{"text_format":"1","workbook":"xlsx","n_sheets":13,"sheets":["CoverSheet","Description","Table of Contents","Waterfall","WfallCht","Inputs","EDB data","TIMING","RAB","TAX","BBAR","REV","MAR"],"not_rendered":{"charts":1,"images":16,"macros":1,"external_links":0,"defined_names":30,"comments":1,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"CoverSheet","index":0,"n_rows":17,"n_cols":1,"rows_kept":17,"cut":false,"hidden":false,"merged":[]}
[]
[]
["Electricity Distribution Business"]
["Price-Quality Regulation 1 April 2025 DPP Reset"]
["MAR waterfall model (MAR 2021 to MAR 2026)"]
["Draft DPP4 determination"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Published 17 June 2024 v1"]

{"sheet":"Description","index":1,"n_rows":64,"n_cols":3,"rows_kept":64,"cut":false,"hidden":false,"merged":[[50,2,50,3],[49,2,49,3],[44,2,44,3],[45,2,45,3],[48,2,48,3],[47,2,47,3],[46,2,46,3]]}
["Description"]
["General description"]
[null,1,"This waterfall model produces a waterfall chart for each of non-exempt EDB (some EDBs exluded - see below) to show a breakdown of the  drivers of the change in the building blocks allowable revenue (BBAR) from the DPP3 reset to the BBAR for the DPP4 reset. A waterfall chart for each of the included EDBs is on the 'WaterfallCht' sheet. There is also a chart for the totals for the EDBs. There are waterfall charts for only 14 of the 16 non-exempt EDBs. This is because the charts show the difference between the DPP3 financial model and the DPP4 financial model, so an EDB must feature in both of these models to be fully included in this model. Orion, Wellington Electricity and Powerco do not feature in the charts in WfallCht as they have been on CPPs. However the calculations for Wellington have been included even though Wellington was on a CPP in the first year of DPP3. Wellington was included in the DPP3 financial model and this provided the data necessary. Select Wellington Electricity as the chosen EDB at D3 on the Waterfall sheet to view the Wellington MAR waterfall chart.\n\nThe EDB on which the model is to focus can be selected at Cell D# on the Waterfall sheet."]
[]
["Overview of model structure"]
[null,1,"This model incorporates a copy of much of the 2024 EDB DPP reset financial model. The sheets from 'Inputs' to 'MAR' are the copied sheets."]
[null,2,"The modifications extend the capability of the 2024 model to take into account the IM changes for the depreciation of existing assets. With this modification, the copied sheets can perform the calculations for the DPP4 reset."]
[null,3,"The model inputs include both the set of inputs used for the DPP3 reset and the set used for the DPP4 reset. When all the DPP3 inputs are used, then the results reconcile with the DPP3 financial model. When the DPP4 inputs are used, the results reconcile with the DPP4 financial model."]
[null,4,"For each EDB, the model recalculates the MAR values for 7 different sets of input data, each of these 7 sets being a combination of input data from the DPP3 reset for some inputs and input data from the draft DPP4 reset for the rest of the data. Arranging the sequence of these data combinations allows for the impact of various impacts to be determined for the waterfall charts."]
[null,5,"We discuss the 7 sets of input data combinations below in the context of the waterfall chart for the total for selected EDBs."]
[]
["Waterfall chart"]
[null,null,"The chart below is an example of the waterfall charts that this model prepares for non-exempt EDBs.\nA set of 14 charts is available on the sheet 'WfallCht'."]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,6,"The chart starts at its left hand with the brown column, indicating the value of the 2020/21 MAR (ie the MAR for the first year of the DPP3 EDB reset) as 100%. All subsequent MAR values shown in the chart are relative to this value."]
[null,7,"The chart ends at its right hand end with another brown column, this one indicating the DPP4 2025/26 MAR. Between these 2 columns, there are a series of rises and falls, indicating the impact of the various input categories listed along the x axis."]
[null,8,"Consider, for example, the teal coloured rise column above the word 'Opex' on the x axis. The lower edge of this rise indicates the MAR if all the inputs for the parameters listed to the left of this Opex rise are at their DPP4 reset values. The Opex values at the lower edge will be set to their DPP3 reset values for this MAR value, as will all the other parameters to the right of the Opex rise.\nThe MAR represented by the upper edge of the Opex rise will reflect the same input values as the lower edge, except that the DPP4 Opex values will be used. The height of the green rise therefore represents the impact of the change in opex forecasts from the DPP3 reset to the DPP4 reset."]
["Input categories"]
[null,null,"The 7 input data categories are listed below, with commentary for some categories. The numbers in the \"Mode\" column below indicate the mode number used on Row 4 and Column D of the Inputs sheet to manage whether DPP3 reset data or DPP4 reset data is used for the category. Note that there is a Mode 0."]
[null,"Mode"]
[null,0,"2019 reset model inputs\nAll inputs in Mode Zero are the same as for the DPP3 reset financial model."]
[null,2,"CPI, IC and other\nMode 3 uses DPP4 inputs for CPI forecasts, initial conditions, term credit spread differential and disposals.\nInitial conditions include Opening RAB, Total depreciation, Closing RAB, and various tax parameters. These are all for the base year. Except for disposals, the impact of these inputs is entirely driven by information disclosure data and input methodologies, so there is no impact from Commission decisions taken as part of the 2024 reset."]
[null,5,"WACC\nMode 5 uses DPP4 inputs for WACC, cost of debt and leverage."]
[null,6,"Operating expenditure\nMode 6 uses DPP4 inputs for opex. Seven rows of inputs are in this category, being the panel of data of Operating expenditure for the 5 years of the regulatory period plus two prior years."]
[null,7,"Capex\nSeven rows of inputs are in this category, being the panel of data of capex for the 5 years of the regulatory period plus two prior years."]
[null,8,"Exist depreciation\nSix rows of inputs are in this category, being the panel of existing asset depreciation."]
[null,9,"X (for CPI-X)\nSignificantly negative X values have been assigned to each EDB in the DPP4 financial model, while all X values were nil in DPP3. Mode 9 recognises the non-zero X values in DPP4.\nA non-zero X can have a significant impact on MAR values, but has no impact on BBAR values.\n"]
[]
["Inputs sheet & overall operation of this workbook"]
[null,1,"The inputs sheet is an adaptation of the Inputs sheet of the DPP3 DPP reset financial model on which this workbook is based. It includes all the inputs to this workbook, together with a significant amount of the processing required to produce the waterfall charts."]
[null,2,"The sheet is divided into a number of panels, the panels being separated by rows and columns that have a green fill colour.\nThe panels are referred to as Panels A, B, C and D, these being the panels with a top left corner at Cell A2, A10, U10 and AM10 respectively. The panels are labelled with cells with a green fill colour.\n\n"]
[null,3,"Panel A is very simple and sets just:\n   - which EDB is to be focused on in doing the various calculations and producing the EDB's waterfall chart (Cell C6).\n   - the \"mode\", being a number determining the extent to which the DPP3 versus DPP4 reset inputs are to be used (Cell C5).\n\nIf the chosen mode at Cell C5 is less than the mode number in Column A for each line of inputs, then the DPP3 model inputs are used for that row of inputs, otherwise the DPP4 inputs are used.\n\nA data table is used in the \"Waterfall\" sheet to step through 7 different values of the mode. This generates the data necessary to draw the waterfall chart for the chosen EDB. The macro for preparing the set of 14 waterfall charts steps through the choice of the 13 EDBs plus the chart for the totals of the 13 EDBs. There is a macro button on the \"WfallCht\" sheet to prepare the \"WfallCht\" sheet."]
[null,4,"Panel B consists of most of the used area of the Inputs sheet in the DPP3 model. The links that transfer data from the Inputs sheet to the 'EDB data' sheet and other sheets from the DPP3 model are largely still the same links in this workbook. The key difference in the Inputs sheet in this workbook is that the cells in this panel are no longer values but are instead formulas that reference the data in Panels C and D according to the mode selected."]
[null,5,"Panel C consists of the inputs to the DPP4 financial model, while Panel D consists of the inputs to the DPP3 financial model. The data in Panel C is filled by links to the DPP4 financial model inputs. Panel D is filled with the values of the inputs to the DPP3 financial model."]
["The \"Totals for selected EDBs\" chart"]
[null,1,"A waterfall chart of the totals for all non-exempt EDBs except those currently on a CPP is prepared by this workbook, and is the last chart on the WfallCht sheet. It is prepared on the Waterfall sheet when 'Totals for selected EDBs' is selected."]
[null,2,"Data for this chart is prepared in the named range \"IndustryTotals\" on the 'Waterfall' sheet. The values in this table are inserted through the VBA routine \"Regenerate\", which is the routine that also generates the charts on the WfallCht sheet. The VBA code that inserts the data starts with the VBA comment \"Build table on the Waterfall sheet to chart the total for all non-exempts, except Orion, Powerco, Wellington.\""]
[null,3,"Note the formula at Waterfall!C21 and below. The formula selects the data from the data table to its immediate left except when \"Totals for selected EDBs\" is selected at D3. When the totals chart is selected, the data for the Column C formulas is taken from the totals column at the right of the \"IndustryTotals\" range."]
["Model suite"]
[null,1,"Follow the link 'Model map – EDB DPP draft determination – 29 May 2024' on the Commission's EDB 2025-2030 default price-quality path determination web page for a graphical depiction of interconnections between the models and data sources."]

{"sheet":"Table of Contents","index":2,"n_rows":37,"n_cols":3,"rows_kept":37,"cut":false,"hidden":false,"merged":[]}
["Table of Contents"]
[]
[]
[null,"Sheet Name","Link"]
[null,"Waterfall","Waterfall calculations and chart for chosen EDB"]
[null,null,"EDB names and values of MAR 2019/20"]
[null,null,"Waterfall chart for chosen EDB"]
[null,"WfallCht","Waterfall charts for 14 EDBs"]
[null,"Inputs","Inputs"]
[null,"EDB data","Inputs for the selected distributor"]
[null,"TIMING","Intra-year timing"]
[null,null,"Inputs"]
[null,null,"Calculations"]
[null,null,"Outputs"]
[null,null,"Check for timing of revenue receipt"]
[null,"RAB","Regulatory asset base"]
[null,null,"Inputs"]
[null,null,"Calculations"]
[null,null,"Outputs"]
[null,"TAX","Tax calculations"]
[null,null,"Inputs"]
[null,null,"Calculations"]
[null,null,"Outputs"]
[null,"BBAR","Building blocks allowable revenue"]
[null,null,"Inputs"]
[null,null,"Calculations"]
[null,null,"Outputs"]
[null,"REV","Revenue growth index"]
[null,null,"Inputs"]
[null,null,"Calculations"]
[null,null,"Outputs"]
[null,"MAR","Maximum allowable revenue"]
[null,null,"Inputs"]
[null,null,"Calculations"]
[null,null,"Outputs"]
[null,"Reconciliation","Reconciliation with financial models outputs"]
[null,null,"Outputs"]

{"sheet":"Waterfall","index":3,"n_rows":49,"n_cols":20,"rows_kept":49,"cut":false,"hidden":false,"merged":[[39,0,39,1]]}
["Waterfall calculations and chart for chosen EDB"]
[]
["EDB",null,null,"Vector Lines"]
["Distributor number",null,null,{"$f":"MATCH(WfallEDB,EDBnames,0)","v":14}]
["Chosen mode",null,null,9]
[]
["EDB names and values of MAR 2024/25"]
[]
[null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16]
[null,"Alpine Energy","Aurora Energy","EA Networks","Firstlight Network","Electricity Invercargill","Horizon Energy","Nelson Electricity","Network Tasman","Orion","OtagoNet","The Lines Company","Top Energy","Unison Networks","Vector Lines","Wellington Electricity","Total for selected EDBs"]
["2024/25 net allowable revenue",{"$f":"Inputs!C97","v":46157.226101945445},{"$f":"Inputs!D97","v":94510.551704352954},{"$f":"Inputs!E97","v":35991.478436364734},{"$f":"Inputs!F97","v":26002.778535077268},{"$f":"Inputs!G97","v":13264.672234010673},{"$f":"Inputs!H97","v":25876.909418753163},{"$f":"Inputs!I97","v":5953.8304682776161},{"$f":"Inputs!J97","v":28625.977368285854},{"$f":"Inputs!K97","v":171520.79203375385},{"$f":"Inputs!L97","v":27897.551291870823},{"$f":"Inputs!M97","v":37559.707544133955},{"$f":"Inputs!N97","v":41138.068282168002},{"$f":"Inputs!O97","v":108237.57631261626},{"$f":"Inputs!P97","v":420645.93702793325},{"$f":"Inputs!Q97","v":98917.684287082389},{"$f":"SUM(B11,D11:O11)","v":988872.505055191}]
[]
["Waterfall chart for chosen EDB"]
[]
[]
[]
["5th year DPP3 MAR mix",{"$f":"MAR!H55","v":870005.89887785353}]
["1st year DPP3 DPP4 mix",{"$f":"MAR!D55","v":579966.03111984825}]
[]
["Mode",{"$f":"B18","v":579966.03111984825},{"$f":"B20","v":579966.03111984825},null,null,null,null,"Base","Fall","Rise","Est 2024/25 to 2025/26"]
[1,388707.0762403229,{"$f":"IF(WfallEDB=$Q$10,$T41,B21)","v":388707.0762403229},"MAR 2020/21",1,{"$f":"C21/$C$21","v":1},null,0,0,1]
[2,495829.89116604353,{"$f":"IF(WfallEDB=$Q$10,$T42,B22)","v":495829.89116604353},"CPI, IC and other",3,1.2755875091388629,null,{"$f":"H21+J21-I22-0.00002%*0","v":0.99999000000000005},{"$f":"IF(F22<F21,#REF!-F22+0.00001,0.00001)","v":1.0000000000000001E-5},{"$f":"IF(F22>=F21,F22-F21+0.00001,0.00001)","v":0.27559750913886288}]
[5,635461.32895435567,635461.32895435567,"WACC",4,1.6348077197377131,null,1.2755775091388628,{"$f":"IF(F23<F22,F22-F23+0.00001,0.00001)","v":1.0000000000000001E-5},{"$f":"IF(F23>=F22,F23-F22+0.00001,0.00001)","v":0.35923021059885024}]
[6,699066.27140974428,699066.27140974428,"opex",6,1.7984397870275406,null,{"$f":"H23+J23-I24-0.00002%*0","v":1.634797719737713},{"$f":"IF(F24<F23,F23-F24+0.00001,0.00001)","v":1.0000000000000001E-5},{"$f":"IF(F24>=F23,F24-F23+0.00001,0.00001)","v":0.1636420672898275}]
[7,720289.79061216558,720289.79061216558,"capex",8,1.8530400773224864,null,{"$f":"H24+J24-I25-0.00002%*0","v":1.7984297870275405},{"$f":"IF(F25<F24,F24-F25+0.00001,0.00001)","v":1.0000000000000001E-5},{"$f":"IF(F25>=F24,F25-F24+0.00001,0.00001)","v":5.4610290294945844E-2}]
[8,681580.73391903203,681580.73391903203,"Exist. Depreciation",7,1.7534559455707888,null,1.7534459455707887,{"$f":"IF(F26<F25,F25-F26+0.00001,0.00001)","v":9.9594131751697665E-2},{"$f":"IF(F26>=F25,F26-F25+0.00001,0.00001)","v":1.0000000000000001E-5}]
[9,579966.03111984825,579966.03111984825,"X factor",8,{"$f":"C27/$C$21","v":1.4920387782219771},null,1.492028778221977,{"$f":"IF(F27<F26,F26-F27+0.00001,0.00001)","v":0.26142716734881172},{"$f":"IF(F27>=F26,F27-F26+0.00001,0.00001)","v":1.0000000000000001E-5}]
[null,{"$f":"B27","v":579966.03111984825},{"$f":"IF(WfallEDB=$Q$10,T49,B28)","v":579966.03111984825},"MAR 2025/26",{"$f":"A28","v":0},1.4920387782219771,null,1.492028778221977,1.0000000000000001E-5,1.0000000000000001E-5,{"$f":"F28-1","v":0.49203877822197706}]
[null,null,null,null,0,{"$f":"C29/$C$21","v":0},null,{"$f":"H28","v":1.492028778221977},1.4920487782219771]
[]
[null,null,null,null,null,null,"Check value, should = 0",{"$f":"F27-H28","v":1.0000000000065512E-5}]
[]
[null,null,null,null,"Text for textbox in chart and data for orange dot showing 2025 to 2026 increase"]
[null,null,null,null,null,null,null,null,null,"2025/26 DPP4 net revenue",{"$f":"C27","v":579966.03111984825}]
[null,null,null,null,null,null,null,null,null,"Est 2024/25 allowable net revenue",{"$f":"INDEX(B11:Q11,1,SuppNum)","v":420645.93702793325}]
[null,null,null,null,null,null,null,null,null,"MAR increase, 2025/26 MAR from est 2024/25 allowable rev",{"$f":"(K34-K35)/K35","v":0.37875105894897843}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"\"Forecast net revenue increase,  est 2024/25 to 2025/26: \" & TEXT(K36,\"0%\")","v":"Forecast net revenue increase,  est 2024/25 to 2025/26: 38%"}]
[]
[null,"Calculation of the 'Total for selected EDBs'"]
["This table is not automatically updated for changes in the MAR. The table can be updated by running the 'Regenerate' macro on the WfallCht.",null,null,"Named range, Anchor2",{"$f":"B10","v":"Alpine Energy"},"Aurora Energy","EA Networks","Firstlight Network","Electricity Invercargill","Horizon Energy","Nelson Electricity","Network Tasman","Orion","OtagoNet","The Lines Company","Top Energy","Unison Networks","Vector Lines","Wellington Electricity","Total for selected EDBs"]
[null,null,null,"MAR 2020/21",42652.594084747587,87334.541934299879,33258.712663227125,24028.436099748465,12257.510432166828,23912.123990469623,5501.7672347113685,26452.460342221599,158497.53846888477,25779.342298051128,34707.869062223712,38014.531549069543,100019.29918800581,388707.0762403229,91407.049166724333,{"$f":"SUM(E41,G41:R41)","v":913789.26165385044}]
[null,null,null,"CPI, IC and other",46918.014512801099,117680.50385308097,40288.147102489282,28409.48776363557,14461.28208072346,27043.229406859635,6376.3810410167507,30618.450457149833,199970.6298868219,32962.764488365654,41544.742806607021,46132.676625948268,124299.54152197196,495829.89116604353,109859.5164303573,{"$f":"SUM(E42,G42:R42)","v":1134855.2388604339}]
[null,null,null,"WACC",57063.851509979278,145908.56617853884,52184.581913257425,35361.94202021572,18132.269914875462,32532.846842641822,7982.5960825766633,38177.737698463949,251722.23040940493,42160.223953812041,50772.024027280764,58163.552302009128,153341.60893263548,635461.32895435567,137463.12105018759,1433056.7945615083]
[null,null,null,"opex",71376.594117217363,155134.17242111289,58612.377184320976,41598.73166359523,20053.071216219956,36468.765633599607,8207.2597929728145,44002.23840757268,279144.34532588196,44493.929956068932,54827.045678481358,68251.577426075179,170563.84800539975,699066.27140974428,145881.83611789704,1596666.05581715]
[null,null,null,"capex",75589.39809118319,164704.07050224379,57955.749265376005,43918.323313220448,20722.283933193401,38372.397778157865,8539.9668902543908,46499.330636350562,293450.79275616177,46610.389904273965,57609.568510836689,70652.64221129191,178435.13993591475,720289.79061216558,154073.42714744119,1658645.7738383804]
[null,null,null,"Exist deprec",73664.088736064645,157324.62126886714,56979.508349780946,43701.009175943233,20497.164527785593,36542.010849116472,8077.4263498509627,44259.169922835135,280925.42924675002,45920.209331470571,55027.546939896696,68434.029052496611,175509.77451373398,681580.73391903203,145515.0757475073,1591118.1009147568]
[null,null,null,"X factor",70249.48191321794,157324.62126886714,45800.943252565638,35732.448285028942,16983.800685030015,34062.785754528508,7045.015267072381,36952.354735086985,219480.25943215378,33640.224487172694,48360.327110300517,52961.702974967957,136086.15606542761,579966.03111984825,118755.89738488376,1317321.5310824013]
[null,null,null,"MAR 2025/26",70249.48191321794,157324.62126886714,45800.943252565638,35732.448285028942,16983.800685030015,34062.785754528508,7045.015267072381,36952.354735086985,219480.25943215378,33640.224487172694,48360.327110300517,52961.702974967957,136086.15606542761,579966.03111984825,118755.89738488376,1317321.5310824013]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"T48","v":1317321.5310824013}]

{"sheet":"WfallCht","index":4,"n_rows":5,"n_cols":50,"rows_kept":5,"cut":false,"hidden":false,"merged":[]}
["Waterfall charts for 14 EDBs"]
[]
[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,null,null,null,null,null,null,null,null,null,null,"Waterfall Charts"]
[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,null,null,null,null,null,null,null,null,null,null,"An aid to interpreting these charts is on the Description sheet, under the headings 'Waterfall Chart' and 'Input categories'."]
