Energy & Climate

The increasing liberalization of energy markets coupled with pressing environmental and geopolitical challenges, are reshaping energy markets. Across the world regulators, companies and consumers have been pushed to adopt a long-term view, without forgetting the here and the now.


At GAMES Econ we have worked with policy makers, energy companies and energy consumers throughout the energy value chain, to make markets work better and to highlight the opportunities and challenges when navigating the energy transition.

  • Strategy: The experts at GAMES Econ have worked with major utilities in Colombia to align their core strategic objectives with their investment portfolios.
  • Policy Design and Implementation: We have conducted market studies and made recommendations aimed at improving the efficiency of energy markets. For instance, we analyzed the impact that new charges for regulated activities had in the Spanish gas industry. We have also analyzed how the renewable energy industry has been impacted by regulatory changes in Mexico.  We have also conducted a market study of the competition conditions in the petrochemical industry in Saudi Arabia.
  • Regulation: The experts at GAMES Econ worked with governments, regulators, international organizations and private companies in the design and analysis of energy markets and regulatory frameworks, planning, tariff design and modeling, third party access rules, project evaluation, profitability analysis, benchmarking and different regulatory issues in Argentina, Bolivia, Brazil, Colombia, Chile, Dominican Republic, El Salvador, Mexico, Perú, Uruguay and Uzbekistan. We also worked for a major Spanish gas consumer at assessing the methodology used to set gas network access fees. We have trained regulators on how to best use economic tools in their analyses and incorporate competition considerations in their deliberations, including energy regulators in Mexico. We have also supported agencies in assessing competition conditions in the Liquified Petroleum Gas Sector as part of a review of the effects of deregulation in the industry in Mexico.
  • Mergers: We have supported acquiring and target companies in major transactions throughout the energy and gas value chain including production/generation, transmission and trading. For instance, we supported the target and acquiring companies in the filing of a major cable and wires acquisition in Colombia. We have also drafted white papers proposing new metrics for defining more localized geographic markets, as demand conditions change within countries.
  • International Trade: The experts at GAMES Econ have provided economic arguments and statistical evidence in relation to the imposition of temporary trade barriers to inputs used for the transmission of electricity and gas in Colombia.

Digital Economy

The digital transformation of the world economy has brought important new challenges to companies, policymakers and society. The crucial role of data, the presence of far-reaching network effects, the fast pace of innovation, and the rapid changes of market realities generate new challenges to companies (both traditional and “new economy” businesses); policymakers, consumers and the society as a whole. The issues raised by digital markets range from antitrust and competition concerns to regulatory, intellectual property, privacy matters and complex business strategies.


At GAMES Econ we have worked with policy-makers and companies to better understand and address the impact of the digital economy on the society:

    • Mergers: We evaluated the potential acquisition of a “digital” competitor by a brick-and-mortar company and the potential impact of the proposed transaction on online and off-line retail markets in Mexico.
    • Policy Advice and Implementation: Experts at GAMES Econ have advised the most important digital commerce platform in Latin America (Mercado Libre) on antitrust and regulatory matters. We have also worked with a global team of experts funded by the Interamerican Development Bank to produce a policy paper on the analysis of “The Impact of Digital Infrastructure on the Consequences of COVID-19 and on the Mitigation of Future Effects” and The Logistic Challenges in Removing Barriers to Digital Trade in Latin America.
    • Abuse of Dominance: We have advised a global digital player in an abuse of dominance case in the music streaming industry in Europe.
    • Regulation: Experts at GAMES Econ have analyzed changes and challenges for retail digital platforms in Latin America for both brick-and-mortar and digital businesses.
    • Regulatory Compliance: Experts at GAMES Econ have evaluated potential antitrust concerns arising from retail competition of digital platforms in Latin America. Our mandate included training staff on antitrust matters, with the purpose of creating an internal culture of compliance.

Infrastructure & Public Procurement

Large-scale infrastructure projects entail complex decisions by governments, infrastructure regulators and engineering and construction companies worldwide. The design of procurement mechanisms and of bidding strategies require detailed economic analyses. Procurement processes are also under the surveillance of antitrust agencies because of the risks of anticompetitive bid rigging, leading to additional challenges.


Experts at GAMES Econ have extensive experience in advising railroad, road and energy infrastructure construction companies, as well as input (steel products) and service (maintenance and management) suppliers.

    • Mergers: Experts at GAMES Econ advised companies across Latin America in the context of mergers and acquisitions in wire & cables mergers.
    • Antitrust: Experts at GAMES Econ advised several companies involved in bid rigging cases in public procurement of public services, infrastructure management services and infrastructure construction. Experts at GAMES Econ also advised clients in allegations of bid-rigging in waste management and urban services; road construction and maintenance; consulting services; railroad infrastructures; TV broadcasting; and meteorological infrastructure, both before regulators and Courts in Europe and Latin America.
    • Litigation: We have advised a leading European infrastructure concession company in the analysis of potential conflicts of interest between shareholders.
    • International Trade: The experts at GAMES Econ have provided economic arguments and statistical evidence in relation to the imposition of temporary trade barriers to inputs used in infrastructure projects in Colombia.
    • Policy Advice: We reviewed guidelines for government purchases of ICT inputs to ensure that the consolidation of purchases did not infringe upon competition laws and regulations.

