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[]
[null,"Inflation demonstration model (50 years)"]
[]
[null,"This model was prepared to investigate questions relating to the treatment of inflation in the regulatory regime."]
[null,"It incorporates the \"core\" of the logic of the Roll Forward Model and the PRTM, but without much of the detail of those models."]
[null,"The model does not incorporate OPEX or new CAPEX."]
[null,"Nor does the model incorporate annual updating of the rate of return on debt."]
[]
[null,"Model inputs are in blue:  123"]
[null,"The model uses a simple macro for total revenue smoothing in each regulatory period."]
[null,"Running the macro:  Ctrl+z"]
[]
[null,null,null,null,null,null,"Period 1",null,null,null,null,"Period 2",null,null,null,null,"Period 3",null,null,null,null,"Period 4",null,null,null,null,"Period 5",null,null,null,null,"Period 6",null,null,null,null,"Period 7",null,null,null,null,"Period 8",null,null,null,null,"Period 9",null,null,null,null,"Period 10"]
[null,"Year",null,null,null,null,1,{"$f":"G14+1","v":2},{"$f":"H14+1","v":3},4,5,{"$f":"K14+1","v":6},{"$f":"L14+1","v":7},{"$f":"M14+1","v":8},{"$f":"N14+1","v":9},{"$f":"O14+1","v":10},{"$f":"P14+1","v":11},{"$f":"Q14+1","v":12},{"$f":"R14+1","v":13},{"$f":"S14+1","v":14},{"$f":"T14+1","v":15},{"$f":"U14+1","v":16},{"$f":"V14+1","v":17},{"$f":"W14+1","v":18},{"$f":"X14+1","v":19},{"$f":"Y14+1","v":20},{"$f":"Z14+1","v":21},{"$f":"AA14+1","v":22},{"$f":"AB14+1","v":23},{"$f":"AC14+1","v":24},{"$f":"AD14+1","v":25},{"$f":"AE14+1","v":26},{"$f":"AF14+1","v":27},{"$f":"AG14+1","v":28},{"$f":"AH14+1","v":29},{"$f":"AI14+1","v":30},{"$f":"AJ14+1","v":31},{"$f":"AK14+1","v":32},{"$f":"AL14+1","v":33},{"$f":"AM14+1","v":34},{"$f":"AN14+1","v":35},{"$f":"AO14+1","v":36},{"$f":"AP14+1","v":37},{"$f":"AQ14+1","v":38},{"$f":"AR14+1","v":39},{"$f":"AS14+1","v":40},{"$f":"AT14+1","v":41},{"$f":"AU14+1","v":42},{"$f":"AV14+1","v":43},{"$f":"AW14+1","v":44},{"$f":"AX14+1","v":45},{"$f":"AY14+1","v":46},{"$f":"AZ14+1","v":47},{"$f":"BA14+1","v":48},{"$f":"BB14+1","v":49},{"$f":"BC14+1","v":50}]
[]
[null,"Initial asset base",null,"$",100]
[null,"Asset life",null,"years",50]
[]
[null,"Inflation used in depreciation calculation"]
[null,"Expected inflation",null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2]
[null,"Cumulative expected inflation factor (from start of period)",null,null,null,null,{"$f":"1+G20","v":1.0249999999999999},{"$f":"G21*(1+$G$20)","v":1.0506249999999999},{"$f":"H21*(1+$G$20)","v":1.0768906249999999},{"$f":"I21*(1+$G$20)","v":1.1038128906249998},{"$f":"J21*(1+$G$20)","v":1.1314082128906247},{"$f":"1+L20","v":1.0249999999999999},{"$f":"L21*(1+$L$20)","v":1.0506249999999999},{"$f":"M21*(1+$L$20)","v":1.0768906249999999},{"$f":"N21*(1+$L$20)","v":1.1038128906249998},{"$f":"O21*(1+$L$20)","v":1.1314082128906247},{"$f":"1+Q20","v":1.0249999999999999},{"$f":"Q21*(1+$L$20)","v":1.0506249999999999},{"$f":"R21*(1+$L$20)","v":1.0768906249999999},{"$f":"S21*(1+$L$20)","v":1.1038128906249998},{"$f":"T21*(1+$L$20)","v":1.1314082128906247},{"$f":"1+V20","v":1.0249999999999999},{"$f":"V21*(1+$L$20)","v":1.0506249999999999},{"$f":"W21*(1+$L$20)","v":1.0768906249999999},{"$f":"X21*(1+$L$20)","v":1.1038128906249998},{"$f":"Y21*(1+$L$20)","v":1.1314082128906247},{"$f":"1+AA20","v":1.0249999999999999},{"$f":"AA21*(1+$L$20)","v":1.0506249999999999},{"$f":"AB21*(1+$L$20)","v":1.0768906249999999},{"$f":"AC21*(1+$L$20)","v":1.1038128906249998},{"$f":"AD21*(1+$L$20)","v":1.1314082128906247},{"$f":"1+AF20","v":1.0249999999999999},{"$f":"AF21*(1+$L$20)","v":1.0506249999999999},{"$f":"AG21*(1+$L$20)","v":1.0768906249999999},{"$f":"AH21*(1+$L$20)","v":1.1038128906249998},{"$f":"AI21*(1+$L$20)","v":1.1314082128906247},{"$f":"1+AK20","v":1.0249999999999999},{"$f":"AK21*(1+$L$20)","v":1.0506249999999999},{"$f":"AL21*(1+$L$20)","v":1.0768906249999999},{"$f":"AM21*(1+$L$20)","v":1.1038128906249998},{"$f":"AN21*(1+$L$20)","v":1.1314082128906247},{"$f":"1+AP20","v":1.0249999999999999},{"$f":"AP21*(1+$L$20)","v":1.0506249999999999},{"$f":"AQ21*(1+$L$20)","v":1.0768906249999999},{"$f":"AR21*(1+$L$20)","v":1.1038128906249998},{"$f":"AS21*(1+$L$20)","v":1.1314082128906247},{"$f":"1+AU20","v":1.0249999999999999},{"$f":"AU21*(1+$L$20)","v":1.0506249999999999},{"$f":"AV21*(1+$L$20)","v":1.0768906249999999},{"$f":"AW21*(1+$L$20)","v":1.1038128906249998},{"$f":"AX21*(1+$L$20)","v":1.1314082128906247},{"$f":"1+AZ20","v":1.0249999999999999},{"$f":"AZ21*(1+$AZ$20)","v":1.0506249999999999},{"$f":"BA21*(1+$AZ$20)","v":1.0768906249999999},1.1038128906249998,1.1314082128906247]
[null,"Cumulative expected inflation factor (from start of Year 1)",null,null,null,null,{"$f":"1+G20","v":1.0249999999999999},{"$f":"G22*(1+$G$20)","v":1.0506249999999999},{"$f":"H22*(1+$G$20)","v":1.0768906249999999},1.1038128906249998,1.1314082128906247,{"$f":"K25*(1+$L$20)","v":1.1596934182128902},{"$f":"L22*(1+$L$20)","v":1.1886857536682123},1.2184028975099175,1.2488629699476652,1.2800845441963566,{"$f":"P25*(1+$Q$20)","v":1.3120866578012655},{"$f":"Q22*(1+$Q$20)","v":1.3448888242462971},1.3785110448524545,1.4129738209737657,1.4482981664981096,{"$f":"U25*(1+$V$20)","v":1.4845056206605622},{"$f":"V22*(1+$V$20)","v":1.5216182611770761},1.5596587177065029,1.5986501856491653,1.6386164402903942,{"$f":"Z25*(1+$AA$20)","v":1.6795818512976539},{"$f":"AA22*(1+$AA$20)","v":1.721571397580095},1.7646106825195973,1.8087259495825871,1.8539440983221516,{"$f":"AE25*(1+$AF$20)","v":1.9002927007802053},{"$f":"AF22*(1+$AF$20)","v":1.9478000182997102},1.9964950187572028,2.0464073942261325,2.0975675790817858,{"$f":"AJ25*(1+$AK$20)","v":2.1500067685588302},{"$f":"AK22*(1+$AK$20)","v":2.2037569377728006},2.2588508612171205,2.3153221327475482,2.3732051860662366,{"$f":"AO25*(1+$AP$20)","v":2.4325353157178924},{"$f":"AP22*(1+$AP$20)","v":2.4933486986108395},2.5556824160761105,2.6195744764780131,2.6850638383899632,{"$f":"AT25*(1+$AU$20)","v":2.7521904343497119},{"$f":"AU22*(1+$AU$20)","v":2.8209951952084547},2.8915200750886658,2.9638080769658823,3.0379032788900293,{"$f":"AY25*(1+$AZ$20)","v":3.1138508608622799},{"$f":"AZ22*(1+$AZ$20)","v":3.1916971323838368},3.2714895606934324,3.353276799710768,3.437108719703537]
[null,"Actual inflation",null,null,null,null,{"$f":"G31","v":2.5000000000000001E-2},{"$f":"H31","v":2.5000000000000001E-2},2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,{"$f":"N31","v":2.5000000000000001E-2},2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,{"$f":"AU31","v":2.5000000000000001E-2},{"$f":"AV31","v":2.5000000000000001E-2},2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2]
[null,"Cumulative actual inflation factor (from start of period)",null,null,null,null,{"$f":"1+G23","v":1.0249999999999999},{"$f":"G24*(1+H23)","v":1.0506249999999999},{"$f":"H24*(1+I23)","v":1.0768906249999999},{"$f":"I24*(1+J23)","v":1.1038128906249998},{"$f":"J24*(1+K23)","v":1.1314082128906247},{"$f":"1+L23","v":1.0249999999999999},{"$f":"L24*(1+M23)","v":1.0506249999999999},{"$f":"M24*(1+N23)","v":1.0768906249999999},1.1038128906249998,1.1314082128906247,{"$f":"1+Q23","v":1.0249999999999999},{"$f":"Q24*(1+R23)","v":1.0506249999999999},{"$f":"R24*(1+S23)","v":1.0768906249999999},{"$f":"S24*(1+T23)","v":1.1038128906249998},{"$f":"T24*(1+U23)","v":1.1314082128906247},{"$f":"1+V23","v":1.0249999999999999},{"$f":"V24*(1+W23)","v":1.0506249999999999},{"$f":"W24*(1+X23)","v":1.0768906249999999},{"$f":"X24*(1+Y23)","v":1.1038128906249998},{"$f":"Y24*(1+Z23)","v":1.1314082128906247},{"$f":"1+AA23","v":1.0249999999999999},{"$f":"AA24*(1+AB23)","v":1.0506249999999999},{"$f":"AB24*(1+AC23)","v":1.0768906249999999},{"$f":"AC24*(1+AD23)","v":1.1038128906249998},{"$f":"AD24*(1+AE23)","v":1.1314082128906247},{"$f":"1+AF23","v":1.0249999999999999},{"$f":"AF24*(1+AG23)","v":1.0506249999999999},{"$f":"AG24*(1+AH23)","v":1.0768906249999999},{"$f":"AH24*(1+AI23)","v":1.1038128906249998},{"$f":"AI24*(1+AJ23)","v":1.1314082128906247},{"$f":"1+AK23","v":1.0249999999999999},{"$f":"AK24*(1+AL23)","v":1.0506249999999999},{"$f":"AL24*(1+AM23)","v":1.0768906249999999},{"$f":"AM24*(1+AN23)","v":1.1038128906249998},{"$f":"AN24*(1+AO23)","v":1.1314082128906247},{"$f":"1+AP23","v":1.0249999999999999},{"$f":"AP24*(1+AQ23)","v":1.0506249999999999},{"$f":"AQ24*(1+AR23)","v":1.0768906249999999},{"$f":"AR24*(1+AS23)","v":1.1038128906249998},{"$f":"AS24*(1+AT23)","v":1.1314082128906247},{"$f":"1+AU23","v":1.0249999999999999},{"$f":"AU24*(1+AV23)","v":1.0506249999999999},{"$f":"AV24*(1+AW23)","v":1.0768906249999999},{"$f":"AW24*(1+AX23)","v":1.1038128906249998},{"$f":"AX24*(1+AY23)","v":1.1314082128906247},{"$f":"1+AZ23","v":1.0249999999999999},{"$f":"AZ24*(1+BA23)","v":1.0506249999999999},{"$f":"BA24*(1+BB23)","v":1.0768906249999999},1.1038128906249998,1.1314082128906247]
[null,"Cumulative actual inflation factor (from start of Year 1)",null,null,null,null,{"$f":"1+G23","v":1.0249999999999999},{"$f":"G25*(1+H23)","v":1.0506249999999999},{"$f":"H25*(1+I23)","v":1.0768906249999999},1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682123,1.2184028975099175,1.2488629699476652,1.2800845441963566,1.3120866578012655,1.3448888242462971,1.3785110448524545,1.4129738209737657,1.4482981664981096,1.4845056206605622,1.5216182611770761,1.5596587177065029,1.5986501856491653,1.6386164402903942,1.6795818512976539,1.721571397580095,1.7646106825195973,1.8087259495825871,1.8539440983221516,1.9002927007802053,1.9478000182997102,1.9964950187572028,2.0464073942261325,2.0975675790817858,2.1500067685588302,2.2037569377728006,2.2588508612171205,2.3153221327475482,2.3732051860662366,2.4325353157178924,2.4933486986108395,2.5556824160761105,2.6195744764780131,2.6850638383899632,2.7521904343497119,2.8209951952084547,2.8915200750886658,2.9638080769658823,3.0379032788900293,3.1138508608622799,3.1916971323838368,3.2714895606934324,3.353276799710768,3.437108719703537]
[]
[null,"Inflation used in revenue and other calculations"]
[null,"Expected inflation",null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2]
[null,"Cumulative expected inflation factor (from start of period)",null,null,null,null,{"$f":"1+G28","v":1.0249999999999999},{"$f":"G29*(1+$G$28)","v":1.0506249999999999},{"$f":"H29*(1+$G$28)","v":1.0768906249999999},{"$f":"I29*(1+$G$28)","v":1.1038128906249998},{"$f":"J29*(1+$G$28)","v":1.1314082128906247},{"$f":"1+L28","v":1.0249999999999999},{"$f":"L29*(1+$L$28)","v":1.0506249999999999},{"$f":"M29*(1+$L$28)","v":1.0768906249999999},{"$f":"N29*(1+$L$28)","v":1.1038128906249998},{"$f":"O29*(1+$L$28)","v":1.1314082128906247},{"$f":"1+Q28","v":1.0249999999999999},{"$f":"Q29*(1+$L$28)","v":1.0506249999999999},{"$f":"R29*(1+$L$28)","v":1.0768906249999999},{"$f":"S29*(1+$L$28)","v":1.1038128906249998},{"$f":"T29*(1+$L$28)","v":1.1314082128906247},{"$f":"1+V28","v":1.0249999999999999},{"$f":"V29*(1+$L$28)","v":1.0506249999999999},{"$f":"W29*(1+$L$28)","v":1.0768906249999999},{"$f":"X29*(1+$L$28)","v":1.1038128906249998},{"$f":"Y29*(1+$L$28)","v":1.1314082128906247},{"$f":"1+AA28","v":1.0249999999999999},{"$f":"AA29*(1+$L$28)","v":1.0506249999999999},{"$f":"AB29*(1+$L$28)","v":1.0768906249999999},{"$f":"AC29*(1+$L$28)","v":1.1038128906249998},{"$f":"AD29*(1+$L$28)","v":1.1314082128906247},{"$f":"1+AF28","v":1.0249999999999999},{"$f":"AF29*(1+$L$28)","v":1.0506249999999999},{"$f":"AG29*(1+$L$28)","v":1.0768906249999999},{"$f":"AH29*(1+$L$28)","v":1.1038128906249998},{"$f":"AI29*(1+$L$28)","v":1.1314082128906247},{"$f":"1+AK28","v":1.0249999999999999},{"$f":"AK29*(1+$L$28)","v":1.0506249999999999},{"$f":"AL29*(1+$L$28)","v":1.0768906249999999},{"$f":"AM29*(1+$L$28)","v":1.1038128906249998},{"$f":"AN29*(1+$L$28)","v":1.1314082128906247},{"$f":"1+AP28","v":1.0249999999999999},{"$f":"AP29*(1+$L$28)","v":1.0506249999999999},{"$f":"AQ29*(1+$L$28)","v":1.0768906249999999},{"$f":"AR29*(1+$L$28)","v":1.1038128906249998},{"$f":"AS29*(1+$L$28)","v":1.1314082128906247},{"$f":"1+AU28","v":1.0249999999999999},{"$f":"AU29*(1+$L$28)","v":1.0506249999999999},{"$f":"AV29*(1+$L$28)","v":1.0768906249999999},{"$f":"AW29*(1+$L$28)","v":1.1038128906249998},{"$f":"AX29*(1+$L$28)","v":1.1314082128906247},{"$f":"1+AZ28","v":1.0249999999999999},{"$f":"AZ29*(1+$AZ$28)","v":1.0506249999999999},{"$f":"BA29*(1+$AZ$28)","v":1.0768906249999999},{"$f":"BB29*(1+$AZ$28)","v":1.1038128906249998},{"$f":"BC29*(1+$AZ$28)","v":1.1314082128906247}]
