Research
Research
Reports and analyses on the risks behind infrastructure value.
Articles
28 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
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
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
Position Paper: Transforming Infrastructure Valuation
Vallorii uses advanced data and analytics to improve infrastructure valuation, aiding regulators, asset owners, and managers with investment
Robert Ritz
1 min read
Is infrastructure at risk of a doom loop? Lessons from the water sector
The UK water sector faces mounting financial strain. Could the sector spiral into a doom loop?
Robert Ritz
2 min read