Decision of ICP-ANACOM on the cost-of-capital rate to be applied in 2011

Under the above analysis and taking into account contributions received in the scope of the prior hearing and general consultation procedures, and also bearing in mind the letter of the European Commission on the Draft Decision (Decision on the file PT/2012/1353) notified pursuant to paragraph 3 of article 7 of Directive 2002/21/EC of the European Parliament and of the Council, of 7 March 2002, as amended by Directive 2009/140/EC, informing that the Commission "has no comments to make", ICP-ANACOM considers that given the change of the risk-free interest rate, the value of this parameter for 2011 should be 5.36%, values for other parameters remaining unchanged.

In this sense, ICP-ANACOM determines a value of 11.7% for the cost-of-capital rate for 2011, having weighted all above-mentioned conditions (vide table 4).

^{Source: PTC and ICP-ANACOM calculations}