Jonathan Ashcroft

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  • Education:

    Associate of the Institute of Chartered Accountants (1994)

    BSc – Mathematics and Finance, Oxford Brookes University (1990)

  • Associate Director, ESP Consulting (2012 – Present)
  • Head of Regulation and Strategy, E.ON Central Networks (2004 – 2011)
  • Head of Regulation, Midlands Electricity plc. (1998 – 2004)
  • Financial Auditor and Manager, Coopers & Lybrand (1990 - 1997)

Jonathan Ashcroft, an Associate Director of ESP Consulting UK, is a Chartered Accountant with over 20 years’ power sector experience. Jonathan has advisory experience as well as an in depth knowledge of what it takes to succeed in regulatory negotiations, whilst driving a company’s own strategic priorities and goals.

He has supported on multiple cost review and price control assignments while a consultant with ESP Consulting. Prior to this, Jonathan held various roles in industry where he led Regulation and Strategy roles. In these roles, he owned price control negotiations and implemented key aspects of competition through industry restructure whilst also responsible for ongoing industry compliance. He also trained as a Chartered Accountant with PwC, where he worked on a number of wholesale energy market assignments.

Further details are available below.

Consulting Experience

With ESP Consulting, Jonathan has provided expert support to utility regulators on various cost reviews and price controls. Examples include:

  • Leading cost reviews of Eirgrid on behalf of the Irish Regulatory Authorities in respect to the I-SEM and DS3 programmes;
  • Leading the price control of new market operators set up under the I-SEM programme;
  • Advising the French regulator on the approach to network price controls ;
  • Working for Ofwat to understand and challenge the "outputs" proposed by each of the water companies; and
  • Leading our work to review and challenge Distribution Network Operator (DNO) regulatory submissions on the level of electrical losses in their networks, and the extent to which these had reduced over a price control period.
Industry Experience

Jonathan’s experience in industry includes negotiations, transaction support and overall functional leadership. For example, Jonathan:

  • Successfully led CN and previously Midlands Electricity negotiations with Ofgem through 3 price controls;
  • Played a key role in the sale of CN by E.ON with a 30%+ premium to RAV, including the issuance of £2bn of bonds;
  • Successfully focused Central Networks’ Board, management and employees to deliver clear customer and shareholder measures achieving a minimum of 25% improvement in key indicators over 3 year period;
  • Led E.ON’s pan European regulatory forum with the aim of sharing knowledge and best practice to maximise the effectiveness of E.ON’s influence over European Regulators;
  • Had responsibility for CN’s strategic response to RIIO, the latest evolution of Ofgem’s approach to regulating gas and electricity networks. This includes being selected by Ofgem as an industry expert to help shape the RIIO policy;
  • Was part of the leadership team considering changes to CN required to align its strategic priorities and stakeholder management with RIIO with a view to maximising returns.
  • Was non-executive director of the Energy Networks Association (ENA) and chair of its Regulation Group for transmission and distribution. This group looked to create consensus on regulatory issues across both electricity and gas to drive regulatory and government policy; and
  • Successfully worked with E.ON’s Scandinavian infrastructure business to influence the regulatory framework in Sweden and engage senior managers as to the opportunities this could present.
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