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• Our good comparators have sustained higher average gearing levels, at around 50-60% since the early 2000s, suggesting that they are viewed as slightly lower risk than the broader sample.
We note that there is a significant amount ot variation in actual gearing rates chosen by companies in our sample (sec Figure 4.7 below).
Figure 4.7: Range of gearing/or comparator companies Source: Bloomberg We therefore consider it appropriate to show a range of values under low and high scenarios (see Figure 4.8 below).
\4gure 4,8; Xotiona! gearing assumptions In our base case we take the view that the PPAs would attract a relatively high level of gearing owing to their relatively low level of risk and show and increase over time as investors became more familiar with these assets. However, in all scenarios we assume that gearing begins to decline slightly in 2007.
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