{"text_format":"1","workbook":"xlsx","n_sheets":8,"sheets":["CoverSheet","Description","Table of Contents","Inputs","Rolled over and Reset Prices","Impact of 2022 Reset","Waterfall Chart for Final","Reasons Paper Tables"],"not_rendered":{"charts":0,"images":2,"macros":0,"external_links":3,"defined_names":7,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"CoverSheet","index":0,"n_rows":17,"n_cols":1,"rows_kept":17,"cut":false,"hidden":false,"merged":[]}
[]
[]
["Gas Pipeline Businesses"]
["Price-Quality Regulation 1 October 2022 Reset"]
["Default Price Path Starting Price Adjustment model"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Published 31 May 2022"]

{"sheet":"Description","index":1,"n_rows":16,"n_cols":2,"rows_kept":16,"cut":false,"hidden":false,"merged":[[2,1,2,5],[5,1,5,5],[8,1,8,5],[15,1,15,5]]}
["Description"]
[null,"Introduction / overview:"]
[null,"The purpose of the starting price adjustment model is to show how changes in various inputs, such as the WACC, expenditure allowances, and accelerated depreciation, contribute to changes in starting prices from a roll-over to draft reset, and the draft reset to final."]
[]
[null,"Key inputs:"]
[null,"Key inputs in the WACC waterfall model are the the outputs from the financial model, including under various scenarios such as different expenditure allowances, accelerated depreciation factors, and CPI / CPRG forecasts."]
[]
[null,"Key modelling / policy decisions or calculations:"]
[null,"The model calculates the the impact on starting prices that each factor contributes by comparing starting prices under various scenarios, where inputs into the financial model are varied, holding each other input constant."]
[]
[]
[null,"What has changed since the draft decision:"]
[null,"A new section has been added to calculate the impact that each factor contributes to changes in starting prices from the draft to final decision."]
[]
[null,"Key outputs:"]
[null,"The starting price adjustment model is used to produce the waterfall chart which shows the contribution of varying factors to changes in starting prices from a roll-over to the draft decision, and the draft decision to the final decision."]

{"sheet":"Table of Contents","index":2,"n_rows":41,"n_cols":3,"rows_kept":41,"cut":false,"hidden":false,"merged":[]}
["Table of Contents"]
[]
[]
[null,"Sheet Name","Link"]
[null,"Inputs","Inputs"]
[null,null,"Allowable Notional Revenues for 2016 (to be rolled over)"]
[null,null,"2017 Draft DPP Reset CPRG and CPI"]
[null,null,"2017 Draft DPP Reset Financial Outputs (Draft decision)"]
[null,null,"2017 Draft DPP Reset Financial Outputs (2013 WACC 7.44%, cost of debt 5.38%, leverage 44%)"]
[null,null,"2017 Draft DPP Reset Operating Expenditure Allowance for 2017"]
[null,null,"2013 DPP Operating Expenditure Allowance for 2017"]
[null,null,"2017 Final DPP Reset CPRG and CPI"]
[null,null,"2017 Final DPP Reset Financial Outputs"]
[null,null,"2017 Draft DPP Reset Financial Outputs (using 2017 Final WACC 6.41%, cost of debt 4.76%)"]
[null,null,"2017 Draft DPP Reset Financial Outputs (using 2017 Final Opex allowances)"]
[null,null,"2017 Draft DPP Reset Financial Outputs (using 2017 Final Capex allowances)"]
[null,null,"2017 Draft DPP Reset Financial Outputs (using 2017 Final CPI forecasts)"]
[null,null,"2017 Final DPP Reset Financial Outputs (using 2013 WACC, cost of debt, leverage)"]
[null,"Rolled over and Reset Prices","Rolled over and Draft Reset Prices"]
[null,null,"GasNet"]
[null,null,"Powerco"]
[null,null,"Vector"]
[null,null,"First Gas Distribution"]
[null,null,"First Gas Transmission"]
[null,"Rolled over and Reset Prices","Rolled over and Final Reset Prices"]
[null,null,"GasNet"]
[null,null,"Powerco"]
[null,null,"Vector"]
[null,null,"First Gas Distribution"]
[null,null,"First Gas Transmission"]
[null,"Impact of 2017 Reset","Impact of 2017 Final Reset"]
[null,null,"i) Final Reset compared to Roll Over"]
[null,null,"ii) Draft Reset compared to Roll Over"]
[null,null,"iii) Final Reset compared to Draft Reset"]
[null,"Waterfall Chart for Final","Figures for Waterfall Chart"]
[null,"Reasons Paper Tables","Reasons Paper Tables"]
[null,null,"Starting prices (net of pass-through and recoverable costs)"]
[null,null,"Estimated revenue over the regulatory period (net of pass-through and recoverable costs)"]
[null,null,"Impact of reset on price/revenue cap - WACC scenarios"]
[null,null,"Impact of reset on price/revenue cap – expenditure scenarios"]
[null,null,"Changes in starting prices - industry total allowable revenues ($'000s)"]

{"sheet":"Inputs","index":3,"n_rows":393,"n_cols":14,"rows_kept":393,"cut":false,"hidden":false,"merged":[]}
["Inputs",null,null,null,null,null,null,null,null,null,"Notes"]
[]
["Maximum Allowable Revenues for 2022 (to be rolled over)"]
[]
["2022 maximum allowable revenue (MAR) per the 2017 DPP","MAR ($m)","MAR ($000)"]
["GasNet",{"$f":"C6/1000","v":4.3839982678933236},4383.9982678933238]
["Powerco",{"$f":"C7/1000","v":51.435568618416461},51435.568618416459]
["Vector",50.702277198411046,50702.277198411044]
["First Gas Distribution",24.646151307304976,24646.151307304975]
["First Gas Transmission",131.62338640956244,131623.38640956243]
["Total",262.79138180158822,{"$f":"SUM(C6:C10)","v":262791.38180158823}]
["Source: 2017 DPP Financial model, 'Outputs' sheet."]
[]
["2022 Draft DPP Reset CPRG and CPI"]
[]
["CPRG (Pricing years)",null,null,2022,{"$f":"D16+1","v":2023},{"$f":"E16+1","v":2024},2025,2026]
["GasNet",null,null,1.1090512561431614E-3,7.4527487553558975E-4,5.1887652470529737E-4,3.057413528201881E-4,1.0539721046798518E-4]
["Powerco",null,null,1.5341429928627356E-2,1.4933183357154404E-2,1.4273190553534185E-2,1.3617866651395364E-2,1.2969710871687067E-2]
["Vector",null,null,1.3780727682989114E-2,1.57096261358446E-2,1.0503175183838667E-2,1.0322792078083296E-2,1.0143775386810262E-2]
["First Gas Distribution",null,null,-6.6215383594908552E-3,-6.892505495419133E-3,-7.156717435149367E-3,-7.413905448003532E-3,-7.6636667888753465E-3]
["First Gas Transmission",null,null,null,null,null,null,null,null,null,"Note: As the GTB is subject to a revenue cap, the constant price revenue growth figure is unnecessary, hence set at 0"]
["Source: Constant price revenue growth Model, 'Output' sheet"]
[]
["CPI Forecasts",{"$f":"C24-1","v":2020},{"$f":"D24-1","v":2021},{"$f":"D16","v":2022},{"$f":"E16","v":2023},2024,2025,2026]
["Forecast changes in CPI used for revaluations, June year-ends",null,3.3428844317096473E-2,5.2000000000000046E-2,2.4999999999999911E-2,2.0999999999999908E-2,2.0000000000000018E-2,2.0000000000000018E-2]
["Forecast changes in CPI used for revaluations, September year-ends",null,4.933586337760909E-2,4.0000000000000036E-2,2.2999999999999909E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2]
["Forecast changes in the CPI element of the price path, lagged",null,1.8826405867970575E-2,1.4638828893688505E-2,4.9252365184484281E-2,3.8361409969120297E-2,2.2487822846806393E-2,2.0247710973710253E-2]
["Forecast changes in the CPI element of the price path, not lagged",null,2.811532046700016E-2,5.1388876013904961E-2,2.7462102878651029E-2,2.0747562360831084E-2,2.0000000000000018E-2,2.0000000000000018E-2]
["Source: CPI Model, 'Output' sheet"]
[]
["WACC (67th percentile)",6.0699999999999997E-2]
[]
["2022 Draft DPP Reset Financial Outputs (Draft decision)"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
["PV of BBAR at 30 September 2022",null,19288.022512010655,247968.44579602161,230462.78073921002,119361.95681755489,626669.19578076468]
["Starting price for industry-wide X factor",null,5212.2961959966597,65707.694950966543,61377.285044251381,32620.65292521644,171803.8481991349]
["Starting price for applicable X factor",null,4838.7890143305831,58875.074667292029,56856.017451413769,28249.9679349664,148761.85123351694]
["PV at 30 September 2022 of MAR (applicable X)",null,19288.022512010655,247968.44579602161,230462.78073921002,119361.95681755489,626669.19578076468]
["MAR (industry-wide X factor), pricing period ending 2023",null,5212.2961959966597,65707.694950966543,61377.285044251381,32620.65292521644,171803.8481991349]
["MAR (industry-wide X factor), pricing period ending 2024",null,5415.0555152838961,69202.170798501887,64401.190543325858,33629.614638161576,175368.35925347719]
["MAR (industry-wide X factor), pricing period ending 2025",null,5538.5211617994637,71721.955097889469,66529.183113814812,34130.937854839671,178875.72643854676]
["MAR (industry-wide X factor), pricing period ending 2026",null,5651.2591016795031,74123.208220341257,68564.7681863053,34555.146928879214,182453.24096731772]
["MAR (applicable X factor), pricing period ending 2023",null,4838.7890143305831,58875.074667292029,56856.017451413769,28249.9679349664,148761.85123351694]
["MAR (applicable X factor), pricing period ending 2024",null,5284.1277471938447,66647.731492930165,62771.439747555822,32036.118072450918,167033.12672078676]
["MAR (applicable X factor), pricing period ending 2025",null,5681.0290577007199,74245.167016280961,68230.698461355787,35765.055397940559,187411.16818072274]
["MAR (applicable X factor), pricing period ending 2026",null,6093.140701897255,82474.69008807838,73989.155492156977,39830.532181585157,210275.33069877097]
["BBAR before tax, for the BBAR period ending 2023",null,3776.9864342163978,65882.104103420294,45490.070262644251,30847.485448504889,166684.36375874013]
["BBAR before tax, for the BBAR period ending 2024",null,5363.2566655302471,69649.008030827521,64787.596450606237,33349.692368696356,176165.8429310451]
["BBAR before tax, for the BBAR period ending 2025",null,5545.1344422075781,71575.606012294636,66067.983360791215,34820.133628156676,180670.62391438847]
["BBAR before tax, for the BBAR period ending 2026",null,5684.219097208661,73596.862920432235,67141.727392304645,36269.394386859727,185835.59688550202]
["ΔD",null,1.0018551526797157,1.030503709671867,1.0297068438986134,0.98653159513462096,"N/A"]
["ANR 2023 (applicable X-factor)",null,4829.8289442221412,57132.326758958523,55215.732310906053,28635.644387153603,"N/A"]
["Source: 2022 Draft, Financial Model, 'Outputs' sheet"]
[]
["2022 Draft DPP Reset Financial Outputs (2017 WACC 6.41%, cost of debt 4.76%, leverage 42%)"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
["PV of BBAR at 30 September 2022",null,19450.373371279136,250967.91119826751,233798.28883898063,121091.22795115277,633937.56856457726]
["Starting price for industry-wide X factor",null,5290.8027738896835,66944.226586047851,62678.368205238949,33310.277768288914,174937.05821865163]
["Starting price for applicable X factor",null,4912.6462978424097,60000.274604248167,58073.033920343325,28858.146982837341,151532.55799306062]
["PV at 30 September 2022 of MAR (applicable X)",null,19450.373371279136,250967.91119826751,233798.28883898063,121091.22795115277,633937.56856457726]
["MAR (industry-wide X factor), pricing period ending 2023",null,5290.8027738896835,66944.226586047851,62678.368205238949,33310.277768288914,174937.05821865163]
["MAR (industry-wide X factor), pricing period ending 2024",null,5496.6160140775373,70504.463832407622,65766.374821240097,34340.569681599773,178566.57574326341]
["MAR (industry-wide X factor), pricing period ending 2025",null,5621.9412758242443,73071.667128947651,67939.476837319133,34852.491243609067,182137.90725812872]
["MAR (industry-wide X factor), pricing period ending 2026",null,5736.3772523326488,75518.10864907442,70018.212490006597,35285.6684127013,185780.66540329129]
["MAR (applicable X factor), pricing period ending 2023",null,4912.6462978424097,60000.274604248167,58073.033920343325,28858.146982837341,151532.55799306062]
["MAR (applicable X factor), pricing period ending 2024",null,5364.7824977897844,67921.479742047493,64115.077226499488,32725.807201714255,170144.13810868972]
["MAR (applicable X factor), pricing period ending 2025",null,5767.7419465063458,75664.114809011822,69691.192661200083,36535.022903356657,190901.72295794985]
["MAR (applicable X factor), pricing period ending 2026",null,6186.1438931843077,84050.917661665459,75572.91082347426,40688.023248270794,214191.73315881978]
["BBAR before tax, for the BBAR period ending 2023",null,3838.9069810182177,67192.285994373698,46554.967062193879,31532.056730267985,169897.03263828738]
["BBAR before tax, for the BBAR period ending 2024",null,5446.2480110604538,70968.733166480713,66192.624808710607,34060.535431092634,179427.14378375545]
["BBAR before tax, for the BBAR period ending 2025",null,5627.2976581246385,72892.072352167539,67434.102099792508,35549.777679491694,183916.69290536456]
["BBAR before tax, for the BBAR period ending 2026",null,5765.6450446283388,74916.155939954973,68473.712773990832,37018.743246860184,189065.67370331325]
["ΔD",null,1.0018551526797157,1.030503709671867,1.0297068438986134,0.98653159513462096,"N/A",null,null,null,null,null,null," "]
["ANR 2022 (applicable X-factor)",null,4903.5494649124585,58224.21990441301,56397.63808937186,29252.126465244524,"N/A"]
["source: 2022 Draft, Financial Model, 'Outputs' sheet, using 2017 values for WACC (6.41%), cost of debt (4.76%), and leverage (42%)"]
[]
