{"text_format":"1","workbook":"xlsx","n_sheets":7,"sheets":["CoverSheet","Table of Contents","Inputs","Rolled over and Reset Prices","Impact of 2022 Reset","Waterfall Chart for Final","Reasons Paper Tables"],"not_rendered":{"charts":0,"images":2,"macros":0,"external_links":6,"defined_names":7,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"CoverSheet","index":0,"n_rows":17,"n_cols":1,"rows_kept":17,"cut":false,"hidden":false,"merged":[]}
[]
[]
["Gas Pipeline Businesses"]
["Price-Quality Regulation 1 October 2022 Reset"]
["Default Price Path Draft Starting Price Adjustment model"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Published 10 February 2022 v1"]

{"sheet":"Table of Contents","index":1,"n_rows":41,"n_cols":3,"rows_kept":41,"cut":false,"hidden":false,"merged":[]}
["Table of Contents"]
[]
[]
[null,"Sheet Name","Link"]
[null,"Inputs","Inputs"]
[null,null,"Allowable Notional Revenues for 2016 (to be rolled over)"]
[null,null,"2017 Draft DPP Reset CPRG and CPI"]
[null,null,"2017 Draft DPP Reset Financial Outputs (Draft decision)"]
[null,null,"2017 Draft DPP Reset Financial Outputs (2013 WACC 7.44%, cost of debt 5.38%, leverage 44%)"]
[null,null,"2017 Draft DPP Reset Operating Expenditure Allowance for 2017"]
[null,null,"2013 DPP Operating Expenditure Allowance for 2017"]
[null,null,"2017 Final DPP Reset CPRG and CPI"]
[null,null,"2017 Final DPP Reset Financial Outputs"]
[null,null,"2017 Draft DPP Reset Financial Outputs (using 2017 Final WACC 6.41%, cost of debt 4.76%)"]
[null,null,"2017 Draft DPP Reset Financial Outputs (using 2017 Final Opex allowances)"]
[null,null,"2017 Draft DPP Reset Financial Outputs (using 2017 Final Capex allowances)"]
[null,null,"2017 Draft DPP Reset Financial Outputs (using 2017 Final CPI forecasts)"]
[null,null,"2017 Final DPP Reset Financial Outputs (using 2013 WACC, cost of debt, leverage)"]
[null,"Rolled over and Reset Prices","Rolled over and Draft Reset Prices"]
[null,null,"GasNet"]
[null,null,"Powerco"]
[null,null,"Vector"]
[null,null,"First Gas Distribution"]
[null,null,"First Gas Transmission"]
[null,"Rolled over and Reset Prices","Rolled over and Final Reset Prices"]
[null,null,"GasNet"]
[null,null,"Powerco"]
[null,null,"Vector"]
[null,null,"First Gas Distribution"]
[null,null,"First Gas Transmission"]
[null,"Impact of 2017 Reset","Impact of 2017 Final Reset"]
[null,null,"i) Final Reset compared to Roll Over"]
[null,null,"ii) Draft Reset compared to Roll Over"]
[null,null,"iii) Final Reset compared to Draft Reset"]
[null,"Waterfall Chart for Final","Figures for Waterfall Chart"]
[null,"Reasons Paper Tables","Reasons Paper Tables"]
[null,null,"Starting prices (net of pass-through and recoverable costs)"]
[null,null,"Estimated revenue over the regulatory period (net of pass-through and recoverable costs)"]
[null,null,"Impact of reset on price/revenue cap - WACC scenarios"]
[null,null,"Impact of reset on price/revenue cap – expenditure scenarios"]
[null,null,"Changes in starting prices - industry total allowable revenues ($'000s)"]

{"sheet":"Inputs","index":2,"n_rows":327,"n_cols":14,"rows_kept":327,"cut":false,"hidden":false,"merged":[]}
["Inputs",null,null,null,null,null,null,null,null,null,"Notes"]
[]
["Maximum Allowable Revenues for 2022 (to be rolled over)"]
[]
["2022 maximum allowable revenue (MAR) per the 2017 DPP","MAR ($m)","MAR ($000)"]
["GasNet",{"$f":"C6/1000","v":4.3839982678933236},4383.9982678933238]
["Powerco",{"$f":"C7/1000","v":51.435568618416461},51435.568618416459]
["Vector",50.702277198411046,50702.277198411044]
["First Gas Distribution",24.646151307304976,24646.151307304975]
["First Gas Transmission",131.62338640956244,131623.38640956243]
["Total",262.79138180158822,{"$f":"SUM(C6:C10)","v":262791.38180158823}]
["Source: 2017 DPP Financial model, 'Outputs' sheet."]
[]
["2022 Draft DPP Reset CPRG and CPI"]
[]
["CPRG (Pricing years)",null,null,2022,{"$f":"D16+1","v":2023},{"$f":"E16+1","v":2024},2025,2026]
["GasNet",null,null,{"$f":"[1]Output!$B$3","v":1.1090512561431614E-3},{"$f":"[1]Output!$B$4","v":7.4527487553558975E-4},{"$f":"[1]Output!$B$5","v":5.1887652470529737E-4},{"$f":"[1]Output!$B$6","v":3.057413528201881E-4},{"$f":"[1]Output!$B$7","v":1.0539721046798518E-4}]
["Powerco",null,null,{"$f":"[1]Output!$C$3","v":1.5341429928627356E-2},{"$f":"[1]Output!$C$4","v":1.4933183357154404E-2},{"$f":"[1]Output!$C$5","v":1.4273190553534185E-2},{"$f":"[1]Output!$C$6","v":1.3617866651395364E-2},{"$f":"[1]Output!$C$7","v":1.2969710871687067E-2}]
["Vector",null,null,{"$f":"[1]Output!$D$3","v":1.3780727682989114E-2},{"$f":"[1]Output!$D$4","v":1.57096261358446E-2},{"$f":"[1]Output!$D$5","v":1.0503175183838667E-2},{"$f":"[1]Output!$D$6","v":1.0322792078083296E-2},{"$f":"[1]Output!$D$7","v":1.0143775386810262E-2}]
["First Gas Distribution",null,null,{"$f":"[1]Output!$E$3","v":-6.6215383594908552E-3},{"$f":"[1]Output!$E$4","v":-6.892505495419133E-3},{"$f":"[1]Output!$E$5","v":-7.156717435149367E-3},{"$f":"[1]Output!$E$6","v":-7.413905448003532E-3},{"$f":"[1]Output!$E$7","v":-7.6636667888753465E-3}]
["First Gas Transmission",null,null,0,0,0,0,0,null,null,"Note: As the GTB is subject to a revenue cap, the constant price revenue growth figure is unnecessary, hence set at 0"]
["Source: 2022 Draft, Constant price revenue growth Model, 'Output' sheet"]
[]
["CPI Forecasts",{"$f":"C24-1","v":2020},{"$f":"D24-1","v":2021},{"$f":"D16","v":2022},{"$f":"E16","v":2023},2024,2025,2026]
["Forecast changes in CPI used for revaluations, June year-ends",{"$f":"[2]Output!F8","v":1.4534883720930258E-2},{"$f":"[2]Output!G8","v":3.3428844317096473E-2},{"$f":"[2]Output!H8","v":5.2000000000000046E-2},{"$f":"[2]Output!I8","v":2.4999999999999911E-2},{"$f":"[2]Output!J8","v":2.0999999999999908E-2},{"$f":"[2]Output!K8","v":2.0000000000000018E-2},{"$f":"[2]Output!L8","v":2.0000000000000018E-2}]
["Forecast changes in CPI used for revaluations, September year-ends",{"$f":"[2]Output!F9","v":1.4436958614052031E-2},{"$f":"[2]Output!G9","v":4.933586337760909E-2},{"$f":"[2]Output!H9","v":4.0000000000000036E-2},{"$f":"[2]Output!I9","v":2.2999999999999909E-2},{"$f":"[2]Output!J9","v":2.0000000000000018E-2},{"$f":"[2]Output!K9","v":2.0000000000000018E-2},{"$f":"[2]Output!L9","v":2.0000000000000018E-2}]
["Forecast changes in the CPI element of the price path, lagged",{"$f":"[2]Output!F10","v":1.6907011437095942E-2},{"$f":"[2]Output!G10","v":1.8826405867970575E-2},{"$f":"[2]Output!H10","v":1.4638828893688505E-2},{"$f":"[2]Output!I10","v":4.9252365184484281E-2},{"$f":"[2]Output!J10","v":3.8361409969120297E-2},{"$f":"[2]Output!K10","v":2.2487822846806393E-2},{"$f":"[2]Output!L10","v":2.0247710973710253E-2}]
["Forecast changes in the CPI element of the price path, not lagged",{"$f":"[2]Output!F11","v":1.8195050946142599E-2},{"$f":"[2]Output!G11","v":2.811532046700016E-2},{"$f":"[2]Output!H11","v":5.1388876013904961E-2},{"$f":"[2]Output!I11","v":2.7462102878651029E-2},{"$f":"[2]Output!J11","v":2.0747562360831084E-2},{"$f":"[2]Output!K11","v":2.0000000000000018E-2},{"$f":"[2]Output!L11","v":2.0000000000000018E-2}]
["Source: 2022 Draft, CPI Model, 'Output' sheet"]
[]
["WACC (67th percentile)",6.0699999999999997E-2]
[]
["2022 Draft DPP Reset Financial Outputs (Draft decision)"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
["PV of BBAR at 30 September 2022",null,{"$f":"[3]Outputs!C9","v":19288.022512010655},{"$f":"[3]Outputs!D9","v":247968.44579602161},{"$f":"[3]Outputs!E9","v":230462.78073921002},{"$f":"[3]Outputs!F9","v":119361.95681755489},{"$f":"[3]Outputs!G9","v":626669.19578076468}]
["Starting price for industry-wide X factor",null,{"$f":"[3]Outputs!C10","v":5212.2961959966597},{"$f":"[3]Outputs!D10","v":65707.694950966543},{"$f":"[3]Outputs!E10","v":61377.285044251381},{"$f":"[3]Outputs!F10","v":32620.65292521644},{"$f":"[3]Outputs!G10","v":171803.8481991349}]
["Starting price for applicable X factor",null,{"$f":"[3]Outputs!C11","v":4838.7890143305831},{"$f":"[3]Outputs!D11","v":58875.074667292029},{"$f":"[3]Outputs!E11","v":56856.017451413769},{"$f":"[3]Outputs!F11","v":28249.9679349664},{"$f":"[3]Outputs!G11","v":148761.85123351694}]
["PV at 30 September 2022 of MAR (applicable X)",null,{"$f":"[3]Outputs!C12","v":19288.022512010655},{"$f":"[3]Outputs!D12","v":247968.44579602161},{"$f":"[3]Outputs!E12","v":230462.78073921002},{"$f":"[3]Outputs!F12","v":119361.95681755489},{"$f":"[3]Outputs!G12","v":626669.19578076468}]
["MAR (industry-wide X factor), pricing period ending 2023",null,{"$f":"[3]Outputs!C13","v":5212.2961959966597},{"$f":"[3]Outputs!D13","v":65707.694950966543},{"$f":"[3]Outputs!E13","v":61377.285044251381},{"$f":"[3]Outputs!F13","v":32620.65292521644},{"$f":"[3]Outputs!G13","v":171803.8481991349}]
["MAR (industry-wide X factor), pricing period ending 2024",null,{"$f":"[3]Outputs!C14","v":5415.0555152838961},{"$f":"[3]Outputs!D14","v":69202.170798501887},{"$f":"[3]Outputs!E14","v":64401.190543325858},{"$f":"[3]Outputs!F14","v":33629.614638161576},{"$f":"[3]Outputs!G14","v":175368.35925347719}]
["MAR (industry-wide X factor), pricing period ending 2025",null,{"$f":"[3]Outputs!C15","v":5538.5211617994637},{"$f":"[3]Outputs!D15","v":71721.955097889469},{"$f":"[3]Outputs!E15","v":66529.183113814812},{"$f":"[3]Outputs!F15","v":34130.937854839671},{"$f":"[3]Outputs!G15","v":178875.72643854676}]
["MAR (industry-wide X factor), pricing period ending 2026",null,{"$f":"[3]Outputs!C16","v":5651.2591016795031},{"$f":"[3]Outputs!D16","v":74123.208220341257},{"$f":"[3]Outputs!E16","v":68564.7681863053},{"$f":"[3]Outputs!F16","v":34555.146928879214},{"$f":"[3]Outputs!G16","v":182453.24096731772}]
["MAR (applicable X factor), pricing period ending 2023",null,{"$f":"[3]Outputs!C17","v":4838.7890143305831},{"$f":"[3]Outputs!D17","v":58875.074667292029},{"$f":"[3]Outputs!E17","v":56856.017451413769},{"$f":"[3]Outputs!F17","v":28249.9679349664},{"$f":"[3]Outputs!G17","v":148761.85123351694}]
["MAR (applicable X factor), pricing period ending 2024",null,{"$f":"[3]Outputs!C18","v":5284.1277471938447},{"$f":"[3]Outputs!D18","v":66647.731492930165},{"$f":"[3]Outputs!E18","v":62771.439747555822},{"$f":"[3]Outputs!F18","v":32036.118072450918},{"$f":"[3]Outputs!G18","v":167033.12672078676}]
["MAR (applicable X factor), pricing period ending 2025",null,{"$f":"[3]Outputs!C19","v":5681.0290577007199},{"$f":"[3]Outputs!D19","v":74245.167016280961},{"$f":"[3]Outputs!E19","v":68230.698461355787},{"$f":"[3]Outputs!F19","v":35765.055397940559},{"$f":"[3]Outputs!G19","v":187411.16818072274}]
