Akshay is responsible for the economic regulation of transmission and distribution networks in the gas and electricity sectors in Great Britain,including the development of the next generation of network price controls called RIIO2. He joined Ofgem in 2017, and was previously responsible for the delivery of multi-billion pound investment regimes in the onshore and offshore transmission, and cross-border interconnection sectors.
Prior to joining Ofgem, Akshay was on secondment from HM Treasury to Transport for London, where he led TfL’s work on funding transport infrastructure in London by capturing the uplift in land and property values associated with transport projects such as Barking Riverside Extension,Crossrail 2 and the Bakerloo Line Extension. This followed a spell of five years at HM Treasury, where Akshay directed energy and transport projects for Infrastructure UK, a specialist infrastructure unit responsible for the planning, prioritisation, funding, financing and delivery of economic infrastructure. He has been involved in the design and delivery of electricity market reform, the competition for carbon capture and storage, the development of the new nuclear energy programme, the reform of the strategic roads network and regeneration projects such as the Northern Line extension to Battersea Power Station in London, the UK’s first large scale tax increment financing scheme. He also directed the production of the National Infrastructure Plan in 2011.
Earlier in his career, Akshay worked for ten years with Partnerships UK, a joint venture between HM Treasury and the private sector, on the delivery of projects in the transport, health, education and housing sectors under the Government’s private finance initiative. He started his career in India, where he worked in investment banking and project finance for energy, transport and industrial projects for the IL&FS Group, a major Indian financial institution. Akshay studied economics, finance, management, and bioscience, at the London School of Economics, the universities of London and Delhi, and the Indian Institute of Management.