Retail & Consumer Goods

The retail industry comprises food products and consumer goods sold at grocery stores, convenience stores, drug stores, mass merchandisers, and other brick-and-mortar facilities, as well as online stores.


At GAMES Econ we understand the retail industry dynamics, and its current and future challenges.

    • Strategy: We helped several multinational companies to develop new business lines and design their pricing strategies.
    • Mergers: GAMES Econ experts have advised supermarket chains in their merger filings before Mexico’s competition authority.
    • Regulatory Compliance: GAMES Econ experts have conducted an analysis on the effects of Walmart’s expansion in Mexico from 2009 to 2020 in order to evaluate Walmart’s pricing strategy and detect potential anticompetitive concerns. We have also screened the pricing strategies of a major staples producer for regulatory and business strategy purposes.
    • Public Policy: At GAMES Econ we have conducted market studies in several industries including groceries retail distribution in Spain, Mexico and across Latin America, and funeral services in the city of Barcelona.

Information & Communications Technology

ICT companies face rapid technological change and short recoupment periods, in markets characterized by economies of scale and network effects. In this context, winner-takes-most scenarios can easily arise, leading to market structures that demand regulatory and antitrust intervention.


At GAMES Econ we have developed a deep understanding of the ICT sector policy challenges and growth opportunities.

    • Strategy: The experts at GAMES Econ advised major telecoms’ companies across Latin America to identify their short- and long-term objectives, develop strategies that allow them to achieve those objectives, and implement such strategies (e.g., finding investors and structuring transactions).
    • Policy Design and Implementation: We have conducted market studies and proposed recommendations aimed at improving the efficiency of ICT markets across Latin America and the Caribbean. We have supported telcos in Argentina, Colombia and Mexico throughout regulatory review processes.
    • Regulation: The experts at GAMES Econ have advised companies throughout Latin America and Europe on multiple regulatory issues, including spectrum allocation, and wholesale and retail market reviews (fixed and mobile telephony, fixed and mobile internet access, etc.).
    • Mergers: Experts at GAMES Econ have supported acquiring and target companies in major transactions (eg, Millicom-UNE in Colombia). In Colombia, we have also advised market players involved in mergers in platform-based markets.
    • Antitrust: We have analyzed the potential exclusionary effects of cross-subsidies in double-play in Mexico. We have also collaborated with regional telecommunications regulators to build capacity in economic and antitrust know-how to better inform their decisions and analyses, in Mexico, Nicaragua, Honduras, and El Salvador.
    • Arbitration & Litigation: The experts at GAMES advised a major virtual mobile operator in Spain in the context of a 4G network access conflict. We have also acted as expert witnesses in an international investor-state dispute involving the telecoms industry in Mexico.
    • Policy Advice: As part of an interdisciplinary group, our experts have worked with multinational organizations to analyze the effects of telecommunications investments and infrastructure in Latin American countries, as potential mechanisms to dampen the negative effects of the COVID-19 epidemic.

Media & Entertainment

Disruption in the media and entertainment industry is transforming markets daily. The ways to reach audiences are increasingly more diverse, including traditional and digital media platforms like free-to-air and pay TV, converging telecom services and Over-The-Top media platforms. Digital technologies are redefining entertainment, both at the production, distribution and monetization stages. Engaging consumers has never been more challenging.


GAMES Econ experts have performed wide-ranging competition analyses and have advised media and entertainment companies across Europe and Latin America in regulatory and policy matters:

    • Mergers: GAMES Econ advised a media group in challenging the merger between the two main pay-TV stations in Spain. We also successfully advised a major global content provider in a conflict regarding the implementation of merger remedies in Spain. In addition, in Colombia, we successfully helped a client block the vertical integration of a competitor active in media and telecoms services markets.
    • Antitrust: We advised a major European media group on a case of alleged anticompetitive practices in the media advertising industry in Spain.
    • Regulation: Experts at GAMES Econ have advised telecoms and media companies in several regulatory review and policy processes across Latin America.
    • Business Strategy: In Colombia and across Europe, we have been involved in the study and negotiation of broadcasting license fees, as well as content license fees.
    • Policy Advice and Implementation: Experts at GAMES Econ have written extensively on issues related to broadcasting rights and infrastructure, including must-carry must-offer provisions.
    • Litigation and Arbitration: We successfully advised a relevant shareholder opposing the corporate restructuring of a major European Media Group. In addition, we advised a media group in an IP dispute between two European media groups. We participated as expert witnesses in judicial proceedings that successfully reviewed asymmetric regulatory conditions in the PayTV industry in Mexico.

