Portrait of Hugo Talbot

Hugo Talbot : Consultant

Hugo is a member of Oxera’s Finance & Valuation team, where he applies his finance and analytics training. He has advised clients in a number of state aid cases on the application of the market economy operator principle (MEOP) and the compatibility of aid assessment. He has also worked for companies and regulators on infrastructure regulation matters, in particular in the energy and water sectors. 

Before 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. During his studies, he completed an internship in the Mergers & Acquisitions department of the healthcare subsidiary of a French corporate, a worldwide leader in industrial gases.

Hugo speaks English, and French.

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

Hugo's specialisms include:

professional experience

  • Analysing the evolution of renewable energy sources support schemes in the EU and the cost of capital of a PV plant in the context of an investor–state arbitration relating to the quantification of damages suffered by investors in solar PV plants due to the actions of a European government (2020–)

  • Analysed the mechanism proposed by the Brussels energy regulator to deal with the risk of stranded assets for the gas distribution system operator, and how this risk is being treated by other regulators (2020)

  • Audited the cost of capital requests of the French electricity transmission and distribution system operators for the next tariff control period (2020)

  • Analysed a government department’s restructuring aid for a company in the rail sector (2020)

  • Carried out the financial and theoretical analysis of a new regulation mechanism that Ofwat, the UK regulator of water and wastewater services, proposed to implement for the 2020–25 tariff control period (2020)

  • Audited the cost accounting and the commercial results of the Brussels waste management agency as part of the state aid investigations carried out against it (2019–20)


  • Masters in Management, HEC Paris, France

  • BSc Applied Mathematics, Université Paris-Sud, France

Latest Insights:  Hugo Talbot

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…

The Economics of Climate Change at COP26

Oxera will be presenting on The Economics of Climate Change at COP26—the 2021 United Nations Climate Change Conference—in Glasgow, on one of the world leaders’ days on 2 November 2021. The aim of COP26 is to increase global alignment on climate action. We will be demonstrating to the world’s governments,… Read More

Image depicting The Economics of Climate Change at COP26