natgillin/translations-raw huggingface dataset:
See Commission Decision dated 30 October 2001, State aid no N 6/A/2001 — Ireland C(2001)3265 fin, recital 56.
10,2 – projekti sisemine tulumäär
Combined Cycle Gas Turbines, or CCGT, is a modern energy generation gas technology.
12,8 – võimendatud omakapitali sisemine tulumäär
Compass Lexecon, Economic analysis of the Contract for Difference for Hinkley Point C, 14 April 2014.
10,2 % tuleneb projekti tasandi rahavoogude „maksukilbi”-mõjust ja viitab IUK garantii hinnastamisele.
Case C-280/00, Altmark Trans GmbH and Regierungspräsidium Magdeburg v Nahverkehrsgesellschaft Altmark GmbH, paragraphs 87 to 93.
Tabel 5
The ‘Altmark’ criteria have been set out by the Court of Justice to clarify under what circumstances a compensation provided by a public authority for the performance of a Service of General Economic Interest ( ‘SGEI’) qualifies as State aid under Article 107(1) TFEU.
Komisjoni tundlikkusanalüüs – muudetud iga-aastaste ehitusetapi rahavoogudega mudel
T-17/02, Olsen v Commission, paragraph 216; confirmed in C-320/05P Olsen v Commission.
Märkused
See SA.36196, SA.38812, SA.38763, SA.38761, SA.38759 and SA.38758.
Sisaldab ehitustulude jagamise hüvitist 0,8 GBP/MWh (2012. aasta reaalväärtuses)
SGEI Communication, point 51.
Ühekordne summa SZC võlakirjadest, mis emiteeritakse alles pärast COD2 ja mis seetõttu ei moodusta osa rahastamisnõudest
Case 76/78 Steinike & Weinlig v Germany [1977] ECR 595, paragraph 21; Case C-379/98 PreussenElektra [2001] ECR I-2099, paragraph 58.
Tegevuskulude korrektsioone kohaldatakse võimaliku tegevuskulude ülevaatamise kaitse tõttu üksnes esimese 15 aasta ja hinnavahelepingu järgse perioodi kohta.
Communication from the Commission on the European Union framework for State aid in the form of public service compensation (2012/C 8/03) (OJ C 8, 11.1.2012, p.
Finantsmudeli selles versioonis eeldatav madalam eraldatud omakapitali tase tähendab, et eraldatud omakapitali sisemine tulumäär on optimistlik, võrreldes praeguste modelleeritud tulemustega
15).
VÄGA VÄIKE
See the first paragraph of Section 8.1 in the Opening Decision.
Väga väike tõenäosus, et tulemused on soodsamad kui eeldatud
In particular, compliance with the rules set out in Directives 2004/17/EC and 2004/18/EC was put in question.
VÄIKE
DECC, Planning our electric future, December 2011.
Väike tõenäosus, et tulemused on soodsamad kui eeldatud
See in particular Annex B. Available at the following address: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/48253/3884-planning-electric-future-technical-update.pdf
MÕÕDUKAS
DECC, Annex A: Feed-in Tariff with Contracts for Difference Operational Framework, 29 November 2012.
Mõõdukas tõenäosus, et tulemused on soodsamad kui eeldatud
Documents available at the following addresses: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/66554/7077-electricity-market-reform-annex-a.pdf and http://services.parliament.uk/bills/2012-13/energy.html
SUUR
See document available at the following address: https://www.gov.uk/government/publications/purchase-of-horizon-nuclear-power-meetings-between-ond-and-hitachi-ltd-foi-request-12-1718
Suur tõenäosus, et tulemused on soodsamad kui eeldatud
See for example the Commission Decision 2005/407/ EC of 22 September 2004 on the State aid which the United Kingdom is planning to implement for British Energy plc (OJ L 142, 6.6.2005, p.
VÄGA SUUR
26).