["MAR (applicable X factor), pricing period ending 2026",null,{"$f":"[3]Outputs!C20","v":6093.140701897255},{"$f":"[3]Outputs!D20","v":82474.69008807838},{"$f":"[3]Outputs!E20","v":73989.155492156977},{"$f":"[3]Outputs!F20","v":39830.532181585157},{"$f":"[3]Outputs!G20","v":210275.33069877097}]
["BBAR before tax, for the BBAR period ending 2023",null,{"$f":"[3]Outputs!C21","v":3776.9864342163978},{"$f":"[3]Outputs!D21","v":65882.104103420294},{"$f":"[3]Outputs!E21","v":45490.070262644251},{"$f":"[3]Outputs!F21","v":30847.485448504889},{"$f":"[3]Outputs!G21","v":166684.36375874013}]
["BBAR before tax, for the BBAR period ending 2024",null,{"$f":"[3]Outputs!C22","v":5363.2566655302471},{"$f":"[3]Outputs!D22","v":69649.008030827521},{"$f":"[3]Outputs!E22","v":64787.596450606237},{"$f":"[3]Outputs!F22","v":33349.692368696356},{"$f":"[3]Outputs!G22","v":176165.8429310451}]
["BBAR before tax, for the BBAR period ending 2025",null,{"$f":"[3]Outputs!C23","v":5545.1344422075781},{"$f":"[3]Outputs!D23","v":71575.606012294636},{"$f":"[3]Outputs!E23","v":66067.983360791215},{"$f":"[3]Outputs!F23","v":34820.133628156676},{"$f":"[3]Outputs!G23","v":180670.62391438847}]
["BBAR before tax, for the BBAR period ending 2026",null,{"$f":"[3]Outputs!C24","v":5684.219097208661},{"$f":"[3]Outputs!D24","v":73596.862920432235},{"$f":"[3]Outputs!E24","v":67141.727392304645},{"$f":"[3]Outputs!F24","v":36269.394386859727},{"$f":"[3]Outputs!G24","v":185835.59688550202}]
["ΔD",null,{"$f":"[3]Outputs!C25","v":1.0018551526797157},{"$f":"[3]Outputs!D25","v":1.030503709671867},{"$f":"[3]Outputs!E25","v":1.0297068438986134},{"$f":"[3]Outputs!F25","v":0.98653159513462096},"N/A"]
["ANR 2023 (applicable X-factor)",null,{"$f":"[3]Outputs!C26","v":4829.8289442221412},{"$f":"[3]Outputs!D26","v":57132.326758958523},{"$f":"[3]Outputs!E26","v":55215.732310906053},{"$f":"[3]Outputs!F26","v":28635.644387153603},"N/A"]
["Source: 2022 Draft, Financial Model, 'Outputs' sheet"]
[]
["2022 Draft DPP Reset Financial Outputs (2017 WACC 6.41%, cost of debt 4.76%, leverage 42%)"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
["PV of BBAR at 30 September 2022",null,{"$f":"[4]Outputs!C9","v":19450.373371279136},{"$f":"[4]Outputs!D9","v":250967.91119826751},{"$f":"[4]Outputs!E9","v":233798.28883898063},{"$f":"[4]Outputs!F9","v":121091.22795115277},{"$f":"[4]Outputs!G9","v":633937.56856457726}]
["Starting price for industry-wide X factor",null,{"$f":"[4]Outputs!C10","v":5290.8027738896835},{"$f":"[4]Outputs!D10","v":66944.226586047851},{"$f":"[4]Outputs!E10","v":62678.368205238949},{"$f":"[4]Outputs!F10","v":33310.277768288914},{"$f":"[4]Outputs!G10","v":174937.05821865163}]
["Starting price for applicable X factor",null,{"$f":"[4]Outputs!C11","v":4912.6462978424097},{"$f":"[4]Outputs!D11","v":60000.274604248167},{"$f":"[4]Outputs!E11","v":58073.033920343325},{"$f":"[4]Outputs!F11","v":28858.146982837341},{"$f":"[4]Outputs!G11","v":151532.55799306062}]
["PV at 30 September 2022 of MAR (applicable X)",null,{"$f":"[4]Outputs!C12","v":19450.373371279136},{"$f":"[4]Outputs!D12","v":250967.91119826751},{"$f":"[4]Outputs!E12","v":233798.28883898063},{"$f":"[4]Outputs!F12","v":121091.22795115277},{"$f":"[4]Outputs!G12","v":633937.56856457726}]
["MAR (industry-wide X factor), pricing period ending 2023",null,{"$f":"[4]Outputs!C13","v":5290.8027738896835},{"$f":"[4]Outputs!D13","v":66944.226586047851},{"$f":"[4]Outputs!E13","v":62678.368205238949},{"$f":"[4]Outputs!F13","v":33310.277768288914},{"$f":"[4]Outputs!G13","v":174937.05821865163}]
["MAR (industry-wide X factor), pricing period ending 2024",null,{"$f":"[4]Outputs!C14","v":5496.6160140775373},{"$f":"[4]Outputs!D14","v":70504.463832407622},{"$f":"[4]Outputs!E14","v":65766.374821240097},{"$f":"[4]Outputs!F14","v":34340.569681599773},{"$f":"[4]Outputs!G14","v":178566.57574326341}]
["MAR (industry-wide X factor), pricing period ending 2025",null,{"$f":"[4]Outputs!C15","v":5621.9412758242443},{"$f":"[4]Outputs!D15","v":73071.667128947651},{"$f":"[4]Outputs!E15","v":67939.476837319133},{"$f":"[4]Outputs!F15","v":34852.491243609067},{"$f":"[4]Outputs!G15","v":182137.90725812872}]
["MAR (industry-wide X factor), pricing period ending 2026",null,{"$f":"[4]Outputs!C16","v":5736.3772523326488},{"$f":"[4]Outputs!D16","v":75518.10864907442},{"$f":"[4]Outputs!E16","v":70018.212490006597},{"$f":"[4]Outputs!F16","v":35285.6684127013},{"$f":"[4]Outputs!G16","v":185780.66540329129}]
["MAR (applicable X factor), pricing period ending 2023",null,{"$f":"[4]Outputs!C17","v":4912.6462978424097},{"$f":"[4]Outputs!D17","v":60000.274604248167},{"$f":"[4]Outputs!E17","v":58073.033920343325},{"$f":"[4]Outputs!F17","v":28858.146982837341},{"$f":"[4]Outputs!G17","v":151532.55799306062}]
["MAR (applicable X factor), pricing period ending 2024",null,{"$f":"[4]Outputs!C18","v":5364.7824977897844},{"$f":"[4]Outputs!D18","v":67921.479742047493},{"$f":"[4]Outputs!E18","v":64115.077226499488},{"$f":"[4]Outputs!F18","v":32725.807201714255},{"$f":"[4]Outputs!G18","v":170144.13810868972}]
["MAR (applicable X factor), pricing period ending 2025",null,{"$f":"[4]Outputs!C19","v":5767.7419465063458},{"$f":"[4]Outputs!D19","v":75664.114809011822},{"$f":"[4]Outputs!E19","v":69691.192661200083},{"$f":"[4]Outputs!F19","v":36535.022903356657},{"$f":"[4]Outputs!G19","v":190901.72295794985}]
["MAR (applicable X factor), pricing period ending 2026",null,{"$f":"[4]Outputs!C20","v":6186.1438931843077},{"$f":"[4]Outputs!D20","v":84050.917661665459},{"$f":"[4]Outputs!E20","v":75572.91082347426},{"$f":"[4]Outputs!F20","v":40688.023248270794},{"$f":"[4]Outputs!G20","v":214191.73315881978}]
["BBAR before tax, for the BBAR period ending 2023",null,{"$f":"[4]Outputs!C21","v":3838.9069810182177},{"$f":"[4]Outputs!D21","v":67192.285994373698},{"$f":"[4]Outputs!E21","v":46554.967062193879},{"$f":"[4]Outputs!F21","v":31532.056730267985},{"$f":"[4]Outputs!G21","v":169897.03263828738}]
["BBAR before tax, for the BBAR period ending 2024",null,{"$f":"[4]Outputs!C22","v":5446.2480110604538},{"$f":"[4]Outputs!D22","v":70968.733166480713},{"$f":"[4]Outputs!E22","v":66192.624808710607},{"$f":"[4]Outputs!F22","v":34060.535431092634},{"$f":"[4]Outputs!G22","v":179427.14378375545}]
["BBAR before tax, for the BBAR period ending 2025",null,{"$f":"[4]Outputs!C23","v":5627.2976581246385},{"$f":"[4]Outputs!D23","v":72892.072352167539},{"$f":"[4]Outputs!E23","v":67434.102099792508},{"$f":"[4]Outputs!F23","v":35549.777679491694},{"$f":"[4]Outputs!G23","v":183916.69290536456}]
["BBAR before tax, for the BBAR period ending 2026",null,{"$f":"[4]Outputs!C24","v":5765.6450446283388},{"$f":"[4]Outputs!D24","v":74916.155939954973},{"$f":"[4]Outputs!E24","v":68473.712773990832},{"$f":"[4]Outputs!F24","v":37018.743246860184},{"$f":"[4]Outputs!G24","v":189065.67370331325}]
["ΔD",null,{"$f":"[4]Outputs!C25","v":1.0018551526797157},{"$f":"[4]Outputs!D25","v":1.030503709671867},{"$f":"[4]Outputs!E25","v":1.0297068438986134},{"$f":"[4]Outputs!F25","v":0.98653159513462096},"N/A",null,null,null,null,null,null," "]
["ANR 2022 (applicable X-factor)",null,{"$f":"[4]Outputs!C26","v":4903.5494649124585},{"$f":"[4]Outputs!D26","v":58224.21990441301},{"$f":"[4]Outputs!E26","v":56397.63808937186},{"$f":"[4]Outputs!F26","v":29252.126465244524},"N/A"]
["source: 2022 Draft, Financial Model, 'Outputs' sheet, using 2017 values for WACC (6.41%), cost of debt (4.76%), and leverage (42%)"]
[]
["2022 Draft DPP Reset Financial Outputs without asset stranding adjustments (Draft decision)"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
["PV of BBAR at 30 September 2022",null,{"$f":"[5]Outputs!C9","v":16813.987159116634},{"$f":"[5]Outputs!D9","v":232833.05077309979},{"$f":"[5]Outputs!E9","v":188256.71813003649},{"$f":"[5]Outputs!F9","v":112279.5758299172},{"$f":"[5]Outputs!G9","v":543828.66722851584}]
["Starting price for industry-wide X factor",null,{"$f":"[5]Outputs!C10","v":4543.7255817400255},{"$f":"[5]Outputs!D10","v":61697.055952379567},{"$f":"[5]Outputs!E10","v":50136.88636881343},{"$f":"[5]Outputs!F10","v":30685.095749029944},{"$f":"[5]Outputs!G10","v":149092.78838009486}]
["Starting price for applicable X factor",null,{"$f":"[5]Outputs!C11","v":4543.7255817400255},{"$f":"[5]Outputs!D11","v":61697.055952379567},{"$f":"[5]Outputs!E11","v":50136.88636881343},{"$f":"[5]Outputs!F11","v":30685.095749029944},{"$f":"[5]Outputs!G11","v":149092.78838009486}]
["PV at 30 September 2022 of MAR (applicable X)",null,{"$f":"[5]Outputs!C12","v":16813.987159116634},{"$f":"[5]Outputs!D12","v":232833.05077309979},{"$f":"[5]Outputs!E12","v":188256.71813003649},{"$f":"[5]Outputs!F12","v":112279.5758299172},{"$f":"[5]Outputs!G12","v":543828.66722851584}]
["MAR (industry-wide X factor), pricing period ending 2023",null,{"$f":"[5]Outputs!C13","v":4543.7255817400255},{"$f":"[5]Outputs!D13","v":61697.055952379567},{"$f":"[5]Outputs!E13","v":50136.88636881343},{"$f":"[5]Outputs!F13","v":30685.095749029944},{"$f":"[5]Outputs!G13","v":149092.78838009486}]
["MAR (industry-wide X factor), pricing period ending 2024",null,{"$f":"[5]Outputs!C14","v":4720.4773762157893},{"$f":"[5]Outputs!D14","v":64978.237434251889},{"$f":"[5]Outputs!E14","v":52607.005506338348},{"$f":"[5]Outputs!F14","v":31634.190386706367},{"$f":"[5]Outputs!G14","v":152186.10030456109}]
["MAR (industry-wide X factor), pricing period ending 2025",null,{"$f":"[5]Outputs!C15","v":4828.1063357844587},{"$f":"[5]Outputs!D15","v":67344.220185941085},{"$f":"[5]Outputs!E15","v":54345.285745084046},{"$f":"[5]Outputs!F15","v":32105.767425346436},{"$f":"[5]Outputs!G15","v":155229.82231065232}]
["MAR (industry-wide X factor), pricing period ending 2026",null,{"$f":"[5]Outputs!C16","v":4926.3836097926087},{"$f":"[5]Outputs!D16","v":69598.906617450994},{"$f":"[5]Outputs!E16","v":56008.081637732721},{"$f":"[5]Outputs!F16","v":32504.805914378288},{"$f":"[5]Outputs!G16","v":158334.41875686534}]
["MAR (applicable X factor), pricing period ending 2023",null,{"$f":"[5]Outputs!C17","v":4543.7255817400255},{"$f":"[5]Outputs!D17","v":61697.055952379567},{"$f":"[5]Outputs!E17","v":50136.88636881343},{"$f":"[5]Outputs!F17","v":30685.095749029944},{"$f":"[5]Outputs!G17","v":149092.78838009486}]
["MAR (applicable X factor), pricing period ending 2024",null,{"$f":"[5]Outputs!C18","v":4720.4773762157893},{"$f":"[5]Outputs!D18","v":64978.237434251889},{"$f":"[5]Outputs!E18","v":52607.005506338348},{"$f":"[5]Outputs!F18","v":31634.190386706367},{"$f":"[5]Outputs!G18","v":152186.10030456109}]