[null,"Cumulative expected inflation factor (from start of Year 1)",null,null,null,null,{"$f":"1+G28","v":1.0249999999999999},{"$f":"G30*(1+$G$28)","v":1.0506249999999999},{"$f":"H30*(1+$G$28)","v":1.0768906249999999},1.1038128906249998,1.1314082128906247,{"$f":"K33*(1+$L$28)","v":1.1596934182128902},{"$f":"L30*(1+$L$28)","v":1.1886857536682123},1.2184028975099175,1.2488629699476652,1.2800845441963566,{"$f":"P33*(1+$Q$28)","v":1.3120866578012655},{"$f":"Q30*(1+$Q$28)","v":1.3448888242462971},1.3785110448524545,1.4129738209737657,1.4482981664981096,{"$f":"U33*(1+$V$28)","v":1.4845056206605622},{"$f":"V30*(1+$V$28)","v":1.5216182611770761},1.5596587177065029,1.5986501856491653,1.6386164402903942,{"$f":"Z33*(1+$AA$28)","v":1.6795818512976539},{"$f":"AA30*(1+$AA$28)","v":1.721571397580095},1.7646106825195973,1.8087259495825871,1.8539440983221516,{"$f":"AE33*(1+$AF$28)","v":1.9002927007802053},{"$f":"AF30*(1+$AF$28)","v":1.9478000182997102},1.9964950187572028,2.0464073942261325,2.0975675790817858,{"$f":"AJ33*(1+$AK$28)","v":2.1500067685588302},{"$f":"AK30*(1+$AK$28)","v":2.2037569377728006},2.2588508612171205,2.3153221327475482,2.3732051860662366,{"$f":"AO33*(1+$AP$28)","v":2.4325353157178924},{"$f":"AP30*(1+$AP$28)","v":2.4933486986108395},2.5556824160761105,2.6195744764780131,2.6850638383899632,{"$f":"AT33*(1+$AU$28)","v":2.7521904343497119},{"$f":"AU30*(1+$AU$28)","v":2.8209951952084547},2.8915200750886658,2.9638080769658823,3.0379032788900293,{"$f":"AY33*(1+$AZ$28)","v":3.1138508608622799},{"$f":"AZ30*(1+$AZ$28)","v":3.1916971323838368},3.2714895606934324,3.353276799710768,3.437108719703537]
[null,"Actual inflation",null,null,null,null,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,{"$f":"L31","v":2.5000000000000001E-2},{"$f":"M31","v":2.5000000000000001E-2},2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,{"$f":"AU31","v":2.5000000000000001E-2},{"$f":"AV31","v":2.5000000000000001E-2},2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2]
[null,"Cumulative actual inflation factor (from start of period)",null,null,null,null,{"$f":"1+G31","v":1.0249999999999999},{"$f":"G32*(1+H31)","v":1.0506249999999999},{"$f":"H32*(1+I31)","v":1.0768906249999999},{"$f":"I32*(1+J31)","v":1.1038128906249998},{"$f":"J32*(1+K31)","v":1.1314082128906247},{"$f":"1+L31","v":1.0249999999999999},{"$f":"L32*(1+M31)","v":1.0506249999999999},{"$f":"M32*(1+N31)","v":1.0768906249999999},{"$f":"N32*(1+O31)","v":1.1038128906249998},{"$f":"O32*(1+P31)","v":1.1314082128906247},{"$f":"1+Q31","v":1.0249999999999999},{"$f":"Q32*(1+R31)","v":1.0506249999999999},{"$f":"R32*(1+S31)","v":1.0768906249999999},{"$f":"S32*(1+T31)","v":1.1038128906249998},{"$f":"T32*(1+U31)","v":1.1314082128906247},{"$f":"1+V31","v":1.0249999999999999},{"$f":"V32*(1+W31)","v":1.0506249999999999},{"$f":"W32*(1+X31)","v":1.0768906249999999},{"$f":"X32*(1+Y31)","v":1.1038128906249998},{"$f":"Y32*(1+Z31)","v":1.1314082128906247},{"$f":"1+AA31","v":1.0249999999999999},{"$f":"AA32*(1+AB31)","v":1.0506249999999999},{"$f":"AB32*(1+AC31)","v":1.0768906249999999},{"$f":"AC32*(1+AD31)","v":1.1038128906249998},{"$f":"AD32*(1+AE31)","v":1.1314082128906247},{"$f":"1+AF31","v":1.0249999999999999},{"$f":"AF32*(1+AG31)","v":1.0506249999999999},{"$f":"AG32*(1+AH31)","v":1.0768906249999999},{"$f":"AH32*(1+AI31)","v":1.1038128906249998},{"$f":"AI32*(1+AJ31)","v":1.1314082128906247},{"$f":"1+AK31","v":1.0249999999999999},{"$f":"AK32*(1+AL31)","v":1.0506249999999999},{"$f":"AL32*(1+AM31)","v":1.0768906249999999},{"$f":"AM32*(1+AN31)","v":1.1038128906249998},{"$f":"AN32*(1+AO31)","v":1.1314082128906247},{"$f":"1+AP31","v":1.0249999999999999},{"$f":"AP32*(1+AQ31)","v":1.0506249999999999},{"$f":"AQ32*(1+AR31)","v":1.0768906249999999},{"$f":"AR32*(1+AS31)","v":1.1038128906249998},{"$f":"AS32*(1+AT31)","v":1.1314082128906247},{"$f":"1+AU31","v":1.0249999999999999},{"$f":"AU32*(1+AV31)","v":1.0506249999999999},{"$f":"AV32*(1+AW31)","v":1.0768906249999999},{"$f":"AW32*(1+AX31)","v":1.1038128906249998},{"$f":"AX32*(1+AY31)","v":1.1314082128906247},{"$f":"1+AZ31","v":1.0249999999999999},{"$f":"AZ32*(1+BA31)","v":1.0506249999999999},{"$f":"BA32*(1+BB31)","v":1.0768906249999999},{"$f":"BB32*(1+BC31)","v":1.1038128906249998},{"$f":"BC32*(1+BD31)","v":1.1314082128906247}]
[null,"Cumulative actual inflation factor (from start of Year 1)",null,null,null,null,{"$f":"1+G31","v":1.0249999999999999},{"$f":"G33*(1+H31)","v":1.0506249999999999},{"$f":"H33*(1+I31)","v":1.0768906249999999},1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682123,1.2184028975099175,1.2488629699476652,1.2800845441963566,1.3120866578012655,1.3448888242462971,1.3785110448524545,1.4129738209737657,1.4482981664981096,1.4845056206605622,1.5216182611770761,1.5596587177065029,1.5986501856491653,1.6386164402903942,1.6795818512976539,1.721571397580095,1.7646106825195973,1.8087259495825871,1.8539440983221516,1.9002927007802053,1.9478000182997102,1.9964950187572028,2.0464073942261325,2.0975675790817858,2.1500067685588302,2.2037569377728006,2.2588508612171205,2.3153221327475482,2.3732051860662366,2.4325353157178924,2.4933486986108395,2.5556824160761105,2.6195744764780131,2.6850638383899632,2.7521904343497119,2.8209951952084547,2.8915200750886658,2.9638080769658823,3.0379032788900293,3.1138508608622799,3.1916971323838368,3.2714895606934324,3.353276799710768,3.437108719703537]
[]
[null,"Rate of return"]
[null,"Real return on equity",null,null,null,null,5.3658536585366123E-2,null,null,null,null,5.3658536585366123E-2,null,null,null,null,5.3658536585366123E-2,null,null,null,null,5.3658536585366123E-2,null,null,null,null,5.3658536585366123E-2,null,null,null,null,5.3658536585366123E-2,null,null,null,null,5.3658536585366123E-2,null,null,null,null,5.3658536585366123E-2,null,null,null,null,5.3658536585366123E-2,null,null,null,null,5.3658536585366123E-2]
[null,"Real return on debt",null,null,null,null,3.4146341463414887E-2,null,null,null,null,3.4146341463414887E-2,null,null,null,null,3.4146341463414887E-2,null,null,null,null,3.4146341463414887E-2,null,null,null,null,3.4146341463414887E-2,null,null,null,null,3.4146341463414887E-2,null,null,null,null,3.4146341463414887E-2,null,null,null,null,3.4146341463414887E-2,null,null,null,null,3.4146341463414887E-2,null,null,null,null,3.4146341463414887E-2]
[null,"Inflation expectations embedded in nominal rate of return on equity",null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2]
[null,"Inflation expectations embedded in nominal rate of return on debt",null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2,null,null,null,null,2.5000000000000001E-2]
[null,"Nominal return on equity",null,null,null,null,{"$f":"(1+G36)*(1+G38)-1","v":8.0000000000000293E-2},null,null,null,null,{"$f":"(1+L36)*(1+L38)-1","v":8.0000000000000293E-2},null,null,null,null,{"$f":"(1+Q36)*(1+Q38)-1","v":8.0000000000000293E-2},null,null,null,null,{"$f":"(1+V36)*(1+V38)-1","v":8.0000000000000293E-2},null,null,null,null,{"$f":"(1+AA36)*(1+AA38)-1","v":8.0000000000000293E-2},null,null,null,null,{"$f":"(1+AF36)*(1+AF38)-1","v":8.0000000000000293E-2},null,null,null,null,{"$f":"(1+AK36)*(1+AK38)-1","v":8.0000000000000293E-2},null,null,null,null,{"$f":"(1+AP36)*(1+AP38)-1","v":8.0000000000000293E-2},null,null,null,null,{"$f":"(1+AU36)*(1+AU38)-1","v":8.0000000000000293E-2},null,null,null,null,{"$f":"(1+AZ36)*(1+AZ38)-1","v":8.0000000000000293E-2}]
[null,"Nominal return on debt",null,null,null,null,{"$f":"(1+G37)*(1+G39)-1","v":6.0000000000000275E-2},null,null,null,null,{"$f":"(1+L37)*(1+L39)-1","v":6.0000000000000275E-2},null,null,null,null,{"$f":"(1+Q37)*(1+Q39)-1","v":6.0000000000000275E-2},null,null,null,null,{"$f":"(1+V37)*(1+V39)-1","v":6.0000000000000275E-2},null,null,null,null,{"$f":"(1+AA37)*(1+AA39)-1","v":6.0000000000000275E-2},null,null,null,null,{"$f":"(1+AF37)*(1+AF39)-1","v":6.0000000000000275E-2},null,null,null,null,{"$f":"(1+AK37)*(1+AK39)-1","v":6.0000000000000275E-2},null,null,null,null,{"$f":"(1+AP37)*(1+AP39)-1","v":6.0000000000000275E-2},null,null,null,null,{"$f":"(1+AU37)*(1+AU39)-1","v":6.0000000000000275E-2},null,null,null,null,{"$f":"(1+AZ37)*(1+AZ39)-1","v":6.0000000000000275E-2}]
[null,"Debt to total assets ratio",null,null,null,null,0.6,null,null,null,null,0.6,null,null,null,null,0.6,null,null,null,null,0.6,null,null,null,null,0.6,null,null,null,null,0.6,null,null,null,null,0.6,null,null,null,null,0.6,null,null,null,null,0.6,null,null,null,null,0.6]
[null,"Nominal vanilla WACC",null,null,null,null,{"$f":"G40*(1-G42)+G41*G42","v":6.8000000000000282E-2},null,null,null,null,{"$f":"L40*(1-L42)+L41*L42","v":6.8000000000000282E-2},null,null,null,null,{"$f":"Q40*(1-Q42)+Q41*Q42","v":6.8000000000000282E-2},null,null,null,null,{"$f":"V40*(1-V42)+V41*V42","v":6.8000000000000282E-2},null,null,null,null,{"$f":"AA40*(1-AA42)+AA41*AA42","v":6.8000000000000282E-2},null,null,null,null,{"$f":"AF40*(1-AF42)+AF41*AF42","v":6.8000000000000282E-2},null,null,null,null,{"$f":"AK40*(1-AK42)+AK41*AK42","v":6.8000000000000282E-2},null,null,null,null,{"$f":"AP40*(1-AP42)+AP41*AP42","v":6.8000000000000282E-2},null,null,null,null,{"$f":"AU40*(1-AU42)+AU41*AU42","v":6.8000000000000282E-2},null,null,null,null,{"$f":"AZ40*(1-AZ42)+AZ41*AZ42","v":6.8000000000000282E-2}]
[]
[null,"Tax"]
[null,"Tax rate",null,null,null,null,0.3,null,null,null,null,0.3,null,null,null,null,0.3,null,null,null,null,0.3,null,null,null,null,0.3,null,null,null,null,0.3,null,null,null,null,0.3,null,null,null,null,0.3,null,null,null,null,0.3,null,null,null,null,0.3]
[null,"Value of imputation credits",null,null,null,null,0.4,null,null,null,null,0.4,null,null,null,null,0.4,null,null,null,null,0.4,null,null,null,null,0.4,null,null,null,null,0.4,null,null,null,null,0.4,null,null,null,null,0.4,null,null,null,null,0.4,null,null,null,null,0.4]
[]
[]
[null,"Asset accounting "]
[]
[null,"Without inflation adjustment of the asset base"]
[null,"Asset base (start of year)",null,"$",null,null,{"$f":"E16","v":100},{"$f":"G55","v":98},{"$f":"H55","v":96},94,92,90,88,86,84,82,{"$f":"P55","v":80},{"$f":"Q55","v":78},{"$f":"R55","v":76},{"$f":"S55","v":74},{"$f":"T55","v":72},{"$f":"U55","v":70},{"$f":"V55","v":68},{"$f":"W55","v":66},{"$f":"X55","v":64},{"$f":"Y55","v":62},{"$f":"Z55","v":60},{"$f":"AA55","v":58},{"$f":"AB55","v":56},{"$f":"AC55","v":54},{"$f":"AD55","v":52},{"$f":"AE55","v":50},{"$f":"AF55","v":48},{"$f":"AG55","v":46},{"$f":"AH55","v":44},{"$f":"AI55","v":42},{"$f":"AJ55","v":40},{"$f":"AK55","v":38},{"$f":"AL55","v":36},{"$f":"AM55","v":34},{"$f":"AN55","v":32},{"$f":"AO55","v":30},{"$f":"AP55","v":28},{"$f":"AQ55","v":26},{"$f":"AR55","v":24},{"$f":"AS55","v":22},{"$f":"AT55","v":20},{"$f":"AU55","v":18},{"$f":"AV55","v":16},{"$f":"AW55","v":14},{"$f":"AX55","v":12},{"$f":"AY55","v":10},{"$f":"AZ55","v":8},{"$f":"BA55","v":6},{"$f":"BB55","v":4},{"$f":"BC55","v":2}]
