James Grayburn

Associate Director


Tel: +44 20 7659 8572
Fax: +44 20 7659 8501

Email: james.grayburn@nera.com
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MSc in economics and finance, Warwick Business School, Warwick University
BA (Hons. First Class) in philosophy, politics, and economics, York University


Mr. Grayburn is an Associate Director in NERA's Global Energy, Environment, Communications & Infrastructure Practice with almost twenty years' experience as a professional economist in both regulatory bodies and in private consultancy.

He joined NERA in 1999, and has directed and managed projects for companies, regulators, and governments on regulation and competition issues, principally in the water and energy network sectors. His interests and experience in economic regulation encompass estimating the cost of capital, financial modeling, comparative efficiency analysis, and incentive design, as well as market design and restructuring. He also has substantial experience with helping investors understand the risks associated with investment in infrastructure assets.

As well as advising clients in the UK and European markets, he has advised clients operating or seeking to invest in emerging markets, notably in the Middle East, Asia, and Africa.

Mr. Grayburn recently rejoined NERA following a period of two years at the Office for gas and electricity markets (Ofgem), where he headed the gas distribution price control review (RIIO-GD1), which set allowed revenues for Great Britain's gas distribution networks (GDNs) for the period 2013-21.

Title Type Author
Why PFI Holds No Lessons for Utility Regulation White Paper By Sean Gammons, Richard Druce, and James Grayburn
How Should the Appropriate Horizon for Integrated Water Resource Planning be Ascertai... Report By James Grayburn, et. al.
Response to Ofwat’s Cost of Debt Consultation for PR19 Report By James Grayburn, Zuzana Janeckova, et al.
Use of Inflation Indices in Water Sector Report By Dr. Richard Hern, Dr. Bill Baker and James Grayburn
Reflections On the Successes of RIIO And the Scope for Future Improvement Published Article By James Grayburn and Richard Druce
European Regulators’ WACC Decisions Risk Undermining Investment Decisions Published Article By James Grayburn and Tomas Haug
Developing a Regulatory Framework for CCS Transportation Infrastructure (Volumes 1 an... Report By Graham Shuttleworth, Sean Gammons, James Grayburn, Richard Druce, and George Anstey with Dr. Michael Kraus
Financial Implications of Competition Models -- Water UK Report By Dr. Richard Hern, Tomas Haug, Domink Huebler, and James Grayburn, et. al.
The Decline in Bus Services in English PTE Areas: The Quest for a Solution Report By James Grayburn et al.
Estimating Opex and Capex Efficiency: A Final Report for Water UK Report By James Grayburn, et al.
Title Date Type
NERA Economic Consulting Promotes Nine Global Experts 03 February 2015 Press Release