Chris specialises in the economics of regulation and regulatory finance. Since joining Oxera in July 2011, he has advised clients on numerous aspects of regulation, including market power assessments, customer engagement, capital expenditure, efficiency, the cost of capital, financeability, cost allocation, regulatory risk, incentive frameworks and outperformance sharing.

He has provided support on regulatory and strategic issues to clients in the air traffic control, airport, energy, rail, road, telecoms, and water sectors. He has previously undertaken secondments at a regulatory authority (NHS Improvement) and a regulated company (Dublin Airport).

Chris is the course coordinator for Oxera’s biannual Utility Regulation courses, on which he regularly presents a number of sessions. He has published research papers on the regulation of highways companies across Europe, and approaches to funding and regulating capital expenditure.

Selected project experience

  • Advice to an airport on its approach to cost allocation and attribution (2018)
  • Advice to Highways England on the development of the second Roads Investment Strategy (2016–)
  • Advice to a major European airport on cost of capital, and potential methods of sharing volume risk with users and airlines (2017–)
  • Advice to a gas distribution network on regulatory issues (2016)
  • Advice to Highways England on the transition to a new licence environment and monitoring regime (2014–)
  • Advice to Openreach on quality of service regulation (2015)
  • Advice to BT Group on cost attribution methodologies in a regulatory context (2015)
  • Regulatory due diligence advice to an investor regarding a major European airport operator (2015)
  • Advice to a European airport in the context of a significant market power assessment (2015)
  • Managed the first ever ex post evaluation of a state aid measure for Broadband Delivery UK (2014–15)
  • Economic and strategic advice to a major European airport throughout a regulatory price review process (2014–15)
  • Advice to a regulator on the relationship between the regulatory cost of capital and investment incentives following a Court of Appeal decision (2014)
  • Advised a major European airport on the appropriate cost of capital for its next regulatory period (2014)
  • Advice to a GB infrastructure company on compliance with state aid rules (2013­–14)
  • Advised NATS on the design of an appropriate regulatory framework for the UK terminal air navigation services market (2013)
  • Provided due diligence advice on a range of regulatory issues to a potential investor in a regulated infrastructure asset in Northern Ireland (2013)
  • Three-month secondment to Monitor working on regulatory issues in the healthcare sector in England (2013)
  • Advice to the UK Transport Select Committee on the commercial viability of a new hub airport (2013)
  • Analysis of a range of regulatory frameworks for a major international airport (2012–13)
  • Advised ComReg on the development of a framework for undertaking ex ante assessment for spectrum trades and leases (2012)
  • Provided advice to Ofwat in the context of the development of a new outcomes-based approach to regulation (2012)
  • Provided advice to the Australian Department for Infrastructure and Transport in the context of overbidding for toll road concessions (2012)
  • Assisted with the preparation of a bespoke training course for the Department for Transport on the economic regulation of airports (2012)
  • Advice on regulatory issues to Network Rail in the context of the PR13 price control review (2011–)
  • Advice to a leading European telecoms company on regulatory approaches to incentivising efficiency (2011)
  • Analysed the most appropriate form of tariff indexation for a UK port (2011)
  • Advised the government of the Turks and Caicos Islands in a review of the regulatory framework applied to the Island electricity companies (2011)

Selected publications

  • Davis, C. and Granatstein, M. (2016), ‘Funding large transport infrastructure projects: Challenges, Risks and Opportunities’, European Transport Conference 2016 Proceedings, Association for European Transport, October.
  • Davis, C., Dufour, A. and Perna, P. (2016), ‘Roads funding and regulation in England, France and Italy: an international comparison’, European Transport Conference 2016 Proceedings, Association for European Transport, October.
  • Davis, C., Meaney, A. and Gudgeon, L. (2014), ‘Ensuring Value for Money from Rail Franchise Margins’, European Transport Conference 2014 Proceedings, Association for European Transport, September.


  • BA (Hons), Economics and Management, University of Oxford