IPA Advisory Limited a leading independent advisory practice

Short biographies of our Managing Consultants, Senior Consultants, Consultants and Analysts are detailed below:

Jonathan Churchman-Davies

Managing Consultant - Energy & Infrastructure

Jonathan is IPA’s specialist in Demand Side Management, energy efficiency, clean technology and sustainability, with 18 years of experience in environmental consulting and a further 11 years in manufacturing aerospace composites.  He has provided advice to international corporations, governments and trade associations on the impacts of emissions legislation, their technical options and the viability of opportunities to save costs and reduce risks.  He has provided extensive advice on developing new products and markets linked to energy efficiency, resource efficiency and clean technology.  Recently he has provided advice to governments and regulators on the emerging area of Demand Side Management for Water and Power, and has also advised on performance benchmarks in the construction and utilities sectors. Jonathan has an honours degree and a Postgraduate Diploma in Materials Science and Engineering from Imperial College, London.

David James

Managing Consultant - Regulation & Policy

David is a Managing Consultant in IPA’s Regulation & Policy Team. He is an Economist with over 25 years’ experience in the water, district cooling, energy, and oil and gas sectors, providing regulatory advice, capacity-building support and economic and financial analyses of major projects. He has worked with governments to develop market structures, regulatory frameworks and modes of private sector participation to ensure that government policy objectives are achieved. He has also provided advice to potential investors in overseas projects on the market and regulatory risks associated with those investments. His work for regulated entities has been focussed on their interface with their respective regulators, principally in support of tariff submissions. David holds a BA (Hons) in Economics and Social Studies from Trinity College, University of Dublin.

Stefan Konstantinov

Principal Consultant - Power

Stefan has more than 10 years’ experience in the energy industry gained with Global Insight, IHS CERA, EDF Energy, and latterly Gazprom Marketing & Trading.  He has in-depth understanding of fundamental commodity analysis, and strong expertise in supply and demand modelling, and long term price forecasting in electricity, gas and emissions markets.  Having worked in corporate strategy roles with major energy companies, Stefan has a track record of successfully completed projects in the areas of scenario-based market modelling, strategic business planning, asset evaluation, financial analysis as well as competitor intelligence.  He has worked on detailed modelling of the EU renewables and emissions markets, and has taken part in a number of energy market regulatory and due diligence assignments across Europe.  Stefan holds a degree in International Business from Poznan University of Economics, Poland, an MA in European Studies and an MSc in Financial Analysis and Fund Management, both from Exeter University, UK.

Farah Nushaiwat

Managing Consultant - Energy & Infrastructure

Farah is a Managing Consultant in IPA’s Energy & Infrastructure Team with over 24 years of experience in the water, waste, transportation and energy sectors. Farah is a specialist in PPPs and has advised governments and private companies on strategic planning, finance, PPPs and institutional development. He has worked in a number of countries to conceive and develop PPP transactions to take to market; developed strategic plans and restructured institutions for greater efficiency and effectiveness. In the PPP field, he led advisory teams to develop and then implement PPP transactions, assisting government clients to identify, analyse and structure PPP transactions – including risk assessment, financial modelling and tender documents drafting. He has completed several financial feasibility studies to evaluate the viability of infrastructure projects and identified financial and commercial arrangements to enhance their bankability. Farah holds a BSc in Electrical Engineering from California State University Long Beach, and an MBA from the University of Edinburgh.

Zuzana Princova

Gas Market Specialist - Oil, Gas & LNG

Zuzana is a Gas Market Specialist in IPA’s Oil, Gas & LNG Team.  She has specialised in the natural gas industry for last 23 years.  She has gained extensive international experience providing commercial and strategic advice on market developments, regulation and price, with a special focus on Central and Eastern Europe, Russia and CIS.  Zuzana has worked on various projects ranging from market analysis, assessment and forecasting of gas supply and demand, strategic studies, due diligence on resource development projects reviews and market assessments for large international oil and gas companies, national gas companies, and public, private and institutional bodies.  She has worked as an expert witness in international arbitration cases and with her insight into the geopolitics of these countries she has been able to provide analysis and scenarios for industry entrants and investors.  Zuzana holds a MA (Hons) in Economics from the Prague School of Economics and BA from Birkbeck College, University of London. 

