{"text_format":"1","workbook":"xlsx","n_sheets":16,"sheets":["CoverSheet","Table of Contents","Description","Reopener","ANAR guidance","CPI","Historical","Thresholds","Inputs","EDB data","Timing","RAB","TAX","BBAR","MAR","IRR"],"not_rendered":{"charts":0,"images":4,"macros":1,"external_links":0,"defined_names":33,"comments":5,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"CoverSheet","index":0,"n_rows":14,"n_cols":3,"rows_kept":14,"cut":false,"hidden":false,"merged":[[2,0,2,3],[3,0,3,3]]}
[]
[]
["​​Reconsideration of DPP4 default price-quality path for \nWellington Electricity – Central Park 2 unforeseeable large project "]
["Final Decision"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Date of publication ","2026-04-02"]

{"sheet":"Table of Contents","index":1,"n_rows":17,"n_cols":3,"rows_kept":17,"cut":false,"hidden":false,"merged":[]}
[null,"Table of Contents"]
[]
[null,"Sheet Name","Link"]
[null,"Description","Description"]
[null,"Reopener","Reopener"]
[null,"ANAR guidance","ANAR guidance"]
[null,"CPI","CPI"]
[null,"Historical","Historical"]
[null,"Thresholds","Thresholds"]
[null,"Inputs","Inputs"]
[null,"EDB data","EDB data"]
[null,"Timing","Timing"]
[null,"RAB","RAB"]
[null,"TAX","TAX"]
[null,"BBAR","BBAR"]
[null,"MAR","MAR"]
[null,"IRR","IRR"]

{"sheet":"Description","index":2,"n_rows":77,"n_cols":3,"rows_kept":77,"cut":false,"hidden":false,"merged":[]}
[null,"Description"]
[]
["General description"]
[null,1,{"$f":"\"This model contains the calculations for the '\"&CoverSheet!$A$3&\"\"&\"\"&\" – Final Decision\"","v":"This model contains the calculations for the '​​Reconsideration of DPP4 default price-quality path for \nWellington Electricity – Central Park 2 unforeseeable large project  – Final Decision"}]
[null,2,"For the DPP4 reopeners, we have added the FNARI (Forecast Net Allowable Revenue Increment) and ANARI (Actual Net Allowable Revenue Increment) terms to the reopened price path formulas for FNAR and ANAR (refer determination Schedule 1.3 and 1.6) to ensure that the impact of a reopener is properly reflected in both forecast and actual revenue calculations across the remaining regulatory period. Under the original DPP4 formulas, FNAR and ANAR were indexed only for CPI and the X-factor, which meant they could not accommodate mid-period adjustments arising from reopeners. By introducing FNARI and ANARI, we create a mechanism to incorporate the incremental revenue allowance associated with a reopener, starting from the reopener assessment year and compounding through subsequent years, while maintaining consistency with the IMs. FNARI adjusts the forecast price path by applying the reopener increment indexed for forecast CPI and X, as set out in Schedule 1.3(1A), whereas ANARI performs the equivalent adjustment for actual revenue using actual CPI and timing factors per Schedule 1.6(7A). This approach ensures that both forecast and actual revenue paths remain aligned with the amended determination and accurately recover the costs approved through the reopener process."]
[null,3,"For reopeners other than the one published in this model, an early indication of price path impacts may be obtained from entering the required data inputs in this model. This should however be used as indicative amounts only and will be subject to scrutiny and possible adjustments by Comcom."]
[null,4,"This sheet describes the model workings and instructions for use below."]
[]
["Changes since the draft decision"]
[null,1,"Both Stats NZ and the Reserve Bank have updated their data releases since the draft decision was published. The CPI sheet in this final decision financial model has been updated with actual CPI data from Stats NZ and forecast CPI changes from the Reserve Bank's February 2026 Monetary Policy Statement."]
[]
["Use of this template"]
[]
[null,1,"This template (v1) can produce a workable reopener financial model for a data set of reopener data, that data being:"]
[null,null,"•  The name of the EDB"]
[null,null,"•  The \"Seq #\" of the reopener, i.e. 1, 2 or 3 etc. indicating whether the reopener is the first, second, third etc DPP4 reopener for the EDB."]
[null,null,"•  If the \"Seq #\" is not 1, the previous reopener additional and total opex and capex and MAR must be entered in the 'Historical' sheet."]
[null,null,"•  The \"Reopener year\", e.g. 2026/27, indicating the first DPP4 year for which the MAR will be different from the previous price path."]
[null,null,"•  The reopener type of event, e.g. \"unforeseeable large project (other than system growth)\"."]
[null,null,"•  Publication date of the reopener (estimate if unknown)."]
[null,null,"•  For each DPP4 year, the value of any additional opex that the reopener is to allow (nominal values using DPP4 opex inflators)."]
[null,null,"•  For each DPP4 year, the value of any additional VCA that the reopener is to allow (nominal values using DPP4 capex inflators)."]
[null,2,"With these data points entered,  the model will display the reopened price path."]
[null,3,"Future versions of this model will include the threshold calculation for the different types of reopeners."]
[]
["Adjustments made to DPP4 financial model to create this template"]
[]
[null,1,"This template was created from a copy of the DPP4 financial model that was published on 20 November 2024. The amendments to that model include the following:"]
[]
[null,null,"Amendments to this Description sheet and the Table of Contents"]
[null,{"$f":"B28+1","v":2},"As this is an adaptation of the DPP4 financial model, this description sheet should be read in conjunction with the original description sheet in that model."]
[]
[null,null,"'Reopener' sheet added which includes:"]
[null,{"$f":"B31+1","v":3},"A panel of the price paths as set in the original DPP4 financial model for each non-exempt EDB."]
[null,{"$f":"B34+1","v":4},"Data relating to the reopener, as described under the \"Use of this template\" section above."]
[null,{"$f":"B35+1","v":5},"Once this data has been input to the Reopener sheet, the preparation of the financial model will be complete, subject to responses to possible warnings that the Reopener sheet may display. The MAR time series will display in the Outputs section of the Reopener sheet."]
[null,{"$f":"B36+1","v":6},{"$f":"\"Operating instructions for entering reopener-specific data onto the reopener sheet is at cell \" & ADDRESS(ROW(Reopener!B51),COLUMN(Reopener!B51)) & \" on the Reopener sheet.\"","v":"Operating instructions for entering reopener-specific data onto the reopener sheet is at cell $B$51 on the Reopener sheet."}]
[]
[null,null,"'ANAR guidance' sheet added"]
[null,{"$f":"B37+1","v":7},"This calculation is included to provide guidance on how to calculate ANAR following a reopener. It is a simplified calculation that does not include any revenue from passthrough or recoverable costs. Results from this sheet will be indicative only and EDBs will still be required to perform their own calculation and ensure compliance with IMs. "]
[null,{"$f":"B40+1","v":8},"The CPI sheet will need to be updated as/when actual CPI results for any year are published before the ANAR for that year can be calculated."]
[]
[null,null,"'CPI' sheet added"]
[null,{"$f":"B47+1","v":9},"The purpose of this sheet is to calculate the updated CPI index for use in the ANAR guidance calculation."]
[]
[null,null,"'Historical' sheet added"]
[null,{"$f":"B40+1","v":8},"The purpose of this sheet is to record the results of previous reopeners. This information is required when and EDB has multiple DPP4 reopeners (i.e. when the \"Seq #\" value is greater than 1), as the last reopener will be the basis of the current reopener calculation. For the first reopener, DPP4 values will be used as the basis. Data entered in this sheet will automatically be linked to the Reopener sheet if a sequence value greater that 1 is selected."]
[]
[null,null,"Thresholds' sheet added"]
[null,{"$f":"B53+1","v":11},"This sheet lists the different reopener types and applicable thresholds. Future versions of this model will automate the threshold calculation."]
[]
[null,null,"Amendments to the 'MAR' sheet include the following:"]
[null,{"$f":"B44+1","v":10},"Adding row 17 indicating which regulatory years are pre-reopener, the reopener year and post-reopener."]
[null,{"$f":"B53+1","v":11},"Several changes were made in rows 21 to 33 to apply different formulas according to whether the column is for a pre-reopener year, the reopener year or a post-reopener year. Significant changes were required to calculate the MAR for the reopener year."]
[null,{"$f":"B54+1","v":12},{"$f":"\"There is a comment starting at cell \" & ADDRESS(ROW(MAR!J21),COLUMN(MAR!J21)) & \" on the MAR sheet, explaining the formula that applies to each cell in the row.\"","v":"There is a comment starting at cell $J$21 on the MAR sheet, explaining the formula that applies to each cell in the row."}]
[null,{"$f":"B55+1","v":13},"For any years prior to the reopener year, the MAR values shall be the corresponding MAR values from the previously set price path."]
[null,{"$f":"B56+1","v":14},"For the reopener year, the MAR will be set such that over the DPP4 regulatory period, the present value of the MAR values shall be equal to the present value of the BBAR."]
[null,{"$f":"B57+1","v":15},"For any years after the reopener year, each MAR value shall be the reopener year MAR  increased by forecast CPI since the reopener year minus X. If the reopener year is the last year of DPP4, there will be no post-reopener years."]
[]
[null,null,"Deleted 'Outputs' sheet"]
[null,1,"Deleted the Outputs sheet as the relevant reopener outputs are contained at the bottom of the 'Reopener' sheet"]
[]
["Outputs"]
[]
[null,1,"Outputs related to the reopener are included in the \"Outputs\" section of the Reopener sheet."]
[]
["Notes"]
[]
[null,1,"This model should not be used for purposes other than those stated under 'general description' above."]
[null,{"$f":"B69+1","v":2},"The model is not designed to reopen the first year of DPP4 (2025/26). Reopener years can only be specified as years 2 to 5 (2026/27 to 2029/30) of DPP4."]
[null,{"$f":"B70+1","v":3},"DPP3 and Quality standard variation reopeners are not covered by this template."]
[null,{"$f":"B71+1","v":4},"Please always check that the latest published reopener template is being used as updates to the template might be made from time to time, i.e., use the last EDB reopener published in the 'documents' section of the DPP4 web page:"]
[null,null,"www.comcom.govt.nz/regulated-industries/electricity-lines/projects/2025-reset-of-the-electricity-default-price-quality-path-2/?section=documents"]
[null,{"$f":"B72+1","v":5},"Financial quantities in this model are expressed in NZD'000. "]
[null,{"$f":"B74+1","v":6},"Annual quantities relate to years ending on 31 March. "]
[null,{"$f":"B75+1","v":7},"A lighter font is used for cells containing a formula linking to another sheet. A red font is applied to input cells."]
[null,{"$f":"B76+1","v":8},"Wherever two horizontally adjacent cells contain numerical formulas which differ, a red vertical border has been placed between the cells to indicate that the cell formulas are different."]

{"sheet":"Reopener","index":3,"n_rows":128,"n_cols":20,"rows_kept":128,"cut":false,"hidden":false,"merged":[[40,8,40,20],[41,8,41,20],[55,1,55,20],[43,8,43,20],[44,8,44,20],[48,8,48,20],[45,8,47,20],[51,1,51,20],[52,1,52,20],[53,1,53,20],[54,1,54,20],[77,8,77,20],[83,8,83,20],[78,8,78,20],[85,8,85,20],[91,8,91,20]]}
[null,"Reopener",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"EDB_Name","v":"Wellington Electricity"}]
[null,"This sheet needs to be followed from top to bottom to perform a reopener calculation."]
[null,"Inputs"]
[null,"Data from the original DPP4 reset financial model published 20-11-24"]
[]
[null,null,null,"Alpine Energy","Aurora Energy","EA Networks","Electricity Invercargill","Firstlight Network","Horizon Energy","Nelson Electricity","Network Tasman","Orion NZ","OtagoNet","Powerco","The Lines Company","Top Energy","Unison Networks","Vector Lines","Wellington Electricity","Selected EDB"]
[]
[null,"MAR (applicable X factor) 2026",null,73359.825616923074,null,44281.139732429561,16949.518224204665,34274.847397808648,34127.949082079838,7219.2497338727098,37178.886856943747,231403.61740068885,34648.09410168742,446158.36813099438,48646.442626418175,51690.551053624011,133360.41072976706,579388.88558384695,118695.81208155451,{"$f":"INDEX(D8:S22,,MATCH(D58,D6:S6,0))","v":118695.81208155451}]
[null,"MAR (applicable X factor) 2027",null,74827.022129261532,null,49999.606117475516,18619.723750017794,38526.299469032834,35645.960257250757,7886.4527942772256,41070.029155391472,259162.79534407548,39688.005869718865,472829.71537786518,52596.533767683337,59842.150954780511,152078.87797979714,638254.79635916592,132692.42224221141,132692.42224221141]
[null,"MAR (applicable X factor) 2028",null,76323.562571846764,null,56456.555251486308,20454.51132834455,43305.101655171675,37231.492569493275,8615.318761524326,45368.418406794743,290251.96427355084,45461.023203528173,501095.47576315393,56867.372309619241,69279.258160349404,173424.6692930414,703101.48366925726,148339.51267301303,148339.51267301303]
[null,"MAR (applicable X factor) 2029",null,77850.03382328368,null,63747.354796663232,22470.098874639614,48676.66646447916,38887.549358984332,9411.5465214644028,50116.677077249864,325070.58990780596,52073.783638713365,531050.96330427506,61485.00294116031,80204.597172236477,197766.55587501265,774536.59441005357,165831.70800741474,165831.70800741474]
[null,"MAR (applicable X factor) 2030",null,79407.034499749381,null,71979.688195104347,24684.302417746607,54714.520172733173,40617.26755447196,10281.361650978146,55361.888500154855,364066.05787314643,59648.436206800623,562797.18989060482,66477.585179982532,92852.862146298197,225525.06965762944,853229.51240211539,185386.58301564911,185386.58301564911]
[null,"Opex allowance 2026",null,35194.997539617427,null,17306.3451714441,6808.2903980837391,17203.128308232914,14517.204610192384,2729.9007052136967,17074.018252262686,94623.96876824231,11772.850368850826,137742.38439876764,20290.837873884851,26345.734307394901,58104.596113817548,194846.70939330594,45192.983484661345,45192.983484661345]
[null,"Opex allowance 2027",null,36447.670421973708,null,17657.562941724165,7064.1201796096857,17707.796202874088,15697.197272343003,2818.0707376484884,17687.637336600168,98624.433764956542,12315.40597296393,143835.98608613922,21181.235878734988,27080.44229363952,61492.117136374189,202840.85929367359,46782.328321386522,46782.328321386522]
[null,"Opex allowance 2028",null,37760.704356829738,null,18024.548714111665,7306.1911130207845,18234.591324152545,14777.4764987002,2909.9767247815853,18330.313202876849,102887.53168209951,12817.505067714816,151198.46196696261,21857.090662274975,27845.49167117256,62895.554405962641,211305.25832594605,48443.687192979196,48443.687192979196]
[null,"Opex allowance 2029",null,39152.325345629506,null,18415.045062714751,7562.0656587718368,18791.805690394591,15095.723704873802,3006.9822022581684,19010.923120454136,108278.04804010864,13349.748990273114,157357.21737714304,22571.934909078223,28653.363773061206,65885.460749138772,220359.95339929574,50200.368639512206,50200.368639512206]
[null,"Opex allowance 2030",null,40607.450836352975,null,18820.879194000267,7828.7407777448734,19371.619022062496,15639.753169896379,3107.8659684580962,19722.147592891815,112791.7525098974,13907.320399104156,164307.82957042457,23316.560080598312,29491.88260243932,69138.713820008226,229945.58025796677,52032.749796498567,52032.749796498567]
[null,"VCA allowance 2026",null,33806.991940575914,null,18566.878931161478,6900.8360046755615,18611.839458048093,11816.66639788559,2259.8422261403603,25319.671181390197,120360.86593445308,23507.63336147747,309756.04925921722,29411.710783165938,26152.893313240624,82704.05868860973,356171.98633721273,63757.498375313931,63757.498375313931]
[null,"VCA allowance 2027",null,31634.1931540923,null,16034.826832809218,9274.0912335542962,18902.872689781714,13846.967141669151,2733.2873765094459,21606.71457534708,147674.33034100532,32543.263860410349,332459.30935362302,27168.456121698062,24209.844779332372,93763.552056457949,347752.74118202709,98923.984290555265,98923.984290555265]
[null,"VCA allowance 2028",null,28622.661266694133,null,16081.982466742709,9938.8552776088636,14929.741879422743,13388.38161441633,2861.2236416614855,19196.716119157656,140489.22762962783,33332.747970352939,361289.85253944318,23544.605110725715,24626.117896735159,91072.783339258312,303643.79696185078,93105.213283671779,93105.213283671779]
[null,"VCA allowance 2029",null,25578.15710555053,null,15972.182197976585,8196.960383745567,17173.285060670132,12257.67163256479,2463.5985887455445,16928.871235479415,147353.13622385589,35965.28262858354,369744.59826055006,24912.541199034546,25349.108404155544,93754.675260715623,263077.40542581951,94087.486257688506,94087.486257688506]
[null,"VCA allowance 2030",null,30227.973511146622,null,16161.523360063267,9826.0514060183214,16722.188800555425,12210.006524563731,2462.3486937053426,17036.926092483198,151493.17177620015,37734.023706052358,387880.19892404648,24008.825044876678,24401.739102363998,114647.11963807618,271317.34176238667,75812.503670278325,75812.503670278325]
[]
[null,"Values for selected EDB",null,"2025/26","2026/27","2027/28","2028/29","2029/30"]
[null,{"$f":"\"MAR values, \"&D58&\", original DPP4 model\"","v":"MAR values, Wellington Electricity, original DPP4 model"},null,{"$f":"TRANSPOSE(T8:T12)","v":118695.81208155451},132692.42224221141,148339.51267301303,165831.70800741474,185386.58301564911]
[null,{"$f":"\"Total opex, \"&D58&\" , original DPP4 model\"","v":"Total opex, Wellington Electricity , original DPP4 model"},null,{"$f":"TRANSPOSE(T13:T17)","v":45192.983484661345},46782.328321386522,48443.687192979196,50200.368639512206,52032.749796498567]
[null,{"$f":"\"Total VCA, \"&D58&\", original DPP4 model\"","v":"Total VCA, Wellington Electricity, original DPP4 model"},null,{"$f":"TRANSPOSE(T18:T22)","v":63757.498375313931},98923.984290555265,93105.213283671779,94087.486257688506,75812.503670278325]
[]
[null,"Inflation inputs"]
[null,null,"2024/25","2025/26","2026/27","2027/28","2028/29","2029/30"]
[null,"Assessment period number for DPP4 FNAR calculations",null,1,2,3,4,5]
[null,"Assessment period number for reopener calculations",null,{"$f":"IF(D65=\"pre- reopener\",E32-1,(IF(D65=\"reopener\",1,IF(D65=\"post- reopener\",C32+1,0))))","v":0},{"$f":"IF(E65=\"pre- reopener\",F32-1,(IF(E65=\"reopener\",1,IF(E65=\"post- reopener\",D32+1,0))))","v":1},{"$f":"IF(F65=\"pre- reopener\",G32-1,(IF(F65=\"reopener\",1,IF(F65=\"post- reopener\",E32+1,0))))","v":2},{"$f":"IF(G65=\"pre- reopener\",H32-1,(IF(G65=\"reopener\",1,IF(G65=\"post- reopener\",F32+1,0))))","v":3},{"$f":"IF(H65=\"pre- reopener\",I32-1,(IF(H65=\"reopener\",1,IF(H65=\"post- reopener\",G32+1,0))))","v":4}]
[]
[null,"Original DPP4 forecast CPI",null,{"$f":"Inputs!E10","v":2.2744928703593015E-2},{"$f":"Inputs!F10","v":2.0000000000000018E-2},{"$f":"Inputs!G10","v":2.0000000000000018E-2},{"$f":"Inputs!H10","v":1.9999999999999796E-2},{"$f":"Inputs!I10","v":2.000000000000024E-2},"These values are from the 'Inputs' sheet and is unchanged from original DPP4."]
