Tom Cochrane is a principal consultant working across CEPA’s practice areas. In his ten years at the firm Tom has focused on UK and international regulated sectors – water, energy and transport – while also applying his technical skills on assignments for clients in emerging markets.
Tom has led much of CEPA’s work on regulatory finance issues and specialises in advising on the cost of capital and financial resilience of regulated businesses. He has supported Ofgem in the development of its position on the cost of capital for the upcoming set of energy network price controls. He has also advised government departments (in both the UK and Portugal), regulated companies (Thames Water) and third parties (Centrica and various airline groups) on these issues.
Tom also regularly applies his economics and finance experience in more innovative contexts. He has advised Ofgem on the cost of capital pertaining to specific high value transmission assets and helped Ofgem to develop its ‘cap and floor’ regulatory regime for electricity interconnectors. He has also led assignments supporting the Kenyan Government in developing a national transport funding policy covering over $20bn infrastructure investment – much of it financed through public private partnerships – and various clients in considering innovative financing and delivery options for irrigation schemes.
Tom joined CEPA following previous experience with Oliver Wyman Consulting in London, where he provided strategic advice and financial modelling support to blue chip clients in the supermarket retail, consumer electronics and transport sectors. He has a Master's in Economics from the University of Bristol and a degree in Economics & Management from the University of Oxford.
Recent News & insights
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?
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.
Independent review of water affordability
CCW, a body that represents water consumers in England and Wales, has published its review of the affordability support for financially vulnerable water customers.
Technical support to AGRA’s policy team on micro reforms
CEPA was appointed by AGRA to provide additional training and technical support provided to its Micro Reforms for African Agribusiness (MIRA) team.
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.
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.
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.
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...
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.