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.

Susan Davy Group Chief Executive Pennon Group

Susan was appointed Group Chief Executive for Pennon Group in July 2020. Having previously served as Chief Financial Officer since 2015.

Susan’s knowledge of the industry, coupled with her financial and regulatory expertise, has underpinned the development of Pennon’s strategy which has included the value creating acquisition of Bournemouth Water in 2015 and now Bristol Water, as well as the successful Viridor disposal process, all of which she has led. In her 25 years’ experience in the utility sector, Susan has also held a number of other senior roles in the water sector, including at Kelda Water.

Susan is a Non-Executive Director and Audit Chair of Restore Plc, a Water UK Board member, member of the Energy & Utilities Skills Partnership Council and was previously a member of the A4S (Accounting for Sustainability) CFO leadership network.

Cathryn Ross Interim Co-Chief Executive Officer Thames Water

Cathryn Ross is Interim Co-Chief Executive Officer at Thames Water. Her substantive role is Strategy and External Affairs Director. She is responsible for shaping and embedding a strategy to ensure that Thames Water delivers for customers, communities and the environment. She is an experienced regulatory and competition economist and has worked across a number of different sectors advising on economic, regulatory and competition issues.

Before joining Thames Water, Cathryn was Group Regulatory Affairs Director at BT Group and responsible for developing and implementing BT’s regulatory strategy across the group, covering regulation in the UK and beyond.

Prior to that Cathryn was Chief Executive of Ofwat, the independent economic regulator for the water and wastewater sector in England and Wales. She successfully saw through the delivery of a new strategy for Ofwat, focussed on a vision for the sector of trust and confidence in water and wastewater services, and transformed the regulator in order to deliver this. She led the 2014 price review and played a key role in the opening of the non-household retail market in England to competition.

Previously, Cathryn held a variety of executive roles including at the Office of Rail Regulation (now Office of Rail and Road), the Competition Commission (now Competition and Markets Authority), Oftel (now Ofcom) and in economic consultancy.

Cathryn serves as an independent non-executive director on the boards of National Grid Electricity Transmission and National Gas.

Susan Davy Group Chief Executive Pennon Group

Susan was appointed Group Chief Executive for Pennon Group in July 2020. Having previously served as Chief Financial Officer since 2015.

Susan’s knowledge of the industry, coupled with her financial and regulatory expertise, has underpinned the development of Pennon’s strategy which has included the value creating acquisition of Bournemouth Water in 2015 and now Bristol Water, as well as the successful Viridor disposal process, all of which she has led. In her 25 years’ experience in the utility sector, Susan has also held a number of other senior roles in the water sector, including at Kelda Water.

Susan is a Non-Executive Director and Audit Chair of Restore Plc, a Water UK Board member, member of the Energy & Utilities Skills Partnership Council and was previously a member of the A4S (Accounting for Sustainability) CFO leadership network.

Cathryn Ross Interim Co-Chief Executive Officer Thames Water

Cathryn Ross is Interim Co-Chief Executive Officer at Thames Water. Her substantive role is Strategy and External Affairs Director. She is responsible for shaping and embedding a strategy to ensure that Thames Water delivers for customers, communities and the environment. She is an experienced regulatory and competition economist and has worked across a number of different sectors advising on economic, regulatory and competition issues.

Before joining Thames Water, Cathryn was Group Regulatory Affairs Director at BT Group and responsible for developing and implementing BT’s regulatory strategy across the group, covering regulation in the UK and beyond.

Prior to that Cathryn was Chief Executive of Ofwat, the independent economic regulator for the water and wastewater sector in England and Wales. She successfully saw through the delivery of a new strategy for Ofwat, focussed on a vision for the sector of trust and confidence in water and wastewater services, and transformed the regulator in order to deliver this. She led the 2014 price review and played a key role in the opening of the non-household retail market in England to competition.

Previously, Cathryn held a variety of executive roles including at the Office of Rail Regulation (now Office of Rail and Road), the Competition Commission (now Competition and Markets Authority), Oftel (now Ofcom) and in economic consultancy.

Cathryn serves as an independent non-executive director on the boards of National Grid Electricity Transmission and National Gas.

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.

Martin Woolhead Deputy Director for Water Services Defra

Martin Woolhead is Deputy Director for Water Services at the Department for Environment, Food and Rural Affairs (Defra).