[null,"Forecast ∆CPI index",1,{"$f":"C35*(1+D34)","v":1.022744928703593},{"$f":"D35*(1+E34)","v":1.0431998272776648},{"$f":"E35*(1+F34)","v":1.0640638238232181},{"$f":"F35*(1+G34)","v":1.0853451002996821},{"$f":"G35*(1+H34)","v":1.107052002305676}]
[]
[null,"X factor",{"$f":"Inputs!S38","v":-9.6000000000000002E-2}]
[]
[null,"Original DPP4 opex input cost inflator",null,2.3892602765593525E-2,2.1108520655733445E-2,2.151850211754857E-2,2.2317522408836134E-2,2.260680638881437E-2]
[null,"Original DPP4 capex input cost inflator",null,2.1406682854546312E-2,1.9554198268636865E-2,1.8947469079782415E-2,1.8833506754145676E-2,1.9018762780009277E-2]
[]
[null,"Total opex and VCA of previous price path"]
[null,null,null,"2025/26","2026/27","2027/28","2028/29","2029/30"]
[null,"Original 2024 reset model opex for the chosen EDB",null,{"$f":"TRANSPOSE(T13:T17)","v":45192.983484661345},46782.328321386522,48443.687192979196,50200.368639512206,52032.749796498567]
[null,"Original 2024 reset model VCA for the chosen EDB",null,{"$f":"TRANSPOSE(T18:T22)","v":63757.498375313931},98923.984290555265,93105.213283671779,94087.486257688506,75812.503670278325]
[null,"Previous reopener total opex",null,{"$f":"IF($D$59=1,\"None\",Historical!Z11)","v":"None"},{"$f":"IF($D$59=1,\"None\",Historical!AA11)","v":"None"},{"$f":"IF($D$59=1,\"None\",Historical!AB11)","v":"None"},{"$f":"IF($D$59=1,\"None\",Historical!AC11)","v":"None"},{"$f":"IF($D$59=1,\"None\",Historical!AD11)","v":"None"},{"$f":"\"If the 'sequence' in row \" & ROW(B59) & \" is equal to 1, this is the first reopener and there will be no previous reopener values. From the second reopener onwards, values will be populated in these rows.\"","v":"If the 'sequence' in row 59 is equal to 1, this is the first reopener and there will be no previous reopener values. From the second reopener onwards, values will be populated in these rows."}]
[null,"Previous reopener total VCA",null,{"$f":"IF($D$59=1,\"None\",Historical!AE11)","v":"None"},{"$f":"IF($D$59=1,\"None\",Historical!AF11)","v":"None"},{"$f":"IF($D$59=1,\"None\",Historical!AG11)","v":"None"},{"$f":"IF($D$59=1,\"None\",Historical!AH11)","v":"None"},{"$f":"IF($D$59=1,\"None\",Historical!AI11)","v":"None"}]
[null,"Previous reopener MAR",null,{"$f":"IF($D$59=1,\"None\",Historical!F11)","v":"None"},{"$f":"IF($D$59=1,\"None\",Historical!G11)","v":"None"},{"$f":"IF($D$59=1,\"None\",Historical!H11)","v":"None"},{"$f":"IF($D$59=1,\"None\",Historical!I11)","v":"None"},{"$f":"IF($D$59=1,\"None\",Historical!J11)","v":"None"}]
[]
[null,"Reopener Instructions"]
[null,"Operating instructions for this sheet are below in blue font."]
[1,"Fill out the 5 inputs in D52:D56 below with the same pink fill colour as this instruction as required. The first four of these cells has a drop-down box from which the response is to be chosen"]
[2,"Note that the column for the reopener year is marked with the same fill colour as this instruction."]
[3,{"$f":"\"Previous price path MAR values are automatically popluated based on the sequence number selected in row \" & ROW(B67) & \", e.g. DPP4 MAR values if this is the first reopener, first reopener MAR values if this iss the second reopener, etc.\"","v":"Previous price path MAR values are automatically popluated based on the sequence number selected in row 67, e.g. DPP4 MAR values if this is the first reopener, first reopener MAR values if this iss the second reopener, etc."}]
[4,{"$f":"\"Fill Rows \" & ROW(ReopOpex) & \" and \" & ROW(ReopCapex) & \" cells with a green fill colour with the additional reopener opex and additional VCA values as required. Some of these green fill colour cells may be empty if nil. These input values should be nominal values based on the input costs inflators on row \" & ROW(D39) & \" and \" & ROW(D40) & \".\"","v":"Fill Rows 71 and 72 cells with a green fill colour with the additional reopener opex and additional VCA values as required. Some of these green fill colour cells may be empty if nil. These input values should be nominal values based on the input costs inflators on row 39 and 40."}]
[5,{"$f":"\"With these instructions completed, the resulting reopener MAR values should appear at Row \" & ROW(B78) & \".\"","v":"With these instructions completed, the resulting reopener MAR values should appear at Row 78."}]
[]
[null,"Selected EDB",null,"Wellington Electricity"]
[null,"Sequence #",{"$f":"IF(Historical!D11+1=D59,\"OK\",\"Check sequence in historical sheet\")","v":"OK"},1,"Enter 1 if the reopener is the EDB's 1st DPP4 reopener, 2 if it is the 2nd etc. If this number is greater than 1, the rows in the Historical sheet need to be updated to reflect the data from previous reopeners."]
[null,"Reopener year",null,"2026/27","Option to select Y2 to Y5 of the regulatory period."]
[null,"Reopener type of event, e.g. catastrophic",null,"unforeseeable large project (other than system growth)","See Thresholds!B12:B23."]
[null,"Publication date of this reopener",null,"2025-11-28"]
[null,"Sum of checks - should be zero",null,{"$f":"SUM(D85:H85,D93:H93)","v":0}]
[null,"Assessment period",null,"2025/26","2026/27","2027/28","2028/29","2029/30"]
[null,"Whether pre-reopener, reopener or post-reopener",null,{"$f":"IF(COLUMN(D64)<MATCH($D60,$D64:$H64)+COLUMN($D64)-1,\"pre- reopener\",IF(COLUMN(D64)=MATCH($D60,$D64:$H64)+COLUMN($D64)-1,\"reopener\",IF(COLUMN(D64)>MATCH($D60,$D64:$H64)+COLUMN($D64)-1,\"post- reopener\")))","v":"pre- reopener"},{"$f":"IF(COLUMN(E64)<MATCH($D60,$D64:$H64)+COLUMN($D64)-1,\"pre- reopener\",IF(COLUMN(E64)=MATCH($D60,$D64:$H64)+COLUMN($D64)-1,\"reopener\",IF(COLUMN(E64)>MATCH($D60,$D64:$H64)+COLUMN($D64)-1,\"post- reopener\")))","v":"reopener"},{"$f":"IF(COLUMN(F64)<MATCH($D60,$D64:$H64)+COLUMN($D64)-1,\"pre- reopener\",IF(COLUMN(F64)=MATCH($D60,$D64:$H64)+COLUMN($D64)-1,\"reopener\",IF(COLUMN(F64)>MATCH($D60,$D64:$H64)+COLUMN($D64)-1,\"post- reopener\")))","v":"post- reopener"},{"$f":"IF(COLUMN(G64)<MATCH($D60,$D64:$H64)+COLUMN($D64)-1,\"pre- reopener\",IF(COLUMN(G64)=MATCH($D60,$D64:$H64)+COLUMN($D64)-1,\"reopener\",IF(COLUMN(G64)>MATCH($D60,$D64:$H64)+COLUMN($D64)-1,\"post- reopener\")))","v":"post- reopener"},{"$f":"IF(COLUMN(H64)<MATCH($D60,$D64:$H64)+COLUMN($D64)-1,\"pre- reopener\",IF(COLUMN(H64)=MATCH($D60,$D64:$H64)+COLUMN($D64)-1,\"reopener\",IF(COLUMN(H64)>MATCH($D60,$D64:$H64)+COLUMN($D64)-1,\"post- reopener\")))","v":"post- reopener"}]
[]
[null,"Previous price path MAR values",null,{"$f":"IF($D$59=1,D25,Historical!F11)","v":118695.81208155451},{"$f":"IF($D$59=1,E25,Historical!G11)","v":132692.42224221141},{"$f":"IF($D$59=1,F25,Historical!H11)","v":148339.51267301303},{"$f":"IF($D$59=1,G25,Historical!I11)","v":165831.70800741474},{"$f":"IF($D$59=1,H25,Historical!J11)","v":185386.58301564911}]
[null,"Previous price path total opex",null,{"$f":"IF($D$59=1,D26,Historical!Z11)","v":45192.983484661345},{"$f":"IF($D$59=1,E26,Historical!AA11)","v":46782.328321386522},{"$f":"IF($D$59=1,F26,Historical!AB11)","v":48443.687192979196},{"$f":"IF($D$59=1,G26,Historical!AC11)","v":50200.368639512206},{"$f":"IF($D$59=1,H26,Historical!AD11)","v":52032.749796498567}]
[null,"Previous price path total VCA",null,{"$f":"IF($D$59=1,D27,Historical!AE11)","v":63757.498375313931},{"$f":"IF($D$59=1,E27,Historical!AF11)","v":98923.984290555265},{"$f":"IF($D$59=1,F27,Historical!AG11)","v":93105.213283671779},{"$f":"IF($D$59=1,G27,Historical!AH11)","v":94087.486257688506},{"$f":"IF($D$59=1,H27,Historical!AI11)","v":75812.503670278325}]
[null,"MAR in revenue date terms for each pre-reopener year",null,{"$f":"IF(D65=\"pre- reopener\",D67,0)","v":118695.81208155451},{"$f":"IF(E65=\"pre- reopener\",E67,0)","v":0},{"$f":"IF(F65=\"pre- reopener\",F67,0)","v":0},{"$f":"IF(G65=\"pre- reopener\",G67,0)","v":0},{"$f":"IF(H65=\"pre- reopener\",H67,0)","v":0}]
[null,"Reopener additional opex (nominal based on original DPP4 opex inflators)"]
[null,"Reopener additional VCA (nominal based on original DPP4 capex inflators)",null,null,null,null,{"$f":"11543*(1+D40)*(1+E40)*(1+F40)*(1+G40)","v":12479.084406917444}]
[]
[null,"Reopener Calculations"]
[null,"FNAR increase resulting from the reopener"]
[null,null,"Reopener sequence","2025/26","2026/27","2027/28","2028/29","2029/30"]
[null,"Previous price path MAR",null,{"$f":"D67","v":118695.81208155451},{"$f":"E67","v":132692.42224221141},{"$f":"F67","v":148339.51267301303},{"$f":"G67","v":165831.70800741474},{"$f":"H67","v":185386.58301564911}]
[null,"Reopener MAR, using DPP4 forecast CPI",null,{"$f":"MAR!D38","v":118695.81208155451},{"$f":"MAR!E38","v":133006.6835527925},{"$f":"MAR!F38","v":148690.83167733779},{"$f":"MAR!G38","v":166224.45454872941},{"$f":"MAR!H38","v":185825.64222911565}]
[null,"FNAR increase (FNARI) as a result of the reopener",null,{"$f":"D78-D77","v":0},{"$f":"E78-E77","v":314.26131058108876},{"$f":"F78-F77","v":351.31900432475959},{"$f":"G78-G77","v":392.74654131467105},{"$f":"H78-H77","v":439.05921346653486}]
[]
[null,"FNAR calculated using determination Sch 1.3 formulas 1 & 1A:"]
[null,"FNAR = FNARY1 × (1+∆FCPI) × (1-x)(t-1)  +  Σ(FNARI)"]
[]
[null,"FNARY1  × (1+∆FCPI) × (1-x)(t-1)",null,{"$f":"D25","v":118695.81208155451},{"$f":"$D$84*(E35/$D$35)*(1-$C$37)^(E31-1)","v":132692.42224221144},{"$f":"$D$84*(F35/$D$35)*(1-$C$37)^(F31-1)","v":148339.51267301303},{"$f":"$D$84*(G35/$D$35)*(1-$C$37)^(G31-1)","v":165831.70800741462},{"$f":"$D$84*(H35/$D$35)*(1-$C$37)^(H31-1)","v":185386.58301564906},"This should equal the original DPP4 FNAR path"]
[null,"check to DPP4 model",null,{"$f":"ROUND(D77-D84,8)","v":0},{"$f":"ROUND(E77-E84,8)","v":0},{"$f":"ROUND(F77-F84,8)","v":0},{"$f":"ROUND(G77-G84,8)","v":0},{"$f":"ROUND(H77-H84,8)","v":0}]
[null,"FNARIyr × (1+ ∆RFCPI) × (1- x)y","Current reopener",{"$f":"IF(D65=\"pre- reopener\",0,IF(D65=\"reopener\",D79,_xlfn.XLOOKUP(\"reopener\",$D$65:$H$65,$D$79:$H$79,0)))","v":0},{"$f":"IF(E65=\"pre- reopener\",0,IF(E65=\"reopener\",E79,_xlfn.XLOOKUP(\"reopener\",$D$65:$H$65,$D$79:$H$79,0)*E35/(_xlfn.XLOOKUP(1,$D$32:$H$32,$D$35:$H$35))*(1-$C$37)^(E32-1)))","v":314.26131058108876},{"$f":"IF(F65=\"pre- reopener\",0,IF(F65=\"reopener\",F79,_xlfn.XLOOKUP(\"reopener\",$D$65:$H$65,$D$79:$H$79,0)*F35/(_xlfn.XLOOKUP(1,$D$32:$H$32,$D$35:$H$35))*(1-$C$37)^(F32-1)))","v":351.31900432481075},{"$f":"IF(G65=\"pre- reopener\",0,IF(G65=\"reopener\",G79,_xlfn.XLOOKUP(\"reopener\",$D$65:$H$65,$D$79:$H$79,0)*G35/(_xlfn.XLOOKUP(1,$D$32:$H$32,$D$35:$H$35))*(1-$C$37)^(G32-1)))","v":392.74654131479235},{"$f":"IF(H65=\"pre- reopener\",0,IF(H65=\"reopener\",H79,_xlfn.XLOOKUP(\"reopener\",$D$65:$H$65,$D$79:$H$79,0)*H35/(_xlfn.XLOOKUP(1,$D$32:$H$32,$D$35:$H$35))*(1-$C$37)^(H32-1)))","v":439.0592134666328},"This should equal the FNAR increase as a result of the reopener. This row contains multiple If statements:\n- If pre-reopener year, return zero\n- If reopener year, return the incremental FNAR amount\n- If post-reopener year, return the incremental amount from the reopener year and adjust for ∆FCPI and (1-x)y since the reopener year"]
[null,"FNARI from previous reopener 1",1,{"$f":"IFERROR(VLOOKUP(Reopener!$C87,Historical!$D$7:$AI$10,Historical!K$3,0),0)","v":0},{"$f":"IFERROR(VLOOKUP(Reopener!$C87,Historical!$D$7:$AI$10,Historical!L$3,0),0)","v":0},{"$f":"IFERROR(VLOOKUP(Reopener!$C87,Historical!$D$7:$AI$10,Historical!M$3,0),0)","v":0},{"$f":"IFERROR(VLOOKUP(Reopener!$C87,Historical!$D$7:$AI$10,Historical!N$3,0),0)","v":0},{"$f":"IFERROR(VLOOKUP(Reopener!$C87,Historical!$D$7:$AI$10,Historical!O$3,0),0)","v":0}]
[null,"FNARI from previous reopener 2",2,{"$f":"IFERROR(VLOOKUP(Reopener!$C88,Historical!$D$7:$AI$10,Historical!K$3,0),0)","v":0},{"$f":"IFERROR(VLOOKUP(Reopener!$C88,Historical!$D$7:$AI$10,Historical!L$3,0),0)","v":0},{"$f":"IFERROR(VLOOKUP(Reopener!$C88,Historical!$D$7:$AI$10,Historical!M$3,0),0)","v":0},{"$f":"IFERROR(VLOOKUP(Reopener!$C88,Historical!$D$7:$AI$10,Historical!N$3,0),0)","v":0},{"$f":"IFERROR(VLOOKUP(Reopener!$C88,Historical!$D$7:$AI$10,Historical!O$3,0),0)","v":0}]
[null,"FNARI from previous reopener 3",3,{"$f":"IFERROR(VLOOKUP(Reopener!$C89,Historical!$D$7:$AI$10,Historical!K$3,0),0)","v":0},{"$f":"IFERROR(VLOOKUP(Reopener!$C89,Historical!$D$7:$AI$10,Historical!L$3,0),0)","v":0},{"$f":"IFERROR(VLOOKUP(Reopener!$C89,Historical!$D$7:$AI$10,Historical!M$3,0),0)","v":0},{"$f":"IFERROR(VLOOKUP(Reopener!$C89,Historical!$D$7:$AI$10,Historical!N$3,0),0)","v":0},{"$f":"IFERROR(VLOOKUP(Reopener!$C89,Historical!$D$7:$AI$10,Historical!O$3,0),0)","v":0}]
[null,"Σ(FNARI)",null,{"$f":"SUM(D86:D89)","v":0},{"$f":"SUM(E86:E89)","v":314.26131058108876},{"$f":"SUM(F86:F89)","v":351.31900432481075},{"$f":"SUM(G86:G89)","v":392.74654131479235},{"$f":"SUM(H86:H89)","v":439.0592134666328}]
[]
[null,"FNAR = FNARY1  × (1+∆FCPI) × (1-x)(t-1)  +  Σ(FNARI)",null,{"$f":"D84+D90","v":118695.81208155451},{"$f":"E84+E90","v":133006.68355279253},{"$f":"F84+F90","v":148690.83167733785},{"$f":"G84+G90","v":166224.45454872941},{"$f":"H84+H90","v":185825.64222911568}]
[null,"Check that model and determination formula produce the same result",null,{"$f":"D78-D92","v":0},{"$f":"E78-E92","v":0},{"$f":"F78-F92","v":0},{"$f":"G78-G92","v":0},{"$f":"H78-H92","v":0}]
[]
[]
[null,"Bill impacts"]
[null,null,null,"2025/26","2026/27","2027/28","2028/29","2029/30"]
[null,"FNAR increase as a result of the reopener",null,{"$f":"D78-D77","v":0},{"$f":"E78-E77","v":314.26131058108876},{"$f":"F78-F77","v":351.31900432475959},{"$f":"G78-G77","v":392.74654131467105},{"$f":"H78-H77","v":439.05921346653486}]
[null,"Percentage MAR increase as a result of the reopener",null,{"$f":"D79/D77","v":0},{"$f":"E79/E77","v":2.368344064195684E-3},{"$f":"F79/F77","v":2.3683440641953384E-3},{"$f":"G79/G77","v":2.3683440641949511E-3},{"$f":"H79/H77","v":2.3683440641951545E-3}]
[null,"Reopener capex as percentage of DPP4 capex",null,{"$f":"D72/SUM($D$45:$H$45)","v":0},{"$f":"E72/SUM($D$45:$H$45)","v":0},{"$f":"F72/SUM($D$45:$H$45)","v":0},{"$f":"G72/SUM($D$45:$H$45)","v":2.9315186076804681E-2},{"$f":"H72/SUM($D$45:$H$45)","v":0}]
[null,"Change in aggregate FNAR (for threshold test for change event)",null,{"$f":"SUM(D98:H98)","v":1497.3860696870543}]
[null,"Reopener price path",null,{"$f":"D78","v":118695.81208155451},{"$f":"E78","v":133006.6835527925},{"$f":"F78","v":148690.83167733779},{"$f":"G78","v":166224.45454872941},{"$f":"H78","v":185825.64222911565}]
[null,"Estimated number of consumers, 2024/25",null,176075,null,null,null,null,"Ex 2025 ID Schedule 8."]
