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As an alternative, it is possible to consider the development of a more generic measure of the WACC for generation companies, based on those companies that arc listed (for the equity measure) and raising bond finance (for the debt measure). Obviously this approach also has its limitations, namely: • the comparability of listed companies which may be operating a portfolio of plant tvpes, under a range of different contractual/ competitive arrangements in one or more countries; • the majority of generating companies are likely to be part of larger entities that tend to be integrated energy companies; and • a number of mergers and acquisitions have taken place in the energy sector since the late1990s).
Clearly these concerns are limitations to the approach, but the practical reality is that this approach is at least implementablc. However, as discussed later in this report, the way in which the results are interpreted will be important owing to the differences in the average risk of the generation portfolio and the specific Portuguese PPAs.
3.2. The basic benchmark Given the general approach outlined above, we have adopted a standard approach to estimating the benchmark and its constituent elements. Fach of these are discussed in tum.
3.2.1. The cost of equity (COE) Our approach to estimating the required COE is based on the Capital Asset Pricing Model (CAPM), a standard corporate finance approach to addressing this question. The CAPM links the required rate of return to three factors: • the general risk-free rare in the economy; • the level ot addition;d rerum required for holding the entire "risky" portfolio of assets in the country (the equity or market risk premium - HRP or MRP); and • the relative risk exposure of the specific asset or asset class compared to the whole portfolio (the equity beta).
lhese elements are combined as:" Re = Rf + ße(Rm~Rf) Where: RLcommasuperior is the return on equity; Rj is the risk-free rate; ßc is the equity beta; R^, is the market return.
5 DE JUNHO DE 2012
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