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{"sheet":"Index","index":0,"n_rows":19,"n_cols":8,"rows_kept":19,"cut":false,"hidden":false,"merged":[[0,2,0,4],[1,2,1,4]]}
[null,null,"EDPR 2027-31 JEN - Rate of Return Model"]
[null,null,"Index",null,null,null,"Overall Check:",{"$f":"'Check|List'!$H$2","v":"OK"}]
[]
[]
[null,"Copyright Jemena Limited. All rights reserved. Jemena is not liable for any loss caused by reliance on this document."]
[]
[null,"Model Index"]
[]
[null,null,"Description of model"]
[]
[null,null,"Sheet Name","Sheet Description"]
[null,null,"Input|Rate of return","Inputs the forecast inflation and bond yield data"]
[null,null,"Input|Indicators","Controls timing and flags in the model"]
[null,null,"Calc|Rate of return","Calculates the rate of return and inflation estimates"]
[null,null,"Output|Rate of return","Outputs the rate of return and inflation estimates"]
[null,null,"Lookup|Tables","Includes the lookup tables used within the model"]
[null,null,"Check|List","Shows checks on the calculations within the model"]
[]
[null,"End"]

{"sheet":"Input|Rate of return","index":1,"n_rows":119,"n_cols":28,"rows_kept":119,"cut":false,"hidden":false,"merged":[[0,2,0,4],[1,2,1,4],[2,12,2,16],[2,18,2,22],[2,23,2,27]]}
[null,null,{"$f":"Index!$C$1","v":"EDPR 2027-31 JEN - Rate of Return Model"},null,null,null,"Section Check",{"$f":"IF(COUNTA($A$8:$A$119)=COUNTIF($A$8:$A$119,\"OK\"),\"OK\",\"Check\")","v":"OK"},null,"Back to Index",null,"Key:","Input","Internal links","External links","Drop-down","Calculation","Unique","Empty"]
[null,null,{"$f":"Index!$C$12","v":"Input|Rate of return"},null,null,null,"Overall Check: ",{"$f":"+Overall_Check","v":"OK"}]
[null,null,null,null,null,null,null,null,null,null,null,"Prior","Previous Regulatory Period",null,null,null,null,"Intermediate Period","Current Regulatory Period",null,null,null,null,"Next Regulatory Period"]
[null,null,null,"Source","Unit","Basis","Timing",null,null,null,null,{"$f":"+'Input|Indicators'!L$16","v":2015},{"$f":"+'Input|Indicators'!M$16","v":2016},{"$f":"+'Input|Indicators'!N$16","v":2017},{"$f":"+'Input|Indicators'!O$16","v":2018},{"$f":"+'Input|Indicators'!P$16","v":2019},{"$f":"+'Input|Indicators'!Q$16","v":2020},{"$f":"+'Input|Indicators'!R$16","v":2021},{"$f":"+'Input|Indicators'!S$16","v":2022},{"$f":"+'Input|Indicators'!T$16","v":2023},{"$f":"+'Input|Indicators'!U$16","v":2024},{"$f":"+'Input|Indicators'!V$16","v":2025},{"$f":"+'Input|Indicators'!W$16","v":2026},{"$f":"+'Input|Indicators'!X$16","v":2027},{"$f":"+'Input|Indicators'!Y$16","v":2028},{"$f":"+'Input|Indicators'!Z$16","v":2029},{"$f":"+'Input|Indicators'!AA$16","v":2030},{"$f":"+'Input|Indicators'!AB$16","v":2031}]
[]
[null,"Copyright Jemena Limited. All rights reserved. Jemena is not liable for any loss caused by reliance on this document."]
[]
[null,"Input | Inflation"]
[]
[null,null,"Opex Inflation (unlagged)","Source","Unit","Basis",{"$f":"+G$4","v":"Timing"},null,null,null,null,{"$f":"+'Input|Indicators'!L$18","v":"CY15"},{"$f":"+'Input|Indicators'!M$18","v":"CY16"},{"$f":"+'Input|Indicators'!N$18","v":"CY17"},{"$f":"+'Input|Indicators'!O$18","v":"CY18"},{"$f":"+'Input|Indicators'!P$18","v":"CY19"},{"$f":"+'Input|Indicators'!Q$18","v":"CY20"},{"$f":"+'Input|Indicators'!R$18","v":"HY21"},{"$f":"+'Input|Indicators'!S$18","v":"FY22"},{"$f":"+'Input|Indicators'!T$18","v":"FY23"},{"$f":"+'Input|Indicators'!U$18","v":"FY24"},{"$f":"+'Input|Indicators'!V$18","v":"FY25"},{"$f":"+'Input|Indicators'!W$18","v":"FY26"},{"$f":"+'Input|Indicators'!X$18","v":"FY27"},{"$f":"+'Input|Indicators'!Y$18","v":"FY28"},{"$f":"+'Input|Indicators'!Z$18","v":"FY29"},{"$f":"+'Input|Indicators'!AA$18","v":"FY30"},{"$f":"+'Input|Indicators'!AB$18","v":"FY31"}]
[]
[null,null,"Actual inflation","ABS",{"$f":"percent","v":"Per cent"},"n/a",{"$f":"+Not_Applicable","v":"n/a"},null,null,null,null,1.6885553470919357E-2,1.4760147601476037E-2,1.9090909090909047E-2,1.7841213202497874E-2,1.8404907975460238E-2,8.6058519793459354E-3,1.3651877133105783E-2,6.1447811447811418E-2,6.0269627279936566E-2,3.8145100972326373E-2]
[null,null,"Forecast inflation","RBA",{"$f":"percent","v":"Per cent"},"n/a",{"$f":"+Not_Applicable","v":"n/a"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,2.5000000000000001E-2,3.1E-2]
[]
[{"$f":"IF(SUM(L15:AB15)=0,\"Ok\",\"Check\")","v":"Ok"},null,"Check: Only one active input per period",null,null,null,null,null,null,null,null,{"$f":"+IF(OR(COUNTBLANK(L12:L13)=2,COUNTBLANK(L12:L13)=1),0,1)","v":0},0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Capex Inflation (18 month lag)","Source","Unit","Basis",{"$f":"+G$4","v":"Timing"},null,null,null,null,{"$f":"+'Input|Indicators'!L$18","v":"CY15"},{"$f":"+'Input|Indicators'!M$18","v":"CY16"},{"$f":"+'Input|Indicators'!N$18","v":"CY17"},{"$f":"+'Input|Indicators'!O$18","v":"CY18"},{"$f":"+'Input|Indicators'!P$18","v":"CY19"},{"$f":"+'Input|Indicators'!Q$18","v":"CY20"},{"$f":"+'Input|Indicators'!R$18","v":"HY21"},{"$f":"+'Input|Indicators'!S$18","v":"FY22"},{"$f":"+'Input|Indicators'!T$18","v":"FY23"},{"$f":"+'Input|Indicators'!U$18","v":"FY24"},{"$f":"+'Input|Indicators'!V$18","v":"FY25"},{"$f":"+'Input|Indicators'!W$18","v":"FY26"},{"$f":"+'Input|Indicators'!X$18","v":"FY27"},{"$f":"+'Input|Indicators'!Y$18","v":"FY28"},{"$f":"+'Input|Indicators'!Z$18","v":"FY29"},{"$f":"+'Input|Indicators'!AA$18","v":"FY30"},{"$f":"+'Input|Indicators'!AB$18","v":"FY31"}]
[]
[null,null,"Actual inflation","ABS",{"$f":"percent","v":"Per cent"},"n/a",{"$f":"+Not_Applicable","v":"n/a"},null,null,null,null,2.3076923076923217E-2,1.5108593012275628E-2,1.0232558139534831E-2,1.9337016574585641E-2,2.0776874435411097E-2,1.5929203539823078E-2,1.2195121951219523E-2,8.6058519793459354E-3,3.4982935153583528E-2,7.8318219291014124E-2,4.0519877675840865E-2]
[null,null,"Forecast inflation (year to Dec)","RBA",{"$f":"percent","v":"Per cent"},"n/a",{"$f":"+Not_Applicable","v":"n/a"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2.5999999999999999E-2,3.6999999999999998E-2]
[]
[{"$f":"IF(SUM(L22:AB22)=0,\"Ok\",\"Check\")","v":"Ok"},null,"Check: Only one active input per period",null,null,null,null,null,null,null,null,{"$f":"+IF(OR(COUNTBLANK(L19:L20)=2,COUNTBLANK(L19:L20)=1),0,1)","v":0},0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"PTRM Forecast Inflation (unlagged)","Source","Unit","Basis",{"$f":"+G$4","v":"Timing"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'Input|Indicators'!X$18","v":"FY27"},{"$f":"+'Input|Indicators'!Y$18","v":"FY28"},{"$f":"+'Input|Indicators'!Z$18","v":"FY29"},{"$f":"+'Input|Indicators'!AA$18","v":"FY30"},{"$f":"+'Input|Indicators'!AB$18","v":"FY31"}]
[]
[null,null,"Forecast inflation","RBA",{"$f":"percent","v":"Per cent"},"n/a",{"$f":"+Not_Applicable","v":"n/a"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2]
[]
[null,null,"Source (actuals): ABS, all groups CPI inflation series A2325846C, weighted average for the eight capital cities. "]
[null,null,"Source (forecasts): RBA, Statement on Monetary Policy, Economic Outlook, Nov 2024"]
[]
[null,"Input | Government bond yields"]
[]
[null,null,"Bond details","Source","Unit","Basis",null,null,null,"Value"]
[]
[{"$f":"IF(ISERROR(J35),\"Check\",\"Ok\")","v":"Ok"},null,"Maturity","AER","Years","n/a",null,null,null,10]
[]
[null,null,"Bond details","Source","Unit","Basis",null,null,null,"Bond 1",null,"Bond 2"]
[]
[null,null,"Issue ID","RBA","Name","n/a",null,null,null,"TB170",null,"TB168"]
[null,null,"Maturity","RBA","Date","n/a",null,null,null,"2034-06-21",null,"2034-12-21"]
[]
[null,null,"Yields by date"]
[]
[null,null,"30-Aug-2024","RBA","Per cent","Nominal",null,null,null,3.9609999999999999E-2,null,3.9890000000000002E-2]
[null,null,"02-Sep-2024","RBA","Per cent","Nominal",null,null,null,4.0050000000000002E-2,null,4.0340000000000001E-2]
[null,null,"03-Sep-2024","RBA","Per cent","Nominal",null,null,null,3.9949999999999999E-2,null,4.0239999999999998E-2]
[null,null,"04-Sep-2024","RBA","Per cent","Nominal",null,null,null,3.9449999999999999E-2,null,3.9740000000000004E-2]
[null,null,"05-Sep-2024","RBA","Per cent","Nominal",null,null,null,3.9199999999999999E-2,null,3.9489999999999997E-2]
[null,null,"06-Sep-2024","RBA","Per cent","Nominal",null,null,null,3.8740000000000004E-2,null,3.9030000000000002E-2]
[null,null,"09-Sep-2024","RBA","Per cent","Nominal",null,null,null,3.95E-2,null,3.9780000000000003E-2]
[null,null,"10-Sep-2024","RBA","Per cent","Nominal",null,null,null,3.9039999999999998E-2,null,3.9300000000000002E-2]
[null,null,"11-Sep-2024","RBA","Per cent","Nominal",null,null,null,3.8440000000000002E-2,null,3.8699999999999998E-2]
[null,null,"12-Sep-2024","RBA","Per cent","Nominal",null,null,null,3.85E-2,null,3.8740000000000004E-2]
[null,null,"13-Sep-2024","RBA","Per cent","Nominal",null,null,null,3.8130000000000004E-2,null,3.8370000000000001E-2]
[null,null,"16-Sep-2024","RBA","Per cent","Nominal",null,null,null,3.8089999999999999E-2,null,3.8339999999999999E-2]
[null,null,"17-Sep-2024","RBA","Per cent","Nominal",null,null,null,3.8280000000000002E-2,null,3.8539999999999998E-2]