[null,"Number of new connections",null,2182,2185,2210,2617,2652,"Ex 2025 ID Schedule 12c."]
[null,"Number of ICPs",null,{"$f":"D103+D104","v":178257},{"$f":"D105+E104","v":180442},{"$f":"E105+F104","v":182652},{"$f":"F105+G104","v":185269},{"$f":"G105+H104","v":187921}]
[null,"Average increase per installation control point (ICP) in total for the years after the reopener year (annual)",null,{"$f":"1000*D98/D105","v":0},{"$f":"1000*E98/E105","v":1.7416195263912435},{"$f":"1000*F98/F105","v":1.9234336570350152},{"$f":"1000*G98/G105","v":2.119871869091273},{"$f":"1000*H98/H105","v":2.3364031346498519}]
[null,"Average increase per installation control point (ICP) in total for the years after the reopener year (per month)",null,{"$f":"D106/12","v":0},{"$f":"E106/12","v":0.14513496053260364},{"$f":"F106/12","v":0.16028613808625128},{"$f":"G106/12","v":0.17665598909093941},{"$f":"H106/12","v":0.19470026122082099}]
[]
[null,"Outputs"]
[null,"Outputs for reporting and updating the Historical sheet for future reopeners"]
[null,null,null,"Selected",null,"Reopener"]
[null,null,null,"EDB","Seq #","year"]
[null,null,null,{"$f":"D58","v":"Wellington Electricity"},{"$f":"D59","v":1},{"$f":"D60","v":"2026/27"}]
[null,null,null,"2025/26","2026/27","2027/28","2028/29","2029/30"]
[null,"MAR",null,{"$f":"D78","v":118695.81208155451},{"$f":"E78","v":133006.6835527925},{"$f":"F78","v":148690.83167733779},{"$f":"G78","v":166224.45454872941},{"$f":"H78","v":185825.64222911565}]
[null,"Incremental opex",null,{"$f":"D71","v":0},0,0,0,0]
[null,"Incremental VCA",null,0,0,0,12479.084406917444,0]
[null,"Total opex",null,{"$f":"D68+D71","v":45192.983484661345},46782.328321386522,48443.687192979196,50200.368639512206,52032.749796498567]
[null,"Total VCA",null,63757.498375313931,98923.984290555265,93105.213283671779,106566.57066460596,75812.503670278325]
[null,"FNARIyr",null,{"$f":"D86","v":0},314.26131058108876,351.31900432481075,392.74654131479235,439.0592134666328]
[null,"FNARI from previous reopener 1",null,0,0,0,0,0]
[null,"FNARI from previous reopener 2",null,0,0,0,0,0]
[null,"FNARI from previous reopener 3",null,0,0,0,0,0]
[]
[null,"Wellington Electricity updated VCA values for IRIS calculations (Table 2.2.1 in determination):"]
[null,"Value in DPP4 determination",null,null,null,null,93095.721041277953]
[null,"Reopener VCA",null,null,null,null,{"$f":"G117","v":12479.084406917444}]
[null,"Total",null,null,null,null,{"$f":"G126+G127","v":105574.8054481954}]

{"sheet":"ANAR guidance","index":4,"n_rows":92,"n_cols":20,"rows_kept":92,"cut":false,"hidden":false,"merged":[[25,1,25,20],[24,1,24,20],[46,1,46,20],[30,1,30,20],[29,1,29,20],[27,1,27,20],[26,1,26,20],[31,1,31,20],[32,1,32,20],[33,1,33,20],[1,1,1,20],[23,8,23,20],[79,8,79,20],[78,8,78,20],[48,1,48,20],[34,1,34,20],[35,1,35,20],[36,1,36,20],[37,1,37,20],[38,1,38,20],[47,8,47,20],[63,8,63,20],[68,8,68,20],[69,8,69,20],[57,8,57,20],[28,1,28,20]]}
[null,"ANAR guidance",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"EDB_Name","v":"Wellington Electricity"}]
[null,"This calculation is included to provide guidance on how to calculate ANAR following a reopener. It is a simplified calculation that does not include any revenue from passthrough or recoverable costs. Results from this sheet will be indicative only and EDBs will still be required to perform their own calculation and ensure compliance with IMs. "]
[null,"Inputs"]
[null,null,"2024/25","2025/26","2026/27","2027/28","2028/29","2029/30"]
[null,{"$f":"Reopener!B31","v":"Assessment period number for DPP4 FNAR calculations"},null,1,2,3,4,5]
[null,{"$f":"Reopener!B32","v":"Assessment period number for reopener calculations"},null,{"$f":"IF(D52=\"pre- reopener\",E6-1,(IF(D52=\"reopener\",1,IF(D52=\"post- reopener\",C6+1,0))))","v":0},{"$f":"IF(E52=\"pre- reopener\",F6-1,(IF(E52=\"reopener\",1,IF(E52=\"post- reopener\",D6+1,0))))","v":1},{"$f":"IF(F52=\"pre- reopener\",G6-1,(IF(F52=\"reopener\",1,IF(F52=\"post- reopener\",E6+1,0))))","v":2},{"$f":"IF(G52=\"pre- reopener\",H6-1,(IF(G52=\"reopener\",1,IF(G52=\"post- reopener\",F6+1,0))))","v":3},{"$f":"IF(H52=\"pre- reopener\",I6-1,(IF(H52=\"reopener\",1,IF(H52=\"post- reopener\",G6+1,0))))","v":4}]
[]
[null,{"$f":"Reopener!B34","v":"Original DPP4 forecast CPI"},null,{"$f":"Reopener!D34","v":2.2744928703593015E-2},{"$f":"Reopener!E34","v":2.0000000000000018E-2},{"$f":"Reopener!F34","v":2.0000000000000018E-2},{"$f":"Reopener!G34","v":1.9999999999999796E-2},{"$f":"Reopener!H34","v":2.000000000000024E-2}]
[null,"Actual CPI",null,{"$f":"CPI!G64","v":2.9072012456208718E-2},{"$f":"CPI!H64","v":2.3981821593033192E-2},{"$f":"CPI!I64","v":1.9999999999999796E-2},{"$f":"CPI!J64","v":2.000000000000024E-2},{"$f":"CPI!K64","v":2.0000000000000018E-2},"These actual CPI values in the CPI sheet will need to be updated to calculate ANAR as actual CPI becomes available."]
[null,"Forecast ∆CPI index",1,{"$f":"C10*(1+D8)","v":1.022744928703593},{"$f":"D10*(1+E8)","v":1.0431998272776648},1.0640638238232181,1.0853451002996821,1.107052002305676]
[null,"Actual ∆CPI index for regulatory period",1,{"$f":"C11*(1+D9)","v":1.0290720124562087},1.0537510338653171,1.0748260545426231,1.0963225756334758,1.1182490271461454]
[]
[null,"X-factor",{"$f":"Reopener!C37","v":-9.6000000000000002E-2}]
[]
[null,"Previous price path MAR values",null,{"$f":"Reopener!D67","v":118695.81208155451},{"$f":"Reopener!E67","v":132692.42224221141},{"$f":"Reopener!F67","v":148339.51267301303},{"$f":"Reopener!G67","v":165831.70800741474},{"$f":"Reopener!H67","v":185386.58301564911}]
[null,"Reopened FNAR",null,{"$f":"Reopener!D92","v":118695.81208155451},{"$f":"Reopener!E92","v":133006.68355279253},{"$f":"Reopener!F92","v":148690.83167733785},{"$f":"Reopener!G92","v":166224.45454872941},{"$f":"Reopener!H92","v":185825.64222911568}]
[]
[null,"FNARIyr",null,{"$f":"Reopener!D120","v":0},{"$f":"Reopener!E120","v":314.26131058108876},{"$f":"Reopener!F120","v":351.31900432481075},{"$f":"Reopener!G120","v":392.74654131479235},{"$f":"Reopener!H120","v":439.0592134666328}]
[]
[null,"FNARI from previous reopener 1",null,{"$f":"Reopener!D121","v":0},{"$f":"Reopener!E121","v":0},{"$f":"Reopener!F121","v":0},{"$f":"Reopener!G121","v":0},{"$f":"Reopener!H121","v":0}]
[null,"FNARI from previous reopener 2",null,{"$f":"Reopener!D122","v":0},{"$f":"Reopener!E122","v":0},{"$f":"Reopener!F122","v":0},{"$f":"Reopener!G122","v":0},{"$f":"Reopener!H122","v":0}]
[null,"FNARI from previous reopener 3",null,{"$f":"Reopener!D123","v":0},{"$f":"Reopener!E123","v":0},{"$f":"Reopener!F123","v":0},{"$f":"Reopener!G123","v":0},{"$f":"Reopener!H123","v":0}]
[]
[null,"Calculation of Actual Maximum Allowable Revenue (AMAR) for Y1 of DPP4"]
[null,"This calculation is included to demonstrate the ANAR calculation. Before calculating ANAR, Actual Maximum Allowable Revenue (AMAR) for Y1 of DPP4 needs to be calculated. This is because the AMAR affects the ANAR amount in future years."]
[null,"Schedule 1.6(6) of the EDB DPP4 determination states that:"]
[null,"For the purposes of paragraph (4), ‘actual maximum allowable revenue’ is the value of “MAR (applicable X factor) 2026” for the non-exempt EDB calculated in Row 18 of the “Outputs” sheet of the DPP4 financial model when replacing:"]
[null,"1) “Value of commissioned assets, 2024/25” in Row 47 of the “Inputs” sheet with the sum of the actual value of commissioned assets in disclosure year 2025."]
[null,"2) “The sum of depreciation for existing assets” for each year in Rows 62-67 of the “Inputs” sheet with the sum of depreciation for existing assets in each year calculated by adopting the weighted average remaining asset life calculated under Part 2 of the IM determination in disclosure year 2025."]
[]
[null,"To achieve this, take the following steps:"]
[null,"1) Create a copy of the EDB DPP4 financial model."]
[null,"2) Update 2025 Value of commissioned assets in 'Inputs' row 47 (VCA) to the 2025 ID determination value."]
[null,"3) Update the 2025 CPI used for revaluations to the updated actual CPI in this model 'Inputs' row 9. The updated CPI is calculated in the 'CPI' sheet of this reopener model. The reason CPI needs to be updated is driven by the EDB IM definition of CPI, which effectively means it is always the latest actual or forecast CPI. This, along with the 2025 actual capex update, aligns the 2025 closing RAB with the actual 2025 ID closing RAB."]
[null,"4) Create a copy of the EDB DPP4 Existing Asset Depreciation model. Update the 2025 CPI for revaluations in this model (row 19 in 'Main' sheet) as per step 3 above.\nConfirm forecast sum of depreciation for existing assets from 2025 ID matches the input in the existing asset depreciation model (cell D36 in 'Main' sheet) or update as required.\nCheck that the 2025 closing RAB in this model approximates the closing RAB in the ID schedule."]
[null,"5) Use the updated values from the existing asset depreciation model to update 'Inputs' rows 62-67 of the copy of the EDB DPP4 financial model created in step 1 above."]
[null,"6) Do not update CPI for the price path in this copy of the financial model (inputs row  10) as we are not updating the reopener forecast CPI (this will be done annually by the EDBs when they calculate their FNAR)."]
[null,{"$f":"\"7) Copy the updated Y1 MAR from this model 'Output' cell B18 into row \" & ROW(D40) & \" below. This represents the Y1 AMAR before applying the updated CPI (this is done in row \" & ROW(D44) & \" below).\"","v":"7) Copy the updated Y1 MAR from this model 'Output' cell B18 into row 40 below. This represents the Y1 AMAR before applying the updated CPI (this is done in row 44 below)."}]
[]
[null,"AMAR DPP4 following calculation steps above  - using DPP4 forecast inflation",null,119598.11272475895,"DPP4 Sch1.6(6)"]
[null,"AMAR impact before inflation update",null,{"$f":"D40-D15","v":902.30064320443489}]
[null,"Change in actual CPI ",null,{"$f":"D9","v":2.9072012456208718E-2},"DPP4 Sch 1.6(5). When actual CPI becomes available and updated in the CPI sheet, AMAR will be updated. "]
[null,"Change in forecast CPI",null,{"$f":"D8","v":2.2744928703593015E-2},"DPP4 Sch 1.6(4), specified as 2.27% which equals DPP4 CPI"]
[null,"ANAR Y1 (AMAR updated for actual inflation)",null,{"$f":"D40/(1+D43)*(1+D42)","v":120337.99151039468},"Sch 1.6(4): AMAR / (1+ΔFCPIY0−1) × (1+ΔCPIY0−1)"]
[null,"Increase in AMAR vs. MAR",null,{"$f":"D44-D15","v":1642.1794288401725}]
[]
[]
[null,"Actual Net Allowable Revenue (ANAR) calculations"]
[null,"The actual CPI in row 9 needs to be updated annually when actual CPI for a specific year is released to calculate the ANAR for that year. The calculation below ignores other pass-through or recoverable costs."]
[]
[null,null,"Reopener sequence","2025/26","2026/27","2027/28","2028/29","2029/30"]
[null,null,null,{"$f":"Reopener!D65","v":"pre- reopener"},{"$f":"Reopener!E65","v":"reopener"},{"$f":"Reopener!F65","v":"post- reopener"},{"$f":"Reopener!G65","v":"post- reopener"},{"$f":"Reopener!H65","v":"post- reopener"}]
[null,"ANAR calculated using determination Sch 1.6 formulas 7 and 7A:"]
[null,"(7) ANAR = ANARY1 × (1 + ΔCPI) × (1 - x)t + Σ(ANARI)"]
[null,"Where:"]
[null,"ANARY1 × (1 + ΔCPI) × (1 - x)t",null,{"$f":"D44","v":120337.99151039468},{"$f":"$D$56*(E11/$D$11)*(1-$C$13)^(E5-1)","v":135053.41166601237},{"$f":"$D$56*(F11/$D$11)*(1-$C$13)^(F5-1)","v":150978.90996966852},{"$f":"$D$56*(G11/$D$11)*(1-$C$13)^(G5-1)","v":168782.34303329187},{"$f":"$D$56*(H11/$D$11)*(1-$C$13)^(H5-1)","v":188685.15692377769}]
[]
[null,"(7A) ANARIyr = FNARIyr / (1+∆RFCPI) x (1+ ΔRCPI) x (1-X)y","Current reopener",{"$f":"IF(D$52=\"pre- reopener\",0,(IF(D$52=\"reopener\",D18/(D$10)*(D$11),_xlfn.XLOOKUP(1,$D$6:$H$6,$D$18:$H$18)*(D$11/$E$10)*(1-$C$13)^(D6-1))))","v":0},{"$f":"IF(E$52=\"pre- reopener\",0,(IF(E$52=\"reopener\",E18/(E$10)*(E$11),_xlfn.XLOOKUP(1,$D$6:$H$6,$D$18:$H$18)*(E$11/$E$10)*(1-$C$13)^(E6-1))))","v":317.43983489037709},{"$f":"IF(F$52=\"pre- reopener\",0,(IF(F$52=\"reopener\",F18/(F$10)*(F$11),_xlfn.XLOOKUP(1,$D$6:$H$6,$D$18:$H$18)*(F$11/$E$10)*(1-$C$13)^(F6-1))))","v":354.8723402206503},{"$f":"IF(G$52=\"pre- reopener\",0,(IF(G$52=\"reopener\",G18/(G$10)*(G$11),_xlfn.XLOOKUP(1,$D$6:$H$6,$D$18:$H$18)*(G$11/$E$10)*(1-$C$13)^(G6-1))))","v":396.71888657946943},{"$f":"IF(H$52=\"pre- reopener\",0,(IF(H$52=\"reopener\",H18/(H$10)*(H$11),_xlfn.XLOOKUP(1,$D$6:$H$6,$D$18:$H$18)*(H$11/$E$10)*(1-$C$13)^(H6-1))))","v":443.49997768492057},"This row contains multiple If statements:\n- If pre-reopener year, return zero\n- If reopener year, return reopener year FNARI / ΔFCPI since y1 x ΔCPI since y1\n- If post-reopener year, return reopener year ANARI and adjust for ∆CPI and (1-x)y since the reopener year"]
[null,"ANARI from previous reopener 1",1,{"$f":"D20/'ANAR guidance'!D$10*'ANAR guidance'!D$11","v":0},{"$f":"E20/'ANAR guidance'!E$10*'ANAR guidance'!E$11","v":0},{"$f":"F20/'ANAR guidance'!F$10*'ANAR guidance'!F$11","v":0},{"$f":"G20/'ANAR guidance'!G$10*'ANAR guidance'!G$11","v":0},{"$f":"H20/'ANAR guidance'!H$10*'ANAR guidance'!H$11","v":0},"FNARI from previous reopeners, adjusted for difference between DPP4 ΔFCPI and actual ΔCPI since the start of DPP4"]
[null,"ANARI from previous reopener 2",2,{"$f":"D21/'ANAR guidance'!D$10*'ANAR guidance'!D$11","v":0},{"$f":"E21/'ANAR guidance'!E$10*'ANAR guidance'!E$11","v":0},{"$f":"F21/'ANAR guidance'!F$10*'ANAR guidance'!F$11","v":0},{"$f":"G21/'ANAR guidance'!G$10*'ANAR guidance'!G$11","v":0},{"$f":"H21/'ANAR guidance'!H$10*'ANAR guidance'!H$11","v":0},"FNARI from previous reopeners, adjusted for difference between DPP4 ΔFCPI and actual ΔCPI since the start of DPP4"]
[null,"ANARI from previous reopener 3",3,{"$f":"D22/'ANAR guidance'!D$10*'ANAR guidance'!D$11","v":0},{"$f":"E22/'ANAR guidance'!E$10*'ANAR guidance'!E$11","v":0},{"$f":"F22/'ANAR guidance'!F$10*'ANAR guidance'!F$11","v":0},{"$f":"G22/'ANAR guidance'!G$10*'ANAR guidance'!G$11","v":0},{"$f":"H22/'ANAR guidance'!H$10*'ANAR guidance'!H$11","v":0},"FNARI from previous reopeners, adjusted for difference between DPP4 ΔFCPI and actual ΔCPI since the start of DPP4"]
[null,"Σ(ANARI)",null,{"$f":"SUM(D58:D61)","v":0},{"$f":"SUM(E58:E61)","v":317.43983489037709},{"$f":"SUM(F58:F61)","v":354.8723402206503},{"$f":"SUM(G58:G61)","v":396.71888657946943},{"$f":"SUM(H58:H61)","v":443.49997768492057}]
[]
[null,"ANAR",null,{"$f":"D62+D56","v":120337.99151039468},{"$f":"E62+E56","v":135370.85150090273},{"$f":"F62+F56","v":151333.78230988915},{"$f":"G62+G56","v":169179.06191987134},{"$f":"H62+H56","v":189128.65690146261},{"$f":"\"ANAR Y1 = AMAR calculated in row \" & ROW(D44) & \". Subsequent years ANAR = (ANAR previous year + incremental reopener FNAR in reopener year) * (1+ΔCPI) * (1-x) per sch 1.x of reopener determination.\"","v":"ANAR Y1 = AMAR calculated in row 44. Subsequent years ANAR = (ANAR previous year + incremental reopener FNAR in reopener year) * (1+ΔCPI) * (1-x) per sch 1.x of reopener determination."}]
[]
[null,"ANARI based on FNARI, adjusted for actual inflation (simplified calculation)",null,null,{"$f":"E18/E10*E11","v":317.43983489037709},{"$f":"F18/F10*F11","v":354.87234022065024},{"$f":"G18/G10*G11","v":396.71888657946948},{"$f":"H18/H10*H11","v":443.49997768492051}]
[null,"Check to determination formula result",null,null,{"$f":"E66-E58","v":0},{"$f":"F66-F58","v":0},{"$f":"G66-G58","v":0},{"$f":"H66-H58","v":0}]
[]
[null,"Sense check to ANAR if no reopener took place"]
[null,"ANAR based on DPP4 price path FNAR if no reopener took place",null,{"$f":"D15/D10*D11","v":119430.10889696545},{"$f":"$D$70*(E11/$D$11)*(1-$C$13)^(E5-1)","v":134034.50946566043},{"$f":"$D$70*(F11/$D$11)*(1-$C$13)^(F5-1)","v":149839.85882185108},{"$f":"$D$70*(G11/$D$11)*(1-$C$13)^(G5-1)","v":167508.97497412379},{"$f":"$D$70*(H11/$D$11)*(1-$C$13)^(H5-1)","v":187261.63330307251}]
[null,"Impact of 2025 capex and depreciation wash-up through AMAR Y1, adjusted for actual inflation",null,{"$f":"D41/D10*D11","v":907.88261342923965},{"$f":"$D$71*(E11/$D$11)*(1-$C$13)^(E5-1)","v":1018.9022003519406},{"$f":"$D$71*(F11/$D$11)*(1-$C$13)^(F5-1)","v":1139.051147817441},{"$f":"$D$71*(G11/$D$11)*(1-$C$13)^(G5-1)","v":1273.3680591680738},{"$f":"$D$71*(H11/$D$11)*(1-$C$13)^(H5-1)","v":1423.5236207051735}]
[null,"ANARI as a result of reopeners",null,{"$f":"D62","v":0},{"$f":"E62","v":317.43983489037709},{"$f":"F62","v":354.8723402206503},{"$f":"G62","v":396.71888657946943},{"$f":"H62","v":443.49997768492057}]
[null,"Total",null,{"$f":"SUM(D70:D72)","v":120337.9915103947},{"$f":"SUM(E70:E72)","v":135370.85150090273},{"$f":"SUM(F70:F72)","v":151333.78230988915},{"$f":"SUM(G70:G72)","v":169179.06191987134},{"$f":"SUM(H70:H72)","v":189128.65690146261}]
[null,"Check to ANAR",null,{"$f":"D64-D73","v":0},{"$f":"E64-E73","v":0},{"$f":"F64-F73","v":0},{"$f":"G64-G73","v":0},{"$f":"H64-H73","v":0}]
[]
[null,"Sense check to reopener FNAR"]
[null,"Actual inflation applied to FNAR (cumulative from start of reg period)"]
[null,"Reopened FNAR",null,{"$f":"D16","v":118695.81208155451},{"$f":"E16","v":133006.68355279253},{"$f":"F16","v":148690.83167733785},{"$f":"G16","v":166224.45454872941},{"$f":"H16","v":185825.64222911568}]
[null,"FNAR updated for actual inflation",null,{"$f":"D78/D10*D11-D78","v":734.29681541094033},{"$f":"E78/E10*E11-E78","v":1345.2657477582979},{"$f":"F78/F10*F11-F78","v":1503.8994847339345},{"$f":"G78/G10*G11-G78","v":1681.2393119737972},{"$f":"H78/H10*H11-H78","v":1879.4910516417294}]
[null,"Impact of Y1 AMAR (2025 RAB wash-up) not reflected in FNAR",null,{"$f":"D71","v":907.88261342923965},{"$f":"E71","v":1018.9022003519406},{"$f":"F71","v":1139.051147817441},{"$f":"G71","v":1273.3680591680738},{"$f":"H71","v":1423.5236207051735},"This will flow through wash-up account"]
[null,"Total",null,{"$f":"SUM(D78:D80)","v":120337.9915103947},{"$f":"SUM(E78:E80)","v":135370.85150090276},{"$f":"SUM(F78:F80)","v":151333.78230988921},{"$f":"SUM(G78:G80)","v":169179.06191987128},{"$f":"SUM(H78:H80)","v":189128.65690146259}]
[null,"Check to ANAR",null,{"$f":"D73-D81","v":0},{"$f":"E73-E81","v":0},{"$f":"F73-F81","v":0},{"$f":"G73-G81","v":0},{"$f":"H73-H81","v":0}]
[]
[null,"Sense check wash-up amounts"]
[null,"Actual revenue (AR)",null,{"$f":"D78","v":118695.81208155451},{"$f":"E78","v":133006.68355279253},{"$f":"F78","v":148690.83167733785},{"$f":"G78","v":166224.45454872941},{"$f":"H78","v":185825.64222911568},"Assume equal to reopened FNAR and no other recoverable costs."]
