On 10 July the AER published the draft Rate of Return Guideline accompanied by the overview and explanatory statement.

We invited interested parties to make submissions on our draft rate of return guidelines. Submissions closed on 25 September 2018.

The AER may, but need not, consider a submission it receives after the consultation period has ended.

On 2 August 2018 the AER invited interested stakeholders to participate in a discussion on the draft rate of return guidelines.

This public forum provided stakeholders an opportunity to hear from the AER about its draft guidelines and discuss it with key stakeholders.

As a part of our rate of return review we had an Independent Panel review the draft guideline and report on whether it is supported by sound reasoning based on the available information such that it is capable of promoting achievement of the national gas and electricity objectives.

The main purposes of the Independent Panel process is to give the AER the benefit of an independent review, and to promote confidence amongst stakeholders that our findings on rate of return issues are robust and have been tested.

The Independent Panel members are:

• Natalia Southern – Chair of the Panel
• Scott Hempling
• Stewart Myers
• Geoff Frankish
• Pat Duignan

The Panel members have diverse backgrounds and areas of expertise including regulatory, legal, economic, finance, consumer perspectives and institutional investment. More information on the Panel can be found in their CVs below.

The AER was provided with nominations from a range of stakeholders and performed a rigorous selection process in determining the final composition of the Panel.

On 7 September 2018 the Independent Panel provided its report to the AER.

Interactions between the AER and independent panel members.

On 4 October 2018, we invited interested stakeholders to present their response to the AER board with regard to the draft rate of return guidelines.