ࡱ>     ~~M nbjbj== WWtlF$44"qqqh^rr,"*v{L{{{-~ǂt;"$$$$$$$_ H-}@-~H00{{u0{{B"JO:͈3H{v Y͓h"OqF,$<,EED 0X000 Telstra's Submission in Relation to the Methodology used for Deriving Prices Proposed in its Undertakings dated 9 January 2003 INDEX  TOC \h \z \t "SubHead,1"  HYPERLINK \l "_Toc32390960" A INTRODUCTION  PAGEREF _Toc32390960 \h 1  HYPERLINK \l "_Toc32390961" B CONFIDENTIALITY  PAGEREF _Toc32390961 \h 1  HYPERLINK \l "_Toc32390962" C SUMMARY  PAGEREF _Toc32390962 \h 3  HYPERLINK \l "_Toc32390963" D ESTIMATING EFFICIENT COSTS  PAGEREF _Toc32390963 \h 3  HYPERLINK \l "_Toc32390964" E EFFICIENT NETWORK COSTS OF UT SERVICES  PAGEREF _Toc32390964 \h 3  HYPERLINK \l "_Toc32390965" E1 PIE II Model  PAGEREF _Toc32390965 \h 3  HYPERLINK \l "_Toc32390966" F INPUTS INTO THE PIE II MODEL  PAGEREF _Toc32390966 \h 8  HYPERLINK \l "_Toc32390967" F1 Customer locations  PAGEREF _Toc32390967 \h 8  HYPERLINK \l "_Toc32390968" F2 Traffic Volumes and Number of Access Services  PAGEREF _Toc32390968 \h 8  HYPERLINK \l "_Toc32390969" F3 Provisioning Rules  PAGEREF _Toc32390969 \h 8  HYPERLINK \l "_Toc32390970" F4 Trench and Duct Sharing with Others  PAGEREF _Toc32390970 \h 9  HYPERLINK \l "_Toc32390971" F5 Open Trenches  PAGEREF _Toc32390971 \h 9  HYPERLINK \l "_Toc32390972" F6 Prices Used to Cost the PSTN  PAGEREF _Toc32390972 \h 9  HYPERLINK \l "_Toc32390973" F7 Asset Lives  PAGEREF _Toc32390973 \h 10  HYPERLINK \l "_Toc32390974" F8 WACC  PAGEREF _Toc32390974 \h 10  HYPERLINK \l "_Toc32390975" F9 Option Value  PAGEREF _Toc32390975 \h 11  HYPERLINK \l "_Toc32390976" F10 Grossing up for tax  PAGEREF _Toc32390976 \h 12  HYPERLINK \l "_Toc32390977" F11 Operational and Maintenance Costs  PAGEREF _Toc32390977 \h 13  HYPERLINK \l "_Toc32390978" F12 Indirect Costs  PAGEREF _Toc32390978 \h 14  HYPERLINK \l "_Toc32390979" F13 Routing Factors  PAGEREF _Toc32390979 \h 14  HYPERLINK \l "_Toc32390980" F14 Retail PSTN CAN Costs  PAGEREF _Toc32390980 \h 14  HYPERLINK \l "_Toc32390981" F15 Maximum Subscription Revenue  PAGEREF _Toc32390981 \h 15  HYPERLINK \l "_Toc32390982" F16 USO Revenue  PAGEREF _Toc32390982 \h 15  HYPERLINK \l "_Toc32390983" F17 Recovery of Costs from Local Calls and LCS  PAGEREF _Toc32390983 \h 16  HYPERLINK \l "_Toc32390984" G UNRECOVERED PSTN CAN COSTS (UPCC)  PAGEREF _Toc32390984 \h 16  HYPERLINK \l "_Toc32390985" G1 Recovery of UPCC  PAGEREF _Toc32390985 \h 16  HYPERLINK \l "_Toc32390986" G2 Allocation of UPCC to PSTN Services  PAGEREF _Toc32390986 \h 16  HYPERLINK \l "_Toc32390987" H OUTPUTS FROM THE PIE II MODEL  PAGEREF _Toc32390987 \h 16  HYPERLINK \l "_Toc32390988" I ULLS SPECIFIC COSTS  PAGEREF _Toc32390988 \h 19  HYPERLINK \l "_Toc32390989" J TOTAL ULLS COSTS  PAGEREF _Toc32390989 \h 20  HYPERLINK \l "_Toc32390990" K OTHER COSTS OF PSTN OTA AND LCS  PAGEREF _Toc32390990 \h 21  HYPERLINK \l "_Toc32390991" L DETERMINATION OF UT PRICES  PAGEREF _Toc32390991 \h 22  HYPERLINK \l "_Toc32390992" L1 Recovery of UPCC  PAGEREF _Toc32390992 \h 22  HYPERLINK \l "_Toc32390993" L2 Discount for Basic Access  PAGEREF _Toc32390993 \h 22  HYPERLINK \l "_Toc32390994" L3 Averaging of ULLS Prices  PAGEREF _Toc32390994 \h 22  HYPERLINK \l "_Toc32390995" M INTERNATIONAL COMPARISONS  PAGEREF _Toc32390995 \h 24  HYPERLINK \l "_Toc32390996" N CONSISTENCY OF UT PRICES WITH THE STATUTORY CRITERIA  PAGEREF _Toc32390996 \h 25  HYPERLINK \l "_Toc32390997" O NON-PRICE TERMS AND CONDITIONS  PAGEREF _Toc32390997 \h 26 Annexure A: Description of PIE II Model Annexure B: Call Types Included in PIE II Annexure C: Access Services Included In Pie II Annexure D: Traffic And Access Services Volumes Annexure E: SIOs in New Estates Annexure F: Price Trends Annexure G: Asset Lives Annexure H: O&M and Indirect Cost Percentages Annexure I: Determination of O&M and Indirect Costs Annexure J: Routing Factors Annexure K: Retail PSTN CAN Costs Annexure L: Maximum Subscription Revenue Annexure M: ULLS Specific Costs Annexure N: Demand for ULLS Annexure O: WACC Relevant to ULLS Specific Costs A INTRODUCTION On 9 January 2003, Telstra gave six undertakings to the Australian Competition and Consumer Commission (Commission) pursuant to section 152BS of the Trade Practices Act (the Undertakings) in respect of the following services: domestic PSTN originating and terminating access (PSTN OTA) and local carriage service (LCS); and unbundled local loop service (ULLS), together (the UT Services). The Undertakings relate to 2002/03, 2003/04 and 2004/05 respectively. This submission sets out the methodology used for deriving efficient costs of the UT Services and the prices proposed in the Undertakings. B CONFIDENTIALITY The following parts of the submission are confidential and are not to be disclosed by the Commission to any third party: SectionInformationAnnexure DWhole annexureAnnexure KAll figures The following parts of the submission are confidential but may be disclosed by the Commission to those persons approved by Telstra and who have signed confidentiality undertakings which are acceptable to Telstra: SectionParagraphInformationF4: Trench and Duct Sharing with others18(a)c-i-cF4: Trench and Duct Sharing with