[null,null,"18-Sep-2024","RBA","Per cent","Nominal",null,null,null,3.8589999999999999E-2,null,3.8830000000000003E-2]
[null,null,"19-Sep-2024","RBA","Per cent","Nominal",null,null,null,3.9260000000000003E-2,null,3.95E-2]
[null,null,"20-Sep-2024","RBA","Per cent","Nominal",null,null,null,3.916E-2,null,3.9399999999999998E-2]
[null,null,"23-Sep-2024","RBA","Per cent","Nominal",null,null,null,3.9559999999999998E-2,null,3.9780000000000003E-2]
[null,null,"24-Sep-2024","RBA","Per cent","Nominal",null,null,null,3.8859999999999999E-2,null,3.9100000000000003E-2]
[null,null,"25-Sep-2024","RBA","Per cent","Nominal",null,null,null,3.9050000000000001E-2,null,3.9300000000000002E-2]
[null,null,"26-Sep-2024","RBA","Per cent","Nominal",null,null,null,3.9390000000000001E-2,null,3.9629999999999999E-2]
[]
[null,"Input | Corporate bond yields"]
[]
[null,null,"Yields by date (annualised)",null,null,null,null,null,null,"Yields"]
[]
[null,null,"Cost of debt observations"]
[{"$f":"IF(OR(ISERROR(J70),ISNUMBER(J70)),\"Ok\",\"Check\")","v":"Ok"},null,{"$f":"+\"Jan-Dec \"&TRANSPOSE($M$4:$Q$4)","v":"Jan-Dec 2016"},"AER","Per cent","Nominal",null,null,null,5.6246043780232298E-2,"<- Enter \"=NA()\" if there is no data for the relevant year (e.g. because the averaging period has not yet occurred)"]
["Ok",null,"Jan-Dec 2017","AER","Per cent","Nominal",null,null,null,4.604423391238277E-2]
["Ok",null,"Jan-Dec 2018","AER","Per cent","Nominal",null,null,null,4.7445589785087339E-2]
["Ok",null,"Jan-Dec 2019","AER","Per cent","Nominal",null,null,null,4.6939926971692414E-2]
["Ok",null,"Jan-Dec 2020","AER","Per cent","Nominal",null,null,null,3.7359746063139909E-2]
["Ok",null,{"$f":"+\"Jan-Jun \"&$R$4","v":"Jan-Jun 2021"},"AER","Per cent","Nominal",null,null,null,2.4027105768312299E-2]
["Ok",null,{"$f":"+\"Jun \"&TRANSPOSE($R$4:$AA$4)&\"-Jun \"&TRANSPOSE($S$4:$AB$4)","v":"Jun 2021-Jun 2022"},"AER","Per cent","Nominal",null,null,null,2.0699704679296615E-2]
["Ok",null,"Jun 2022-Jun 2023","AER","Per cent","Nominal",null,null,null,3.51270047623145E-2]
["Ok",null,"Jun 2023-Jun 2024","AER","Per cent","Nominal",null,null,null,6.7042754855228204E-2]
["Ok",null,"Jun 2024-Jun 2025","AER","Per cent","Nominal",null,null,null,6.6029531433600006E-2]
[{"$f":"IF(OR(ISERROR(J80),ISNUMBER(J80)),\"Ok\",\"Check\")","v":"Ok"},null,"Jun 2025-Jun 2026","JEN","Per cent","Nominal",null,null,null,5.9629696329066603E-2]
["Ok",null,"Jun 2026-Jun 2027","Placeholder","Per cent","Nominal",null,null,null,{"$f":"+J80","v":5.9629696329066603E-2}]
["Ok",null,"Jun 2027-Jun 2028","Placeholder","Per cent","Nominal",null,null,null,{"$f":"+J81","v":5.9629696329066603E-2}]
["Ok",null,"Jun 2028-Jun 2029","Placeholder","Per cent","Nominal",null,null,null,{"$f":"+J82","v":5.9629696329066603E-2}]
["Ok",null,"Jun 2029-Jun 2030","Placeholder","Per cent","Nominal",null,null,null,{"$f":"+J83","v":5.9629696329066603E-2}]
["Ok",null,"Jun 2030-Jun 2031","Placeholder","Per cent","Nominal",null,null,null,{"$f":"+J84","v":5.9629696329066603E-2}]
[]
[null,null,"Weights used in cost of debt transition"]
[null,null,"New observations","AER","Per cent","Nominal",null,null,null,0.1,"<- This is the weight applied to each new observation"]
[null,null,"Observation for Intervening period (applied in the period)","AER","Per cent","n/a",null,null,null,0.1]
[null,null,"Observation for Intervening period (applied after the period)","AER","Per cent","n/a",null,null,null,0.05]
[null,null,"Initial observation","AER","Per cent","Nominal",null,null,null,1]
[]
[null,"Input | Cost of equity"]
[]
[null,null,"Parameters","Source","Unit","Basis",null,null,null,"Parameter"]
[]
[{"$f":"IF(ISERROR(J97),\"Check\",\"Ok\")","v":"Ok"},null,"Market risk premium","AER","Per cent",null,null,null,null,6.2E-2]
[{"$f":"IF(ISERROR(J98),\"Check\",\"Ok\")","v":"Ok"},null,"Equity beta","AER","Per cent",null,null,null,null,0.6]
[]
[]
[null,"Input | Other parameters"]
[]
[null,null,"Rate of return","Source","Unit","Basis",null,null,null,"Parameter"]
[]
[{"$f":"IF(ISERROR(J105),\"Check\",\"Ok\")","v":"Ok"},null,"Leverage ratio","AER","Per cent",null,null,null,null,0.6]
[{"$f":"IF(ISERROR(J106),\"Check\",\"Ok\")","v":"Ok"},null,"Gamma","AER","Per cent",null,null,null,null,0.56999999999999995]
[{"$f":"IF(ISERROR(J107),\"Check\",\"Ok\")","v":"Ok"},null,"Tax rate","ATO","Per cent",null,null,null,null,0.3]
[{"$f":"IF(ISERROR(J108),\"Check\",\"Ok\")","v":"Ok"},null,"Risk free rate","JEN","Per cent",null,null,null,null,{"$f":"Rfr","v":3.9544388602158122E-2}]
[]
[null,null,"Debt and equity raising costs"]
[]
[{"$f":"IF(ISERROR(J112),\"Check\",\"Ok\")","v":"Ok"},null,"Debt raising costs","CEG",{"$f":"percent","v":"Per cent"},null,null,null,null,8.8400000000000002E-4]
[{"$f":"IF(ISERROR(J113),\"Check\",\"Ok\")","v":"Ok"},null,"Dividend / imputation payout ratio","Ergon DD PTRM",{"$f":"percent","v":"Per cent"},null,null,null,null,0.878670689]
[{"$f":"IF(ISERROR(J114),\"Check\",\"Ok\")","v":"Ok"},null,"Benchmark SEO raising cost","AER",{"$f":"percent","v":"Per cent"},null,null,null,null,0.03]
[{"$f":"IF(ISERROR(J115),\"Check\",\"Ok\")","v":"Ok"},null,"Benchmark DRP cost","AER",{"$f":"percent","v":"Per cent"},null,null,null,null,0.01]
[{"$f":"IF(ISERROR(J116),\"Check\",\"Ok\")","v":"Ok"},null,"Benchmark DRP takeup","AER",{"$f":"percent","v":"Per cent"},null,null,null,null,0.3]
[]
[]
[null,"End"]

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[null,null,null,{"$f":"RIGHT(CELL(\"filename\",D1),LEN(CELL(\"filename\",D1))-FIND(\"]\",CELL(\"filename\",D1)))","v":"Input|Indicators"},null,null,"Overall Check: ",{"$f":"_xlfn.SINGLE(Overall_Check)","v":"OK"}]
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[]
[null,"Copyright Jemena Limited. All rights reserved. Jemena is not liable for any loss caused by reliance on this document."]
[]
[null,"Timing"]
[]
[null,null,null,"Assumption",{"$f":"+E$3","v":"Source"},{"$f":"+F$3","v":"Unit"},{"$f":"+G$3","v":"Basis"},{"$f":"+H$3","v":"Timing"},null,null,null,"Constant"]
[]
[null,null,null,"Base year (year ending)","Input",{"$f":"+Year","v":"year"},{"$f":"+Not_Applicable","v":"n/a"},{"$f":"+Not_Applicable","v":"n/a"},null,null,null,2015]
[]
[null,null,null,"Counters",{"$f":"+E$3","v":"Source"},{"$f":"+F$3","v":"Unit"},{"$f":"+G$3","v":"Basis"},{"$f":"+H$3","v":"Timing"},null,null,null,"Series"]
[]
[null,null,null,"Period counter","Input",{"$f":"+number","v":"number"},{"$f":"+Not_Applicable","v":"n/a"},"n/a",null,null,null,1,{"$f":"+L15+1","v":2},{"$f":"+M15+1","v":3},4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21]
[null,null,null,"Year","Calculation",{"$f":"+Year","v":"year"},"n/a","n/a",null,null,null,{"$f":"+$L$11","v":2015},{"$f":"+L16+1","v":2016},2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035]
[null,null,null,"Prefix","Input","text","n/a","n/a",null,null,null,"CY",{"$f":"+L17","v":"CY"},{"$f":"+M17","v":"CY"},{"$f":"+N17","v":"CY"},{"$f":"+O17","v":"CY"},{"$f":"+P17","v":"CY"},"HY","FY",{"$f":"+S17","v":"FY"},{"$f":"+T17","v":"FY"},"FY","FY","FY","FY","FY","FY","FY","FY","FY","FY","FY"]
[null,null,null,"Presentation year","Calculation",{"$f":"+Year","v":"year"},"n/a","n/a",null,null,null,{"$f":"+L$17&RIGHT(L$16,2)","v":"CY15"},{"$f":"+M$17&RIGHT(M$16,2)","v":"CY16"},"CY17","CY18","CY19","CY20","HY21","FY22","FY23","FY24","FY25","FY26","FY27","FY28","FY29","FY30","FY31","FY32","FY33","FY34","FY35"]
[]
[null,"End"]

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[null,null,{"$f":"Index!$C$1","v":"EDPR 2027-31 JEN - Rate of Return Model"},null,null,null,"Section Check:",{"$f":"IF(COUNTA($A$8:$A$101)=COUNTIF($A$8:$A$101,\"OK\"),\"OK\",\"Check\")","v":"OK"},null,"Back to Index",null,"Key:","Input","Internal links","External links","Drop-down","Calculation","Unique","Empty"]
[null,null,{"$f":"Index!$C$14","v":"Calc|Rate of return"},null,null,null,"Overall Check:",{"$f":"'Check|List'!$H$2","v":"OK"}]
[null,null,null,null,null,null,null,null,null,null,null,"Prior","Previous Regulatory Period",null,null,null,null,"Intermediate Period","Current Regulatory Period",null,null,null,null,"Next Regulatory Period"]
[null,null,null,"Source","Unit","Basis","Timing",null,null,null,null,{"$f":"+'Input|Indicators'!L$3","v":2015},{"$f":"+'Input|Indicators'!M$3","v":2016},{"$f":"+'Input|Indicators'!N$3","v":2017},{"$f":"+'Input|Indicators'!O$3","v":2018},{"$f":"+'Input|Indicators'!P$3","v":2019},{"$f":"+'Input|Indicators'!Q$3","v":2020},{"$f":"+'Input|Indicators'!R$3","v":2021},{"$f":"+'Input|Indicators'!S$3","v":2022},{"$f":"+'Input|Indicators'!T$3","v":2023},{"$f":"+'Input|Indicators'!U$3","v":2024},{"$f":"+'Input|Indicators'!V$3","v":2025},{"$f":"+'Input|Indicators'!W$3","v":2026},{"$f":"+'Input|Indicators'!X$3","v":2027},{"$f":"+'Input|Indicators'!Y$3","v":2028},{"$f":"+'Input|Indicators'!Z$3","v":2029},{"$f":"+'Input|Indicators'!AA$3","v":2030},{"$f":"+'Input|Indicators'!AB$3","v":2031}]
[]
[null,"Copyright Jemena Limited. All rights reserved. Jemena is not liable for any loss caused by reliance on this document."]
