{
  "url": "https://openlegislation.uk/eu-decision-2015-658/annex-A/division-2",
  "json_url": "https://openlegislation.uk/eu-decision-2015-658/annex-A/division-2.json",
  "legislation": "eudn/2015/658",
  "legislation_title": "Commission Decision (EU) 2015/658 of 8 October 2014 on the aid measure SA.34947 (2013/C) (ex 2013/N) which the United Kingdom is planning to implement for support to the Hinkley Point C nuclear power station (notified under document C(2014) 7142) (Only the English version is authentic) (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2015-658",
  "path": "annex/A/division/2",
  "kind": "division",
  "number": null,
  "heading": null,
  "text": "Table 4\nSummary of approaches taken for analysing an appropriate rate of return, by KPMG\nSource: Notification, Table 5, based on KPMG\n(per cent)\nApproach\nRange of returns (project IRR; post-tax nominal)\nComments\nRelative risk analysis\n8,5-11\n(project basis)\nComparison of offshore wind and PPP/PFI returns during construction phase and also UK regulated utilities/nuclear operators during operations phase\nBenchmarking Analysis\n6-13\n(project basis)\nComparison of UK regulated utility/PPP/IWPP/comparable nuclear projects\nProject Hurdle Rate analysis\n10,5-14,5\nBased on EdF WACC estimates plus premium observed in academic studies from a range of corporates\nFinancing analysis\n9-13 — construction\n6-9,5 — operational\nAnalysis of potential financing structures both during construction and during operations\nAssumed debt-financed structure with UK Guarantee\n10,2 — Project IRR\n12,8 — Levered Equity IRR\nAnalysis of the Project Return and the Levered Equity Return (for the proposed UK guaranteed debt levels) and at the negotiated SP.\nThe 10,2 % is due to the tax shield effect on project level cash flows and indicative IUK Guarantee pricing.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2015/658/annex/A/division/2",
    "retrieved_at": "2026-11-01T15:14:22.986865+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}