Previous price controls

CAP1459 Formal notice to extend the current price control in Heathrow Airport’s economic licence by one year.

CAP1436 proposal to extend the current price control (Q6) on Heathrow Airport Limited by one year, so that it expires at the end of 2019 rather than the end of 2018.

• CAP1151, Economic regulation at Heathrow from April 2014: Notice granting the licence, February 2014
• CAP1155, Estimating the cost of capital: a technical appendix for the Notice granting the licence, February 2014

• CAP1103, Economic regulation at Heathrow from April 2014: Final Proposals, October 2013
• CAP1105, In Focus – Preparing for a future with passengers at its heart, October 2013
• CAP1115, Estimating the cost of capital: a technical appendix for the Final Proposals, October 2013

• CAP1044 CAA passenger research: satisfaction with the airport experience: Heathrow, Gatwick and Stansted, May 2013

• CAP1027, Economic regulation at Heathrow from April 2014: Initial Proposals, April 2013
• CAP1031, Economic regulation at Heathrow, Gatwick and Stansted, Overview of Initial Proposals, April 2013

Consultant reports commissioned by the CAA

• Q6 review of the distribution of economic rent: a response to comments by Compass Lexecon - by SLG Economics (December 2013)
• Q6 capex review Heathrow Airport - final report by Alan Stratford (December 2013)
• Q6 capex review Heathrow Airport - report by Alan Stratford (October 2013)
• Estimating the cost of capital for designated airports - a report prepared for the CAA by PwC (October 2013)
• Review of maintenance, renewals and other operating expenditure at Heathrow Airport (phase 3) Final report - report by Steer, Davies, Gleave (September 2013)
• Review of maintenance, renewals and other operating expenditure at Gatwick Airport (phase 3) Final report - report by Steer, Davies, Gleave (September 2013)
• Assessment of commercial revenues at Gatwick Airport (stage 3) Final report - by Steer, Davies, Gleave (September 2013)
• Q6 review of the distribution of economic rent between airport, airlines and passengers and cargo users at Heathrow and Gatwick - report by SLG Economics (September 2013) data related to footnote 15
• Review of pension costs for Heathrow Airport - Government Actuary's Department (September 2013)
• Review of pension costs for Gatwick Airport - Government Actuary's Department (September 2013)
• Response to Oxera's note on scope for efficiency gains at Gatwick - TFP, LEMS and output price indices - report by CEPA (September 2013)
• Response to Oxera's note on scope for efficiency gains at Gatwick (RUOE analysis) and updated RUOE analysis - report by CEPA (September 2013)
• Assessment of commercial revenues at Heathrow Airport (stage 3) Final report - by Steer, Davies, Gleave (August 2013)
• Comparing and capping charges at regulated airports (addendum note) - report by Leigh Fisher (August 2013)
• Gatwick Airport Q6 capex review for the CAA - phase 3 report by Davis Langdon (August 2013)
• Assessment of central support costs at Heathrow & Gatwick airports - final report for Gatwick Airport - report by Helios (July 2013)
• Assessment of central support costs at Heathrow & Gatwick airports - final report for Heathrow Airport - report by Helios (July 2013)
• Estimating the cost of capital in Q6 for Heathrow, Gatwick and Stansted- report by PwC (April 2013) - terms of reference
• Cost of capital for UK designated airports - paper on the split cost of capital and skewed returns by PwC (April 2013)
• Scope for efficiency gains at Heathrow, Gatwick and Stansted airports - report by CEPA (April 2013) - terms of reference
• Gatwick Airport Q6 capex review - phase 2 report by Davis Langdon (April 2013)- terms of reference
• Assessment of maintenance and renewals costs at Heathrow - report by Steer, Davies, Gleave (April 2013) - terms of reference
• Assessment of maintenance and renewals costs at Gatwick - report by Steer Davies Gleave (April 2013)
• Assessment of commercial revenues at Heathrow - report by Steer Davies Gleave (April 2013) - terms of reference
• Assessment of commercial revenues at Gatwick - report by Steer Davies Gleave (April 2013)
• Airport price monitoring: Further insights - report by First Economics (April 2013) - terms of reference
• Advice on the calculation of long run incremental cost estimates for Gatwick and Stansted: response to comments by Gatwick Airport Limited - report by Europe Economics (April 2013) - terms of reference
• Review of other operating expenditure at Heathrow Airport - report by Steer Davies Gleave (April 2013) - terms of reference
• Review of other operating expenditure at Gatwick Airport - report by Steer Davies Gleave (April 2013)
• Central support costs - report by Helios (April 2013) - terms of reference
• Comparing and capping airport charges at regulated airports - report by Leigh Fisher (April 2013) - Emerging findings report (September 2012) -terms of reference
• Benchmarking employment costs: a research report for the CAA - Gatwick - report by IDS Thomson Reuters(April 2013) - terms of reference
• Benchmarking employment costs: a research report for the CAA - Heathrow - report by IDS Thomson Reuters (April 2013)
• Gatwick Airport report of Q5 capex - report by URS (April 2013) - terms of reference
• CAP1060 CAA Airport Operating Expenditure Benchmarking Report 2012, June 2013

