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{"sheet":"Cover","index":0,"n_rows":21,"n_cols":1,"rows_kept":21,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
["2023 Draft IM Review"]
["Demonstration model:"]
["Financial impacts of indexation of Transpower's RAB"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["2023-06-14"]

{"sheet":"Table of contents","index":1,"n_rows":11,"n_cols":4,"rows_kept":11,"cut":false,"hidden":false,"merged":[]}
[null,"Table of Contents"]
[]
[null,"Sheet name","Link","Description"]
[null,"Description and approach","Description and approach","Explains the purpose of the model, as well as the logic followed"]
[null,"Simplifying assumptions","Simplifying assumptions","Lists the simplifying assumptions we have made for demonstration of the NPV=0 principle"]
[null,"Inputs - forecast","Inputs - forecast","Contains the 'forecast' assumptions we have used to set the initial price path"]
[null,"Inputs - actual","Inputs - actual","Contains the 'actual' assumptions we have used to determine the actual revenue and IRR"]
[null,"Macro","Macro","The macro goal seeks revenue for each of the calculation sheets so that NPV of revenue = NPV of expenditure for each 5 year regulatory period, e.g., goal seeks revenue in 'Transpower current (35 years)'!K57 to set cell K58 to zero"]
[null,"Calculation - Transpower current (35 years)","Transpower current (35 years)","This model demonstrates Transpower's current non-indexed RAB approach, with no inflation wash-ups for 35 years"]
[null,"Calculation - Transpower indexed (Y6-35)","Transpower indexed (Y6-35)","This model demonstrates the draft decision to index Transpower's RAB from the next regulatory period (RCP4). It also washes up the RAB and revenue for differences between forecast and actual inflation, which we could do at the RCP4 reset if we so choose"]
[null,"Output","Output","This sheet contains a summary of the difference in cashflows between current non-indexed RAB treatment and indexing the RAB from RCP4)"]

{"sheet":"Description and approach","index":2,"n_rows":36,"n_cols":3,"rows_kept":36,"cut":false,"hidden":false,"merged":[]}
["Description"]
[null,null,"The purpose of this model is to demonstrate the potential high-level financial impacts on Transpower of changing to RAB indexation by comparing the indexation approach to the current non-indexation approach. It is not the financial model used for Transpower’s IPP, which Transpower produces and owns.\n\nThis model was produced to support the draft decisions in the following paper:\nFinancing and incentivising efficient expenditure during the energy transition topic paper, Part 4 Input Methodologies Review 2023 – Draft decision. \nDraft decisions related to Transpower RAB indexation are discussed in Chapter 3, topic 3a. \n\nIt builds on the 10-year model published alongside this model: \nDemonstration model: Stylised impacts of different RAB indexation approaches\nInflation risk allocation and compensation demonstrated in this 10-year model are discussed in Chapter 5, topic 5b of the above topic paper."]
[]
["General notes"]
[null,1,"Financial quantities in this model are expressed in NZD $m"]
[null,{"$f":"B5+1","v":2},"The macro in the 'Macro' sheet goal seeks revenue for each of the calculation sheets so that NPV of revenue = NPV of expenditure for each 5-year regulatory period, e.g., goal seeks revenue in 'Transpower current (35 years)'!K58 to set cell K57 to zero."]
[null,{"$f":"B6+1","v":3},"A lighter font is used for cells containing a formula linking to another sheet.  A red font is applied to input cells. Grey shading is used to draw attention to certain cells e.g. where RAB indexing starts or where formulas differ for the indexed and non-indexed RAB approach."]
[null,4,"Wherever two horizontally adjacent cells contain numerical formulas which differ, an orange vertical border has been placed between the cells to indicate that the cell formulas are different."]
[null,5,"This model should not be used for any other purpose than describe above. "]
[]
["Background"]
[null,{"$f":"B9+1","v":6},"The model is based on a set of notional assumptions that are consistent with our regulatory settings for Transpower, combined with forecast data of opex and capex from Transpower’s 2022 Asset Management Plan (2021-to 2035). It will not agree entirely with Transpower's own models due to some simplifying assumptions (e.g., the timing of cash flows). The model should be used only for demonstration purposes of the high level potential impacts of changing to an indexed RAB."]
[null,{"$f":"B12+1","v":7},"The asset management plan and related schedules can be found here:"]
[null,null,"https://tpow-corp-production.s3.ap-southeast-2.amazonaws.com/public/uncontrolled_docs/2022%20Asset%20Management%20Plan.pdf?VersionId=2PcEJ_GyHfe.G4q6Y_IjEGvaBfX09.rg"]
[null,null,"https://tpow-corp-production.s3.ap-southeast-2.amazonaws.com/public/uncontrolled_docs/Integrated%20Transmission%20Plan%20-%20Schedules%202021.pdf?VersionId=ODgxbFyrDyiDt_HxHUtGlGMblsWyJ.AP"]
[null,{"$f":"B13+1","v":8},"Transpower developed the Asset Management Plan in response to a projected 71% increase in electricity demand by 2050 (refer to graph below - source: Transpower RCP4 consultation)."]
[]
[null,{"$f":"B16+1","v":9},"There is an increasing capex investment profile for 2021 to 2035 (average real capex of around $475 million p.a.). For the period from 2036 to 2055 we have assumed that capex will revert to previous levels ($300 million p.a. real). Real opex continues at similar levels for 2036 to 2055."]
[null,{"$f":"B18+1","v":10},"Forecast inflation is assumed at a constant 2% (consistent with Transpower's assumptions in RCP3). For actual inflation we assumed 2% in all years, except for 2022 and 2023 where we increased it to 8%."]
[null,11,"The model starts with the RCP3 period from 2021-2025 where Transpower is on the non-indexed method (current approach), then has six 5-year regulatory periods where Transpower is on the indexed method (the draft decision). We compare this model to the control, which is where Transpower remains on the non-indexed method."]
[null,12,"The alternatives proposed in the topic paper (see row 2 above) are not modelled. Alternative A (to delay indexation until RCP5 but introduce revenue and RAB inflation wash-ups from RCP4) will have similar impacts to the draft decision, except that Transpower will carry less inflation risk in RCP4 compared to status quo and the reduction in revenue will be delayed. Alternative B (status quo but with revenue and RAB wash-ups for inflation from RCP4) will be similar to the current modelling, but Transpower will carry less inflation risk from RCP4."]
[null,13,"Transpower’s assumptions for depreciation are used up to 2029/30; thereafter, new capex has a life of 45 years; and the existing RAB at the end of 2030 has a remaining life of 19 years."]
[null,14,"Our method of regulatory accounting ensures revenue provides a return on and of assets as well as meets operating cost and tax commitments. At times, there can be periods when capital expenditure is higher than depreciation, which may require equity injections to maintain the benchmark leverage assumption of 41%."]
[null,15,"The main outputs of interest are revenue and cash surplus, which is cash flows not required to maintain the benchmark leverage. If the cash surplus is positive, equity is returned to investors. If negative, the dividend pay-out ratio is reduced from 70% benchmark assumption and/or there is an equity injection. We make the simple assumption that cash is not retained in a bank balance if not needed for a particular year."]
[null,null,"Under the indexed scenario, Transpower’s real revenue initially drops by around $130m (nominal) and then increases by less than under the status quo. The revenue paths cross by around 2050. This crossing point is influenced by the size of the capex profile. A capex profile higher than depreciation pushes out the point at which the cross over in revenue paths occurs."]
[null,{"$f":"B24+1","v":16},"The model calculates if the NPV=0 principle is met. However, this will not be met where outturn inflation differs from forecast inflation. \n\nThe reasons for this are that:\n1) the non-indexed (current) method has no inflation wash-up mechanisms, and \n2) for the indexed method, indexation and wash-ups are only introduced from Y6. \n\nThe 10-year indexation demonstration model published alongside this model (as referenced in row 2 above) shows that NPV=0 is achieved for both the indexed and non-indexed method, over the useful lives of the assets, if the appropriate inflation wash-up mechanisms are in place."]
["Findings"]
[null,{"$f":"B26+1","v":17},"Refer to our findings in the IM Review draft decisions paper (as referenced in row 2 above)."]
[]
["Glossary"]
[null,null,"NPV: Net present value"]
[null,null,"IRR: Internal rate of return"]
[null,null,"RAB: Regulatory asset base"]
[null,null,"AMP: Asset management plan"]
[null,null,"WACC: Weighted average cost of capital"]
[null,null,"EBT: Earnings before tax"]

{"sheet":"Simplifying assumptions","index":3,"n_rows":7,"n_cols":3,"rows_kept":7,"cut":false,"hidden":false,"merged":[]}
["Simplifying assumptions"]
[null,null,"The model uses the following simplifying assumptions:"]
[null,1,"The revenue wash-up occurs in the same year as the higher inflation. In practice, there is a delay until the wash-up occurs and we apply a present value adjustment to ensure suppliers are compensated for the delay."]
[null,{"$f":"B3+1","v":2},"There is only one deflator, which is CPI. In practice, there are separate deflators used for capital expenditure and operating expenditure."]
[null,{"$f":"B4+1","v":3},"In the indexed RAB model, which includes the proposed inflation wash-ups, the actual closing RAB at the end of each regulatory period is calculated by re-basing the RAB based on actual CPI. In practice, the closing RAB value will vary somewhat from this, as changes in revaluation and actual depreciation will not perfectly follow CPI due to timing differences."]
[null,4,"Transpower's 2022 Asset Management Plan data is used for 2021-2035. We assumed real opex remains at a consistent level from 2036, and that capex reverts back to historical levels and remains consistent from 2036."]
[null,5,"These assumptions should not affect our findings. They just make it more straightforward to show if NPV=0 is achieved or not."]

{"sheet":"Inputs - forecast","index":4,"n_rows":36,"n_cols":41,"rows_kept":36,"cut":false,"hidden":false,"merged":[[3,5,3,19],[3,20,3,39]]}
["Inputs - forecast"]
[null,null,null,null,"2020-06-30","2021-06-30","2022-06-30","2023-06-30","2024-06-30","2025-06-30","2026-06-30","2027-06-30","2028-06-30","2029-06-30","2030-06-30","2031-06-30","2032-06-30","2033-06-30","2034-06-30","2035-06-30","2036-06-30","2037-06-30","2038-06-30","2039-06-30","2040-06-30","2041-06-30","2042-06-30","2043-06-30","2044-06-30","2045-06-30","2046-06-30","2047-06-30","2048-06-30","2049-06-30","2050-06-30","2051-06-30","2052-06-30","2053-06-30","2054-06-30","2055-06-30","Average"]
[]
["Financials (2022 AMP, converted to 2020 real values)",null,null,null,null,"2022 AMP",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Assumed levels"]
[null,"Opex",null,null,null,260.0980392156863,260.49019607843138,266.56862745098039,270.88235294117601,269.60784313725497,277.35294117647055,275.29411764705884,276.1764705882353,276.1764705882353,276.1764705882353,276.86274509803917,276.86274509803917,276.86274509803917,276.86274509803917,276.86274509803917,{"$f":"T5","v":276.86274509803917},{"$f":"U5","v":276.86274509803917},276.86274509803917,276.86274509803917,276.86274509803917,276.86274509803917,276.86274509803917,276.86274509803917,276.86274509803917,276.86274509803917,276.86274509803917,276.86274509803917,276.86274509803917,276.86274509803917,276.86274509803917,276.86274509803917,276.86274509803917,276.86274509803917,276.86274509803917,276.86274509803917]
[null,"Capex",null,null,null,330.58823529411762,362.35294117647061,398.52941176470586,386.17647058823525,414.21568627450978,432.74509803921563,508.52941176470591,462.64705882352939,585.98039215686276,683.62745098039215,541.66666666666663,508.43137254901961,466.47058823529414,509.31372549019608,523.92156862745094,300,300,300,300,300,300,300,300,300,300,300,300,300,300,300,300,300,300,300,300]
[null,"Opening RAB",null,null,4834]
[]
["Financials (nominal)"]
[null,"Opex",null,null,null,{"$f":"F5*F15","v":265.3},{"$f":"G5*G15","v":271.01400000000001},282.88475999999997,293.21177039999947,297.66884400000009,{"$f":"K5*K15","v":350.17164286848003},354.52372309585928,362.77321742174365,370.02868177017854,377.42925540558213,385.93447696509446,393.65316650439632,401.52622983448424,409.55675443117389,417.74788951979735,426.10284731019334,434.6249042563972,443.31740234152517,452.18375038835569,461.22742539612284,470.4519739040453,479.8610133821262,489.45823364976877,499.24739832276418,509.23234628921949,519.41699321500391,529.80533307930398,540.40143974089005,551.20946853570786,562.23365790642208,573.47833106455062,584.94789768584155,596.64685563955845,608.57979275234959,620.75138860739662]
[null,"Capex",null,null,null,{"$f":"F6*F15","v":337.2},{"$f":"G6*G15","v":376.99200000000002},422.92259999999993,418.00983119999995,457.32758759999996,{"$f":"K6*K15","v":546.36183514368008},654.88409960762897,607.71274867348541,785.11232905230997,934.26134112286979,755.0594848555761,722.90556710049566,676.50913652708084,753.41619662533594,790.52575127259115,461.71200877096027,470.94624894637951,480.36517392530709,489.97247740381329,499.77192695188955,509.76736549092738,519.96271280074598,530.36196705676093,540.96920639789619,551.78859052585403,562.82436233637111,574.0808495830986,585.56246657476061,597.2737159062558,609.21919022438101,621.40357402886866,633.83164550944593,646.50827841963496,659.43844398802764,672.62721286778822]
[null,"Opening RAB",null,null,{"$f":"E7","v":4834}]
[]
["Predicted inflation rate",null,null,null,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,{"$f":"(((1+F14)*(1+G14)*(1+H14)*(1+I14)*(1+J14)*(1+K14)*(1+L14)*(1+M14)*(1+N14)*(1+O14)*(1+P14)*(1+Q14)*(1+R14)*(1+S14)*(1+T14)*(1+U14)*(1+V14)*(1+W14)*(1+X14)*(1+Y14)*(1+Z14)*(1+AA14)*(1+AB14)*(1+AC14)*(1+AD14)*(1+AE14)*(1+AF14)*(1+AG14)*(1+AH14)*(1+AI14)*(1+AJ14)*(1+AK14)*(1+AL14)*(1+AM14)*(1+AN14))^(1/35))-1","v":2.0000000000000018E-2}]
["Inflation index - rebased at end of each regulatory period",null,null,null,1,{"$f":"E15*(1+F14)","v":1.02},{"$f":"F15*(1+G14)","v":1.0404},{"$f":"G15*(1+H14)","v":1.0612079999999999},{"$f":"H15*(1+I14)","v":1.08243216},{"$f":"I15*(1+J14)","v":1.1040808032},{"$f":"'Inputs - actual'!J15*(1+'Inputs - forecast'!K14)","v":1.2625488714240003},{"$f":"K15*(1+L14)","v":1.2877998488524802},{"$f":"L15*(1+M14)","v":1.3135558458295298},{"$f":"M15*(1+N14)","v":1.3398269627461203},{"$f":"N15*(1+O14)","v":1.3666235020010429},{"$f":"'Inputs - actual'!O15*(1+'Inputs - forecast'!P14)","v":1.3939559720410637},{"$f":"P15*(1+Q14)","v":1.4218350914818849},{"$f":"Q15*(1+R14)","v":1.4502717933115226},{"$f":"R15*(1+S14)","v":1.479277229177753},{"$f":"S15*(1+T14)","v":1.5088627737613081},{"$f":"'Inputs - actual'!T15*(1+'Inputs - forecast'!U14)","v":1.5390400292365343},{"$f":"U15*(1+V14)","v":1.569820829821265},{"$f":"V15*(1+W14)","v":1.6012172464176904},{"$f":"W15*(1+X14)","v":1.6332415913460443},{"$f":"X15*(1+Y14)","v":1.6659064231729652},{"$f":"'Inputs - actual'!Y15*(1+'Inputs - forecast'!Z14)","v":1.6992245516364246},{"$f":"Z15*(1+AA14)","v":1.7332090426691531},{"$f":"AA15*(1+AB14)","v":1.7678732235225363},{"$f":"AB15*(1+AC14)","v":1.8032306879929871},{"$f":"AC15*(1+AD14)","v":1.8392953017528468},{"$f":"'Inputs - actual'!AD15*(1+'Inputs - forecast'!AE14)","v":1.8760812077879039},{"$f":"AE15*(1+AF14)","v":1.913602831943662},{"$f":"AF15*(1+AG14)","v":1.9518748885825352},{"$f":"AG15*(1+AH14)","v":1.990912386354186},{"$f":"AH15*(1+AI14)","v":2.0307306340812699},{"$f":"'Inputs - actual'!AI15*(1+'Inputs - forecast'!AJ14)","v":2.0713452467628954},{"$f":"AJ15*(1+AK14)","v":2.1127721516981532},{"$f":"AK15*(1+AL14)","v":2.1550275947321165},{"$f":"AL15*(1+AM14)","v":2.1981281466267588},{"$f":"AM15*(1+AN14)","v":2.2420907095592941}]
[]
["WACC"]
[null,"Cost of equity (nominal)",null,null,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2,6.6000000000000003E-2]
[null,"Cost of equity (real)",null,null,{"$f":"(1+E18)/(1+E$14)-1","v":4.5098039215686336E-2},4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2,4.5098039215686336E-2]
[]
[null,"Cost of debt (nominal)",null,null,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2,4.0099999999999997E-2]
[null,"Cost of debt (real)",null,null,{"$f":"(1+E21)/(1+E$14)-1","v":1.970588235294124E-2},1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2,1.970588235294124E-2]
[]
[null,"Leverage",null,null,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41,0.41]
[null,"Tax rate",null,null,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003]
[]
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[]
["Compounding factor (nominal)"]
[null,"Compounding factor step 1",null,null,{"$f":"1+E27","v":1.0553809999999999},{"$f":"(1+F27)","v":1.0553809999999999},1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999,1.0553809999999999]
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[]
["Compounding factor (real)"]
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["Inputs - actual"]
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[null,"Opening RAB",null,null,{"$f":"'Inputs - forecast'!E7","v":4834}]
[]
["Financials (nominal)"]
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[null,"Opening RAB",null,null,{"$f":"E7*E15","v":4834}]
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[]
["WACC"]
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[]
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[]
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[null,"Tax rate",null,null,{"$f":"'Inputs - forecast'!E25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!F25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!G25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!H25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!I25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!J25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!K25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!L25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!M25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!N25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!O25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!P25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!Q25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!R25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!S25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!T25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!U25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!V25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!W25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!X25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!Y25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!Z25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!AA25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!AB25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!AC25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!AD25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!AE25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!AF25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!AG25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!AH25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!AI25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!AJ25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!AK25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!AL25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!AM25","v":0.28000000000000003},{"$f":"'Inputs - forecast'!AN25","v":0.28000000000000003}]
[]
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[]
["Compounding factor (nominal)"]
[null,"Compounding factor step 1",null,null,{"$f":"1+E27","v":1.0553810000000001},1.0553810000000001,1.1174622352941177,1.1174622352941177,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001,1.0553810000000001]
[null,"Compounding factor step 2",null,null,1,{"$f":"E32*F31","v":1.0553810000000001},{"$f":"F32*G31","v":1.1793484113469415},1.3178773119343199,1.3908626753465547,1.4678900411699225,1.5491832595399542,1.6349785776365366,1.725525326244626,1.8210866443373799,1.9219402437874284,2.0283792164286201,2.1407128858136537,2.2592677061429001,2.3843882109768004,2.5164380144889069,2.6558008681693175,2.8028817760494027,2.9581081716887949,3.1219311603450923,3.2948268299361643,3.4772976346048594,3.6698738549069114,3.8731151388655114,4.0876121283710232,4.3139881756523391,4.5529011548081417,4.8050453736625718,5.0711535915013792,5.3519991485523182,5.6483982133982948,5.9612121548545067,6.2913500452025053,6.6397713020558662,7.0074884765350234,7.3955701958540105]
[]
[]
["Compounding factor (real)"]
[null,"Compounding factor step 1",null,null,{"$f":"1+E28","v":1.0346872549019608},1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608,1.0346872549019608]
[null,"Compounding factor step 2",null,null,1,{"$f":"E37*F36","v":1.0346872549019608},{"$f":"F37*G36","v":1.0705777154565552},1.1077131175649555,1.1461366448321768,1.1858929787839487,1.2270283508254731,1.2695905960024889,1.3136292086271595,1.3591953998334707,1.4063421571290668,1.4551243060127761,1.5055985737294801,1.5578236552364633,1.6118602814579548,1.6677712899072332,1.7256216977584173,1.7854787774529179,1.8474121349284687,1.911493790561708,1.9777982629184372,2.0464026554089441,2.1173867459491635,2.1908330797319353,2.2668270652162446,2.345457073446064,2.4268145408142945,2.5109940753913049,2.5980935669417167,2.6882143007573687,2.7814610754388358,2.8779423247624645,2.9777702437746418,3.0810609192599268,3.1879344647347656,3.2985151601237663]

{"sheet":"Macro","index":6,"n_rows":2,"n_cols":2,"rows_kept":2,"cut":false,"hidden":false,"merged":[[1,1,1,14]]}
["Macro"]
[null,"The macro needs to be run if any changes are made to the inputs. This goal seeks revenue for each of the calculation sheets so that NPV of revenue = NPV of expenditure for each of the 5-years periods. E.g., goal seeks revenue in 'Transpower current (35 years)'!K58 to set cell K57 to zero."]

