The determination of 2010 provided a priori for the definition of the rate to prevail for the 2009-2011 three-year period, establishing a review mechanism for parameters of a macroeconomic nature, in the course of that three-year period, namely the risk-free interest rate, the risk premium and the tax rate. Having examined this procedure closely, and as it is deemed that the current macroeconomic context advises that values of parameters used are updated on a regular basis, the methodology for calculating the cost of capital rate, to be applied as from 2012, was defined a priori. The rate is to be updated every year, by the end of the 1st half of the year concerned, according to the availability of data required for the calculation, in compliance with the calculation methodology described below.
Nevertheless, in case it is found that a criterion and/or source of information may not be updated, there are grounds for replacement - which may be triggered by either party, by the end of the first third of the concerned year - and subsequent submission to a prior hearing. Otherwise, the calculation will simply be updated, on an annual basis.
