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The FSR Communications and Media and the European Telecommunications Network Operators’ Association (ETNO) organise this joint seminar to explore concrete theoretical and empirical questions related to WACC setting in regulated environments and to gather views from a diverse set of stakeholders that include European institutions, academia, regulators, companies, and financial analysts.

The Weighted Average Cost of Capital (WACC) is commonly used to assess the profitability of an investment or to value assets or companies. It is a key financial parameter in corporate decision-making. In regulated environments, such as the telco or the energy sectors, sectoral regulators set the WACC, mostly for cost-oriented products, and it is an important component of the pricing of such products. It is hence of utmost importance that WACC values used by the regulators are set at an appropriate level to provide the right incentives for regulated entities and their competitors, and more broadly for the consumers.

The Seminar will be divided into two parts: the first explores the methodological issues concerning the setting of WACC in the telecoms sector, while the second focuses on potential challenges to its application in the future.


Institutional Partner

The European Telecommunications Network Operators’ Association (ETNO) represents Europe’s main telecom operators, who innovate and invest in the continent’s digital backbone. ETNO’s companies are the providers of Europe’s most advanced digital networks and services. ETNO’s mission is to develop a positive policy and regulatory environment empowering the delivery of world-class services for European citizens and businesses.




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Stephen Howard
Communications Chambers
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Annegret Groebel
German Regulatory Authority
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Daniel Kapp
European Central Bank
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Silas Norbjerg
European Commission
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Fadhel Lakhoua
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Anna Renata Pisarkiewicz
European University Institute
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Philippe Defraigne
Cullen International
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Kamila Kloc
European Commission
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Erzsébet Fitori
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Ulrich Hege
Toulouse School of Economics
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Brian Williamson
Communications Chamber
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Fernando Cordero
Santander Investment

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