Neil Griffiths-Lambeth Associate Managing Director, Public Projects & Infrastructure Finance Moody's Ratings

Neil Griffiths-Lambeth is an Associate Managing Director in Moody’s Infrastructure Finance team, based in London, and responsible for the rating agency’s coverage of regulated and unregulated utilities across EMEA. Over the course of his career at Moody’s, Neil has acted as lead analyst for a broad range of utilities and transport infrastructure companies. He has followed the UK water sector since 2008, writing extensively on regulatory and other developments and playing a key role in developing the rating agency’s strong reputation in the sector. As an authoritative independent commentator, Neil is a frequent speaker at conferences and other events. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2 trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. 140 analytical sector staff cover more than 1,000 infrastructure issuers globally. Moody’s EMEA team of 50 specialists is responsible for rating around 416 issuers. The rating agency covers more than 11,000 corporate issuers and 135 sovereign nations. Prior to joining Moody’s in 2007, Neil spent 15 years at Lazard. Over this period he advised a broad range of clients on raising finance in the public and private markets. Notable transactions included advising the UK Government on support and funding for Network Rail, Veolia on the acquisition and highly-leveraged financing of Southern Water, and Wind Telecommunicazioni on funding for its network roll-out. Neil read Mathematics at the University of Sussex and pursued postgraduate research at Imperial College, London.

David Black Chief Executive Ofwat

David Black was appointed as interim Chief Executive of Ofwat in April 2021. Prior to this, he was Chief Regulation Officer at Ofwat and led the 2019 price review, securing significant investment to improve resilience and protect the environment, alongside lower bills for customers. David joined Ofwat in 2012 as Director of Economics and became a Senior Director in 2015.

Prior to joining Ofwat, David held a number of roles in economic consulting, advising on economic regulation, competition and financial economics in the communications and energy sectors. He has also worked at Oftel, New Zealand Treasury and New Zealand Commerce Commission.

Dani Jordan Director of Campaigns & Communities Surfers Against Sewage

Director of Campaigns & Communities at Surfers Against Sewage, Dani has spent her career working on environmental issues, campaigning and advocating for rivers and nature. Having gathered experience at WWF-UK, Waterwise and even on secondment at Ofwat, she brings together policy, politics, and public campaigning to drive positive change for our rivers and ocean. Dani is a wild swimmer, stand up paddle boarder, and rock pool gazer, and is always happiest by the water.

Mark Caines Senior Partner Flint Global

Mark Caines is a senior partner at Flint Global and leads the company’s competition and regulatory practice. An economist by background, he advises corporates and investors on complex regulatory and policy developments and on competition matters, including major transactions. He works across a broad range of sectors but has a particular focus on infrastructure. Mark’s advice draws on over 30 years’ experience of regulation, competition and policy development. He brings a detailed knowledge of the underlying economic principles of regulation and policy, and a deep understanding of the way in which governments and agencies make decisions.

Neil Griffiths-Lambeth Associate Managing Director, Public Projects & Infrastructure Finance Moody's Ratings

Neil Griffiths-Lambeth is an Associate Managing Director in Moody’s Infrastructure Finance team, based in London, and responsible for the rating agency’s coverage of regulated and unregulated utilities across EMEA. Over the course of his career at Moody’s, Neil has acted as lead analyst for a broad range of utilities and transport infrastructure companies. He has followed the UK water sector since 2008, writing extensively on regulatory and other developments and playing a key role in developing the rating agency’s strong reputation in the sector. As an authoritative independent commentator, Neil is a frequent speaker at conferences and other events. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2 trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. 140 analytical sector staff cover more than 1,000 infrastructure issuers globally. Moody’s EMEA team of 50 specialists is responsible for rating around 416 issuers. The rating agency covers more than 11,000 corporate issuers and 135 sovereign nations. Prior to joining Moody’s in 2007, Neil spent 15 years at Lazard. Over this period he advised a broad range of clients on raising finance in the public and private markets. Notable transactions included advising the UK Government on support and funding for Network Rail, Veolia on the acquisition and highly-leveraged financing of Southern Water, and Wind Telecommunicazioni on funding for its network roll-out. Neil read Mathematics at the University of Sussex and pursued postgraduate research at Imperial College, London.

