$长江基建集团(01038)$ $电能实业(00006)$ 来源于澳洲能源局网站（AER）

Return on equity 4. 

The allowed return on equity for the regulatory control period is calculated as follows: = + ∙ Where: (a) is the allowed risk free rate of return expressed as an effective annual percentage per annum and is calculated in accordance with clause 5. Note 1: and are set for the regulatory control period for which the determination or arrangement is made. (b) is the allowed equity beta, and is set to a value of 0.6 (c) is the allowed market risk premium, and is set to an effective annual value of 6.1 per cent per annum.  

英联邦及香港对于政府管制的公共实业领域是采取每个几年重新核定资产roe的方式来进行监管的。计算的公式就是CAPM WACC模型，参数就是征集各利益方反馈。例如港灯去年roe从9.99%调降了20%，今年半年报利润里同比就是20%的降幅。

上面是澳洲能源局对于未来参数的一些调整，首先无风险收益这块盯10年国债，已经从过去3%附近调整到了不到1%，其次，也从0.7调整到了0.6， market risk premium也从6.5调整到6.1，这样算下来从之前的7.45调整到4.56，降幅40%，更甚于港灯。

这么看澳洲英国资产未来都将面临很大的收益缩水的风险