[null,"Straight line depreciation",null,"$",null,null,{"$f":"E16/E17","v":2},{"$f":"G54","v":2},{"$f":"H54","v":2},2,2,2,2,2,2,2,{"$f":"P54","v":2},{"$f":"Q54","v":2},{"$f":"R54","v":2},{"$f":"S54","v":2},{"$f":"T54","v":2},{"$f":"U54","v":2},{"$f":"V54","v":2},{"$f":"W54","v":2},{"$f":"X54","v":2},{"$f":"Y54","v":2},{"$f":"Z54","v":2},{"$f":"AA54","v":2},{"$f":"AB54","v":2},{"$f":"AC54","v":2},{"$f":"AD54","v":2},{"$f":"AE54","v":2},{"$f":"AF54","v":2},{"$f":"AG54","v":2},{"$f":"AH54","v":2},{"$f":"AI54","v":2},{"$f":"AJ54","v":2},{"$f":"AK54","v":2},{"$f":"AL54","v":2},{"$f":"AM54","v":2},{"$f":"AN54","v":2},{"$f":"AO54","v":2},{"$f":"AP54","v":2},{"$f":"AQ54","v":2},{"$f":"AR54","v":2},{"$f":"AS54","v":2},{"$f":"AT54","v":2},{"$f":"AU54","v":2},{"$f":"AV54","v":2},{"$f":"AW54","v":2},{"$f":"AX54","v":2},{"$f":"AY54","v":2},{"$f":"AZ54","v":2},{"$f":"BA54","v":2},{"$f":"BB54","v":2},{"$f":"BC54","v":2}]
[null,"Asset base (end of year)",null,"$",null,null,{"$f":"G53-G54","v":98},{"$f":"H53-H54","v":96},94,92,90,88,86,84,82,80,{"$f":"Q53-Q54","v":78},76,74,72,70,68,66,64,62,60,58,56,54,52,50,48,46,44,42,40,38,36,34,32,30,28,26,24,22,20,18,16,14,12,10,8,6,4,2,0]
[]
[null,"With inflation adjustment of asset base"]
[null,"Asset base (start of year)",null,"$",null,null,{"$f":"G53","v":100},{"$f":"G62","v":100.45},{"$f":"H62","v":100.86},{"$f":"I62","v":101.22771874999999},{"$f":"J62","v":101.5507859375},{"$f":"K69","v":101.82673916015625},{"$f":"L62","v":102.05302080273438},{"$f":"M62","v":102.22697481546632},102.34584339083314,102.40676353570863,{"$f":"P69","v":102.40676353570863},{"$f":"Q62","v":102.34275930849881},{"$f":"R62","v":102.21155064271869},102.00981731908175,101.73411511011126,{"$f":"U69","v":101.38087165486782},{"$f":"V62","v":100.94638220491839},{"$f":"W62","v":100.4268052376872},99.818157933216384,99.116311510248465,{"$f":"Z69","v":98.316986417423891},{"$f":"AA62","v":97.415747375264175},{"$f":"AB62","v":96.407998264485585},95.288976856058525,94.05374937829481,{"$f":"AE69","v":92.697204916107879},{"$f":"AF62","v":91.214049637450159},{"$f":"AG62","v":89.598800841786996},87.845780825317263,85.949110557497931,{"$f":"AJ69","v":83.902703163271809},{"$f":"AK62","v":81.700257205235943},{"$f":"AL62","v":79.335249759821238},76.800929281382523,74.090308247921996,{"$f":"AO69","v":71.196155581987568},{"$f":"AP62","v":68.11098884010147},{"$f":"AQ62","v":64.827066163882321},61.336377985827156,57.630638482516808,{"$f":"AT69","v":53.701276767799804},{"$f":"AU62","v":49.539427818295373},{"$f":"AV62","v":45.13592312333585},40.481281051241915,35.565696923591197,{"$f":"AY69","v":30.379032788900918},{"$f":"AZ62","v":24.910806886898882},{"$f":"BA62","v":19.150182794303682},13.085958242774408,6.7065535994222323]
[null,"Inflation adjustment of asset base (start of year)",null,"$",null,null,{"$f":"$G$20*G58","v":2.5},{"$f":"$G$20*H58","v":2.5112500000000004},2.5215000000000001,2.5306929687499999,2.5387696484375,{"$f":"$L$20*L58","v":2.5456684790039064},{"$f":"$L$20*M58","v":2.5513255200683598},{"$f":"$L$20*N58","v":2.555674370386658},2.5586460847708286,2.560169088392716,{"$f":"$Q$20*Q58","v":2.560169088392716},{"$f":"$Q$20*R58","v":2.5585689827124707},2.5552887660679673,2.5502454329770439,2.5433528777527816,{"$f":"$V$20*V58","v":2.5345217913716955},{"$f":"$V$20*W58","v":2.5236595551229599},2.5106701309421804,2.4954539483304097,2.4779077877562119,{"$f":"$AA$20*AA58","v":2.4579246604355975},{"$f":"$AA$20*AB58","v":2.4353936843816046},2.4101999566121397,2.3822244214014634,2.3513437344573704,{"$f":"$AF$20*AF58","v":2.3174301229026972},{"$f":"$AF$20*AG58","v":2.2803512409362541},2.2399700210446749,2.1961445206329318,2.1487277639374485,{"$f":"$AK$20*AK58","v":2.0975675790817951},{"$f":"$AK$20*AL58","v":2.0425064301308988},1.983381243995531,1.9200232320345632,1.8522577061980501,{"$f":"$AP$20*AP58","v":1.7799038895496893},{"$f":"$AP$20*AQ58","v":1.7027747210025368},1.6206766540970581,1.5334094496456789,1.4407659620629203,{"$f":"$AU$20*AU58","v":1.3425319191949951},{"$f":"$AU$20*AV58","v":1.2384856954573844},1.1283980780833962,1.0120320262810478,0.88914242308977998,{"$f":"$AZ$20*AZ58","v":0.75947581972252298},{"$f":"$AZ$20*BA58","v":0.6227701721724721},0.47875456985759207,0.32714895606936023,0.16766383998555581]
[null,"Inflation adjusted straight line depreciation",null,"$",null,null,{"$f":"G22*G54","v":2.0499999999999998},{"$f":"H22*H54","v":2.1012499999999998},2.1537812499999998,2.2076257812499995,2.2628164257812493,2.3193868364257804,2.3773715073364245,2.436805795019835,2.4977259398953304,2.5601690883927133,2.6241733156025311,2.6897776484925942,2.7570220897049089,2.8259476419475313,2.8965963329962192,2.9690112413211245,3.0432365223541522,3.1193174354130058,3.1973003712983306,3.2772328805807884,3.3591637025953078,3.4431427951601901,3.5292213650391946,3.6174518991651743,3.7078881966443031,3.8005854015604106,3.8956000365994203,3.9929900375144056,4.092814788452265,4.1951351581635716,4.3000135371176604,4.4075138755456011,4.5177017224342411,4.6306442654950963,4.7464103721324733,4.8650706314357848,4.986697397221679,5.1113648321522209,5.2391489529560262,5.3701276767799264,5.5043808686994238,5.6419903904169093,5.7830401501773316,5.9276161539317647,6.0758065577800586,6.2277017217245598,6.3833942647676736,6.5429791213868649,6.7065535994215359,6.8742174394070741]
[null,"Regulatory depreciation",null,"$",{"$f":"SUM(G61:BD61)","v":99.999999999999261},null,{"$f":"G60-G59","v":-0.45000000000000018},{"$f":"H60-H59","v":-0.41000000000000059},-0.36771875000000032,-0.32306718750000041,-0.27595322265625066,-0.226281642578126,-0.17395401273193523,-0.11886857536682305,-6.0920144875498128E-2,0,6.4004227209815134E-2,0.13120866578012347,0.20173332363694163,0.27570220897048747,0.35324345524343759,0.43448944994942895,0.51957696723119229,0.60864730447082538,0.70184642296792088,0.79932509282457653,0.90123904215971029,1.0077491107785854,1.1190214084270549,1.2352274777637109,1.3565444621869327,1.4831552786577133,1.6152487956631663,1.7530200164697307,1.8966702678193332,2.0464073942261232,2.2024459580358653,2.3650074454147023,2.5343204784387101,2.7106210334605332,2.8941526659344232,3.0851667418860957,3.2839226762191425,3.4906881780551631,3.7057395033103475,3.9293617147170061,4.1618489495044289,4.4035046949595245,4.6546420720939352,4.9155841276507166,5.1866641346902789,5.468225902002037,5.7606240925952017,6.0642245515292732,6.3794046433521761,6.7065535994215182]
[null,"Asset base (end of year)",null,"$",null,null,{"$f":"G58-G61","v":100.45},{"$f":"H58-H61","v":100.86},101.22771874999999,101.5507859375,101.82673916015625,102.05302080273438,102.22697481546632,102.34584339083314,102.40676353570863,102.40676353570863,102.34275930849881,102.21155064271869,102.00981731908175,101.73411511011126,101.38087165486782,100.94638220491839,100.4268052376872,99.818157933216384,99.116311510248465,98.316986417423891,97.415747375264175,96.407998264485585,95.288976856058525,94.05374937829481,92.697204916107879,91.214049637450159,89.598800841786996,87.845780825317263,85.949110557497931,83.902703163271809,81.700257205235943,79.335249759821238,76.800929281382523,74.090308247921996,71.196155581987568,68.11098884010147,64.827066163882321,61.336377985827156,57.630638482516808,53.701276767799804,49.539427818295373,45.13592312333585,40.481281051241915,35.565696923591197,30.379032788900918,24.910806886898882,19.150182794303682,13.085958242774408,6.7065535994222323,7.1409544943890069E-13]
[]
[null,"Roll forward with actual inflation adjustment "]
[null,"Asset base (start of year)",null,"$",null,null,{"$f":"G53","v":100},{"$f":"G69","v":100.45},{"$f":"H69","v":100.86},101.22771874999999,101.5507859375,{"$f":"K69","v":101.82673916015625},{"$f":"L69","v":102.05302080273438},102.22697481546632,102.34584339083314,102.40676353570863,{"$f":"P69","v":102.40676353570863},{"$f":"Q69","v":102.34275930849881},{"$f":"R69","v":102.21155064271869},{"$f":"S69","v":102.00981731908175},{"$f":"T69","v":101.73411511011126},{"$f":"U69","v":101.38087165486782},{"$f":"V69","v":100.94638220491839},{"$f":"W69","v":100.4268052376872},{"$f":"X69","v":99.818157933216384},{"$f":"Y69","v":99.116311510248465},{"$f":"Z69","v":98.316986417423891},{"$f":"AA69","v":97.415747375264175},{"$f":"AB69","v":96.407998264485585},{"$f":"AC69","v":95.288976856058525},{"$f":"AD69","v":94.05374937829481},{"$f":"AE69","v":92.697204916107879},{"$f":"AF69","v":91.214049637450159},{"$f":"AG69","v":89.598800841786996},{"$f":"AH69","v":87.845780825317263},{"$f":"AI69","v":85.949110557497931},{"$f":"AJ69","v":83.902703163271809},{"$f":"AK69","v":81.700257205235943},{"$f":"AL69","v":79.335249759821238},{"$f":"AM69","v":76.800929281382523},{"$f":"AN69","v":74.090308247921996},{"$f":"AO69","v":71.196155581987568},{"$f":"AP69","v":68.11098884010147},{"$f":"AQ69","v":64.827066163882321},{"$f":"AR69","v":61.336377985827156},{"$f":"AS69","v":57.630638482516808},{"$f":"AT69","v":53.701276767799804},{"$f":"AU69","v":49.539427818295373},{"$f":"AV69","v":45.13592312333585},{"$f":"AW69","v":40.481281051241915},{"$f":"AX69","v":35.565696923591197},{"$f":"AY69","v":30.379032788900918},{"$f":"AZ69","v":24.910806886898882},{"$f":"BA69","v":19.150182794303682},{"$f":"BB69","v":13.085958242774408},{"$f":"BC69","v":6.7065535994222323}]
[null,"Inflation adjustment of asset base (start of year)",null,"$",null,null,{"$f":"G23*G65","v":2.5},{"$f":"H23*H65","v":2.5112500000000004},2.5215000000000001,2.5306929687499999,2.5387696484375,2.5456684790039064,2.5513255200683598,2.555674370386658,2.5586460847708286,2.560169088392716,2.560169088392716,2.5585689827124707,2.5552887660679673,2.5502454329770439,2.5433528777527816,2.5345217913716955,2.5236595551229599,2.5106701309421804,2.4954539483304097,2.4779077877562119,2.4579246604355975,2.4353936843816046,2.4101999566121397,2.3822244214014634,2.3513437344573704,2.3174301229026972,2.2803512409362541,2.2399700210446749,2.1961445206329318,2.1487277639374485,2.0975675790817951,2.0425064301308988,1.983381243995531,1.9200232320345632,1.8522577061980501,1.7799038895496893,1.7027747210025368,1.6206766540970581,1.5334094496456789,1.4407659620629203,1.3425319191949951,1.2384856954573844,1.1283980780833962,1.0120320262810478,0.88914242308977998,0.75947581972252298,0.6227701721724721,0.47875456985759207,0.32714895606936023,0.16766383998555581]
[null,"Inflation adjusted straight line depreciation",null,"$",null,null,{"$f":"G25*G54","v":2.0499999999999998},{"$f":"H25*H54","v":2.1012499999999998},2.1537812499999998,2.2076257812499995,2.2628164257812493,2.3193868364257804,2.3773715073364245,2.436805795019835,2.4977259398953304,2.5601690883927133,2.6241733156025311,2.6897776484925942,2.7570220897049089,2.8259476419475313,2.8965963329962192,2.9690112413211245,3.0432365223541522,3.1193174354130058,3.1973003712983306,3.2772328805807884,3.3591637025953078,3.4431427951601901,3.5292213650391946,3.6174518991651743,3.7078881966443031,3.8005854015604106,3.8956000365994203,3.9929900375144056,4.092814788452265,4.1951351581635716,4.3000135371176604,4.4075138755456011,4.5177017224342411,4.6306442654950963,4.7464103721324733,4.8650706314357848,4.986697397221679,5.1113648321522209,5.2391489529560262,5.3701276767799264,5.5043808686994238,5.6419903904169093,5.7830401501773316,5.9276161539317647,6.0758065577800586,6.2277017217245598,6.3833942647676736,6.5429791213868649,6.7065535994215359,6.8742174394070741]
