From the analysis undertaken and considering the comments received during the prior hearing 1 and the general consultation process, and also considering the letter from the European Commission concerning the draft of the final Decision (decision regarding process PT/2011/1240) notified pursuant to Article 7(3) of Directive 2002/21/EC as amended by Directive 2009/140/EC, where it states thats it "has no comments to submit", ICP-ANACOM considers that the rate of the cost of capital resulting from the Decision of 10 February 2010 rises from 10.3% to 11%, and the glide path must be updated per the following table, according to which the rate considered for 2010 is 11.6%.
|
|
Determination glide path |
Updated glide path |
|
1º year - 2009 |
12.3% |
12.3% |
|
2º year - 2010 |
11.3% |
11.6%* |
|
3º year - 2011 |
10.3% |
11.0% |
Source: ICP-ANACOM calculation
*Tx 09 – ((Tx 09 – Tx 09/11)*0.5)
The parameters now updated may be subject to review. This review, provided it is properly justified, may be triggered on the initiative of ICP-ANACOM or PTC, the collection of information being of the responsibility of the proposers.
It should be stressed that the review mechanism may be started up to the end of the first quarter of 2012, and that the effects of any adjustment established should be reflected in the corresponding financial year, before the presentation of the annual results of the AAS.
1 Vide Report on preceding hearing of the calculation of the rate of the cost of capital of PTC, applicable to 2010 and 2011, which is part of the present Decision.