Previously, Martin was Deputy Director for Transformation, leading organisational change in the Department, and prior to that Deputy Director for Food for the Vulnerable. In this role Martin lead the programme that delivered 4.8 million food parcels to the most vulnerable in society, shielding due to their increased risk relating to Covid-19.

Martin joined Defra in 2012 and has worked in roles spanning private office, international trade, negotiation (international and commercial), large-scale procurement and contract management, crisis management and contingency planning, legislation and Parliamentary handling, and policy development across the Defra brief.

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.

Luis Correia da Silva Chair and Partner Oxera

Luis is a Partner and Chair of Oxera, he holds a doctorate in Economics from the University of Oxford and leads the Finance & Valuation and Regulation teams at Oxera. He has over 25 years of experience of applying his expertise in economics and finance to competition, regulation and policy issues across a wide range of industries. He provides advice at the board and executive level to companies, regulators and governmental departments in Europe across many sectors, including asset management, banking, communications, energy, securities markets, transport, water and others. He has extensive experience of acting as an expert, providing oral and written evidence, in regulatory, competition, state aid, litigation and arbitration proceedings. His academic research focuses on financial markets, cost of capital, corporate finance, corporate dividend and capital structure policy, financial regulation and corporate governance, and he has published extensively in these areas. He has directed more than 50 policy and research studies for many institutions, for example the European Commission, as well as for the London Stock Exchange, Financial Conduct Authority, Ofcom and the UK Competition and Markets Authority. Luis is a Maître d’Enseignement at Solvay Brussels School of Economics and Management, Université Libre de Bruxelles. Before joining Oxera, he was a Researcher in the Economics and Finance departments of the University of Warwick and the University of Oxford. Luis was a member of the Financial Innovation Standing Committee of the European Securities Markets Authority (ESMA) for six years until 2018. He has been a member of the UK Competition and Markets Authority’s (CMA) regulatory expert panel, and a trustee of Trust for London, an independent charitable foundation which aims to tackle poverty and its root causes among the people of London. He has also been a member of the Advisory Board of the Solvay Brussels School of Economics and Management.

Graham Taylor Senior Vice President - Infrastructure Finance Moody's Ratings

Graham Taylor is a Vice President – Senior Credit Officer in Moody’s EMEA Infrastructure Finance team, based in London. He is responsible for a portfolio of regulated and unregulated utilities in the United Kingdom. As a senior member of the analytical team, Graham has contributed to and/or coordinated a number of publications, in particular on energy market issues, and is a frequent speaker at investor events. Prior to joining Moody’s in 2015, Graham was City Advisor to Ofwat, the English and Welsh water regulator, through the 2014 Price Review. He was previously an equity portfolio manager at Legal & General, where he managed long-only and long/short funds and was responsible for coverage of UK utilities, transport and leisure, and health care. Graham started his career in the investment banking division of Credit Suisse in New York. He is a graduate of Queen’s University, Canada, and is a CFA charter holder. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2trillion 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 than11,000 corporate issuers and 135 sovereign nations.

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.

Luis Correia da Silva Chair and Partner Oxera

Luis is a Partner and Chair of Oxera, he holds a doctorate in Economics from the University of Oxford and leads the Finance & Valuation and Regulation teams at Oxera. He has over 25 years of experience of applying his expertise in economics and finance to competition, regulation and policy issues across a wide range of industries. He provides advice at the board and executive level to companies, regulators and governmental departments in Europe across many sectors, including asset management, banking, communications, energy, securities markets, transport, water and others. He has extensive experience of acting as an expert, providing oral and written evidence, in regulatory, competition, state aid, litigation and arbitration proceedings. His academic research focuses on financial markets, cost of capital, corporate finance, corporate dividend and capital structure policy, financial regulation and corporate governance, and he has published extensively in these areas. He has directed more than 50 policy and research studies for many institutions, for example the European Commission, as well as for the London Stock Exchange, Financial Conduct Authority, Ofcom and the UK Competition and Markets Authority. Luis is a Maître d’Enseignement at Solvay Brussels School of Economics and Management, Université Libre de Bruxelles. Before joining Oxera, he was a Researcher in the Economics and Finance departments of the University of Warwick and the University of Oxford. Luis was a member of the Financial Innovation Standing Committee of the European Securities Markets Authority (ESMA) for six years until 2018. He has been a member of the UK Competition and Markets Authority’s (CMA) regulatory expert panel, and a trustee of Trust for London, an independent charitable foundation which aims to tackle poverty and its root causes among the people of London. He has also been a member of the Advisory Board of the Solvay Brussels School of Economics and Management.