Banking & Finance

The increasing digitalization of the banking and finance industry and the emergence of digital-only neo-banks and Fintech have transformed the way of providing banking and financial services. The significant changes in the market structures and in consumers’ behavior have called for novel approaches to regulation. Economic and data analysis has become even more crucial to navigate the banking and finance industry, and to adapt to the new business and regulatory environments.


Experts at GAMES Econ have advised governments, regulators and companies in banking, insurance, securities and derivatives, ATM networks and payment platforms.

  • Antitrust:
    1. GAMES Econ experts advised an infrastructure company in a successful complaint against several major banks for colluding in the pricing of interest rate derivatives in Spain.
    2. GAMES Econ experts advised a European bank in reaching a settlement agreement to gain access to an ATM network.
    3. GAMES Econ experts advised an international bank in a successful complaint in the credit information market in Mexico. We also prepared an expert report about the payment systems market in Mexico for a global technology network.
  • Litigation and Arbitration: Experts at GAMES have testified before the Madrid Arbitration Court regarding alleged infringements of exclusive distribution clauses in the bank-assurance industry.
  • Damage Quantification: We have quantified the damages derived from an ATM network contract-breach conflict between two major international banks in Spain.
  • Policy Advice and Implementation: Experts at GAMES Econ have written several policy papers and have been invited by organizations such as the OECD and the ITU, to give their views on antitrust and regulatory challenges arising across Latin America in digital payments markets, and antitrust concerns of financial inclusion policies.

Health & Social Care

The combination of rising incomes, aging populations and global health risks coupled with the fast pace of innovation, have put increasing pressure on healthcare systems and companies.


The experts at GAMES Econ have worked with governments, regulators and companies to make health and social care systems work more efficiently, so that they can deal better with current and future challenges.

    • Policy Design and Implementation: Experts at GAMES Econ have conducted market studies and made recommendations aimed at improving the efficiency of health-related markets. For instance, we elaborated a study into the competitive conditions of the markets for pharmaceuticals in Argentina and the Dominican Republic and elaborated procompetitive recommendations.
    • Mergers: We have supported acquirers and targets in major health-related transactions in several jurisdictions across Latin America and Europe. For example, as the population in Latin America ages and preventive care becomes increasingly important, we helped clients in the healthcare industry to explain their consolidation plans and the resulting efficiencies of proposed mergers and alliances to competition agencies.
    • Investigations of Anticompetitive Practices: The experts at GAMES Econ have provided economic evidence regarding illegal unilateral and coordinated practices. For example, we helped government departments in Mexico and Argentina to detect bid-rigging patterns in pharmaceutical procurement, which led to antitrust investigations for collusive practices.
    • Public Policy: We collaborated with the Asian Development Bank to design and construct a database on economic policy responses to COVID-19 worldwide.

Transportation & Automotive

Transportation and automotive industries include public transport services such as railways and regional bus systems, as well as freight, new-vehicle production and automotive-parts supply chains. Companies must meet customer expectations for ever-better technology at lower costs, while complying with complex safety and environmental regulations. The increasing importance of logistics and the challenges posed by the energy transition, require well-functioning markets and efficient regulations.


GAMES Econ experts have performed wide-ranging competition analyses within the automotive and road freight industries, both in cartel cases as well as in antitrust damages claims.

  • Antitrust: Experts at GAMES Econ advised a major European automobile manufacturer on an alleged case of collusion in the automobile industry in Spain. We also produced an expert report on effective competition in the freight rail transportation market in Mexico for a steel manufacturer.
  • Regulatory Compliance: Experts at GAMES Econ audited and provided recommendations regarding the information exchanged within an automotive related industry association to verify compliance with antitrust laws.
  • Damage Quantification: Experts at GAMES Econ have advised several hundred truck owners in a class action for damages against the European truck manufacturers cartel. We also quantified damages and administrative sanctions in a road transport cartel in Mexico.

Manufacturing & Construction

The production and distribution of manufacturing goods is supported by complex (and often, global) value chains, which are in turn aided by a plethora of horizontal and vertical relations. This is also the case of the construction of buildings and infrastructure, activities that encompass a range of inputs (wire and cables, steel, cement, concrete and plasterboard, amongst others and steel) and services.


At GAMES Econ we have advised multinational and domestic companies in their business and policy challenges.

  • Mergers: Experts at GAMES Econ advised several companies in Colombia and Mexico in the context of acquisitions and expansions in the drywall and joint compound markets, as well as in different building materials markets.
  • Regulatory Compliance: Experts at GAMES Econ have evaluated potential antitrust concerns arising from franchising and production agreements in steel, cement and concrete in Mexico and Spain. On the business side, we have identified and proposed new business lines.
  • International Trade & State Aid: We have analyzed the potential notification to the EU of a state aid in the steel industry under the EU State Aid control regime.
  • Antitrust Damages Claims: GAMES Econ experts have advised a major power company on the quantification of damages resulting from the Spanish power cables cartel. We have also advised agricultural producers in a successful antitrust claim for damages against fruit packaging manufacturers in Italy.
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