["2022 Draft DPP Reset Financial Outputs without asset stranding adjustments (Draft decision)"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
["PV of BBAR at 30 September 2022",null,16813.987159116634,232833.05077309979,188256.71813003649,112279.5758299172,543828.66722851584]
["Starting price for industry-wide X factor",null,4543.7255817400255,61697.055952379567,50136.88636881343,30685.095749029944,149092.78838009486]
["Starting price for applicable X factor",null,4543.7255817400255,61697.055952379567,50136.88636881343,30685.095749029944,149092.78838009486]
["PV at 30 September 2022 of MAR (applicable X)",null,16813.987159116634,232833.05077309979,188256.71813003649,112279.5758299172,543828.66722851584]
["MAR (industry-wide X factor), pricing period ending 2023",null,4543.7255817400255,61697.055952379567,50136.88636881343,30685.095749029944,149092.78838009486]
["MAR (industry-wide X factor), pricing period ending 2024",null,4720.4773762157893,64978.237434251889,52607.005506338348,31634.190386706367,152186.10030456109]
["MAR (industry-wide X factor), pricing period ending 2025",null,4828.1063357844587,67344.220185941085,54345.285745084046,32105.767425346436,155229.82231065232]
["MAR (industry-wide X factor), pricing period ending 2026",null,4926.3836097926087,69598.906617450994,56008.081637732721,32504.805914378288,158334.41875686534]
["MAR (applicable X factor), pricing period ending 2023",null,4543.7255817400255,61697.055952379567,50136.88636881343,30685.095749029944,149092.78838009486]
["MAR (applicable X factor), pricing period ending 2024",null,4720.4773762157893,64978.237434251889,52607.005506338348,31634.190386706367,152186.10030456109]
["MAR (applicable X factor), pricing period ending 2025",null,4828.1063357844587,67344.220185941085,54345.285745084046,32105.767425346436,155229.82231065232]
["MAR (applicable X factor), pricing period ending 2026",null,4926.3836097926087,69598.906617450994,56008.081637732721,32504.805914378288,158334.41875686534]
["BBAR before tax, for the BBAR period ending 2023",null,3276.7339882781162,61696.785464659588,36779.134794853264,28937.240386422374,143691.87391202006]
["BBAR before tax, for the BBAR period ending 2024",null,4671.2926287578466,65393.17866411437,52884.840732634671,31373.392908036676,152793.82133230453]
["BBAR before tax, for the BBAR period ending 2025",null,4841.7454892903124,67268.677289910978,54113.687640137956,32785.330095652207,157105.83776251957]
["BBAR before tax, for the BBAR period ending 2026",null,4969.6209666839477,69240.046026517652,55140.872441081832,34176.714896927522,162170.50020630634]
["ΔD",null,1.0018551526797157,1.030503709671867,1.0297068438986134,0.98653159513462096,"N/A"]
["ANR 2022 (applicable X-factor)",null,4535.3118857418449,59870.775207616811,48690.446864457263,31104.017246242063,"N/A"]
["source: 2022 Draft, Financial Model, 'Outputs' sheet, using an adjustment factor of 1 in rows 28 & 29 of the inputs sheet, and an alternative X-factor of 0 in row 42 of the inputs sheet"]
[]
["2022 Draft DPP Reset Financial Outputs, with accelerated depreciation, without smoothing (Draft decision)"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
["PV of BBAR at 30 September 2022",null,19288.022512010655,247968.44579602161,230462.78073921002,119361.95681755489,626669.19578076468]
["Starting price for industry-wide X factor",null,5212.2961959966597,65707.694950966543,61377.285044251381,32620.65292521644,171803.8481991349]
["Starting price for applicable X factor",null,5212.2961959966597,65707.694950966543,61377.285044251381,32620.65292521644,171803.8481991349]
["PV at 30 September 2022 of MAR (applicable X)",null,19288.022512010655,247968.44579602161,230462.78073921002,119361.95681755489,626669.19578076468]
["MAR (industry-wide X factor), pricing period ending 2023",null,5212.2961959966597,65707.694950966543,61377.285044251381,32620.65292521644,171803.8481991349]
["MAR (industry-wide X factor), pricing period ending 2024",null,5415.0555152838961,69202.170798501887,64401.190543325858,33629.614638161576,175368.35925347719]
["MAR (industry-wide X factor), pricing period ending 2025",null,5538.5211617994637,71721.955097889469,66529.183113814812,34130.937854839671,178875.72643854676]
["MAR (industry-wide X factor), pricing period ending 2026",null,5651.2591016795031,74123.208220341257,68564.7681863053,34555.146928879214,182453.24096731772]
["MAR (applicable X factor), pricing period ending 2023",null,5212.2961959966597,65707.694950966543,61377.285044251381,32620.65292521644,171803.8481991349]
["MAR (applicable X factor), pricing period ending 2024",null,5415.0555152838961,69202.170798501887,64401.190543325858,33629.614638161576,175368.35925347719]
["MAR (applicable X factor), pricing period ending 2025",null,5538.5211617994637,71721.955097889469,66529.183113814812,34130.937854839671,178875.72643854676]
["MAR (applicable X factor), pricing period ending 2026",null,5651.2591016795031,74123.208220341257,68564.7681863053,34555.146928879214,182453.24096731772]
["BBAR before tax, for the BBAR period ending 2023",null,3776.9864342163978,65882.104103420294,45490.070262644251,30847.485448504889,166684.36375874013]
["BBAR before tax, for the BBAR period ending 2024",null,5363.2566655302471,69649.008030827521,64787.596450606237,33349.692368696356,176165.8429310451]
["BBAR before tax, for the BBAR period ending 2025",null,5545.1344422075781,71575.606012294636,66067.983360791215,34820.133628156676,180670.62391438847]
["BBAR before tax, for the BBAR period ending 2026",null,5684.219097208661,73596.862920432235,67141.727392304645,36269.394386859727,185835.59688550202]
["ΔD",null,1.0018551526797157,1.030503709671867,1.0297068438986134,0.98653159513462096,"N/A"]
["ANR 2022 (applicable X-factor)",null,5202.6444961180778,63762.69617883199,59606.562205480186,33065.999189579998,"N/A"]
["source: 2022 Draft, Financial Model, 'Outputs' sheet, using an alternative X-factor of 0 in row 42 of the inputs sheet"]
[]
[]
["2022 Draft DPP Reset Operating Expenditure Allowance for 2023"]
[null,null,"GasNet","Powerco","Vector","First Gas distribution","First Gas Transmission"]
["Operating expenditure in year ending 2023",null,2030.5132202287741,18350,14227.75,9460.1725888914079,49274]
["source: 2022 Draft, Expenditure Model, 'Allowance vs Actuals' sheet, using the year-end adjusted allowances"]
[]
["2022 Draft DPP Reset Capital Expenditure Allowance for 2023"]
[null,null,"GasNet","PowerCo","Vector","First Gas Distribution","First Gas Transmission"]
["Capital expenditure in year ending 2023",null,888.7230000756623,16872.168644724872,5662.1470831338374,12890.534948768938,52148.56990773599]
["source: 2022 Draft, Expenditure Model, 'Allowance vs Actuals' sheet, using the year-end adjusted allowances"]
[]
["2017 DPP Operating Expenditure Allowance for 2022"]
[null,null,"GasNet ","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Opex for the year ending 2022",null,1782.7488157728112,18435.529522140616,13208.879315355689,7883.4212180659633,47131.840757586673]
["source: 2022 Draft, Expenditure Model, 'Allowance vs Actuals' sheet, using the year-end adjusted allowances"]
[]
["2017 DPP Capital Expenditure Allowance for 2022"]
[null,null,"GasNet ","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Capex for the year ending 2022",null,892.53847011617734,14350.824140411733,18641.429147173025,11805.55703414894,24115.050819146403]
["source: 2022 Draft, Expenditure Model, 'Allowance vs Actuals' sheet, using the year-end adjusted allowances"]
[]
[]
["2022 Final DPP Reset CPRG and CPI"]
["CPRG (Pricing years)",null,null,2022,2023,2024,2025,2026,2027]
["GasNet",null,null,{"$f":"TRANSPOSE([1]Output!$B$3:$E$8)","v":-1.0033357313083537E-3},-2.928582359688946E-3,-3.2063940725337173E-3,-3.464122892165058E-3,-3.7029118723585089E-3,-3.9239072501137152E-3]
["Powerco",null,null,1.3650749273110253E-2,1.4238869128961456E-2,1.3474823449693064E-2,1.2735838124180559E-2,1.2023104585747879E-2,1.1344818856514565E-2]
["Vector",null,null,1.4021796044457951E-2,1.5486737211301289E-2,1.0322534348871322E-2,1.0211894743768438E-2,1.0101002404889125E-2,1.0032881069838436E-2]
["First Gas Dist",null,null,2.5957454831881638E-2,1.4469369291354192E-3,1.2835748061561796E-3,1.1230605141631651E-3,9.6563196286349098E-4,8.1136698196140845E-4]
["First Gas Trans",null,null,0,0,0,0,0,0]
["Source: 2022 Final, Constant price revenue growth Model, 'Output' sheet"]
[]
["WACC (67th percentile)",6.1400000000000003E-2]
[]
["CPI Forecasts",2020,2021,2022,2023,2024,2025,2026,2027]
["Forecast changes in CPI used for revaluations, June year-ends",{"$f":"[2]Output!F8","v":1.4534883720930258E-2},{"$f":"[2]Output!G8","v":3.3428844317096473E-2},{"$f":"[2]Output!H8","v":6.2999999999999945E-2},{"$f":"[2]Output!I8","v":2.6000000000000023E-2},{"$f":"[2]Output!J8","v":2.2999999999999909E-2},{"$f":"[2]Output!K8","v":2.0000000000000018E-2},{"$f":"[2]Output!L8","v":2.0000000000000018E-2},{"$f":"[2]Output!M8","v":2.0000000000000018E-2}]
["Forecast changes in CPI used for revaluations, September year-ends",{"$f":"[2]Output!F9","v":1.4436958614052031E-2},{"$f":"[2]Output!G9","v":4.933586337760909E-2},{"$f":"[2]Output!H9","v":5.0000000000000044E-2},{"$f":"[2]Output!I9","v":2.4999999999999911E-2},{"$f":"[2]Output!J9","v":2.200000000000002E-2},{"$f":"[2]Output!K9","v":2.0000000000000018E-2},{"$f":"[2]Output!L9","v":2.0000000000000018E-2},{"$f":"[2]Output!M9","v":2.0000000000000018E-2}]
["Forecast changes in the CPI element of the price path, lagged",{"$f":"[2]Output!F10","v":1.6907011437095942E-2},{"$f":"[2]Output!G10","v":1.8826405867970575E-2},{"$f":"[2]Output!H10","v":1.4638828893688505E-2},{"$f":"[2]Output!I10","v":5.2149479659413522E-2},{"$f":"[2]Output!J10","v":4.6285303231120345E-2},{"$f":"[2]Output!K10","v":2.4743735220526197E-2},{"$f":"[2]Output!L10","v":2.1492154019882248E-2},{"$f":"[2]Output!M10","v":2.000000000000024E-2}]
["Forecast changes in the CPI element of the price path, not lagged",{"$f":"[2]Output!F11","v":1.8195050946142599E-2},{"$f":"[2]Output!G11","v":2.811532046700016E-2},{"$f":"[2]Output!H11","v":5.9549015063731225E-2},{"$f":"[2]Output!I11","v":3.0921227991357547E-2},{"$f":"[2]Output!J11","v":2.3244538463801812E-2},{"$f":"[2]Output!K11","v":2.0247991487292172E-2},{"$f":"[2]Output!L11","v":2.000000000000024E-2},{"$f":"[2]Output!M11","v":2.0000000000000018E-2}]
["source: 2022 Final, CPI Model, 'Output' sheet"]
[]
["2022 Final DPP Reset Financial Outputs"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
["PV of BBAR at 30 September 2022",null,{"$f":"[3]Outputs!C27","v":19450.548375569913},{"$f":"[3]Outputs!D27","v":235151.99757163052},{"$f":"[3]Outputs!E27","v":220170.64447318591},{"$f":"[3]Outputs!F27","v":123060.13386219344},{"$f":"[3]Outputs!G27","v":607398.98832180479}]
["Starting price for industry-wide X factor",null,{"$f":"[3]Outputs!C28","v":5255.5181979414992},{"$f":"[3]Outputs!D28","v":62036.032919357698},{"$f":"[3]Outputs!E28","v":58316.783576111382},{"$f":"[3]Outputs!F28","v":33030.059883618269},{"$f":"[3]Outputs!G28","v":166426.9880533478}]
["Starting price for applicable X factor",null,{"$f":"[3]Outputs!C29","v":4852.0640239079712},{"$f":"[3]Outputs!D29","v":57632.911093390459},{"$f":"[3]Outputs!E29","v":55797.710043084116},{"$f":"[3]Outputs!F29","v":28565.852081866513},{"$f":"[3]Outputs!G29","v":147227.28121438954}]
["PV at 30 September 2022 of MAR (applicable X)",null,{"$f":"[3]Outputs!C30","v":19450.548375569913},{"$f":"[3]Outputs!D30","v":235151.99757163052},{"$f":"[3]Outputs!E30","v":220170.64447318591},{"$f":"[3]Outputs!F30","v":123060.13386219344},{"$f":"[3]Outputs!G30","v":607398.98832180479}]
["MAR (industry-wide X factor), pricing period ending 2023",null,{"$f":"[3]Outputs!C31","v":5255.5181979414992},{"$f":"[3]Outputs!D31","v":62036.032919357698},{"$f":"[3]Outputs!E31","v":58316.783576111382},{"$f":"[3]Outputs!F31","v":33030.059883618269},{"$f":"[3]Outputs!G31","v":166426.9880533478}]
["MAR (industry-wide X factor), pricing period ending 2024",null,{"$f":"[3]Outputs!C32","v":5481.140223182003},{"$f":"[3]Outputs!D32","v":65782.0051285714},{"$f":"[3]Outputs!E32","v":61645.833277031728},{"$f":"[3]Outputs!F32","v":34603.225111084299},{"$f":"[3]Outputs!G32","v":170295.50657856854}]
["MAR (industry-wide X factor), pricing period ending 2025",null,{"$f":"[3]Outputs!C33","v":5597.3069444529947},{"$f":"[3]Outputs!D33","v":68268.216642964282},{"$f":"[3]Outputs!E33","v":63816.278908925728},{"$f":"[3]Outputs!F33","v":35499.261245851041},{"$f":"[3]Outputs!G33","v":173743.6485460955}]
["MAR (industry-wide X factor), pricing period ending 2026",null,{"$f":"[3]Outputs!C34","v":5696.4333394920286},{"$f":"[3]Outputs!D34","v":70573.884250384537},{"$f":"[3]Outputs!E34","v":65846.290613672361},{"$f":"[3]Outputs!F34","v":36297.232791760172},{"$f":"[3]Outputs!G34","v":177218.52151701745}]
["MAR (applicable X factor), pricing period ending 2023",null,{"$f":"[3]Outputs!C35","v":4852.0640239079712},{"$f":"[3]Outputs!D35","v":57632.911093390459},{"$f":"[3]Outputs!E35","v":58316.783576111382},{"$f":"[3]Outputs!F35","v":28565.852081866513},{"$f":"[3]Outputs!G35","v":147227.28121438954}]