Väga suur tõenäosus, et tulemused on soodsamad kui eeldatud
[46] The particular situation of the UK electricity sector is undergoing is described in Section 2.1 of the Opening Decision.
Tabel 7
See press release at the following address: http://europa.eu/rapid/press-release_IP-14-865_en.htm
Rahastamisprofiil ehitusetapis ja laenuteeninduse kattekordaja tegevusetapis
The Commission required DECC to run sensitivity analyses using their forecast model and carefully assessed input and output for each of the scenarios.
Tabel 8
DECC's Dynamic Dispatch Model (DDM) is an integrated power market model covering Great Britain's (‘GB’) power market over the medium to long term.
Kombineeritud kapitalikulud, viivitused ja muud halvad stsenaariumid
It simulates electricity dispatch from GB power generators and investment decisions in generating capacity from 2010 through to 2049, based on the estimation of electricity demand and supply on a half-hourly basis.
Tabel 9
Investment decisions are based on projected revenue and cash flow allowing for policy impacts and changes in the generation mix.
DDMi tulemused valitud stsenaariumide puhul
The DDM therefore enables comparative analysis of the impact of different policy decisions on generation, capacity, costs, prices, security of supply and carbon emissions.
Kulg
[49] See press release at the following address: http://europa.eu/rapid/press-release_IP-14-866_en.htm
Põhieeldused
In particular, the UK has provided the call for interest in the Investment Contract, which was open to all prospective investors, but to which only EDF responded.
Võimsuse turg
See HM Treasury submission of 5 September 2014.
Esimese tuumajaama kasutuselevõtt
In particular, HM Treasury outlines three sets of benchmarks: Recent limited recourse project finance bank loans (low carbon energy); Corporate debt (rated BB+) spreads as at 21 August 2014; and Mean 10-year Credit Default Swaps and iTraxx Europe XOver (BB+ area).
Võrgu CO2-heite määr aastal 2030
IUK's submission of 26 August 2014.
Võrgu CO2-heite määr aastal 2040
In particular, the punitive scenario made the following assumptions in terms of annual default probabilities and recovery rates:loss given default in years 1-6 is zero as, if the Base Case Condition is not satisfied by December 2020, full debt repayment occurs with 100 per cent recovery,no default assumed to occur in years 7 to 10 as there is no principal repayment obligation, and all interest during construction (including guarantee fees) will be covered either within the Base Equity amount or by Base and/or Contingent Equity,14-year construction phase (including 4 year delay) and 30 years of operation phase,cumulative default probability of 10 per cent during 4-year construction delay (0 per cent in years 11 and 12 and 5 per cent in years 13 and 14) and a 100 per cent loss given default,5,6 per cent probability of default in any given year of operations.
Võrgu CO2-heite määr aastal 2049
This is assumed constant at 5,6 per cent to match average rates for non-US power projects.
Praeguste suundumuste jätkumine
As shown in the HM Treasury responses of 19 September 2014, the probability of a 1,5 per cent increase associated with 20-30 years bond tenors is approximately 17 to 20 per cent.
Praeguste suundumuste jätkumine, kõrged kütusehinnad
As shown in the HM Treasury responses of 12 September 2014 (Annex B — IUK Sensitivity Analysis), an increase in the gilt curve of 1,5 per cent during the time of bond issuance (ceteris paribus) will draw down equity by GBP […] billion (Model version 19.7).
Praeguste suundumuste jätkumine, madalad kütusehinnad
[56] These are summarised in the e-mail sent by DG COMP to UK DECC on 9 September 2014, 15:43, ‘CfD for HPC — Note on Rate of Return’.
Praeguste suundumuste jätkumine + tuumajaama hinnavaheleping
This version constituted an update to the notified Financial Model, with further updates to follow.
Tuumaenergiast erineva vähese CO2-heitega energia hinnavahelepingud
In particular, version 21.10 (of 29 August 2014) shows a project IRR of […] per cent and equity IRR of […] per cent (post-tax nominal) on a drawn basis and […] per cent on a committed basis.
