In line with our final decision on TransGrid's electricity transmission network, we have updated TransGrid's return on debt for 2019-20 under NER cl. 6A.6.2(l). As a result of this update, the return on debt for 2019-20 is 5.77 per cent. This results in an X-factor for 2019-20 of –0.97 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 post-tax revenue model (PTRM) shows the updated X-factor.