Institut für strategische
Kapitalmarktforschung (ISK) Hauptmenü öffnen
Blick auf den ersten Stock des D3 Gebäudes.

Advances in Cost-of-Capital Regulation

Der Inhalt dieser Seite ist aktuell nur auf Englisch verfügbar.

Advances in Cost-of-Capital Regulation


The WU Research Institute for Capital Markets (ISK) organizes the workshop Advances in Cost-of-Capital Regulation, to be held at the WU campus (Vienna, Austria) on December 17, 2026 (9:00–18:00). Presentations will be followed by a discussion and general Q&A.

Program

THURSDAY, 17 DECEMBER 2026 · WU VIENNA (Festsaal 2)

8:30 – 8:45Opening: Cost-of-Capital Regulation: Foundations & Trends
8:45 – 10:30Session 1: Estimating the Regulated Cost of Equity
Session chair: Otto Randl (WU)
  • From Markets to Meters: How Index Investing Affects Utility Rates
    Presenter: Christian Kontz (University of Notre Dame)
    Discussant: Giorgio Ottonello (WU)
  • Assessing Common Assumptions in Utility Return on Equity Methodologies
    Presenter: Max Vilgalys (NYC Mayor's Office of Management and Budget)
    Discussant: Samed Krüger (University of Wuppertal)
  • Implementation of the WACC Notice and Challenges in Determining the VHCN Risk Premium
    Presenter: Jana Stuck (WIK Networks and Costs)
    Discussant: Adrian Belz (BNetzA)
10:30 – 11:00Break
11:00 – 12:00Keynote: Cost of Capital: A Long-term and Global Perspective
Elroy Dimson (University of Cambridge
12:00 – 13:00Lunch
13:00 – 14:10Session 2: Regulation and Infrastructure Investment
Session chair: Klaus Gugler (WU)
  • CAPEX Bias in Electricity Network Regulation: Corrective and Structural Remedies
    Presenter: Sebastian Brunner (Energie-Control Austria)
    Discussant: Gavin Knott (Ofgem)
  • Quantifying the Effect of European Investment Bank Financing on the Low-Carbon Energy Transition through 2050
    Presenter: Bjarne Steffen (ETH Zurich)
    Discussant: Francisca Bremberger (WU)
14:10 – 14:30Break
14:30 – 15:40Session 3: Private Markets and the Cost of Capital
Session chair: Thomas Dangl (TU Vienna)
  • Restricted Investor Access and the Cost of Debt: The Case of Privately Placed Bonds
    Presenter: Tanja Artiga González (Vrije Universiteit Amsterdam)
    Discussant: Rainer Jankowitsch (WU)
  • A New Approach to Cost of Equity for Private Infrastructure
    Presenter: Robert Ritz (University of Cambridge)
    Discussant: Stefan Bogner (WU)
15:40 – 16:00Break
16:00 – 17:30Panel Discussion -- Regulated Returns: Challenges and Perspectives
Introductory Remarks: The Economics of Cost-of-Capital Regulation – Quo Vadis?
Colin Mayer (University of Oxford)
Panel: Martin Graf (Energie Steiermark), Annegret Groebel (BNetzA), Colin Mayer (University of Oxford)
Moderator: Josef Zechner (WU)

download the program (pdf)

Organizing committee

Klaus Gugler, WU Vienna
Otto Randl, WU Vienna
Josef Zechner, WU Vienna

Program Committee

Stefan Bogner, Franzisca Bremberger, Fabio Girardi, Klaus Gugler, Giorgio Ottonello, Markus Parlasca, Otto Randl, Oliver Rehbein, Giorgia Simion, Josef Zechner

Registration and costs

There is no conference fee for presenters, discussants, and academic participants. Participants are expected to cover their own travel and accommodation expenses.

Participants visiting Vienna in December may also enjoy the city’s cultural offerings and traditional Christmas markets.

Contacts

Karin Distelberger
Claudia Hoffmann

Please contact us at: isk@wu.ac.at

Organization