Dave Nanda Email & Phone Number

I advise on regulatory finance, economic, modelling and strategic advice on major infrastructure projects.• I am providing regulatory advice to Great British Nuclear on the development of Small Modular Reactor (SMR) technology, in particular the role HMG can play to support and accelerate delivery while meeting value for money criteria and minimising customer bill impacts.• I am advising the Severn Estuary Commission on the financial feasibility of developing tidal range energy generation in the Severn Estuary.• I am advising Portsmouth Water on regulatory aspects of the cost adjustment mechanism to fund a significant revision and enhancement to the Havant Thicket Reservoir project, the first reservoir proposed to be constructed in the UK for over 30 years.

Birmingham, England, United Kingdom

Led diverse teams to provide regulatory finance, economic and strategic advice to senior policy makers, regulators, regulated companies, investors and corporate clients.KEY ACHIEVEMENTS• Advised the Department for Energy Security and Net Zero (DESNZ) on cost of capital for nuclear generation, using build-up and benchmarking approaches.• Advised the Nuclear Decommissioning Authority (NDA) on cost of capital for the treatment of Uranium.• Advised bp on the North East Carbon Capture and Storage project – engaging directly with bp, equity investors, DESNZ and their advisers EY. As well as cost of capital, also advised on strategy, RAV, licence conditions, IRR and risks.• Led the Risk & Return workstream as delivery partner to Ofwat for the PR24 price control.• Advised National Grid Electricity Distribution by independently assessing potential grounds for a possible CMA appeal of the RIIO-ED2 final determination.• Advised National Gas on development of the Ofgem Regulatory Reporting Pack for RIIO-2, including mapping out the process and identifying areas to escalate to Ofgem.• Advised an National Grid Electricity Transmission on its regulatory reporting following implementation of new reporting systems and ensuing data issues. I identified and assessed areas of risk and recommended mitigations to engender confidence in the mandatory regulatory submissions.• Advised Cadent Gas on potential options around decommissioning, including cost treatment and regulatory strategy.• Led on Market Economy Operator assessments to determine whether proposed transactions conform with subsidy control principles. This involved reviewing case studies and reviewing investment proposals; as well as researching the business and industry profile.

London, England, United Kingdom

The Department for Environment, Food & Rural Affairs is the UK government department responsible for safeguarding our natural environment and supporting our food and farming industry. Financial lead for the delivery of a £2.4bn p.a. programme, transitioning from the EU to replace expenditure on agricultural support payments with investment in environmental improvements for the future through the design and implementation of new schemes. Led a diverse team, covering financial reporting, financial management, counter fraud and error, data, scheme design, evidence and economics.Responsible for the financial reporting of the Future Farming programme. As well as UK reporting requirements, this also encompassed EU reporting for existing EU incentivised schemes.Responsibilities at Defra included the following:• Financial accounting and reporting (including to EU for legacy schemes);• Scheme forecasting;• Procurement and programme management, including budgets for relevant ALBs;• Business case development and approval;• Scheme design and finance transformation; and• Counter fraud and error.KEY ACHIEVEMENTS• Led on the business case through the governance process with HM Treasury, Cabinet Office and the Government Major Projects Portfolio (GMPP).• Successfully negotiated 100% of our comprehensive spending review in 2020, despite strict budget restrictions following COVID.• Led the finance for setting up the food parcels programme as part of the COVID response. This required working at pace but ensuring the process was set up appropriately with HMT approval.

London, England, United Kingdom

Ofgem is Great Britain’s gas and electricity regulator and price controls are the regulatory framework used to set allowable revenues for all the regulated Transmission and Distribution businesses.Led the RIIO2 price control finance team, of more than 20, covering incentivisation, risk and revenue setting and managing and guiding experts on corporate finance, cost of capital and financeability. Was responsible for controlling the revenue that network companies earn from running gas and electricity networks, maintaining high levels of confidence in the process, particularly among companies, the investor community and consumer groups.KEY ACHIEVEMENTS• Led on the financial aspects of the RIIO-2 network price control.• Led on the publishing of company performance under the regulatory framework and engaged with equity and debt investors and analysts. I developed a performance reporting methodology based on returns, which allows for simplified analysis in a complex process.• Led on a project to understand the financial and ownership structures of network companies and their parent/holding companies. This included the investigation of financial practices such as tax optimisation, use of derivatives and dividend policies.• Led on the implementation of regulatory accounts and corporate governance, including dialogue with the companies, auditors, ICAEW and the investor community and development of an agreed-upon audit standard.• Responsible for the pricing methodology for network charges, reporting returns, financial stability and risk, ring-fencing and ownership, debt and tax structures, special administration processes, oversight of network corporate governance and licence compliance.

