Greece’s Regulatory Authority for Energy (RAE) contracted ECA to estimate the weighted average cost of capital (WACC) for the electricity transmission system and distribution network operators. The WACC estimate is needed primarily for the purposes of RAE setting an allowed rate of return and therefore regulated revenues for the two businesses in 2014. As well as examining the underlying WACC parameters, we are required to assess whether the risk environment has significantly altered since the height of the sovereign debt crisis in late 2011 to early 2012.