[]
[null,"Calc | Forecast inflation"]
[]
[null,null,"Inflation",{"$f":"+D$4","v":"Source"},{"$f":"+E$4","v":"Unit"},{"$f":"+F$4","v":"Basis"},{"$f":"+G$4","v":"Timing"},null,null,null,null,{"$f":"+'Input|Indicators'!L$18","v":"CY15"},{"$f":"+'Input|Indicators'!M$18","v":"CY16"},{"$f":"+'Input|Indicators'!N$18","v":"CY17"},{"$f":"+'Input|Indicators'!O$18","v":"CY18"},{"$f":"+'Input|Indicators'!P$18","v":"CY19"},{"$f":"+'Input|Indicators'!Q$18","v":"CY20"},{"$f":"+'Input|Indicators'!R$18","v":"HY21"},{"$f":"+'Input|Indicators'!S$18","v":"FY22"},{"$f":"+'Input|Indicators'!T$18","v":"FY23"},{"$f":"+'Input|Indicators'!U$18","v":"FY24"},{"$f":"+'Input|Indicators'!V$18","v":"FY25"},{"$f":"+'Input|Indicators'!W$18","v":"FY26"},{"$f":"+'Input|Indicators'!X$18","v":"FY27"},{"$f":"+'Input|Indicators'!Y$18","v":"FY28"},{"$f":"+'Input|Indicators'!Z$18","v":"FY29"},{"$f":"+'Input|Indicators'!AA$18","v":"FY30"},{"$f":"+'Input|Indicators'!AB$18","v":"FY31"}]
[]
[null,null,"Inflation (Capex and Pricing)","Inputs|Rate of return",{"$f":"+percent","v":"Per cent"},{"$f":"+Not_Applicable","v":"n/a"},"n/a",null,null,null,null,{"$f":"+'Input|Rate of return'!L$19","v":2.3076923076923217E-2},{"$f":"+'Input|Rate of return'!M$19","v":1.5108593012275628E-2},{"$f":"+'Input|Rate of return'!N$19","v":1.0232558139534831E-2},{"$f":"+'Input|Rate of return'!O$19","v":1.9337016574585641E-2},{"$f":"+'Input|Rate of return'!P$19","v":2.0776874435411097E-2},{"$f":"+'Input|Rate of return'!Q$19","v":1.5929203539823078E-2},{"$f":"+'Input|Rate of return'!R$19","v":1.2195121951219523E-2},{"$f":"+'Input|Rate of return'!S$19","v":8.6058519793459354E-3},{"$f":"+'Input|Rate of return'!T$19","v":3.4982935153583528E-2},{"$f":"+'Input|Rate of return'!U$19","v":7.8318219291014124E-2},{"$f":"+'Input|Rate of return'!V$19","v":4.0519877675840865E-2},{"$f":"+'Input|Rate of return'!W$20","v":2.5999999999999999E-2},{"$f":"+X14","v":2.4999999999999911E-2},{"$f":"+Y14","v":2.4999999999999911E-2},{"$f":"+Z14","v":2.4999999999999911E-2},{"$f":"+AA14","v":2.4999999999999911E-2},{"$f":"+AB14","v":2.4999999999999911E-2}]
[null,null,"Inflation (Opex)","Inputs|Rate of return",{"$f":"+percent","v":"Per cent"},"n/a","n/a",null,null,null,null,{"$f":"+'Input|Rate of return'!L$12","v":1.6885553470919357E-2},{"$f":"+'Input|Rate of return'!M$12","v":1.4760147601476037E-2},{"$f":"+'Input|Rate of return'!N$12","v":1.9090909090909047E-2},{"$f":"+'Input|Rate of return'!O$12","v":1.7841213202497874E-2},{"$f":"+'Input|Rate of return'!P$12","v":1.8404907975460238E-2},{"$f":"+'Input|Rate of return'!Q$12","v":8.6058519793459354E-3},{"$f":"+'Input|Rate of return'!R$12","v":1.3651877133105783E-2},{"$f":"+'Input|Rate of return'!S$12","v":6.1447811447811418E-2},{"$f":"+'Input|Rate of return'!T$12","v":6.0269627279936566E-2},{"$f":"+'Input|Rate of return'!U$12","v":3.8145100972326373E-2},{"$f":"+'Input|Rate of return'!V$13","v":2.5000000000000001E-2},{"$f":"+'Input|Rate of return'!W$13","v":3.1E-2},{"$f":"+X14","v":2.4999999999999911E-2},{"$f":"+Y14","v":2.4999999999999911E-2},{"$f":"+Z14","v":2.4999999999999911E-2},{"$f":"+AA14","v":2.4999999999999911E-2},{"$f":"+AB14","v":2.4999999999999911E-2}]
[null,null,"Expected inflation - Glide Path","Inputs|Rate of return",{"$f":"+percent","v":"Per cent"},"n/a","n/a",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"PRODUCT(1+'Input|Rate of return'!$X$26:$AB$26)^(1/Reg_Period_Length)-1","v":2.4999999999999911E-2},{"$f":"PRODUCT(1+'Input|Rate of return'!$X$26:$AB$26)^(1/Reg_Period_Length)-1","v":2.4999999999999911E-2},{"$f":"PRODUCT(1+'Input|Rate of return'!$X$26:$AB$26)^(1/Reg_Period_Length)-1","v":2.4999999999999911E-2},{"$f":"PRODUCT(1+'Input|Rate of return'!$X$26:$AB$26)^(1/Reg_Period_Length)-1","v":2.4999999999999911E-2},{"$f":"PRODUCT(1+'Input|Rate of return'!$X$26:$AB$26)^(1/Reg_Period_Length)-1","v":2.4999999999999911E-2}]
[]
[null,"Calc | Inflation Indices"]
[]
[null,null,"Inflation indices",{"$f":"+D$4","v":"Source"},{"$f":"+E$4","v":"Unit"},"From",{"$f":"+$G$4","v":"Timing"},"To",{"$f":"+$G$4","v":"Timing"}]
[]
[null,null,{"$f":"+\"Opex - Dec-Dec Lagged Index: Real \"&$L$4&\" to Nominal\"","v":"Opex - Dec-Dec Lagged Index: Real 2015 to Nominal"},"Calculated","factor",{"$f":"+Not_Applicable","v":"n/a"},{"$f":"+Not_Applicable","v":"n/a"},null,null,null,null,1,{"$f":"+L20*(1+M$13)","v":1.014760147601476},1.0341328413284132,1.0525830258302584,1.0719557195571958,1.0811808118081183,1.0959409594095944,1.1632841328413286,1.2333948339483396,1.2804428044280447,1.3124538745387457,1.3531399446494468,1.3869684432656828,1.4216426543473248,1.4571837207060079,1.493613313723658,1.5309536465667493]
[]
[null,null,{"$f":"IF(ISNUMBER(F22),\"Real \",\"\")&F22&\" (\"&G22&\") to \"\n&IF(ISNUMBER(H22),\"Real \",\"\")&H22&\" (\"&I22&\")\"","v":"Real 2024 (Mid-year) to Nominal (Mid-year)"},"Calculated",{"$f":"+factor","v":"factor"},2024,"Mid-year","Nominal","Mid-year",null,null,{"$f":"IF($H22=Nominal,L$20,INDEX($L$20:$AB$20,,MATCH($H22,$L$4:$AB$4,0)))\n/IF($F22=Nominal,L$20,INDEX($L$20:$AB$20,,MATCH($F22,$L$4:$AB$4,0)))\n*IF($I22=Mid_year,1/(1+IF($H22=Nominal,L$13,INDEX($L$13:$AB$13,,MATCH($H22,$L$4:$AB$4,0))))^INDEX(Timing_Adj,MATCH($I22,Cash_Timing,0)),1)\n*IF($G22=Mid_year,(1+IF($F22=Nominal,L$13,INDEX($L$13:$AB$13,,MATCH($F22,$L$4:$AB$4,0))))^INDEX(Timing_Adj,MATCH($G22,Cash_Timing,0)),1)","v":0.78910138702871735},0.80158678169309527,0.81515221349509337,0.83020470786665257,0.8452505257006635,0.85665594508015286,0.86618685650828364,0.89847361289618688,0.95315341940434228,1,{"$f":"IF($H22=Nominal,V$20,INDEX($L$20:$AB$20,,MATCH($H22,$L$4:$AB$4,0)))\n/IF($F22=Nominal,V$20,INDEX($L$20:$AB$20,,MATCH($F22,$L$4:$AB$4,0)))\n*IF($I22=Mid_year,1/(1+IF($H22=Nominal,V$13,INDEX($L$13:$AB$13,,MATCH($H22,$L$4:$AB$4,0))))^INDEX(Timing_Adj,MATCH($I22,Cash_Timing,0)),1)\n*IF($G22=Mid_year,(1+IF($F22=Nominal,V$13,INDEX($L$13:$AB$13,,MATCH($F22,$L$4:$AB$4,0))))^INDEX(Timing_Adj,MATCH($G22,Cash_Timing,0)),1)","v":1.0315516121341843},1.0604305417173869,1.0901179549131024,1.1173709037859301,1.1453051763805782,1.1739378057900927,1.2032862509348448]
[null,null,"Nominal (Mid-year) to Real 2026 (End-year)","Calculated",{"$f":"+factor","v":"factor"},"Nominal","Mid-year",2026,"End-year",null,null,1.364516379778723,1.3432628787023186,1.3209088438711274,1.2969593615936714,1.2738729349079529,1.2569127361931156,1.2430825517802082,1.198412232092124,1.1296625978425241,1.0767417679067941,1.0438079444993698,1.0153817016275208,0.98772959664958959,0.96363863087764845,0.94013524963673012,0.91720512159681,0.89483426497249763]
[null,null,"Real 2021 (End-year) to Real 2026 (End-year)","Calculated","factor",2021,"End-year",2026,"End-year",null,null,1.2346832491582491,1.2346832491582491,1.2346832491582491,1.2346832491582491,1.2346832491582491,1.2346832491582491,1.2346832491582491,1.2346832491582491,1.2346832491582491,1.2346832491582491,1.2346832491582491,1.2346832491582491,1.2346832491582491,1.2346832491582491,1.2346832491582491,1.2346832491582491,1.2346832491582491]
[null,null,"Real 2015 (End-year) to Real 2026 (End-year)","Calculated","factor",2015,"End-year",2026,"End-year",null,null,1.3531399446494468,1.3531399446494468,1.3531399446494468,1.3531399446494468,1.3531399446494468,1.3531399446494468,1.3531399446494468,1.3531399446494468,1.3531399446494468,1.3531399446494468,1.3531399446494468,1.3531399446494468,1.3531399446494468,1.3531399446494468,1.3531399446494468,1.3531399446494468,1.3531399446494468]
[null,null,"Real 2026 (End-year) to Nominal (End-year)","Calculated","factor",2026,"End-year","Nominal","End-year",null,null,0.73902186093476574,0.74992993268288033,0.76424677685228071,0.77788186653742408,0.79219871070682468,0.79901625554939626,0.80992432729751096,0.85969240464828389,0.91150574545182828,0.94627522414894383,0.96993210475266733,1,1.0249999999999999,1.0506249999999999,1.0768906249999999,1.1038128906249998,1.1314082128906247]
[null,null,"Real 2024 (End-year) to Real 2026 (End-year)","Calculated","factor",2024,"End-year",2026,"End-year",null,null,{"$f":"IF($H27=Nominal,L$20,INDEX($L$20:$AB$20,,MATCH($H27,$L$4:$AB$4,0)))\n/IF($F27=Nominal,L$20,INDEX($L$20:$AB$20,,MATCH($F27,$L$4:$AB$4,0)))\n*IF($I27=Mid_year,1/(1+IF($H27=Nominal,L$13,INDEX($L$13:$AB$13,,MATCH($H27,$L$4:$AB$4,0))))^INDEX(Timing_Adj,MATCH($I27,Cash_Timing,0)),1)\n*IF($G27=Mid_year,(1+IF($F27=Nominal,L$13,INDEX($L$13:$AB$13,,MATCH($F27,$L$4:$AB$4,0))))^INDEX(Timing_Adj,MATCH($G27,Cash_Timing,0)),1)","v":1.0567749999999998},1.0567749999999998,1.0567749999999998,1.0567749999999998,1.0567749999999998,1.0567749999999998,1.0567749999999998,1.0567749999999998,1.0567749999999998,1.0567749999999998,1.0567749999999998,1.0567749999999998,1.0567749999999998,1.0567749999999998,1.0567749999999998,1.0567749999999998,1.0567749999999998]
[null,null,"[Spare]","Calculated","factor",2026,"End-year",2026,"End-year",null,null,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[]
[null,null,{"$f":"+\"Capex & RFM - Dec-Dec Lagged Index: Real \"&$L$4&\" to Nominal\"","v":"Capex & RFM - Dec-Dec Lagged Index: Real 2015 to Nominal"},"Calculated","factor",{"$f":"+Not_Applicable","v":"n/a"},{"$f":"+Not_Applicable","v":"n/a"},null,null,null,null,1,{"$f":"+L30*(1+M$12)","v":1.0151085930122756},{"$f":"+M30*(1+N$12)","v":1.0254957507082152},{"$f":"+N30*(1+O$12)","v":1.0453257790368271},1.0670443814919734,1.0840415486307837,1.0972615675165249,1.1067044381491973,1.1454202077431537,1.2351274787535409,1.2851746931067041,1.3185892351274784,1.3515539660056652,1.3853428151558067,1.4199763855347018,1.4554757951730692,1.4918626900523959]
[]
[null,null,{"$f":"IF(ISNUMBER(F32),\"Real \",\"\")&F32&\" (\"&G32&\") to \"\n&IF(ISNUMBER(H32),\"Real \",\"\")&H32&\" (\"&I32&\")\"","v":"Real 2024 (End-year) to Real 2026 (End-year)"},"Calculated",{"$f":"+factor","v":"factor"},2024,"End-year",2026,"End-year",null,null,{"$f":"IF($H32=Nominal,L$30,INDEX($L$30:$AB$30,,MATCH($H32,$L$4:$AB$4,0)))\n/IF($F32=Nominal,L$30,INDEX($L$30:$AB$30,,MATCH($F32,$L$4:$AB$4,0)))\n*IF($I32=Mid_year,1/(1+IF($H32=Nominal,L$12,INDEX($L$12:$AB$12,,MATCH($H32,$L$4:$AB$4,0))))^INDEX(Timing_Adj,MATCH($I32,Cash_Timing,0)),1)\n*IF($G32=Mid_year,(1+IF($F32=Nominal,L$12,INDEX($L$12:$AB$12,,MATCH($F32,$L$4:$AB$4,0))))^INDEX(Timing_Adj,MATCH($G32,Cash_Timing,0)),1)","v":1.0675733944954127},1.0675733944954127,1.0675733944954127,1.0675733944954127,1.0675733944954127,1.0675733944954127,1.0675733944954127,1.0675733944954127,1.0675733944954127,1.0675733944954127,{"$f":"IF($H32=Nominal,V$30,INDEX($L$30:$AB$30,,MATCH($H32,$L$4:$AB$4,0)))\n/IF($F32=Nominal,V$30,INDEX($L$30:$AB$30,,MATCH($F32,$L$4:$AB$4,0)))\n*IF($I32=Mid_year,1/(1+IF($H32=Nominal,V$12,INDEX($L$12:$AB$12,,MATCH($H32,$L$4:$AB$4,0))))^INDEX(Timing_Adj,MATCH($I32,Cash_Timing,0)),1)\n*IF($G32=Mid_year,(1+IF($F32=Nominal,V$12,INDEX($L$12:$AB$12,,MATCH($F32,$L$4:$AB$4,0))))^INDEX(Timing_Adj,MATCH($G32,Cash_Timing,0)),1)","v":1.0675733944954127},1.0675733944954127,1.0675733944954127,1.0675733944954127,1.0675733944954127,1.0675733944954127,1.0675733944954127]
[null,null,"Real 2017 (End-year) to Real 2026 (End-year)","Calculated","factor",2017,"End-year",2026,"End-year",null,null,1.2858066298342539,1.2858066298342539,1.2858066298342539,1.2858066298342539,1.2858066298342539,1.2858066298342539,1.2858066298342539,1.2858066298342539,1.2858066298342539,1.2858066298342539,1.2858066298342539,1.2858066298342539,1.2858066298342539,1.2858066298342539,1.2858066298342539,1.2858066298342539,1.2858066298342539]