[null,"Regulatory depreciation",null,"$",{"$f":"SUM(G68:BD68)","v":99.999999999999261},null,{"$f":"G67-G66","v":-0.45000000000000018},{"$f":"H67-H66","v":-0.41000000000000059},-0.36771875000000032,-0.32306718750000041,-0.27595322265625066,-0.226281642578126,-0.17395401273193523,-0.11886857536682305,-6.0920144875498128E-2,0,6.4004227209815134E-2,0.13120866578012347,0.20173332363694163,0.27570220897048747,0.35324345524343759,0.43448944994942895,0.51957696723119229,0.60864730447082538,0.70184642296792088,0.79932509282457653,0.90123904215971029,1.0077491107785854,1.1190214084270549,1.2352274777637109,1.3565444621869327,1.4831552786577133,1.6152487956631663,1.7530200164697307,1.8966702678193332,2.0464073942261232,2.2024459580358653,2.3650074454147023,2.5343204784387101,2.7106210334605332,2.8941526659344232,3.0851667418860957,3.2839226762191425,3.4906881780551631,3.7057395033103475,3.9293617147170061,4.1618489495044289,4.4035046949595245,4.6546420720939352,4.9155841276507166,5.1866641346902789,5.468225902002037,5.7606240925952017,6.0642245515292732,6.3794046433521761,6.7065535994215182]
[null,"Asset base (end of year)",null,"$",null,null,{"$f":"G65-G68","v":100.45},{"$f":"H65-H68","v":100.86},101.22771874999999,101.5507859375,101.82673916015625,102.05302080273438,102.22697481546632,102.34584339083314,102.40676353570863,102.40676353570863,102.34275930849881,102.21155064271869,102.00981731908175,101.73411511011126,101.38087165486782,100.94638220491839,100.4268052376872,99.818157933216384,99.116311510248465,98.316986417423891,97.415747375264175,96.407998264485585,95.288976856058525,94.05374937829481,92.697204916107879,91.214049637450159,89.598800841786996,87.845780825317263,85.949110557497931,83.902703163271809,81.700257205235943,79.335249759821238,76.800929281382523,74.090308247921996,71.196155581987568,68.11098884010147,64.827066163882321,61.336377985827156,57.630638482516808,53.701276767799804,49.539427818295373,45.13592312333585,40.481281051241915,35.565696923591197,30.379032788900918,24.910806886898882,19.150182794303682,13.085958242774408,6.7065535994222323,7.1409544943890069E-13]
[]
[null,"AER PTRM asset accounting and return calculations"]
[null,"Inflation adjustment of asset base (start of year)",null,"$",null,null,{"$f":"$G$20*G53","v":2.5},{"$f":"$G$20*G75","v":2.51125},{"$f":"$G$20*H75","v":2.5214999999999996},2.5306929687499999,2.5387696484374995,{"$f":"$L$20*K69","v":2.5456684790039064},{"$f":"$L$20*L75","v":2.5513255200683584},{"$f":"$L$20*M75","v":2.5556743703866562},2.5586460847708268,2.5601690883927137,{"$f":"$Q$20*P69","v":2.560169088392716},{"$f":"$Q$20*Q75","v":2.558568982712468},{"$f":"$Q$20*R75","v":2.5552887660679646},{"$f":"$Q$20*S75","v":2.5502454329770412},{"$f":"$Q$20*T75","v":2.5433528777527785},{"$f":"$V$20*U69","v":2.5345217913716955},{"$f":"$V$20*V75","v":2.5236595551229559},2.5106701309421755,2.4954539483304048,2.4779077877562066,{"$f":"$AA$20*Z69","v":2.4579246604355975},{"$f":"$AA$20*AA75","v":2.4353936843815984},{"$f":"$AA$20*AB75","v":2.410199956612133},{"$f":"$AA$20*AC75","v":2.3822244214014563},{"$f":"$AA$20*AD75","v":2.3513437344573633},{"$f":"$AF$20*AE69","v":2.3174301229026972},{"$f":"$AF$20*AF75","v":2.2803512409362461},{"$f":"$AF$20*AG75","v":2.2399700210446669},{"$f":"$AF$20*AH75","v":2.1961445206329233},{"$f":"$AF$20*AI75","v":2.1487277639374391},{"$f":"$AK$20*AJ69","v":2.0975675790817951},{"$f":"$AK$20*AK75","v":2.0425064301308886},{"$f":"$AK$20*AL75","v":1.9833812439955207},{"$f":"$AK$20*AM75","v":1.9200232320345525},{"$f":"$AK$20*AN75","v":1.8522577061980385},{"$f":"$AP$20*AO69","v":1.7799038895496893},{"$f":"$AP$20*AP75","v":1.7027747210025248},1.6206766540970456,1.5334094496456663,1.4407659620629074,{"$f":"$AU$20*AT69","v":1.3425319191949951},{"$f":"$AU$20*AU75","v":1.2384856954573704},{"$f":"$AU$20*AV75","v":1.128398078083382},{"$f":"$AU$20*AW75","v":1.0120320262810332},{"$f":"$AU$20*AX75","v":0.88914242308976466},{"$f":"$AZ$20*AY69","v":0.75947581972252298},{"$f":"$AZ$20*AZ75","v":0.622770172172456},{"$f":"$AZ$20*BA75","v":0.47875456985757553},{"$f":"$AZ$20*BB75","v":0.32714895606934324},{"$f":"$AZ$20*BC75","v":0.16766383998553841}]
[null,"Inflation adjusted straight line depreciation",null,"$",null,null,{"$f":"G22*G54","v":2.0499999999999998},{"$f":"H22*H54","v":2.1012499999999998},2.1537812499999998,2.2076257812499995,2.2628164257812493,2.3193868364257804,2.3773715073364245,2.436805795019835,2.4977259398953304,2.5601690883927133,2.6241733156025311,2.6897776484925942,2.7570220897049089,2.8259476419475313,2.8965963329962192,2.9690112413211245,3.0432365223541522,3.1193174354130058,3.1973003712983306,3.2772328805807884,3.3591637025953078,3.4431427951601901,3.5292213650391946,3.6174518991651743,3.7078881966443031,3.8005854015604106,3.8956000365994203,3.9929900375144056,4.092814788452265,4.1951351581635716,4.3000135371176604,4.4075138755456011,4.5177017224342411,4.6306442654950963,4.7464103721324733,4.8650706314357848,4.986697397221679,5.1113648321522209,5.2391489529560262,5.3701276767799264,5.5043808686994238,5.6419903904169093,5.7830401501773316,5.9276161539317647,6.0758065577800586,6.2277017217245598,6.3833942647676736,6.5429791213868649,6.7065535994215359,6.8742174394070741]
[null,"Regulatory depreciation",null,"$",{"$f":"SUM(G74:BD74)","v":99.999999999999574},null,{"$f":"G73-G72","v":-0.45000000000000018},{"$f":"H73-H72","v":-0.41000000000000014},-0.36771874999999987,-0.32306718750000041,-0.27595322265625022,-0.226281642578126,-0.17395401273193389,-0.11886857536682127,-6.0920144875496351E-2,0,6.4004227209815134E-2,0.13120866578012613,0.2017333236369443,0.27570220897049014,0.3532434552434407,0.43448944994942895,0.51957696723119629,0.60864730447083026,0.70184642296792576,0.79932509282458186,0.90123904215971029,1.0077491107785916,1.1190214084270615,1.235227477763718,1.3565444621869398,1.4831552786577133,1.6152487956631743,1.7530200164697387,1.8966702678193417,2.0464073942261325,2.2024459580358653,2.3650074454147125,2.5343204784387203,2.7106210334605438,2.8941526659344348,3.0851667418860957,3.283922676219154,3.4906881780551755,3.70573950331036,3.929361714717019,4.1618489495044289,4.4035046949595387,4.6546420720939494,4.9155841276507317,5.186664134690294,5.468225902002037,5.7606240925952177,6.0642245515292892,6.3794046433521929,6.7065535994215359]
[null,"Asset base (end of year)",null,"$",null,null,{"$f":"G22*G55","v":100.44999999999999},{"$f":"H22*H55","v":100.85999999999999},101.22771874999999,101.55078593749998,101.82673916015622,102.05302080273434,102.22697481546625,102.34584339083307,102.40676353570855,102.40676353570854,102.34275930849871,102.21155064271858,102.00981731908163,101.73411511011113,101.38087165486768,100.94638220491824,100.42680523768702,99.818157933216185,99.116311510248252,98.316986417423649,97.415747375263933,96.407998264485315,95.288976856058255,94.053749378294526,92.69720491610758,91.214049637449847,89.598800841786669,87.845780825316922,85.949110557497562,83.90270316327144,81.700257205235545,79.335249759820826,76.800929281382096,74.090308247921541,71.196155581987099,68.110988840100987,64.827066163881824,61.336377985826651,57.630638482516289,53.701276767799264,49.539427818294811,45.135923123335274,40.481281051241325,35.565696923590586,30.379032788900293,24.910806886898239,19.150182794303021,13.08595824277373,6.7065535994215359,0]
[null,"Asset base (start of year)",null,"$",null,null,{"$f":"G22*G53","v":102.49999999999999},{"$f":"H22*H53","v":102.96124999999999},103.38149999999999,103.75841171874998,104.08955558593746,104.37240763916012,104.60434632280268,104.7826491858529,104.90448947560388,104.96693262410125,104.96693262410125,104.90132829121117,104.76683940878654,104.56006275205866,104.27746798786389,{"$f":"V22*V53","v":103.91539344623936},{"$f":"W22*W53","v":103.47004176004117},102.93747536862919,102.31361188154658,101.59421929800445,100.77491107785923,99.851141059645514,98.818198221097447,97.671201277459701,96.405093112751885,95.014635039010258,93.494400878386088,91.838770862831325,90.041925345949835,88.097838321435006,86.000270742353209,83.742763635366416,81.318631003816336,78.720952513416634,75.942565954119573,72.976059471536772,69.813763561103514,66.447742817978877,62.869787435472318,59.071404444579187,55.04380868699424,50.777913513752182,46.264321201418653,41.493313077522352,36.454839346680352,31.1385086086228,25.533577059070694,19.628937364160596,13.413107198843072,6.8742174394070741]
[null,"AER return on equity calculation",null,"$",{"$f":"SUM(G77:BD77)","v":127.798931220085},null,{"$f":"$G$40*(1-$G$42)*G53","v":3.2000000000000117},{"$f":"$G$40*(1-$G$42)*G75","v":3.2144000000000115},{"$f":"$G$40*(1-$G$42)*H75","v":3.2275200000000117},{"$f":"$G$40*(1-$G$42)*I75","v":3.239287000000012},{"$f":"$G$40*(1-$G$42)*J75","v":3.2496251500000115},{"$f":"$L$40*(1-$L$42)*K69","v":3.258455653125012},{"$f":"$L$40*(1-$L$42)*L75","v":3.265696665687511},{"$f":"$L$40*(1-$L$42)*M75","v":3.2712631940949319},{"$f":"$L$40*(1-$L$42)*N75","v":3.2750669885066701},{"$f":"$L$40*(1-$L$42)*O75","v":3.2770164331426859},{"$f":"$Q$40*(1-$Q$42)*P75","v":3.2770164331426854},{"$f":"$Q$40*(1-$Q$42)*Q75","v":3.274968297871971},3.2707696205670067,3.2643141542106244,3.2554916835235685,{"$f":"$V$40*(1-$V$42)*U75","v":3.2441878929557775},{"$f":"$V$40*(1-$V$42)*V75","v":3.2302842305573956},3.2136577676059965,3.1941810538629296,3.1717219683279558,{"$f":"$AA$40*(1-$AA$42)*Z75","v":3.1461435653575682},{"$f":"$AA$40*(1-$AA$42)*AA75","v":3.1173039160084572},3.0850559444635417,3.0492472593938755,3.009719980105436,{"$f":"$AF$40*(1-$AF$42)*AE75","v":2.9663105573154533},{"$f":"$AF$40*(1-$AF$42)*AF75","v":2.9188495883984058},2.8671616269371842,2.8110649864101518,2.750371537839932,{"$f":"$AK$40*(1-$AK$42)*AJ75","v":2.6848865012246961},{"$f":"$AK$40*(1-$AK$42)*AK75","v":2.6144082305675473},2.5387279923142758,2.4576297370042361,2.3708898639334981,{"$f":"$AP$40*(1-$AP$42)*AO75","v":2.2782769786235955},{"$f":"$AP$40*(1-$AP$42)*AP75","v":2.1795516428832395},2.074466117244226,1.96276409554646,1.8441804314405281,{"$f":"$AU$40*(1-$AU$42)*AT75","v":1.7184408565695828},{"$f":"$AU$40*(1-$AU$42)*AU75","v":1.5852616901854399},1.4443495399467341,1.2954009936397273,1.138102301554903,{"$f":"$AZ$40*(1-$AZ$42)*AY75","v":0.97212904924481303},{"$f":"$AZ$40*(1-$AZ$42)*AZ75","v":0.79714582038074666},0.61280584941769889,0.41875066376876091,0.21460971518148994]
[null,"AER return on debt calculation",null,"$",143.77379762259574,null,{"$f":"$G$41*$G$42*G53","v":3.6000000000000165},{"$f":"$G$41*$G$42*G75","v":3.6162000000000161},{"$f":"$G$41*$G$42*H75","v":3.630960000000016},{"$f":"$G$41*$G$42*I75","v":3.6441978750000166},{"$f":"$G$41*$G$42*J75","v":3.6558282937500159},{"$f":"$L$41*$L$42*K69","v":3.6657626097656415},{"$f":"$L$41*$L$42*L75","v":3.673908748898453},{"$f":"$L$41*$L$42*M75","v":3.6801710933568019},{"$f":"$L$41*$L$42*N75","v":3.6844503620700073},{"$f":"$L$41*$L$42*O75","v":3.6866434872855245},{"$f":"$Q$41*$Q$42*P75","v":3.686643487285524},{"$f":"$Q$41*$Q$42*Q75","v":3.6843393351059706},3.6796158231378855,3.6723534234869555,3.6624281439640174,{"$f":"$V$41*$V$42*U75","v":3.6497113795752529},{"$f":"$V$41*$V$42*V75","v":3.634069759377073},3.6153649885567494,3.593453685595799,3.5681872143689533,{"$f":"$AA$41*$AA$42*Z75","v":3.5394115110272675},{"$f":"$AA$41*$AA$42*AA75","v":3.5069669055095174},3.470687937521487,3.4304031668181127,3.3859349776186183,{"$f":"$AF$41*$AF$42*AE75","v":3.337099376979888},{"$f":"$AF$41*$AF$42*AF75","v":3.2837057869482096},3.2255568303043347,3.1624481097114234,3.0941679800699262,{"$f":"$AK$41*$AK$42*AJ75","v":3.0204973138777857},{"$f":"$AK$41*$AK$42*AK75","v":2.9412092593884931},2.8560689913535628,2.7648334541297679,2.6672510969251877,{"$f":"$AP$41*$AP$42*AO75","v":2.5630616009515474},{"$f":"$AP$41*$AP$42*AP75","v":2.4519955982436468},2.3337743818997563,2.2081096074897695,2.0747029853705961,{"$f":"$AU$41*$AU$42*AT75","v":1.9332459636407824},{"$f":"$AU$41*$AU$42*AU75","v":1.7834194014586213},1.6248932324400773,1.4573261178446943,1.2803650892492668,{"$f":"$AZ$41*$AZ$42*AY75","v":1.0936451804004155},{"$f":"$AZ$41*$AZ$42*AZ75","v":0.89678904792834069},0.68940658059491189,0.47109449673985643,0.24143592957917639]
