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Oscar Arnedillo, MBA

Senior Managing Director

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Oscar Arnedillo specializes in energy economics, with particular emphasis in regulatory and corporate issues that arise in the transition from a regulated to a competitive electricity system. Mr. Arnedillo’s clients include leading companies in the electricity sector, as well as governments, regulatory agencies, financial institutions, and multinational organizations (e.g., the World Bank, European Commission, European Bank for Reconstruction and Development). His experience spans South America and Europe.


Mr. Arnedillo has advised on corporate, competition policy, and regulatory strategy issues such as market reform, wholesale market rules, spot market modeling, spot market bidding strategy, codes of conduct, load profiles, retail strategy, tariff design (for full-service, access to the network, and supplier of last resort), stranded costs valuation and recovery, distribution and transmission tariff reviews, cost of capital estimation for regulated and competitive activities, and company structure.

Mr. Arnedillo provides his clients with in-depth analysis on a range of issues, including government proposals for the reform of the electricity sector; modeling the impact of emissions rights and different allocation methods on the wholesale market price and profits; alternative approaches to the valuation of stranded costs and bidding incentives; proposed mergers and acquisitions to determine the impact on competition in generation activity and development of divestment proposals for presentation to the competition authority; specific bidding strategies in the wholesale market, as part of an investigation of alleged abuse; regulatory conditions affecting renewable generation in different markets and forecasting of the likely evolution of the associated remuneration to identify most profitable target markets for investment in renewables; regulatory due diligence for the acquisition of a transmission network; regulatory and competitive conditions in the retail activity in different markets to identify most profitable target markets for a new entrant; and development and assessment of alternatives for compliance with regulatory requirements for the separation of regulated and competitive activities.

Mr. Arnedillo has also provided training for regulatory and utility staff in the key concepts of competitive electricity markets and regulation of monopoly activities, as well as on competition policy in the electricity sector. In addition, he has appeared before the Madrid Court of Arbitration, the Spanish Competition Authority, the Administrative Courts, the High Court, and the Supreme Court as an expert witness on electricity sector issues.

Mr. Arnedillo is recommended as a leading energy expert by Who’s Who Legal (2019 and 2023).


  • MBA, J.L. Kellogg Graduate School of Management, Northwestern University
  • MA in economics, Warwick University, England
  • BA in economics, York University, England