{"sheet":"Transpower current (35 years)","index":7,"n_rows":178,"n_cols":42,"rows_kept":178,"cut":false,"hidden":false,"merged":[]}
["Calculation"]
["This model is similar to the  current Transpower treatment with a non-indexed RAB. There is no annual revenue wash-up and the RAB is not washed up for the difference between forecast and actual inflation."]
[]
["Forecast",null,null,"Return over forecast period",{"$f":"'Inputs - forecast'!E2","v":"2020-06-30"},{"$f":"'Inputs - forecast'!F2","v":"2021-06-30"},{"$f":"'Inputs - forecast'!G2","v":"2022-06-30"},{"$f":"'Inputs - forecast'!H2","v":"2023-06-30"},{"$f":"'Inputs - forecast'!I2","v":"2024-06-30"},{"$f":"'Inputs - forecast'!J2","v":"2025-06-30"},{"$f":"'Inputs - forecast'!K2","v":"2026-06-30"},{"$f":"'Inputs - forecast'!L2","v":"2027-06-30"},{"$f":"'Inputs - forecast'!M2","v":"2028-06-30"},{"$f":"'Inputs - forecast'!N2","v":"2029-06-30"},{"$f":"'Inputs - forecast'!O2","v":"2030-06-30"},{"$f":"'Inputs - forecast'!P2","v":"2031-06-30"},{"$f":"'Inputs - forecast'!Q2","v":"2032-06-30"},{"$f":"'Inputs - forecast'!R2","v":"2033-06-30"},{"$f":"'Inputs - forecast'!S2","v":"2034-06-30"},{"$f":"'Inputs - forecast'!T2","v":"2035-06-30"},{"$f":"'Inputs - forecast'!U2","v":"2036-06-30"},{"$f":"'Inputs - forecast'!V2","v":"2037-06-30"},{"$f":"'Inputs - forecast'!W2","v":"2038-06-30"},{"$f":"'Inputs - forecast'!X2","v":"2039-06-30"},{"$f":"'Inputs - forecast'!Y2","v":"2040-06-30"},{"$f":"'Inputs - forecast'!Z2","v":"2041-06-30"},{"$f":"'Inputs - forecast'!AA2","v":"2042-06-30"},{"$f":"'Inputs - forecast'!AB2","v":"2043-06-30"},{"$f":"'Inputs - forecast'!AC2","v":"2044-06-30"},{"$f":"'Inputs - forecast'!AD2","v":"2045-06-30"},{"$f":"'Inputs - forecast'!AE2","v":"2046-06-30"},{"$f":"'Inputs - forecast'!AF2","v":"2047-06-30"},{"$f":"'Inputs - forecast'!AG2","v":"2048-06-30"},{"$f":"'Inputs - forecast'!AH2","v":"2049-06-30"},{"$f":"'Inputs - forecast'!AI2","v":"2050-06-30"},{"$f":"'Inputs - forecast'!AJ2","v":"2051-06-30"},{"$f":"'Inputs - forecast'!AK2","v":"2052-06-30"},{"$f":"'Inputs - forecast'!AL2","v":"2053-06-30"},{"$f":"'Inputs - forecast'!AM2","v":"2054-06-30"},{"$f":"'Inputs - forecast'!AN2","v":"2055-06-30"}]
["Building blocks"]
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[null,"Return on debt",null,null,null,{"$f":"-F$31*'Inputs - forecast'!F$24*'Inputs - forecast'!F$21","v":-79.475793999999993},{"$f":"-G$31*'Inputs - forecast'!G$24*'Inputs - forecast'!G$21","v":-80.90178241243521},{"$f":"-H$31*'Inputs - forecast'!H$24*'Inputs - forecast'!H$21","v":-82.853095159372998},{"$f":"-I$31*'Inputs - forecast'!I$24*'Inputs - forecast'!I$21","v":-85.491100253088973},{"$f":"-J$31*'Inputs - forecast'!J$24*'Inputs - forecast'!J$21","v":-87.934009201159625},{"$f":"-K$31*'Inputs - forecast'!K$24*'Inputs - forecast'!K$21","v":-90.896765789038383},{"$f":"-L$31*'Inputs - forecast'!L$24*'Inputs - forecast'!L$21","v":-95.169823736747617},{"$f":"-M$31*'Inputs - forecast'!M$24*'Inputs - forecast'!M$21","v":-101.0056942683061},{"$f":"-N$31*'Inputs - forecast'!N$24*'Inputs - forecast'!N$21","v":-105.76364390767661},{"$f":"-O$31*'Inputs - forecast'!O$24*'Inputs - forecast'!O$21","v":-113.19169416000508},{"$f":"-P$31*'Inputs - forecast'!P$24*'Inputs - forecast'!P$21","v":-122.68703024971678},{"$f":"-Q$31*'Inputs - forecast'!Q$24*'Inputs - forecast'!Q$21","v":-128.96024344297103},{"$f":"-R$31*'Inputs - forecast'!R$24*'Inputs - forecast'!R$21","v":-134.44069650933179},{"$f":"-S$31*'Inputs - forecast'!S$24*'Inputs - forecast'!S$21","v":-138.91117948922076},{"$f":"-T$31*'Inputs - forecast'!T$24*'Inputs - forecast'!T$21","v":-144.37082665110256},{"$f":"-U$31*'Inputs - forecast'!U$24*'Inputs - forecast'!U$21","v":-150.15176902590269},{"$f":"-V$31*'Inputs - forecast'!V$24*'Inputs - forecast'!V$21","v":-150.35799561276235},{"$f":"-W$31*'Inputs - forecast'!W$24*'Inputs - forecast'!W$21","v":-150.54397951392551},{"$f":"-X$31*'Inputs - forecast'!X$24*'Inputs - forecast'!X$21","v":-150.70931587567813},{"$f":"-Y$31*'Inputs - forecast'!Y$24*'Inputs - forecast'!Y$21","v":-150.85359174723206},{"$f":"-Z$31*'Inputs - forecast'!Z$24*'Inputs - forecast'!Z$21","v":-150.97638591878336},{"$f":"-AA$31*'Inputs - forecast'!AA$24*'Inputs - forecast'!AA$21","v":-151.07726875633193},{"$f":"-AB$31*'Inputs - forecast'!AB$24*'Inputs - forecast'!AB$21","v":-151.15580203319777},{"$f":"-AC$31*'Inputs - forecast'!AC$24*'Inputs - forecast'!AC$21","v":-151.21153875816717},{"$f":"-AD$31*'Inputs - forecast'!AD$24*'Inputs - forecast'!AD$21","v":-151.24402300020222},{"$f":"-AE$31*'Inputs - forecast'!AE$24*'Inputs - forecast'!AE$21","v":-151.25278970964425},{"$f":"-AF$31*'Inputs - forecast'!AF$24*'Inputs - forecast'!AF$21","v":-151.23736453584135},{"$f":"-AG$31*'Inputs - forecast'!AG$24*'Inputs - forecast'!AG$21","v":-151.1972636411287},{"$f":"-AH$31*'Inputs - forecast'!AH$24*'Inputs - forecast'!AH$21","v":-151.13199351108804},{"$f":"-AI$31*'Inputs - forecast'!AI$24*'Inputs - forecast'!AI$21","v":-151.04105076101285},{"$f":"-AJ$31*'Inputs - forecast'!AJ$24*'Inputs - forecast'!AJ$21","v":-150.92392193850242},{"$f":"-AK$31*'Inputs - forecast'!AK$24*'Inputs - forecast'!AK$21","v":-150.78008332210806},{"$f":"-AL$31*'Inputs - forecast'!AL$24*'Inputs - forecast'!AL$21","v":-150.60900071595205},{"$f":"-AM$31*'Inputs - forecast'!AM$24*'Inputs - forecast'!AM$21","v":-150.41012924023917},{"$f":"-AN$31*'Inputs - forecast'!AN$24*'Inputs - forecast'!AN$21","v":-150.18291311757829}]
[null,"Return on equity",null,null,null,{"$f":"-F$31*(1-'Inputs - forecast'!F$24)*'Inputs - forecast'!F$18","v":-188.23596000000003},{"$f":"-G$31*(1-'Inputs - forecast'!G$24)*'Inputs - forecast'!G$18","v":-191.61336945077721},{"$f":"-H$31*(1-'Inputs - forecast'!H$24)*'Inputs - forecast'!H$18","v":-196.23499334018521},{"$f":"-I$31*(1-'Inputs - forecast'!I$24)*'Inputs - forecast'!I$18","v":-202.48302681438389},{"$f":"-J$31*(1-'Inputs - forecast'!J$24)*'Inputs - forecast'!J$18","v":-208.26898110170652},{"$f":"-K$31*(1-'Inputs - forecast'!K$24)*'Inputs - forecast'!K$18","v":-215.28617844566364},{"$f":"-L$31*(1-'Inputs - forecast'!L$24)*'Inputs - forecast'!L$18","v":-225.40678403436249},{"$f":"-M$31*(1-'Inputs - forecast'!M$24)*'Inputs - forecast'!M$18","v":-239.2288628920285},{"$f":"-N$31*(1-'Inputs - forecast'!N$24)*'Inputs - forecast'!N$18","v":-250.49791945532075},{"$f":"-O$31*(1-'Inputs - forecast'!O$24)*'Inputs - forecast'!O$18","v":-268.09102673746116},{"$f":"-P$31*(1-'Inputs - forecast'!P$24)*'Inputs - forecast'!P$18","v":-290.58043658682402},{"$f":"-Q$31*(1-'Inputs - forecast'!Q$24)*'Inputs - forecast'!Q$18","v":-305.43834801224341},{"$f":"-R$31*(1-'Inputs - forecast'!R$24)*'Inputs - forecast'!R$18","v":-318.41863159621562},{"$f":"-S$31*(1-'Inputs - forecast'!S$24)*'Inputs - forecast'!S$18","v":-329.00683226751767},{"$f":"-T$31*(1-'Inputs - forecast'!T$24)*'Inputs - forecast'!T$18","v":-341.93783771023266},{"$f":"-U$31*(1-'Inputs - forecast'!U$24)*'Inputs - forecast'!U$18","v":-355.62982092747723},{"$f":"-V$31*(1-'Inputs - forecast'!V$24)*'Inputs - forecast'!V$18","v":-356.11826222011848},{"$f":"-W$31*(1-'Inputs - forecast'!W$24)*'Inputs - forecast'!W$18","v":-356.558759337769},{"$f":"-X$31*(1-'Inputs - forecast'!X$24)*'Inputs - forecast'!X$18","v":-356.95035339692885},{"$f":"-Y$31*(1-'Inputs - forecast'!Y$24)*'Inputs - forecast'!Y$18","v":-357.29206633642838},{"$f":"-Z$31*(1-'Inputs - forecast'!Z$24)*'Inputs - forecast'!Z$18","v":-357.58290053387418},{"$f":"-AA$31*(1-'Inputs - forecast'!AA$24)*'Inputs - forecast'!AA$18","v":-357.82183841442537},{"$f":"-AB$31*(1-'Inputs - forecast'!AB$24)*'Inputs - forecast'!AB$18","v":-358.00784205174398},{"$f":"-AC$31*(1-'Inputs - forecast'!AC$24)*'Inputs - forecast'!AC$18","v":-358.13985276096543},{"$f":"-AD$31*(1-'Inputs - forecast'!AD$24)*'Inputs - forecast'!AD$18","v":-358.21679068352756},{"$f":"-AE$31*(1-'Inputs - forecast'!AE$24)*'Inputs - forecast'!AE$18","v":-358.23755436369743},{"$f":"-AF$31*(1-'Inputs - forecast'!AF$24)*'Inputs - forecast'!AF$18","v":-358.20102031662702},{"$f":"-AG$31*(1-'Inputs - forecast'!AG$24)*'Inputs - forecast'!AG$18","v":-358.10604258777164},{"$f":"-AH$31*(1-'Inputs - forecast'!AH$24)*'Inputs - forecast'!AH$18","v":-357.9514523034955},{"$f":"-AI$31*(1-'Inputs - forecast'!AI$24)*'Inputs - forecast'!AI$18","v":-357.73605721269035},{"$f":"-AJ$31*(1-'Inputs - forecast'!AJ$24)*'Inputs - forecast'!AJ$18","v":-357.45864121922551},{"$f":"-AK$31*(1-'Inputs - forecast'!AK$24)*'Inputs - forecast'!AK$18","v":-357.1179639050477},{"$f":"-AL$31*(1-'Inputs - forecast'!AL$24)*'Inputs - forecast'!AL$18","v":-356.71276004374272},{"$f":"-AM$31*(1-'Inputs - forecast'!AM$24)*'Inputs - forecast'!AM$18","v":-356.24173910436809},{"$f":"-AN$31*(1-'Inputs - forecast'!AN$24)*'Inputs - forecast'!AN$18","v":-355.70358474536226}]
[null,"Revaluation"]
[null,"Tax",null,null,null,{"$f":"F50","v":-76.078255075199067},{"$f":"G50","v":-76.73880485509622},-76.654854581635078,-76.128681965053701,-77.193110231138036,-95.785467999267951,-95.58968666188315,-92.6057911105095,-91.275407748598838,-86.925267991164887,-124.09249346782067,-123.09841407320378,-122.72020640313627,-122.2535717263187,-121.38852765413573,{"$f":"U50","v":-132.77837675031904},-135.80206255452953,-138.89304489570566,-142.05266970458672,-145.28230983052694,-133.26604687249295,-136.33360018355418,-139.46932738171805,-142.67459194472664,-145.9507846198768,{"$f":"AE50","v":-133.24877363711053},-136.35009558787129,-139.52026679852881,-142.76066425428081,-146.07269248002936,-132.67400213394683,-135.79794275905155,-138.99118501753981,-142.25511494207927,-145.59114628599096]
[null,"Opex",null,null,null,{"$f":"F19","v":-265.3},{"$f":"G19","v":-271.01400000000001},-282.88475999999997,-293.21177039999947,-297.66884400000009,-350.17164286848003,-354.52372309585928,-362.77321742174365,-370.02868177017854,-377.42925540558213,-385.93447696509446,-393.65316650439632,-401.52622983448424,-409.55675443117389,-417.74788951979735,-426.10284731019334,-434.6249042563972,-443.31740234152517,-452.18375038835569,-461.22742539612284,-470.4519739040453,-479.8610133821262,-489.45823364976877,-499.24739832276418,-509.23234628921949,-519.41699321500391,-529.80533307930398,-540.40143974089005,-551.20946853570786,-562.23365790642208,-573.47833106455062,-584.94789768584155,-596.64685563955845,-608.57979275234959,-620.75138860739662]
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[]
["Regulatory Asset Base"]
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[null,"Depreciation",null,null,null,{"$f":"-F31/F29","v":-250.46632124352331},-258.30622985598302,-262.46976296356735,-269.42343450450392,-277.12221153535859,-286.45927765269755,-299.92573140870695,-318.31735670398785,-333.31193659878051,-356.72128335803075,{"$f":"O33-(P32/P$30)","v":-373.50038302148801},-389.56495117927682,-404.5984875465453,-421.34106969377501,-438.90830861094372,-449.16857547252062,-459.63404767132903,-470.30882931411361,-481.1971065897539,-492.303149410907,-503.63131308848318,-515.18604003961082,-526.9718615297611,-538.99339944971439,-551.25536812806672,-563.76257617998613,-576.51992839294383,-589.53242765016068,-602.8051768925219,-616.34338111973034,-630.152349431483,-644.23749710947072,-658.60434774101816,-673.25853538519652,-688.20580678225849]
[null,"Closing RAB",null,null,{"$f":"-E22","v":4834},{"$f":"SUM(F31:F33)","v":4920.7336787564764},5039.4194489004931,5199.8722859369254,5348.4586826324212,5528.6640586970625,5788.5666161880445,6143.524984386966,6432.9203763564637,6884.7207688099934,7462.2608265748322,7843.8199284089205,8177.1605443301387,8449.0711933106741,8781.1463202422347,9132.7637629038818,{"$f":"SUM(U31:U33)","v":9145.3071962023223},9156.6193974773742,9166.6757420885679,9175.4511129026268,9182.9198904436089,9189.0559428460529,9193.8326156071889,9197.2227211341888,9199.1985280823701,9199.7317504801576,{"$f":"SUM(AE31:AE33)","v":9198.7935366365418},9196.3544578266974,9192.384496751296,9186.8530357650307,9179.7288448696818,9170.9800694670685,9160.5742178670444,9148.4781485456606,9134.6580571484901,9119.0794632340203]
[]
[null,"Closing RAB to be recovered in future regulatory periods",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AN34","v":9119.0794632340203}]
[]
["Tax asset base"]
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[null,"Depreciation",null,null,null,{"$f":"-F39/F29","v":-250.46632124352331},{"$f":"-G39/G29","v":-258.30622985598302},-262.46976296356735,-269.42343450450392,-277.12221153535859,-286.45927765269755,-299.92573140870695,-318.31735670398785,-333.31193659878051,-356.72128335803075,{"$f":"O41-(P40/P$30)","v":-373.50038302148801},-389.56495117927682,-404.5984875465453,-421.34106969377501,-438.90830861094372,-449.16857547252062,-459.63404767132903,-470.30882931411361,-481.1971065897539,-492.303149410907,-503.63131308848318,-515.18604003961082,-526.9718615297611,-538.99339944971439,-551.25536812806672,-563.76257617998613,-576.51992839294383,-589.53242765016068,-602.8051768925219,-616.34338111973034,-630.152349431483,-644.23749710947072,-658.60434774101816,-673.25853538519652,-688.20580678225849]
[null,"Closing balance",null,null,{"$f":"E34","v":4834},{"$f":"SUM(F39:F41)","v":4920.7336787564764},{"$f":"SUM(G39:G41)","v":5039.4194489004931},{"$f":"SUM(H39:H41)","v":5199.8722859369254},5348.4586826324212,5528.6640586970625,5788.5666161880445,6143.524984386966,6432.9203763564637,6884.7207688099934,7462.2608265748322,7843.8199284089205,8177.1605443301387,8449.0711933106741,8781.1463202422347,9132.7637629038818,{"$f":"SUM(U39:U41)","v":9145.3071962023223},9156.6193974773742,9166.6757420885679,9175.4511129026268,9182.9198904436089,9189.0559428460529,9193.8326156071889,9197.2227211341888,9199.1985280823701,9199.7317504801576,{"$f":"SUM(AE39:AE41)","v":9198.7935366365418},9196.3544578266974,9192.384496751296,9186.8530357650307,9179.7288448696818,9170.9800694670685,9160.5742178670444,9148.4781485456606,9134.6580571484901,9119.0794632340203]
[]
["Regulatory tax"]
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[null,"Opex",null,null,null,{"$f":"F11","v":-265.3},-271.01400000000001,-282.88475999999997,-293.21177039999947,-297.66884400000009,-350.17164286848003,-354.52372309585928,-362.77321742174365,-370.02868177017854,-377.42925540558213,-385.93447696509446,-393.65316650439632,-401.52622983448424,-409.55675443117389,-417.74788951979735,-426.10284731019334,-434.6249042563972,-443.31740234152517,-452.18375038835569,-461.22742539612284,-470.4519739040453,-479.8610133821262,-489.45823364976877,-499.24739832276418,-509.23234628921949,-519.41699321500391,-529.80533307930398,-540.40143974089005,-551.20946853570786,-562.23365790642208,-573.47833106455062,-584.94789768584155,-596.64685563955845,-608.57979275234959,-620.75138860739662]
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[null,"EBT",null,null,null,{"$f":"SUM(F45:F48)","v":271.70805383999664},{"$f":"SUM(G45:G48)","v":274.06716019677219},273.76733779155381,271.88814987519174,275.68967939692152,342.09095714024266,341.39173807815405,330.73496825181962,325.98359910213867,310.44738568273169,443.1874766707881,439.63719311858489,438.28645143977235,436.61989902256676,433.53045590762758,{"$f":"SUM(U45:U48)","v":474.2084883939965},485.00736626617686,496.04658891323447,507.33096323066684,518.86539225188187,475.9501674017605,486.90571494126493,498.10474064899302,509.55211408830939,521.25280221384571,{"$f":"SUM(AE45:AE48)","v":475.88847727539473},486.96462709954028,498.28666713760282,509.85951519386003,521.6881874286762,473.83572190695293,484.99265271089831,496.39708934835636,508.0539819359974,519.96837959282482]
[null,"Calculated tax",null,null,null,{"$f":"-F49*'Inputs - forecast'!F25","v":-76.078255075199067},{"$f":"-G49*'Inputs - forecast'!G25","v":-76.73880485509622},{"$f":"-H49*'Inputs - forecast'!H25","v":-76.654854581635078},{"$f":"-I49*'Inputs - forecast'!I25","v":-76.128681965053701},{"$f":"-J49*'Inputs - forecast'!J25","v":-77.193110231138036},{"$f":"-K49*'Inputs - forecast'!K25","v":-95.785467999267951},{"$f":"-L49*'Inputs - forecast'!L25","v":-95.58968666188315},{"$f":"-M49*'Inputs - forecast'!M25","v":-92.6057911105095},{"$f":"-N49*'Inputs - forecast'!N25","v":-91.275407748598838},{"$f":"-O49*'Inputs - forecast'!O25","v":-86.925267991164887},{"$f":"-P49*'Inputs - forecast'!P25","v":-124.09249346782067},{"$f":"-Q49*'Inputs - forecast'!Q25","v":-123.09841407320378},{"$f":"-R49*'Inputs - forecast'!R25","v":-122.72020640313627},{"$f":"-S49*'Inputs - forecast'!S25","v":-122.2535717263187},{"$f":"-T49*'Inputs - forecast'!T25","v":-121.38852765413573},{"$f":"-U49*'Inputs - forecast'!U25","v":-132.77837675031904},{"$f":"-V49*'Inputs - forecast'!V25","v":-135.80206255452953},{"$f":"-W49*'Inputs - forecast'!W25","v":-138.89304489570566},{"$f":"-X49*'Inputs - forecast'!X25","v":-142.05266970458672},{"$f":"-Y49*'Inputs - forecast'!Y25","v":-145.28230983052694},{"$f":"-Z49*'Inputs - forecast'!Z25","v":-133.26604687249295},{"$f":"-AA49*'Inputs - forecast'!AA25","v":-136.33360018355418},{"$f":"-AB49*'Inputs - forecast'!AB25","v":-139.46932738171805},{"$f":"-AC49*'Inputs - forecast'!AC25","v":-142.67459194472664},{"$f":"-AD49*'Inputs - forecast'!AD25","v":-145.9507846198768},{"$f":"-AE49*'Inputs - forecast'!AE25","v":-133.24877363711053},{"$f":"-AF49*'Inputs - forecast'!AF25","v":-136.35009558787129},{"$f":"-AG49*'Inputs - forecast'!AG25","v":-139.52026679852881},{"$f":"-AH49*'Inputs - forecast'!AH25","v":-142.76066425428081},{"$f":"-AI49*'Inputs - forecast'!AI25","v":-146.07269248002936},{"$f":"-AJ49*'Inputs - forecast'!AJ25","v":-132.67400213394683},{"$f":"-AK49*'Inputs - forecast'!AK25","v":-135.79794275905155},{"$f":"-AL49*'Inputs - forecast'!AL25","v":-138.99118501753981},{"$f":"-AM49*'Inputs - forecast'!AM25","v":-142.25511494207927},{"$f":"-AN49*'Inputs - forecast'!AN25","v":-145.59114628599096}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F50>0,F50+E51,0)","v":0},{"$f":"IF(G50>0,G50+F51,0)","v":0},{"$f":"IF(H50>0,H50+G51,0)","v":0},{"$f":"IF(I50>0,I50+H51,0)","v":0},{"$f":"IF(J50>0,J50+I51,0)","v":0},0,0,0,0,0,0,0,0,0,0,{"$f":"IF(U50>0,U50+T51,0)","v":0},{"$f":"IF(V50>0,V50+U51,0)","v":0},{"$f":"IF(W50>0,W50+V51,0)","v":0},{"$f":"IF(X50>0,X50+W51,0)","v":0},{"$f":"IF(Y50>0,Y50+X51,0)","v":0},{"$f":"IF(Z50>0,Z50+Y51,0)","v":0},{"$f":"IF(AA50>0,AA50+Z51,0)","v":0},{"$f":"IF(AB50>0,AB50+AA51,0)","v":0},{"$f":"IF(AC50>0,AC50+AB51,0)","v":0},{"$f":"IF(AD50>0,AD50+AC51,0)","v":0},{"$f":"IF(AE50>0,AE50+AD51,0)","v":0},{"$f":"IF(AF50>0,AF50+AE51,0)","v":0},{"$f":"IF(AG50>0,AG50+AF51,0)","v":0},{"$f":"IF(AH50>0,AH50+AG51,0)","v":0},{"$f":"IF(AI50>0,AI50+AH51,0)","v":0},{"$f":"IF(AJ50>0,AJ50+AI51,0)","v":0},{"$f":"IF(AK50>0,AK50+AJ51,0)","v":0},{"$f":"IF(AL50>0,AL50+AK51,0)","v":0},{"$f":"IF(AM50>0,AM50+AL51,0)","v":0},{"$f":"IF(AN50>0,AN50+AM51,0)","v":0}]
