UK-Based Consultancy · Regulated Industries

World Leading
Data Science
for 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 Services
25+
Years of Industry Experience
267
267 Teams Outperformed in AI Fraud Detection Global Datathon
10+
Countries Served
£m
High-Stakes Decisions Supported

A Strategic, Data-Oriented Regulatory Practice

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.

Ϙ

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.

Professor Raphael Markellos
Professor Raphael Markellos
Director

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.

Professor Sean Ennis
Professor Sean Ennis
Director

An 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.


Independent Economic
Analysis for Disputes
& Proceedings

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.

Antitrust & Competition

Econometric analysis for national competition authorities and private litigation — including coordinated pricing investigations, market definition, and damage quantification in regulated sectors.

Infrastructure & Concessions

Independent valuation and financial analysis in infrastructure concession disputes. Designing cost-of-capital and risk assessment frameworks used in major regulatory and commercial proceedings.

Financial & Securities

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.

Regulatory Price Reviews

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

Services

Expert Economic & Financial Analysis

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.

Litigation Arbitration Competition Regulatory
Cost of Capital & Benchmarking

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.

WACC Beta Estimation Comparators Efficiency
Demand Forecasting

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.

Regulated Income Business Planning Infrastructure
Quantitative Research & AI

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.

Machine Learning AI Econometrics Text Analytics
Advisory & Training

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.

Strategy Central Banks Executive Training
Fraud Detection

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.

Non-Technical Losses ML Models Energy Networks

Selected Engagements

A selection of recent engagements. Client names and engagement details are withheld in accordance with confidentiality obligations.

01
2026
Ports of the Future · EU Horizon Research Consortium
Energy Transition Maritime Infrastructure

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.

02
2025
Risk Identification and Management Methodology · Major European Water Regulator
Regulatory Economics Water Sector

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.

03
2025
Regulated Income Forecasting · Major European DSO
Econometric Forecasting Regulatory Finance

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.

04
2024
TASIS Decision Support System · Major European DSO
AI & Data Science Microsoft Power BI Demand Forecasting

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.

05
2023
ElectroRisk AI Pilot · International Datathon & Accelerator
Artificial Intelligence Energy Fraud Detection

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

Selected Publications

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 Econometric Modelling of Financial Time Series cover
Econometrics Financial Markets Graduate Textbook
The Econometric Modelling of Financial Time Series
Terence C. Mills & Raphael N. Markellos
Cambridge University Press · 3rd Edition · 2008 (reprinted 2012) · 472 pp.

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 valuable textbook for a graduate course in the econometrics of financial modelling.
— The Economic Journal
View on Cambridge Core
Internet Empire: The Hidden Digital War cover
Digital Markets Competition Tech Regulation
Internet Empire: The Hidden Digital War
Professor Sean F. Ennis
ISBN 9781739692247 · Hardcover & Digital Editions · 2023

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.

Brimming with rich storytelling … a compelling, highly enjoyable account … that begs to be read — and acted upon.
— Society for Computers & Law
View on Amazon UK

Recent Publications
by Team Members

Peer-reviewed articles, working papers and policy outputs from the past three years, by our founders.

2026
When climate speaks, who answers? Climate change exposure, environmental disclosure and CEO characteristics in Europe
Mohammed Alzarah, Raphael N. Markellos & Apostolos Kourtis
Economics Letters, 258, 112753
2025
Optimal Timing of ESG-Aligned Blockchain Adoption: A Market-Based Decision and Forecasting Framework
Sarah Alsultan, Apostolos Kourtis & Raphael N. Markellos
Journal of the Operational Research Society (online first)
2025 WP
Hidden Drivers of Housing Markets and Stability: The Role of the Shadow Economy
George Dotsis, Panagiotis Petris, Raphael N. Markellos & Friedrich Schneider
CCP Working Paper No. 4 · SSRN
2025 WP
Regulatory and Business Innovation in Uncharted Waters: Mandatory Cold-Ironing
Raphael N. Markellos, Sean Ennis, Constantinos Mammassis, John Prousalidis, George Loukos & Neil Tracey
CCP Working Paper · SSRN
2025
EU State Aid Control: Law and Economics — Chapter contribution
A. von Bonin, F. Reiter-Werzin & Sean Ennis
In: EU State Aid Control: Law and Economics (2nd ed.), Wolters Kluwer, pp. 1189–1234
2024
Can We Price Beauty? Aesthetics and Digital Art Markets
Sarah Alsultan, Apostolos Kourtis & Raphael N. Markellos
Economics Letters, 235, 111572
2024 WP
Worldwide Adoption of Regulatory Sandboxes: Drivers, Constraints and Policies
Raphael N. Markellos, Sean Ennis, Bryn Enstone, Anastasios Manos, Dimitrios Psychoyios & Dimitrios Pazaitis
CCP Working Paper No. 2 · SSRN
2024
Cloud Portability and Interoperability under the EU Data Act: Dynamism versus Equivalence
Sean Ennis & Ben Evans
CCP Working Paper · SSRN
2023
Modelling Skewness in Portfolio Choice
Trung Le, Apostolos Kourtis & Raphael N. Markellos
Journal of Futures Markets, 43(6), 734–770
2023
Human Resources Turnover as an Asset Acquisition and Divestiture Process: Evidence from the UK Football Industry
Maria Fotaki, Apostolos Kourtis & Raphael N. Markellos
International Journal of Finance and Economics, 28(3), 2696–2711
2023
Price-Parity Clauses for Hotel Room Booking: Empirical Evidence from Regulatory Change
Sean Ennis, Marc Ivaldi & Vicente Lagos
Journal of Law and Economics, 66(2), 309–331
2024
Exploring Aspects of the State of Competition in the EU — European Commission DG Competition commissioned report
Sean Ennis et al. (European Commission, Directorate-General for Competition)
European Commission, 308 pp.
2022
Keyword Portfolio Optimization in Paid Search Advertising
Efthymia Symitsi, Raphael N. Markellos & Murali K. Mantrala
European Journal of Operational Research, 303(2), 767–778

Contact

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.

Saxon House, Hellesdon Park Road
Norwich, Norfolk NR6 5DR
United Kingdom