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{"sheet":"CoverSheet","index":0,"n_rows":17,"n_cols":1,"rows_kept":17,"cut":false,"hidden":false,"merged":[]}
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["Electricity Distribution Business"]
["Price-Quality Regulation 1 April 2020 Reset"]
["MAR Waterfall model"]
["Draft determination"]
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["Published 29 May 2019 v1"]

{"sheet":"Table of Contents","index":1,"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","Display of waterfall charts for 15 non-exempt 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":"Description","index":2,"n_rows":87,"n_cols":3,"rows_kept":87,"cut":false,"hidden":false,"merged":[[46,1,46,5],[43,2,43,5],[44,2,44,5],[81,2,81,5],[82,2,82,5],[72,2,72,5],[78,2,78,5],[74,2,74,5],[70,2,70,5],[71,2,71,5],[73,2,73,5],[83,2,83,5],[58,2,58,5],[48,2,48,5],[49,2,49,5],[50,2,50,5],[51,2,51,5],[52,2,52,5],[53,2,53,5],[54,2,54,5],[55,2,55,5],[56,2,56,5],[57,2,57,5],[59,2,59,5],[65,2,65,5],[60,2,60,5],[61,2,61,5],[3,1,3,5],[11,2,11,5],[10,2,10,5],[13,2,13,5],[42,2,42,5],[9,2,9,5],[16,2,16,5],[12,2,12,5],[6,2,6,5]]}
["Description"]
[null,"This model has been prepared and published for consultation purposes only."]
["Purpose"]
[null,"This waterfall model produces a waterfall chart for each non-exempt EDB to show a breakdown of the  drivers of the change in the building blocks allowable revenue (BBAR) from the 2015 reset to the BBAR for the 2020 rest. A waterfall chart for each of the 17 EDBs is on the 'WaterfallCht' sheet."]
[]
["Version"]
[null,null,"Excludes Orion, Powerco, Wellington as these EDBs are on CPPs and charts for them cannot be prepared by this model. Added chart for total of non-exempts except those on CPPs."]
[]
["Overview of model structure"]
[null,1,"This model incorporates a copy of much of the 2015 EDB DPP reset financial model. The sheets from 'Inputs' to 'MAR' are the copied sheets."]
[null,2,"The modifications extend the capability of the 2015 model to take into account accelerated depreciation. With this modification, the copied sheets can perform the calculations for the 2020 reset."]
[null,3,"The model inputs include both the set of inputs used for the 2015 reset and the set used for the 2020 reset. When all the 2015 inputs are used, then the results reconcile with the 2015 financial model. When the 2020 reset inputs are used, the results reconcile with the 2020 financial model."]
[null,4,"For each EDB, the model recalculates the MAR values for 15 different sets of input data, each of these 15 sets being a combination of input data from the 2015 reset for some inputs and input data from the 2020 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 15 sets of input data combinations below in the context of the waterfall chart for one EDB."]
[]
["Waterfall chart"]
[null,null,"The chart below is an example of the waterfall charts that this model prepares for each non-exempt EDB.\nA full set of 15 charts is available on the sheet 'WfallCht'."]
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[null,6,"The chart starts at its left hand with the brown column, indicating the value of the 2015/16 MAR (ie the MAR for the first year of the 2015 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 blue column, this one indicating the 2020/21 MAR. Between these 2 columns, there are a series of rises and fall, indicating the impact of the various input categories listed along the x axis."]
[null,8,"Consider, for example, the green 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 2020 reset values. These parameters are: CPI for revals; RAB, Depn; Tax; Capex and Disposals. The Opex values themselves will be set to their 2015 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 2020 reset Opex values will be used. The height of the green rise therefore represents the impact of the change in opex forecasts from the 2015 reset to the 2020 reset."]
[null,null,"Input categories"]
[null,"The 14 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 2015 reset data or 2020 reset data is used for the category."]
[null,"Mode"]
[null,1,"CPI for revals\nThis is the forecast change in CPI from one quarter to the quarter 1 year later, and is used for calculating CPI indexed revaluations. There is just one row of inputs in the Inputs sheet for this category, being the one with the row heading \"Forecast change in CPI used for revaluations\"."]
[null,2,"RAB, Depn\nSix rows of inputs are in this category, the main ones being Opening RAB, Total depreciation and Closing RAB. These are all for the base year. \nFor almost all EDBs, the rise in MAR for this category is one of most significant drivers of rises in the MAR. 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 2020 reset.\nThe opening RAB divided by total depreciation give the average remaining life for existing assets, so are a key determinant of the depreciation building block. The Closing RAB for the base year is the key determinant of the starting RAB at the start of the regulatory period, and so is in turn a key determinant of the return on  the RAB and depreciation throughout the regulatory period."]
[null,3,"Tax\nFive rows of inputs are in this category, being Opening RAB excluding revaluations, Adjusted depreciation, Tax depreciation, Opening regulatory tax asset value and Amortisation of initial differences in asset values.\nThe Tax depreciation divided by the Opening regulatory tax asset value determines the effective average diminishing value depreciation rate for the base year, and this rate is used for determining the tax depreciation throughout the regulatory period.\nThe other three input parameters are used to account for amortisations of differences between regulatory tax and cash tax.\nRises and falls for this 'Tax' category do not reflect changes in the tax allowance building block. That building block will be strongly driven by the BBAR, which is an output of financial modelling rather than an input."]
[null,4,"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,5,"Disposed assets\nSeven rows of inputs are in this category, being the panel of data of Disposed assets for the 5 years of the regulatory period plus two prior years."]
[null,6,"Operating expenditure\nSeven 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,"Other regulated income\nSeven rows of inputs are in this category, being the panel of data of Other regulated income for the 5 years of the regulatory period plus two prior years.\nOther regulated income was accounted for in the 2015 reset by having a forecast values and taking account of this income when setting the price path. For the 2020 reset, the revenue cap with wash-up process will take account of actual values of other regulated income, and no forecast value will be used when setting the price path.\nWe account for this change in approach to other regulated income in this waterfall model by setting the other regulated income forecast value for the 2020 reset to nil."]
[null,8,"TCSD (Term Credit Spread Differential)\nThis is a one row category. "]
[null,9,"Add. Allow. (Additional allowance)\nThis is a one row category. The impact of this category is nil for most EDBs and is generally immaterial."]
[null,10,"WACC (Vanilla WACC (67th percentile))\nThis is a single value input. \nIt is a strong determinant of the return on capital building block and is the most significant source of 'fall' categories for almost all EDBs.\nThe value for the draft decision is from a cost of capital determination that will be made in April 2019. This value will be updated for the final decision from a cost of capital determination that will be made in September 2019."]
[null,11,"Accel'ed Depn (Adjustment factor (for accelerated depreciation))\nThis is a one row category.\nIt relates to a mechanism from the 2016 input methodology review for an EDB to apply for an acceleration of the depreciation of its 'existing assets'.\nThe provision for accelerated deprecation did not exist for the 2015 reset, so an additional row has been added to the Inputs sheet to allow for this. The values entered for the 2015 reset have been set to nil to reflect that the provision did not apply."]
[null,12,"CPI, price path (Forecast changes in the CPI element of the price path)\nThis is the forecast change in CPI from one year to the next and is used for calculating the CPI indexation of the price path. There is just one row of inputs in the Inputs sheet for this category, being the one with the row heading \"Forecast change in CPI used for revaluations\".\nThis CPI change parameter is calculated differently from the 'CPI for revals', in that this calculation is based on the sum of 4 consecutive CPI values divided by the sum of the 4 consecutive CPI values from one year earlier."]
[null,13,"CPRG (Constant price revenue growth)\nSeven rows of inputs are in this category, being the panel of data of Other regulated income for the 5 years of the regulatory period plus two prior years.\nCPRG was taken into account in the 2015 reset in calculating the profile of the price path. This was because the form of control used at the time of that reset was a weighted average price path.by having a forecast values and taking account of this income when setting the price path.\nThe form of control was changed to a revenue cap as part of the 2016 input methodologies review, and this means that CPRG will no longer be required for setting the price path.\nWe account for this change in the form of control in this waterfall model by setting the CPRG forecast value for the 2020 reset to nil."]
[null,14,"X (for CPI-X)\nTwo rows are in this category, being Industry-wide X factor and Alternative X factor.\nA non-zero X can have a significant impact on MAR values, but has no impact on BBAR values.\n"]
[]
["Miscellaneous notes"]
[]
[null,1,"For Orion, the input values of constant price revenue growth (CPRG) in the 2015 DPP reset model were #DIV/0!. For the inputs to this waterfall model, the 2015 CPRG values have been set to zero. This allows the waterfall chart for Orion to be prepared, as #DIV/0! values would otherwise prevent this."]
[]
[]
["Inputs sheet & overall operation of this workbook"]
[]
[null,1,"The inputs sheet is an adaptation of the Inputs sheet of the 2015 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 light yellow fill colour.\n\nThe panels are referred to as Panels A, B, C and D, these being the panels with a top left corner at Cell A1, A9, U9 and AM9 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 2015 versus 2020 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 2015 model inputs are used for that row of inputs, otherwise the 2020 inputs are used.\n\nA data table is used in the \"Waterfall\" sheet to step through 14 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 15 waterfall charts steps through the choice of the 14 EDBs plus the chart for the totals of the 14 EDBs. There is a macro button on the \"WfallCht\" sheet to prepare this sheet."]
[null,4,"Panel B consists of most of the used area of the Inputs sheet in the 2015 model. The links that transfer data from the Inputs sheet to the 'EDB data' sheet and other sheets from the 2015 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."]
[null,5,"Panel C consists of the inputs to the 2020 financial model, while Panel D consists of the inputs to the 2015 financial model. The data in Panels C and D are largely filled by links to the 2015 and 2020 financial model Inputs sheets respectively."]
[]
["Reconciliation sheet"]
[]
[null,null,"The \"Reconciliation\" sheet checks that this model produces outputs consistent with the 2015 and 2020 financial models.\n\nWhen the mode is set to 0, this workbook should produce the same outputs as the 2015 financial model.\nWhen the mode is set to 14, this workbook should produce the same outputs as the 2020 financial model.\n\nThere are notes on the Reconciliation sheet as to how it operates. See Cells F2, W10 and C39."]
[]
["The \"Totals for selected EDBs\" chart"]
[null,null,"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 at Waterfall!D3."]
[null,null,"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,null,"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,null,"Data flow map of the draft EDB DPP3 (1 April 2020–31 March 2025) model suite"]

{"sheet":"Waterfall","index":3,"n_rows":63,"n_cols":19,"rows_kept":63,"cut":false,"hidden":false,"merged":[]}
["Waterfall calculations and chart for chosen EDB"]
[]
["EDB",null,null,"Total for selected EDBs"]
["Distributor number",null,null,{"$f":"MATCH(WfallEDB,EDBnames,0)","v":15}]
["Chosen mode",null,null,14]
[]
["EDB names and values of MAR 2019/20"]
[]
[null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15]
[null,"Alpine Energy","Aurora Energy","Centralines","EA Networks","Eastland Network","Electricity Invercargill","Horizon Energy","Nelson Electricity","Network Tasman","OtagoNet","The Lines Company","Top Energy","Unison Networks","Vector Lines","Total for selected EDBs"]
["Estimated 2019/20 allowable revenue",{"$f":"[1]Outputs!B7","v":49031.940818340132},{"$f":"[1]Outputs!C7","v":66161.110828793884},{"$f":"[1]Outputs!D7","v":14205.965532614147},{"$f":"[1]Outputs!E7","v":37590.6824123716},{"$f":"[1]Outputs!F7","v":27649.21065435962},{"$f":"[1]Outputs!G7","v":13647.756876520281},{"$f":"[1]Outputs!H7","v":23365.196334736018},{"$f":"[1]Outputs!I7","v":6827.8074408725506},{"$f":"[1]Outputs!J7","v":27299.992412782361},{"$f":"[1]Outputs!L7","v":27261.367362989226},{"$f":"[1]Outputs!M7","v":41508.199071276751},{"$f":"[1]Outputs!N7","v":44114.137720867089},{"$f":"[1]Outputs!O7","v":113887.27322276302},{"$f":"[1]Outputs!P7","v":417925.37416520581},{"$f":"SUM(B11:O11)","v":910476.0148544925}]
[]
["Waterfall chart for chosen EDB"]
[]
[]
["PV(BBAR) for chosen EDB and chosen mode",null,null,null,null,null,{"$f":"BBAR!C57","v":193138.70889657168}]
["Starting price for applicable X factor",null,null,null,null,null,{"$f":"MAR!D57","v":42189.259503444315}]
[]
[null,null,null,null,null,null,"Direction","Base","Fall","Rise"]
[null,{"$f":"G17","v":42189.259503444315},{"$f":"B20","v":42189.259503444315}]
[0,34231.368482363374,{"$f":"IF(WfallEDB=$P$10,S49,B21)","v":812302.68133376073},"MAR 2015/16",1,{"$f":"C21/$C$21","v":1},null,0,0,1]
[1,34261.356983637677,812957.07171567332,"CPI for revals",{"$f":"A22","v":1},{"$f":"C22/$C$21","v":1.000805599189748},{"$f":"IF(F22>F21,\">\",\"<\")","v":">"},{"$f":"H21+J21-I22-0.00002%*0","v":0.99999000000000005},{"$f":"IF(F22<F21,F21-F22+0.00001,0.00001)","v":1.0000000000000001E-5},{"$f":"IF(F22>=F21,F22-F21+0.00001,0.00001)","v":8.155991897479853E-4}]
[2,40517.782339380305,938256.75317343243,"RAB, Depn",2,1.1550580525388163,">",{"$f":"H22+J22-I23-0.00002%*0","v":1.0007955991897479},{"$f":"IF(F23<F22,F22-F23+0.00001,0.00001)","v":1.0000000000000001E-5},{"$f":"IF(F23>=F22,F23-F22+0.00001,0.00001)","v":0.15426245334906835}]
[3,39340.321500040482,920072.70274768898,"Tax",3,1.1326722463072203,"<",1.1326622463072202,2.2395806231596028E-2,1.0000000000000001E-5]
[4,39394.850885336309,930426.88586294383,"Capex",4,1.1454189518803866,">",1.1326622463072202,1.0000000000000001E-5,1.2756705573166261E-2]
[5,39394.946491437651,929354.85474585369,"Disposals",5,1.144099208462416,"<",1.1440892084624159,1.3297434179705869E-3,1.0000000000000001E-5]
[6,43040.810149041128,999055.34028179676,"Opex",6,1.2299052597504632,">",1.1440892084624159,1.0000000000000001E-5,8.5816051288047188E-2]
[7,43363.71959431938,1000897.9114555918,"OR Income",7,1.2321735905292928,">",1.2298952597504631,1.0000000000000001E-5,2.278330778829597E-3]
[8,43363.71959431938,1001240.612712879,"TCSD",8,1.2325954791493381,">",1.2321635905292927,1.0000000000000001E-5,4.3188862004532981E-4]
[9,43363.71959431938,1001098.0577279909,"Add. Allow.",9,1.2324199842406498,"<",1.2324099842406497,1.8549490868828954E-4,1.0000000000000001E-5]
[10,37227.702139548819,859394.69342789846,"WACC",10,1.0579734785767481,"<",1.057963478576748,0.17445650566390175,1.0000000000000001E-5]
[11,37227.702139548819,859394.69342789846,"Accel'ed Depn",11,1.0579734785767481,"<",1.057963478576748,1.0000000000000001E-5,1.0000000000000001E-5]
[12,37016.047466375639,854633.90884668916,"CPI, price path",12,1.0521126280703921,"<",1.052102628070392,5.8708505063559853E-3,1.0000000000000001E-5]
[13,36829.58040488969,864916.64821412088,"CPRG",13,1.0647713815175035,">",1.052102628070392,1.0000000000000001E-5,1.2668753447111426E-2]
[14,42189.259503444315,868024.96329977014,"X (CPI-X)",14,1.0685979293759269,{"$f":"IF(F35>F34,\">\",\"<\")","v":">"},1.0647613815175034,1.0000000000000001E-5,3.8365478584234014E-3]
[null,null,null,"MAR 2020/21",null,null,null,1.0685979293759269,null,null,{"$f":"K42/C21","v":1.1208580690138017}]
[null,null,null,null,null,null,"Check value, should = 0",{"$f":"F35-H36","v":0}]
[]
[]
[null,null,null,null,"Text for textbox in chart and data for orange dot"]
[null,null,null,null,null,null,null,null,null,"2020/21 revenue",{"$f":"C35","v":868024.96329977014}]
[null,null,null,null,null,null,null,null,null,"Est 2019/20 allowable revenue",{"$f":"INDEX(B11:P11,1,SuppNum)","v":910476.0148544925}]
[null,null,null,null,null,null,null,null,null,"MAR increase, 2020/21 MAR from est 2019/20 allowable rev",{"$f":"(K41-K42)/K42","v":-4.6625117918681985E-2}]
[]
[null,null,null,null,null,null,null,null,null,null,{"$f":"\"Revenue increase,  est 2019/20 allow. revenue to 2020/21 MAR: \" & TEXT(K43,\"0.00%\")","v":"Revenue increase,  est 2019/20 allow. revenue to 2020/21 MAR: -4.66%"}]
[]
[]
[null,null,null,"Named range, Anchor2",{"$f":"B10","v":"Alpine Energy"},{"$f":"C10","v":"Aurora Energy"},"Centralines","EA Networks",{"$f":"F10","v":"Eastland Network"},"Electricity Invercargill","Horizon Energy","Nelson Electricity","Network Tasman","OtagoNet","The Lines Company","Top Energy","Unison Networks","Vector Lines","Total for selected EDBs"]
[null,null,null,"MAR 2015/16",30458.392210827311,56511.666026359613,9983.3114857180717,33046.583323684572,22731.958455348748,13565.260381139384,22026.850628408567,6824.4074148528416,28091.763360324669,24779.535094930379,34705.263224095725,34231.368482363374,100101.51513214251,395244.80611356499,{"$f":"SUM(E49:R49)","v":812302.68133376073}]
[null,null,null,"CPI for revals",30494.403170448168,56549.115518464532,9992.1822284661412,33076.027675903519,22750.713924136144,13571.460346441498,22045.598070614436,6828.2618104188959,28112.689384327452,24807.318949849963,34743.793055725655,34261.356983637677,100193.44904058949,395530.70155664976,{"$f":"SUM(E50:R50)","v":812957.07171567332}]
[null,null,null,"RAB, Depn",38417.920871332673,74836.209181082057,10163.629002810843,40319.283615784851,26364.112124256437,15946.077575116946,24639.589449798001,6676.0797086751472,30327.652326184198,29392.059061878841,37052.929586700106,40517.782339380305,112836.64701325308,450766.78131717897,938256.75317343243]
[null,null,null,"Tax",36715.281706732625,72338.383013298735,10131.804315992404,39125.597696770485,26138.612856253832,15554.978372597268,24542.847033388865,6494.0861022949885,30248.464089188084,27657.096163520535,36440.055650780094,39340.321500040482,110540.35813149478,444804.81611533579,920072.70274768898]
[null,null,null,"VCA",37286.107982000787,76443.552562528726,10097.587072369088,39333.511479221495,24949.281047537876,14868.92944571376,24400.311413789681,6795.5745041653481,29380.275423317333,28883.366258502319,36596.893644130869,39394.850885336309,110903.27961269024,451093.36453164008,930426.88586294383]
[null,null,null,"Disposals",37342.268554489725,76467.805240331101,10090.777914480705,39383.241574506064,24995.949736665585,14901.718152234678,24410.583154977787,6773.7061954791243,29322.402989528691,28812.656838956133,36437.609765100642,39394.946491437651,110504.94170808833,450516.24642957741,929354.85474585369]
[null,null,null,"Opex",40885.589189045808,95434.594685829157,9404.4615617933359,44535.651971741587,27654.270431357225,14409.826541878139,28020.952678704627,6414.2931603705019,32305.880712106151,29331.027243007695,39260.023042536326,43040.810149041128,117429.18793993938,470928.77097444574,999055.34028179676]
[null,null,null,"OR Income",40654.307903431327,97434.379636635917,9514.8817705460751,44463.158249521555,27576.39244701439,14311.131845363672,28127.346548939229,6503.6731219259618,32738.607009600029,29899.082960571144,39269.57089862127,43363.71959431938,116907.55070485825,470134.10876424355,1000897.9114555918]
[null,null,null,"TCSD",40654.307903431327,97434.379636635917,9514.8817705460751,44463.158249521555,27576.39244701439,14311.131845363672,28127.346548939229,6503.6731219259618,32738.607009600029,29899.082960571144,39311.885470125584,43363.71959431938,116908.28654453147,470433.7596103531,1001240.612712879]
[null,null,null,"Add. Allow.",40549.489829412712,97434.379636635917,9514.8817705460751,44463.158249521555,27576.39244701439,14311.131845363672,28127.346548939229,6503.6731219259618,32738.607009600029,29884.886880713762,39288.344639113777,43363.71959431938,116908.28654453147,470433.7596103531,1001098.0577279909]
[null,null,null,"WACC",36655.133490765249,85142.791745683804,8360.7253241681137,37666.685658290226,23862.966252387614,12330.257985158674,25136.926436912352,5555.8052855317455,28676.542762998608,25058.184578966135,34462.078506778038,37227.702139548819,102221.35388137362,397037.53937933542,859394.69342789846]
[null,null,null,"Accel'ed Depn",36655.133490765249,85142.791745683804,8360.7253241681137,37666.685658290226,23862.966252387614,12330.257985158674,25136.926436912352,5555.8052855317455,28676.542762998608,25058.184578966135,34462.078506778038,37227.702139548819,102221.35388137362,397037.53937933542,859394.69342789846]
[null,null,null,"CPI, price path",36442.595525800178,84673.407099045551,8313.2829176055511,37459.305174261237,23729.859321047999,12262.446611120684,24998.761033214469,5525.1736216220115,28518.533290783464,24920.211850147614,34273.199278283893,37016.047466375639,101658.63430548941,394842.4513518915,854633.90884668916]
[null,null,null,"CPRG",36644.886718745351,85609.881181761084,8204.5590558007843,37696.145028874846,23637.795148637655,12291.592306373914,25008.552216993317,5588.2462797242588,28780.562999403519,25084.600581412495,33943.504018870779,36829.58040488969,102250.97674098593,403345.76553164725,864916.64821412088]
[null,null,null,"X (CPI-X)",45361.380318835836,72030.727522350353,9398.5396333909193,37696.145028874846,25055.110617462473,12291.592306373914,25008.552216993317,5588.2462797242588,28780.562999403519,25084.600581412495,33943.504018870779,42189.259503444315,102250.97674098593,403345.76553164725,868024.96329977014]

{"sheet":"WfallCht","index":4,"n_rows":5,"n_cols":50,"rows_kept":5,"cut":false,"hidden":false,"merged":[]}
["Display of waterfall charts for 15 non-exempt 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, ie, except Orion, Powerco and Wellington."]

