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Computation of Weighted Average Cost of Capital for the Saudi Electricity Company

The Electricity and Cogeneration Regulatory Authority (ECRA) is the regulator for electricity and water desalination in the Kingdom of Saudi Arabia and is responsible for ensuring safe, reliable, reasonably priced and efficient electric power. As part of this it determines the revenues of the Saudi Electricity Company (SEC), the vertically integrated electricity incumbent. IPA was commissioned to advise ECRA on the appropriate return to ensure SEC’s financial viability and protect consumers.

London Array

CDPQ sought to purchase a 25% stake in the 630 MW London Array offshore wind farm from DONG Energy. An important element of the transaction was the provision of an Investor Power Purchase Agreement (IPPA) under which DONG would purchase CDPQ’s share of generation and associated green benefits from the wind farm for a 15-year term from the start of commercial operation. CDPQ required a comprehensive analysis of the wholesale electricity market in the United Kingdom and a detailed understanding of the underlying policy environment to support their bid. This was particularly challenging as the Electricity Market Reform (EMR) plans were under continuous development through the period of the transaction, which necessitated regular updates for the client and revisions to our analysis to reflect the latest outlook.

Economic Consultancy to Support Smart Data and Communications Company’s Price Control for the Switching Programme and Smart Metering

The Data and Communications Company (DCC) was formed to coordinate the various parties involved in the smart meter rollout. As a first of its kind company, an ex post price control was adopted to regulate this natural monopoly. However, over time the scope and nature of the DCC’s activities have evolved. With increased emphasis on DCC facilitating switching for consumers using smart meters, the Office of Gas and Electricity Markets (Ofgem) needed to consider which price control approach would best suit these additional responsibilities.

Independent Peer Review of Great Western Route Modernisation Peer Programme

Network Rail required an independent benchmarking review of the Great Western Route Modernisation (GWRM) Programme. IPA was commissioned to assess Network Rail’s approach to delivering the programme, its relative performance and overall capability, as well as its interfaces with the Office of Rail and Road (ORR) and Department for Transport (DfT).


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