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).

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.

Iain Smedley Global Chairman of Banking; Chairman, EME Power, Utilities & Infrastructure Investment Banking Barclays

Iain has over 27 years’ experience as a banker, primarily in the power and utilities sector.  

Iain has worked on a variety of strategic advisory and financing transactions for power, utility and infrastructure clients in the UK and across Europe, including corporate and asset buy-side and sell-side M&A, joint ventures, dual-track M&A / IPO transactions and equity and debt financings.

Recent roles include advising National Grid on the acquisition of WPD, sale of NECO and sale of National Grid Gas; Pennon on the sale of Viridor and acquisition of Bristol Water; Fortum on the stabilisation measures package for Uniper; and Zenobe on its capital raise. Iain is advising the UK Government on the equity capital raise for Sizewell C.

Iain joined Barclays in 2010.  Prior to Barclays, Iain worked at Nomura (2009-10) and Morgan Stanley (1996-2008).

Graham Taylor Senior Vice President - Infrastructure Finance Moody's Ratings

Graham Taylor is a Vice President – Senior Credit Officer in Moody’s EMEA Infrastructure Finance team, based in London. He is responsible for a portfolio of regulated and unregulated utilities in the United Kingdom. As a senior member of the analytical team, Graham has contributed to and/or coordinated a number of publications, in particular on energy market issues, and is a frequent speaker at investor events. Prior to joining Moody’s in 2015, Graham was City Advisor to Ofwat, the English and Welsh water regulator, through the 2014 Price Review. He was previously an equity portfolio manager at Legal & General, where he managed long-only and long/short funds and was responsible for coverage of UK utilities, transport and leisure, and health care. Graham started his career in the investment banking division of Credit Suisse in New York. He is a graduate of Queen’s University, Canada, and is a CFA charter holder. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2trillion 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 than11,000 corporate issuers and 135 sovereign nations.

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.

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).

Cathryn Ross Interim Co-Chief Executive Officer Thames Water

Cathryn Ross is Interim Co-Chief Executive Officer at Thames Water. Her substantive role is Strategy and External Affairs Director. She is responsible for shaping and embedding a strategy to ensure that Thames Water delivers for customers, communities and the environment. She is an experienced regulatory and competition economist and has worked across a number of different sectors advising on economic, regulatory and competition issues.

Before joining Thames Water, Cathryn was Group Regulatory Affairs Director at BT Group and responsible for developing and implementing BT’s regulatory strategy across the group, covering regulation in the UK and beyond.

Prior to that Cathryn was Chief Executive of Ofwat, the independent economic regulator for the water and wastewater sector in England and Wales. She successfully saw through the delivery of a new strategy for Ofwat, focussed on a vision for the sector of trust and confidence in water and wastewater services, and transformed the regulator in order to deliver this. She led the 2014 price review and played a key role in the opening of the non-household retail market in England to competition.

Previously, Cathryn held a variety of executive roles including at the Office of Rail Regulation (now Office of Rail and Road), the Competition Commission (now Competition and Markets Authority), Oftel (now Ofcom) and in economic consultancy.

Cathryn serves as an independent non-executive director on the boards of National Grid Electricity Transmission and National Gas.

Susan Davy Group Chief Executive Pennon Group

Susan was appointed Group Chief Executive for Pennon Group in July 2020. Having previously served as Chief Financial Officer since 2015.

Susan’s knowledge of the industry, coupled with her financial and regulatory expertise, has underpinned the development of Pennon’s strategy which has included the value creating acquisition of Bournemouth Water in 2015 and now Bristol Water, as well as the successful Viridor disposal process, all of which she has led. In her 25 years’ experience in the utility sector, Susan has also held a number of other senior roles in the water sector, including at Kelda Water.

