PROF. RAPHAEL MARKELLOS
Raphael Markellos is Professor of Finance at Norwich Business School, University of East Anglia, and an independent financial economist specialising in regulatory finance, cost of capital, advanced quantitative analysis including AI applications, and infrastructure systems. He provides expert economic and financial analysis in litigation, arbitration, competition investigations, and regulatory and criminal proceedings, and is available for both testifying and non-testifying expert roles.
Professor Markellos has over 25 years of experience advising governments, regulators, central banks, infrastructure operators, and financial institutions across Europe and internationally. His work focuses on disputes and policy questions where market outcomes, investment incentives, and regulatory frameworks interact, particularly in energy, utilities, transport infrastructure, telecommunications, and financial markets. He combines rigorous econometric and financial modelling with practical experience designing valuation frameworks, cost-of-capital methodologies, regulator-facing forecasting systems, and analytical approaches used in high-stakes policy and commercial decision-making.
His engagements include independent analysis in a major infrastructure concession dispute, valuation work in criminal proceedings relating to a corporate acquisition, econometric analysis for a national competition authority in a coordinated pricing investigation, and independent reviews of cost-of-capital methodologies and risk assessments for UK regulatory price reviews. He has advised a national central bank on fixed-income portfolio performance measurement, supported corporate treasury governance and asset allocation decisions, and developed forecasting systems underpinning revenue determinations for a national electricity network operator.
Professor Markellos has led regulatory innovation initiatives, including the design of a corporate-led regulatory sandbox framework for a national electricity distribution operator developed in collaboration with the energy regulator, and the development of business models for shore-power infrastructure at ports involving multi-million-euro investments and recognised as European best practice. He is a member of the Centre for Competition Policy (CCP) at UEA and contributes to EU-level research and regulatory policy on artificial intelligence in financial markets through the AI4POL project. He has published extensively in leading academic journals and co-authored a widely cited Cambridge University Press monograph on econometric modelling of financial time series.