Craig Lonie


+44 (0) 20 7776 6644

Location: London

Download Image


Craig has led Oxera’s Corporate Finance team since 2012. He is highly experienced in the fields of corporate finance and regulation, and has an extensive background in the communications and media sectors. Craig has worked on many projects in a variety of industries, including energy, water, communications, post and transport. He has worked with companies and regulators, the CMA, and potential infrastructure investors. He has also provided expert witness testimony in the high court on issues of competition economics and finance.

Craig was previously a Director at Ofcom, the UK telecommunications and media regulator, for six years. He directed many Ofcom Decisions, including several major price control reviews, and represented Ofcom at the Competition Appeal Tribunal (CAT) and the Competition Commission on finance matters, including cost of capital estimation, asset valuation, regulatory accounting and financial analysis.

Prior to this, Craig spent 15 years working with BT in a series of senior finance and regulatory affairs roles, representing the company in interactions with the regulator and the appeal bodies. He also held roles as Finance Director for Wholesale Markets and BT Group Property. Craig began his career at LEK Consulting, in London and Los Angeles.

As a result of having worked for a significant time on both sides of the regulatory table, and in addition to his finance expertise, Craig has a unique knowledge of the relationship between regulated companies and the various regulatory institutions, including the CAT, the Competition Commission and the European Commission.

Selected project experience

  • Advising the South African Communications Ministry on merger clearance matters relating to the Vodacom/Neotel proposed merger (2015–16)

  • Advising Ofwat on the appropriate use of inflation in price control regulation (2016)

  • Acted as expert witness on competition economics in Streetmap vs Google (2015)

  • Advised Severn Trent on models for Access Pricing in the water industry (2015)

  • Assisted and represented Scottish Power on profitability assessment and asset valuation for the ‘Big 6’ CMA inquiry (2014–15)

  • Advised Gatwick Airport on price control and Davies Commission matters (2012–15)

  • Advised BT on price controls, media rights pricing, regulatory accounting, cost of capital and margin squeeze (2012–16)

  • Advised Vodafone on annual spectrum licence fees (2014–15)

  • Advised the New Zealand Commerce Commission on cost of capital matters in energy and communications markets (2014–15)

  • Advised Thames Water, Southern Water, Yorkshire Water and Bristol Water on price control, risk assessment and pricing matters (2013–15)

  • Advised the UK Energy Networks Association on price control and cost of capital matters (2012–14)

  • Assisted BDUK in reviewing compliance with European Commission state aid rules of the UK Rural Broadband subsidy scheme (2014–15)

  • Advised Fortum on beta estimation for heating markets (2014–15)

  • Advised Royal Mail on risk evaluation and competition effects (2013)

  • Advised the UK Competition Commission on the gas distribution price control appeal (2012)

  • Advised the CER and ESB on post-crisis cost of capital implications (2012)

  • Advised BDO/Grant Thornton on profitability assessment and accounting matters for the Competition Commission (2012–13)

  • Advised Angel Trains on accounting, asset valuation and the pricing of rolling stock leases (2012–13)

  • Advised potential infrastructure investors in relation to transactions, including Phoenix Gas, Gas to the West (NI) and Porterbrook Trains (2012–14)

  • As Ofcom’s Director of Competition Finance (2005–11), represented the regulator in various Competition Commission inquiries in the communications sector, and directed Ofcom projects on major price controls. Held responsibility for formulation and implementation of BT’s regulatory accounting obligations. Directed the Ofcom 2007 review of the funding of Channel 4

  • While working for BT (1990–2005), represented the company on finance matters in various price control settlements, and in other interactions with Ofcom and the Competition Commission and MMC


  • MA Engineering, Economics and Management, Oxford University

  • MSc Finance, London Business School

  • PgDip Competition Law, Kings College, London

More from this section