Tom Graham

Senior Economist

Tom has over eight years’ experience in the application of economics to competition, regulatory and policy matters in both Australia and the Asia-Pacific region.  


Tom has significant expertise in applying economic principles to the regulation of infrastructure service providers. His particular strengths are in the regulatory determination process, regulatory design and economic evaluations. Tom has applied this expertise to a number of industries, including electricity and gas networks, cogeneration, water and wastewater networks and road and rail infrastructure.

Tom has extensive experience in advising on the best practices to be applied when undertaking economic evaluations. Tom has provided advice on these topics in a range of contexts, including: assisting governments assess energy and water efficiency policies; the regulatory investment tests for electricity transmission and distribution ('RIT-T' & 'RIT-D'); capital and operating cost proposals submitted to regulators; the strategic acquisition of land, property and easements by regulated businesses; and the roll-out of communications technology across networks. Tom has also developed handbooks and provided training on the principles to be applied in undertaking these assessments more generally.

Tom also has experience in the design of wholesale gas markets, having been seconded to the Australian Energy Market Commission during 2015 and 2016 as it completed the East Coast Wholesale Gas Market and Pipeline Frameworks Review and the simultaneous review of the Victorian Declared Wholesale Gas Market – Tom's focus throughout these reviews was on the design of wholesale gas markets.

Tom has assisted numerous entities on matters pertaining to Australia’s energy and water industries, including the institutional structure, financing arrangements, energy and water efficiency policies, the roll-out of smart meters and the concept of long-run marginal cost. Tom has also been involved in assignments associated with a number of high profile industrial disputes, in estimating the nature and extent of the economic damage associated with the proposed action.

Tom has also assisted in advising clients in a number of competition matters in Australia, with his experience spaning a wide range of industries, including recorded music, dairying, fly ash, coking coal and rail.

Prior to joining HoustonKemp, Tom worked for five years as a consultant with NERA Economic Consulting. Tom holds a Bachelors of Commerce with first class honours, majoring in economics from the University of Otago in New Zealand.

Posted on August 4, 2014 and filed under Senior Economist.