Risk and return support for CMA referrals

Review of issues related to the allowed return in the CMA's provisional findings report on Ofwat's 2019 price review in response to four companies' appeals, including: Review of estimation windows for cost of capital data Total market return - comment on use of inflation, gearing assumption and volatility adjustment Equity beta - comment on estimation windows, data frequency and the gearing assumption Cost of debt - comment on the estimation window and the outperformance adjustment Aiming up - comment on the CMA's...