[]
[]
[null,"Total revenue"]
[]
[null,"Return on equity",null,"$",{"$f":"SUM(G83:BD83)","v":127.79893122008548},null,{"$f":"$G$40*(1-$G$42)*G58","v":3.2000000000000117},{"$f":"$G$40*(1-$G$42)*H58","v":3.2144000000000119},{"$f":"$G$40*(1-$G$42)*I58","v":3.2275200000000122},{"$f":"$G$40*(1-$G$42)*J58","v":3.239287000000012},{"$f":"$G$40*(1-$G$42)*K58","v":3.249625150000012},{"$f":"$L$40*(1-$L$42)*L58","v":3.258455653125012},{"$f":"$L$40*(1-$L$42)*M58","v":3.2656966656875124},{"$f":"$L$40*(1-$L$42)*N58","v":3.2712631940949346},{"$f":"$L$40*(1-$L$42)*O58","v":3.2750669885066728},{"$f":"$L$40*(1-$L$42)*P58","v":3.2770164331426885},{"$f":"$Q$40*(1-$Q$42)*Q58","v":3.2770164331426885},{"$f":"$Q$40*(1-$Q$42)*R58","v":3.2749682978719741},3.2707696205670103,3.264314154210628,3.2554916835235725,{"$f":"$V$40*(1-$V$42)*V58","v":3.2441878929557824},{"$f":"$V$40*(1-$V$42)*W58","v":3.2302842305574004},3.2136577676060023,3.1941810538629363,3.1717219683279625,{"$f":"$AA$40*(1-$AA$42)*AA58","v":3.1461435653575762},{"$f":"$AA$40*(1-$AA$42)*AB58","v":3.1173039160084652},3.0850559444635501,3.049247259393884,3.0097199801054453,{"$f":"$AF$40*(1-$AF$42)*AF58","v":2.9663105573154631},{"$f":"$AF$40*(1-$AF$42)*AG58","v":2.918849588398416},2.8671616269371945,2.8110649864101629,2.750371537839944,{"$f":"$AK$40*(1-$AK$42)*AK58","v":2.6848865012247081},{"$f":"$AK$40*(1-$AK$42)*AL58","v":2.6144082305675598},2.5387279923142891,2.4576297370042499,2.3708898639335128,{"$f":"$AP$40*(1-$AP$42)*AP58","v":2.2782769786236106},{"$f":"$AP$40*(1-$AP$42)*AQ58","v":2.1795516428832551},2.074466117244242,1.9627640955464762,1.8441804314405448,{"$f":"$AU$40*(1-$AU$42)*AU58","v":1.7184408565696001},{"$f":"$AU$40*(1-$AU$42)*AV58","v":1.5852616901854577},1.4443495399467525,1.2954009936397461,1.1381023015549225,{"$f":"$AZ$40*(1-$AZ$42)*AZ58","v":0.97212904924483301},{"$f":"$AZ$40*(1-$AZ$42)*BA58","v":0.7971458203807672},{"$f":"$AZ$40*(1-$AZ$42)*BB58","v":0.61280584941772009},{"$f":"$AZ$40*(1-$AZ$42)*BC58","v":0.41875066376878262},{"$f":"$AZ$40*(1-$AZ$42)*BD58","v":0.21460971518151223}]
[null,"Return on debt",null,"$",143.77379762259633,null,{"$f":"$G$41*$G$42*G58","v":3.6000000000000165},{"$f":"$G$41*$G$42*H58","v":3.6162000000000165},{"$f":"$G$41*$G$42*I58","v":3.6309600000000164},{"$f":"$G$41*$G$42*J58","v":3.6441978750000166},{"$f":"$G$41*$G$42*K58","v":3.6558282937500164},{"$f":"$L$41*$L$42*L58","v":3.6657626097656415},{"$f":"$L$41*$L$42*M58","v":3.6739087488984543},{"$f":"$L$41*$L$42*N58","v":3.6801710933568041},{"$f":"$L$41*$L$42*O58","v":3.68445036207001},{"$f":"$L$41*$L$42*P58","v":3.6866434872855276},{"$f":"$Q$41*$Q$42*Q58","v":3.6866434872855276},{"$f":"$Q$41*$Q$42*R58","v":3.6843393351059741},3.6796158231378895,3.6723534234869595,3.6624281439640223,{"$f":"$V$41*$V$42*V58","v":3.6497113795752583},{"$f":"$V$41*$V$42*W58","v":3.6340697593770788},3.615364988556756,3.5934536855958061,3.5681872143689608,{"$f":"$AA$41*$AA$42*AA58","v":3.5394115110272764},{"$f":"$AA$41*$AA$42*AB58","v":3.5069669055095263},3.4706879375214967,3.4304031668181225,3.3859349776186285,{"$f":"$AF$41*$AF$42*AF58","v":3.3370993769798987},{"$f":"$AF$41*$AF$42*AG58","v":3.2837057869482207},3.2255568303043467,3.1624481097114359,3.0941679800699395,{"$f":"$AK$41*$AK$42*AK58","v":3.0204973138777991},{"$f":"$AK$41*$AK$42*AL58","v":2.9412092593885073},2.8560689913535775,2.7648334541297834,2.6672510969252041,{"$f":"$AP$41*$AP$42*AP58","v":2.5630616009515643},{"$f":"$AP$41*$AP$42*AQ58","v":2.4519955982436641},2.333774381899774,2.2081096074897877,2.0747029853706147,{"$f":"$AU$41*$AU$42*AU58","v":1.9332459636408017},{"$f":"$AU$41*$AU$42*AV58","v":1.7834194014586415},1.624893232440098,1.4573261178447157,1.2803650892492888,{"$f":"$AZ$41*$AZ$42*AZ58","v":1.0936451804004381},{"$f":"$AZ$41*$AZ$42*BA58","v":0.89678904792836389},{"$f":"$AZ$41*$AZ$42*BB58","v":0.68940658059493565},{"$f":"$AZ$41*$AZ$42*BC58","v":0.47109449673988085},{"$f":"$AZ$41*$AZ$42*BD58","v":0.24143592957920146}]
[null,"Regulatory depreciation",null,"$",null,null,{"$f":"G61","v":-0.45000000000000018},-0.41000000000000059,-0.36771875000000032,-0.32306718750000041,-0.27595322265625066,-0.226281642578126,-0.17395401273193523,-0.11886857536682305,-6.0920144875498128E-2,0,6.4004227209815134E-2,0.13120866578012347,0.20173332363694163,0.27570220897048747,0.35324345524343759,0.43448944994942895,0.51957696723119229,0.60864730447082538,0.70184642296792088,0.79932509282457653,0.90123904215971029,1.0077491107785854,1.1190214084270549,1.2352274777637109,1.3565444621869327,1.4831552786577133,1.6152487956631663,1.7530200164697307,1.8966702678193332,2.0464073942261232,2.2024459580358653,2.3650074454147023,2.5343204784387101,2.7106210334605332,2.8941526659344232,3.0851667418860957,3.2839226762191425,3.4906881780551631,3.7057395033103475,3.9293617147170061,4.1618489495044289,4.4035046949595245,4.6546420720939352,4.9155841276507166,5.1866641346902789,5.468225902002037,5.7606240925952017,6.0642245515292732,6.3794046433521761,6.7065535994215182]
[null,"Cost of tax",null,"$",null,null,{"$f":"$G$46*(G83+G85-G54)/(1-$G$46*(1-$G$47))","v":0.27439024390244321},{"$f":"$G$46*(H83+H85-H54)/(1-$G$46*(1-$G$47))","v":0.29429268292683336},{"$f":"$G$46*(I83+I85-I54)/(1-$G$46*(1-$G$47))","v":0.31456143292683358},{"$f":"$G$46*(J83+J85-J54)/(1-$G$46*(1-$G$47))","v":0.33520237042683343},{"$f":"$G$46*(K83+K85-K54)/(1-$G$46*(1-$G$47))","v":0.35622143683308338},{"$f":"$L$46*(L83+L85-L54)/(1-$L$46*(1-$L$47))","v":0.37762463800495821},{"$f":"$L$46*(M83+M85-M54)/(1-$L$46*(1-$L$47))","v":0.39941804376423551},{"$f":"$L$46*(N83+N85-N54)/(1-$L$46*(1-$L$47))","v":0.42160778733955295},{"$f":"$L$46*(O83+O85-O54)/(1-$L$46*(1-$L$47))","v":0.44420006474311263},{"$f":"$L$46*(P83+P85-P54)/(1-$L$46*(1-$L$47))","v":0.46720113407659331},{"$f":"$Q$46*(Q83+Q85-Q54)/(1-$Q$46*(1-$Q$47))","v":0.49061731476311105},{"$f":"$Q$46*(R83+R85-R54)/(1-$Q$46*(1-$Q$47))","v":0.51445498670198686},0.53872058934290923,0.56342062067601772,0.58856163613427193,{"$f":"$V$46*(V83+V85-V54)/(1-$V$46*(1-$V$47))","v":0.61415024740434554},{"$f":"$V$46*(W83+W85-W54)/(1-$V$46*(1-$V$47))","v":0.64019312114216798},0.6666969775890832,0.69366858908445983,0.72111477847044092,{"$f":"$AA$46*(AA83+AA85-AA54)/(1-$AA$46*(1-$AA$47))","v":0.74904241738437327},{"$f":"$AA$46*(AB83+AB85-AB54)/(1-$AA$46*(1-$AA$47))","v":0.77745842443428659},0.80636976325266052,0.83578344042351016,0.86570650327769927,{"$f":"$AF$46*(AF83+AF85-AF54)/(1-$AF$46*(1-$AF$47))","v":0.89614603755116218},{"$f":"$AF$46*(AG83+AG85-AG54)/(1-$AF$46*(1-$AF$47))","v":0.92710916490057893},0.95860304027082599,0.99063484910835198,1.0232118044144145,{"$f":"$AK$46*(AK83+AK85-AK54)/(1-$AK$46*(1-$AK$47))","v":1.056341143631917},{"$f":"$AK$46*(AL83+AL85-AL54)/(1-$AK$46*(1-$AK$47))","v":1.0900301253593641},1.1242860258852436,1.1591161355358961,1.1945277548297324,{"$f":"$AP$46*(AP83+AP85-AP54)/(1-$AP$46*(1-$AP$47))","v":1.2305281904303802},{"$f":"$AP$46*(AQ83+AQ85-AQ54)/(1-$AP$46*(1-$AP$47))","v":1.267124750891121},1.3043247421827091,1.3421354629963991,1.3805641998137379,{"$f":"$AU$46*(AU83+AU85-AU54)/(1-$AU$46*(1-$AU$47))","v":1.4196182217344007},{"$f":"$AU$46*(AV83+AV85-AV54)/(1-$AU$46*(1-$AU$47))","v":1.4593047750530423},1.4996310775758612,1.5406043126672422,1.582231623016537,{"$f":"$AZ$46*(AZ83+AZ85-AZ54)/(1-$AZ$46*(1-$AZ$47))","v":1.6245201041147084},{"$f":"$AZ$46*(BA83+BA85-BA54)/(1-$AZ$46*(1-$AZ$47))","v":1.6674767974302322},1.71110868327329,1.755422673336936,1.8004256029035477]
[null,"Value of imputation credits",null,"$",null,null,{"$f":"-$G$47*G86","v":-0.10975609756097729},{"$f":"-$G$47*H86","v":-0.11771707317073335},-0.12582457317073345,-0.13408094817073338,-0.14248857473323337,{"$f":"-$L$47*L86","v":-0.1510498552019833},{"$f":"-$L$47*M86","v":-0.15976721750569423},-0.16864311493582118,-0.17768002589724508,-0.18688045363063732,{"$f":"-$Q$47*Q86","v":-0.19624692590524442},{"$f":"-$Q$47*R86","v":-0.20578199468079475},-0.21548823573716369,-0.22536824827040711,-0.23542465445370878,{"$f":"-$V$47*V86","v":-0.24566009896173824},{"$f":"-$V$47*W86","v":-0.25607724845686719},-0.2666787910356333,-0.27746743563378395,-0.28844591138817638,{"$f":"-$AA$47*AA86","v":-0.29961696695374934},{"$f":"-$AA$47*AB86","v":-0.31098336977371466},-0.32254790530106425,-0.3343133761694041,-0.34628260131107974,{"$f":"-$AF$47*AF86","v":-0.35845841502046488},{"$f":"-$AF$47*AG86","v":-0.37084366596023161},-0.38344121610833043,-0.39625393964334082,-0.4092847217657658,{"$f":"-$AK$47*AK86","v":-0.4225364574527668},{"$f":"-$AK$47*AL86","v":-0.43601205014374567},-0.44971441035409748,-0.46364645421435846,-0.47781110193189297,{"$f":"-$AP$47*AP86","v":-0.4922112761721521},{"$f":"-$AP$47*AQ86","v":-0.50684990035644839},-0.52172989687308369,-0.53685418519855965,-0.55222567992549521,{"$f":"-$AU$47*AU86","v":-0.56784728869376033},{"$f":"-$AU$47*AV86","v":-0.58372191002121698},-0.59985243103034458,-0.61624172506689689,-0.63289264920661481,{"$f":"-$AZ$47*AZ86","v":-0.64980804164588335},{"$f":"-$AZ$47*BA86","v":-0.66699071897209294},-0.6844434733093161,-0.70216906933477441,-0.72017024116141914]
[null,null,null,"$",null,null,{"$f":"SUM(G83:G87)","v":6.5146341463414945},{"$f":"SUM(H83:H87)","v":6.5971756097561292},6.6794981097561283,6.7615391097561295,6.8432330831936277,{"$f":"SUM(L83:L87)","v":6.9245114031155017},{"$f":"SUM(M83:M87)","v":7.0053022281125727},{"$f":"SUM(N83:N87)","v":7.0855303844886484},{"$f":"SUM(O83:O87)","v":7.1651172445470523},{"$f":"SUM(P83:P87)","v":7.2439806008741723},7.3220345364958979,7.3991892907792636,7.4753511209475869,7.550422159073686,7.6243002644115947,7.6968788709230767,7.7680468298509719,7.8376882471870344,7.9056823158773382,7.9719031426037628,8.0362195689751879,8.0984949869571494,8.1585871483636971,8.2163479682298224,8.2716233218776267,8.3242528354837724,8.3740696699501491,8.4209002978737679,8.4645642734059425,8.5048739947846563,8.5416344593175229,8.5746430105863887,8.6036890776377231,8.6285539059161032,8.6490102796909802,8.6648222357194982,8.6757447678807349,8.6815235225088045,8.6818944841444505,8.6765836514164079,8.6653067027554709,8.6477686516354488,8.6236634910263028,8.5926738267355223,8.5544704993044114,8.5087121941161321,8.4550450393624725,8.3931021915059034,8.3225034078630014,8.2428546059243608]
[]
[]
[null,"Smoothing"]
[]
[null,"X",null,null,null,null,null,null,null,null,null,2.1982395466185634E-2,null,null,null,null,7.8850079386216555E-3,null,null,null,null,2.0317370384104944E-2,null,null,null,null,1.3695348375616883E-2,null,null,null,null,2.1437022446618676E-2,null,null,null,null,1.9207855121195286E-2,null,null,null,null,2.5080437202087594E-2,null,null,null,null,2.6052063179196415E-2,null,null,null,null,3.2229599694101434E-2]
