Managing Director – Asia Pacific
Dr Jonathan Mirrlees-Black has over 30 years’ experience in energy and infrastructure, as an investor (with RARE Infrastructure) as a sell-side investment analyst (with Exane BNP Paribas, Lehman, Dresdner Kleinwort Benson, and UBS) and as an advisor to infrastructure companies, investors in unlisted infrastructure, governments, competition authorities, and regulators. Based in Sydney, Australia, he has global experience of directing projects in all infrastructure sectors including electricity, gas, water, transport, and communications. He is an acknowledged expert in regulatory finance and cost of capital, and has also directed due diligence projects for leading investors undertaking transactions in infrastructure and related assets.
From 2010-15 he was a senior advisor then head of research and chairman of the Investment Advisory Board at RARE Infrastructure, a specialist investor in global listed infrastructure based in Sydney, Australia. From 2013-2020 he was an honorary professor at University College London where he taught a masters course in Energy Finance. He was previously a director of CEPA from 2003-04.
Since 2018, Jonathan has combined his roles at CEPA with a Senior Advisor role at HRL Morrison & Co, a New Zealand-based investor in global infrastructure, which he advises on global macroeconomics.
Jonathan has a BA in Pure Mathematics from Sheffield University, and MPhil and DPhil degrees in Economics from Oxford University. He is a Graduate Member of the Australian Institute of Company Directors (GAICD).
Recent News & insights
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.