On Wednesday 18 November 2020 the AER published our final working paper on Energy Network Debt Data. The final paper:

• evaluates options for how our index of actual debt costs (the Energy Infrastructure Credit Spread Index or EICSI) could be used in estimating the regulated return on debt, credit rating and term
• considers and responds to stakeholder submissions on our position paper
• proposes changes to how we calculate the EICSI
• identifies a preferred option for how the EICSI might be used in the 2022 rate of return instrument.

This final paper marks the end of the working paper process for this topic, and there will not be an immediate round of stakeholder submissions. There are aspects of this paper (such as implementation of the proposed debt approach) that we will consult on further as we extend our analysis and approach the 2022 rate of return instrument review.

The final working paper on Energy Network Debt Data did not call for stakeholder submissions. However, on 18 December 2020 we received the following submission in response to the final working paper. We will undertake further consultation on how we determine the regulated return on debt later in our Pathway to 2022.