Tuumaenergiast erineva vähese CO2-heitega energia hinnavahelepingud, kõrged kütusehinnad
Version 21 corresponds to NNBG's baseline scenario and compared to version 5.1 includes several updates related to construction schedule, the impact of financing arrangements, and macroeconomic parameters.
Tuumaenergiast erineva vähese CO2-heitega energia hinnavahelepingud, madalad kütusehinnad
[58] In particular, the Commission assumed these changes in cash flows occur in the period between 1 January 2017 to 30 June 2023.
Tuumaenergiast erineva vähese CO2-heitega energia hinnavahelepingud, rohkem ühendusi
In this period project nominal cashflows (post cash taxes) are negative in version 9.8 of the Financial Model.
Vähese CO2-heitega energia hinnavahelepingud
NNBG Document No HPC-NNBGPCP-XX-000-EST-000069, of 27 June 2014.
Mitte varem kui 2049
HPC IUK Model version 21.10, delivered to the Commission on 19 September 2014.
Tuumaenergiast erineva vähese CO2-heitega energia hinnavahelepingud, suured tuumaenergia kulud, väikesed taastuvate energiaallikate ning CO2 kogumise ja säilitamise kulud
The Commission did not take into account benchmarks where the source of information could not be reliably retraced.
8 g (ainult kuni 2030ni)
The Commission also received several reported realised equity IRRs for projects subject to ex ante rate of return regulation.
Tuumaenergiast erineva vähese CO2-heitega e energia hinnavahelepingud, suurem nõudlusreageering, elektrinõudluse suurem vähenemine, rohkem ühendusi
While the Commission took note of these ex post benchmarks and considered them informative, it put in its assessment more weight on ex ante determined admissible rates of return.
Mitte varem kui 2030
The Commission considers that ex ante rates of return determined by regulators approximate better the true hurdle rate of the regulated entities.
Ei kohaldata
Also, permissible rates of return are often set as a minimum which regulated entities can achieve.
Vähese CO2-heitega energia hinnavahelepingud, kõrged kütusehinnad
It is then natural that ex post realised rates of returns turn out higher than the ex ante determined value.
Vähese CO2-heitega energia hinnavahelepingud, madalad kütusehinnad
A similar view emerges from assessing the scenarios provided in Table 8.
Vähese CO2-heitega energia hinnavahelepingud, suured tuumaenergia kulud, väikesed taastuvate energiaallikate ning CO2 kogumise ja säilitamise kulud
In particular, […].
Vähese CO2-heitega energia hinnavahelepingud, suurem nõudlusreageering, elektrinõudluse suurem vähenemine, rohkem ühendusi
See the pricing methodology of the Waste Contract, available at the following address: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/42629/3798-waste-transfer-pricing-methodology.pdf
Vähese CO2-heitega energia hinnavahelepingud, rohkem ühendusi
See for example case SA.31107 (11/N), where a rate of return on capital between 9,6 per cent and 11 per cent was found to be acceptable.
Tabel 10
See also case N354/09, where a return on capital of 12 per cent was found to be acceptable.
Taristutehingute võrdlusalused
In particular, HPC IUK Model v[21.10] (Beta)_2014-09-19_DECC.xlsm, per ‘DECC Output’ worksheet
Allikas: Ühendkuningriigi esitatud dokument „Answers to the Commission's questions received 16 September 2014”, fondi veebisaitide alusel, Prequin, pressiteated.
These figures were computed at the time of writing this decision, using Financial Model 21.10 as delivered to the Commission on 19 September 2014.
Märkus: fondi sisemised sihttulumäärad on esitatud koos tasude ja kuludega.
After the 35-year duration of the CfD the gains will no longer translate into a reduction of the SP, as there will be no SP anymore.
Kasutatud vahetuskursid: GBP/EUR: 1: 1,26; GBP/CAD: 1: 1,81.