[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,null,null,null,null,null,null,null,null,null,null,"The chart \"Total for selected EDBs\" is for all non-exempt EDBs except those on a CPP at the start of DPP3 or the start of DPP4, ie, except Aurora, Powerco and Wellington Electricity."]

{"sheet":"Inputs","index":5,"n_rows":106,"n_cols":54,"rows_kept":106,"cut":false,"hidden":false,"merged":[]}
["Inputs"]
["A","Choice of which EDB to consider and the chosen 'mode'.",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"U21","v":"2024-03-31"}]
[null,"All input data is entered into this worksheet"]
[null,"Waterfall chart parameters"]
[null,"Chosen mode",{"$f":"Waterfall!D5","v":9}]
[null,"EDB selected (cell D3 of 'Waterfall' sheet).",{"$f":"EDB_Name","v":"Vector Lines"}]
[]
[]
[]
["B","Values for chosen mode",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"C","Values from DPP4 Financial model",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"D","Values from DPP3 financial model"]
["Mode","Inputs that are the same for all distributors"]
[2,"Reset timeline","Value",{"$f":"IF($C$5<$A12,AN12,V12)","v":"2023/24"},"2024/25","2025/26","2026/27","2027/28","2028/29","2029/30",null,null,null,null,null,null,null,null,null,null,null,"2023/24",{"$f":"LEFT(V12,4)+1 & \"/\" & RIGHT(V12,2)+1","v":"2024/25"},{"$f":"LEFT(W12,4)+1 & \"/\" & RIGHT(W12,2)+1","v":"2025/26"},{"$f":"LEFT(X12,4)+1 & \"/\" & RIGHT(X12,2)+1","v":"2026/27"},{"$f":"LEFT(Y12,4)+1 & \"/\" & RIGHT(Y12,2)+1","v":"2027/28"},{"$f":"LEFT(Z12,4)+1 & \"/\" & RIGHT(Z12,2)+1","v":"2028/29"},{"$f":"LEFT(AA12,4)+1 & \"/\" & RIGHT(AA12,2)+1","v":"2029/30"},null,null,null,null,null,null,null,null,null,null,null,"2018/19",{"$f":"LEFT(AN12,4)+1 & \"/\" & RIGHT(AN12,2)+1","v":"2019/20"},{"$f":"LEFT(AO12,4)+1 & \"/\" & RIGHT(AO12,2)+1","v":"2020/21"},"2021/22","2022/23","2023/24","2024/25"]
[1,"Year in modelling period",null,1,2,3,4,5,6,7,null,null,null,null,null,null,null,null,null,null,null,1,2,3,4,5,6,7,null,null,null,null,null,null,null,null,null,null,null,1,2,3,4,5,6,7]
[1,"Year in regulatory period",null,null,null,1,2,3,4,5,null,null,null,null,null,null,null,null,null,null,null,null,null,1,2,3,4,5,null,null,null,null,null,null,null,null,null,null,null,null,null,1,2,3,4,5]
[3,"Forecast changes in CPI used for revaluations",null,{"$f":"IF($C$5<$A15,AN15,V15)","v":4.022988505747116E-2},2.6000000000000023E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,null,null,null,null,null,null,null,null,null,null,null,4.022988505747116E-2,2.6000000000000023E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,null,null,null,null,null,null,null,null,null,null,null,1.4836795252225476E-2,1.6999999999999904E-2,1.8999999999999906E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2]
[3,"Forecast changes in the CPI element of the price path",null,null,null,{"$f":"IF($C$5<$A16,AP16,X16)","v":2.123720699589815E-2},{"$f":"IF($C$5<$A16,AQ16,Y16)","v":2.0000000000000018E-2},{"$f":"IF($C$5<$A16,AR16,Z16)","v":2.0000000000000018E-2},{"$f":"IF($C$5<$A16,AS16,AA16)","v":2.0000000000000018E-2},{"$f":"IF($C$5<$A16,AT16,AB16)","v":2.0000000000000018E-2},null,null,null,null,null,null,null,null,null,null,null,null,null,2.123720699589815E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,null,null,null,null,null,null,null,null,null,null,null,null,null,1.7504378984726898E-2,1.9502114592602871E-2,2.0248058977042183E-2,2.0000000000000018E-2,2.0000000000000018E-2]
[1,"Company tax rate",null,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,null,null,null,null,null,null,null,null,null,null,null,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,null,null,null,null,null,null,null,null,null,null,null,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003]
[1,"Days in a year",{"$f":"IF($C$5<$A18,AM18,U18)","v":365},null,null,null,null,null,null,null,null,null,null,"Working area",null,null,null,null,null,null,365,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,365]
[1,"Days from mid-year to year-end",182,null,null,null,null,null,null,null,null,null,null,{"$f":"D12","v":"2023/24"},null,null,null,null,null,null,182,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,182]
[1,"Days from revenue date to year-end",148,null,null,null,null,null,null,null,null,null,null,{"$f":"E12","v":"2024/25"},null,null,null,null,null,null,148,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,148]
[0,"Last day of year 1 of the DPP period","2024-03-31",null,null,null,null,null,null,null,null,null,null,{"$f":"F12","v":"2025/26"},null,null,null,null,null,null,"2024-03-31",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2021-03-31"]
[5,"Vanilla WACC (67th percentile)",7.3700000000000002E-2,null,null,null,null,null,null,null,null,null,null,{"$f":"G12","v":"2026/27"},null,null,null,null,null,null,7.3700000000000002E-2,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,4.5699999999999998E-2]
[5,"Cost of debt",6.1199999999999997E-2,null,null,null,null,null,null,null,null,null,null,{"$f":"H12","v":"2027/28"},null,null,null,null,null,null,6.1199999999999997E-2,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2.92E-2]
[5,"Leverage",0.41,null,null,null,null,null,null,null,null,null,null,{"$f":"I12","v":"2028/29"},null,null,null,null,null,null,0.41,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.42]
[0,"Years of remaining life for newly commissioned assets",44,null,null,null,null,null,null,null,null,null,null,{"$f":"J12","v":"2029/30"},null,null,null,null,null,null,44,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,44]
[0,"Industry-wide X factor",0,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0]
[null,"Inputs that are specific to individual distributors"]
[null,"Name","Alpine Energy","Aurora Energy","EA Networks","Firstlight Network","Electricity Invercargill","Horizon Energy","Nelson Electricity","Network Tasman","Orion","OtagoNet","The Lines Company","Top Energy","Unison Networks","Vector Lines","Wellington Electricity",null,null,null,"Alpine Energy","Aurora Energy","EA Networks","Eastland Network","Electricity Invercargill","Horizon Energy","Nelson Electricity","Network Tasman","Orion NZ","OtagoNet","The Lines Company","Top Energy","Unison Networks","Vector Lines","Wellington Electricity",null,null,null,"Alpine Energy","Aurora Energy","EA Networks","Eastland Network","Electricity Invercargill","Horizon Energy","Nelson Electricity","Network Tasman","Orion","OtagoNet","The Lines Company","Top Energy","Unison Networks","Vector Lines","Wellington Electricity"]
[null,"Distributor number",1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,null,null,null,1,2,4,5,6,7,8,9,10,11,13,14,15,16,17]
[null,"Initial conditions"]
[2,"Opening RAB",{"$f":"IF($C$5<$A31,AM31,U31)","v":293278.38733564003},{"$f":"IF($C$5<$A31,AN31,V31)","v":736087.75},{"$f":"IF($C$5<$A31,AO31,W31)","v":343290},{"$f":"IF($C$5<$A31,AP31,X31)","v":209446.34979938701},{"$f":"IF($C$5<$A31,AQ31,Y31)","v":107300.133229044},{"$f":"IF($C$5<$A31,AR31,Z31)","v":161215.80895073499},{"$f":"IF($C$5<$A31,AS31,AA31)","v":49284.292437618002},{"$f":"IF($C$5<$A31,AT31,AB31)","v":209789},{"$f":"IF($C$5<$A31,AU31,AC31)","v":1450079},{"$f":"IF($C$5<$A31,AV31,AD31)","v":263617.44121098198},{"$f":"IF($C$5<$A31,AW31,AE31)","v":263264.16739168297},{"$f":"IF($C$5<$A31,AX31,AF31)","v":339120.86228217598},{"$f":"IF($C$5<$A31,AY31,AG31)","v":805807.45519773802},{"$f":"IF($C$5<$A31,AZ31,AH31)","v":3891833.0595731898},{"$f":"IF($C$5<$A31,BA31,AI31)","v":803430.166152391},null,null,null,293278.38733564003,736087.75,343290,209446.34979938701,107300.133229044,161215.80895073499,49284.292437618002,209789,1450079,263617.44121098198,263264.16739168297,339120.86228217598,805807.45519773802,3891833.0595731898,803430.166152391,null,null,null,199621,394155.20342001849,259359.00095871449,154613.20585,84071.69550885816,124949.9691070461,41110.981972024987,165522,1051194,186531.16401204519,188818.5385963225,251488.1610056299,586195,2951716,611855.08145023219]
[{"$f":"A31","v":2},"Lost assets",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[{"$f":"A31","v":2},"Found assets",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[{"$f":"A31","v":2},"Total depreciation",12693.757586333522,30629.410828809418,12821.537427942632,8225.4538416576524,4160.5830644435709,8032.4981172831576,1879.4526266476209,8180.7650469743321,58147.544780453791,11064.787337043266,12250.688480372704,13170.498621409659,37799.472845276301,162364.39731151584,34134.602104425976,null,null,null,12693.757586333522,30629.410828809418,12821.537427942632,8225.4538416576524,4160.5830644435709,8032.4981172831576,1879.4526266476209,8180.7650469743321,58147.544780453791,11064.787337043266,12250.688480372704,13170.498621409659,37799.472845276301,162364.39731151584,34134.602104425976,null,null,null,12793.13117340678,15058.02417019832,9529.6230377798529,6088.9489571422637,3119.7714543870602,6456.2217299999993,1446.5562303904751,6807,40615.817049999998,7711.9157134074912,8412.1005965908771,9155.4759701400144,27555.254000000001,108729,26323.291818737282]
[{"$f":"A31","v":2},"Revaluations",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[{"$f":"A31","v":2},"Closing RAB",315068.24111611489,821467.06725218892,357823.1541864904,224592.44306993534,113375.40787991144,168815.93637438244,51273.8563629817,223905.26000678231,1584734.5556443357,283480.03344472265,280879.66579641693,360141.81378220784,890605.74221923354,4227215.5852645263,855391.81229792093,null,null,null,315068.24111611489,821467.06725218892,357823.1541864904,224592.44306993534,113375.40787991144,168815.93637438244,51273.8563629817,223905.26000678231,1584734.5556443357,283480.03344472265,280879.66579641693,360141.81378220784,890605.74221923354,4227215.5852645263,855391.81229792093,null,null,null,201494.54378921399,447072.18120423768,268447.16463339521,161677.5522211091,86604.996813859601,133085.9,41933.729163771379,165472,1088531.37215,194442.08945185869,206316.43741173169,261426.14654201409,620045.32999999996,3075471,629322.99258132093]
[{"$f":"A32","v":2},"Opening RAB excluding revaluations",219936.65561522945,534479,261418,155766.24155999999,80334.472869867677,122359.06498859329,37296,152974,1056721.4739999999,196077.23916818757,178652.34855,254085.06290254107,591796.22423001379,2910221.5489542075,592247.50677656929,null,null,null,219936.65561522945,534479,261418,155766.24155999999,80334.472869867677,122359.06498859329,37296,152974,1056721.4739999999,196077.23916818757,178652.34855,254085.06290254107,591796.22423001379,2910221.5489542075,592247.50677656929,null,null,null,170446.47,361569.54422574752,240111.30192480088,141779.87942000001,77250.2,114466.56377703784,37930,150203,965046.96399999992,173737,166614.80105177328,224217.63158074598,536379,2695210,556622.52018648502]
[2,"Adjusted depreciation",9519.3601413716315,22240.251750380616,9763.7002864572423,6117.30894936812,3114.9844576604996,6096.4800260608827,1422.2800348036717,5965.2524788995206,42374.077019170771,8229.9294882169761,8313.3769781772316,9867.9478111677072,27760.45960288386,121412.29097086606,25162.277747139029,null,null,null,9519.3601413716315,22240.251750380616,9763.7002864572423,6117.30894936812,3114.9844576604996,6096.4800260608827,1422.2800348036717,5965.2524788995206,42374.077019170771,8229.9294882169761,8313.3769781772316,9867.9478111677072,27760.45960288386,121412.29097086606,25162.277747139029,null,null,null,10635.430916170135,13630.7986916892,8731.3741433898904,5287.9484400000001,2844.8539999999998,5022.3270200007209,1354,6290,36341.389000000003,7161,7730.9831109175566,7999.2173910088077,25169,99210,23190.279411230553]
[2,"Tax depreciation",10414.877520298171,32998.279688795861,11422.089822246231,13368.853981222952,3755.9991187093801,5238.135610572047,1286.8666595494822,5747.5419896640824,41048.529270176492,13365.956097167298,5924.7090572700617,11669.704499942109,31898.789903871828,131068.38647474816,28661.809214292611,null,null,null,10414.877520298171,32998.279688795861,11422.089822246231,13368.853981222952,3755.9991187093801,5238.135610572047,1286.8666595494822,5747.5419896640824,41048.529270176492,13365.956097167298,5924.7090572700617,11669.704499942109,31898.789903871828,131068.38647474816,28661.809214292611,null,null,null,14782.759912538904,21650,11910.710938979737,6271.2953399997159,3313.98,5404.5006091970481,1297,5114,32004.274999999998,15388,4330.0359719999988,11576.768156254197,30035,103486,28793.117962970849]
[2,"Opening regulatory tax asset value",119931.220912836,368896,143083,62125.589918256112,43428.368119999999,57759.610408280132,17344,69587,467814.21100000001,83204,62319.858378299999,148387.79923995631,339291,1260992,357884.34241718147,null,null,null,119931.220912836,368896,143083,62125.589918256112,43428.368119999999,57759.610408280132,17344,69587,467814.21100000001,83204,62319.858378299999,148387.79923995631,339291,1260992,357884.34241718147,null,null,null,122940.02874936687,222185.91470027712,134591.63086295308,70250.535713750753,41317.030000000006,51284.962998490366,18165,63134,400019.63159,95268,45756,136251.1718910354,313784,1224826,351370.70442136371]
[2,"Amortisation of initial differences in asset values",2717.8753259707,4928.7055667337399,2076.1266666666702,1900.5760598863601,1248.5999999999999,4218.9445353069596,693.05882352941205,3237.5181152933701,15209.27734375,1330.05555555556,4085.8119658119699,3399.1052631579,5670.125,31571.185185185201,7150.7843480592601,null,null,null,2717.8753259707,4928.7055667337399,2076.1266666666702,1900.5760598863601,1248.5999999999999,4218.9445353069596,693.05882352941205,3237.5181152933701,15209.27734375,1330.05555555556,4085.8119658119699,3399.1052631579,5670.125,31571.185185185201,7150.7843480592601,null,null,null,2756.1747845868776,4989.9524061343209,2142.610348679998,1900.5760598863596,1268.3684210526317,4218.9445353069541,693.05,3239.1631535884967,15323.202053922892,1343.5454545454545,4085.2698642630403,3399.105263157895,5670.1,34300.677419354841,7150.7843480592637]
[2,"Term credit spread differential allowance",0,0,0,0,0,0,0,0,954.43459153601532,0,0,0,508.22735644259529,3388.5386192854958,385.13569654457751,null,null,null,0,0,0,0,0,0,0,0,954.43459153601532,0,0,0,508.22735644259529,3388.5386192854958,385.13569654457751,null,null,null,0,0,0,0,0,0,0,0,788.45529410731547,0,0,0,440.18873192767637,3983.6873940243322,362.46155455940988]
