- Proposal - Proposed statement (transmission) and proposed statement of regulatory intent (distribution)
- Consultant reports
- Submissions - on the explanatory statement
- Stakeholder forum - on explanatory statement
- Submissions - from other interested parties on explanatory statement
- Submissions - further submissions on explanatory statement
Proposal - Proposed statement (transmission) and proposed statement of regulatory intent (distribution)
Back to topOn 11 December 2008, the AER released its proposed statement (transmission) and proposed statement of regulatory intent (distribution) on the revised WACC parameters. The AER also published its explanatory statement on the proposed WACC parameters, and consultants reports commissioned by the AER in the context of the proposed statements.
Consultant reports
Back to topIn the context of the proposed statements, the AER comissioned expert reports from Associate Professors John Handley and Olan Henry from Melbourne University and Deloitte. The reports are attachments to the explanatory statement
| Documents (7) | Author |
|---|---|
| Attachment A - Handley - Comments on the CEG report 'establishing a proxy for the risk free rate' ( PDF 105.14 KB ) | John C Handley |
| Attachment B - Deloitte - Refinancing, debt markets and liquidity ( PDF 7.54 MB ) | Deloitte Access Economics (DAE) |
| Attachment C - Henry - Econometic advice and beta estimation ( PDF 660.74 KB ) | Olan T Henry |
| Attachment D - Handley - Comments on the CEG reports on 'biases inherent in the Sharpe CAPM formula' and 'implied cost of equity' ( PDF 94.48 KB ) | John C Handley |
| Attachment E - Handley - A note on the historical equity risk premium ( PDF 158.63 KB ) | John C Handley |
| Attachment F - Handley - Supplement to a note on the historical equity risk premium ( PDF 48.49 KB ) | John C Handley |
| Attachment G - Handley - A note on the valuation of imputation credits ( PDF 134.58 KB ) | John C Handley |
Submissions - on the explanatory statement
Back to topStakeholder forum - on explanatory statement
Back to topOn 17 December 2008, the AER held a public forum for the purposes of explaining its proposed statements on the WACC parameters and to receive oral submissions from interested stakeholders.
| Documents (6) | Author |
|---|---|
| AER Agenda - WACC public forum - 17 December 2008 ( PDF 13.84 KB ) | AER |
| AER presentation - WACC public forum - 17 December 2008 ( PDF 1.26 MB ) | AER |
| Financial Investor Group presentation - WACC public forum - 17 December 2008 ( PDF 89.02 KB ) | Financial Investor Group (FIG) |
| ENA presentation - WACC public forum - 17 December 2008 ( PDF 47.25 KB ) | Energy Networks Association (ENA) |
| EUAA presentation - WACC public forum - 17 December 2008 ( PDF 34.87 KB ) | Energy Users Association of Australia (EUAA) |
| MEU and National Consumers Roundtable on Energy presentation - WACC public forum - 17 December 2008 ( PDF 144.73 KB ) | Major Energy Users Inc (MEU), National Consumers Roundtable on Energy |
Submissions - from other interested parties on explanatory statement
Back to topSubmissions - further submissions on explanatory statement
Back to topSubsequent to the closure of the consultation period on the explanatory statement (including the extension granted to certain parties), the AER received two additional submissions.
On 6 March 2009, the AER received a further submission from the Joint Industry Associations (JIA) which is in response to a submission lodged by the Major Energy Users (MEU). On 19 March 2009, the AER received a submission from the Energy Networks Association (ENA).
Under the National Electricity Rules (NER), the AER may, but is not required to, consider any submission received after the time for making submissions has expired.
| Documents (4) | Author |
|---|---|
| ENA - Letter to submission on explanatory statement - 19 March 2009 ( PDF 167.48 KB ) | |
| ENA - Submission to explanatory statement - 19 March 2009 ( PDF 43.19 KB ) | |
| JIA - Gilbert and Tobin - Cover letter to submission to explanatory statement - 6 March 2009 ( PDF 44.75 KB ) | Joint Industry Associations |
| JIA - CEG - Response to MEU submission to explanatory statement - 6 March 2009 ( PDF 153.06 KB ) | Joint Industry Associations |