Portrait of Elizaveta Kovaleva

Elizaveta Kovaleva : Senior Consultant

Elizaveta specialises in regulatory finance and the economics of state aid, working across a number of sectors in infrastructure. She focuses in particular on cost allocation, cost of capital estimation, financial modelling, and profitability assessments. She has developed analysis as part of market investigations by the UK Competition and Markets Authority (CMA) and state aid investigations by DG Competition.

Elizaveta delivers sessions in regulatory finance at Oxera’s Utility Finance and Utility Regulation courses as well as ad hoc workshops for clients such as HM Treasury. She has also presented at training courses on economic and financial analysis associated with state aid assessments for the CMA.

Elizaveta speaks English, and Russian.

Tel: +44 (0) 20 7776 6680

Elizaveta's specialisms include:

professional experience

  • Advice for UK water and energy networks on the cost of debt and financeability issues in the context of the PR19 and RIIO-2 price controls (2020)

  • Estimation of the impact of COVID-19 on the client’s financial position, accompanying its application for state financial support (2020)

  • Assessment of the cost of capital of HS1, a UK high-speed rail operator (2020)

  • Cost allocation and segmental profitability assessment for a European company operating in the health sector (2020)

  • Advice on financial analysis for Co-op Funeralcare, in the context of the CMA’s funerals market investigation (2019−)

  • Advice on the H7 WACC chapter of Heathrow Airport’s business plan submitted to the CAA (2019)


  • MSc Finance and Economics, London School of Economics and Political Science

  • Bachelor of Economics, National Research University Higher School of Economics, Moscow

  • Elizaveta is a CFA® charterholder

Latest Insights:  Elizaveta Kovaleva

Following Ofwat’s 2019 price review of water companies (PR19), four companies have appealed to the CMA for a redetermination. Each company has submitted its Statement of Case (SoC), which outlines…