others18(b) c-i-cF4: Trench and Duct Sharing with others18(c)c-i-cF8: WACC23(d)c-i-cF8: WACC23(e)c-i-cF8: WACC23(f)c-i-cF8: WACC23(g)c-i-c F8: WACC24c-i-c c-i-c c-i-c c-i-c cic c-i-c c-i-c c-i-c cic c-i-c c-i-c c-i-c cic c-i-c c-i-c c-i-c c-i-c c-i-cF14: Retail PSTN CAN Costs39c-i-cF15: Maximum Subscription Revenue40c-i-c c-i-c c-i-cI: ULLS Specific Costs50(a)c-i-c c-i-cI: ULLS Specific Costs50(b)c-i-c c-i-c c-i-c c-i-cI: ULLS Specific Costs50(d)c-i-c c-i-cI: ULLS Specific Costs50(e)All figuresI: ULLS Specific Costs50(f)All figuresAnnexure A9c-i-c c-i-c c-i-c c-i-c cic c-i-c c-i-c c-i-cAnnexure A68c-i-c, All allocations in tableAnnexure BWhole annexureAnnexure CWhole annexureAnnexure Ec-i-c c-i-c c-i-c c-i-cAnnexure FAll figures in tableAnnexure GWhole annexureAnnexure HWhole annexureAnnexure IWhole annexureAnnexure JWhole annexureAnnexure LWhole annexureAnnexure MAll figures except 18.67Annexure NWhole annexureAnnexure OAll figures C SUMMARY Telstra estimates efficient network costs using the PIE II model and other costs as set out below. The prices proposed by Telstra in the Undertakings are below those costs, as is set out below. D ESTIMATING EFFICIENT COSTS Efficient costs of a UT Service comprise: efficient network and associated costs of the UT Service, including indirect costs, which are estimated using an appropriate forward looking model, such as the PIE II model; PLUS other costs including wholesale marketing, administration and billing costs which are incurred as a result of supplying the UT Service. E EFFICIENT NETWORK COSTS OF UT SERVICES E1 PIE II Model Telstra estimates efficient network and associated costs using the PIE II model. The PIE II model is a total element long run incremental cost (TELRIC) model. The model determines, on the basis of various inputs, including traffic volumes and customer locations, the network elements which would be necessary to construct a Public Switched Telephone Network (PSTN). The PIEII model encapsulates Telstras assumptions about the infrastructure that is required to provide the UT Services, as described in Annexure A. The PIE II model is very flexible because the assumptions can be varied by the user. Thus if either the assumptions selected are considered inappropriate or if a sensitivity analysis needs to be conducted, this can be easily accommodated by the model. The PIE II model determines the network elements necessary to build the PSTN by using the network architecture which constitutes best in use technology as at 1 July 2002. The model optimises the network elements necessary to build a least cost PSTN. It assumes however that where it is necessary to locate equipment (including local access switches) in a building within an Exchange Service Area (ESA), an existing Telstra equipment building is chosen. The network elements necessary to build the PSTN are estimated on an individual ESA basis. The ESAs are then grouped into one of the following geographical areas: for PSTN OTA and LCS: CBD; Metro; Regional; and Rural; for ULLS, Bands 1, 2, 3 and 4. Once the network elements for each geographical area are determined, the PIE II model performs the following steps to derive a cost of a UT Service for each area: it costs each network element using prices which are inputs into the model to derive the capital cost for each network element category; it annualises these capital costs by applying the following annuity formula:  EMBED Equation.3  where: V is the total build cost of the asset, r is the WACC, N is the useful life of the asset, and  is the annual change in the replacement cost of the asset, which determines the annual costs for each network element category, after the payment of corporate tax; it applies operational and maintenance ( O&M ) cost percentages and indirect costs percentages to each asset category; it aggregates the annualised capital costs, O&M costs and indirect costs by network element category to derive the annual cost of building the PSTN by network categories; it calculates the per unit cost of each network element; for PSTN OTA and LCS: (i) in respect of IEN: (A) it splits the annual network element costs into call set up costs (being 4.8% of the annual network element costs) and call conveyance costs (being 95.2% of the annual network element costs); (B) it determines the usage of each network element by using the routing factors and traffic volumes, to derive: (A) a per call cost using the set up costs; (B) a per minute cost using the conveyance costs, and in this regard, the call types which are included in the model for this purpose are set out in Annexure B and can be summarised as all PSTN, ISDN and intelligent network/number translation (such as calls to 1800 numbers) calls. Further, the PIE II model calculates the percentage of total end minutes that are internet calls which use a Dial IP platform (see Annexure A, Section B2). These calls are single ended and thus reduce the total PSTN cost pool and the amount of traffic on the PSTN; (C) using the routing factors for PSTN OTA or LCS calls, it adds the per call and per minute costs of each network element used by the PSTN OTA or