UK-Based Consultancy · Regulated Industries
We bring together technical competence and strategic vision to improve knowledge, understanding, and quality of outcomes — advising regulated companies, regulators, and legal teams internationally in regulatory proceedings, litigation, and high-stakes disputes.
Explore ServicesAbout
From its inception, Koppa Analytics has totally focused on building a strategic, data-oriented regulatory practice. As the world grows more complex and customised, so does the need for data analysis in regulated industries.
We cover all areas of data science including Econometrics, Statistics and Probability, Operations Research, Optimisation, Simulation, Scientific Computing, Machine Learning, Artificial Intelligence, Text Mining, and Visual Analytics.
Koppa is a letter used in early forms of the Greek alphabet to denote the "k" sound. In Ancient Greece, it was the logo for the city of Corinth (Ϙόρινθος), often appearing on coins alongside the mythological Pegasus — the divine winged stallion.
Our Founders
An economist specialising in regulatory finance, cost of capital, advanced quantitative analysis including AI applications, and infrastructure systems. He has 30 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. He is Chair and Professor of Finance at Norwich Business School, University of East Anglia (UEA), member of the Centre for Competition Policy (CCP) at UEA and of the Centre for Science and Policy (CSaP) at University of Cambridge. He is a Faculty Advisor for Harvard Business Publishing and Fellow of the British Academy of Management. He currently co-leads the World Economic Forum (WEF) Executive Opinion Survey for the UK.
rmarkellos@koppa-analytics.comAn economist (BA Hons Cambridge, PhD UC Berkeley) with expertise in regulated industries and markets. He has over 25 years of experience with regulation and competition and has worked on projects in China, France, Greece, Mauritius, Mexico, Philippines, Portugal, Romania, the US and the UK. His extensive focus in regulated industries includes preparation of reports submitted to official authorities, advising on regulatory matters and strategy. He is the Director of the Centre for Competition Policy and Chair of Competition Policy at Norwich Business School, University of East Anglia. His writings have been published in peer-reviewed journals and he has been quoted in the New York Times and Ekathimerini. His work has addressed market structure, contracting and inequality. He has delivered expert views at the European and UK parliaments.
sennis@koppa-analytics.comExpert Witness & Litigation Support
Koppa Analytics provides rigorous, independent economic and financial expert analysis for litigation, arbitration, regulatory investigations, and criminal proceedings. Our directors are available in both testifying and non-testifying roles, bringing academic authority and practical experience to high-stakes disputes.
Prof. Sean Ennis brought a collective action before the UK Competition Appeal Tribunal against Apple Inc and seven related entities, seeking damages on behalf of UK-domiciled third-party app developers for alleged breaches of Article 102 TFEU and section 18 of the Competition Act 1998 relating to commission charges on App Store sales.
Apple's jurisdictional and strike-out applications were dismissed in April 2024. A Collective Proceedings Order was granted in October 2024 — upheld by the Court of Appeal in February 2025 after Apple sought permission to appeal. The case continues before the Tribunal, with further hearings scheduled through 2026.
Econometric analysis for national competition authorities and private litigation — including coordinated pricing investigations, market definition, and damage quantification in regulated sectors.
Independent valuation and financial analysis in infrastructure concession disputes. Designing cost-of-capital and risk assessment frameworks used in major regulatory and commercial proceedings.
Valuation and financial modelling in criminal proceedings relating to corporate acquisitions. Fixed-income portfolio performance analysis and treasury governance for central banks and institutional investors.
Independent reviews of cost-of-capital methodologies and risk assessments for UK regulatory price reviews. Expert analysis submitted to official authorities across energy, utilities, and transport.
What We Do
Independent expert analysis for litigation, arbitration, competition investigations, and regulatory and criminal proceedings. Available in both testifying and non-testifying roles across infrastructure concession disputes, corporate valuation, coordinated pricing investigations, and regulatory price reviews.
Rigorous econometric and financial modelling for regulatory price reviews, including independent reviews of cost-of-capital methodologies, risk assessments, and comparator analysis. We establish performance benchmarks, efficiency scores, and best-practice standards for regulated businesses in energy, utilities, transport, and telecoms.
User-friendly decision support systems communicating forecasts and key metrics via online dashboards. Forecasts inform regulatory income calculations, business planning, and infrastructure design — as deployed in national electricity network revenue determinations.
Advanced quantitative modelling including machine learning, AI, econometrics, and text analytics applied to financial markets, regulatory economics, and infrastructure. Research contributions include pioneering the use of Google Trends in finance, environmental risk asset pricing, and AI productivity analysis. EU-level AI policy research through the AI4POL project.
Strategic advisory for regulated companies, central banks, and government bodies on data science governance, regulatory strategy, and investment decisions. Executive training in quantitative methods and data analytics, drawing on academic research and industry experience across Europe, the US, and internationally.
Machine learning-based tools to detect and reduce non-technical losses and fraudulent activity in regulated networks. Our models achieved 2nd place out of 267 international teams in the HEDNO global AI datathon, and have been deployed to support regulatory decisions across major national electricity networks.
Practice
A selection of recent engagements. Client names and engagement details are withheld in accordance with confidentiality obligations.
Koppa Analytics is a technical partner in a proposed EU Horizon consortium led by a major European Distribution System Operator. The firm leads the economic-regulatory work package — covering OPS tariff design, market governance, cost-allocation and welfare analysis — and contributes to a real-world demonstrator pilot at a representative island-ferry port.
Commissioned by a major European water regulator, in collaboration with a leading research university, Koppa Analytics developed a comprehensive methodology for the identification and management of risks in the water sector. The work established a quantitative framework to support the regulator's oversight of network operators, drawing on advanced data science and regulatory economics.
Koppa Analytics produced an independent expert report on electricity consumption forecasting for the determination of regulated income and business planning for one of Europe's largest distribution network operators. The report provided the econometric evidence base underpinning the regulator's revenue determination and the operator's long-term infrastructure strategy.
Koppa Analytics designed and developed TASIS — a Microsoft Power BI-based Decision Support System for predicting electricity consumption across regions and market segments. TASIS communicates forecasts and key performance metrics via an interactive online dashboard, integrating multiple statistical and machine learning methodologies. The system is used operationally to inform regulated income calculations, business planning and infrastructure design.
Koppa Analytics achieved 2nd place out of 269 international teams in a global AI datathon organised by a major European DSO focused on energy fraud detection. Following this result, the firm was invited into a funded accelerator programme, through which it designed and developed ElectroRisk — an advanced AI algorithm that uses historical household consumption data to predict the probability of non-technical losses (energy fraud) at the individual customer level.
Research
Our directors combine frontline professional practice with sustained academic scholarship. The books below represent landmark contributions — one a widely-cited graduate textbook on financial econometrics, the other a public-interest work on digital markets and competition.
The standard graduate textbook on the econometrics of financial modelling. Co-authored by Professor Markellos, it provides detailed coverage of research techniques relating to the empirical analysis of financial markets — from unit root processes and volatility modelling to nonlinear models and high-frequency data. Cited in peer-reviewed journals worldwide and used in doctoral programmes internationally.
A provocative and rigorous account of how internet platform expansion has mirrored historical empire-building — without the armies. Drawing on his decades of work at the OECD, European Commission, and US Department of Justice, Professor Ennis examines how the rise of digital giants has been a mixed blessing, and sets out 15 concrete ways individuals and policymakers can reclaim agency in the digital economy.
Research
Peer-reviewed articles, working papers and policy outputs from the past three years, by our founders.
Get In Touch
We work with regulators, private companies, and consortia internationally. If you have a project where rigorous data science can make a difference, we would welcome a conversation.