[null,null,"Real 2026 (End-year) to Nominal (End-year)","Calculated","factor",2026,"End-year","Nominal","End-year",null,null,0.75838629146955094,0.76984444129345342,0.77772191929738643,0.79276074094125848,0.80923183131311838,0.82212224986500892,0.83214813096092355,0.83930947460086269,0.86867098352461292,0.93670374810403445,0.97465886939571145,1,1.0249999999999999,1.0506249999999997,1.0768906249999997,1.1038128906249995,1.1314082128906247]
[null,null,"Real 2026 (End-year) to Nominal (Mid-year)","Calculated","factor",2026,"End-year","Nominal","Mid-year",null,null,0.74978427835737849,0.76409388876039996,0.77377315567494886,0.78520532664294485,0.8009539476056281,0.81565157623921891,0.82711999954453785,0.83572113206912668,0.85386403296019997,0.9020462106437358,0.95549286553370105,0.98724812959848718,1.0124228365658294,1.0377334074799749,1.0636767426669742,1.0902686612336485,1.1175253777644898]
[null,null,"Nominal (Mid-year) to Real 2026 (End-year)","Calculated","factor","Nominal","Mid-year",2026,"End-year",null,null,1.3337169488146541,1.3087396911684686,1.2923684320990916,1.2735522366810539,1.2485112321243939,1.2260136915455604,1.2090144121175406,1.1965713940057279,1.171146647942497,1.1085906555567264,1.0465802896826852,1.012916580968048,0.98772959664958959,0.96363863087764845,0.94013524963673012,0.91720512159681,0.89483426497249763]
[null,null,"Real 2021 (End-year) to Real 2026 (End-year)","Calculated","factor",2021,"End-year",2026,"End-year",null,null,1.2017091222030978,1.2017091222030978,1.2017091222030978,1.2017091222030978,1.2017091222030978,1.2017091222030978,1.2017091222030978,1.2017091222030978,1.2017091222030978,1.2017091222030978,1.2017091222030978,1.2017091222030978,1.2017091222030978,1.2017091222030978,1.2017091222030978,1.2017091222030978,1.2017091222030978]
[null,null,"Real 2015 (End-year) to Real 2026 (End-year)","Calculated","factor",2015,"End-year",2026,"End-year",null,null,1.3185892351274784,1.3185892351274784,1.3185892351274784,1.3185892351274784,1.3185892351274784,1.3185892351274784,1.3185892351274784,1.3185892351274784,1.3185892351274784,1.3185892351274784,1.3185892351274784,1.3185892351274784,1.3185892351274784,1.3185892351274784,1.3185892351274784,1.3185892351274784,1.3185892351274784]
[]
[null,"Calc | Risk-free rate"]
[]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'Input|Rate of return'!J39","v":"TB170"},null,null,null,{"$f":"'Input|Rate of return'!L39","v":"TB168"},null,null,null,"Bond weights",null,"Interpolation"]
[null,null,"Yields on government bonds","Source","Unit","Basis",null,null,null,null,"Date","Yield",null,null,"Date","Yield",null,"Date",{"$f":"K42","v":"TB170"},{"$f":"O42","v":"TB168"},"Bond yield","Annualised"]
[]
[{"$f":"IF(ISERROR(M45),\"Check\",\"Ok\")","v":"Ok"},null,{"$f":"'Input|Rate of return'!C44","v":"30-Aug-2024"},"Inputs|Rate of return",{"$f":"+percent","v":"Per cent"},{"$f":"+Nominal","v":"Nominal"},null,null,null,null,{"$f":"'Input|Rate of return'!J40","v":"2034-06-21"},{"$f":"'Input|Rate of return'!J44","v":3.9609999999999999E-2},null,null,{"$f":"'Input|Rate of return'!L40","v":"2034-12-21"},{"$f":"'Input|Rate of return'!L44","v":3.9890000000000002E-2},null,{"$f":"(DATE(YEAR(C45)+Rfr_Maturity,MONTH(C45),DAY(C45)))","v":"2034-08-30"},{"$f":"IF(R45>=O45,0,1-(R45-K45)/(O45-K45))","v":0.61748633879781423},{"$f":"1-S45","v":0.38251366120218577},{"$f":"S45*L45+T45*P45","v":3.9717103825136615E-2},{"$f":"(1+U45/2)^2-1","v":4.0111465909200561E-2}]
["Ok",null,{"$f":"'Input|Rate of return'!C45","v":"02-Sep-2024"},"Inputs|Rate of return","Per cent","Nominal",null,null,null,null,{"$f":"K45","v":"2034-06-21"},{"$f":"'Input|Rate of return'!J45","v":4.0050000000000002E-2},null,null,{"$f":"O45","v":"2034-12-21"},{"$f":"'Input|Rate of return'!L45","v":4.0340000000000001E-2},null,{"$f":"(DATE(YEAR(C46)+Rfr_Maturity,MONTH(C46),DAY(C46)))","v":"2034-09-02"},0.60109289617486339,{"$f":"1-S46","v":0.39890710382513661},4.0165683060109286E-2,{"$f":"(1+U46/2)^2-1","v":4.0569003584030705E-2}]
["Ok",null,{"$f":"'Input|Rate of return'!C46","v":"03-Sep-2024"},"Inputs|Rate of return","Per cent","Nominal",null,null,null,null,{"$f":"K46","v":"2034-06-21"},{"$f":"'Input|Rate of return'!J46","v":3.9949999999999999E-2},null,null,{"$f":"O46","v":"2034-12-21"},{"$f":"'Input|Rate of return'!L46","v":4.0239999999999998E-2},null,"2034-09-03",0.59562841530054644,0.40437158469945356,4.006726775956284E-2,{"$f":"(1+U47/2)^2-1","v":4.046861424599224E-2}]
["Ok",null,{"$f":"'Input|Rate of return'!C47","v":"04-Sep-2024"},"Inputs|Rate of return","Per cent","Nominal",null,null,null,null,"2034-06-21",{"$f":"'Input|Rate of return'!J47","v":3.9449999999999999E-2},null,null,"2034-12-21",{"$f":"'Input|Rate of return'!L47","v":3.9740000000000004E-2},null,"2034-09-04",0.5901639344262295,0.4098360655737705,3.9568852459016396E-2,3.9960275980247095E-2]
["Ok",null,{"$f":"'Input|Rate of return'!C48","v":"05-Sep-2024"},"Inputs|Rate of return","Per cent","Nominal",null,null,null,null,"2034-06-21",{"$f":"'Input|Rate of return'!J48","v":3.9199999999999999E-2},null,null,"2034-12-21",{"$f":"'Input|Rate of return'!L48","v":3.9489999999999997E-2},null,"2034-09-05",0.58469945355191255,0.41530054644808745,3.9320437158469945E-2,3.9706961353053183E-2]
["Ok",null,{"$f":"'Input|Rate of return'!C49","v":"06-Sep-2024"},"Inputs|Rate of return","Per cent","Nominal",null,null,null,null,"2034-06-21",{"$f":"'Input|Rate of return'!J49","v":3.8740000000000004E-2},null,null,"2034-12-21",{"$f":"'Input|Rate of return'!L49","v":3.9030000000000002E-2},null,"2034-09-06",0.57923497267759561,0.42076502732240439,3.8862021857923507E-2,3.9239586043644747E-2]
["Ok",null,{"$f":"'Input|Rate of return'!C50","v":"09-Sep-2024"},"Inputs|Rate of return","Per cent","Nominal",null,null,null,null,"2034-06-21",{"$f":"'Input|Rate of return'!J50","v":3.95E-2},null,null,"2034-12-21",{"$f":"'Input|Rate of return'!L50","v":3.9780000000000003E-2},null,"2034-09-09",0.56284153005464477,0.43715846994535523,3.96224043715847E-2,4.0014888103631074E-2]
["Ok",null,{"$f":"'Input|Rate of return'!C51","v":"10-Sep-2024"},"Inputs|Rate of return","Per cent","Nominal",null,null,null,null,"2034-06-21",{"$f":"'Input|Rate of return'!J51","v":3.9039999999999998E-2},null,null,"2034-12-21",{"$f":"'Input|Rate of return'!L51","v":3.9300000000000002E-2},null,"2034-09-10",0.55737704918032782,0.44262295081967218,3.9155081967213116E-2,3.9538362078177958E-2]
["Ok",null,{"$f":"'Input|Rate of return'!C52","v":"11-Sep-2024"},"Inputs|Rate of return","Per cent","Nominal",null,null,null,null,"2034-06-21",{"$f":"'Input|Rate of return'!J52","v":3.8440000000000002E-2},null,null,"2034-12-21",{"$f":"'Input|Rate of return'!L52","v":3.8699999999999998E-2},null,"2034-09-11",0.55191256830601088,0.44808743169398912,3.8556502732240441E-2,3.8928153707975754E-2]
["Ok",null,{"$f":"'Input|Rate of return'!C53","v":"12-Sep-2024"},"Inputs|Rate of return","Per cent","Nominal",null,null,null,null,"2034-06-21",{"$f":"'Input|Rate of return'!J53","v":3.85E-2},null,null,"2034-12-21",{"$f":"'Input|Rate of return'!L53","v":3.8740000000000004E-2},null,"2034-09-12",0.54644808743169393,0.45355191256830607,3.8608852459016393E-2,3.8981513331066697E-2]
["Ok",null,{"$f":"'Input|Rate of return'!C54","v":"13-Sep-2024"},"Inputs|Rate of return","Per cent","Nominal",null,null,null,null,"2034-06-21",{"$f":"'Input|Rate of return'!J54","v":3.8130000000000004E-2},null,null,"2034-12-21",{"$f":"'Input|Rate of return'!L54","v":3.8370000000000001E-2},null,"2034-09-13",0.54098360655737698,0.45901639344262302,3.8240163934426231E-2,3.8605741468858978E-2]
["Ok",null,{"$f":"'Input|Rate of return'!C55","v":"16-Sep-2024"},"Inputs|Rate of return","Per cent","Nominal",null,null,null,null,"2034-06-21",{"$f":"'Input|Rate of return'!J55","v":3.8089999999999999E-2},null,null,"2034-12-21",{"$f":"'Input|Rate of return'!L55","v":3.8339999999999999E-2},null,"2034-09-16",0.52459016393442626,0.47540983606557374,3.8208852459016396E-2,3.8573831560575034E-2]
["Ok",null,{"$f":"'Input|Rate of return'!C56","v":"17-Sep-2024"},"Inputs|Rate of return","Per cent","Nominal",null,null,null,null,"2034-06-21",{"$f":"'Input|Rate of return'!J56","v":3.8280000000000002E-2},null,null,"2034-12-21",{"$f":"'Input|Rate of return'!L56","v":3.8539999999999998E-2},null,"2034-09-17",0.51912568306010931,0.48087431693989069,3.8405027322404375E-2,3.8773763853312992E-2]
["Ok",null,{"$f":"'Input|Rate of return'!C57","v":"18-Sep-2024"},"Inputs|Rate of return","Per cent","Nominal",null,null,null,null,"2034-06-21",{"$f":"'Input|Rate of return'!J57","v":3.8589999999999999E-2},null,null,"2034-12-21",{"$f":"'Input|Rate of return'!L57","v":3.8830000000000003E-2},null,"2034-09-18",0.51366120218579236,0.48633879781420764,3.8706721311475414E-2,3.9081273880146483E-2]
["Ok",null,{"$f":"'Input|Rate of return'!C58","v":"19-Sep-2024"},"Inputs|Rate of return","Per cent","Nominal",null,null,null,null,"2034-06-21",{"$f":"'Input|Rate of return'!J58","v":3.9260000000000003E-2},null,null,"2034-12-21",{"$f":"'Input|Rate of return'!L58","v":3.95E-2},null,"2034-09-19",0.50819672131147542,0.49180327868852458,3.9378032786885245E-2,3.976569015342668E-2]
["Ok",null,{"$f":"'Input|Rate of return'!C59","v":"20-Sep-2024"},"Inputs|Rate of return","Per cent","Nominal",null,null,null,null,"2034-06-21",{"$f":"'Input|Rate of return'!J59","v":3.916E-2},null,null,"2034-12-21",{"$f":"'Input|Rate of return'!L59","v":3.9399999999999998E-2},null,"2034-09-20",0.50273224043715847,0.49726775956284153,3.9279344262295082E-2,3.966506098371414E-2]
["Ok",null,{"$f":"'Input|Rate of return'!C60","v":"23-Sep-2024"},"Inputs|Rate of return","Per cent","Nominal",null,null,null,null,"2034-06-21",{"$f":"'Input|Rate of return'!J60","v":3.9559999999999998E-2},null,null,"2034-12-21",{"$f":"'Input|Rate of return'!L60","v":3.9780000000000003E-2},null,"2034-09-23",0.48633879781420764,0.51366120218579236,3.9673005464480875E-2,4.0066492305127044E-2]
["Ok",null,{"$f":"'Input|Rate of return'!C61","v":"24-Sep-2024"},"Inputs|Rate of return","Per cent","Nominal",null,null,null,null,"2034-06-21",{"$f":"'Input|Rate of return'!J61","v":3.8859999999999999E-2},null,null,"2034-12-21",{"$f":"'Input|Rate of return'!L61","v":3.9100000000000003E-2},null,"2034-09-24",0.48087431693989069,0.51912568306010931,3.8984590163934428E-2,3.9364539731496784E-2]
["Ok",null,{"$f":"'Input|Rate of return'!C62","v":"25-Sep-2024"},"Inputs|Rate of return","Per cent","Nominal",null,null,null,null,"2034-06-21",{"$f":"'Input|Rate of return'!J62","v":3.9050000000000001E-2},null,null,"2034-12-21",{"$f":"'Input|Rate of return'!L62","v":3.9300000000000002E-2},null,"2034-09-25",0.47540983606557374,0.52459016393442626,3.9181147540983605E-2,3.9564938121640747E-2]
["Ok",null,{"$f":"'Input|Rate of return'!C63","v":"26-Sep-2024"},"Inputs|Rate of return","Per cent","Nominal",null,null,null,null,"2034-06-21",{"$f":"'Input|Rate of return'!J63","v":3.9390000000000001E-2},null,null,"2034-12-21",{"$f":"'Input|Rate of return'!L63","v":3.9629999999999999E-2},null,"2034-09-26",0.4699453551912568,0.5300546448087432,3.9517213114754104E-2,3.9907615647843508E-2]
[]
[null,null,"Item","Source","Unit","Basis"]
[]
[{"$f":"IF(ISERROR(V68),\"Check\",\"Ok\")","v":"Ok"},null,"Risk-free rate estimate","Calculated","Per cent","Nominal",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AVERAGE(V45:V64)","v":3.9544388602158122E-2}]
[]
[null,"Calc | Cost of debt"]
[]