Hence, after the end of the CfD, the gains will be shared directly between the CfD Counterparty and NNBG.
HPC maksustamisjärgset nominaalset omakapitali sisemist tulumäära kasutatakse võrdluseks.
The analysis was carried out by the Commission taking into account DECC's model and Pöyry's modelling work.
Borealise sisemine sihttulumäär: 9–12 protsenti, First State EDIF-i sisemine sihttulumäär: 10–15 protsenti.
Annex 8 of the UK Government Response to Commission's Opening Decision, 31 January 2014.
Tabel 11
The match of delivery to trade dates was carried out using the EFA calendar, at https://www.theice.com/publicdocs/EFA_Calendar.pdf retrieved on 13 June 2014.
Valik seadusega lubatud tulumäärade arvutusi
Compass Lexecon submission, ‘Analysis of the impact of HPC on the potential for capacity withholding’, 4 August 2014.
Allikas: EDF Energy esitlus komisjoni ametnikele 15. juulil 2014, slaid „Comparison of HPC with UK regulated utilities”.
Ofgem, Decision to make a market investigation reference in respect of the supply and acquisition of energy in Great Britain, 26 June 2014.
Elektrienergia ülekanne (Ofgem [1])
Available at the following address: https://www.ofgem.gov.uk/publications-and-updates/decision-make-market-investigation-reference-respect-supply-and-acquisition-energy-great-britain
Ofwat [2] – PR09
See Ofgem, State of the Market Assessment, 27 March 2014, points 4.41 and infra.
Ofwat – PR 14 (lõpetamata [3])
Available at the following address: https://www.ofgem.gov.uk/publications-and-updates/state-market-assessment
Märkus
See EDF/NNBG response to questions regarding potential impact on market liquidity, 8 September 2014.
Ajavahemik
Table 3 of EDF/NNBG response to questions regarding potential impact on market liquidity, 8 September 2014.
2013–2021
See Figure 43, Ofgem — State of the Market Assessment, 27 March 2014.
2010–2015
ANNEX A
2015–2020
CFD RATE OF RETURN
Tegelik
Table 3
Omakapitali kulu (pärast maksustamist)
NNBG Financial Risk Assessment — estimated probability distribution of HPC's total outturn costs
Laenukulu (enne maksustamist, reaalväärtus)
Source: TESLA4, page 12
Arvestuslik võimendus
Figure 2
Lihtne kapitali kaalutud keskmine hind
UK historic forward prices and RP
Eeldatav inflatsioon
Table 4
Lubatud nominaalkulud/tulumäärad (geomeetriline arvutus)
Summary of approaches taken for analysing an appropriate rate of return, by KPMG
Omakapitali kulu
Source: Notification, Table 5, based on KPMG
Laenukulu (enne maksustamist)
Approach
Lihtne kapitali kaalutud keskmine hind*
Range of returns (project IRR; post-tax nominal)
Nominaalne (aritmeetiline arvutus)
Comments
Omakapitali kulu *
Relative risk analysis
Laenukulu (enne maksustamist)*
8,5-11
Tabel 12
(project basis)
Tuumaenergia tootmise projektide võrdlusalused
Comparison of offshore wind and PPP/PFI returns during construction phase and also UK regulated utilities/nuclear operators during operations phase
Allikas: Ühendkuningriigi esitatud dokument „Answers to the Commission's questions received 16 September 2014”, mis põhineb avalikult saadaolevatel dokumentidel (Bruce Power – aprill 2007, lk 14): kinnitatud projekti tulumäärana ettevõtte CIBC World Markets Inc. kirjas energeetikaministrile, Ontario, 17. oktoober 2005, http://www.rds.ontarioenergyboard.ca/webdrawer/webdrawer.dll/webdrawer/rec/67137/view/PWU_Exhibit_K11.3_fairness_opinion_bruce_20080613.pdf.PDF, ettevõtte CIBC World Markets Inc. kirjas energeetikaministrile, Ontario, 17. oktoober 2005, http://www.rds.ontarioenergyboard.ca/webdrawer/webdrawer.dll/webdrawer/rec/67137/view/PWU_Exhibit_K11.3_fairness_opinion_bruce_20080613.pdf.PDF; Bruce Power Fairness Opinion (CIBC World Markets Inc.) – oktoober 2005, lk 5.
