AER - AusNet 2023–28 - PTRM - 2026–27 return on debt update - August 2025

In line with our final decision on AusNet Services' gas distribution network, we have updated AusNet Services' return on debt for 2026–27. As a result of this update, the return on debt for 2026–27 is 4.72 per cent. This results in an X-factor for 2026–27 of –2.11 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.