[null,null,"Estimates","Source","Unit","Basis",null,null,null,null,null,{"$f":"+L10","v":"CY15"},"CY16","CY17","CY18","CY19","CY20","HY21","FY22","FY23","FY24","FY25","FY26","FY27","FY28","FY29","FY30","FY31"]
[]
[null,null,"Period","Calculated",{"$f":"+number","v":"number"},{"$f":"+Not_Applicable","v":"n/a"},null,null,null,null,null,null,1,{"$f":"+M74+1","v":2},{"$f":"+N74+1","v":3},4,5,6,7,8,9,10,11,12,13,14,15,16]
[]
[null,null,"Observations"]
[null,null,"Annual observations","Inputs|Rate of return","Per cent","Nominal",null,null,null,null,null,null,{"$f":"+IF(ISNA(TRANSPOSE('Input|Rate of return'!J70:J85)),\n        \"\",\n        TRANSPOSE('Input|Rate of return'!J70:J85))","v":5.6246043780232298E-2},4.604423391238277E-2,4.7445589785087339E-2,4.6939926971692414E-2,3.7359746063139909E-2,2.4027105768312299E-2,2.0699704679296615E-2,3.51270047623145E-2,6.7042754855228204E-2,6.6029531433600006E-2,5.9629696329066603E-2,5.9629696329066603E-2,5.9629696329066603E-2,5.9629696329066603E-2,5.9629696329066603E-2,5.9629696329066603E-2]
[]
[null,null,"Weights"]
[null,null,"New observation","Inputs|Rate of return","Per cent",{"$f":"+Not_Applicable","v":"n/a"},null,null,null,null,null,null,{"$f":"IF(ISNUMBER(M$77),Weight_New,NA())","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,{"$f":"M$10&\" observation\"","v":"CY16 observation"},"Inputs|Rate of return","Per cent",{"$f":"+Not_Applicable","v":"n/a"},null,null,null,null,null,null,{"$f":"IF(ISNUMBER(M$77),Weight_Initial-SUM($M80:M80),NA())","v":0.9},{"$f":"IF(ISNUMBER(N$77),Weight_Initial-SUM($M80:N80),NA())","v":0.8},{"$f":"IF(ISNUMBER(O$77),Weight_Initial-SUM($M80:O80),NA())","v":0.7},{"$f":"IF(ISNUMBER(P$77),Weight_Initial-SUM($M80:P80),NA())","v":0.6},{"$f":"IF(ISNUMBER(Q$77),Weight_Initial-SUM($M80:Q80),NA())","v":0.5},{"$f":"IF(ISNUMBER(R$77),Weight_Initial-SUM($M80:R80),NA())","v":0.4},{"$f":"IF(ISNUMBER(S$77),Weight_Initial-SUM($M80:$Q$80,$R$84:S$84),NA())","v":0.35},{"$f":"IF(ISNUMBER(T$77),Weight_Initial-SUM($M80:$Q$80,$R$84:T$84),NA())","v":0.25},{"$f":"IF(ISNUMBER(U$77),Weight_Initial-SUM($M80:$Q$80,$R$84:U$84),NA())","v":0.15000000000000002},{"$f":"IF(ISNUMBER(V$77),Weight_Initial-SUM($M80:$Q$80,$R$84:V$84),NA())","v":5.0000000000000044E-2},{"$f":"IF(ISNUMBER(W$77),Weight_Initial-SUM($M80:$Q$80,$R$84:W$84),NA())","v":-5.0000000000000044E-2}]
[]
[null,null,"Weights after intervening period"]
[null,null,"New observation","Inputs|Rate of return","Per cent",{"$f":"+Not_Applicable","v":"n/a"},null,null,null,null,null,null,{"$f":"+M80","v":0.1},{"$f":"+N80","v":0.1},{"$f":"+O80","v":0.1},{"$f":"+P80","v":0.1},{"$f":"+Q80","v":0.1},{"$f":"IF(ISNUMBER(R$77),IF(R$3=\"Intermediate Period\",Weight_Intervening,Weight_New),NA())","v":0.05},{"$f":"IF(ISNUMBER(S$77),IF(S$3=\"Intermediate Period\",Weight_Intervening,Weight_New),NA())","v":0.1},{"$f":"IF(ISNUMBER(T$77),IF(T$3=\"Intermediate Period\",Weight_Intervening,Weight_New),NA())","v":0.1},{"$f":"IF(ISNUMBER(U$77),IF(U$3=\"Intermediate Period\",Weight_Intervening,Weight_New),NA())","v":0.1},{"$f":"IF(ISNUMBER(V$77),IF(V$3=\"Intermediate Period\",Weight_Intervening,Weight_New),NA())","v":0.1},{"$f":"IF(ISNUMBER(W$77),IF(W$3=\"Intermediate Period\",Weight_Intervening,Weight_New),NA())","v":0.1},{"$f":"IF(ISNUMBER(X$77),IF(X$3=\"Intermediate Period\",Weight_Intervening,Weight_New),NA())","v":0.1},{"$f":"IF(ISNUMBER(Y$77),IF(Y$3=\"Intermediate Period\",Weight_Intervening,Weight_New),NA())","v":0.1},{"$f":"IF(ISNUMBER(Z$77),IF(Z$3=\"Intermediate Period\",Weight_Intervening,Weight_New),NA())","v":0.1},{"$f":"IF(ISNUMBER(AA$77),IF(AA$3=\"Intermediate Period\",Weight_Intervening,Weight_New),NA())","v":0.1},{"$f":"IF(ISNUMBER(AB$77),IF(AB$3=\"Intermediate Period\",Weight_Intervening,Weight_New),NA())","v":0.1}]
[]
[]
[{"$f":"IF(ISERROR(V87),\"Check\",\"Ok\")","v":"Ok"},null,"Cost of debt (pre-tax)","Calculated","Per cent","Nominal",null,null,null,null,null,null,{"$f":"+_xlfn.SWITCH(TRUE,\nM$74=1,$M77,\nM$74<=6,$M77*M$81+SUMPRODUCT($M$77:M$77,$M$80:M$80),\nM$74<=11,$M77*M$81+SUMPRODUCT($M$77:M$77,$M$84:M$84),\nM$74<=15,SUMPRODUCT(C$77:M$77,C$84:M$84)+OFFSET(M$77,,-10)*Weight_Intervening*-1,\nM$74>15,SUMPRODUCT(D$77:M$77,D$84:M$84),\nNA())","v":5.6246043780232298E-2},{"$f":"+_xlfn.SWITCH(TRUE,\nN$74=1,$M77,\nN$74<=6,$M77*N$81+SUMPRODUCT($M$77:N$77,$M$80:N$80),\nN$74<=11,$M77*N$81+SUMPRODUCT($M$77:N$77,$M$84:N$84),\nN$74<=15,SUMPRODUCT(D$77:N$77,D$84:N$84)+OFFSET(N$77,,-10)*Weight_Intervening*-1,\nN$74>15,SUMPRODUCT(E$77:N$77,E$84:N$84),\nNA())","v":5.522586279344735E-2},{"$f":"+_xlfn.SWITCH(TRUE,\nO$74=1,$M77,\nO$74<=6,$M77*O$81+SUMPRODUCT($M$77:O$77,$M$80:O$80),\nO$74<=11,$M77*O$81+SUMPRODUCT($M$77:O$77,$M$84:O$84),\nO$74<=15,SUMPRODUCT(E$77:O$77,E$84:O$84)+OFFSET(O$77,,-10)*Weight_Intervening*-1,\nO$74>15,SUMPRODUCT(F$77:O$77,F$84:O$84),\nNA())","v":5.4345817393932849E-2},{"$f":"+_xlfn.SWITCH(TRUE,\nP$74=1,$M77,\nP$74<=6,$M77*P$81+SUMPRODUCT($M$77:P$77,$M$80:P$80),\nP$74<=11,$M77*P$81+SUMPRODUCT($M$77:P$77,$M$84:P$84),\nP$74<=15,SUMPRODUCT(F$77:P$77,F$84:P$84)+OFFSET(P$77,,-10)*Weight_Intervening*-1,\nP$74>15,SUMPRODUCT(G$77:P$77,G$84:P$84),\nNA())","v":5.341520571307886E-2},{"$f":"+_xlfn.SWITCH(TRUE,\nQ$74=1,$M77,\nQ$74<=6,$M77*Q$81+SUMPRODUCT($M$77:Q$77,$M$80:Q$80),\nQ$74<=11,$M77*Q$81+SUMPRODUCT($M$77:Q$77,$M$84:Q$84),\nQ$74<=15,SUMPRODUCT(G$77:Q$77,G$84:Q$84)+OFFSET(Q$77,,-10)*Weight_Intervening*-1,\nQ$74>15,SUMPRODUCT(H$77:Q$77,H$84:Q$84),\nNA())","v":5.1526575941369626E-2},{"$f":"+_xlfn.SWITCH(TRUE,\nR$74=1,$M77,\nR$74<=6,$M77*R$81+SUMPRODUCT($M$77:R$77,$M$80:R$80),\nR$74<=11,$M77*R$81+SUMPRODUCT($M$77:R$77,$M$84:R$84),\nR$74<=15,SUMPRODUCT(H$77:R$77,H$84:R$84)+OFFSET(R$77,,-10)*Weight_Intervening*-1,\nR$74>15,SUMPRODUCT(I$77:R$77,I$84:R$84),\nNA())","v":4.8304682140177628E-2},{"$f":"+_xlfn.SWITCH(TRUE,\nS$74=1,$M77,\nS$74<=6,$M77*S$81+SUMPRODUCT($M$77:S$77,$M$80:S$80),\nS$74<=11,$M77*S$81+SUMPRODUCT($M$77:S$77,$M$84:S$84),\nS$74<=15,SUMPRODUCT(I$77:S$77,I$84:S$84)+OFFSET(S$77,,-10)*Weight_Intervening*-1,\nS$74>15,SUMPRODUCT(J$77:S$77,J$84:S$84),\nNA())","v":4.6360995130680052E-2},{"$f":"+_xlfn.SWITCH(TRUE,\nT$74=1,$M77,\nT$74<=6,$M77*T$81+SUMPRODUCT($M$77:T$77,$M$80:T$80),\nT$74<=11,$M77*T$81+SUMPRODUCT($M$77:T$77,$M$84:T$84),\nT$74<=15,SUMPRODUCT(J$77:T$77,J$84:T$84)+OFFSET(T$77,,-10)*Weight_Intervening*-1,\nT$74>15,SUMPRODUCT(K$77:T$77,K$84:T$84),\nNA())","v":4.4249091228888281E-2},{"$f":"+_xlfn.SWITCH(TRUE,\nU$74=1,$M77,\nU$74<=6,$M77*U$81+SUMPRODUCT($M$77:U$77,$M$80:U$80),\nU$74<=11,$M77*U$81+SUMPRODUCT($M$77:U$77,$M$84:U$84),\nU$74<=15,SUMPRODUCT(K$77:U$77,K$84:U$84)+OFFSET(U$77,,-10)*Weight_Intervening*-1,\nU$74>15,SUMPRODUCT(L$77:U$77,L$84:U$84),\nNA())","v":4.5328762336387871E-2},{"$f":"+_xlfn.SWITCH(TRUE,\nV$74=1,$M77,\nV$74<=6,$M77*V$81+SUMPRODUCT($M$77:V$77,$M$80:V$80),\nV$74<=11,$M77*V$81+SUMPRODUCT($M$77:V$77,$M$84:V$84),\nV$74<=15,SUMPRODUCT(L$77:V$77,L$84:V$84)+OFFSET(V$77,,-10)*Weight_Intervening*-1,\nV$74>15,SUMPRODUCT(M$77:V$77,M$84:V$84),\nNA())","v":4.6307111101724641E-2},{"$f":"+_xlfn.SWITCH(TRUE,\nW$74=1,$M77,\nW$74<=6,$M77*W$81+SUMPRODUCT($M$77:W$77,$M$80:W$80),\nW$74<=11,$M77*W$81+SUMPRODUCT($M$77:W$77,$M$84:W$84),\nW$74<=15,SUMPRODUCT(M$77:W$77,M$84:W$84)+OFFSET(W$77,,-10)*Weight_Intervening*-1,\nW$74>15,SUMPRODUCT(N$77:W$77,N$84:W$84),\nNA())","v":4.6645476356608075E-2},{"$f":"+_xlfn.SWITCH(TRUE,\nX$74=1,$M77,\nX$74<=6,$M77*X$81+SUMPRODUCT($M$77:X$77,$M$80:X$80),\nX$74<=11,$M77*X$81+SUMPRODUCT($M$77:X$77,$M$84:X$84),\nX$74<=15,SUMPRODUCT(N$77:X$77,N$84:X$84)+OFFSET(X$77,,-10)*Weight_Intervening*-1,\nX$74>15,SUMPRODUCT(O$77:X$77,O$84:X$84),\nNA())","v":4.7493932104883979E-2},{"$f":"+_xlfn.SWITCH(TRUE,\nY$74=1,$M77,\nY$74<=6,$M77*Y$81+SUMPRODUCT($M$77:Y$77,$M$80:Y$80),\nY$74<=11,$M77*Y$81+SUMPRODUCT($M$77:Y$77,$M$84:Y$84),\nY$74<=15,SUMPRODUCT(O$77:Y$77,O$84:Y$84)+OFFSET(Y$77,,-10)*Weight_Intervening*-1,\nY$74>15,SUMPRODUCT(P$77:Y$77,P$84:Y$84),\nNA())","v":4.8782410552917141E-2},{"$f":"+_xlfn.SWITCH(TRUE,\nZ$74=1,$M77,\nZ$74<=6,$M77*Z$81+SUMPRODUCT($M$77:Z$77,$M$80:Z$80),\nZ$74<=11,$M77*Z$81+SUMPRODUCT($M$77:Z$77,$M$84:Z$84),\nZ$74<=15,SUMPRODUCT(P$77:Z$77,P$84:Z$84)+OFFSET(Z$77,,-10)*Weight_Intervening*-1,\nZ$74>15,SUMPRODUCT(Q$77:Z$77,Q$84:Z$84),\nNA())","v":5.0026104347984809E-2},{"$f":"+_xlfn.SWITCH(TRUE,\nAA$74=1,$M77,\nAA$74<=6,$M77*AA$81+SUMPRODUCT($M$77:AA$77,$M$80:AA$80),\nAA$74<=11,$M77*AA$81+SUMPRODUCT($M$77:AA$77,$M$84:AA$84),\nAA$74<=15,SUMPRODUCT(Q$77:AA$77,Q$84:AA$84)+OFFSET(AA$77,,-10)*Weight_Intervening*-1,\nAA$74>15,SUMPRODUCT(R$77:AA$77,R$84:AA$84),\nNA())","v":5.1774090329149855E-2},{"$f":"+_xlfn.SWITCH(TRUE,\nAB$74=1,$M77,\nAB$74<=6,$M77*AB$81+SUMPRODUCT($M$77:AB$77,$M$80:AB$80),\nAB$74<=11,$M77*AB$81+SUMPRODUCT($M$77:AB$77,$M$84:AB$84),\nAB$74<=15,SUMPRODUCT(R$77:AB$77,R$84:AB$84)+OFFSET(AB$77,,-10)*Weight_Intervening*-1,\nAB$74>15,SUMPRODUCT(S$77:AB$77,S$84:AB$84),\nNA())","v":5.4667717370483905E-2}]
[]
[null,"Calc | Cost of equity"]
[]
[null,null,"Estimates","Source","Unit","Basis",null,null,null,null,"Returns"]
[]
[null,null,"Parameters"]
[null,null,"Risk-free rate","Above",{"$f":"percent","v":"Per cent"},"Nominal",null,null,null,null,{"$f":"Rfr","v":3.9544388602158122E-2}]
[null,null,"Market risk premium","Inputs|Rate of return",{"$f":"percent","v":"Per cent"},"Nominal",null,null,null,null,{"$f":"MRP","v":6.2E-2}]
[null,null,"Equity beta","Inputs|Rate of return",{"$f":"percent","v":"Per cent"},"Nominal",null,null,null,null,{"$f":"Equity_Beta","v":0.6}]
[]
[{"$f":"IF(ISERROR(K98),\"Check\",\"Ok\")","v":"Ok"},null,"Cost of equity (post-tax) estimate","Calculated","Per cent","Nominal",null,null,null,null,{"$f":"K94+K95*K96","v":7.6744388602158126E-2},"<- The cost of equity is estimated using the Sharpe-Lintner CAPM)"]
[]
[]
[null,"End"]

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[null,null,{"$f":"Index!$C$1","v":"EDPR 2027-31 JEN - Rate of Return Model"},null,null,null,"Section Check:",{"$f":"IF(COUNTA($A$8:$A$54)=COUNTIF($A$8:$A$54,\"OK\"),\"OK\",\"Check\")","v":"OK"},null,"Back to Index",null,"Key:","Input","Internal links","External links","Drop-down","Calculation","Unique","Empty"]
[null,null,{"$f":"Index!$C$15","v":"Output|Rate of return"},null,null,null,"Overall Check:",{"$f":"'Check|List'!$H$2","v":"OK"}]
[null,null,null,null,null,null,null,null,null,null,null,"Prior","Previous Regulatory Period",null,null,null,null,"Intermediate Period","Current Regulatory Period",null,null,null,null,"Next Regulatory Period"]
[null,null,null,"Source","Unit","Basis","Timing",null,null,null,null,{"$f":"+'Input|Indicators'!L$18","v":"CY15"},{"$f":"+'Input|Indicators'!M$18","v":"CY16"},{"$f":"+'Input|Indicators'!N$18","v":"CY17"},{"$f":"+'Input|Indicators'!O$18","v":"CY18"},{"$f":"+'Input|Indicators'!P$18","v":"CY19"},{"$f":"+'Input|Indicators'!Q$18","v":"CY20"},{"$f":"+'Input|Indicators'!R$18","v":"HY21"},{"$f":"+'Input|Indicators'!S$18","v":"FY22"},{"$f":"+'Input|Indicators'!T$18","v":"FY23"},{"$f":"+'Input|Indicators'!U$18","v":"FY24"},{"$f":"+'Input|Indicators'!V$18","v":"FY25"},{"$f":"+'Input|Indicators'!W$18","v":"FY26"},{"$f":"+'Input|Indicators'!X$18","v":"FY27"},{"$f":"+'Input|Indicators'!Y$18","v":"FY28"},{"$f":"+'Input|Indicators'!Z$18","v":"FY29"},{"$f":"+'Input|Indicators'!AA$18","v":"FY30"},{"$f":"+'Input|Indicators'!AB$18","v":"FY31"}]
[]
[null,"Copyright Jemena Limited. All rights reserved. Jemena is not liable for any loss caused by reliance on this document."]