["MAR (applicable X factor), pricing period ending 2025",null,{"$f":"[5]Outputs!C19","v":4828.1063357844587},{"$f":"[5]Outputs!D19","v":67344.220185941085},{"$f":"[5]Outputs!E19","v":54345.285745084046},{"$f":"[5]Outputs!F19","v":32105.767425346436},{"$f":"[5]Outputs!G19","v":155229.82231065232}]
["MAR (applicable X factor), pricing period ending 2026",null,{"$f":"[5]Outputs!C20","v":4926.3836097926087},{"$f":"[5]Outputs!D20","v":69598.906617450994},{"$f":"[5]Outputs!E20","v":56008.081637732721},{"$f":"[5]Outputs!F20","v":32504.805914378288},{"$f":"[5]Outputs!G20","v":158334.41875686534}]
["BBAR before tax, for the BBAR period ending 2023",null,{"$f":"[5]Outputs!C21","v":3276.7339882781162},{"$f":"[5]Outputs!D21","v":61696.785464659588},{"$f":"[5]Outputs!E21","v":36779.134794853264},{"$f":"[5]Outputs!F21","v":28937.240386422374},{"$f":"[5]Outputs!G21","v":143691.87391202006}]
["BBAR before tax, for the BBAR period ending 2024",null,{"$f":"[5]Outputs!C22","v":4671.2926287578466},{"$f":"[5]Outputs!D22","v":65393.17866411437},{"$f":"[5]Outputs!E22","v":52884.840732634671},{"$f":"[5]Outputs!F22","v":31373.392908036676},{"$f":"[5]Outputs!G22","v":152793.82133230453}]
["BBAR before tax, for the BBAR period ending 2025",null,{"$f":"[5]Outputs!C23","v":4841.7454892903124},{"$f":"[5]Outputs!D23","v":67268.677289910978},{"$f":"[5]Outputs!E23","v":54113.687640137956},{"$f":"[5]Outputs!F23","v":32785.330095652207},{"$f":"[5]Outputs!G23","v":157105.83776251957}]
["BBAR before tax, for the BBAR period ending 2026",null,{"$f":"[5]Outputs!C24","v":4969.6209666839477},{"$f":"[5]Outputs!D24","v":69240.046026517652},{"$f":"[5]Outputs!E24","v":55140.872441081832},{"$f":"[5]Outputs!F24","v":34176.714896927522},{"$f":"[5]Outputs!G24","v":162170.50020630634}]
["ΔD",null,{"$f":"[5]Outputs!C25","v":1.0018551526797157},{"$f":"[5]Outputs!D25","v":1.030503709671867},{"$f":"[5]Outputs!E25","v":1.0297068438986134},{"$f":"[5]Outputs!F25","v":0.98653159513462096},"N/A"]
["ANR 2022 (applicable X-factor)",null,{"$f":"[5]Outputs!C26","v":4535.3118857418449},{"$f":"[5]Outputs!D26","v":59870.775207616811},{"$f":"[5]Outputs!E26","v":48690.446864457263},{"$f":"[5]Outputs!F26","v":31104.017246242063},"N/A"]
["source: 2022 Draft, Financial Model, 'Outputs' sheet, using an adjustment factor of 1 in rows 28 & 29 of the inputs sheet, and an alternative X-factor of 0 in row 42 of the inputs sheet"]
[]
["2022 Draft DPP Reset Financial Outputs, with accelerated depreciation, without smoothing (Draft decision)"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
["PV of BBAR at 30 September 2022",null,{"$f":"[6]Outputs!C9","v":19288.022512010655},{"$f":"[6]Outputs!D9","v":247968.44579602161},{"$f":"[6]Outputs!E9","v":230462.78073921002},{"$f":"[6]Outputs!F9","v":119361.95681755489},{"$f":"[6]Outputs!G9","v":626669.19578076468}]
["Starting price for industry-wide X factor",null,{"$f":"[6]Outputs!C10","v":5212.2961959966597},{"$f":"[6]Outputs!D10","v":65707.694950966543},{"$f":"[6]Outputs!E10","v":61377.285044251381},{"$f":"[6]Outputs!F10","v":32620.65292521644},{"$f":"[6]Outputs!G10","v":171803.8481991349}]
["Starting price for applicable X factor",null,{"$f":"[6]Outputs!C11","v":5212.2961959966597},{"$f":"[6]Outputs!D11","v":65707.694950966543},{"$f":"[6]Outputs!E11","v":61377.285044251381},{"$f":"[6]Outputs!F11","v":32620.65292521644},{"$f":"[6]Outputs!G11","v":171803.8481991349}]
["PV at 30 September 2022 of MAR (applicable X)",null,{"$f":"[6]Outputs!C12","v":19288.022512010655},{"$f":"[6]Outputs!D12","v":247968.44579602161},{"$f":"[6]Outputs!E12","v":230462.78073921002},{"$f":"[6]Outputs!F12","v":119361.95681755489},{"$f":"[6]Outputs!G12","v":626669.19578076468}]
["MAR (industry-wide X factor), pricing period ending 2023",null,{"$f":"[6]Outputs!C13","v":5212.2961959966597},{"$f":"[6]Outputs!D13","v":65707.694950966543},{"$f":"[6]Outputs!E13","v":61377.285044251381},{"$f":"[6]Outputs!F13","v":32620.65292521644},{"$f":"[6]Outputs!G13","v":171803.8481991349}]
["MAR (industry-wide X factor), pricing period ending 2024",null,{"$f":"[6]Outputs!C14","v":5415.0555152838961},{"$f":"[6]Outputs!D14","v":69202.170798501887},{"$f":"[6]Outputs!E14","v":64401.190543325858},{"$f":"[6]Outputs!F14","v":33629.614638161576},{"$f":"[6]Outputs!G14","v":175368.35925347719}]
["MAR (industry-wide X factor), pricing period ending 2025",null,{"$f":"[6]Outputs!C15","v":5538.5211617994637},{"$f":"[6]Outputs!D15","v":71721.955097889469},{"$f":"[6]Outputs!E15","v":66529.183113814812},{"$f":"[6]Outputs!F15","v":34130.937854839671},{"$f":"[6]Outputs!G15","v":178875.72643854676}]
["MAR (industry-wide X factor), pricing period ending 2026",null,{"$f":"[6]Outputs!C16","v":5651.2591016795031},{"$f":"[6]Outputs!D16","v":74123.208220341257},{"$f":"[6]Outputs!E16","v":68564.7681863053},{"$f":"[6]Outputs!F16","v":34555.146928879214},{"$f":"[6]Outputs!G16","v":182453.24096731772}]
["MAR (applicable X factor), pricing period ending 2023",null,{"$f":"[6]Outputs!C17","v":5212.2961959966597},{"$f":"[6]Outputs!D17","v":65707.694950966543},{"$f":"[6]Outputs!E17","v":61377.285044251381},{"$f":"[6]Outputs!F17","v":32620.65292521644},{"$f":"[6]Outputs!G17","v":171803.8481991349}]
["MAR (applicable X factor), pricing period ending 2024",null,{"$f":"[6]Outputs!C18","v":5415.0555152838961},{"$f":"[6]Outputs!D18","v":69202.170798501887},{"$f":"[6]Outputs!E18","v":64401.190543325858},{"$f":"[6]Outputs!F18","v":33629.614638161576},{"$f":"[6]Outputs!G18","v":175368.35925347719}]
["MAR (applicable X factor), pricing period ending 2025",null,{"$f":"[6]Outputs!C19","v":5538.5211617994637},{"$f":"[6]Outputs!D19","v":71721.955097889469},{"$f":"[6]Outputs!E19","v":66529.183113814812},{"$f":"[6]Outputs!F19","v":34130.937854839671},{"$f":"[6]Outputs!G19","v":178875.72643854676}]
["MAR (applicable X factor), pricing period ending 2026",null,{"$f":"[6]Outputs!C20","v":5651.2591016795031},{"$f":"[6]Outputs!D20","v":74123.208220341257},{"$f":"[6]Outputs!E20","v":68564.7681863053},{"$f":"[6]Outputs!F20","v":34555.146928879214},{"$f":"[6]Outputs!G20","v":182453.24096731772}]
["BBAR before tax, for the BBAR period ending 2023",null,{"$f":"[6]Outputs!C21","v":3776.9864342163978},{"$f":"[6]Outputs!D21","v":65882.104103420294},{"$f":"[6]Outputs!E21","v":45490.070262644251},{"$f":"[6]Outputs!F21","v":30847.485448504889},{"$f":"[6]Outputs!G21","v":166684.36375874013}]
["BBAR before tax, for the BBAR period ending 2024",null,{"$f":"[6]Outputs!C22","v":5363.2566655302471},{"$f":"[6]Outputs!D22","v":69649.008030827521},{"$f":"[6]Outputs!E22","v":64787.596450606237},{"$f":"[6]Outputs!F22","v":33349.692368696356},{"$f":"[6]Outputs!G22","v":176165.8429310451}]
["BBAR before tax, for the BBAR period ending 2025",null,{"$f":"[6]Outputs!C23","v":5545.1344422075781},{"$f":"[6]Outputs!D23","v":71575.606012294636},{"$f":"[6]Outputs!E23","v":66067.983360791215},{"$f":"[6]Outputs!F23","v":34820.133628156676},{"$f":"[6]Outputs!G23","v":180670.62391438847}]
["BBAR before tax, for the BBAR period ending 2026",null,{"$f":"[6]Outputs!C24","v":5684.219097208661},{"$f":"[6]Outputs!D24","v":73596.862920432235},{"$f":"[6]Outputs!E24","v":67141.727392304645},{"$f":"[6]Outputs!F24","v":36269.394386859727},{"$f":"[6]Outputs!G24","v":185835.59688550202}]
["ΔD",null,{"$f":"[6]Outputs!C25","v":1.0018551526797157},{"$f":"[6]Outputs!D25","v":1.030503709671867},{"$f":"[6]Outputs!E25","v":1.0297068438986134},{"$f":"[6]Outputs!F25","v":0.98653159513462096},"N/A"]
["ANR 2022 (applicable X-factor)",null,{"$f":"[6]Outputs!C26","v":5202.6444961180778},{"$f":"[6]Outputs!D26","v":63762.69617883199},{"$f":"[6]Outputs!E26","v":59606.562205480186},{"$f":"[6]Outputs!F26","v":33065.999189579998},"N/A"]
["source: 2022 Draft, Financial Model, 'Outputs' sheet, using an alternative X-factor of 0 in row 42 of the inputs sheet"]
[]
[]
["2022 Draft DPP Reset Operating Expenditure Allowance for 2023"]
[null,null,"GasNet","Powerco","Vector","First Gas distribution","First Gas Transmission"]
["Operating expenditure in year ending 2023",null,2030.5132202287741,18350,14227.75,9460.1725888914079,49274]
["source: 2022 Draft, Expenditure Model, 'Allowance vs Actuals' sheet, using the year-end adjusted allowances"]
[]
["2022 Draft DPP Reset Capital Expenditure Allowance for 2023"]
[null,null,"GasNet","PowerCo","Vector","First Gas Distribution","First Gas Transmission"]
["Capital expenditure in year ending 2023",null,888.7230000756623,16872.168644724872,5662.1470831338374,12890.534948768938,52148.56990773599]
["source: 2022 Draft, Expenditure Model, 'Allowance vs Actuals' sheet, using the year-end adjusted allowances"]
[]
["2017 DPP Operating Expenditure Allowance for 2022"]
[null,null,"GasNet ","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Opex for the year ending 2022",null,1782.7488157728112,18435.529522140616,13208.879315355689,7883.4212180659633,47131.840757586673]
["source: 2022 Draft, Expenditure Model, 'Allowance vs Actuals' sheet, using the year-end adjusted allowances"]
[]
["2017 DPP Capital Expenditure Allowance for 2022"]
[null,null,"GasNet ","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Capex for the year ending 2022",null,892.53847011617734,14350.824140411733,18641.429147173025,11805.55703414894,24115.050819146403]
["source: 2022 Draft, Expenditure Model, 'Allowance vs Actuals' sheet, using the year-end adjusted allowances"]
[]
[]
["2022 Final DPP Reset CPRG and CPI"]
["CPRG (Pricing years)",null,null,2017,2018,2019,2020,2021,2022]
["GasNet",null,null,{"$f":"TRANSPOSE([1]Output!$B$3:$E$8)","v":1.1090512561431614E-3},7.4527487553558975E-4,5.1887652470529737E-4,3.057413528201881E-4,1.0539721046798518E-4,-8.2654918807915966E-5]
["Powerco",null,null,1.5341429928627356E-2,1.4933183357154404E-2,1.4273190553534185E-2,1.3617866651395364E-2,1.2969710871687067E-2,1.2338414915034138E-2]
["Vector",null,null,1.3780727682989114E-2,1.57096261358446E-2,1.0503175183838667E-2,1.0322792078083296E-2,1.0143775386810262E-2,1.0008831442696736E-2]
["First Gas Dist",null,null,-6.6215383594908552E-3,-6.892505495419133E-3,-7.156717435149367E-3,-7.413905448003532E-3,-7.6636667888753465E-3,-7.9057960452544752E-3]
["First Gas Trans",null,null,0,0,0,0,0,0]
["Source: 2022 Final, Constant price revenue growth Model, 'Output' sheet"]
[]
["WACC (67th percentile)",5.33E-2]
[]
["CPI Forecasts",2015,2016,2017,2018,2019,2020,2021,2022]
["Forecast changes in CPI used for revaluations, March year-ends",{"$f":"[2]Output!B5","v":0},{"$f":"[2]Output!C5","v":0},{"$f":"[2]Output!D5","v":45657},{"$f":"[2]Output!E5","v":0},{"$f":"[2]Output!F5","v":0},{"$f":"[2]Output!G5","v":0},{"$f":"[2]Output!H5","v":0},{"$f":"[2]Output!I5","v":0}]
