Cost of Capital Guidelines

The project aims to ensure the cost of capital will be estimated in a predictable way across a wide spectrum of regulatory functions over time.

Next Steps

TBC

Supporting Documents

Submissions on Cost of Capital Workshop

02/12/2009 (22 documents)

AIAL Cross submission on the Cost of Capital Workshop December 2009 Adobe Acrobat PDF (25 KB) (opens in a new window)
BARNZ Submission on the Cost of Capital Workshop December 2009 Adobe Acrobat PDF (179 KB) (opens in a new window)
ENA Cross submission on the Cost of Capital Workshop December 2009 Adobe Acrobat PDF (95 KB) (opens in a new window)
MDL Cross submission on the Cost of Capital Workshop December 2009 Adobe Acrobat PDF (306 KB) (opens in a new window)
MEUG Ireland Wallace Asssociates Post Workshop Submission on Cost of Capital December 2009 Adobe Acrobat PDF (46 KB) (opens in a new window)
MEUG Post workshop Submission on draft Cost of Capital guidelines December 2009 Adobe Acrobat PDF (21 KB) (opens in a new window)
New Zealand Airports Post Workshop Cross Submission on Cost of Capital December 2009 Adobe Acrobat PDF (567 KB) (opens in a new window)
NZAA Marsden Post Workshop Submission on Cost of Capital December 2009 Adobe Acrobat PDF (653 KB) (opens in a new window)
Powerco PWC Cross Submission on Cost of Capital Conference December 2009 Adobe Acrobat PDF (346 KB) (opens in a new window)
PwC Group Cross Submission on Cost of Capital Conference December 2009 Adobe Acrobat PDF (122 KB) (opens in a new window)
Telecom Cost of Capital Post Workshop Submission December 2009 Adobe Acrobat PDF (73 KB) (opens in a new window)
Telecom Guthrie Cross submission on the Cost of Capital Workshop December 2009 Adobe Acrobat PDF (120 KB) (opens in a new window)
Telecom PwC Cost of Capital Workshop Submission December 2009 Adobe Acrobat PDF (208 KB) (opens in a new window)
Telecom Submission on Cost of Capital Workshop attachment on tilted annuity and risk free rate December 2009 Adobe Acrobat PDF (60 KB) (opens in a new window)
Transpower Cross Submission on Cost of Capital Workshop December 2009 Adobe Acrobat PDF (362 KB) (opens in a new window)
Unison Cost of Capital Workshop Cross Submission December 2009 Adobe Acrobat PDF (378 KB) (opens in a new window)
Unison CRA Leverage and the Cost of Capital December 2009 Adobe Acrobat PDF (238 KB) (opens in a new window)
Vector Cross Cost of Capital Workshop Submission December 2009 Adobe Acrobat PDF (603 KB) (opens in a new window)
Vector Synergies Cost of Capital Workshop Cross Submission December 2009 Adobe Acrobat PDF (329 KB) (opens in a new window)
Wellington Electricity Post Cost of Capital Workshop Cross Submission December 2009 Adobe Acrobat PDF (259 KB) (opens in a new window)
BARNZ NZIER Submission on Cost of Capital 30 November 2009 Adobe Acrobat PDF (2.2 MB) (opens in a new window)
AECT Cross submission on the Cost of Capital Workshop December 2009 Adobe Acrobat PDF (461 KB) (opens in a new window)

Cost of Capital Workshop Documents

13/11/2009 (3 documents)

Cost of Capital Workshop Day 1 - Transcript - 12 November 2009 Adobe Acrobat PDF (405 KB) (opens in a new window)
Cost of Capital Workshop Day 2 - Transcript - 13 November 2009 Adobe Acrobat PDF (393 KB) (opens in a new window)
Cost of Capital - Post Workshop Submissions - Invitation for Submissions - 18 November 2009 Adobe Acrobat PDF (30 KB) (opens in a new window)

Cost of Capital Workshop Discussion Documents

01/11/2009 (3 documents)

Cost of Capital Straw Person Example - Electricity Distribution Industry Adobe Acrobat PDF (180 KB) (opens in a new window)
Effects of Leverage on WACC Under Two Differences CAPMs Adobe Acrobat PDF (60 KB) (opens in a new window)
Martin Lally Report - WACC and Leverage - 17 November 2009 Adobe Acrobat PDF (40 KB) (opens in a new window)

Cross Submissions on Revised Draft Guidelines on the Cost of Capital Paper

28/08/2009 (10 documents)

