Provided evidence in proceedings before Canada’s National Energy Board that has been cited in Board decisions that recognize that the required return on equity depends on the market-value capital structure (i.e., debt-equity combination) of the company in question. (See in particular the NEB’s Trans Québec & Maritimes decision, RH-1-2008, and its recent TransCanada Pipelines Limited et al. decision, RH-003-2011.) This can make a material difference in the appropriate allowed return on equity for rate-regulated firms when the book-value capital structure to which the return is applied differs from the market-value capital structures of the sample companies used in the analysis.