NERA Managing Director Tomas Haug presented at the Expert Dialogue Energy Regulation (Fachdialog Energieregulierung)—a conference organized by the Hesse state regulator—on the topic of regulatory cost of equity for German energy networks for the fourth regulatory period (2023–2027). Mr. Haug showed that, from a capital market’s perspective, there is no reason to lower the allowed cost of equity of 6.91% (nominal, pre-corporation tax). The conference was attended by network operators, policymakers, and the Bundesnetzagentur.