Portrait of Christopher Davis

Christopher Davis : Principal

Chris specialises in the economics of regulation and regulatory finance. Since joining Oxera in 2011, he has advised clients on numerous aspects of regulation, including market power assessments, customer engagement, capital expenditure, efficiency, the cost of capital, financeability, cost allocation, regulatory risk, incentive frameworks and outperformance sharing.

Chris has provided support on regulatory and strategic issues to clients in the air traffic control, airport, energy, rail, road, telecoms, and water sectors. He has direct experience of working in Planning and Regulation teams and providing executive-level advice on regulatory strategy. He was seconded into NATS En Route Ltd (NERL) to provide day-to-day support during its appeal of its RP3 price control (2020–24) to the UK Competition and Markets Authority (CMA). Before this, he undertook secondments at a regulatory authority (NHS Improvement) and a regulated company (Dublin Airport).

Chris coordinates Oxera’s Regulation and Market Design Centre of Excellence and is the course lead for Oxera’s biannual Utility Regulation courses, on which he regularly presents a number of sessions. He has published research papers on the regulation of highways companies across Europe, and approaches to funding and regulating capital expenditure.

Tel: +44 (0) 20 7776 6607

Christopher's specialisms include:

Selected
professional experience

  • Advising Aena on the cost of capital for the second DORA period (2020–21)

  • Advice to Scottish Hydro Electric Transmission in responding to Ofcom’s RIIO-2 Draft Determinations (2020)

  • Advised an appellant water company as part of the Ofwat CMA redetermination (2020)

  • Led Oxera’s advice to Fluvius on the impact of VREG’s proposed approach to remunerating the regulated asset base (2020)

  • Full-time secondment to NATS to advise on its CMA price control redetermination (2019–20)

  • Member of the four-person Ethical Business Regulation Support Group, which has been established to undertake periodic ‘temperature checks’ of the implementation of a new regulatory framework based on the principles of Ethical Business Regulation in the Scottish water sector (2019–)

Selected
publications

  • Davis, C. and Granatstein, M. (2016), ‘Funding large transport infrastructure projects: Challenges, Risks and Opportunities’, European Transport Conference 2016 Proceedings, Association for European Transport, October.

  • Davis, C., Dufour, A. and Perna, P. (2016), ‘Roads funding and regulation in England, France and Italy: an international comparison’, European Transport Conference 2016 Proceedings, Association for European Transport, October.

  • Davis, C., Meaney, A. and Gudgeon, L. (2014), ‘Ensuring Value for Money from Rail Franchise Margins’, European Transport Conference 2014 Proceedings, Association for European Transport, September.

Qualifications

  • BA (Hons), Economics and Management, University of Oxford

Latest Insights:  Christopher Davis

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The roar of the crowd, the thrill of the game—football is a global phenomenon. With rising TV audiences and lucrative commercial deals, it has become big business. Money has surged…
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On Thursday 11 July, Ofwat (the England and Wales water regulator) published its much anticipated Draft Determinations (DDs). As part of the PR24 price review, this sets out its provisional…
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On 13 December Ofwat published its Final Methodology for the PR24 price review. The document gives further clarity on how Ofwat will determine allowed revenues and performance targets for AMP8…
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With concerns around company outperformance and information asymmetries playing strongly on the minds of economic regulators, the UK regulatory model has moved on from the ‘fixed price’ paradigm of ‘RPI…

Utility regulation and finance: Principles of economic regulation

Over the course of more than 40 years, Oxera has developed and run training courses to help companies, regulators, investors, policymakers and lawyers to develop their knowledge of economic regulation and understand the key building blocks of a price review. The decisions that economic regulators make shape the revenues that… Read More

Image depicting Utility regulation and finance: Principles of economic regulation

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