[]
[null,"Inputs for JEN Revenue Model"]
[]
[null,null,"Rate of return","Source","Unit","Basis",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+'Input|Indicators'!X18","v":"FY27"},{"$f":"+'Input|Indicators'!Y18","v":"FY28"},{"$f":"+'Input|Indicators'!Z18","v":"FY29"},{"$f":"+'Input|Indicators'!AA18","v":"FY30"},{"$f":"+'Input|Indicators'!AB18","v":"FY31"}]
[]
[{"$f":"IF(ISERROR(X12),\"Check\",\"Ok\")","v":"Ok"},null,"Cost of equity (post-tax)","Calc|Rate of return",{"$f":"+percent","v":"Per cent"},{"$f":"+Nominal","v":"Nominal"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Cost_of_Equity","v":7.6744388602158126E-2}]
[{"$f":"IF(ISERROR(X13),\"Check\",\"Ok\")","v":"Ok"},null,"Cost of debt (pre-tax)","Calc|Rate of return",{"$f":"+percent","v":"Per cent"},{"$f":"+Nominal","v":"Nominal"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+INDEX('Calc|Rate of return'!$M$87:$AB$87,MATCH('Output|Rate of return'!X$10,'Calc|Rate of return'!$M$72:$AB$72,0))","v":4.7493932104883979E-2},{"$f":"+INDEX('Calc|Rate of return'!$M$87:$AB$87,MATCH('Output|Rate of return'!Y$10,'Calc|Rate of return'!$M$72:$AB$72,0))","v":4.8782410552917141E-2},{"$f":"+INDEX('Calc|Rate of return'!$M$87:$AB$87,MATCH('Output|Rate of return'!Z$10,'Calc|Rate of return'!$M$72:$AB$72,0))","v":5.0026104347984809E-2},{"$f":"+INDEX('Calc|Rate of return'!$M$87:$AB$87,MATCH('Output|Rate of return'!AA$10,'Calc|Rate of return'!$M$72:$AB$72,0))","v":5.1774090329149855E-2},{"$f":"+INDEX('Calc|Rate of return'!$M$87:$AB$87,MATCH('Output|Rate of return'!AB$10,'Calc|Rate of return'!$M$72:$AB$72,0))","v":5.4667717370483905E-2}]
[{"$f":"IF(ISERROR(X14),\"Check\",\"Ok\")","v":"Ok"},null,"Leverage","Inputs|Rate of return",{"$f":"+percent","v":"Per cent"},{"$f":"+Nominal","v":"Nominal"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Leverage","v":0.6}]
[{"$f":"IF(ISERROR(X15),\"Check\",\"Ok\")","v":"Ok"},null,"Gamma","Inputs|Rate of return",{"$f":"+percent","v":"Per cent"},{"$f":"+Nominal","v":"Nominal"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Gamma","v":0.56999999999999995}]
[{"$f":"IF(ISERROR(X16),\"Check\",\"Ok\")","v":"Ok"},null,"Tax rate","Inputs|Rate of return",{"$f":"+percent","v":"Per cent"},{"$f":"+Nominal","v":"Nominal"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Tax","v":0.3}]
[]
[{"$f":"IF(ISERROR(X18),\"Check\",\"Ok\")","v":"Ok"},null,"Nominal vanilla WACC","Calc",{"$f":"+percent","v":"Per cent"},{"$f":"+Nominal","v":"Nominal"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"$X$12*(1-$X$14)+X13*$X$14","v":5.919411470379364E-2},{"$f":"$X$12*(1-$X$14)+Y13*$X$14","v":5.996720177261354E-2},{"$f":"$X$12*(1-$X$14)+Z13*$X$14","v":6.0713418049654133E-2},{"$f":"$X$12*(1-$X$14)+AA13*$X$14","v":6.176220963835316E-2},{"$f":"$X$12*(1-$X$14)+AB13*$X$14","v":6.3498385863153595E-2}]
[]
[null,null,"Debt and equity raising costs","Source","Unit","Basis",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Estimates"]
[]
[{"$f":"IF(ISERROR(X22),\"Check\",\"Ok\")","v":"Ok"},null,"Debt raising costs","Inputs|Rate of return","Per cent","Nominal",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Input|Rate of return'!J112","v":8.8400000000000002E-4}]
[{"$f":"IF(ISERROR(X23),\"Check\",\"Ok\")","v":"Ok"},null,"Dividend / imputation payout ratio","Inputs|Rate of return","Per cent","Nominal",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Input|Rate of return'!J113","v":0.878670689}]
[{"$f":"IF(ISERROR(X24),\"Check\",\"Ok\")","v":"Ok"},null,"Benchmark SEO raising cost","Inputs|Rate of return","Per cent","Nominal",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Input|Rate of return'!J114","v":0.03}]
[{"$f":"IF(ISERROR(X25),\"Check\",\"Ok\")","v":"Ok"},null,"Benchmark DRP cost","Inputs|Rate of return","Per cent","Nominal",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Input|Rate of return'!J115","v":0.01}]
[{"$f":"IF(ISERROR(X26),\"Check\",\"Ok\")","v":"Ok"},null,"Benchmark DRP takeup","Inputs|Rate of return","Per cent","Nominal",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Input|Rate of return'!J116","v":0.3}]
[]
[null,"Inputs for JEN Revenue Model"]
[]
[null,null,null,null,null,null,null,null,null,null,null,"ABS Data",null,null,null,null,null,null,null,"RBA Forecast/Glide path to target"]
[null,null,"Inflation","Source","Unit","Basis",null,null,null,null,null,{"$f":"+'Input|Indicators'!L18","v":"CY15"},{"$f":"+'Input|Indicators'!M18","v":"CY16"},{"$f":"+'Input|Indicators'!N18","v":"CY17"},{"$f":"+'Input|Indicators'!O18","v":"CY18"},{"$f":"+'Input|Indicators'!P18","v":"CY19"},{"$f":"+'Input|Indicators'!Q18","v":"CY20"},{"$f":"+'Input|Indicators'!R18","v":"HY21"},{"$f":"+'Input|Indicators'!S18","v":"FY22"},{"$f":"+'Input|Indicators'!T18","v":"FY23"},{"$f":"+'Input|Indicators'!U18","v":"FY24"},{"$f":"+'Input|Indicators'!V18","v":"FY25"},{"$f":"+'Input|Indicators'!W18","v":"FY26"},{"$f":"+'Input|Indicators'!X18","v":"FY27"},{"$f":"+'Input|Indicators'!Y18","v":"FY28"},{"$f":"+'Input|Indicators'!Z18","v":"FY29"},{"$f":"+'Input|Indicators'!AA18","v":"FY30"},{"$f":"+'Input|Indicators'!AB18","v":"FY31"}]
[]
[{"$f":"+IF(ISNUMBER(SUM(P33:W33)),\"Ok\",\"Check\")","v":"Ok"},null,"Inflation Rate (Opex)","Input|Rate of return","Per cent","n/a",null,null,null,null,null,{"$f":"+'Input|Rate of return'!L12","v":1.6885553470919357E-2},{"$f":"+'Input|Rate of return'!M12","v":1.4760147601476037E-2},{"$f":"+'Input|Rate of return'!N12","v":1.9090909090909047E-2},{"$f":"+'Input|Rate of return'!O12","v":1.7841213202497874E-2},{"$f":"+'Input|Rate of return'!P12","v":1.8404907975460238E-2},{"$f":"+'Input|Rate of return'!Q12","v":8.6058519793459354E-3},{"$f":"+'Input|Rate of return'!R12","v":1.3651877133105783E-2},{"$f":"+'Input|Rate of return'!S12","v":6.1447811447811418E-2},{"$f":"+'Input|Rate of return'!T12","v":6.0269627279936566E-2},{"$f":"+'Input|Rate of return'!U12","v":3.8145100972326373E-2},{"$f":"+'Input|Rate of return'!V13","v":2.5000000000000001E-2},{"$f":"+'Input|Rate of return'!W13","v":3.1E-2},{"$f":"+'Calc|Rate of return'!X13","v":2.4999999999999911E-2},{"$f":"+'Calc|Rate of return'!Y13","v":2.4999999999999911E-2},{"$f":"+'Calc|Rate of return'!Z13","v":2.4999999999999911E-2},{"$f":"+'Calc|Rate of return'!AA13","v":2.4999999999999911E-2},{"$f":"+'Calc|Rate of return'!AB13","v":2.4999999999999911E-2}]
[{"$f":"+IF(ISNUMBER(SUM(P34:W34)),\"Ok\",\"Check\")","v":"Ok"},null,"Inflation Rate (Capex)","Input|Rate of return","Per cent","n/a",null,null,null,null,null,{"$f":"+'Input|Rate of return'!L19","v":2.3076923076923217E-2},{"$f":"+'Input|Rate of return'!M19","v":1.5108593012275628E-2},{"$f":"+'Input|Rate of return'!N19","v":1.0232558139534831E-2},{"$f":"+'Input|Rate of return'!O19","v":1.9337016574585641E-2},{"$f":"+'Input|Rate of return'!P19","v":2.0776874435411097E-2},{"$f":"+'Input|Rate of return'!Q19","v":1.5929203539823078E-2},{"$f":"+'Input|Rate of return'!R19","v":1.2195121951219523E-2},{"$f":"+'Input|Rate of return'!S19","v":8.6058519793459354E-3},{"$f":"+'Input|Rate of return'!T19","v":3.4982935153583528E-2},{"$f":"+'Input|Rate of return'!U19","v":7.8318219291014124E-2},{"$f":"+'Input|Rate of return'!V19","v":4.0519877675840865E-2},{"$f":"+'Input|Rate of return'!W20","v":2.5999999999999999E-2},{"$f":"+'Calc|Rate of return'!X12","v":2.4999999999999911E-2},{"$f":"+'Calc|Rate of return'!Y12","v":2.4999999999999911E-2},{"$f":"+'Calc|Rate of return'!Z12","v":2.4999999999999911E-2},{"$f":"+'Calc|Rate of return'!AA12","v":2.4999999999999911E-2},{"$f":"+'Calc|Rate of return'!AB12","v":2.4999999999999911E-2}]
[]
[null,null,"Opex - Indices"]
[{"$f":"+IF(ISNUMBER(SUM(P37:W37)),\"Ok\",\"Check\")","v":"Ok"},null,{"$f":"'Calc|Rate of return'!C22","v":"Real 2024 (Mid-year) to Nominal (Mid-year)"},"Calc|Rate of return",{"$f":"'Calc|Rate of return'!E22","v":"factor"},"n/a",null,null,null,null,null,{"$f":"'Calc|Rate of return'!L22","v":0.78910138702871735},{"$f":"'Calc|Rate of return'!M22","v":0.80158678169309527},{"$f":"'Calc|Rate of return'!N22","v":0.81515221349509337},{"$f":"'Calc|Rate of return'!O22","v":0.83020470786665257},{"$f":"'Calc|Rate of return'!P22","v":0.8452505257006635},{"$f":"'Calc|Rate of return'!Q22","v":0.85665594508015286},{"$f":"'Calc|Rate of return'!R22","v":0.86618685650828364},{"$f":"'Calc|Rate of return'!S22","v":0.89847361289618688},{"$f":"'Calc|Rate of return'!T22","v":0.95315341940434228},{"$f":"'Calc|Rate of return'!U22","v":1},{"$f":"'Calc|Rate of return'!V22","v":1.0315516121341843},{"$f":"'Calc|Rate of return'!W22","v":1.0604305417173869},{"$f":"'Calc|Rate of return'!X22","v":1.0901179549131024},{"$f":"'Calc|Rate of return'!Y22","v":1.1173709037859301},{"$f":"'Calc|Rate of return'!Z22","v":1.1453051763805782},{"$f":"'Calc|Rate of return'!AA22","v":1.1739378057900927},{"$f":"'Calc|Rate of return'!AB22","v":1.2032862509348448}]
[{"$f":"+IF(ISNUMBER(SUM(P38:W38)),\"Ok\",\"Check\")","v":"Ok"},null,{"$f":"'Calc|Rate of return'!C23","v":"Nominal (Mid-year) to Real 2026 (End-year)"},"Calc|Rate of return",{"$f":"'Calc|Rate of return'!E23","v":"factor"},"n/a",null,null,null,null,null,{"$f":"'Calc|Rate of return'!L23","v":1.364516379778723},{"$f":"'Calc|Rate of return'!M23","v":1.3432628787023186},{"$f":"'Calc|Rate of return'!N23","v":1.3209088438711274},{"$f":"'Calc|Rate of return'!O23","v":1.2969593615936714},{"$f":"'Calc|Rate of return'!P23","v":1.2738729349079529},{"$f":"'Calc|Rate of return'!Q23","v":1.2569127361931156},{"$f":"'Calc|Rate of return'!R23","v":1.2430825517802082},{"$f":"'Calc|Rate of return'!S23","v":1.198412232092124},{"$f":"'Calc|Rate of return'!T23","v":1.1296625978425241},{"$f":"'Calc|Rate of return'!U23","v":1.0767417679067941},{"$f":"'Calc|Rate of return'!V23","v":1.0438079444993698},{"$f":"'Calc|Rate of return'!W23","v":1.0153817016275208},{"$f":"'Calc|Rate of return'!X23","v":0.98772959664958959},{"$f":"'Calc|Rate of return'!Y23","v":0.96363863087764845},{"$f":"'Calc|Rate of return'!Z23","v":0.94013524963673012},{"$f":"'Calc|Rate of return'!AA23","v":0.91720512159681},{"$f":"'Calc|Rate of return'!AB23","v":0.89483426497249763}]
