Portrait of Adrian Bubla

Adrian Bubla : Consultant

Adrian specialises in the energy and water sectors, where he applies his skills in corporate finance, regulatory finance, asset pricing and valuation. He has advised regulated companies, regulators, industry associations and litigators on numerous aspects of regulation, in particular in estimating the cost of capital, undertaking financeability assessments and the quantification of antitrust damages in regulated markets. His experience is predominantly focused on utility regulation in the UK and more recently in the DACH region (Germany, Austria and Switzerland).

Adrian presents the cost of capital and financeability training sessions at Oxera’s bi-annual Utility Regulation course. He studied economics and finance at the University of Manchester and the University of Cape Town before joining Oxera. Outside the office, Adrian is an enthusiastic tennis player.

Adrian speaks English, and German.

Tel: +49 (0) 30 7675 99119

Adrian's specialisms include:

professional experience

  • Assessing financeability for Scottish Hydro Electric Transmission for the RIIO-2 price control (2020)

  • Undertaking financial analysis on market-to-asset ratios of listed water companies in the context of appeals to the UK Competition and Markets Authority on the PR19 price controls (2020)

  • Estimating the cost of equity for the RIIO-2 price controls for the UK Energy Network Association (2020)

  • Advising on regulation and pass-on in the follow-on antitrust proceedings of an EU-wide power cables claim (2020)

  • Calculation of pass-on in the follow-on antitrust proceedings between National Grid and Scottish Power in an EU-wide power cables claim (2020)

  • Providing strategic advice and cost of capital estimation of regulated water companies in their appeal of the PR19 final determination to the Competition and Markets Authority (2019–20)


  • MSc Development Finance, University of Manchester, UK

  • BSc Finance, University of Cape Town, South Africa

Latest Insights:  Adrian Bubla

The Competition and Markets Authority (CMA) has published its Final Determination (FD) of the appeals in respect of Ofgem’s RIIO-GD2 and RIIO-T2 (‘RIIO-2’) price control reviews. Out of 12 grounds…