[null,"ANAR",null,{"$f":"D73","v":120337.9915103947},{"$f":"E73","v":135370.85150090273},{"$f":"F73","v":151333.78230988915},{"$f":"G73","v":169179.06191987134},{"$f":"H73","v":189128.65690146261}]
[null,"Wash-up amount (WUA)",null,{"$f":"D86-D85","v":1642.179428840187},{"$f":"E86-E85","v":2364.1679481102037},{"$f":"F86-F85","v":2642.9506325513066},{"$f":"G86-G85","v":2954.6073711419303},{"$f":"H86-H85","v":3303.014672346937}]
[null,"WUA made up of:"]
[null,"Inflation wash-up",null,{"$f":"D79","v":734.29681541094033},{"$f":"E79","v":1345.2657477582979},1503.8994847339345,1681.2393119737972,1879.4910516417294]
[null,"Impact of 2025 capex and depreciation wash-up through AMAR Y1, adjusted for actual inflation",null,907.88261342923965,1018.9022003519406,1139.051147817441,1273.3680591680738,1423.5236207051735]
[null,"Wash-up amount (WUA)",null,{"$f":"D89+D90","v":1642.17942884018},{"$f":"E89+E90","v":2364.1679481102383},{"$f":"F89+F90","v":2642.9506325513757},{"$f":"G89+G90","v":2954.6073711418712},{"$f":"H89+H90","v":3303.0146723469029}]
[null,"Check",null,{"$f":"ROUND(D87-D91,5)","v":0},{"$f":"ROUND(E87-E91,5)","v":0},{"$f":"ROUND(F87-F91,5)","v":0},{"$f":"ROUND(G87-G91,5)","v":0},{"$f":"ROUND(H87-H91,5)","v":0}]

{"sheet":"CPI","index":5,"n_rows":65,"n_cols":14,"rows_kept":65,"cut":false,"hidden":false,"merged":[]}
[null,"CPI calculation for the ANAR calculation"]
[null,"The actual CPI values in this sheet will need to be updated annually to calculate ANAR when actual CPI data is released. The outputs from this sheet are linked to the ANAR guidance sheet."]
[null,"To update this sheet: "]
[null,"1) update the dates in cells G20 to G22"]
[null,"2) enter the latest Stats NZ actual CPI data in column C"]
[null,"3) enter the latest RBNZ CPI projection data in column I"]
[]
[]
[null,"Link to actual CPI data",null,null,"Dec 2025 CPI ex Statistics NZ, Table 1"]
[null,"Link to RBNZ CPI projection",null,null,"Feb 2026 RBNZ CPI forecast, Figure 2.15"]
[]
[null,"Nomenclature for the Updated Forecast CPI"]
[null,"On this sheet ∆CPIt is calculated as:",null,null,null,null,"CPIJun,t + CPISep,t + CPIDec,t + CPIMar,t "]
[null,null,null,null,"where–  ",null,"CPIJun,t-1 + CPISep,t-1 + CPIDec,t-1 + CPIMar,t-1 "]
[null,null,null,null,"CPIq,t ","is CPI for the quarter year ending in ‘q’ in the relevant year ‘t’; "]
[null,null,null,null,"t","is the current assessment period; and"]
[null,null,null,null,"t-1  ","is the assessment period immediately prior to the current assessment period. "]
[null,null,null,null,null,"Values of ∆CPIt are calculated in Column F below. Values in bold font in Column F are linked to Row 61."]
[]
[null,"End of last quarter for which actual CPI available",null,null,null,null,"2025-12-31"]
[null,"Applicable monetary policy statement",null,null,null,null,"MPS Feb 2026"]
[null,"End of last quarter for which RBNZ forecast is available",null,null,null,null,"2029-03-31"]
[null,"End of quarter","Latest Stats NZ actual CPI",{"$f":"G21","v":"MPS Feb 2026"},"Projected CPI","8 index ∆CPI increase March YEs","Revaluation rate, 2 index, March YEs",null,"MPS Feb 2026 CPI forecast"]
[null,"2021-06-30",1082,{"$f":"I24","v":3.3},{"$f":"IF(B24>$G$20,E20*(1+D24/100),C24)","v":1082},null,null,null,3.3]
[null,"2021-09-30",1106,{"$f":"I25","v":4.9000000000000004},1106,null,null,null,4.9000000000000004]
[null,"2021-12-31",1122,5.9,1122,null,null,null,5.9]
[null,"2022-03-31",1142,6.9,1142,null,null,null,6.9]
[null,"2022-06-30",1161,7.3,1161,null,null,null,7.3]
[null,"2022-09-30",1186,7.2,1186,null,null,null,7.2]
[null,"2022-12-31",1203,7.2,1203,null,null,null,7.2]
[null,"2023-03-31",1218,6.7,1218,null,null,null,6.7]
[null,"2023-06-30",1231,6,1231,null,null,null,6]
[null,"2023-09-30",1253,5.6,1253,null,null,null,5.6]
[null,"2023-12-31",1259,4.7,1259,null,null,null,4.7]
[null,"2024-03-31",1267,4,1267,null,null,null,4]
[null,"2024-06-30",1272,{"$f":"I36","v":3.3},1272,null,{"$f":"E36/E32-1","v":3.3306255077172997E-2},null,3.3]
[null,"2024-09-30",1280,2.2000000000000002,1280,null,{"$f":"E37/E33-1","v":2.154828411811649E-2},null,2.2000000000000002]
[null,"2024-12-31",1287,2.2000000000000002,1287,null,2.2239872915011949E-2,null,2.2000000000000002]
[null,"2025-03-31",1299,2.5,1299,null,2.5256511444356811E-2,null,2.5]
[null,"2025-06-30",1306,2.7,1306,{"$f":"SUM(E37:E40)/SUM(E33:E36)-1","v":2.395565234607E-2},2.6729559748427612E-2,null,2.7]
[null,"2025-09-30",1319,3,1319,2.6191413942497022E-2,3.0468750000000044E-2,null,3]
[null,"2025-12-31",1327,3.1,1327,2.8397963180571972E-2,3.108003108003099E-2,null,3.1]
[null,"2026-03-31",null,2.8,{"$f":"IF(B43>$G$20,E39*(1+D43/100),C43)","v":1335.3720000000001},{"$f":"SUM(E40:E43)/SUM(E36:E39)-1","v":2.9072012456208718E-2},2.8000000000000025E-2,null,2.8]
[null,"2026-06-30",null,2.7,1341.2619999999999,2.9124903325599361E-2,2.6999999999999913E-2,null,2.7]
[null,"2026-09-30",null,2.5,1351.9749999999999,2.7750719631548737E-2,2.4999999999999911E-2,null,2.5]
[null,"2026-12-31",null,2.2999999999999998,1357.521,2.5734145876975756E-2,{"$f":"E46/E42-1","v":2.2999999999999909E-2},null,2.2999999999999998]
[null,"2027-03-31",null,2.1,1363.414812,2.3981821593033192E-2,{"$f":"E47/E43-1","v":2.0999999999999908E-2},null,2.1]
[null,"2027-06-30",null,2,1368.0872400000001,2.2237871700364842E-2,2.0000000000000018E-2,null,2]
[null,"2027-09-30",null,2,1379.0145,2.0992673662322936E-2,2.0000000000000018E-2,null,2]
[null,"2027-12-31",null,2,1384.6714199999999,2.0247927918561226E-2,2.0000000000000018E-2,null,2]
[null,"2028-03-31",null,2,1390.6831082399999,1.9999999999999796E-2,2.0000000000000018E-2,null,2]
[null,"2028-06-30",null,2,1395.4489848000001,2.0000000000000018E-2,2.0000000000000018E-2,null,2]
[null,"2028-09-30",null,{"$f":"I53","v":2},1406.5947900000001,2.0000000000000018E-2,2.0000000000000018E-2,null,2]
[null,"2028-12-31",null,2,1412.3648484,2.0000000000000018E-2,2.0000000000000018E-2,null,2]
[null,"2029-03-31",null,2,1418.4967704047999,2.000000000000024E-2,2.0000000000000018E-2,null,2]
[null,"2029-06-30",null,2,1423.357964496,2.0000000000000018E-2,2.0000000000000018E-2,null,2]
[null,"2029-09-30",null,2,1434.7266858,2.0000000000000018E-2,2.0000000000000018E-2,null,2]
[null,"2029-12-31",null,2,1440.612145368,2.0000000000000018E-2,2.0000000000000018E-2,null,2]
[null,"2030-03-31",null,2,1446.866705812896,2.0000000000000018E-2,2.0000000000000018E-2,null,2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"The Reserve Bank forecast in Column I went as far as March 2029."]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"The IMs require subsequent quarters to be based on the last available"]
[null,"Updated ∆CPI as at November 2025 MPS",null,null,null,null,null,null,null,null,null,null,null,"quarter and the difference between the last available quarterly forecast"]
[null,null,null,null,null,"2024/25","2025/26","2026/27","2027/28","2028/29","2029/30",null,null,"and the target midpoint. This difference is nil, so the March 2029"]
[null,"∆CPI for price path",null,null,null,null,{"$f":"F43","v":2.9072012456208718E-2},{"$f":"F47","v":2.3981821593033192E-2},{"$f":"F51","v":1.9999999999999796E-2},{"$f":"F55","v":2.000000000000024E-2},{"$f":"F59","v":2.0000000000000018E-2},null,null,"value has been simply extrapolated."]
[null,"∆CPI for revaluations",null,null,null,{"$f":"G39","v":2.5256511444356811E-2},{"$f":"G43","v":2.8000000000000025E-2},{"$f":"G47","v":2.0999999999999908E-2},{"$f":"G51","v":2.0000000000000018E-2},{"$f":"G55","v":2.0000000000000018E-2},{"$f":"G59","v":2.0000000000000018E-2},null,null,"Grey cells have been extrapolated from the last available quarter."]

{"sheet":"Historical","index":6,"n_rows":11,"n_cols":35,"rows_kept":11,"cut":false,"hidden":false,"merged":[]}
[null,"Historical record of previous DPP4 reopeners"]
[null,"Please populate rows 7 onwards in the table below with the data from any previous DPP4 reopeners. These should all be zero if this is the first reopener. The last row will show the last reopener's values based on the sequence assigned in column C."]
[null,"Column number for lookups",null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32]
[null,null,"Selected",null,"Reopener","MAR",null,null,null,null,"FNARI",null,null,null,null,"Additional opex",null,null,null,null,"Additional VCA",null,null,null,null," Total opex",null,null,null,null,"Total VCA"]
[null,null,"EDB","Seq #","year","2025/26","2026/27","2027/28","2028/29","2029/30","2025/26","2026/27","2027/28","2028/29","2029/30","2025/26","2026/27","2027/28","2028/29","2029/30","2025/26","2026/27","2027/28","2028/29","2029/30","2025/26","2026/27","2027/28","2028/29","2029/30","2025/26","2026/27","2027/28","2028/29","2029/30"]
[null,"Data from Reopener",{"$f":"Reopener!D113","v":"Wellington Electricity"},{"$f":"Reopener!E113","v":1},{"$f":"Reopener!F113","v":"2026/27"},{"$f":"Reopener!D115","v":118695.81208155451},{"$f":"Reopener!E115","v":133006.6835527925},{"$f":"Reopener!F115","v":148690.83167733779},{"$f":"Reopener!G115","v":166224.45454872941},{"$f":"Reopener!H115","v":185825.64222911565},{"$f":"Reopener!D86","v":0},{"$f":"Reopener!E86","v":314.26131058108876},{"$f":"Reopener!F86","v":351.31900432481075},{"$f":"Reopener!G86","v":392.74654131479235},{"$f":"Reopener!H86","v":439.0592134666328},{"$f":"Reopener!D116","v":0},{"$f":"Reopener!E116","v":0},{"$f":"Reopener!F116","v":0},{"$f":"Reopener!G116","v":0},{"$f":"Reopener!H116","v":0},{"$f":"Reopener!D117","v":0},{"$f":"Reopener!E117","v":0},{"$f":"Reopener!F117","v":0},{"$f":"Reopener!G117","v":12479.084406917444},{"$f":"Reopener!H117","v":0},{"$f":"Reopener!D118","v":45192.983484661345},{"$f":"Reopener!E118","v":46782.328321386522},{"$f":"Reopener!F118","v":48443.687192979196},{"$f":"Reopener!G118","v":50200.368639512206},{"$f":"Reopener!H118","v":52032.749796498567},{"$f":"Reopener!D119","v":63757.498375313931},{"$f":"Reopener!E119","v":98923.984290555265},{"$f":"Reopener!F119","v":93105.213283671779},{"$f":"Reopener!G119","v":106566.57066460596},{"$f":"Reopener!H119","v":75812.503670278325}]
[null,"Previous reopeners",{"$f":"Reopener!D113","v":"Wellington Electricity"},0]
[null,null,{"$f":"Reopener!D113","v":"Wellington Electricity"},0]
[null,null,{"$f":"Reopener!D113","v":"Wellington Electricity"},0]
[]
[null,"Last reopener",{"$f":"C9","v":"Wellington Electricity"},{"$f":"MAX(D7:D9)","v":0},null,{"$f":"VLOOKUP($D$11,$D$7:$AI$10,F3,0)","v":0},{"$f":"VLOOKUP($D$11,$D$7:$AI$10,G3,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"VLOOKUP($D$11,$D$7:$AI$10,Z3,0)","v":0},0,0,0,0,0,0,0,0,0]

{"sheet":"Thresholds","index":7,"n_rows":51,"n_cols":16,"rows_kept":51,"cut":false,"hidden":false,"merged":[]}
[null,"Types of reopeners and thresholds",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"EDB_Name","v":"Wellington Electricity"}]
[null,"This sheet lists the different reopener types and applicable thresholds. Future versions of this model will automate the threshold calculation."]
[]
[null,"The standard threshold applies to most of the reopener types as detailed below. It is defined as effectively the lesser of:"]
[null,"  -  1% of the EDB’s forecast net allowable revenue for the DPP regulatory period, or"]
[null,"  -  $5 million for Vector Limited or Powerco Limited, or $2.5 million for any other EDB."]
[]
[null,"Reopener types"]
[null,"Reopener type number selected",{"$f":"_xlfn.XMATCH(Reopener!D61,C12:C23)","v":8}]
[]
[null,null,"Reopener type list:"]
[null,1,"Catastrophic event"]
[null,2,"Change event (regulatory or legislative)"]
[null,3,"Change event (GAAP change)"]
[null,4,"Error event"]
[null,5,"False or misleading information"]
[null,6,"Major transaction event"]
[null,7,"Unforeseeable large project (system growth)"]
[null,8,"Unforeseeable large project (other than system growth)"]
[null,9,"Foreseeable large project (system growth)"]
[null,10,"Foreseeable large project (other than system growth)"]
[null,11,"Risk event"]
[null,12,"Quality standard variation"]
[]
[null,"Table of IM reference, reopener type, threshold and relevant expenditure"]
[]
[null,"IM reference","Reopener type",null,null,"Threshold",null,null,"Relevant expenditure"]
[null,"4.5.4","catastrophic event",null,null,"standard",null,null,"Remediation costs before recognition of any insurance entitlements, "]
[null,null,null,null,null,null,null,null,"third-party liability entitlements, and compensatory entitlements "]
[null,"4.5.5(2)","change event (regulatory or legislative)",null,null,"standard",null,null,"The increase or reduction of the costs that will be incurred or revenue "]
[null,null,null,null,null,null,null,null,"that can be recovered"]
[null,"4.5.5(4)","change event (GAAP change)",null,null,"standard",null,null,"Change in aggregate FNAR for all DPP4 disclosure years"]
[null,null,null,null,null,null,null,null,""]
[null,"4.5.6","error event",null,null,100000,null,null,"Impact on aggregate FNAR for all DPP4 disclosure years"]
[null,null,null,null,null,null,null,null,""]
[null,"4.5.7","false or misleading information",null,null,"not specified",null,null,"IM 4.5.7 relates to false or misleading information, but does not specify "]
[null,null,null,null,null,null,null,null,"the relevant expenditure or threshold."]