[null,"Forecast revenue",null,"$/unit",null,{"$f":"SUM(G94:BD94)","v":399.66888586859045},6.3638551878452159,{"$f":"G94*(1+$G$28)","v":6.5229515675413454},{"$f":"H94*(1+$G$28)","v":6.6860253567298784},{"$f":"I94*(1+$G$28)","v":6.8531759906481247},{"$f":"J94*(1+$G$28)","v":7.0245053904143271},{"$f":"K160*(1+$L$28)*(1-$L$93)","v":7.0418421833420828},{"$f":"L94*(1+$L$28)*(1-$L$93)","v":7.0592217642488233},{"$f":"M94*(1+$L$28)*(1-$L$93)","v":7.0766442387371908},{"$f":"N94*(1+$L$28)*(1-$L$93)","v":7.0941097126704591},{"$f":"O94*(1+$L$28)*(1-$L$93)","v":7.111618292173179},{"$f":"P160*(1+$Q$28)*(1-$Q$93)","v":7.2319317036200186},{"$f":"Q94*(1+$Q$28)*(1-$Q$93)","v":7.3542805613435389},{"$f":"R94*(1+$Q$28)*(1-$Q$93)","v":7.4786993007528562},7.6052229398307514,7.7338870889895777,{"$f":"U160*(1+$V$28)*(1-$V$93)","v":7.7661737115060721},{"$f":"V94*(1+$V$28)*(1-$V$93)","v":7.7985951208356559},{"$f":"W94*(1+$V$28)*(1-$V$93)","v":7.8311518796722117},7.8638445530586987,7.8966737083969578,{"$f":"Z160*(1+$AA$28)*(1-$AA$93)","v":7.9832391612256828},{"$f":"AA94*(1+$AA$28)*(1-$AA$93)","v":8.070753567740498},{"$f":"AB94*(1+$AA$28)*(1-$AA$93)","v":8.1592273306259528},8.2486709666036049,8.3390951076821338,{"$f":"AE160*(1+$AF$28)*(1-$AF$93)","v":8.3643379821411195},{"$f":"AF94*(1+$AF$28)*(1-$AF$93)","v":8.3896572680935257},{"$f":"AG94*(1+$AF$28)*(1-$AF$93)","v":8.4150531968409155},8.4405260003850149,8.4660759114298294,{"$f":"AJ160*(1+$AK$28)*(1-$AK$93)","v":8.5110472706749931},{"$f":"AK94*(1+$AK$28)*(1-$AK$93)","v":8.5562575154644769},{"$f":"AL94*(1+$AK$28)*(1-$AK$93)","v":8.6017079147459921},8.6473997442078296,8.6933342863146734,{"$f":"AO160*(1+$AP$28)*(1-$AP$93)","v":8.6871842032117517},{"$f":"AP94*(1+$AP$28)*(1-$AP$93)","v":8.6810384709736343},{"$f":"AQ94*(1+$AP$28)*(1-$AP$93)","v":8.674897086522309},8.6687600467819426,8.6626273486788765,{"$f":"AT160*(1+$AU$28)*(1-$AU$93)","v":8.64787173453559},{"$f":"AU94*(1+$AU$28)*(1-$AU$93)","v":8.6331412545854285},{"$f":"AV94*(1+$AU$28)*(1-$AU$93)","v":8.618435866015691},8.6037555260866068,8.5891001921312036,{"$f":"AY160*(1+$AZ$28)*(1-$AZ$93)","v":8.5200838544864421},{"$f":"AZ94*(1+$AZ$28)*(1-$AZ$93)","v":8.4516220865585705},{"$f":"BA94*(1+$AZ$28)*(1-$AZ$93)","v":8.3837104321915348},8.3163444710360057,8.2495198182616676]
[null,"PV(forecast revenue)",null,"$",null,null,{"$f":"NPV(G43,G94:K94)","v":27.488904851832711},null,null,null,null,{"$f":"NPV(L43,L94:P94)","v":29.162417240326},null,null,null,null,{"$f":"NPV(Q43,Q94:U94)","v":30.769823230523247},null,null,null,null,{"$f":"NPV(V43,V94:Z94)","v":32.264850565009361},null,null,null,null,{"$f":"NPV(AA43,AA94:AE94)","v":33.590207410176411},null,null,null,null,{"$f":"NPV(AF43,AF94:AJ94)","v":34.67548526541524},null,null,null,null,{"$f":"NPV(AK43,AK94:AO94)","v":35.434701009742525},null,null,null,null,{"$f":"NPV(AP43,AP94:AT94)","v":35.763419458070224},null,null,null,null,{"$f":"NPV(AU43,AU94:AY94)","v":35.535388622374917},null,null,null,null,{"$f":"NPV(AZ43,AZ94:BD94)","v":34.598609296691791}]
[null,"PV(total revenue)",null,"$",null,null,{"$f":"NPV(G43,G88:K88)","v":27.488904851832721},null,null,null,null,{"$f":"NPV(L43,L88:P88)","v":29.162417240325997},null,null,null,null,{"$f":"NPV(Q43,Q88:U88)","v":30.76982323052324},null,null,null,null,{"$f":"NPV(V43,V88:Z88)","v":32.264850565009368},null,null,null,null,{"$f":"NPV(AA43,AA88:AE88)","v":33.590207410176419},null,null,null,null,{"$f":"NPV(AF43,AF88:AJ88)","v":34.675485265415247},null,null,null,null,{"$f":"NPV(AK43,AK88:AO88)","v":35.434701009743129},null,null,null,null,{"$f":"NPV(AP43,AP88:AT88)","v":35.763419458070224},null,null,null,null,{"$f":"NPV(AU43,AU88:AY88)","v":35.535388622377418},null,null,null,null,{"$f":"NPV(AZ43,AZ88:BD88)","v":34.5986092966914}]
[null,"PV(difference)  (set to zero with Ctrl+z)",null,"$",{"$f":"SUM(G97:BD97)","v":-2.7142732506035827E-12},null,{"$f":"G95-G96","v":0},null,null,null,null,{"$f":"L95-L96","v":0},null,null,null,null,{"$f":"Q95-Q96","v":0},null,null,null,null,{"$f":"V95-V96","v":0},null,null,null,null,{"$f":"AA95-AA96","v":0},null,null,null,null,{"$f":"AF95-AF96","v":0},null,null,null,null,{"$f":"AK95-AK96","v":-6.0396132539608516E-13},null,null,null,null,{"$f":"AP95-AP96","v":0},null,null,null,null,{"$f":"AU95-AU96","v":-2.5011104298755527E-12},null,null,null,null,{"$f":"AZ95-AZ96","v":3.907985046680551E-13}]
[]
[]
[null,"PTRM analysis"]
[]
[null,"Debt"]
[]
[null,"Repayment of debt",null,"$",null,null,{"$f":"$G$42*(G58-G62)","v":-0.27000000000000168},{"$f":"$G$42*(H58-H62)","v":-0.24599999999999794},-0.22063124999999673,-0.19384031250000078,-0.16557193359375333,{"$f":"$L$42*(L58-L62)","v":-0.13576898554687772},{"$f":"$L$42*(M58-M62)","v":-0.10437240763916407},-7.1321145220090892E-2,-3.6552086925297544E-2,0,{"$f":"$Q$42*(Q58-Q62)","v":3.8402536325892807E-2},{"$f":"$Q$42*(R58-R62)","v":7.8725199468073007E-2},{"$f":"$Q$42*(S58-S62)","v":0.12103999418216631},{"$f":"$Q$42*(T58-T62)","v":0.16542132538229168},{"$f":"$Q$42*(U58-U62)","v":0.21194607314606628},{"$f":"$V$42*(V58-V62)","v":0.26069366996965471},{"$f":"$V$42*(W58-W62)","v":0.31174618033871299},{"$f":"$V$42*(X58-X62)","v":0.36518838268249282},{"$f":"$V$42*(Y58-Y62)","v":0.42110785378075094},{"$f":"$V$42*(Z58-Z62)","v":0.47959505569474459},{"$f":"$AA$42*(AA58-AA62)","v":0.54074342529582964},{"$f":"$AA$42*(AB58-AB62)","v":0.60464946646715412},{"$f":"$AA$42*(AC58-AC62)","v":0.67141284505623555},{"$f":"$AA$42*(AD58-AD62)","v":0.74113648665822895},{"$f":"$AA$42*(AE58-AE62)","v":0.81392667731215906},{"$f":"$AF$42*(AF58-AF62)","v":0.88989316719463141},{"$f":"$AF$42*(AG58-AG62)","v":0.9691492773978978},{"$f":"$AF$42*(AH58-AH62)","v":1.05181200988184},{"$f":"$AF$42*(AI58-AI62)","v":1.1380021606915989},{"$f":"$AF$42*(AJ58-AJ62)","v":1.2278444365356733},{"$f":"$AK$42*(AK58-AK62)","v":1.3214675748215199},{"$f":"$AK$42*(AL58-AL62)","v":1.4190044672488227},{"$f":"$AK$42*(AM58-AM62)","v":1.5205922870632291},{"$f":"$AK$42*(AN58-AN62)","v":1.6263726200763158},{"$f":"$AK$42*(AO58-AO62)","v":1.7364915995606565},{"$f":"$AP$42*(AP58-AP62)","v":1.851100045131659},{"$f":"$AP$42*(AQ58-AQ62)","v":1.9703536057314892},{"$f":"$AP$42*(AR58-AR62)","v":2.0944129068330994},{"$f":"$AP$42*(AS58-AS62)","v":2.2234437019862083},{"$f":"$AP$42*(AT58-AT62)","v":2.3576170288302021},{"$f":"$AU$42*(AU58-AU62)","v":2.4971093697026587},{"$f":"$AU$42*(AV58-AV62)","v":2.6421028169757137},{"$f":"$AU$42*(AW58-AW62)","v":2.7927852432563611},{"$f":"$AU$42*(AX58-AX62)","v":2.9493504765904306},{"$f":"$AU$42*(AY58-AY62)","v":3.1119984808141674},{"$f":"$AZ$42*(AZ58-AZ62)","v":3.2809355412012216},{"$f":"$AZ$42*(BA58-BA62)","v":3.4563744555571203},3.6385347309175637,3.8276427860113054,4.0239321596529107]
[null,"Cash flow to debt (period 1)",null,"$",null,{"$f":"-G42*G58","v":-60},{"$f":"G$84+G$104","v":3.3300000000000147},{"$f":"H$84+H$104","v":3.3702000000000187},3.4103287500000197,3.4503575625000158,{"$f":"K$84+K$104+G$42*K$62","v":64.586299856250008}]
[null,"Delivered return on debt (period 1)",null,null,{"$f":"IRR(F105:K105,0.1)","v":6.0000000000001164E-2}]
[null,"Cash flow to debt (period 2)",null,"$",null,null,null,null,null,null,{"$f":"-L$42*L$58","v":-61.096043496093749},{"$f":"L$84+L$104","v":3.5299936242187639},{"$f":"M$84+M$104","v":3.5695363412592904},3.6088499481367133,3.6478982751447124,{"$f":"P$84+P$104+L$42*P$62","v":65.130701608710709}]
[null,"Delivered return on debt (period 2)",null,null,{"$f":"IRR(K107:P107,0.1)","v":6.0000000000000941E-2}]
[null,"Cash flow to debt (period 3)",null,"$",null,null,null,null,null,null,null,null,null,null,null,{"$f":"-Q$42*Q$58","v":-61.444058121425179},{"$f":"Q$84+Q$104","v":3.7250460236114202},{"$f":"R$84+R$104","v":3.7630645345740472},3.800655817320056,3.8377747488692511,{"$f":"U$84+U$104+Q$42*U$62","v":64.702897210030784},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AZ84+AZ104","v":4.3745807216016601},{"$f":"BA84+BA104","v":4.3531635034854839},{"$f":"BB84+BB104","v":4.3279413115124994},{"$f":"BC84+BC104","v":4.2987372827511861},{"$f":"BD84+BD104","v":4.265368089232112}]
[null,"Delivered return on debt (period 3)",null,null,{"$f":"IRR(P109:U109,0.1)","v":6.0000000000001164E-2}]
[null,"Return on and of debt (period 4)",null,"$",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-V$42*V$58","v":-60.828522992920689},{"$f":"V$84+V$104","v":3.910405049544913},{"$f":"W$84+W$104","v":3.9458159397157919},3.9805533712392487,4.0145615393765572,{"$f":"Z$84+Z$104+V$42*Z$62","v":63.037974120518037}]
[null,"Delivered return on debt (period 4)",null,null,{"$f":"IRR(U111:Z111,0.1)","v":6.0000000000000941E-2}]
[null,"Cash flow to debt (period 5)",null,"$",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-AA$42*AA$58","v":-58.99019185045433},{"$f":"AA$84+AA$104","v":4.0801549363231064},{"$f":"AB$84+AB$104","v":4.1116163719766803},4.1421007825777325,4.1715396534763514,{"$f":"AE$84+AE$104+AA$42*AE$62","v":59.818184604595508}]
[null,"Delivered return on debt (period 5)",null,null,{"$f":"IRR(Z113:AE113,0.1)","v":6.0000000000000941E-2}]
[null,"Cash flow to debt (period 6)",null,"$",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-AF$42*AF$58","v":-55.618322949664723},{"$f":"AF$84+AF$104","v":4.2269925441745304},{"$f":"AG$84+AG$104","v":4.252855064346118},4.2773688401861865,4.3004502704030347,{"$f":"AJ$84+AJ$104+AF$42*AJ$62","v":54.663634314568696}]
[null,"Delivered return on debt (period 6)",null,null,{"$f":"IRR(AE115:AJ115,0.1)","v":6.0000000000000941E-2}]
[null,"Return on and of debt (period 7)",null,"$",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-AK$42*AK$58","v":-50.341621897963087},{"$f":"AK$84+AK$104","v":4.3419648886993194},{"$f":"AL$84+AL$104","v":4.3602137266373298},4.3766612784168064,4.3912060742060994,{"$f":"AO$84+AO$104+AK$42*AO$62","v":47.121436045678394}]
[null,"Delivered return on debt (period 7)",null,null,{"$f":"IRR(AJ117:AO117,0.1)","v":6.0000000000000719E-2}]
[null,"Cash flow to debt (period 8)",null,"$",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-AP$42*AP$58","v":-42.717693349192537},{"$f":"AP$84+AP$104","v":4.4141616460832234},{"$f":"AQ$84+AQ$104","v":4.4223492039751537},4.4281872887328735,4.431553309475996,{"$f":"AT$84+AT$104+AP$42*AT$62","v":36.653086074880697}]
[null,"Delivered return on debt (period 8)",null,null,{"$f":"IRR(AO119:AT119,0.1)","v":6.0000000000000719E-2}]
[null,"Cash flow to debt (period 9)",null,"$",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-AU$42*AU$58","v":-32.220766060679878},{"$f":"AU$84+AU$104","v":4.43035533334346},{"$f":"AV$84+AV$104","v":4.425522218434355},4.4176784756964587,4.4066765944351465,{"$f":"AY$84+AY$104+AU$42*AY$62","v":22.619783243404004}]
[null,"Delivered return on debt (period 9)",null,null,{"$f":"IRR(AT121:AY121,0.1)","v":6.0000000000000719E-2}]
[null,"Cash flow to debt (period 10)",null,"$",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-AZ$42*AZ$58","v":-18.227419673340549},{"$f":"AZ$84+AZ$104","v":4.3745807216016601},{"$f":"BA$84+BA$104","v":4.3531635034854839},4.3279413115124994,4.2987372827511861,{"$f":"BD$84+BD$104+AZ$42*BD$62","v":4.2653680892325401}]
[null,"Delivered return on debt (period 10)",null,null,{"$f":"IRR(AY123:BD123,0.1)","v":6.0000000000000275E-2}]
[]
[null,"Cash flow to debt (life of asset)",null,"$",null,{"$f":"-G42*G58","v":-60},{"$f":"G84+G104","v":3.3300000000000147},3.3702000000000187,3.4103287500000197,3.4503575625000158,3.4902563601562631,3.5299936242187639,3.5695363412592904,3.6088499481367133,3.6478982751447124,3.6866434872855276,3.7250460236114202,3.7630645345740472,3.800655817320056,3.8377747488692511,3.8743742171100886,3.910405049544913,3.9458159397157919,3.9805533712392487,4.0145615393765572,4.0477822700637054,4.0801549363231064,4.1116163719766803,4.1421007825777325,4.1715396534763514,4.1998616549307872,4.2269925441745304,4.252855064346118,4.2773688401861865,4.3004502704030347,4.3220124166056131,4.3419648886993194,4.3602137266373298,{"$f":"AM84+AM104","v":4.3766612784168064},4.3912060742060994,4.4037426964858604,4.4141616460832234,4.4223492039751537,4.4281872887328735,4.431553309475996,4.4323200142008172,4.43035533334346,4.425522218434355,4.4176784756964587,4.4066765944351465,4.3923635700634565,4.3745807216016601,4.3531635034854839,4.3279413115124994,4.2987372827511861,{"$f":"BD84+BD104+AZ42*BD62","v":4.2653680892325401}]