[2,"Opening deferred tax balance",-19181.158568482992,-35819.997558685449,-17784.635466666667,-14545.011347777181,-5853.7129849923904,-1263.3417350825096,-2451.9929411764751,-4678.3634501633642,-68436.988616250004,-24227.695555555558,-21000.780679252053,-19101.489498813015,-45257.819188799942,-147224.25185185185,-49543.520033704182,null,null,null,-19181.158568482992,-35819.997558685449,-17784.635466666667,-14545.011347777181,-5853.7129849923904,-1263.3417350825096,-2451.9929411764751,-4678.3634501633642,-68436.988616250004,-24227.695555555558,-21000.780679252053,-19101.489498813015,-45257.819188799942,-147224.25185185185,-49543.520033704182,null,null,null,-6546.4247455849472,-18008.439662752455,-12614.867288168751,-7364,-3433.9625072251488,0,-1441,-1612.3519205251705,-43149.148637470855,-12352,-12008,-10180.726118980281,-29786,-83664,-33852.900993842857]
[1,"Adjustment factor (for accelerated depreciation)",1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,null,null,null,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,null,null,null,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[1,"Additional allowance in 1 April 2015 PV terms",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[9,"Alternative X factor",-2.5000000000000001E-2,0,-0.115,-0.106,-9.9000000000000005E-2,-3.6999999999999998E-2,-7.1999999999999995E-2,-9.5000000000000001E-2,-0.13,-0.16400000000000001,-6.8000000000000005E-2,-0.13500000000000001,-0.13400000000000001,-8.5000000000000006E-2,-0.107,null,null,null,-2.5000000000000001E-2,0,-0.115,-0.106,-9.9000000000000005E-2,-3.6999999999999998E-2,-7.1999999999999995E-2,-9.5000000000000001E-2,-0.13,-0.16400000000000001,-6.8000000000000005E-2,-0.13500000000000001,-0.13400000000000001,-8.5000000000000006E-2,-0.107,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Operating expenditure"]
[6,{"$f":"\"Operating expenditure, \" & N19","v":"Operating expenditure, 2023/24"},{"$f":"IF($C$5<$A48,AM48,U48)","v":0},0,{"$f":"IF($C$5<$A48,AO48,W48)","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[{"$f":"$A$48","v":6},"Operating expenditure, 2024/25",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[6,"Operating expenditure, 2025/26",33109.806366797784,54003.720218264418,18575.397589466127,16688.589638559948,6964.5345785888112,13989.581566093118,2463.8347314686011,16677.242603180122,89409.403827896225,11172.806965316347,18752.25829866522,25988.810492995159,57176.204078192924,188309.08450193581,43660.911603683766,null,null,null,33109.806366797784,54003.720218264418,18575.397589466127,16688.589638559948,6964.5345785888112,13989.581566093118,2463.8347314686011,16677.242603180122,89409.403827896225,11172.806965316347,18752.25829866522,25988.810492995159,57176.204078192924,188309.08450193581,43660.911603683766,null,null,null,19420.272954529883,44723.360920152074,11823.138001241525,10615.39048330826,5180.7118078829417,9885.6120036048451,2246.8374172983913,11157.711965454881,64153.54839840129,9162.9239113704207,14911.902690078447,16021.47849146213,41582.387166609762,127351.13794047505,35667.657349661255]
[{"$f":"$A$48","v":6},"Operating expenditure, 2026/27",34209.217631234147,55784.025051413963,18890.851086534767,17141.238577336844,7203.2317031420425,13973.053078174966,2540.0650495118671,17262.822164466306,93002.091777315145,11655.927314406214,19299.319515202027,26687.643104989831,60285.559455819166,195504.42394472024,45101.752416847165,null,null,null,34209.217631234147,55784.025051413963,18890.851086534767,17141.238577336844,7203.2317031420425,13973.053078174966,2540.0650495118671,17262.822164466306,93002.091777315145,11655.927314406214,19299.319515202027,26687.643104989831,60285.559455819166,195504.42394472024,45101.752416847165,null,null,null,20012.120279799667,46248.530101285549,12215.64195402153,10898.081808208053,5310.5866354806431,10170.692704882435,2316.9756478733179,11513.079497756995,66487.65442505297,9425.276484157599,15303.187164084151,16537.344449902448,42904.143031967935,132448.68478800423,36792.115466627467]
[{"$f":"$A$48","v":6},"Operating expenditure, 2027/28",35348.596884607599,57627.461103946182,19215.012869475016,17607.361550048619,7426.9738910295846,14422.935615604361,2618.5365864668106,17870.166334582853,96809.239907226322,12100.484019076905,19863.495324993379,27408.054215740151,61617.72314077706,202992.17915631115,46595.180191484273,null,null,null,35348.596884607599,57627.461103946182,19215.012869475016,17607.361550048619,7426.9738910295846,14422.935615604361,2618.5365864668106,17870.166334582853,96809.239907226322,12100.484019076905,19863.495324993379,27408.054215740151,61617.72314077706,202992.17915631115,46595.180191484273,null,null,null,20629.432088719677,48129.315518557181,12625.159114988157,11192.331982694157,5445.680405811705,10485.3193626175,2390.165824962854,11880.376540380918,68931.505534761251,9698.6497569249568,15708.68537776473,17051.661586794446,44325.326030975797,137800.82316421505,37965.379905078691]
[{"$f":"$A$48","v":6},"Operating expenditure, 2028/29",36583.369102702876,59624.233784838099,19576.969849175417,18114.117158809648,7669.7929913061944,14910.84329725586,2703.3337007417581,18527.474901513284,101736.87341625705,12581.842620325391,20475.553129025539,28192.256703074148,64392.418373351829,211094.39023679559,48214.202945162884,null,null,null,36583.369102702876,59624.233784838099,19576.969849175417,18114.117158809648,7669.7929913061944,14910.84329725586,2703.3337007417581,18527.474901513284,101736.87341625705,12581.842620325391,20475.553129025539,28192.256703074148,64392.418373351829,211094.39023679559,48214.202945162884,null,null,null,21237.104508905344,50194.342279207958,13063.733466005098,11497.233733516021,5585.0372989621037,10832.659285539019,2464.9982164724033,12252.618877414719,71320.638016152108,9957.7843427989283,16108.546154128071,17569.351795284168,45716.096451782498,142973.17103060253,39168.447023023255]
[{"$f":"$A$48","v":6},"Operating expenditure, 2029/30",37874.079785407259,61709.833003171931,19954.023040679091,18641.287537036274,7923.3120773850969,15483.490209061818,2791.4876882303379,19214.983481082883,105826.05394152466,13086.859400788187,21112.849062586694,29008.76899389652,67406.575968013145,219593.78555825644,49906.778967750353,null,null,null,37874.079785407259,61709.833003171931,19954.023040679091,18641.287537036274,7923.3120773850969,15483.490209061818,2791.4876882303379,19214.983481082883,105826.05394152466,13086.859400788187,21112.849062586694,29008.76899389652,67406.575968013145,219593.78555825644,49906.778967750353,null,null,null,21815.917390452156,51957.912857729047,13485.875623804186,11783.558278263976,5715.7104429980354,11113.449993116894,2536.7168571561815,12609.498185049688,73634.73385941294,10201.98054950084,16483.229017258454,18063.176010234187,47028.877622765081,148015.88957073344,40320.616474967421]
[null,"Constant price revenue growth",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Zeroed"]
[4,{"$f":"\"Constant price revenue growth, \" & N19","v":"Constant price revenue growth, 2023/24"},{"$f":"IF($C$5<$A56,AM56,U56)","v":0},0,{"$f":"IF($C$5<$A56,AO56,W56)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[{"$f":"$A$56","v":4},"Constant price revenue growth, 2024/25",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[4,"Constant price revenue growth, 2025/26",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[4,"Constant price revenue growth, 2026/27",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[4,"Constant price revenue growth, 2027/28",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[4,"Constant price revenue growth, 2028/29",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[4,"Constant price revenue growth, 2029/30",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Value of commissioned assets",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"VCA ex AMPs"]
[7,{"$f":"\"Value of commissioned assets, \" & N19","v":"Value of commissioned assets, 2023/24"},{"$f":"IF($C$5<$A64,AM64,U64)","v":22720},88605.448340000003,{"$f":"IF($C$5<$A64,AO64,W64)","v":14319.385381585278},14996.607910303033,5486.8127169027102,9443.5723670000025,1892,15021,135507,20446.430445700003,21238.080000000002,23497,91746.675904595017,358149,53806.666917176321,null,null,null,22720,88605.448340000003,14319.385381585278,14996.607910303033,5486.8127169027102,9443.5723670000025,1892,15021,135507,20446.430445700003,21238.080000000002,23497,91746.675904595017,358149,53806.666917176321,null,null,null,17961.779926267081,63004.353999999992,16375.665660000061,11755.60458000001,4533.37,12884.01,1659.3481999999999,6557,63636.967999999993,12936.768609999999,23462.783690000011,15378.413930000001,53881.408000000003,203460,37191.001710000019]
[{"$f":"$A$64","v":7},"Value of commissioned assets, 2024/25",33515.809354396442,87264.080540582698,14313.315629125202,21236.080263775028,6375.113940763571,12165.266965040371,3023.3141214635607,21007.891617977959,129085.20036972892,16788.968219822316,29272.602792742171,34756.3425075138,84484.587657550175,264611.33276500728,47410.574179200063,null,null,null,33515.809354396442,87264.080540582698,14313.315629125202,21236.080263775028,6375.113940763571,12165.266965040371,3023.3141214635607,21007.891617977959,129085.20036972892,16788.968219822316,29272.602792742171,34756.3425075138,84484.587657550175,264611.33276500728,47410.574179200063,null,null,null,14014,76195.241831549603,21629.30733276367,9803.8482899999999,5750.2225108244311,8296.868167577617,1552,15593,66443.232000000004,23187.72481631265,18922.355345399999,31785.322032399999,50412.921529999992,240761,52409.994278901962]
[7,"Value of commissioned assets, 2025/26",32905.010262206219,79115.567076564534,18600.475846385303,18791.706881034832,6816.8998656105277,14488.949571979896,2471.008777028801,25365.487327945051,113642.19712981551,23665.45739670932,29464.931507954057,28507.976081507368,73066.647733916398,351381.70521212689,63340.092902029282,null,null,null,32905.010262206219,79115.567076564534,18600.475846385303,18791.706881034832,6816.8998656105277,14488.949571979896,2471.008777028801,25365.487327945051,113642.19712981551,23665.45739670932,29464.931507954057,28507.976081507368,73066.647733916398,351381.70521212689,63340.092902029282,null,null,null,16663.084987074293,50947.773510247447,18050.3141257922,9684.9777776781502,4655.6235108371211,8322.4692415684531,1627.4748243189306,10289.860370686423,72172.38359853992,13989.584671125622,18320.860042033932,14593.153311847902,46746.124751395197,211119.9718515854,37748.022005345745]
[7,"Value of commissioned assets, 2026/27",30784.760113911347,97716.950893602145,16061.013033808293,19082.191610205526,9159.6753923033139,16975.403214807458,2988.1677581815161,21642.000130763368,139406.44083183605,32755.981175065168,27212.824461952394,25964.414191806209,82822.802579669122,343015.27558390074,98259.044937884813,null,null,null,30784.760113911347,97716.950893602145,16061.013033808293,19082.191610205526,9159.6753923033139,16975.403214807458,2988.1677581815161,21642.000130763368,139406.44083183605,32755.981175065168,27212.824461952394,25964.414191806209,82822.802579669122,343015.27558390074,98259.044937884813,null,null,null,16978.399454502294,50750.308330537278,17941.493243003944,10136.401061103601,5052.9447714077578,6720.079498778955,1709.8203732676643,12261.460641572261,63777.111872759626,13504.173049339088,16919.227905563937,15127.253970962542,52524.928561752349,209600.00629559506,35509.954336362658]
[7,"Value of commissioned assets, 2027/28",27851.73573372317,110525.98059445953,16106.8823991799,15070.09483859682,9815.4073729405518,16411.820677078547,3127.7694098170814,19226.438632247784,132612.38850263369,33547.786239857116,23581.059514138346,26414.82579809826,80439.196429187941,299481.88333566528,92471.559340509091,null,null,null,27851.73573372317,110525.98059445953,16106.8823991799,15070.09483859682,9815.4073729405518,16411.820677078547,3127.7694098170814,19226.438632247784,132612.38850263369,33547.786239857116,23581.059514138346,26414.82579809826,80439.196429187941,299481.88333566528,92471.559340509091,null,null,null,15377.140956497071,48245.581949487467,17796.759119063441,8982.1740783163259,5567.5747524279859,8075.3672553967899,1663.731588304842,9042.3641329302391,89623.654410387855,18002.808964582848,15873.676646380469,16514.785707311417,50530.601455491415,213423.98232804175,37677.090517057499]
[7,"Value of commissioned assets, 2028/29",24892.756213951081,111847.30192180893,15999.17687405254,17337.183486281436,8096.294160408429,15027.89471593322,2693.4836902583957,16957.482817144897,139111.14863804268,36202.428668708752,24954.646026763221,27190.205488586431,82819.676211738697,259508.25215865433,93460.376874736365,null,null,null,24892.756213951081,111847.30192180893,15999.17687405254,17337.183486281436,8096.294160408429,15027.89471593322,2693.4836902583957,16957.482817144897,139111.14863804268,36202.428668708752,24954.646026763221,27190.205488586431,82819.676211738697,259508.25215865433,93460.376874736365,null,null,null,14672.777154184731,38772.738517131242,15710.84150223012,9383.3630278770361,5578.0770141048597,8520.7632766490988,1665.5343513423325,10071.951141968706,79929.574002059759,23071.296835907422,16558.302274241945,16264.117073022302,46851.604858224193,209518.18392710513,39911.186049068143]
[7,"Value of commissioned assets, 2029/30",29421.637237706171,111899.35528655264,16190.853620729689,16883.883905393672,9706.586804640554,14971.321095172203,2692.4523439454792,17067.845051798748,143037.42374466674,37987.561402001425,24052.396747937841,26362.906896783541,101287.95681354718,267669.71968974709,75316.576271018625,null,null,null,29421.637237706171,111899.35528655264,16190.853620729689,16883.883905393672,9706.586804640554,14971.321095172203,2692.4523439454792,17067.845051798748,143037.42374466674,37987.561402001425,24052.396747937841,26362.906896783541,101287.95681354718,267669.71968974709,75316.576271018625,null,null,null,14150.711147161515,43211.493557946123,14722.518947443514,10052.315192213098,5125.7868259029583,8567.1005445935371,1671.9158090065555,8471.990542954245,84444.365243546883,13934.599644582944,15250.2101420237,16597.07093675133,48041.410078531495,197131.64960191568,42077.362820820395]
[null,"Disposed assets"]
