The Federal Communications Commission\u2019s decision to review wholesale rates for access line has the potential to change the economics of UNE-P, which would be welcome relief to the regional Bell operating companies.The\u00a0Federal Communications Commission\u2019s\u00a0decision to review wholesale rates for access line has the potential to change the economics of\u00a0UNE-P, which would be welcome relief to the\u00a0regional Bell operating companies.The FCC launched its first comprehensive review of UNE-P wholesale pricing rules last week. The FCC's review will seek comments on a number of UNE-related issues and on a proposal to make the pricing rules - called Total Element Long Run Incremental Cost (TELRIC) - more closely match actual traffic routes through the Bells' networks, according to\u00a0a story\u00a0by IDG News Service correspondent Grant Gross.The FCC's action comes on the heels of the FCC releasing its final Triennial Review order Aug. 21. A week after that FCC order came out, the four Bells filed court challenges, saying the FCC didn't go far enough in easing their duties to share parts of the networks with other phone service providers.Bells were disappointed by the details in the Triennial Review but expected them. They say that by leaving UNE-P largely unchanged, the order discourages investment in next-generation projects, such as FTTP; forces Bells to lower capex -\u00a0SBC\u00a0says 2004 spending will be down from 2003\u2019s $5 billion; and costs jobs.\u201cEvery time we lose a few hundred access lines, we have to eliminate a job,\u201d\u00a0BellSouth\u00a0Chief Financial Officer Ron Dykes said\u00a0in an address to investors at a Morgan Stanley conference in Boston last week. \u201cAs long as market share is trading hands we\u2019ll see change in our workforce and investment levels.\u201dBellSouth says its 2003 capex will only be 13% to 14% of revenue, vs. its earlier projection of 15%.Analysts say the result of the TELRIC review could be a hike in wholesale access line rates.\u201cThat TELRIC reflect \u2018real-world\u2019 attributes of the actual cost of the incumbent networks instead of purely hypothetical costs suggests that wholesale rates are likely to rise,\u201d says John Hodulik of UBS Warburg. \u201cAn increase in wholesale rates would likely make UNE-P a less attractive business model for long-distance companies such as AT&T, MCI and Sprint. The Bells could see revenue earned from providing wholesale service to roughly 13 million lines rise with the impact falling right to the bottom line. Depending upon the size of the increase, the move could cause competitors to pull back from plans to compete through UNE-P or scale back their efforts, lowering the rate of line loss.\u201dProbe Group says the rate of RBOC access line losses is roughly 3% per quarter.