[null,"Tax",null,null,null,{"$f":"IF(F51>0,0,F50+E51)","v":-76.078255075199067},-76.73880485509622,-76.654854581635078,-76.128681965053701,-77.193110231138036,-95.785467999267951,-95.58968666188315,-92.6057911105095,-91.275407748598838,-86.925267991164887,-124.09249346782067,-123.09841407320378,-122.72020640313627,-122.2535717263187,-121.38852765413573,{"$f":"IF(U51>0,0,U50+T51)","v":-132.77837675031904},{"$f":"IF(V51>0,0,V50+U51)","v":-135.80206255452953},{"$f":"IF(W51>0,0,W50+V51)","v":-138.89304489570566},{"$f":"IF(X51>0,0,X50+W51)","v":-142.05266970458672},{"$f":"IF(Y51>0,0,Y50+X51)","v":-145.28230983052694},{"$f":"IF(Z51>0,0,Z50+Y51)","v":-133.26604687249295},{"$f":"IF(AA51>0,0,AA50+Z51)","v":-136.33360018355418},{"$f":"IF(AB51>0,0,AB50+AA51)","v":-139.46932738171805},{"$f":"IF(AC51>0,0,AC50+AB51)","v":-142.67459194472664},{"$f":"IF(AD51>0,0,AD50+AC51)","v":-145.9507846198768},{"$f":"IF(AE51>0,0,AE50+AD51)","v":-133.24877363711053},{"$f":"IF(AF51>0,0,AF50+AE51)","v":-136.35009558787129},{"$f":"IF(AG51>0,0,AG50+AF51)","v":-139.52026679852881},{"$f":"IF(AH51>0,0,AH50+AG51)","v":-142.76066425428081},{"$f":"IF(AI51>0,0,AI50+AH51)","v":-146.07269248002936},{"$f":"IF(AJ51>0,0,AJ50+AI51)","v":-132.67400213394683},{"$f":"IF(AK51>0,0,AK50+AJ51)","v":-135.79794275905155},{"$f":"IF(AL51>0,0,AL50+AK51)","v":-138.99118501753981},{"$f":"IF(AM51>0,0,AM50+AL51)","v":-142.25511494207927},{"$f":"IF(AN51>0,0,AN50+AM51)","v":-145.59114628599096}]
[]
["Goal seek to get PV of revenue = PV of expenditure for each regulatory period:"]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,{"$f":"F6/'Inputs - forecast'!F$32","v":821.45705587225848},{"$f":"G6/'Inputs - forecast'!G$32","v":793.9182124651702},{"$f":"H6/'Inputs - forecast'!H$32","v":767.30259187390493},{"$f":"I6/'Inputs - forecast'!I$32","v":741.57924362043946},{"$f":"J6/'Inputs - forecast'!J$32","v":716.71825482252234},{"$f":"SUM(F57:J57)","v":3840.9753586542952}]
[null,"Present value of cost",null,null,null,{"$f":"SUM(F7:F12)/'Inputs - forecast'!F$32","v":-814.45120797012885},{"$f":"SUM(G7:G12)/'Inputs - forecast'!G$32","v":-788.7872762012812},{"$f":"SUM(H7:H12)/'Inputs - forecast'!H$32","v":-766.55611854116466},{"$f":"SUM(I7:I12)/'Inputs - forecast'!I$32","v":-746.99877991073663},{"$f":"SUM(J7:J12)/'Inputs - forecast'!J$32","v":-724.18197603098361},{"$f":"SUM(F58:J58)","v":-3840.9753586542952}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K57:K58)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,866.95016908352]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,{"$f":"K6/'Inputs - forecast'!K$32","v":774.05770176203362},{"$f":"L6/'Inputs - forecast'!L$32","v":748.10789259734111},{"$f":"M6/'Inputs - forecast'!M$32","v":723.02803485119409},{"$f":"N6/'Inputs - forecast'!N$32","v":698.78896393645323},{"$f":"O6/'Inputs - forecast'!O$32","v":675.3624929908558},{"$f":"SUM(K64:O64)","v":3619.3450861378778}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,{"$f":"SUM(K7:K12)/'Inputs - forecast'!K$32","v":-751.60976062518193},{"$f":"SUM(L7:L12)/'Inputs - forecast'!L$32","v":-734.12282711971545},{"$f":"SUM(M7:M12)/'Inputs - forecast'!M$32","v":-723.74252200891647},{"$f":"SUM(N7:N12)/'Inputs - forecast'!N$32","v":-708.50952224431808},{"$f":"SUM(O7:O12)/'Inputs - forecast'!O$32","v":-701.36045413974739},{"$f":"SUM(K65:O65)","v":-3619.3450861378788}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P64:P65)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,1069.6186434504586]
[]
["Reg Period 3"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"P6/'Inputs - forecast'!P$32","v":732.51290955904085},{"$f":"Q6/'Inputs - forecast'!Q$32","v":707.95586404362189},{"$f":"R6/'Inputs - forecast'!R$32","v":684.22207840059127},{"$f":"S6/'Inputs - forecast'!S$32","v":661.28395334822517},{"$f":"T6/'Inputs - forecast'!T$32","v":639.11481485377294},{"$f":"SUM(P71:T71)","v":3425.0896202052518}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(P7:P12)/'Inputs - forecast'!P$32","v":-716.75260933925642},{"$f":"SUM(Q7:Q12)/'Inputs - forecast'!Q$32","v":-702.14248571797498},{"$f":"SUM(R7:R12)/'Inputs - forecast'!R$32","v":-685.63750663423275},{"$f":"SUM(S7:S12)/'Inputs - forecast'!S$32","v":-668.16772186881292},{"$f":"SUM(T7:T12)/'Inputs - forecast'!T$32","v":-652.38929664497471},{"$f":"SUM(P72:T72)","v":-3425.0896202052518}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(U71:U72)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1325.3093669070875]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0]
["Reg Period 4"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"U6/'Inputs - forecast'!U$32","v":633.04745239113947},{"$f":"V6/'Inputs - forecast'!V$32","v":611.82492525349835},{"$f":"W6/'Inputs - forecast'!W$32","v":591.31387030709141},{"$f":"X6/'Inputs - forecast'!X$32","v":571.49043588356551},{"$f":"Y6/'Inputs - forecast'!Y$32","v":552.33156992710394},{"$f":"SUM(U78:Y78)","v":2960.0082537623985}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(U7:U12)/'Inputs - forecast'!U$32","v":-639.04165077029734},{"$f":"SUM(V7:V12)/'Inputs - forecast'!V$32","v":-614.58999657496565},{"$f":"SUM(W7:W12)/'Inputs - forecast'!W$32","v":-591.08845007640969},{"$f":"SUM(X7:X12)/'Inputs - forecast'!X$32","v":-568.49981446569814},{"$f":"SUM(Y7:Y12)/'Inputs - forecast'!Y$32","v":-546.7883418750273},{"$f":"SUM(U79:Y79)","v":-2960.0082537623975}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(Z78:Z79)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1499.6316802026131]
[]
["Reg Period 5"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Z6/'Inputs - forecast'!Z$32","v":516.17777775139302},{"$f":"AA6/'Inputs - forecast'!AA$32","v":498.87323469573641},{"$f":"AB6/'Inputs - forecast'!AB$32","v":482.1488158206858},{"$f":"AC6/'Inputs - forecast'!AC$32","v":465.98507281929426},{"$f":"AD6/'Inputs - forecast'!AD$32","v":450.36320937716346},{"$f":"SUM(Z85:AD85)","v":2413.5481104642731}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(Z7:Z12)/'Inputs - forecast'!Z$32","v":-520.98125800513139},{"$f":"SUM(AA7:AA12)/'Inputs - forecast'!AA$32","v":-501.08794784189217},{"$f":"SUM(AB7:AB12)/'Inputs - forecast'!AB$32","v":-481.96715980873881},{"$f":"SUM(AC7:AC12)/'Inputs - forecast'!AC$32","v":-463.58859675235601},{"$f":"SUM(AD7:AD12)/'Inputs - forecast'!AD$32","v":-445.92314805615456},{"$f":"SUM(Z86:AD86)","v":-2413.5481104642731}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(AE85:AE86)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1601.0098403130723]
[]
["Reg Period 6"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AE6/'Inputs - forecast'!AE$32","v":421.14973560925813},{"$f":"AF6/'Inputs - forecast'!AF$32","v":407.0309493173018},{"$f":"AG6/'Inputs - forecast'!AG$32","v":393.38548666656681},{"$f":"AH6/'Inputs - forecast'!AH$32","v":380.19747977261125},{"$f":"AI6/'Inputs - forecast'!AI$32","v":367.45159271207598},{"$f":"SUM(AE92:AI92)","v":1969.2152440778141}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(AE7:AE12)/'Inputs - forecast'!AE$32","v":-424.99055340750476},{"$f":"SUM(AF7:AF12)/'Inputs - forecast'!AF$32","v":-408.80101953819769},{"$f":"SUM(AG7:AG12)/'Inputs - forecast'!AG$32","v":-393.2394978180584},{"$f":"SUM(AH7:AH12)/'Inputs - forecast'!AH$32","v":-378.28133315239472},{"$f":"SUM(AI7:AI12)/'Inputs - forecast'!AI$32","v":-363.9028401616585},{"$f":"SUM(AE93:AI93)","v":-1969.2152440778143}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(AJ92:AJ93)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1710.320836380029]
[]
["Reg Period 7"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
[null,"Present value of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AJ6/'Inputs - forecast'!AJ$32","v":343.85987702706353},{"$f":"AK6/'Inputs - forecast'!AK$32","v":332.33218578655936},{"$f":"AL6/'Inputs - forecast'!AL$32","v":321.19095331666068},{"$f":"AM6/'Inputs - forecast'!AM$32","v":310.42322382437612},{"$f":"AN6/'Inputs - forecast'!AN$32","v":300.01647585171958},{"$f":"SUM(AJ99:AN99)","v":1607.8227158063794}]
[null,"Present value of cost",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(AJ7:AJ12)/'Inputs - forecast'!AJ$32","v":-346.92479009831106},{"$f":"SUM(AK7:AK12)/'Inputs - forecast'!AK$32","v":-333.74409539529671},{"$f":"SUM(AL7:AL12)/'Inputs - forecast'!AL$32","v":-321.07391779516814},{"$f":"SUM(AM7:AM12)/'Inputs - forecast'!AM$32","v":-308.89420732165746},{"$f":"SUM(AN7:AN12)/'Inputs - forecast'!AN$32","v":-297.1857051959459},{"$f":"SUM(AJ100:AN100)","v":-1607.8227158063794}]
[null,"Difference",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(AO99:AO100)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1828.3903243414888]
[]
["Actual"]
["Actual return (cashflows)"]
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[]
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[]
["Actual return (building blocks) "]
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["Actual Asset Base"]
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["Profit and loss"]
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[]
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[]
["Tax adjustment",null,null,null,"NPV"]
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[]
["Cash"]
[null,"Net cash from operating activities",null,null,null,{"$f":"F138+F140+F145+F141","v":446.09612000832101},{"$f":"G138+G140+G145+G141","v":444.15634519765899},434.97636932996619,439.8085467006191,449.9809646530345,533.21426271456141,546.15398880177941,556.85065661086639,568.40331171449145,580.60673073082705,693.04215084433019,706.63396978317803,720.77842708034655,736.40454642583347,751.83084123889125,791.46274642929893,809.7868656347224,828.49334252203369,847.58982424487067,867.08411089994377,847.59676762407787,867.12294374229373,887.05551868065368,907.4026204155598,928.17253948294353,908.10088851782348,928.91652354281132,950.16434656607828,971.85300134758972,993.99130452251109,973.4299525972682,995.63154539274205,1018.2930453419044,1041.4236505878293,1065.0327432364525]
[null,"Net cash from investing activities",null,null,null,{"$f":"-F133","v":-337.2},{"$f":"-G133","v":-399.16800000000006},-474.14160000000004,-468.63385920000002,-512.71328160000007,-546.36183514368008,-654.88409960762897,-607.71274867348541,-785.11232905230997,-934.26134112286979,-755.0594848555761,-722.90556710049566,-676.50913652708084,-753.41619662533594,-790.52575127259115,-461.71200877096027,-470.94624894637951,-480.36517392530709,-489.97247740381329,-499.77192695188955,-509.76736549092738,-519.96271280074598,-530.36196705676093,-540.96920639789619,-551.78859052585403,-562.82436233637111,-574.0808495830986,-585.56246657476061,-597.2737159062558,-609.21919022438101,-621.40357402886866,-633.83164550944593,-646.50827841963496,-659.43844398802764,-672.62721286778822]
[null,"Net cash from financing activities",null,null,null,{"$f":"F147+F166+F165","v":-101.38005084520282},{"$f":"G147+G166+G165","v":-44.464237678874838},17.771260638377896,5.1526938441554364,35.721450712046021,7.7708345242269843,106.44847024768748,46.22954658294276,182.18969464776757,233.90090904499925,59.80119747769831,9.7715447291006399,-45.972100471533224,10.054910992077907,34.217262929261892,-165.36977461268103,-169.80390324557811,-174.33465210002288,-178.96395358044612,-183.69377873936762,-202.52398445262014,-207.86419960580994,-213.32074424073116,-218.89594494701831,-224.5921748460988,-222.51256212654874,-228.36580059052281,-234.34642276733265,-240.45697633123569,-246.70005990997308,-241.8368097770005,-248.19772260017908,-254.69696638826662,-261.33730776056143,-268.12156866874767]
[null,"Net cash surplus",null,null,null,{"$f":"SUM(F158:F160)","v":7.5160691631182033},{"$f":"SUM(G158:G160)","v":0.52410751878409201},-21.393970031655954,-23.672618655225477,-27.010866234919547,-5.3767379048916837,-2.2816405581620813,-4.6325454796762529,-34.519322690050956,-119.75370134704349,-2.2161365335475978,-6.5000525882169882,-1.7028099182675192,-6.9567392074245618,-4.477647104438006,{"$f":"SUM(U158:U160)","v":164.38096304565764},169.03671344276478,173.79351649670372,178.65339326061127,183.6184052086866,135.30541768053035,139.29603133573781,143.37280738316159,147.5374690706453,151.7917741109907,{"$f":"SUM(AE158:AE160)","v":122.76396405490362},126.46987336918991,130.25545722398502,134.12230911009823,138.072054388157,110.18956879139904,113.60217728311704,117.08780053400284,120.64789883924027,124.28396169991657]
[]
["Debt"]
[null,"Opening balance",null,null,null,{"$f":"F132*'Inputs - actual'!F$24","v":1981.9399999999998},{"$f":"F167","v":2017.5008082901554},{"$f":"G167","v":2075.2541340492025},2161.5660372341399,2241.7076792349408,2335.7694677357622,2438.7534953915224,2580.8956914953378,2696.3327530890142,2878.5224477367819,3112.423356781781,3265.9720738951723,3399.7512117842875,3508.3440632277225,3641.6043506310775,{"$f":"T167","v":3782.8769874837681},{"$f":"U167","v":3785.1292804975437},{"$f":"V167","v":3786.87676838173},{"$f":"W167","v":3788.1093550337346},{"$f":"X167","v":3788.816742428914},{"$f":"Y167","v":3788.9884265821324},{"$f":"Z167","v":3788.6136934285496},{"$f":"AA167","v":3787.6816146220303},{"$f":"AB167","v":3786.1810432495158},{"$f":"AC167","v":3784.1006094596855},{"$f":"AD167","v":3781.4287160041936},{"$f":"AE167","v":3778.1535336897268},{"$f":"AF167","v":3774.2629967391053},{"$f":"AG167","v":3769.7447980596066},{"$f":"AH167","v":3764.5863844166529},{"$f":"AI167","v":3758.7749515109749},{"$f":"AJ167","v":3752.2974389573187},{"$f":"AK167","v":3745.1405251627239},{"$f":"AL167","v":3737.2906221023718},{"$f":"AM167","v":3728.7338699909478}]
[null,"New debt financing",null,null,null,{"$f":"'Inputs - actual'!F$24*F133","v":138.25199999999998},{"$f":"'Inputs - actual'!G$24*G133","v":163.65888000000001},{"$f":"'Inputs - actual'!H$24*H133","v":194.398056},{"$f":"'Inputs - actual'!I$24*I133","v":192.13988227199999},{"$f":"'Inputs - actual'!J$24*J133","v":210.21244545600001},{"$f":"'Inputs - actual'!K$24*K133","v":224.00835240890882},{"$f":"'Inputs - actual'!L$24*L133","v":268.50248083912788},{"$f":"'Inputs - actual'!M$24*M133","v":249.16222695612899},{"$f":"'Inputs - actual'!N$24*N133","v":321.8960549114471},{"$f":"'Inputs - actual'!O$24*O133","v":383.04714986037658},{"$f":"'Inputs - actual'!P$24*P133","v":309.5743887907862},{"$f":"'Inputs - actual'!Q$24*Q133","v":296.3912825112032},{"$f":"'Inputs - actual'!R$24*R133","v":277.36874597610313},{"$f":"'Inputs - actual'!S$24*S133","v":308.9006406163877},{"$f":"'Inputs - actual'!T$24*T133","v":324.11555802176235},{"$f":"'Inputs - actual'!U$24*U133","v":189.3019235960937},{"$f":"'Inputs - actual'!V$24*V133","v":193.0879620680156},{"$f":"'Inputs - actual'!W$24*W133","v":196.94972130937589},{"$f":"'Inputs - actual'!X$24*X133","v":200.88871573556344},{"$f":"'Inputs - actual'!Y$24*Y133","v":204.9064900502747},{"$f":"'Inputs - actual'!Z$24*Z133","v":209.00461985128021},{"$f":"'Inputs - actual'!AA$24*AA133","v":213.18471224830583},{"$f":"'Inputs - actual'!AB$24*AB133","v":217.44840649327196},{"$f":"'Inputs - actual'!AC$24*AC133","v":221.79737462313742},{"$f":"'Inputs - actual'!AD$24*AD133","v":226.23332211560015},{"$f":"'Inputs - actual'!AE$24*AE133","v":230.75798855791214},{"$f":"'Inputs - actual'!AF$24*AF133","v":235.3731483290704},{"$f":"'Inputs - actual'!AG$24*AG133","v":240.08061129565183},{"$f":"'Inputs - actual'!AH$24*AH133","v":244.88222352156487},{"$f":"'Inputs - actual'!AI$24*AI133","v":249.77986799199621},{"$f":"'Inputs - actual'!AJ$24*AJ133","v":254.77546535183615},{"$f":"'Inputs - actual'!AK$24*AK133","v":259.8709746588728},{"$f":"'Inputs - actual'!AL$24*AL133","v":265.0683941520503},{"$f":"'Inputs - actual'!AM$24*AM133","v":270.3697620350913},{"$f":"'Inputs - actual'!AN$24*AN133","v":275.77715727579317}]