[2,{"$f":"\"Value of disposed assets, \" & N19","v":"Value of disposed assets, 2023/24"},22.250744825774621,2095.5301702556567,{"$f":"IF($C$5<$A72,AO72,W72)","v":731.15220903817692},{"$f":"IF($C$5<$A72,AP72,X72)","v":40.725331580107486},{"$f":"IF($C$5<$A72,AQ72,Y72)","v":89.881708323681792},{"$f":"IF($C$5<$A72,AR72,Z72)","v":278.93314767164571},{"$f":"IF($C$5<$A72,AS72,AA72)","v":3.558988764044944},{"$f":"IF($C$5<$A72,AT72,AB72)","v":1111.6028599245508},{"$f":"IF($C$5<$A72,AU72,AC72)","v":944.0937739590828},{"$f":"IF($C$5<$A72,AV72,AD72)","v":109.3459592474366},{"$f":"IF($C$5<$A72,AW72,AE72)","v":146.49571580923779},{"$f":"IF($C$5<$A72,AX72,AF72)","v":151.60148512944295},{"$f":"IF($C$5<$A72,AY72,AG72)","v":1474.7122915967386},{"$f":"IF($C$5<$A72,AZ72,AH72)","v":16163.259575132521},{"$f":"IF($C$5<$A72,BA72,AI72)","v":0},null,null,null,22.250744825774621,2095.5301702556567,731.15220903817692,40.725331580107486,89.881708323681792,278.93314767164571,3.558988764044944,1111.6028599245508,944.0937739590828,109.3459592474366,146.49571580923779,151.60148512944295,1474.7122915967386,16163.259575132521,0,null,null,null,0,853.06700000000001,773.18725158335349,162.02709496968251,125.5172148877932,142.4,0,393,1377.9363699999999,79.501966691335895,346.58528799999999,15.95,1812,7412,0]
[2,"Value of disposed assets, 2024/25",22.829264191244761,2150.0139546823038,750.16216647316958,41.784190201190285,92.218632740097519,286.1854095111085,3.6515224719101127,1140.504534282589,968.64021208201893,112.18895418786995,150.30460442027797,155.54312374280846,1513.0548111782539,16583.504324085967,0,null,null,null,22.829264191244761,2150.0139546823038,750.16216647316958,41.784190201190285,92.218632740097519,286.1854095111085,3.6515224719101127,1140.504534282589,968.64021208201893,112.18895418786995,150.30460442027797,155.54312374280846,1513.0548111782539,16583.504324085967,0,null,null,null,130.56285494152584,291.1814713869436,1081.6181052012112,178.47885662895501,122.54430261356083,279.52838509019517,69.673769697336382,549.03917777641948,1719.4553983460369,286.71673089558186,506.71221055210697,27.481768532562345,2627.6108777379654,10769.994983532757,3.2834490266159988]
[2,"Value of disposed assets, 2025/26",23.285849475069661,2193.0142337759503,765.16540980263301,42.619874005214093,94.063005394899477,291.90911770133073,3.7245529213483151,1163.3146249682411,988.01301632365949,114.43273327162736,153.31069650868355,158.65398621766465,1543.315907401819,16915.174410567688,0,null,null,null,23.285849475069661,2193.0142337759503,765.16540980263301,42.619874005214093,94.063005394899477,291.90911770133073,3.7245529213483151,1163.3146249682411,988.01301632365949,114.43273327162736,153.31069650868355,158.65398621766465,1543.315907401819,16915.174410567688,0,null,null,null,133.04354918541483,296.71391934329552,1102.1688492000342,181.86995490490517,124.87264436321848,284.8394244069089,70.997571321585767,559.47092215417149,1752.1250509146116,292.16434878259787,516.33974255259704,28.00392213468103,2677.535484414987,10974.62488821988,3.3458345581217026]
[2,"Value of disposed assets, 2026/27",23.751566464571056,2236.8745184514692,780.46871799868575,43.47227148531838,95.944265502797478,297.74730005535736,3.799043979775282,1186.580917467606,1007.7732766501327,116.72138793705992,156.37691043885724,161.82706594201795,1574.1822255498557,17253.477898779041,0,null,null,null,23.751566464571056,2236.8745184514692,780.46871799868575,43.47227148531838,95.944265502797478,297.74730005535736,3.799043979775282,1186.580917467606,1007.7732766501327,116.72138793705992,156.37691043885724,161.82706594201795,1574.1822255498557,17253.477898779041,0,null,null,null,135.70442016912315,302.64819773016143,1124.212226184035,185.50735400300329,127.37009725048287,290.53621289504707,72.41752274801749,570.66034059725496,1787.167551932904,298.00763575824988,526.66653740364904,28.564000577374653,2731.0861941032867,11194.117385984278,3.412751249284137]
[2,"Value of disposed assets, 2027/28",24.226597793862478,2281.6120088204989,796.07809235865955,44.341716915024747,97.863150812853434,303.7022460564645,3.8750248593707877,1210.3125358169582,1027.9287421831355,119.05581569580113,159.5044486476344,165.06360726085833,1605.6658700608527,17598.547456754626,0,null,null,null,24.226597793862478,2281.6120088204989,796.07809235865955,44.341716915024747,97.863150812853434,303.7022460564645,3.8750248593707877,1210.3125358169582,1027.9287421831355,119.05581569580113,159.5044486476344,165.06360726085833,1605.6658700608527,17598.547456754626,0,null,null,null,138.41850857250563,308.70116168476471,1146.6964707077157,189.21750108306335,129.91749919549252,296.34693715294804,73.865873202977852,582.07354740920016,1822.9109029715623,303.96778847341488,537.19986815172206,29.135280588922146,2785.7079179853531,11417.999733703964,3.48100627426982]
[2,"Value of disposed assets, 2028/29",24.711129749739726,2327.2442489969085,811.9996542058326,45.228551253325243,99.820413829110493,309.77629097759376,3.9525253565582035,1234.5187865332973,1048.4873170267981,121.43693200971714,162.69453762058708,168.36487940607549,1637.7791874620698,17950.518405889718,0,null,null,null,24.711129749739726,2327.2442489969085,811.9996542058326,45.228551253325243,99.820413829110493,309.77629097759376,3.9525253565582035,1234.5187865332973,1048.4873170267981,121.43693200971714,162.69453762058708,168.36487940607549,1637.7791874620698,17950.518405889718,0,null,null,null,141.18687874395573,314.87518491845998,1169.63040012187,193.00185110472464,132.51584917940238,302.27387589600698,75.343190667037405,593.71501835738411,1859.3691210309935,310.04714424288318,547.94386551475645,29.71798620070059,2841.4220763450598,11646.359728378044,3.5506263997552168]
[2,"Value of disposed assets, 2029/30",25.205352344734518,2373.7891339768466,828.23964728994918,46.133122278391738,101.81682210569269,315.97181679714566,4.0315758636893673,1259.209162263963,1069.4570633673341,123.86567064991148,165.94842837299879,171.73217699419698,1670.534771211311,18309.528774007511,0,null,null,null,25.205352344734518,2373.7891339768466,828.23964728994918,46.133122278391738,101.81682210569269,315.97181679714566,4.0315758636893673,1259.209162263963,1069.4570633673341,123.86567064991148,165.94842837299879,171.73217699419698,1670.534771211311,18309.528774007511,0,null,null,null,144.01061631883488,321.17268861682925,1193.0230081243076,196.86188812681914,135.16616616299044,308.31935341392716,76.850054480378162,605.58931872453184,1896.5565034516135,316.24808712774086,558.90274282505163,30.312345924714606,2898.2505178719616,11879.286922945606,3.6216389277503214]
[null,"Other regulated income",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Zeroed"]
[{"$f":"A48+1","v":7},{"$f":"\"Other regulated income, \" & N19","v":"Other regulated income, 2023/24"},{"$f":"IF($C$5<$A80,AM80,U80)","v":0},0,{"$f":"IF($C$5<$A80,AO80,W80)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[{"$f":"$A$80","v":7},"Other regulated income, 2024/25",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[{"$f":"$A$80","v":7},"Other regulated income, 2025/26",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[7,"Other regulated income, 2026/27",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[7,"Other regulated income, 2027/28",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[7,"Other regulated income, 2028/29",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[7,"Other regulated income, 2029/30",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Allowable notional revenue ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Zeroed"]
[null,"Allowable notional revenue 2014/2015",{"$f":"IF($C$5<$A88,AM88,U88)","v":0},0,{"$f":"IF($C$5<$A88,AO88,W88)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,31278.350875339984,57665.065999999999,29790.5601384523,21449.537,13121,21308.973000000002,6884.4949376431496,29374.553,0,25230,38054,33930,101327.41,395990,104846.16012433299]
[null,"Pass-through costs 2014/15",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,302.10500000000002,1137.5830000000001,358,365,193,304.7,84,240,0,235,342,5824,1271,11551,2907]
[null,"Claw-back"]
[1,"Claw-back 2014/15",0,{"$f":"IF($C$5<$A91,AN91,V91)","v":0},{"$f":"IF($C$5<$A91,AO91,W91)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[1,"Claw-back 2015/16",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,"2024/25 net allowable revenue ex DPP3 financial model"]
[null,null,"Alpine Energy","Aurora Energy","EA Networks","Eastland Network","Electricity Invercargill","Horizon Energy","Nelson Electricity","Network Tasman","Orion","OtagoNet","The Lines Company","Top Energy","Unison Networks","Vector Lines","Wellington Electricity",null,null,null,"Alpine Energy","Aurora Energy","EA Networks","Eastland Network","Electricity Invercargill","Horizon Energy","Nelson Electricity","Network Tasman","Orion NZ","OtagoNet","The Lines Company","Top Energy","Unison Networks","Vector Lines","Wellington Electricity",null,null,null,"Alpine Energy","Aurora Energy","EA Networks","Electricity Invercargill","Firstlight Network","Horizon Energy","Nelson Electricity","Network Tasman","Orion NZ","OtagoNet","Powerco","The Lines Company","Top Energy","Unison Networks","Vector Lines","Wellington Electricity"]
[null,"Estimated 2024/25 allowable revenue",46157.226101945445,94510.551704352954,35991.478436364734,26002.778535077268,13264.672234010673,25876.909418753163,5953.8304682776161,28625.977368285854,171520.79203375385,27897.551291870823,37559.707544133955,41138.068282168002,108237.57631261626,420645.93702793325,98917.684287082389]
[]
[]
[null,"Depreciation of existing assets"]
[8,"The sum of depreciation for existing assets, 2024/25",{"$f":"IF($C$5<$A101,AM101,U101)","v":13479.859078698872},{"$f":"IF($C$5<$A101,AN101,V101)","v":30953.753568618242},{"$f":"IF($C$5<$A101,AO101,W101)","v":13294.910352511521},{"$f":"IF($C$5<$A101,AP101,X101)","v":8956.3800686989052},{"$f":"IF($C$5<$A101,AQ101,Y101)","v":4334.7723138869942},{"$f":"IF($C$5<$A101,AR101,Z101)","v":7855.3485239151132},{"$f":"IF($C$5<$A101,AS101,AA101)","v":1773.4558333648442},{"$f":"IF($C$5<$A101,AT101,AB101)","v":8368.2193342004957},{"$f":"IF($C$5<$A101,AU101,AC101)","v":58324.493712305186},{"$f":"IF($C$5<$A101,AV101,AD101)","v":11708.545282750283},{"$f":"IF($C$5<$A101,AW101,AE101)","v":11160.956485761504},{"$f":"IF($C$5<$A101,AX101,AF101)","v":13266.010824094265},{"$f":"IF($C$5<$A101,AY101,AG101)","v":40614.82541990246},{"$f":"IF($C$5<$A101,AZ101,AH101)","v":162454.51512828851},{"$f":"IF($C$5<$A101,BA101,AI101)","v":33132.255427657132},null,null,null,13479.859078698872,30953.753568618242,13294.910352511521,8956.3800686989052,4334.7723138869942,7855.3485239151132,1773.4558333648442,8368.2193342004957,58324.493712305186,11708.545282750283,11160.956485761504,13266.010824094265,40614.82541990246,162454.51512828851,33132.255427657132]
[{"$f":"A101","v":8},"The sum of depreciation for existing assets, 2025/26",{"$f":"IF($C$5<$A102,AM102,U102)","v":13462.061772778179},{"$f":"IF($C$5<$A102,AN102,V102)","v":30581.756041048393},{"$f":"IF($C$5<$A102,AO102,W102)","v":13527.545905738114},{"$f":"IF($C$5<$A102,AP102,X102)","v":9198.774812551248},{"$f":"IF($C$5<$A102,AQ102,Y102)","v":4451.9030576567529},{"$f":"IF($C$5<$A102,AR102,Z102)","v":7779.856388479323},{"$f":"IF($C$5<$A102,AS102,AA102)","v":1757.2087761229825},{"$f":"IF($C$5<$A102,AT102,AB102)","v":7952.1418389780847},{"$f":"IF($C$5<$A102,AU102,AC102)","v":58914.292587821794},{"$f":"IF($C$5<$A102,AV102,AD102)","v":12026.167506729353},{"$f":"IF($C$5<$A102,AW102,AE102)","v":11453.208605235179},{"$f":"IF($C$5<$A102,AX102,AF102)","v":13337.771960979187},{"$f":"IF($C$5<$A102,AY102,AG102)","v":41729.134354704984},{"$f":"IF($C$5<$A102,AZ102,AH102)","v":158104.2403432322},{"$f":"IF($C$5<$A102,BA102,AI102)","v":33277.424390637214},null,null,null,13462.061772778179,30581.756041048393,13527.545905738114,9198.774812551248,4451.9030576567529,7779.856388479323,1757.2087761229825,7952.1418389780847,58914.292587821794,12026.167506729353,11453.208605235179,13337.771960979187,41729.134354704984,158104.2403432322,33277.424390637214]
[{"$f":"A102","v":8},"The sum of depreciation for existing assets, 2026/27",13354.634901004923,30121.792175225619,13586.642148848247,9390.4342040705742,4544.5670712913743,7626.1287731212942,1689.86429562583,7100.904206137775,57741.444837282463,12277.581604549974,11681.772310157023,13083.763530304579,42610.668394645283,153469.68465810313,31425.729682664256,null,null,null,13354.634901004923,30121.792175225619,13586.642148848247,9390.4342040705742,4544.5670712913743,7626.1287731212942,1689.86429562583,7100.904206137775,57741.444837282463,12277.581604549974,11681.772310157023,13083.763530304579,42610.668394645283,153469.68465810313,31425.729682664256]
[8,"The sum of depreciation for existing assets, 2027/28",13426.951619695008,29789.581209452677,13702.515338635461,9586.6199283015048,4639.3236231935562,7504.4902482449379,1659.419126870604,6977.0298682851108,57207.564350138709,12534.791015107283,11915.086657485581,13062.154345121011,43511.820720998861,152033.49170206577,31142.741432889001,null,null,null,13426.951619695008,29789.581209452677,13702.515338635461,9586.6199283015048,4639.3236231935562,7504.4902482449379,1659.419126870604,6977.0298682851108,57207.564350138709,12534.791015107283,11915.086657485581,13062.154345121011,43511.820720998861,152033.49170206577,31142.741432889001]
[8,"The sum of depreciation for existing assets, 2028/29",13209.003834363684,29699.956712099272,13805.967301538047,9787.5602870328948,4736.2384242805829,7281.3133738179813,1656.4028895475926,6983.3619475715068,56606.127347645241,12797.995703662496,12153.268099013714,13184.719584135832,44433.209069861085,151948.21663066876,31007.107447227339,null,null,null,13209.003834363684,29699.956712099272,13805.967301538047,9787.5602870328948,4736.2384242805829,7281.3133738179813,1656.4028895475926,6983.3619475715068,56606.127347645241,12797.995703662496,12153.268099013714,13184.719584135832,44433.209069861085,151948.21663066876,31007.107447227339]
[8,"The sum of depreciation for existing assets, 2029/30",12618.687189776738,29842.427278159543,13960.957660020842,9993.5532020655228,4835.3820134948728,7196.8381042092851,1651.7613674200134,7067.6859510488421,56425.174932053509,13067.413444735776,12396.438764021661,13279.538979928919,45375.505881790326,150553.0898478397,30866.765694366663,null,null,null,12618.687189776738,29842.427278159543,13960.957660020842,9993.5532020655228,4835.3820134948728,7196.8381042092851,1651.7613674200134,7067.6859510488421,56425.174932053509,13067.413444735776,12396.438764021661,13279.538979928919,45375.505881790326,150553.0898478397,30866.765694366663]

{"sheet":"EDB data","index":6,"n_rows":96,"n_cols":8,"rows_kept":96,"cut":false,"hidden":false,"merged":[]}
["Inputs for the selected distributor",null,null,null,null,null,null,{"$f":"EDB_Name","v":"Vector Lines"}]
["Data from the Inputs sheet that relates to the selected distributor. The distributor's name is user-selected in cell C4."]
["Distributor",null,"Scenario"]
["Name",null,{"$f":"Waterfall!D3","v":"Vector Lines"}]
["Distributor number",null,{"$f":"SuppNum","v":14}]