["Forecast changes in CPI used for revaluations, June year-ends",{"$f":"[2]Output!B6","v":0},{"$f":"[2]Output!C6","v":0},{"$f":"[2]Output!D6","v":0},{"$f":"[2]Output!E6","v":0},{"$f":"[2]Output!F6","v":0},{"$f":"[2]Output!G6","v":0},{"$f":"[2]Output!H6","v":0},{"$f":"[2]Output!I6","v":0}]
["Forecast changes in CPI used for revaluations, September year-ends",{"$f":"[2]Output!B7","v":2016},{"$f":"[2]Output!C7","v":2017},{"$f":"[2]Output!D7","v":2018},{"$f":"[2]Output!E7","v":2019},{"$f":"[2]Output!F7","v":2020},{"$f":"[2]Output!G7","v":2021},{"$f":"[2]Output!H7","v":2022},{"$f":"[2]Output!I7","v":2023}]
["Forecast changes in CPI used for revaluations, December year-ends",{"$f":"[2]Output!B8","v":0},{"$f":"[2]Output!C8","v":1.7293997965412089E-2},{"$f":"[2]Output!D8","v":1.4999999999999902E-2},{"$f":"[2]Output!E8","v":1.6748768472906406E-2},{"$f":"[2]Output!F8","v":1.4534883720930258E-2},{"$f":"[2]Output!G8","v":3.3428844317096473E-2},{"$f":"[2]Output!H8","v":5.2000000000000046E-2},{"$f":"[2]Output!I8","v":2.4999999999999911E-2}]
["Forecast changes in the CPI element of the price path, lagged",{"$f":"[2]Output!B9","v":4.0733197556008793E-3},{"$f":"[2]Output!C9","v":1.9269776876267741E-2},{"$f":"[2]Output!D9","v":1.8905472636815857E-2},{"$f":"[2]Output!E9","v":1.46484375E-2},{"$f":"[2]Output!F9","v":1.4436958614052031E-2},{"$f":"[2]Output!G9","v":4.933586337760909E-2},{"$f":"[2]Output!H9","v":4.0000000000000036E-2},{"$f":"[2]Output!I9","v":2.2999999999999909E-2}]
["Forecast changes in the CPI element of the price path, not lagged",{"$f":"[2]Output!B10","v":0},{"$f":"[2]Output!C10","v":0},{"$f":"[2]Output!D10","v":1.0722491702833903E-2},{"$f":"[2]Output!E10","v":1.5913109371053391E-2},{"$f":"[2]Output!F10","v":1.6907011437095942E-2},{"$f":"[2]Output!G10","v":1.8826405867970575E-2},{"$f":"[2]Output!H10","v":1.4638828893688505E-2},{"$f":"[2]Output!I10","v":4.9252365184484281E-2}]
["source: 2017 Final, CPI Model, 'Output' sheet"]
[]
["2017 Final DPP Reset Financial Outputs"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
["PV of BBAR at 30 September 2017",null,{"$f":"[3]Outputs!C9","v":19288.022512010655},{"$f":"[3]Outputs!D9","v":247968.44579602161},{"$f":"[3]Outputs!E9","v":230462.78073921002},{"$f":"[3]Outputs!F9","v":119361.95681755489},{"$f":"[3]Outputs!G9","v":626669.19578076468}]
["Starting price for industry-wide X factor",null,{"$f":"[3]Outputs!C10","v":5212.2961959966597},{"$f":"[3]Outputs!D10","v":65707.694950966543},{"$f":"[3]Outputs!E10","v":61377.285044251381},{"$f":"[3]Outputs!F10","v":32620.65292521644},{"$f":"[3]Outputs!G10","v":171803.8481991349}]
["Starting price for applicable X factor",null,{"$f":"[3]Outputs!C11","v":4838.7890143305831},{"$f":"[3]Outputs!D11","v":58875.074667292029},{"$f":"[3]Outputs!E11","v":56856.017451413769},{"$f":"[3]Outputs!F11","v":28249.9679349664},{"$f":"[3]Outputs!G11","v":148761.85123351694}]
["PV at 30 September 2017 of MAR (applicable X)",null,{"$f":"[3]Outputs!C12","v":19288.022512010655},{"$f":"[3]Outputs!D12","v":247968.44579602161},{"$f":"[3]Outputs!E12","v":230462.78073921002},{"$f":"[3]Outputs!F12","v":119361.95681755489},{"$f":"[3]Outputs!G12","v":626669.19578076468}]
["MAR (industry-wide X factor), pricing period commencing 2017",null,{"$f":"[3]Outputs!C13","v":5212.2961959966597},{"$f":"[3]Outputs!D13","v":65707.694950966543},{"$f":"[3]Outputs!E13","v":61377.285044251381},{"$f":"[3]Outputs!F13","v":32620.65292521644},{"$f":"[3]Outputs!G13","v":171803.8481991349}]
["MAR (industry-wide X factor), pricing period commencing 2018",null,{"$f":"[3]Outputs!C14","v":5415.0555152838961},{"$f":"[3]Outputs!D14","v":69202.170798501887},{"$f":"[3]Outputs!E14","v":64401.190543325858},{"$f":"[3]Outputs!F14","v":33629.614638161576},{"$f":"[3]Outputs!G14","v":175368.35925347719}]
["MAR (industry-wide X factor), pricing period commencing 2019",null,{"$f":"[3]Outputs!C15","v":5538.5211617994637},{"$f":"[3]Outputs!D15","v":71721.955097889469},{"$f":"[3]Outputs!E15","v":66529.183113814812},{"$f":"[3]Outputs!F15","v":34130.937854839671},{"$f":"[3]Outputs!G15","v":178875.72643854676}]
["MAR (industry-wide X factor), pricing period commencing 2020",null,{"$f":"[3]Outputs!C16","v":5651.2591016795031},{"$f":"[3]Outputs!D16","v":74123.208220341257},{"$f":"[3]Outputs!E16","v":68564.7681863053},{"$f":"[3]Outputs!F16","v":34555.146928879214},{"$f":"[3]Outputs!G16","v":182453.24096731772}]
["MAR (industry-wide X factor), pricing period commencing 2021",null,{"$f":"[3]Outputs!C17","v":4838.7890143305831},{"$f":"[3]Outputs!D17","v":58875.074667292029},{"$f":"[3]Outputs!E17","v":56856.017451413769},{"$f":"[3]Outputs!F17","v":28249.9679349664},{"$f":"[3]Outputs!G17","v":148761.85123351694}]
["MAR (applicable X factor), pricing period commencing 2017",null,{"$f":"[3]Outputs!C18","v":5284.1277471938447},{"$f":"[3]Outputs!D18","v":66647.731492930165},{"$f":"[3]Outputs!E18","v":62771.439747555822},{"$f":"[3]Outputs!F18","v":32036.118072450918},{"$f":"[3]Outputs!G18","v":167033.12672078676}]
["MAR (applicable X factor), pricing period commencing 2018",null,{"$f":"[3]Outputs!C19","v":5681.0290577007199},{"$f":"[3]Outputs!D19","v":74245.167016280961},{"$f":"[3]Outputs!E19","v":68230.698461355787},{"$f":"[3]Outputs!F19","v":35765.055397940559},{"$f":"[3]Outputs!G19","v":187411.16818072274}]
["MAR (applicable X factor), pricing period commencing 2019",null,{"$f":"[3]Outputs!C20","v":6093.140701897255},{"$f":"[3]Outputs!D20","v":82474.69008807838},{"$f":"[3]Outputs!E20","v":73989.155492156977},{"$f":"[3]Outputs!F20","v":39830.532181585157},{"$f":"[3]Outputs!G20","v":210275.33069877097}]
["MAR (applicable X factor), pricing period commencing 2020",null,{"$f":"[3]Outputs!C21","v":3776.9864342163978},{"$f":"[3]Outputs!D21","v":65882.104103420294},{"$f":"[3]Outputs!E21","v":45490.070262644251},{"$f":"[3]Outputs!F21","v":30847.485448504889},{"$f":"[3]Outputs!G21","v":166684.36375874013}]
["MAR (applicable X factor), pricing period commencing 2021",null,{"$f":"[3]Outputs!C22","v":5363.2566655302471},{"$f":"[3]Outputs!D22","v":69649.008030827521},{"$f":"[3]Outputs!E22","v":64787.596450606237},{"$f":"[3]Outputs!F22","v":33349.692368696356},{"$f":"[3]Outputs!G22","v":176165.8429310451}]
["BBAR before tax, for the BBAR period commencing 2017",null,{"$f":"[3]Outputs!C23","v":5545.1344422075781},{"$f":"[3]Outputs!D23","v":71575.606012294636},{"$f":"[3]Outputs!E23","v":66067.983360791215},{"$f":"[3]Outputs!F23","v":34820.133628156676},{"$f":"[3]Outputs!G23","v":180670.62391438847}]
["BBAR before tax, for the BBAR period commencing 2018",null,{"$f":"[3]Outputs!C24","v":5684.219097208661},{"$f":"[3]Outputs!D24","v":73596.862920432235},{"$f":"[3]Outputs!E24","v":67141.727392304645},{"$f":"[3]Outputs!F24","v":36269.394386859727},{"$f":"[3]Outputs!G24","v":185835.59688550202}]
["BBAR before tax, for the BBAR period commencing 2019",null,{"$f":"[3]Outputs!C25","v":1.0018551526797157},{"$f":"[3]Outputs!D25","v":1.030503709671867},{"$f":"[3]Outputs!E25","v":1.0297068438986134},{"$f":"[3]Outputs!F25","v":0.98653159513462096},{"$f":"[3]Outputs!G25","v":""}]
["BBAR before tax, for the BBAR period commencing 2020",null,{"$f":"[3]Outputs!C26","v":4829.8289442221412},{"$f":"[3]Outputs!D26","v":57132.326758958523},{"$f":"[3]Outputs!E26","v":55215.732310906053},{"$f":"[3]Outputs!F26","v":28635.644387153603},{"$f":"[3]Outputs!G26","v":""}]
["BBAR before tax, for the BBAR period commencing 2021",null,{"$f":"[3]Outputs!C27","v":0},{"$f":"[3]Outputs!D27","v":0},{"$f":"[3]Outputs!E27","v":0},{"$f":"[3]Outputs!F27","v":0},{"$f":"[3]Outputs!G27","v":0}]
["BBAR before tax, for the BBAR period commencing 2022",null,{"$f":"[3]Outputs!C28","v":4383.9982678933238},{"$f":"[3]Outputs!D28","v":51435.568618416459},{"$f":"[3]Outputs!E28","v":50702.277198411044},{"$f":"[3]Outputs!F28","v":24646.151307304975},{"$f":"[3]Outputs!G28","v":131623.38640956199}]
["ΔD",null,{"$f":"[3]Outputs!C29","v":4838.7890143305831},{"$f":"[3]Outputs!D29","v":58875.074667292029},{"$f":"[3]Outputs!E29","v":56856.017451413769},{"$f":"[3]Outputs!F29","v":28249.9679349664},{"$f":"[3]Outputs!G29","v":148761.85123351694}]
["ANR 2016 (applicable X-factor)",null,{"$f":"[3]Outputs!C30","v":5284.1277471938447},{"$f":"[3]Outputs!D30","v":66647.731492930165},{"$f":"[3]Outputs!E30","v":62771.439747555822},{"$f":"[3]Outputs!F30","v":32036.118072450918},{"$f":"[3]Outputs!G30","v":167033.12672078676}]
["source: 2017 Final, Financial Model, 'Outputs' sheet"]
[]
["2022 Draft DPP Reset Financial Outputs (using 2022 Final WACC 5.33%, cost of debt 3.1%)",null,null,null,null,null,null,null,null,null,"TH note to self: This just updates the draft financial model with the final WACC. As we're not yet at the final decision, have copied it from the table above in rows 39 onwards"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
["PV of BBAR at 30 September 2022",null,{"$f":"C36","v":19288.022512010655},247968.44579602161,230462.78073921002,119361.95681755489,626669.19578076468]
["Starting price for industry-wide X factor",null,5212.2961959966597,65707.694950966543,61377.285044251381,32620.65292521644,171803.8481991349]
["Starting price for applicable X factor",null,4838.7890143305831,58875.074667292029,56856.017451413769,28249.9679349664,148761.85123351694]
["PV at 30 September 2022 of MAR (applicable X)",null,19288.022512010655,247968.44579602161,230462.78073921002,119361.95681755489,626669.19578076468]
["MAR (industry-wide X factor), pricing period ending 2023",null,5212.2961959966597,65707.694950966543,61377.285044251381,32620.65292521644,171803.8481991349]
["MAR (industry-wide X factor), pricing period ending 2024",null,5415.0555152838961,69202.170798501887,64401.190543325858,33629.614638161576,175368.35925347719]
["MAR (industry-wide X factor), pricing period ending 2025",null,5538.5211617994637,71721.955097889469,66529.183113814812,34130.937854839671,178875.72643854676]
["MAR (industry-wide X factor), pricing period ending 2026",null,5651.2591016795031,74123.208220341257,68564.7681863053,34555.146928879214,182453.24096731772]
["MAR (industry-wide X factor), pricing period commencing 2021",null,{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}}]
["MAR (applicable X factor), pricing period ending 2023",null,{"$f":"C44","v":4838.7890143305831},58875.074667292029,56856.017451413769,28249.9679349664,148761.85123351694]
["MAR (applicable X factor), pricing period ending 2024",null,5284.1277471938447,66647.731492930165,62771.439747555822,32036.118072450918,167033.12672078676]
