Jonathan Mirrlees-Black is a director of CEPA Pty, our Australian business, and in this role has directed projects in electricity, gas, water and transport. He has over 25 years’ experience in energy and infrastructure, as investor (with RARE Infrastructure) as a sell-side investment analyst (with Exane BNP Paribas, Lehman, and Dresdner Kleinwort Benson) and as an advisor to infrastructure companies, investors in unlisted infrastructure, governments, competition authorities, and regulators. He was a director of CEPA's London-based business from 2003-04.
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.
He is an honorary professor at University College London where he teaches a course in Energy Finance. He has a BA in Pure Mathematics from Sheffield University, and M.Phil. and D.Phil. degrees in Economics from Oxford University.
Recent News & insights
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.