Research
Research
Reports and analyses on the risks behind infrastructure value.
Articles
30 articles
How the UK’s high interest rate environment could re-price infrastructure
High interest rates and investor backlash risk missing capital goals if government can't lock in stability and new financing mechanisms
Lennart Baumgärtner
5 min read
Choice of major water project regulation impacts required equity returns by 220-320bps
Executive summary: Britain’s water‑supply “megaprojects” are arriving: 30 schemes with ~£50bn of lifetime spend, most to be let via...
Lennart Baumgärtner
4 min read
Using CAPM to regulate infrastructure: A critique
CAPM: a 1960s relic still steering today’s £200 bn UK infrastructure. Regulators continue to fix allowed returns with the Capital Asset...
Robert Ritz
1 min read
RIIO-3 Draft Determination: Step-by-step guide to calculating Cost of Equity
Ofgem’s RIIO-3 Draft Determinations, released on 1 July 2025, set out headline cost-of-equity allowances. But the CAPM methodology to...
Robert Ritz
6 min read
Water DPC projects may require 9.2-9.6% Cost of Equity
In 2015, the Thames Tideway Tunnel cleared at roughly 4% real Cost of Equity (CoE); this month, fresh capital for Sizewell C was priced...
Lennart Baumgärtner
3 min read
Vallorii AI Forecasts 28–93% Drop in UK Gas Demand by 2050, Against a 7–56% Reduction in Gas Grid Use
Utility companies and infrastructure investors face a central challenge in the UK’s energy transition: how to plan under deep...
Lennart Baumgärtner
3 min read
Thematic Report: Time for a Change? Cost of Capital for future-proof Infrastructure
CAPM, CAPM+ or bottom-up? Our new paper explores what’s next for the cost of capital in UK infrastructure.
Robert Ritz
1 min read
Report: UK Water: The Price of Inaction and the Cost of Change
UK water bills are high, quality is low. Our latest report explores why—and what needs to change to attract investment.
Lennart Baumgärtner
1 min read
Challenges in the UK Water Sector: Financial Strains, Regulatory Pressures, and Rising Consumer Costs
UK water sector faces scrutiny: only 58% satisfied with services, costs 60% higher than US, just 33% of water bodies meet quality standards.
Cassandra Etter-Wenzel
2 min read