Sahar specialises in corporate finance, with a focus on the economic regulation of utilities, in particular in the energy sector. She has advised companies and regulators across the UK, Europe, the Middle East and Australasia. Sahar was seconded as a lead Economic Adviser to the UK Competition Commission (now the Competition and Markets Authority, CMA) to advise on regulatory finance issues. Sahar has given expert evidence to the UK CMA, as well as to the New Zealand Commerce Commission, on financial issues in price controls. She has prepared expert evidence on finance and competition issues in many UK High Court proceedings, as well as in international tribunals such as ICSID. Sahar leads the delivery of finance modules in Oxera’s Utility Regulation and Utility Finance courses. She has also taught the postgraduate course in Economics for Competition Law at King’s College London, and delivered training on damages valuation to national judges on behalf of the European Commission. Sahar is listed as an Expert in the Who’s Who Legal: Energy guide to leading lawyers and experts in the field worldwide.

Selected project experience

  • Advice on a long-term power pricing dispute in Iceland, in the context of arbitration proceedings (2018)
  • Expert testimony on electricity regulatory price control design in the Channel Islands (2018)
  • Advice to the UK Energy Networks Association on financial price control parameters (2018)
  • Financial control and incentives advice to a number of UK energy distribution and transmission networks, in relation to preparation for the RIIO-2 controls (2018)
  • Advice on the design of the regulatory regime in energy across generation, networks and retail, on behalf of the Regulatory Authority of Bermuda (2017–)
  • Expert testimony to the CMA in the context of an energy price control appeal (2017)
  • Financial and strategic advice to ComReg on the financing of universal services obligations in the Irish telecommunications sector (2017–)
  • Advice on incentives-based regulation for a major Italian energy network (2016)
  • Expert testimony on beta differentiation within cost of capital allowances for New Zealand energy networks (2016)
  • Damages quantification and arbitration support at World Bank ICSID dispute between Tallinn Water and the State of Estonia (2016)
  • Advice on cost of capital, regulatory risk drivers and efficiency in Northern Ireland regulatory price control submissions (2016)
  • Expert testimony for Streetmap vs Google in the UK High Court, including support for the first-ever economists’ ‘hot tub’ in a UK court (2015)
  • Advice on profitability to a major UK bank, in the context of a Competition and Markets Authority (CMA) market investigation (2015)
  • Credit metrics analysis of a Swedish energy network as part of a regulatory due diligence on behalf of Lloyds Banking Group (2014‒15)
  • Advice on financeability tests in the context of a regulatory price control decision for an Asian hub airport (2014)
  • Advice to the UK government on state aid litigation (2014)
  • Damages quantification and litigation support to National Grid in the context of an energy cartel in the supply of gas-insulated switchgear in UK High Court proceedings. This case won in the Global Competition Review 2015 awards in the category of ‘Litigation of the Year – Cartel Prosecution’ (2014)
  • Development of a tariff-setting methodology for water networks in Tallinn, on behalf of the Estonian Water Association (2014)
  • Cost-allocation advice to BT Group (2013)
  • Advice on commercial and regulatory risk modelling for a number of UK water companies in the context of Ofwat’s PR14 determination (2013)
  • Seconded as an Economic Adviser to advise on the price control determination for Phoenix Natural Gas, at the UK Competition Commission (2012)
  • Strategic advice on pension and capital structure issues to BT Group, in appeals before the Competition Commission and Competition Appeal Tribunal (2012)
  • Determination of the cost of capital for the telecoms industry, on behalf of the telecommunications regulator, TRA, in Bahrain (2011)
  • Analysis of the profitability of local bus operations for Stagecoach, in the context of a market investigation by the Competition Commission (2010)
  • Restructuring and state aid advice to several major European banks and insurance companies in presenting restructuring plans to the European Commission (2010)
  • Advice to several UK energy network firms on the cost of embedded debt and alternatives to revenue caps in regulatory price controls (2009)
  • Research for assessment of the impact of liquidity on the cost of capital of small and medium-sized enterprises on behalf of the London Stock Exchange (2008)

Selected publications

  • Shamsi, S. (2018), ‘Expert view: Creating a flexible framework for energy regulation’, Utility Week, June.
  • Shamsi, S. (2018), ‘The evolution of UK energy regulation’, Utility Week, September.
  • Kristensen, J., Jenkins, H. and Shamsi, S. (2018), ‘Forum: Energy Investigations’, Special Report, Financier Worldwide Magazine, October.
  • Shamsi, S., Solomon, P. and Robins, N. (2017), ‘Compensatory measures in the banking sector’, chapter 6, in F.-C. Laprévote, J. Gray and F. de Cecco (eds), Research Handbook on State Aid in the Banking Sector, Edward Elgar Publishing.
  • Robins, N. and Shamsi, S. (2016), ‘The European Commission’s State Aid Clampdown: The End of “Selective” Tax Rulings?’, Derivatives & Financial Instruments, 18:1, February.


  • MA Economics and Management, University of Oxford
  • Sahar Shamsi is a CFA® charterholder