Benchmarking Analysis
Projekt
6-13
Tehnoloogia
Comparison of UK regulated utility/PPP/IWPP/comparable nuclear projects
Tuumajaama Bruce Power remont
Project Hurdle Rate analysis
Võimendus
10,5-14,5
20–40 %
Based on EdF WACC estimates plus premium observed in academic studies from a range of corporates
Tegelik laenukulu (enne maksustamist)
Financing analysis
Nominaalne sihtomakapitali sisemine tulumäär (pärast maksustamist)
9-13 — construction
13,7–18 % (12,8–17,1 % korrigeerituna praeguse Ühendkuningriigi intressimääraga)
6-9,5 — operational
Projekti sisemine sihttulumäär
Analysis of potential financing structures both during construction and during operations
10,6–13,8 % (9,7–12,9 % korrigeerituna praeguse Ühendkuningriigi intressimääraga)
Assumed debt-financed structure with UK Guarantee
Investeeringu tähtaeg (vara kasutusaiga)
10,2 — Project IRR
25 aastat
12,8 — Levered Equity IRR
Investeeringu suurus
Analysis of the Project Return and the Levered Equity Return (for the proposed UK guaranteed debt levels) and at the negotiated SP.
4 miljardit Kanada dollarit
The 10,2 % is due to the tax shield effect on project level cash flows and indicative IUK Guarantee pricing.
Tulude kindluse tase
Table 5
Fikseeritud hinnaga hinnavaheleping jaama ülejäänud kasutusajaks (25 aastat)
Commission sensitivity analysis — Model with changed annual cash flows in the construction phase
Ehituse riskitase
Shaded cells denote construction cost capex — target IRR scenarios yielding a lower SP than 92,50 GBP/MWh.
Madalam – remont, mitte uue ehitamine, ülekulude jagamine
Based on NNBG Financial Model version 9.8.
Tegevuse riskitase
Table 6
Madalam – personali ülekulude jagamine, kütusekulu ülekandmine
Project scenarios, probabilities (confidence levels that outturn factors will be more favourable than assumptions) and key project metrics
Rahastamise riskitase
Notes:
Madalam – väiksem kapitaliprojekt, lühem periood
Includes construction gain share benefit of GBP 0,8/MWh (real 2012)
Nõutav tingimuslik omakapital
Lump sum from SZC only released post COD2 and therefore does not form part of funding requirement
Ei ole teada
Opex adjustment only applied for first 15 yrs and after CFD period due to potential opex reopener protection.
Tabel 13
Min DSCR excluding first period
Elektrienergia ostulepingu projektide võrdlusalused
EIRR committed real approximated as EIRR committed nominal minus long term CPI assumption
Allikas: Ühendkuningriigi esitatud dokument, tabel 2 – tulumäära kohta, 10. september ning ka viited 1 ja 2 allpool.