{"sheet":"Inputs","index":5,"n_rows":92,"n_cols":55,"rows_kept":92,"cut":false,"hidden":false,"merged":[]}
["Inputs"]
["A","Choice of which EDB to consider and the chosen 'mode'."]
[null,"All input data is entered into this worksheet"]
[null,"Waterfall chart parameters"]
[null,"Chosen mode",{"$f":"Waterfall!D5","v":14}]
[]
[]
[]
[]
["B","Values for chosen mode",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"C","Values for 2020 reset model",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"D","Values for 2015 reset model"]
["Mode","Inputs that are the same for all distributors"]
[1,"2020 reset timeline","Value",{"$f":"IF($C$5<$A12,AN12,V12)","v":"2018/19"},"2019/20","2020/21","2021/22","2022/23","2023/24","2024/25",null,null,null,null,null,null,null,null,null,null,null,"2018/19",{"$f":"LEFT(V12,4)+1 & \"/\" & RIGHT(V12,2)+1","v":"2019/20"},{"$f":"LEFT(W12,4)+1 & \"/\" & RIGHT(W12,2)+1","v":"2020/21"},"2021/22","2022/23","2023/24","2024/25",null,null,null,null,null,null,null,null,null,null,null,"2013/14",{"$f":"LEFT(AN12,4)+1 & \"/\" & RIGHT(AN12,2)+1","v":"2014/15"},{"$f":"LEFT(AO12,4)+1 & \"/\" & RIGHT(AO12,2)+1","v":"2015/16"},"2016/17","2017/18","2018/19","2019/20"]
[0,"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]
[0,"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]
[1,"Forecast changes in CPI used for revaluations",null,{"$f":"IF($C$5<$A15,AN15,V15)","v":1.6000000000000014E-2},1.6999999999999904E-2,2.0999999999999908E-2,2.0999999999999908E-2,2.0666666666666611E-2,2.0333333333333314E-2,2.0000000000000018E-2,null,null,null,null,null,null,null,null,null,null,null,{"$f":"[2]Inputs!C7","v":1.6000000000000014E-2},{"$f":"[2]Inputs!D7","v":1.6999999999999904E-2},{"$f":"[2]Inputs!E7","v":2.0999999999999908E-2},{"$f":"[2]Inputs!F7","v":2.0999999999999908E-2},{"$f":"[2]Inputs!G7","v":2.0666666666666611E-2},{"$f":"[2]Inputs!H7","v":2.0333333333333314E-2},{"$f":"[2]Inputs!I7","v":2.0000000000000018E-2},null,null,null,null,null,null,null,null,null,null,null,1.5332197614991383E-2,1.4261744966443057E-2,1.7369727047146455E-2,2.1138211382113914E-2,2.1669341894061001E-2,2.1112894596040599E-2,2.0556447298020419E-2]
[{"$f":"A44+1","v":12},"Forecast changes in the CPI element of the price path",null,null,null,{"$f":"IF($C$5<$A16,AP16,X16)","v":1.97537947804447E-2},{"$f":"IF($C$5<$A16,AQ16,Y16)","v":2.0749523987959151E-2},{"$f":"IF($C$5<$A16,AR16,Z16)","v":2.0666666666666611E-2},{"$f":"IF($C$5<$A16,AS16,AA16)","v":2.0333333333333314E-2},{"$f":"IF($C$5<$A16,AT16,AB16)","v":1.9999999999999796E-2},null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"[2]Inputs!E8","v":1.97537947804447E-2},{"$f":"[2]Inputs!F8","v":2.0749523987959151E-2},{"$f":"[2]Inputs!G8","v":2.0666666666666611E-2},{"$f":"[2]Inputs!H8","v":2.0333333333333314E-2},{"$f":"[2]Inputs!I8","v":1.9999999999999796E-2},null,null,null,null,null,null,null,null,null,null,null,null,null,1.5299617509562324E-2,1.506906655504392E-2,1.7731958762886579E-2,2.1069692058346856E-2,2.1528794788826966E-2]
[0,"Company tax rate",null,0.28000000000000003,{"$f":"IF($C$5<$A17,AO17,W17)","v":0.28000000000000003},0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,null,null,null,null,null,null,null,null,null,null,null,{"$f":"[2]Inputs!C9","v":0.28000000000000003},{"$f":"[2]Inputs!D9","v":0.28000000000000003},{"$f":"[2]Inputs!E9","v":0.28000000000000003},{"$f":"[2]Inputs!F9","v":0.28000000000000003},{"$f":"[2]Inputs!G9","v":0.28000000000000003},{"$f":"[2]Inputs!H9","v":0.28000000000000003},{"$f":"[2]Inputs!I9","v":0.28000000000000003},null,null,null,null,null,null,null,null,null,null,null,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003]
[0,"Days in a year",{"$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,{"$f":"[2]Inputs!B10","v":365},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,365]
[0,"Days from mid-year to year-end",182,null,null,null,null,null,null,null,null,null,null,{"$f":"D12","v":"2018/19"},null,null,null,null,null,null,{"$f":"[2]Inputs!B11","v":182},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,182]
[0,"Days from revenue date to year-end",148,null,null,null,null,null,null,null,null,null,null,{"$f":"E12","v":"2019/20"},null,null,null,null,null,null,{"$f":"[2]Inputs!B12","v":148},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,148]
[0,"Last day of year 1 of the DPP period","2021-03-31",null,null,null,null,null,null,null,null,null,null,{"$f":"F12","v":"2020/21"},null,null,null,null,null,null,{"$f":"[2]Inputs!B13","v":"2021-03-31"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2016-03-31"]
[{"$f":"A45+1","v":10},"Vanilla WACC (67th percentile)",5.1299999999999998E-2,null,null,null,null,null,null,null,null,null,null,{"$f":"G12","v":"2021/22"},null,null,null,null,null,null,{"$f":"[2]Inputs!B14","v":5.1299999999999998E-2},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,7.1900000000000006E-2]
[{"$f":"A22","v":10},"Cost of debt",3.61E-2,null,null,null,null,null,null,null,null,null,null,{"$f":"H12","v":"2022/23"},null,null,null,null,null,null,{"$f":"[2]Inputs!B15","v":3.61E-2},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,6.0900000000000003E-2]
[{"$f":"A31+1","v":3},"Leverage",0.42,null,null,null,null,null,null,null,null,null,null,{"$f":"I12","v":"2023/24"},null,null,null,null,null,null,{"$f":"[2]Inputs!B16","v":0.42},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.44]
[0,"Years of remaining life for newly commissioned assets",44,null,null,null,null,null,null,null,null,null,null,{"$f":"J12","v":"2024/25"},null,null,null,null,null,null,{"$f":"[2]Inputs!B17","v":44},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,44]
[{"$f":"A56+1","v":14},"Industry-wide X factor",0,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"[2]Inputs!B18","v":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","Centralines","EA Networks","Eastland Network","Electricity Invercargill","Horizon Energy","Nelson Electricity","Network Tasman","Orion","OtagoNet","Powerco","The Lines Company","Top Energy","Unison","Vector","Wellington Electricity",null,"Alpine Energy","Aurora Energy","Centralines","EA Networks","Eastland Network","Electricity Invercargill","Horizon Energy","Nelson Electricity","Network Tasman","Orion","OtagoNet","Powerco","The Lines Company","Top Energy","Unison","Vector","Wellington Electricity",null,"Alpine Energy","Aurora Energy","Centralines","EA Networks","Eastland Network","Electricity Invercargill","Horizon Energy","Nelson Electricity","Network Tasman","Orion","OtagoNet","Powerco","The Lines Company","Top Energy","Unison","Vector","Wellington Electricity"]
[null,"Distributor number",1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17]
[null,"Initial conditions"]
[{"$f":"A15+1","v":2},"Opening RAB",{"$f":"IF($C$5<$A31,AM31,U31)","v":199620.7031798572},{"$f":"IF($C$5<$A31,AN31,V31)","v":393922},{"$f":"IF($C$5<$A31,AO31,W31)","v":54013},{"$f":"IF($C$5<$A31,AP31,X31)","v":259359.00095871461},{"$f":"IF($C$5<$A31,AQ31,Y31)","v":154613.20583972029},{"$f":"IF($C$5<$A31,AR31,Z31)","v":84072.059866410302},{"$f":"IF($C$5<$A31,AS31,AA31)","v":124949.9691070461},{"$f":"IF($C$5<$A31,AT31,AB31)","v":41110.981972024987},{"$f":"IF($C$5<$A31,AU31,AC31)","v":165522},{"$f":"IF($C$5<$A31,AV31,AD31)","v":1051194},{"$f":"IF($C$5<$A31,AW31,AE31)","v":186531.16401204519},{"$f":"IF($C$5<$A31,AX31,AF31)","v":1657736.8593582129},{"$f":"IF($C$5<$A31,AY31,AG31)","v":188818.5385963225},{"$f":"IF($C$5<$A31,AZ31,AH31)","v":251488.1610056299},{"$f":"IF($C$5<$A31,BA31,AI31)","v":586194.80000000005},{"$f":"IF($C$5<$A31,BB31,AJ31)","v":2951716.3108299999},{"$f":"IF($C$5<$A31,BC31,AK31)","v":611855.08145023265},null,{"$f":"[2]Inputs!B23","v":199620.7031798572},{"$f":"[2]Inputs!C23","v":393922},{"$f":"[2]Inputs!D23","v":54013},{"$f":"[2]Inputs!E23","v":259359.00095871461},{"$f":"[2]Inputs!F23","v":154613.20583972029},{"$f":"[2]Inputs!G23","v":84072.059866410302},{"$f":"[2]Inputs!H23","v":124949.9691070461},{"$f":"[2]Inputs!I23","v":41110.981972024987},{"$f":"[2]Inputs!J23","v":165522},{"$f":"[2]Inputs!K23","v":1051194},{"$f":"[2]Inputs!L23","v":186531.16401204519},{"$f":"[2]Inputs!M23","v":1657736.8593582129},{"$f":"[2]Inputs!N23","v":188818.5385963225},{"$f":"[2]Inputs!O23","v":251488.1610056299},{"$f":"[2]Inputs!P23","v":586194.80000000005},{"$f":"[2]Inputs!Q23","v":2951716.3108299999},{"$f":"[2]Inputs!R23","v":611855.08145023265},null,153233.2190546873,318316,54463.919798897623,207829,123188.7994467004,65348.378411252183,104497.75640097049,30348.79331863406,150493,864649,144589,1385118.8,173379.11916801109,183788.51,491717.72098376288,2536404,555989.83744430926]
[{"$f":"A31","v":2},"Lost assets",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[{"$f":"A31","v":2},"Found assets",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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["Inputs for the selected distributor",null,null,null,null,null,null,{"$f":"EDB_Name","v":"Total for selected EDBs"}]
["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,{"$f":"Waterfall!D3","v":"Total for selected EDBs"}]
["Distributor number",null,{"$f":"Reconciliation!C6","v":14}]
["Distributor number (for output data table)",null,{"$f":"HLOOKUP(EDB_Name,Inputs!$C$28:$S$29,2)","v":14}]
[]
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["Business-specific data"]
["Initial conditions"]
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[{"$f":"Inputs!B36","v":"Closing RAB"},{"$f":"INDEX(Indiv_Data,MATCH(A33,Inputs!B:B,0),$C$5)","v":268572.30178670579}]
[{"$f":"Inputs!B37","v":"Opening RAB excluding revaluations"},{"$f":"INDEX(Indiv_Data,MATCH(A34,Inputs!B:B,0),$C$5)","v":224194.23986715591}]
[{"$f":"Inputs!B38","v":"Adjusted depreciation"},{"$f":"INDEX(Indiv_Data,MATCH(A35,Inputs!B:B,0),$C$5)","v":8493.5257583382863}]
[{"$f":"Inputs!B39","v":"Tax depreciation"},{"$f":"INDEX(Indiv_Data,MATCH(A36,Inputs!B:B,0),$C$5)","v":11094.771179358815}]
[{"$f":"Inputs!B40","v":"Opening regulatory tax asset value"},{"$f":"INDEX(Indiv_Data,MATCH(A37,Inputs!B:B,0),$C$5)","v":136235.18035103544}]
[{"$f":"Inputs!B41","v":"Amortisation of initial differences in asset values"},{"$f":"INDEX(Indiv_Data,MATCH(A38,Inputs!B:B,0),$C$5)","v":3399.1052631578946}]
[{"$f":"Inputs!B42","v":"Term credit spread differential allowance"},{"$f":"INDEX(Indiv_Data,MATCH(A39,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B43","v":"Opening deferred tax balance"},{"$f":"INDEX(Indiv_Data,MATCH(A40,Inputs!B:B,0),$C$5)","v":-10333.351396102738}]
[{"$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$5),\"\")","v":0}]
[]
["Operating expenditure"]
[{"$f":"Inputs!B48","v":"Operating expenditure, 2018/19"},{"$f":"INDEX(Indiv_Data,MATCH(A46,Inputs!B:B,0),$C$5)","v":{"$error":"#N/A"}}]
[{"$f":"Inputs!B49","v":"Operating expenditure, 2019/20"},{"$f":"INDEX(Indiv_Data,MATCH(A47,Inputs!B:B,0),$C$5)","v":{"$error":"#N/A"}}]
[{"$f":"Inputs!B50","v":"Operating expenditure, 2020/21"},{"$f":"INDEX(Indiv_Data,MATCH(A48,Inputs!B:B,0),$C$5)","v":17657.336474308046}]
[{"$f":"Inputs!B51","v":"Operating expenditure, 2021/22"},{"$f":"INDEX(Indiv_Data,MATCH(A49,Inputs!B:B,0),$C$5)","v":18209.314126979465}]
[{"$f":"Inputs!B52","v":"Operating expenditure, 2022/23"},{"$f":"INDEX(Indiv_Data,MATCH(A50,Inputs!B:B,0),$C$5)","v":18754.029575690336}]
[{"$f":"Inputs!B53","v":"Operating expenditure, 2023/24"},{"$f":"INDEX(Indiv_Data,MATCH(A51,Inputs!B:B,0),$C$5)","v":19260.571627431244}]
[{"$f":"Inputs!B54","v":"Operating expenditure, 2024/25"},{"$f":"INDEX(Indiv_Data,MATCH(A52,Inputs!B:B,0),$C$5)","v":19636.115822609016}]
[]
["Constant price revenue growth"]
[{"$f":"Inputs!B56","v":"Constant price revenue growth, 2018/19"},{"$f":"INDEX(Indiv_Data,MATCH(A55,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B57","v":"Constant price revenue growth, 2019/20"},{"$f":"INDEX(Indiv_Data,MATCH(A56,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B58","v":"Constant price revenue growth, 2020/21"},{"$f":"INDEX(Indiv_Data,MATCH(A57,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B59","v":"Constant price revenue growth, 2021/22"},{"$f":"INDEX(Indiv_Data,MATCH(A58,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B60","v":"Constant price revenue growth, 2022/23"},{"$f":"INDEX(Indiv_Data,MATCH(A59,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B61","v":"Constant price revenue growth, 2023/24"},{"$f":"INDEX(Indiv_Data,MATCH(A60,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B62","v":"Constant price revenue growth, 2024/25"},{"$f":"INDEX(Indiv_Data,MATCH(A61,Inputs!B:B,0),$C$5)","v":0}]
[]
["Value of commissioned assets"]
[{"$f":"Inputs!B64","v":"Value of commissioned assets, 2018/19"},{"$f":"INDEX(Indiv_Data,MATCH(A64,Inputs!B:B,0),$C$5)","v":22622.202911560002}]
[{"$f":"Inputs!B65","v":"Value of commissioned assets, 2019/20"},{"$f":"INDEX(Indiv_Data,MATCH(A65,Inputs!B:B,0),$C$5)","v":25001.257268959998}]
[{"$f":"Inputs!B66","v":"Value of commissioned assets, 2020/21"},{"$f":"INDEX(Indiv_Data,MATCH(A66,Inputs!B:B,0),$C$5)","v":22807.153782335368}]
[{"$f":"Inputs!B67","v":"Value of commissioned assets, 2021/22"},{"$f":"INDEX(Indiv_Data,MATCH(A67,Inputs!B:B,0),$C$5)","v":16698.185971781397}]
[{"$f":"Inputs!B68","v":"Value of commissioned assets, 2022/23"},{"$f":"INDEX(Indiv_Data,MATCH(A68,Inputs!B:B,0),$C$5)","v":16364.168998721658}]
[{"$f":"Inputs!B69","v":"Value of commissioned assets, 2023/24"},{"$f":"INDEX(Indiv_Data,MATCH(A69,Inputs!B:B,0),$C$5)","v":16657.702826421766}]
[{"$f":"Inputs!B70","v":"Value of commissioned assets, 2024/25"},{"$f":"INDEX(Indiv_Data,MATCH(A70,Inputs!B:B,0),$C$5)","v":17735.53136962737}]
[]
["Disposed assets"]
[{"$f":"Inputs!B72","v":"Value of disposed assets, 2018/19"},{"$f":"INDEX(Indiv_Data,MATCH(A73,Inputs!B:B,0),$C$5)","v":29.824630741003414}]
[{"$f":"Inputs!B73","v":"Value of disposed assets, 2019/20"},{"$f":"INDEX(Indiv_Data,MATCH(A74,Inputs!B:B,0),$C$5)","v":30.331649463600471}]
[{"$f":"Inputs!B74","v":"Value of disposed assets, 2020/21"},{"$f":"INDEX(Indiv_Data,MATCH(A75,Inputs!B:B,0),$C$5)","v":30.968614102336076}]
[{"$f":"Inputs!B75","v":"Value of disposed assets, 2021/22"},{"$f":"INDEX(Indiv_Data,MATCH(A76,Inputs!B:B,0),$C$5)","v":31.61895499848513}]
[{"$f":"Inputs!B76","v":"Value of disposed assets, 2022/23"},{"$f":"INDEX(Indiv_Data,MATCH(A77,Inputs!B:B,0),$C$5)","v":32.272413401787155}]
[{"$f":"Inputs!B77","v":"Value of disposed assets, 2023/24"},{"$f":"INDEX(Indiv_Data,MATCH(A78,Inputs!B:B,0),$C$5)","v":32.928619140956819}]
[{"$f":"Inputs!B78","v":"Value of disposed assets, 2024/25"},{"$f":"INDEX(Indiv_Data,MATCH(A79,Inputs!B:B,0),$C$5)","v":33.587191523775957}]
[]
["Other regulated income"]