[null,"Repayments",null,null,null,{"$f":"F134*'Inputs - forecast'!F24","v":-102.69119170984455},{"$f":"G134*'Inputs - forecast'!G24","v":-105.90555424095304},{"$f":"H134*'Inputs - forecast'!H24","v":-108.08615281506259},{"$f":"I134*'Inputs - forecast'!I24","v":-111.99824027119892},{"$f":"J134*'Inputs - forecast'!J24","v":-116.15065695517823},{"$f":"K134*'Inputs - forecast'!K24","v":-121.02432475314829},{"$f":"L134*'Inputs - forecast'!L24","v":-126.36028473531205},{"$f":"M134*'Inputs - forecast'!M24","v":-133.72516536245277},{"$f":"N134*'Inputs - forecast'!N24","v":-139.70636026367953},{"$f":"O134*'Inputs - forecast'!O24","v":-149.14624081537733},{"$f":"P134*'Inputs - forecast'!P24","v":-156.0256716773948},{"$f":"Q134*'Inputs - forecast'!Q24","v":-162.61214462208821},{"$f":"R134*'Inputs - forecast'!R24","v":-168.7758945326683},{"$f":"S134*'Inputs - forecast'!S24","v":-175.64035321303248},{"$f":"T134*'Inputs - forecast'!T24","v":-182.84292116907164},{"$f":"U134*'Inputs - forecast'!U24","v":-187.04963058231817},{"$f":"V134*'Inputs - forecast'!V24","v":-191.34047418382963},{"$f":"W134*'Inputs - forecast'!W24","v":-195.7171346573713},{"$f":"X134*'Inputs - forecast'!X24","v":-200.18132834038383},{"$f":"Y134*'Inputs - forecast'!Y24","v":-204.73480589705659},{"$f":"Z134*'Inputs - forecast'!Z24","v":-209.37935300486282},{"$f":"AA134*'Inputs - forecast'!AA24","v":-214.11679105482514},{"$f":"AB134*'Inputs - forecast'!AB24","v":-218.94897786578676},{"$f":"AC134*'Inputs - forecast'!AC24","v":-223.87780841296762},{"$f":"AD134*'Inputs - forecast'!AD24","v":-228.90521557109207},{"$f":"AE134*'Inputs - forecast'!AE24","v":-234.03317087237903},{"$f":"AF134*'Inputs - forecast'!AF24","v":-239.26368527969169},{"$f":"AG134*'Inputs - forecast'!AG24","v":-244.5988099751506},{"$f":"AH134*'Inputs - forecast'!AH24","v":-250.0406371645187},{"$f":"AI134*'Inputs - forecast'!AI24","v":-255.59130089767416},{"$f":"AJ134*'Inputs - forecast'!AJ24","v":-261.25297790549274},{"$f":"AK134*'Inputs - forecast'!AK24","v":-267.02788845346771},{"$f":"AL134*'Inputs - forecast'!AL24","v":-272.91829721240214},{"$f":"AM134*'Inputs - forecast'!AM24","v":-278.92651414651527},{"$f":"AN134*'Inputs - forecast'!AN24","v":-285.0548954193107}]
[null,"Closing balance",null,null,null,{"$f":"SUM(F164:F166)","v":2017.5008082901554},{"$f":"SUM(G164:G166)","v":2075.2541340492025},{"$f":"SUM(H164:H166)","v":2161.5660372341399},2241.7076792349408,2335.7694677357622,2438.7534953915224,2580.8956914953378,2696.3327530890142,2878.5224477367819,3112.423356781781,3265.9720738951723,3399.7512117842875,3508.3440632277225,3641.6043506310775,3782.8769874837681,{"$f":"SUM(U164:U166)","v":3785.1292804975437},3786.87676838173,3788.1093550337346,3788.816742428914,3788.9884265821324,3788.6136934285496,3787.6816146220303,3786.1810432495158,3784.1006094596855,3781.4287160041936,{"$f":"SUM(AE164:AE166)","v":3778.1535336897268},3774.2629967391053,3769.7447980596066,3764.5863844166529,3758.7749515109749,3752.2974389573187,3745.1405251627239,3737.2906221023718,3728.7338699909478,3719.4561318474307]
[]
["Equity"]
[null,"Opening balance",null,null,null,{"$f":"F132*(1-'Inputs - actual'!F$24)","v":2852.0600000000004},{"$f":"F173","v":2903.2328704663214},{"$f":"G173","v":2986.3413148512914},3110.5462487027867,3225.8720262161346,3361.2292340587805,3509.4257616609725,3713.9718487371952,3880.0885959085826,4142.264010157809,4478.8531231737843,4699.8134721906163,4892.3249145188547,5048.5926763520902,5240.3574801764298,{"$f":"T173","v":5443.6522502815214},{"$f":"U173","v":5446.8933548623199},{"$f":"V173","v":5449.4080325493187},{"$f":"W173","v":5451.181754804642},{"$f":"X173","v":5452.1997025196561},{"$f":"Y173","v":5452.4467602035556},{"$f":"Z173","v":5451.9075100557166},{"$f":"AA173","v":5450.566225919506},{"$f":"AB173","v":5448.4068671151554},{"$f":"AC173","v":5445.4130721493029},{"$f":"AD173","v":5441.568152298717},{"$f":"AE173","v":5436.8550850657039},{"$f":"AF173","v":5431.2565075026141},{"$f":"AG173","v":5424.7547094028469},{"$f":"AH173","v":5417.3316263556699},{"$f":"AI173","v":5408.9688326621335},{"$f":"AJ173","v":5399.6475341093101},{"$f":"AK173","v":5389.3485606000149},{"$f":"AL173","v":5378.0523586351183},{"$f":"AM173","v":5365.7389836455086}]
[null,"Retained earnings",null,null,null,{"$f":"F148","v":58.68893962943929},{"$f":"G148","v":83.632551903754177},102.81096381983924,91.653158858122453,108.34634160772643,142.81978969730028,202.26444651806065,161.48420169171143,227.65609155917539,216.83541166893116,218.74421248328389,186.01138974002151,154.56495191496805,184.808064616916,198.81712300065351,{"$f":"U148","v":167.62206762645656},171.55139112976411,175.56723875202744,179.67134097562572,183.86546289258573,134.7661675326917,137.95474719952708,141.2134485788109,144.54367410479207,147.94685426040459,{"$f":"AE148","v":118.05089682189023},120.87129580610079,123.75365912421825,126.69922606292099,129.70926069462044,100.86827023857597,103.30320377382179,105.79159856910636,108.33452384963036,110.93307022509867]
[null,"Distribution of excess cashflows",null,null,null,{"$f":"-F161","v":-7.5160691631182033},{"$f":"-G161","v":-0.52410751878409201},21.393970031655954,23.672618655225477,27.010866234919547,5.3767379048916837,2.2816405581620813,4.6325454796762529,34.519322690050956,119.75370134704349,2.2161365335475978,6.5000525882169882,1.7028099182675192,6.9567392074245618,4.477647104438006,{"$f":"-U161","v":-164.38096304565764},-169.03671344276478,-173.79351649670372,-178.65339326061127,-183.6184052086866,-135.30541768053035,-139.29603133573781,-143.37280738316159,-147.5374690706453,-151.7917741109907,{"$f":"-AE161","v":-122.76396405490362},-126.46987336918991,-130.25545722398502,-134.12230911009823,-138.072054388157,-110.18956879139904,-113.60217728311704,-117.08780053400284,-120.64789883924027,-124.28396169991657]
[null,"Closing balance",null,null,null,{"$f":"SUM(F170:F172)","v":2903.2328704663214},{"$f":"SUM(G170:G172)","v":2986.3413148512914},3110.5462487027867,3225.8720262161346,3361.2292340587805,3509.4257616609725,3713.9718487371952,3880.0885959085826,4142.264010157809,4478.8531231737843,4699.8134721906163,4892.3249145188547,5048.5926763520902,5240.3574801764298,5443.6522502815214,{"$f":"SUM(U170:U172)","v":5446.8933548623199},5449.4080325493187,5451.181754804642,5452.1997025196561,5452.4467602035556,5451.9075100557166,5450.566225919506,5448.4068671151554,5445.4130721493029,5441.568152298717,{"$f":"SUM(AE170:AE172)","v":5436.8550850657039},5431.2565075026141,5424.7547094028469,5417.3316263556699,5408.9688326621335,5399.6475341093101,5389.3485606000149,5378.0523586351183,5365.7389836455086,5352.3880921706914]
[]
[]
["Financial indicators"]
[null,"Funds from operations (FFO) (net profit + depn)",null,null,null,{"$f":"F146-F139","v":446.0961200083209},444.15634519765899,434.97636932996608,439.80854670061916,449.9809646530345,533.21426271456141,546.15398880177941,556.85065661086628,568.40331171449134,580.60673073082717,693.04215084433019,706.63396978317792,720.77842708034655,736.40454642583359,751.83084123889125,791.46274642929893,809.78686563472252,828.49334252203369,847.58982424487056,867.08411089994365,847.59676762407764,867.12294374229373,887.05551868065356,907.4026204155598,928.17253948294342,908.10088851782348,928.91652354281132,950.16434656607805,971.85300134758995,993.99130452251109,973.42995259726808,995.63154539274183,1018.2930453419045,1041.4236505878296,1065.0327432364525]
[null,"Interest coverage ratio ((FFO - interest) / interest)",null,null,null,{"$f":"-(F177+F141)/F141","v":4.6129809789421046},4.4900687222607951,4.2269699540700394,4.0740037515089371,4.0057688360397705,4.6928194186455476,4.5847383695124933,4.3805157976475746,4.2570092326993985,4.0300010175539001,4.5528585521033964,4.395574229962274,4.2870116800869917,4.2344361960521706,4.1485271267218078,4.2175171600991206,4.3351377664899795,4.4558632672997938,4.5798028427202437,4.7070707372712919,4.5785539884639661,4.7076322131141604,4.8402705149464067,4.9766012285775938,5.1167632041255207,4.988717266701383,5.1313020713797473,5.2780128215522621,5.4290123052702226,5.5844718514017879,5.4582374510792162,5.6169372888549933,5.780477624032538,5.9490620958394365,6.1229057789792627]

{"sheet":"Transpower indexed (Y6-35)","index":8,"n_rows":178,"n_cols":42,"rows_kept":178,"cut":false,"hidden":false,"merged":[]}
["Calculation"]
["This model indexes the RAB from 2026. It also washes-up annual revenue from 2026 and washes up the RAB at each reset from 2031 for actual inflation. An adjustment is made to the revenue wash-up for the overcompensation for inflation due to the fixed cost of debt."]
[]
["Forecast",null,null,"Return over forecast period",{"$f":"'Inputs - forecast'!E2","v":"2020-06-30"},{"$f":"'Inputs - forecast'!F2","v":"2021-06-30"},{"$f":"'Inputs - forecast'!G2","v":"2022-06-30"},{"$f":"'Inputs - forecast'!H2","v":"2023-06-30"},{"$f":"'Inputs - forecast'!I2","v":"2024-06-30"},{"$f":"'Inputs - forecast'!J2","v":"2025-06-30"},{"$f":"'Inputs - forecast'!K2","v":"2026-06-30"},{"$f":"'Inputs - forecast'!L2","v":"2027-06-30"},{"$f":"'Inputs - forecast'!M2","v":"2028-06-30"},{"$f":"'Inputs - forecast'!N2","v":"2029-06-30"},{"$f":"'Inputs - forecast'!O2","v":"2030-06-30"},{"$f":"'Inputs - forecast'!P2","v":"2031-06-30"},{"$f":"'Inputs - forecast'!Q2","v":"2032-06-30"},{"$f":"'Inputs - forecast'!R2","v":"2033-06-30"},{"$f":"'Inputs - forecast'!S2","v":"2034-06-30"},{"$f":"'Inputs - forecast'!T2","v":"2035-06-30"},{"$f":"'Inputs - forecast'!U2","v":"2036-06-30"},{"$f":"'Inputs - forecast'!V2","v":"2037-06-30"},{"$f":"'Inputs - forecast'!W2","v":"2038-06-30"},{"$f":"'Inputs - forecast'!X2","v":"2039-06-30"},{"$f":"'Inputs - forecast'!Y2","v":"2040-06-30"},{"$f":"'Inputs - forecast'!Z2","v":"2041-06-30"},{"$f":"'Inputs - forecast'!AA2","v":"2042-06-30"},{"$f":"'Inputs - forecast'!AB2","v":"2043-06-30"},{"$f":"'Inputs - forecast'!AC2","v":"2044-06-30"},{"$f":"'Inputs - forecast'!AD2","v":"2045-06-30"},{"$f":"'Inputs - forecast'!AE2","v":"2046-06-30"},{"$f":"'Inputs - forecast'!AF2","v":"2047-06-30"},{"$f":"'Inputs - forecast'!AG2","v":"2048-06-30"},{"$f":"'Inputs - forecast'!AH2","v":"2049-06-30"},{"$f":"'Inputs - forecast'!AI2","v":"2050-06-30"},{"$f":"'Inputs - forecast'!AJ2","v":"2051-06-30"},{"$f":"'Inputs - forecast'!AK2","v":"2052-06-30"},{"$f":"'Inputs - forecast'!AL2","v":"2053-06-30"},{"$f":"'Inputs - forecast'!AM2","v":"2054-06-30"},{"$f":"'Inputs - forecast'!AN2","v":"2055-06-30"}]
["Building blocks"]
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[]
["Regulatory Asset Base",null,null,null,null,"TP depreciation rate used 2021-2030."]
[null,"Useful lives - existing assets",null,null,"Existing assets yrs.:",19.3,19.05,19.2,19.3,19.3,19.3,19.3,19.3,19.3,19.3]
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[null,"Closing RAB",null,null,{"$f":"-E22","v":4834},{"$f":"SUM(F31:F33)","v":4920.7336787564764},5039.4194489004931,5199.8722859369254,5348.4586826324212,5528.6640586970625,5893.4107118089323,6354.6977963239769,6753.6603686829858,7316.916704277005,8010.8192272386505,8522.6188447287786,8996.43596865584,9418.2994681207583,9908.764715526002,10428.581583609437,10619.720779691332,10813.451527671476,11009.801033947366,11208.796556551641,11410.465396334923,11614.834887775331,11821.932389403239,12031.78527382957,12244.420917365611,12459.866689221977,12678.149940274068,12899.297991380972,13123.338121244458,13350.297553794348,13580.203445086152,13813.082869696527,14048.962806601699,14287.870124523617,14529.831566728188,14774.873735259547]
[]
[null,"RAB washed up for actual inflation",null,null,null,null,null,null,null,{"$f":"J34","v":5528.6640586970625},null,null,null,null,{"$f":"O34/'Inputs - forecast'!O15*'Inputs - actual'!O15","v":8010.8192272386505},null,null,null,null,{"$f":"T34/'Inputs - forecast'!T15*'Inputs - actual'!T15","v":10428.581583609437},null,null,null,null,{"$f":"Y34/'Inputs - forecast'!Y15*'Inputs - actual'!Y15","v":11410.465396334923},null,null,null,null,{"$f":"AD34/'Inputs - forecast'!AD15*'Inputs - actual'!AD15","v":12459.866689221977},null,null,null,null,{"$f":"AI34/'Inputs - forecast'!AI15*'Inputs - actual'!AI15","v":13580.203445086152},null,null,null,null,{"$f":"AN34/'Inputs - forecast'!AN15*'Inputs - actual'!AN15","v":14774.873735259547}]
[]
["Tax asset base",null,null,null,null,{"$f":"F29","v":19.3},19.05,19.2,19.3,19.3,19.3,19.3,19.3,19.3,19.3,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,"Closing balance",null,null,{"$f":"E34","v":4834},{"$f":"SUM(F39:F41)","v":4920.7336787564764},5039.4194489004931,5199.8722859369254,5348.4586826324212,5528.6640586970625,5788.5666161880445,6143.524984386966,6432.9203763564637,6884.7207688099934,7462.2608265748322,7843.8199284089205,8177.1605443301387,8449.0711933106741,8781.1463202422347,9132.7637629038818,9145.3071962023223,9156.6193974773742,9166.6757420885679,9175.4511129026268,9182.9198904436089,9189.0559428460529,9193.8326156071889,9197.2227211341888,9199.1985280823701,9199.7317504801576,9198.7935366365418,9196.3544578266974,9192.384496751296,9186.8530357650307,9179.7288448696818,9170.9800694670685,9160.5742178670444,9148.4781485456606,9134.6580571484901,9119.0794632340203]
[]
["Regulatory tax"]
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[null,"Opex",null,null,null,{"$f":"F11","v":-265.3},-271.01400000000001,-282.88475999999997,-293.21177039999947,-297.66884400000009,-350.17164286848003,-354.52372309585928,-362.77321742174365,-370.02868177017854,-377.42925540558213,-385.93447696509446,-393.65316650439632,-401.52622983448424,-409.55675443117389,-417.74788951979735,-426.10284731019334,-434.6249042563972,-443.31740234152517,-452.18375038835569,-461.22742539612284,-470.4519739040453,-479.8610133821262,-489.45823364976877,-499.24739832276418,-509.23234628921949,-519.41699321500391,-529.80533307930398,-540.40143974089005,-551.20946853570786,-562.23365790642208,-573.47833106455062,-584.94789768584155,-596.64685563955845,-608.57979275234959,-620.75138860739662]
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[null,"Calculated tax",null,null,null,{"$f":"-F49*'Inputs - forecast'!F25","v":-76.078255075199067},{"$f":"-G49*'Inputs - forecast'!G25","v":-76.73880485509622},{"$f":"-H49*'Inputs - forecast'!H25","v":-76.654854581635078},{"$f":"-I49*'Inputs - forecast'!I25","v":-76.128681965053701},{"$f":"-J49*'Inputs - forecast'!J25","v":-77.193110231138036},{"$f":"-K49*'Inputs - forecast'!K25","v":-57.934862721005956},{"$f":"-L49*'Inputs - forecast'!L25","v":-56.476019940062073},{"$f":"-M49*'Inputs - forecast'!M25","v":-52.198403451192199},{"$f":"-N49*'Inputs - forecast'!N25","v":-49.549893774074157},{"$f":"-O49*'Inputs - forecast'!O25","v":-43.842266285476875},{"$f":"-P49*'Inputs - forecast'!P25","v":-80.399869760659826},{"$f":"-Q49*'Inputs - forecast'!Q25","v":-77.950513707789241},{"$f":"-R49*'Inputs - forecast'!R25","v":-76.057233309131334},{"$f":"-S49*'Inputs - forecast'!S25","v":-74.020189744464133},{"$f":"-T49*'Inputs - forecast'!T25","v":-71.522754582567984},{"$f":"-U49*'Inputs - forecast'!U25","v":-87.060835157772203},{"$f":"-V49*'Inputs - forecast'!V25","v":-88.468918533870479},{"$f":"-W49*'Inputs - forecast'!W25","v":-89.910944888525577},{"$f":"-X49*'Inputs - forecast'!X25","v":-91.387708707529413},{"$f":"-Y49*'Inputs - forecast'!Y25","v":-92.90002267891407},{"$f":"-Z49*'Inputs - forecast'!Z25","v":-94.022583718125844},{"$f":"-AA49*'Inputs - forecast'!AA25","v":-95.599988240234396},{"$f":"-AB49*'Inputs - forecast'!AB25","v":-97.215323887316103},{"$f":"-AC49*'Inputs - forecast'!AC25","v":-98.86947694256105},{"$f":"-AD49*'Inputs - forecast'!AD25","v":-100.56335396803695},{"$f":"-AE49*'Inputs - forecast'!AE25","v":-101.45792997804267},{"$f":"-AF49*'Inputs - forecast'!AF25","v":-103.21725899339158},{"$f":"-AG49*'Inputs - forecast'!AG25","v":-105.01882197493916},{"$f":"-AH49*'Inputs - forecast'!AH25","v":-106.86360454972746},{"$f":"-AI49*'Inputs - forecast'!AI25","v":-108.75261487629342},{"$f":"-AJ49*'Inputs - forecast'!AJ25","v":-109.39004347100322},{"$f":"-AK49*'Inputs - forecast'!AK25","v":-111.34468963541545},{"$f":"-AL49*'Inputs - forecast'!AL25","v":-113.34620960659186},{"$f":"-AM49*'Inputs - forecast'!AM25","v":-115.3956964783372},{"$f":"-AN49*'Inputs - forecast'!AN25","v":-117.49426831868571}]
[null,"Deferred tax",null,null,null,{"$f":"IF(F50>0,F50+E51,0)","v":0},{"$f":"IF(G50>0,G50+F51,0)","v":0},{"$f":"IF(H50>0,H50+G51,0)","v":0},{"$f":"IF(I50>0,I50+H51,0)","v":0},{"$f":"IF(J50>0,J50+I51,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Tax",null,null,null,{"$f":"IF(F51>0,0,F50+E51)","v":-76.078255075199067},-76.73880485509622,-76.654854581635078,-76.128681965053701,-77.193110231138036,-57.934862721005956,-56.476019940062073,-52.198403451192199,-49.549893774074157,-43.842266285476875,-80.399869760659826,-77.950513707789241,-76.057233309131334,-74.020189744464133,-71.522754582567984,-87.060835157772203,-88.468918533870479,-89.910944888525577,-91.387708707529413,-92.90002267891407,-94.022583718125844,-95.599988240234396,-97.215323887316103,-98.86947694256105,-100.56335396803695,-101.45792997804267,-103.21725899339158,-105.01882197493916,-106.86360454972746,-108.75261487629342,-109.39004347100322,-111.34468963541545,-113.34620960659186,-115.3956964783372,-117.49426831868571]
[]
["Goal seek to get PV of revenue = PV of expenditure for each regulatory period:"]
["Reg Period 1"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,"Sum"]
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[null,"Present value of cost",null,null,null,{"$f":"SUM(F7:F12)/'Inputs - forecast'!F$32","v":-814.45120797012885},{"$f":"SUM(G7:G12)/'Inputs - forecast'!G$32","v":-788.7872762012812},{"$f":"SUM(H7:H12)/'Inputs - forecast'!H$32","v":-766.55611854116466},{"$f":"SUM(I7:I12)/'Inputs - forecast'!I$32","v":-746.99877991073663},{"$f":"SUM(J7:J12)/'Inputs - forecast'!J$32","v":-724.18197603098361},{"$f":"SUM(F58:J58)","v":-3840.9753586542952}]
[null,"Difference",null,null,null,null,null,null,null,null,{"$f":"SUM(K57:K58)","v":0}]
[null,"Revenue",null,null,null,null,null,null,null,null,866.95016908352]
[]
["Reg Period 2"]
["Calculation of revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sum"]
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["Reg Period 3"]
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["Reg Period 4"]
