CAP2140: Economic regulation of Heathrow Airport Limited: response to its request for a covid-19 related RAB adjustment

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Title:Economic regulation of Heathrow Airport Limited: response to its request for a covid-19 related RAB adjustment
Description:On 27 July 2020, HAL sent us a request that we should make an adjustment to its regulatory asset base (RAB) to address the shortfall in the revenue it expected to recover in 2020 and 2021 due to the severe impact of the covid-19 pandemic on its business. Since then, HAL has made a series of further representations to us in support of its request.

This document sets out the CAA’s response to HAL’s request and its further representations. It provides our decision on the regulatory intervention package which we will apply ahead of making our proposals for the next (H7) price review. It follows on from our October 2020 and February 2021 Consultations on these matters.

In particular, this document sets out:

• the process which we have followed in reaching our decision, including our consideration of stakeholders’ consultation responses;
• an updated and final assessment framework, based on our statutory duties including the “better regulation principles” which we must have regard to under the Civil Aviation Act 2012 (“CAA12”);
• our assessment of the different options for regulatory intervention using that assessment framework; and
• details of the early intervention we have decided to take and our proposed next steps.

In this updated version on 4 May 2021 we have clarified the wording in paragraph C39.

Review Comment:None
Date:4 May 2021
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