James Grayburn



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 economics, York University


James Grayburn is an expert in NERA’s London office with over 20 years of experience, specializing in the economics of regulation. He has experience working not only in the private sector as an economist at NERA, but also in the public sector, working for government and regulatory authorities. He advises clients in the energy, water, and transport sectors on setting price controls, public policy, litigation, and due diligence.

Mr. Grayburn is currently advising several UK energy networks on RIIO-2 (the energy network price control for Great Britain), including the UK’s Energy Networks Association (ENA). For previous reviews, he appeared as an expert witness for a group of energy networks on regulatory finance issues in appeal hearings in front of the UK’s Competition and Markets Authority (CMA). Mr. Grayburn also advises investors in the energy and infrastructure sectors, including on many recent major UK and other European network sales. 

In the middle of his tenure at NERA, Mr. Grayburn spent almost three years at Ofgem leading the RIIO-GD1 price control, which set allowed revenues for Great Britain’s gas distribution networks (GDNs) for the period 2013–2021. He leverages this experience to help his current clients navigate the challenges of price setting not only in the gas industry but also in other energy and infrastructure sectors.

Title Type Author
Why PFI Holds No Lessons for Utility Regulation White Paper Sean Gammons, Richard Druce, and James Grayburn
How Should the Appropriate Horizon for Integrated Water Resource Planning be Ascertai... Report James Grayburn, et. al.
Response to Ofwat’s Cost of Debt Consultation for PR19 Report James Grayburn, Zuzana Janeckova, et al.
Use of Inflation Indices in Water Sector Report Dr. Richard Hern, James Grayburn, Zuzana Janeckova et. al.
Reflections On the Successes of RIIO And the Scope for Future Improvement Published Article James Grayburn and Richard Druce
European Regulators’ WACC Decisions Risk Undermining Investment Decisions Published Article James Grayburn and Tomas Haug