State aid practice under challenge? Implications of landmark court judgments

Is standard state aid practice under challenge? National courts in the EU are playing an ever more significant role in the application of state aid law, with litigation on state aid issues increasing considerably in recent years. Landmark court judgments raise important questions about the role of EU national courts in this area, and about the assessment of aid recovery. These judgments have potential consequences for every state aid decision

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The Thames Tideway Tunnel: returns underwater?

Ofwat, the economic regulator of the water industry in England and Wales, has awarded the project licence for the Thames Tideway Tunnel (TTT), a planned £4.2bn ‘super sewer’ in London. The project’s low headline weighted average cost of capital (WACC) figure of 2.497% has attracted attention from several quarters. But what lies behind this figure, and what lessons can be learned for other regulated sectors and projects?

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The future of water upstream?

The issue of competition in upstream activities of the UK water sector has been debated for some time now. With new provisions outlined in the Water Act 2014, the practicalities of designing a regulatory regime that makes competition viable and delivers benefits to customers require careful thought. What should the upstream access pricing regime look like, and what are the implications for the regulatory capital value (RCV)?

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CfDs: the (strike) price is right?

The results of the first UK auctions for contracts for differences (CfDs) for low-carbon electricity generators were published in February 2015, and demonstrated that competition between low-carbon generation technologies can reduce costs to consumers, or at least result in lower costs than official estimates. While prospective project developers await confirmation of future CfD allocation rounds, we consider the implications of recent auctions for onshore and offshore wind costs

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