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ENA - CEG Response to AER questions On CEG 2022 and 2024 reports - December 2024

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On 25 July 2024, we received an unsolicited consultant report commissioned by the ENA and prepared by CEG on the use of international comparators to estimate equity beta. We met with the ENA and CEG on 25 November 2024 and sought clarifications on aspects of the report. The ENA and CEG responded to our questions in writing on 17 December 2024.