["Distributor number (for output data table)",null,{"$f":"HLOOKUP(EDB_Name,Inputs!$C$28:$Q$29,2,FALSE)","v":14}]
[]
["General data"]
["Non business-specific single inputs","Value"]
[{"$f":"Inputs!B22","v":"Vanilla WACC (67th percentile)"},{"$f":"Inputs!C22","v":7.3700000000000002E-2}]
[{"$f":"Inputs!B23","v":"Cost of debt"},{"$f":"Inputs!C23","v":6.1199999999999997E-2}]
[{"$f":"Inputs!B24","v":"Leverage"},{"$f":"Inputs!C24","v":0.41}]
[{"$f":"Inputs!B25","v":"Years of remaining life for newly commissioned assets"},{"$f":"Inputs!C25","v":44},"years"]
[{"$f":"Inputs!B26","v":"Industry-wide X factor"},{"$f":"Inputs!C26","v":0}]
[{"$f":"Inputs!B18","v":"Days in a year"},{"$f":"Inputs!C18","v":365},"days"]
[{"$f":"Inputs!B19","v":"Days from mid-year to year-end"},{"$f":"Inputs!C19","v":182},"days"]
[{"$f":"Inputs!B20","v":"Days from revenue date to year-end"},{"$f":"Inputs!C20","v":148},"days"]
[{"$f":"Inputs!B21","v":"Last day of year 1 of the DPP period"},{"$f":"Inputs!C21","v":"2024-03-31"}]
["General time-series data"]
[null,{"$f":"Inputs!D12","v":"2023/24"},{"$f":"Inputs!E12","v":"2024/25"},{"$f":"Inputs!F12","v":"2025/26"},{"$f":"Inputs!G12","v":"2026/27"},{"$f":"Inputs!H12","v":"2027/28"},{"$f":"Inputs!I12","v":"2028/29"},{"$f":"Inputs!J12","v":"2029/30"}]
[{"$f":"Inputs!B13","v":"Year in modelling period"},{"$f":"Inputs!D13","v":1},{"$f":"Inputs!E13","v":2},{"$f":"Inputs!F13","v":3},{"$f":"Inputs!G13","v":4},{"$f":"Inputs!H13","v":5},{"$f":"Inputs!I13","v":6},{"$f":"Inputs!J13","v":7}]
[{"$f":"Inputs!B14","v":"Year in regulatory period"},null,null,{"$f":"Inputs!F14","v":1},{"$f":"Inputs!G14","v":2},{"$f":"Inputs!H14","v":3},{"$f":"Inputs!I14","v":4},{"$f":"Inputs!J14","v":5}]
[{"$f":"Inputs!B15","v":"Forecast changes in CPI used for revaluations"},{"$f":"Inputs!D15","v":4.022988505747116E-2},{"$f":"Inputs!E15","v":2.6000000000000023E-2},{"$f":"Inputs!F15","v":2.0000000000000018E-2},{"$f":"Inputs!G15","v":2.0000000000000018E-2},{"$f":"Inputs!H15","v":2.0000000000000018E-2},{"$f":"Inputs!I15","v":2.0000000000000018E-2},{"$f":"Inputs!J15","v":2.0000000000000018E-2}]
[{"$f":"Inputs!B16","v":"Forecast changes in the CPI element of the price path"},{"$f":"Inputs!D16","v":0},{"$f":"Inputs!E16","v":0},{"$f":"Inputs!F16","v":2.123720699589815E-2},{"$f":"Inputs!G16","v":2.0000000000000018E-2},{"$f":"Inputs!H16","v":2.0000000000000018E-2},{"$f":"Inputs!I16","v":2.0000000000000018E-2},{"$f":"Inputs!J16","v":2.0000000000000018E-2}]
[{"$f":"Inputs!B17","v":"Company tax rate"},{"$f":"Inputs!D17","v":0.28000000000000003},{"$f":"Inputs!E17","v":0.28000000000000003},{"$f":"Inputs!F17","v":0.28000000000000003},{"$f":"Inputs!G17","v":0.28000000000000003},{"$f":"Inputs!H17","v":0.28000000000000003},{"$f":"Inputs!I17","v":0.28000000000000003},{"$f":"Inputs!J17","v":0.28000000000000003}]
["Business-specific data"]
["Initial conditions"]
[{"$f":"Inputs!B31","v":"Opening RAB"},{"$f":"INDEX(Indiv_Data,MATCH(A28,Inputs!B:B,0),$C$5)","v":3891833.0595731898}]
[{"$f":"Inputs!B32","v":"Lost assets"},{"$f":"INDEX(Indiv_Data,MATCH(A29,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B33","v":"Found assets"},{"$f":"INDEX(Indiv_Data,MATCH(A30,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B34","v":"Total depreciation"},{"$f":"INDEX(Indiv_Data,MATCH(A31,Inputs!B:B,0),$C$5)","v":162364.39731151584}]
[{"$f":"Inputs!B35","v":"Revaluations"},{"$f":"INDEX(Indiv_Data,MATCH(A32,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B36","v":"Closing RAB"},{"$f":"INDEX(Indiv_Data,MATCH(A33,Inputs!B:B,0),$C$5)","v":4227215.5852645263}]
[{"$f":"Inputs!B37","v":"Opening RAB excluding revaluations"},{"$f":"INDEX(Indiv_Data,MATCH(A34,Inputs!B:B,0),$C$5)","v":2910221.5489542075}]
[{"$f":"Inputs!B38","v":"Adjusted depreciation"},{"$f":"INDEX(Indiv_Data,MATCH(A35,Inputs!B:B,0),$C$5)","v":121412.29097086606}]
[{"$f":"Inputs!B39","v":"Tax depreciation"},{"$f":"INDEX(Indiv_Data,MATCH(A36,Inputs!B:B,0),$C$5)","v":131068.38647474816}]
[{"$f":"Inputs!B40","v":"Opening regulatory tax asset value"},{"$f":"INDEX(Indiv_Data,MATCH(A37,Inputs!B:B,0),$C$5)","v":1260992}]
[{"$f":"Inputs!B41","v":"Amortisation of initial differences in asset values"},{"$f":"INDEX(Indiv_Data,MATCH(A38,Inputs!B:B,0),$C$5)","v":31571.185185185201}]
[{"$f":"Inputs!B42","v":"Term credit spread differential allowance"},{"$f":"INDEX(Indiv_Data,MATCH(A39,Inputs!B:B,0),$C$5)","v":3388.5386192854958}]
[{"$f":"Inputs!B43","v":"Opening deferred tax balance"},{"$f":"INDEX(Indiv_Data,MATCH(A40,Inputs!B:B,0),$C$5)","v":-147224.25185185185}]
[{"$f":"Inputs!B44","v":"Adjustment factor (for accelerated depreciation)"},{"$f":"INDEX(Indiv_Data,MATCH(A41,Inputs!B:B,0),$C$5)","v":1}]
[{"$f":"Inputs!B45","v":"Additional allowance in 1 April 2015 PV terms"},{"$f":"INDEX(Indiv_Data,MATCH(A42,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B46","v":"Alternative X factor"},{"$f":"IF(ISNUMBER(INDEX(Indiv_Data,MATCH(A43,Inputs!B:B,0),$C$5)),INDEX(Indiv_Data,MATCH(A43,Inputs!B:B,0),$C$5),\"\")","v":-8.5000000000000006E-2}]
[]
["Operating expenditure"]
[{"$f":"Inputs!B48","v":"Operating expenditure, 2023/24"},{"$f":"INDEX(Indiv_Data,MATCH(A46,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B49","v":"Operating expenditure, 2024/25"},{"$f":"INDEX(Indiv_Data,MATCH(A47,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B50","v":"Operating expenditure, 2025/26"},{"$f":"INDEX(Indiv_Data,MATCH(A48,Inputs!B:B,0),$C$5)","v":188309.08450193581}]
[{"$f":"Inputs!B51","v":"Operating expenditure, 2026/27"},{"$f":"INDEX(Indiv_Data,MATCH(A49,Inputs!B:B,0),$C$5)","v":195504.42394472024}]
[{"$f":"Inputs!B52","v":"Operating expenditure, 2027/28"},{"$f":"INDEX(Indiv_Data,MATCH(A50,Inputs!B:B,0),$C$5)","v":202992.17915631115}]
[{"$f":"Inputs!B53","v":"Operating expenditure, 2028/29"},{"$f":"INDEX(Indiv_Data,MATCH(A51,Inputs!B:B,0),$C$5)","v":211094.39023679559}]
[{"$f":"Inputs!B54","v":"Operating expenditure, 2029/30"},{"$f":"INDEX(Indiv_Data,MATCH(A52,Inputs!B:B,0),$C$5)","v":219593.78555825644}]
[]
["Constant price revenue growth"]
[{"$f":"Inputs!B56","v":"Constant price revenue growth, 2023/24"},{"$f":"INDEX(Indiv_Data,MATCH(A55,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B57","v":"Constant price revenue growth, 2024/25"},{"$f":"INDEX(Indiv_Data,MATCH(A56,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B58","v":"Constant price revenue growth, 2025/26"},{"$f":"INDEX(Indiv_Data,MATCH(A57,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B59","v":"Constant price revenue growth, 2026/27"},{"$f":"INDEX(Indiv_Data,MATCH(A58,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B60","v":"Constant price revenue growth, 2027/28"},{"$f":"INDEX(Indiv_Data,MATCH(A59,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B61","v":"Constant price revenue growth, 2028/29"},{"$f":"INDEX(Indiv_Data,MATCH(A60,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B62","v":"Constant price revenue growth, 2029/30"},{"$f":"INDEX(Indiv_Data,MATCH(A61,Inputs!B:B,0),$C$5)","v":0}]
[]
["Value of commissioned assets"]
[{"$f":"Inputs!B64","v":"Value of commissioned assets, 2023/24"},{"$f":"INDEX(Indiv_Data,MATCH(A64,Inputs!B:B,0),$C$5)","v":358149}]
[{"$f":"Inputs!B65","v":"Value of commissioned assets, 2024/25"},{"$f":"INDEX(Indiv_Data,MATCH(A65,Inputs!B:B,0),$C$5)","v":264611.33276500728}]
[{"$f":"Inputs!B66","v":"Value of commissioned assets, 2025/26"},{"$f":"INDEX(Indiv_Data,MATCH(A66,Inputs!B:B,0),$C$5)","v":351381.70521212689}]
[{"$f":"Inputs!B67","v":"Value of commissioned assets, 2026/27"},{"$f":"INDEX(Indiv_Data,MATCH(A67,Inputs!B:B,0),$C$5)","v":343015.27558390074}]
[{"$f":"Inputs!B68","v":"Value of commissioned assets, 2027/28"},{"$f":"INDEX(Indiv_Data,MATCH(A68,Inputs!B:B,0),$C$5)","v":299481.88333566528}]
[{"$f":"Inputs!B69","v":"Value of commissioned assets, 2028/29"},{"$f":"INDEX(Indiv_Data,MATCH(A69,Inputs!B:B,0),$C$5)","v":259508.25215865433}]
[{"$f":"Inputs!B70","v":"Value of commissioned assets, 2029/30"},{"$f":"INDEX(Indiv_Data,MATCH(A70,Inputs!B:B,0),$C$5)","v":267669.71968974709}]
[]
["Disposed assets"]
[{"$f":"Inputs!B72","v":"Value of disposed assets, 2023/24"},{"$f":"INDEX(Indiv_Data,MATCH(A73,Inputs!B:B,0),$C$5)","v":16163.259575132521}]
[{"$f":"Inputs!B73","v":"Value of disposed assets, 2024/25"},{"$f":"INDEX(Indiv_Data,MATCH(A74,Inputs!B:B,0),$C$5)","v":16583.504324085967}]
[{"$f":"Inputs!B74","v":"Value of disposed assets, 2025/26"},{"$f":"INDEX(Indiv_Data,MATCH(A75,Inputs!B:B,0),$C$5)","v":16915.174410567688}]
[{"$f":"Inputs!B75","v":"Value of disposed assets, 2026/27"},{"$f":"INDEX(Indiv_Data,MATCH(A76,Inputs!B:B,0),$C$5)","v":17253.477898779041}]
[{"$f":"Inputs!B76","v":"Value of disposed assets, 2027/28"},{"$f":"INDEX(Indiv_Data,MATCH(A77,Inputs!B:B,0),$C$5)","v":17598.547456754626}]
[{"$f":"Inputs!B77","v":"Value of disposed assets, 2028/29"},{"$f":"INDEX(Indiv_Data,MATCH(A78,Inputs!B:B,0),$C$5)","v":17950.518405889718}]
[{"$f":"Inputs!B78","v":"Value of disposed assets, 2029/30"},{"$f":"INDEX(Indiv_Data,MATCH(A79,Inputs!B:B,0),$C$5)","v":18309.528774007511}]
[]
["Other regulated income"]
[{"$f":"Inputs!B80","v":"Other regulated income, 2023/24"},{"$f":"INDEX(Indiv_Data,MATCH(A82,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B81","v":"Other regulated income, 2024/25"},{"$f":"INDEX(Indiv_Data,MATCH(A83,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B82","v":"Other regulated income, 2025/26"},{"$f":"INDEX(Indiv_Data,MATCH(A84,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B83","v":"Other regulated income, 2026/27"},{"$f":"INDEX(Indiv_Data,MATCH(A85,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B84","v":"Other regulated income, 2027/28"},{"$f":"INDEX(Indiv_Data,MATCH(A86,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B85","v":"Other regulated income, 2028/29"},{"$f":"INDEX(Indiv_Data,MATCH(A87,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B86","v":"Other regulated income, 2029/30"},{"$f":"INDEX(Indiv_Data,MATCH(A88,Inputs!B:B,0),$C$5)","v":0}]
[]
[{"$f":"Inputs!B100","v":"Depreciation of existing assets"}]
[{"$f":"Inputs!B101","v":"The sum of depreciation for existing assets, 2024/25"},{"$f":"INDEX(Indiv_Data,MATCH($A91,Inputs!B:B,0),$C$5)","v":162454.51512828851}]
[{"$f":"Inputs!B102","v":"The sum of depreciation for existing assets, 2025/26"},{"$f":"INDEX(Indiv_Data,MATCH(A92,Inputs!B:B,0),$C$5)","v":158104.2403432322}]
[{"$f":"Inputs!B103","v":"The sum of depreciation for existing assets, 2026/27"},{"$f":"INDEX(Indiv_Data,MATCH(A93,Inputs!B:B,0),$C$5)","v":153469.68465810313}]
[{"$f":"Inputs!B104","v":"The sum of depreciation for existing assets, 2027/28"},{"$f":"INDEX(Indiv_Data,MATCH(A94,Inputs!B:B,0),$C$5)","v":152033.49170206577}]
[{"$f":"Inputs!B105","v":"The sum of depreciation for existing assets, 2028/29"},{"$f":"INDEX(Indiv_Data,MATCH(A95,Inputs!B:B,0),$C$5)","v":151948.21663066876}]
[{"$f":"Inputs!B106","v":"The sum of depreciation for existing assets, 2029/30"},{"$f":"INDEX(Indiv_Data,MATCH(A96,Inputs!B:B,0),$C$5)","v":150553.0898478397}]

{"sheet":"TIMING","index":7,"n_rows":43,"n_cols":15,"rows_kept":43,"cut":false,"hidden":false,"merged":[]}
["Intra-year timing"]
["Derivation of the five timing factors TFopex, TFtax, TFVCA, TFori and TFrev."]
["Inputs"]
[null,"From","Value"]
["Last day of year 1 of the DPP period","EDB data",{"$f":"'EDB data'!B18","v":"2024-03-31"}]
["Days in a year","EDB data",{"$f":"'EDB data'!B15","v":365}]
["Days from mid-year to year-end","EDB data",{"$f":"'EDB data'!B16","v":182}]
["Days from revenue date to year-end","EDB data",{"$f":"'EDB data'!B17","v":148}]
["Vanilla WACC (67th percentile)","EDB data",{"$f":"WACC","v":7.3700000000000002E-2}]
["Calculations"]
[null,null,"Value"]
["Mid-year date",null,{"$f":"EOMONTH(C5,-6)","v":"2023-09-30"}]
["Revenue date",null,{"$f":"C5-C8","v":"2023-11-04"},"As demonstrated below, 12 equal monthly transactions on the 20th of the following month can be approximated by a single payment on the revenue date."]
["Operating expenditure date",null,{"$f":"C12","v":"2023-09-30"},"i.e. mid-year"]
["Tax date",null,{"$f":"C12","v":"2023-09-30"},"i.e. mid-year"]
["Asset commissioning date",null,{"$f":"C12","v":"2023-09-30"},"i.e. mid-year"]
["Interest date",null,{"$f":"C12","v":"2023-09-30"},"i.e. mid-year"]
["Asset disposal date",null,{"$f":"C12","v":"2023-09-30"},"i.e. mid-year"]
["TF for mid-year cash flows",null,{"$f":"(1+$C$9)^(C7/C6)","v":1.0360940296307961},"Intra-year timing factors: discount from mid year to end of year values"]
["TFrev",null,{"$f":"(1+$C$9)^(C8/C6)","v":1.0292536194556401},"Intra-year timing factor: discount from revenue date to end of year values"]
["Outputs"]
[null,null,"Value"]
["TFopex",null,{"$f":"$C$19","v":1.0360940296307961}]
["TFtax",null,{"$f":"$C$19","v":1.0360940296307961}]
["TFVCA",null,1.0360940296307961]
["TFori",null,1.0360940296307961]
["TFrev",null,{"$f":"$C$20","v":1.0292536194556401}]
["Check for timing of revenue receipt"]
["Demonstration that a 4 November receipt date for all revenues in a year ending 31 March is almost identical to"]
["receiving 12 equal revenue amounts on the 20th of the month following the provision of service."]
["Monthly cash flows"]
["Dates of receipt of revenues",null,{"$f":"EDATE(C5,-12)","v":"2023-03-31"},{"$f":"EOMONTH(C32,1)+20","v":"2023-05-20"},{"$f":"EDATE(D32,1)","v":"2023-06-20"},{"$f":"EDATE(E32,1)","v":"2023-07-20"},"2023-08-20","2023-09-20","2023-10-20","2023-11-20","2023-12-20","2024-01-20","2024-02-20",{"$f":"EDATE(M32,1)","v":"2024-03-20"},{"$f":"EDATE(N32,1)","v":"2024-04-20"}]
["Indexed amount of revenue",null,0,1,1,1,1,1,1,1,1,1,1,1,1]
[]
["Equivalent single cash flow"]
["Dates of receipt of revenues",null,{"$f":"C32","v":"2023-03-31"},{"$f":"C13","v":"2023-11-04"}]
["Indexed amount of revenue",null,0,12]
[]
["Present value",null,"Value"]
[{"$f":"\"PV as at \"&TEXT(C5,\"dd mmm yy\")&\" of the series of unit amounts\"","v":"PV as at 31 Mar 24 of the series of unit amounts"},null,{"$f":"XNPV(WACC,C33:O33,C32:O32)","v":11.502692826864193}]
["PV of the equivalent single amount",null,{"$f":"XNPV(WACC,C37:D37,C36:D36)","v":11.501012752771947}]
[{"$f":"\"Difference in PV for a date of \" & TEXT(D36,\"d mmm\")","v":"Difference in PV for a date of 4 Nov"},null,{"$f":"C40-C41","v":1.6800740922455759E-3}]
["Percentage difference",null,{"$f":"C42/C40","v":1.4605919827067045E-4}]

{"sheet":"RAB","index":8,"n_rows":95,"n_cols":10,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Regulatory asset base",null,null,null,null,null,null,null,null,{"$f":"EDB_Name","v":"Vector Lines"}]
["Calculations involving the roll-forward of asset values."]