LCS calls, to derive the per call and per minute conveyance cost of PSTN OTA or LCS calls; (ii) and in respect of the CAN: (A) it distributes the CAN costs among the various copper based access services on the basis of the number of copper pairs consumed by each service to determine PSTN CAN costs. In this regard, the access services included in the model are set out in Annexure C and can be summarised as all access services used by PSTN services, ISDN services and any other services using copper based access. Thus, if ISDN access services use 10% of the copper pairs in the model, 10% of the CAN costs are allocated to it; (B) the unrecovered PSTN CAN costs (UPCC) are calculated using the following formula: PSTN CAN costs Plus retail costs attributable to PSTN CAN services Less maximum subscription revenue which could be earned by Telstra Less USO revenue attributable to the PSTN received by Telstra. (The precise calculations of each of these is set out in Sections F14 to F16 and G below and Annexures K and L.) (C) the UPCC are then allocated to all PSTN Services on an equal basis save for those services that are not able to recover those costs given other regulatory constraints. Due to price caps on local calls, local calls and LCS can only recover costs of up to 17.51 per call. The UPCC are allocated to those calls up to that cap. The calculation of that cap is set out in section F17 below. The remaining UPCC are allocated on an equal basis over all other PSTN Services; (D) the UPCC per call end are thus attributed to the PSTN OTA call ends, on the same basis as all other PSTN Services; (iii) the per call and per minute IEN and CAN costs are added together to give a per call flagfall cost and a per minute conveyance cost of PSTN OTA or LCS for each of the geographic areas; (iv) the national average cost on a per call end minute of PSTN OTA are determined by calculating: (A) a national average of the flagfall and per minute PSTN OTA cost based on the PSTN OTA traffic in each geographical area; (B) an average per minute of usage cost by using the average PSTN OTA call holding time; (v) the per call cost of LCS is calculated using the average call holding time of local calls (which include local and internet calls in the model); for ULLS the average unit cost of providing a ULLS connection to a Network Unit is calculated for each ESA as follows: (i) costs associated with distribution cable and distribution ducts and conduits are allocated between all copper based services within the ESA to determine the copper cost per service; (ii) costs associated with pillars are allocated between two cost pools, one associated with services connected to Network Units only and the other associated with services connected to remote CMUX Units only; (iii) costs associated with main cable and main cable ducts and conduits are allocated to the cost pool associated with services connected to Network Units only; (iv) costs allocated to services connected to Network Units (distribution cable, distribution ducts and conduits, pillars, main cable and main cable ducts and conduits) are totalled and divided by the number of services connected to the Network Units in the ESA. Each ESA is then classified into one of the 4 ULLS bands, which allows the total ULLS cost for each band and the total potential ULLS SIOs in each band to be determined. A more detailed description of the PIE II model is contained in Annexure A. F INPUTS INTO THE PIE II MODEL F1 Customer locations The PIE II model uses geocoded locations of allotments which either as atOctober 2000 or prior to that date had a Telstra service or which as at October 2000 were likely to have a service in the future. This is sourced from Telstras Cable Plant Records database. This information enables much more accurate cost estimates to be made than estimates derived using average distances between a customer and the nearest exchange, which is what the models previously used in Australia relied upon. F2 Traffic Volumes and Number of Access Services The inputs into the PIE II model, including traffic and service volumes are ex ante, using the best and most up to date estimates available as at 30 June 2002. Annexure D sets out the traffic volumes and number of access services used in the model for each of 2002/03, 2003/04 and 2004/05. The traffic volumes and the number of access services used by the model are those estimated by Telstra staff in the Physical Target Package (PTP) for each financial year. The estimations are done by Telstra product managers on a product by product basis, based on the most current information available to them and are used by Telstra to manage its product portfolio. F3 Provisioning Rules The copper cable provisioning rules used in the model are those used by Telstra in building its PSTN. Those provisioning rules are set out in Section C2 of Annexure A. In summary, these involve: in urban areas: breaking Australia first into ESAs and then into Distribution Areas (DAs) based on the number of customer locations and number of services provided to those customer locations in the DA; servicing each DA by a pillar; connecting