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["Reg Period 5"]
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["Reg Period 6"]
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["Reg Period 7"]
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["Actual"]
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["Actual return (building blocks) "]
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["Actual Asset Base"]
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["Profit and loss"]
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[]
["Cash"]
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[null,"Net cash from investing activities",null,null,null,{"$f":"-F133","v":-337.2},-399.16800000000006,-474.14160000000004,-468.63385920000002,-512.71328160000007,-546.36183514368008,-654.88409960762897,-607.71274867348541,-785.11232905230997,-934.26134112286979,-755.0594848555761,-722.90556710049566,-676.50913652708084,-753.41619662533594,-790.52575127259115,-461.71200877096027,-470.94624894637951,-480.36517392530709,-489.97247740381329,-499.77192695188955,-509.76736549092738,-519.96271280074598,-530.36196705676093,-540.96920639789619,-551.78859052585403,-562.82436233637111,-574.0808495830986,-585.56246657476061,-597.2737159062558,-609.21919022438101,-621.40357402886866,-633.83164550944593,-646.50827841963496,-659.43844398802764,-672.62721286778822]
[null,"Net cash from financing activities",null,null,null,{"$f":"F147+F166+F165","v":-101.38005084520282},-44.464237678874838,17.771260638377896,5.1526938441554364,35.721450712046021,102.98402765576053,142.14219610381582,115.43706159367622,182.18969464776757,233.90090904499925,153.5487171133914,113.38139677622996,58.350976287603146,123.37589791548262,141.27263685269071,-80.170250972060586,-82.727324486911812,-85.34109582628281,-88.012698946663932,-90.743290483675509,-119.65789957488613,-123.1558219119531,-126.73084657976219,-144.64052471771677,-148.72356954383216,-181.52449265560762,-186.49234386619517,-191.5690772796622,-196.75687054006613,-202.05794484434577,-222.05674368541804,-244.93673332171829,-251.37075732423654,-257.94457451525079,-264.66098075853091]
[null,"Net cash surplus",null,null,null,{"$f":"SUM(F158:F160)","v":7.5160691631182033},0.52410751878409201,-21.393970031655954,-23.672618655225477,-27.010866234919547,-6.1847592043840365,-64.529553421680021,-35.325501962982116,-136.41780361397105,-223.69015188944172,-12.43094216372296,-8.9317723122733241,-5.5421363657404186,-3.9614035547614037,-9.9544374771657544,149.82933425003981,154.36711671646793,159.00597377578146,163.74792691983782,168.59503807033187,146.32978688498713,150.72585904285202,155.21858405765298,145.55388589373976,149.8965959389262,123.5459407937737,127.33311550680489,131.20238383320864,135.15538764525235,139.19380165264832,125.40242300838679,112.20461044949093,115.66228236370449,119.19387030553617,122.80085259553806]
[]
["Debt"]
[null,"Opening balance",null,null,null,{"$f":"F132*'Inputs - actual'!F$24","v":1981.9399999999998},{"$f":"F167","v":2017.5008082901554},2075.2541340492025,2161.5660372341399,2241.7076792349408,2335.7694677357622,2438.7534953915224,2580.8956914953378,2696.3327530890142,2878.5224477367819,3112.423356781781,3265.9720738951723,3399.7512117842875,3508.3440632277225,3641.6043506310775,3782.8769874837681,3785.1292804975437,3786.87676838173,3788.1093550337346,3788.816742428914,3788.9884265821324,3788.6136934285496,3787.6816146220303,3786.1810432495158,3784.1006094596855,3781.4287160041936,3778.1535336897268,3774.2629967391053,3769.7447980596066,3764.5863844166529,3758.7749515109749,3752.2974389573187,3745.1405251627239,3737.2906221023718,3728.7338699909478]
[null,"New debt financing",null,null,null,{"$f":"'Inputs - actual'!F$24*F133","v":138.25199999999998},{"$f":"'Inputs - actual'!G$24*G133","v":163.65888000000001},{"$f":"'Inputs - actual'!H$24*H133","v":194.398056},{"$f":"'Inputs - actual'!I$24*I133","v":192.13988227199999},{"$f":"'Inputs - actual'!J$24*J133","v":210.21244545600001},{"$f":"'Inputs - actual'!K$24*K133","v":224.00835240890882},{"$f":"'Inputs - actual'!L$24*L133","v":268.50248083912788},{"$f":"'Inputs - actual'!M$24*M133","v":249.16222695612899},{"$f":"'Inputs - actual'!N$24*N133","v":321.8960549114471},{"$f":"'Inputs - actual'!O$24*O133","v":383.04714986037658},{"$f":"'Inputs - actual'!P$24*P133","v":309.5743887907862},{"$f":"'Inputs - actual'!Q$24*Q133","v":296.3912825112032},{"$f":"'Inputs - actual'!R$24*R133","v":277.36874597610313},{"$f":"'Inputs - actual'!S$24*S133","v":308.9006406163877},{"$f":"'Inputs - actual'!T$24*T133","v":324.11555802176235},{"$f":"'Inputs - actual'!U$24*U133","v":189.3019235960937},{"$f":"'Inputs - actual'!V$24*V133","v":193.0879620680156},{"$f":"'Inputs - actual'!W$24*W133","v":196.94972130937589},{"$f":"'Inputs - actual'!X$24*X133","v":200.88871573556344},{"$f":"'Inputs - actual'!Y$24*Y133","v":204.9064900502747},{"$f":"'Inputs - actual'!Z$24*Z133","v":209.00461985128021},{"$f":"'Inputs - actual'!AA$24*AA133","v":213.18471224830583},{"$f":"'Inputs - actual'!AB$24*AB133","v":217.44840649327196},{"$f":"'Inputs - actual'!AC$24*AC133","v":221.79737462313742},{"$f":"'Inputs - actual'!AD$24*AD133","v":226.23332211560015},{"$f":"'Inputs - actual'!AE$24*AE133","v":230.75798855791214},{"$f":"'Inputs - actual'!AF$24*AF133","v":235.3731483290704},{"$f":"'Inputs - actual'!AG$24*AG133","v":240.08061129565183},{"$f":"'Inputs - actual'!AH$24*AH133","v":244.88222352156487},{"$f":"'Inputs - actual'!AI$24*AI133","v":249.77986799199621},{"$f":"'Inputs - actual'!AJ$24*AJ133","v":254.77546535183615},{"$f":"'Inputs - actual'!AK$24*AK133","v":259.8709746588728},{"$f":"'Inputs - actual'!AL$24*AL133","v":265.0683941520503},{"$f":"'Inputs - actual'!AM$24*AM133","v":270.3697620350913},{"$f":"'Inputs - actual'!AN$24*AN133","v":275.77715727579317}]
[null,"Repayments",null,null,null,{"$f":"F134*'Inputs - forecast'!F24","v":-102.69119170984455},{"$f":"G134*'Inputs - forecast'!G24","v":-105.90555424095304},{"$f":"H134*'Inputs - forecast'!H24","v":-108.08615281506259},{"$f":"I134*'Inputs - forecast'!I24","v":-111.99824027119892},{"$f":"J134*'Inputs - forecast'!J24","v":-116.15065695517823},{"$f":"K134*'Inputs - forecast'!K24","v":-121.02432475314829},{"$f":"L134*'Inputs - forecast'!L24","v":-126.36028473531205},{"$f":"M134*'Inputs - forecast'!M24","v":-133.72516536245277},{"$f":"N134*'Inputs - forecast'!N24","v":-139.70636026367953},{"$f":"O134*'Inputs - forecast'!O24","v":-149.14624081537733},{"$f":"P134*'Inputs - forecast'!P24","v":-156.0256716773948},{"$f":"Q134*'Inputs - forecast'!Q24","v":-162.61214462208821},{"$f":"R134*'Inputs - forecast'!R24","v":-168.7758945326683},{"$f":"S134*'Inputs - forecast'!S24","v":-175.64035321303248},{"$f":"T134*'Inputs - forecast'!T24","v":-182.84292116907164},{"$f":"U134*'Inputs - forecast'!U24","v":-187.04963058231817},{"$f":"V134*'Inputs - forecast'!V24","v":-191.34047418382963},{"$f":"W134*'Inputs - forecast'!W24","v":-195.7171346573713},{"$f":"X134*'Inputs - forecast'!X24","v":-200.18132834038383},{"$f":"Y134*'Inputs - forecast'!Y24","v":-204.73480589705659},{"$f":"Z134*'Inputs - forecast'!Z24","v":-209.37935300486282},{"$f":"AA134*'Inputs - forecast'!AA24","v":-214.11679105482514},{"$f":"AB134*'Inputs - forecast'!AB24","v":-218.94897786578676},{"$f":"AC134*'Inputs - forecast'!AC24","v":-223.87780841296762},{"$f":"AD134*'Inputs - forecast'!AD24","v":-228.90521557109207},{"$f":"AE134*'Inputs - forecast'!AE24","v":-234.03317087237903},{"$f":"AF134*'Inputs - forecast'!AF24","v":-239.26368527969169},{"$f":"AG134*'Inputs - forecast'!AG24","v":-244.5988099751506},{"$f":"AH134*'Inputs - forecast'!AH24","v":-250.0406371645187},{"$f":"AI134*'Inputs - forecast'!AI24","v":-255.59130089767416},{"$f":"AJ134*'Inputs - forecast'!AJ24","v":-261.25297790549274},{"$f":"AK134*'Inputs - forecast'!AK24","v":-267.02788845346771},{"$f":"AL134*'Inputs - forecast'!AL24","v":-272.91829721240214},{"$f":"AM134*'Inputs - forecast'!AM24","v":-278.92651414651527},{"$f":"AN134*'Inputs - forecast'!AN24","v":-285.0548954193107}]
[null,"Closing balance",null,null,null,{"$f":"SUM(F164:F166)","v":2017.5008082901554},2075.2541340492025,2161.5660372341399,2241.7076792349408,2335.7694677357622,2438.7534953915224,2580.8956914953378,2696.3327530890142,2878.5224477367819,3112.423356781781,3265.9720738951723,3399.7512117842875,3508.3440632277225,3641.6043506310775,3782.8769874837681,3785.1292804975437,3786.87676838173,3788.1093550337346,3788.816742428914,3788.9884265821324,3788.6136934285496,3787.6816146220303,3786.1810432495158,3784.1006094596855,3781.4287160041936,3778.1535336897268,3774.2629967391053,3769.7447980596066,3764.5863844166529,3758.7749515109749,3752.2974389573187,3745.1405251627239,3737.2906221023718,3728.7338699909478,3719.4561318474307]
[]
["Equity"]
[null,"Opening balance",null,null,null,{"$f":"F132*(1-'Inputs - actual'!F$24)","v":2852.0600000000004},{"$f":"F173","v":2903.2328704663214},2986.3413148512914,3110.5462487027867,3225.8720262161346,3361.2292340587805,3509.4257616609725,3713.9718487371956,3880.0885959085836,4142.2640101578099,4478.8531231737843,4699.8134721906154,4892.3249145188538,5048.5926763520893,5240.3574801764298,5443.6522502815214,5446.8933548623199,5449.4080325493196,5451.1817548046438,5452.1997025196588,5452.4467602035584,5451.9075100557202,5450.5662259195096,5448.406867115159,5445.4130721493057,5441.5681522987197,5436.8550850657066,5431.2565075026178,5424.7547094028514,5417.3316263556735,5408.9688326621372,5399.6475341093137,5389.3485606000186,5378.0523586351219,5365.7389836455113]
[null,"Retained earnings",null,null,null,{"$f":"F148","v":58.68893962943929},83.632551903754177,102.81096381983924,91.653158858122453,108.34634160772643,142.01176839780788,140.01653365454266,130.79124520840563,125.75761063525539,112.89896112653283,208.52940685310864,183.57967001596521,150.72562546749504,187.8034002695791,193.34033262792573,153.07043883083855,156.88179440346732,160.77969603110512,164.76587463485231,168.84209575423102,145.79053673714878,149.38457490664132,153.05922525330232,142.56009092788656,146.05167608834023,118.83287356076048,121.73453794371594,124.70058573344232,127.7323045980749,130.83100795911187,116.08112445556381,101.90563694019576,104.36608039880775,106.8804953159258,109.44996112072008]
[null,"Distribution of excess cashflows",null,null,null,{"$f":"-F161","v":-7.5160691631182033},-0.52410751878409201,21.393970031655954,23.672618655225477,27.010866234919547,6.1847592043840365,64.529553421680021,35.325501962982116,136.41780361397105,223.69015188944172,12.43094216372296,8.9317723122733241,5.5421363657404186,3.9614035547614037,9.9544374771657544,-149.82933425003981,-154.36711671646793,-159.00597377578146,-163.74792691983782,-168.59503807033187,-146.32978688498713,-150.72585904285202,-155.21858405765298,-145.55388589373976,-149.8965959389262,-123.5459407937737,-127.33311550680489,-131.20238383320864,-135.15538764525235,-139.19380165264832,-125.40242300838679,-112.20461044949093,-115.66228236370449,-119.19387030553617,-122.80085259553806]
[null,"Closing balance",null,null,null,{"$f":"SUM(F170:F172)","v":2903.2328704663214},2986.3413148512914,3110.5462487027867,3225.8720262161346,3361.2292340587805,3509.4257616609725,3713.9718487371956,3880.0885959085836,4142.2640101578099,4478.8531231737843,4699.8134721906154,4892.3249145188538,5048.5926763520893,5240.3574801764298,5443.6522502815214,5446.8933548623199,5449.4080325493196,5451.1817548046438,5452.1997025196588,5452.4467602035584,5451.9075100557202,5450.5662259195096,5448.406867115159,5445.4130721493057,5441.5681522987197,5436.8550850657066,5431.2565075026178,5424.7547094028514,5417.3316263556735,5408.9688326621372,5399.6475341093137,5389.3485606000186,5378.0523586351219,5365.7389836455113,5352.3880921706932]
[]
[]
["Financial indicators"]
[null,"Funds from operations (FFO) (net profit + depn)",null,null,null,{"$f":"F146-F139","v":446.0961200083209},444.15634519765899,434.97636932996608,439.80854670061916,449.9809646530345,437.19304828353546,448.21235008213307,456.95018511682702,466.5048307905713,476.67028018842876,589.07982557846185,600.59239801199226,612.61602387373728,626.07889515509191,639.29867694273469,691.71159399306055,708.04069014975926,724.71224352737136,741.73310327031504,759.11025550589693,775.75505195080063,793.84439375555121,812.31139769417598,831.16361700935272,850.40875600861239,867.89479578575254,887.90630895609888,908.33392768763167,929.18597409157428,950.47093672137521,968.86274072267338,990.97298928065516,1013.5413181075758,1036.5768888088144,1060.0890462218572]
[null,"Interest coverage ratio ((FFO - interest) / interest)",null,null,null,{"$f":"-(F177+F141)/F141","v":4.6129809789421046},4.4900687222607951,4.2269699540700394,4.0740037515089371,4.0057688360397705,3.6676566044852419,3.5832288338400198,3.4152371207082708,3.3145776106891391,3.1295628649835021,3.719881674368291,3.5858832210105485,3.4936251584952784,3.4502305781381031,3.3779084333562031,3.5599330199437267,3.664801056348026,3.7724353424339725,3.8829331827510543,3.9963963946516823,4.1057196115341537,4.2252934450617605,4.3481639029361787,4.4744535477450258,4.6042909760262605,4.7235672984372306,4.8606146551582734,5.0016270499761397,5.1467609330175614,5.296180962492163,5.4279362068070212,5.5859766651253286,5.748837439180785,5.9167213202606348,6.0898424874904249]

{"sheet":"Output","index":9,"n_rows":56,"n_cols":40,"rows_kept":56,"cut":false,"hidden":false,"merged":[[2,35,2,39],[2,5,2,9],[2,10,2,14],[2,15,2,19],[2,20,2,24],[2,25,2,29],[2,30,2,34]]}
[]
[]
[null,null,"Net cash flows projections","$m",null,"RCP3",null,null,null,null,"RCP4",null,null,null,null,"RCP5",null,null,null,null,"RCP6",null,null,null,null,"RCP7",null,null,null,null,"RCP8",null,null,null,null,"RCP9"]
[null,null,"Year ending 30 June",null,null,"2021",{"$f":"F4+1","v":2022},2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040,2041,2042,2043,2044,2045,2046,2047,2048,2049,2050,2051,2052,2053,2054,2055]
[null,null,"Current treatment (unindexed)"]
[null,null,"Revenue - nominal",null,null,{"$f":"'Transpower current (35 years)'!F106","v":866.95016908352},{"$f":"'Transpower current (35 years)'!G106","v":884.2891724651904},{"$f":"'Transpower current (35 years)'!H106","v":901.97495591449422},{"$f":"'Transpower current (35 years)'!I106","v":920.0144550327841},{"$f":"'Transpower current (35 years)'!J106","v":938.41474413343985},{"$f":"'Transpower current (35 years)'!K106","v":1069.6186434504586},{"$f":"'Transpower current (35 years)'!L106","v":1091.0110163194679},{"$f":"'Transpower current (35 years)'!M106","v":1112.8312366458572},{"$f":"'Transpower current (35 years)'!N106","v":1135.0878613787743},{"$f":"'Transpower current (35 years)'!O106","v":1157.7896186063497},{"$f":"'Transpower current (35 years)'!P106","v":1325.3093669070875},{"$f":"'Transpower current (35 years)'!Q106","v":1351.8155542452291},{"$f":"'Transpower current (35 years)'!R106","v":1378.8518653301337},{"$f":"'Transpower current (35 years)'!S106","v":1406.4289026367364},{"$f":"'Transpower current (35 years)'!T106","v":1434.5574806894713},{"$f":"'Transpower current (35 years)'!U106","v":1499.6316802026131},{"$f":"'Transpower current (35 years)'!V106","v":1529.6243138066654},{"$f":"'Transpower current (35 years)'!W106","v":1560.2168000827987},{"$f":"'Transpower current (35 years)'!X106","v":1591.4211360844547},{"$f":"'Transpower current (35 years)'!Y106","v":1623.2495588061438},{"$f":"'Transpower current (35 years)'!Z106","v":1601.0098403130723},{"$f":"'Transpower current (35 years)'!AA106","v":1633.0300371193339},{"$f":"'Transpower current (35 years)'!AB106","v":1665.6906378617207},{"$f":"'Transpower current (35 years)'!AC106","v":1699.0044506189552},{"$f":"'Transpower current (35 years)'!AD106","v":1732.9845396313342},{"$f":"'Transpower current (35 years)'!AE106","v":1710.320836380029},{"$f":"'Transpower current (35 years)'!AF106","v":1744.5272531076296},{"$f":"'Transpower current (35 years)'!AG106","v":1779.4177981697821},{"$f":"'Transpower current (35 years)'!AH106","v":1815.0061541331779},{"$f":"'Transpower current (35 years)'!AI106","v":1851.3062772158414},{"$f":"'Transpower current (35 years)'!AJ106","v":1828.3903243414888},{"$f":"'Transpower current (35 years)'!AK106","v":1864.9581308283186},{"$f":"'Transpower current (35 years)'!AL106","v":1902.2572934448851},{"$f":"'Transpower current (35 years)'!AM106","v":1940.3024393137828},{"$f":"'Transpower current (35 years)'!AN106","v":1979.1084881000584}]
