Portrait of Elizaveta Kovaleva

Elizaveta Kovaleva, CFA Managing Consultant

Elizaveta specialises in regulatory finance and price control design issues, working across several sectors in infrastructure. She is particularly focused on cost of capital estimation, cost allocation, financial modelling and profitability assessments. She has led Oxera’s advice as part of market investigations and regulatory appeals by the UK Competition and Markets Authority (CMA) and developed analysis in 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 and regulated networks. 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:

Selected
professional experience

  • Advice for the UK energy networks association (ENA) in relation to Ofgem’s RIIO-3 sector specific methodology consultation (SSMC) on the CAPM-based cost of equity (2023–24)

  • Advice for a group of gas distribution networks (GDNs) post-RIIO-3 SSMC on gas networks’ investability, evidence and mitigation measures for gas-specific risks, and gas-specific cost of equity (2024)

  • Advice for individual GB energy networks pre- and post-Ofgem’s RIIO-3 SSMC in relation to risk and return, cost of debt, the cost of issuing equity, and regulatory allowance benchmarking (2023–24)

  • Advice for New Zealand energy networks in relation to the regulatory cost of capital allowance, including the evidence for differentiations between gas and electricity risk, stranding risk mitigation tools, inflation treatment, dividend levels and financeability (2023–24)

  • Advice for UK water networks with developing PR24 business plans and preparing for the PR24 draft determinations, covering cost of capital, financeability and financial resilience matters (2023)

  • Advice for energy networks in Northern Ireland in relation to the inflation treatment in GD23, as well as on the design of incentives and uncertainty mechanisms in RP7 (2022–23)

Qualifications

  • 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

Agenda
9 minute read
Depiction of ​​Ofgem’s RIIO-3 SSMC​

​​Ofgem’s RIIO-3 SSMC​

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…
Agenda
5 minute read
Depiction of What does the cost of debt tell us about the cost of equity—part two

What does the cost of debt tell us about the cost of equity—part two

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…
Agenda
9 minute read
Depiction of RIIO-ED2 Final Determinations

RIIO-ED2 Final Determinations

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…
Agenda
10 minute read
Depiction of RIIO-ED2 Draft Determinations

RIIO-ED2 Draft Determinations

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…
Courses

Utility regulation and finance: principles of economic regulation

Over the course of more than 40 years, Oxera has developed and run training courses to help companies, regulators, investors, policymakers and lawyers to develop their knowledge of economic regulation and understand the key building blocks of a price review. Economic regulators make decisions that shape the revenues companies can… Read More

Image depicting Utility regulation and finance: principles of economic regulation

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