["Inputs"]
[null,"From","Value",{"$f":"Inputs!D$12","v":"2023/24"},{"$f":"Inputs!E$12","v":"2024/25"},{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Opening RAB","EDB data",{"$f":"'EDB data'!B28","v":3891833.0595731898}]
["Total depreciation","EDB data",{"$f":"'EDB data'!B31","v":162364.39731151584}]
["Revaluations","EDB data",{"$f":"'EDB data'!B32","v":0}]
["Closing RAB","EDB data",{"$f":"'EDB data'!B33","v":4227215.5852645263}]
["Disposed assets","EDB data",null,{"$f":"'EDB data'!$B73","v":16163.259575132521},{"$f":"'EDB data'!$B74","v":16583.504324085967},{"$f":"'EDB data'!$B75","v":16915.174410567688},{"$f":"'EDB data'!$B76","v":17253.477898779041},{"$f":"'EDB data'!$B77","v":17598.547456754626},{"$f":"'EDB data'!$B78","v":17950.518405889718},{"$f":"'EDB data'!$B79","v":18309.528774007511}]
["Value of commissioned assets","EDB data",null,{"$f":"'EDB data'!$B64","v":358149},{"$f":"'EDB data'!$B65","v":264611.33276500728},{"$f":"'EDB data'!$B66","v":351381.70521212689},{"$f":"'EDB data'!$B67","v":343015.27558390074},{"$f":"'EDB data'!$B68","v":299481.88333566528},{"$f":"'EDB data'!$B69","v":259508.25215865433},{"$f":"'EDB data'!$B70","v":267669.71968974709}]
["Remaining life of newly commissioned assets","EDB data",{"$f":"'EDB data'!B13","v":44}]
["Forecast changes in CPI used for revaluations","EDB data",null,{"$f":"'EDB data'!B23","v":4.022988505747116E-2},{"$f":"'EDB data'!C23","v":2.6000000000000023E-2},{"$f":"'EDB data'!D23","v":2.0000000000000018E-2},{"$f":"'EDB data'!E23","v":2.0000000000000018E-2},{"$f":"'EDB data'!F23","v":2.0000000000000018E-2},{"$f":"'EDB data'!G23","v":2.0000000000000018E-2},{"$f":"'EDB data'!H23","v":2.0000000000000018E-2}]
["Adjustment factor (for accelerated depreciation)","EDB data",{"$f":"'EDB data'!B41","v":1}]
["Existing asset depreciation",null,null,null,{"$f":"TRANSPOSE('EDB data'!B91:B96)","v":162454.51512828851},158104.2403432322,153469.68465810313,152033.49170206577,151948.21663066876,150553.0898478397]
["Calculations"]
["Roll forward of existing assets"]
[null,null,null,{"$f":"Inputs!D$12","v":"2023/24"},{"$f":"Inputs!E$12","v":"2024/25"},{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Remaining asset life of existing assets, DPP3 methodology",null,null,null,{"$f":"100%*C5/C6-1","v":22.969744131197892},{"$f":"C13*C5/C6-2","v":21.969744131197892},{"$f":"F18-1","v":20.969744131197892},19.969744131197892,18.969744131197892,17.969744131197892]
["Opening RAB value of existing assets",null,null,null,{"$f":"D23","v":4227215.5852645263},{"$f":"E23","v":4157544.092311387},{"$f":"F23","v":4065254.1050337576},{"$f":"G23","v":3975409.6499374746},{"$f":"H23","v":3884854.3246352696},{"$f":"I23","v":3792215.9686368061}]
["Disposed assets",null,null,null,{"$f":"E9","v":16583.504324085967},16915.174410567688,17253.477898779041,17598.547456754626,17950.518405889718,18309.528774007511]
["Revaluation of existing assets",null,null,null,{"$f":"(E19*0.999-E20)*E28","v":109366.52649923466},82729.427476170225,80878.707460598976,79076.713856615723,77260.379038094965,75402.284477883295]
["Depreciation of existing assets",null,null,null,{"$f":"IF(OR(E14=0, EDB_Name=\" Electricity Invercargill\",EDB_Name=\" OtagoNet\"),E19/E18,E14)","v":162454.51512828851},158104.2403432322,153469.68465810313,152033.49170206577,151948.21663066876,150553.0898478397]
["Closing RAB value of existing assets",null,null,{"$f":"C8","v":4227215.5852645263},{"$f":"E19-E20+E21-E22","v":4157544.092311387},4065254.1050337576,3975409.6499374746,3884854.3246352696,3792215.9686368061,3698755.634492842]
[]
["Individual roll forward of additional assets"]
[null,null,null,{"$f":"Inputs!D$12","v":"2023/24"},{"$f":"Inputs!E$12","v":"2024/25"},{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Year in modelling period",null,null,1,{"$f":"D27+1","v":2},{"$f":"E27+1","v":3},4,5,{"$f":"H27+1","v":6},{"$f":"I27+1","v":7}]
["Revaluation rate",null,null,{"$f":"D12","v":4.022988505747116E-2},2.6000000000000023E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2]
["Commissioned assets",null,null,{"$f":"D$10","v":358149},264611.33276500728,351381.70521212689,343015.27558390074,299481.88333566528,259508.25215865433,267669.71968974709]
[" Assets commissioned in 2024/25:"]
["Year asset is added during modelling period",null,{"$f":"E27","v":2}]
["Opening RAB",null,null,0,{"$f":"D36","v":0},264611.33276500728,263889.66549382999,263030.4898387338,262028.46892506245,260878.10003709877]
["Years of remaining life",null,null,{"$f":"$C$11+$C31","v":46},{"$f":"D33-1","v":45},{"$f":"E33-1","v":44},43,{"$f":"G33-1","v":42},{"$f":"H33-1","v":41},{"$f":"I33-1","v":40}]
["Revaluation of assets",null,null,{"$f":"D32*D$28","v":0},0,5292.22665530015,5277.7933098766043,5260.6097967746809,5240.5693785012536,5217.5620007419802]
["Depreciation of assets",null,null,{"$f":"D32/D33","v":0},0,6013.8939264774381,6136.9689649727907,6262.6307104460429,6390.9382664649374,6521.9525009274694]
["Closing RAB",null,null,{"$f":"D32+D34-D35+IF($C31=D$27,D$29,0)","v":0},264611.33276500728,263889.66549382999,263030.4898387338,262028.46892506245,260878.10003709877,259573.70953691329]
[" Assets commissioned in 2025/26:"]
["Year asset is added during modelling period",null,{"$f":"F27","v":3}]
["Opening RAB",null,null,0,{"$f":"D43","v":0},0,351381.70521212689,350423.39147063927,349282.47810306045,347951.87818647741]
["Years of remaining life",null,null,{"$f":"$C$11+$C38","v":47},{"$f":"D40-1","v":46},45,44,43,42,41]
["Revaluation of assets",null,null,{"$f":"D39*D$28","v":0},0,0,7027.6341042425438,7008.4678294127916,6985.649562061215,6959.0375637295547]
["Depreciation of assets",null,null,{"$f":"D39/D40","v":0},0,0,7985.9478457301566,8149.3811969916105,8316.2494786442967,8486.6311752799375]
["Closing RAB",null,null,{"$f":"D39+D41-D42+IF($C38=D$27,D$29,0)","v":0},0,351381.70521212689,350423.39147063927,349282.47810306045,347951.87818647741,346424.28457492706]
[" Assets commissioned in 2026/27:"]
["Year asset is added during modelling period",null,{"$f":"G27","v":4}]
["Opening RAB",null,null,0,{"$f":"D50","v":0},0,0,343015.27558390074,342079.77937776287,340966.03125885851]
["Years of remaining life",null,null,{"$f":"$C$11+$C45","v":48},{"$f":"D47-1","v":47},46,45,44,43,42]
["Revaluation of assets",null,null,{"$f":"D46*D$28","v":0},0,0,0,6860.3055116780206,6841.5955875552636,6819.3206251771762]
["Depreciation of assets",null,null,{"$f":"D46/D47","v":0},0,0,0,7795.8017178159262,7955.3437064596019,8118.238839496631]
["Closing RAB",null,null,{"$f":"D46+D48-D49+IF($C45=D$27,D$29,0)","v":0},0,0,343015.27558390074,342079.77937776287,340966.03125885851,339667.11304453906]
[" Assets commissioned in 2027/28:"]
["Year asset is added during modelling period",null,{"$f":"H27","v":5}]
["Opening RAB",null,null,0,{"$f":"D57","v":0},0,0,0,299481.88333566528,298665.11456293165]
["Years of remaining life",null,null,{"$f":"$C$11+$C52","v":49},{"$f":"D54-1","v":48},47,46,45,44,43]
["Revaluation of assets",null,null,{"$f":"D53*D$28","v":0},0,0,0,0,5989.6376667133109,5973.3022912586384]
["Depreciation of assets",null,null,{"$f":"D53/D54","v":0},0,0,0,0,6806.4064394469378,6945.7003386728293]
["Closing RAB",null,null,{"$f":"D53+D55-D56+IF($C52=D$27,D$29,0)","v":0},0,0,0,299481.88333566528,298665.11456293165,297692.71651551744]
[" Assets commissioned in 2028/29:"]
["Year asset is added during modelling period",null,{"$f":"I27","v":6}]
["Opening RAB",null,null,0,{"$f":"D64","v":0},0,0,0,0,259508.25215865433]
["Years of remaining life",null,null,{"$f":"$C$11+$C59","v":50},{"$f":"D61-1","v":49},48,47,46,45,44]
["Revaluation of assets",null,null,{"$f":"D60*D$28","v":0},0,0,0,0,0,5190.1650431730914]
["Depreciation of assets",null,null,{"$f":"D60/D61","v":0},0,0,0,0,0,5897.9148217875982]
["Closing RAB",null,null,{"$f":"D60+D62-D63+IF($C59=D$27,D$29,0)","v":0},0,0,0,0,259508.25215865433,258800.5023800398]
[" Assets commissioned in 2029/30:"]
["Year asset is added during modelling period",null,{"$f":"J27","v":7}]
["Opening RAB",null,null,0,{"$f":"D71","v":0},0,0,0,0,0]
["Years of remaining life",null,null,{"$f":"$C$11+$C66","v":51},{"$f":"D68-1","v":50},{"$f":"E68-1","v":49},48,{"$f":"G68-1","v":47},{"$f":"H68-1","v":46},{"$f":"I68-1","v":45}]
["Revaluation of assets",null,null,{"$f":"D67*D$28","v":0},0,0,0,0,0,0]
["Depreciation of assets",null,null,{"$f":"D67/D68","v":0},0,0,0,0,0,0]
["Closing RAB",null,null,{"$f":"D67+D69-D70+IF($C66=D$27,D$29,0)","v":0},0,0,0,0,0,267669.71968974709]
[]
["Aggregate roll forward of additional assets"]
[]
["Opening RAB of commissioned additional assets",null,null,{"$f":"D32+D39+D46+D53+D60+D67","v":0},0,{"$f":"F32+F39+F46+F53+F60+F67","v":264611.33276500728},615271.37070595683,956469.15689327382,1252872.6097415511,1507969.3762040208]
["Revaluation of commissioned additional assets",null,null,{"$f":"D34+D41+D48+D55+D62+D69","v":0},0,{"$f":"F34+F41+F48+F55+F62+F69","v":5292.22665530015},12305.427414119149,19129.383137865494,25057.452194831043,30159.387524080441]
["Depreciation of commissioned additional assets",null,null,0,0,{"$f":"F35+F42+F49+F56+F63+F70","v":6013.8939264774381},14122.916810702947,22207.813625253577,29468.937891015776,35970.43767616446]
["Closing RAB of commissioned additional assets",null,null,0,264611.33276500728,{"$f":"F36+F43+F50+F57+F64+F71","v":615271.37070595683},956469.15689327382,1252872.6097415511,1507969.3762040208,1769828.0457416838]
[]
["Combined roll forward of existing and additional assets"]
[]
[null,null,null,{"$f":"Inputs!D$12","v":"2023/24"},{"$f":"Inputs!E$12","v":"2024/25"},{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Aggregate opening RAB value",null,null,{"$f":"C5","v":3891833.0595731898},{"$f":"E19+E75","v":4227215.5852645263},4422155.4250763943,4680525.4757397147,4931878.8068307489,5137726.9343768209,5300185.3448408265]
["Total revaluation",null,null,{"$f":"C7","v":0},{"$f":"E21+E76","v":109366.52649923466},88021.654131470379,93184.134874718118,98206.096994481224,102317.83123292601,105561.67200196374]
["Total depreciation",null,null,{"$f":"C6","v":162364.39731151584},162454.51512828851,164118.13426970964,167592.60146880607,174241.30532731937,181417.15452168454,186523.52752400417]
["Aggregate closing RAB value",null,null,{"$f":"D23+D78","v":4227215.5852645263},4422155.4250763943,4680525.4757397147,4931878.8068307489,5137726.9343768209,5300185.3448408265,5468583.6802345254]
["Check that closing value is as expected. Should = 0",null,null,null,{"$f":"E83+E29+E84-E85-E20-E86","v":0},{"$f":"F83+F29+F84-F85-F20-F86","v":0},0,0,0,0]
["Outputs",null,null,null,{"$f":"E18-E91","v":-3.0511736741726843},{"$f":"F18-F91","v":-4.3264771673939535},-5.5192273819074771,-6.1785052145971306,-6.5972181588429812,-7.2188187370202606]
[]
[null,null,null,{"$f":"Inputs!D$12","v":"2023/24"},{"$f":"Inputs!E$12","v":"2024/25"},{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Remaining asset life of existing assets",null,null,null,{"$f":"E19/E22","v":26.020917805370576},{"$f":"F19/F22","v":26.296221298591846},26.488971513105369,26.148249345795023,25.566962290040873,25.188562868218153]
["Total depreciation",null,null,{"$f":"D85","v":162364.39731151584},162454.51512828851,164118.13426970964,167592.60146880607,174241.30532731937,181417.15452168454,186523.52752400417]
["Aggregate opening RAB value",null,null,{"$f":"D83","v":3891833.0595731898},{"$f":"E83","v":4227215.5852645263},4422155.4250763943,4680525.4757397147,4931878.8068307489,5137726.9343768209,5300185.3448408265]
["Total revaluation",null,null,{"$f":"D84","v":0},{"$f":"E84","v":109366.52649923466},88021.654131470379,93184.134874718118,98206.096994481224,102317.83123292601,105561.67200196374]
["Aggregate closing RAB value",null,null,{"$f":"D86","v":4227215.5852645263},{"$f":"E86","v":4422155.4250763943},4680525.4757397147,4931878.8068307489,5137726.9343768209,5300185.3448408265,5468583.6802345254]

{"sheet":"TAX","index":9,"n_rows":98,"n_cols":10,"rows_kept":98,"cut":false,"hidden":false,"merged":[]}
["Tax calculations",null,null,null,null,null,null,null,null,{"$f":"EDB_Name","v":"Vector Lines"}]
["Calculations involving the roll-forward of adjusted depreciation regulatory asset values, deferred tax and tax adjustments."]
["Inputs"]
[null,"Source","Value",{"$f":"Inputs!D$12","v":"2023/24"},{"$f":"Inputs!E$12","v":"2024/25"},{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Year in modelling period","EDB data",null,{"$f":"'EDB data'!B21","v":1},{"$f":"'EDB data'!C21","v":2},{"$f":"'EDB data'!D21","v":3},{"$f":"'EDB data'!E21","v":4},{"$f":"'EDB data'!F21","v":5},{"$f":"'EDB data'!G21","v":6},{"$f":"'EDB data'!H21","v":7}]
["Tax rate","EDB data",null,{"$f":"'EDB data'!B25","v":0.28000000000000003},{"$f":"'EDB data'!C25","v":0.28000000000000003},{"$f":"'EDB data'!D25","v":0.28000000000000003},{"$f":"'EDB data'!E25","v":0.28000000000000003},{"$f":"'EDB data'!F25","v":0.28000000000000003},{"$f":"'EDB data'!G25","v":0.28000000000000003},{"$f":"'EDB data'!H25","v":0.28000000000000003}]
["Value of commissioned assets","EDB data",null,{"$f":"'EDB data'!$B64","v":358149},{"$f":"'EDB data'!$B65","v":264611.33276500728},{"$f":"'EDB data'!$B66","v":351381.70521212689},{"$f":"'EDB data'!$B67","v":343015.27558390074},{"$f":"'EDB data'!$B68","v":299481.88333566528},{"$f":"'EDB data'!$B69","v":259508.25215865433},{"$f":"'EDB data'!$B70","v":267669.71968974709}]
["Remaining life of newly commissioned assets","EDB data",null,{"$f":"'EDB data'!B13","v":44}]
["Amortisation of initial differences in asset values","EDB data",null,{"$f":"'EDB data'!B38","v":31571.185185185201}]
["Lost assets","EDB data",null,{"$f":"'EDB data'!B29","v":0}]
["Found assets","EDB data",null,{"$f":"'EDB data'!B30","v":0}]
["Disposed assets","EDB data",null,{"$f":"'EDB data'!$B73","v":16163.259575132521},{"$f":"'EDB data'!$B74","v":16583.504324085967},{"$f":"'EDB data'!$B75","v":16915.174410567688},{"$f":"'EDB data'!$B76","v":17253.477898779041},{"$f":"'EDB data'!$B77","v":17598.547456754626},{"$f":"'EDB data'!$B78","v":17950.518405889718},{"$f":"'EDB data'!$B79","v":18309.528774007511}]
["Opening RAB excluding revaluations","EDB data",null,{"$f":"'EDB data'!B34","v":2910221.5489542075}]
["Adjusted depreciation","EDB data",null,{"$f":"'EDB data'!B35","v":121412.29097086606}]
["Tax depreciation","EDB data",null,{"$f":"'EDB data'!B36","v":131068.38647474816}]
["Opening regulatory tax asset value","EDB data",null,{"$f":"'EDB data'!B37","v":1260992}]
["Opening deferred tax balance","EDB data",null,{"$f":"'EDB data'!B40","v":-147224.25185185185}]
["Cost of debt","EDB data",null,{"$f":"'EDB data'!B11","v":6.1199999999999997E-2}]
["Leverage","EDB data",null,{"$f":"'EDB data'!B12","v":0.41}]
["Remaining asset life of existing assets","RAB",null,null,{"$f":"RAB!E91","v":26.020917805370576},{"$f":"RAB!F91","v":26.296221298591846},{"$f":"RAB!G91","v":26.488971513105369},{"$f":"RAB!H91","v":26.148249345795023},{"$f":"RAB!I91","v":25.566962290040873},{"$f":"RAB!J91","v":25.188562868218153}]
["Total depreciation","RAB",null,{"$f":"RAB!D92","v":162364.39731151584},{"$f":"RAB!E92","v":162454.51512828851},{"$f":"RAB!F92","v":164118.13426970964},{"$f":"RAB!G92","v":167592.60146880607},{"$f":"RAB!H92","v":174241.30532731937},{"$f":"RAB!I92","v":181417.15452168454},{"$f":"RAB!J92","v":186523.52752400417}]
["Term credit spread differential allowance","BBAR",null,{"$f":"BBAR!D58","v":3388.5386192854958},{"$f":"BBAR!E58","v":3680.5492536427764},{"$f":"BBAR!F58","v":3850.2793436873599},{"$f":"BBAR!G58","v":4075.2368075194349},{"$f":"BBAR!H58","v":4294.084958622152},{"$f":"BBAR!I58","v":4473.3126693744643},{"$f":"BBAR!J58","v":4614.7618501225697}]
["Opening investment value","BBAR",null,{"$f":"BBAR!D56","v":3744608.8077213378},{"$f":"BBAR!E56","v":4068447.6948197358},{"$f":"BBAR!F56","v":4244928.7876488408},{"$f":"BBAR!G56","v":4481513.9309986746},{"$f":"BBAR!H56","v":4706311.8093336979},{"$f":"BBAR!I56","v":4882251.1037007142},{"$f":"BBAR!J56","v":5013189.1188028287}]
["Calculations"]
["Adjusted RAB & depreciation of assets commissioned"]
[null,null,"Value",{"$f":"Inputs!D$12","v":"2023/24"},{"$f":"Inputs!E$12","v":"2024/25"},{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Commissioned assets",null,null,{"$f":"D7","v":358149},264611.33276500728,351381.70521212689,343015.27558390074,299481.88333566528,259508.25215865433,267669.71968974709]
[" Assets commissioned in 2014/15:",null,{"$f":"E5","v":2}]
["Opening RAB, adjusted depreciation",null,null,0,{"$f":"D32","v":0},264611.33276500728,258597.43883852984,252583.5449120524,246569.65098557496,240555.75705909752]
["Years of remaining life",null,null,{"$f":"$D$8+$C28","v":46},{"$f":"D30-1","v":45},44,43,42,41,40]
["Adjusted depreciation",null,null,{"$f":"D29/D30","v":0},0,6013.8939264774381,6013.8939264774381,6013.8939264774381,6013.8939264774381,6013.8939264774381]
["Closing RAB, adjusted depreciation",null,null,{"$f":"D29-D31+IF($C28=D$5,D$27,0)","v":0},264611.33276500728,258597.43883852984,252583.5449120524,246569.65098557496,240555.75705909752,234541.86313262008]
[" Assets commissioned in 2015/16:",null,{"$f":"F5","v":3}]
["Opening RAB, adjusted depreciation",null,null,0,{"$f":"D37","v":0},0,351381.70521212689,343395.75736639672,335409.80952066655,327423.86167493637]
["Years of remaining life",null,null,{"$f":"$D$8+$C33","v":47},{"$f":"D35-1","v":46},45,44,43,42,41]
["Adjusted depreciation",null,null,{"$f":"D34/D35","v":0},0,0,7985.9478457301566,7985.9478457301566,7985.9478457301557,7985.9478457301557]
["Closing RAB, adjusted depreciation",null,null,{"$f":"D34-D36+IF($C33=D$5,D$27,0)","v":0},0,351381.70521212689,343395.75736639672,335409.80952066655,327423.86167493637,319437.9138292062]
[" Assets commissioned in 2016/17:",null,{"$f":"G5","v":4}]
["Opening RAB, adjusted depreciation",null,null,0,{"$f":"D42","v":0},0,0,343015.27558390074,335219.47386608482,327423.6721482689]
["Years of remaining life",null,null,{"$f":"$D$8+$C38","v":48},{"$f":"D40-1","v":47},46,45,44,43,42]
["Adjusted depreciation",null,null,{"$f":"D39/D40","v":0},0,0,0,7795.8017178159262,7795.8017178159262,7795.8017178159262]
["Closing RAB, adjusted depreciation",null,null,{"$f":"D39-D41+IF($C38=D$5,D$27,0)","v":0},0,0,343015.27558390074,335219.47386608482,327423.6721482689,319627.87043045298]
[" Assets commissioned in 2017/18:",null,{"$f":"H5","v":5}]
["Opening RAB, adjusted depreciation",null,null,0,{"$f":"D47","v":0},0,0,0,299481.88333566528,292675.47689621832]
["Years of remaining life",null,null,{"$f":"$D$8+$C43","v":49},{"$f":"D45-1","v":48},47,46,45,44,43]
["Adjusted depreciation",null,null,{"$f":"D44/D45","v":0},0,0,0,0,6806.4064394469378,6806.4064394469378]
["Closing RAB, adjusted depreciation",null,null,{"$f":"D44-D46+IF($C43=D$5,D$27,0)","v":0},0,0,0,299481.88333566528,292675.47689621832,285869.07045677135]