["MAR (applicable X factor), pricing period ending 2024",null,{"$f":"[3]Outputs!C36","v":5338.6856654145513},{"$f":"[3]Outputs!D36","v":64168.656318669084},{"$f":"[3]Outputs!E36","v":61645.833277031728},{"$f":"[3]Outputs!F36","v":32919.034204534095},{"$f":"[3]Outputs!G36","v":163454.71988581572}]
["MAR (applicable X factor), pricing period ending 2025",null,{"$f":"[3]Outputs!C37","v":5751.684046533087},{"$f":"[3]Outputs!D37","v":69923.586379332599},{"$f":"[3]Outputs!E37","v":63816.278908925728},{"$f":"[3]Outputs!F37","v":37148.604807211515},{"$f":"[3]Outputs!G37","v":180939.31938394424}]
["MAR (applicable X factor), pricing period ending 2026",null,{"$f":"[3]Outputs!C38","v":6175.4893497488511},{"$f":"[3]Outputs!D38","v":75899.419977248355},{"$f":"[3]Outputs!E38","v":65846.290613672361},{"$f":"[3]Outputs!F38","v":41782.01630625355},{"$f":"[3]Outputs!G38","v":200245.54476221118}]
["BBAR before tax, for the BBAR period ending 2023",null,{"$f":"[3]Outputs!C39","v":3798.3417590034305},{"$f":"[3]Outputs!D39","v":61700.571135390717},{"$f":"[3]Outputs!E39","v":43161.896723082704},{"$f":"[3]Outputs!F39","v":31531.562098363262},{"$f":"[3]Outputs!G39","v":160646.80980233673}]
["BBAR before tax, for the BBAR period ending 2024",null,{"$f":"[3]Outputs!C40","v":5367.0463366906315},{"$f":"[3]Outputs!D40","v":65588.348480181477},{"$f":"[3]Outputs!E40","v":61178.419610154779},{"$f":"[3]Outputs!F40","v":34136.099485076091},{"$f":"[3]Outputs!G40","v":170006.5531524299}]
["BBAR before tax, for the BBAR period ending 2025",null,{"$f":"[3]Outputs!C41","v":5629.7035767212783},{"$f":"[3]Outputs!D41","v":68715.243273812303},{"$f":"[3]Outputs!E41","v":63774.707720990024},{"$f":"[3]Outputs!F41","v":36278.197653041709},{"$f":"[3]Outputs!G41","v":176687.99404902759}]
["BBAR before tax, for the BBAR period ending 2026",null,{"$f":"[3]Outputs!C42","v":5773.1813188193619},{"$f":"[3]Outputs!D42","v":70747.069298647126},{"$f":"[3]Outputs!E42","v":64810.058828301124},{"$f":"[3]Outputs!F42","v":37803.548000830568},{"$f":"[3]Outputs!G42","v":181403.47351826646}]
["ΔD",null,{"$f":"[3]Outputs!C43","v":0.99607102026032623},{"$f":"[3]Outputs!D43","v":1.0280839896344838},{"$f":"[3]Outputs!E43","v":1.0297256851263301},{"$f":"[3]Outputs!F43","v":1.0274419505609997},"N/A"]
["ANR 2022 (applicable X-factor)",null,{"$f":"[3]Outputs!C44","v":4871.2028813365832},{"$f":"[3]Outputs!D44","v":56058.562991415492},{"$f":"[3]Outputs!E44","v":56633.31935723919},{"$f":"[3]Outputs!F44","v":27802.886641205474},"N/A"]
["source: 2022 Final, Financial Model, 'Outputs' sheet"]
[]
["2022 Draft DPP Reset Financial Outputs (using 2022 Final WACC 6.14%, cost of debt 4.04%)"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
["PV of BBAR at 30 September 2022",null,19338.567162688461,248860.02740814417,231442.04214251527,119865.31947076754,628839.379691788]
["Starting price for industry-wide X factor",null,5233.0405840648918,66034.07506706116,61722.158836747796,32802.423544722893,172631.61637683821]
["Starting price for applicable X factor",null,4858.2459526152415,59171.02307260278,57177.876879480289,28409.60723905743,149490.33996551714]
["PV at 30 September 2022 of MAR (applicable X)",null,19338.567162688461,248860.02740814417,231442.04214251527,119865.31947076754,628839.379691788]
["MAR (industry-wide X factor), pricing period ending 2023",null,5233.0405840648918,66034.07506706116,61722.158836747796,32802.423544722893,172631.61637683821]
["MAR (industry-wide X factor), pricing period ending 2024",null,5436.6068640169842,69545.908507701213,64763.055406001818,33817.007450333535,176213.30160306772]
["MAR (industry-wide X factor), pricing period ending 2025",null,5560.5638907588673,72078.208959006486,66903.004987421766,34321.124168168019,179737.56763512912]
["MAR (industry-wide X factor), pricing period ending 2026",null,5673.7505157264277,74491.38947098951,68950.027840899027,34747.697043642351,183332.31898783168]
["MAR (applicable X factor), pricing period ending 2023",null,4858.2459526152415,59171.02307260278,57177.876879480289,28409.60723905743,149490.33996551714]
["MAR (applicable X factor), pricing period ending 2024",null,5305.3754079537821,66982.750853234611,63126.786122516496,32217.152741468504,167851.09012792294]
["MAR (applicable X factor), pricing period ending 2025",null,5703.8726723823438,74618.376543481892,68616.949461122291,35967.162124845447,188328.92312352956]
["MAR (applicable X factor), pricing period ending 2026",null,6117.6414317793487,82889.267108116124,74408.004865315786,40055.612735789022,211305.05174460018]
["BBAR before tax, for the BBAR period ending 2023",null,3793.3250639746393,66227.979082045946,45772.518814635841,31027.551026289526,167530.79475811793]
["BBAR before tax, for the BBAR period ending 2024",null,5385.1633966632335,69997.325532416609,65160.025055082981,33536.658045904776,177026.32093918309]
["BBAR before tax, for the BBAR period ending 2025",null,5566.8431204026656,71923.30098474535,66430.415745228005,35012.254852583566,181528.85885914491]
["BBAR before tax, for the BBAR period ending 2026",null,5705.734753729902,73945.170738422341,67495.046792956215,36466.783018747243,186689.56583721016]
["ΔD",null,1.0018551526797157,1.030503709671867,1.0297068438986134,0.98653159513462096,"N/A"]
["ANR 2022 (applicable X-factor)",null,4849.2498537544379,57419.514861760195,55528.306156533727,28797.463131609777,"N/A"]
["source: 2022 Draft, Financial Model, 'Outputs' sheet, using 2022 final values for WACC (6.14%) and cost of debt (4.04%)"]
[]
["2022 Draft DPP Reset Financial Outputs (using 2022 Final Opex allowances)"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
["PV of BBAR at 30 September 2022",null,20598.692708088864,248044.04072914794,230296.65738827601,120300.44272478322,626383.64579732122]
["Starting price for industry-wide X factor",null,5566.4849819632154,65727.726406137212,61333.042758229843,32877.133498014817,171725.56353740414]
["Starting price for applicable X factor",null,5167.5970371460135,58893.023149882196,56815.034208438497,28472.083904689833,148694.06595789985]
["PV at 30 September 2022 of MAR (applicable X)",null,20598.692708088864,248044.04072914794,230296.65738827601,120300.44272478322,626383.64579732122]
["MAR (industry-wide X factor), pricing period ending 2023",null,5566.4849819632154,65727.726406137212,61333.042758229843,32877.133498014817,171725.56353740414]
["MAR (industry-wide X factor), pricing period ending 2024",null,5783.0223127911058,69223.267569330594,64354.7685503998,33894.028193744234,175288.45037584528]
["MAR (industry-wide X factor), pricing period ending 2025",null,5914.8777640690187,71743.820042769483,66481.227210487094,34399.293074804882,178794.21938336222]
["MAR (industry-wide X factor), pricing period ending 2026",null,6035.2765337555356,74145.805204205637,68515.344982217473,34826.837501651295,182370.10377102948]
["MAR (applicable X factor), pricing period ending 2023",null,5167.5970371460135,58893.023149882196,56815.034208438497,28472.083904689833,148694.06595789985]
["MAR (applicable X factor), pricing period ending 2024",null,5643.1976697949913,66668.049524884016,62726.192519867393,32288.002727620005,166957.01590045163]
["MAR (applicable X factor), pricing period ending 2025",null,6067.0694340195478,74267.801180146183,68181.516063102099,36046.258901612266,187325.77184030676]
["MAR (applicable X factor), pricing period ending 2026",null,6507.1851128012149,82499.833080211145,73935.822253689112,40143.70058235927,210179.51600482423]
["BBAR before tax, for the BBAR period ending 2023",null,4036.3686735184056,65943.743365244343,45415.890572581739,31144.346728482775,166717.64386882333]
["BBAR before tax, for the BBAR period ending 2024",null,5730.3820810454345,69717.996704930832,64807.945507301512,33644.016356115637,176215.34633528651]
["BBAR before tax, for the BBAR period ending 2025",null,5917.8799446985722,71554.274546332555,66022.158340061709,35058.205979871251,180473.04874907844]
["BBAR before tax, for the BBAR period ending 2026",null,6067.1404188246761,73561.737873535661,67065.409617112193,36491.463203524741,185596.76580915737]
["ΔD",null,1.0018551526797157,1.030503709671867,1.0297068438986134,0.98653159513462096,"N/A"]
["ANR 2022 (applicable X-factor)",null,5158.0281074803725,57149.743952532604,55175.931426588242,28860.792746130512,"N/A"]
["source: 2022 Draft, Financial Model, 'Outputs' sheet, using 2022 final values for opex allowances"]
[]
["2022 Draft DPP Reset Financial Outputs (using 2022 Final Capex allowances)"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
["PV of BBAR at 30 September 2022",null,19349.54794222608,247496.57398832942,230754.32673951844,117470.55604909442,617758.36896707769]
["Starting price for industry-wide X factor",null,5228.9225124409313,65582.656425615991,61454.930128229993,32103.748463732587,169360.90964792672]
["Starting price for applicable X factor",null,4854.2239079617457,58763.038283702641,56927.942924274321,27802.321025634556,146646.55483511364]
["PV at 30 September 2022 of MAR (applicable X)",null,19349.54794222608,247496.57398832942,230754.32673951844,117470.55604909442,617758.36896707769]
["MAR (industry-wide X factor), pricing period ending 2023",null,5228.9225124409313,65582.656425615991,61454.930128229993,32103.748463732587,169360.90964792672]
["MAR (industry-wide X factor), pricing period ending 2024",null,5432.3285986189449,69070.482456761121,64482.66100661621,33096.722243754259,172874.73568233417]
["MAR (industry-wide X factor), pricing period ending 2025",null,5556.1880790287842,71585.47173003749,66613.345585422619,33590.101529698033,176332.23039598085]
["MAR (industry-wide X factor), pricing period ending 2026",null,5669.2856332885967,73982.155385402541,68651.505766502305,34007.588618022717,179858.8750039005]
["MAR (applicable X factor), pricing period ending 2023",null,4854.2239079617457,58763.038283702641,56927.942924274321,27802.321025634556,146646.55483511364]
["MAR (applicable X factor), pricing period ending 2024",null,5300.9831937673289,66520.904124080102,62850.848501252636,31528.476107152535,164658.02471421185]
["MAR (applicable X factor), pricing period ending 2025",null,5699.1505502810878,74103.882099726718,68317.013428010498,35198.324966676817,184746.3037293457]
["MAR (applicable X factor), pricing period ending 2026",null,6112.5767587980536,82317.744792172758,74082.755171379569,39199.380504911569,207285.35278432595]
["BBAR before tax, for the BBAR period ending 2023",null,3785.8296897090463,65745.887765334264,45529.225191049445,30391.292003635695,164689.24213404753]
["BBAR before tax, for the BBAR period ending 2024",null,5378.4769013311816,69504.387866317513,64856.599319322959,32818.26585110883,173800.2443430608]
["BBAR before tax, for the BBAR period ending 2025",null,5563.6114123755724,71442.027875919812,66155.77791853204,34256.656671615681,177932.04942972449]
["BBAR before tax, for the BBAR period ending 2026",null,5706.0415163180051,73480.564903528008,67250.536810310703,35671.518317342452,182768.55823005899]
["ΔD",null,1.0018551526797157,1.030503709671867,1.0297068438986134,0.98653159513462096,"N/A"]
["ANR 2022 (applicable X-factor)",null,4845.2352567912567,57023.606739284776,55285.582747743239,28181.886077192168,"N/A"]
["source: 2022 Draft, Financial Model, 'Outputs' sheet, using 2022 final values for capex allowances"]
[]
["2022 Draft DPP Reset Financial Outputs (using 2022 Final CPI forecasts)"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
["PV of BBAR at 30 September 2022",null,19348.326582784048,248308.3154111995,231407.95902494245,119289.62914333731,627245.31890792213]
["Starting price for industry-wide X factor",null,5192.2114728380238,65336.084411547061,61197.490353905254,32375.158696243514,171632.98206667771]
["Starting price for applicable X factor",null,4819.0867664861626,58523.707799283511,56676.835778023691,28025.691558546074,148599.29933772594]
["PV at 30 September 2022 of MAR (applicable X)",null,19348.326582784048,248308.3154111995,231407.95902494245,119289.62914333731,627245.31890792213]
["MAR (industry-wide X factor), pricing period ending 2023",null,5192.2114728380238,65336.084411547061,61197.490353905254,32375.158696243514,171632.98206667771]
["MAR (industry-wide X factor), pricing period ending 2024",null,5435.3533699488289,69335.902835686094,64702.55342394601,33631.228572543645,175622.51151998359]
["MAR (industry-wide X factor), pricing period ending 2025",null,5571.5472463005708,72019.102345654319,66987.973892957831,34207.88246676766,179178.51463821714]
["MAR (industry-wide X factor), pricing period ending 2026",null,5691.8916441265665,74521.090030726977,69121.804860360251,34675.291396569402,182762.08493098151]
["MAR (applicable X factor), pricing period ending 2023",null,4819.0867664861626,58523.707799283511,56676.835778023691,28025.691558546074,148599.29933772594]
["MAR (applicable X factor), pricing period ending 2024",null,5302.7719909071138,66755.54096923933,63051.124370237005,32024.315071551322,167258.76361356332]
["MAR (applicable X factor), pricing period ending 2025",null,5713.6519724470954,74529.338020451993,68685.915330838397,35830.757834246418,187709.95939892431]
["MAR (applicable X factor), pricing period ending 2026",null,6135.6049012489812,82891.342536968616,74573.641323557531,39952.375511005623,210610.57444559314]