[null,null,"Opex",null,null,{"$f":"'Transpower current (35 years)'!F107","v":-265.3},{"$f":"'Transpower current (35 years)'!G107","v":-286.95600000000002},{"$f":"'Transpower current (35 years)'!H107","v":-317.14416},{"$f":"'Transpower current (35 years)'!I107","v":-328.72184639999949},{"$f":"'Transpower current (35 years)'!J107","v":-333.71870400000012},{"$f":"'Transpower current (35 years)'!K107","v":-350.17164286848003},{"$f":"'Transpower current (35 years)'!L107","v":-354.52372309585928},{"$f":"'Transpower current (35 years)'!M107","v":-362.77321742174365},{"$f":"'Transpower current (35 years)'!N107","v":-370.02868177017854},{"$f":"'Transpower current (35 years)'!O107","v":-377.42925540558213},{"$f":"'Transpower current (35 years)'!P107","v":-385.93447696509446},{"$f":"'Transpower current (35 years)'!Q107","v":-393.65316650439632},{"$f":"'Transpower current (35 years)'!R107","v":-401.52622983448424},{"$f":"'Transpower current (35 years)'!S107","v":-409.55675443117389},{"$f":"'Transpower current (35 years)'!T107","v":-417.74788951979735},{"$f":"'Transpower current (35 years)'!U107","v":-426.10284731019334},{"$f":"'Transpower current (35 years)'!V107","v":-434.6249042563972},{"$f":"'Transpower current (35 years)'!W107","v":-443.31740234152517},{"$f":"'Transpower current (35 years)'!X107","v":-452.18375038835569},{"$f":"'Transpower current (35 years)'!Y107","v":-461.22742539612284},{"$f":"'Transpower current (35 years)'!Z107","v":-470.4519739040453},{"$f":"'Transpower current (35 years)'!AA107","v":-479.8610133821262},{"$f":"'Transpower current (35 years)'!AB107","v":-489.45823364976877},{"$f":"'Transpower current (35 years)'!AC107","v":-499.24739832276418},{"$f":"'Transpower current (35 years)'!AD107","v":-509.23234628921949},{"$f":"'Transpower current (35 years)'!AE107","v":-519.41699321500391},{"$f":"'Transpower current (35 years)'!AF107","v":-529.80533307930398},{"$f":"'Transpower current (35 years)'!AG107","v":-540.40143974089005},{"$f":"'Transpower current (35 years)'!AH107","v":-551.20946853570786},{"$f":"'Transpower current (35 years)'!AI107","v":-562.23365790642208},{"$f":"'Transpower current (35 years)'!AJ107","v":-573.47833106455062},{"$f":"'Transpower current (35 years)'!AK107","v":-584.94789768584155},{"$f":"'Transpower current (35 years)'!AL107","v":-596.64685563955845},{"$f":"'Transpower current (35 years)'!AM107","v":-608.57979275234959},{"$f":"'Transpower current (35 years)'!AN107","v":-620.75138860739662}]
[null,null,"Capex",null,null,{"$f":"-'Transpower current (35 years)'!F133","v":-337.2},{"$f":"-'Transpower current (35 years)'!G133","v":-399.16800000000006},{"$f":"-'Transpower current (35 years)'!H133","v":-474.14160000000004},{"$f":"-'Transpower current (35 years)'!I133","v":-468.63385920000002},{"$f":"-'Transpower current (35 years)'!J133","v":-512.71328160000007},{"$f":"-'Transpower current (35 years)'!K133","v":-546.36183514368008},{"$f":"-'Transpower current (35 years)'!L133","v":-654.88409960762897},{"$f":"-'Transpower current (35 years)'!M133","v":-607.71274867348541},{"$f":"-'Transpower current (35 years)'!N133","v":-785.11232905230997},{"$f":"-'Transpower current (35 years)'!O133","v":-934.26134112286979},{"$f":"-'Transpower current (35 years)'!P133","v":-755.0594848555761},{"$f":"-'Transpower current (35 years)'!Q133","v":-722.90556710049566},{"$f":"-'Transpower current (35 years)'!R133","v":-676.50913652708084},{"$f":"-'Transpower current (35 years)'!S133","v":-753.41619662533594},{"$f":"-'Transpower current (35 years)'!T133","v":-790.52575127259115},{"$f":"-'Transpower current (35 years)'!U133","v":-461.71200877096027},{"$f":"-'Transpower current (35 years)'!V133","v":-470.94624894637951},{"$f":"-'Transpower current (35 years)'!W133","v":-480.36517392530709},{"$f":"-'Transpower current (35 years)'!X133","v":-489.97247740381329},{"$f":"-'Transpower current (35 years)'!Y133","v":-499.77192695188955},{"$f":"-'Transpower current (35 years)'!Z133","v":-509.76736549092738},{"$f":"-'Transpower current (35 years)'!AA133","v":-519.96271280074598},{"$f":"-'Transpower current (35 years)'!AB133","v":-530.36196705676093},{"$f":"-'Transpower current (35 years)'!AC133","v":-540.96920639789619},{"$f":"-'Transpower current (35 years)'!AD133","v":-551.78859052585403},{"$f":"-'Transpower current (35 years)'!AE133","v":-562.82436233637111},{"$f":"-'Transpower current (35 years)'!AF133","v":-574.0808495830986},{"$f":"-'Transpower current (35 years)'!AG133","v":-585.56246657476061},{"$f":"-'Transpower current (35 years)'!AH133","v":-597.2737159062558},{"$f":"-'Transpower current (35 years)'!AI133","v":-609.21919022438101},{"$f":"-'Transpower current (35 years)'!AJ133","v":-621.40357402886866},{"$f":"-'Transpower current (35 years)'!AK133","v":-633.83164550944593},{"$f":"-'Transpower current (35 years)'!AL133","v":-646.50827841963496},{"$f":"-'Transpower current (35 years)'!AM133","v":-659.43844398802764},{"$f":"-'Transpower current (35 years)'!AN133","v":-672.62721286778822}]
[null,null,"Notional tax",null,null,{"$f":"'Transpower current (35 years)'!F109","v":-76.078255075199067},{"$f":"'Transpower current (35 years)'!G109","v":-72.275044855096212},{"$f":"'Transpower current (35 years)'!H109","v":-66.636735809155084},{"$f":"'Transpower current (35 years)'!I109","v":-64.805263839076488},{"$f":"'Transpower current (35 years)'!J109","v":-64.8225975430842},{"$f":"'Transpower current (35 years)'!K109","v":-92.568382211213162},{"$f":"'Transpower current (35 years)'!L109","v":-92.53928925662909},{"$f":"'Transpower current (35 years)'!M109","v":-89.713445384284142},{"$f":"'Transpower current (35 years)'!N109","v":-88.53292449523488},{"$f":"'Transpower current (35 years)'!O109","v":-84.324882315695461},{"$f":"'Transpower current (35 years)'!P109","v":-121.52456249071329},{"$f":"'Transpower current (35 years)'!Q109","v":-120.56293779445842},{"$f":"'Transpower current (35 years)'!R109","v":-120.21718482275294},{"$f":"'Transpower current (35 years)'!S109","v":-119.78300484429741},{"$f":"'Transpower current (35 years)'!T109","v":-118.95041547047647},{"$f":"'Transpower current (35 years)'!U109","v":-130.3727192650218},{"$f":"'Transpower current (35 years)'!V109","v":-133.42885976759433},{"$f":"'Transpower current (35 years)'!W109","v":-136.55229680713248},{"$f":"'Transpower current (35 years)'!X109","v":-139.74437631437559},{"$f":"'Transpower current (35 years)'!Y109","v":-143.0064711386778},{"$f":"'Transpower current (35 years)'!Z109","v":-131.02266287900585},{"$f":"'Transpower current (35 years)'!AA109","v":-134.12267088842916},{"$f":"'Transpower current (35 years)'!AB109","v":-137.29085278495504},{"$f":"'Transpower current (35 years)'!AC109","v":-140.52857204632565},{"$f":"'Transpower current (35 years)'!AD109","v":-143.83721941983785},{"$f":"'Transpower current (35 years)'!AE109","v":-131.1676631354336},{"$f":"'Transpower current (35 years)'!AF109","v":-134.30143978455644},{"$f":"'Transpower current (35 years)'!AG109","v":-137.50406569357585},{"$f":"'Transpower current (35 years)'!AH109","v":-140.77691784769002},{"$f":"'Transpower current (35 years)'!AI109","v":-144.1214007718005},{"$f":"'Transpower current (35 years)'!AJ109","v":-130.75516512407998},{"$f":"'Transpower current (35 years)'!AK109","v":-133.91156044754678},{"$f":"'Transpower current (35 years)'!AL109","v":-137.13725740439713},{"$f":"'Transpower current (35 years)'!AM109","v":-140.43364202729865},{"$f":"'Transpower current (35 years)'!AN109","v":-143.80212806957235}]
[null,null,"Notional Interest",null,null,{"$f":"'Transpower current (35 years)'!F141","v":-79.475793999999979},{"$f":"'Transpower current (35 years)'!G141","v":-80.90178241243521},{"$f":"'Transpower current (35 years)'!H141","v":-83.217690775372986},{"$f":"'Transpower current (35 years)'!I141","v":-86.678798093088972},{"$f":"'Transpower current (35 years)'!J141","v":-89.89247793732109},{"$f":"'Transpower current (35 years)'!K141","v":-93.664355656204052},{"$f":"'Transpower current (35 years)'!L141","v":-97.794015165200065},{"$f":"'Transpower current (35 years)'!M141","v":-103.49391722896307},{"$f":"'Transpower current (35 years)'!N141","v":-108.12294339886948},{"$f":"'Transpower current (35 years)'!O141","v":-115.42875015424498},{"$f":"'Transpower current (35 years)'!P141","v":-124.80817660694943},{"$f":"'Transpower current (35 years)'!Q141","v":-130.96548016319642},{"$f":"'Transpower current (35 years)'!R141","v":-136.33002359254994},{"$f":"'Transpower current (35 years)'!S141","v":-140.68459693543164},{"$f":"'Transpower current (35 years)'!T141","v":-146.02833446030618},{"$f":"'Transpower current (35 years)'!U141","v":-151.69336719809908},{"$f":"'Transpower current (35 years)'!V141","v":-151.7836841479515},{"$f":"'Transpower current (35 years)'!W141","v":-151.85375841210737},{"$f":"'Transpower current (35 years)'!X141","v":-151.90318513685276},{"$f":"'Transpower current (35 years)'!Y141","v":-151.93155137139942},{"$f":"'Transpower current (35 years)'!Z141","v":-151.93843590594346},{"$f":"'Transpower current (35 years)'!AA141","v":-151.9234091064848},{"$f":"'Transpower current (35 years)'!AB141","v":-151.88603274634335},{"$f":"'Transpower current (35 years)'!AC141","v":-151.8258598343055},{"$f":"'Transpower current (35 years)'!AD141","v":-151.74243443933335},{"$f":"'Transpower current (35 years)'!AE141","v":-151.63529151176812},{"$f":"'Transpower current (35 years)'!AF141","v":-151.50395670095799},{"$f":"'Transpower current (35 years)'!AG141","v":-151.34794616923804},{"$f":"'Transpower current (35 years)'!AH141","v":-151.16676640219018},{"$f":"'Transpower current (35 years)'!AI141","v":-150.95991401510773},{"$f":"'Transpower current (35 years)'!AJ141","v":-150.72687555559006},{"$f":"'Transpower current (35 years)'!AK141","v":-150.46712730218843},{"$f":"'Transpower current (35 years)'!AL141","v":-150.18013505902516},{"$f":"'Transpower current (35 years)'!AM141","v":-149.86535394630505},{"$f":"'Transpower current (35 years)'!AN141","v":-149.52222818663697}]
[null,null,"Net movement in debt (maintaining 41% leverage)",null,null,{"$f":"'Transpower current (35 years)'!F165+'Transpower current (35 years)'!F166","v":35.560808290155435},{"$f":"'Transpower current (35 years)'!G165+'Transpower current (35 years)'!G166","v":57.753325759046973},{"$f":"'Transpower current (35 years)'!H165+'Transpower current (35 years)'!H166","v":86.311903184937407},{"$f":"'Transpower current (35 years)'!I165+'Transpower current (35 years)'!I166","v":80.14164200080107},{"$f":"'Transpower current (35 years)'!J165+'Transpower current (35 years)'!J166","v":94.061788500821777},{"$f":"'Transpower current (35 years)'!K165+'Transpower current (35 years)'!K166","v":102.98402765576053},{"$f":"'Transpower current (35 years)'!L165+'Transpower current (35 years)'!L166","v":142.14219610381582},{"$f":"'Transpower current (35 years)'!M165+'Transpower current (35 years)'!M166","v":115.43706159367622},{"$f":"'Transpower current (35 years)'!N165+'Transpower current (35 years)'!N166","v":182.18969464776757},{"$f":"'Transpower current (35 years)'!O165+'Transpower current (35 years)'!O166","v":233.90090904499925},{"$f":"'Transpower current (35 years)'!P165+'Transpower current (35 years)'!P166","v":153.5487171133914},{"$f":"'Transpower current (35 years)'!Q165+'Transpower current (35 years)'!Q166","v":133.77913788911499},{"$f":"'Transpower current (35 years)'!R165+'Transpower current (35 years)'!R166","v":108.59285144343482},{"$f":"'Transpower current (35 years)'!S165+'Transpower current (35 years)'!S166","v":133.26028740335522},{"$f":"'Transpower current (35 years)'!T165+'Transpower current (35 years)'!T166","v":141.27263685269071},{"$f":"'Transpower current (35 years)'!U165+'Transpower current (35 years)'!U166","v":2.2522930137755282},{"$f":"'Transpower current (35 years)'!V165+'Transpower current (35 years)'!V166","v":1.747487884185972},{"$f":"'Transpower current (35 years)'!W165+'Transpower current (35 years)'!W166","v":1.2325866520045849},{"$f":"'Transpower current (35 years)'!X165+'Transpower current (35 years)'!X166","v":0.7073873951796088},{"$f":"'Transpower current (35 years)'!Y165+'Transpower current (35 years)'!Y166","v":0.17168415321810926},{"$f":"'Transpower current (35 years)'!Z165+'Transpower current (35 years)'!Z166","v":-0.37473315358261061},{"$f":"'Transpower current (35 years)'!AA165+'Transpower current (35 years)'!AA166","v":-0.93207880651931418},{"$f":"'Transpower current (35 years)'!AB165+'Transpower current (35 years)'!AB166","v":-1.5005713725147984},{"$f":"'Transpower current (35 years)'!AC165+'Transpower current (35 years)'!AC166","v":-2.0804337898302094},{"$f":"'Transpower current (35 years)'!AD165+'Transpower current (35 years)'!AD166","v":-2.6718934554919258},{"$f":"'Transpower current (35 years)'!AE165+'Transpower current (35 years)'!AE166","v":-3.275182314466889},{"$f":"'Transpower current (35 years)'!AF165+'Transpower current (35 years)'!AF166","v":-3.8905369506212821},{"$f":"'Transpower current (35 years)'!AG165+'Transpower current (35 years)'!AG166","v":-4.5181986794987665},{"$f":"'Transpower current (35 years)'!AH165+'Transpower current (35 years)'!AH166","v":-5.1584136429538319},{"$f":"'Transpower current (35 years)'!AI165+'Transpower current (35 years)'!AI166","v":-5.8114329056779468},{"$f":"'Transpower current (35 years)'!AJ165+'Transpower current (35 years)'!AJ166","v":-6.4775125536565952},{"$f":"'Transpower current (35 years)'!AK165+'Transpower current (35 years)'!AK166","v":-7.1569137945949137},{"$f":"'Transpower current (35 years)'!AL165+'Transpower current (35 years)'!AL166","v":-7.8499030603518349},{"$f":"'Transpower current (35 years)'!AM165+'Transpower current (35 years)'!AM166","v":-8.5567521114239753},{"$f":"'Transpower current (35 years)'!AN165+'Transpower current (35 years)'!AN166","v":-9.2777381435175243}]
[null,null,"Dividends",null,null,{"$f":"'Transpower current (35 years)'!F147","v":-136.94085913535827},{"$f":"'Transpower current (35 years)'!G147","v":-102.2175634379218},{"$f":"'Transpower current (35 years)'!H147","v":-68.540642546559511},{"$f":"'Transpower current (35 years)'!I147","v":-74.988948156645648},{"$f":"'Transpower current (35 years)'!J147","v":-58.340337788775763},{"$f":"'Transpower current (35 years)'!K147","v":-95.213193131533529},{"$f":"'Transpower current (35 years)'!L147","v":-35.693725856128353},{"$f":"'Transpower current (35 years)'!M147","v":-69.207515010733459},{"$f":"'Transpower current (35 years)'!N147","v":0},{"$f":"'Transpower current (35 years)'!O147","v":0},{"$f":"'Transpower current (35 years)'!P147","v":-93.747519635693095},{"$f":"'Transpower current (35 years)'!Q147","v":-124.00759316001437},{"$f":"'Transpower current (35 years)'!R147","v":-154.56495191496805},{"$f":"'Transpower current (35 years)'!S147","v":-123.20537641127733},{"$f":"'Transpower current (35 years)'!T147","v":-107.0553739234288},{"$f":"'Transpower current (35 years)'!U147","v":-167.62206762645656},{"$f":"'Transpower current (35 years)'!V147","v":-171.55139112976411},{"$f":"'Transpower current (35 years)'!W147","v":-175.56723875202744},{"$f":"'Transpower current (35 years)'!X147","v":-179.67134097562572},{"$f":"'Transpower current (35 years)'!Y147","v":-183.86546289258573},{"$f":"'Transpower current (35 years)'!Z147","v":-202.14925129903756},{"$f":"'Transpower current (35 years)'!AA147","v":-206.93212079929063},{"$f":"'Transpower current (35 years)'!AB147","v":-211.82017286821636},{"$f":"'Transpower current (35 years)'!AC147","v":-216.81551115718813},{"$f":"'Transpower current (35 years)'!AD147","v":-221.9202813906069},{"$f":"'Transpower current (35 years)'!AE147","v":-219.23737981208185},{"$f":"'Transpower current (35 years)'!AF147","v":-224.4752636399015},{"$f":"'Transpower current (35 years)'!AG147","v":-229.82822408783392},{"$f":"'Transpower current (35 years)'!AH147","v":-235.29856268828186},{"$f":"'Transpower current (35 years)'!AI147","v":-240.8886270042951},{"$f":"'Transpower current (35 years)'!AJ147","v":-235.3592972233439},{"$f":"'Transpower current (35 years)'!AK147","v":-241.04080880558416},{"$f":"'Transpower current (35 years)'!AL147","v":-246.84706332791481},{"$f":"'Transpower current (35 years)'!AM147","v":-252.78055564913748},{"$f":"'Transpower current (35 years)'!AN147","v":-258.84383052523015}]
[null,null,"Equity injection required/ (cash surplus available) while dividends suspended",null,null,{"$f":"-IF(F12=0,SUM(F6:F11),0)","v":0},0,0,0,0,0,0,0,34.519322690051013,119.75370134704343,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Net cash surplus",null,null,{"$f":"SUM(F6:F13)","v":7.5160691631181749},0.5241075187840778,-21.39397003165594,-23.672618655225506,-27.010866234919611,-5.3767379048916837,-2.2816405581620387,-4.6325454796763239,0,0,-2.2161365335475836,-6.5000525882170166,-1.7028099182674055,-6.9567392074245475,-4.4776471044379775,164.38096304565772,169.03671344276478,173.79351649670372,178.65339326061124,183.6184052086866,135.30541768053027,139.29603133573781,143.37280738316142,147.5374690706453,151.79177411099053,122.76396405490354,126.46987336918986,130.25545722398488,134.12230911009831,138.07205438815689,110.18956879139893,113.60217728311687,117.08780053400281,120.64789883924024,124.28396169991646]
[null,null,"check",null,null,{"$f":"ROUND('Transpower current (35 years)'!F161-F14+F13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!G161-G14+G13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!H161-H14+H13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!I161-I14+I13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!J161-J14+J13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!K161-K14+K13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!L161-L14+L13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!M161-M14+M13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!N161-N14+N13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!O161-O14+O13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!P161-P14+P13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!Q161-Q14+Q13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!R161-R14+R13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!S161-S14+S13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!T161-T14+T13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!U161-U14+U13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!V161-V14+V13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!W161-W14+W13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!X161-X14+X13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!Y161-Y14+Y13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!Z161-Z14+Z13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!AA161-AA14+AA13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!AB161-AB14+AB13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!AC161-AC14+AC13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!AD161-AD14+AD13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!AE161-AE14+AE13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!AF161-AF14+AF13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!AG161-AG14+AG13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!AH161-AH14+AH13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!AI161-AI14+AI13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!AJ161-AJ14+AJ13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!AK161-AK14+AK13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!AL161-AL14+AL13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!AM161-AM14+AM13,0)","v":0},{"$f":"ROUND('Transpower current (35 years)'!AN161-AN14+AN13,0)","v":0}]