[" Assets commissioned in 2018/19:",null,{"$f":"I5","v":6}]
["Opening RAB, adjusted depreciation",null,null,0,{"$f":"D52","v":0},0,0,0,0,259508.25215865433]
["Years of remaining life",null,null,{"$f":"$D$8+$C48","v":50},{"$f":"D50-1","v":49},48,47,46,45,44]
["Adjusted depreciation",null,null,{"$f":"D49/D50","v":0},0,0,0,0,0,5897.9148217875982]
["Closing RAB, adjusted depreciation",null,null,{"$f":"D49-D51+IF($C48=D$5,D$27,0)","v":0},0,0,0,0,259508.25215865433,253610.33733686674]
[" Assets commissioned in 2019/20:",null,{"$f":"J5","v":7}]
["Opening RAB, adjusted depreciation",null,null,0,{"$f":"D57","v":0},{"$f":"E57","v":0},0,{"$f":"G57","v":0},{"$f":"H57","v":0},{"$f":"I57","v":0}]
["Years of remaining life",null,null,{"$f":"$D$8+$C53","v":51},{"$f":"D55-1","v":50},{"$f":"E55-1","v":49},48,{"$f":"G55-1","v":47},{"$f":"H55-1","v":46},{"$f":"I55-1","v":45}]
["Adjusted depreciation",null,null,{"$f":"D54/D55","v":0},0,0,0,0,0,0]
["Closing RAB, adjusted depreciation",null,null,{"$f":"D54-D56+IF($C53=D$5,D$27,0)","v":0},0,0,0,0,0,267669.71968974709]
["Total assets commissioned"]
["Total adjusted depreciation of commissioned assets",null,null,{"$f":"D31+D36+D41+D46+D51+D56","v":0},0,6013.8939264774381,13999.841772207594,21795.643490023518,28602.049929470457,34499.964751258056]
["Adjusted depreciation of existing assets"]
[null,null,"Value",{"$f":"Inputs!D$12","v":"2023/24"},{"$f":"Inputs!E$12","v":"2024/25"},{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Opening RAB value of existing assets, adjusted depreciation",null,null,{"$f":"D13","v":2910221.5489542075},{"$f":"D68","v":3130794.9984082086},{"$f":"E68","v":2993893.1017112746},{"$f":"F68","v":2863125.3297082311},{"$f":"G68","v":2737784.4038580772},{"$f":"H68","v":2615483.4586364659},{"$f":"I68","v":2495233.5966884894}]
["Disposed assets",null,null,{"$f":"D12","v":16163.259575132521},16583.504324085967,16915.174410567688,17253.477898779041,17598.547456754626,17950.518405889718,18309.528774007511]
["Base year lost assets",null,null,{"$f":"D10","v":0}]
["Base year found assets",null,null,{"$f":"D11","v":0}]
["Adjusted depreciation of existing assets",null,null,{"$f":"D14","v":121412.29097086606},{"$f":"E62/E20","v":120318.39237284818},{"$f":"F62/F20","v":113852.59759247601},108087.44795137498,104702.39776485642,102299.34354208666,99062.166021264682]
["Base year commissioned assets",null,null,{"$f":"D7","v":358149}]
["Closing RAB value of existing assets, adjusted depreciation",null,null,{"$f":"D62-D63-D64+D65-D66+D67","v":3130794.9984082086},{"$f":"E62-E63-E66","v":2993893.1017112746},2863125.3297082311,{"$f":"G62-G63-G66","v":2737784.4038580772},{"$f":"H62-H63-H66","v":2615483.4586364659},{"$f":"I62-I63-I66","v":2495233.5966884894},{"$f":"J62-J63-J66","v":2377861.9018932171}]
["Regulatory tax asset value"]
[null,null,"Value",{"$f":"Inputs!D$12","v":"2023/24"},{"$f":"Inputs!E$12","v":"2024/25"},{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Average DV rate",null,{"$f":"D15/D16","v":0.10394069627305182}]
["Opening regulatory tax asset value",null,null,{"$f":"D16","v":1260992},{"$f":"D75","v":1488072.6135252519},{"$f":"E75","v":1598012.6427355846},{"$f":"F75","v":1783295.8012086353},{"$f":"G75","v":1940954.0695541007},{"$f":"H75","v":2038691.8354662994},{"$f":"I75","v":2086297.0387604006}]
["Tax depreciation",null,null,{"$f":"D15","v":131068.38647474816},{"$f":"E72*$C71","v":154671.30355467461},{"$f":"F72*$C71","v":166098.54673907626},{"$f":"G72*$C71","v":185357.00723843536},{"$f":"H72*$C71","v":201744.11742346667},{"$f":"I72*$C71","v":211903.04886455316},{"$f":"J72*$C71","v":216851.16684116222}]
["Value of commissioned assets",null,null,{"$f":"D7","v":358149},264611.33276500728,351381.70521212689,343015.27558390074,299481.88333566528,259508.25215865433,267669.71968974709]
["Closing regulatory tax asset value",null,null,{"$f":"D72-D73+D74","v":1488072.6135252519},1598012.6427355846,1783295.8012086353,1940954.0695541007,2038691.8354662994,2086297.0387604006,2137115.5916089853]
["Depreciation temporary differences"]
[null,null,"Value",{"$f":"Inputs!D$12","v":"2023/24"},{"$f":"Inputs!E$12","v":"2024/25"},{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Total adjusted depreciation of assets",null,null,{"$f":"D59+D66","v":121412.29097086606},120318.39237284818,119866.49151895345,122087.28972358258,126498.04125487994,130901.39347155712,133562.13077252274]
["Tax depreciation",null,null,{"$f":"D73","v":131068.38647474816},154671.30355467461,166098.54673907626,185357.00723843536,201744.11742346667,211903.04886455316,216851.16684116222]
["Depreciation temporary differences",null,null,{"$f":"D78-D79","v":-9656.0955038820975},-34352.911181826435,-46232.055220122813,-63269.717514852775,-75246.076168586733,-81001.655392996036,-83289.036068639485]
["Deductions for regulatory tax purposes"]
["Amortisation of initial differences in asset values",null,null,{"$f":"D9","v":31571.185185185201},{"$f":"D82","v":31571.185185185201},{"$f":"E82","v":31571.185185185201},31571.185185185201,31571.185185185201,31571.185185185201,31571.185185185201]
["Notional deductible interest",null,null,{"$f":"(D23*$D$19*$D$18+D22)/(1+$D$18)^0.5","v":94499.516242645157},102670.95901702206,107134.39950406451,113115.44893680037,118803.45691947975,123262.92011804924,126589.58169538552]
["Amortisation of revaluations",null,null,{"$f":"D21-D78","v":40952.106340649785},42136.12275544033,44251.642750756189,45505.311745223487,47743.26407243943,50515.761050127418,52961.396751481429]
["Regulatory tax adjustments",null,null,{"$f":"D82+D84-D83","v":-21976.224716810175},{"$f":"E82+E84-E83","v":-28963.651076396534},-31311.571568123123,-36038.952006391686,-39489.007661855125,-41175.973882736624,-42056.999758718899]
[]
["Deferred tax asset value"]
[null,null,"Value",{"$f":"Inputs!D$12","v":"2023/24"},{"$f":"Inputs!E$12","v":"2024/25"},{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Opening deferred tax",null,null,{"$f":"D17","v":-147224.25185185185},{"$f":"D92","v":-158767.89044479068},{"$f":"E92","v":-177226.63742755394},{"$f":"F92","v":-199011.54474104018},{"$f":"G92","v":-225566.99749705082},{"$f":"H92","v":-255475.83067610697},{"$f":"I92","v":-286996.22603799769}]
["Depreciation temporary differences",null,null,{"$f":"D80","v":-9656.0955038820975},-34352.911181826435,-46232.055220122813,-63269.717514852775,-75246.076168586733,-81001.655392996036,-83289.036068639485]
["Amortisation of initial differences in asset values",null,null,{"$f":"D82","v":31571.185185185201},31571.185185185201,31571.185185185201,31571.185185185201,31571.185185185201,31571.185185185201,31571.185185185201]
["Closing deferred tax",null,null,{"$f":"D89+(D90-D91)*D6","v":-158767.89044479068},-177226.63742755394,-199011.54474104018,-225566.99749705082,-255475.83067610697,-286996.22603799769,-319157.08798906859]
["Outputs"]
[null,null,"Value",{"$f":"Inputs!D$12","v":"2023/24"},{"$f":"Inputs!E$12","v":"2024/25"},{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Total adjusted depreciation of commissioned assets",null,null,{"$f":"D59","v":0},0,6013.8939264774381,13999.841772207594,21795.643490023518,28602.049929470457,34499.964751258056]
["Opening deferred tax",null,null,{"$f":"D89","v":-147224.25185185185},{"$f":"E89","v":-158767.89044479068},-177226.63742755394,-199011.54474104018,-225566.99749705082,-255475.83067610697,-286996.22603799769]
["Closing deferred tax",null,null,{"$f":"D92","v":-158767.89044479068},{"$f":"E92","v":-177226.63742755394},-199011.54474104018,-225566.99749705082,-255475.83067610697,-286996.22603799769,-319157.08798906859]
["Regulatory tax adjustments",null,null,{"$f":"D85","v":-21976.224716810175},{"$f":"E85","v":-28963.651076396534},-31311.571568123123,-36038.952006391686,-39489.007661855125,-41175.973882736624,-42056.999758718899]

{"sheet":"BBAR","index":10,"n_rows":59,"n_cols":10,"rows_kept":59,"cut":false,"hidden":false,"merged":[]}
["Building blocks allowable revenue",null,null,null,null,null,null,null,null,{"$f":"EDB_Name","v":"Vector Lines"}]
["Derivation of BBAR present value, opening investment value, and TCSD allowance."]
["Inputs"]
[null,"Source","Value",{"$f":"Inputs!D$12","v":"2023/24"},{"$f":"Inputs!E$12","v":"2024/25"},{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Year in regulatory period","EDB data",null,null,null,{"$f":"'EDB data'!D22","v":1},{"$f":"'EDB data'!E22","v":2},{"$f":"'EDB data'!F22","v":3},{"$f":"'EDB data'!G22","v":4},{"$f":"'EDB data'!H22","v":5}]
["Tax rate","EDB data",null,{"$f":"'EDB data'!B25","v":0.28000000000000003},{"$f":"'EDB data'!C25","v":0.28000000000000003},{"$f":"'EDB data'!D25","v":0.28000000000000003},{"$f":"'EDB data'!E25","v":0.28000000000000003},{"$f":"'EDB data'!F25","v":0.28000000000000003},{"$f":"'EDB data'!G25","v":0.28000000000000003},{"$f":"'EDB data'!H25","v":0.28000000000000003}]
["Other regulated income","EDB data",null,{"$f":"'EDB data'!$B82","v":0},{"$f":"'EDB data'!$B83","v":0},{"$f":"'EDB data'!$B84","v":0},{"$f":"'EDB data'!$B85","v":0},{"$f":"'EDB data'!$B86","v":0},{"$f":"'EDB data'!$B87","v":0},{"$f":"'EDB data'!$B88","v":0}]
["Term credit spread differential allowance","EDB data",null,{"$f":"'EDB data'!B39","v":3388.5386192854958}]
["Value of commissioned assets","EDB data",null,{"$f":"'EDB data'!$B64","v":358149},{"$f":"'EDB data'!$B65","v":264611.33276500728},{"$f":"'EDB data'!$B66","v":351381.70521212689},{"$f":"'EDB data'!$B67","v":343015.27558390074},{"$f":"'EDB data'!$B68","v":299481.88333566528},{"$f":"'EDB data'!$B69","v":259508.25215865433},{"$f":"'EDB data'!$B70","v":267669.71968974709}]
["Operating expenditure","EDB data",null,{"$f":"'EDB data'!$B46","v":0},{"$f":"'EDB data'!$B47","v":0},{"$f":"'EDB data'!$B48","v":188309.08450193581},{"$f":"'EDB data'!$B49","v":195504.42394472024},{"$f":"'EDB data'!$B50","v":202992.17915631115},{"$f":"'EDB data'!$B51","v":211094.39023679559},{"$f":"'EDB data'!$B52","v":219593.78555825644}]
["Vanilla WACC (67th percentile)","EDB data",{"$f":"WACC","v":7.3700000000000002E-2}]
["TFopex","TIMING",{"$f":"TIMING!C23","v":1.0360940296307961}]
["TFtax","TIMING",{"$f":"TIMING!C24","v":1.0360940296307961}]
["TFVCA","TIMING",{"$f":"TIMING!C25","v":1.0360940296307961}]
["TFori","TIMING",{"$f":"TIMING!C26","v":1.0360940296307961}]
["TFrev","TIMING",{"$f":"TIMING!C27","v":1.0292536194556401}]
["Aggregate opening RAB value","RAB",null,{"$f":"RAB!D93","v":3891833.0595731898},{"$f":"RAB!E93","v":4227215.5852645263},{"$f":"RAB!F93","v":4422155.4250763943},{"$f":"RAB!G93","v":4680525.4757397147},{"$f":"RAB!H93","v":4931878.8068307489},{"$f":"RAB!I93","v":5137726.9343768209},{"$f":"RAB!J93","v":5300185.3448408265}]
["Total revaluation","RAB",null,{"$f":"RAB!D94","v":0},{"$f":"RAB!E94","v":109366.52649923466},{"$f":"RAB!F94","v":88021.654131470379},{"$f":"RAB!G94","v":93184.134874718118},{"$f":"RAB!H94","v":98206.096994481224},{"$f":"RAB!I94","v":102317.83123292601},{"$f":"RAB!J94","v":105561.67200196374}]
["Total depreciation","RAB",null,{"$f":"RAB!D92","v":162364.39731151584},{"$f":"RAB!E92","v":162454.51512828851},{"$f":"RAB!F92","v":164118.13426970964},{"$f":"RAB!G92","v":167592.60146880607},{"$f":"RAB!H92","v":174241.30532731937},{"$f":"RAB!I92","v":181417.15452168454},{"$f":"RAB!J92","v":186523.52752400417}]
["Opening deferred tax","TAX",null,{"$f":"TAX!D96","v":-147224.25185185185},{"$f":"TAX!E96","v":-158767.89044479068},{"$f":"TAX!F96","v":-177226.63742755394},{"$f":"TAX!G96","v":-199011.54474104018},{"$f":"TAX!H96","v":-225566.99749705082},{"$f":"TAX!I96","v":-255475.83067610697},{"$f":"TAX!J96","v":-286996.22603799769}]
["Closing deferred tax","TAX",null,{"$f":"TAX!D97","v":-158767.89044479068},{"$f":"TAX!E97","v":-177226.63742755394},{"$f":"TAX!F97","v":-199011.54474104018},{"$f":"TAX!G97","v":-225566.99749705082},{"$f":"TAX!H97","v":-255475.83067610697},{"$f":"TAX!I97","v":-286996.22603799769},{"$f":"TAX!J97","v":-319157.08798906859}]
["Regulatory tax adjustments","TAX",null,{"$f":"TAX!D98","v":-21976.224716810175},{"$f":"TAX!E98","v":-28963.651076396534},{"$f":"TAX!F98","v":-31311.571568123123},{"$f":"TAX!G98","v":-36038.952006391686},{"$f":"TAX!H98","v":-39489.007661855125},{"$f":"TAX!I98","v":-41175.973882736624},{"$f":"TAX!J98","v":-42056.999758718899}]
["Calculations"]
["Term credit spread differential allowance"]
[null,null,null,{"$f":"Inputs!D$12","v":"2023/24"},{"$f":"Inputs!E$12","v":"2024/25"},{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Asset base scaling factor",null,null,{"$f":"D17/$D$17","v":1},1.0861759794311725,1.1362654454560197,1.2026531981443775,1.2672380164661068,1.3201303487925728,1.3618737658346753]
["Term credit spread differential allowance",null,null,{"$f":"IF(D8>0,D8,0)","v":3388.5386192854958},{"$f":"$D27*E26","v":3680.5492536427764},3850.2793436873599,4075.2368075194349,4294.084958622152,4473.3126693744643,4614.7618501225697]
["Return on capital"]
[null,null,null,{"$f":"Inputs!D$12","v":"2023/24"},{"$f":"Inputs!E$12","v":"2024/25"},{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Opening investment value",null,null,{"$f":"D17+D20","v":3744608.8077213378},4068447.6948197358,4244928.7876488408,4481513.9309986746,4706311.8093336979,4882251.1037007142,5013189.1188028287]
["Value of commissioned assets",null,null,{"$f":"D9","v":358149},264611.33276500728,351381.70521212689,343015.27558390074,299481.88333566528,259508.25215865433,267669.71968974709]
["Term credit spread differential allowance",null,null,{"$f":"D27","v":3388.5386192854958},3680.5492536427764,3850.2793436873599,4075.2368075194349,4294.084958622152,4473.3126693744643,4614.7618501225697]
["Total revaluation",null,null,{"$f":"D18","v":0},{"$f":"E18","v":109366.52649923466},88021.654131470379,93184.134874718118,98206.096994481224,102317.83123292601,105561.67200196374]
["Return on capital",null,null,{"$f":"D30*$C$11+D31*($C$14-1)+D32-D33","v":292293.24836658814},{"$f":"E30*$C$11+E31*($C$14-1)+E32-E33","v":203709.50714808726},241362.6585415827,253559.48216814463,263752.67628303863,271344.08632204164,278186.40669767593]
["Operating expenditure"]
[null,null,null,{"$f":"Inputs!D$12","v":"2023/24"},{"$f":"Inputs!E$12","v":"2024/25"},{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Operating expenditure",null,null,{"$f":"D10","v":0},0,188309.08450193581,195504.42394472024,202992.17915631115,211094.39023679559,219593.78555825644]
["Operating expenditure allowance",null,null,{"$f":"D37*$C$12","v":0},0,195105.91817769676,202560.96641553269,210318.98488559891,218713.63741289734,227519.81016093484]
["Building block allowable revenue before tax (BBAR before tax)"]
[null,null,null,{"$f":"Inputs!D$12","v":"2023/24"},{"$f":"Inputs!E$12","v":"2024/25"},{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Increase in deferred tax asset, ΔDT",null,null,{"$f":"D21-D20","v":-11543.638592938834},-18458.746982763259,-21784.907313486241,-26555.452756010636,-29908.83317905615,-31520.395361890725,-32160.861951070896]
["BBAR before tax in revenue date terms, calculation not referencing tax",null,null,{"$f":"(D34+D19+D38+((D7-D37-D19+D22)*D6+D41)*$C13-D41-D7*$C15)/($C16-D6*$C13)","v":542195.86951839563},{"$f":"(E34+E19+E38+((E7-E37-E19+E22)*E6+E41)*$C13-E41-E7*$C15)/($C16-E6*$C13)","v":419356.40440875781},660863.34922840912,685875.04806860816,712090.28344634734,736689.01046440308,759051.31717859511]
["Regulatory tax allowance before considering possibility of tax losses",null,null,{"$f":"(D42+D7-D37-D19+D22)*D6","v":100199.46929721949},{"$f":"(E42+E7-E37-E19+E22)*E6","v":63822.706697140376},77594.876488819355,80286.939781633235,82702.981564241287,84840.417710492169,87045.561214532383]
["Regulatory tax allowance",null,null,{"$f":"IF(D43<0,#N/A,D43)","v":100199.46929721949},63822.706697140376,77594.876488819355,80286.939781633235,82702.981564241287,84840.417710492169,87045.561214532383]
["BBAR before tax in year-end terms, direct simple calculation",null,null,{"$f":"D34+D19+D38+(D44+D41)*$C$13-D41-D7*$C$15","v":558057.06115570664},431624.09707961709,680195.99415891676,705939.37571892608,732921.50161634572,758239.83043368091,781256.31555864005]
["BBAR before tax in revenue date terms",null,null,{"$f":"D45/$C$16","v":542195.86951839563},419356.40440875775,660863.34922840912,685875.04806860816,712090.28344634734,736689.0104644032,759051.31717859511]
["Difference between the two BBAR calculations (should = 0)",null,null,{"$f":"D42-D46","v":0},0,0,0,0,0,0]
["Present value of the building block allowable revenue before tax"]
[null,null,"Value",{"$f":"Inputs!D$12","v":"2023/24"},{"$f":"Inputs!E$12","v":"2024/25"},{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Number of years to discount the year-end  values to start of the present value period",null,null,null,null,{"$f":"F5","v":1},{"$f":"G5","v":2},{"$f":"H5","v":3},{"$f":"I5","v":4},{"$f":"J5","v":5}]
["BBAR before tax in year-end terms, i.e. Rev * TFrev",null,null,null,null,{"$f":"F45","v":680195.99415891676},{"$f":"G45","v":705939.37571892608},{"$f":"H45","v":732921.50161634572},{"$f":"I45","v":758239.83043368091},{"$f":"J45","v":781256.31555864005}]
["PV at 1 Apr 2015 of BBAR before tax for each year",null,null,null,null,{"$f":"F51/(1+WACC)^F$50","v":633506.56063976593},{"$f":"G51/(1+WACC)^G$50","v":612352.50717207987},{"$f":"H51/(1+WACC)^H$50","v":592118.46333463583},{"$f":"I51/(1+WACC)^I$50","v":570525.1341900666},{"$f":"J51/(1+WACC)^J$50","v":547493.25810054538}]
["PV at 1 Apr 2015 of BBAR before tax over the regulatory period",null,{"$f":"SUM(F52:J52)","v":2955995.9234370939}]
["Outputs"]
[null,null,"Value",{"$f":"Inputs!D$12","v":"2023/24"},{"$f":"Inputs!E$12","v":"2024/25"},{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Opening investment value",null,null,{"$f":"D30","v":3744608.8077213378},4068447.6948197358,4244928.7876488408,4481513.9309986746,4706311.8093336979,4882251.1037007142,5013189.1188028287]
["PV at 1 Apr 2015 of BBAR before tax over the regulatory period",null,{"$f":"C53","v":2955995.9234370939}]
["Term credit spread differential allowance",null,null,{"$f":"D27","v":3388.5386192854958},{"$f":"E27","v":3680.5492536427764},3850.2793436873599,4075.2368075194349,4294.084958622152,4473.3126693744643,4614.7618501225697]
["BBAR before tax in revenue date terms, calculation not referencing tax",null,null,{"$f":"D42","v":542195.86951839563},{"$f":"E42","v":419356.40440875781},660863.34922840912,685875.04806860816,712090.28344634734,736689.01046440308,759051.31717859511]

{"sheet":"REV","index":11,"n_rows":28,"n_cols":8,"rows_kept":28,"cut":false,"hidden":false,"merged":[]}
["Revenue growth index",null,null,null,null,null,null,{"$f":"EDB_Name","v":"Vector Lines"}]
["Derivation of the normalised profile of the maximum allowable revenue before tax values."]
