The Rate of Return Instrument sets out the approach by which we will estimate the rate of return, and comprises the return on debt and the return on equity, as well as the value of imputation credits.
We publish a new rate of return instrument every four years. The next rate of return instrument is to be published in 2022 and will bind all regulatory determinations in the subsequent four years.
To determine the 2022 instrument we will undertake an extensive review including multiple rounds of stakeholder consultation. We expect the active phase of this review will commence in the middle of 2021.