[null,"4.5.8","major transaction event",null,null,"10% of EDB's total opening RAB value",null,null,"Value of assets acquired or assets disposed of or rights acquired or"]
[null,null,null,null,null,null,null,null,"obligations or liabilities incurred (excluding loans in respect of assets)"]
[null,"4.5.9","unforeseeable large project",null,null,"standard",null,null,"In the case of system growth expenditure that includes an opex solution,"]
[null,null,"(system growth)",null,null,null,null,null,"the forecast total lifetime solution costs plus any consequential capex"]
[null,"4.5.9","unforeseeable large project",null,null,"standard",null,null,"For other than system growth, total VCA for the project less capital"]
[null,null,"(other than system growth)",null,null,null,null,null,"contributions less capex already included in setting DPP4"]
[null,"4.5.10","foreseeable large project",null,null,"standard",null,null,"In the case of system growth expenditure that includes an opex solution,"]
[null,null,"(system growth)",null,null,null,null,null,"the forecast total lifetime solution costs plus any consequential capex"]
[null,"4.5.10","foreseeable large project",null,null,"standard",null,null,"For other than system growth, total VCA for the project less capital"]
[null,null,"(other than system growth)",null,null,null,null,null,"contributions less capex already included in setting DPP4"]
[null,"4.5.11","risk event",null,null,"standard",null,null,"Deterioration remedy costs, whether opex, capex or both, excluding"]
[null,null,null,null,null,null,null,null,"capital contributions and excluding costs already provided for in DPP4"]
[null,"4.5.12","quality standard variation",null,null,"not applicable",null,null,"not applicable"]
[null,null,null,null,null,null,null,null,""]

{"sheet":"Inputs","index":8,"n_rows":67,"n_cols":21,"rows_kept":67,"cut":false,"hidden":false,"merged":[[4,20,4,22]]}
["Inputs",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"EDB_Name","v":"Wellington Electricity"}]
["All input data is entered into this sheet.",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Working area"]
[]
["Inputs that are the same for all distributors"]
[null,null,"Base","Gap","1st","2nd","3rd","4th","5th",null,null,null,null,null,null,null,null,null,null,null,"This working area generates text for row headings below for opex, capex etc."]
[null,"Value",{"$f":"YEAR(B15)-1 & \"/\" & YEAR(B15)-2000","v":"2023/24"},{"$f":"LEFT(C6,4)+1 & \"/\" & RIGHT(C6,2)+1","v":"2024/25"},"2025/26","2026/27","2027/28","2028/29","2029/30"]
["Year in modelling period",null,1,2,3,4,5,6,7,null,null,null,null,null,null,null,null,null,null,null,{"$f":"C2","v":0}]
["Year in regulatory period",null,null,null,1,2,3,4,5,null,null,null,null,null,null,null,null,null,null,null,{"$f":"C5","v":"Base"}]
["Forecast changes in CPI used for revaluations",null,4.022988505747116E-2,2.200000000000002E-2,2.0999999999999908E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,null,null,null,null,null,null,null,null,null,null,null,{"$f":"C6","v":"2023/24"}]
["Forecast changes in the CPI element of the price path",null,null,null,2.2744928703593015E-2,2.0000000000000018E-2,2.0000000000000018E-2,1.9999999999999796E-2,2.000000000000024E-2,null,null,null,null,null,null,null,null,null,null,null,{"$f":"LEFT(U9,4)+1 & \"/\" & RIGHT(U9,2)+1","v":"2024/25"}]
["Company tax rate",null,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,0.28000000000000003,null,null,null,null,null,null,null,null,null,null,null,"2025/26"]
["Days in a year",365,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2026/27"]
["Days from mid-year to year-end",182,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2027/28"]
["Days from revenue date to year-end",148,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2028/29"]
["Last day of the base year","2024-03-31","Enter 31-3-24 for operating this workbook as the DPP4 financial model. Enter 31-3-23 to run it as an initial conditions model with an early base year, ending 31-3-23.",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2029/30"]
["Vanilla WACC (65th percentile)",7.0999999999999994E-2,"Ex Cost of capital determination [2024] NZCC 21 25-9-24.  ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"\"PV at 1-Apr-\" & MID(U11,3,2) & \")\"","v":"PV at 1-Apr-25)"}]
["Cost of debt",5.74E-2,"Ditto"]
["Leverage",0.41]
["Years of remaining life for newly commissioned assets",44]
["Industry-wide X factor",0]
[]
["Inputs that are specific to individual distributors"]
["Name","Alpine Energy","Aurora Energy","EA Networks","Electricity Invercargill","Firstlight Network","Horizon Energy","Nelson Electricity","Network Tasman","Orion NZ","OtagoNet","Powerco","The Lines Company","Top Energy","Unison Networks","Vector Lines","Wellington Electricity",null,"Selected supplier"]
["Distributor number",1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,null,{"$f":"INDEX(A23:Q23,'EDB data'!$C$5+1)","v":"Wellington Electricity"}]
["Initial conditions","alp","aur","ean","inv","fnl","hor","nel","tas","ori","ojv","pco","tlc","top","uni","vct","wel"]
["Opening RAB",293278.48618973268,null,343290,107300.13322904368,209446.27526732339,161215.80895073505,49284.292021663576,209789,1450078.6967497719,263617,2589536.8073477657,263264.16739168274,339120.86228217615,805807.4551977379,3891833,803430.16615239112,null,{"$f":"INDEX(A26:Q26,'EDB data'!$C$5+1)","v":803430.16615239112}]
["Total depreciation",11923.114640126058,null,12409,4043.5835717992936,7839.748040000015,7490.9827899993534,1771.3095832474833,6754,55548,10555,114918.98233620913,11608.700520713041,13135.539760208814,36673.187508151372,155500,32360.718320962555,null,{"$f":"INDEX(A27:Q27,'EDB data'!$C$5+1)","v":32360.718320962555}]
["Closing RAB",313091.827113776,null,360224,113034.16577082705,222586.97441318037,167393.74454652003,50132.169099393526,225439,1566054,285678,2796870.3776028738,284366.11818556621,362367.60345432052,886494.92593372008,4193945,847276.47559922794,null,{"$f":"INDEX(A28:Q28,'EDB data'!$C$5+1)","v":847276.47559922794}]
["Opening RAB excluding revaluations",237625.61865016079,null,273613,84867,171771.68861999788,130630.0464609575,38945,166965,1162991,213020,2117854.0742570888,189820.33983083803,263857.27839380322,647140.23297999823,3078362,632965.60525552602,null,{"$f":"INDEX(A29:Q29,'EDB data'!$C$5+1)","v":632965.60525552602}]
["Adjusted depreciation",9889.3407718929702,null,9670,3183,6467.3929599997173,5392.8260100015596,1312,4841,43593,8299,93584.561277447996,9271.2097790874395,9786.0391468231046,28718.535000000065,122389,26367.517077996272,null,{"$f":"INDEX(A30:Q30,'EDB data'!$C$5+1)","v":26367.517077996272}]
["Tax depreciation",13141.032179998845,null,12383,3992.1689999999999,19106.898156210304,5980.887028565975,1426,7042,49825,15918,111265.93812344318,7448.1407197804765,12479.397641241205,40078.257309999994,161700,31481.720735161492,null,{"$f":"INDEX(A31:Q31,'EDB data'!$C$5+1)","v":31481.720735161492}]
["Opening regulatory tax asset value",139389.68938830742,null,154927,48341.686119999998,78284.717418256143,65434.911870360353,18988,83893,568706,101474,1463848.0123584855,69145.044183300008,157601.30229280831,383709,1447404,399511.9510478304,null,{"$f":"INDEX(A32:Q32,'EDB data'!$C$5+1)","v":399511.9510478304}]
["Amortisation of initial differences in asset values",2647.1338828367002,null,2067.6484057971015,1248.5714285714287,1900.5760598863596,4218.9445353069559,693.06666666666672,3235.6024801184153,15583.263157894737,1327.0588235294117,9617.45858716168,4085.3023288235895,3399.1052631578955,5670.1333333333332,31189.26923076923,7150.7843480592646,null,{"$f":"INDEX(A33:Q33,'EDB data'!$C$5+1)","v":7150.7843480592646}]
["Term credit spread differential allowance",0,null,0,0,0,0,0,0,1551.233351400731,0,2577.9886640718864,0,0,519.36918090455652,4078.7010285151141,375.81537252885659,null,{"$f":"INDEX(A34:Q34,'EDB data'!$C$5+1)","v":375.81537252885659}]
["Opening deferred tax balance",-19140.525570482947,null,-17374.916064216039,-5780.7846425336247,-14443.512352977184,0,-2446,-4576.8316891723362,-70345,-23927,-106605.06986317765,-20927.025403965181,-19043.168057926352,-44705,-145959,-49298.299541630287,null,{"$f":"INDEX(A35:Q35,'EDB data'!$C$5+1)","v":-49298.299541630287}]
["Adjustment factor (for accelerated depreciation)",1,null,1,1,1,1,1,1,1,1,1,1,1,1,1,1,null,{"$f":"INDEX(A36:Q36,'EDB data'!$C$5+1)","v":1}]
[{"$f":"\"Additional allowance (PV at 1-Apr-\" & MID(E6,3,2) & \")\"","v":"Additional allowance (PV at 1-Apr-25)"},0,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,{"$f":"INDEX(A37:Q37,'EDB data'!$C$5+1)","v":0}]
["X factor",0,null,-0.107,-7.6999999999999999E-2,-0.10199999999999999,-2.4E-2,-7.0999999999999994E-2,-8.3000000000000004E-2,-9.8000000000000004E-2,-0.123,-3.9E-2,-0.06,-0.13500000000000001,-0.11799999999999999,-0.08,-9.6000000000000002E-2,null,{"$f":"INDEX(A38:Q38,'EDB data'!$C$5+1)","v":-9.6000000000000002E-2}]
["Operating expenditure"]
[{"$f":"\"Operating expenditure, \" & U11","v":"Operating expenditure, 2025/26"},35194.997539617427,null,17306.3451714441,6808.2903980837391,17203.128308232914,14517.204610192384,2729.9007052136967,17074.018252262686,94623.96876824231,11772.850368850826,137742.38439876764,20290.837873884851,26345.734307394901,58104.596113817548,194846.70939330594,45192.983484661345,null,{"$f":"INDEX(A40:Q40,'EDB data'!$C$5+1)","v":45192.983484661345}]
[{"$f":"\"Operating expenditure, \" & U12","v":"Operating expenditure, 2026/27"},36447.670421973708,null,17657.562941724165,7064.1201796096857,17707.796202874088,15697.197272343003,2818.0707376484884,17687.637336600168,98624.433764956542,12315.40597296393,143835.98608613922,21181.235878734988,27080.44229363952,61492.117136374189,202840.85929367359,46782.328321386522,null,{"$f":"INDEX(A41:Q41,'EDB data'!$C$5+1)","v":46782.328321386522}]
[{"$f":"\"Operating expenditure, \" & U13","v":"Operating expenditure, 2027/28"},37760.704356829738,null,18024.548714111665,7306.1911130207845,18234.591324152545,14777.4764987002,2909.9767247815853,18330.313202876849,102887.53168209951,12817.505067714816,151198.46196696261,21857.090662274975,27845.49167117256,62895.554405962641,211305.25832594605,48443.687192979196,null,{"$f":"INDEX(A42:Q42,'EDB data'!$C$5+1)","v":48443.687192979196}]
[{"$f":"\"Operating expenditure, \" & U14","v":"Operating expenditure, 2028/29"},39152.325345629506,null,18415.045062714751,7562.0656587718368,18791.805690394591,15095.723704873802,3006.9822022581684,19010.923120454136,108278.04804010864,13349.748990273114,157357.21737714304,22571.934909078223,28653.363773061206,65885.460749138772,220359.95339929574,50200.368639512206,null,{"$f":"INDEX(A43:Q43,'EDB data'!$C$5+1)","v":50200.368639512206}]
[{"$f":"\"Operating expenditure, \" & U15","v":"Operating expenditure, 2029/30"},40607.450836352975,null,18820.879194000267,7828.7407777448734,19371.619022062496,15639.753169896379,3107.8659684580962,19722.147592891815,112791.7525098974,13907.320399104156,164307.82957042457,23316.560080598312,29491.88260243932,69138.713820008226,229945.58025796677,52032.749796498567,null,{"$f":"INDEX(A44:Q44,'EDB data'!$C$5+1)","v":52032.749796498567}]
["Value of commissioned assets"]
[{"$f":"\"Value of commissioned assets, \" & U9","v":"Value of commissioned assets, 2023/24"},25370.243006673911,null,16101,6602.2959999999994,14110.918479999998,9342.1899999999987,1755.4071799999999,15016,131614,19787,238086.97769068414,21089.354539357719,18577.518919999991,88256.018649998121,305660,53542.807699831377,null,{"$f":"INDEX(A46:Q46,'EDB data'!$C$5+1)","v":53542.807699831377}]
["Value of commissioned assets, 2024/25",33458.94939673008,null,14289.032923846278,6364.2984863325855,21200.053008337756,12144.628449129328,3018.1850341382087,20972.251487213787,128866.20583640985,16760.485541330301,283102.69723551325,29222.9414840153,32126.804248200071,84341.25857881979,264162.41658279713,47330.141592528431,null,{"$f":"INDEX(A47:Q47,'EDB data'!$C$5+1)","v":47330.141592528431}]
["Value of commissioned assets, 2025/26",33806.991940575914,null,18566.878931161478,6900.8360046755615,18611.839458048093,11816.66639788559,2259.8422261403603,25319.671181390197,120360.86593445308,23507.63336147747,309756.04925921722,29411.710783165938,26152.893313240624,82704.05868860973,356171.98633721273,63757.498375313931,null,{"$f":"INDEX(A48:Q48,'EDB data'!$C$5+1)","v":63757.498375313931}]
["Value of commissioned assets, 2026/27",31634.1931540923,null,16034.826832809218,9274.0912335542962,18902.872689781714,13846.967141669151,2733.2873765094459,21606.71457534708,147674.33034100532,32543.263860410349,332459.30935362302,27168.456121698062,24209.844779332372,93763.552056457949,347752.74118202709,98923.984290555265,null,{"$f":"INDEX(A49:Q49,'EDB data'!$C$5+1)","v":98923.984290555265}]
["Value of commissioned assets, 2027/28",28622.661266694133,null,16081.982466742709,9938.8552776088636,14929.741879422743,13388.38161441633,2861.2236416614855,19196.716119157656,140489.22762962783,33332.747970352939,361289.85253944318,23544.605110725715,24626.117896735159,91072.783339258312,303643.79696185078,93105.213283671779,null,{"$f":"INDEX(A50:Q50,'EDB data'!$C$5+1)","v":93105.213283671779}]
["Value of commissioned assets, 2028/29",25578.15710555053,null,15972.182197976585,8196.960383745567,17173.285060670132,12257.67163256479,2463.5985887455445,16928.871235479415,147353.13622385589,35965.28262858354,369744.59826055006,24912.541199034546,25349.108404155544,93754.675260715623,263077.40542581951,94087.486257688506,null,{"$f":"INDEX(A51:Q51,'EDB data'!$C$5+1)","v":94087.486257688506}]
["Value of commissioned assets, 2029/30",30227.973511146622,null,16161.523360063267,9826.0514060183214,16722.188800555425,12210.006524563731,2462.3486937053426,17036.926092483198,151493.17177620015,37734.023706052358,387880.19892404648,24008.825044876678,24401.739102363998,114647.11963807618,271317.34176238667,75812.503670278325,null,{"$f":"INDEX(A52:Q52,'EDB data'!$C$5+1)","v":75812.503670278325}]
["Disposed assets"]
[{"$f":"\"Value of disposed assets, \" & U9","v":"Value of disposed assets, 2023/24"},328.06080285240199,null,1374,163.154883781969,39.5122,323.51000719500001,864.08210034126898,2275,783,111,20095.844386339901,390.87094840831202,2.26271000000005,2129.5619799999899,18055,0,null,{"$f":"INDEX(A54:Q54,'EDB data'!$C$5+1)","v":0}]
["Value of disposed assets, 2024/25",81.600493992394291,null,998.70724421244586,119.20157799443933,33.049067004921909,516.79639923219668,178.80065865041831,1228.3745634395748,1003.368580328835,117.13733167038677,19152.948449464253,270.21478686612619,337.01576194416344,1693.0415346159966,17002.190964339079,0,null,{"$f":"INDEX(A55:Q55,'EDB data'!$C$5+1)","v":0}]
["Value of disposed assets, 2025/26",83.31410436623456,null,1019.6800963409071,121.70481113232255,33.743097412025264,527.64912361607276,182.55547248207708,1254.1704292718057,1024.4393205157405,119.59721563546488,19555.160366903001,275.88929739031482,344.09309294499081,1728.5954068429323,17359.236974590196,0,null,{"$f":"INDEX(A56:Q56,'EDB data'!$C$5+1)","v":0}]
["Value of disposed assets, 2026/27",84.980386453559262,null,1040.0736982677254,124.13890735496901,34.417959360265769,538.20210608839432,186.20658193171863,1279.2538378572419,1044.9281069260553,121.98915994817419,19946.26357424106,281.40708333812114,350.97495480389068,1763.1673149797912,17706.421714082004,0,null,{"$f":"INDEX(A57:Q57,'EDB data'!$C$5+1)","v":0}]
["Value of disposed assets, 2027/28",86.679994182630452,null,1060.8751722330799,126.6216855020684,35.106318547471091,548.96614821016226,189.93071357035302,1304.838914614387,1065.8266690645767,124.42894314713769,20345.188845725886,287.03522500488361,357.99445389996851,1798.4306612793873,18060.550148363647,0,null,{"$f":"INDEX(A58:Q58,'EDB data'!$C$5+1)","v":0}]
["Value of disposed assets, 2028/29",88.413594066283068,null,1082.0926756777417,129.15411921210978,35.808444918420513,559.94547117436548,193.7293278417601,1330.9356929066748,1087.1432024458682,126.91752201008045,20752.092622640404,292.77592950498126,365.15434297796793,1834.3992745049752,18421.76115133092,0,null,{"$f":"INDEX(A59:Q59,'EDB data'!$C$5+1)","v":0}]
["Value of disposed assets, 2029/30",90.181865947608728,null,1103.7345291912966,131.73720159635198,36.524613816788928,571.14438059785289,197.60391439859532,1357.5544067648084,1108.8860664947856,129.45587245028207,21167.134475093215,298.63144809508094,372.45742983752729,1871.0872599950746,18790.19637435754,0,null,{"$f":"INDEX(A60:Q60,'EDB data'!$C$5+1)","v":0}]
["Depreciation of existing assets"]
[{"$f":"\"The sum of depreciation for existing assets, \" & U10","v":"The sum of depreciation for existing assets, 2024/25"},12488.96284,null,13098.069319444652,4296.6213138680441,8496.5562184689315,7940.4468999999999,2118.0865797309061,8449.7000000000007,58459.242090000007,11443,113914.97376048448,12271.736323853864,13351.169619816821,41174.032705414465,175923.13146999999,32841.67495485871,null,{"$f":"INDEX(A62:Q62,'EDB data'!$C$5+1)","v":32841.67495485871}]
["The sum of depreciation for existing assets, 2025/26",12361.619672928204,null,13274.072358183452,4337.2635790327386,8519.8639825701503,7836.0737811522549,2142.3099366813058,7962.7037850632187,58098.129028263742,11148.01198223475,108305.7702960858,11654.562841608617,13336.451049770802,39456.554669820354,169179.1456703867,32843.935174099599,null,{"$f":"INDEX(A63:Q63,'EDB data'!$C$5+1)","v":32843.935174099599}]
["The sum of depreciation for existing assets, 2026/27",12251.32475143806,null,13381.102000129842,4368.1359376747596,8511.5505362370677,7669.0302132127945,2170.4102919159486,7102.9011655534669,56973.913738288829,10941.501016186943,103780.78859754206,10617.708935992196,13072.014989903868,38115.251569949061,161754.80249277854,31024.924098898093,null,{"$f":"INDEX(A64:Q64,'EDB data'!$C$5+1)","v":31024.924098898093}]
["The sum of depreciation for existing assets, 2027/28",12189.700404972729,null,13501.530640758312,4404.2840974781257,8280.0364016425538,7524.7068836466451,1871.3034348209151,6908.7004472796762,56422.60575164223,10876.198958387246,100656.36613941893,10544.757277943792,12987.681426555866,35950.355783942556,157291.86188379131,30680.486949881928,null,{"$f":"INDEX(A65:Q65,'EDB data'!$C$5+1)","v":30680.486949881928}]
["The sum of depreciation for existing assets, 2028/29",12242.790777876851,null,13633.900127633626,4433.1490589388341,8349.8421377450468,7247.1226318667168,1857.9299767726991,6878.3504844635181,55770.282217896412,10912.62864874749,99440.5707466514,10364.742530997884,13104.543880399162,34615.511309640126,157085.23323067298,30537.541696831402,null,{"$f":"INDEX(A66:Q66,'EDB data'!$C$5+1)","v":30537.541696831402}]
["The sum of depreciation for existing assets, 2029/30",12296.616720370119,null,13786.427058061112,4375.5124542348758,8190.5565407929589,7134.8320702990923,1782.4498178979695,6888.9069572393892,55310.551200152579,10782.562176295412,98824.059355688631,10300.21495102613,13063.454015054735,33944.059574645609,151141.88401549764,30361.688414321037,null,{"$f":"INDEX(A67:Q67,'EDB data'!$C$5+1)","v":30361.688414321037}]

{"sheet":"EDB data","index":9,"n_rows":72,"n_cols":8,"rows_kept":72,"cut":false,"hidden":false,"merged":[]}
["Inputs for the selected distributor",null,null,null,null,null,null,{"$f":"EDB_Name","v":"Wellington Electricity"}]
["Data from the Inputs sheet that relates to the selected distributor. The distributor's name is user-selected in cell C4."]
