Dr. Lilia Habibulina

Senior Economist

Biography

Lilia Habibulina is a Senior Economist at Swiss Economics, specializing in economic analysis and valuation in regulated markets. Her areas of expertise include energy and aviation, as well as regulatory economics, cost of capital, corporate valuation, and empirical economic analysis. She has extensive experience in the quantitative analysis of complex economic issues and in the preparation of economic studies and expert reports.

Lilia holds a PhD in Economics from the University of Zurich. Prior to joining Swiss Economics, she worked for several years as a research associate at the Department of Economics at the University of Zurich, where she gained extensive experience in empirical research, econometrics, and quantitative data analysis.

Work experience

Senior Economist, Swiss Economics (2026 -)
Economist, Swiss Economics (2021 - 2025)
Research Associate, Department of Economics, University of Zurich (2019 - 2023)
Research Assistant, Department of Economics, University of Zurich (2012 – 2019)

Eduaction

Ph.D. in Economics, University of Zurich (2019)
M.Sc. in Economics, University of Zurich (2013)
B.A. in Economics, University of Zurich (2011)

Expertise

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Projects (selection)

Xgen for the fifth regulatory period (2026 – ). At what level should the general productivity factor (Xgen) for German gas and electricity networks in the fifth regulatory period (RP5) be set? Client: Bundesnetzagentur (BNetzA).
Valuation of an energy asset (2026). Swiss Economics supported an investor in the valuation of an energy asset, taking into consideration different market and regulatory scenarios Client: Confidential Investor.
Regulatory cost of capital of an international airport (2026). Swiss Economics supported an international airport in the determination of the regulatory cost of capital for the next negotiation period Client: International Airport.
WACC 2027 for Swiss electricity grids and renewable energies (2026). What is the appropriate cost of capital for Swiss electricity grids and renewables for 2027? Client: Bundesamt für Energie (BFE).
Beta Determination for Regulated Airports (2025 – ). A Robust and Transparent Framework for Equity and Asset Beta Estimation
Capital Costs of Renewable Energy (2025 – ). How high are the capital costs of renewable energy?

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Calculation of the cost of capital in the energy sector for a european fund manager (2025). How are the capital costs in the energy sector calculated?

Determination of the beta peer group for an international airport (2024 – 2025). How can the peer group for the calculation of the regulatory beta be determined? Client: International Airport.

WACC 2026 for Swiss electricity grids and renewable energies (2024 – 2025). What is the appropriate cost of capital for Swiss electricity grids and renewables for 2026? Client: Bundesamt für Energie (BFE).

Security of supply and competition (2024 – ). What impact do increased import capacities have on security of supply and competition?

Impairment of a damaged asset (2024). Does a damaged asset have to be written off?

Modelling of debt and capital structures (2024). What is the impact of debt structure and repayment schedule on cash flows, dividends and profit?

Effect of price signals and government measures on electricity demand (2023 – 2024). How have end customers reacted to the rise in electricity prices? What role do government measures play? Client: State Secretariat of Economic Affairs SECO.

Dublin Airport WACC (2022). Should Dublin Airport's regulatory WACC be amended in light of Covid-19? Client: Commission for Aviation Regulation (CAR).

Support for the definition of the incentive regulation of Austrian DSOs (2022). How should the system for the new regulatory period for the Austrian gas distribution networks be defined? Client: Wirtschaftskammer Österreich (WKÖ).

Determination of Xgen in Germany (2022 – 2023). Have German gas and electricity networks become more productive? At what level should the Xgen be set for the fourth regulatory period? Client: Bundesnetzagentur (BNetzA).

Damages assessment in an arbitration case (2020 – 2022). What is the damage arising from the enactment of new EC law on an affected business?

Regulation, costing and pricing of district heating (2020). What are the cost drivers of district heating? What is a "fair" price for district heating? How should the governance and regulation for district heating networks look like? Client: Services Industriels de Genève (SIG), Office cantonal de l'énergie (OCEN).

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Publications (selection)

Habibulina Lilia, Hoffmann Mathias (2024). Softening the Blow: US State-Level Banking Deregulation and Sectoral Reallocation after the China Trade Shock. Journal of Political Economy Macroeconomics.
Eschenbaum Nicolas, Habibulina Lilia, Sabotic Maida, de Luze Romain, Meyer Leah, Trinkner Urs (2024). Effect of price signals and regulations on electricity demand. Foundations for economic policy.
Binz Tobias, Mattmann Matteo, Habibulina Lilia, Apreda Luca (2022). Dublin Airport Cost of Capital for 2022 Interim Review. Report for the Commission for Aviation Regulation.

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