[null,"Delivered return on debt (life of asset)",null,null,{"$f":"IRR(F126:BD126,0.1)","v":5.999999999912542E-2}]
[]
[null,"Equity"]
[]
[null,"Cash flow to equity (period 1)",null,"$",null,{"$f":"-(1-G$42)*G$58","v":-40},{"$f":"G$88-G$84-G$104-(G$86+G$87)","v":3.0200000000000138},{"$f":"H$88-H$84-H$104-(H$86+H$87)","v":3.0504000000000104},3.0804325000000086,3.1100601250000137,{"$f":"K$88-K$84-K$104-(K$86+K$87)+(1-G$42)*K$62","v":43.869939525000014}]
[null,"Delivered rate of return on equity (period 1)",null,null,{"$f":"IRR(F131:K131,0.1)","v":7.9999999998517923E-2}]
[null,"Cash flow to equity (period 2)",null,"$",null,null,null,null,null,null,{"$f":"-(1-L$42)*L$58","v":-40.730695664062502},{"$f":"L$88-L$84-L$104-(L$86+L$87)","v":3.1679429960937631},{"$f":"M$88-M$84-M$104-(M$86+M$87)","v":3.196115060594741},3.2237157639482033,3.2506989305564722,{"$f":"P$88-P$84-P$104-(P$86+P$87)+(1-L$42)*P$62","v":44.239721847426146}]
[null,"Delivered rate return on equity (period 2)",null,null,{"$f":"IRR(K133:P133,0.1)","v":7.9999999998545457E-2}]
[null,"Cash flow to equity (period 3)",null,"$",null,null,null,null,null,null,null,null,null,null,null,{"$f":"-(1-Q$42)*Q$58","v":-40.962705414283455},{"$f":"Q$88-Q$84-Q$104-(Q$86+Q$87)","v":3.302618124026611},{"$f":"R$88-R$84-R$104-(R$86+R$87)","v":3.3274517641840244},3.3514629500217854,3.3745950377988243,{"$f":"U$88-U$84-U$104-(U$86+U$87)+(1-Q$42)*U$62","v":43.949137727568072},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AZ88-AZ84-AZ104-(AZ86+AZ87)","v":3.159419410045647},{"$f":"BA88-BA84-BA104-(BA86+BA87)","v":3.1013954574188496},{"$f":"BB88-BB84-BB104-(BB86+BB87)","v":3.0384956700294303},{"$f":"BC88-BC84-BC104-(BC86+BC87)","v":2.9705125211096526},{"$f":"BD88-BD84-BD104-(BD86+BD87)","v":2.8972311549501195}]
[null,"Delivered rate of return on equity (period 3)",null,null,{"$f":"IRR(P135:U135,0.1)","v":7.9999999998579208E-2}]
[null,"Cash flow to equity (period 1)",null,"$",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-(1-V$42)*V$58","v":-40.552348661947129},{"$f":"V$88-V$84-V$104-(V$86+V$87)","v":3.4179836729355566},{"$f":"W$88-W$84-W$104-(W$86+W$87)","v":3.4381150174498791},3.4571166893943359,3.4749196230501052,{"$f":"Z$88-Z$84-Z$104-(Z$86+Z$87)+(1-V$42)*Z$62","v":42.818246572427356}]
[null,"Delivered rate of return on equity (period 1)",null,null,{"$f":"IRR(U137:Z137,0.1)","v":7.9999999998622728E-2}]
[null,"Cash flow to equity (period 2)",null,"$",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-(1-AA$42)*AA$58","v":-39.326794566969561},{"$f":"AA$88-AA$84-AA$104-(AA$86+AA$87)","v":3.5066391822214573},{"$f":"AB$88-AB$84-AB$104-(AB$86+AB$87)","v":3.5204035603198971},3.5326645078343684,3.5433382504993647,{"$f":"AE$88-AE$84-AE$104-(AE$86+AE$87)+(1-AA$42)*AE$62","v":40.631219731423379}]
[null,"Delivered rate return on equity (period 2)",null,null,{"$f":"IRR(Z139:AE139,0.1)","v":7.999999999867935E-2}]
[null,"Cash flow to equity (period 3)",null,"$",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-(1-AF$42)*AF$58","v":-37.078881966443156},{"$f":"AF$88-AF$84-AF$104-(AF$86+AF$87)","v":3.5595726687785456},{"$f":"AG$88-AG$84-AG$104-(AG$86+AG$87)","v":3.5649491066636836},3.568369633525085,3.5697330935378968,{"$f":"AJ$88-AJ$84-AJ$104-(AJ$86+AJ$87)+(1-AF$42)*AJ$62","v":37.130015760839115}]
[null,"Delivered rate of return on equity (period 3)",null,null,{"$f":"IRR(AE141:AJ141,0.1)","v":7.9999999998757287E-2}]
[null,"Cash flow to equity (period 1)",null,"$",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-(1-AK$42)*AK$58","v":-33.561081265308722},{"$f":"AK$88-AK$84-AK$104-(AK$86+AK$87)","v":3.565864884439053},{"$f":"AL$88-AL$84-AL$104-(AL$86+AL$87)","v":3.5604112087334396},3.5524561836897703,3.5418781503884662,{"$f":"AO$88-AO$84-AO$104-(AO$86+AO$87)+(1-AK$42)*AO$62","v":32.007013163102307}]
[null,"Delivered rate of return on equity (period 1)",null,null,{"$f":"IRR(AJ143:AO143,0.1)","v":7.9999999998870308E-2}]
[null,"Cash flow to equity (period 2)",null,"$",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-(1-AP$42)*AP$58","v":-28.478462232795028},{"$f":"AP$88-AP$84-AP$104-(AP$86+AP$87)","v":3.5123436753780468},{"$f":"AQ$88-AQ$84-AQ$104-(AQ$86+AQ$87)","v":3.4931207133709083},3.4707413884663056,3.4450598968706152,{"$f":"AT$88-AT$84-AT$104-(AT$86+AT$87)+(1-AP$42)*AT$62","v":24.89643582444727}]
[null,"Delivered rate return on equity (period 2)",null,null,{"$f":"IRR(AO145:AT145,0.1)","v":7.9999999999048166E-2}]
[null,"Cash flow to equity (period 3)",null,"$",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-(1-AU$42)*AU$58","v":-21.480510707119922},{"$f":"AU$88-AU$84-AU$104-(AU$86+AU$87)","v":3.3831804363713696},{"$f":"AV$88-AV$84-AV$104-(AV$86+AV$87)","v":3.3466635681692676},3.3062063687843275,3.2616346447000315,{"$f":"AY$88-AY$84-AY$104-(AY$86+AY$87)+(1-AU$42)*AY$62","v":15.364381070991401}]
[null,"Delivered rate of return on equity (period 3)",null,null,{"$f":"IRR(AT147:AY147,0.1)","v":7.9999999999359916E-2}]
[null,"Cash flow to equity (period 3)",null,"$",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-(1-AZ$42)*AZ$58","v":-12.151613115560368},{"$f":"AZ$88-AZ$84-AZ$104-(AZ$86+AZ$87)","v":3.159419410045647},{"$f":"BA$88-BA$84-BA$104-(BA$86+BA$87)","v":3.1013954574188496},3.0384956700294303,2.9705125211096526,{"$f":"BD$88-BD$84-BD$104-(BD$86+BD$87)+(1-AZ$42)*BD$62","v":2.8972311549504051}]
[null,"Delivered rate of return on equity (period 3)",null,null,{"$f":"IRR(AY149:BD149,0.1)","v":7.9999999999909477E-2}]
[]
[null,"Return on and of equity (life of asset)",null,"$",null,{"$f":"-(1-G42)*G58","v":-40},{"$f":"G88-G84-G104-(G86+G87)","v":3.0200000000000138},3.0504000000000104,3.0804325000000086,3.1100601250000137,3.1392438609375146,3.1679429960937631,3.196115060594741,3.2237157639482033,3.2506989305564722,3.2770164331426885,{"$f":"Q88-Q84-Q104-(Q86+Q87)","v":3.302618124026611},3.3274517641840244,3.3514629500217854,3.3745950377988243,3.396789065620943,3.4179836729355566,3.4381150174498791,3.4571166893943359,3.4749196230501052,3.4914520054577927,3.5066391822214573,3.5204035603198971,3.5326645078343684,3.5433382504993647,3.5523377649802201,3.5595726687785456,3.5649491066636836,3.568369633525085,3.5697330935378968,3.5689344955303945,3.565864884439053,3.5604112087334396,3.5524561836897703,3.5418781503884662,3.5285509303072802,3.5123436753780468,3.4931207133709083,3.4707413884663056,3.4450598968706152,3.4159251173273479,3.3831804363713696,3.3466635681692676,3.3062063687843275,3.2616346447000315,3.2127679554310338,3.159419410045647,3.1013954574188496,3.0384956700294303,2.9705125211096526,{"$f":"BD88-BD84-BD104-(BD86+BD87)+(1-AZ42)*BD62","v":2.8972311549504051}]
[null,"Delivered rate of return on equity (life of asset)",null,null,{"$f":"IRR(F152:BD152,0.1)","v":8.0000000000000737E-2}]
[]
[]
[]
[null,"Revenue and return outcome"]
[]
[null,"Application of tariff variation mechanism"]
[null,"Revenue at varied tariff",null,"$",null,{"$f":"SUM(G160:BD160)","v":399.66888586859045},{"$f":"G94","v":6.3638551878452159},{"$f":"G160*(1+H31)","v":6.5229515675413454},{"$f":"H160*(1+I31)","v":6.6860253567298784},{"$f":"I160*(1+J31)","v":6.8531759906481247},{"$f":"J160*(1+K31)","v":7.0245053904143271},{"$f":"L94","v":7.0418421833420828},{"$f":"L160*(1+M31)*(1-$L$93)","v":7.0592217642488233},{"$f":"M160*(1+N31)*(1-$L$93)","v":7.0766442387371908},{"$f":"N160*(1+O31)*(1-$L$93)","v":7.0941097126704591},{"$f":"O160*(1+P31)*(1-$L$93)","v":7.111618292173179},{"$f":"Q94","v":7.2319317036200186},{"$f":"Q160*(1+R31)*(1-$Q$93)","v":7.3542805613435389},{"$f":"R160*(1+S31)*(1-$Q$93)","v":7.4786993007528562},{"$f":"S160*(1+T31)*(1-$Q$93)","v":7.6052229398307514},{"$f":"T160*(1+U31)*(1-$Q$93)","v":7.7338870889895777},{"$f":"V94","v":7.7661737115060721},{"$f":"V160*(1+W31)*(1-$V$93)","v":7.7985951208356559},{"$f":"W160*(1+X31)*(1-$V$93)","v":7.8311518796722117},{"$f":"X160*(1+Y31)*(1-$V$93)","v":7.8638445530586987},{"$f":"Y160*(1+Z31)*(1-$V$93)","v":7.8966737083969578},{"$f":"AA94","v":7.9832391612256828},{"$f":"AA160*(1+AB31)*(1-$AA$93)","v":8.070753567740498},{"$f":"AB160*(1+AC31)*(1-$AA$93)","v":8.1592273306259528},{"$f":"AC160*(1+AD31)*(1-$AA$93)","v":8.2486709666036049},{"$f":"AD160*(1+AE31)*(1-$AA$93)","v":8.3390951076821338},{"$f":"AF94","v":8.3643379821411195},{"$f":"AF160*(1+AG31)*(1-$AF$93)","v":8.3896572680935257},{"$f":"AG160*(1+AH31)*(1-$AF$93)","v":8.4150531968409155},{"$f":"AH160*(1+AI31)*(1-$AF$93)","v":8.4405260003850149},{"$f":"AI160*(1+AJ31)*(1-$AF$93)","v":8.4660759114298294},{"$f":"AK94","v":8.5110472706749931},{"$f":"AK160*(1+AL31)*(1-$AK$93)","v":8.5562575154644769},{"$f":"AL160*(1+AM31)*(1-$AK$93)","v":8.6017079147459921},{"$f":"AM160*(1+AN31)*(1-$AK$93)","v":8.6473997442078296},{"$f":"AN160*(1+AO31)*(1-$AK$93)","v":8.6933342863146734},{"$f":"AP94","v":8.6871842032117517},{"$f":"AP160*(1+AQ31)*(1-$AP$93)","v":8.6810384709736343},{"$f":"AQ160*(1+AR31)*(1-$AP$93)","v":8.674897086522309},{"$f":"AR160*(1+AS31)*(1-$AP$93)","v":8.6687600467819426},{"$f":"AS160*(1+AT31)*(1-$AP$93)","v":8.6626273486788765},{"$f":"AU94","v":8.64787173453559},{"$f":"AU160*(1+AV31)*(1-$AU$93)","v":8.6331412545854285},{"$f":"AV160*(1+AW31)*(1-$AU$93)","v":8.618435866015691},{"$f":"AW160*(1+AX31)*(1-$AU$93)","v":8.6037555260866068},{"$f":"AX160*(1+AY31)*(1-$AU$93)","v":8.5891001921312036},{"$f":"AZ94","v":8.5200838544864421},{"$f":"AZ160*(1+BA31)*(1-$AZ$93)","v":8.4516220865585705},{"$f":"BA160*(1+BB31)*(1-$AZ$93)","v":8.3837104321915348},{"$f":"BB160*(1+BC31)*(1-$AZ$93)","v":8.3163444710360057},{"$f":"BC160*(1+BD31)*(1-$AZ$93)","v":8.2495198182616676}]
[]
[null,"Debt"]
[null,"Debt (start of year)",null,"$",null,null,{"$f":"G42*G58","v":60},{"$f":"G165","v":60.27},{"$f":"H165","v":60.515999999999998},60.736631249999995,60.930471562499996,61.096043496093749,61.231812481640624,61.336184889279785,61.407506034499875,61.444058121425172,{"$f":"P165","v":61.444058121425172},{"$f":"Q165","v":61.405655585099282},{"$f":"R165","v":61.326930385631208},{"$f":"S165","v":61.205890391449039},{"$f":"T165","v":61.040469066066748},{"$f":"U165","v":60.828522992920682},{"$f":"V165","v":60.567829322951027},{"$f":"W165","v":60.256083142612312},{"$f":"X165","v":59.890894759929822},{"$f":"Y165","v":59.469786906149068},{"$f":"Z165","v":58.990191850454323},{"$f":"AA165","v":58.449448425158494},{"$f":"AB165","v":57.844798958691342},{"$f":"AC165","v":57.173386113635104},{"$f":"AD165","v":56.432249626976876},{"$f":"AE165","v":55.618322949664716},{"$f":"AF165","v":54.728429782470087},{"$f":"AG165","v":53.759280505072191},{"$f":"AH165","v":52.707468495190348},{"$f":"AI165","v":51.569466334498749},{"$f":"AJ165","v":50.341621897963073},{"$f":"AK165","v":49.020154323141554},{"$f":"AL165","v":47.601149855892729},{"$f":"AM165","v":46.080557568829498},{"$f":"AN165","v":44.454184948753181},{"$f":"AO165","v":42.717693349192523},{"$f":"AP165","v":40.866593304060864},{"$f":"AQ165","v":38.896239698329374},{"$f":"AR165","v":36.801826791496275},{"$f":"AS165","v":34.578383089510069},{"$f":"AT165","v":32.220766060679864},{"$f":"AU165","v":29.723656690977204},{"$f":"AV165","v":27.081553874001489},{"$f":"AW165","v":24.288768630745128},{"$f":"AX165","v":21.339418154154696},{"$f":"AY165","v":18.227419673340528},{"$f":"AZ165","v":14.946484132139306},{"$f":"BA165","v":11.490109676582186},{"$f":"BB165","v":7.8515749456646224},{"$f":"BC165","v":4.0239321596533166}]