["Distributor",null,"Scenario"]
["Name",null,{"$f":"SelectedEDB","v":"Wellington Electricity"}]
["Distributor number",null,{"$f":"MATCH(EDB_Name,rEDBNames)","v":16}]
[]
["General data"]
["Non business-specific single inputs","Value"]
[{"$f":"Inputs!A16","v":"Vanilla WACC (65th percentile)"},{"$f":"Inputs!B16","v":7.0999999999999994E-2}]
[{"$f":"Inputs!A17","v":"Cost of debt"},{"$f":"Inputs!B17","v":5.74E-2}]
[{"$f":"Inputs!A18","v":"Leverage"},{"$f":"Inputs!B18","v":0.41}]
[{"$f":"Inputs!A19","v":"Years of remaining life for newly commissioned assets"},{"$f":"Inputs!B19","v":44},"years"]
[{"$f":"Inputs!A20","v":"Industry-wide X factor"},{"$f":"Inputs!B20","v":0}]
[{"$f":"Inputs!A12","v":"Days in a year"},{"$f":"Inputs!B12","v":365},"days"]
[{"$f":"Inputs!A13","v":"Days from mid-year to year-end"},{"$f":"Inputs!B13","v":182},"days"]
[{"$f":"Inputs!A14","v":"Days from revenue date to year-end"},{"$f":"Inputs!B14","v":148},"days"]
[{"$f":"Inputs!A15","v":"Last day of the base year"},{"$f":"Inputs!B15","v":"2024-03-31"}]
["General time-series data"]
[null,{"$f":"Inputs!C6","v":"2023/24"},{"$f":"Inputs!D6","v":"2024/25"},{"$f":"Inputs!E6","v":"2025/26"},{"$f":"Inputs!F6","v":"2026/27"},{"$f":"Inputs!G6","v":"2027/28"},{"$f":"Inputs!H6","v":"2028/29"},{"$f":"Inputs!I6","v":"2029/30"}]
[{"$f":"Inputs!A7","v":"Year in modelling period"},{"$f":"Inputs!C7","v":1},{"$f":"Inputs!D7","v":2},{"$f":"Inputs!E7","v":3},{"$f":"Inputs!F7","v":4},{"$f":"Inputs!G7","v":5},{"$f":"Inputs!H7","v":6},{"$f":"Inputs!I7","v":7}]
[{"$f":"Inputs!A8","v":"Year in regulatory period"},null,null,{"$f":"Inputs!E8","v":1},{"$f":"Inputs!F8","v":2},{"$f":"Inputs!G8","v":3},{"$f":"Inputs!H8","v":4},{"$f":"Inputs!I8","v":5}]
[{"$f":"Inputs!A9","v":"Forecast changes in CPI used for revaluations"},{"$f":"Inputs!C9","v":4.022988505747116E-2},{"$f":"Inputs!D9","v":2.200000000000002E-2},{"$f":"Inputs!E9","v":2.0999999999999908E-2},{"$f":"Inputs!F9","v":2.0000000000000018E-2},{"$f":"Inputs!G9","v":2.0000000000000018E-2},{"$f":"Inputs!H9","v":2.0000000000000018E-2},{"$f":"Inputs!I9","v":2.0000000000000018E-2}]
[{"$f":"Inputs!A10","v":"Forecast changes in the CPI element of the price path"},null,null,{"$f":"Inputs!E10","v":2.2744928703593015E-2},{"$f":"Inputs!F10","v":2.0000000000000018E-2},{"$f":"Inputs!G10","v":2.0000000000000018E-2},{"$f":"Inputs!H10","v":1.9999999999999796E-2},{"$f":"Inputs!I10","v":2.000000000000024E-2}]
[{"$f":"Inputs!A11","v":"Company tax rate"},{"$f":"Inputs!C11","v":0.28000000000000003},{"$f":"Inputs!D11","v":0.28000000000000003},{"$f":"Inputs!E11","v":0.28000000000000003},{"$f":"Inputs!F11","v":0.28000000000000003},{"$f":"Inputs!G11","v":0.28000000000000003},{"$f":"Inputs!H11","v":0.28000000000000003},{"$f":"Inputs!I11","v":0.28000000000000003}]
[]
["Business-specific data"]
["Initial conditions"]
[{"$f":"Inputs!A26","v":"Opening RAB"},{"$f":"Inputs!S26","v":803430.16615239112}]
[{"$f":"Inputs!A27","v":"Total depreciation"},{"$f":"Inputs!S27","v":32360.718320962555}]
[{"$f":"Inputs!A28","v":"Closing RAB"},{"$f":"Inputs!S28","v":847276.47559922794}]
[{"$f":"Inputs!A29","v":"Opening RAB excluding revaluations"},{"$f":"Inputs!S29","v":632965.60525552602}]
[{"$f":"Inputs!A30","v":"Adjusted depreciation"},{"$f":"Inputs!S30","v":26367.517077996272}]
[{"$f":"Inputs!A31","v":"Tax depreciation"},{"$f":"Inputs!S31","v":31481.720735161492}]
[{"$f":"Inputs!A32","v":"Opening regulatory tax asset value"},{"$f":"Inputs!S32","v":399511.9510478304}]
[{"$f":"Inputs!A33","v":"Amortisation of initial differences in asset values"},{"$f":"Inputs!S33","v":7150.7843480592646}]
[{"$f":"Inputs!A34","v":"Term credit spread differential allowance"},{"$f":"Inputs!S34","v":375.81537252885659}]
[{"$f":"Inputs!A35","v":"Opening deferred tax balance"},{"$f":"Inputs!S35","v":-49298.299541630287}]
[{"$f":"Inputs!A36","v":"Adjustment factor (for accelerated depreciation)"},{"$f":"Inputs!S36","v":1}]
[{"$f":"Inputs!A37","v":"Additional allowance (PV at 1-Apr-25)"},{"$f":"Inputs!S37","v":0}]
[{"$f":"Inputs!A38","v":"X factor"},{"$f":"Inputs!S38","v":-9.6000000000000002E-2}]
["Operating expenditure","Original opex"]
[{"$f":"Inputs!A40","v":"Operating expenditure, 2025/26"},{"$f":"TRANSPOSE(Reopener!D118:H118)","v":45192.983484661345}]
[{"$f":"Inputs!A41","v":"Operating expenditure, 2026/27"},46782.328321386522]
[{"$f":"Inputs!A42","v":"Operating expenditure, 2027/28"},48443.687192979196]
[{"$f":"Inputs!A43","v":"Operating expenditure, 2028/29"},50200.368639512206]
[{"$f":"Inputs!A44","v":"Operating expenditure, 2029/30"},52032.749796498567]
[]
["Value of commissioned assets"]
[{"$f":"Inputs!A46","v":"Value of commissioned assets, 2023/24"},{"$f":"Inputs!S46","v":53542.807699831377}]
[{"$f":"Inputs!A47","v":"Value of commissioned assets, 2024/25"},{"$f":"Inputs!S47","v":47330.141592528431}]
[{"$f":"Inputs!A48","v":"Value of commissioned assets, 2025/26"},{"$f":"TRANSPOSE(Reopener!D119:H119)","v":63757.498375313931}]
[{"$f":"Inputs!A49","v":"Value of commissioned assets, 2026/27"},98923.984290555265]
[{"$f":"Inputs!A50","v":"Value of commissioned assets, 2027/28"},93105.213283671779]
[{"$f":"Inputs!A51","v":"Value of commissioned assets, 2028/29"},106566.57066460596]
[{"$f":"Inputs!A52","v":"Value of commissioned assets, 2029/30"},75812.503670278325]
[]
["Disposed assets"]
[{"$f":"Inputs!A54","v":"Value of disposed assets, 2023/24"},{"$f":"Inputs!S54","v":0}]
[{"$f":"Inputs!A55","v":"Value of disposed assets, 2024/25"},{"$f":"Inputs!S55","v":0}]
[{"$f":"Inputs!A56","v":"Value of disposed assets, 2025/26"},{"$f":"Inputs!S56","v":0}]
[{"$f":"Inputs!A57","v":"Value of disposed assets, 2026/27"},{"$f":"Inputs!S57","v":0}]
[{"$f":"Inputs!A58","v":"Value of disposed assets, 2027/28"},{"$f":"Inputs!S58","v":0}]
[{"$f":"Inputs!A59","v":"Value of disposed assets, 2028/29"},{"$f":"Inputs!S59","v":0}]
[{"$f":"Inputs!A60","v":"Value of disposed assets, 2029/30"},{"$f":"Inputs!S60","v":0}]
[]
["Depreciation of existing assets"]
[{"$f":"\"Depreciation of existing assets, \" & Inputs!U10","v":"Depreciation of existing assets, 2024/25"},{"$f":"Inputs!S62","v":32841.67495485871}]
[{"$f":"\"Depreciation of existing assets, \" & Inputs!U11","v":"Depreciation of existing assets, 2025/26"},{"$f":"Inputs!S63","v":32843.935174099599}]
[{"$f":"\"Depreciation of existing assets, \" & Inputs!U12","v":"Depreciation of existing assets, 2026/27"},{"$f":"Inputs!S64","v":31024.924098898093}]
[{"$f":"\"Depreciation of existing assets, \" & Inputs!U13","v":"Depreciation of existing assets, 2027/28"},{"$f":"Inputs!S65","v":30680.486949881928}]
[{"$f":"\"Depreciation of existing assets, \" & Inputs!U14","v":"Depreciation of existing assets, 2028/29"},{"$f":"Inputs!S66","v":30537.541696831402}]
[{"$f":"\"Depreciation of existing assets, \" & Inputs!U15","v":"Depreciation of existing assets, 2029/30"},{"$f":"Inputs!S67","v":30361.688414321037}]

{"sheet":"Timing","index":10,"n_rows":42,"n_cols":15,"rows_kept":42,"cut":false,"hidden":false,"merged":[]}
["Intra-year timing"]
["Derivation of the five timing factors TFopex, TFtax, TFVCA and TFrev."]
["Inputs"]
[null,"From","Value"]
["Last day of year 1 of the DPP period","EDB data",{"$f":"EOMONTH('EDB data'!$B$17,24)","v":"2026-03-31"},{"$f":"EOMONTH('EDB data'!$B$17,24)","v":"2026-03-31"}]
["Days in a year","EDB data",{"$f":"'EDB data'!B14","v":365}]
["Days from mid-year to year-end","EDB data",{"$f":"'EDB data'!B15","v":182}]
["Days from revenue date to year-end","EDB data",{"$f":"'EDB data'!B16","v":148}]
["Vanilla WACC (67th percentile)","EDB data",{"$f":"WACC","v":7.0999999999999994E-2}]
["Calculations"]
[null,null,"Value"]
["Mid-year date",null,{"$f":"EOMONTH(C5,-6)","v":"2025-09-30"}]
["Revenue date",null,{"$f":"C5-C8","v":"2025-11-03"},"As demonstrated below, 12 equal monthly transactions on the 20th of the following month can be approximated by a single payment on the revenue date."]
["Operating expenditure date",null,{"$f":"C12","v":"2025-09-30"},"i.e. mid-year"]
["Tax date",null,{"$f":"C12","v":"2025-09-30"},"i.e. mid-year"]
["Asset commissioning date",null,{"$f":"C12","v":"2025-09-30"},"i.e. mid-year"]
["Interest date",null,{"$f":"C12","v":"2025-09-30"},"i.e. mid-year"]
["Asset disposal date",null,{"$f":"C12","v":"2025-09-30"},"i.e. mid-year"]
["TF for mid-year cash flows",null,{"$f":"(1+$C$9)^(C7/C6)","v":1.034794061998362},"Intra-year timing factors: discount from mid year to end of year values"]
["TFrev",null,{"$f":"(1+$C$9)^(C8/C6)","v":1.0282033589900317},"Intra-year timing factor: discount from revenue date to end of year values"]
["Outputs"]
[null,null,"Value"]
["TFopex",null,{"$f":"$C$19","v":1.034794061998362}]
["TFtax",null,{"$f":"$C$19","v":1.034794061998362}]
["TFVCA",null,{"$f":"$C$19","v":1.034794061998362}]
["TFrev",null,{"$f":"$C$20","v":1.0282033589900317}]
["Check for timing of revenue receipt"]
["Demonstration that a 4 November receipt date for all revenues in a year ending 31 March is almost identical to"]
["receiving 12 equal revenue amounts on the 20th of the month following the provision of service."]
["Monthly cash flows"]
["Dates of receipt of revenues",null,{"$f":"EDATE(C5,-12)","v":"2025-03-31"},{"$f":"EOMONTH(C31,1)+20","v":"2025-05-20"},{"$f":"EDATE(D31,1)","v":"2025-06-20"},"2025-07-20","2025-08-20","2025-09-20","2025-10-20","2025-11-20","2025-12-20","2026-01-20","2026-02-20","2026-03-20","2026-04-20"]
["Indexed amount of revenue",null,0,1,1,1,1,1,1,1,1,1,1,1,1]
[]
["Equivalent single cash flow"]
["Dates of receipt of revenues",null,{"$f":"C31","v":"2025-03-31"},{"$f":"C13","v":"2025-11-03"}]
["Indexed amount of revenue",null,0,12]
[]
["Present value",null,"Value"]
[{"$f":"\"PV as at \"&TEXT(EOMONTH(C5,-12),\"dd mmm yy\")&\" of the series of unit amounts\"","v":"PV as at 31 Mar 25 of the series of unit amounts"},null,{"$f":"XNPV(C9,C32:O32,C31:O31)","v":11.52021163648018}]
["PV of the equivalent single amount",null,{"$f":"XNPV(C9,C36:D36,C35:D35)","v":11.520485815014359}]
[{"$f":"\"Difference in PV for a date of \" & TEXT(D35,\"d mmm\")","v":"Difference in PV for a date of 3 Nov"},null,{"$f":"C39-C40","v":-2.7417853417865956E-4}]
["Percentage difference",null,{"$f":"C41/C39","v":-2.3799782749688312E-5}]

{"sheet":"RAB","index":11,"n_rows":101,"n_cols":12,"rows_kept":101,"cut":false,"hidden":false,"merged":[]}
["Regulatory asset base",null,null,null,null,null,null,null,null,{"$f":"EDB_Name","v":"Wellington Electricity"}]
["Calculations involving the roll-forward of asset values."]
