Adriano is a member of Oxera’s Regulation, State Aid, Water and Modelling teams, and specialises in regulatory economics, due diligence, state aid, microeconomics and econometrics. He graduated with an MSc in Economics from the London School of Economics and Political Science in July 2014, where he specialised in industrial organisation, econometrics and microeconomics. Prior to this, he completed his undergraduate studies in Economics and Management at the University of Trento, Italy. Adriano has advised a number of clients in the water, energy, postal and transport sectors (airports, rail, roads), both infrastructure companies and regulators, on a range of regulatory issues. His areas of focus include regulatory price reviews, regulatory frameworks, access regimes, efficiency assessment, and incentive regulation. Adriano has been involved in quantitative analysis in several competition-related projects, including in the context of damages cases.

Selected project experience

  • Advice on cartel overcharge analysis in the Brazilian construction sector (2017–)
  • Strategic regulatory advice to a Portuguese energy operator ahead of a regulatory review (2017–)
  • Advice to a major Asian airport on the appropriate treatment of operating expenditure (2017–)
  • Advice on a due diligence case concerning a regulated asset in the Portuguese energy sector (2017)
  • Advice to Highways England on its long-term strategic vision (2016)
  • Regulatory advice to a transport infrastructure company in Australia (2016)
  • Strategic regulatory advice to an Italian energy operator ahead of regulatory reform (2016)
  • Advice on an abuse of dominance case in the health sector (2016)
  • Advice on a due diligence case concerning a regulated Italian airport (2016)
  • Quantitative analysis to estimate the value added of brand-protection services for a global brand-protection service provider (2016)
  • Economic analysis for a local merger in a UK retail sector (2016)
  • Supporting analysis for a state aid submission by a Welsh airport operator (2015)
  • Analysis supporting a submission by Royal Mail on the future of regulation for UK parcels (2015)
  • Analysis supporting a damages claim for a French telecoms operator (2015)
  • Data analysis supporting a cartel damages claim for a global tech company (2015)
  • Advice to a major Asian airport on appropriate asset valuation methods (2015)
  • Big data and econometric analysis for an online platform on the effects of attributes on the performance of business listings (2015)
  • Analysis for a large manufacturer in the transport sector on compatibility with state aid rules of a publicly funded R&D project (2015)
  • Economic analysis for several European low-cost airlines, including Ryanair and Wizz Air, as well as various airports supporting their submissions to the European Commission, as part of ongoing state aid investigations (2015)
  • Advice to a state entity on the compatibility with state aid rules of a development scheme for electrical vehicles (2015)
  • Advice to NATS, the UK air traffic control services provider, on regulatory issues (2015)
  • Scenario modelling as part of a CMA investigation of a merger in the water sector (2015)
  • Advice to the States of Jersey on a revised institutional framework for the Jersey Competition Authority (2015)
  • Advice to Network Rail on regulatory issues ahead of a new price review (2015)
  • Survey analysis for the European Commission as part of a report on crowdfunding as a form of investment (2015)
  • Advice on the access pricing regime in the context of Hong Kong energy regulation (2015)
  • Advice on a due diligence case for the AENA, the main Spanish airport operator (2015)
  • Advice to Royal Mail on Ofcom’s new postal access regime (2015)
  • Analysis for Royal Mail on the economic characteristics of the postal delivery segment (2014)
  • Advice during an efficiency review for a UK infrastructure company in the transport sector (2014)
  • Advice on an Italian due diligence case in the transport sector (2014)
  • Analysis for UK water companies on interpreting Ofwat’s draft determinations, in particular with regard to implicit allowances for enhancement expenditure (2014)
  • Option appraisal for a water regulator for establishing a Market Operator in a soon-to-be-liberalised non-household retail market (2014)


  • MSc Economics, London School of Economics and Political Science, UK
  • BA Economics and Management, University of Trento, Italy