["Inputs"]
[null,"Source","Value",{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Constant price revenue growth","EDB data",null,{"$f":"'EDB data'!$B57","v":0},{"$f":"'EDB data'!$B58","v":0},{"$f":"'EDB data'!$B59","v":0},{"$f":"'EDB data'!$B60","v":0},{"$f":"'EDB data'!$B61","v":0}]
["Industry-wide X factor","EDB data",{"$f":"'EDB data'!B14","v":0}]
["Alternative X factor","EDB data",{"$f":"'EDB data'!B43","v":-8.5000000000000006E-2}]
["Forecast changes in the CPI element of the price path","EDB data",null,{"$f":"'EDB data'!D24","v":2.123720699589815E-2},{"$f":"'EDB data'!E24","v":2.0000000000000018E-2},{"$f":"'EDB data'!F24","v":2.0000000000000018E-2},{"$f":"'EDB data'!G24","v":2.0000000000000018E-2},{"$f":"'EDB data'!H24","v":2.0000000000000018E-2}]
["Calculations"]
[{"$f":"\"Index of price path with industry-wide X factor of \"&TEXT(C6,\"#0.0%\")","v":"Index of price path with industry-wide X factor of 0.0%"}]
[null,null,"Value",{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["X value applied",null,{"$f":"C6","v":0}]
["Index of price path",null,null,1,{"$f":"D13*(1+E$8)*(1-$C$6)","v":1.02},{"$f":"E13*(1+F$8)*(1-$C$6)","v":1.0404},{"$f":"F13*(1+G$8)*(1-$C$6)","v":1.0612079999999999},{"$f":"G13*(1+H$8)*(1-$C$6)","v":1.08243216}]
["Index of constant price growth",null,null,1,{"$f":"D14*(1+E$5)","v":1},{"$f":"E14*(1+F$5)","v":1},1,1]
["Indexed maximum allowable revenue before tax",null,null,1,{"$f":"E13*E14","v":1.02},{"$f":"F13*F14","v":1.0404},{"$f":"G13*G14","v":1.0612079999999999},{"$f":"H13*H14","v":1.08243216}]
[{"$f":"\"CPI minus X revenues with applicable X factor (\" & IF(ISNUMBER(C7),\"alternate X factor of \" & TEXT(C7,\"#0.0%\"), \"industry-wide X factor of \" & TEXT(C6,\"#0.0%\"))&\")\"","v":"CPI minus X revenues with applicable X factor (alternate X factor of -8.5%)"}]
[null,null,"Value",{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["X value applied",null,{"$f":"IF(ISNUMBER(C7),C7,C6)","v":-8.5000000000000006E-2}]
["Index of price path",null,null,1,{"$f":"D19*(1+E$8)*(1-$C$18)","v":1.1067},{"$f":"E19*(1+F$8)*(1-$C$18)","v":1.22478489},{"$f":"F19*(1+G$8)*(1-$C$18)","v":1.3554694377629999},{"$f":"G19*(1+H$8)*(1-$C$18)","v":1.5000980267723119}]
["Index of constant price growth",null,null,1,{"$f":"D20*(1+E$5)","v":1},{"$f":"E20*(1+F$5)","v":1},1,1]
["Indexed maximum allowable revenue before tax",null,null,1,{"$f":"E19*E20","v":1.1067},{"$f":"F19*F20","v":1.22478489},{"$f":"G19*G20","v":1.3554694377629999},{"$f":"H19*H20","v":1.5000980267723119}]
[]
["This data block calculates maximum allowable revenues for the regulatory period for the 2014/15 X value that has been applied.  These"]
["Maximum allowable revenues are set PV equivalent to the corresponding maximum allowable revenues for the industry-wide X CPI - X revenues."]
["Outputs"]
[null,null,"Misc.",{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Indexed maximum allowable revenue before tax—industry wide X factor",null,null,{"$f":"D15","v":1},{"$f":"E15","v":1.02},{"$f":"F15","v":1.0404},{"$f":"G15","v":1.0612079999999999},{"$f":"H15","v":1.08243216}]
["Indexed maximum allowable revenue before tax—applicable X factor",null,null,{"$f":"D21","v":1},{"$f":"E21","v":1.1067},1.22478489,1.3554694377629999,1.5000980267723119]

{"sheet":"MAR","index":12,"n_rows":61,"n_cols":8,"rows_kept":61,"cut":false,"hidden":false,"merged":[]}
["Maximum allowable revenue",null,null,null,null,null,null,{"$f":"EDB_Name","v":"Vector Lines"}]
["Derivation of starting prices."]
["Inputs"]
[null,"Source","Value",{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Year in regulatory period","EDB data",null,{"$f":"'EDB data'!D22","v":1},{"$f":"'EDB data'!E22","v":2},{"$f":"'EDB data'!F22","v":3},{"$f":"'EDB data'!G22","v":4},{"$f":"'EDB data'!H22","v":5}]
["Industry-wide X factor","EDB data",{"$f":"'EDB data'!B14","v":0}]
["Additional allowance in 1 April 2015 PV terms","EDB data",{"$f":"'EDB data'!B42","v":0}]
["Alternative X factor","EDB data",{"$f":"'EDB data'!B43","v":-8.5000000000000006E-2}]
["Vanilla WACC (67th percentile)","EDB data",{"$f":"WACC","v":7.3700000000000002E-2}]
["TFrev","TIMING",{"$f":"TIMING!C27","v":1.0292536194556401}]
["Constant price revenue growth 2015","EDB data",{"$f":"'EDB data'!B56","v":0}]
["Constant price revenue growth 2016","EDB data",{"$f":"'EDB data'!B57","v":0}]
["PV at 1 Apr 2015 of BBAR before tax over the regulatory period","BBAR",{"$f":"BBAR!C57","v":2955995.9234370939}]
["Indexed maximum allowable revenue before tax—industry wide X factor","REV",null,{"$f":"REV!D27","v":1},{"$f":"REV!E27","v":1.02},{"$f":"REV!F27","v":1.0404},{"$f":"REV!G27","v":1.0612079999999999},{"$f":"REV!H27","v":1.08243216}]
["Indexed maximum allowable revenue before tax—applicable X factor","REV",null,{"$f":"REV!D28","v":1},{"$f":"REV!E28","v":1.1067},{"$f":"REV!F28","v":1.22478489},{"$f":"REV!G28","v":1.3554694377629999},{"$f":"REV!H28","v":1.5000980267723119}]
["Calculations"]
[{"$f":"\"CPI minus X revenues with industry-wide X factor of \"&TEXT(C6,\"#0.0%\")","v":"CPI minus X revenues with industry-wide X factor of 0.0%"}]
[null,null,"PV at \n1-Apr-25",{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["PV at 1 Apr 2015 of BBAR before tax over the regulatory period",null,{"$f":"C13","v":2955995.9234370939}]
["Additional allowance",null,{"$f":"C7","v":0}]
["PV at 1 Apr 2015 of maximum allowable revenue before tax",null,{"$f":"C19+C20","v":2955995.9234370939}]
["Indexed maximum allowable revenue before tax",null,null,{"$f":"D14","v":1},{"$f":"E14","v":1.02},{"$f":"F14","v":1.0404},{"$f":"G14","v":1.0612079999999999},{"$f":"H14","v":1.08243216}]
["Present value of indexed maximum allowable revenue for each year",null,null,{"$f":"D22/(1+$C$9)^D$5","v":0.93135885256589357},{"$f":"E22/(1+$C$9)^E$5","v":0.88477789849791499},{"$f":"F22/(1+$C$9)^F$5","v":0.84052664288709433},{"$f":"G22/(1+$C$9)^G$5","v":0.79848856826379455},{"$f":"H22/(1+$C$9)^H$5","v":0.75855298465965382}]
["Present value of indexed revenue",null,{"$f":"SUM(D23:H23)","v":4.2137049468743513}]
["Maximum allowable revenue before tax in first year of the regulatory period",null,{"$f":"C21/C24","v":701519.43733739527}]
["Maximum allowable revenue before tax in year-end terms",null,null,{"$f":"$C25*D22","v":701519.43733739527},{"$f":"$C25*E22","v":715549.82608414313},{"$f":"$C25*F22","v":729860.82260582608},{"$f":"$C25*G22","v":744458.03905794246},{"$f":"$C25*H22","v":759347.19983910141}]
["Maximum allowable revenue before tax in revenue-date terms",null,null,{"$f":"D26/$C$10","v":681580.73391903203},{"$f":"E26/$C$10","v":695212.34859741258},{"$f":"F26/$C$10","v":709116.595569361},{"$f":"G26/$C$10","v":723298.92748074804},{"$f":"H26/$C$10","v":737764.90603036305}]
["PV at 1 Apr 2015 of maximum allowable revenue before tax in year-end terms in each year",null,null,{"$f":"D26/(1+$C$9)^D5","v":653366.33821122767},{"$f":"E26/(1+$C$9)^E5","v":620688.89352282032},{"$f":"F26/(1+$C$9)^F5","v":589645.77758524416},{"$f":"G26/(1+$C$9)^G5","v":560155.25112875947},{"$f":"H26/(1+$C$9)^H5","v":532139.66298904223}]
["PV at 1 Apr 2015 of maximum allowable revenue before tax",null,{"$f":"SUM(D28:H28)","v":2955995.9234370939}]
["Error check for PV equivalence (should = 0)",null,{"$f":"C21-C29","v":0}]
["ΔD",null,{"$f":"(1+$C$11)*(1+$C$12)","v":1}]
["ANR 2016 (industry-wide X-factor)",null,{"$f":"C29/C31","v":2955995.9234370939}]
[{"$f":"\"CPI minus X revenues with applicable X factor (\" & IF(ISNUMBER(C8),\"alternate X factor of \" & TEXT(C8,\"#0.0%\"), \"industry-wide X factor of \" & TEXT(C6,\"#0.0%\"))&\")\"","v":"CPI minus X revenues with applicable X factor (alternate X factor of -8.5%)"}]
[null,null,"PV at \n1-Apr-15","2015/16","2016/17","2017/18","2018/19","2019/20"]
["PV at 1 Apr 2015 of BBAR before tax over the regulatory period",null,{"$f":"C13","v":2955995.9234370939}]
["Additional allowance",null,{"$f":"C7","v":0}]
["PV at 1 Apr 2015 of maximum allowable revenue before tax",null,{"$f":"C35+C36","v":2955995.9234370939}]
["Indexed maximum allowable revenue before tax",null,null,{"$f":"D15","v":1},{"$f":"E15","v":1.1067},{"$f":"F15","v":1.22478489},{"$f":"G15","v":1.3554694377629999},{"$f":"H15","v":1.5000980267723119}]
["Present value of indexed maximum allowable revenue for each year",null,null,{"$f":"D38/(1+$C$9)^D$5","v":0.93135885256589357},{"$f":"E38/(1+$C$9)^E$5","v":0.95998401987023785},{"$f":"F38/(1+$C$9)^F$5","v":0.98948897717275963},{"$f":"G38/(1+$C$9)^G$5","v":1.0199007646801648},{"$f":"H38/(1+$C$9)^H$5","v":1.0512472536756434}]
["Present value of indexed revenue",null,{"$f":"SUM(D39:H39)","v":4.9519798679646989}]
["Maximum allowable revenue before tax in first year of the regulatory period",null,{"$f":"C37/C40","v":596932.13669142616}]
["Maximum allowable revenue before tax in year-end terms",null,null,{"$f":"$C41*D38","v":596932.13669142616},660624.79567640135,{"$f":"$C41*F38","v":731113.46137507341},{"$f":"$C41*G38","v":809123.26770379359},{"$f":"$C41*H38","v":895456.72036778834}]
["Maximum allowable revenue before tax in revenue-date terms",null,null,{"$f":"D42/$C$10","v":579966.03111984825},{"$f":"E42/$C$10","v":641848.40664033603},{"$f":"F42/$C$10","v":710333.6316288599},786126.23012365913,870005.89887785353]
["PV at 1 Apr 2015 of maximum allowable revenue before tax in year-end terms in each year",null,null,{"$f":"D42/(1+$C$9)^D$5","v":555958.02988863376},{"$f":"E42/(1+$C$9)^E$5","v":573045.3121707656},{"$f":"F42/(1+$C$9)^F$5","v":590657.76937634929},{"$f":"G42/(1+$C$9)^G$5","v":608811.5426737502},{"$f":"H42/(1+$C$9)^H$5","v":627523.26932759548}]
["PV at 1 Apr 2015 of maximum allowable revenue before tax",null,{"$f":"SUM(D44:H44)","v":2955995.9234370943}]
["Difference from PV equivalence (incentives etc.)",null,{"$f":"C37-C45","v":0}]
["ΔD",null,{"$f":"(1+$C$11)*(1+$C$12)","v":1}]
["ANR 2016 (applicable X-factor)",null,{"$f":"D44/C47","v":555958.02988863376}]
[]
["This data block uses the applicable 2014/15 X factor to calculate the maximum allowable revenues for the regulatory period.  These allowed"]
["revenues are PV-equivalent to the corresponding revenues calculated with the industry-wide X factor in the previous data block."]
["Outputs"]
[null,null,null,{"$f":"Inputs!F$12","v":"2025/26"},{"$f":"Inputs!G$12","v":"2026/27"},{"$f":"Inputs!H$12","v":"2027/28"},{"$f":"Inputs!I$12","v":"2028/29"},{"$f":"Inputs!J$12","v":"2029/30"}]
["Maximum allowable revenue before tax in revenue-date terms for industry wide X factor",null,null,{"$f":"D27","v":681580.73391903203},{"$f":"E27","v":695212.34859741258},709116.595569361,723298.92748074804,737764.90603036305]
["Maximum allowable revenue before tax in revenue-date terms for applicable X factor",null,null,{"$f":"D43","v":579966.03111984825},{"$f":"E43","v":641848.40664033603},710333.6316288599,786126.23012365913,870005.89887785353]
["Starting price for industry-wide X factor",null,null,{"$f":"D27","v":681580.73391903203}]
["Starting price for applicable X factor",null,null,{"$f":"D43","v":579966.03111984825}]
["PV at 1 Apr 2015 of MAR before tax over the regulatory period (industry X )",null,null,{"$f":"C21","v":2955995.9234370939}]
["PV at 1 Apr 2015 of MAR before tax over the regulatory period (Applicable X)",null,null,{"$f":"C37","v":2955995.9234370939}]
["ΔD",null,null,{"$f":"C47","v":1}]
["ANR 2016 (applicable X-factor)",null,null,{"$f":"C48","v":555958.02988863376}]