Warwick

Provided regulatory advice and training to Finance and the wider business. Engaged with Ofgem to ensure all financial aspects of the RIIO contracts are correctly enacted. Owned the Price Control Financial Model to forecast revenue and returns. Was the go-to person for all questions about how Ofgem will respond, requiring strong stakeholder relationships both internally and with Ofgem.KEY ACHIEVEMENTS• Lead negotiator with Ofgem on many aspects of RIIO1 price control, including the Annual Iteration Process to set allowed revenue, and the Regulatory Asset Value.• Responsible for advising on the financial impact and feasibility of proposed initiatives in order to help maximise value under RIIO. This included appraisal of investment options and changing company policy and strategy to maximise regulatory performance.• Gained a strong understanding of the regulatory framework during the price control and used that understanding to educate the leadership team and help develop corporate strategy.• Developed a methodology for assessing and forecasting impacts on customer bills, supporting the submission to the Energy & Climate Change Committee Inquiry into network costs.• Developed a suite of models to understand performance under the regulatory framework and, specifically, the key interactions between revenue, risk and outputs. • Responsible for revenue, cashflow and ratio forecasting for UK transmission businesses and developed the process for recognising regulatory balances in assessing performance.• Provided advice to the Legal team over the successful GIS switchgear case.

West Midlands

• Instrumental in creating and sustaining this successful business as the second largest learndirect training provider in the West Midlands.• Developing and planning the business and financial strategy.• Successful negotiation of three major learndirect funding contracts and the only Warwickshire Home Office citizenship test contract.• Responsible for all staff management, training and recruitment, managing a team of 25 people.• Responsible for reporting and accounting as per regulatory and legal requirements including taxation and taxation planning, dividends, annual report and accounts. • Controlled all financial planning and budgeting, cashflow, reporting and analyses.• Undertook all Company Secretary and Director responsibilities under relevant legal requirements.

Birmingham, United Kingdom

KEY ACHIEVEMENTS• Led the process for the centralisation of UK Train company finance functions and advised on the implementation of integrated rostering systems, which resulted in improved efficiency.• Conducted post-transaction financial due-diligence and integrated the finance functions of the Train Companies purchased from Prism Rail into the Group structure to prepare for centralisation. • Conducted detailed operational review following start-up issues at Midland Metro tram service.• Led a team for operational and financial audits for companies in Europe, identifying operational efficiencies and income generation, as well as monitoring financial controls.

International

Aeroquip-Vickers Inc. (now part of Eaton Corp.) was a $2.2 billion turnover multi-national company manufacturing Aerospace, Automotive, Defence and Industrial hydraulic equipment.KEY ACHIEVEMENTS• Conducted pre-acquisition financial and operational due-diligence on Italian Industrial Facility and was Financial Controller following the purchase, managing a mainly Italian speaking team. Addressed problems identified as part of the due-diligence and implemented Group systems.• Solved start-up problems in the European Industrial Distribution Division by facilitating changes in accounting and control systems.• Accomplished an active retrieval of lost financial data from incomplete records, following a system breakdown at Aeroquip Aerospace, Pau, and helped to implement the ERP system.• Managed the US Audit team of 8, planning, budgeting, reviewing and finalising projects. Gained extensive international experience, particularly in Europe and the US (including US GAAP).

Wolverhampton, United Kingdom

Responsible for the review of procedures, systems and processes, reporting to and communicating with the Executive and the Audit Committee.Managed 2 members of staff, planned and finalised assignments, initiated and developed audit work practices and managed department budget.Implemented a Risk Management Strategy for the organisation, presented the proposals and trained other managers.

Birmingham, United Kingdom

Qualified as a Chartered Accountant after joining the company as a Graduate Trainee.Supervised audits of 6 divisions of McKechnie plc. Member of the audit team for the Head Office and Consolidation audits for 4 years. Carried out financial due-diligence work for a McKechnie target acquisition on their request.Responsible for the audit of investments for 3i plc. This included detailed reviews at the Head Office, visiting UK Area Offices and planning, co-ordinating and analysing the worldwide audit of investments. Member of the Focus Team for the 3i flotation.

Fca

Bachelor'S Degree, Accountancy & Finance, 2(Ii)

Accountancy

Education record

A Levels

Education record