[null,null,"CPI",null,null,{"$f":"'Inputs - actual'!F14","v":0.02},{"$f":"'Inputs - actual'!G14","v":0.08},{"$f":"'Inputs - actual'!H14","v":0.08},{"$f":"'Inputs - actual'!I14","v":0.02},{"$f":"'Inputs - actual'!J14","v":0.02},{"$f":"'Inputs - actual'!K14","v":0.02},{"$f":"'Inputs - actual'!L14","v":0.02},{"$f":"'Inputs - actual'!M14","v":0.02},{"$f":"'Inputs - actual'!N14","v":0.02},{"$f":"'Inputs - actual'!O14","v":0.02},{"$f":"'Inputs - actual'!P14","v":0.02},{"$f":"'Inputs - actual'!Q14","v":0.02},{"$f":"'Inputs - actual'!R14","v":0.02},{"$f":"'Inputs - actual'!S14","v":0.02},{"$f":"'Inputs - actual'!T14","v":0.02},{"$f":"'Inputs - actual'!U14","v":0.02},{"$f":"'Inputs - actual'!V14","v":0.02},{"$f":"'Inputs - actual'!W14","v":0.02},{"$f":"'Inputs - actual'!X14","v":0.02},{"$f":"'Inputs - actual'!Y14","v":0.02},{"$f":"'Inputs - actual'!Z14","v":0.02},{"$f":"'Inputs - actual'!AA14","v":0.02},{"$f":"'Inputs - actual'!AB14","v":0.02},{"$f":"'Inputs - actual'!AC14","v":0.02},{"$f":"'Inputs - actual'!AD14","v":0.02},{"$f":"'Inputs - actual'!AE14","v":0.02},{"$f":"'Inputs - actual'!AF14","v":0.02},{"$f":"'Inputs - actual'!AG14","v":0.02},{"$f":"'Inputs - actual'!AH14","v":0.02},{"$f":"'Inputs - actual'!AI14","v":0.02},{"$f":"'Inputs - actual'!AJ14","v":0.02},{"$f":"'Inputs - actual'!AK14","v":0.02},{"$f":"'Inputs - actual'!AL14","v":0.02},{"$f":"'Inputs - actual'!AM14","v":0.02},{"$f":"'Inputs - actual'!AN14","v":0.02}]
[null,null,"Revenue - real",null,null,{"$f":"Output!F55","v":849.95114616031367},{"$f":"Output!G55","v":849.95114616031378},{"$f":"Output!H55","v":849.95114616031378},{"$f":"Output!I55","v":849.95114616031378},{"$f":"Output!J55","v":849.95114616031378},{"$f":"Output!K55","v":847.18989312790723},{"$f":"Output!L55","v":847.18989312790734},{"$f":"Output!M55","v":847.18989312790734},{"$f":"Output!N55","v":847.18989312790723},{"$f":"Output!O55","v":847.18989312790711},{"$f":"Output!P55","v":950.75410808458878},{"$f":"Output!Q55","v":950.75410808458878},{"$f":"Output!R55","v":950.75410808458878},{"$f":"Output!S55","v":950.75410808458889},{"$f":"Output!T55","v":950.75410808458889},{"$f":"Output!U55","v":974.39420139483286},{"$f":"Output!V55","v":974.39420139483286},{"$f":"Output!W55","v":974.39420139483286},{"$f":"Output!X55","v":974.39420139483275},{"$f":"Output!Y55","v":974.39420139483275},{"$f":"Output!Z55","v":942.20027527923412},{"$f":"Output!AA55","v":942.20027527923412},{"$f":"Output!AB55","v":942.20027527923412},{"$f":"Output!AC55","v":942.20027527923412},{"$f":"Output!AD55","v":942.20027527923412},{"$f":"Output!AE55","v":911.64541773576866},{"$f":"Output!AF55","v":911.64541773576866},{"$f":"Output!AG55","v":911.64541773576866},{"$f":"Output!AH55","v":911.64541773576866},{"$f":"Output!AI55","v":911.64541773576855},{"$f":"Output!AJ55","v":882.70669855684503},{"$f":"Output!AK55","v":882.70669855684503},{"$f":"Output!AL55","v":882.70669855684503},{"$f":"Output!AM55","v":882.70669855684503},{"$f":"Output!AN55","v":882.70669855684491}]
[null,null,"Dividend pay-out ratio",null,null,{"$f":"'Transpower current (35 years)'!F150","v":0.7},{"$f":"'Transpower current (35 years)'!G150","v":0.55000000000000004},{"$f":"'Transpower current (35 years)'!H150","v":0.4},{"$f":"'Transpower current (35 years)'!I150","v":0.45},{"$f":"'Transpower current (35 years)'!J150","v":0.35},{"$f":"'Transpower current (35 years)'!K150","v":0.4},{"$f":"'Transpower current (35 years)'!L150","v":0.15},{"$f":"'Transpower current (35 years)'!M150","v":0.3},{"$f":"'Transpower current (35 years)'!N150","v":0},{"$f":"'Transpower current (35 years)'!O150","v":0},{"$f":"'Transpower current (35 years)'!P150","v":0.3},{"$f":"'Transpower current (35 years)'!Q150","v":0.4},{"$f":"'Transpower current (35 years)'!R150","v":0.5},{"$f":"'Transpower current (35 years)'!S150","v":0.4},{"$f":"'Transpower current (35 years)'!T150","v":0.35},{"$f":"'Transpower current (35 years)'!U150","v":0.5},{"$f":"'Transpower current (35 years)'!V150","v":0.5},{"$f":"'Transpower current (35 years)'!W150","v":0.5},{"$f":"'Transpower current (35 years)'!X150","v":0.5},{"$f":"'Transpower current (35 years)'!Y150","v":0.5},{"$f":"'Transpower current (35 years)'!Z150","v":0.6},{"$f":"'Transpower current (35 years)'!AA150","v":0.6},{"$f":"'Transpower current (35 years)'!AB150","v":0.6},{"$f":"'Transpower current (35 years)'!AC150","v":0.6},{"$f":"'Transpower current (35 years)'!AD150","v":0.6},{"$f":"'Transpower current (35 years)'!AE150","v":0.65},{"$f":"'Transpower current (35 years)'!AF150","v":0.65},{"$f":"'Transpower current (35 years)'!AG150","v":0.65},{"$f":"'Transpower current (35 years)'!AH150","v":0.65},{"$f":"'Transpower current (35 years)'!AI150","v":0.65},{"$f":"'Transpower current (35 years)'!AJ150","v":0.7},{"$f":"'Transpower current (35 years)'!AK150","v":0.7},{"$f":"'Transpower current (35 years)'!AL150","v":0.7},{"$f":"'Transpower current (35 years)'!AM150","v":0.7},{"$f":"'Transpower current (35 years)'!AN150","v":0.7}]
[null,null,"Interest coverage ratio ((FFO - interest) / interest)",null,null,{"$f":"'Transpower current (35 years)'!F178","v":4.6129809789421046},{"$f":"'Transpower current (35 years)'!G178","v":4.4900687222607951},{"$f":"'Transpower current (35 years)'!H178","v":4.2269699540700394},{"$f":"'Transpower current (35 years)'!I178","v":4.0740037515089371},{"$f":"'Transpower current (35 years)'!J178","v":4.0057688360397705},{"$f":"'Transpower current (35 years)'!K178","v":4.6928194186455476},{"$f":"'Transpower current (35 years)'!L178","v":4.5847383695124933},{"$f":"'Transpower current (35 years)'!M178","v":4.3805157976475746},{"$f":"'Transpower current (35 years)'!N178","v":4.2570092326993985},{"$f":"'Transpower current (35 years)'!O178","v":4.0300010175539001},{"$f":"'Transpower current (35 years)'!P178","v":4.5528585521033964},{"$f":"'Transpower current (35 years)'!Q178","v":4.395574229962274},{"$f":"'Transpower current (35 years)'!R178","v":4.2870116800869917},{"$f":"'Transpower current (35 years)'!S178","v":4.2344361960521706},{"$f":"'Transpower current (35 years)'!T178","v":4.1485271267218078},{"$f":"'Transpower current (35 years)'!U178","v":4.2175171600991206},{"$f":"'Transpower current (35 years)'!V178","v":4.3351377664899795},{"$f":"'Transpower current (35 years)'!W178","v":4.4558632672997938},{"$f":"'Transpower current (35 years)'!X178","v":4.5798028427202437},{"$f":"'Transpower current (35 years)'!Y178","v":4.7070707372712919},{"$f":"'Transpower current (35 years)'!Z178","v":4.5785539884639661},{"$f":"'Transpower current (35 years)'!AA178","v":4.7076322131141604},{"$f":"'Transpower current (35 years)'!AB178","v":4.8402705149464067},{"$f":"'Transpower current (35 years)'!AC178","v":4.9766012285775938},{"$f":"'Transpower current (35 years)'!AD178","v":5.1167632041255207},{"$f":"'Transpower current (35 years)'!AE178","v":4.988717266701383},{"$f":"'Transpower current (35 years)'!AF178","v":5.1313020713797473},{"$f":"'Transpower current (35 years)'!AG178","v":5.2780128215522621},{"$f":"'Transpower current (35 years)'!AH178","v":5.4290123052702226},{"$f":"'Transpower current (35 years)'!AI178","v":5.5844718514017879},{"$f":"'Transpower current (35 years)'!AJ178","v":5.4582374510792162},{"$f":"'Transpower current (35 years)'!AK178","v":5.6169372888549933},{"$f":"'Transpower current (35 years)'!AL178","v":5.780477624032538},{"$f":"'Transpower current (35 years)'!AM178","v":5.9490620958394365},{"$f":"'Transpower current (35 years)'!AN178","v":6.1229057789792627}]
[]
[null,null,"Indexing from RCP4"]
[null,null,"Revenue - nominal",null,null,{"$f":"'Transpower indexed (Y6-35)'!F106","v":866.95016908352},{"$f":"'Transpower indexed (Y6-35)'!G106","v":884.2891724651904},{"$f":"'Transpower indexed (Y6-35)'!H106","v":901.97495591449422},{"$f":"'Transpower indexed (Y6-35)'!I106","v":920.0144550327841},{"$f":"'Transpower indexed (Y6-35)'!J106","v":938.41474413343985},{"$f":"'Transpower indexed (Y6-35)'!K106","v":936.25584562958932},{"$f":"'Transpower indexed (Y6-35)'!L106","v":954.98096254218126},{"$f":"'Transpower indexed (Y6-35)'!M106","v":974.08058179302486},{"$f":"'Transpower indexed (Y6-35)'!N106","v":993.56219342888539},{"$f":"'Transpower indexed (Y6-35)'!O106","v":1013.4334372974631},{"$f":"'Transpower indexed (Y6-35)'!P106","v":1180.9172484822702},{"$f":"'Transpower indexed (Y6-35)'!Q106","v":1204.5355934519157},{"$f":"'Transpower indexed (Y6-35)'!R106","v":1228.6263053209541},{"$f":"'Transpower indexed (Y6-35)'!S106","v":1253.1988314273731},{"$f":"'Transpower indexed (Y6-35)'!T106","v":1278.2628080559205},{"$f":"'Transpower indexed (Y6-35)'!U106","v":1361.0884129300598},{"$f":"'Transpower indexed (Y6-35)'!V106","v":1388.3101811886611},{"$f":"'Transpower indexed (Y6-35)'!W106","v":1416.0763848124343},{"$f":"'Transpower indexed (Y6-35)'!X106","v":1444.397912508683},{"$f":"'Transpower indexed (Y6-35)'!Y106","v":1473.2858707588566},{"$f":"'Transpower indexed (Y6-35)'!Z106","v":1501.2296796557432},{"$f":"'Transpower indexed (Y6-35)'!AA106","v":1531.254273248858},{"$f":"'Transpower indexed (Y6-35)'!AB106","v":1561.8793587138352},{"$f":"'Transpower indexed (Y6-35)'!AC106","v":1593.116945888112},{"$f":"'Transpower indexed (Y6-35)'!AD106","v":1624.9792848058744},{"$f":"'Transpower indexed (Y6-35)'!AE106","v":1654.4790409188195},{"$f":"'Transpower indexed (Y6-35)'!AF106","v":1687.5686217371958},{"$f":"'Transpower indexed (Y6-35)'!AG106","v":1721.3199941719397},{"$f":"'Transpower indexed (Y6-35)'!AH106","v":1755.7463940553785},{"$f":"'Transpower indexed (Y6-35)'!AI106","v":1790.8613219364861},{"$f":"'Transpower indexed (Y6-35)'!AJ106","v":1822.0469745156629},{"$f":"'Transpower indexed (Y6-35)'!AK106","v":1858.4879140059759},{"$f":"'Transpower indexed (Y6-35)'!AL106","v":1895.6576722860955},{"$f":"'Transpower indexed (Y6-35)'!AM106","v":1933.5708257318174},{"$f":"'Transpower indexed (Y6-35)'!AN106","v":1972.2422422464538}]
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[null,null,"Capex",null,null,{"$f":"-'Transpower indexed (Y6-35)'!F133","v":-337.2},{"$f":"-'Transpower indexed (Y6-35)'!G133","v":-399.16800000000006},{"$f":"-'Transpower indexed (Y6-35)'!H133","v":-474.14160000000004},{"$f":"-'Transpower indexed (Y6-35)'!I133","v":-468.63385920000002},{"$f":"-'Transpower indexed (Y6-35)'!J133","v":-512.71328160000007},{"$f":"-'Transpower indexed (Y6-35)'!K133","v":-546.36183514368008},{"$f":"-'Transpower indexed (Y6-35)'!L133","v":-654.88409960762897},{"$f":"-'Transpower indexed (Y6-35)'!M133","v":-607.71274867348541},{"$f":"-'Transpower indexed (Y6-35)'!N133","v":-785.11232905230997},{"$f":"-'Transpower indexed (Y6-35)'!O133","v":-934.26134112286979},{"$f":"-'Transpower indexed (Y6-35)'!P133","v":-755.0594848555761},{"$f":"-'Transpower indexed (Y6-35)'!Q133","v":-722.90556710049566},{"$f":"-'Transpower indexed (Y6-35)'!R133","v":-676.50913652708084},{"$f":"-'Transpower indexed (Y6-35)'!S133","v":-753.41619662533594},{"$f":"-'Transpower indexed (Y6-35)'!T133","v":-790.52575127259115},{"$f":"-'Transpower indexed (Y6-35)'!U133","v":-461.71200877096027},{"$f":"-'Transpower indexed (Y6-35)'!V133","v":-470.94624894637951},{"$f":"-'Transpower indexed (Y6-35)'!W133","v":-480.36517392530709},{"$f":"-'Transpower indexed (Y6-35)'!X133","v":-489.97247740381329},{"$f":"-'Transpower indexed (Y6-35)'!Y133","v":-499.77192695188955},{"$f":"-'Transpower indexed (Y6-35)'!Z133","v":-509.76736549092738},{"$f":"-'Transpower indexed (Y6-35)'!AA133","v":-519.96271280074598},{"$f":"-'Transpower indexed (Y6-35)'!AB133","v":-530.36196705676093},{"$f":"-'Transpower indexed (Y6-35)'!AC133","v":-540.96920639789619},{"$f":"-'Transpower indexed (Y6-35)'!AD133","v":-551.78859052585403},{"$f":"-'Transpower indexed (Y6-35)'!AE133","v":-562.82436233637111},{"$f":"-'Transpower indexed (Y6-35)'!AF133","v":-574.0808495830986},{"$f":"-'Transpower indexed (Y6-35)'!AG133","v":-585.56246657476061},{"$f":"-'Transpower indexed (Y6-35)'!AH133","v":-597.2737159062558},{"$f":"-'Transpower indexed (Y6-35)'!AI133","v":-609.21919022438101},{"$f":"-'Transpower indexed (Y6-35)'!AJ133","v":-621.40357402886866},{"$f":"-'Transpower indexed (Y6-35)'!AK133","v":-633.83164550944593},{"$f":"-'Transpower indexed (Y6-35)'!AL133","v":-646.50827841963496},{"$f":"-'Transpower indexed (Y6-35)'!AM133","v":-659.43844398802764},{"$f":"-'Transpower indexed (Y6-35)'!AN133","v":-672.62721286778822}]
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[null,null,"Notional Interest",null,null,{"$f":"'Transpower indexed (Y6-35)'!F141","v":-79.475793999999979},{"$f":"'Transpower indexed (Y6-35)'!G141","v":-80.90178241243521},{"$f":"'Transpower indexed (Y6-35)'!H141","v":-83.217690775372986},{"$f":"'Transpower indexed (Y6-35)'!I141","v":-86.678798093088972},{"$f":"'Transpower indexed (Y6-35)'!J141","v":-89.89247793732109},{"$f":"'Transpower indexed (Y6-35)'!K141","v":-93.664355656204052},{"$f":"'Transpower indexed (Y6-35)'!L141","v":-97.794015165200065},{"$f":"'Transpower indexed (Y6-35)'!M141","v":-103.49391722896307},{"$f":"'Transpower indexed (Y6-35)'!N141","v":-108.12294339886948},{"$f":"'Transpower indexed (Y6-35)'!O141","v":-115.42875015424498},{"$f":"'Transpower indexed (Y6-35)'!P141","v":-124.80817660694943},{"$f":"'Transpower indexed (Y6-35)'!Q141","v":-130.96548016319642},{"$f":"'Transpower indexed (Y6-35)'!R141","v":-136.33002359254994},{"$f":"'Transpower indexed (Y6-35)'!S141","v":-140.68459693543164},{"$f":"'Transpower indexed (Y6-35)'!T141","v":-146.02833446030618},{"$f":"'Transpower indexed (Y6-35)'!U141","v":-151.69336719809908},{"$f":"'Transpower indexed (Y6-35)'!V141","v":-151.7836841479515},{"$f":"'Transpower indexed (Y6-35)'!W141","v":-151.85375841210737},{"$f":"'Transpower indexed (Y6-35)'!X141","v":-151.90318513685276},{"$f":"'Transpower indexed (Y6-35)'!Y141","v":-151.93155137139942},{"$f":"'Transpower indexed (Y6-35)'!Z141","v":-151.93843590594346},{"$f":"'Transpower indexed (Y6-35)'!AA141","v":-151.9234091064848},{"$f":"'Transpower indexed (Y6-35)'!AB141","v":-151.88603274634335},{"$f":"'Transpower indexed (Y6-35)'!AC141","v":-151.8258598343055},{"$f":"'Transpower indexed (Y6-35)'!AD141","v":-151.74243443933335},{"$f":"'Transpower indexed (Y6-35)'!AE141","v":-151.63529151176812},{"$f":"'Transpower indexed (Y6-35)'!AF141","v":-151.50395670095799},{"$f":"'Transpower indexed (Y6-35)'!AG141","v":-151.34794616923804},{"$f":"'Transpower indexed (Y6-35)'!AH141","v":-151.16676640219018},{"$f":"'Transpower indexed (Y6-35)'!AI141","v":-150.95991401510773},{"$f":"'Transpower indexed (Y6-35)'!AJ141","v":-150.72687555559006},{"$f":"'Transpower indexed (Y6-35)'!AK141","v":-150.46712730218843},{"$f":"'Transpower indexed (Y6-35)'!AL141","v":-150.18013505902516},{"$f":"'Transpower indexed (Y6-35)'!AM141","v":-149.86535394630505},{"$f":"'Transpower indexed (Y6-35)'!AN141","v":-149.52222818663697}]
[null,null,"Net movement in debt (maintaining 41% leverage)",null,null,{"$f":"'Transpower indexed (Y6-35)'!F165+'Transpower indexed (Y6-35)'!F166","v":35.560808290155435},{"$f":"'Transpower indexed (Y6-35)'!G165+'Transpower indexed (Y6-35)'!G166","v":57.753325759046973},{"$f":"'Transpower indexed (Y6-35)'!H165+'Transpower indexed (Y6-35)'!H166","v":86.311903184937407},{"$f":"'Transpower indexed (Y6-35)'!I165+'Transpower indexed (Y6-35)'!I166","v":80.14164200080107},{"$f":"'Transpower indexed (Y6-35)'!J165+'Transpower indexed (Y6-35)'!J166","v":94.061788500821777},{"$f":"'Transpower indexed (Y6-35)'!K165+'Transpower indexed (Y6-35)'!K166","v":102.98402765576053},{"$f":"'Transpower indexed (Y6-35)'!L165+'Transpower indexed (Y6-35)'!L166","v":142.14219610381582},{"$f":"'Transpower indexed (Y6-35)'!M165+'Transpower indexed (Y6-35)'!M166","v":115.43706159367622},{"$f":"'Transpower indexed (Y6-35)'!N165+'Transpower indexed (Y6-35)'!N166","v":182.18969464776757},{"$f":"'Transpower indexed (Y6-35)'!O165+'Transpower indexed (Y6-35)'!O166","v":233.90090904499925},{"$f":"'Transpower indexed (Y6-35)'!P165+'Transpower indexed (Y6-35)'!P166","v":153.5487171133914},{"$f":"'Transpower indexed (Y6-35)'!Q165+'Transpower indexed (Y6-35)'!Q166","v":133.77913788911499},{"$f":"'Transpower indexed (Y6-35)'!R165+'Transpower indexed (Y6-35)'!R166","v":108.59285144343482},{"$f":"'Transpower indexed (Y6-35)'!S165+'Transpower indexed (Y6-35)'!S166","v":133.26028740335522},{"$f":"'Transpower indexed (Y6-35)'!T165+'Transpower indexed (Y6-35)'!T166","v":141.27263685269071},{"$f":"'Transpower indexed (Y6-35)'!U165+'Transpower indexed (Y6-35)'!U166","v":2.2522930137755282},{"$f":"'Transpower indexed (Y6-35)'!V165+'Transpower indexed (Y6-35)'!V166","v":1.747487884185972},{"$f":"'Transpower indexed (Y6-35)'!W165+'Transpower indexed (Y6-35)'!W166","v":1.2325866520045849},{"$f":"'Transpower indexed (Y6-35)'!X165+'Transpower indexed (Y6-35)'!X166","v":0.7073873951796088},{"$f":"'Transpower indexed (Y6-35)'!Y165+'Transpower indexed (Y6-35)'!Y166","v":0.17168415321810926},{"$f":"'Transpower indexed (Y6-35)'!Z165+'Transpower indexed (Y6-35)'!Z166","v":-0.37473315358261061},{"$f":"'Transpower indexed (Y6-35)'!AA165+'Transpower indexed (Y6-35)'!AA166","v":-0.93207880651931418},{"$f":"'Transpower indexed (Y6-35)'!AB165+'Transpower indexed (Y6-35)'!AB166","v":-1.5005713725147984},{"$f":"'Transpower indexed (Y6-35)'!AC165+'Transpower indexed (Y6-35)'!AC166","v":-2.0804337898302094},{"$f":"'Transpower indexed (Y6-35)'!AD165+'Transpower indexed (Y6-35)'!AD166","v":-2.6718934554919258},{"$f":"'Transpower indexed (Y6-35)'!AE165+'Transpower indexed (Y6-35)'!AE166","v":-3.275182314466889},{"$f":"'Transpower indexed (Y6-35)'!AF165+'Transpower indexed (Y6-35)'!AF166","v":-3.8905369506212821},{"$f":"'Transpower indexed (Y6-35)'!AG165+'Transpower indexed (Y6-35)'!AG166","v":-4.5181986794987665},{"$f":"'Transpower indexed (Y6-35)'!AH165+'Transpower indexed (Y6-35)'!AH166","v":-5.1584136429538319},{"$f":"'Transpower indexed (Y6-35)'!AI165+'Transpower indexed (Y6-35)'!AI166","v":-5.8114329056779468},{"$f":"'Transpower indexed (Y6-35)'!AJ165+'Transpower indexed (Y6-35)'!AJ166","v":-6.4775125536565952},{"$f":"'Transpower indexed (Y6-35)'!AK165+'Transpower indexed (Y6-35)'!AK166","v":-7.1569137945949137},{"$f":"'Transpower indexed (Y6-35)'!AL165+'Transpower indexed (Y6-35)'!AL166","v":-7.8499030603518349},{"$f":"'Transpower indexed (Y6-35)'!AM165+'Transpower indexed (Y6-35)'!AM166","v":-8.5567521114239753},{"$f":"'Transpower indexed (Y6-35)'!AN165+'Transpower indexed (Y6-35)'!AN166","v":-9.2777381435175243}]