David Henderson CEO Water UK

David Henderson joined Water UK as Chief Executive Officer in February 2023.

His Government experience includes working as a special adviser in Australia and as an official in HM Treasury and 10 Downing Street. In the private sector, he has specialised in building and strengthening the reputations of large organisations, most recently at WPP and KPMG.

Neil Griffiths-Lambeth Associate Managing Director, Public Projects & Infrastructure Finance Moody's Ratings

Neil Griffiths-Lambeth is an Associate Managing Director in Moody’s Infrastructure Finance team, based in London, and responsible for the rating agency’s coverage of regulated and unregulated utilities across EMEA. Over the course of his career at Moody’s, Neil has acted as lead analyst for a broad range of utilities and transport infrastructure companies. He has followed the UK water sector since 2008, writing extensively on regulatory and other developments and playing a key role in developing the rating agency’s strong reputation in the sector. As an authoritative independent commentator, Neil is a frequent speaker at conferences and other events. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2 trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. 140 analytical sector staff cover more than 1,000 infrastructure issuers globally. Moody’s EMEA team of 50 specialists is responsible for rating around 416 issuers. The rating agency covers more than 11,000 corporate issuers and 135 sovereign nations. Prior to joining Moody’s in 2007, Neil spent 15 years at Lazard. Over this period he advised a broad range of clients on raising finance in the public and private markets. Notable transactions included advising the UK Government on support and funding for Network Rail, Veolia on the acquisition and highly-leveraged financing of Southern Water, and Wind Telecommunicazioni on funding for its network roll-out. Neil read Mathematics at the University of Sussex and pursued postgraduate research at Imperial College, London.

Dani Jordan Director of Campaigns & Communities Surfers Against Sewage

Director of Campaigns & Communities at Surfers Against Sewage, Dani has spent her career working on environmental issues, campaigning and advocating for rivers and nature. Having gathered experience at WWF-UK, Waterwise and even on secondment at Ofwat, she brings together policy, politics, and public campaigning to drive positive change for our rivers and ocean. Dani is a wild swimmer, stand up paddle boarder, and rock pool gazer, and is always happiest by the water.

David Black Chief Executive Ofwat

David Black was appointed as interim Chief Executive of Ofwat in April 2021. Prior to this, he was Chief Regulation Officer at Ofwat and led the 2019 price review, securing significant investment to improve resilience and protect the environment, alongside lower bills for customers. David joined Ofwat in 2012 as Director of Economics and became a Senior Director in 2015.

Prior to joining Ofwat, David held a number of roles in economic consulting, advising on economic regulation, competition and financial economics in the communications and energy sectors. He has also worked at Oftel, New Zealand Treasury and New Zealand Commerce Commission.

Mark Caines Senior Partner Flint Global

Mark Caines is a senior partner at Flint Global and leads the company’s competition and regulatory practice. An economist by background, he advises corporates and investors on complex regulatory and policy developments and on competition matters, including major transactions. He works across a broad range of sectors but has a particular focus on infrastructure. Mark’s advice draws on over 30 years’ experience of regulation, competition and policy development. He brings a detailed knowledge of the underlying economic principles of regulation and policy, and a deep understanding of the way in which governments and agencies make decisions.

David Henderson CEO Water UK

David Henderson joined Water UK as Chief Executive Officer in February 2023.

His Government experience includes working as a special adviser in Australia and as an official in HM Treasury and 10 Downing Street. In the private sector, he has specialised in building and strengthening the reputations of large organisations, most recently at WPP and KPMG.

Louise Beardmore Chief Executive Officer United Utilities

Louise is a board member of United Utilities Plc and became CEO of United Utilities on 3 April 2023.  Louise was previously Customer and People Director holding a number of senior positions across water, electric and gas utilities as part of the United Utilities Group with roles in business transformation, operations, customer service and people capabilities both in the UK and internationally.  Louise has also run services for a number of international well-known utility and retail brands in the USA, Canada and Asia.  Louise is an advocate of the power of inclusion and employee engagement to drive superior business performance and is a Non-Executive Director of Engage for Success, Vice President of the Institute of Customer Service and a Chartered Fellow of CIPD.  Louise is also a board member of Water UK and WaterPlus Limited.

