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In regulatory proceedings, few issues are more hotly debated than the cost ofcapital. This article formalises the theoretical foundation of cost of capitalestimation for regulatory purposes. Several common regulatory practices lack asolid foundation in the theory. For example, the common practice of estimatinga single cost of capital for the regulated firm suffers from a circularityproblem, especially in the context of a multi-year regulatory period. Inaddition, the relevant cost of debt cannot be estimated using theyield-to-maturity on a corporate bond. We suggest possible directions forreform of cost of capital practices in regulatory proceedings.

A Re-Examination of the Foundations of Cost of Capital for Regulatory Purposes