Sahil Agarwal

Sahil Agarwal leads FTI Consulting’s Infrastructure and Regulatory Finance practice in EMEA with a focus on the power and utilities, aviation and telecom sectors. Sahil has experience advising C-suites, boards, regulatory authorities and infrastructure funds on a range of issues, including market design, new regime set-up, regulation, cost of capital, debt strategy, investment returns analysis and stakeholder management. Sahil has appointed as an expert witness on regulatory finance matters as well.

In energy, Sahil has led advice to nuclear project sponsors, development of LNG export and import terminals, and advised regulators and companies involved with energy transmission, distribution, and storage assets. His project experience covers a wide geographical footprint and he has advised clients in Europe, Middle East, Asia Pacific and the Caribbean.

In water, Sahil has mainly helped UK and Middle Eastern clients with regulatory appeals on cost of capital, independent business reviews, financial modelling, risk modelling, transaction due diligence and financeability issues. He has significant expertise of developing regulatory mechanisms, company business plans and incentive properties.

In the aviation sector, Sahil has advised regulators and regulated airports in the UK and Europe on various regulatory finance matters with a focus on weighted average cost of capital (‘WACC’). He was appointed by the Irish Regulator as an expert witness in their cost of capital dispute.

He also has experience of working in the Gulf Cooperation Council (‘GCC’) markets. He is currently leading the regulatory finance advice to the Department of Energy in Abu Dhabi. Previously Sahil has advised a major United Arab Emirates liquefied natural gas (‘LNG’) company on its financial investment decision (‘FID’) for a new LNG export terminal. More recently, he advised a water company in Oman seeking to launch its IPO.

Relevant Experience:

• Advising Ofwat on all aspects of restructuring of a large WaSC
• Advised Ofwat on the risk and return (asset beta analysis) for the PR24 price control
• Advised two major European energy companies on the life extensions of their nuclear power plants
• Advising the CAA on the cost of capital for the H8 price control
• Expert witness in a cost of capital appeal in the aviation sector in Ireland
• Advising the Abu Dhabi utilities regulator on all aspects of the 2027-2030 price control for water and electricity
• Advising Centrica on the repurposing of the Rough gas storage site
• Advised ADNOC on the development of a new 10mtpa LNG export terminal
• Advised KKR, Equitix, Macquarie, Rothschild and other major infra-advisors on several buy and sell side mandates involving regulated utility networks
• Previously advised CEZ (on EDU II), EdF (on Hinkley Point C) and Horizon Energy (on Wylfa Newydd) nuclear power plants