Intelligence trusted for global infrastructure capital allocation decisions
We bring regulators, investors and utilities together, and build the models they use to price infrastructure risk.
The problem
Every pound of investment ends up in someone's bill
UK infrastructure pipeline
£725bn+
Public money over ten years, plus private investment
Four questions decide what gets built
- Who should carry each risk?
- What return does that risk justify?
- What state are the assets in?
- What do customers get for each pound?
- UK7.3%
- Italy5.2%
- Germany4.3%
- Spain3.9%
- France3.3%
Vallorii brings all four together, so you can choose what to fund.
Sources
- The widths of the ribbons between the pipeline, the four questions and the two outcomes. Illustration, not to scale
- £725bn of UK public money for infrastructure over ten years. HM Treasury and NISTA, UK Infrastructure: A 10 Year Strategy, June 19, 2025, p. 4 (opens in a new tab)
- Share of median household disposable income spent on utility bills. Vallorii analysis, Affordability is becoming a binding constraint on UK infrastructure investment, January 29, 2026
Latest research
- Oct 5, 2026
What capital will fund, what the system needs
On 9 September 2026 we held the inaugural Vallorii Infrastructure Forum at Rhodes House, Oxford. 40 senior leader guests from government, regulators, utilities, investors and banks spent the day on one question: What will it take to make UK infrastructure fit for 2035, when the capital to build it exists but the certainty investors need before they commit it does not? The day had four panel sessions – macro risk, delivery, maintenance and valuation – as well as keynotes by Minister for...
- Sep 11, 2026
Thematic Report: VAPRI: Vallorii's Price of Risk model for infrastructure cost of equity
CAPM has been the workhorse model for cost of equity across regulated utilities but is reaching its limits.
At our events
Taking part is not an endorsement
In the press
The EconomistJune 5, 2025 “Analysis by Vallorii, a technology firm, suggests default risk alone raises Thames Water's cost of equity from the 5.1% real-terms return that Ofwat allows to 13.7%.”
Utility WeekJuly 6, 2025 “UK demand for natural gas declines by a very uncertain 28–93% until 2050 driven by policy, technology and consumers”
The GuardianJuly 8, 2025 “Vallorii, an Oxford-based financial risk-modelling company, estimates that CfDs for offshore wind will be up again to £90-£111 a megawatt hour (in today's money) in this year's auction – well above current wholesale prices.”
Events
