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CEPA has been commissioned by Ofcom to provide an independent view of relevant betas and other Weighted Average Cost of Capital (WACC) parameters in support of the Telecoms Access Review 2026 (TAR26). Ofcom has now published our report alongside its TAR26 consultation.

For this assignment, the CEPA team estimated the asset beta for BT Group and a range of benchmarks, including UK utilities, European telecoms, UK telecoms and information and communication technology companies. CEPA proposed asset beta ranges to Ofcom that reflect a mechanistic summary of a broad quantitative evidence base, as well as adjustments where justified by our assessments of broader market evidence, relative risk across comparators and over time, and the robustness of different data points.