{
  "url": "https://openlegislation.uk/eu-decision-2015-658/annex-A/division-9",
  "json_url": "https://openlegislation.uk/eu-decision-2015-658/annex-A/division-9.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/9",
  "kind": "division",
  "number": null,
  "heading": null,
  "text": "Table 11\nSelected regulatory allowed returns calculations\nFinal Proposals for National Grid Electricity Distribution and National Grid Gas\nOfwat Future water and sewerage charges 2010-2015: Final determinations\nOfwat: Setting price controls for 2015-20 — risk and reward guidance\nSource: Presentation of EDF Energy to Commission officials of 15 July 2014, slide ‘Comparison of HPC with UK regulated utilities’.\nElectricity Transmission (Ofgem)\nOfwat — PR09\nOfwat — PR 14 (not finalised)\nNote\nPeriod\n2013-21\n2010-15\n2015-20\nReal\nLevered cost of equity (post-tax)\n7,00 per cent\n7,10 per cent\n5,65 per cent\nCost of debt (pre-tax real)\n2,92 per cent\n3,60 per cent\n2,75 per cent\nNotional gearing\n60,0 per cent\n57,5 per cent\n62,5 per cent\nVanilla WACC\n4,55 per cent\n5,10 per cent\n3,85 per cent\nInflation assumption\n3,50 per cent\n3,50 per cent\n3,50 per cent\nAllowed Nominal Costs/Returns (geometric calc)\nLevered cost of equity\n10,7 per cent\n10,8 per cent\n9,3 per cent\nCost of debt (pre-tax)\n6,5 per cent\n7,2 per cent\n6,3 per cent\nVanilla WACC*\n8,2 per cent\n8,8 per cent\n7,5 per cent\nNominal (arithmetic calc)\nLevered cost of equity*\n10,5 per cent\n10,6 per cent\n9,2 per cent\nCost of debt (pre-tax)*\n6,4 per cent\n7,1 per cent\n6,3 per cent\nVanilla WACC\n8,1 per cent\n8,6 per cent\n7,3 per cent\nhttps://www.ofgem.gov.uk/ofgem-publications/53602/4riiot1fpfinancedec12.pdf\nhttp://www.ofwat.gov.uk/pricereview/pr14/gud_tec20140127riskreward.pdf\nhttp://www.ofwat.gov.uk/pricereview/pr09phase3/det_pr09_finalfull.pdf",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Final Proposals for National Grid Electricity Distribution and National Grid Gas"
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "Ofwat Future water and sewerage charges 2010-2015: Final determinations"
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "Ofwat: Setting price controls for 2015-20 — risk and reward guidance"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2015/658/annex/A/division/9",
    "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."
}