Service Access Modules (SAMs) to the pillar via a 100 pair cable; connecting up to 8 customer locations to the SAM using a 50 pair cable; in non urban areas, connecting customers directly to the main cable. F4 Trench and Duct Sharing with Others The PIE II model assumes that: Telstra can recover c-i-c per kilometre of shared duct from third parties; Telstra shares c-i-c kilometres of ducts with Telstra Multimedia Pty Ltd; Telstra shares c-i-c kilometres of ducts with third parties, such as Optus, AAPT or Primus. F5 Open Trenches Telstra estimates that during any particular year there are at most 1% of services connected in new estates, where Telstra can share trenches with others. As the cost of trenches in new estates are usually borne by estate developers, the PIE II model excludes 1% of trench costs from the PSTN cost pool. The calculation of the services connected in new estates is set out in Annexure E. F6 Prices Used to Cost the PSTN The prices of equipment used are the most recent available prices paid by Telstra. For each of the years of the Undertakings, these are updated using the price trends set out in Annexure F. These price trends are based on indices in respect of each asset category which are set out in Annexure F. The reasons for choosing those indices are also set out in that Annexure. F7 Asset Lives The PIE II model assumes that the asset lives of various asset categories are as set out in Annexure G. These asset lives are those estimated by Telstra having regard to the usable lives of the assets and the future technology changes which may make those assets obsolete. F8 WACC Telstra considers that the appropriate return which Telstra ought to earn on the UT Services is as encapsulated in its estimation of the weighted average cost of capital (WACC). The estimation of the WACC parameters are based on ex ante estimates as follows: the risk free rate which is based on a 10-year Government bond and is not averaged; the forward-looking market risk premium of 7%, relative to a 10-year Government bond; the debt risk premium based on that applicable to Telstra which was 1.16% on 28 June 2002 and is around 1.10% in the forward years; issuance costs which add another c-i-c basis points to the cost of debt; using a benchmarking approach to quantify an appropriate asset beta, which suggests an asset beta of c-i-c for the UT Services in each of the three years covered by the Undertakings; this beta being re-levered to reflect the extent of financial risk from an equity holders perspective. The appropriate equity beta is c-i-c in each of the three years covered by the Undertakings; a target market gearing is c-i-c debt; the tax rate (only used in the re-levering equation) is the statutory corporate tax rate of 30%; the imputation factor used is 50%. The table below summarises the values of the various parameters which are used to estimate the post-tax vanilla WACC, which Telstra submits are appropriate: Parameter2002-032003-042004-05Risk-free rate5.99%5.39%5.39%Debt risk premium1.16%1.10%1.10%Issuance costsc-i-cc-i-cc-i-cCost of debt pre-taxc-i-cc-i-cc-i-cDebt beta 0.000.000.00Asset betac-i-cc-i-cc-i-cGearingc-i-cc-i-cc-i-cEquity Betac-i-cc-i-cc-i-cMarket Risk Premium7.0%7.0%7.0%Imputation factor50%50%50%Corporate tax rate30%30%30%Nominal Post-tax "Vanilla" WACCc-i-cc-i-cc-i-c F9 Option Value The WACC set out above does not include asymmetric risks that are systematic and non-diversifiable, that is risks that are related to movements in the market that cannot be diversified. The WACC ought to be adjusted in such a way as to specifically cover the implicit insurance costs of the various asymmetric risks. More analysis is currently being undertaken to quantify this parameter. The quantification will likely identify a percentage mark-up that should be applied to the nominal post-tax vanilla WACC. In the meantime, due to the complexities involved in quantifying these asymmetric risks and in order to be conservative, Telstra currently has set the option value to 0%. F10 Grossing up for tax The application of the post-tax "vanilla" WACC as set out in section F8 above to the efficient new-build cost of the relevant PSTN assets using the formula described in paragraph 12(b) above establishes an annual capital cost (or revenue requirement) after the payment of corporate tax. However, any access price established in this process must be expressed in pre-tax terms to enable the access provider to meet ongoing taxation liabilities. This requires that the tax burden be explicitly recognised. The annual capital cost therefore needs to be "grossed up" to include the relevant tax burden for each year. The following formula is used to calculate the annual capital cost inclusive of the net tax burden: (Vpre-tax = [(Vpost-tax - (V/N+I)*Tc*(1-()]/(1-Tc*(1-()) where: (Vpre-tax = the grossed-up (pre-tax) annual capital cost; (Vpost-tax = the annual capital cost using the post-tax "vanilla" WACC; V = the total build cost of the asset, N = the useful life of the asset; Tc = the statutory corporate tax rate, ( = the imputation factor; I = D*V*i and represents interest