ENA - Cross Submission on Cost of Capital Revised Draft Guidelines Adobe Acrobat PDF (977 KB) (opens in a new window)
Marlborough Lines (by e-dec) - Cross Submission on Cost of Capital Revised Draft Guidelines Adobe Acrobat PDF (88 KB) (opens in a new window)
Marlborough Lines - Cross Submission on Cost of Capital Revised Draft Guidelines Adobe Acrobat PDF (114 KB) (opens in a new window)
MEUG (by Ireland Wallace) - Cross Submission on Cost of Capital Revised Draft Guidelines Adobe Acrobat PDF (62 KB) (opens in a new window)
MEUG - Cross Submission on Cost of Capital Revised Draft Guidelines Adobe Acrobat PDF (20 KB) (opens in a new window)
Powerco - Cross Submission on Cost of Capital Revised Draft Guidelines Adobe Acrobat PDF (805 KB) (opens in a new window)
Telecom - Cross Submission on Cost of Capital Revised Draft Guidelines Adobe Acrobat PDF (57 KB) (opens in a new window)
Unison - Cross Submission on Cost of Capital Revised Draft Guidelines Adobe Acrobat PDF (180 KB) (opens in a new window)
Vector (by Synergies) - Cross Submission on Cost of Capital Revised Draft Guidelines Adobe Acrobat PDF (988 KB) (opens in a new window)
Vector letter - Cross Submission on Cost of Capital Revised Draft Guidelines Adobe Acrobat PDF (149 KB) (opens in a new window)

Submissions on Revised Draft Guidelines on the Cost of Capital Paper

14/08/2009 (15 documents)

Auckland International Airport - Submission on Draft WACC Guidelines Paper - 31 July 2009 Adobe Acrobat PDF (45 KB) (opens in a new window)
Christchurch International Airport - Submission on the Revised Cost of Capital Guidelines - 3 August 2009 Adobe Acrobat PDF (1.1 MB) (opens in a new window)
Eastland Network - Submission on the Revised Draft Guidelines "Estimating the Cost of Capital" - 31 July 2009 Adobe Acrobat PDF (136 KB) (opens in a new window)
Electricity Networks Association - LECG Report - Comments on Proposed Approach to Estimate the Cost of Capital - 11 August 2009 Adobe Acrobat PDF (212 KB) (opens in a new window)
MEUG - Input Methodologies Discussion Paper Submission - 31 July 2009 Adobe Acrobat PDF (127 KB) (opens in a new window)
NZ Airports - LECG Report - Comments Input Methodologies Discussion Paper - 31 July 2009 Adobe Acrobat PDF (339 KB) (opens in a new window)
Powerco - PWC Report - Revised Draft Guidelines Submission - August 2009 Adobe Acrobat PDF (247 KB) (opens in a new window)
Powerco - PWC Letter - Revised Draft Guidelines and Aspects of the Input Methodologies Discussion Paper addressing the Cost of Capital - 14 August 2009 Adobe Acrobat PDF (42 KB) (opens in a new window)
Electricity Distribution Businesses - Submission on Revised Draft Guidelines - Approach to Estimating the Cost of Capital - 14 August 2009 Adobe Acrobat PDF (323 KB) (opens in a new window)
Telecom - Submission on Revised Draft Guidelines for Estimating the Cost of Capital - August 2009 Adobe Acrobat PDF (79 KB) (opens in a new window)
Telecom - Anenx B - Weighted Average Cost of Capital Adobe Acrobat PDF (59 KB) (opens in a new window)
Telecom - Incorporating Real Options in Regulated Prices - Graeme Guthrie - 13 August 2009 Adobe Acrobat PDF (83 KB) (opens in a new window)
Unison - Conference Presentation - Draft ODV Handbook - 14 April 2004 Adobe Acrobat PDF (548 KB) (opens in a new window)
Unison - Castalia - Submission on Input Methodologies Regulatory Cost of a Capital - 13 August 2009 Adobe Acrobat PDF (175 KB) (opens in a new window)
Vector - Submission on Draft WACC Guidelines Paper Adobe Acrobat PDF (562 KB) (opens in a new window)

Revised Draft Guidelines on the Cost of Capital Paper

19/06/2009 (2 documents)

Franks, Lally and Myers Report - Recommendations on Appropriate Cost of Capital Methodology Adobe Acrobat PDF (333 KB) (opens in a new window)
Revised Draft Guidelines The Commerce Commissions Approach to Estimating the Cost of Capital 19 June 2009 Adobe Acrobat PDF (522 KB) (opens in a new window)

Draft Guidelines October 2005

(2 documents)

Draft Guidelines The Commerce Commissions Approach to Estimating the Cost of Capital October 2005 Adobe Acrobat PDF (261 KB) (opens in a new window)
Draft Guidelines The Commerce Commissions Approach to Estimating the Cost of Capital October 2005 Appendix List of Questions Adobe Acrobat PDF (30 KB) (opens in a new window)