Richard Druce

Senior Managing Director


Tel: +44 20 7659 8540
Fax: +44 20 7659 8541

Email: richard.druce@nera.com
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MPhil in economics, St. Catharine's College, Cambridge
BSc in economics and econometrics, University of Bristol


Richard Druce is an expert in the energy and water sectors. He supports regulated utility and infrastructure companies, their legal advisors and investors, and sector regulators on the design and implementation of competitive markets and the regulation of natural monopolies.

Much of Mr. Druce’s work involves supporting utilities and other infrastructure companies in the course of price control reviews, during which he works on incentive design, cost-benefit analysis, cost assessment and benchmarking, and regulatory finance issues.

Mr. Druce also works on a range of market design and network charging issues in the electricity, gas, and water sectors. He has worked extensively on transmission and distribution tariff design, power market modelling exercises, and the economic challenges associated with renewable energy, distributed energy resources, and “smart grids.” Recently, he has developed new electricity tariffs to recognize the impacts of renewable energy deployment, advised on likely future changes in power market design promoted by decarbonization, and developed contractual structures to enhance competition and trade in the water sector. 

In environmental economics, Mr. Druce has conducted numerous survey-based studies to value non-market goods, analyzed the economic impacts of changes in oil and gas production policy on market outcomes and greenhouse gas emissions, and advised on the development of green certificate schemes.

Mr. Druce has served as an expert witness in proceedings before the English High Court, in appeals to the UK Competition and Markets Authority, and in proceedings before the Alberta Utilities Commission. His work has spanned a wide range of geographies, including the UK and Ireland, Continental Europe, the Middle East, Australia, and Asia. 

Title Type Author
The Role of Cost-Reflective Distribution Tariffs and Flexibility Contracts in Support... White Paper Richard Druce, George Anstey, Dr. Laura T.W. Olive, Dr. Will Taylor, and Leen Dickx
A RAB Model for New Nuclear Power Plants: The Economics of Investment Incentives Published Article Sean Gammons, George Anstey, and Richard Druce
Why PFI Holds No Lessons for Utility Regulation White Paper Sean Gammons, Richard Druce, and James Grayburn
Helm’s Wishful Thinking on Energy Policy: Repeating Past Mistakes, Expecting Differen... White Paper Sean Gammons, George Anstey, and Richard Druce
Review of Ofgem’s Open Letter on Charging Arrangements for Embedded Generation Report Richard Druce, et al.
Making Flexibility Pay: An Emerging Challenge in European Power Market Design White Paper Richard Druce, et al.
Modelling the Impact of Zonal Transmission Loss Multipliers Report Sean Gammons and Richard Druce
Reflections On the Successes of RIIO And the Scope for Future Improvement Published Article James Grayburn and Richard Druce
Engineering Recommendation P2 Review Workstream 2.7 Report Richard Druce
The Role of Nuclear Power in the Middle East Electricity Industry White Paper Richard Druce