2. Cost of capital rate

Bearing in mind that this work seeks to define the methodology for calculating the parameters required to determine the cost of capital rate that applies as from 2012, the various approaches for determining each of the parameters required to calculate the referred rate are analysed and assessed below.

It must be referred that, as far as parameters are concerned, the calculation of which was based on a benchmark methodology, by using comparable companies, the criteria for choosing these bodies were not altered as regards the determination of 2010, as the BT report shows.

As such, and like the previous determination, companies were chosen according to the per capita income of the respective countries; provision of similar products; market position; growth rate and value of the company. PT SGPT was also taken into account as a reference, notwithstanding the reservations that arise in case it was considered individually, given the wide range of geographic markets it covers and services it provides. Consequently, the list of companies selected does not differ from that used in the previous determination (see table 1).

Regulatory precedents were used as reference, and as such only for comparative purposes. Bodies that have issued decisions recently and whose information is fully available and published at this moment in time (see table 2), were taken into consideration. It is stressed that, except for the Portuguese example, all regulatory precedents that have been considered concern decisions in the telecommunications sector. The inclusion of the Portuguese example as regards the energy sector is deemed to be relevant as it focuses on the same market, and for the timeliness of the decision.

• 2.1. Definition of the cost of capital rate https://www.anacom.pt/render.jsp?categoryId=353190
• 2.2. Overall methodology https://www.anacom.pt/render.jsp?categoryId=353191
• 2.3. Methodology of parameters https://www.anacom.pt/render.jsp?categoryId=353245