News & Insights

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 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.

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.

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.

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.

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.

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.

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.

DESNZ publishes CEPA report on hurdle rates for electricity generation technologies

The UK Department for Energy Security and Net Zero (DESNZ) has published CEPA research and analysis on estimates of hurdle rates for a range of different electricity generation technologies.

Analysis of the UK Government’s official methods to assess the value of innovative life sciences manufacturing

The Association of the British Pharmaceutical Industry (ABPI) has published a detailed analysis of the application and design of the HM Treasury Green Book, which was prepared by CEPA.

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.

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.

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.

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.

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.

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.

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.

Estimating the asset beta for BT Group

CEPA has been commissioned by Ofcom, the UK's regulator for communications services, to provide an independent view of relevant betas and other weighted average cost of capital parameters in support of the Telecoms Access Review 2026.

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.

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.

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.

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.

On behalf of the Board, we wish him all the best in his future endeavours.

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.

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.

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.

CEPA retains its Platinum Rating as a top economics consulting firm in 2025

Consultancy UK, the online platform for the UK's advisory and consulting industry, has once again awarded CEPA a platinum-level ranking.

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.

Ofcom consults about mmWave auction regulations

UK regulator of communications services invites stakeholders' views about proposals to enable the industry to use mmWave spectrum for new services.

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.

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.

£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).

Using reverse auctions for allocating public subsidies to promote mobile broadband coverage

Following the completion of its usual peer review process, The World Bank has published CEPA's report about the use of reverse auctions in the telecommunications sector.

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.

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.

Transfer of Hornsea Two offshore wind farm transmission link

CEPA, as part of Smith Square Partners Consortium, acts as financial adviser to Ofgem on the £1.14bn completed transfer of Hornsea Two offshore wind farm transmission link from Ørsted to Diamond Transmission Partners.

Transformational impacts of transport investment

We are pleased to have helped our client understand how and why transport schemes achieve transformational impacts and how contextual factors can work with a new transport investment.

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.

Locational Marginal Pricing

One of the most talked-about market reform options being considered by the GB Review of Electricity Market Arrangements (REMA) consultation.

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). 

Supporting the UK Government’s approach to community benefits for electricity transmission network infrastructure

Onshore electricity networks will play a critical role in achieving net zero and that requires transformation at unprecedented scale and pace.

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.

Tender process for the sale of three offshore wind transmission assets with a combined value of c. £2 billion is launched

A consortium, consisting of CEPA and four other leading advisory firms, is acting as financial adviser to Ofgem for the OFTO Tender Round 10 process.

CEPA evaluates Unitaid’s $22m investment aimed at supporting access to medicines

Our Global Health team's evaluation of Unitaid's portfolio to 'support access to medicines through innovative use of Trade Related Aspects of Intellectual Property Rights' has been published.