Reports by external consultants

CAP2266A - Review of H7 Opex and Commercial Revenues: Initial Assessment and Forecasts, CEPA Taylor Airey, October 2021

CAP2266B - HAL RBP Update: Capex plan Review, Arcadis, October 2021

CAP2266C - HAL RBP Update: Review of capex categories and delivery objectives, Arcadis, October 2021

CAP2266D - H7 Forecast Review [Passenger Forecasting], Skylark, October 2021

CAP2266F - Review of Consumer Acceptability Testing Research, FTI Consulting, October 2021

CAP1964A, Arcadis Heathrow Q6 Capex Efficiency Review, September 2020

CAP1940A, Arcadis review of the initial tests for Heathrow West proposal, March 2020

CAP1940B, PwC Report: Independent Planning Cost Review for 2018, April 2020

CAP1876A, H7 Price control Model – approach to corporation tax, by Grant Thornton, January 2020

CAP1871A, Independent Peer Review of Recent Research on the Existence of Scarcity Rents at Heathrow, Institute for Transport Studies, University of Leeds, August 2019

CAP1871B, Arcadis Heathrow Airport Limited Masterplan review Step 0 Report, October 2019

CAP1782C, Report on gearing sharing mechanisms and application to LHR, by EY, April 2019

CAP1782A, Arcadis high-level assessment of the Arora scheme proposal, by Arcadis, March 2019

An initial review of consumer interests in the development of the HAL masterplan, by Arcadis, March 2019

CAP1769A

The Arcadis report on HAL's procurement strategy, by Arcadis, February 2019

CAP1750, Independent Planning Cost Review Heathrow Expansion covering 2016 and 2017, by PwC, January 2019

CAP1751, Independent Planning Cost Review Heathrow Expansion covering 2016 and 2017: Supplementary report, by PwC, January 2019

CAP1722b, A critique of published reports regarding scarcity rents at Heathrow Airport, by FTI, October 2018

CAP1676, A study of Heathrow's cost and revenue allocation, by PA Consulting, June 2018

CAP1673, Approach to overseeing the cost efficiency of new airport capacity, by KPMG, May 2018

CAP1672, Overseeing the financial robustness of a promoter in delivering new airport capacity, by KPMG, May 2018

CAP1563a, Audit of service quality regulation at Heathrow, by Grant Thornton, June 2017

CAP1563b, Heathrow Airport - Review of Commercial Revenues, by SDG, June 2017

CAP1563c, Review of Efficiency of Operating Expenditure of Heathrow Airport, by CEPA, June 2017

CAP1563d, Benchmarking of High Level Economic and Financial Metrics of Heathrow Airport, by PA Consulting, June 2017

CAP1563e, Review of Heathrow Airport's Q6 Capex Governance, by CEPA, June 2017

Heathrow Airport Limited

Cost of debt for HAL in H7, by NERA Economic Consulting April 2019

Cost of Equity for HAL at H7, by NERA Economic Consulting April 2019

Estimating the congestion premium at Heathrow, by Frontier Economics, May 2019

Economic regulation of terminal expansion, by Frontier Economics, December 2018

Competition & Choice 2017, by Frontier Economics, December 2017

International Airlines Group

The effect of congestion at Heathrow Airport – comments on Frontier and FTI reports, by RBB Economics, February 2019

Commissioned by the CAA

CAP2266E - Estimating Heathrow's beta post Covid-19, Flint, August, 2021

CAP1940C, Flint Report on WACC/Cost of Capital, April 2020

Estimating the cost of capital for H7 and RP3 – response to stakeholder views on total market return and debt beta, by PwC, August 2019

Estimating the cost of capital for H7 - Response to stakeholder views, a report by PwC, February 2019

CAP1611, Estimating the cost of capital for H7, An independent report by PricewaterhouseCoopers LLP, December 2017

CAP1562, Alternative approaches to setting the cost of debt for PR19 and H7, by CEPA, June 2017

Commissioned by Heathrow Airport Limited

Setting the cost of equity for capacity expansion at Heathrow Airport, by Ernst & Young, March 2018

Cost of equity for Heathrow in H7, by NERA, February 2018

International precedent on cost of equity, by NERA, February 2018

A review of PwC’s approach to setting cost of equity in a “lower for longer” era, by NERA, October 2017

Commissioned by LACC/AOC

Response to CAP1940: Financial issues, by CEPA, August 2020

Cost of capital issues, by CEPA, February 2018

Commissioned by International Airlines Group

Response to CAA consultations on RP3 and H7 WACC, by CEPA, April 2019

Commissioned by the UK Regulators Network

Estimating the cost of capital for implementation of price controls by UK Regulators – an update on Mason, Miles and Wright (2003), by Wright S, Burns P, Mason R and Pickford D, March 2018