["BBAR before tax, for the BBAR period ending 2023",null,3776.3484901577976,65285.206629120046,45450.874838321222,30493.596949485702,165300.33124628893]
["BBAR before tax, for the BBAR period ending 2024",null,5331.6433166786328,69184.389822950616,64199.858510717953,33031.584876612273,175028.99357943048]
["BBAR before tax, for the BBAR period ending 2025",null,5592.8179976031661,72380.270477104641,66875.241057971958,35155.66072169035,182441.29907261813]
["BBAR before tax, for the BBAR period ending 2026",null,5731.765854278613,74398.700948843354,67947.152197610587,36604.417292449347,187600.71658953972]
["ΔD",null,1.0018551526797157,1.030503709671867,1.0297068438986134,0.98653159513462096,"N/A"]
["ANR 2022 (applicable X-factor)",null,4810.1631793740771,56791.360622970133,55041.719994243511,28408.306127004194,"N/A"]
["source: 2022 Draft, Financial Model, 'Outputs' sheet, using 2017 final values for CPI forecast"]
[]
["2022 Final DPP Reset Financial Outputs (using 2017 WACC, cost of debt, leverage)"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
["PV of BBAR at 30 September 2022",null,19570.776723597577,237415.55528601934,222674.79859332723,124213.84757816687,612372.59085632942]
["Starting price for industry-wide X factor",null,5315.6367690082479,62963.691212989215,59290.8179948049,33514.428811105347,168663.58467143553]
["Starting price for applicable X factor",null,4908.3976332213406,58503.743441315004,56734.968890009426,28993.47974633698,149244.47261076132]
["PV at 30 September 2022 of MAR (applicable X)",null,19570.776723597577,237415.55528601934,222674.79859332723,124213.84757816687,612372.59085632942]
["MAR (industry-wide X factor), pricing period ending 2023",null,5315.6367690082479,62963.691212989215,59290.8179948049,33514.428811105347,168663.58467143553]
["MAR (industry-wide X factor), pricing period ending 2024",null,5543.8397145781591,66765.678967105792,62675.471053650588,35110.663701680445,172584.09185277339]
["MAR (industry-wide X factor), pricing period ending 2025",null,5661.3352824110489,69289.068144584366,64882.168491966811,36019.839747882892,176078.5730754504]
["MAR (industry-wide X factor), pricing period ending 2026",null,5761.595597455741,71629.213644573305,66946.086409462514,36829.51313820947,179600.14453695944]
["MAR (applicable X factor), pricing period ending 2023",null,4908.3976332213406,58503.743441315004,56734.968890009426,28993.47974633698,149244.47261076132]
["MAR (applicable X factor), pricing period ending 2024",null,5400.6690669196532,65138.24367049658,61772.931311697124,33411.828526690668,165694.24677193607]
["MAR (applicable X factor), pricing period ending 2025",null,5818.4624567879391,70980.130630643238,65866.287406164149,37704.715336192668,183418.40638002325]
["MAR (applicable X factor), pricing period ending 2026",null,6247.1882396714591,77046.258976892059,70000.355702827539,42407.488495870195,202989.15034077177]
["BBAR before tax, for the BBAR period ending 2023",null,3843.3206135250775,62681.34462930452,43956.389149203242,32055.898440512217,162939.63920193049]
["BBAR before tax, for the BBAR period ending 2024",null,5430.4533550413125,66583.40604408225,62233.426603087966,34656.763905652617,172335.43020930761]
["BBAR before tax, for the BBAR period ending 2025",null,5692.9795363079274,69713.843993277012,64807.825470240132,36786.716065716217,179015.78351120479]
["BBAR before tax, for the BBAR period ending 2026",null,5837.8340370493579,71753.858486610668,65824.623250089178,38300.703842434108,183730.1594962774]
["ΔD",null,0.99607102026032623,1.0280839896344838,1.0297256851263301,1.0274419505609997,"N/A"]
["ANR 2022 (applicable X-factor)",null,4927.7586973050529,56905.606965161402,55097.167827807454,28219.092796927434,"N/A"]
["source: 2022 Final, Financial Model, 'Outputs' sheet, using 2017 values for WACC (6.41%), cost of debt (4.76%), leverage (42%)"]
[]
["2022 Draft DPP Reset Financial Outputs (using 2022 Final accelerated depreciation adjustment factor)"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
["PV of BBAR at 30 September 2022",null,18069.606842973706,234787.90975509159,218160.55106318215,121799.38152713983,610456.12633713556]
["Starting price for industry-wide X factor",null,4883.0377998645836,62215.06249651275,58100.931894803573,33286.781293103777,167358.97083753924]
["Starting price for applicable X factor",null,4533.1248981386298,55745.623897563732,53821.012046601616,28826.844954458611,144913.11215259423]
["PV at 30 September 2022 of MAR (applicable X)",null,18069.606842973706,234787.90975509159,218160.55106318215,121799.38152713983,610456.12633713556]
["MAR (industry-wide X factor), pricing period ending 2023",null,4883.0377998645836,62215.06249651275,58100.931894803573,33286.781293103777,167358.97083753924]
["MAR (industry-wide X factor), pricing period ending 2024",null,5072.9889045456312,65523.792675058874,60963.419659314168,34316.346456894782,170831.26152163558]
["MAR (industry-wide X factor), pricing period ending 2025",null,5188.6552819443841,67909.640143625773,62977.818818897176,34827.906918574547,174247.88675206833]
["MAR (industry-wide X factor), pricing period ending 2026",null,5294.2716170897111,70183.256851604485,64904.743243422949,35260.778532226061,177732.84448710969]
["MAR (applicable X factor), pricing period ending 2023",null,4533.1248981386298,55745.623897563732,53821.012046601616,28826.844954458611,144913.11215259423]
["MAR (applicable X factor), pricing period ending 2024",null,4950.3317844213634,63105.132255479584,59420.665855162224,32690.309976395041,162711.67658227053]
["MAR (applicable X factor), pricing period ending 2025",null,5322.1610184371548,70298.733039242026,64588.506343673893,36495.393875047303,182562.50112530758]
["MAR (applicable X factor), pricing period ending 2026",null,5708.2397562344486,78090.823335674475,70039.573778874328,40643.889518577438,204835.12626259515]
["BBAR before tax, for the BBAR period ending 2023",null,3531.7683738791911,62173.561420020778,42953.979289633324,31372.447375157582,162072.14826707033]
["BBAR before tax, for the BBAR period ending 2024",null,5023.2890579994028,65929.104733869361,61320.479217145701,33977.104731911415,171628.77887654814]
["BBAR before tax, for the BBAR period ending 2025",null,5198.5538218113988,67847.084514235001,62581.617930695524,35574.281705908295,176133.12454532809]
["BBAR before tax, for the BBAR period ending 2026",null,5330.9330852010444,69870.89845511764,63639.658496723045,37149.898087153568,181217.17797705473]
["ΔD",null,1.0018551526797157,1.030503709671867,1.0297068438986134,0.98653159513462096,"N/A"]
["ANR 2022 (applicable X-factor)",null,4524.730831611374,54095.510161059246,52268.286226813616,29220.397092832016,"N/A"]
["source: 2022 Draft, Financial Model, 'Outputs' sheet, using the Final accelerated depreciation factor"]
[]
["2022 Draft DPP Reset Financial Outputs (using 2022 Final smoothing factor)"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
["PV of BBAR at 30 September 2022",null,19288.022512010655,247968.44579602161,230462.78073921002,119361.95681755489,626669.19578076468]
["Starting price for industry-wide X factor",null,5212.2961959966597,65707.694950966543,61377.285044251381,32620.65292521644,171803.8481991349]
["Starting price for applicable X factor",null,4811.8712929018466,61051.35292513181,61377.285044251381,28249.9679349664,151986.46829031536]
["PV at 30 September 2022 of MAR (applicable X)",null,19288.022512010655,247968.44579602161,230462.78073921002,119361.95681755489,626669.19578076468]
["MAR (industry-wide X factor), pricing period ending 2023",null,5212.2961959966597,65707.694950966543,61377.285044251381,32620.65292521644,171803.8481991349]
["MAR (industry-wide X factor), pricing period ending 2024",null,5415.0555152838961,69202.170798501887,64401.190543325858,33629.614638161576,175368.35925347719]
["MAR (industry-wide X factor), pricing period ending 2025",null,5538.5211617994637,71721.955097889469,66529.183113814812,34130.937854839671,178875.72643854676]
["MAR (industry-wide X factor), pricing period ending 2026",null,5651.2591016795031,74123.208220341257,68564.7681863053,34555.146928879214,182453.24096731772]
["MAR (applicable X factor), pricing period ending 2023",null,4811.8712929018466,61051.35292513181,61377.285044251381,28249.9679349664,151986.46829031536]
["MAR (applicable X factor), pricing period ending 2024",null,5274.001977222355,67513.10426496045,64401.190543325858,32036.118072450918,168326.7014658007]
["MAR (applicable X factor), pricing period ending 2025",null,5690.9353758129637,73469.955719239078,66529.183113814812,35765.055397940559,186287.16051220163]
["MAR (applicable X factor), pricing period ending 2026",null,6126.1484098561978,79726.218550482561,68564.7681863053,39830.532181585157,206164.00053885355]
["BBAR before tax, for the BBAR period ending 2023",null,3776.9864342163978,65882.104103420294,45490.070262644251,30847.485448504889,166684.36375874013]
["BBAR before tax, for the BBAR period ending 2024",null,5363.2566655302471,69649.008030827521,64787.596450606237,33349.692368696356,176165.8429310451]
["BBAR before tax, for the BBAR period ending 2025",null,5545.1344422075781,71575.606012294636,66067.983360791215,34820.133628156676,180670.62391438847]
["BBAR before tax, for the BBAR period ending 2026",null,5684.219097208661,73596.862920432235,67141.727392304645,36269.394386859727,185835.59688550202]
["ΔD",null,1.0018551526797157,1.030503709671867,1.0297068438986134,0.98653159513462096,"N/A"]
["ANR 2022 (applicable X-factor)",null,4802.9610668081868,59244.185491163138,59606.562205480186,28635.644387153603,"N/A"]
["source: 2022 Draft, Financial Model, 'Outputs' sheet, using the Final smoothing factor"]
[]
["2022 Draft DPP Reset Financial Outputs (using 2022 Final CPRG)"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
["PV of BBAR at 30 September 2022",null,19288.022512010655,247968.44579602161,230462.78073921002,119361.95681755489,626669.19578076468]
["Starting price for industry-wide X factor",null,5240.9282093558995,65789.109457858154,61389.353583435171,32218.245719079106,171803.8481991349]
["Starting price for applicable X factor",null,4866.5098190723338,58952.60677168041,56867.593866600189,27873.150686263994,148761.85123351694]
["PV at 30 September 2022 of MAR (applicable X)",null,19288.022512010655,247968.44579602161,230462.78073921002,119361.95681755489,626669.19578076468]
["MAR (industry-wide X factor), pricing period ending 2023",null,5240.9282093558995,65789.109457858154,61389.353583435171,32218.245719079106,171803.8481991349]
["MAR (industry-wide X factor), pricing period ending 2024",null,5424.5284802781507,69233.376352977546,64402.338839251919,33497.123998120114,175368.35925347719]
["MAR (industry-wide X factor), pricing period ending 2025",null,5527.3005085571222,71691.857856532239,66523.06669579407,34288.866661860979,178875.72643854676]
["MAR (industry-wide X factor), pricing period ending 2026",null,5618.3341729835702,74022.865269264497,68555.561622447392,35016.918559593636,182453.24096731772]
["MAR (applicable X factor), pricing period ending 2023",null,4866.5098190723338,58952.60677168041,56867.593866600189,27873.150686263994,148761.85123351694]
["MAR (applicable X factor), pricing period ending 2024",null,5294.6125304047519,66682.969684064607,62772.997086343676,31877.509166288488,167033.12672078676]
["MAR (applicable X factor), pricing period ending 2025",null,5670.8487293038561,74219.781435733647,68224.901764579146,35894.067428418799,187411.16818072274]
["MAR (applicable X factor), pricing period ending 2026",null,6059.0613351697975,82369.445591734373,73979.736881713849,40321.82262362988,210275.33069877097]
["BBAR before tax, for the BBAR period ending 2023",null,3776.9864342163978,65882.104103420294,45490.070262644251,30847.485448504889,166684.36375874013]
["BBAR before tax, for the BBAR period ending 2024",null,5363.2566655302471,69649.008030827521,64787.596450606237,33349.692368696356,176165.8429310451]
["BBAR before tax, for the BBAR period ending 2025",null,5545.1344422075781,71575.606012294636,66067.983360791215,34820.133628156676,180670.62391438847]
["BBAR before tax, for the BBAR period ending 2026",null,5684.219097208661,73596.862920432235,67141.727392304645,36269.394386859727,185835.59688550202]
["ΔD",null,0.99607102026032623,1.0280839896344838,1.0297256851263301,1.0274419505609997,"N/A"]
["ANR 2022 (applicable X-factor)",null,4885.7056576151135,57342.208774829691,55225.964242723036,27128.686609540138,"N/A"]
["source: 2022 Draft, Fiancial Model, 'Outputs' sheet, using the final CPRG forecasts"]
[]
["2022 Draft DPP Reset Financial Outputs (using 2022 Final initial conditions, disposed assets, other regulated income)"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
["PV of BBAR at 30 September 2022",null,19267.82282460127,247102.23032194152,230497.36399803983,118981.4858954722,625327.22089141759]
["Starting price for industry-wide X factor",null,5206.8375361584776,65478.161624861481,61386.495323360868,32516.673313719559,171435.94045493953]
["Starting price for applicable X factor",null,4833.7215158107856,58669.409383748731,56864.549268834555,28159.920053416903,148443.28655825881]