["MAR (applicable X factor), pricing period ending 2025",null,5681.0290577007199,74245.167016280961,68230.698461355787,35765.055397940559,187411.16818072274]
["MAR (applicable X factor), pricing period ending 2026",null,6093.140701897255,82474.69008807838,73989.155492156977,39830.532181585157,210275.33069877097]
["MAR (applicable X factor), pricing period commencing 2021",null,{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}}]
["BBAR before tax, for the BBAR period ending 2023",null,{"$f":"C48","v":3776.9864342163978},65882.104103420294,45490.070262644251,30847.485448504889,166684.36375874013]
["BBAR before tax, for the BBAR period ending 2024",null,5363.2566655302471,69649.008030827521,64787.596450606237,33349.692368696356,176165.8429310451]
["BBAR before tax, for the BBAR period ending 2025",null,5545.1344422075781,71575.606012294636,66067.983360791215,34820.133628156676,180670.62391438847]
["BBAR before tax, for the BBAR period ending 2026",null,5684.219097208661,73596.862920432235,67141.727392304645,36269.394386859727,185835.59688550202]
["BBAR before tax, for the BBAR period commencing 2021",null,{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}}]
["BBAR before tax, for the BBAR period commencing 2022",null,{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}}]
["ΔD",null,{"$f":"C52","v":1.0018551526797157},1.030503709671867,1.0297068438986134,0.98653159513462096,"N/A"]
["ANR 2022 (applicable X-factor)",null,4829.8289442221412,57132.326758958523,55215.732310906053,28635.644387153603,"N/A"]
["source: 2017 Draft, Financial Model, 'Outputs' sheet, using 2017 final values for WACC (6.41%) and cost of debt (4.76%)"]
[]
["2022 Draft DPP Reset Financial Outputs (using 2022 Final Opex allowances)",null,null,null,null,null,null,null,null,null,"TH Note to self: This uses the draft financial model with final opex allowances. As we're not at this stage yet, have used values from above in rows 148 - 170"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
[{"$f":"A197","v":"PV of BBAR at 30 September 2022"},null,{"$f":"C197","v":19288.022512010655},{"$f":"D197","v":247968.44579602161},230462.78073921002,119361.95681755489,626669.19578076468]
[{"$f":"A198","v":"Starting price for industry-wide X factor"},null,{"$f":"C198","v":5212.2961959966597},65707.694950966543,61377.285044251381,32620.65292521644,171803.8481991349]
["Starting price for applicable X factor",null,4838.7890143305831,58875.074667292029,56856.017451413769,28249.9679349664,148761.85123351694]
["PV at 30 September 2022 of MAR (applicable X)",null,19288.022512010655,247968.44579602161,230462.78073921002,119361.95681755489,626669.19578076468]
["MAR (industry-wide X factor), pricing period ending 2023",null,5212.2961959966597,65707.694950966543,61377.285044251381,32620.65292521644,171803.8481991349]
["MAR (industry-wide X factor), pricing period ending 2024",null,5415.0555152838961,69202.170798501887,64401.190543325858,33629.614638161576,175368.35925347719]
["MAR (industry-wide X factor), pricing period ending 2025",null,5538.5211617994637,71721.955097889469,66529.183113814812,34130.937854839671,178875.72643854676]
["MAR (industry-wide X factor), pricing period ending 2026",null,5651.2591016795031,74123.208220341257,68564.7681863053,34555.146928879214,182453.24096731772]
["MAR (industry-wide X factor), pricing period commencing 2021",null,{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
["MAR (applicable X factor), pricing period ending 2023",null,4838.7890143305831,58875.074667292029,56856.017451413769,28249.9679349664,148761.85123351694]
["MAR (applicable X factor), pricing period ending 2024",null,5284.1277471938447,66647.731492930165,62771.439747555822,32036.118072450918,167033.12672078676]
["MAR (applicable X factor), pricing period ending 2025",null,5681.0290577007199,74245.167016280961,68230.698461355787,35765.055397940559,187411.16818072274]
["MAR (applicable X factor), pricing period ending 2026",null,6093.140701897255,82474.69008807838,73989.155492156977,39830.532181585157,210275.33069877097]
["MAR (applicable X factor), pricing period commencing 2021",null,{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
["BBAR before tax, for the BBAR period ending 2023",null,3776.9864342163978,65882.104103420294,45490.070262644251,30847.485448504889,166684.36375874013]
["BBAR before tax, for the BBAR period ending 2024",null,5363.2566655302471,69649.008030827521,64787.596450606237,33349.692368696356,176165.8429310451]
["BBAR before tax, for the BBAR period ending 2025",null,5545.1344422075781,71575.606012294636,66067.983360791215,34820.133628156676,180670.62391438847]
["BBAR before tax, for the BBAR period ending 2026",null,5684.219097208661,73596.862920432235,67141.727392304645,36269.394386859727,185835.59688550202]
["BBAR before tax, for the BBAR period commencing 2021",null,{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
["BBAR before tax, for the BBAR period commencing 2022",null,{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
["ΔD",null,1.0018551526797157,1.030503709671867,1.0297068438986134,0.98653159513462096,"N/A"]
["ANR 2022 (applicable X-factor)",null,4829.8289442221412,57132.326758958523,55215.732310906053,28635.644387153603,"N/A"]
["source: 2017 Draft, Financial Model, 'Outputs' sheet, using 2017 final values for opex allowances"]
[]
["2022 Draft DPP Reset Financial Outputs (using 2022 Final Capex allowances)",null,null,null,null,null,null,null,null,null,"TH Note to self: This uses the draft financial model with final capex allowances. As we're not at this stage yet, have used values from above in rows 148 - 170"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission"]
["Supplier number",null,1,2,3,4,5]
[{"$f":"A224","v":"PV of BBAR at 30 September 2022"},null,{"$f":"C224","v":19288.022512010655},{"$f":"D224","v":247968.44579602161},230462.78073921002,119361.95681755489,626669.19578076468]
[{"$f":"A225","v":"Starting price for industry-wide X factor"},null,{"$f":"C225","v":5212.2961959966597},65707.694950966543,61377.285044251381,32620.65292521644,171803.8481991349]
["Starting price for applicable X factor",null,{"$f":"C226","v":4838.7890143305831},58875.074667292029,56856.017451413769,28249.9679349664,148761.85123351694]
["PV at 30 September 2022 of MAR (applicable X)",null,{"$f":"C227","v":19288.022512010655},247968.44579602161,230462.78073921002,119361.95681755489,626669.19578076468]
["MAR (industry-wide X factor), pricing period ending 2023",null,{"$f":"C228","v":5212.2961959966597},65707.694950966543,61377.285044251381,32620.65292521644,171803.8481991349]
["MAR (industry-wide X factor), pricing period ending 2024",null,{"$f":"C229","v":5415.0555152838961},69202.170798501887,64401.190543325858,33629.614638161576,175368.35925347719]
["MAR (industry-wide X factor), pricing period ending 2025",null,{"$f":"C230","v":5538.5211617994637},71721.955097889469,66529.183113814812,34130.937854839671,178875.72643854676]
["MAR (industry-wide X factor), pricing period ending 2026",null,{"$f":"C231","v":5651.2591016795031},74123.208220341257,68564.7681863053,34555.146928879214,182453.24096731772]
["MAR (industry-wide X factor), pricing period commencing 2021",null,{"$f":"C232","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
["MAR (applicable X factor), pricing period ending 2023",null,{"$f":"C233","v":4838.7890143305831},58875.074667292029,56856.017451413769,28249.9679349664,148761.85123351694]
["MAR (applicable X factor), pricing period ending 2024",null,{"$f":"C234","v":5284.1277471938447},66647.731492930165,62771.439747555822,32036.118072450918,167033.12672078676]
["MAR (applicable X factor), pricing period ending 2025",null,{"$f":"C235","v":5681.0290577007199},74245.167016280961,68230.698461355787,35765.055397940559,187411.16818072274]
["MAR (applicable X factor), pricing period ending 2026",null,{"$f":"C236","v":6093.140701897255},82474.69008807838,73989.155492156977,39830.532181585157,210275.33069877097]
["MAR (applicable X factor), pricing period commencing 2021",null,{"$f":"C237","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
["BBAR before tax, for the BBAR period ending 2023",null,{"$f":"C238","v":3776.9864342163978},65882.104103420294,45490.070262644251,30847.485448504889,166684.36375874013]
["BBAR before tax, for the BBAR period ending 2024",null,{"$f":"C239","v":5363.2566655302471},69649.008030827521,64787.596450606237,33349.692368696356,176165.8429310451]
["BBAR before tax, for the BBAR period ending 2025",null,{"$f":"C240","v":5545.1344422075781},71575.606012294636,66067.983360791215,34820.133628156676,180670.62391438847]
["BBAR before tax, for the BBAR period ending 2026",null,{"$f":"C241","v":5684.219097208661},73596.862920432235,67141.727392304645,36269.394386859727,185835.59688550202]
["BBAR before tax, for the BBAR period commencing 2021",null,{"$f":"C242","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
["BBAR before tax, for the BBAR period commencing 2022",null,{"$f":"C243","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
["ΔD",null,{"$f":"C244","v":1.0018551526797157},1.030503709671867,1.0297068438986134,0.98653159513462096,{"$f":"G244","v":"N/A"}]
["ANR 2022 (applicable X-factor)",null,{"$f":"C245","v":4829.8289442221412},57132.326758958523,55215.732310906053,28635.644387153603,"N/A"]
["source: 2017 Draft, Financial Model, 'Outputs' sheet, using 2017 final values for capex allowances"]
[]
["2017 Draft DPP Reset Financial Outputs (using 2017 Final CPI forecasts)"]
[null,null,"GasNet","Powerco","Vector","First Gas Distribution","First Gas Transmission",null,null,null,"TH Note to self: This uses the draft financial model with final capex allowances. As we're not at this stage yet, have used values from above in rows 148 - 170"]
["Supplier number",null,1,2,3,4,5]
[{"$f":"A251","v":"PV of BBAR at 30 September 2022"},null,{"$f":"C251","v":19288.022512010655},{"$f":"D251","v":247968.44579602161},230462.78073921002,119361.95681755489,626669.19578076468]
[{"$f":"A252","v":"Starting price for industry-wide X factor"},null,{"$f":"C252","v":5212.2961959966597},65707.694950966543,61377.285044251381,32620.65292521644,171803.8481991349]
["Starting price for applicable X factor",null,{"$f":"C253","v":4838.7890143305831},58875.074667292029,56856.017451413769,28249.9679349664,148761.85123351694]
["PV at 30 September 2022 of MAR (applicable X)",null,{"$f":"C254","v":19288.022512010655},247968.44579602161,230462.78073921002,119361.95681755489,626669.19578076468]
["MAR (industry-wide X factor), pricing period ending 2023",null,{"$f":"C255","v":5212.2961959966597},65707.694950966543,61377.285044251381,32620.65292521644,171803.8481991349]
