Oscar Arnedillo

Managing Director


Tel: +34 91 521 0020
Fax: +34 91 521 78 76

Email: oscar.arnedillo@nera.com
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MBA, J.L. Kellogg Graduate School of Management, Northwestern University
MA in economics, Warwick University, England
BA in economics, York University, England


Mr. Arnedillo is a Managing Director based in NERA's Madrid Office. Since joining NERA in 1993, Mr. Arnedillo has specialized in the energy sector, 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.

Examples of Mr. Arnedillo's work include:

  • analysis of government proposals for the reform of the electricity sector and development of alternative proposals on behalf of the electricity companies;
  • modeling the impact of emissions rights and different allocation methods on the wholesale market price and profits;
  • analysis of alternative approaches to the valuation of stranded costs and bidding incentives, modeling of the likely dispatch following the cancellation of the existing Power Purchase Agreements, and valuation of the required compensation to generators;
  • analysis of proposed mergers and acquisitions to determine the impact on competition in generation activity and development of divestment proposals for presentation to the competition authority;
  • analysis of specific bidding strategies in the wholesale market, as part of an investigation of alleged abuse;
  • analysis of 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;
  • analysis of 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, Mr. Arnedillo 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).