Tahk Л2.2: AUmvtdWACCj brEDP(DSO), Nominal interest rate \ without risk Debt risk premium B Debt cost before taxes C=A+B Debt cost after taxes D=Cx(l-J) Gearing Debt/(Equity + Debt) Equity risk premium Equity Beta Gist of Equity after taxes Gist of Equity before raxes Tax rate Cost of Capital before taxes Cost of Capital defined for the Regulatory Period (Pre-tax nominal) Cost of capital (Pre-tax real based on OliCDreported outturn inflation) E F G H=A+(FxG) 1=II/(1-J) J К 1999-2013 19992001 8.50% 5.21% 5.0% 1.0% 6.0% 4.0% 42% 4.0% 39% 6.6% 9.8% 33% 8.2% 2002-2004 5.7% 1.0% 6.7% 4.5"-.
42% 5.0% 51% 8.2% 12.3% 33% 9.9% 9.00% 5.67" 5.0% 1.0% 6.0% 4.0% 34% 4.0% 35% 6.4% 9.5% 33% 8.3% 5.6% 1.0% 6.6% 4.4% 34% 5.0% 46% 7.9% 11.8% 33% 10.0% 2005 3.9% 1.0% 4.9% 3.6 , 48% 4.3% 60% 6.5% 8.9% 28% 7.0% 4.4% 1.0% 5.4"'" 3.9",.
48" 5.3% 78% So"..
11.8% 28% 8.7% 8.50% 6.24 /o 2006-2008 4.4% 1.0% 5.4% 3.9% 55% 3.5% 84% 7.4% 10.2% 5.0% 1.0% 6.0% 4.3% 55% 4.0% 93% 8,7% 12.0% 28% 28% 7.6% 8.7% 8.00% 5.15% 2009-2011 4.5% (IS"..
5.3% 3.9% 19% 3.5% 90% 7.7% 10.5% 27" •• 7.9% 4.5% 1.0% 5.5% 4.1% 49% 4.5% 98% 9.0% 12.2% 27% 8.9% Indexed ru 11 lv r Govt. Bonds 2009 = 8.55% 2010 = 8.39% 2011 = 8.56% 2009 = 7.11% 2010 = 6.95% 2011 =7.12% 2012-2014 3.4% 4.3% 7.7% 5.3% 50% 6.5% 65% 7.6% 11.1% 32% 9.4% 3.4% I.V.
5.3% 50% 6.5% 67% 7.8% 11.3% 32% 9.5% 9.50% II SÉRIE-B — NÚMERO 226
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