AER - Amadeus Gas Pipeline access arrangement - Post-tax revenue model - 2025–26 return on debt update - March 2025

In line with our final decision on APTNT's gas transmission network, we have updated Amadeus Gas Pipeline's return on debt for 2025–26. As a result of this update, the return on debt for 2025–26 is 4.89 per cent. This results in an X-factor for 2025–26 of –3.02 per cent. Holding other things constant, a positive X-factor implies a real revenue decrease and a negative X-factor implies a real revenue increase. The revised PTRM shows the updated X-factor.