["PV at 30 September 2022 of MAR (applicable X)",null,19267.82282460127,247102.23032194152,230497.36399803983,118981.4858954722,625327.22089141759]
["MAR (industry-wide X factor), pricing period ending 2023",null,5206.8375361584776,65478.161624861481,61386.495323360868,32516.673313719559,171435.94045493953]
["MAR (industry-wide X factor), pricing period ending 2024",null,5409.3845125336084,68960.430398858836,64410.854589877606,33522.418921604876,174992.81832041609]
["MAR (industry-wide X factor), pricing period ending 2025",null,5532.7208576931744,71471.41246478293,66539.166487060516,34022.144150853841,178492.67468682444]
["MAR (industry-wide X factor), pricing period ending 2026",null,5645.3407309780841,73864.277412662064,68575.057019570202,34445.001041820498,182062.52818056094]
["MAR (applicable X factor), pricing period ending 2023",null,4833.7215158107856,58669.409383748731,56864.549268834555,28159.920053416903,148443.28655825881]
["MAR (applicable X factor), pricing period ending 2024",null,5278.5938606247009,66414.914385309137,62780.859233604482,31934.001688739092,166675.43519349032]
["MAR (applicable X factor), pricing period ending 2025",null,5675.0795099408233,73985.810176185012,68240.93716409753,35651.052880150128,187009.83828709615]
["MAR (applicable X factor), pricing period ending 2026",null,6086.7595636834703,82186.585476441542,74000.2583093094,39703.570796984743,209825.03855812192]
["BBAR before tax, for the BBAR period ending 2023",null,3771.9241734540551,65635.842518721314,45503.798087712719,30747.750810252579,166410.8544762994]
["BBAR before tax, for the BBAR period ending 2024",null,5357.0234936155957,69404.153120776115,64800.782513990343,33244.067844634512,175815.51687996063]
["BBAR before tax, for the BBAR period ending 2025",null,5539.6178225852036,71331.662191693249,66076.048727845191,34709.768994945065,180251.47840560434]
["BBAR before tax, for the BBAR period ending 2026",null,5679.4361063450551,73354.30092452839,67144.828295830972,36154.035874277106,185341.96954274]
["ΔD",null,1.0018551526797157,1.030503709671867,1.0297068438986134,0.98653159513462096,"N/A"]
["ANR 2022 (applicable X-factor)",null,4824.770829277837,56932.74932744322,55224.017987039355,28544.367146775701,"N/A"]
["source: 2022 Draft, Fiancial Model, 'Outputs' sheet, using the final initial conditions inputs (excluding alternative X-factor), \"Early base year adopted?' set to \"FALSE\""]

{"sheet":"Rolled over and Reset Prices","index":4,"n_rows":108,"n_cols":8,"rows_kept":108,"cut":false,"hidden":false,"merged":[]}
["Rolled over and Draft Reset Prices"]
[]
["GasNet"]
["Year ending",2022,{"$f":"B4+1","v":2023},{"$f":"C4+1","v":2024},2025,2026,"Starting Price ","NPV value"]
["MAR Y/C 2021",{"$f":"Inputs!C6","v":4383.9982678933238}]
["CPI",null,{"$f":"Inputs!E27","v":4.9252365184484281E-2},{"$f":"Inputs!F27","v":3.8361409969120297E-2},{"$f":"Inputs!G27","v":2.2487822846806393E-2},{"$f":"Inputs!H27","v":2.0247710973710253E-2}]
["CPRG",{"$f":"Inputs!D17","v":1.1090512561431614E-3},{"$f":"Inputs!E17","v":7.4527487553558975E-4},{"$f":"Inputs!F17","v":5.1887652470529737E-4},{"$f":"Inputs!G17","v":3.057413528201881E-4},{"$f":"Inputs!H17","v":1.0539721046798518E-4}]
["WACC",{"$f":"Inputs!B31","v":6.0699999999999997E-2}]
["MAR from Draft Reset financial model",null,{"$f":"Inputs!C44","v":4838.7890143305831},{"$f":"Inputs!C45","v":5284.1277471938447},{"$f":"Inputs!C46","v":5681.0290577007199},{"$f":"Inputs!C47","v":6093.140701897255},{"$f":"C9","v":4838.7890143305831},{"$f":"C9+NPV(B8,D9:F9)","v":19975.74623787899}]
["Rolled over price path",{"$f":"B5","v":4383.9982678933238},{"$f":"B10*(1+C6)*(1+C7)","v":4603.3487567682841},{"$f":"C10*(1+D6)*(1+D7)","v":4782.4199041602851},{"$f":"D10*(1+E6)*(1+E7)","v":4891.4611805995555},{"$f":"E10*(1+F6)*(1+F7)","v":4991.0280578207694},{"$f":"C10","v":4603.3487567682841},{"$f":"C10+NPV(B8,D10:F10)","v":17641.999447438517}]
["Effect of moving from Draft Reset to rollover",null,null,null,null,null,{"$f":"(G9/G10)-1","v":5.1145431294149057E-2},{"$f":"(H9/H10)-1","v":0.13228357689237513}]
[]
["Powerco"]
["Year ending",{"$f":"B4","v":2022},{"$f":"C4","v":2023},{"$f":"D4","v":2024},{"$f":"E4","v":2025},{"$f":"F4","v":2026},"Starting Price ","NPV value"]
["MAR Y/C 2021",{"$f":"Inputs!C7","v":51435.568618416459}]
["CPI",null,{"$f":"Inputs!E27","v":4.9252365184484281E-2},{"$f":"Inputs!F27","v":3.8361409969120297E-2},{"$f":"Inputs!G27","v":2.2487822846806393E-2},{"$f":"Inputs!H27","v":2.0247710973710253E-2}]
["CPRG",{"$f":"Inputs!D18","v":1.5341429928627356E-2},{"$f":"Inputs!E18","v":1.4933183357154404E-2},{"$f":"Inputs!F18","v":1.4273190553534185E-2},{"$f":"Inputs!G18","v":1.3617866651395364E-2},{"$f":"Inputs!H18","v":1.2969710871687067E-2}]
["WACC",{"$f":"Inputs!B31","v":6.0699999999999997E-2}]
["MAR from Draft Reset financial model",null,{"$f":"Inputs!D44","v":58875.074667292029},{"$f":"Inputs!D45","v":66647.731492930165},{"$f":"Inputs!D46","v":74245.167016280961},{"$f":"Inputs!D47","v":82474.69008807838},{"$f":"C19","v":58875.074667292029},{"$f":"C19+NPV(B18,D19:F19)","v":256809.88007651496}]
["Rolled over price path",{"$f":"B15","v":51435.568618416459},{"$f":"B20*(1+C16)*(1+C17)","v":54774.81938771117},{"$f":"C20*(1+D16)*(1+D17)","v":57687.861513847296},{"$f":"D20*(1+E16)*(1+E17)","v":59788.387639409011},{"$f":"E20*(1+F16)*(1+F17)","v":61790.104579633844},{"$f":"C20","v":54774.81938771117},{"$f":"C20+NPV(B18,D20:F20)","v":214080.17445548761}]
["Effect of moving from Draft Reset to rollover",null,null,null,null,null,{"$f":"(G19/G20)-1","v":7.4856573246880664E-2},{"$f":"(H19/H20)-1","v":0.19959674327485133}]
[]
["Vector"]
["Year ending",{"$f":"B14","v":2022},{"$f":"C14","v":2023},{"$f":"D14","v":2024},{"$f":"E14","v":2025},{"$f":"F14","v":2026},"Starting Price ","NPV value"]
["MAR Y/C 2021",{"$f":"Inputs!C8","v":50702.277198411044}]
["CPI",null,{"$f":"Inputs!E27","v":4.9252365184484281E-2},{"$f":"Inputs!F27","v":3.8361409969120297E-2},{"$f":"Inputs!G27","v":2.2487822846806393E-2},{"$f":"Inputs!H27","v":2.0247710973710253E-2}]
["CPRG",{"$f":"Inputs!D19","v":1.3780727682989114E-2},{"$f":"Inputs!E19","v":1.57096261358446E-2},{"$f":"Inputs!F19","v":1.0503175183838667E-2},{"$f":"Inputs!G19","v":1.0322792078083296E-2},{"$f":"Inputs!H19","v":1.0143775386810262E-2}]
["WACC",{"$f":"Inputs!B31","v":6.0699999999999997E-2}]
["MAR from Draft Reset financial model",null,{"$f":"Inputs!E44","v":56856.017451413769},{"$f":"Inputs!E45","v":62771.439747555822},{"$f":"Inputs!E46","v":68230.698461355787},{"$f":"Inputs!E47","v":73989.155492156977},{"$f":"C29","v":56856.017451413769},{"$f":"C29+NPV(B28,D29:F29)","v":238680.0421067375}]
["Rolled over price path",{"$f":"B25","v":50702.277198411044},{"$f":"B30*(1+C26)*(1+C27)","v":54035.228279184143},{"$f":"C30*(1+D26)*(1+D27)","v":56697.408983647772},{"$f":"D30*(1+E26)*(1+E27)","v":58570.847410255861},{"$f":"E30*(1+F26)*(1+F27)","v":60362.93228325768},{"$f":"C30","v":54035.228279184143},{"$f":"C30+NPV(B28,D30:F30)","v":210128.72354364261}]
["Effect of moving from Draft Reset to rollover",null,null,null,null,null,{"$f":"(G29/G30)-1","v":5.2202780705495222E-2},{"$f":"(H29/H30)-1","v":0.13587537239840963}]
[]
["First Gas Distribution"]
["Year ending",{"$f":"B24","v":2022},{"$f":"C24","v":2023},{"$f":"D24","v":2024},{"$f":"E24","v":2025},{"$f":"F24","v":2026},"Starting Price ","NPV value"]
["MAR Y/C 2021",{"$f":"Inputs!C9","v":24646.151307304975}]
["CPI",null,{"$f":"Inputs!E27","v":4.9252365184484281E-2},{"$f":"Inputs!F27","v":3.8361409969120297E-2},{"$f":"Inputs!G27","v":2.2487822846806393E-2},{"$f":"Inputs!H27","v":2.0247710973710253E-2}]
["CPRG",{"$f":"Inputs!D20","v":-6.6215383594908552E-3},{"$f":"Inputs!E20","v":-6.892505495419133E-3},{"$f":"Inputs!F20","v":-7.156717435149367E-3},{"$f":"Inputs!G20","v":-7.413905448003532E-3},{"$f":"Inputs!H20","v":-7.6636667888753465E-3}]
["WACC",{"$f":"Inputs!B31","v":6.0699999999999997E-2}]
["MAR from Draft Reset financial model",null,{"$f":"Inputs!F44","v":28249.9679349664},{"$f":"Inputs!F45","v":32036.118072450918},{"$f":"Inputs!F46","v":35765.055397940559},{"$f":"Inputs!F47","v":39830.532181585157},{"$f":"C39","v":28249.9679349664},{"$f":"C39+NPV(B38,D39:F39)","v":123617.86483603567}]
["Rolled over price path",{"$f":"B35","v":24646.151307304975},{"$f":"B40*(1+C36)*(1+C37)","v":25681.792135408836},{"$f":"C40*(1+D36)*(1+D37)","v":26476.133838005855},{"$f":"D40*(1+E36)*(1+E37)","v":26870.818722851582},{"$f":"E40*(1+F36)*(1+F37)","v":27204.792702048551},{"$f":"C40","v":25681.792135408836},{"$f":"C40+NPV(B38,D40:F40)","v":97322.647594463153}]
["Effect of moving from Draft Reset to rollover",null,null,null,null,null,{"$f":"(G39/G40)-1","v":9.9999867066001391E-2},{"$f":"(H39/H40)-1","v":0.27018600389030611}]
[]
["First Gas Transmission"]
["Year ending",{"$f":"B34","v":2022},{"$f":"C34","v":2023},2024,2025,2026,"Starting Price ","NPV value"]
["MAR Y/C 2021",{"$f":"Inputs!C10","v":131623.38640956243}]
["CPI",null,{"$f":"Inputs!E28","v":2.7462102878651029E-2},{"$f":"Inputs!F28","v":2.0747562360831084E-2},{"$f":"Inputs!G28","v":2.0000000000000018E-2},{"$f":"Inputs!H28","v":2.0000000000000018E-2}]
["CPRG  (0% used)",null,0,0,0,0]
["WACC",{"$f":"Inputs!B31","v":6.0699999999999997E-2}]
["Price path from Draft Reset financial model",null,{"$f":"Inputs!G44","v":148761.85123351694},{"$f":"Inputs!G45","v":167033.12672078676},{"$f":"Inputs!G46","v":187411.16818072274},{"$f":"Inputs!G47","v":210275.33069877097},{"$f":"C49","v":148761.85123351694},{"$f":"C49+NPV(B48,D49:F49)","v":649013.38756822725}]
["Rolled over price path",{"$f":"B45","v":131623.38640956243},{"$f":"B50*(1+C46)*(1+C47)","v":135238.04138837827},{"$f":"C50*(1+D46)*(1+D47)","v":138043.9010856403},{"$f":"D50*(1+E46)*(1+E47)","v":140804.77910735313},{"$f":"E50*(1+F46)*(1+F47)","v":143620.8746895002},{"$f":"C50","v":135238.04138837827},{"$f":"C50+NPV(B48,D50:F50)","v":510880.86960560549}]
["Effect of moving from Draft Reset to rollover",null,null,null,null,null,{"$f":"(G49/G50)-1","v":0.10000004219449488},{"$f":"(H49/H50)-1","v":0.27038107351574658}]
[]
["Rolled over and Final Reset Prices"]
[]
["GasNet"]
["Year ending",2022,{"$f":"B56+1","v":2023},{"$f":"C56+1","v":2024},{"$f":"D56+1","v":2025},{"$f":"E56+1","v":2026},"Starting Price ","NPV value"]
["MAR Y/C 2021",{"$f":"Inputs!C6","v":4383.9982678933238}]
["CPI",null,{"$f":"Inputs!E161","v":5.2149479659413522E-2},{"$f":"Inputs!F161","v":4.6285303231120345E-2},{"$f":"Inputs!G161","v":2.4743735220526197E-2},{"$f":"Inputs!H161","v":2.1492154019882248E-2}]
["CPRG ",{"$f":"Inputs!D149","v":-1.0033357313083537E-3},{"$f":"Inputs!E149","v":-2.928582359688946E-3},{"$f":"Inputs!F149","v":-3.2063940725337173E-3},{"$f":"Inputs!G149","v":-3.464122892165058E-3},{"$f":"Inputs!H149","v":-3.7029118723585089E-3}]
["WACC",{"$f":"Inputs!B156","v":6.1400000000000003E-2}]
["MAR from Final Reset financial model",null,{"$f":"Inputs!C176","v":4852.0640239079712},{"$f":"Inputs!C177","v":5338.6856654145513},{"$f":"Inputs!C178","v":5751.684046533087},{"$f":"Inputs!C179","v":6175.4893497488511},{"$f":"C61","v":4852.0640239079712},{"$f":"G61+NPV(B60,D61:F61)","v":20151.969482939759}]
["MAR from Draft financial model",null,{"$f":"C9","v":4838.7890143305831},5284.1277471938447,5681.0290577007199,6093.140701897255,{"$f":"C62","v":4838.7890143305831},{"$f":"G62+NPV(B60,D62:F62)","v":19955.707438807302}]
["Rolled over price path",{"$f":"B57","v":4383.9982678933238},{"$f":"B63*(1+C58)*(1+C59)","v":4599.1130544454763},{"$f":"C63*(1+D58)*(1+D59)","v":4796.5552785177779},4898.21297699151,4984.958656540809,{"$f":"C63","v":4599.1130544454763},{"$f":"G63+NPV(B60,D63:F63)","v":17635.023309038643}]
["Effect of moving from Draft Reset to Final Reset",null,null,null,null,null,{"$f":"G61/G62-1","v":2.7434569967965672E-3},{"$f":"H61/H62-1","v":9.8348828140661926E-3}]
[]
["PowerCo"]
["Year ending",2022,{"$f":"B67+1","v":2023},{"$f":"C67+1","v":2024},{"$f":"D67+1","v":2025},{"$f":"E67+1","v":2026},"Starting Price ","NPV value"]
["MAR Y/C 2021",{"$f":"Inputs!C7","v":51435.568618416459}]
["CPI",null,{"$f":"C58","v":5.2149479659413522E-2},{"$f":"D58","v":4.6285303231120345E-2},{"$f":"E58","v":2.4743735220526197E-2},{"$f":"F58","v":2.1492154019882248E-2}]
["CPRG ",{"$f":"Inputs!D150","v":1.3650749273110253E-2},{"$f":"Inputs!E150","v":1.4238869128961456E-2},{"$f":"Inputs!F150","v":1.3474823449693064E-2},{"$f":"Inputs!G150","v":1.2735838124180559E-2},{"$f":"Inputs!H150","v":1.2023104585747879E-2}]
["WACC",{"$f":"B60","v":6.1400000000000003E-2}]
["MAR from Final Reset financial model",null,{"$f":"Inputs!D176","v":57632.911093390459},{"$f":"Inputs!D177","v":64168.656318669084},{"$f":"Inputs!D178","v":69923.586379332599},{"$f":"Inputs!D179","v":75899.419977248355},{"$f":"C72","v":57632.911093390459},{"$f":"G72+NPV(B71,D72:F72)","v":243631.9936803311}]
["MAR from Draft financial model",null,{"$f":"C19","v":58875.074667292029},{"$f":"D19","v":66647.731492930165},74245.167016280961,82474.69008807838,{"$f":"C73","v":58875.074667292029},{"$f":"G73+NPV(B71,D73:F73)","v":256544.78096737046}]
