Sectors

Financial adviser for offshore transmission owner evaluations

CEPA was appointed, as part of a consortium of financial advisory firms led by Smith Square Partners, as financial adviser to Ofgem on the competitive tender process to select the offshore transmission owner for TR7-TR13 tender rounds.

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.

Hurdle rates for electricity generation technologies

CEPA provided advice on the relevant investment hurdle rates for different electricity technologies. The advice drew on a range of evidence, including analysis of market data and an investor survey. The hurdle rates would inform policy decisions in the UK electricity sector.

Financial consultancy for Irish electricity networks Price Review (PR)6

CEPA was commissioned to provide economic and technical advice in support of Price Review (PR)6, for the electricity network companies in Ireland (EirGrid and ESB Networks).

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 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.

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.

Cap and floor arrangements for long duration electricity storage projects

CEPA, working with ESP Consulting, advised on the design of the proposed cap and floor scheme for Long Duration Electricity Storage (LDES). The team i) assessed potential gaming risks, ii) developed and evaluated approaches for setting cap and floor levels, iii) advised on the revenue stack for LDES assets, and iv) advised on the overall financial policy framework for the regime.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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).

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.

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.

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.

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.

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.

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). 

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.

Strategic Partner in Finance for energy networks in the RIIO2 price controls

CEPA worked on behalf of Ofgem, the GB energy regulator, on financial issues throughout the RIIO-2 price controls (GD/T2/ED2) and subsequent CMA appeals for regulated energy network companies.

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.

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.

CEPA’s impact assessment of proposed energy market reforms to encourage flexibility

We are pleased to have supported Elexon with an impact assessment of BSC Modification P415, designed to allow independent aggregators of demand side response to trade customer flexibility directly.

Major review launched on energy security of supply in Ireland

We are supporting a major public consultation about the security of energy supply of Ireland’s electricity and natural gas systems, being undertaken by the Department of the Environment, Climate and Communications.

Find us at Energy Ireland 2022, billed as Ireland’s largest annual energy conference

We are pleased to once again be attending the conference on 29 and 30 June in Dublin, for an event that aims to bring together key stakeholders in the Irish energy sector.

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.

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.

Initial insights published on price signals for demand-side flexibility in the GB energy market

CEPA and Energy Systems Catapult (ESC) have been appointed by BEIS to carry out a study on energy price signals, exploring what an alternative system of network and policy price signals might look like. CEPA and ESC held a webinar when the initial findings were presented.

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.

Locational energy pricing in the GB power market

Working with energy networks specialists TNEI, we have produced new research for Energy Systems Catapult on the role of locational energy prices in facilitating the decarbonisation of Britain’s energy system.

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.

Ofgem’s interconnector policy review

We set out some important considerations to support Ofgem’s Interconnector Policy Review.

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.

Views invited on barriers to demand-side flexibility in the GB energy sector

CEPA and the Energy Systems Catapult have been appointed by BEIS to carry out a study on energy price signals, as part of BEIS’s Alternative Energy Markets programme.

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.

Assessment of proposed electricity trading arrangements between the UK and EU

Working with international partners, we have delivered a cost benefit analysis of proposed arrangements for day-ahead trading of capacity on electricity interconnectors between GB and other markets following the UK’s departure from the EU.

Evaluation of ‘Innovation Link’ Ofgem’s innovation support programme

The Innovation Link is Ofgem’s main support programme for innovators looking to launching novel propositions. It offers regulatory guidance as well as trials and derogations, contributing to an enabling and adaptive regulatory environment to benefit consumers and support the UK’s transition to net zero.

CEPA’s Impact Assessment helps industry to determine merits of Electricity Meter Splitting

CEPA’s analysis of the impacts of proposed modification P379 has helped the industry to better understand the merits and drawbacks of introducing electricity meter splitting. Our findings led to the proposer withdrawing the modification.

IUK-BBL: Consideration of adjustments to the NTS Charging Regime

Impact Assessment: Consideration of adjustments to the NTS Charging Regime

Director of CEPA Energy Modelling Ltd to speak at launch of Energy & Climate report

The independent European think tank, CERRE, will host an event on 16 March to launch its Energy and Climate report, “Electricity and gas coupling in a decarbonised economy”.

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.

Decarbonisation & sector integration

Consumers, policy makers and private businesses are focusing on decarbonising economic activity to limit the impact of climate change and to secure an environmentally sustainable future.

African Development Bank (AfDB) launches report to support investment into the African energy sector

AfDB and the Sustainable Energy Fund for Africa commissioned a consortium led by CEPA, to assess the availability of local currency finance for sustainable energy projects and the obstacles developers face in tapping into local financial and capital markets.

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.

CEPA director presents his network charging vision to key energy stakeholders

Speaking at DCUSA Ltd’s 2020 Strategy Day, Patrick Taylor set out his views about the future of electricity charging in GB.

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 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.

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.

Considerations for UK regulators setting the value of debt beta

UK Regulators Network publish a CEPA report on approaches to debt beta estimation and the link between debt beta and gearing levels.

CEPA launches cost-effective, specialist energy modelling service

CEPA Energy Modelling Ltd, a new subsidiary dedicated to meeting the increasing advisory needs of energy companies, regulators and governments across the globe is formed.

CEPA Outage Cost Calculator

This calculator lets you estimate how much you would need to be compensated if you were to experience a temporary household electricity blackout.

CEPA invited to build on its existing South American links

As a result of CEPA’s increasing work in South America, one of the firm’s directors, Attila Hajos, accepted the invitation to speak at the 12th Annual Meeting of the Colombian Energy Sector.

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.

Understanding the distributional impacts of time-of-use tariffs on consumers’ bills

The roll-out of smart meters capable of measuring half-hourly consumption presents a number of opportunities. If introduced alongside time-of-use tariffs ...

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.

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.

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.

Some lessons from technology-neutral auctions for low-carbon electricity generation

In this briefing note, we explore how successful technology-neutral auctions for electricity generation have been in the past and discuss some key lessons.

The Utility Regulator in Northern Ireland publishes domestic consumer insight tracker findings

The Utility Regulator (UR) in Northern Ireland has published the results of its first Consumer Insight Tracker Survey.

Capacity Auction Monitoring in Ireland & Northern Ireland

Since 2017, we have been the Capacity Auction Monitor (“Monitor”) for the Capacity Remuneration Mechanism (CRM) for the Integrated Single Electricity Market (I-SEM).

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.

Estimating the value of lost load for electricity in Europe

We were asked by the Agency for the Co-operation of Energy Regulators (ACER) to conduct a study on the estimation of the value of lost load (VoLL) for electricity supply in Europe.

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.

The capacity market five-year review - some key questions

Some of the key questions that stakeholders should be asking as part of the UK Government's much-anticipated review of the electricity capacity market are set out in a briefing note.

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. 

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.

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.

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).

Positive winds for offshore - But don’t get blown over just yet

Following the announcement of the results for Round 2 of the CfD auction, we explore in this briefing what they mean for the offshore wind energy sector and the deployment of renewable electricity generation.

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.

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.

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.