expense deductible for tax purposes; D = the debt ratio; i = the interest rate applicable to the relevant debt. The gross-up equation effectively calculates the pre-tax amount of revenue required such that, after payment of tax, the access provider receives a residual amount commensurate with the required return to capital providers. In doing this, the gross-up equation specifically recognises: the tax deductibility of interest; the tax deductibility of depreciation (assumed for these purposes to be straight-line); the benefit of imputation. The tax rate which is used in this gross-up equation is the statutory corporate tax rate. F11 Operational and Maintenance Costs The PIE II model uses operational and maintenance (O&M) cost and network planning cost percentages which are applied to the capital costs for each asset category to determine the operational maintenance costs for each asset category. The O&M percentages and network planning percentages used are those set out in Annexure H. Those percentages are derived using Telstras audited general ledger accounts. In summary, the process is as follows: the accounts are already divided into activities by business units. An example of an activity might be the maintenance cost of a certain asset; each of the activities, except those incurred by the corporate centre business unit, are classified into various asset categories, such as access or switching or mobiles or CPE or directories; all of the O&M costs for each of the relevant asset categories are added up across all business units except the corporate centre business unit. This gives the O&M costs by asset category; by dividing each of those O&M costs by the capital value of the asset category in the accounts, the percentages are derived. A detailed description of how this is done is set out in Annexure I. F12 Indirect Costs The indirect costs calculated by the PIE II model are: indirect O&M costs; and indirect capital costs. Indirect O&M Costs The indirect O&M costs are O&M costs incurred by the corporate centre business unit. The corporate O&M costs are allocated into each of the business units which have caused those costs to be incurred. They are then divided into the asset categories as set out above to derive the indirect O&M costs. To derive the percentages, the indirect O&M costs calculated are divided by the direct O&M costs in each asset category. The indirect O&M percentages are set out in Annexure H with the detailed method for deriving those percentages being set out in Annexure I. Indirect capital costs Indirect capital costs are those incurred by the corporate centre business unit. It includes things like land and buildings. The corporate assets are allocated across the business units and across the asset categories in each business unit as set out above. The indirect capital costs are divided by the capital costs in each asset category to derive the percentages. The indirect capital costs percentages are set out in Annexure H with the detailed description of the method for deriving those percentages being set out in Annexure I. F13 Routing Factors Telstra has used the routing factors set out in AnnexureJ. These routing factors are based on a study of traffic through each type of Telstra switch conducted by Telstra network engineers in March 2000. F14 Retail PSTN CAN Costs The level of retail PSTN CAN costs being used in the model is c-i-c million. These costs incorporate all sales and marketing costs irrespective whether the service is sold to retail or wholesale customers. Further, the retail PSTN CAN costs do not contain costs associated with line connections. The methodology for determining this quantum is set out in Annexure K. F15 Maximum Subscription Revenue The maximum subscription revenue used is c-i-c billion for 2002/03, c-i-c billion for 2003/04 and c-i-c billion for 2004/05. This is the maximum that Telstra could earn for the basic access service whilst still complying with the price caps. The method for calculating that revenue is set out in Annexure L. Telstra is currently reviewing and updating this calculation and may update these figures shortly. F16 USO Revenue The USO revenue included in the PIE II model is $223.7 million for 2002/03, $221.1 million for 2003/04 and $200.4 million for 2004/05. This is calculated by adjusting the total USO amount received or to be received by Telstra for the net costs of payphones as follows: USO Amount received by Telstra ($m)Payphone Component ($m) (Default Area)USO Amount attributable to PSTN ($m)2002/03234.1010.40223.702003/04231.7010.64221.062004/05211.3410.89200.45 This adjustment is made because payphones are not part of the PSTN and thus their cost is not included in the PSTN CAN cost pool. At this stage, Telstra has deducted the entire PSTN-related USO amount from the PSTN CAN cost pool. Whilst this is appropriate in respect of the contributions towards PSTN-related USO costs received from other carriers, it is overly conservative in respect of the contributions that Telstra makes towards the PSTN-related USO costs. In Telstra's view, it would be appropriate for Telstra to recover its