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...

Our September 2026 roundtable examined how stock market evidence feeds into the regulatory cost of equity, asking a fundamental question: How should the allowed return on regulated infrastructure be set, when the market evidence behind it comes from five share prices, and those prices move mostly for reasons the model cannot see? The allowed return is the least visible number in a utility bill and one of the most consequential. It determines what investors earn for funding pipes, wires and...

As the UK prepares for a significant wave of energy and water investment, a narrower question sits underneath it: if the regulated cost of equity is derived from listed comparators, what happens when only 5 of the 39 regulated electricity, gas and water entities in the UK are still listed on the domestic market? In our September roundtable we examined how stock market movements reach the regulatory cost of equity, and whether listing itself changes how a utility is financed. We looked at...

CAPM has been the workhorse model for cost of equity across regulated utilities but is reaching its limits.

Our July 2026 roundtable focussed on geopolitical risk in regulated infrastructure: What impact does foreign equipment and capital have on UK infrastructure finance and regulation? Drawing on Vallorii’s Cost of Capital Lab, we explored how geopolitics enters infrastructure assets: imported equipment behind capital and maintenance programmes, and the foreign capital financing the sector. The discussion suggested that affordability, security, and the cost of capital, are closely interlinked...

Our May 2026 roundtable turned to financial resilience in regulated infrastructure, asking a question that has moved to the centre of the UK infrastructure debate: How can the system balance the financial resilience that protects utilities against shocks with the affordability pressures that resilience-restoring measures place on consumers? Drawing on Vallorii's Price of Risk model (VAPRI), we explored how the erosion of financial headroom has changed the nature of resilience itself—shifting...