Martin Siner

Managing Consultant - Regulation & Policy

Martin is a Managing Consultant in IPA’s Regulation & Policy Team and an Economist with almost fifteen years’ experience in consultancy.  He has worked extensively on the economic regulation of the electricity, gas and water sectors, for governments, regulators and regulated companies, and has supported his clients’ acquisitions and disposals in these sectors.  He has also conducted appraisals and evaluation of projects, programmes and policies, including the development of business cases and feasibility studies, cost benefit analysis, and financial and economic modelling.  Martin is also an experienced project manager and a Managing Successful Programmes Practitioner.  Prior to working in consultancy, he spent four years as a researcher in the Regulation Initiative of London Business School’s Economics Department.  Martin holds a First Class Honours Degree and a MSc. in Economics.

Komal Aggarwal

Senior Consultant - Power

Komal has over eight years of experience in the energy and environment sector covering USA and Asia Pacific region. She has deep understanding of wholesale power markets including market design, environmental regulations, fuel markets, transmission, renewable, energy efficiency, and demand side management (DSM). Her expertise is in energy modeling, wholesale market assessments, asset valuations, contract evaluation and risk assessments.  With this focus, she has developed and supported forward price curve assessments and analyzed the financial performance of generation assets. She has worked with various private sector clients to design investment, bidding and hedging strategies for conventional and non-conventional energy resources. She has also authored papers on renewable energy and energy efficiency policies, and has assisted various governmental and intergovernmental institutions to design policy tenets and assess their economic impact.

Komal holds a Masters of Public Policy from University of Michigan, a Masters of Science in Operations Research, and Bachelor of Science in Mathematics from University of Delhi.

Clare Stark

Consultant - Regulation & Policy

Clare is a Consultant in IPA’s Regulation & Policy Team. She has 5 years’ experience as an Economist providing market analysis for the gas and electricity sectors. She has led analysis for investigations into potential insider trading and market abuse in gas and electricity markets for the British energy regulator Ofgem. Her analysis on the resources and energy sectors in Australia was used to inform government policies. Clare has also provided expert support to European and South East Asian Governments to enhance their analytical capabilities for monitoring energy markets. Clare has an honours degree in Economics from the University of Tasmania.

Victoria McKinney


Victoria is an Analyst in IPA's Power team. She joined IPA in November 2014 and supports the modelling and analysis of power market prices in the UK, Europe, Middle East and Asia. Since joining IPA, she has assisted on projects advising national regulators in Asia on electricity price-setting mechanisms and providing regulatory advice on water and power distribution in the UAE. She is also interested in electricity trading and the balancing mechanism in UK and European electricity markets.

Victoria holds a BSc (Hons) in Economics from Royal Holloway, University of London and is currently working towards a Graduate Diploma in Mathematics at King's College London.

Peter Stewart

Energy Market Specialist - Oil, Gas & LNG

Peter  is an Energy Market Specialist in IPA’s Oil, Gas & LNG team.  He has 30 years’ experience in market fundamentals, recently he has run training in oil and gas pricing, and was Chief Energy Analyst for 3 years with Interfax Global Gas Analytics. Prior to this Peter was Chief Economist and Principal Consultant with KBC Energy Economics and was 20 years at energy pricing agency Platts.  He has worked in Tokyo, Hong Kong, Singapore, Dubai and London.  Peter is also a director of BIEE, has written for the OIES’ Oxford Energy Forum.  He holds a joint-honours BA (Hons) Degree in English and Arabic from Emmanuel College, University of Cambridge in the UK.  Since 2010 he has been engaged in M.Phil econometric research at the University of Surrey, specifically on energy pricing benchmarks.