contributions towards the PSTN-related USO costs from both wholesale and retail prices. Therefore, Telstra reserves the right to make this adjustment at a later time. F17 Recovery of Costs from Local Calls and LCS Telstra has assumed its retail avoidable costs of local calls to be 2.49 per local call in accordance with the Commissions Final Report (Revised) entitled Local Carriage Service pricing principles and indicative prices. Telstra is updating and recalculating those costs and may update that figure. Subtracting those costs from the maximum GST exclusive price of local calls (20 per call), gives the maximum amount of costs which Telstra is able to recover from local calls of 17.51 cents per call. As the Commission has in the past stated that it does not consider it appropriate for the LCS price to exceed the retail price of local calls less avoidable retail costs, the price of LCS cannot exceed 17.51 per call and thus costs only up to this maximum can be recovered from LCS. G UNRECOVERED PSTN CAN COSTS (UPCC) G1 Recovery of UPCC The UPCC are allocated to the PSTN Services. G2 Allocation of UPCC to PSTN Services The UPCC are allocated to the PSTN and UT call ends. This is because 100% of these costs are allocated to the flagfall and 0% to the per minute charge of the Retail PSTN and UT Service calls. H OUTPUTS FROM THE PIE II MODEL Using the above principles and assumptions, PIE II estimates the efficient network and associated costs of the UT Services as follows: for PSTN OTA: YearCostCBDMetroProvincialRural Average 2002/03call conveyance cost per end minutes of use (MOU)0.260.380.624.210.72call conveyance cost per call 0.200.170.301.680.31UPCC per call8.858.858.858.858.85average per MOU cost2.542.652.926.863.02 2003/04call conveyance cost per end MOU0.250.360.573.840.67call conveyance cost per call 0.19 0.17 0.28 1.58 0.30 UPCC per call6.476.476.476.476.47average per MOU cost1.922.032.275.862.37 2004/05call conveyance cost per end MOU0.240.350.553.630.64call conveyance cost per call 0.190.170.281.530.29UPCC per call5.215.215.215.215.21average per MOU cost1.59 1.701.935.322.02 for LCS: (i) the national average efficient network and associated costs (excluding the net PSTN CAN costs) are: (A) 14.80 per call for 2002/03; (B) 14.27 per call for 2003/04; (C) 14.07 per call for 2004/05; (ii) the UPCC (assuming that local calls can only bear the UPCC up to 17.51 per call) are: (A) 2.71 per call for 2002/03; (B) 3.24 per call for 2003/04; (C) 3.44 per call for 2004/05; (iii) the national average efficient network and associated costs (assuming that local calls can only bear the UPCC up to 17.51 per call), are 17.51 per call for 2002/03, 2003/04 and 2004/05; ULLS for RSS connected services: Cost2002/032003/042004/05Band 1$3.74$3.57 $3.55 Band 2 $13.88 $13.28 $13.39 Band 3$29.34 $28.35 $28.33 Band 4 $159.96 $155.04$154.25 Average$26.04 $25.06 $25.05 Average Bands 2-4$27.15 $26.14 $26.14 I ULLS SPECIFIC COSTS ULLS specific costs form a large part of the ULLS costs. They are calculated as follows: the capital costs incurred by a provider of ULLS would be c-i-c million in 2002/03 and c-i-c million in 2003/04 for the reasons set out in Annexure M; the yearly capital costs are calculated using the formula set out in paragraph 12(b) where: post-tax WACC vanilla is c-i-c% (the calculation of which is set out in Annexure O) inflation rate is c-i-c% per annum cost of direct assets is assumed to be falling at c-i-c% per annum the life of the assets is c-i-c years. This results in an implied revenue stream after payment of corporate tax; the annual capital costs are grossed up to accommodate the relevant tax burden (recognizing the imputation benefits) using the formula described in section F10, using the interest rate applicable in 2002/03; the above calculations result in the annual capital costs of c-i-c for 2002/03 and c-i-c for each of the years 2003/04 and 2004/05; using the methodology set out in Annexure M: the annual O&M costs of providing ULLS for each of the three years of the Undertakings are as follows: 2002-20032003-20042004-2005IT Systems O&M$c-i-c$c-i-c$c-i-cULLS Connection Group$c-i-c$c-i-c$c-i-cProduct Management$c-i-c$c-i-c$c-i-cTotal$c-i-c$c-i-c$c-i-c the indirect O&M costs attributed to ULLS are as follows: 2002-20032003-20042004-2005Indirect O&M$c-i-c$c-i-c$c-i-c the annual capital costs are added to the direct and the indirect O&M costs to produce the total costs to be recovered in each year as follows: Costs2002-20032003-20042004-2005Capital Costs$c-i-c$c-i-c$c-i-cO&M Costs$c-i-c$c-i-c$c-i-cIndirect O&M Costs$c-i-c$c-i-c$c-i-cTotal$c-i-c$c-i-c$c-i-c The demand for ULLS for each of the three years in question is set out in Annexure N. Given that ULLS is still in an early stage of its product life cycle and demand is growing substantially, the price ought to be levelised over the three years of the Undertakings, to remove the distortions that occur in attempting to recover costs in full in each year of the Undertakings from services purchased in that year. Using the levelising formula set out in Annexure M, the ULLS specific costs are $18.67 per SIO per month