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03 · Energy & Utilities

Lower costs. More renewables. Stronger energy security.

FMA supports governments in designing and implementing electricity-sector reforms that improve affordability, strengthen security of supply and create the conditions for renewable energy investment.

Our work brings together legal, financial, commercial and power-systems expertise. We recognise that successful energy reform depends on aligning technical solutions with viable regulation, commercial arrangements and practical implementation.

How FMA can help Contact FMA

The government challenge

Electricity is becoming increasingly important to national competitiveness. Electrification, climate commitments, artificial intelligence and the expansion of data centres are transforming demand, while renewable generation and energy storage are reshaping how electricity systems operate.

Governments must ensure their electricity sectors can deliver reliable, affordable and increasingly low-carbon power. This requires regulatory frameworks capable of accommodating new technologies, addressing technical and commercial losses, encouraging investment and maintaining financial sustainability.

Countries that manage these changes successfully can benefit from lower energy costs, improved productivity and reduced dependence on imported fossil fuels. Those that do not risk higher costs, unreliable supply and declining competitiveness.

FMA helps governments respond through practical electricity-sector reform, combining institutional, commercial and regulatory expertise to enable more efficient and resilient energy systems.

How FMA can help

5 ways we work with governments.

01Utilities Diagnostics

Understand the challenges and opportunities facing your utility sector.

Countries facing high electricity costs, unreliable supply, significant system losses or dependence on imported fossil fuels risk missing the economic benefits of electrification and new energy technologies.

Discuss your priorities

Effective reform requires a clear understanding of the sector's regulatory, financial, commercial, legal and planning arrangements, together with the capability of the institutions responsible for delivery.

FMA undertakes comprehensive utility-sector diagnostics to identify the underlying causes of poor performance and the opportunities for improvement.

Our practitioners review regulatory and commercial frameworks, licences, legislation and institutional mandates through targeted research, stakeholder engagement, in-person assessments and international benchmarking.

The resulting analysis provides government with an evidence-based understanding of the sector's challenges and a practical basis for choosing, sequencing and implementing reform.

What this gives you

A clear, evidence-based assessment of the utility sector's challenges and opportunities, together with a prioritised reform roadmap and, where required, practical support for implementation.

Selected experience

Jamaica · 2025

Electricity licence review

With financing from the Inter-American Development Bank, FMA reviewed Jamaica's electricity-sector legislation, licences and regulatory arrangements.

The assessment identified structural challenges, including aggregate technical and commercial losses approaching 30%, weaknesses in the existing sector framework and barriers to improved sector performance. FMA's advice informed the Government's decision not to renew the monopoly utility's licence, creating an opportunity for comprehensive reform of the sector.

Discuss your priorities

Your Utilities Diagnostics leads

Practical experience.
Personal commitment.

Portrait of Glen Suarez

Glen Suarez

Senior Advisor

Glen advises FMA’s clients on energy and utility sector policy and reform; and on financial and economic development issues. He recently led an engagement advising a government on creating its first utilities regulator.

Meet Glen
Portrait of Alistair Hankey

Alistair Hankey

Principal

Alistair specialises in FMA’s work on electrical utilities, working closely with Glen Suarez. He recently led the junior team on a project to establish a utility regulator for a client government, and has completed studies of electricity utility sectors around the world.

Meet Alistair

02Independent Regulation

Independent regulation for a stronger, more investable utility sector.

Effective utility regulation is essential for balancing affordability, reliable service, commercial sustainability and the investment needed to modernise infrastructure.

Discuss your priorities

Weak or insufficiently independent regulatory arrangements can undermine this balance. Pressure to maintain tariffs below sustainable levels may discourage maintenance and investment, while inadequate oversight of private utilities can expose customers to excessive costs or poor service.

FMA helps governments establish independent utility regulators or reform existing regulatory institutions.

Our work addresses regulatory mandates, institutional independence, tariff-setting, utility accountability and the powers needed for effective oversight.

We support governments from institutional and legislative design through to implementation, helping establish regulatory arrangements that protect consumers, incentivise efficiency and create a more predictable environment for long-term investment.

What this gives you

A regulatory framework or institution with the independence, powers and capability to set fair tariffs, hold utilities accountable and provide greater confidence to investors, supported by practical implementation arrangements.

Selected experience

JAMAICA · 2026–2027 · Ongoing

Electricity sector regulatory framework reform

FMA is supporting a multi-year electricity-sector reform programme, including development of a new Electricity Act, proposed amendments to the Office of Utilities Regulation Act, stronger regulatory enforcement arrangements, PPA renegotiation and potential new licensing arrangements for generation, transmission and distribution.

The aim is to establish a stronger regulatory framework capable of supporting long-term electricity-sector reform.

Discuss your priorities

03PPA Renegotiation

Reduce the burden of legacy electricity contracts.

Legacy power purchase agreements (PPAs) can impose significant costs on electricity sectors, particularly where contractual prices exceed current market conditions or inflexible take-or-pay provisions limit the integration of renewable generation.

Discuss your priorities

FMA brings experience in renegotiating power purchase and fuel supply agreements to secure more favourable terms for electricity offtakers.