["Rolled over price path",{"$f":"B68","v":51435.568618416459},{"$f":"B74*(1+C69)*(1+C70)","v":54888.484549711342},{"$f":"C74*(1+D69)*(1+D70)","v":58202.860534977081},60402.62051112613,62442.638141060132,{"$f":"C74","v":54888.484549711342},{"$f":"G74+NPV(B71,D74:F74)","v":215561.67104240225}]
["Effect of moving from Draft Reset to Final Reset",null,null,null,null,null,{"$f":"G72/G73-1","v":-2.1098292968988019E-2},{"$f":"H72/H73-1","v":-5.0333463180768145E-2}]
[]
["Vector"]
["Year ending",2022,{"$f":"B78+1","v":2023},{"$f":"C78+1","v":2024},{"$f":"D78+1","v":2025},{"$f":"E78+1","v":2026},"Starting Price ","NPV value"]
["MAR Y/C 2021",{"$f":"Inputs!C8","v":50702.277198411044}]
["CPI",null,{"$f":"C69","v":5.2149479659413522E-2},{"$f":"D69","v":4.6285303231120345E-2},{"$f":"E69","v":2.4743735220526197E-2},{"$f":"F69","v":2.1492154019882248E-2}]
["CPRG ",{"$f":"Inputs!D151","v":1.4021796044457951E-2},{"$f":"Inputs!E151","v":1.5486737211301289E-2},{"$f":"Inputs!F151","v":1.0322534348871322E-2},{"$f":"Inputs!G151","v":1.0211894743768438E-2},{"$f":"Inputs!H151","v":1.0101002404889125E-2}]
["WACC",{"$f":"B71","v":6.1400000000000003E-2}]
["MAR from Final Reset financial model",null,{"$f":"Inputs!E176","v":58316.783576111382},{"$f":"Inputs!E177","v":61645.833277031728},{"$f":"Inputs!E178","v":63816.278908925728},{"$f":"Inputs!E179","v":65846.290613672361},{"$f":"C83","v":58316.783576111382},{"$f":"G83+NPV(B82,D83:F83)","v":228110.38654496643}]
["MAR from Draft financial model",null,{"$f":"C29","v":56856.017451413769},{"$f":"D29","v":62771.439747555822},68230.698461355787,73989.155492156977,{"$f":"C84","v":56856.017451413769},{"$f":"G84+NPV(B82,D84:F84)","v":238438.46101071141}]
["Rolled over price path",{"$f":"B79","v":50702.277198411044},{"$f":"B85*(1+C80)*(1+C81)","v":54172.535856025497},{"$f":"C85*(1+D80)*(1+D81)","v":57265.008609674973},59281.212806943084,61166.962931004913,{"$f":"C85","v":54172.535856025497},{"$f":"G85+NPV(B82,D85:F85)","v":211899.85689301669}]
["Effect of moving from Draft Reset to Final Reset",null,null,null,null,null,{"$f":"G83/G84-1","v":2.5692375058557593E-2},{"$f":"H83/H84-1","v":-4.3315471933368266E-2}]
[]
["First Gas Distribution"]
["Year ending",2022,{"$f":"B89+1","v":2023},{"$f":"C89+1","v":2024},{"$f":"D89+1","v":2025},{"$f":"E89+1","v":2026},"Starting Price ","NPV value"]
["MAR Y/C 2021",{"$f":"Inputs!C9","v":24646.151307304975}]
["CPI",null,{"$f":"C80","v":5.2149479659413522E-2},{"$f":"D80","v":4.6285303231120345E-2},{"$f":"E80","v":2.4743735220526197E-2},{"$f":"F80","v":2.1492154019882248E-2}]
["CPRG ",{"$f":"Inputs!D152","v":2.5957454831881638E-2},{"$f":"Inputs!E152","v":1.4469369291354192E-3},{"$f":"Inputs!F152","v":1.2835748061561796E-3},{"$f":"Inputs!G152","v":1.1230605141631651E-3},{"$f":"Inputs!H152","v":9.6563196286349098E-4}]
["WACC",{"$f":"B82","v":6.1400000000000003E-2}]
["MAR from Final Reset financial model",null,{"$f":"Inputs!F176","v":28565.852081866513},{"$f":"Inputs!F177","v":32919.034204534095},{"$f":"Inputs!F178","v":37148.604807211515},{"$f":"Inputs!F179","v":41782.01630625355},{"$f":"C94","v":28565.852081866513},{"$f":"G94+NPV(B93,D94:F94)","v":127497.89950766574}]
["MAR from Draft financial model",null,{"$f":"C39","v":28249.9679349664},{"$f":"D39","v":32036.118072450918},35765.055397940559,39830.532181585157,{"$f":"C95","v":28249.9679349664},{"$f":"G95+NPV(B93,D95:F95)","v":123490.03779487769}]
["Rolled over price path",{"$f":"B90","v":24646.151307304975},{"$f":"B96*(1+C91)*(1+C92)","v":25968.956424910943},{"$f":"C96*(1+D91)*(1+D92)","v":27205.813378401122},27910.296610368976,28537.679315003752,{"$f":"C96","v":25968.956424910943},{"$f":"G96+NPV(B93,D96:F96)","v":100241.64074326663}]
["Effect of moving from Draft Reset to Final Reset",null,null,null,null,null,{"$f":"G94/G95-1","v":1.1181752405075462E-2},{"$f":"H94/H95-1","v":3.2454939559135143E-2}]
[]
["First Gas Transmission"]
["Year ending",2022,{"$f":"B100+1","v":2023},{"$f":"C100+1","v":2024},{"$f":"D100+1","v":2025},{"$f":"E100+1","v":2026},"Starting Price ","NPV value"]
["MAR Y/C 2021",{"$f":"Inputs!C10","v":131623.38640956243}]
["CPI",null,{"$f":"C46","v":2.7462102878651029E-2},{"$f":"D46","v":2.0747562360831084E-2},2.0000000000000018E-2,2.0000000000000018E-2]
["CPRG (0% used)",0,0,0,0,0]
["WACC",{"$f":"B93","v":6.1400000000000003E-2}]
["MAR from Final Reset financial model",null,{"$f":"TRANSPOSE(Inputs!G176:G179)","v":147227.28121438954},163454.71988581572,180939.31938394424,200245.54476221118,{"$f":"C105","v":147227.28121438954},{"$f":"G105+NPV(B104,D105:F105)","v":629302.86798512156}]
["MAR from Draft financial model",null,{"$f":"C49","v":148761.85123351694},{"$f":"D49","v":167033.12672078676},187411.16818072274,210275.33069877097,{"$f":"C106","v":148761.85123351694},{"$f":"G106+NPV(B104,D106:F106)","v":648341.50089992024}]
["Rolled over price path",{"$f":"B101","v":131623.38640956243},{"$f":"B107*(1+C102)*(1+C103)","v":135238.04138837827},{"$f":"C107*(1+D102)*(1+D103)","v":138043.9010856403},140804.77910735313,143620.8746895002,{"$f":"C107","v":135238.04138837827},{"$f":"G107+NPV(B104,D107:F107)","v":510392.06385191926}]
["Effect of moving from Draft Reset to Final Reset",null,null,null,null,null,{"$f":"G105/G106-1","v":-1.0315615236049513E-2},{"$f":"H105/H106-1","v":-2.9365130704069431E-2}]

{"sheet":"Impact of 2022 Reset","index":5,"n_rows":179,"n_cols":7,"rows_kept":179,"cut":false,"hidden":false,"merged":[[96,1,96,3],[25,1,25,3]]}
["Impact of 2022 Reset"]
[]
["Draft Reset compared to Roll Over"]
["These tables are used to generate the Roll Over to Draft section in the Waterfall Chart"]
[]
[null,"Starting Price (MAR  y/c 2022)"]
[null,"Roll over","Draft Reset","Change"]
["GasNet",{"$f":"'Rolled over and Reset Prices'!C10","v":4603.3487567682841},{"$f":"'Rolled over and Reset Prices'!C9","v":4838.7890143305831},{"$f":"C8/B8-1","v":5.1145431294149057E-2}]
["Powerco",{"$f":"'Rolled over and Reset Prices'!C20","v":54774.81938771117},{"$f":"'Rolled over and Reset Prices'!C19","v":58875.074667292029},{"$f":"C9/B9-1","v":7.4856573246880664E-2}]
["Vector",{"$f":"'Rolled over and Reset Prices'!C30","v":54035.228279184143},{"$f":"'Rolled over and Reset Prices'!C29","v":56856.017451413769},5.2202780705495222E-2]
["First Gas Distribution",{"$f":"'Rolled over and Reset Prices'!C40","v":25681.792135408836},{"$f":"'Rolled over and Reset Prices'!C39","v":28249.9679349664},9.9999867066001391E-2]
["First Gas Transmission (MAR)",{"$f":"'Rolled over and Reset Prices'!C50","v":135238.04138837827},{"$f":"'Rolled over and Reset Prices'!C49","v":148761.85123351694},0.10000004219449488]
["Industry Total",{"$f":"SUM(B8:B12)","v":274333.22994745069},{"$f":"SUM(C8:C12)","v":297581.70030151971},8.4745367371361846E-2]
[]
[null,"NPV MAR"]
[null,"Roll over","Draft Reset","Change"]
["GasNet",{"$f":"'Rolled over and Reset Prices'!H10","v":17641.999447438517},{"$f":"'Rolled over and Reset Prices'!H9","v":19975.74623787899},{"$f":"C17/B17-1","v":0.13228357689237513}]
["Powerco",{"$f":"'Rolled over and Reset Prices'!H20","v":214080.17445548761},{"$f":"'Rolled over and Reset Prices'!H19","v":256809.88007651496},0.19959674327485133]
["Vector",{"$f":"'Rolled over and Reset Prices'!H30","v":210128.72354364261},{"$f":"'Rolled over and Reset Prices'!H29","v":238680.0421067375},0.13587537239840963]
["First Gas Distribution",{"$f":"'Rolled over and Reset Prices'!H40","v":97322.647594463153},{"$f":"'Rolled over and Reset Prices'!H39","v":123617.86483603567},0.27018600389030611]
["First Gas Transmission (MAR)",{"$f":"'Rolled over and Reset Prices'!H50","v":510880.86960560549},{"$f":"'Rolled over and Reset Prices'!H49","v":649013.38756822725},0.27038107351574658]
["Industry Total",{"$f":"SUM(B17:B21)","v":1050054.4146466374},{"$f":"SUM(C17:C21)","v":1288096.9208253943},0.22669540059870386]
[]
["Draft Reset compared to Roll Over: WACC, Cost of Debt, and Leverage Change"]
[]
[null,"Starting Price (MAR)"]
[null,"Rolled over Starting Price","Draft decision","WACC at 6.41%, cost of debt at 4.76%, leverage at 42%","Impact of reset"]
["GasNet",{"$f":"'Rolled over and Reset Prices'!G10","v":4603.3487567682841},{"$f":"'Rolled over and Reset Prices'!G9","v":4838.7890143305831},{"$f":"Inputs!C67","v":4912.6462978424097},{"$f":"C28-D28","v":-73.857283511826608}]
["Powerco",{"$f":"'Rolled over and Reset Prices'!G20","v":54774.81938771117},{"$f":"'Rolled over and Reset Prices'!G19","v":58875.074667292029},{"$f":"Inputs!D67","v":60000.274604248167},{"$f":"C29-D29","v":-1125.1999369561381}]
["Vector",{"$f":"'Rolled over and Reset Prices'!G30","v":54035.228279184143},{"$f":"'Rolled over and Reset Prices'!G29","v":56856.017451413769},{"$f":"Inputs!E67","v":58073.033920343325},-1217.0164689295561]
["First Gas Distribution",{"$f":"'Rolled over and Reset Prices'!G40","v":25681.792135408836},{"$f":"'Rolled over and Reset Prices'!G39","v":28249.9679349664},{"$f":"Inputs!F67","v":28858.146982837341},-608.17904787094085]
["First Gas Transmission (MAR)",{"$f":"'Rolled over and Reset Prices'!G50","v":135238.04138837827},{"$f":"'Rolled over and Reset Prices'!G49","v":148761.85123351694},{"$f":"Inputs!G67","v":151532.55799306062},-2770.706759543682]
["Industry Total",{"$f":"SUM(B28:B32)","v":274333.22994745069},{"$f":"SUM(C28:C32)","v":297581.70030151971},{"$f":"SUM(D28:D32)","v":303376.65979833191},{"$f":"C33-D33","v":-5794.9594968121964}]
[]
["Draft Reset compared to Roll Over: Opex allowances"]
[]
[null,"2017 DPP Operating Expenditure Allowance for 2022","2022 Draft DPP Reset Operating Expenditure Allowance for 2023","Impact of reset"]
["GasNet",{"$f":"Inputs!C138","v":1782.7488157728112},{"$f":"Inputs!C128","v":2030.5132202287741},{"$f":"C38-B38","v":247.7644044559629}]
["Powerco",{"$f":"Inputs!D138","v":18435.529522140616},{"$f":"Inputs!D128","v":18350},{"$f":"C39-B39","v":-85.529522140615882}]
["Vector",{"$f":"Inputs!E138","v":13208.879315355689},{"$f":"Inputs!E128","v":14227.75},1018.870684644311]
["First Gas Distribution",{"$f":"Inputs!F138","v":7883.4212180659633},{"$f":"Inputs!F128","v":9460.1725888914079},1576.7513708254446]
["First Gas Transmission",{"$f":"Inputs!G138","v":47131.840757586673},{"$f":"Inputs!G128","v":49274},2142.1592424133269]
["Industry Total",{"$f":"SUM(B38:B42)","v":88442.419628921751},{"$f":"SUM(C38:C42)","v":93342.435809120187},4900.0161801984359]
[]
["Draft Reset compared to Roll Over: Capex allowances"]
[]
[null,"2017 DPP Capital Expenditure Allowance for 2022","2022 Draft DPP Reset Capital Expenditure Allowance for 2023","Impact of reset"]
["GasNet",{"$f":"Inputs!C143","v":892.53847011617734},{"$f":"Inputs!C133","v":888.7230000756623},{"$f":"C48-B48","v":-3.8154700405150379}]
["PowerCo",{"$f":"Inputs!D143","v":14350.824140411733},{"$f":"Inputs!D133","v":16872.168644724872},{"$f":"C49-B49","v":2521.3445043131396}]
["Vector",{"$f":"Inputs!E143","v":18641.429147173025},{"$f":"Inputs!E133","v":5662.1470831338374},-12979.282064039187]
["First Gas Distribution",{"$f":"Inputs!F143","v":11805.55703414894},{"$f":"Inputs!F133","v":12890.534948768938},1084.977914619998]
["First Gas Transmission",{"$f":"Inputs!G143","v":24115.050819146403},{"$f":"Inputs!G133","v":52148.56990773599},28033.519088589586]
["Industry Total",{"$f":"SUM(B48:B52)","v":69805.399610996275},{"$f":"SUM(C48:C52)","v":88462.143584439298},18656.743973443023]
[]
["Draft Reset: Accelerated depreciation"]
[null,"2022 Draft DPP Reset with no allowance made for accelerated depreciation (Starting price, MAR)","2022 Draft DPP Reset with accelerated depreciation, no smoothing (Starting price, MAR)","Impact of accelerated depreciation"]
["GasNet",{"$f":"Inputs!C90","v":4543.7255817400255},{"$f":"Inputs!C113","v":5212.2961959966597},{"$f":"C57-B57","v":668.57061425663414}]
["PowerCo",{"$f":"Inputs!D90","v":61697.055952379567},{"$f":"Inputs!D113","v":65707.694950966543},{"$f":"C58-B58","v":4010.6389985869755}]
["Vector",{"$f":"Inputs!E90","v":50136.88636881343},{"$f":"Inputs!E113","v":61377.285044251381},11240.398675437951]
["First Gas Distribution",{"$f":"Inputs!F90","v":30685.095749029944},{"$f":"Inputs!F113","v":32620.65292521644},1935.5571761864958]
["First Gas Transmission",{"$f":"Inputs!G90","v":149092.78838009486},{"$f":"Inputs!G113","v":171803.8481991349},22711.059819040034]
["Industry Total",{"$f":"SUM(B57:B61)","v":296155.55203205784},{"$f":"SUM(C57:C61)","v":336721.77731556597},40566.225283508131]
[]
["Draft Reset: Smoothing"]
[null,"2022 Draft DPP Reset with accelerated depreciation, no smoothing","2022 Draft DPP Reset, with accelerated depreciation and smoothing","Impact of smoothing"]
["GasNet",{"$f":"C57","v":5212.2961959966597},{"$f":"Inputs!C44","v":4838.7890143305831},{"$f":"C66-B66","v":-373.50718166607658}]
["PowerCo",{"$f":"C58","v":65707.694950966543},{"$f":"Inputs!D44","v":58875.074667292029},{"$f":"C67-B67","v":-6832.6202836745142}]
["Vector",61377.285044251381,{"$f":"Inputs!E44","v":56856.017451413769},-4521.267592837612]
["First Gas Distribution",32620.65292521644,{"$f":"Inputs!F44","v":28249.9679349664},-4370.6849902500398]
["First Gas Transmission",171803.8481991349,{"$f":"Inputs!G44","v":148761.85123351694},-23041.99696561796]
["Industry Total",336721.77731556597,{"$f":"SUM(C66:C70)","v":297581.70030151971},-39140.077014046255]
