Portrait of Elizaveta Kovaleva

Elizaveta Kovaleva, CFA : 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, UK

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

  • Elizaveta is a CFA® charterholder

Latest Insights:  Elizaveta Kovaleva

9 minute read
On 13 December 2023, Ofgem published its Sector Specific Methodology Consultation (SSMC) for its forthcoming RIIO-3 price control for electricity transmission, gas transmission and gas distribution networks. Oxera summarises some…
5 minute read
How can data on the cost of debt be used to improve estimates of the cost of equity? A previous article on this topic, published in May 2023, explained that…
9 minute read
On 30 November 2022, Ofgem published its Final Determinations (FDs) for the RIIO-ED2 price control covering the electricity distribution (ED) sector for the next five years from April 2023 to…
10 minute read
On 29 June 2022, Ofgem published its Draft Determinations (DDs) for the RIIO-ED2 price control covering the electricity distribution (ED) sector. The regulatory cycle for the ED sector follows that…

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