["Ok",null,{"$f":"'Calc|Rate of return'!C24","v":"Real 2021 (End-year) to Real 2026 (End-year)"},"Calc|Rate of return",{"$f":"'Calc|Rate of return'!E24","v":"factor"},"n/a",null,null,null,null,null,{"$f":"'Calc|Rate of return'!L24","v":1.2346832491582491},{"$f":"'Calc|Rate of return'!M24","v":1.2346832491582491},{"$f":"'Calc|Rate of return'!N24","v":1.2346832491582491},{"$f":"'Calc|Rate of return'!O24","v":1.2346832491582491},{"$f":"'Calc|Rate of return'!P24","v":1.2346832491582491},{"$f":"'Calc|Rate of return'!Q24","v":1.2346832491582491},{"$f":"'Calc|Rate of return'!R24","v":1.2346832491582491},{"$f":"'Calc|Rate of return'!S24","v":1.2346832491582491},{"$f":"'Calc|Rate of return'!T24","v":1.2346832491582491},{"$f":"'Calc|Rate of return'!U24","v":1.2346832491582491},{"$f":"'Calc|Rate of return'!V24","v":1.2346832491582491},{"$f":"'Calc|Rate of return'!W24","v":1.2346832491582491},{"$f":"'Calc|Rate of return'!X24","v":1.2346832491582491},{"$f":"'Calc|Rate of return'!Y24","v":1.2346832491582491},{"$f":"'Calc|Rate of return'!Z24","v":1.2346832491582491},{"$f":"'Calc|Rate of return'!AA24","v":1.2346832491582491},{"$f":"'Calc|Rate of return'!AB24","v":1.2346832491582491}]
["Ok",null,{"$f":"'Calc|Rate of return'!C25","v":"Real 2015 (End-year) to Real 2026 (End-year)"},"Calc|Rate of return",{"$f":"'Calc|Rate of return'!E25","v":"factor"},"n/a",null,null,null,null,null,{"$f":"'Calc|Rate of return'!L25","v":1.3531399446494468},{"$f":"'Calc|Rate of return'!M25","v":1.3531399446494468},{"$f":"'Calc|Rate of return'!N25","v":1.3531399446494468},{"$f":"'Calc|Rate of return'!O25","v":1.3531399446494468},{"$f":"'Calc|Rate of return'!P25","v":1.3531399446494468},{"$f":"'Calc|Rate of return'!Q25","v":1.3531399446494468},{"$f":"'Calc|Rate of return'!R25","v":1.3531399446494468},{"$f":"'Calc|Rate of return'!S25","v":1.3531399446494468},{"$f":"'Calc|Rate of return'!T25","v":1.3531399446494468},{"$f":"'Calc|Rate of return'!U25","v":1.3531399446494468},{"$f":"'Calc|Rate of return'!V25","v":1.3531399446494468},{"$f":"'Calc|Rate of return'!W25","v":1.3531399446494468},{"$f":"'Calc|Rate of return'!X25","v":1.3531399446494468},{"$f":"'Calc|Rate of return'!Y25","v":1.3531399446494468},{"$f":"'Calc|Rate of return'!Z25","v":1.3531399446494468},{"$f":"'Calc|Rate of return'!AA25","v":1.3531399446494468},{"$f":"'Calc|Rate of return'!AB25","v":1.3531399446494468}]
["Ok",null,{"$f":"'Calc|Rate of return'!C26","v":"Real 2026 (End-year) to Nominal (End-year)"},"Calc|Rate of return",{"$f":"'Calc|Rate of return'!E26","v":"factor"},"n/a",null,null,null,null,null,{"$f":"'Calc|Rate of return'!L26","v":0.73902186093476574},{"$f":"'Calc|Rate of return'!M26","v":0.74992993268288033},{"$f":"'Calc|Rate of return'!N26","v":0.76424677685228071},{"$f":"'Calc|Rate of return'!O26","v":0.77788186653742408},{"$f":"'Calc|Rate of return'!P26","v":0.79219871070682468},{"$f":"'Calc|Rate of return'!Q26","v":0.79901625554939626},{"$f":"'Calc|Rate of return'!R26","v":0.80992432729751096},{"$f":"'Calc|Rate of return'!S26","v":0.85969240464828389},{"$f":"'Calc|Rate of return'!T26","v":0.91150574545182828},{"$f":"'Calc|Rate of return'!U26","v":0.94627522414894383},{"$f":"'Calc|Rate of return'!V26","v":0.96993210475266733},{"$f":"'Calc|Rate of return'!W26","v":1},{"$f":"'Calc|Rate of return'!X26","v":1.0249999999999999},{"$f":"'Calc|Rate of return'!Y26","v":1.0506249999999999},{"$f":"'Calc|Rate of return'!Z26","v":1.0768906249999999},{"$f":"'Calc|Rate of return'!AA26","v":1.1038128906249998},{"$f":"'Calc|Rate of return'!AB26","v":1.1314082128906247}]
["Ok",null,{"$f":"'Calc|Rate of return'!C27","v":"Real 2024 (End-year) to Real 2026 (End-year)"},"Calc|Rate of return",{"$f":"'Calc|Rate of return'!E27","v":"factor"},"n/a",null,null,null,null,null,{"$f":"'Calc|Rate of return'!L27","v":1.0567749999999998},{"$f":"'Calc|Rate of return'!M27","v":1.0567749999999998},{"$f":"'Calc|Rate of return'!N27","v":1.0567749999999998},{"$f":"'Calc|Rate of return'!O27","v":1.0567749999999998},{"$f":"'Calc|Rate of return'!P27","v":1.0567749999999998},{"$f":"'Calc|Rate of return'!Q27","v":1.0567749999999998},{"$f":"'Calc|Rate of return'!R27","v":1.0567749999999998},{"$f":"'Calc|Rate of return'!S27","v":1.0567749999999998},{"$f":"'Calc|Rate of return'!T27","v":1.0567749999999998},{"$f":"'Calc|Rate of return'!U27","v":1.0567749999999998},{"$f":"'Calc|Rate of return'!V27","v":1.0567749999999998},{"$f":"'Calc|Rate of return'!W27","v":1.0567749999999998},{"$f":"'Calc|Rate of return'!X27","v":1.0567749999999998},{"$f":"'Calc|Rate of return'!Y27","v":1.0567749999999998},{"$f":"'Calc|Rate of return'!Z27","v":1.0567749999999998},{"$f":"'Calc|Rate of return'!AA27","v":1.0567749999999998},{"$f":"'Calc|Rate of return'!AB27","v":1.0567749999999998}]
["Ok",null,{"$f":"'Calc|Rate of return'!C28","v":"[Spare]"},"Calc|Rate of return",{"$f":"'Calc|Rate of return'!E28","v":"factor"},"n/a",null,null,null,null,null,{"$f":"'Calc|Rate of return'!L28","v":1},{"$f":"'Calc|Rate of return'!M28","v":1},{"$f":"'Calc|Rate of return'!N28","v":1},{"$f":"'Calc|Rate of return'!O28","v":1},{"$f":"'Calc|Rate of return'!P28","v":1},{"$f":"'Calc|Rate of return'!Q28","v":1},{"$f":"'Calc|Rate of return'!R28","v":1},{"$f":"'Calc|Rate of return'!S28","v":1},{"$f":"'Calc|Rate of return'!T28","v":1},{"$f":"'Calc|Rate of return'!U28","v":1},{"$f":"'Calc|Rate of return'!V28","v":1},{"$f":"'Calc|Rate of return'!W28","v":1},{"$f":"'Calc|Rate of return'!X28","v":1},{"$f":"'Calc|Rate of return'!Y28","v":1},{"$f":"'Calc|Rate of return'!Z28","v":1},{"$f":"'Calc|Rate of return'!AA28","v":1},{"$f":"'Calc|Rate of return'!AB28","v":1}]
[]
[null,null,"Capex & RFM - Indices"]
[{"$f":"+IF(ISNUMBER(SUM(P46:W46)),\"Ok\",\"Check\")","v":"Ok"},null,{"$f":"'Calc|Rate of return'!C32","v":"Real 2024 (End-year) to Real 2026 (End-year)"},"Calc|Rate of return",{"$f":"'Calc|Rate of return'!E32","v":"factor"},"n/a",null,null,null,null,null,{"$f":"'Calc|Rate of return'!L32","v":1.0675733944954127},{"$f":"'Calc|Rate of return'!M32","v":1.0675733944954127},{"$f":"'Calc|Rate of return'!N32","v":1.0675733944954127},{"$f":"'Calc|Rate of return'!O32","v":1.0675733944954127},{"$f":"'Calc|Rate of return'!P32","v":1.0675733944954127},{"$f":"'Calc|Rate of return'!Q32","v":1.0675733944954127},{"$f":"'Calc|Rate of return'!R32","v":1.0675733944954127},{"$f":"'Calc|Rate of return'!S32","v":1.0675733944954127},{"$f":"'Calc|Rate of return'!T32","v":1.0675733944954127},{"$f":"'Calc|Rate of return'!U32","v":1.0675733944954127},{"$f":"'Calc|Rate of return'!V32","v":1.0675733944954127},{"$f":"'Calc|Rate of return'!W32","v":1.0675733944954127},{"$f":"'Calc|Rate of return'!X32","v":1.0675733944954127},{"$f":"'Calc|Rate of return'!Y32","v":1.0675733944954127},{"$f":"'Calc|Rate of return'!Z32","v":1.0675733944954127},{"$f":"'Calc|Rate of return'!AA32","v":1.0675733944954127},{"$f":"'Calc|Rate of return'!AB32","v":1.0675733944954127}]
[{"$f":"+IF(ISNUMBER(SUM(P47:W47)),\"Ok\",\"Check\")","v":"Ok"},null,{"$f":"'Calc|Rate of return'!C33","v":"Real 2017 (End-year) to Real 2026 (End-year)"},"Calc|Rate of return",{"$f":"'Calc|Rate of return'!E33","v":"factor"},"n/a",null,null,null,null,null,{"$f":"'Calc|Rate of return'!L33","v":1.2858066298342539},{"$f":"'Calc|Rate of return'!M33","v":1.2858066298342539},{"$f":"'Calc|Rate of return'!N33","v":1.2858066298342539},{"$f":"'Calc|Rate of return'!O33","v":1.2858066298342539},{"$f":"'Calc|Rate of return'!P33","v":1.2858066298342539},{"$f":"'Calc|Rate of return'!Q33","v":1.2858066298342539},{"$f":"'Calc|Rate of return'!R33","v":1.2858066298342539},{"$f":"'Calc|Rate of return'!S33","v":1.2858066298342539},{"$f":"'Calc|Rate of return'!T33","v":1.2858066298342539},{"$f":"'Calc|Rate of return'!U33","v":1.2858066298342539},{"$f":"'Calc|Rate of return'!V33","v":1.2858066298342539},{"$f":"'Calc|Rate of return'!W33","v":1.2858066298342539},{"$f":"'Calc|Rate of return'!X33","v":1.2858066298342539},{"$f":"'Calc|Rate of return'!Y33","v":1.2858066298342539},{"$f":"'Calc|Rate of return'!Z33","v":1.2858066298342539},{"$f":"'Calc|Rate of return'!AA33","v":1.2858066298342539},{"$f":"'Calc|Rate of return'!AB33","v":1.2858066298342539}]
["Ok",null,{"$f":"'Calc|Rate of return'!C34","v":"Real 2026 (End-year) to Nominal (End-year)"},"Calc|Rate of return",{"$f":"'Calc|Rate of return'!E34","v":"factor"},"n/a",null,null,null,null,null,{"$f":"'Calc|Rate of return'!L34","v":0.75838629146955094},{"$f":"'Calc|Rate of return'!M34","v":0.76984444129345342},{"$f":"'Calc|Rate of return'!N34","v":0.77772191929738643},{"$f":"'Calc|Rate of return'!O34","v":0.79276074094125848},{"$f":"'Calc|Rate of return'!P34","v":0.80923183131311838},{"$f":"'Calc|Rate of return'!Q34","v":0.82212224986500892},{"$f":"'Calc|Rate of return'!R34","v":0.83214813096092355},{"$f":"'Calc|Rate of return'!S34","v":0.83930947460086269},{"$f":"'Calc|Rate of return'!T34","v":0.86867098352461292},{"$f":"'Calc|Rate of return'!U34","v":0.93670374810403445},{"$f":"'Calc|Rate of return'!V34","v":0.97465886939571145},{"$f":"'Calc|Rate of return'!W34","v":1},{"$f":"'Calc|Rate of return'!X34","v":1.0249999999999999},{"$f":"'Calc|Rate of return'!Y34","v":1.0506249999999997},{"$f":"'Calc|Rate of return'!Z34","v":1.0768906249999997},{"$f":"'Calc|Rate of return'!AA34","v":1.1038128906249995},{"$f":"'Calc|Rate of return'!AB34","v":1.1314082128906247}]
