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Dr. Lucia Bazzucchi has extensive experience consulting on economic and regulatory issues related to the infrastructure and transport sectors, including toll roads, airports, and railways.

She has worked on state aid cases before the European Commission, ratemaking proceedings, financial asset valuations, and economic analysis of transportation markets. Dr. Bazzucchi has co-authored several reports on the cost of capital of telecom, airport, and toll roads operators.

Representative Engagements
Italian Transportation Authority inquiry of toll roads
For the Italian association of toll-roads, assisted with the Italian Transportation Authority public consultation into the competitiveness of the toll-road companies. Estimated the cost function of toll-road services using Stochastic Frontier Analysis (SFA); analyzed the presence of economies of scale.
Estimate of the cost of capital for Italian airports
For major Italian airports estimated the cost of capital used in regulatory proceedings using the methodology indicated by the current regulation and providing support for the implementation of methodological advancements.
Due diligence of Italian toll roads
For leading international investors provided strategic and regulatory support during due diligences for the acquisition of stakes in Italian motorway assets. Provided expert opinion and support on regulatory matters related to the estimate of regulated revenues.
Assessment of damages and loss of profit for power plant in Chile
For a power plant in Chile conducted research and implemented the analysis to estimate damages deriving from breaches of the contract and loss of profits deriving from delays in the completion of the power plant.
Publications
Report
Infrastructure, Private Investments and Allocation of Risks: An Economic Analysis of Lessons Learned
May 2018

This whitepaper demonstrates that due to limited public funds available for infrastructure, private capital will play an important role in financing infrastructure projects over the coming years through Public-Private Partnership (PPP) contracts.

Report
Il WACC di ADR. Aggiornamento dei parametri per il sottoperiodo tariffario 2017-2021
November 18, 2016
Prepared for the Airport of Rome Fiumicino (ADR)
Report prepared for the Airport of Rome Fiumicino (ADR) to estimate the WACC for the regulatory period 2017-2021, introducing advancements to the current methodology to take into account temporary effects of monetary policies implemented by the European Central Bank (ECB) on yields of sovereign government bonds used to estimate the risk free rate.
Report
Review of Approaches to Estimate a Reasonable Rate of Return for Investments in Telecoms Networks in Regulatory Proceedings and Options for EU Harmonization
July 18, 2016
Prepared for the European Commission’s Directorate-General for Communications Networks, Content and Technology (DG Connect)
A report offering guidelines for EU-based National Regulatory Authorities (NRAs) to use when calculating an allowed rate of return—typically the weighted average cost of capital (WACC)—for electronic telecommunications operators with significant market power (SMP).
Presentation
The Rhin Alps Arena 2020
September 12, 2015
Presented during the EXPO Milan 2015
Public intervention during the EXPO 2015 in Milan about the economics of infrastructures in the area of the Genova Sea Port and positive network externalities on the European corridor Rhin Alps.
Presentation
The Power of Innovation. Digital Finance and Benefits for Italy
February 17, 2015
Presented during a roundtable organized by Istituto per la Competitività I-COM
Round table organized by Istituto per la Competitività I-COM in Rome about electronic payments.

Report
The WACC for Regulated Metering Activities
January 13, 2014
Prepared for the Dutch Authority for Consumers & Markets (ACM)
Study prepared for the Dutch regulator ACM to estimate the cost of capital of metering activities of Distribution System Operators (DSOs) of electricity and gas. Selection of the peers group to estimate the equity beta of metering activities.
News & Events
May 03, 2018
Private Capital to Play Important Role in Financing Infrastructure Projects According to Brattle Economists

A new whitepaper by Brattle economists demonstrates that due to limited public funds available for infrastructure, private capital will play an important role in financing infrastructure projects over the coming years through Public-Private Partnership (PPP) contracts.

August 25, 2017
Brattle Announces Senior Associate Promotions

The Brattle Group is pleased to announce the promotions of Lucia Bazzucchi, Francesca Mazzarella, Akarsh Sheilendranath, Mike Tolleth, and John Tsoukalis to Senior Associate.

July 18, 2016
Report by Brattle Economists Sets Uniform Guidelines for EU Telecommunications Regulators

A report released today by economists at The Brattle Group offers guidelines for EU-based National Regulatory Authorities (NRAs) to use when calculating an allowed rate of return—typically the weighted average cost of capital (WACC)—for electronic telecommunications operators with significant market power (SMP).

September 12, 2015
Associate Lucia Bazzucchi to Present at Milan Expo 2015

Brattle associate Lucia Bazzucchi will present at the Milan 2015 Expo on September 12, 2015 in Milan, Italy.