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This document follows on from our consultations on the regulatory framework to support capacity expansion at Heathrow in June and December 2017. It consults further on the development of the regulatory framework and includes:

- updates on the development of our thinking in relation to the overall regulatory framework and our initial and early assessment of the overall affordability and financeability of capacity expansion;

- more information on the process we are undertaking to establish the cost of capital for Heathrow Airport Limited (“HAL”) and an explanation of our initial work to integrate our preliminary work on incentives with our approach to assessing the cost of capital and shareholder returns;

- our decisions in relation to a new interim price control that will facilitate the alignment of the regulatory processes for setting price controls with the wider timetable for capacity expansion and better protect the interests of consumers; and

- discussion and further consultation on the regulatory treatment of surface access costs.

It also complements our final report to the Secretary of State under section 16 of the Civil Aviation Act 1982 reporting on airport-airline engagement, which will be published shortly.

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