Louise is also on the Northern Power Women ‘Power List’, and is a member of the 30% Club.

Lila Thompson Chief Executive Officer British Water

Lila is the Chief Executive of British Water a dynamic organisation with a varied membership which includes manufacturers, suppliers, contractors, consultants, water companies and academic institutions. British Water represents the interests of UK water and wastewater supply chain companies together with wider stakeholders across the sector, through the UK, Technical and International forums. The Water Industry Forum provides challenge-led, independent thought leadership, to tackle the challenges facing the sector. Lila was formerly responsible for the delivery of British Water’s international services and has over 20 years of international experience supporting business growth, innovation, policy development and stakeholder engagement in a variety of industry sectors.

Stefanie Voelz Vice President – Senior Credit Officer, Infrastructure and Project Finance Moody's Ratings

Stefanie Voelz is a senior analyst in Moody’s EMEA Infrastructure Finance team, based in London. She is currently responsible for a portfolio of regulated utilities and infrastructure issuers in the United Kingdom. Over an extended career in credit, Stefanie has developed in-depth knowledge of utilities and transportation infrastructure sectors across Europe. She is also an expert in the credit assessment of highly-covenanted financing structures in the regulated utility space as well as project financings.

Stefanie is Moody’s lead analyst covering UK Water and has published extensively on the sector. She is the lead author of Moody’s Rating Methodology for Regulated Water Utilities, last updated in June 2018. Stefanie has also been one of Moody’s lead commentators on European regulated networks.

Prior to joining Moody’s in October 2004, Stefanie worked in the credit department of Bankgesellschaft Berlin AG (now Landesbank Berlin AG) in London and Berlin, where she held portfolio responsibility for project finance transactions in the energy and infrastructure sectors.

Stefanie holds a degree in business administration (Diplomkauffrau) from the University of Applied Sciences in Berlin.

Steve Curtis Partner Latham & Watkins

Steve Curtis is a partner in the Finance Department of the London office of Latham & Watkins and a member of the Structured Finance Practice.

Mr. Curtis specialises in structured debt/securitization financings across all major asset classes, focusing in particular on infrastructure, regulated utilities, commercial real estate, and operating assets and has advised on a number of “whole business securitisation” financings in the UK Water and Waste-Water sector, including Thames Water, Welsh Water, Yorkshire Water and Southern Water.

Prior to joining Latham, Mr. Curtis was a partner at a leading magic circle law firm.

Stefanie Voelz Vice President – Senior Credit Officer, Infrastructure and Project Finance Moody's Ratings

Stefanie Voelz is a senior analyst in Moody’s EMEA Infrastructure Finance team, based in London. She is currently responsible for a portfolio of regulated utilities and infrastructure issuers in the United Kingdom. Over an extended career in credit, Stefanie has developed in-depth knowledge of utilities and transportation infrastructure sectors across Europe. She is also an expert in the credit assessment of highly-covenanted financing structures in the regulated utility space as well as project financings.

Stefanie is Moody’s lead analyst covering UK Water and has published extensively on the sector. She is the lead author of Moody’s Rating Methodology for Regulated Water Utilities, last updated in June 2018. Stefanie has also been one of Moody’s lead commentators on European regulated networks.

Prior to joining Moody’s in October 2004, Stefanie worked in the credit department of Bankgesellschaft Berlin AG (now Landesbank Berlin AG) in London and Berlin, where she held portfolio responsibility for project finance transactions in the energy and infrastructure sectors.

Stefanie holds a degree in business administration (Diplomkauffrau) from the University of Applied Sciences in Berlin.

John Earwaker Director First Economics

John is an expert in economic regulation. He acts as a consultant to companies, regulators, government and investors on the full range of economic and financial issues encountered in infrastructure industries.