[{"$f":"Inputs!B80","v":"Other regulated income, 2018/19"},{"$f":"INDEX(Indiv_Data,MATCH(A82,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B81","v":"Other regulated income, 2019/20"},{"$f":"INDEX(Indiv_Data,MATCH(A83,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B82","v":"Other regulated income, 2020/21"},{"$f":"INDEX(Indiv_Data,MATCH(A84,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B83","v":"Other regulated income, 2021/22"},{"$f":"INDEX(Indiv_Data,MATCH(A85,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B84","v":"Other regulated income, 2022/23"},{"$f":"INDEX(Indiv_Data,MATCH(A86,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B85","v":"Other regulated income, 2023/24"},{"$f":"INDEX(Indiv_Data,MATCH(A87,Inputs!B:B,0),$C$5)","v":0}]
[{"$f":"Inputs!B86","v":"Other regulated income, 2024/25"},{"$f":"INDEX(Indiv_Data,MATCH(A88,Inputs!B:B,0),$C$5)","v":0}]

{"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",{"$f":"'EDB data'!B18","v":"2021-03-31"}]
["Days in a year","EDB data",{"$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",{"$f":"WACC","v":5.1299999999999998E-2}]
["Calculations"]
[null,null,"Value"]
["Mid-year date",null,{"$f":"EOMONTH(C5,-6)","v":"2020-09-30"}]
["Revenue date",null,{"$f":"C5-C8","v":"2020-11-03"},"As demonstrated below, 12 equal monthly transactions on the 20th of the following month can be approximated by a single payment on the revenue date."]
["Operating expenditure date",null,{"$f":"C12","v":"2020-09-30"},"i.e. mid-year"]
["Tax date",null,{"$f":"C12","v":"2020-09-30"},"i.e. mid-year"]
["Asset commissioning date",null,{"$f":"C12","v":"2020-09-30"},"i.e. mid-year"]
["Interest date",null,{"$f":"C12","v":"2020-09-30"},"i.e. mid-year"]
["Asset disposal date",null,{"$f":"C12","v":"2020-09-30"},"i.e. mid-year"]
["TF for mid-year cash flows",null,{"$f":"(1+$C$9)^(C7/C6)","v":1.0252589511858075},"Intra-year timing factors: discount from mid year to end of year values"]
["TFrev",null,{"$f":"(1+$C$9)^(C8/C6)","v":1.0204922620112409},"Intra-year timing factor: discount from revenue date to end of year values"]
["Outputs"]
[null,null,"Value"]
["TFopex",null,{"$f":"$C$19","v":1.0252589511858075}]
["TFtax",null,{"$f":"$C$19","v":1.0252589511858075}]
["TFVCA",null,1.0252589511858075]
["TFori",null,1.0252589511858075]
["TFrev",null,{"$f":"$C$20","v":1.0204922620112409}]
["Check for timing of revenue receipt"]
["Demonstration that a 4 November receipt date for all revenues in a year ending 31 March is almost identical to"]
["receiving 12 equal revenue amounts on the 20th of the month following the provision of service."]
["Monthly cash flows"]
["Dates of receipt of revenues",null,{"$f":"EDATE(C5,-12)","v":"2020-03-31"},{"$f":"EOMONTH(C32,1)+20","v":"2020-05-20"},{"$f":"EDATE(D32,1)","v":"2020-06-20"},{"$f":"EDATE(E32,1)","v":"2020-07-20"},"2020-08-20","2020-09-20","2020-10-20","2020-11-20","2020-12-20","2021-01-20","2021-02-20",{"$f":"EDATE(M32,1)","v":"2021-03-20"},{"$f":"EDATE(N32,1)","v":"2021-04-20"}]
["Indexed amount of revenue",null,0,1,1,1,1,1,1,1,1,1,1,1,1]
[]
["Equivalent single cash flow"]
["Dates of receipt of revenues",null,{"$f":"C32","v":"2020-03-31"},{"$f":"C13","v":"2020-11-03"}]
["Indexed amount of revenue",null,0,12]
[]
["Present value",null,"Value"]
[{"$f":"\"PV as at \"&TEXT(C5,\"dd mmm yy\")&\" of the series of unit amounts\"","v":"PV as at 31 Mar 21 of the series of unit amounts"},null,{"$f":"XNPV(WACC,C33:O33,C32:O32)","v":11.647695358446192}]
["PV of the equivalent single amount",null,{"$f":"XNPV(WACC,C37:D37,C36:D36)","v":11.648346945814602}]
[{"$f":"\"Difference in PV for a date of \" & TEXT(D36,\"d mmm\")","v":"Difference in PV for a date of 3 Nov"},null,{"$f":"C40-C41","v":-6.5158736840942311E-4}]
["Percentage difference",null,{"$f":"C42/C40","v":-5.5941312711010425E-5}]

{"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,{"$f":"EDB_Name","v":"Total for selected EDBs"}]
["Calculations involving the roll-forward of asset values."]
["Inputs"]
[null,"From","Value",{"$f":"Inputs!D$12","v":"2018/19"},{"$f":"Inputs!E$12","v":"2019/20"},{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Opening RAB","EDB data",{"$f":"'EDB data'!B28","v":251488.1610056299}]
["Total depreciation","EDB data",{"$f":"'EDB data'!B31","v":9527.5470711652615}]
["Revaluations","EDB data",{"$f":"'EDB data'!B32","v":0}]
["Closing RAB","EDB data",{"$f":"'EDB data'!B33","v":268572.30178670579}]
["Disposed assets","EDB data",null,{"$f":"'EDB data'!$B73","v":29.824630741003414},{"$f":"'EDB data'!$B74","v":30.331649463600471},{"$f":"'EDB data'!$B75","v":30.968614102336076},{"$f":"'EDB data'!$B76","v":31.61895499848513},{"$f":"'EDB data'!$B77","v":32.272413401787155},{"$f":"'EDB data'!$B78","v":32.928619140956819},{"$f":"'EDB data'!$B79","v":33.587191523775957}]
["Value of commissioned assets","EDB data",null,{"$f":"'EDB data'!$B64","v":22622.202911560002},{"$f":"'EDB data'!$B65","v":25001.257268959998},{"$f":"'EDB data'!$B66","v":22807.153782335368},{"$f":"'EDB data'!$B67","v":16698.185971781397},{"$f":"'EDB data'!$B68","v":16364.168998721658},{"$f":"'EDB data'!$B69","v":16657.702826421766},{"$f":"'EDB data'!$B70","v":17735.53136962737}]
["Remaining life of newly commissioned assets","EDB data",{"$f":"'EDB data'!B13","v":44}]
["Forecast changes in CPI used for revaluations","EDB data",null,{"$f":"'EDB data'!B23","v":1.6000000000000014E-2},{"$f":"'EDB data'!C23","v":1.6999999999999904E-2},{"$f":"'EDB data'!D23","v":2.0999999999999908E-2},{"$f":"'EDB data'!E23","v":2.0999999999999908E-2},{"$f":"'EDB data'!F23","v":2.0666666666666611E-2},{"$f":"'EDB data'!G23","v":2.0333333333333314E-2},{"$f":"'EDB data'!H23","v":2.0000000000000018E-2}]
["Adjustment factor (for accelerated depreciation)","EDB data",{"$f":"'EDB data'!B41","v":1}]
["Calculations"]
[]
["Roll forward of existing assets"]
[null,null,null,{"$f":"Inputs!D$12","v":"2018/19"},{"$f":"Inputs!E$12","v":"2019/20"},{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Remaining asset life of existing assets",null,null,null,{"$f":"100%*C5/C6-1","v":25.395898034106672},{"$f":"C13*C5/C6-2","v":24.395898034106672},{"$f":"F18-1","v":23.395898034106672},22.395898034106672,21.395898034106672,20.395898034106672]
["Opening RAB value of existing assets",null,null,null,{"$f":"D23","v":268572.30178670579},{"$f":"E23","v":262527.1973570952},{"$f":"F23","v":257242.01602028002},{"$f":"G23","v":251611.23734451566},{"$f":"H23","v":245538.36171213738},{"$f":"I23","v":239016.42934717945}]
["Disposed assets",null,null,null,{"$f":"E9","v":30.331649463600471},30.968614102336076,31.61895499848513,32.272413401787155,32.928619140956819,33.587191523775957]
["Revaluation of existing assets",null,null,null,{"$f":"(E19*0.999-E20)*E28","v":4560.6477632027172},5506.9077324583268,5396.0162560344625,5194.0986430045532,4986.9511928694428,4774.8765145261741]
["Depreciation of existing assets",null,null,null,{"$f":"E19/E18","v":10575.420543349694},10761.12045517116,10995.175976800341,11234.701861981037,11475.954938686413,11718.848022650856]
["Closing RAB value of existing assets",null,null,{"$f":"C8","v":268572.30178670579},{"$f":"E19-E20+E21-E22","v":262527.1973570952},257242.01602028002,251611.23734451566,245538.36171213738,239016.42934717945,232038.87064753097]
[]
["Individual roll forward of additional assets"]
[null,null,null,{"$f":"Inputs!D$12","v":"2018/19"},{"$f":"Inputs!E$12","v":"2019/20"},{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Year in modelling period",null,null,1,{"$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":1.6000000000000014E-2},1.6999999999999904E-2,2.0999999999999908E-2,2.0999999999999908E-2,2.0666666666666611E-2,2.0333333333333314E-2,2.0000000000000018E-2]
["Commissioned assets",null,null,{"$f":"D$10","v":22622.202911560002},25001.257268959998,22807.153782335368,16698.185971781397,16364.168998721658,16657.702826421766,17735.53136962737]
[" Assets commissioned in 2014/15:"]
["Year asset is added during modelling period",null,{"$f":"E27","v":2}]
["Opening RAB",null,null,0,{"$f":"D36","v":0},25001.257268959998,24958.07327913179,24901.772509176539,24823.509795576269,24722.803036324298]
["Years of remaining life",null,null,{"$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$28","v":0},0,525.02640264815761,524.11953886176525,514.63663185631378,504.74469917671701,494.45606072648638]
["Depreciation of assets",null,null,{"$f":"D32/D33","v":0},0,568.21039247636361,580.42030881701839,592.89934545658423,605.45145842868942,618.07007590810747]
["Closing RAB",null,null,{"$f":"D32+D34-D35+IF($C31=D$27,D$29,0)","v":0},25001.257268959998,24958.07327913179,24901.772509176539,24823.509795576269,24722.803036324298,24599.189021142676]
[" Assets commissioned in 2015/16:"]
["Year asset is added during modelling period",null,{"$f":"F27","v":3}]
["Opening RAB",null,null,0,{"$f":"D43","v":0},0,22807.153782335368,22767.759607620421,22708.810524605338,22629.870373734091]
["Years of remaining life",null,null,{"$f":"$C$11+$C38","v":47},{"$f":"D40-1","v":46},45,44,43,42,41]
["Revaluation of assets",null,null,{"$f":"D39*D$28","v":0},0,0,478.95022942904063,470.53369855748741,461.74581400030809,452.5974074746822]
["Depreciation of assets",null,null,{"$f":"D39/D40","v":0},0,0,518.34440414398568,529.48278157256789,540.68596487155571,551.94805789595341]
["Closing RAB",null,null,{"$f":"D39+D41-D42+IF($C38=D$27,D$29,0)","v":0},0,22807.153782335368,22767.759607620421,22708.810524605338,22629.870373734091,22530.51972331282]
[" Assets commissioned in 2016/17:"]
["Year asset is added during modelling period",null,{"$f":"G27","v":4}]
["Opening RAB",null,null,0,{"$f":"D50","v":0},0,0,16698.185971781397,16663.777588566816,16615.078021505655]
["Years of remaining life",null,null,{"$f":"$C$11+$C45","v":48},{"$f":"D47-1","v":47},46,45,44,43,42]
["Revaluation of assets",null,null,{"$f":"D46*D$28","v":0},0,0,0,345.0958434168146,338.83014430085825,332.3015604301134]
["Depreciation of assets",null,null,{"$f":"D46/D47","v":0},0,0,0,379.5042266313954,387.52971136201899,395.59709575013466]
["Closing RAB",null,null,{"$f":"D46+D48-D49+IF($C45=D$27,D$29,0)","v":0},0,0,16698.185971781397,16663.777588566816,16615.078021505655,16551.782486185635]
[" Assets commissioned in 2017/18:"]
["Year asset is added during modelling period",null,{"$f":"H27","v":5}]
["Opening RAB",null,null,0,{"$f":"D57","v":0},0,0,0,16364.168998721658,16324.994169906537]
["Years of remaining life",null,null,{"$f":"$C$11+$C52","v":49},{"$f":"D54-1","v":48},47,46,45,44,43]
["Revaluation of assets",null,null,{"$f":"D53*D$28","v":0},0,0,0,0,332.73810297400672,326.49988339813103]
["Depreciation of assets",null,null,{"$f":"D53/D54","v":0},0,0,0,0,371.91293178912861,379.65102720712878]
["Closing RAB",null,null,{"$f":"D53+D55-D56+IF($C52=D$27,D$29,0)","v":0},0,0,0,16364.168998721658,16324.994169906537,16271.84302609754]
[" Assets commissioned in 2018/19:"]
["Year asset is added during modelling period",null,{"$f":"I27","v":6}]
["Opening RAB",null,null,0,{"$f":"D64","v":0},0,0,0,0,16657.702826421766]
["Years of remaining life",null,null,{"$f":"$C$11+$C59","v":50},{"$f":"D61-1","v":49},48,47,46,45,44]
["Revaluation of assets",null,null,{"$f":"D60*D$28","v":0},0,0,0,0,0,333.1540565284356]
["Depreciation of assets",null,null,{"$f":"D60/D61","v":0},0,0,0,0,0,378.58415514594924]
["Closing RAB",null,null,{"$f":"D60+D62-D63+IF($C59=D$27,D$29,0)","v":0},0,0,0,0,16657.702826421766,16612.272727804251]
[" Assets commissioned in 2019/20:"]
["Year asset is added during modelling period",null,{"$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$29,0)","v":0},0,0,0,0,0,17735.53136962737]
[]
["Aggregate roll forward of additional assets"]
[]
["Opening RAB of commissioned additional assets",null,null,{"$f":"D32+D39+D46+D53+D60+D67","v":0},0,{"$f":"F32+F39+F46+F53+F60+F67","v":25001.257268959998},47765.227061467158,64367.71808857836,80560.266907470083,96950.448427892348]
["Revaluation of commissioned additional assets",null,null,{"$f":"D34+D41+D48+D55+D62+D69","v":0},0,{"$f":"F34+F41+F48+F55+F62+F69","v":525.02640264815761},1003.0697682908059,1330.2661738306158,1638.0587604518901,1939.0089685578487]
["Depreciation of commissioned additional assets",null,null,0,0,{"$f":"F35+F42+F49+F56+F63+F70","v":568.21039247636361},1098.7647129610041,1501.8863536605475,1905.5800664513929,2323.8504119072736]
["Closing RAB of commissioned additional assets",null,null,0,25001.257268959998,{"$f":"F36+F43+F50+F57+F64+F71","v":47765.227061467158},64367.71808857836,80560.266907470083,96950.448427892348,114301.13835417028]
[]
["Combined roll forward of existing and additional assets"]
[]
[null,null,null,{"$f":"Inputs!D$12","v":"2018/19"},{"$f":"Inputs!E$12","v":"2019/20"},{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Aggregate opening RAB value",null,null,{"$f":"C5","v":251488.1610056299},{"$f":"E19+E75","v":268572.30178670579},287528.4546260552,305007.2430817472,315978.955433094,326098.62861960748,335966.87777507177]
["Total revaluation",null,null,{"$f":"C7","v":0},{"$f":"E21+E76","v":4560.6477632027172},6031.9341351064841,6399.0860243252682,6524.3648168351692,6625.0099533213324,6713.8854830840228]
["Total depreciation",null,null,{"$f":"C6","v":9527.5470711652615},10575.420543349694,11329.330847647523,12093.940689761344,12736.588215641585,13381.535005137806,14042.69843455813]
["Aggregate closing RAB value",null,null,{"$f":"D23+D78","v":268572.30178670579},287528.4546260552,305007.2430817472,315978.955433094,326098.62861960748,335966.87777507177,346340.00900170126]
["Check that closing value is as expected. Should = 0",null,null,null,{"$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":"Inputs!D$12","v":"2018/19"},{"$f":"Inputs!E$12","v":"2019/20"},{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Remaining asset life of existing assets",null,null,null,{"$f":"E18","v":25.395898034106672},24.395898034106672,23.395898034106672,22.395898034106672,21.395898034106672,20.395898034106672]
["Total depreciation",null,null,{"$f":"D85","v":9527.5470711652615},10575.420543349694,11329.330847647523,12093.940689761344,12736.588215641585,13381.535005137806,14042.69843455813]
["Aggregate opening RAB value",null,null,{"$f":"D83","v":251488.1610056299},{"$f":"E83","v":268572.30178670579},287528.4546260552,305007.2430817472,315978.955433094,326098.62861960748,335966.87777507177]
["Total revaluation",null,null,{"$f":"D84","v":0},{"$f":"E84","v":4560.6477632027172},6031.9341351064841,6399.0860243252682,6524.3648168351692,6625.0099533213324,6713.8854830840228]
["Aggregate closing RAB value",null,null,{"$f":"D86","v":268572.30178670579},{"$f":"E86","v":287528.4546260552},305007.2430817472,315978.955433094,326098.62861960748,335966.87777507177,346340.00900170126]

{"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,{"$f":"EDB_Name","v":"Total for selected EDBs"}]
["Calculations involving the roll-forward of adjusted depreciation regulatory asset values, deferred tax and tax adjustments."]
