The 4G spectrum auctions in Western Europe will generate up to EUR20 billion in revenue between 2011 and 2015, according to KPMG’s Spectrum Monitor report. KPMG expects at least two-thirds of the auction proceeds to come from the digital dividend transfer. Director in KPMG’s Economics and Regulation practice Benoit Reillier said governments will be looking to the auctions to raise cash while the affordability of spectrum will be critical considering the pressure on operator cash flows.