AER - Final decision - AGN 2023–28 - PTRM - 2025–26 Return on debt update - March 2025

In line with our final decision on AGN's gas distribution network, we have updated AGN's return on debt for 2025–26. As a result of this update, the return on debt for 2025–26 is 4.6 per cent. This results in an X-factor for 2025–26 of 0.22 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.