[null,"Repayment of debt",null,"$",null,{"$f":"SUM(G164:BD164)","v":59.999999999999559},{"$f":"$G$42*(G65-G69)","v":-0.27000000000000168},{"$f":"$G$42*(H65-H69)","v":-0.24599999999999794},{"$f":"$G$42*(I65-I69)","v":-0.22063124999999673},{"$f":"$G$42*(J65-J69)","v":-0.19384031250000078},{"$f":"$G$42*(K65-K69)","v":-0.16557193359375333},{"$f":"$L$42*(L65-L69)","v":-0.13576898554687772},{"$f":"$L$42*(M65-M69)","v":-0.10437240763916407},{"$f":"$L$42*(N65-N69)","v":-7.1321145220090892E-2},{"$f":"$L$42*(O65-O69)","v":-3.6552086925297544E-2},{"$f":"$L$42*(P65-P69)","v":0},{"$f":"$Q$42*(Q65-Q69)","v":3.8402536325892807E-2},{"$f":"$Q$42*(R65-R69)","v":7.8725199468073007E-2},0.12103999418216631,0.16542132538229168,0.21194607314606628,{"$f":"$V$42*(V65-V69)","v":0.26069366996965471},{"$f":"$V$42*(W65-W69)","v":0.31174618033871299},0.36518838268249282,0.42110785378075094,0.47959505569474459,{"$f":"$AA$42*(AA65-AA69)","v":0.54074342529582964},{"$f":"$AA$42*(AB65-AB69)","v":0.60464946646715412},0.67141284505623555,0.74113648665822895,0.81392667731215906,{"$f":"$AF$42*(AF65-AF69)","v":0.88989316719463141},{"$f":"$AF$42*(AG65-AG69)","v":0.9691492773978978},1.05181200988184,1.1380021606915989,1.2278444365356733,{"$f":"$AK$42*(AK65-AK69)","v":1.3214675748215199},{"$f":"$AK$42*(AL65-AL69)","v":1.4190044672488227},1.5205922870632291,1.6263726200763158,1.7364915995606565,{"$f":"$AP$42*(AP65-AP69)","v":1.851100045131659},{"$f":"$AP$42*(AQ65-AQ69)","v":1.9703536057314892},2.0944129068330994,2.2234437019862083,2.3576170288302021,{"$f":"$AU$42*(AU65-AU69)","v":2.4971093697026587},{"$f":"$AU$42*(AV65-AV69)","v":2.6421028169757137},2.7927852432563611,2.9493504765904306,3.1119984808141674,{"$f":"$AZ$42*(AZ65-AZ69)","v":3.2809355412012216},{"$f":"$AZ$42*(BA65-BA69)","v":3.4563744555571203},3.6385347309175637,3.8276427860113054,4.0239321596529107]
[null,"Debt (end of year)",null,"$",null,null,{"$f":"G163-G164","v":60.27},{"$f":"H163-H164","v":60.515999999999998},60.736631249999995,60.930471562499996,61.096043496093749,61.231812481640624,61.336184889279785,61.407506034499875,61.444058121425172,61.444058121425172,61.405655585099282,61.326930385631208,61.205890391449039,61.040469066066748,60.828522992920682,60.567829322951027,60.256083142612312,59.890894759929822,59.469786906149068,58.990191850454323,58.449448425158494,57.844798958691342,57.173386113635104,56.432249626976876,55.618322949664716,54.728429782470087,53.759280505072191,52.707468495190348,51.569466334498749,50.341621897963073,49.020154323141554,47.601149855892729,46.080557568829498,44.454184948753181,42.717693349192523,40.866593304060864,38.896239698329374,36.801826791496275,34.578383089510069,32.220766060679864,29.723656690977204,27.081553874001489,24.288768630745128,21.339418154154696,18.227419673340528,14.946484132139306,11.490109676582186,7.8515749456646224,4.0239321596533166,4.0589753780295723E-13]
[null,"Return on debt",null,"$",null,null,{"$f":"$G$41*G163","v":3.6000000000000165},{"$f":"$G$41*H163","v":3.616200000000017},3.6309600000000164,3.6441978750000166,3.6558282937500164,{"$f":"$L$41*L163","v":3.6657626097656419},{"$f":"$L$41*M163","v":3.6739087488984543},3.6801710933568041,3.6844503620700095,3.6866434872855272,{"$f":"$Q$41*Q163","v":3.6866434872855272},{"$f":"$Q$41*R163","v":3.6843393351059737},3.6796158231378895,3.672353423486959,3.6624281439640218,{"$f":"$V$41*V163","v":3.6497113795752578},{"$f":"$V$41*W163","v":3.6340697593770783},3.6153649885567551,3.5934536855958057,3.5681872143689604,{"$f":"$AA$41*AA163","v":3.5394115110272755},{"$f":"$AA$41*AB163","v":3.5069669055095258},3.4706879375214963,3.4304031668181221,3.3859349776186281,{"$f":"$AF$41*AF163","v":3.3370993769798982},{"$f":"$AF$41*AG163","v":3.2837057869482202},3.2255568303043463,3.1624481097114354,3.0941679800699391,{"$f":"$AK$41*AK163","v":3.0204973138777982},{"$f":"$AK$41*AL163","v":2.9412092593885069},2.8560689913535766,2.7648334541297825,2.6672510969252032,{"$f":"$AP$41*AP163","v":2.563061600951563},{"$f":"$AP$41*AQ163","v":2.4519955982436632},2.3337743818997732,2.2081096074897868,2.0747029853706138,{"$f":"$AU$41*AU163","v":1.9332459636408008},{"$f":"$AU$41*AV163","v":1.7834194014586404},1.6248932324400969,1.4573261178447143,1.2803650892492877,{"$f":"$AZ$41*AZ163","v":1.0936451804004366},{"$f":"$AZ$41*BA163","v":0.89678904792836245},0.68940658059493432,0.47109449673987952,0.2414359295792001]
[null,"Cash flow to debt",null,"$",{"$f":"IRR(F167:BD167,0.1)","v":5.9999999999126086E-2},{"$f":"-F164","v":-59.999999999999559},{"$f":"G164+G166","v":3.3300000000000147},{"$f":"H164+H166","v":3.3702000000000192},3.4103287500000197,3.4503575625000158,3.4902563601562631,3.5299936242187644,3.5695363412592904,3.6088499481367133,3.647898275144712,3.6866434872855272,3.7250460236114198,3.7630645345740468,3.800655817320056,3.8377747488692506,3.8743742171100881,3.9104050495449125,3.9458159397157915,3.9805533712392478,4.0145615393765564,4.0477822700637045,4.0801549363231047,4.1116163719766803,4.1421007825777316,4.1715396534763514,4.1998616549307872,4.2269925441745295,4.252855064346118,4.2773688401861865,4.3004502704030347,4.3220124166056122,4.3419648886993176,4.3602137266373298,4.3766612784168055,4.3912060742060985,4.4037426964858595,4.4141616460832225,4.422349203975152,4.4281872887328726,4.4315533094759951,4.4323200142008155,4.43035533334346,4.4255222184343541,4.4176784756964578,4.4066765944351447,4.3923635700634556,4.3745807216016583,4.353163503485483,4.3279413115124985,4.2987372827511852,4.2653680892321111]
[]
[null,"Equity return"]
[null,"Cost of tax",null,"$",null,null,{"$f":"$G$46*(G160-G166-G54)","v":0.2291565563535598},{"$f":"$G$46*(H160-H166-H54)","v":0.27202547026239854},0.31651960701895859,0.36269343469443244,0.41060312899929319,{"$f":"$L$46*(L160-L166-L54)","v":0.41282387207293225},{"$f":"$L$46*(M160-M166-M54)","v":0.4155939046051107},0.41894194361411602,0.42289780518013487,0.42749244146629556,{"$f":"$Q$46*(Q160-Q166-Q54)","v":0.46358646490034738},{"$f":"$Q$46*(R160-R166-R54)","v":0.5009823678712696},0.53972504328449,0.57986085490313766,0.62143768350766682,{"$f":"$V$46*(V160-V166-V54)","v":0.63493869957924409},{"$f":"$V$46*(W160-W166-W54)","v":0.6493576084375734},0.66473606733463697,0.68111726023886798,0.6985459482083991,{"$f":"$AA$46*(AA160-AA166-AA54)","v":0.73314829505952228},{"$f":"$AA$46*(AB160-AB166-AB54)","v":0.76913599866929172},0.80656181793133686,0.84548033993564486,0.88594803901905161,{"$f":"$AF$46*(AF160-AF166-AF54)","v":0.9081715815483663},{"$f":"$AF$46*(AG160-AG166-AG54)","v":0.93178544434359178},0.95684890996097072,0.98342336720207368,1.0115723794079672,{"$f":"$AK$46*(AK160-AK166-AK54)","v":1.0471649870391584},{"$f":"$AK$46*(AL160-AL166-AL54)","v":1.084514476822791},1.1236916770177245,1.1647698870234142,1.2078249568168411,{"$f":"$AP$46*(AP160-AP166-AP54)","v":1.2372367806780564},{"$f":"$AP$46*(AQ160-AQ166-AQ54)","v":1.2687128618189913},1.3023368113867606,1.3381951317876466,1.3763773089924787,{"$f":"$AU$46*(AU160-AU166-AU54)","v":1.4143877312684368},{"$f":"$AU$46*(AV160-AV166-AV54)","v":1.4549165559380361},1.4980627900726782,1.5439288224725676,1.5926205308645747,{"$f":"$AZ$46*(AZ160-AZ166-AZ54)","v":1.6279316022258017},{"$f":"$AZ$46*(BA160-BA166-BA54)","v":1.6664499115890623},1.7082911554789801,1.753574992288838,1.8024251666047402]
[null,"Post tax cash flow to equity",null,"$",null,{"$f":"-(1-G42)*G58","v":-40},{"$f":"G160-G164-G166-G170","v":2.8046986314916409},{"$f":"H160-H164-H166-H170","v":2.8807260972789277},2.9591769997109001,3.0401249934536763,3.123645901258771,3.0990246870503864,3.0740915183844222,3.048852346986362,3.0233136323456122,2.9974823634213563,3.0432992151082514,3.0902336588982231,3.1383184401483102,3.1875873360583626,3.2380751883718228,3.2208299623819157,3.203421572682291,3.1858624410983269,3.1681657534432741,3.1503454901248538,3.1699359298430556,3.1900011970945266,3.2105647301168845,3.2316509731916088,3.2532854137322951,3.2291738564182237,3.2050167594038159,3.1808354466937585,3.1566523627799064,3.1324911154162489,3.1219173949365162,3.1115293120043561,3.101354959311462,3.0914237829783175,3.0817666330119726,3.0357857764504725,2.9899764051794913,2.9443729864026755,2.8990116055183011,2.8539300254855826,2.8031286699236935,2.7527024802130384,2.7026946002465548,2.6531501091788945,2.6041160912031742,2.5175715306589819,2.4320086714840254,2.3474779652000564,2.2640321959959833,2.1817265624248168]
[null,"Cost of equity",null,null,{"$f":"IRR(F171:BD171,0.1)","v":7.4120572818421548E-2}]
[null,"Value of imputation credits",null,"$",null,null,{"$f":"$G$47*G170","v":9.1662622541423933E-2},{"$f":"$G$47*H170","v":0.10881018810495942},0.12660784280758344,0.14507737387777297,0.16424125159971728,{"$f":"$L$47*L170","v":0.16512954882917291},{"$f":"$L$47*M170","v":0.1662375618420443},0.16757677744564642,0.16915912207205397,0.17099697658651825,{"$f":"$Q$47*Q170","v":0.18543458596013895},{"$f":"$Q$47*R170","v":0.20039294714850786},0.21589001731379601,0.23194434196125507,0.24857507340306673,{"$f":"$V$47*V170","v":0.25397547983169766},{"$f":"$V$47*W170","v":0.25974304337502935},0.26589442693385479,0.27244690409554723,0.27941837928335966,{"$f":"$AA$47*AA170","v":0.29325931802380895},{"$f":"$AA$47*AB170","v":0.30765439946771672},0.32262472717253476,0.33819213597425796,0.35437921560762065,{"$f":"$AF$47*AF170","v":0.36326863261934655},{"$f":"$AF$47*AG170","v":0.37271417773743676},0.3827395639843883,0.39336934688082947,0.40462895176318692,{"$f":"$AK$47*AK170","v":0.41886599481566339},{"$f":"$AK$47*AL170","v":0.4338057907291164},0.44947667080708986,0.4659079548093657,0.48312998272673646,{"$f":"$AP$47*AP170","v":0.49489471227122261},{"$f":"$AP$47*AQ170","v":0.50748514472759654},0.52093472455470424,0.53527805271505868,0.55055092359699154,{"$f":"$AU$47*AU170","v":0.56575509250737477},{"$f":"$AU$47*AV170","v":0.58196662237521446},0.59922511602907125,0.61757152898902712,0.63704821234582987,{"$f":"$AZ$47*AZ170","v":0.65117264089032068},{"$f":"$AZ$47*BA170","v":0.66657996463562497},0.68331646219159214,0.7014299969155352,0.72097006664189611]
[null,"Post tax cash flow to equity + imputation credits",null,"$",null,{"$f":"-(1-G42)*G58","v":-40},{"$f":"G171+G173","v":2.896361254033065},2.9895362853838869,3.0857848425184837,3.1852023673314491,3.2878871528584881,3.2641542358795594,3.2403290802264664,3.2164291244320085,3.1924727544176661,3.1684793400078748,3.2287338010683904,3.2906266060467311,3.3542084574621063,3.4195316780196179,3.4866502617748898,3.4748054422136132,3.4631646160573202,3.4517568680321817,3.4406126575388214,3.4297638694082133,3.4631952478668646,3.4976555965622431,3.5331894572894194,3.5698431091658667,3.6076646293399159,3.5924424890375701,3.5777309371412525,3.563575010678147,3.5500217096607356,3.5371200671794361,3.5407833897521797,3.5453351027334725,3.5508316301185516,3.5573317377876834,3.564896615738709,3.5306804887216954,3.4974615499070878,3.4653077109573798,3.43428965823336,3.4044809490825743,3.3688837624310684,3.3346691025882529,3.3019197162756262,3.2707216381679216,3.2411643035490041,3.1687441715493025,3.0985886361196506,3.0307944273916485,2.9654621929115184,2.9026966290667131]
[null,"Delivered rate of return on equity",null,null,{"$f":"IRR(F174:BD174,0.1)","v":7.9991284189056655E-2}]
[]
[null,"Implied return of equity"]
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