["Inputs"]
[null,"Source","Value",{"$f":"Inputs!D$12","v":"2018/19"},{"$f":"Inputs!E$12","v":"2019/20"},{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Year in modelling period","EDB data",null,{"$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'!$B64","v":22622.202911560002},{"$f":"'EDB data'!$B65","v":25001.257268959998},{"$f":"'EDB data'!$B66","v":22807.153782335368},{"$f":"'EDB data'!$B67","v":16698.185971781397},{"$f":"'EDB data'!$B68","v":16364.168998721658},{"$f":"'EDB data'!$B69","v":16657.702826421766},{"$f":"'EDB data'!$B70","v":17735.53136962737}]
["Remaining life of newly commissioned assets","EDB data",null,{"$f":"'EDB data'!B13","v":44}]
["Amortisation of initial differences in asset values","EDB data",null,{"$f":"'EDB data'!B38","v":3399.1052631578946}]
["Lost assets","EDB data",null,{"$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'!$B73","v":29.824630741003414},{"$f":"'EDB data'!$B74","v":30.331649463600471},{"$f":"'EDB data'!$B75","v":30.968614102336076},{"$f":"'EDB data'!$B76","v":31.61895499848513},{"$f":"'EDB data'!$B77","v":32.272413401787155},{"$f":"'EDB data'!$B78","v":32.928619140956819},{"$f":"'EDB data'!$B79","v":33.587191523775957}]
["Opening RAB excluding revaluations","EDB data",null,{"$f":"'EDB data'!B34","v":224194.23986715591}]
["Adjusted depreciation","EDB data",null,{"$f":"'EDB data'!B35","v":8493.5257583382863}]
["Tax depreciation","EDB data",null,{"$f":"'EDB data'!B36","v":11094.771179358815}]
["Opening regulatory tax asset value","EDB data",null,{"$f":"'EDB data'!B37","v":136235.18035103544}]
["Opening deferred tax balance","EDB data",null,{"$f":"'EDB data'!B40","v":-10333.351396102738}]
["Cost of debt","EDB data",null,{"$f":"'EDB data'!B11","v":3.61E-2}]
["Leverage","EDB data",null,{"$f":"'EDB data'!B12","v":0.42}]
["Remaining asset life of existing assets","RAB",null,null,{"$f":"RAB!E91","v":25.395898034106672},{"$f":"RAB!F91","v":24.395898034106672},{"$f":"RAB!G91","v":23.395898034106672},{"$f":"RAB!H91","v":22.395898034106672},{"$f":"RAB!I91","v":21.395898034106672},{"$f":"RAB!J91","v":20.395898034106672}]
["Total depreciation","RAB",null,{"$f":"RAB!D92","v":9527.5470711652615},{"$f":"RAB!E92","v":10575.420543349694},{"$f":"RAB!F92","v":11329.330847647523},{"$f":"RAB!G92","v":12093.940689761344},{"$f":"RAB!H92","v":12736.588215641585},{"$f":"RAB!I92","v":13381.535005137806},{"$f":"RAB!J92","v":14042.69843455813}]
["Term credit spread differential allowance","BBAR",null,{"$f":"BBAR!D58","v":0},{"$f":"BBAR!E58","v":0},{"$f":"BBAR!F58","v":0},{"$f":"BBAR!G58","v":0},{"$f":"BBAR!H58","v":0},{"$f":"BBAR!I58","v":0},{"$f":"BBAR!J58","v":0}]
["Opening investment value","BBAR",null,{"$f":"BBAR!D56","v":241154.80960952715},{"$f":"BBAR!E56","v":256558.85219903311},{"$f":"BBAR!F56","v":273821.13983903307},{"$f":"BBAR!G56","v":289469.11448946409},{"$f":"BBAR!H56","v":298533.19230649131},{"$f":"BBAR!I56","v":306786.85717505228},{"$f":"BBAR!J56","v":314841.41971546481}]
["Calculations"]
["Adjusted RAB & depreciation of assets commissioned"]
[null,null,"Value",{"$f":"Inputs!D$12","v":"2018/19"},{"$f":"Inputs!E$12","v":"2019/20"},{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Commissioned assets",null,null,{"$f":"D7","v":22622.202911560002},25001.257268959998,22807.153782335368,16698.185971781397,16364.168998721658,16657.702826421766,17735.53136962737]
[" Assets commissioned in 2014/15:",null,{"$f":"E5","v":2}]
["Opening RAB, adjusted depreciation",null,null,0,{"$f":"D32","v":0},25001.257268959998,24433.046876483633,23864.836484007268,23296.626091530903,22728.415699054538]
["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},0,568.21039247636361,568.21039247636361,568.2103924763635,568.2103924763635,568.2103924763635]
["Closing RAB, adjusted depreciation",null,null,{"$f":"D29-D31+IF($C28=D$5,D$27,0)","v":0},25001.257268959998,24433.046876483633,23864.836484007268,23296.626091530903,22728.415699054538,22160.205306578173]
[" Assets commissioned in 2015/16:",null,{"$f":"F5","v":3}]
["Opening RAB, adjusted depreciation",null,null,0,{"$f":"D37","v":0},0,22807.153782335368,22288.809378191381,21770.464974047394,21252.120569903407]
["Years of remaining life",null,null,{"$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},0,0,518.34440414398568,518.34440414398557,518.34440414398557,518.34440414398557]
["Closing RAB, adjusted depreciation",null,null,{"$f":"D34-D36+IF($C33=D$5,D$27,0)","v":0},0,22807.153782335368,22288.809378191381,21770.464974047394,21252.120569903407,20733.77616575942]
[" Assets commissioned in 2016/17:",null,{"$f":"G5","v":4}]
["Opening RAB, adjusted depreciation",null,null,0,{"$f":"D42","v":0},0,0,16698.185971781397,16318.681745150001,15939.177518518605]
["Years of remaining life",null,null,{"$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},0,0,0,379.5042266313954,379.5042266313954,379.50422663139534]
["Closing RAB, adjusted depreciation",null,null,{"$f":"D39-D41+IF($C38=D$5,D$27,0)","v":0},0,0,16698.185971781397,16318.681745150001,15939.177518518605,15559.673291887209]
[" Assets commissioned in 2017/18:",null,{"$f":"H5","v":5}]
["Opening RAB, adjusted depreciation",null,null,0,{"$f":"D47","v":0},0,0,0,16364.168998721658,15992.256066932528]
["Years of remaining life",null,null,{"$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},0,0,0,0,371.91293178912861,371.91293178912855]
["Closing RAB, adjusted depreciation",null,null,{"$f":"D44-D46+IF($C43=D$5,D$27,0)","v":0},0,0,0,16364.168998721658,15992.256066932528,15620.343135143399]
[" Assets commissioned in 2018/19:",null,{"$f":"I5","v":6}]
["Opening RAB, adjusted depreciation",null,null,0,{"$f":"D52","v":0},0,0,0,0,16657.702826421766]
["Years of remaining life",null,null,{"$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},0,0,0,0,0,378.58415514594924]
["Closing RAB, adjusted depreciation",null,null,{"$f":"D49-D51+IF($C48=D$5,D$27,0)","v":0},0,0,0,0,16657.702826421766,16279.118671275817]
[" Assets commissioned in 2019/20:",null,{"$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$27,0)","v":0},0,0,0,0,0,17735.53136962737]
["Total assets commissioned"]
["Total adjusted depreciation of commissioned assets",null,null,{"$f":"D31+D36+D41+D46+D51+D56","v":0},0,568.21039247636361,1086.5547966203494,1466.0590232517443,1837.9719550408729,2216.556110186822]
["Adjusted depreciation of existing assets"]
[null,null,"Value",{"$f":"Inputs!D$12","v":"2018/19"},{"$f":"Inputs!E$12","v":"2019/20"},{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Opening RAB value of existing assets, adjusted depreciation",null,null,{"$f":"D13","v":224194.23986715591},{"$f":"D68","v":238293.09238963661},{"$f":"E68","v":228879.62760309674},{"$f":"F68","v":219466.76916132288},{"$f":"G68","v":210054.5840557375},{"$f":"H68","v":200643.15731077708},{"$f":"I68","v":191232.5827058992}]
["Disposed assets",null,null,{"$f":"D12","v":29.824630741003414},30.331649463600471,30.968614102336076,31.61895499848513,32.272413401787155,32.928619140956819,33.587191523775957]
["Base year lost assets",null,null,{"$f":"D10","v":0}]
["Base year found assets",null,null,{"$f":"D11","v":0}]
["Adjusted depreciation of existing assets",null,null,{"$f":"D14","v":8493.5257583382863},{"$f":"E62/E20","v":9383.1331370762782},9381.8898276715081,9380.5661505868666,9379.1543315586532,9377.6459857369282,9376.0315131068983]
["Base year commissioned assets",null,null,{"$f":"D7","v":22622.202911560002}]
["Closing RAB value of existing assets, adjusted depreciation",null,null,{"$f":"D62-D63-D64+D65-D66+D67","v":238293.09238963661},{"$f":"E62-E63-E66","v":228879.62760309674},219466.76916132288,{"$f":"G62-G63-G66","v":210054.5840557375},{"$f":"H62-H63-H66","v":200643.15731077708},{"$f":"I62-I63-I66","v":191232.5827058992},{"$f":"J62-J63-J66","v":181822.96400126853}]
["Regulatory tax asset value"]
[null,null,"Value",{"$f":"Inputs!D$12","v":"2018/19"},{"$f":"Inputs!E$12","v":"2019/20"},{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Average DV rate",null,{"$f":"D15/D16","v":8.1438371137110555E-2}]
["Opening regulatory tax asset value",null,null,{"$f":"D16","v":136235.18035103544},{"$f":"D75","v":147762.61208323663},{"$f":"E75","v":160730.32290917312},{"$f":"F75","v":170447.86100144361},{"$f":"G75","v":173265.05080946282},{"$f":"H75","v":175518.79629527315},{"$f":"I75","v":177882.53424746156}]
["Tax depreciation",null,null,{"$f":"D15","v":11094.771179358815},{"$f":"E72*$C71","v":12033.546443023521},{"$f":"F72*$C71","v":13089.615690064864},{"$f":"G72*$C71","v":13880.996163762196},{"$f":"H72*$C71","v":14110.423512911351},{"$f":"I72*$C71","v":14293.964874233359},{"$f":"J72*$C71","v":14486.463842854553}]
["Value of commissioned assets",null,null,{"$f":"D7","v":22622.202911560002},25001.257268959998,22807.153782335368,16698.185971781397,16364.168998721658,16657.702826421766,17735.53136962737]
["Closing regulatory tax asset value",null,null,{"$f":"D72-D73+D74","v":147762.61208323663},160730.32290917312,170447.86100144361,173265.05080946282,175518.79629527315,177882.53424746156,181131.60177423438]
["Depreciation temporary differences"]
[null,null,"Value",{"$f":"Inputs!D$12","v":"2018/19"},{"$f":"Inputs!E$12","v":"2019/20"},{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Total adjusted depreciation of assets",null,null,{"$f":"D59+D66","v":8493.5257583382863},9383.1331370762782,9950.1002201478714,10467.120947207215,10845.213354810398,11215.617940777802,11592.587623293721]
["Tax depreciation",null,null,{"$f":"D73","v":11094.771179358815},12033.546443023521,13089.615690064864,13880.996163762196,14110.423512911351,14293.964874233359,14486.463842854553]
["Depreciation temporary differences",null,null,{"$f":"D78-D79","v":-2601.2454210205287},-2650.4133059472424,-3139.5154699169925,-3413.8752165549813,-3265.2101581009538,-3078.3469334555575,-2893.8762195608324]
["Deductions for regulatory tax purposes"]
["Amortisation of initial differences in asset values",null,null,{"$f":"D9","v":3399.1052631578946},{"$f":"D82","v":3399.1052631578946},{"$f":"E82","v":3399.1052631578946},3399.1052631578946,3399.1052631578946,3399.1052631578946,3399.1052631578946]
["Notional deductible interest",null,null,{"$f":"(D23*$D$19*$D$18+D22)/(1+$D$18)^0.5","v":3592.1261779071474},3821.5773952432455,4078.7081380329478,4311.792850148182,4446.8069983538526,4569.7496246528517,4689.7265183331137]
["Amortisation of revaluations",null,null,{"$f":"D21-D78","v":1034.0213128269752},1192.2874062734154,1379.2306274996517,1626.8197425541293,1891.3748608311871,2165.9170643600046,2450.1108112644088]
["Regulatory tax adjustments",null,null,{"$f":"D82+D84-D83","v":841.00039807772282},{"$f":"E82+E84-E83","v":769.8152741880649},699.627752624599,714.13215556384239,843.67312563522955,995.2727028650479,1159.48955608919]
[]
["Deferred tax asset value"]
[null,null,"Value",{"$f":"Inputs!D$12","v":"2018/19"},{"$f":"Inputs!E$12","v":"2019/20"},{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Opening deferred tax",null,null,{"$f":"D17","v":-10333.351396102738},{"$f":"D92","v":-12013.449587672698},{"$f":"E92","v":-13707.314787022136},{"$f":"F92","v":-15538.128592283105},{"$f":"G92","v":-17445.763126602709},{"$f":"H92","v":-19311.771444555186},{"$f":"I92","v":-21125.458059606954}]
["Depreciation temporary differences",null,null,{"$f":"D80","v":-2601.2454210205287},-2650.4133059472424,-3139.5154699169925,-3413.8752165549813,-3265.2101581009538,-3078.3469334555575,-2893.8762195608324]
["Amortisation of initial differences in asset values",null,null,{"$f":"D82","v":3399.1052631578946},3399.1052631578946,3399.1052631578946,3399.1052631578946,3399.1052631578946,3399.1052631578946,3399.1052631578946]
["Closing deferred tax",null,null,{"$f":"D89+(D90-D91)*D6","v":-12013.449587672698},-13707.314787022136,-15538.128592283105,-17445.763126602709,-19311.771444555186,-21125.458059606954,-22887.492874768199]
["Outputs"]
[null,null,"Value",{"$f":"Inputs!D$12","v":"2018/19"},{"$f":"Inputs!E$12","v":"2019/20"},{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Total adjusted depreciation of commissioned assets",null,null,{"$f":"D59","v":0},0,568.21039247636361,1086.5547966203494,1466.0590232517443,1837.9719550408729,2216.556110186822]
["Opening deferred tax",null,null,{"$f":"D89","v":-10333.351396102738},{"$f":"E89","v":-12013.449587672698},-13707.314787022136,-15538.128592283105,-17445.763126602709,-19311.771444555186,-21125.458059606954]
["Closing deferred tax",null,null,{"$f":"D92","v":-12013.449587672698},{"$f":"E92","v":-13707.314787022136},-15538.128592283105,-17445.763126602709,-19311.771444555186,-21125.458059606954,-22887.492874768199]
["Regulatory tax adjustments",null,null,{"$f":"D85","v":841.00039807772282},{"$f":"E85","v":769.8152741880649},699.627752624599,714.13215556384239,843.67312563522955,995.2727028650479,1159.48955608919]

{"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,{"$f":"EDB_Name","v":"Total for selected EDBs"}]
["Derivation of BBAR present value, opening investment value, and TCSD allowance."]
