Profile

Peter leads the regulatory finance practice at Oxera. He advises companies, regulators and investors in the utilities and financial services sectors. His areas of expertise include risk modelling and the assessment of required rates of return, financeability assessments, profitability analysis, and cost allocation. He has worked on submissions to regulatory price control determinations in the UK and overseas and provided advice on the implications of regulatory policy changes. He has developed analysis as part of market investigations by the UK Competition and Markets Authority and state aid investigations by DG Competition, as well as providing support on a number of litigation cases. He has spoken about the economics and financing of infrastructure at a number of conferences and round-table events.

Selected project experience

  • Led an economic impact exercise in the rolling stock leasing market (2017–18)
  • Led cost of equity analysis for the Energy Networks Association (2017–18)
  • Directed regulatory data assurance work for a water company (2017–18)
  • Directed financial viability modelling for a water company (2017)
  • Directed cost of debt analysis for a water company (2017)
  • Directed due diligence in the UK water sector (2017)
  • Developed a framework for the Oil & Gas Authority to assess Satisfactory Expected Commercial Return (2017)
  • Advised BT on cost of capital for new investment in fibre networks (2017)
  • Advised Network Rail on cost of capital (2017)
  • Supported firmus energy’s price control appeal to the CMA (2017)
  • Advised Gatwick Airport on regulatory matters (2017)
  • Due diligence on a Southern European gas network (2017 and 2016)
  • Several due diligence projects on behalf of bidders for UK water companies (2016)
  • Due diligence on the sale of a stake in National Grid UK gas distribution (2016)
  • Multiple projects supporting European electricity networks on rates of return (2016)
  • Advice on the state aid aspects of a state-backed business investment fund (2016)
  • Vendor due diligence for a transaction in the UK water sector (2016)
  • Advice to VocaLink on the Payment Systems Regulator’s market reviews (2015)
  • Regulatory support to an electricity interconnector developer (2015)
  • Transaction support for a technology start-up company (2015)
  • Due diligence support for a transaction in the UK transport sector (2015)
  • Risk analysis to calibrate Gatwick Airport’s long-term pricing commitment for the proposed second runway (2015)
  • Due diligence for the consortium that purchased the Porterbrook rolling stock company (2014)
  • Support for Gatwick Airport’s submission to the Airports Commission (2014)
  • Advice to several large UK electricity generation clients on the process for achieving state aid approval of early Investment Contracts (2014)
  • Preparation of the response to Ofgem’s RIIO-ED1 cost of equity consultation on behalf of the Energy Networks Association (2014)
  • Support to investors bidding for the Gas to the West (NI) project (2014)
  • Advice to a bidding consortium on regulatory and financial issues associated with a transaction in the energy networks sector (2013)
  • Analysis of CfD strike prices as part of the UK Electricity Market Reform (2013)
  • Advice to a bidding consortium on regulatory and financial issues associated with a transaction in the energy networks sector (2013)
  • Analysis of options for the financing and regulatory treatment of a major investment programme for an airport (2013)
  • Financial analysis as part of a damages process in the energy sector (2013)
  • Strategic advice and analysis on the cost of capital for a water company (2013)
  • Corporate risk analysis and regulatory finance advice to Gatwick Airport (2012–13)
  • Cost of capital determination for Bahrain telecommunications regulator (2012–13)
  • Modelling of risk factors and the cost of capital for GB electricity distribution networks in Ofgem’s RIIO-ED1 price control (2012–13)
  • Preparation of regulatory finance submissions to Ofgem’s RIIO-ED1 strategy consultation for the UK Energy Networks Association (2012)
  • Analysis of the profitability of a European rail franchise operator’s business plan, including an assessment of risk-sharing mechanisms (2011–12)
  • Extensive support for the UK Energy Networks Association and individual member companies on financial issues for the RIIO-T1 and RIIO-GD1 price controls, including risk modelling and simulation (2011–12)
  • Valuation of damages associated with a transaction in the power generation sector in South-East Asia (2011)
  • Advice to Network Rail on the compatibility of regulatory asset valuations with international financial reporting standards (2011)
  • Financial analysis for RBS as part of the investigation by the Independent Commission on Banking (2011)
  • Quantification of an access charge reflecting the costs and risks of connecting to an offshore gas pipeline (2010)
  • Delivered customised training on competition and regulatory finance for BT (2010)
  • Profitability analysis for a UK bus company as part of the Competition Commission investigation into the local bus market (2010–11)
  • Profitability analysis for Ofcom’s investigation into the UK pay-TV market (2009–10)
  • Analysis of financial implications of introducing competition into water sector (2009)
  • Profitability analysis related to an investigation by the Competition Commission into the financial services and retail sectors (2008)

Selected publications

  • Meaney, A. and Hope, P. (2012), ‘Alternative Ways of Financing Infrastructure Investment: Potential for “Novel” Financing Models’, International Transport Forum discussion paper 2012–07.
  • Correia da Silva, L. and Hope, P. (2011), ‘Profitability Analysis in the Context of the Pay TV Market Inquiry’, Competition Law Journal, 10:4, pp. 328–32.

Qualifications

  • MPhil Economics, University of Oxford
  • BA (Hons) Politics, Philosophy and Economics, University of Oxford
  • Peter Hope is a CFA® charterholder