Lower level of Committed equity assumed in this version of the Financial Model will mean Committed Equity IRR is optimistic v current modelled results
Kombineeritud tsükliga gaasiturbiinid
VERY LOW
Elektrienergia ostulepingu projektid
Very low likelihood of more favourable outcome than assumed
Laenukulu
LOW
Nominaalne omakapitali sihttulumäär (pärast maksustamist)
Low likelihood of more favourable outcome than assumed
Nominaalne projekti sihttulumäär (pärast maksustamist)
MODERATE
9–15 % [6]
Moderate likelihood of more favourable outcome than assumed
Erinevad
Very high likelihood of more favourable outcome than assumed
Ehituse riskitase, võrreldes HPC-ga
Combined capex, delay and other downside scenarios
Madalam
Key Assumptions
Reguleeritud korra võrdlusalused: reguleeritud varade lubatud tulumäärad Ühendkuningriigi energia- ja veeteenuste puhul seoses äsjase regulatiivse hinnakontrolliga
Grid carbon intensity 2040
(ei ole lõplik) [7]
BAU
Bristol W 2010 [11]
BAU, High Fuel Prices
HAL 2014 lõplik [12]
Non-nuclear Low Carbon CfDs, High Fuel Prices
Nominaalne laenukulu (enne maksustamist)
Not before 2049
u 14 % [15]
Not before 2030
5,9 mld (2014) [21]
N/A
u 950 mln GBP (hinna-kontrolli-aegne prognoos) [22]
Low Carbon CfDs, more DSR, more EDR, more Interconnection
Tulude kaitse aste
Exchange rates used: GBP EUR: 1: 1,26, GBP CAD: 1: 1,81.
Vt üksikasjalik arutelu põhjendustes 132–135 – NNBG esitatud teave tulumäära kohta, 10. september
HPC post-tax nominal equity IRR used for comparison purposes.
Rahastamise riskiaste
Borealis target IRR: 9 – 12 per cent, First State EDIF target IRR: 10 – 15 per cent.
Vt üksikasjalik arutelu põhjendustes 136–139 – NNBG esitatud teave tulumäära kohta, 10. september
Table 11
Muud riskid
Selected regulatory allowed returns calculations
Vt üksikasjalik arutelu põhiliste ärimudelite erinevuse üle; varade mitmekesistamise üle ning tehnoloogiariskide üle põhjendustes 113–122, NNBG esitatud teave tulumäära kohta, 10. september
Source: Presentation of EDF Energy to Commission officials of 15 July 2014, slide ‘Comparison of HPC with UK regulated utilities’.
Puudub
Electricity Transmission (Ofgem [1])
Tabel 15
Ofwat [2] — PR09
Euroopa Liidu üldiste kommunaalteenuste sektorisse kuuluvate äriühingute hinnangulised kapitalikulud
Ofwat — PR 14 (not finalised) [3]
Allikas: http://www.stern.nyu.edu/~adamodar/pc/datasets/Eurocompfirm.xls (saadud 14. juunil 2014)
Period
Damodarani kasutatud erinevad mõisted vt saidil http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm).
2013-21
Äriühingu nimi
2010-15
Riik
2015-20
Omakapitalikulu USA dollarites
Real
Maksustamiseelne laenukulu USA dollarites
Levered cost of equity (post-tax)
Maksustamisjärgne laenukulu USA dollarites
7,00 per cent
Kapitalikulu USA dollarites
7,10 per cent
Saksamaa
5,65 per cent
Prantsusmaa
Cost of debt (pre-tax real)
Itaalia
2,92 per cent
Poola
3,60 per cent
Lõplikud ettepanekud riikliku võrguelektri jaotamise ja riikliku võrgugaasi kohta.
2,75 per cent
Ofwat, tulevased vee- ja kanalisatsioonitasud 2010–2015: lõplikud otsused.
Notional gearing
Ofwat: hinnakontrolli kehtestamine aastateks 2015–20 – riski ja tootluse juhised
60,0 per cent
Sõltumatute vee- ja energiatootjate lepingute pakkumiskutsete puhul Abu Dhabis, mis hõlmavad 20aastast fikseeritud hinnaga ja inflatsiooniga indekseeritud vee/energia ostu lepingut, „on nõutav, et omakapitali sisemine tulumäär on vähemalt 13 protsenti”.
57,5 per cent
Need projektid hõlmavad tavajuhul tehniliselt väljakujunenud kombineeritud tsükliga gaasiturbiinivõimsuse ehitamist vastavalt kindla summaga ja kindla kuupäevaga käivitusvalmis EPC-lepingule koos sätetega hüvitada investoritele mis tahes viivitused ja kõrvalekalded lepingu tingimustest.