Neil Griffiths-Lambeth Associate Managing Director, Public Projects & Infrastructure Finance Moody's Ratings

Neil Griffiths-Lambeth is an Associate Managing Director in Moody’s Infrastructure Finance team, based in London, and responsible for the rating agency’s coverage of regulated and unregulated utilities across EMEA. Over the course of his career at Moody’s, Neil has acted as lead analyst for a broad range of utilities and transport infrastructure companies. He has followed the UK water sector since 2008, writing extensively on regulatory and other developments and playing a key role in developing the rating agency’s strong reputation in the sector. As an authoritative independent commentator, Neil is a frequent speaker at conferences and other events. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2 trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. 140 analytical sector staff cover more than 1,000 infrastructure issuers globally. Moody’s EMEA team of 50 specialists is responsible for rating around 416 issuers. The rating agency covers more than 11,000 corporate issuers and 135 sovereign nations. Prior to joining Moody’s in 2007, Neil spent 15 years at Lazard. Over this period he advised a broad range of clients on raising finance in the public and private markets. Notable transactions included advising the UK Government on support and funding for Network Rail, Veolia on the acquisition and highly-leveraged financing of Southern Water, and Wind Telecommunicazioni on funding for its network roll-out. Neil read Mathematics at the University of Sussex and pursued postgraduate research at Imperial College, London.

Dominic Nash Head of European Utilities Research Barclays

Dominic joined Barclays in December 2018 as head of European Utilities research. Prior to this, Dominic was head of utilities, renewables, infrastructure and transport research at Macquarie. Dominic started his utilities career in 1998 working for Offer (now Ofgem) on utility retail deregulation. He joined the Credit Suisse European utilities team in 2000. In 2005 he moved to Credit Suisse prop trading, where he became head of their global utilities, renewable and infrastructure investments. In 2010 he returned to research at Liberum Capital. Dominic holds a PhD (Chemical Engineering) from the University of Cambridge.

Orlando Finzi Senior Credit Analyst, Director of Fixed Income M&G Investments

Orlando Finzi joined M&G Investments in 2004 as a Senior Credit Analyst, Director of Fixed Income. With over 27 years of research and financial markets experience he is a sector specialist covering utilities (electricity, gas, water, waste), renewables and related areas for in house research and ESG analysis and recommendations for public and private fixed income and equity fund managers.

Prior to M&G and since 1995, Orlando worked at Credit Suisse Financial Products in derivatives credit risk management and then at Credit Suisse First Boston in sell-side credit research covering primarily the utilities and oil & gas sectors. Orlando graduated with a degree in Economics from University College London.

Mike Osborne Managing Director, Asset Management InfraRed Capital Partners

Mike joined InfraRed in 2021. He is responsible for the asset management of infrastructure investments within InfraRed’s portfolio and sits as a non-executive director on boards of companies, including Affinity Water and High Speed One. Mike has 20 years of experience in the infrastructure finance sector. Prior to joining InfraRed, he worked initially at Ernst & Young and Citi’s Investment Banking Division, and then transitioned into equity investment with Citi Infrastructure Investors and later Corsair Capital. As part of these roles, Mike served as a director of Yorkshire Water and Itínere Infraestructuras (a toll road platform in Spain).

Neil Griffiths-Lambeth Associate Managing Director, Public Projects & Infrastructure Finance Moody's Ratings

Neil Griffiths-Lambeth is an Associate Managing Director in Moody’s Infrastructure Finance team, based in London, and responsible for the rating agency’s coverage of regulated and unregulated utilities across EMEA. Over the course of his career at Moody’s, Neil has acted as lead analyst for a broad range of utilities and transport infrastructure companies. He has followed the UK water sector since 2008, writing extensively on regulatory and other developments and playing a key role in developing the rating agency’s strong reputation in the sector. As an authoritative independent commentator, Neil is a frequent speaker at conferences and other events. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2 trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. 140 analytical sector staff cover more than 1,000 infrastructure issuers globally. Moody’s EMEA team of 50 specialists is responsible for rating around 416 issuers. The rating agency covers more than 11,000 corporate issuers and 135 sovereign nations. Prior to joining Moody’s in 2007, Neil spent 15 years at Lazard. Over this period he advised a broad range of clients on raising finance in the public and private markets. Notable transactions included advising the UK Government on support and funding for Network Rail, Veolia on the acquisition and highly-leveraged financing of Southern Water, and Wind Telecommunicazioni on funding for its network roll-out. Neil read Mathematics at the University of Sussex and pursued postgraduate research at Imperial College, London.

