On 6 August 2008, the AER released an issues paper canvassing issues relevant to this review.

On 10 October 2008, the AER held a round table forum of finance experts to seek clarification on issues raised in the Joint Industry Associations’ submission to the weighted average cost of capital (WACC) review issues paper.

Subsequent to the closure of the consultation period on the issues paper, the AER received two further submissions from the Joint Industry Associations on the 6 and 14 November 2008. Both submissions consist of reports from Professor Stephen Gray on the assumed utilisation of imputation credits.

Under the National Electricity Rules, the AER may, but is not required to, consider any submission received after the time for making submissions has expired. Due to the timing of these further submissions, the AER was not able to take these submissions into account in finalising its proposed statements. However, the AER will take these submissions into account in its final decision.