[]
[]
["iii) Final Reset compared to Draft Reset"]
["These tables are used to generate the Draft to Final section in the Waterfall Chart"]
[]
[null,"Starting Price (MAR 2023)"]
[null,"Final Reset","Draft Reset","Change","Roll over","Change"]
["GasNet",{"$f":"'Rolled over and Reset Prices'!C61","v":4852.0640239079712},{"$f":"C8","v":4838.7890143305831},{"$f":"B79/C79-1","v":2.7434569967965672E-3},4603.3487567682841,{"$f":"B79/E79-1","v":5.4029203582283802E-2}]
["Powerco",{"$f":"'Rolled over and Reset Prices'!C72","v":57632.911093390459},{"$f":"C9","v":58875.074667292029},-2.1098292968988019E-2,54774.81938771117,{"$f":"B80/E80-1","v":5.2178934364875529E-2}]
["Vector",{"$f":"'Rolled over and Reset Prices'!C83","v":58316.783576111382},{"$f":"C10","v":56856.017451413769},2.5692375058557593E-2,54035.228279184143,7.9236369185037958E-2]
["First Gas Distribution",{"$f":"'Rolled over and Reset Prices'!C94","v":28565.852081866513},{"$f":"C11","v":28249.9679349664},1.1181752405075462E-2,25681.792135408836,0.11229979322514927]
["First Gas Transmission (MAR)",{"$f":"'Rolled over and Reset Prices'!C105","v":147227.28121438954},{"$f":"C12","v":148761.85123351694},-1.0315615236049513E-2,135238.04138837827,8.865286499957814E-2]
["Industry Total",{"$f":"SUM(B79:B83)","v":296594.89198966586},{"$f":"SUM(C79:C83)","v":297581.70030151971},-3.3160920542291139E-3,274333.22994745069,8.114825187775998E-2]
[]
[null,"NPV MAR"]
[null,"Final Reset","Draft Reset","Change"]
["GasNet",{"$f":"'Rolled over and Reset Prices'!H61","v":20151.969482939759},{"$f":"C17","v":19975.74623787899},{"$f":"B88/C88-1","v":8.8218604182408455E-3}]
["Powerco",{"$f":"'Rolled over and Reset Prices'!H72","v":243631.9936803311},{"$f":"C18","v":256809.88007651496},-5.1313782757336224E-2]
["Vector",{"$f":"'Rolled over and Reset Prices'!H83","v":228110.38654496643},{"$f":"C19","v":238680.0421067375},-4.4283784553064254E-2]
["First Gas Distribution",{"$f":"'Rolled over and Reset Prices'!H94","v":127497.89950766574},{"$f":"C20","v":123617.86483603567},3.1387329628904892E-2]
["First Gas Transmission (MAR)",{"$f":"'Rolled over and Reset Prices'!H105","v":629302.86798512156},{"$f":"C21","v":649013.38756822725},-3.036997381049189E-2]
["Industry Total",{"$f":"SUM(B88:B92)","v":1248695.1172010247},{"$f":"SUM(C88:C92)","v":1288096.9208253943},-3.0589160634839185E-2]
[]
["Final Reset compared to Draft Reset: WACC, Cost of Debt"]
[]
[null,"Starting Price (MAR)"]
[null,"Final Reset","Draft Reset","WACC at 6.14%, cost of debt at 4.04%","Impact of Final Decision","Impact of WACC, cost of debt","Impact of WACC, cost of debt"]
["GasNet",{"$f":"B79","v":4852.0640239079712},{"$f":"C28","v":4838.7890143305831},{"$f":"Inputs!C199","v":4858.2459526152415},{"$f":"C99/B99-1","v":-2.7359510327928938E-3},{"$f":"D99-C99","v":19.456938284658463},{"$f":"D99/B99-1","v":1.2740822620660452E-3}]
["Powerco",{"$f":"B80","v":57632.911093390459},{"$f":"C29","v":58875.074667292029},{"$f":"Inputs!D199","v":59171.02307260278},2.155302500490941E-2,{"$f":"D100-C100","v":295.9484053107517},2.668808411776924E-2]
["Vector",{"$f":"B81","v":58316.783576111382},{"$f":"C30","v":56856.017451413769},{"$f":"Inputs!E199","v":57177.876879480289},-2.5048811596255383E-2,321.85942806652019,-1.9529655560387105E-2]
["First Gas Distribution",{"$f":"B82","v":28565.852081866513},{"$f":"C31","v":28249.9679349664},{"$f":"Inputs!F199","v":28409.60723905743},-1.1058103430446442E-2,159.63930409102977,-5.469637046404352E-3]
["First Gas Transmission (MAR)",{"$f":"B83","v":147227.28121438954},{"$f":"C32","v":148761.85123351694},{"$f":"Inputs!G199","v":149490.33996551714},1.0423136299669844E-2,728.48873200020171,1.5371191619250046E-2]
["Industry Total",{"$f":"SUM(B99:B103)","v":296594.89198966586},{"$f":"SUM(C99:C103)","v":297581.70030151971},{"$f":"SUM(D99:D103)","v":299107.09310927289},3.3271251073609953E-3,1525.3928077531746,8.4701429035216602E-3]
[]
["Final Reset compared to Draft Reset: Opex Allowances"]
[]
[null,"Starting Price (MAR)"]
[null,"Final Reset","Draft Reset","Final Opex allowances","Impact of Final Decision","Impact of Final Opex allowances","Impact of Final Opex allowances"]
["GasNet",{"$f":"B79","v":4852.0640239079712},{"$f":"C28","v":4838.7890143305831},{"$f":"Inputs!C222","v":5167.5970371460135},{"$f":"C110/B110-1","v":-2.7359510327928938E-3},{"$f":"D110-C110","v":328.80802281543038},{"$f":"D110/B110-1","v":6.5030678013169307E-2}]
["Powerco",{"$f":"B80","v":57632.911093390459},{"$f":"C29","v":58875.074667292029},{"$f":"Inputs!D222","v":58893.023149882196},2.155302500490941E-2,{"$f":"D111-C111","v":17.948482590167259},2.1864452664030809E-2]
["Vector",{"$f":"B81","v":58316.783576111382},{"$f":"C30","v":56856.017451413769},{"$f":"Inputs!E222","v":56815.034208438497},-2.5048811596255383E-2,-40.983242975271423,-2.5751580858585865E-2]
["First Gas Distribution",28565.852081866513,{"$f":"C31","v":28249.9679349664},{"$f":"Inputs!F222","v":28472.083904689833},-1.1058103430446442E-2,222.1159697234325,-3.2825268753737813E-3]
["First Gas Transmission",147227.28121438954,{"$f":"C32","v":148761.85123351694},{"$f":"Inputs!G222","v":148694.06595789985},1.0423136299669844E-2,-67.78527561709052,9.9627238335970869E-3]
["Industry Total",{"$f":"SUM(B110:B114)","v":296594.89198966586},{"$f":"SUM(C110:C114)","v":297581.70030151971},{"$f":"SUM(D110:D114)","v":298041.80425805639},3.3271251073609953E-3,460.10395653668093,4.8784126344325607E-3]
[]
["Final Reset compared to Draft Reset: Capex Allowances"]
[]
[null,"Starting Price (MAR)"]
[null,"Final Reset","Draft Reset","Final Capex allowances","Impact of Final Decision","Impact of Final Capex allowances","Impact of Final Capex allowances"]
["GasNet",{"$f":"B79","v":4852.0640239079712},{"$f":"C28","v":4838.7890143305831},{"$f":"Inputs!C245","v":4854.2239079617457},{"$f":"C121/B121-1","v":-2.7359510327928938E-3},{"$f":"D121-C121","v":15.434893631162595},{"$f":"D121/B121-1","v":4.4514747602919513E-4}]
["Powerco",{"$f":"B80","v":57632.911093390459},{"$f":"C29","v":58875.074667292029},{"$f":"Inputs!D245","v":58763.038283702641},{"$f":"C122/B122-1","v":2.155302500490941E-2},{"$f":"D122-C122","v":-112.0363835893877},1.9609059630544712E-2]
["Vector",58316.783576111382,{"$f":"C30","v":56856.017451413769},{"$f":"Inputs!E245","v":56927.942924274321},-2.5048811596255383E-2,71.925472860551963,-2.3815453573917233E-2]
["First Gas Distribution",28565.852081866513,{"$f":"C31","v":28249.9679349664},{"$f":"Inputs!F245","v":27802.321025634556},-1.1058103430446442E-2,-447.64690933184465,-2.6728803819461189E-2]
["First Gas Transmission",147227.28121438954,{"$f":"C32","v":148761.85123351694},{"$f":"Inputs!G245","v":146646.55483511364},1.0423136299669844E-2,-2115.2963984032976,-3.944420996474518E-3]
["Industry Total",{"$f":"SUM(B121:B125)","v":296594.89198966586},{"$f":"SUM(C121:C125)","v":297581.70030151971},{"$f":"SUM(D121:D125)","v":294994.08097668691},3.3271251073609953E-3,-2587.6193248328054,-5.397297985275884E-3]
[]
["Final Reset compared to Draft Reset: CPI Forecast"]
[]
[null,"Starting Price (MAR)"]
[null,"Final Reset","Draft Reset","Final CPI forecast","Impact of Final Decision","Impact of Final CPI","Impact of Final CPI"]
["GasNet",{"$f":"B79","v":4852.0640239079712},{"$f":"C28","v":4838.7890143305831},{"$f":"TRANSPOSE(Inputs!C268:'Inputs'!G268)","v":4819.0867664861626},{"$f":"C132/B132-1","v":-2.7359510327928938E-3},{"$f":"D132-C132","v":-19.702247844420526},{"$f":"D132/B132-1","v":-6.7965421023541417E-3}]
["Powerco",{"$f":"B80","v":57632.911093390459},{"$f":"C29","v":58875.074667292029},58523.707799283511,2.155302500490941E-2,{"$f":"D133-C133","v":-351.36686800851749},1.545638922263648E-2]
["Vector",58316.783576111382,{"$f":"C30","v":56856.017451413769},56676.835778023691,-2.5048811596255383E-2,-179.18167339007778,-2.8121369141481112E-2]
["First Gas Distribution",28565.852081866513,{"$f":"C31","v":28249.9679349664},28025.691558546074,-1.1058103430446442E-2,-224.27637642032641,-1.8909308980960882E-2]
["First Gas Transmission",147227.28121438954,{"$f":"C32","v":148761.85123351694},148599.29933772594,1.0423136299669844E-2,-162.55189579099533,9.3190481547946735E-3]
["Industry Total",{"$f":"SUM(B132:B136)","v":296594.89198966586},{"$f":"SUM(C132:C136)","v":297581.70030151971},{"$f":"SUM(D132:D136)","v":296644.62124006537},3.3271251073609953E-3,-937.07906145433662,1.6766725167083329E-4]
[]
["Final Reset compared to Draft Reset: Accelerated depreciation"]
[]
[null,"Starting Price (MAR)"]
[null,"Final Reset","Draft Reset","Final accelerated depreciation","Impact of Final Decision","Impact of Final accelerated depreciation","Impact of Final accelerated depreciation"]
["GasNet",{"$f":"B132","v":4852.0640239079712},{"$f":"C132","v":4838.7890143305831},{"$f":"TRANSPOSE(Inputs!C314:G314)","v":4533.1248981386298},{"$f":"C143/B143-1","v":-2.7359510327928938E-3},{"$f":"D143-C143","v":-305.66411619195333},{"$f":"D143/B143-1","v":-6.5732670508428348E-2}]
["Powerco",{"$f":"B133","v":57632.911093390459},58875.074667292029,55745.623897563732,2.155302500490941E-2,{"$f":"D144-C144","v":-3129.450769728297},-3.2746692124721921E-2]
["Vector",58316.783576111382,56856.017451413769,53821.012046601616,-2.5048811596255383E-2,{"$f":"D145-C145","v":-3035.0054048121528},-7.7092240926527889E-2]
["First Gas Distribution",28565.852081866513,28249.9679349664,28826.844954458611,-1.1058103430446442E-2,576.87701949221082,9.1365337832081117E-3]
["First Gas Transmission (MAR)",147227.28121438954,148761.85123351694,144913.11215259423,1.0423136299669844E-2,-3848.7390809227072,-1.5718344064409306E-2]
["Industry Total",{"$f":"SUM(B143:B147)","v":296594.89198966586},{"$f":"SUM(C143:C147)","v":297581.70030151971},{"$f":"SUM(D143:D147)","v":287839.71794935683},3.3271251073609953E-3,{"$f":"D148-C148","v":-9741.9823521628859},-2.9518964340809029E-2]
[]
["Final Reset compared to Draft Reset: Smoothing"]
[]
[null,"Starting Price (MAR)"]
[null,"Final Reset","Draft Reset","Final smoothing","Impact of Final Decision","Impact of final smoothing","Impact of final smoothing"]
["GasNet",{"$f":"B143","v":4852.0640239079712},{"$f":"C143","v":4838.7890143305831},{"$f":"TRANSPOSE(Inputs!C337:G337)","v":4811.8712929018466},{"$f":"C154/B154-1","v":-2.7359510327928938E-3},{"$f":"D154-C154","v":-26.917721428736513},{"$f":"D154/B154-1","v":-8.2836357492563906E-3}]
["Powerco",{"$f":"B144","v":57632.911093390459},58875.074667292029,61051.35292513181,2.155302500490941E-2,{"$f":"D155-C155","v":2176.2782578397819},5.9314058007619685E-2]
["Vector",58316.783576111382,56856.017451413769,61377.285044251381,-2.5048811596255383E-2,{"$f":"D156-C156","v":4521.267592837612},5.2480628739505653E-2]
["First Gas Distribution",28565.852081866513,28249.9679349664,28249.9679349664,-1.1058103430446442E-2,0,-1.1058103430446442E-2]
["First Gas Transmission (MAR)",147227.28121438954,148761.85123351694,151986.46829031536,1.0423136299669844E-2,3224.6170567984227,3.2325442925184467E-2]
["Industry Total",{"$f":"SUM(B154:B158)","v":296594.89198966586},{"$f":"SUM(C154:C158)","v":297581.70030151971},{"$f":"SUM(D154:D158)","v":307476.94548756682},3.3271251073609953E-3,9895.2451860471047,3.6689955868424384E-2]
[]
["Final Reset compared to Draft Reset: CPRG"]
[null,"Starting Price (MAR)"]
[null,"Final Reset","Draft Reset","Final CPRG","Impact of Final Decision","Impact of final CPRG","Impact of final CPRG"]
["GasNet",{"$f":"B154","v":4852.0640239079712},4838.7890143305831,{"$f":"TRANSPOSE(Inputs!C360:G360)","v":4866.5098190723338},{"$f":"C164/B164-1","v":-2.7359510327928938E-3},{"$f":"D164-C164","v":27.720804741750726},{"$f":"D164/B164-1","v":2.9772474339131438E-3}]
["Powerco",57632.911093390459,58875.074667292029,58952.60677168041,2.155302500490941E-2,{"$f":"D165-C165","v":77.532104388381413},{"$f":"D165/B165-1","v":2.2898299829961166E-2}]
["Vector",58316.783576111382,56856.017451413769,56867.593866600189,-2.5048811596255383E-2,11.57641518642049,-2.4850302445432404E-2]
["First Gas Distribution",28565.852081866513,28249.9679349664,27873.150686263994,-1.1058103430446442E-2,-376.81724870240578,-2.4249281751418272E-2]
["First Gas Transmission (MAR)",147227.28121438954,148761.85123351694,148761.85123351694,1.0423136299669844E-2,0,1.0423136299669844E-2]
["Industry Total",296594.89198966586,297581.70030151971,{"$f":"SUM(_xlfn.ANCHORARRAY(D164))","v":297321.7123771339},3.3271251073609953E-3,-259.98792438581586,2.4505492410615837E-3]
[]
["Final Reset compared to Draft Reset: Initial Conditions"]
[null,"Starting Price (MAR)"]
[null,"Final Reset","Draft Reset","Final initial conditions","Impact of Final Decision","Impact of final initial conditions","Impact of final initial conditions"]
["GasNet",{"$f":"B164","v":4852.0640239079712},{"$f":"C164","v":4838.7890143305831},{"$f":"TRANSPOSE(Inputs!C383:G383)","v":4833.7215158107856},{"$f":"C174/B174-1","v":-2.7359510327928938E-3},{"$f":"D174-C174","v":-5.067498519797482},{"$f":"D174/B174-1","v":-3.780351620837008E-3}]
["Powerco",{"$f":"B165","v":57632.911093390459},58875.074667292029,58669.409383748731,2.155302500490941E-2,{"$f":"D175-C175","v":-205.66528354329785},1.7984486132909261E-2]