Dani Jordan Director of Campaigns & Communities Surfers Against Sewage

Director of Campaigns & Communities at Surfers Against Sewage, Dani has spent her career working on environmental issues, campaigning and advocating for rivers and nature. Having gathered experience at WWF-UK, Waterwise and even on secondment at Ofwat, she brings together policy, politics, and public campaigning to drive positive change for our rivers and ocean. Dani is a wild swimmer, stand up paddle boarder, and rock pool gazer, and is always happiest by the water.

Louise Beardmore Chief Executive Officer United Utilities

Louise is a board member of United Utilities Plc and became CEO of United Utilities on 3 April 2023.  Louise was previously Customer and People Director holding a number of senior positions across water, electric and gas utilities as part of the United Utilities Group with roles in business transformation, operations, customer service and people capabilities both in the UK and internationally.  Louise has also run services for a number of international well-known utility and retail brands in the USA, Canada and Asia.  Louise is an advocate of the power of inclusion and employee engagement to drive superior business performance and is a Non-Executive Director of Engage for Success, Vice President of the Institute of Customer Service and a Chartered Fellow of CIPD.  Louise is also a board member of Water UK and WaterPlus Limited.

Louise is also on the Northern Power Women ‘Power List’, and is a member of the 30% Club.

David Black Chief Executive Ofwat

David Black was appointed as interim Chief Executive of Ofwat in April 2021. Prior to this, he was Chief Regulation Officer at Ofwat and led the 2019 price review, securing significant investment to improve resilience and protect the environment, alongside lower bills for customers. David joined Ofwat in 2012 as Director of Economics and became a Senior Director in 2015.

Prior to joining Ofwat, David held a number of roles in economic consulting, advising on economic regulation, competition and financial economics in the communications and energy sectors. He has also worked at Oftel, New Zealand Treasury and New Zealand Commerce Commission.

Mark Caines Senior Partner Flint Global

Mark Caines is a senior partner at Flint Global and leads the company’s competition and regulatory practice. An economist by background, he advises corporates and investors on complex regulatory and policy developments and on competition matters, including major transactions. He works across a broad range of sectors but has a particular focus on infrastructure. Mark’s advice draws on over 30 years’ experience of regulation, competition and policy development. He brings a detailed knowledge of the underlying economic principles of regulation and policy, and a deep understanding of the way in which governments and agencies make decisions.

Steve Curtis Partner Latham & Watkins

Steve Curtis is a partner in the Finance Department of the London office of Latham & Watkins and a member of the Structured Finance Practice.

Mr. Curtis specialises in structured debt/securitization financings across all major asset classes, focusing in particular on infrastructure, regulated utilities, commercial real estate, and operating assets and has advised on a number of “whole business securitisation” financings in the UK Water and Waste-Water sector, including Thames Water, Welsh Water, Yorkshire Water and Southern Water.

Prior to joining Latham, Mr. Curtis was a partner at a leading magic circle law firm.

John Earwaker Director First Economics

John is an expert in economic regulation. He acts as a consultant to companies, regulators, government and investors on the full range of economic and financial issues encountered in infrastructure industries.

Orlando Finzi Senior Credit Analyst, Director of Fixed Income M&G Investments

Orlando Finzi joined M&G Investments in 2004 as a Senior Credit Analyst, Director of Fixed Income. With over 27 years of research and financial markets experience he is a sector specialist covering utilities (electricity, gas, water, waste), renewables and related areas for in house research and ESG analysis and recommendations for public and private fixed income and equity fund managers.

Prior to M&G and since 1995, Orlando worked at Credit Suisse Financial Products in derivatives credit risk management and then at Credit Suisse First Boston in sell-side credit research covering primarily the utilities and oil & gas sectors. Orlando graduated with a degree in Economics from University College London.

