide an economic assessment of the proposed funding and charging methodology for this new Image Clearing System (ICS).

Merger support in the water sector

CEPA supported Ofwat in the CMA inquiry into the merger of South West Water and Bournemouth Water.

Review of Leased Lines Charge Review Model

CEPA were asked by Ofcom to carry out a review of its 2016 Leased Lines Charge Control modelling developed for the purpose of setting charge controls for the three years from 2016/17 to 2018/19.

Support to higher education institutions during negotiations with publishers of academic journals

CEPA provided support to the JISC Collections to help them conduct negotiations on behalf of the UK's higher education institutions.

Modelling the economics of academic publishing for the Publishing Research Consortium

CEPA was commissioned for a study on the economics of academic publishing.

Informing the development of water access charging methodologies

CEPA was commissioned by CC Water to provide a report on possible approaches to access pricing in the water sector in light of the reforms being introduced to make the sector more competitive.  

Review of Digital Terrestrial Television decision for TV3

CEPA advised privately owned television channel TV3 on competition issues related to transmission charges for Digital Terrestrial Television (DTT)...

CEPA supports ComReg’s Review of Weighted Average Cost of Capital in Irish Telecommunications Sector

ComReg - the Irish Telecommunications Regulator - has reviewed its approach to assessing the cost of capital, with assistance from CEPA. The consultation on the approach is now live.