On 4 August 2025, we formally started our 2026 Rate of Return Instrument (RORI) review with the release of an AER discussion paper.
The discussion paper set out our positions on what we considered were likely to be the key issues for the 2026 RORI review. It formed part of our initial engagement for the review, building on previous reviews and stakeholder engagement. We invited stakeholder input on the proposed areas of focus and our approach to further analysis by 19 December 2025.
The AER held an online public forum on the 2026 RORI review discussion paper on 26 August 2025. Presentations from the forum are provided below.
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.
We invited interested stakeholders to make a consolidated submission on both the AER’s discussion paper and the Eligible Experts’ report. Submissions closed on 19 December 2025.
Stakeholders’ submissions informed the AER’s considerations for the draft 2026 RORI which we published on 29 May 2026.