What Britain’s old railways can tell us about today’s transport investment

Britain's inherited rail network helped CEPA separate transport investment driven by current economic conditions from investment driven by historical infrastructure patterns.

Spain’s competition and markets authority recommends lower cost of capital for Aena’s upcoming regulatory period

Following CEPA's advice to airlines, Spain’s competition and markets authority has recommended a reduction in Aena’s airport charges for the upcoming 2027-31 regulatory period.

Cost of capital and financial framework

CEPA provided support on financial issues on behalf of the airlines on the H8 price control that applies to Heathrow Airport. The advice focused on the cost of capital and policy mechanisms, such as traffic risk sharing, designation of the single till, inflation indexation and the treatment of volume risk.

Financial adviser for offshore transmission owner evaluations

CEPA was appointed, as part of a consortium of financial advisory firms led by Smith Square Partners, as financial adviser to Ofgem on the competitive tender process to select the offshore transmission owner for TR7-TR13 tender rounds.

CEPA submits cost of capital report on Heathrow H8 price control

In response to the Civil Aviation Authority’s Initial Proposals for the H8 price control for Heathrow Airport, CEPA has submitted a report on behalf of the International Air Transport Association.

CEPA named as one of the UK’s top 5 economics consulting firms in 2026

Based on feedback from clients, consultants and other sector participants, Consultancy UK has placed CEPA in the top, diamond level ranking of economics consultancy providers in the UK.

Sector specific methodology decision: Electricity Distribution price control (ED3)

Ofgem has today published CEPA’s report on regulatory depreciation in ED3, prepared to support Ofgem’s thinking ahead of the ED3 determinations.

Unitaid publishes CEPA’s evaluation of its investments to support introduction of novel P. vivax treatments

The evaluation also highlights broader strategic lessons for Unitaid in the context of tightening global health financing and increasingly difficult prioritisation decisions.

A new vision for water

CEPA's water industry experts provide their understanding of the UK Government’s Water White Paper, the path ahead and the choices that underpin regional planning.

Integrated power markets: How European electricity market design reforms could shape Nordic power markets towards 2035

Nordic Energy Research is set to launch a report commissioned from THEMA Consulting and CEPA at an event on 28 April 2026. The report will be presented by Nordic Energy Research and its authors, including CEPA’s Gary Keane and Stephen Garavan.

Ofgem announces record number of qualified OFTO bidders

Ofgem has pre-qualified five bidders for Offshore Transmission Owner (OFTO) Tender Round 13 (TR13). These bidders will compete for three assets worth a combined £3.5bn.

CMA publishes Final Redetermination on PR24 price controls

The Competition and Markes Authority (CMA) today published their Final Redetermination on the PR24 price controls (2025-30) covering the water sector in England and Water.

CEPA support to Ofcom on Telecoms Access Review 2026-2031

CEPA was commissioned by Ofcom to provide an independent view of relevant betas and other weighted average cost of capital parameters in support of the Telecoms Access Review, which aims to promote competition and investment in fibre networks.

Are we stuck in the matrix?

Edoardo Lanfranchi, a senior consultant at CEPA, joins a lineup of speakers to discuss careers in economics, societal pressure and expectations with Queen Mary University London students.

The Lancet publishes article, with contributions from CEPA, about measuring the impact of antimalarial R&D investment

The Lancet Global Health, a “world-leading global health journal”, has published an article showcasing CEPA’s work for the Medicines for Malaria Venture (MMV). CEPA helped MMV to establish their impact measurement framework in 2022 and is pleased to see that work being used as the foundation for the article.

Weighted average cost of capital at Aena Airports

CEPA was engaged by airline representatives to advise on the appropriate cost of capital for AENA SA, the Spanish Airports Authority. The project involved detailed analysis to determine an independent WACC estimate, a review of AENA's proposed cost of capital and presentation to stakeholders (including the regulator, the CNMC) in Madrid on those proposals.

Cost of capital: Beta and gearing for the Telecoms Access Review 2026

CEPA was appointed to consider the appropriate beta, cost of debt and gearing assumptions for the Telecoms Access Review 2026.