[]
["Inputs"]
[null,"From","Value",{"$f":"Inputs!C$6","v":"2023/24"},{"$f":"Inputs!D$6","v":"2024/25"},{"$f":"Inputs!E$6","v":"2025/26"},{"$f":"Inputs!F$6","v":"2026/27"},{"$f":"Inputs!G$6","v":"2027/28"},{"$f":"Inputs!H$6","v":"2028/29"},{"$f":"Inputs!I$6","v":"2029/30"}]
["Opening RAB","EDB data",{"$f":"'EDB data'!B28","v":803430.16615239112}]
["Total depreciation","EDB data",{"$f":"'EDB data'!B29","v":32360.718320962555}]
["Closing RAB","EDB data",{"$f":"'EDB data'!B30","v":847276.47559922794}]
["Disposed assets","EDB data",null,{"$f":"TRANSPOSE('EDB data'!B58:B64)","v":0},0,0,0,0,0,0]
["Value of commissioned assets","EDB data",null,{"$f":"TRANSPOSE('EDB data'!B49:B55)","v":53542.807699831377},47330.141592528431,63757.498375313931,98923.984290555265,93105.213283671779,106566.57066460596,75812.503670278325]
["Remaining life of newly commissioned assets","EDB data",{"$f":"'EDB data'!B12","v":44}]
["Term credit spread differential allowance, base year","EDB data",{"$f":"'EDB data'!B36","v":375.81537252885659}]
["Forecast changes in CPI used for revaluations","EDB data",null,{"$f":"'EDB data'!B22","v":4.022988505747116E-2},{"$f":"'EDB data'!C22","v":2.200000000000002E-2},{"$f":"'EDB data'!D22","v":2.0999999999999908E-2},{"$f":"'EDB data'!E22","v":2.0000000000000018E-2},{"$f":"'EDB data'!F22","v":2.0000000000000018E-2},{"$f":"'EDB data'!G22","v":2.0000000000000018E-2},{"$f":"'EDB data'!H22","v":2.0000000000000018E-2}]
["Adjustment factor (for accelerated depreciation)","EDB data",{"$f":"'EDB data'!B38","v":1}]
["The sum of depreciation for existing assets","EDB data",null,null,{"$f":"TRANSPOSE(Inputs!S62:S67)","v":32841.67495485871},32843.935174099599,31024.924098898093,30680.486949881928,30537.541696831402,30361.688414321037]
[]
["Calculations"]
[null,null,null,"Base year","Gap year","First year of reg period"]
["Roll forward of existing assets",null,null,{"$f":"Inputs!C$6","v":"2023/24"},{"$f":"Inputs!D$6","v":"2024/25"},{"$f":"Inputs!E$6","v":"2025/26"},{"$f":"Inputs!F$6","v":"2026/27"},{"$f":"Inputs!G$6","v":"2027/28"},{"$f":"Inputs!H$6","v":"2028/29"},{"$f":"Inputs!I$6","v":"2029/30"},null,"References"]
["Opening RAB value of existing assets",null,null,{"$f":"C6","v":803430.16615239112},{"$f":"D24","v":847276.47559922794},833056.24302508903,817688.99477341271,803001.49679008743,788364.97974607151,773578.97034456662,null,"4.2.1(2)(b)"]
["Disposed assets",null,null,{"$f":"D9","v":0},{"$f":"E9","v":0},0,0,0,0,0,null,"simple ref"]
["Revaluation of existing assets",null,null,{"$f":"(D20*0.999-D21)*D13","v":32289.581332779635},{"$f":"(E20*0.999-E21)*E13","v":18621.442380719847},17476.686922423265,16337.4261155728,16043.969905865961,15751.532295326522,15456.107827484453,null,"4.2.3(2)(a)"]
["Depreciation of existing assets",null,null,null,{"$f":"E15","v":32841.67495485871},32843.935174099599,31024.924098898093,30680.486949881928,30537.541696831402,30361.688414321037,null,"4.2.2(2)(a)(ii)"]
["Closing RAB value of existing assets",null,null,{"$f":"C8","v":847276.47559922794},{"$f":"E20-E23+E22-E21","v":833056.24302508903},817688.99477341271,803001.49679008743,788364.97974607151,773578.97034456662,758673.38975773007,null,"4.2.1(3)(b)"]
["Remaining asset life of existing assets",null,null,null,{"$f":"E20/E23","v":25.79882045491955},{"$f":"$C$14*F20/F23","v":25.364081332191549},{"$f":"$C$14*G20/G23","v":26.35587414063825},{"$f":"$C$14*H20/H23","v":26.173036239673429},{"$f":"$C$14*I20/I23","v":25.816255531396386},{"$f":"$C$14*J20/J23","v":25.478786284483572},null,"4.2.2(3)(a)(ii)"]
[]
["Individual roll forward of additional assets",null,null,{"$f":"Inputs!C$6","v":"2023/24"},{"$f":"Inputs!D$6","v":"2024/25"},{"$f":"Inputs!E$6","v":"2025/26"},{"$f":"Inputs!F$6","v":"2026/27"},{"$f":"Inputs!G$6","v":"2027/28"},{"$f":"Inputs!H$6","v":"2028/29"},{"$f":"Inputs!I$6","v":"2029/30"}]
["Year in modelling period",null,null,1,{"$f":"D28+1","v":2},3,4,5,6,7]
["Revaluation rate",null,null,{"$f":"D13","v":4.022988505747116E-2},2.200000000000002E-2,2.0999999999999908E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,null,"simple ref"]
["Commissioned assets",null,null,{"$f":"D$10","v":53542.807699831377},47330.141592528431,63757.498375313931,98923.984290555265,93105.213283671779,106566.57066460596,75812.503670278325,null,"simple ref"]
[{"$f":"\" Assets commissioned in \" & $E$27","v":" Assets commissioned in 2024/25"}]
["Year asset is added during modelling period",null,{"$f":"E28","v":2}]
["Opening RAB",null,null,0,{"$f":"D37","v":0},47330.141592528431,47248.389529777698,47094.557563866794,46915.149725528252,46709.180775513742,null,"4.2.1(4)"]
["Years of remaining life",null,null,{"$f":"$C$11+$C32","v":46},{"$f":"D34-1","v":45},44,43,42,41,40,null,"4.2.2(3)(b)"]
["Revaluation of assets",null,null,{"$f":"D33*D$29","v":0},0,993.93297344309269,944.96779059555479,941.89115127733669,938.3029945105659,934.18361551027567,null,"4.2.3(2)(b)"]
["Depreciation of assets",null,null,{"$f":"D33/D34","v":0},0,1075.685036193828,1098.7997565064582,1121.2989896158761,1144.2719445250793,1167.7295193878435,null,"4.2.2(2)(b)"]
["Closing RAB",null,null,{"$f":"D33-D36+D35+IF($C32=D$28,D$30,0)","v":0},47330.141592528431,47248.389529777698,47094.557563866794,46915.149725528252,46709.180775513742,46475.634871636175,null,"4.2.1(5)(b)"]
[{"$f":"\" Assets commissioned in \" & $F$27","v":" Assets commissioned in 2025/26"}]
["Year asset is added during modelling period",null,{"$f":"F28","v":3}]
["Opening RAB",null,null,0,{"$f":"D44","v":0},0,63757.498375313931,63583.614288835801,63376.597870220983,63135.163211667757]
["Years of remaining life",null,null,{"$f":"$C$11+$C39","v":47},{"$f":"D41-1","v":46},45,44,43,42,41]
["Revaluation of assets",null,null,{"$f":"D40*D$29","v":0},0,0,1275.1499675062798,1271.6722857767172,1267.5319574044208,1262.7032642333563]
["Depreciation of assets",null,null,{"$f":"D40/D41","v":0},0,0,1449.0340539844076,1478.6887043915303,1508.9666159576425,1539.8820295528722]
["Closing RAB",null,null,{"$f":"D40-D43+D42+IF($C39=D$28,D$30,0)","v":0},0,63757.498375313931,63583.614288835801,63376.597870220983,63135.163211667757,62857.984446348244]
[{"$f":"\" Assets commissioned in \" & $G$27","v":" Assets commissioned in 2026/27"}]
["Year asset is added during modelling period",null,{"$f":"G28","v":4}]
["Opening RAB",null,null,0,{"$f":"D51","v":0},0,0,98923.984290555265,98654.191606126478,98332.991912525133]
["Years of remaining life",null,null,{"$f":"$C$11+$C46","v":48},{"$f":"D48-1","v":47},46,45,44,43,42]
["Revaluation of assets",null,null,{"$f":"D47*D$29","v":0},0,0,0,1978.4796858111069,1973.0838321225312,1966.6598382505044]
["Depreciation of assets",null,null,{"$f":"D47/D48","v":0},0,0,0,2248.2723702398926,2294.2835257238717,2341.2617122029792]
["Closing RAB",null,null,{"$f":"D47-D50+D49+IF($C46=D$28,D$30,0)","v":0},0,0,98923.984290555265,98654.191606126478,98332.991912525133,97958.390038572659]
[{"$f":"\" Assets commissioned in \" & $H$27","v":" Assets commissioned in 2027/28"}]
["Year asset is added during modelling period",null,{"$f":"H28","v":5}]
["Opening RAB",null,null,0,{"$f":"D58","v":0},0,0,0,93105.213283671779,92851.289974716317]
["Years of remaining life",null,null,{"$f":"$C$11+$C53","v":49},{"$f":"D55-1","v":48},47,46,45,44,43]
["Revaluation of assets",null,null,{"$f":"D54*D$29","v":0},0,0,0,0,1862.1042656734373,1857.0257994943279]
["Depreciation of assets",null,null,{"$f":"D54/D55","v":0},0,0,0,0,2116.0275746289039,2159.3323249934028]
["Closing RAB",null,null,{"$f":"D54-D57+D56+IF($C53=D$28,D$30,0)","v":0},0,0,0,93105.213283671779,92851.289974716317,92548.983449217238]
[{"$f":"\" Assets commissioned in \" & $I$27","v":" Assets commissioned in 2028/29"}]
["Year asset is added during modelling period",null,{"$f":"I28","v":6}]
["Opening RAB",null,null,0,{"$f":"D65","v":0},0,0,0,0,106566.57066460596]
["Years of remaining life",null,null,{"$f":"$C$11+$C60","v":50},{"$f":"D62-1","v":49},48,47,46,45,44]
["Revaluation of assets",null,null,{"$f":"D61*D$29","v":0},0,0,0,0,0,2131.3314132921209]
["Depreciation of assets",null,null,{"$f":"D61/D62","v":0},0,0,0,0,0,2421.9675151046808]
["Closing RAB",null,null,{"$f":"D61-D64+D63+IF($C60=D$28,D$30,0)","v":0},0,0,0,0,106566.57066460596,106275.93456279339]
[{"$f":"\" Assets commissioned in \" & $J$27","v":" Assets commissioned in 2029/30"}]
["Year asset is added during modelling period",null,{"$f":"J28","v":7}]
["Opening RAB",null,null,0,{"$f":"D72","v":0},0,0,0,0,0]
["Years of remaining life",null,null,{"$f":"$C$11+$C67","v":51},{"$f":"D69-1","v":50},49,48,47,46,45]
["Revaluation of assets",null,null,{"$f":"D68*D$29","v":0},0,0,0,0,0,0]
["Depreciation of assets",null,null,{"$f":"D68/D69","v":0},0,0,0,0,0,0]
["Closing RAB",null,null,{"$f":"D68-D71+D70+IF($C67=D$28,D$30,0)","v":0},0,0,0,0,0,75812.503670278325]
[]
[]
["Aggregate roll forward of additional assets"]
["Opening RAB of commissioned additional assets",null,null,{"$f":"D33+D40+D47+D54+D61+D68","v":0},0,47330.141592528431,111005.88790509163,209602.15614325786,302051.15248554747,407595.1965390289,null,"Simple sum of values in the 6 calculation blocks immediately above"]
["Revaluation of commissioned additional assets",null,null,{"$f":"D35+D42+D49+D56+D63+D70","v":0},0,993.93297344309269,2220.1177581018346,4192.0431228651605,6041.0230497109551,8151.9039307805851,null,"Simple sum of values in the 6 calculation blocks immediately above"]
["Depreciation of commissioned additional assets",null,null,0,0,1075.685036193828,2547.8338104908657,4848.2600642472989,7063.549660835497,9630.1731012417786,null,"Simple sum of values in the 6 calculation blocks immediately above"]
["Closing RAB of commissioned additional assets",null,null,0,47330.141592528431,111005.88790509163,209602.15614325786,302051.15248554747,407595.1965390289,481929.43103884603,null,"Simple sum of values in the 6 calculation blocks immediately above"]
[]
[]
[]
["Combined roll forward of existing and additional assets",null,null,{"$f":"Inputs!C$6","v":"2023/24"},{"$f":"Inputs!D$6","v":"2024/25"},{"$f":"Inputs!E$6","v":"2025/26"},{"$f":"Inputs!F$6","v":"2026/27"},{"$f":"Inputs!G$6","v":"2027/28"},{"$f":"Inputs!H$6","v":"2028/29"},{"$f":"Inputs!I$6","v":"2029/30"}]
["Aggregate opening RAB value",null,null,{"$f":"C6","v":803430.16615239112},{"$f":"E20+E76","v":847276.47559922794},880386.38461761747,928694.88267850433,1012603.6529333453,1090416.132231619,1181174.1668835955,null,"4.2.1(1)"]
[{"$f":"A21","v":"Disposed assets"},null,null,{"$f":"D21","v":0},0,0,0,0,0,0,null,"simple ref"]
[{"$f":"A30","v":"Commissioned assets"},null,null,{"$f":"D30","v":53542.807699831377},47330.141592528431,63757.498375313931,98923.984290555265,93105.213283671779,106566.57066460596,75812.503670278325,null,"simple ref"]
["Total revaluation",null,null,{"$f":"D22+D77","v":32289.581332779635},18621.442380719847,18470.619895866359,18557.543873674636,20236.013028731122,21792.555345037479,23608.011758265038,null,"4.2.3(1)"]
["Total depreciation",null,null,{"$f":"C7","v":32360.718320962555},32841.67495485871,33919.620210293426,33572.757909388958,35528.747014129229,37601.091357666897,39991.861515562814,null,"4.2.2(1)"]
["Aggregate closing RAB value",null,null,{"$f":"D24+D79","v":847276.47559922794},{"$f":"E24+E79","v":880386.38461761747},928694.88267850433,1012603.6529333453,1090416.132231619,1181174.1668835955,1240602.8207965761,null,"4.2.1(1)"]
["Check that closing value is as expected. Should = 0",null,null,null,{"$f":"E84-E85+E86+E87-E88-E89","v":0},{"$f":"F84-F85+F86+F87-F88-F89","v":0},{"$f":"G84-G85+G86+G87-G88-G89","v":0},{"$f":"H84-H85+H86+H87-H88-H89","v":0},{"$f":"I84-I85+I86+I87-I88-I89","v":0},{"$f":"J84+J30+J87-J88-J21-J89","v":0}]
[]
[]
["Outputs"]
[null,null,null,{"$f":"Inputs!C$6","v":"2023/24"},{"$f":"Inputs!D$6","v":"2024/25"},{"$f":"Inputs!E$6","v":"2025/26"},{"$f":"Inputs!F$6","v":"2026/27"},{"$f":"Inputs!G$6","v":"2027/28"},{"$f":"Inputs!H$6","v":"2028/29"},{"$f":"Inputs!I$6","v":"2029/30"}]
["Remaining asset life of existing assets",null,null,null,{"$f":"E25","v":25.79882045491955},25.364081332191549,26.35587414063825,26.173036239673429,25.816255531396386,25.478786284483572,null,"simple ref"]
["Total depreciation",null,null,{"$f":"D88","v":32360.718320962555},32841.67495485871,33919.620210293426,33572.757909388958,35528.747014129229,37601.091357666897,39991.861515562814,null,"simple ref"]
["Aggregate opening RAB value",null,null,{"$f":"D84","v":803430.16615239112},847276.47559922794,880386.38461761747,928694.88267850433,1012603.6529333453,1090416.132231619,1181174.1668835955,null,"simple ref"]
["Total revaluation",null,null,{"$f":"D87","v":32289.581332779635},18621.442380719847,18470.619895866359,18557.543873674636,20236.013028731122,21792.555345037479,23608.011758265038,null,"simple ref"]
["Aggregate closing RAB value",null,null,{"$f":"D89","v":847276.47559922794},880386.38461761747,928694.88267850433,1012603.6529333453,1090416.132231619,1181174.1668835955,1240602.8207965761,null,"simple ref"]
["Term credit spread differential allowance",null,null,{"$f":"$C$12*D97/$D$97","v":375.81537252885653},396.32507929987793,411.81268894706466,434.40964504843436,473.6591119968536,510.05695604958487,552.51025944751814,null,"4.4.7(2)"]
["Opening RAB value for existing assets for the base year",null,null,{"$f":"D20","v":803430.16615239112}]

{"sheet":"TAX","index":12,"n_rows":193,"n_cols":12,"rows_kept":193,"cut":false,"hidden":false,"merged":[]}
["Tax calculations",null,null,null,null,null,null,null,null,{"$f":"EDB_Name","v":"Wellington Electricity"}]
["Calculations involving the roll-forward of adjusted depreciation regulatory asset values, deferred tax and tax adjustments."]
[]
["Inputs","Source",null,{"$f":"Inputs!C$6","v":"2023/24"},{"$f":"Inputs!D$6","v":"2024/25"},{"$f":"Inputs!E$6","v":"2025/26"},{"$f":"Inputs!F$6","v":"2026/27"},{"$f":"Inputs!G$6","v":"2027/28"},{"$f":"Inputs!H$6","v":"2028/29"},{"$f":"Inputs!I$6","v":"2029/30"}]
["Year in modelling period","EDB data",null,{"$f":"'EDB data'!B20","v":1},{"$f":"'EDB data'!C20","v":2},{"$f":"'EDB data'!D20","v":3},{"$f":"'EDB data'!E20","v":4},{"$f":"'EDB data'!F20","v":5},{"$f":"'EDB data'!G20","v":6},{"$f":"'EDB data'!H20","v":7}]
["Tax rate","EDB data",null,{"$f":"'EDB data'!B24","v":0.28000000000000003},{"$f":"'EDB data'!C24","v":0.28000000000000003},{"$f":"'EDB data'!D24","v":0.28000000000000003},{"$f":"'EDB data'!E24","v":0.28000000000000003},{"$f":"'EDB data'!F24","v":0.28000000000000003},{"$f":"'EDB data'!G24","v":0.28000000000000003},{"$f":"'EDB data'!H24","v":0.28000000000000003}]
["Value of commissioned assets","EDB data",null,{"$f":"TRANSPOSE('EDB data'!B49:B55)","v":53542.807699831377},47330.141592528431,63757.498375313931,98923.984290555265,93105.213283671779,106566.57066460596,75812.503670278325]
["Remaining life of newly commissioned assets","EDB data",null,{"$f":"'EDB data'!B12","v":44}]
["Amortisation of initial differences in asset values","EDB data",null,{"$f":"'EDB data'!B35","v":7150.7843480592646}]
["Disposed assets","EDB data",null,{"$f":"'EDB data'!$B58","v":0},{"$f":"'EDB data'!$B59","v":0},{"$f":"'EDB data'!$B60","v":0},{"$f":"'EDB data'!$B61","v":0},{"$f":"'EDB data'!$B62","v":0},{"$f":"'EDB data'!$B63","v":0},{"$f":"'EDB data'!$B64","v":0}]
["Opening RAB excluding revaluations","EDB data",null,{"$f":"'EDB data'!B31","v":632965.60525552602}]
["Adjusted depreciation","EDB data",null,{"$f":"'EDB data'!B32","v":26367.517077996272}]
["Tax depreciation","EDB data",null,{"$f":"'EDB data'!B33","v":31481.720735161492}]
["Opening regulatory tax asset value","EDB data",null,{"$f":"'EDB data'!B34","v":399511.9510478304}]
["Opening deferred tax balance","EDB data",null,{"$f":"'EDB data'!B37","v":-49298.299541630287}]
["Cost of debt","EDB data",null,{"$f":"'EDB data'!B10","v":5.74E-2}]
["Leverage","EDB data",null,{"$f":"'EDB data'!B11","v":0.41}]
["Remaining asset life of existing assets","RAB",null,null,{"$f":"RAB!E95","v":25.79882045491955},{"$f":"RAB!F95","v":25.364081332191549},{"$f":"RAB!G95","v":26.35587414063825},{"$f":"RAB!H95","v":26.173036239673429},{"$f":"RAB!I95","v":25.816255531396386},{"$f":"RAB!J95","v":25.478786284483572}]
["Total depreciation","RAB",null,{"$f":"RAB!D96","v":32360.718320962555},{"$f":"RAB!E96","v":32841.67495485871},{"$f":"RAB!F96","v":33919.620210293426},{"$f":"RAB!G96","v":33572.757909388958},{"$f":"RAB!H96","v":35528.747014129229},{"$f":"RAB!I96","v":37601.091357666897},{"$f":"RAB!J96","v":39991.861515562814}]
["Term credit spread differential allowance","RAB",null,{"$f":"RAB!D100","v":375.81537252885653},{"$f":"RAB!E100","v":396.32507929987793},{"$f":"RAB!F100","v":411.81268894706466},{"$f":"RAB!G100","v":434.40964504843436},{"$f":"RAB!H100","v":473.6591119968536},{"$f":"RAB!I100","v":510.05695604958487},{"$f":"RAB!J100","v":552.51025944751814}]
["Aggregate opening RAB value","RAB",null,{"$f":"RAB!D97","v":803430.16615239112},{"$f":"RAB!E97","v":847276.47559922794},{"$f":"RAB!F97","v":880386.38461761747},{"$f":"RAB!G97","v":928694.88267850433},{"$f":"RAB!H97","v":1012603.6529333453},{"$f":"RAB!I97","v":1090416.132231619},{"$f":"RAB!J97","v":1181174.1668835955}]
["Total depreciation","RAB",null,null,null,{"$f":"RAB!F96","v":33919.620210293426},{"$f":"RAB!G96","v":33572.757909388958},{"$f":"RAB!H96","v":35528.747014129229},{"$f":"RAB!I96","v":37601.091357666897},{"$f":"RAB!J96","v":39991.861515562814}]
["Operating expenditure","EDB data",null,null,null,{"$f":"TRANSPOSE('EDB data'!B42:B46)","v":45192.983484661345},46782.328321386522,48443.687192979196,50200.368639512206,52032.749796498567]
["Maximum allowable revenue before tax in revenue date terms","MAR",null,null,null,{"$f":"MAR!D38","v":118695.81208155451},{"$f":"MAR!E38","v":133006.6835527925},{"$f":"MAR!F38","v":148690.83167733779},{"$f":"MAR!G38","v":166224.45454872941},{"$f":"MAR!H38","v":185825.64222911565}]
["BBAR before tax in revenue date terms","BBAR",null,null,null,{"$f":"BBAR!F141","v":134068.75434716707},{"$f":"BBAR!G141","v":140735.91311859922},{"$f":"BBAR!H141","v":148779.53154555667},{"$f":"BBAR!I141","v":157532.90979180223},{"$f":"BBAR!J141","v":165311.10618623861}]
["Opening tax losses","Input"]
["Tftax","Timing",null,{"$f":"Timing!C24","v":1.034794061998362}]
["Calculations"]
["Adjusted RAB & depreciation of assets commissioned",null,"Value",{"$f":"Inputs!C$6","v":"2023/24"},{"$f":"Inputs!D$6","v":"2024/25"},{"$f":"Inputs!E$6","v":"2025/26"},{"$f":"Inputs!F$6","v":"2026/27"},{"$f":"Inputs!G$6","v":"2027/28"},{"$f":"Inputs!H$6","v":"2028/29"},{"$f":"Inputs!I$6","v":"2029/30"}]
["Adjusted depreciation of assets commissioned and existing assets are calculated to determine depreciation excluding RAB valuations. "]
["This in turn is used to calculate the depreciation temporary differences used to calculate deferred tax."]