["Inputs"]
[null,"Source","Value",{"$f":"Inputs!D$12","v":"2018/19"},{"$f":"Inputs!E$12","v":"2019/20"},{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Year in regulatory period","EDB data",null,null,null,{"$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":0}]
["Value of commissioned assets","EDB data",null,{"$f":"'EDB data'!$B64","v":22622.202911560002},{"$f":"'EDB data'!$B65","v":25001.257268959998},{"$f":"'EDB data'!$B66","v":22807.153782335368},{"$f":"'EDB data'!$B67","v":16698.185971781397},{"$f":"'EDB data'!$B68","v":16364.168998721658},{"$f":"'EDB data'!$B69","v":16657.702826421766},{"$f":"'EDB data'!$B70","v":17735.53136962737}]
["Operating expenditure","EDB data",null,{"$f":"'EDB data'!$B46","v":{"$error":"#N/A"}},{"$f":"'EDB data'!$B47","v":{"$error":"#N/A"}},{"$f":"'EDB data'!$B48","v":17657.336474308046},{"$f":"'EDB data'!$B49","v":18209.314126979465},{"$f":"'EDB data'!$B50","v":18754.029575690336},{"$f":"'EDB data'!$B51","v":19260.571627431244},{"$f":"'EDB data'!$B52","v":19636.115822609016}]
["Vanilla WACC (67th percentile)","EDB data",{"$f":"WACC","v":5.1299999999999998E-2}]
["TFopex","TIMING",{"$f":"TIMING!C23","v":1.0252589511858075}]
["TFtax","TIMING",{"$f":"TIMING!C24","v":1.0252589511858075}]
["TFVCA","TIMING",{"$f":"TIMING!C25","v":1.0252589511858075}]
["TFori","TIMING",{"$f":"TIMING!C26","v":1.0252589511858075}]
["TFrev","TIMING",{"$f":"TIMING!C27","v":1.0204922620112409}]
["Aggregate opening RAB value","RAB",null,{"$f":"RAB!D93","v":251488.1610056299},{"$f":"RAB!E93","v":268572.30178670579},{"$f":"RAB!F93","v":287528.4546260552},{"$f":"RAB!G93","v":305007.2430817472},{"$f":"RAB!H93","v":315978.955433094},{"$f":"RAB!I93","v":326098.62861960748},{"$f":"RAB!J93","v":335966.87777507177}]
["Total revaluation","RAB",null,{"$f":"RAB!D94","v":0},{"$f":"RAB!E94","v":4560.6477632027172},{"$f":"RAB!F94","v":6031.9341351064841},{"$f":"RAB!G94","v":6399.0860243252682},{"$f":"RAB!H94","v":6524.3648168351692},{"$f":"RAB!I94","v":6625.0099533213324},{"$f":"RAB!J94","v":6713.8854830840228}]
["Total depreciation","RAB",null,{"$f":"RAB!D92","v":9527.5470711652615},{"$f":"RAB!E92","v":10575.420543349694},{"$f":"RAB!F92","v":11329.330847647523},{"$f":"RAB!G92","v":12093.940689761344},{"$f":"RAB!H92","v":12736.588215641585},{"$f":"RAB!I92","v":13381.535005137806},{"$f":"RAB!J92","v":14042.69843455813}]
["Opening deferred tax","TAX",null,{"$f":"TAX!D96","v":-10333.351396102738},{"$f":"TAX!E96","v":-12013.449587672698},{"$f":"TAX!F96","v":-13707.314787022136},{"$f":"TAX!G96","v":-15538.128592283105},{"$f":"TAX!H96","v":-17445.763126602709},{"$f":"TAX!I96","v":-19311.771444555186},{"$f":"TAX!J96","v":-21125.458059606954}]
["Closing deferred tax","TAX",null,{"$f":"TAX!D97","v":-12013.449587672698},{"$f":"TAX!E97","v":-13707.314787022136},{"$f":"TAX!F97","v":-15538.128592283105},{"$f":"TAX!G97","v":-17445.763126602709},{"$f":"TAX!H97","v":-19311.771444555186},{"$f":"TAX!I97","v":-21125.458059606954},{"$f":"TAX!J97","v":-22887.492874768199}]
["Regulatory tax adjustments","TAX",null,{"$f":"TAX!D98","v":841.00039807772282},{"$f":"TAX!E98","v":769.8152741880649},{"$f":"TAX!F98","v":699.627752624599},{"$f":"TAX!G98","v":714.13215556384239},{"$f":"TAX!H98","v":843.67312563522955},{"$f":"TAX!I98","v":995.2727028650479},{"$f":"TAX!J98","v":1159.48955608919}]
["Calculations"]
["Term credit spread differential allowance"]
[null,null,null,{"$f":"Inputs!D$12","v":"2018/19"},{"$f":"Inputs!E$12","v":"2019/20"},{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Asset base scaling factor",null,null,{"$f":"D17/$D$17","v":1},1.0679321869974365,1.1433081123036186,1.212809548815776,1.2564367013126332,1.2966758646436136,1.3359152829764847]
["Term credit spread differential allowance",null,null,{"$f":"IF(D8>0,D8,0)","v":0},{"$f":"$D27*E26","v":0},0,0,0,0,0]
["Return on capital"]
[null,null,null,{"$f":"Inputs!D$12","v":"2018/19"},{"$f":"Inputs!E$12","v":"2019/20"},{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Opening investment value",null,null,{"$f":"D17+D20","v":241154.80960952715},256558.85219903311,273821.13983903307,289469.11448946409,298533.19230649131,306786.85717505228,314841.41971546481]
["Value of commissioned assets",null,null,{"$f":"D9","v":22622.202911560002},25001.257268959998,22807.153782335368,16698.185971781397,16364.168998721658,16657.702826421766,17735.53136962737]
["Term credit spread differential allowance",null,null,{"$f":"D27","v":0},0,0,0,0,0,0]
["Total revaluation",null,null,{"$f":"D18","v":0},{"$f":"E18","v":4560.6477632027172},6031.9341351064841,6399.0860243252682,6524.3648168351692,6625.0099533213324,6713.8854830840228]
["Return on capital",null,null,{"$f":"D30*$C$11+D31*($C$14-1)+D32-D33","v":12942.654852027266},{"$f":"E30*$C$11+E31*($C$14-1)+E32-E33","v":9232.3268915481567},8591.1751227111235,8872.4582133370004,9203.729694422851,9533.9119223191228,9885.4602694390978]
["Operating expenditure"]
[null,null,null,{"$f":"Inputs!D$12","v":"2018/19"},{"$f":"Inputs!E$12","v":"2019/20"},{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Operating expenditure",null,null,{"$f":"D10","v":{"$error":"#N/A"}},{"$error":"#N/A"},17657.336474308046,18209.314126979465,18754.029575690336,19260.571627431244,19636.115822609016]
["Operating expenditure allowance",null,null,{"$f":"D37*$C$12","v":{"$error":"#N/A"}},{"$error":"#N/A"},18103.342274383969,18669.262303639873,19227.736693279887,19747.073465979276,20132.103513651156]
["Building block allowable revenue before tax (BBAR before tax)"]
[null,null,null,{"$f":"Inputs!D$12","v":"2018/19"},{"$f":"Inputs!E$12","v":"2019/20"},{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Increase in deferred tax asset, ΔDT",null,null,{"$f":"D21-D20","v":-1680.0981915699595},-1693.8651993494386,-1830.8138052609684,-1907.6345343196044,-1866.0083179524772,-1813.6866150517671,-1762.0348151612452]
["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*$C13)","v":{"$error":"#N/A"}},{"$f":"(E34+E19+E38+((E7-E37-E19+E22)*E6+E41)*$C13-E41-E7*$C15)/($C16-E6*$C13)","v":{"$error":"#N/A"}},40709.528521867636,42394.893941533403,44071.659814773142,45719.756494741807,47285.815185035339]
["Regulatory tax allowance before considering possibility of tax losses",null,null,{"$f":"(D42+D7-D37-D19+D22)*D6","v":{"$error":"#N/A"}},{"$f":"(E42+E7-E37-E19+E22)*E6","v":{"$error":"#N/A"}},3478.2969067102672,3585.6159584998022,3758.9202417414067,3940.4183182105858,4134.6173355080673]
["Regulatory tax allowance",null,null,{"$f":"IF(D43<0,#N/A,D43)","v":{"$error":"#N/A"}},{"$error":"#N/A"},3478.2969067102672,3585.6159584998022,3758.9202417414067,3940.4183182105858,4134.6173355080673]
["BBAR before tax in year-end terms, direct simple calculation",null,null,{"$f":"D34+D19+D38+(D44+D41)*$C$13-D41-D7*$C$15","v":{"$error":"#N/A"}},{"$error":"#N/A"},41543.758846691839,43263.661216122084,44974.787814967742,46656.657723922188,48254.808499222199]
["BBAR before tax in revenue date terms",null,null,{"$f":"D45/$C$16","v":{"$error":"#N/A"}},{"$error":"#N/A"},40709.528521867644,42394.89394153341,44071.659814773135,45719.756494741807,47285.815185035339]
["Difference between the two BBAR calculations (should = 0)",null,null,{"$f":"D42-D46","v":{"$error":"#N/A"}},{"$error":"#N/A"},0,0,0,0,0]
["Present value of the building block allowable revenue before tax"]
[null,null,"Value",{"$f":"Inputs!D$12","v":"2018/19"},{"$f":"Inputs!E$12","v":"2019/20"},{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Number of years to discount the year-end  values to start of the present value period",null,null,null,null,{"$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,{"$f":"F45","v":41543.758846691839},{"$f":"G45","v":43263.661216122084},{"$f":"H45","v":44974.787814967742},{"$f":"I45","v":46656.657723922188},{"$f":"J45","v":48254.808499222199}]
["PV at 1 Apr 2015 of BBAR before tax for each year",null,null,null,null,{"$f":"F51/(1+WACC)^F$50","v":39516.559351937452},{"$f":"G51/(1+WACC)^G$50","v":39144.427007989689},{"$f":"H51/(1+WACC)^H$50","v":38706.965897228365},{"$f":"I51/(1+WACC)^I$50","v":38195.039806895562},{"$f":"J51/(1+WACC)^J$50","v":37575.716832520615}]
["PV at 1 Apr 2015 of BBAR before tax over the regulatory period",null,{"$f":"SUM(F52:J52)","v":193138.70889657168}]
["Outputs"]
[null,null,"Value",{"$f":"Inputs!D$12","v":"2018/19"},{"$f":"Inputs!E$12","v":"2019/20"},{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Opening investment value",null,null,{"$f":"D30","v":241154.80960952715},256558.85219903311,273821.13983903307,289469.11448946409,298533.19230649131,306786.85717505228,314841.41971546481]
["PV at 1 Apr 2015 of BBAR before tax over the regulatory period",null,{"$f":"C53","v":193138.70889657168}]
["Term credit spread differential allowance",null,null,{"$f":"D27","v":0},{"$f":"E27","v":0},0,0,0,0,0]
["BBAR before tax in revenue date terms, calculation not referencing tax",null,null,{"$f":"D42","v":{"$error":"#N/A"}},{"$f":"E42","v":{"$error":"#N/A"}},40709.528521867636,42394.893941533403,44071.659814773142,45719.756494741807,47285.815185035339]

{"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,{"$f":"EDB_Name","v":"Total for selected EDBs"}]
["Derivation of the normalised profile of the maximum allowable revenue before tax values."]
["Inputs"]
[null,"Source","Value",{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Constant price revenue growth","EDB data",null,{"$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",{"$f":"'EDB data'!B43","v":0}]
["Forecast changes in the CPI element of the price path","EDB data",null,{"$f":"'EDB data'!D24","v":1.97537947804447E-2},{"$f":"'EDB data'!E24","v":2.0749523987959151E-2},{"$f":"'EDB data'!F24","v":2.0666666666666611E-2},{"$f":"'EDB data'!G24","v":2.0333333333333314E-2},{"$f":"'EDB data'!H24","v":1.9999999999999796E-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$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["X value applied",null,{"$f":"C6","v":0}]
["Index of price path",null,null,1,{"$f":"D13*(1+E$8)*(1-$C$6)","v":1.0207495239879592},{"$f":"E13*(1+F$8)*(1-$C$6)","v":1.041845014150377},{"$f":"F13*(1+G$8)*(1-$C$6)","v":1.063029196104768},{"$f":"G13*(1+H$8)*(1-$C$6)","v":1.0842897800268632}]
["Index of constant price growth",null,null,1,{"$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":1.0207495239879592},{"$f":"F13*F14","v":1.041845014150377},{"$f":"G13*G14","v":1.063029196104768},{"$f":"H13*H14","v":1.0842897800268632}]
[{"$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 0.0%)"}]
[null,null,"Value",{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["X value applied",null,{"$f":"IF(ISNUMBER(C7),C7,C6)","v":0}]
["Index of price path",null,null,1,{"$f":"D19*(1+E$8)*(1-$C$18)","v":1.0207495239879592},{"$f":"E19*(1+F$8)*(1-$C$18)","v":1.041845014150377},{"$f":"F19*(1+G$8)*(1-$C$18)","v":1.063029196104768},{"$f":"G19*(1+H$8)*(1-$C$18)","v":1.0842897800268632}]
["Index of constant price growth",null,null,1,{"$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":1.0207495239879592},{"$f":"F19*F20","v":1.041845014150377},{"$f":"G19*G20","v":1.063029196104768},{"$f":"H19*H20","v":1.0842897800268632}]
[]
["This data block calculates maximum allowable revenues for the regulatory period for the 2014/15 X value that has been applied.  These"]
["Maximum allowable revenues are set PV equivalent to the corresponding maximum allowable revenues for the industry-wide X CPI - X revenues."]
["Outputs"]
[null,null,"Misc.",{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Indexed maximum allowable revenue before tax—industry wide X factor",null,null,{"$f":"D15","v":1},{"$f":"E15","v":1.0207495239879592},{"$f":"F15","v":1.041845014150377},{"$f":"G15","v":1.063029196104768},{"$f":"H15","v":1.0842897800268632}]
["Indexed maximum allowable revenue before tax—applicable X factor",null,null,{"$f":"D21","v":1},{"$f":"E21","v":1.0207495239879592},1.041845014150377,1.063029196104768,1.0842897800268632]

{"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,{"$f":"EDB_Name","v":"Total for selected EDBs"}]
["Derivation of starting prices."]