["MAR (industry-wide X factor), pricing period ending 2024",null,{"$f":"C256","v":5415.0555152838961},69202.170798501887,64401.190543325858,33629.614638161576,175368.35925347719]
["MAR (industry-wide X factor), pricing period ending 2025",null,{"$f":"C257","v":5538.5211617994637},71721.955097889469,66529.183113814812,34130.937854839671,178875.72643854676]
["MAR (industry-wide X factor), pricing period ending 2026",null,{"$f":"C258","v":5651.2591016795031},74123.208220341257,68564.7681863053,34555.146928879214,182453.24096731772]
["MAR (industry-wide X factor), pricing period commencing 2021",null,{"$f":"C259","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
["MAR (applicable X factor), pricing period ending 2023",null,{"$f":"C260","v":4838.7890143305831},58875.074667292029,56856.017451413769,28249.9679349664,148761.85123351694]
["MAR (applicable X factor), pricing period ending 2024",null,{"$f":"C261","v":5284.1277471938447},66647.731492930165,62771.439747555822,32036.118072450918,167033.12672078676]
["MAR (applicable X factor), pricing period ending 2025",null,{"$f":"C262","v":5681.0290577007199},74245.167016280961,68230.698461355787,35765.055397940559,187411.16818072274]
["MAR (applicable X factor), pricing period ending 2026",null,{"$f":"C263","v":6093.140701897255},82474.69008807838,73989.155492156977,39830.532181585157,210275.33069877097]
["MAR (applicable X factor), pricing period commencing 2021",null,{"$f":"C264","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
["BBAR before tax, for the BBAR period ending 2023",null,{"$f":"C265","v":3776.9864342163978},65882.104103420294,45490.070262644251,30847.485448504889,166684.36375874013]
["BBAR before tax, for the BBAR period ending 2024",null,{"$f":"C266","v":5363.2566655302471},69649.008030827521,64787.596450606237,33349.692368696356,176165.8429310451]
["BBAR before tax, for the BBAR period ending 2025",null,{"$f":"C267","v":5545.1344422075781},71575.606012294636,66067.983360791215,34820.133628156676,180670.62391438847]
["BBAR before tax, for the BBAR period ending 2026",null,{"$f":"C268","v":5684.219097208661},73596.862920432235,67141.727392304645,36269.394386859727,185835.59688550202]
["BBAR before tax, for the BBAR period commencing 2021",null,{"$f":"C269","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
["BBAR before tax, for the BBAR period commencing 2022",null,{"$f":"C270","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
[{"$f":"A271","v":"ΔD"},null,{"$f":"C271","v":1.0018551526797157},1.030503709671867,1.0297068438986134,0.98653159513462096,"N/A"]
["ANR 2022 (applicable X-factor)",null,{"$f":"C272","v":4829.8289442221412},57132.326758958523,55215.732310906053,28635.644387153603,"N/A"]
["source: 2017 Draft, Financial Model, 'Outputs' sheet, using 2017 final values for CPI forecast"]
[]
["2017 Final DPP Reset Financial Outputs (using 2013 WACC, cost of debt, leverage)"]
[null,null,"GasNet","Powerco","Vector","1st State non-Auck","1st State trans MDL"]
["Supplier number",null,1,2,3,4,5]
["PV of BBAR at 30 September 2017",null,18915.270215054505,222980.48346832133,216166.13624734143,104981.41869903645,182782.74453467983]
["Starting price for industry-wide X factor",null,4430.2700084656417,51496.586315541819,48503.603274643843,23976.44011129902,42226.522274281539]
["Starting price for applicable X factor",null,4430.2700084656417,51496.586315541819,48503.603274643843,23976.44011129902,42226.522274281539]
["PV at 30 September 2017 of MAR (applicable X)",null,18915.270215054505,222980.48346832133,216166.13624734143,104981.41869903645,182782.74453467983]
["MAR (industry-wide X factor), pricing period commencing 2017",null,4430.2700084656417,51496.586315541819,48503.603274643843,23976.44011129902,42226.522274281539]
["MAR (industry-wide X factor), pricing period commencing 2018",null,4475.7248701273156,52414.680420769961,50124.205869853118,24547.178429122472,43028.07580695166]
["MAR (industry-wide X factor), pricing period commencing 2019",null,4529.4416028499527,53439.522408207813,51880.01098170186,25174.012805312534,43914.198467584523]
["MAR (industry-wide X factor), pricing period commencing 2020",null,4602.1327601809135,54700.717952535706,53904.047897453689,25919.290433500282,44807.475706009951]
["MAR (industry-wide X factor), pricing period commencing 2021",null,4675.8142740404837,55988.049751576385,55997.172983420271,26684.842587916679,45708.705421116443]
["MAR (applicable X factor), pricing period commencing 2017",null,4430.2700084656417,51496.586315541819,48503.603274643843,23976.44011129902,42226.522274281539]
["MAR (applicable X factor), pricing period commencing 2018",null,4475.7248701273156,52414.680420769961,50124.205869853118,24547.178429122472,43028.07580695166]
["MAR (applicable X factor), pricing period commencing 2019",null,4529.4416028499527,53439.522408207813,51880.01098170186,25174.012805312534,43914.198467584523]
["MAR (applicable X factor), pricing period commencing 2020",null,4602.1327601809135,54700.717952535706,53904.047897453689,25919.290433500282,44807.475706009951]
["MAR (applicable X factor), pricing period commencing 2021",null,4675.8142740404837,55988.049751576385,55997.172983420271,26684.842587916679,45708.705421116443]
["BBAR before tax, for the BBAR period commencing 2017",null,3377.8052606083734,52560.343764307647,37786.705584393545,18251.259970445495,11121.85946817365]
["BBAR before tax, for the BBAR period commencing 2018",null,4394.6560564632737,51641.936951084666,48787.833608459834,23873.764580822437,43278.273953860589]
["BBAR before tax, for the BBAR period commencing 2019",null,4484.0235884558697,52995.551197117748,50782.639895440181,24791.898179828604,42625.34254262138]
["BBAR before tax, for the BBAR period commencing 2020",null,4578.5578775294707,54555.042811408654,53064.019197091919,25720.102314053602,43638.262301877061]
["BBAR before tax, for the BBAR period commencing 2021",null,4678.8747022763118,56225.451296588995,55483.156048850833,26778.351064133818,44619.904203093058]
["BBAR before tax, for the BBAR period commencing 2022",null,1201.8815841658773,0,14344.175561984704,6946.4461628334402,34173.605790680289]
["ΔD",null,0.9909151767647767,1.0081566830270154,1.0401343075377238,1.0192129483280357,""]
["ANR 2016 (applicable X-factor)",null,4470.8872286424757,51079.943408123865,46632.057920928353,23524.465766090481,""]
["source: 2017 Final, Financial Model, 'Outputs' sheet, using 2013 values for WACC (7.44%), cost of debt (5.38%), leverage (44%)"]

{"sheet":"Rolled over and Reset Prices","index":3,"n_rows":51,"n_cols":8,"rows_kept":51,"cut":false,"hidden":false,"merged":[]}
["Rolled over and Draft Reset Prices"]
[]
["GasNet"]
["Year ending",2022,{"$f":"B4+1","v":2023},{"$f":"C4+1","v":2024},2025,2026,"Starting Price ","NPV value"]
["MAR Y/C 2021",{"$f":"Inputs!C6","v":4383.9982678933238}]
["CPI",null,{"$f":"Inputs!E27","v":4.9252365184484281E-2},{"$f":"Inputs!F27","v":3.8361409969120297E-2},{"$f":"Inputs!G27","v":2.2487822846806393E-2},{"$f":"Inputs!H27","v":2.0247710973710253E-2}]
["CPRG",{"$f":"Inputs!D17","v":1.1090512561431614E-3},{"$f":"Inputs!E17","v":7.4527487553558975E-4},{"$f":"Inputs!F17","v":5.1887652470529737E-4},{"$f":"Inputs!G17","v":3.057413528201881E-4},{"$f":"Inputs!H17","v":1.0539721046798518E-4}]
["WACC",{"$f":"Inputs!B31","v":6.0699999999999997E-2}]
["MAR from Draft Reset financial model",null,{"$f":"Inputs!C44","v":4838.7890143305831},{"$f":"Inputs!C45","v":5284.1277471938447},{"$f":"Inputs!C46","v":5681.0290577007199},{"$f":"Inputs!C47","v":6093.140701897255},{"$f":"C9","v":4838.7890143305831},{"$f":"C9+NPV(B8,D9:F9)","v":19975.74623787899}]
["Rolled over price path",{"$f":"B5","v":4383.9982678933238},{"$f":"B10*(1+C6)*(1+C7)","v":4603.3487567682841},{"$f":"C10*(1+D6)*(1+D7)","v":4782.4199041602851},{"$f":"D10*(1+E6)*(1+E7)","v":4891.4611805995555},{"$f":"E10*(1+F6)*(1+F7)","v":4991.0280578207694},{"$f":"C10","v":4603.3487567682841},{"$f":"C10+NPV(B8,D10:F10)","v":17641.999447438517}]
["Effect of moving from Draft Reset to rollover",null,null,null,null,null,{"$f":"(G9/G10)-1","v":5.1145431294149057E-2},{"$f":"(H9/H10)-1","v":0.13228357689237513}]
[]
["Powerco"]
["Year ending",{"$f":"B4","v":2022},{"$f":"C4","v":2023},{"$f":"D4","v":2024},{"$f":"E4","v":2025},{"$f":"F4","v":2026},"Starting Price ","NPV value"]
["MAR Y/C 2021",{"$f":"Inputs!C7","v":51435.568618416459}]
["CPI",null,{"$f":"Inputs!E27","v":4.9252365184484281E-2},{"$f":"Inputs!F27","v":3.8361409969120297E-2},{"$f":"Inputs!G27","v":2.2487822846806393E-2},{"$f":"Inputs!H27","v":2.0247710973710253E-2}]
["CPRG",{"$f":"Inputs!D18","v":1.5341429928627356E-2},{"$f":"Inputs!E18","v":1.4933183357154404E-2},{"$f":"Inputs!F18","v":1.4273190553534185E-2},{"$f":"Inputs!G18","v":1.3617866651395364E-2},{"$f":"Inputs!H18","v":1.2969710871687067E-2}]
["WACC",{"$f":"Inputs!B31","v":6.0699999999999997E-2}]
["MAR from Draft Reset financial model",null,{"$f":"Inputs!D44","v":58875.074667292029},{"$f":"Inputs!D45","v":66647.731492930165},{"$f":"Inputs!D46","v":74245.167016280961},{"$f":"Inputs!D47","v":82474.69008807838},{"$f":"C19","v":58875.074667292029},{"$f":"C19+NPV(B18,D19:F19)","v":256809.88007651496}]
["Rolled over price path",{"$f":"B15","v":51435.568618416459},{"$f":"B20*(1+C16)*(1+C17)","v":54774.81938771117},{"$f":"C20*(1+D16)*(1+D17)","v":57687.861513847296},{"$f":"D20*(1+E16)*(1+E17)","v":59788.387639409011},{"$f":"E20*(1+F16)*(1+F17)","v":61790.104579633844},{"$f":"C20","v":54774.81938771117},{"$f":"C20+NPV(B18,D20:F20)","v":214080.17445548761}]
["Effect of moving from Draft Reset to rollover",null,null,null,null,null,{"$f":"(G19/G20)-1","v":7.4856573246880664E-2},{"$f":"(H19/H20)-1","v":0.19959674327485133}]
[]
["Vector"]
["Year ending",{"$f":"B14","v":2022},{"$f":"C14","v":2023},{"$f":"D14","v":2024},{"$f":"E14","v":2025},{"$f":"F14","v":2026},"Starting Price ","NPV value"]
["MAR Y/C 2021",{"$f":"Inputs!C8","v":50702.277198411044}]
["CPI",null,{"$f":"Inputs!E27","v":4.9252365184484281E-2},{"$f":"Inputs!F27","v":3.8361409969120297E-2},{"$f":"Inputs!G27","v":2.2487822846806393E-2},{"$f":"Inputs!H27","v":2.0247710973710253E-2}]
["CPRG",{"$f":"Inputs!D19","v":1.3780727682989114E-2},{"$f":"Inputs!E19","v":1.57096261358446E-2},{"$f":"Inputs!F19","v":1.0503175183838667E-2},{"$f":"Inputs!G19","v":1.0322792078083296E-2},{"$f":"Inputs!H19","v":1.0143775386810262E-2}]
["WACC",{"$f":"Inputs!B31","v":6.0699999999999997E-2}]
