Comment Neelie (Kroes)

[...] In addition, I want to explore further the scope for guidance regarding wholesale pricing for next generation networks. In particular, the manner in which the risks related to such infrastructure investment are taken into account in calculating the cost of capital. Risks relative to consumer take-up, competition from other types of network, and execution risk, for example. This is an important building block to ensure an adequate rate of return on fibre investments.