for each of the three years of the Undertaking. J TOTAL ULLS COSTS Thus the costs of a ULLS RSS connected service are: Costs2002/03 $2003/04 $2004/05 $Band 1 - efficient network cost - ULLS specific cost - total cost3.74 18.67 22.413.57 18.67 22.243.55 18.67 22.22Band 2 - efficient network cost - ULLS specific cost - total cost13.88 18.67 32.5513.28 18.67 31.9513.39 18.67 32.06Band 3 - efficient network cost - ULLS specific cost - total cost29.34 18.67 48.0128.35 18.67 47.0228.33 18.67 47.00Band 4 - efficient network cost - ULLS specific cost - total cost159.96 18.67 178.63155.04 18.67 173.71154.25 18.67 172.92Average - efficient network cost - ULLS specific cost - total cost26.04 18.67 44.7125.06 18.67 43.7325.05 18.67 43.72Average Bands 2-4 - efficient network cost - ULLS specific cost - total cost27.15 18.67 45.8226.14 18.67 44.8126.14 18.67 44.81 K OTHER COSTS OF PSTN OTA AND LCS In addition to network costs which are incurred as a result of providing the UT services, the access provider also incurs at least the following costs in respect of PSTN OTA and LCS: billing costs; marketing costs; and administration costs. Telstra is estimating these costs for PSTN OTA and LCS, and will provide this information as soon as it is available. L DETERMINATION OF UT PRICES L1 Recovery of UPCC Although Telstra asserts that the UPCC ought to be recovered from the per call (rather than the per minute) charges for PSTN OTA, given that the prices currently prevailing in the market are closer to a 50/50 allocation of those costs between the per call and per minute charge (due to that allocation being advocated and accepted by the ԭ), Telstra proposed prices in the Undertakings reflect that 50/50 split. L2 Discount for Basic Access To date, LCS has been supplied by Telstra to access seekers in conjunction with the basic access service. For the reasons set out in Section F17 above, LCS can only bear costs up to a maximum of 17.51 per call. In its Local Carriage Service pricing principles and indicative prices report, the Commission has stated that, if basic access is supplied together with LCS, the retail costs of basic access should be deducted from the price of LCS. The retail costs of basic access and LCS are equivalent to a maximum of 5.5 per LCS call. Telstra is calculating the exact amount on the basis of its regulatory accounts and will provide that calculation shortly. Thus if the Commission insists on pricing LCS on this basis, then the price of 14.5 per call satisfies the Commissions principles. L3 Averaging of ULLS Prices Telstra has set a price for ULLS RSS connected services in bands2 to 4 based on the costs averaged across bands 2 to 4. L4 The UT price While Telstra contends that the UT Services should be priced at the efficient costs calculated using TSLRIC methodology, it recognises that an immediate shift to prices based on efficient costs could have a short term adverse impact on wholesale customers. Telstra therefore proposes to transition to efficient cost based prices over the long term rather than immediately. Telstra initially proposes to set prices similar to those currently prevailing at the upper end of the market for the UT Services. The prices for the UT Services proposed by Telstra in the Undertakings (excluding GST) correspond with or are: for PSTN OTA, 1.7 cents per call end minute for 2002/03, 2003/04 and 2004/05, disaggregated (by allocating UPCC 50/50 to flagfall and per minute charge) as follows: (i) in 2002/03: CCA CategoryIntra CCA flagfall Charge (Cents per successful Call) Intra CCA per minute Charge (Cents per conversation Minute)CBD1.87060.7459Metro1.84930.8630Provincial1.97041.0987Rural3.33294.6710 (ii) in 2003/04: CCA CategoryIntra CCA flagfall Charge (Cents per successful Call) Intra CCA per minute Charge (Cents per conversation Minute)CBD1.96990.7458Metro1.95360.8615Provincial2.06231.0603Rural3.29834.1244 (iii) 2004/05: CCA CategoryIntra CCA flagfall Charge (Cents per successful Call) Intra CCA per minute Charge (Cents per conversation Minute)CBD2.03900.7604Metro2.02110.8749Provincial2.13001.0741Rural3.36544.1359 for LCS, 14.5 per call for 2002/03, 2003/04 and 2004/05; for RSS connected ULLS, for the three years: $20 for Band 1; $40 for Band 2, 3 and 4. M INTERNATIONAL COMPARISONS Telstra has compared the conveyance component of the prices of PSTN OTA with those charged in other countries. That comparison is as follows: Conveyance component of PSTN originating access service Conveyance component of PSTN terminating access service  The reason why the UPCC are not included in this analysis is because those costs are dependent on the particular regulatory regime governing the prices of services such as basic access in the other jurisdictions. For example, some jurisdictions have no retail price controls on prices of basic access or like services. Some jurisdictions may have very low caps. Thus, depending on those rules, the prices (inclusive of UPCC) could vary greatly. Their comparison would not indicate anything about the level of efficient costs for PSTN OTA-like services. N CONSISTENCY OF UT PRICES WITH THE STATUTORY CRITERIA Prices