["MAR from Draft Reset financial model",null,{"$f":"Inputs!E44","v":56856.017451413769},{"$f":"Inputs!E45","v":62771.439747555822},{"$f":"Inputs!E46","v":68230.698461355787},{"$f":"Inputs!E47","v":73989.155492156977},{"$f":"C29","v":56856.017451413769},{"$f":"C29+NPV(B28,D29:F29)","v":238680.0421067375}]
["Rolled over price path",{"$f":"B25","v":50702.277198411044},{"$f":"B30*(1+C26)*(1+C27)","v":54035.228279184143},{"$f":"C30*(1+D26)*(1+D27)","v":56697.408983647772},{"$f":"D30*(1+E26)*(1+E27)","v":58570.847410255861},{"$f":"E30*(1+F26)*(1+F27)","v":60362.93228325768},{"$f":"C30","v":54035.228279184143},{"$f":"C30+NPV(B28,D30:F30)","v":210128.72354364261}]
["Effect of moving from Draft Reset to rollover",null,null,null,null,null,{"$f":"(G29/G30)-1","v":5.2202780705495222E-2},{"$f":"(H29/H30)-1","v":0.13587537239840963}]
[]
["First Gas Distribution"]
["Year ending",{"$f":"B24","v":2022},{"$f":"C24","v":2023},{"$f":"D24","v":2024},{"$f":"E24","v":2025},{"$f":"F24","v":2026},"Starting Price ","NPV value"]
["MAR Y/C 2021",{"$f":"Inputs!C9","v":24646.151307304975}]
["CPI",null,{"$f":"Inputs!E27","v":4.9252365184484281E-2},{"$f":"Inputs!F27","v":3.8361409969120297E-2},{"$f":"Inputs!G27","v":2.2487822846806393E-2},{"$f":"Inputs!H27","v":2.0247710973710253E-2}]
["CPRG",{"$f":"Inputs!D20","v":-6.6215383594908552E-3},{"$f":"Inputs!E20","v":-6.892505495419133E-3},{"$f":"Inputs!F20","v":-7.156717435149367E-3},{"$f":"Inputs!G20","v":-7.413905448003532E-3},{"$f":"Inputs!H20","v":-7.6636667888753465E-3}]
["WACC",{"$f":"Inputs!B31","v":6.0699999999999997E-2}]
["MAR from Draft Reset financial model",null,{"$f":"Inputs!F44","v":28249.9679349664},{"$f":"Inputs!F45","v":32036.118072450918},{"$f":"Inputs!F46","v":35765.055397940559},{"$f":"Inputs!F47","v":39830.532181585157},{"$f":"C39","v":28249.9679349664},{"$f":"C39+NPV(B38,D39:F39)","v":123617.86483603567}]
["Rolled over price path",{"$f":"B35","v":24646.151307304975},{"$f":"B40*(1+C36)*(1+C37)","v":25681.792135408836},{"$f":"C40*(1+D36)*(1+D37)","v":26476.133838005855},{"$f":"D40*(1+E36)*(1+E37)","v":26870.818722851582},{"$f":"E40*(1+F36)*(1+F37)","v":27204.792702048551},{"$f":"C40","v":25681.792135408836},{"$f":"C40+NPV(B38,D40:F40)","v":97322.647594463153}]
["Effect of moving from Draft Reset to rollover",null,null,null,null,null,{"$f":"(G39/G40)-1","v":9.9999867066001391E-2},{"$f":"(H39/H40)-1","v":0.27018600389030611}]
[]
["First Gas Transmission"]
["Year ending",{"$f":"B34","v":2022},{"$f":"C34","v":2023},2024,2025,2026,"Starting Price ","NPV value"]
["MAR Y/C 2021",{"$f":"Inputs!C10","v":131623.38640956243}]
["CPI",null,{"$f":"Inputs!E28","v":2.7462102878651029E-2},{"$f":"Inputs!F28","v":2.0747562360831084E-2},{"$f":"Inputs!G28","v":2.0000000000000018E-2},{"$f":"Inputs!H28","v":2.0000000000000018E-2}]
["CPRG  (0% used)",null,0,0,0,0]
["WACC",{"$f":"Inputs!B31","v":6.0699999999999997E-2}]
["Price path from Draft Reset financial model",null,{"$f":"Inputs!G44","v":148761.85123351694},{"$f":"Inputs!G45","v":167033.12672078676},{"$f":"Inputs!G46","v":187411.16818072274},{"$f":"Inputs!G47","v":210275.33069877097},{"$f":"C49","v":148761.85123351694},{"$f":"C49+NPV(B48,D49:F49)","v":649013.38756822725}]
["Rolled over price path",{"$f":"B45","v":131623.38640956243},{"$f":"B50*(1+C46)*(1+C47)","v":135238.04138837827},{"$f":"C50*(1+D46)*(1+D47)","v":138043.9010856403},{"$f":"D50*(1+E46)*(1+E47)","v":140804.77910735313},{"$f":"E50*(1+F46)*(1+F47)","v":143620.8746895002},{"$f":"C50","v":135238.04138837827},{"$f":"C50+NPV(B48,D50:F50)","v":510880.86960560549}]
["Effect of moving from Draft Reset to rollover",null,null,null,null,null,{"$f":"(G49/G50)-1","v":0.10000004219449488},{"$f":"(H49/H50)-1","v":0.27038107351574658}]

{"sheet":"Impact of 2022 Reset","index":4,"n_rows":139,"n_cols":6,"rows_kept":139,"cut":false,"hidden":false,"merged":[[98,1,98,3],[25,1,25,3]]}
["Impact of 2022 Reset"]
[]
["Draft Reset compared to Roll Over"]
["These tables are used to generate the Roll Over to Draft section in the Waterfall Chart"]
[]
[null,"Starting Price (MAR  y/c 2022)"]
[null,"Roll over","Draft Reset","Change"]
["GasNet",{"$f":"'Rolled over and Reset Prices'!C10","v":4603.3487567682841},{"$f":"'Rolled over and Reset Prices'!C9","v":4838.7890143305831},{"$f":"C8/B8-1","v":5.1145431294149057E-2}]
["Powerco",{"$f":"'Rolled over and Reset Prices'!C20","v":54774.81938771117},{"$f":"'Rolled over and Reset Prices'!C19","v":58875.074667292029},{"$f":"C9/B9-1","v":7.4856573246880664E-2}]
["Vector",{"$f":"'Rolled over and Reset Prices'!C30","v":54035.228279184143},{"$f":"'Rolled over and Reset Prices'!C29","v":56856.017451413769},5.2202780705495222E-2]
["First Gas Distribution",{"$f":"'Rolled over and Reset Prices'!C40","v":25681.792135408836},{"$f":"'Rolled over and Reset Prices'!C39","v":28249.9679349664},9.9999867066001391E-2]
["First Gas Transmission (MAR)",{"$f":"'Rolled over and Reset Prices'!C50","v":135238.04138837827},{"$f":"'Rolled over and Reset Prices'!C49","v":148761.85123351694},0.10000004219449488]
["Industry Total",{"$f":"SUM(B8:B12)","v":274333.22994745069},{"$f":"SUM(C8:C12)","v":297581.70030151971},8.4745367371361846E-2]
[]
[null,"NPV ANR"]
[null,"Roll over","Draft Reset","Change"]
["GasNet",{"$f":"'Rolled over and Reset Prices'!H10","v":17641.999447438517},{"$f":"'Rolled over and Reset Prices'!H9","v":19975.74623787899},{"$f":"C17/B17-1","v":0.13228357689237513}]
["Powerco",{"$f":"'Rolled over and Reset Prices'!H20","v":214080.17445548761},{"$f":"'Rolled over and Reset Prices'!H19","v":256809.88007651496},0.19959674327485133]
["Vector",{"$f":"'Rolled over and Reset Prices'!H30","v":210128.72354364261},{"$f":"'Rolled over and Reset Prices'!H29","v":238680.0421067375},0.13587537239840963]
["First Gas Distribution",{"$f":"'Rolled over and Reset Prices'!H40","v":97322.647594463153},{"$f":"'Rolled over and Reset Prices'!H39","v":123617.86483603567},0.27018600389030611]
["First Gas Transmission (MAR)",{"$f":"'Rolled over and Reset Prices'!H50","v":510880.86960560549},{"$f":"'Rolled over and Reset Prices'!H49","v":649013.38756822725},0.27038107351574658]
["Industry Total",{"$f":"SUM(B17:B21)","v":1050054.4146466374},{"$f":"SUM(C17:C21)","v":1288096.9208253943},0.22669540059870386]
[]
["Draft Reset compared to Roll Over: WACC, Cost of Debt, and Leverage Change"]
[]
[null,"Starting Price (MAR)"]
[null,"Rolled over Starting Price","Draft decision","WACC at 6.41%, cost of debt at 4.76%, leverage at 42%","Impact of reset"]
["GasNet",{"$f":"'Rolled over and Reset Prices'!G10","v":4603.3487567682841},{"$f":"'Rolled over and Reset Prices'!G9","v":4838.7890143305831},{"$f":"Inputs!C67","v":4912.6462978424097},{"$f":"C28-D28","v":-73.857283511826608}]
["Powerco",{"$f":"'Rolled over and Reset Prices'!G20","v":54774.81938771117},{"$f":"'Rolled over and Reset Prices'!G19","v":58875.074667292029},{"$f":"Inputs!D67","v":60000.274604248167},{"$f":"C29-D29","v":-1125.1999369561381}]
["Vector",{"$f":"'Rolled over and Reset Prices'!G30","v":54035.228279184143},{"$f":"'Rolled over and Reset Prices'!G29","v":56856.017451413769},{"$f":"Inputs!E67","v":58073.033920343325},-1217.0164689295561]
["First Gas Distribution",{"$f":"'Rolled over and Reset Prices'!G40","v":25681.792135408836},{"$f":"'Rolled over and Reset Prices'!G39","v":28249.9679349664},{"$f":"Inputs!F67","v":28858.146982837341},-608.17904787094085]
["First Gas Transmission (MAR)",{"$f":"'Rolled over and Reset Prices'!G50","v":135238.04138837827},{"$f":"'Rolled over and Reset Prices'!G49","v":148761.85123351694},{"$f":"Inputs!G67","v":151532.55799306062},-2770.706759543682]
["Industry Total",{"$f":"SUM(B28:B32)","v":274333.22994745069},{"$f":"SUM(C28:C32)","v":297581.70030151971},{"$f":"SUM(D28:D32)","v":303376.65979833191},{"$f":"C33-D33","v":-5794.9594968121964}]
[]
["Draft Reset compared to Roll Over: Opex allowances"]
[]
[null,"2017 DPP Operating Expenditure Allowance for 2022","2022 Draft DPP Reset Operating Expenditure Allowance for 2023","Impact of reset"]
["GasNet",{"$f":"Inputs!C138","v":1782.7488157728112},{"$f":"Inputs!C128","v":2030.5132202287741},{"$f":"C38-B38","v":247.7644044559629}]
["Powerco",{"$f":"Inputs!D138","v":18435.529522140616},{"$f":"Inputs!D128","v":18350},{"$f":"C39-B39","v":-85.529522140615882}]
["Vector",{"$f":"Inputs!E138","v":13208.879315355689},{"$f":"Inputs!E128","v":14227.75},1018.870684644311]
["First Gas Distribution",{"$f":"Inputs!F138","v":7883.4212180659633},{"$f":"Inputs!F128","v":9460.1725888914079},1576.7513708254446]
["First Gas Transmission",{"$f":"Inputs!G138","v":47131.840757586673},{"$f":"Inputs!G128","v":49274},2142.1592424133269]
["Industry Total",{"$f":"SUM(B38:B42)","v":88442.419628921751},{"$f":"SUM(C38:C42)","v":93342.435809120187},4900.0161801984359]
[]
["Draft Reset compared to Roll Over: Capex allowances"]
[]
[null,"2017 DPP Capital Expenditure Allowance for 2022","2022 Draft DPP Reset Capital Expenditure Allowance for 2023","Impact of reset"]
["GasNet",{"$f":"Inputs!C143","v":892.53847011617734},{"$f":"Inputs!C133","v":888.7230000756623},{"$f":"C48-B48","v":-3.8154700405150379}]
["PowerCo",{"$f":"Inputs!D143","v":14350.824140411733},{"$f":"Inputs!D133","v":16872.168644724872},{"$f":"C49-B49","v":2521.3445043131396}]
["Vector",{"$f":"Inputs!E143","v":18641.429147173025},{"$f":"Inputs!E133","v":5662.1470831338374},-12979.282064039187]
["First Gas Distribution",{"$f":"Inputs!F143","v":11805.55703414894},{"$f":"Inputs!F133","v":12890.534948768938},1084.977914619998]
["First Gas Transmission",{"$f":"Inputs!G143","v":24115.050819146403},{"$f":"Inputs!G133","v":52148.56990773599},28033.519088589586]
["Industry Total",{"$f":"SUM(B48:B52)","v":69805.399610996275},{"$f":"SUM(C48:C52)","v":88462.143584439298},18656.743973443023]
[]
["Draft Reset: Accelerated depreciation"]
[null,"2022 Draft DPP Reset with no allowance made for accelerated depreciation (Starting price, MAR)","2022 Draft DPP Reset with accelerated depreciation, no smoothing (Starting price, MAR)","Impact of accelerated depreciation"]
["GasNet",{"$f":"Inputs!C90","v":4543.7255817400255},{"$f":"Inputs!C113","v":5212.2961959966597},{"$f":"C57-B57","v":668.57061425663414}]
["PowerCo",{"$f":"Inputs!D90","v":61697.055952379567},{"$f":"Inputs!D113","v":65707.694950966543},{"$f":"C58-B58","v":4010.6389985869755}]
["Vector",{"$f":"Inputs!E90","v":50136.88636881343},{"$f":"Inputs!E113","v":61377.285044251381},11240.398675437951]
["First Gas Distribution",{"$f":"Inputs!F90","v":30685.095749029944},{"$f":"Inputs!F113","v":32620.65292521644},1935.5571761864958]
["First Gas Transmission",{"$f":"Inputs!G90","v":149092.78838009486},{"$f":"Inputs!G113","v":171803.8481991349},22711.059819040034]
