Portrait of Hugo Talbot

Hugo Talbot : Senior Consultant

Hugo is a member of Oxera’s Finance & Valuation team, and has experience in cases involving state aid, regulatory finance and litigation. He has worked on a number of state aid cases involving the MEOP and compatibility of aid assessment, across a wide range of sectors. His regulatory finance work focuses on the remuneration of capital, including cost of capital estimation. He is also involved in litigation cases that require expertise in regulation and corporate finance. Specialising in the energy sector, he has knowledge of the economics of renewable energy, and of the organisation of the French energy sector.

Prior to joining Oxera in 2018, Hugo completed his Master’s degree at HEC Paris, specialising in financial economics and corporate finance. He also holds a Bachelor’s degree in applied mathematics from Université Paris-Sud.

Hugo speaks English, and French.

Tel: Tel: +33 (0 )1 87 16 51 34

Hugo's specialisms include:

professional experience

  • Carried out the cost of capital estimation for a French gas transmission network operator for its upcoming tariff control period (2022)

  • Carried out an overcompensation assessment of the existing state aid schemes in favour of renewable electricity production in Flanders (2022)

  • Supported Belgian energy distribution network operators with cost of capital and other finance-related issues in the context of regulatory determinations (2021)

  • Analysed the implications of specific finance-related issues on the claim put forward by a claimant in a cartel damages case (2020)

  • Analysed the components of the interest rate charged to SMEs in a European country in the context of the creation of a financial guarantee scheme (2022–23)

  • Elaborated a normative model aimed at estimating damages arising from delays to connecting biogas producers to the distribution network in a European country (2022)


  • Haynes, J., Hope, P. and Talbot, H. (2021), ‘Non performing loans-new risks and policies? NPL resolution after COVID-19: main differences to previous crises’, Study requested by the ECON committee of the European Parliament, March.


  • Masters in Management, HEC Paris, France

  • BSc Applied Mathematics, Université Paris-Sud, France

Latest Insights:  Hugo Talbot

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High gas and electricity prices across Europe have raised urgent concerns and started a debate about possible ways to mitigate the impacts on consumers. Countries have adopted a variety of…
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Modern society relies on large infrastructure projects—current examples are the Thames Tideway Tunnel in the UK and the construction of four metro lines in the Paris region. We look at…

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