Leonardo is Head of Oxera’s Regulation team and works across a wide range of sectors. His areas of specialisation are regulatory incentive design, regulatory policy and regulatory due diligence.

He has advised companies, investors, governments and regulatory authorities on competition and regulatory matters in wholesale and retail markets, including the structure of price controls, market analysis, regulation of access charges, cost allocation, universal service obligations (USO) funding, and service quality incentive regulatory design.

Selected project experience

  • Directed regulatory due diligence for a transaction in the UK gas distribution sector (2018)
  • Advised an Italian gas distribution network on regulatory incentives (2018)
  • Project director advising an English water company on tariff design (2017–18)
  • Project director advising ComReg (Ireland) on universal service financing (2016–)
  • Advised an Italian energy network on output-based regulation design (2016–17)
  • Project director advising the Government of Jersey on regulatory and competition policy, telecom strategy and fiscal-related issues (2015–18)
  • Directed advice to ComReg on the assessment of intangible benefits of a USO and on whether a net cost results in an unfair burden to the USP (2014–16)
  • Directed advice to ComReg on the methodology to calculate penalties for breaching regulatory requirements (2016)
  • Advised an Italian energy network in relation to the regulation of meters (2016)
  • Project director advising on the merger of Italian mobile operators, Wind/H3g (2016)
  • Project director advising on structural separation in the Israeli fixed telecommunications sector (2016)
  • Project director advising an Italian water group on regulatory issues (2013–14)
  • Project director advising on the development of an approach to the quality of incentive regulation for the Italian water sector (2013–14)
  • Project director advising ComReg on assessing whether the universal service obligation in telecoms represents an unfair burden (2012–14)
  • Lead adviser to Fortum on regulatory regimes for district heating in Central and Eastern Europe (2010–15)
  • Directed advice to a European communications regulator on the regulatory impact assessment of Premium Rate Services (2012)
  • Project director advising ComReg in relation to eircom’s valuation of intangible benefits associated with universal service obligations (2011–12)
  • Directed advice to a water company in England on various strategic issues in the context of the transition to a more competitive water industry (2012)
  • Managed economic advice to Antena 3 de Televisión in its merger with La Sexta in the Spanish media market (2011–12)
  • Advised a European train operator on facility access charging (2011)
  • Advice to a European postal operator on an abuse-of-dominance case (2011)
  • Advice to bpost on economic impacts of rebates (2011)
  • Directed advice on the regulation of the gas supply sector in the Isle of Man (2011)
  • Directed advice on the regulation of wholesale access in the postal sector (2010)
  • Managed advice to Royal Mail on regulatory and competition issues (2007–11)
  • Managed economic advice to a European postal operator on costing principles and on cost modelling (2008)
  • Advice on the assessment of the implications for USO cost measurement of modifying the cost allocation model of a European postal operator (2006–07)
  • Lead adviser to a group of nine European postal operators on the applicability of different mechanisms to fund USOs in the postal sector (2006–07)

Selected publications

  • Nehrebecki, D., Mautino, L. and Knott, G. (2016), ‘Impact of market dynamics on the net cost of the USO’, in M. Crew and T. Brennan (eds), The Future of the Postal Sector in a Digital World, Springer.
  • Mautino, L., Dudley, P., Prettyman, J. and Heagney, F. (2013), ‘Estimating long-run incremental costs in the postal sector: A UK perspective’, in M. Crew and P. Kleindorfer (eds), Reforming the postal sector in the face of electronic competition, Edward Elgar.
  • Flórez Duncan, F., Longman, D., Mautino, L. and Dudley, P. (2011), ‘Price Discrimination and Price Differentiation within Direct Mail’, in M. Crew and P. Kleindorfer (eds), Reinventing the Postal Sector in an Electronic Age, Edward Elgar.
  • Dudley, P., Agar, S., Mautino, L. and Flórez Duncan, F. (2009), ‘Competition through downstream access in the UK postal sector: the first four years’, in M. Crew and P. Kleindorfer (eds), Progress in the competitive agenda in the postal and delivery sector, Edward Elgar.
  • Correia da Silva, L., Mautino, M., Dudley, P. and Payling, E. (2008), ‘An Incentive Regime for Quality of Service of Universal Service Providers in the Postal Sector’, in M. Crew and P. Kleindorfer (eds), Competition and Regulation in the Postal and Delivery Sector, Edward Elgar.
  • Dudley, P., Jenkins, H., Mautino, L. and Richard, S. (2005), ‘Competition and the Coverage of Price Controls in the Postal Sector’, in M. Crew and P. Kleindorfer (eds), Regulatory and Economic Changes in the Postal and Delivery Sector, Kluwer.
  • Correia da Silva, L., Dudley, P., Mautino, L. and Richard, S. (2004), ‘RPI – X Price Control Regulation in The Postal Sector’, in M. Crew and P. Kleindorfer (eds), Competitive Transformation of the Postal and Delivery Sector, Kluwer Academic.
  • Jenkins, H. and Mautino, L. (2003), ‘Competition Issues in Mobile Call Termination Charges’, Competition Law Journal, 2:1, pp. 54–61.


  • DPhil Economics, University of Oxford
  • MSc Economics, University of Warwick
  • BA Economics, Córdoba National University, Argentina