On 6 August 2008, the AER released an issues paper canvassing issues relevant to this review.
Issues paper - Review of the WACC parameters for electricity transmission and distribution
Issues paper - Review of electricity transmission and distribution WACC parameters - 6 August 2008
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Submissions - to review of electricity transmission and distribution WACC parameters
On 6 August 2008, the AER released an issues paper canvassing issues relevant to this review. Submissions on the issues paper closed on 17 September 2008. The AER granted a one week extension (to 24 September 2008) for the Joint Industry Associations' submission, as well the individual submissions from the ENA, GridAustralia and APIA. 14 submissions were received in total.
APIA - submission to Review of electricity transmission and distribution WACC parameters - 24 September 2008
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ENA - submission to Review of electricity transmission and distribution WACC parameters - 22 September 2008
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ENERGEX - submission to Review of electricity transmission and distribution WACC parameters - 24 September 2008
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EnergyAustralia - submission to Review of electricity transmission and distribution WACC parameters - 24 September 2008
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Envestra - submission to Review of electricity transmission and distribution WACC parameters - 24 September 2008
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ETSA Utilities, Citipower, Powercor - submission to Review of electricity transmission and distribution WACC parameters - 24 September 2008
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GridAustralia - Covering letter to submission to Review of electricity transmission and distribution WACC parameters - 24 September 2008
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GridAustralia - submission to Review of electricity transmission and distribution WACC parameters - 24 September 2008
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Integral Energy - submission to Review of electricity transmission and distribution WACC parameters - 24 September 2008
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MEU and National Consumers Roundtable on Energy - submission to Review of electricity transmission and distribution WACC parameters - September 2008
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Queensland Government - submission to Review of electricity transmission and distribution WACC parameters - 17 September 2008
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SP AusNet - submission to Review of electricity transmission and distribution WACC parameters - 24 September 2008
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SP AusNet - Attachment - submission to Review of electricity transmission and distribution WACC parameters - 24 September 2008
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ENA, GridAustralia, APIA - Joint industry association submission to Review of electricity transmission and distribution WACC parameters - 24 September 2008
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Joint Industry Association - Appendix A - Request for advice - AER review of WACC parameters - Opinion 1 - 22 September 2008
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Joint Industry Association - Appendix B - Gilbert and Tobin - Opinion 2
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Joint Industry Association - Appendix C - CEG - Estimation of and correction for biases inherent in the Sharpe CAPM formula
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Joint Industry Association - Appendix D - ACG - Review of gearing issues raised in AER Issues Paper
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Joint Industry Association - Appendix E - Officer and Bishop - Term of risk free rate
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Joint Industry Association - Appendix F - CEG - Establishing a proxy for the risk free rate
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Joint Industry Association - Appendix G - Officer and Bishop - Market risk premium
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Joint Industry Association - Appendix H - ACG - Beta for regulated electricity transmission and distribution
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Joint Industry Association - Appendix I - SFG - The reliability of empirical beta estimates
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Joint Industry Association - Appendix J - CEG - An analysis of implied market cost of equity for Australian regulated entities
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Joint Industry Association - Appendix K - NERA - The value of imputation credits
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Joint Industry Association - Appendix L - SFG - The impact of franking credits on the cost of capital of Australian firms
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Late submissions
CKI - submission to Review of electricity transmission and distribution WACC parameters - 26 September 2008
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Ergon Energy - submission to Review of electricity transmission and distribution WACC parameters - 1 October 2008
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Stakeholder forum - Round table with finance experts on submissions
On 10 October 2008, the AER held a round table forum of finance experts to seek clarification on issues raised in the Joint Industry Associations’ submission to the weighted average cost of capital (WACC) review issues paper.
AER - Round table with finance experts on submissions - agenda - 10 October 2008
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AER - Round table with finance experts on submissions - transcript - 10 October 2008
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Submissions - Further submissions
Subsequent to the closure of the consultation period on the issues paper, the AER received two further submissions from the Joint Industry Associations on the 6 and 14 November 2008. Both submissions consist of reports from Professor Stephen Gray on the assumed utilisation of imputation credits.
Under the National Electricity Rules, the AER may, but is not required to, consider any submission received after the time for making submissions has expired. Due to the timing of these further submissions, the AER was not able to take these submissions into account in finalising its proposed statements. However, the AER will take these submissions into account in its final decision.
JIA further submission - Gray - Response to issues raised at the AER roundtable
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JIA further submission - Gray - Impact of franking credits on the cost of capital for Aust companies - Supporting evidence
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