based on efficient costs meet all of the statutory criteria. There are practical difficulties in immediately increasing prices for the UT Services to those based on efficient costs as this may be seen as causing a price shock. Taking account of such matters is consistent with having regard to the interests of access seekers, which is one of the statutory criteria. Telstra submits, however, that efficient cost based prices should be achieved as soon as practicable. Thus, in light of the statutory criteria, the UT prices are reasonable. O NON-PRICE TERMS AND CONDITIONS The Undertakings set out terms and conditions on which Telstra agrees to comply with the standard access obligations (SAOs) applicable to it in respect of the UT Services. However, as provided in clause 3.2 of each of the Undertakings, they do not contain all the terms and conditions on which Telstra will comply with the relevant SAOs, but only some of them. Specifically the Undertakings contain prices and terms and conditions related to price, including descriptions of the services to which the prices relate. Telstra submits that the inclusion of such terms and conditions is necessary to give the requisite degree of clarity and certainty to the prices in the Undertakings. The Undertakings also include non-price terms and conditions relating to Telstras nondiscrimination obligations. Telstra intends that the remaining non-price terms and conditions, on which it will comply with the applicable SAOs, be agreed between it and access seekers. Telstra notes, in this regard, that comprehensive nonprice terms and conditions of supply for declared services are currently in place between Telstra and the vast majority of access seekers and that, historically, the degree of disputation with regard to non-price terms and conditions has been markedly less than has been the case with price. As far as the service schedules and price lists for Telstra Domestic PSTN Originating Access and Telstra Domestic PSTN Terminating Access (Attachments A to D of the PSTN OTA/LCS Undertakings) are concerned, the non-price terms and conditions in these documents are consistent with the equivalent terms and conditions in Telstras 1999 PSTN undertaking and Telstras access agreements with customers, upon which they are based. Telstra submits that they are also consistent with the service descriptions in the ԭs Register of Declared Telecommunications Services (Register). Similarly, the non-price terms and conditions in the service schedules and price list for the Telstra Local Carriage Service (Attachments E and F to the PSTN OTA/LCS Undertakings) and the service schedule and price list for the Telstra Unconditional Local Loop Service (Attachments A and B to the ULLS Undertakings) are, Telstra submits, consistent both with the Register and current supply agreements. As noted above, Telstra has also included in the Undertakings non-price terms and conditions covering the principles of nondiscrimination embodied in the SAOs (Attachment G to the PSTN OTA/LCS Undertakings and Attachment C in the ULLS Undertakings). These terms and conditions adhere closely to the language in s152 AR of the Act and are also consistent with the provisions in Telstras current supply agreements.  PSTN Services are all calls listed in Annexure B except for ISDN Data Local, ISDN Data Domestic Long Distance and ISDN Data International Calls.  Universal Service Subsidies (2001-02, 2002-03, 2003-04 Contestable Areas) Determination (No1) 2001 (Amendment No2 of 2001), Universal Service Subsidies (2001-02, 2002-03, 2003-04 Default Area) Determination (No1) 2001 and Universal Service Subsidies (2001-02, 2002-03, 2003-04 Extended Areas) Determination (No1) 2001.  Set out in Universal Service Subsidies (2001-02, 2002-03, 2003-04 Default Area) Determination (No. 1) 2001  Universal Service Subsidies (2001-02, 2002-03, 2003-04 Contestable Areas) Determination (No1) 2001 (Amendment No2 of 2001), Universal Service Subsidies (2001-02, 2002-03, 2003-04 Default Area) Determination (No1) 2001 and Universal Service Subsidies (2001-02, 2002-03, 2003-04 Extended Areas) Determination (No1) 2001.  Set out in Universal Service Subsidies (2001-02, 2002-03, 2003-04 Default Area) Determination (No. 1) 2001  Universal Service Subsidies (2004-05 Contestable Areas) Determination (No1), Universal Service Subsidies (2004-05 Default Area) Determination (No 1) 2002 and Universal Service Subsidies (2004-05 Extended Zones) Determination (No1) 2002.  Set out in Universal Service Subsidies (2004-05 Default Area) Determination (No. 1) 2001  See the Telstra Carrier Charges - Price Control Arrangements, Notification and Disallowance Determination No 1 of 2001 which enables Telstra to charge its retail customers 22 cents per local call (inclusive of GST) in 2001/02. In this analysis Telstra has assumed that this cap will continue until 2004/05.  Local Carriage Service Pricing Principles and Indicative Prices.  This is conservative assumption because it is assumed that the replacement cost of IT software assets is the same for all future years.  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