Consultant reports commissioned by other stakeholders

• British Airways comments on Compass Lexecon response to SLG Economics report on the distribution of economic rent (January 2014)
• Gatwick Airport response to SLG Economics report on the distribution of economic rent (January 2014)
• Comments on report by SLG Economics for Gatwick Airport on the distribution of rents between airports, airlines, passengers and cargo users at Heathrow and Gatwick airports - note for Gatwick Airport by Compass Lexecon (December 2013)
• A further note on regulation of an increasingly competitive airport sector by Professor Littlechild (September 2013)
• Response to initial proposals: Cost of capital; (2nd addendum) - note prepared for Gatwick Airport by Oxera (September 2013)
• Cost of debt indexation - report for Heathrow Airport by NERA (August 2013)
• Response to initial proposals: Cost of capital (addendum) - note prepared for Gatwick Airport by Oxera (August 2013)
• Comments on recent papers by BA and CEPA - Heathrow Airport (August 2013)
• Update of PwC analysis on the risk free rate report for Heathrow Airport by Europe Economics (August 2013)
• Choice of WACC range percentile for Q6 report for Heathrow Airport by Europe Economics (August 2013)
• Review of choice of high percentile WACC from a range in its initial proposal for cost of capital for HAL and GAL - report for CEPA and British Airways by Professor Sudarsanum (June 2013)
• A review of the CAA's approach to estimating the WACC for Q6 - a report for Heathrow Airport by NERA (June 2013)
• AT Kearney's airport operating cost benchmarking report for Gatwick - full report included as part of Gatwick Airport's response to CAA initial proposals(June 2013) - meeting with CAA, presentation to CAA
• A review of the risk assessment in the CAA's initial proposals for Q6 - report for Heathrow Airport by NERA (June 2013)
• Response to PwC arguments on the cost of capital for Q6 report for Heathrow Airport by Europe Economics (May 2013)
• Regulation of an increasingly competitive airport sector by Professor Littlechild (May 2013)
• Relative risk for London Heathrow - a report for London Heathrow by NERA (April 2013)
• Setting the weighted cost of capital for Heathrow and Gatwick in Q6 - report by British Airways for CEPA(April 2013)
• Heathrow Airport's cost of capital - report on behalf of Heathrow by Europe Economics (April 2013)
• What is the cost of capital for Gatwick Airport beyond Q5 - Methodology and estimation - report for Gatwick Airport by Oxera (January 2013)
• How has the risk of Gatwick Airport changed since the start of Q5 - note prepared for Gatwick Airport by Oxera (December 2012)
• Comment on the split cost of capital proposal of Professor Helm submitted by British Airways - prepared for BAA (March 2012)
• The split cost of capital and utility regulation with particular reference to airports - paper commissioned by British Airways by Dieter Helm (December 2011)
• Adjusting Heathrow's cost of capital for skewness: Methodological and qualitative issues - report for BAA (September 2011)