62,5 per cent
Vt Independent water and power producers, Abu Dhabi Regulation & Supervision Bureau, Abu Dhabi Regulation & Supervision Bureau, http://rsb.gov.ae/assets/documents/231/infoiwpp.pdf.
Vanilla WACC
(allikas: Ühendkuningriigi esitatud dokument).
4,55 per cent
http://www.gdfsuez.com/wp-content/uploads/2012/07/GDF-SUEZ-at-a-glance-060712-final.pdf, slaid 8.
5,10 per cent
Samas kui Ühendkuningriigi esitatud dokumendi osutatakse viites 2 esitatud allika 9–15 protsendilistele maksustamisjärgsetele nominaalsetele tulumääradele, märgib komisjon, et see tundub eiravat samas allikas osutatud „reguleeritud ja kontsessioonprojekte”.
3,85 per cent
Komisjon saab viitest 2 aru, et GDF-Suezi reguleeritud ja kontsessiooniprojektide näitlikud maksustamisjärgsed tulumäärad on 5–13 protsenti ning tõenäoliseim vahemik on alla 10 protsendi.
Inflation assumption
Komisjon märgib, et kui osutatud dokumendi tabelis 13.10 esitatakse teatatud finantsnäitajate kohta „madal” ja „kõrge” hinnang, siis Ühendkuningriigi esitatud teave näib tuginevat üksnes „kõrgetele” hinnangutele.
3,50 per cent
Esitatud dokumendis ei viidatud allikale.
Levered cost of equity
Geomeetrilise meetodiga lisanduks nominaalsele omakapitali kulule ja nominaalsele lihtsale kapitali keskmisele kaalutud hinnale 0,1–0,2 protsenti.
10,7 per cent
Credit Suisse: National Grid – No longer a growth/value play, cut to Neutral, 29. mai 2014; Credit Suisse: SSE – Referendum risk to be addressed, 15. august 2014; Macquarie: National Grid – Quality costs, but better opportunities elsewhere, 24. märts 2014.
9,3 per cent
Seal aga märgitakse, et reguleeritud ettevõtjate tehtud investeeringute varade kasutusajad ulatuvad sageli üle mitme hinnakontrolli perioodi, sest nende kasulik eluiga on kuni 60 aastat.
Cost of debt (pre-tax)
Litsentsisaaja ettevõttes kasutatavale kapitalile reguleeriva asutuse poolt määratud väärtus.
6,5 per cent
Kui aluseks olevad reguleeritud vara väärtused on esitatud varasemates hindades, on need teisendatud praegustesse hindadesse indeksi ONS RPI abil (kui ei ole öeldud teisiti).
7,2 per cent
Märgime, et reguleeritud ettevõtjate investeeringukulud erinevates ja mitmetes projektides moodustavad tavaliselt vaid väikese osa tema reguleeritud vara väärtusest.
6,3 per cent
http://www.uregni.gov.uk/uploads/publications/RP5_Main_Paper_22-10-12_FINAL.pdf, lk 100.
Vanilla WACC*
See on Ofgemi reguleeritud vara väärtuse prognoos hinnakontrolli perioodi lõpul.
8,2 per cent
Võtke arvesse, et hinnakontrolli perioodi alguses on SHETLi (Scottish Hydro Electric Transmission Limited) reguleeritud vara väärtus 0,7 mld (mis prognoosi kohaselt suureneb 2020.–2021. aastaks 3,6 mld-ni): https://www.ofgem.gov.uk/ofgem-publications/53747/sptshetlfpsupport.pdf (leheküljed 36,37) ja https://www.ofgem.gov.uk/ofgem-publications/53602/4riiot1fpfinancedec12.pdf (leheküljed 8 ja 9).
8,8 per cent
http://www.bristolwater.co.uk/wp/wp-content/uploads/2013/04/Annual-Report-2013.pdf, lk 27.