["Inputs"]
[null,"Source","Value",{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Year in regulatory period","EDB data",null,{"$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",{"$f":"'EDB data'!B43","v":0}]
["Vanilla WACC (67th percentile)","EDB data",{"$f":"WACC","v":5.1299999999999998E-2}]
["TFrev","TIMING",{"$f":"TIMING!C27","v":1.0204922620112409}]
["Constant price revenue growth 2015","EDB data",{"$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":193138.70889657168}]
["Indexed maximum allowable revenue before tax—industry wide X factor","REV",null,{"$f":"REV!D27","v":1},{"$f":"REV!E27","v":1.0207495239879592},{"$f":"REV!F27","v":1.041845014150377},{"$f":"REV!G27","v":1.063029196104768},{"$f":"REV!H27","v":1.0842897800268632}]
["Indexed maximum allowable revenue before tax—applicable X factor","REV",null,{"$f":"REV!D28","v":1},{"$f":"REV!E28","v":1.0207495239879592},{"$f":"REV!F28","v":1.041845014150377},{"$f":"REV!G28","v":1.063029196104768},{"$f":"REV!H28","v":1.0842897800268632}]
["Calculations"]
[{"$f":"\"CPI minus X revenues with industry-wide X factor of \"&TEXT(C6,\"#0.0%\")","v":"CPI minus X revenues with industry-wide X factor of 0.0%"}]
[null,null,"PV at \n1-Apr-15",{"$f":"Inputs!F$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["PV at 1 Apr 2015 of BBAR before tax over the regulatory period",null,{"$f":"C13","v":193138.70889657168}]
["Additional allowance",null,{"$f":"C7","v":0}]
["PV at 1 Apr 2015 of maximum allowable revenue before tax",null,{"$f":"C19+C20","v":193138.70889657168}]
["Indexed maximum allowable revenue before tax",null,null,{"$f":"D14","v":1},{"$f":"E14","v":1.0207495239879592},{"$f":"F14","v":1.041845014150377},{"$f":"G14","v":1.063029196104768},{"$f":"H14","v":1.0842897800268632}]
["Present value of indexed maximum allowable revenue for each year",null,null,{"$f":"D22/(1+$C$9)^D$5","v":0.95120327213925626},{"$f":"E22/(1+$C$9)^E$5","v":0.92356157828586982},{"$f":"F22/(1+$C$9)^F$5","v":0.89665035439022611},{"$f":"G22/(1+$C$9)^G$5","v":0.87023898499904306},{"$f":"H22/(1+$C$9)^H$5","v":0.84432965347571931}]
["Present value of indexed revenue",null,{"$f":"SUM(D23:H23)","v":4.4859838432901142}]
["Maximum allowable revenue before tax in first year of the regulatory period",null,{"$f":"C21/C24","v":43053.812863249128}]
["Maximum allowable revenue before tax in year-end terms",null,null,{"$f":"$C25*D22","v":43053.812863249128},{"$f":"$C25*E22","v":43947.158986028218},{"$f":"$C25*F22","v":44855.400271739469},{"$f":"$C25*G22","v":45767.460077264841},{"$f":"$C25*H22","v":46682.809278810128}]
["Maximum allowable revenue before tax in revenue-date terms",null,null,{"$f":"D26/$C$10","v":42189.259503444315},{"$f":"E26/$C$10","v":43064.666555545264},{"$f":"F26/$C$10","v":43954.669664359863},{"$f":"G26/$C$10","v":44848.414614201851},{"$f":"H26/$C$10","v":45745.38290648588}]
["PV at 1 Apr 2015 of maximum allowable revenue before tax in year-end terms in each year",null,null,{"$f":"D26/(1+$C$9)^D5","v":40952.927673593775},{"$f":"E26/(1+$C$9)^E5","v":39762.847359206848},{"$f":"F26/(1+$C$9)^F5","v":38604.216561682806},{"$f":"G26/(1+$C$9)^G5","v":37467.106406452665},{"$f":"H26/(1+$C$9)^H5","v":36351.610895635604}]
["PV at 1 Apr 2015 of maximum allowable revenue before tax",null,{"$f":"SUM(D28:H28)","v":193138.70889657171}]
["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":193138.70889657171}]
[{"$f":"\"CPI minus X revenues with applicable X factor (\" & IF(ISNUMBER(C8),\"alternate X factor of \" & TEXT(C8,\"#0.0%\"), \"industry-wide X factor of \" & TEXT(C6,\"#0.0%\"))&\")\"","v":"CPI minus X revenues with applicable X factor (alternate X factor of 0.0%)"}]
[null,null,"PV at \n1-Apr-15","2015/16","2016/17","2017/18","2018/19","2019/20"]
["PV at 1 Apr 2015 of BBAR before tax over the regulatory period",null,{"$f":"C13","v":193138.70889657168}]
["Additional allowance",null,{"$f":"C7","v":0}]
["PV at 1 Apr 2015 of maximum allowable revenue before tax",null,{"$f":"C35+C36","v":193138.70889657168}]
["Indexed maximum allowable revenue before tax",null,null,{"$f":"D15","v":1},{"$f":"E15","v":1.0207495239879592},{"$f":"F15","v":1.041845014150377},{"$f":"G15","v":1.063029196104768},{"$f":"H15","v":1.0842897800268632}]
["Present value of indexed maximum allowable revenue for each year",null,null,{"$f":"D38/(1+$C$9)^D$5","v":0.95120327213925626},{"$f":"E38/(1+$C$9)^E$5","v":0.92356157828586982},{"$f":"F38/(1+$C$9)^F$5","v":0.89665035439022611},{"$f":"G38/(1+$C$9)^G$5","v":0.87023898499904306},{"$f":"H38/(1+$C$9)^H$5","v":0.84432965347571931}]
["Present value of indexed revenue",null,{"$f":"SUM(D39:H39)","v":4.4859838432901142}]
["Maximum allowable revenue before tax in first year of the regulatory period",null,{"$f":"C37/C40","v":43053.812863249128}]
["Maximum allowable revenue before tax in year-end terms",null,null,{"$f":"$C41*D38","v":43053.812863249128},43947.158986028218,{"$f":"$C41*F38","v":44855.400271739469},{"$f":"$C41*G38","v":45767.460077264841},{"$f":"$C41*H38","v":46682.809278810128}]
["Maximum allowable revenue before tax in revenue-date terms",null,null,{"$f":"D42/$C$10","v":42189.259503444315},{"$f":"E42/$C$10","v":43064.666555545264},{"$f":"F42/$C$10","v":43954.669664359863},44848.414614201851,45745.38290648588]
["PV at 1 Apr 2015 of maximum allowable revenue before tax in year-end terms in each year",null,null,{"$f":"D42/(1+$C$9)^D$5","v":40952.927673593775},{"$f":"E42/(1+$C$9)^E$5","v":39762.847359206848},{"$f":"F42/(1+$C$9)^F$5","v":38604.216561682806},{"$f":"G42/(1+$C$9)^G$5","v":37467.106406452665},{"$f":"H42/(1+$C$9)^H$5","v":36351.610895635604}]
["PV at 1 Apr 2015 of maximum allowable revenue before tax",null,{"$f":"SUM(D44:H44)","v":193138.70889657171}]
["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":40952.927673593775}]
[]
["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$12","v":"2020/21"},{"$f":"Inputs!G$12","v":"2021/22"},{"$f":"Inputs!H$12","v":"2022/23"},{"$f":"Inputs!I$12","v":"2023/24"},{"$f":"Inputs!J$12","v":"2024/25"}]
["Maximum allowable revenue before tax in revenue-date terms for industry wide X factor",null,null,{"$f":"D27","v":42189.259503444315},{"$f":"E27","v":43064.666555545264},43954.669664359863,44848.414614201851,45745.38290648588]
["Maximum allowable revenue before tax in revenue-date terms for applicable X factor",null,null,{"$f":"D43","v":42189.259503444315},{"$f":"E43","v":43064.666555545264},43954.669664359863,44848.414614201851,45745.38290648588]
["Starting price for industry-wide X factor",null,null,{"$f":"D27","v":42189.259503444315}]
["Starting price for applicable X factor",null,null,{"$f":"D43","v":42189.259503444315}]
["PV at 1 Apr 2015 of MAR before tax over the regulatory period (industry X )",null,null,{"$f":"C21","v":193138.70889657168}]
["PV at 1 Apr 2015 of MAR before tax over the regulatory period (Applicable X)",null,null,{"$f":"C37","v":193138.70889657168}]
["ΔD",null,null,{"$f":"C47","v":1}]
["ANR 2016 (applicable X-factor)",null,null,{"$f":"C48","v":40952.927673593775}]

{"sheet":"Reconciliation","index":13,"n_rows":63,"n_cols":39,"rows_kept":63,"cut":false,"hidden":false,"merged":[[9,22,9,31],[38,21,38,34],[4,2,4,3],[3,2,3,3],[5,2,5,3],[6,2,6,3],[38,2,38,15]]}
["Reconciliation with financial models outputs"]
["Reconciliation of this waterfall model outputs with 2015 and 2020 financial model outputs",null,null,null,null,"How this sheet operates",null,null,null,null,"Mode is set by Cell C5 on the Waterfall chart.",null,null,null,null,{"$f":"\"Currently, mode = \" & Waterfall!D5","v":"Currently, mode = 14"}]
[null,null,null,null,null,"When the mode is set to 14, the panel with a blue fill colour below (see Cell W11) should be filled with zeros."]
["Distributor",null,"Scenario",null,null,"When the mode is set to 0, the panel with a tan fill colour below (see Cell C40) should be filled with zeros."]
["Name",null,{"$f":"EDB_Name","v":"Total for selected EDBs"}]
["Distributor number",null,{"$f":"'EDB data'!C6","v":14},null,null,null,"Block below with this fill colour is for data table with first argument set to C5, second argument blank."]
[]
[null,"Active EDB outputs",{"$f":"Inputs!C28","v":"Alpine Energy"},{"$f":"Inputs!D28","v":"Aurora Energy"},{"$f":"Inputs!E28","v":"Centralines"},{"$f":"Inputs!F28","v":"EA Networks"},{"$f":"Inputs!G28","v":"Eastland Network"},{"$f":"Inputs!H28","v":"Electricity Invercargill"},{"$f":"Inputs!I28","v":"Horizon Energy"},{"$f":"Inputs!J28","v":"Nelson Electricity"},{"$f":"Inputs!K28","v":"Network Tasman"},{"$f":"Inputs!L28","v":"Orion"},{"$f":"Inputs!M28","v":"OtagoNet"},{"$f":"Inputs!N28","v":"Powerco"},{"$f":"Inputs!O28","v":"The Lines Company"},{"$f":"Inputs!P28","v":"Top Energy"},{"$f":"Inputs!Q28","v":"Unison"},{"$f":"Inputs!R28","v":"Vector"},{"$f":"Inputs!S28","v":"Wellington Electricity"}]
["Distributor number",{"$f":"C6","v":14},{"$f":"Inputs!C29","v":1},{"$f":"Inputs!D29","v":2},{"$f":"Inputs!E29","v":3},{"$f":"Inputs!F29","v":4},{"$f":"Inputs!G29","v":5},{"$f":"Inputs!H29","v":6},{"$f":"Inputs!I29","v":7},{"$f":"Inputs!J29","v":8},{"$f":"Inputs!K29","v":9},{"$f":"Inputs!L29","v":10},{"$f":"Inputs!M29","v":11},{"$f":"Inputs!N29","v":12},{"$f":"Inputs!O29","v":13},{"$f":"Inputs!P29","v":14},{"$f":"Inputs!Q29","v":15},{"$f":"Inputs!R29","v":16},{"$f":"Inputs!S29","v":17}]
["Outputs",null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,null,null,"Reconcilation of this waterfall model with the 2020 financial model outputs is achieved when the blue coloured panel below indicates zero values. The #N/A results are from the #N/A values in the draft 2020 DPP reset financial model outputs. This requres the \"mode\" setting at cell D5 on the Waterfall sheet to be set to 14."]
["PV at 1 Apr 2020 of BBAR",{"$f":"BBAR!C57","v":193138.70889657168},207660.39820706175,391914.48522305465,43025.685486567651,172569.62712655391,114700.08653558909,56269.825455037448,114486.94628471154,25582.498582936714,131754.87895366907,737822.36824925174,114835.08898952522,{"$error":"#N/A"},155390.36756724969,193138.70889657168,468095.95294165175,1846481.3393399762,461489.87219018786,777,null,null,{"$f":"C11-[2]Outputs!C9","v":0},{"$f":"D11-[2]Outputs!D9","v":0},{"$f":"E11-[2]Outputs!E9","v":0},{"$f":"F11-[2]Outputs!F9","v":0},{"$f":"G11-[2]Outputs!G9","v":0},{"$f":"H11-[2]Outputs!H9","v":0},{"$f":"I11-[2]Outputs!I9","v":0},{"$f":"J11-[2]Outputs!J9","v":0},{"$f":"K11-[2]Outputs!K9","v":0},{"$f":"L11-[2]Outputs!L9","v":0},{"$f":"M11-[2]Outputs!M9","v":0},{"$f":"N11-[2]Outputs!N9","v":{"$error":"#N/A"}},{"$f":"O11-[2]Outputs!O9","v":0},{"$f":"P11-[2]Outputs!P9","v":0},{"$f":"Q11-[2]Outputs!Q9","v":0},{"$f":"R11-[2]Outputs!R9","v":0},{"$f":"S11-[2]Outputs!S9","v":0}]
["Starting price for industry-wide X factor",{"$f":"MAR!D56","v":42189.259503444315},45361.380318835836,85609.881181761084,9398.5396333909193,37696.145028874846,25055.110617462473,12291.592306373914,25008.552216993317,5588.2462797242588,28780.562999403519,161170.07066762098,25084.600581412495,{"$error":"#N/A"},33943.504018870779,42189.259503444315,102250.97674098593,403345.76553164725,100807.94309580677,null,null,null,{"$f":"C12-[2]Outputs!C10","v":0},{"$f":"D12-[2]Outputs!D10","v":0},{"$f":"E12-[2]Outputs!E10","v":0},{"$f":"F12-[2]Outputs!F10","v":0},{"$f":"G12-[2]Outputs!G10","v":0},{"$f":"H12-[2]Outputs!H10","v":0},{"$f":"I12-[2]Outputs!I10","v":0},{"$f":"J12-[2]Outputs!J10","v":0},{"$f":"K12-[2]Outputs!K10","v":0},{"$f":"L12-[2]Outputs!L10","v":0},{"$f":"M12-[2]Outputs!M10","v":0},{"$f":"N12-[2]Outputs!N10","v":{"$error":"#N/A"}},{"$f":"O12-[2]Outputs!O10","v":0},{"$f":"P12-[2]Outputs!P10","v":0},{"$f":"Q12-[2]Outputs!Q10","v":0},{"$f":"R12-[2]Outputs!R10","v":0},{"$f":"S12-[2]Outputs!S10","v":0}]
["Starting price for applicable X factor",{"$f":"MAR!D57","v":42189.259503444315},45361.380318835836,72030.727522350353,9398.5396333909193,37696.145028874846,25055.110617462473,12291.592306373914,25008.552216993317,5588.2462797242588,28780.562999403519,161170.07066762098,25084.600581412495,{"$error":"#N/A"},33943.504018870779,42189.259503444315,102250.97674098593,403345.76553164725,100807.94309580677,null,null,null,{"$f":"C13-[2]Outputs!C11","v":0},{"$f":"D13-[2]Outputs!D11","v":0},{"$f":"E13-[2]Outputs!E11","v":0},{"$f":"F13-[2]Outputs!F11","v":0},{"$f":"G13-[2]Outputs!G11","v":0},{"$f":"H13-[2]Outputs!H11","v":0},{"$f":"I13-[2]Outputs!I11","v":0},{"$f":"J13-[2]Outputs!J11","v":0},{"$f":"K13-[2]Outputs!K11","v":0},{"$f":"L13-[2]Outputs!L11","v":0},{"$f":"M13-[2]Outputs!M11","v":0},{"$f":"N13-[2]Outputs!N11","v":{"$error":"#N/A"}},{"$f":"O13-[2]Outputs!O11","v":0},{"$f":"P13-[2]Outputs!P11","v":0},{"$f":"Q13-[2]Outputs!Q11","v":0},{"$f":"R13-[2]Outputs!R11","v":0},{"$f":"S13-[2]Outputs!S11","v":0}]
["PV at 1 Apr 2020 of MAR before tax over the regulatory period (Applicable X)",{"$f":"MAR!D59","v":193138.70889657168},207660.39820706175,391914.48522305465,43025.685486567651,172569.62712655391,114700.08653558909,56269.825455037448,114486.94628471154,25582.498582936714,131754.87895366907,737822.36824925174,114835.08898952522,{"$error":"#N/A"},155390.36756724969,193138.70889657168,468095.95294165175,1846481.3393399762,461489.87219018786,null,null,null,{"$f":"C14-[2]Outputs!C12","v":0},{"$f":"D14-[2]Outputs!D12","v":0},{"$f":"E14-[2]Outputs!E12","v":0},{"$f":"F14-[2]Outputs!F12","v":0},{"$f":"G14-[2]Outputs!G12","v":0},{"$f":"H14-[2]Outputs!H12","v":0},{"$f":"I14-[2]Outputs!I12","v":0},{"$f":"J14-[2]Outputs!J12","v":0},{"$f":"K14-[2]Outputs!K12","v":0},{"$f":"L14-[2]Outputs!L12","v":0},{"$f":"M14-[2]Outputs!M12","v":0},{"$f":"N14-[2]Outputs!N12","v":{"$error":"#N/A"}},{"$f":"O14-[2]Outputs!O12","v":0},{"$f":"P14-[2]Outputs!P12","v":0},{"$f":"Q14-[2]Outputs!Q12","v":0},{"$f":"R14-[2]Outputs!R12","v":0},{"$f":"S14-[2]Outputs!S12","v":0}]