This can involve improving the operational flexibility of conventional generation, strengthening thermal efficiency requirements and reducing overall system costs while protecting security of supply.

We recognise the need to balance financial improvement with commercial credibility and investor confidence.

Our approach focuses on achieving more sustainable contractual arrangements that accommodate emerging technologies, support the transition towards renewable energy and reduce costs over time.

What this gives you

Renegotiated power and fuel supply arrangements designed to reduce system costs, accommodate renewable generation and preserve security of supply, while maintaining a credible commercial relationship with investors.

Selected experience

Practitioner experience · UK energy sector

Restructuring legacy gas contracts

Our Senior Advisor, Glen Suarez, advised Centrica, a global energy and services company operating in over 40 countries, on restructuring legacy gas contracts with BP/BG.

Discuss your priorities
Portrait of Glen Suarez

Your PPA Renegotiation lead

Practical experience.
Personal commitment.

Glen Suarez

Senior Advisor

Glen advises FMA’s clients on energy and utility sector policy and reform; and on financial and economic development issues. He recently led an engagement advising a government on creating its first utilities regulator.

Meet Glen

04Utility Restructuring

Design a utility sector fit for long-term performance.

Governments may seek to improve the performance of electricity, gas or water utilities through corporatisation, privatisation, unbundling, re-licensing or private management arrangements.

Discuss your priorities

Each option has implications for service quality, investment, accountability and public finances, and requires careful legal, regulatory and commercial design.

FMA's practitioners bring experience of utility restructuring, privatisation and private management negotiations across the UK, Europe, Latin America and the Middle East.

We help governments assess restructuring options, select an appropriate operating model, design supporting licences and contractual frameworks, and negotiate with incumbent operators, potential investors and other stakeholders.

The objective is to establish utility arrangements with clearer responsibilities, stronger incentives for efficiency and lower losses, and improved capacity to attract investment and modernise infrastructure.

What this gives you

A utility-sector structure tailored to national priorities, supported by the legal, commercial, licensing and regulatory arrangements needed for effective implementation.

Selected experience

JAMAICA · 2026–2027 · Ongoing

Electricity sector regulatory framework reform

FMA is supporting a multi-year electricity-sector reform programme, including development of a new Electricity Act, proposed amendments to the Office of Utilities Regulation Act, stronger regulatory enforcement arrangements, PPA renegotiation and potential new licensing arrangements for generation, transmission and distribution.

The aim is to establish a stronger regulatory framework capable of supporting long-term electricity-sector reform.

Discuss your priorities

Jamaica · 2025–2026

Electricity licence heads of terms

FMA supported the development of the commercial, regulatory and legal foundations for a modernised all-island electricity licence.

The work culminated in Cabinet approval of the new licence Heads of Terms in March 2026.

Discuss your priorities

05Investment Attraction

Create the conditions for investment in modern utility infrastructure.

Utility infrastructure requires substantial upfront investment and is typically developed over long periods. Financing costs therefore play an important role in determining the ultimate cost of electricity, particularly for renewable technologies with relatively low operating costs.

Discuss your priorities

FMA helps governments strengthen the investment attractiveness of their utility sectors by addressing regulatory, commercial and contractual barriers.

Our support can include regulatory reform, improvements to procurement arrangements and the design of contractual structures that reduce investor risk and the cost of capital.

A more credible and investable sector can facilitate investment in generation and networks, accelerate renewable deployment and reduce the pressure on public finances.

By aligning financing arrangements with sound regulation and sector governance, FMA helps governments create the conditions for more affordable, secure and sustainable electricity supply.

What this gives you

A utility-sector investment framework designed to reduce perceived risk, improve investor confidence and lower financing costs, helping attract capital and improve long-term affordability.

Selected experience

Jamaica · 2026 · Ongoing

Investment framework for electricity sector reform

FMA is advising the Jamaican government on potential reforms to improve its investment environment, reduce reliance on imported fossil fuels and support the country's longer-term financial and energy objectives.

The work is intended to improve the conditions for investment in the electricity sector.

Discuss your priorities

Kazakhstan · 2023

Review of energy and utilities modernisation

FMA reviewed and benchmarked a modernisation programme for Kazakhstan's electricity, water and gas sectors, drawing on international experience from the UK, Finland, Bahrain, France and the Netherlands.

The assessment considered challenges associated with ageing infrastructure and underinvestment, and informed consideration of future utility-sector reforms and investment priorities.

Discuss your priorities

Our approach

Side-by-side, from first question to lasting capability.

We do not take over the work, nor simply hand over a manual. FMA works alongside the government’s own team and transfers skills to ensure sustainability.

01

Understand

Work with government leaders to understand objectives, constraints and institutional context.

02

Design

Combine practitioner experience, evidence and international benchmarks to develop practical solutions.

03

Deliver

Implement reform side-by-side with government teams, keeping momentum focused on outcomes.

04

Embed

Transfer capability, strengthen institutions and help reform endure beyond FMA’s engagement.

Energy & Utilities

Discuss your government’s priorities with FMA.

Discuss your priorities