["Vector",{"$f":"B166","v":58316.783576111382},56856.017451413769,56864.549268834555,-2.5048811596255383E-2,8.5318174207859556,-2.4902510361900609E-2]
["First Gas Distribution",{"$f":"B167","v":28565.852081866513},28249.9679349664,28159.920053416903,-1.1058103430446442E-2,-90.047881549497106,-1.42103945398252E-2]
["First Gas Transmission (MAR)",{"$f":"B168","v":147227.28121438954},148761.85123351694,148443.28655825881,1.0423136299669844E-2,-318.56467525812332,8.2593751228656753E-3]
["Industry Total",{"$f":"B169","v":296594.89198966586},297581.70030151971,{"$f":"SUM(_xlfn.ANCHORARRAY(D174))","v":296970.88678006979},3.3271251073609953E-3,-610.81352144991979,1.2677048747591346E-3]

{"sheet":"Waterfall Chart for Final","index":6,"n_rows":120,"n_cols":5,"rows_kept":120,"cut":false,"hidden":false,"merged":[]}
["Figures for Waterfall Chart"]
[]
[]
["Industry Total","Cumulative","Incremental",null,"Notes"]
[]
["Rolled over starting price",{"$f":"'Impact of 2022 Reset'!B13","v":274333.22994745069}]
["WACC",{"$f":"B6-C7","v":280128.18944426288},{"$f":"'Impact of 2022 Reset'!E33","v":-5794.9594968121964}]
["Opex",{"$f":"B7-C8","v":275228.17326406448},{"$f":"'Impact of 2022 Reset'!D43","v":4900.0161801984359}]
["Capex",{"$f":"B8-C9","v":256571.42929062145},{"$f":"'Impact of 2022 Reset'!D53","v":18656.743973443023}]
["Shortened asset lives",{"$f":"B9-C10","v":216005.20400711332},{"$f":"'Impact of 2022 Reset'!D62","v":40566.225283508131}]
["Smoothing",{"$f":"B10-C11","v":255145.28102115958},{"$f":"'Impact of 2022 Reset'!D71","v":-39140.077014046255}]
["Other",null,{"$f":"-(B6-B13)-C7-C8-C9-C10-C11","v":4060.5214277778869},null,"calculated as the residual (representing all other changes)"]
["Draft Reset starting price",{"$f":"'Impact of 2022 Reset'!C13","v":297581.70030151971}]
["WACC",{"$f":"B13-C14","v":296056.30749376654},{"$f":"'Impact of 2022 Reset'!F104","v":1525.3928077531746}]
["Opex",{"$f":"B14-C15","v":295596.20353722986},{"$f":"'Impact of 2022 Reset'!F115","v":460.10395653668093}]
["Capex",298183.82286206266,{"$f":"'Impact of 2022 Reset'!F126","v":-2587.6193248328054}]
["CPI forecast",299120.901923517,{"$f":"'Impact of 2022 Reset'!F137","v":-937.07906145433662}]
["Shortened asset lives with DY2021 data",{"$f":"B17-C18","v":308862.88427567988},{"$f":"'Impact of 2022 Reset'!F148","v":-9741.9823521628859}]
["Smoothing",298967.63908963278,{"$f":"'Impact of 2022 Reset'!F159","v":9895.2451860471047}]
["CPRG",{"$f":"B19-C20","v":299227.6270140186},{"$f":"'Impact of 2022 Reset'!F169","v":-259.98792438581586}]
["Other",null,{"$f":"-(B13-B22)-SUM(C14:C20)","v":659.11840064503485},null,"calculated as the residual (representing all other changes)"]
["Final Reset starting price",{"$f":"'Impact of 2022 Reset'!B84","v":296594.89198966586}]
[]
["GasNet","Cumulative","Incremental",null,"Notes"]
["Rolled over starting price",{"$f":"'Impact of 2022 Reset'!B8","v":4603.3487567682841}]
["WACC",{"$f":"B25-C26","v":4677.2060402801108},{"$f":"'Impact of 2022 Reset'!E28","v":-73.857283511826608}]
["Opex",{"$f":"B26-C27","v":4429.4416358241479},{"$f":"'Impact of 2022 Reset'!D38","v":247.7644044559629}]
["Capex",{"$f":"B27-C28","v":4433.2571058646627},{"$f":"'Impact of 2022 Reset'!D48","v":-3.8154700405150379}]
["Shortened asset lives",{"$f":"B28-C29","v":3764.6864916080285},{"$f":"'Impact of 2022 Reset'!D57","v":668.57061425663414}]
["Smoothing",{"$f":"B29-C30","v":4138.1936732741051},{"$f":"'Impact of 2022 Reset'!D66","v":-373.50718166607658}]
["Other",null,{"$f":"-(B25-B32)-C26-C27-C28-C29-C30","v":-229.71482593187989},null,"calculated as the residual (representing all other changes)"]
["Draft Reset starting price",{"$f":"'Impact of 2022 Reset'!C8","v":4838.7890143305831}]
["WACC",{"$f":"B32-C33","v":4819.3320760459246},{"$f":"'Impact of 2022 Reset'!F99","v":19.456938284658463}]
["Opex",{"$f":"B33-C34","v":4490.5240532304942},{"$f":"'Impact of 2022 Reset'!F110","v":328.80802281543038}]
["Capex",4475.0891595993317,{"$f":"'Impact of 2022 Reset'!F121","v":15.434893631162595}]
["CPI forecast",4494.7914074437522,{"$f":"'Impact of 2022 Reset'!F132","v":-19.702247844420526}]
["Shortened asset lives with DY2021 data",{"$f":"B36-C37","v":4800.4555236357055},{"$f":"'Impact of 2022 Reset'!F143","v":-305.66411619195333}]
["Smoothing",4827.373245064442,{"$f":"'Impact of 2022 Reset'!F154","v":-26.917721428736513}]
["CPRG",{"$f":"B38-C39","v":4799.6524403226913},{"$f":"'Impact of 2022 Reset'!F164","v":27.720804741750726}]
["Other",null,{"$f":"-(B32-B41)-SUM(C33:C39)","v":-25.861564430503677},null,"calculated as the residual (representing all other changes)"]
["Final Reset starting price",{"$f":"'Impact of 2022 Reset'!B79","v":4852.0640239079712}]
[]
["PowerCo","Cumulative","Incremental",null,"Notes"]
[]
["Rolled over starting price",{"$f":"'Impact of 2022 Reset'!B9","v":54774.81938771117}]
["WACC",{"$f":"B45-C46","v":55900.019324667308},{"$f":"'Impact of 2022 Reset'!E29","v":-1125.1999369561381}]
["Opex",{"$f":"B46-C47","v":55985.548846807927},{"$f":"'Impact of 2022 Reset'!D39","v":-85.529522140615882}]
["Capex",{"$f":"B47-C48","v":53464.204342494791},{"$f":"'Impact of 2022 Reset'!D49","v":2521.3445043131396}]
["Shortened asset lives",{"$f":"B48-C49","v":49453.565343907816},{"$f":"'Impact of 2022 Reset'!D58","v":4010.6389985869755}]
["Smoothing",{"$f":"B49-C50","v":56286.18562758233},{"$f":"'Impact of 2022 Reset'!D67","v":-6832.6202836745142}]
["Other",null,{"$f":"-(B45-B52)-C46-C47-C48-C49-C50","v":5611.6215194520119},null,"calculated as the residual (representing all other changes)"]
["Draft Reset starting price",{"$f":"'Impact of 2022 Reset'!C9","v":58875.074667292029}]
["WACC",{"$f":"B52-C53","v":58579.126261981277},{"$f":"'Impact of 2022 Reset'!F100","v":295.9484053107517}]
["Opex",{"$f":"B53-C54","v":58561.17777939111},{"$f":"'Impact of 2022 Reset'!F111","v":17.948482590167259}]
["Capex",58673.214162980497,{"$f":"'Impact of 2022 Reset'!F122","v":-112.0363835893877}]
["CPI forecast",59024.581030989015,{"$f":"'Impact of 2022 Reset'!F133","v":-351.36686800851749}]
["Shortened asset lives with DY2021 data",{"$f":"B56-C57","v":62154.031800717312},{"$f":"'Impact of 2022 Reset'!F144","v":-3129.450769728297}]
["Smoothing",59977.75354287753,{"$f":"'Impact of 2022 Reset'!F155","v":2176.2782578397819}]
["CPRG",null,{"$f":"'Impact of 2022 Reset'!F165","v":77.532104388381413}]
["Other",null,{"$f":"-(B52-B61)-SUM(C53:C59)","v":-217.01680270444922},null,"calculated as the residual (representing all other changes)"]
["Final Reset starting price",{"$f":"'Impact of 2022 Reset'!B80","v":57632.911093390459}]
[]
["Vector","Cumulative","Incremental",null,"Notes"]
[]
["Rolled over starting price",{"$f":"'Impact of 2022 Reset'!B10","v":54035.228279184143}]
["WACC",{"$f":"B65-C66","v":55252.244748113699},{"$f":"'Impact of 2022 Reset'!E30","v":-1217.0164689295561}]
["Opex",{"$f":"B66-C67","v":54233.37406346939},{"$f":"'Impact of 2022 Reset'!D40","v":1018.870684644311}]
["Capex",67212.656127508584,{"$f":"'Impact of 2022 Reset'!D50","v":-12979.282064039187}]
["Shortened asset lives",55972.257452070633,{"$f":"'Impact of 2022 Reset'!D59","v":11240.398675437951}]
["Smoothing",60493.525044908245,{"$f":"'Impact of 2022 Reset'!D68","v":-4521.267592837612}]
["Other",51214.439106954524,{"$f":"-(B65-B72)-C66-C67-C68-C69-C70","v":9279.0859379537196},null,"calculated as the residual (representing all other changes)"]
["Draft Reset starting price",{"$f":"'Impact of 2022 Reset'!C10","v":56856.017451413769}]
["WACC",{"$f":"B72-C73","v":56534.158023347249},{"$f":"'Impact of 2022 Reset'!F101","v":321.85942806652019}]
["Opex",{"$f":"B73-C74","v":56575.14126632252},{"$f":"'Impact of 2022 Reset'!F112","v":-40.983242975271423}]
["Capex",56503.215793461968,{"$f":"'Impact of 2022 Reset'!F123","v":71.925472860551963}]
["CPI forecast",56682.397466852046,{"$f":"'Impact of 2022 Reset'!F134","v":-179.18167339007778}]
["Shortened asset lives with DY2021 data",{"$f":"B76-C77","v":59717.402871664199},{"$f":"'Impact of 2022 Reset'!F145","v":-3035.0054048121528}]
["Smoothing",55196.135278826587,{"$f":"'Impact of 2022 Reset'!F156","v":4521.267592837612}]
["CPRG",55184.558863640166,{"$f":"'Impact of 2022 Reset'!F166","v":11.57641518642049}]
["Other",null,{"$f":"-(B72-B81)-SUM(C73:C79)","v":-210.69246307598951},null,"calculated as the residual (representing all other changes)"]
["Final Reset starting price",{"$f":"'Impact of 2022 Reset'!B81","v":58316.783576111382}]
[]
["First Gas Distribution","Cumulative","Incremental",null,"Notes"]
[]
["Rolled over starting price",{"$f":"'Impact of 2022 Reset'!B11","v":25681.792135408836}]
["WACC",{"$f":"B85-C86","v":26289.971183279777},{"$f":"'Impact of 2022 Reset'!E31","v":-608.17904787094085}]
["Opex",24713.219812454332,{"$f":"'Impact of 2022 Reset'!D41","v":1576.7513708254446}]
["Capex",23628.241897834334,{"$f":"'Impact of 2022 Reset'!D51","v":1084.977914619998}]
["Shortened asset lives",21692.684721647838,{"$f":"'Impact of 2022 Reset'!D60","v":1935.5571761864958}]
["Smoothing",26063.369711897878,{"$f":"'Impact of 2022 Reset'!D69","v":-4370.6849902500398}]
["Other",23113.616335851271,{"$f":"-(B85-B92)-C86-C87-C88-C89-C90","v":2949.7533760466067},null,"calculated as the residual (representing all other changes)"]
["Draft Reset starting price",{"$f":"'Impact of 2022 Reset'!C11","v":28249.9679349664}]
["WACC",{"$f":"B92-C93","v":28090.32863087537},{"$f":"'Impact of 2022 Reset'!F102","v":159.63930409102977}]
["Opex",{"$f":"B93-C94","v":27868.212661151938},{"$f":"'Impact of 2022 Reset'!F113","v":222.1159697234325}]
["Capex",28315.859570483783,{"$f":"'Impact of 2022 Reset'!F124","v":-447.64690933184465}]
["CPI forecast",28540.135946904109,{"$f":"'Impact of 2022 Reset'!F135","v":-224.27637642032641}]
["Shortened asset lives with DY2021 data",{"$f":"B96-C97","v":27963.258927411898},{"$f":"'Impact of 2022 Reset'!F146","v":576.87701949221082}]
["Smoothing",27963.258927411898,{"$f":"'Impact of 2022 Reset'!F157","v":0}]
["CPRG",28340.076176114304,{"$f":"'Impact of 2022 Reset'!F167","v":-376.81724870240578}]
["Other",null,{"$f":"-(B92-B101)-SUM(C93:C99)","v":405.99238804801644},null,"calculated as the residual (representing all other changes)"]
["Final Reset starting price",{"$f":"'Impact of 2022 Reset'!B82","v":28565.852081866513}]
[]
["First Gas Transmission","Cumulative","Incremental",null,"Notes"]
[]
["Rolled over starting price",{"$f":"'Impact of 2022 Reset'!B12","v":135238.04138837827}]
["WACC",{"$f":"B105-C106","v":138008.74814792196},{"$f":"'Impact of 2022 Reset'!E32","v":-2770.706759543682}]
["Opex",135866.58890550863,{"$f":"'Impact of 2022 Reset'!D42","v":2142.1592424133269}]
["Capex",107833.06981691904,{"$f":"'Impact of 2022 Reset'!D52","v":28033.519088589586}]
["Shortened asset lives",85122.009997879009,{"$f":"'Impact of 2022 Reset'!D61","v":22711.059819040034}]
["Smoothing",108164.00696349697,{"$f":"'Impact of 2022 Reset'!D70","v":-23041.99696561796}]
["Other",121714.23154323961,{"$f":"-(B105-B112)-C106-C107-C108-C109-C110","v":-13550.224579742644},null,"calculated as the residual (representing all other changes)"]
["Draft Reset starting price",{"$f":"'Impact of 2022 Reset'!C12","v":148761.85123351694}]
["WACC",{"$f":"B112-C113","v":148033.36250151673},{"$f":"'Impact of 2022 Reset'!F103","v":728.48873200020171}]
["Opex",{"$f":"B113-C114","v":148101.14777713383},{"$f":"'Impact of 2022 Reset'!F114","v":-67.78527561709052}]
["Capex",150216.44417553712,{"$f":"'Impact of 2022 Reset'!F125","v":-2115.2963984032976}]
["CPI forecast",150378.99607132812,{"$f":"'Impact of 2022 Reset'!F136","v":-162.55189579099533}]
["Shortened asset lives with DY2021 data",{"$f":"B116-C117","v":154227.73515225083},{"$f":"'Impact of 2022 Reset'!F147","v":-3848.7390809227072}]
["Smoothing",151003.1180954524,{"$f":"'Impact of 2022 Reset'!F158","v":3224.6170567984227}]
["Other",null,{"$f":"-(B112-B120)-SUM(C113:C118)","v":706.69684280807269},null,"calculated as the residual (representing all other changes)"]
["Final Reset starting price",{"$f":"'Impact of 2022 Reset'!B83","v":147227.28121438954}]

{"sheet":"Reasons Paper Tables","index":7,"n_rows":11,"n_cols":4,"rows_kept":11,"cut":false,"hidden":false,"merged":[]}
["Reasons Paper Tables"]
[]
[]
[1,"Starting prices (net of pass-through and recoverable costs)"]
[null,"Supplier","Starting prices (MAR)","Impact of reset on price/revenue cap (MAR)"]
[null,"GasNet",{"$f":"'Impact of 2022 Reset'!B79/1000","v":4.8520640239079711},{"$f":"'Impact of 2022 Reset'!F79","v":5.4029203582283802E-2}]
[null,"Powerco",{"$f":"'Impact of 2022 Reset'!B80/1000","v":57.632911093390462},{"$f":"'Impact of 2022 Reset'!F80","v":5.2178934364875529E-2}]
[null,"Vector",{"$f":"'Impact of 2022 Reset'!B81/1000","v":58.316783576111384},{"$f":"'Impact of 2022 Reset'!F81","v":7.9236369185037958E-2}]
[null,"First Gas distribution",{"$f":"'Impact of 2022 Reset'!B82/1000","v":28.565852081866513},{"$f":"'Impact of 2022 Reset'!F82","v":0.11229979322514927}]
[null,"First Gas transmission",{"$f":"'Impact of 2022 Reset'!B83/1000","v":147.22728121438954},{"$f":"'Impact of 2022 Reset'!F83","v":8.865286499957814E-2}]
[null,"Industry total",{"$f":"'Impact of 2022 Reset'!B84/1000","v":296.59489198966588},{"$f":"'Impact of 2022 Reset'!F84","v":8.114825187775998E-2}]