["Industry Total",{"$f":"SUM(B57:B61)","v":296155.55203205784},{"$f":"SUM(C57:C61)","v":336721.77731556597},40566.225283508131]
[]
["Draft Reset: Smoothing"]
[null,"2022 Draft DPP Reset with accelerated depreciation, no smoothing","2022 Draft DPP Reset, with accelerated depreciation and smoothing","Impact of smoothing"]
["GasNet",{"$f":"C57","v":5212.2961959966597},{"$f":"Inputs!C44","v":4838.7890143305831},{"$f":"C66-B66","v":-373.50718166607658}]
["PowerCo",{"$f":"C58","v":65707.694950966543},{"$f":"Inputs!D44","v":58875.074667292029},{"$f":"C67-B67","v":-6832.6202836745142}]
["Vector",61377.285044251381,{"$f":"Inputs!E44","v":56856.017451413769},-4521.267592837612]
["First Gas Distribution",32620.65292521644,{"$f":"Inputs!F44","v":28249.9679349664},-4370.6849902500398]
["First Gas Transmission",171803.8481991349,{"$f":"Inputs!G44","v":148761.85123351694},-23041.99696561796]
["Industry Total",336721.77731556597,{"$f":"SUM(C66:C70)","v":297581.70030151971},-39140.077014046255]
[]
[]
[]
[]
["iii) Final Reset compared to Draft Reset",null,null,null,"HERE ONWARDS COMPARES DRAFT TO FINAL, UNNECESSARY UNTIL WE ARE IN THE FINAL STAGE"]
["These tables are used to generate the Draft to Final section in the Waterfall Chart"]
[]
[null,"Starting Price (ANR 2017)"]
[null,"Final Reset","Draft Reset","Change"]
["GasNet",{"$f":"'Rolled over and Reset Prices'!#REF!","v":{"$error":"#REF!"}},{"$f":"C8","v":4838.7890143305831},{"$f":"B81/C81-1","v":{"$error":"#REF!"}}]
["Powerco",{"$f":"'Rolled over and Reset Prices'!#REF!","v":{"$error":"#REF!"}},{"$f":"C9","v":58875.074667292029},{"$error":"#REF!"}]
["Vector",{"$f":"'Rolled over and Reset Prices'!#REF!","v":{"$error":"#REF!"}},{"$f":"C10","v":56856.017451413769},{"$error":"#REF!"}]
["First Gas Distribution",{"$f":"'Rolled over and Reset Prices'!#REF!","v":{"$error":"#REF!"}},{"$f":"C11","v":28249.9679349664},{"$error":"#REF!"}]
["First Gas Transmission (MAR)",{"$f":"'Rolled over and Reset Prices'!#REF!","v":{"$error":"#REF!"}},{"$f":"C12","v":148761.85123351694},{"$error":"#REF!"}]
["Industry Total",{"$f":"SUM(B81:B85)","v":{"$error":"#REF!"}},{"$f":"SUM(C81:C85)","v":297581.70030151971},{"$error":"#REF!"}]
[]
[null,"NPV ANR"]
[null,"Final Reset","Draft Reset","Change"]
["GasNet",{"$f":"'Rolled over and Reset Prices'!#REF!","v":{"$error":"#REF!"}},{"$f":"C17","v":19975.74623787899},{"$f":"B90/C90-1","v":{"$error":"#REF!"}}]
["Powerco",{"$f":"'Rolled over and Reset Prices'!#REF!","v":{"$error":"#REF!"}},{"$f":"C18","v":256809.88007651496},{"$error":"#REF!"}]
["Vector",{"$f":"'Rolled over and Reset Prices'!#REF!","v":{"$error":"#REF!"}},{"$f":"C19","v":238680.0421067375},{"$error":"#REF!"}]
["First Gas Distribution",{"$f":"'Rolled over and Reset Prices'!#REF!","v":{"$error":"#REF!"}},{"$f":"C20","v":123617.86483603567},{"$error":"#REF!"}]
["First Gas Transmission (MAR)",{"$f":"'Rolled over and Reset Prices'!#REF!","v":{"$error":"#REF!"}},{"$f":"C21","v":649013.38756822725},{"$error":"#REF!"}]
["Industry Total",{"$f":"SUM(B90:B94)","v":{"$error":"#REF!"}},{"$f":"SUM(C90:C94)","v":1288096.9208253943},{"$error":"#REF!"}]
[]
["Final Reset compared to Draft Reset: WACC, Cost of Debt"]
[]
[null,"Starting Price (ANR)"]
[null,"Final Reset","Draft Reset","WACC at 6.43%, cost of debt at 4.79%","Impact of Final Decision","Impact of WACC, cost of debt"]
["GasNet",{"$f":"B81","v":{"$error":"#REF!"}},{"$f":"C28","v":4838.7890143305831},{"$f":"Inputs!C218","v":4829.8289442221412},{"$f":"C101/B101-1","v":{"$error":"#REF!"}},{"$f":"D101/B101-1","v":{"$error":"#REF!"}}]
["Powerco",{"$f":"B82","v":{"$error":"#REF!"}},{"$f":"C29","v":58875.074667292029},{"$f":"Inputs!D218","v":57132.326758958523},{"$error":"#REF!"},{"$error":"#REF!"}]
["Vector",{"$f":"B83","v":{"$error":"#REF!"}},{"$f":"C30","v":56856.017451413769},{"$f":"Inputs!E218","v":55215.732310906053},{"$error":"#REF!"},{"$error":"#REF!"}]
["First Gas Distribution",{"$f":"B84","v":{"$error":"#REF!"}},{"$f":"C31","v":28249.9679349664},{"$f":"Inputs!F218","v":28635.644387153603},{"$error":"#REF!"},{"$error":"#REF!"}]
["First Gas Transmission (MAR)",{"$f":"B85","v":{"$error":"#REF!"}},{"$f":"C32","v":148761.85123351694},{"$f":"Inputs!G201","v":171803.8481991349},{"$error":"#REF!"},{"$error":"#REF!"}]
["Industry Total",{"$f":"SUM(B101:B105)","v":{"$error":"#REF!"}},{"$f":"SUM(C101:C105)","v":297581.70030151971},{"$f":"SUM(D101:D105)","v":317617.38060037524},{"$error":"#REF!"},{"$error":"#REF!"}]
[]
["Final Reset compared to Draft Reset: Opex Allowances"]
[]
[null,"Starting Price (ANR)"]
[null,"Final Reset","Draft Reset","Final Opex allowances","Impact of Final Decision","Impact of Final Opex allowances"]
["GasNet",{"$f":"B81","v":{"$error":"#REF!"}},{"$f":"C28","v":4838.7890143305831},{"$f":"Inputs!C245","v":4829.8289442221412},{"$f":"C112/B112-1","v":{"$error":"#REF!"}},{"$f":"D112/B112-1","v":{"$error":"#REF!"}}]
["Powerco",{"$f":"B82","v":{"$error":"#REF!"}},{"$f":"C29","v":58875.074667292029},{"$f":"Inputs!D245","v":57132.326758958523},{"$error":"#REF!"},{"$error":"#REF!"}]
["Vector",{"$f":"B83","v":{"$error":"#REF!"}},{"$f":"C30","v":56856.017451413769},{"$f":"Inputs!E245","v":55215.732310906053},{"$error":"#REF!"},{"$error":"#REF!"}]
["First Gas Distribution",{"$error":"#REF!"},{"$f":"C31","v":28249.9679349664},{"$f":"Inputs!F245","v":28635.644387153603},{"$error":"#REF!"},{"$error":"#REF!"}]
["First Gas Transmission (MAR)",{"$error":"#REF!"},{"$f":"C32","v":148761.85123351694},{"$f":"Inputs!G228","v":171803.8481991349},{"$error":"#REF!"},{"$error":"#REF!"}]
["Industry Total",{"$f":"SUM(B112:B116)","v":{"$error":"#REF!"}},{"$f":"SUM(C112:C116)","v":297581.70030151971},{"$f":"SUM(D112:D116)","v":317617.38060037524},{"$error":"#REF!"},{"$error":"#REF!"}]
[]
["Final Reset compared to Draft Reset: Capex Allowances"]
[]
[null,"Starting Price (ANR)"]
[null,"Final Reset","Draft Reset","Final Capex allowances","Impact of Final Decision","Impact of Final Capex allowances"]
["GasNet",{"$f":"B81","v":{"$error":"#REF!"}},{"$f":"C28","v":4838.7890143305831},{"$f":"Inputs!C272","v":4829.8289442221412},{"$f":"C123/B123-1","v":{"$error":"#REF!"}},{"$f":"D123/B123-1","v":{"$error":"#REF!"}}]
["Powerco",{"$f":"B82","v":{"$error":"#REF!"}},{"$f":"C29","v":58875.074667292029},{"$f":"Inputs!D272","v":57132.326758958523},{"$error":"#REF!"},{"$error":"#REF!"}]
["Vector",{"$error":"#REF!"},{"$f":"C30","v":56856.017451413769},{"$f":"Inputs!E272","v":55215.732310906053},{"$error":"#REF!"},{"$error":"#REF!"}]
["First Gas Distribution",{"$error":"#REF!"},{"$f":"C31","v":28249.9679349664},{"$f":"Inputs!F272","v":28635.644387153603},{"$error":"#REF!"},{"$error":"#REF!"}]
["First Gas Transmission (MAR)",{"$error":"#REF!"},{"$f":"C32","v":148761.85123351694},{"$f":"Inputs!G255","v":171803.8481991349},{"$error":"#REF!"},{"$error":"#REF!"}]
["Industry Total",{"$f":"SUM(B123:B127)","v":{"$error":"#REF!"}},{"$f":"SUM(C123:C127)","v":297581.70030151971},{"$f":"SUM(D123:D127)","v":317617.38060037524},{"$error":"#REF!"},{"$error":"#REF!"}]
[]
["Final Reset compared to Draft Reset: CPI Forecast"]
[]
[null,"Starting Price (ANR)"]
[null,"Final Reset","Draft Reset","Final CPI forecast","Impact of Final Decision","Impact of Final CPI"]
["GasNet",{"$f":"B81","v":{"$error":"#REF!"}},{"$f":"C28","v":4838.7890143305831},{"$f":"Inputs!C299","v":4829.8289442221412},{"$f":"C134/B134-1","v":{"$error":"#REF!"}},{"$f":"D134/B134-1","v":{"$error":"#REF!"}}]
["Powerco",{"$f":"B82","v":{"$error":"#REF!"}},{"$f":"C29","v":58875.074667292029},{"$f":"Inputs!D299","v":57132.326758958523},{"$error":"#REF!"},{"$error":"#REF!"}]
["Vector",{"$error":"#REF!"},{"$f":"C30","v":56856.017451413769},{"$f":"Inputs!E299","v":55215.732310906053},{"$error":"#REF!"},{"$error":"#REF!"}]
["First Gas Distribution",{"$error":"#REF!"},{"$f":"C31","v":28249.9679349664},{"$f":"Inputs!F299","v":28635.644387153603},{"$error":"#REF!"},{"$error":"#REF!"}]
["First Gas Transmission (MAR)",{"$error":"#REF!"},{"$f":"C32","v":148761.85123351694},{"$f":"Inputs!G282","v":171803.8481991349},{"$error":"#REF!"},{"$error":"#REF!"}]
["Industry Total",{"$f":"SUM(B134:B138)","v":{"$error":"#REF!"}},{"$f":"SUM(C134:C138)","v":297581.70030151971},{"$f":"SUM(D134:D138)","v":317617.38060037524},{"$error":"#REF!"},{"$error":"#REF!"}]

{"sheet":"Waterfall Chart for Final","index":5,"n_rows":13,"n_cols":5,"rows_kept":13,"cut":false,"hidden":false,"merged":[]}
["Figures for Waterfall Chart"]
[]
[]
[null,"Cumulative","Incremental",null,"Notes"]
[]
["Rolled over starting price",{"$f":"'Impact of 2022 Reset'!B13","v":274333.22994745069}]
["WACC",{"$f":"B6-C7","v":280128.18944426288},{"$f":"'Impact of 2022 Reset'!E33","v":-5794.9594968121964}]
["Opex",{"$f":"B7-C8","v":275228.17326406448},{"$f":"'Impact of 2022 Reset'!D43","v":4900.0161801984359}]
["Capex",{"$f":"B8-C9","v":256571.42929062145},{"$f":"'Impact of 2022 Reset'!D53","v":18656.743973443023}]
["Accelerated depreciation",{"$f":"B9-C10","v":216005.20400711332},{"$f":"'Impact of 2022 Reset'!D62","v":40566.225283508131}]
["Smoothing",{"$f":"B10-C11","v":255145.28102115958},{"$f":"'Impact of 2022 Reset'!D71","v":-39140.077014046255}]
["Other",{"$f":"B8-C12","v":271167.65183628659},{"$f":"-(B6-B13)-C7-C8-C9-C10-C11","v":4060.5214277778869},null,"calculated as the residual (representing all other changes)"]
["Draft Reset starting price",{"$f":"'Impact of 2022 Reset'!C13","v":297581.70030151971}]

{"sheet":"Reasons Paper Tables","index":6,"n_rows":11,"n_cols":4,"rows_kept":11,"cut":false,"hidden":false,"merged":[]}
["Reasons Paper Tables"]
[]
[]
[1,"Starting prices (net of pass-through and recoverable costs)"]
[null,"Supplier","Starting prices (MAR)","Impact of reset on price/revenue cap (ANR)"]
[null,"GasNet",{"$f":"'Impact of 2022 Reset'!C8/1000","v":4.8387890143305832},{"$f":"'Impact of 2022 Reset'!D8","v":5.1145431294149057E-2}]
[null,"Powerco",{"$f":"'Impact of 2022 Reset'!C9/1000","v":58.875074667292026},{"$f":"'Impact of 2022 Reset'!D9","v":7.4856573246880664E-2}]
[null,"Vector",{"$f":"'Impact of 2022 Reset'!C10/1000","v":56.85601745141377},{"$f":"'Impact of 2022 Reset'!D10","v":5.2202780705495222E-2}]
[null,"First Gas distribution",{"$f":"'Impact of 2022 Reset'!C11/1000","v":28.249967934966399},{"$f":"'Impact of 2022 Reset'!D11","v":9.9999867066001391E-2}]
[null,"First Gas transmission",{"$f":"'Impact of 2022 Reset'!C12/1000","v":148.76185123351695},{"$f":"'Impact of 2022 Reset'!D12","v":0.10000004219449488}]
[null,"Industry total",{"$f":"SUM(C6:C10)","v":297.58170030151973},{"$f":"'Impact of 2022 Reset'!D13","v":8.4745367371361846E-2}]