• Estimating the cost of capital for designated airports - a report prepared for the CAA by PwC(October 2013)
• Review of maintenance, renewals and other operating expenditure at Heathrow Airport (phase 3) Final report - report by Steer, Davies, Gleave(September 2013)
• Review of maintenance, renewals and other operating expenditure at Gatwick Airport (phase 3) Final report - report by Steer, Davies, Gleave(September 2013)
• Assessment of commercial revenues at Gatwick Airport (stage 3) Final report - by Steer, Davies, Gleave (September 2013)
• Review of pension costs for Heathrow Airport - Government Actuary's Department(September 2013)
• Review of pension costs for Gatwick Airport - Government Actuary's Department(September 2013)
• Response to Oxera's note on scope for efficiency gains at Gatwick - TFP, LEMS and output price indices - report by CEPA(September 2013)
• Response to Oxera's note on scope for efficiency gains at Gatwick (RUOE analysis) and updated RUOE analysis - report by CEPA (September 2013)
• Assessment of commercial revenues at Heathrow Airport (stage 3) Final report - by Steer, Davies, Gleave (August 2013)
• Comparing and capping charges at regulated airports (addendum note) - report by Leigh Fisher (August 2013)
• Assessment of central support costs at Heathrow & Gatwick airports - final report for Gatwick Airport - report by Helios(July 2013)
• Assessment of central support costs at Heathrow & Gatwick airports - final report for Heathrow Airport - report by Helios (July 2013)
• Cost of capital for UK designated airports - paper on the split cost of capital and skewed returns by PwC(April 2013)
• Scope for efficiency gains at Heathrow, Gatwick and Stansted airports - report by CEPA (April 2013) - terms of reference
• Assessment of maintenance and renewals costs at Heathrow - report by Steer, Davies, Gleave(April 2013) - terms of reference
• Assessment of maintenance and renewals costs at Gatwick - report by Steer Davies Gleave(April 2013)
• Assessment of commercial revenues at Heathrow - report by Steer Davies Gleave (April 2013) - terms of reference
• Assessment of commercial revenues at Gatwick - report by Steer Davies Gleave (April 2013)
• Airport price monitoring: Further insights - report by First Economics(April 2013) - terms of reference
• Advice on the calculation of long run incremental cost estimates for Gatwick and Stansted: response to comments by Gatwick Airport Limited - report by Europe Economics (April 2013) - terms of reference
• Review of other operating expenditure at Heathrow Airport - report by Steer Davies Gleave(April 2013) - terms of reference
• Review of other operating expenditure at Gatwick Airport - report by Steer Davies Gleave(April 2013)
• Central support costs - report by Helios (April 2013) - terms of reference
• Comparing and capping airport charges at regulated airports - report by Leigh Fisher (April 2013) - Emerging findings report (September 2012) -terms of reference
• Benchmarking employment costs: a research report for the CAA - Gatwick - report by IDS Thomson Reuters(April 2013) - terms of reference
• Benchmarking employment costs: a research report for the CAA - Heathrow - report by IDS Thomson Reuters(April 2013)

• British Airways comments on Compass Lexecon response to SLG Economics report on the distribution of economic rent(January 2014)
• Gatwick Airport response to SLG Economics report on the distribution of economic rent (January 2014)
• Comments on report by SLG Economics for Gatwick Airport on the distribution of rents between airports, airlines, passengers and cargo users at Heathrow and Gatwick airports - note for Gatwick Airport by Compass Lexecon(December 2013)
• A further note on regulation of an increasingly competitive airport sector by Professor Littlechild (September 2013)
• Response to initial proposals: Cost of capital; (2nd addendum) - note prepared for Gatwick Airport by Oxera(September 2013)
• Cost of debt indexation - report for Heathrow Airport by NERA (August 2013)
• Response to initial proposals: Cost of capital (addendum) - note prepared for Gatwick Airport by Oxera (August 2013)
• Comments on recent papers by BA and CEPA - Heathrow Airport (August 2013)
• Update of PwC analysis on the risk free rate report for Heathrow Airport by Europe Economics (August 2013)
• Choice of WACC range percentile for Q6 report for Heathrow Airport by Europe Economics(August 2013)
• Review of choice of high percentile WACC from a range in its initial proposal for cost of capital for HAL and GAL - report for CEPA and British Airways by Professor Sudarsanum(June 2013)
• A review of the CAA's approach to estimating the WACC for Q6 - a report for Heathrow Airport by NERA (June 2013)
• AT Kearney's airport operating cost benchmarking report for Gatwick - full report included as part of Gatwick Airport's response to CAA initial proposals(June 2013) - meeting with CAA, presentation to CAA
• A review of the risk assessment in the CAA's initial proposals for Q6 - report for Heathrow Airport by NERA (June 2013)
• Response to PwC arguments on the cost of capital for Q6 report for Heathrow Airport by Europe Economics (May 2013)
• Regulation of an increasingly competitive airport sector by Professor Littlechild(May 2013)
• Relative risk for London Heathrow - a report for London Heathrow by NERA (April 2013)
• Setting the weighted cost of capital for Heathrow and Gatwick in Q6 - report by British Airways for CEPA(April 2013)
• Heathrow Airport's cost of capital - report on behalf of Heathrow by Europe Economics(April 2013)
• What is the cost of capital for Gatwick Airport beyond Q5 - Methodology and estimation - report for Gatwick Airport by Oxera(January 2013)
• How has the risk of Gatwick Airport changed since the start of Q5 - note prepared for Gatwick Airport by Oxera(December 2012)
• Comment on the split cost of capital proposal of Professor Helm submitted by British Airways - prepared for BAA(March 2012)
• The split cost of capital and utility regulation with particular reference to airports - paper commissioned by British Airways by Dieter Helm (December 2011)
• Adjusting Heathrow's cost of capital for skewness: Methodological and qualitative issues - report for BAA (September 2011