["MAR (industry-wide X factor), first year of reg period",{"$f":"MAR!D54","v":42189.259503444315},45361.380318835836,85609.881181761084,9398.5396333909193,37696.145028874846,25055.110617462473,12291.592306373914,25008.552216993317,5588.2462797242588,28780.562999403519,161170.07066762098,25084.600581412495,{"$error":"#N/A"},33943.504018870779,42189.259503444315,102250.97674098593,403345.76553164725,100807.94309580677,null,null,null,{"$f":"C15-[2]Outputs!C13","v":0},{"$f":"D15-[2]Outputs!D13","v":0},{"$f":"E15-[2]Outputs!E13","v":0},{"$f":"F15-[2]Outputs!F13","v":0},{"$f":"G15-[2]Outputs!G13","v":0},{"$f":"H15-[2]Outputs!H13","v":0},{"$f":"I15-[2]Outputs!I13","v":0},{"$f":"J15-[2]Outputs!J13","v":0},{"$f":"K15-[2]Outputs!K13","v":0},{"$f":"L15-[2]Outputs!L13","v":0},{"$f":"M15-[2]Outputs!M13","v":0},{"$f":"N15-[2]Outputs!N13","v":{"$error":"#N/A"}},{"$f":"O15-[2]Outputs!O13","v":0},{"$f":"P15-[2]Outputs!P13","v":0},{"$f":"Q15-[2]Outputs!Q13","v":0},{"$f":"R15-[2]Outputs!R13","v":0},{"$f":"S15-[2]Outputs!S13","v":0}]
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["MAR (applicable X factor), third year of reg period",{"$f":"MAR!F55","v":43954.669664359863},47259.527920158151,88997.268697562627,9791.8216573430418,39273.540751022774,26103.54207578945,12805.934160364794,26055.035438393847,5822.0865243751123,29984.886065369374,167914.23455532483,26134.266047698256,{"$error":"#N/A"},35363.870424853805,43954.669664359863,106529.67030960236,420223.77479781368,105026.2529011212,null,null,null,{"$f":"C22-[2]Outputs!C20","v":0},{"$f":"D22-[2]Outputs!D20","v":0},{"$f":"E22-[2]Outputs!E20","v":0},{"$f":"F22-[2]Outputs!F20","v":0},{"$f":"G22-[2]Outputs!G20","v":0},{"$f":"H22-[2]Outputs!H20","v":0},{"$f":"I22-[2]Outputs!I20","v":0},{"$f":"J22-[2]Outputs!J20","v":0},{"$f":"K22-[2]Outputs!K20","v":0},{"$f":"L22-[2]Outputs!L20","v":0},{"$f":"M22-[2]Outputs!M20","v":0},{"$f":"N22-[2]Outputs!N20","v":{"$error":"#N/A"}},{"$f":"O22-[2]Outputs!O20","v":0},{"$f":"P22-[2]Outputs!P20","v":0},{"$f":"Q22-[2]Outputs!Q20","v":0},{"$f":"R22-[2]Outputs!R20","v":0},{"$f":"S22-[2]Outputs!S20","v":0}]
["MAR (applicable X factor), fourth year of reg period",{"$f":"MAR!G55","v":44848.414614201851},48220.471654534704,98888.692132415832,9990.9220310423498,40072.102746293567,26634.314097997169,13066.321488292211,26584.821158974519,5940.4689503707395,30594.578748698554,171328.49065794979,26665.662790668121,{"$error":"#N/A"},36082.935790159165,44848.414614201851,108695.7736058976,428768.32488536916,107161.78671011067,null,null,null,{"$f":"C23-[2]Outputs!C21","v":0},{"$f":"D23-[2]Outputs!D21","v":0},{"$f":"E23-[2]Outputs!E21","v":0},{"$f":"F23-[2]Outputs!F21","v":0},{"$f":"G23-[2]Outputs!G21","v":0},{"$f":"H23-[2]Outputs!H21","v":0},{"$f":"I23-[2]Outputs!I21","v":0},{"$f":"J23-[2]Outputs!J21","v":0},{"$f":"K23-[2]Outputs!K21","v":0},{"$f":"L23-[2]Outputs!L21","v":0},{"$f":"M23-[2]Outputs!M21","v":0},{"$f":"N23-[2]Outputs!N21","v":{"$error":"#N/A"}},{"$f":"O23-[2]Outputs!O21","v":0},{"$f":"P23-[2]Outputs!P21","v":0},{"$f":"Q23-[2]Outputs!Q21","v":0},{"$f":"R23-[2]Outputs!R21","v":0},{"$f":"S23-[2]Outputs!S21","v":0}]
["MAR (applicable X factor), fifth year of reg period",{"$f":"MAR!H55","v":45745.38290648588},49184.881087625385,109843.58144684482,10190.740471663195,40873.544801219439,27167.00037995711,13327.647918058054,27116.517582154003,6059.2783293781531,31206.470323672518,174755.06047110874,27198.976046481475,{"$error":"#N/A"},36804.594505962341,45745.38290648588,110869.68907801554,437343.69138307648,109305.02244431285,null,null,null,{"$f":"C24-[2]Outputs!C22","v":0},{"$f":"D24-[2]Outputs!D22","v":0},{"$f":"E24-[2]Outputs!E22","v":0},{"$f":"F24-[2]Outputs!F22","v":0},{"$f":"G24-[2]Outputs!G22","v":0},{"$f":"H24-[2]Outputs!H22","v":0},{"$f":"I24-[2]Outputs!I22","v":0},{"$f":"J24-[2]Outputs!J22","v":0},{"$f":"K24-[2]Outputs!K22","v":0},{"$f":"L24-[2]Outputs!L22","v":0},{"$f":"M24-[2]Outputs!M22","v":0},{"$f":"N24-[2]Outputs!N22","v":{"$error":"#N/A"}},{"$f":"O24-[2]Outputs!O22","v":0},{"$f":"P24-[2]Outputs!P22","v":0},{"$f":"Q24-[2]Outputs!Q22","v":0},{"$f":"R24-[2]Outputs!R22","v":0},{"$f":"S24-[2]Outputs!S22","v":0}]
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["BBAR before tax, third year of reg period",{"$f":"BBAR!H59","v":44071.659814773142},47412.55837085189,89457.191433608168,9793.8898323841895,39433.858525779375,26134.341687742188,12823.873705555317,26078.697247779692,5827.1252701128151,30082.097188545955,168237.83934933948,26158.101375627015,{"$error":"#N/A"},35458.499053300009,44071.659814773142,106684.19138127562,421172.62508829666,105175.30259814192,null,null,null,{"$f":"C27-[2]Outputs!C25","v":0},{"$f":"D27-[2]Outputs!D25","v":0},{"$f":"E27-[2]Outputs!E25","v":0},{"$f":"F27-[2]Outputs!F25","v":0},{"$f":"G27-[2]Outputs!G25","v":0},{"$f":"H27-[2]Outputs!H25","v":0},{"$f":"I27-[2]Outputs!I25","v":0},{"$f":"J27-[2]Outputs!J25","v":0},{"$f":"K27-[2]Outputs!K25","v":0},{"$f":"L27-[2]Outputs!L25","v":0},{"$f":"M27-[2]Outputs!M25","v":0},{"$f":"N27-[2]Outputs!N25","v":{"$error":"#N/A"}},{"$f":"O27-[2]Outputs!O25","v":0},{"$f":"P27-[2]Outputs!P25","v":0},{"$f":"Q27-[2]Outputs!Q25","v":0},{"$f":"R27-[2]Outputs!R25","v":0},{"$f":"S27-[2]Outputs!S25","v":0}]
["BBAR before tax, fourth year of reg period",{"$f":"BBAR!I59","v":45719.756494741807},48904.224572483836,92909.924131814827,10057.794443939292,40969.102831348493,26975.609223231677,13236.515877653395,26801.976055772535,6018.0970937012989,30818.25531385103,174841.38820844254,27366.030124978275,{"$error":"#N/A"},36565.312168717006,45719.756494741807,110843.80441166132,439140.84367975325,108761.50065432423,null,null,null,{"$f":"C28-[2]Outputs!C26","v":0},{"$f":"D28-[2]Outputs!D26","v":0},{"$f":"E28-[2]Outputs!E26","v":0},{"$f":"F28-[2]Outputs!F26","v":0},{"$f":"G28-[2]Outputs!G26","v":0},{"$f":"H28-[2]Outputs!H26","v":0},{"$f":"I28-[2]Outputs!I26","v":0},{"$f":"J28-[2]Outputs!J26","v":0},{"$f":"K28-[2]Outputs!K26","v":0},{"$f":"L28-[2]Outputs!L26","v":0},{"$f":"M28-[2]Outputs!M26","v":0},{"$f":"N28-[2]Outputs!N26","v":{"$error":"#N/A"}},{"$f":"O28-[2]Outputs!O26","v":0},{"$f":"P28-[2]Outputs!P26","v":0},{"$f":"Q28-[2]Outputs!Q26","v":0},{"$f":"R28-[2]Outputs!R26","v":0},{"$f":"S28-[2]Outputs!S26","v":0}]
["BBAR before tax, fifth year of reg period",{"$f":"BBAR!J59","v":47285.815185035339},50173.565712733391,96091.477427791455,10307.083629942885,42367.614080205982,27785.274847213597,13612.053684088689,27472.695840126362,6191.1392198801213,31416.675702952332,181343.45161588883,28536.581297371511,{"$error":"#N/A"},37574.555242191687,47285.815185035339,114767.26830430783,455681.22769619693,112212.47050566599,null,null,null,{"$f":"C29-[2]Outputs!C27","v":0},{"$f":"D29-[2]Outputs!D27","v":0},{"$f":"E29-[2]Outputs!E27","v":0},{"$f":"F29-[2]Outputs!F27","v":0},{"$f":"G29-[2]Outputs!G27","v":0},{"$f":"H29-[2]Outputs!H27","v":0},{"$f":"I29-[2]Outputs!I27","v":0},{"$f":"J29-[2]Outputs!J27","v":0},{"$f":"K29-[2]Outputs!K27","v":0},{"$f":"L29-[2]Outputs!L27","v":0},{"$f":"M29-[2]Outputs!M27","v":0},{"$f":"N29-[2]Outputs!N27","v":{"$error":"#N/A"}},{"$f":"O29-[2]Outputs!O27","v":0},{"$f":"P29-[2]Outputs!P27","v":0},{"$f":"Q29-[2]Outputs!Q27","v":0},{"$f":"R29-[2]Outputs!R27","v":0},{"$f":"S29-[2]Outputs!S27","v":0}]
["Closing RAB, first year of reg period",{"$f":"RAB!F95","v":305007.2430817472},210242.77361234347,563446.29080374888,58616.600878049096,304205.35157509177,175604.45450859264,89399.165965896129,133118.25743695081,42982.408750557974,181162.30534720601,1177041.3276238411,221918.60848956113,{"$error":"#N/A"},214523.62236139504,305007.2430817472,654966.40486679866,3242790.7052659155,675256.84389506234,null,null,null,{"$f":"C30-[2]Outputs!C28","v":0},{"$f":"D30-[2]Outputs!D28","v":0},{"$f":"E30-[2]Outputs!E28","v":0},{"$f":"F30-[2]Outputs!F28","v":0},{"$f":"G30-[2]Outputs!G28","v":0},{"$f":"H30-[2]Outputs!H28","v":0},{"$f":"I30-[2]Outputs!I28","v":0},{"$f":"J30-[2]Outputs!J28","v":0},{"$f":"K30-[2]Outputs!K28","v":0},{"$f":"L30-[2]Outputs!L28","v":0},{"$f":"M30-[2]Outputs!M28","v":0},{"$f":"N30-[2]Outputs!N28","v":{"$error":"#N/A"}},{"$f":"O30-[2]Outputs!O28","v":0},{"$f":"P30-[2]Outputs!P28","v":0},{"$f":"Q30-[2]Outputs!Q28","v":0},{"$f":"R30-[2]Outputs!R28","v":0},{"$f":"S30-[2]Outputs!S28","v":0}]
["Closing RAB, second year of reg period",{"$f":"RAB!G95","v":315978.955433094},212726.19607265212,582641.49273974425,59357.801202328716,316134.41241931182,179507.21132459081,91265.214285023772,134645.27335652505,43733.759167752265,182423.93815870892,1213591.0676117395,232410.3509740498,{"$error":"#N/A"},219571.43146523339,315978.955433094,677351.69890141138,3353145.5576923024,684437.55341662758,null,null,null,{"$f":"C31-[2]Outputs!C29","v":0},{"$f":"D31-[2]Outputs!D29","v":0},{"$f":"E31-[2]Outputs!E29","v":0},{"$f":"F31-[2]Outputs!F29","v":0},{"$f":"G31-[2]Outputs!G29","v":0},{"$f":"H31-[2]Outputs!H29","v":0},{"$f":"I31-[2]Outputs!I29","v":0},{"$f":"J31-[2]Outputs!J29","v":0},{"$f":"K31-[2]Outputs!K29","v":0},{"$f":"L31-[2]Outputs!L29","v":0},{"$f":"M31-[2]Outputs!M29","v":0},{"$f":"N31-[2]Outputs!N29","v":{"$error":"#N/A"}},{"$f":"O31-[2]Outputs!O29","v":0},{"$f":"P31-[2]Outputs!P29","v":0},{"$f":"Q31-[2]Outputs!Q29","v":0},{"$f":"R31-[2]Outputs!R29","v":0},{"$f":"S31-[2]Outputs!S29","v":0}]
["Closing RAB, third year of reg period",{"$f":"RAB!H95","v":326098.62861960748},211780.85137443698,600209.19443829008,59998.493347501753,326506.57884829736,182682.69589246029,93339.284490535443,136333.10469842172,44449.284790843434,182983.54100814412,1252729.5479645606,243260.53568287386,{"$error":"#N/A"},223790.07013452254,326098.62861960748,697659.55363501876,3470944.2165618516,693984.84165287367,null,null,null,{"$f":"C32-[2]Outputs!C30","v":0},{"$f":"D32-[2]Outputs!D30","v":0},{"$f":"E32-[2]Outputs!E30","v":0},{"$f":"F32-[2]Outputs!F30","v":0},{"$f":"G32-[2]Outputs!G30","v":0},{"$f":"H32-[2]Outputs!H30","v":0},{"$f":"I32-[2]Outputs!I30","v":0},{"$f":"J32-[2]Outputs!J30","v":0},{"$f":"K32-[2]Outputs!K30","v":0},{"$f":"L32-[2]Outputs!L30","v":0},{"$f":"M32-[2]Outputs!M30","v":0},{"$f":"N32-[2]Outputs!N30","v":{"$error":"#N/A"}},{"$f":"O32-[2]Outputs!O30","v":0},{"$f":"P32-[2]Outputs!P30","v":0},{"$f":"Q32-[2]Outputs!Q30","v":0},{"$f":"R32-[2]Outputs!R30","v":0},{"$f":"S32-[2]Outputs!S30","v":0}]
["Closing RAB, fourth year of reg period",{"$f":"RAB!I95","v":335966.87777507177},210642.14423148416,614884.92131410853,61032.581190174431,334088.91659700341,186487.27253865747,95208.97757571227,138438.23217368504,45283.121571566538,181039.31388073348,1286496.575179741,254712.84931265062,{"$error":"#N/A"},227283.2721964409,335966.87777507177,722396.0456335448,3577850.4847418973,703591.78478934988,null,null,null,{"$f":"C33-[2]Outputs!C31","v":0},{"$f":"D33-[2]Outputs!D31","v":0},{"$f":"E33-[2]Outputs!E31","v":0},{"$f":"F33-[2]Outputs!F31","v":0},{"$f":"G33-[2]Outputs!G31","v":0},{"$f":"H33-[2]Outputs!H31","v":0},{"$f":"I33-[2]Outputs!I31","v":0},{"$f":"J33-[2]Outputs!J31","v":0},{"$f":"K33-[2]Outputs!K31","v":0},{"$f":"L33-[2]Outputs!L31","v":0},{"$f":"M33-[2]Outputs!M31","v":0},{"$f":"N33-[2]Outputs!N31","v":{"$error":"#N/A"}},{"$f":"O33-[2]Outputs!O31","v":0},{"$f":"P33-[2]Outputs!P31","v":0},{"$f":"Q33-[2]Outputs!Q31","v":0},{"$f":"R33-[2]Outputs!R31","v":0},{"$f":"S33-[2]Outputs!S31","v":0}]
["Closing RAB, fifth year of reg period",{"$f":"RAB!J95","v":346340.00900170126},206019.30729299877,629562.35640179762,62011.759922168378,341563.09835528152,190773.32516528381,96975.798981147469,140818.63147838827,45867.798131308242,179101.92362138859,1330145.2194147697,265410.68662261171,{"$error":"#N/A"},230837.20022203616,346340.00900170126,744488.18913209008,3668968.328598531,714561.80014263908,null,null,null,{"$f":"C34-[2]Outputs!C32","v":0},{"$f":"D34-[2]Outputs!D32","v":0},{"$f":"E34-[2]Outputs!E32","v":0},{"$f":"F34-[2]Outputs!F32","v":0},{"$f":"G34-[2]Outputs!G32","v":0},{"$f":"H34-[2]Outputs!H32","v":0},{"$f":"I34-[2]Outputs!I32","v":0},{"$f":"J34-[2]Outputs!J32","v":0},{"$f":"K34-[2]Outputs!K32","v":0},{"$f":"L34-[2]Outputs!L32","v":0},{"$f":"M34-[2]Outputs!M32","v":0},{"$f":"N34-[2]Outputs!N32","v":{"$error":"#N/A"}},{"$f":"O34-[2]Outputs!O32","v":0},{"$f":"P34-[2]Outputs!P32","v":0},{"$f":"Q34-[2]Outputs!Q32","v":0},{"$f":"R34-[2]Outputs!R32","v":0},{"$f":"S34-[2]Outputs!S32","v":0}]
[]
[]
[]
[]
[null,null,"The data panel below is a copy of the outputs from the 2015 DPP reset model",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Reconcilation of the this waterfall model with the 2015 financial model outputs is achieved when the tan coloured panel below indicates zero values. The #DIV0! results are from the #DIC0! values in the 2015 DPP reset model outputs. \nThis reconciliation requires the \"mode\" setting at cell D5 on the Waterfall sheet to be set to 0."]