David Henderson CEO Water UK

David Henderson joined Water UK as Chief Executive Officer in February 2023.

His Government experience includes working as a special adviser in Australia and as an official in HM Treasury and 10 Downing Street. In the private sector, he has specialised in building and strengthening the reputations of large organisations, most recently at WPP and KPMG.

Dominic Nash Head of European Utilities Research Barclays

Dominic joined Barclays in December 2018 as head of European Utilities research. Prior to this, Dominic was head of utilities, renewables, infrastructure and transport research at Macquarie. Dominic started his utilities career in 1998 working for Offer (now Ofgem) on utility retail deregulation. He joined the Credit Suisse European utilities team in 2000. In 2005 he moved to Credit Suisse prop trading, where he became head of their global utilities, renewable and infrastructure investments. In 2010 he returned to research at Liberum Capital. Dominic holds a PhD (Chemical Engineering) from the University of Cambridge.

Lila Thompson Chief Executive Officer British Water

Lila is the Chief Executive of British Water a dynamic organisation with a varied membership which includes manufacturers, suppliers, contractors, consultants, water companies and academic institutions. British Water represents the interests of UK water and wastewater supply chain companies together with wider stakeholders across the sector, through the UK, Technical and International forums. The Water Industry Forum provides challenge-led, independent thought leadership, to tackle the challenges facing the sector. Lila was formerly responsible for the delivery of British Water’s international services and has over 20 years of international experience supporting business growth, innovation, policy development and stakeholder engagement in a variety of industry sectors.

Neil Griffiths-Lambeth Associate Managing Director, Public Projects & Infrastructure Finance Moody's Ratings

Neil Griffiths-Lambeth is an Associate Managing Director in Moody’s Infrastructure Finance team, based in London, and responsible for the rating agency’s coverage of regulated and unregulated utilities across EMEA. Over the course of his career at Moody’s, Neil has acted as lead analyst for a broad range of utilities and transport infrastructure companies. He has followed the UK water sector since 2008, writing extensively on regulatory and other developments and playing a key role in developing the rating agency’s strong reputation in the sector. As an authoritative independent commentator, Neil is a frequent speaker at conferences and other events. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2 trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. 140 analytical sector staff cover more than 1,000 infrastructure issuers globally. Moody’s EMEA team of 50 specialists is responsible for rating around 416 issuers. The rating agency covers more than 11,000 corporate issuers and 135 sovereign nations. Prior to joining Moody’s in 2007, Neil spent 15 years at Lazard. Over this period he advised a broad range of clients on raising finance in the public and private markets. Notable transactions included advising the UK Government on support and funding for Network Rail, Veolia on the acquisition and highly-leveraged financing of Southern Water, and Wind Telecommunicazioni on funding for its network roll-out. Neil read Mathematics at the University of Sussex and pursued postgraduate research at Imperial College, London.

Stefanie Voelz Vice President – Senior Credit Officer, Infrastructure and Project Finance Moody's Ratings

Stefanie Voelz is a senior analyst in Moody’s EMEA Infrastructure Finance team, based in London. She is currently responsible for a portfolio of regulated utilities and infrastructure issuers in the United Kingdom. Over an extended career in credit, Stefanie has developed in-depth knowledge of utilities and transportation infrastructure sectors across Europe. She is also an expert in the credit assessment of highly-covenanted financing structures in the regulated utility space as well as project financings.

Stefanie is Moody’s lead analyst covering UK Water and has published extensively on the sector. She is the lead author of Moody’s Rating Methodology for Regulated Water Utilities, last updated in June 2018. Stefanie has also been one of Moody’s lead commentators on European regulated networks.

Prior to joining Moody’s in October 2004, Stefanie worked in the credit department of Bankgesellschaft Berlin AG (now Landesbank Berlin AG) in London and Berlin, where she held portfolio responsibility for project finance transactions in the energy and infrastructure sectors.

Stefanie holds a degree in business administration (Diplomkauffrau) from the University of Applied Sciences in Berlin.