["Ok",null,{"$f":"'Calc|Rate of return'!C35","v":"Real 2026 (End-year) to Nominal (Mid-year)"},"Calc|Rate of return",{"$f":"'Calc|Rate of return'!E35","v":"factor"},"n/a",null,null,null,null,null,{"$f":"'Calc|Rate of return'!L35","v":0.74978427835737849},{"$f":"'Calc|Rate of return'!M35","v":0.76409388876039996},{"$f":"'Calc|Rate of return'!N35","v":0.77377315567494886},{"$f":"'Calc|Rate of return'!O35","v":0.78520532664294485},{"$f":"'Calc|Rate of return'!P35","v":0.8009539476056281},{"$f":"'Calc|Rate of return'!Q35","v":0.81565157623921891},{"$f":"'Calc|Rate of return'!R35","v":0.82711999954453785},{"$f":"'Calc|Rate of return'!S35","v":0.83572113206912668},{"$f":"'Calc|Rate of return'!T35","v":0.85386403296019997},{"$f":"'Calc|Rate of return'!U35","v":0.9020462106437358},{"$f":"'Calc|Rate of return'!V35","v":0.95549286553370105},{"$f":"'Calc|Rate of return'!W35","v":0.98724812959848718},{"$f":"'Calc|Rate of return'!X35","v":1.0124228365658294},{"$f":"'Calc|Rate of return'!Y35","v":1.0377334074799749},{"$f":"'Calc|Rate of return'!Z35","v":1.0636767426669742},{"$f":"'Calc|Rate of return'!AA35","v":1.0902686612336485},{"$f":"'Calc|Rate of return'!AB35","v":1.1175253777644898}]
["Ok",null,{"$f":"'Calc|Rate of return'!C36","v":"Nominal (Mid-year) to Real 2026 (End-year)"},"Calc|Rate of return",{"$f":"'Calc|Rate of return'!E36","v":"factor"},"n/a",null,null,null,null,null,{"$f":"'Calc|Rate of return'!L36","v":1.3337169488146541},{"$f":"'Calc|Rate of return'!M36","v":1.3087396911684686},{"$f":"'Calc|Rate of return'!N36","v":1.2923684320990916},{"$f":"'Calc|Rate of return'!O36","v":1.2735522366810539},{"$f":"'Calc|Rate of return'!P36","v":1.2485112321243939},{"$f":"'Calc|Rate of return'!Q36","v":1.2260136915455604},{"$f":"'Calc|Rate of return'!R36","v":1.2090144121175406},{"$f":"'Calc|Rate of return'!S36","v":1.1965713940057279},{"$f":"'Calc|Rate of return'!T36","v":1.171146647942497},{"$f":"'Calc|Rate of return'!U36","v":1.1085906555567264},{"$f":"'Calc|Rate of return'!V36","v":1.0465802896826852},{"$f":"'Calc|Rate of return'!W36","v":1.012916580968048},{"$f":"'Calc|Rate of return'!X36","v":0.98772959664958959},{"$f":"'Calc|Rate of return'!Y36","v":0.96363863087764845},{"$f":"'Calc|Rate of return'!Z36","v":0.94013524963673012},{"$f":"'Calc|Rate of return'!AA36","v":0.91720512159681},{"$f":"'Calc|Rate of return'!AB36","v":0.89483426497249763}]
["Ok",null,{"$f":"'Calc|Rate of return'!C37","v":"Real 2021 (End-year) to Real 2026 (End-year)"},"Calc|Rate of return",{"$f":"'Calc|Rate of return'!E37","v":"factor"},"n/a",null,null,null,null,null,{"$f":"'Calc|Rate of return'!L37","v":1.2017091222030978},{"$f":"'Calc|Rate of return'!M37","v":1.2017091222030978},{"$f":"'Calc|Rate of return'!N37","v":1.2017091222030978},{"$f":"'Calc|Rate of return'!O37","v":1.2017091222030978},{"$f":"'Calc|Rate of return'!P37","v":1.2017091222030978},{"$f":"'Calc|Rate of return'!Q37","v":1.2017091222030978},{"$f":"'Calc|Rate of return'!R37","v":1.2017091222030978},{"$f":"'Calc|Rate of return'!S37","v":1.2017091222030978},{"$f":"'Calc|Rate of return'!T37","v":1.2017091222030978},{"$f":"'Calc|Rate of return'!U37","v":1.2017091222030978},{"$f":"'Calc|Rate of return'!V37","v":1.2017091222030978},{"$f":"'Calc|Rate of return'!W37","v":1.2017091222030978},{"$f":"'Calc|Rate of return'!X37","v":1.2017091222030978},{"$f":"'Calc|Rate of return'!Y37","v":1.2017091222030978},{"$f":"'Calc|Rate of return'!Z37","v":1.2017091222030978},{"$f":"'Calc|Rate of return'!AA37","v":1.2017091222030978},{"$f":"'Calc|Rate of return'!AB37","v":1.2017091222030978}]
["Ok",null,{"$f":"'Calc|Rate of return'!C38","v":"Real 2015 (End-year) to Real 2026 (End-year)"},"Calc|Rate of return",{"$f":"'Calc|Rate of return'!E38","v":"factor"},"n/a",null,null,null,null,null,{"$f":"'Calc|Rate of return'!L38","v":1.3185892351274784},{"$f":"'Calc|Rate of return'!M38","v":1.3185892351274784},{"$f":"'Calc|Rate of return'!N38","v":1.3185892351274784},{"$f":"'Calc|Rate of return'!O38","v":1.3185892351274784},{"$f":"'Calc|Rate of return'!P38","v":1.3185892351274784},{"$f":"'Calc|Rate of return'!Q38","v":1.3185892351274784},{"$f":"'Calc|Rate of return'!R38","v":1.3185892351274784},{"$f":"'Calc|Rate of return'!S38","v":1.3185892351274784},{"$f":"'Calc|Rate of return'!T38","v":1.3185892351274784},{"$f":"'Calc|Rate of return'!U38","v":1.3185892351274784},{"$f":"'Calc|Rate of return'!V38","v":1.3185892351274784},{"$f":"'Calc|Rate of return'!W38","v":1.3185892351274784},{"$f":"'Calc|Rate of return'!X38","v":1.3185892351274784},{"$f":"'Calc|Rate of return'!Y38","v":1.3185892351274784},{"$f":"'Calc|Rate of return'!Z38","v":1.3185892351274784},{"$f":"'Calc|Rate of return'!AA38","v":1.3185892351274784},{"$f":"'Calc|Rate of return'!AB38","v":1.3185892351274784}]
[]
[null,"End"]

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[null,null,{"$f":"Index!$C$1","v":"EDPR 2027-31 JEN - Rate of Return Model"},null,null,null,null,null,null,"Back to Index",null,"Key:","Input","Internal links","External links","Drop-down","Calculation","Unique","Empty"]
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[null,"Copyright Jemena Limited. All rights reserved. Jemena is not liable for any loss caused by reliance on this document."]
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[null,"Lookup table"]
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[null,null,"Financial Unit Denomination","Source",null,null,"Ref"]
[null,null,"Dollars","Reg Team",null,null,"$dollars"]
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[null,null,"Millions","Reg Team",null,null,"$millions"]
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[null,null,"Non-financial Unit Denomination"]
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[null,null,"Number","Reg Team",null,null,"number"]
[null,null,"Factor","Reg Team",null,null,"factor"]
[null,null,"Elec Energy  - Kilowatts/hr","Reg Team",null,null,"kWh"]
[null,null,"Elec Energy  - Gigawatts/hr","Reg Team",null,null,"GWh"]
[null,null,"Elec Energy - Megawatts/hr","Reg Team",null,null,"MWh"]
[null,null,"Electricity Energy - Terajoules","Reg Team",null,null,"TJ"]
[null,null,"Electricity Energy - Gigajoules","Reg Team",null,null,"GJ"]
[null,null,"Mains","Reg Team",null,null,"mains"]
[null,null,"Kilometres","Reg Team",null,null,"kms"]
[null,null,"Metres","Reg Team",null,null,"metres"]
[]
[null,null,"Periodicity"]
[null,null,"Actuals","Reg Team",null,null,"Actual"]
[null,null,"Forecast","Reg Team",null,null,"Fcast"]
[null,null,"Date","Reg Team",null,null,"date"]
[null,null,"Month","Reg Team",null,null,"month"]
[null,null,"Quarter","Reg Team",null,null,"quarter"]
[null,null,"Year","Reg Team",null,null,"year"]
[null,null,"Option","Reg Team",null,null,"option"]
[null,null,"Yes/No","Reg Team",null,null,"yes/no"]
[null,null,"Actuals/Forecast","Reg Team",null,null,"(A)/(F)"]
[]
[null,null,"Time Intervals"]
[null,null,"Number of months in a year","Reg Team",null,null,12]
[null,null,"Number of days in a year","Reg Team",null,null,365]
[null,null,"Number of weeks in a year","Reg Team",null,null,52]
[null,null,"Number of periods (years) in reg period","Reg Team",null,null,5]
[]
[null,null,"Cash flow timing"]
[null,null,"Start-year",null,null,null,-0.5]
[null,null,"Mid-year",null,null,null,0]
[null,null,"End-year",null,null,null,0.5]
[null,null,"Adjustment to mid-year",null,null,null,0.5]
[null,null,"Adjustment to end-year",null,null,null,1]
[]
[null,null,"Timing"]
[null,null,"Mid-year",null,null,null,"Mid-year"]
[null,null,"End-year",null,null,null,"End-year"]
[]
[null,null,"Yes/No",null,null,null,"[Select]"]
[null,null,"Yes",null,null,null,"Yes"]
[null,null,"No",null,null,null,"No"]
[]
[null,null,"Dollar base"]
[null,null,{"$f":"+'Calc|Rate of return'!$L$4","v":2015},null,null,null,{"$f":"+C61","v":2015}]
[null,null,{"$f":"+C61+1","v":2016},null,null,null,2016]
[null,null,{"$f":"+C62+1","v":2017},null,null,null,2017]
[null,null,2018,null,null,null,2018]
[null,null,2019,null,null,null,2019]
[null,null,2020,null,null,null,2020]
[null,null,2021,null,null,null,2021]
[null,null,2022,null,null,null,2022]
[null,null,2023,null,null,null,2023]
[null,null,2024,null,null,null,2024]
[null,null,2025,null,null,null,2025]
[null,null,2026,null,null,null,2026]
[null,null,2027,null,null,null,2027]
[null,null,2028,null,null,null,2028]
[null,null,2029,null,null,null,2029]
[null,null,2030,null,null,null,2030]
[null,null,2031,null,null,null,2031]
[null,null,"Nominal",null,null,null,"Nominal"]
[null,null,"Real",null,null,null,"Real"]
[null,null,"Not Applicable",null,null,null,"n/a"]
[]
[null,null,"Numeric Converters"]
[null,null,"Thousands",null,null,null,1000]
[null,null,"Millions",null,null,null,1000000]
[]
[null,null,"Rounding and Error Handling"]
[null,null,"Rounding units",null,null,null,5]
[null,null,"Very Small Number",null,null,null,9.9999999999999995E-8]
[]
[null,"End"]

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[null,null,{"$f":"Index!$C$1","v":"EDPR 2027-31 JEN - Rate of Return Model"},null,null,null,null,null,null,"Back to Index",null,"Key:","Input","Internal links","External links","Drop-down","Calculation","Unique","Empty"]
[null,null,{"$f":"Index!$C$17","v":"Check|List"},null,null,null,"Overall Check:",{"$f":"IF(COUNTA($G$10:$G$13)=COUNTIF($G$10:$G$13,\"OK\"),\"OK\",\"Check\")","v":"OK"}]
[]
[]
[null,"Copyright Jemena Limited. All rights reserved. Jemena is not liable for any loss caused by reliance on this document."]
[]
[null,"Check List"]
[]
[null,null,"Sheet","Source","Unit","Basis","Status"]
[null,null,"Input|Rate of return","Input|Rate of return","Ok/Check",{"$f":"+Not_Applicable","v":"n/a"},{"$f":"+'Input|Rate of return'!H1","v":"OK"}]
[null,null,"Input|Indicators","Input|Indicators","Ok/Check",{"$f":"+Not_Applicable","v":"n/a"}]
[null,null,"Calc|Rate of return","Calc|Rate of return","Ok/Check",{"$f":"+Not_Applicable","v":"n/a"},{"$f":"'Calc|Rate of return'!H1","v":"OK"}]
[null,null,"Output|Rate of return","Output|Rate of return","Ok/Check",{"$f":"+Not_Applicable","v":"n/a"},{"$f":"'Output|Rate of return'!H1","v":"OK"}]
[]
[null,"End"]