["PV at 1 Apr 2015 of BBAR",null,163099.01979973039,247691.73715834701,48814.568791585567,144179.69334145921,103952.68720741873,58957.105344924275,95547.211147822818,29921.807884993159,122903.68473611525,665741.90321204218,108078.05206216642,1087074.2974655542,148967.86633184238,168714.38659184406,436524.63136031316,1749930.1194804532,432008.25781022909,null,null,0,{"$f":"C11-C40","v":44561.378407331358},{"$f":"D11-D40","v":144222.74806470764},{"$f":"E11-E40","v":-5788.8833050179164},{"$f":"F11-F40","v":28389.933785094705},{"$f":"G11-G40","v":10747.399328170359},{"$f":"H11-H40","v":-2687.2798898868277},{"$f":"I11-I40","v":18939.735136888718},{"$f":"J11-J40","v":-4339.3093020564447},{"$f":"K11-K40","v":8851.1942175538279},{"$f":"L11-L40","v":72080.465037209564},{"$f":"M11-M40","v":6757.0369273588003},{"$f":"N11-N40","v":{"$error":"#N/A"}},{"$f":"O11-O40","v":6422.5012354073115},{"$f":"P11-P40","v":24424.322304727626},{"$f":"Q11-Q40","v":31571.32158133859},{"$f":"R11-R40","v":96551.219859523},{"$f":"S11-S40","v":29481.614379958773}]
["Starting price for industry-wide X factor",null,37559.922903207196,56511.666026359613,11394.057712433627,33046.583323684572,24062.427425579182,13565.260381139384,22026.850628408567,6824.4074148528416,28091.763360324669,{"$error":"#DIV/0!"},24779.535094930379,250424.43962031842,34705.263224095725,39089.389485817817,100101.51513214251,395244.80611356499,98788.230294792622,null,null,0,{"$f":"C12-C41","v":7801.4574156286399},{"$f":"D12-D41","v":29098.215155401471},-1995.5180790427075,4649.5617051902736,992.68319188329042,-1273.66807476547,2981.7015885847504,-1236.1611351285828,688.7996390788503,{"$error":"#DIV/0!"},305.06548648211538,{"$error":"#N/A"},-761.75920522494562,3099.8700176264974,2149.4616088434268,8100.9594180822605,2019.712801014146]
["Starting price for applicable X factor",null,30458.392210827311,56511.666026359613,9983.3114857180717,33046.583323684572,22731.958455348748,13565.260381139384,22026.850628408567,6824.4074148528416,28091.763360324669,{"$error":"#DIV/0!"},24779.535094930379,250424.43962031842,34705.263224095725,34231.368482363374,100101.51513214251,395244.80611356499,98788.230294792622,null,null,0,14902.988108008525,15519.06149599074,-584.77185232715237,4649.5617051902736,2323.1521621137254,-1273.66807476547,2981.7015885847504,-1236.1611351285828,688.7996390788503,{"$error":"#DIV/0!"},305.06548648211538,{"$error":"#N/A"},-761.75920522494562,7957.8910210809408,2149.4616088434268,8100.9594180822605,2019.712801014146]
["PV at 1 Apr 2015 of MAR (applicable X)",null,163662.23930899403,247691.73715834701,48814.568791585567,144179.69334145921,103952.68720741873,58957.105344924275,95547.211147822818,29921.807884993159,122903.68473611525,665741.90321204218,108140.0049656567,1087074.2974655542,149068.98089956079,168714.38659184406,436524.63136031316,1749930.1194804532,432008.25781022909,null,null,0,43998.158898067719,144222.74806470764,-5788.8833050179164,28389.933785094705,10747.399328170359,-2687.2798898868277,18939.735136888718,-4339.3093020564447,8851.1942175538279,72080.465037209564,6695.0840238685196,{"$error":"#N/A"},6321.3866676889011,24424.322304727626,31571.32158133859,96551.219859523,29481.614379958773]
["MAR (industry-wide X factor) 2016",null,37559.922903207196,56511.666026359613,11394.057712433627,33046.583323684572,24062.427425579182,13565.260381139384,22026.850628408567,6824.4074148528416,28091.763360324669,{"$error":"#DIV/0!"},24779.535094930379,250424.43962031842,34705.263224095725,39089.389485817817,100101.51513214251,395244.80611356499,98788.230294792622,null,null,0,7801.4574156286399,29098.215155401471,-1995.5180790427075,4649.5617051902736,992.68319188329042,-1273.66807476547,2981.7015885847504,-1236.1611351285828,688.7996390788503,{"$error":"#DIV/0!"},305.06548648211538,{"$error":"#N/A"},-761.75920522494562,3099.8700176264974,2149.4616088434268,8100.9594180822605,2019.712801014146]
["MAR (industry-wide X factor) 2017",null,38224.144725028462,57688.370384905742,11492.410690842911,33653.513179031914,24377.5422811059,13786.521997131509,22363.286741173546,6967.7628548857538,28649.47281965665,{"$error":"#DIV/0!"},25238.161975490646,254347.0940565879,35052.740472234102,39581.896028374467,101914.16485339947,405605.55419420509,100725.28364349263,null,null,0,8078.462642859995,29697.875080042613,-1898.8558338771618,4824.8089153731562,1197.4499551345834,-1239.8850013462761,3164.1810299504032,-1263.563124929733,728.27316208996126,{"$error":"#DIV/0!"},366.93212741423849,{"$error":"#N/A"},-404.92490248838294,3482.7705271707964,2458.4709822658042,6109.4439747828292,2174.3762857573893]
["MAR (industry-wide X factor) 2018",null,39002.161884213601,59044.06506111534,11622.021627657559,34361.496579163148,24761.572362967716,14048.149524827013,22764.424588011443,7132.7925875395667,29294.904576134886,{"$error":"#DIV/0!"},25772.711468329057,259008.88892288611,35496.573407772281,40185.753792427226,104031.83719188788,417329.83579718461,102969.73897518759,null,null,0,8257.3660359445494,30148.162810108624,-1830.1999703145175,4912.0441718596267,1341.969712821734,-1242.2153644622194,3290.6108503824034,-1310.7060631644545,689.98148923448753,{"$error":"#DIV/0!"},361.55457936919993,{"$error":"#N/A"},-132.70298291847575,3768.9158719326369,2497.8331177144719,2893.9390006290632,2056.5139259336138]
["MAR (industry-wide X factor) 2019",null,39926.529075265731,60629.809308696036,11791.639523402309,35199.436138821722,25234.13909223977,14361.68831171807,23248.75469133673,7325.6776188166059,30053.116402498174,{"$error":"#DIV/0!"},26404.896725793849,264621.1366882709,36063.913959716156,40932.62695875475,106541.78271191986,430801.24378456757,105609.42974842482,null,null,0,8293.9425792689726,30375.99386257615,-1800.7174923599596,4872.6666074718451,1400.175005757399,-1295.3668234258585,3336.0664676377892,-1385.2086684458664,541.46234620038013,{"$error":"#DIV/0!"},260.76606487427125,{"$error":"#N/A"},19.021830443009094,3915.7876554471004,2153.9908939777379,-2032.918899198412,1552.356961685844]
["MAR (industry-wide X factor) 2020",null,40891.181752369106,62286.134907628671,11969.112155364646,36074.022338600764,25727.287147388062,14688.826486014068,23754.064999365262,7527.1615590129404,30844.814791843513,{"$error":"#DIV/0!"},27064.752646335051,270476.55106716917,36656.796854973756,41712.127712777568,109161.34501628866,444907.46232390951,108365.49296154729,null,null,0,8293.6993352562786,30539.784327068948,-1778.3716837014508,4799.5224626186755,1439.7132325690472,-1361.1785679560144,3362.452582788741,-1467.8832296347873,361.65553182900476,{"$error":"#DIV/0!"},134.22340014642396,{"$error":"#N/A"},147.79765098858479,4033.2551937083117,1708.3440617268789,-7563.7709408330265,939.52948276555981]
["MAR (applicable X factor) 2016",null,30458.392210827311,56511.666026359613,9983.3114857180717,33046.583323684572,22731.958455348748,13565.260381139384,22026.850628408567,6824.4074148528416,28091.763360324669,{"$error":"#DIV/0!"},24779.535094930379,250424.43962031842,34705.263224095725,34231.368482363374,100101.51513214251,395244.80611356499,98788.230294792622,null,null,0,14902.988108008525,15519.06149599074,-584.77185232715237,4649.5617051902736,2323.1521621137254,-1273.66807476547,2981.7015885847504,-1236.1611351285828,688.7996390788503,{"$error":"#DIV/0!"},305.06548648211538,{"$error":"#N/A"},-761.75920522494562,7957.8910210809408,2149.4616088434268,8100.9594180822605,2019.712801014146]
["MAR (applicable X factor) 2017",null,34406.701376999139,57688.370384905742,10774.351055806099,33653.513179031914,23720.539355151806,13786.521997131509,22363.286741173546,6967.7628548857538,28649.47281965665,{"$error":"#DIV/0!"},25238.161975490646,254347.0940565879,35052.740472234102,37089.053065828441,101914.16485339947,405605.55419420509,100725.28364349263,null,null,0,11895.905990889318,22380.714889993913,-1180.7961988403495,4824.8089153731562,1854.4528810886768,-1239.8850013462761,3164.1810299504032,-1263.563124929733,728.27316208996126,{"$error":"#DIV/0!"},366.93212741423849,{"$error":"#N/A"},-404.92490248838294,5975.6134897168231,2458.4709822658042,6109.4439747828292,2174.3762857573893]
["MAR (applicable X factor) 2018",null,38968.789983233124,59044.06506111534,11658.574207666534,34361.496579163148,24817.04596414739,14048.149524827013,22764.424588011443,7132.7925875395667,29294.904576134886,{"$error":"#DIV/0!"},25772.711468329057,259008.88892288611,35496.573407772281,40290.721864290128,104031.83719188788,417329.83579718461,102969.73897518759,null,null,0,8290.7379369250266,29953.203636447288,-1866.752550323492,4912.0441718596267,1286.49611164206,-1242.2153644622194,3290.6108503824034,-1310.7060631644545,689.98148923448753,{"$error":"#DIV/0!"},361.55457936919993,{"$error":"#N/A"},-132.70298291847575,3663.9478000697345,2497.8331177144719,2893.9390006290632,2056.5139259336138]
["MAR (applicable X factor) 2019",null,44280.526533704651,60629.809308696036,12656.736360956325,35199.436138821722,26049.39153112932,14361.68831171807,23248.75469133673,7325.6776188166059,30053.116402498174,{"$error":"#DIV/0!"},26404.896725793849,264621.1366882709,36063.913959716156,43912.314131093008,106541.78271191986,430801.24378456757,105609.42974842482,null,null,0,3939.9451208300525,38258.882823719796,-2665.8143299139756,4872.6666074718451,584.92256686784822,-1295.3668234258585,3336.0664676377892,-1385.2086684458664,541.46234620038013,{"$error":"#DIV/0!"},260.76606487427125,{"$error":"#N/A"},19.021830443009094,936.10048310884304,2153.9908939777379,-2032.918899198412,1552.356961685844]
["MAR (applicable X factor) 2020",null,50338.916043399608,62286.134907628671,13746.535373238741,36074.022338600764,27355.226135948051,14688.826486014068,23754.064999365262,7527.1615590129404,30844.814791843513,{"$error":"#DIV/0!"},27064.752646335051,270476.55106716917,36656.796854973756,47880.95767805483,109161.34501628866,444907.46232390951,108365.49296154729,null,null,0,-1154.0349557742229,47557.446539216151,-3555.7949015755457,4799.5224626186755,-188.22575599094125,-1361.1785679560144,3362.452582788741,-1467.8832296347873,361.65553182900476,{"$error":"#DIV/0!"},134.22340014642396,{"$error":"#N/A"},147.79765098858479,-2135.5747715689504,1708.3440617268789,-7563.7709408330265,939.52948276555981]
["BBAR before tax 2016",null,37686.550069765341,56742.259114303903,11258.664868165306,32304.510823457134,23603.74910175784,13673.258462613276,22108.114570622631,7005.9149678893536,28328.590771337815,153568.79273364719,24616.803466959806,247958.64531511063,34381.368420804414,37798.669993281736,99427.235430908826,399748.39609954564,99633.73931781303,null,null,0,6576.328452596812,25785.009039593046,-1959.8627927245179,3918.9135121938343,892.38011656134404,-1645.4738775427577,2559.2092158557389,-1533.8876040883797,141.44376744730107,1842.4416363843193,-661.40432910832897,{"$error":"#N/A"},-1213.8668596562566,2910.8585285859008,-666.79969366220757,-12763.873982318677,-1482.7434776005102]
["BBAR before tax 2017",null,37813.712624452557,57115.841802677089,11288.881927584969,32754.802486122971,23961.81198262229,13713.908034515596,22146.433067608083,6915.4358776656127,28270.92204505048,154192.16594411759,24740.607786800159,248570.76542862557,34496.504481849006,38463.073389860547,100416.83295692143,400165.23952369392,99360.968771761502,null,null,0,8028.6368533006389,28725.835207580509,-1753.074790380615,5021.8501854001879,1330.6312125251025,-1305.7540412400831,3214.2417070579431,-1277.5694189362857,957.5246474332198,7219.9181527029432,244.0672732478306,{"$error":"#N/A"},-221.99347498707357,3931.8205516728558,2180.5150662971282,2680.8952762321569,2240.5044628869655]
["BBAR before tax 2018",null,38749.758741060505,58684.842023542275,11573.853354051354,34265.571287254847,24809.114785371039,13996.393321381956,22660.860436382118,7050.151230885841,29140.58857700614,157902.99632379817,25563.573903719855,256942.68137956757,35309.25561379813,40094.746248113646,103553.51178944969,413439.88240659086,102167.90024696264,null,null,0,8662.7996297913851,30772.349410065894,-1779.963521667165,5168.2872385245282,1325.2269023711488,-1172.519615826639,3417.8368113975739,-1223.0259607730259,941.50861153981532,10334.843025541311,594.52747190716036,{"$error":"#N/A"},149.24343950187904,3976.9135666594957,3130.6795918259304,7732.7426817058004,3007.4023511792766]
["BBAR before tax 2019",null,39850.440926978132,60876.869231791796,11948.136007724714,35993.63759784944,25622.214230920916,14352.636218909271,23327.284550046508,7272.173998055765,30182.376282887719,162463.89640868368,26677.556509243484,268179.94551691209,36396.491679557541,41949.98696255422,107589.73029252402,431595.91817673587,105956.66248290178,null,null,0,9053.783645505704,32033.054900023031,-1890.3415637854214,4975.4652334990533,1353.3949923107612,-1116.1203412558752,3474.6915057260267,-1254.076904354466,635.87903096331138,12377.491799758864,688.47361573479066,{"$error":"#N/A"},168.82048915946507,3769.7695321875872,3254.0741191372945,7544.9255030173808,2804.8381714224524]
["BBAR before tax 2020",null,40826.201917557744,62834.749659540408,12286.105830653101,37419.400660880776,26374.205496806921,14704.854038299145,23948.674605167362,7504.2956061124996,31037.138035168249,167702.93588214222,27755.153805156733,279405.05931098945,37489.052351974162,43808.023626866161,111321.85380615942,449279.94517736387,109478.66333892169,null,null,0,9347.3637951756464,33256.727768251047,-1979.0222007102166,4948.2134193252059,1411.0693504066767,-1092.8003542104561,3524.0212349590001,-1313.1563862323783,379.53766778408317,13640.515733746608,781.42749221477789,{"$error":"#N/A"},85.502890217525419,3477.7915581691777,3445.4144981484133,6401.2825188330607,2733.8071667443]
["Closing RAB 2016",null,161761.75558707252,360210.82781206421,57680.184328973031,240561.09919387216,148118.45057904301,77602.865928311367,120698.95266006037,41745.193197583234,168303.64960838197,999926.73588836985,159098.82265697233,1540185.4807398252,189870.41487546888,230926.95598254277,582770.45551127288,2798661.3757352983,589754.7243232535,null,null,0,48481.018025270954,203235.46299168468,936.41654907606426,63644.252381219616,27486.003929549624,11796.300037584762,12419.304776890436,1237.2155529747397,12858.655738824047,177114.59173547127,62819.785832588794,{"$error":"#N/A"},24653.207485926163,74080.287099204434,72195.94935552578,444129.32953061722,85502.119571808842]
["Closing RAB 2017",null,162740.60416873574,370855.97222500423,58950.668951442778,259045.8891029816,159200.60292390545,79273.842423917347,124604.39417018881,41854.81974560822,172156.02047890692,1028843.7753298637,164334.8061788482,1593316.7298255539,193296.20966023961,246807.88155542593,605394.4069026917,2897609.4786863313,599557.52439415548,null,null,0,49985.591903916385,211785.52051474003,407.13225088593754,57088.523316330218,20306.608400685363,11991.371861106425,10040.879186336242,1878.9394221440452,10267.917679801991,184747.29228187585,68075.544795201597,{"$error":"#N/A"},26275.22180499378,69171.073877668066,71957.29199871968,455536.07900597109,84880.029022472096]
["Closing RAB 2018",null,164763.80800515402,380144.76272829645,60361.942542265781,272906.75627378339,163773.22689711687,80444.333208275304,127931.93042805667,42397.420396133399,178040.46195406886,1050140.6591621079,170222.2795676683,1659480.0143430412,196490.79352384171,259753.06887525244,626297.9390597234,2998507.7017503213,614997.45721879753,null,null,0,47017.043369282968,220064.43170999363,-363.4491947640272,53599.822574513964,18909.468995343428,12894.951282260139,8401.1742703650525,2051.8643947100354,4943.0790540752641,202588.88880245271,73038.256115205557,{"$error":"#N/A"},27299.276610680827,66345.559744355036,71361.61457529536,472436.51481153024,78987.384434076142]
["Closing RAB 2019",null,163416.54263445694,390164.47097722389,61418.22492656875,285729.5758846642,166482.50792212435,80716.703600918438,130503.59578998687,42957.251385335243,180152.23925123629,1058710.2104129957,175879.41827895227,1721572.055545609,198752.44848585091,270707.4041251262,645840.00853482843,3099907.6042057006,625245.0653735766,null,null,0,47225.601597027213,224720.45033688465,-385.64373639431869,48359.34071233921,20004.764616533124,14492.273974793832,7934.6363836981764,2325.8701862312955,887.07462949719047,227786.36476674536,78833.431033698347,{"$error":"#N/A"},28530.82371058999,65259.473649945576,76556.037098716362,477942.88053619675,78346.719415773288]
["Closing RAB 2020",null,162399.20987818544,395302.49150614179,62125.314209789249,292824.11914907716,169322.40276336519,81765.774645084981,132968.13901281985,43783.180405491454,181225.8172061948,1091933.7788773049,180937.23193985768,1787415.8564027464,202156.73291118449,283238.48370706663,660906.31291640014,3191466.2615611451,633911.34686497971,null,null,0,43620.097414813325,234259.86489565583,-113.55428762087104,48738.979206204356,21450.922401918622,15210.024336062488,7850.4924655684154,2084.6177258167882,-2123.8935848062101,238211.4405374648,84473.454682754033,{"$error":"#N/A"},28680.467310851673,63101.52529463463,83581.876215689932,477502.06703738589,80650.45327765937]