Stephen Topping is a Managing Consultant, and has over 10 years of experience advising clients across a range of sectors on economic regulation, public policy and competition. He has particular expertise in utility regulation, and has advised on utility regulation issues in water, gas, electricity and airports. His utility regulation expertise includes advising on regulatory tools and incentives, cost of capital and financeability, and the introduction of competition. Stephen is also an expert on impact assessment, with experience in carrying out and reviewing impact assessments for clients, as well as authoring a handbook and providing clients with training on the subject. More widely, Stephen has expertise in environmental economics, pharmaceuticals, spectrum management, and consumer policy. Stephen has worked on secondment within the Office of Fair Trading, Ofwat and Ofcom.