[null,null,"Dividends",null,null,{"$f":"'Transpower indexed (Y6-35)'!F147","v":-136.94085913535827},{"$f":"'Transpower indexed (Y6-35)'!G147","v":-102.2175634379218},{"$f":"'Transpower indexed (Y6-35)'!H147","v":-68.540642546559511},{"$f":"'Transpower indexed (Y6-35)'!I147","v":-74.988948156645648},{"$f":"'Transpower indexed (Y6-35)'!J147","v":-58.340337788775763},{"$f":"'Transpower indexed (Y6-35)'!K147","v":0},{"$f":"'Transpower indexed (Y6-35)'!L147","v":0},{"$f":"'Transpower indexed (Y6-35)'!M147","v":0},{"$f":"'Transpower indexed (Y6-35)'!N147","v":0},{"$f":"'Transpower indexed (Y6-35)'!O147","v":0},{"$f":"'Transpower indexed (Y6-35)'!P147","v":0},{"$f":"'Transpower indexed (Y6-35)'!Q147","v":-20.397741112885026},{"$f":"'Transpower indexed (Y6-35)'!R147","v":-50.241875155831679},{"$f":"'Transpower indexed (Y6-35)'!S147","v":-9.8843894878725855},{"$f":"'Transpower indexed (Y6-35)'!T147","v":0},{"$f":"'Transpower indexed (Y6-35)'!U147","v":-82.422543985836143},{"$f":"'Transpower indexed (Y6-35)'!V147","v":-84.474812371097769},{"$f":"'Transpower indexed (Y6-35)'!W147","v":-86.573682478287381},{"$f":"'Transpower indexed (Y6-35)'!X147","v":-88.720086341843555},{"$f":"'Transpower indexed (Y6-35)'!Y147","v":-90.914974636893632},{"$f":"'Transpower indexed (Y6-35)'!Z147","v":-119.28316642130353},{"$f":"'Transpower indexed (Y6-35)'!AA147","v":-122.22374310543381},{"$f":"'Transpower indexed (Y6-35)'!AB147","v":-125.23027520724736},{"$f":"'Transpower indexed (Y6-35)'!AC147","v":-142.56009092788656},{"$f":"'Transpower indexed (Y6-35)'!AD147","v":-146.05167608834023},{"$f":"'Transpower indexed (Y6-35)'!AE147","v":-178.24931034114073},{"$f":"'Transpower indexed (Y6-35)'!AF147","v":-182.60180691557386},{"$f":"'Transpower indexed (Y6-35)'!AG147","v":-187.05087860016346},{"$f":"'Transpower indexed (Y6-35)'!AH147","v":-191.59845689711233},{"$f":"'Transpower indexed (Y6-35)'!AI147","v":-196.24651193866779},{"$f":"'Transpower indexed (Y6-35)'!AJ147","v":-215.57923113176142},{"$f":"'Transpower indexed (Y6-35)'!AK147","v":-237.77981952712341},{"$f":"'Transpower indexed (Y6-35)'!AL147","v":-243.5208542638847},{"$f":"'Transpower indexed (Y6-35)'!AM147","v":-249.38782240382685},{"$f":"'Transpower indexed (Y6-35)'!AN147","v":-255.38324261501342}]
[null,null,"Equity injection required/ (cash surplus available) while dividends suspended",null,null,{"$f":"-IF(F28=0,SUM(F22:F27),0)","v":0},0,0,0,0,6.1847592043840649,64.529553421680077,35.325501962982116,136.41780361397105,223.69015188944178,12.430942163722904,0,0,0,9.9544374771657544,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Net cash surplus",null,null,{"$f":"SUM(F22:F29)","v":7.5160691631181749},0.5241075187840778,-21.39397003165594,-23.672618655225506,-27.010866234919611,0,0,0,0,0,0,-8.9317723122733348,-5.5421363657403475,-3.9614035547614215,0,149.82933425003969,154.36711671646793,159.00597377578146,163.74792691983777,168.59503807033184,146.32978688498707,150.72585904285199,155.21858405765295,145.55388589373979,149.89659593892617,123.54594079377384,127.33311550680506,131.20238383320873,135.15538764525229,139.19380165264832,125.40242300838671,112.20461044949084,115.66228236370449,119.19387030553614,122.80085259553792]
[null,null,"check",null,null,{"$f":"ROUND('Transpower indexed (Y6-35)'!F161-F30+F29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!G161-G30+G29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!H161-H30+H29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!I161-I30+I29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!J161-J30+J29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!K161-K30+K29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!L161-L30+L29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!M161-M30+M29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!N161-N30+N29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!O161-O30+O29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!P161-P30+P29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!Q161-Q30+Q29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!R161-R30+R29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!S161-S30+S29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!T161-T30+T29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!U161-U30+U29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!V161-V30+V29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!W161-W30+W29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!X161-X30+X29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!Y161-Y30+Y29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!Z161-Z30+Z29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!AA161-AA30+AA29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!AB161-AB30+AB29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!AC161-AC30+AC29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!AD161-AD30+AD29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!AE161-AE30+AE29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!AF161-AF30+AF29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!AG161-AG30+AG29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!AH161-AH30+AH29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!AI161-AI30+AI29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!AJ161-AJ30+AJ29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!AK161-AK30+AK29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!AL161-AL30+AL29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!AM161-AM30+AM29,0)","v":0},{"$f":"ROUND('Transpower indexed (Y6-35)'!AN161-AN30+AN29,0)","v":0}]
[null,null,"Revenue - real",null,null,{"$f":"F56","v":849.95114616031367},849.95114616031378,849.95114616031378,849.95114616031378,849.95114616031378,741.5600827979099,741.56008279791001,741.56008279791001,741.56008279791013,741.56008279791001,847.16968983829736,847.16968983829747,847.16968983829747,847.16968983829747,847.16968983829736,884.37492662569002,884.37492662569002,884.37492662569002,884.37492662568991,884.37492662568991,883.47927777408586,883.47927777408574,883.47927777408574,883.47927777408574,883.47927777408586,881.88029070960283,881.88029070960283,881.88029070960283,881.88029070960272,881.88029070960272,879.6442685559847,879.6442685559847,879.64426855598458,879.6442685559847,879.64426855598458]
[null,null,"Dividend pay-out ratio",null,null,{"$f":"'Transpower indexed (Y6-35)'!F150","v":0.7},{"$f":"'Transpower indexed (Y6-35)'!G150","v":0.55000000000000004},{"$f":"'Transpower indexed (Y6-35)'!H150","v":0.4},{"$f":"'Transpower indexed (Y6-35)'!I150","v":0.45},{"$f":"'Transpower indexed (Y6-35)'!J150","v":0.35},{"$f":"'Transpower indexed (Y6-35)'!K150","v":0},{"$f":"'Transpower indexed (Y6-35)'!L150","v":0},{"$f":"'Transpower indexed (Y6-35)'!M150","v":0},{"$f":"'Transpower indexed (Y6-35)'!N150","v":0},{"$f":"'Transpower indexed (Y6-35)'!O150","v":0},{"$f":"'Transpower indexed (Y6-35)'!P150","v":0},{"$f":"'Transpower indexed (Y6-35)'!Q150","v":0.1},{"$f":"'Transpower indexed (Y6-35)'!R150","v":0.25},{"$f":"'Transpower indexed (Y6-35)'!S150","v":0.05},{"$f":"'Transpower indexed (Y6-35)'!T150","v":0},{"$f":"'Transpower indexed (Y6-35)'!U150","v":0.35},{"$f":"'Transpower indexed (Y6-35)'!V150","v":0.35},{"$f":"'Transpower indexed (Y6-35)'!W150","v":0.35},{"$f":"'Transpower indexed (Y6-35)'!X150","v":0.35},{"$f":"'Transpower indexed (Y6-35)'!Y150","v":0.35},{"$f":"'Transpower indexed (Y6-35)'!Z150","v":0.45},{"$f":"'Transpower indexed (Y6-35)'!AA150","v":0.45},{"$f":"'Transpower indexed (Y6-35)'!AB150","v":0.45},{"$f":"'Transpower indexed (Y6-35)'!AC150","v":0.5},{"$f":"'Transpower indexed (Y6-35)'!AD150","v":0.5},{"$f":"'Transpower indexed (Y6-35)'!AE150","v":0.6},{"$f":"'Transpower indexed (Y6-35)'!AF150","v":0.6},{"$f":"'Transpower indexed (Y6-35)'!AG150","v":0.6},{"$f":"'Transpower indexed (Y6-35)'!AH150","v":0.6},{"$f":"'Transpower indexed (Y6-35)'!AI150","v":0.6},{"$f":"'Transpower indexed (Y6-35)'!AJ150","v":0.65},{"$f":"'Transpower indexed (Y6-35)'!AK150","v":0.7},{"$f":"'Transpower indexed (Y6-35)'!AL150","v":0.7},{"$f":"'Transpower indexed (Y6-35)'!AM150","v":0.7},{"$f":"'Transpower indexed (Y6-35)'!AN150","v":0.7}]
[null,null,"Interest coverage ratio ((FFO - interest) / interest)",null,null,{"$f":"'Transpower indexed (Y6-35)'!F178","v":4.6129809789421046},{"$f":"'Transpower indexed (Y6-35)'!G178","v":4.4900687222607951},{"$f":"'Transpower indexed (Y6-35)'!H178","v":4.2269699540700394},{"$f":"'Transpower indexed (Y6-35)'!I178","v":4.0740037515089371},{"$f":"'Transpower indexed (Y6-35)'!J178","v":4.0057688360397705},{"$f":"'Transpower indexed (Y6-35)'!K178","v":3.6676566044852419},{"$f":"'Transpower indexed (Y6-35)'!L178","v":3.5832288338400198},{"$f":"'Transpower indexed (Y6-35)'!M178","v":3.4152371207082708},{"$f":"'Transpower indexed (Y6-35)'!N178","v":3.3145776106891391},{"$f":"'Transpower indexed (Y6-35)'!O178","v":3.1295628649835021},{"$f":"'Transpower indexed (Y6-35)'!P178","v":3.719881674368291},{"$f":"'Transpower indexed (Y6-35)'!Q178","v":3.5858832210105485},{"$f":"'Transpower indexed (Y6-35)'!R178","v":3.4936251584952784},{"$f":"'Transpower indexed (Y6-35)'!S178","v":3.4502305781381031},{"$f":"'Transpower indexed (Y6-35)'!T178","v":3.3779084333562031},{"$f":"'Transpower indexed (Y6-35)'!U178","v":3.5599330199437267},{"$f":"'Transpower indexed (Y6-35)'!V178","v":3.664801056348026},{"$f":"'Transpower indexed (Y6-35)'!W178","v":3.7724353424339725},{"$f":"'Transpower indexed (Y6-35)'!X178","v":3.8829331827510543},{"$f":"'Transpower indexed (Y6-35)'!Y178","v":3.9963963946516823},{"$f":"'Transpower indexed (Y6-35)'!Z178","v":4.1057196115341537},{"$f":"'Transpower indexed (Y6-35)'!AA178","v":4.2252934450617605},{"$f":"'Transpower indexed (Y6-35)'!AB178","v":4.3481639029361787},{"$f":"'Transpower indexed (Y6-35)'!AC178","v":4.4744535477450258},{"$f":"'Transpower indexed (Y6-35)'!AD178","v":4.6042909760262605},{"$f":"'Transpower indexed (Y6-35)'!AE178","v":4.7235672984372306},{"$f":"'Transpower indexed (Y6-35)'!AF178","v":4.8606146551582734},{"$f":"'Transpower indexed (Y6-35)'!AG178","v":5.0016270499761397},{"$f":"'Transpower indexed (Y6-35)'!AH178","v":5.1467609330175614},{"$f":"'Transpower indexed (Y6-35)'!AI178","v":5.296180962492163},{"$f":"'Transpower indexed (Y6-35)'!AJ178","v":5.4279362068070212},{"$f":"'Transpower indexed (Y6-35)'!AK178","v":5.5859766651253286},{"$f":"'Transpower indexed (Y6-35)'!AL178","v":5.748837439180785},{"$f":"'Transpower indexed (Y6-35)'!AM178","v":5.9167213202606348},{"$f":"'Transpower indexed (Y6-35)'!AN178","v":6.0898424874904249}]
[]
[null,null,"Difference: Indexing from RCP4 minus current treatment"]
[null,null,"Revenue - nominal",null,null,{"$f":"-F6+F22","v":0},{"$f":"-G6+G22","v":0},0,0,0,-133.36279782086933,-136.03005377728664,-138.75065485283233,-141.52566794988888,-144.35618130888656,-144.39211842481723,-147.27996079331342,-150.22556000917962,-153.23007120936336,-156.29467263355082,-138.54326727255329,-141.31413261800435,-144.14041527036443,-147.02322357577168,-149.96368804728718,-99.780160657329134,-101.77576387047588,-103.81127914788544,-105.88750473084315,-108.00525482545982,-55.841795461209585,-56.95863137043375,-58.097803997842448,-59.259760077799456,-60.444955279355327,-6.3433498258259533,-6.4702168223427634,-6.5996211587896596,-6.7316135819653482,-6.866245853604596]
[null,null,"Opex",null,null,{"$f":"-F7+F23","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Capex",null,null,{"$f":"-F8+F24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Notional tax",null,null,{"$f":"-F9+F25","v":0},0,0,0,0,37.341583389843422,38.088415057640269,38.850183358793061,39.627187025968887,40.419730766488243,40.429793158948812,41.238389022127762,42.063156802570319,42.904419938621743,43.762508337394237,38.792114836314965,39.567957133041233,40.359316275702042,41.166502601216067,41.989832653240413,27.938444984052168,28.497213883733266,29.067158161407917,29.648501324636072,30.241471351128766,15.635702729138686,15.948416783721498,16.267385119395826,16.592732821783855,16.924587478219479,1.7761379512312772,1.8116607102559783,1.8478939244611752,1.8848518029503794,1.9225488390092949]
[null,null,"Notional Interest",null,null,{"$f":"-F10+F26","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Net movement in debt (maintaining 41% leverage)",null,null,{"$f":"-F11+F27","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Dividends",null,null,{"$f":"-F12+F28","v":0},0,0,0,0,95.213193131533529,35.693725856128353,69.207515010733459,0,0,93.747519635693095,103.60985204712934,104.32307675913637,113.32098692340475,107.0553739234288,85.199523640620413,87.076578758666344,88.993556273740055,90.95125463378217,92.950488255692093,82.866084877734025,84.708377693856818,86.589897660969001,74.255420229301563,75.868605302266673,40.988069470941127,41.873456724327639,42.777345487670459,43.700105791169534,44.642115065627308,19.780066091582484,3.2609892784607553,3.3262090640301096,3.3927332453106374,3.4605879102167307]
[null,null,"Equity injection required/ (cash surplus available) while dividends suspended",null,null,{"$f":"-F13+F29","v":0},0,0,0,0,6.1847592043840649,64.529553421680077,35.325501962982116,101.89848092392003,103.93645054239835,12.430942163722904,0,0,0,9.9544374771657544,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Net cash surplus",null,null,{"$f":"-F14+F30","v":0},0,0,0,0,5.3767379048916837,2.2816405581620387,4.6325454796763239,0,0,2.2161365335475836,-2.4317197240563182,-3.839326447472942,2.9953356526631261,4.4776471044379775,-14.551628795618029,-14.669596726296845,-14.787542720922261,-14.905466340773472,-15.023367138354757,11.024369204456804,11.429827707114185,11.845776674491532,-1.9835831769055119,-1.8951781720643623,0.7819767388702985,0.86324213761520241,0.9469266092238513,1.033078535153976,1.1217472644914324,15.212854216987779,-1.3975668336260298,-1.425518170298318,-1.4540285337041041,-1.483109104378542]
[]
[null,null,"Revenue - real",null,null,{"$f":"-F17+F32","v":0},0,0,0,0,-105.62981032999733,-105.62981032999733,-105.62981032999733,-105.6298103299971,-105.6298103299971,-103.58441824629142,-103.58441824629131,-103.58441824629131,-103.58441824629142,-103.58441824629153,-90.019274769142839,-90.019274769142839,-90.019274769142839,-90.019274769142839,-90.019274769142839,-58.720997505148262,-58.720997505148375,-58.720997505148375,-58.720997505148375,-58.720997505148262,-29.765127026165828,-29.765127026165828,-29.765127026165828,-29.765127026165942,-29.765127026165828,-3.0624300008603313,-3.0624300008603313,-3.062430000860445,-3.0624300008603313,-3.0624300008603313]
[null,null,"Dividend pay-out ratio",null,null,0,0,0,0,0,-0.4,-0.15,-0.3,0,0,-0.3,-0.30000000000000004,-0.25,-0.35000000000000003,-0.35,-0.15000000000000002,-0.15000000000000002,-0.15000000000000002,-0.15000000000000002,-0.15000000000000002,-0.14999999999999997,-0.14999999999999997,-0.14999999999999997,-9.9999999999999978E-2,-9.9999999999999978E-2,-5.0000000000000044E-2,-5.0000000000000044E-2,-5.0000000000000044E-2,-5.0000000000000044E-2,-5.0000000000000044E-2,-4.9999999999999933E-2,0,0,0,0]
[null,null,"Interest coverage ratio ((FFO - interest) / interest)",null,null,{"$f":"-F19+F34","v":0},0,0,0,0,-1.0251628141603057,-1.0015095356724735,-0.9652786769393038,-0.94243162201025932,-0.90043815257039794,-0.83297687773510543,-0.80969100895172552,-0.7933865215917133,-0.78420561791406751,-0.77061869336560473,-0.6575841401553939,-0.67033671014195351,-0.68342792486582127,-0.69686965996918948,-0.7106743426196096,-0.47283437692981245,-0.48233876805239984,-0.49210661201022798,-0.502147680832568,-0.51247222809926019,-0.26514996826415249,-0.27068741622147385,-0.27638577157612243,-0.28225137225266117,-0.28829088890962495,-3.0301244272195049E-2,-3.0960623729664682E-2,-3.1640184851752906E-2,-3.2340775578801662E-2,-3.3063291488837798E-2]
[]
[]
[null,null,"Forecast revenue",null,null,"2021",{"$f":"F52+1","v":2022},2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040,2041,2042,2043,2044,2045,2046,2047,2048,2049,2050,2051,2052,2053,2054,2055]
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