AER - Transgrid 2023-28 - Final Decision - PTRM - Humelink S2 - 2025-26 Return on debt update - January 2025

In line with our final decision on Transgrid's electricity transmission network, we have updated Transgrid's return on debt for 2025–26. As a result of this update, the return on debt for 2025–26 is 4.63 per cent. This results in an X-factor for 2025–26 of –12.22 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.