Susan is a Non-Executive Director and Audit Chair of Restore Plc, a Water UK Board member, member of the Energy & Utilities Skills Partnership Council and was previously a member of the A4S (Accounting for Sustainability) CFO leadership network.

Luis Correia da Silva Chair and Partner Oxera

Luis is a Partner and Chair of Oxera, he holds a doctorate in Economics from the University of Oxford and leads the Finance & Valuation and Regulation teams at Oxera. He has over 25 years of experience of applying his expertise in economics and finance to competition, regulation and policy issues across a wide range of industries. He provides advice at the board and executive level to companies, regulators and governmental departments in Europe across many sectors, including asset management, banking, communications, energy, securities markets, transport, water and others. He has extensive experience of acting as an expert, providing oral and written evidence, in regulatory, competition, state aid, litigation and arbitration proceedings. His academic research focuses on financial markets, cost of capital, corporate finance, corporate dividend and capital structure policy, financial regulation and corporate governance, and he has published extensively in these areas. He has directed more than 50 policy and research studies for many institutions, for example the European Commission, as well as for the London Stock Exchange, Financial Conduct Authority, Ofcom and the UK Competition and Markets Authority. Luis is a Maître d’Enseignement at Solvay Brussels School of Economics and Management, Université Libre de Bruxelles. Before joining Oxera, he was a Researcher in the Economics and Finance departments of the University of Warwick and the University of Oxford. Luis was a member of the Financial Innovation Standing Committee of the European Securities Markets Authority (ESMA) for six years until 2018. He has been a member of the UK Competition and Markets Authority’s (CMA) regulatory expert panel, and a trustee of Trust for London, an independent charitable foundation which aims to tackle poverty and its root causes among the people of London. He has also been a member of the Advisory Board of the Solvay Brussels School of Economics and Management.

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.

Martin Woolhead Deputy Director for Water Services Defra

Martin Woolhead is Deputy Director for Water Services at the Department for Environment, Food and Rural Affairs (Defra).

Previously, Martin was Deputy Director for Transformation, leading organisational change in the Department, and prior to that Deputy Director for Food for the Vulnerable. In this role Martin lead the programme that delivered 4.8 million food parcels to the most vulnerable in society, shielding due to their increased risk relating to Covid-19.

Martin joined Defra in 2012 and has worked in roles spanning private office, international trade, negotiation (international and commercial), large-scale procurement and contract management, crisis management and contingency planning, legislation and Parliamentary handling, and policy development across the Defra brief.

Iain Smedley Global Chairman of Banking; Chairman, EME Power, Utilities & Infrastructure Investment Banking Barclays

Iain has over 27 years’ experience as a banker, primarily in the power and utilities sector.  

Iain has worked on a variety of strategic advisory and financing transactions for power, utility and infrastructure clients in the UK and across Europe, including corporate and asset buy-side and sell-side M&A, joint ventures, dual-track M&A / IPO transactions and equity and debt financings.

Recent roles include advising National Grid on the acquisition of WPD, sale of NECO and sale of National Grid Gas; Pennon on the sale of Viridor and acquisition of Bristol Water; Fortum on the stabilisation measures package for Uniper; and Zenobe on its capital raise. Iain is advising the UK Government on the equity capital raise for Sizewell C.

Iain joined Barclays in 2010.  Prior to Barclays, Iain worked at Nomura (2009-10) and Morgan Stanley (1996-2008).

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.

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.

Graham Taylor Senior Vice President - Infrastructure Finance Moody's Ratings

Graham Taylor is a Vice President – Senior Credit Officer in Moody’s EMEA Infrastructure Finance team, based in London. He is responsible for a portfolio of regulated and unregulated utilities in the United Kingdom. As a senior member of the analytical team, Graham has contributed to and/or coordinated a number of publications, in particular on energy market issues, and is a frequent speaker at investor events. Prior to joining Moody’s in 2015, Graham was City Advisor to Ofwat, the English and Welsh water regulator, through the 2014 Price Review. He was previously an equity portfolio manager at Legal & General, where he managed long-only and long/short funds and was responsible for coverage of UK utilities, transport and leisure, and health care. Graham started his career in the investment banking division of Credit Suisse in New York. He is a graduate of Queen’s University, Canada, and is a CFA charter holder. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2trillion 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 than11,000 corporate issuers and 135 sovereign nations.