["Commissioned assets",null,null,{"$f":"D7","v":53542.807699831377},47330.141592528431,63757.498375313931,98923.984290555265,93105.213283671779,106566.57066460596,75812.503670278325,null,"simple ref"]
[{"$f":"\" Assets commissioned in \" & $E$29","v":" Assets commissioned in 2024/25"},null,{"$f":"E5","v":2}]
["Opening RAB, adjusted depreciation",null,null,0,{"$f":"D37","v":0},47330.141592528431,46254.456556334604,45178.771520140777,44103.08648394695,43027.401447753124,null,"4.2.1(4)"]
["Years of remaining life",null,null,{"$f":"$D$8+$C33","v":46},{"$f":"D35-1","v":45},44,43,42,41,40,null,"4.2.2(3)(b)adj 1.1.4(2)"]
["Adjusted depreciation",null,null,{"$f":"D34/D35","v":0},0,1075.685036193828,1075.685036193828,1075.685036193828,1075.685036193828,1075.6850361938282,null,"4.2.2(2)(b)adj"]
["Closing RAB, adjusted depreciation",null,null,{"$f":"D34-D36+IF($C33=D$5,D$32,0)","v":0},47330.141592528431,46254.456556334604,45178.771520140777,44103.08648394695,43027.401447753124,41951.716411559297,null,"4.2.1(5)(b)"]
[{"$f":"\" Assets commissioned in \" & $F$29","v":" Assets commissioned in 2025/26"},null,{"$f":"F5","v":3}]
["Opening RAB, adjusted depreciation",null,null,0,{"$f":"D42","v":0},0,63757.498375313931,62308.46432132952,60859.430267345117,59410.396213360706,null,"4.2.1(4)"]
["Years of remaining life",null,null,{"$f":"$D$8+$C38","v":47},{"$f":"D40-1","v":46},45,44,43,42,41,null,"4.2.2(3)(b)adj"]
["Adjusted depreciation",null,null,{"$f":"D39/D40","v":0},0,0,1449.0340539844076,1449.0340539844074,1449.0340539844076,1449.0340539844074,null,"4.2.2(2)(b)adj"]
["Closing RAB, adjusted depreciation",null,null,{"$f":"D39-D41+IF($C38=D$5,D$32,0)","v":0},0,63757.498375313931,62308.46432132952,60859.430267345117,59410.396213360706,57961.362159376295,null,"4.2.1(5)(b)"]
[{"$f":"\" Assets commissioned in \" & $G$29","v":" Assets commissioned in 2026/27"},null,{"$f":"G5","v":4}]
["Opening RAB, adjusted depreciation",null,null,0,{"$f":"D47","v":0},0,0,98923.984290555265,96675.711920315371,94427.439550075476,null,"4.2.1(4)"]
["Years of remaining life",null,null,{"$f":"$D$8+$C43","v":48},{"$f":"D45-1","v":47},46,45,44,43,42,null,"4.2.2(3)(b)adj"]
["Adjusted depreciation",null,null,{"$f":"D44/D45","v":0},0,0,0,2248.2723702398926,2248.2723702398926,2248.2723702398921,null,"4.2.2(2)(b)adj"]
["Closing RAB, adjusted depreciation",null,null,{"$f":"D44-D46+IF($C43=D$5,D$32,0)","v":0},0,0,98923.984290555265,96675.711920315371,94427.439550075476,92179.167179835582,null,"4.2.1(5)(b)"]
[{"$f":"\" Assets commissioned in \" & $H$29","v":" Assets commissioned in 2027/28"},null,{"$f":"H5","v":5}]
["Opening RAB, adjusted depreciation",null,null,0,{"$f":"D52","v":0},0,0,0,93105.213283671779,90989.185709042882,null,"4.2.1(4)"]
["Years of remaining life",null,null,{"$f":"$D$8+$C48","v":49},{"$f":"D50-1","v":48},47,46,45,44,43,null,"4.2.2(3)(b)adj"]
["Adjusted depreciation",null,null,{"$f":"D49/D50","v":0},0,0,0,0,2116.0275746289039,2116.0275746289044,null,"4.2.2(2)(b)adj"]
["Closing RAB, adjusted depreciation",null,null,{"$f":"D49-D51+IF($C48=D$5,D$32,0)","v":0},0,0,0,93105.213283671779,90989.185709042882,88873.15813441397,null,"4.2.1(5)(b)"]
[{"$f":"\" Assets commissioned in \" & $I$29","v":" Assets commissioned in 2028/29"},null,{"$f":"I5","v":6}]
["Opening RAB, adjusted depreciation",null,null,0,{"$f":"D57","v":0},0,0,0,0,106566.57066460596,null,"4.2.1(4)"]
["Years of remaining life",null,null,{"$f":"$D$8+$C53","v":50},{"$f":"D55-1","v":49},48,47,46,45,44,null,"4.2.2(3)(b)adj"]
["Adjusted depreciation",null,null,{"$f":"D54/D55","v":0},0,0,0,0,0,2421.9675151046808,null,"4.2.2(2)(b)adj"]
["Closing RAB, adjusted depreciation",null,null,{"$f":"D54-D56+IF($C53=D$5,D$32,0)","v":0},0,0,0,0,106566.57066460596,104144.60314950127,null,"4.2.1(5)(b)"]
[{"$f":"\" Assets commissioned in \" & $J$29","v":" Assets commissioned in 2029/30"},null,{"$f":"J5","v":7}]
["Opening RAB, adjusted depreciation",null,null,0,{"$f":"D62","v":0},0,0,0,0,0,null,"4.2.1(4)"]
["Years of remaining life",null,null,{"$f":"$D$8+$C58","v":51},{"$f":"D60-1","v":50},49,48,47,46,45,null,"4.2.2(3)(b)adj"]
["Adjusted depreciation",null,null,{"$f":"D59/D60","v":0},0,0,0,0,0,0,null,"4.2.2(2)(b)adj"]
["Closing RAB, adjusted depreciation",null,null,{"$f":"D59-D61+IF($C58=D$5,D$32,0)","v":0},0,0,0,0,0,75812.503670278325,null,"4.2.1(5)(b)"]
["Total assets commissioned"]
["Total adjusted depreciation of commissioned assets",null,null,{"$f":"D36+D41+D46+D51+D56+D61","v":0},0,1075.685036193828,2524.7190901782355,4772.9914604181276,6889.019035047033,9310.9865501517124,null,"aggregation of adjusted depreciation values"]
[]
["Adjusted depreciation of existing assets"]
[null,null,null,{"$f":"Inputs!C$6","v":"2023/24"},{"$f":"Inputs!D$6","v":"2024/25"},{"$f":"Inputs!E$6","v":"2025/26"},{"$f":"Inputs!F$6","v":"2026/27"},{"$f":"Inputs!G$6","v":"2027/28"},{"$f":"Inputs!H$6","v":"2028/29"},{"$f":"Inputs!I$6","v":"2029/30"}]
["Opening RAB value of existing assets, adjusted depreciation",null,null,{"$f":"D11","v":632965.60525552602},{"$f":"D72","v":660140.89587736106},634552.86959410983,609535.09499847528,586407.98899751622,564002.9465092232,542156.13197706488,null,"4.2.1(2)adj"]
["Disposed assets",null,null,{"$f":"-D10","v":0},0,0,0,0,0,0,null,"simple ref"]
["Adjusted depreciation of existing assets",null,null,{"$f":"-D12","v":-26367.517077996272},{"$f":"-E68/E18","v":-25588.026283251238},-25017.774595634532,-23127.106000959011,-22405.042488293024,-21846.814532158322,-21278.726777783551,null,"4.2.2(2)(a)(ii) 1.1.4(2)"]
["Base year commissioned assets",null,null,{"$f":"D7","v":53542.807699831377},null,null,null,null,null,null,null,"simple ref"]
["Closing RAB value of existing assets, adjusted depreciation",null,null,{"$f":"SUM(D68:D71)","v":660140.89587736106},{"$f":"SUM(E68:E71)","v":634552.86959410983},609535.09499847528,586407.98899751622,564002.9465092232,542156.13197706488,520877.40519928135,null,"4.2.1(3)adj"]
[]
["Regulatory tax asset value"]
["The regulatory tax asset value is calculated to enable the calculation of the annual tax depreciation, which is used in the calculation of depreciation differences,"]
["which is in turn used to in the deferred tax calculation."]
[null,null,"Value",{"$f":"Inputs!C$6","v":"2023/24"},{"$f":"Inputs!D$6","v":"2024/25"},{"$f":"Inputs!E$6","v":"2025/26"},{"$f":"Inputs!F$6","v":"2026/27"},{"$f":"Inputs!G$6","v":"2027/28"},{"$f":"Inputs!H$6","v":"2028/29"},{"$f":"Inputs!I$6","v":"2029/30"}]
["Average DV rate",null,{"$f":"D13/D14","v":7.8800448028130285E-2},null,null,null,null,null,null,null,null,"4.3.5(3)(b)"]
["Opening regulatory tax asset value",null,null,{"$f":"D14","v":399511.9510478304},{"$f":"D82","v":421573.03801250027},435683.03533306369,465108.51532587648,527381.74022705422,578929.03609897906,639875.73934249184,null,"4.3.5(3)(a)"]
["Tax depreciation",null,null,{"$f":"-D13","v":-31481.720735161492},{"$f":"-E79*$C78","v":-33220.144271965022},-34332.018382501134,-36650.75938937757,-41557.917411746894,-45619.867421093164,-50422.494942519472,null,"4.3.5(2)(b)"]
["Value of commissioned assets",null,null,{"$f":"D7","v":53542.807699831377},47330.141592528431,63757.498375313931,98923.984290555265,93105.213283671779,106566.57066460596,75812.503670278325,null,"simple ref"]
["Closing regulatory tax asset value",null,null,{"$f":"SUM(D79:D81)","v":421573.03801250027},{"$f":"SUM(E79:E81)","v":435683.03533306369},465108.51532587648,527381.74022705422,578929.03609897906,639875.73934249184,665265.74807025073,null,"4.3.5(3)(c)"]
[]
["Depreciation temporary differences"]
["Depreciation temporary differences are the differences between depreciation of assets for accounting and tax purposes, and is uses in the deferred tax calculation."]
[null,null,null,{"$f":"Inputs!C$6","v":"2023/24"},{"$f":"Inputs!D$6","v":"2024/25"},{"$f":"Inputs!E$6","v":"2025/26"},{"$f":"Inputs!F$6","v":"2026/27"},{"$f":"Inputs!G$6","v":"2027/28"},{"$f":"Inputs!H$6","v":"2028/29"},{"$f":"Inputs!I$6","v":"2029/30"}]
["Total adjusted depreciation of assets",null,null,{"$f":"D64-D70","v":26367.517077996272},25588.026283251238,26093.459631828358,25651.825091137245,27178.033948711152,28735.833567205354,30589.713327935264,null,"1.1.4(2)adj"]
["Tax depreciation",null,null,{"$f":"D80","v":-31481.720735161492},{"$f":"E80","v":-33220.144271965022},-34332.018382501134,-36650.75938937757,-41557.917411746894,-45619.867421093164,-50422.494942519472,null,"simple ref"]
["Depreciation temporary differences",null,null,{"$f":"SUM(D87:D88)","v":-5114.2036571652206},{"$f":"SUM(E87:E88)","v":-7632.1179887137841},-8238.5587506727752,-10998.934298240325,-14379.883463035741,-16884.03385388781,-19832.781614584208,null,"4.3.5(1)"]
[]
["Deferred tax"]
["The deferred tax balance is calculated by adding the tax effects of depreciation temporary differences and amortisation of initial values to the opening deferred tax. "]
["The deferred tax balance is used in the calculation of the investment value for the calculation of notional interest."]
[null,null,null,{"$f":"Inputs!C$6","v":"2023/24"},{"$f":"Inputs!D$6","v":"2024/25"},{"$f":"Inputs!E$6","v":"2025/26"},{"$f":"Inputs!F$6","v":"2026/27"},{"$f":"Inputs!G$6","v":"2027/28"},{"$f":"Inputs!H$6","v":"2028/29"},{"$f":"Inputs!I$6","v":"2029/30"}]
["Opening deferred tax",null,null,{"$f":"D15","v":-49298.299541630287},{"$f":"D98","v":-52732.496183093142},-56871.708837389597,-61180.724905034571,-66262.64612599845,-72291.233113105045,-79020.982209650218,null,"4.3.4(1)"]
["Tax effect of depreciation temporary differences",null,null,{"$f":"D89*D6","v":-1431.9770240062619},-2136.9930368398595,-2306.7964501883771,-3079.7016035072911,-4026.3673696500082,-4727.5294790885873,-5553.1788520835789,null,"simple ref"]
["Tax effect of amortisation of initial differences in asset values",null,null,{"$f":"-D9*D6","v":-2002.2196174565943},{"$f":"D97","v":-2002.2196174565943},-2002.2196174565943,-2002.2196174565943,-2002.2196174565943,-2002.2196174565943,-2002.2196174565943,null,"4.3.3(3)"]
["Closing deferred tax",null,null,{"$f":"SUM(D95:D97)","v":-52732.496183093142},{"$f":"SUM(E95:E97)","v":-56871.708837389597},-61180.724905034571,-66262.64612599845,-72291.233113105045,-79020.982209650218,-86576.380679190392,null,"4.3.4(2)"]
[]
["Amortisation of revaluations"]
["Amortisation of revaluations is calculated as the difference between total depreciation and adjusted depreciation. This amount is a deduction for regulatory tax purposes."]
[null,null,null,{"$f":"Inputs!C$6","v":"2023/24"},{"$f":"Inputs!D$6","v":"2024/25"},{"$f":"Inputs!E$6","v":"2025/26"},{"$f":"Inputs!F$6","v":"2026/27"},{"$f":"Inputs!G$6","v":"2027/28"},{"$f":"Inputs!H$6","v":"2028/29"},{"$f":"Inputs!I$6","v":"2029/30"}]
["Total depreciation",null,null,{"$f":"D19","v":32360.718320962555},32841.67495485871,33919.620210293426,33572.757909388958,35528.747014129229,37601.091357666897,39991.861515562814,null,"simple ref"]
["Adjusted depreciation",null,null,{"$f":"-D87","v":-26367.517077996272},{"$f":"-E87","v":-25588.026283251238},-26093.459631828358,-25651.825091137245,-27178.033948711152,-28735.833567205354,-30589.713327935264,null,"simple ref"]
["Amortisation of revaluations",null,null,{"$f":"SUM(D103:D104)","v":5993.2012429662827},{"$f":"SUM(E103:E104)","v":7253.6486716074724},7826.1605784650674,7920.9328182517129,8350.7130654180764,8865.2577904615428,9402.1481876275502,null,"4.3.3(5)"]
[]
["Opening investment value"]
["The opening investment value is calculated to use in the calculation of notional deductible interest."]
["Total opening RAB value ",null,null,{"$f":"D21","v":803430.16615239112},847276.47559922794,880386.38461761747,928694.88267850433,1012603.6529333453,1090416.132231619,1181174.1668835955,null,"simple ref"]
["Opening deferred tax",null,null,{"$f":"D95","v":-49298.299541630287},{"$f":"E95","v":-52732.496183093142},-56871.708837389597,-61180.724905034571,-66262.64612599845,-72291.233113105045,-79020.982209650218,null,"simple ref"]
["Opening investment value",null,null,{"$f":"SUM(D109:D110)","v":754131.8666107608},{"$f":"SUM(E109:E110)","v":794543.97941613477},823514.67578022787,867514.15777346981,946341.00680734683,1018124.8991185139,1102153.1846739454,null,"4.3.3(4)"]
[]
["Regulatory tax adjustments",null,null,null,null,null,null,null,null,null,null,"4.3.3"]
["The following items are treated as adjustments in the calculation of regulatory taxable income."]
["Amortisation of initial differences in asset values",null,null,{"$f":"D9","v":7150.7843480592646},{"$f":"D115","v":7150.7843480592646},7150.7843480592646,7150.7843480592646,7150.7843480592646,7150.7843480592646,7150.7843480592646,null,"simple ref"]
["Amortisation of revaluations",null,null,{"$f":"D105","v":5993.2012429662827},7253.6486716074724,7826.1605784650674,7920.9328182517129,8350.7130654180764,8865.2577904615428,9402.1481876275502,null,"4.3.3(5)"]
["Notional deductible interest",null,null,{"$f":"-(D111*$D$17*$D$16+D20)/(1+$D$16)^0.5","v":-17624.781044954314},-18569.611131904538,-19247.705337221254,-20276.666934631274,-22118.893258992823,-23797.159029661485,-25761.542794859168,null,"4.3.3(2) & (4)"]
["Regulatory tax adjustments",null,null,{"$f":"SUM(D115:D117)","v":-4480.7954539287675},{"$f":"SUM(E115:E117)","v":-4165.1781122378015},-4270.7604106969229,-5204.9497683202972,-6617.3958455154825,-7781.1168911406785,-9208.6102591723538,null,"4.3.3(1)"]
[]
["Regulatory profit / (loss) before tax"]
["This calculates the regulatory profit/(loss) before tax, which is used to calculate the regulatory taxable income.  The calculation below uses the BBAR from the BBAR sheet. This "]
["requires a reference at Row 25 of this sheet to the BAR sheet to the right of this sheet. This is required as it is only the BBAR sheet that resolves the revenue and tax calculation"]
["circularity. Such a reference to a sheet to the right is generally not best spreadsheeting practice, but we consider it important for this TAX sheet to calculate the tax allowance."]
["Allowable revenue before tax",null,null,null,null,{"$f":"F25","v":134068.75434716707},{"$f":"G25","v":140735.91311859922},{"$f":"H25","v":148779.53154555667},{"$f":"I25","v":157532.90979180223},{"$f":"J25","v":165311.10618623861},null,"simple ref"]
["Other regulated income"]
["Operating expenditure",null,null,null,null,{"$f":"-F23","v":-45192.983484661345},{"$f":"-G23","v":-46782.328321386522},{"$f":"-H23","v":-48443.687192979196},{"$f":"-I23","v":-50200.368639512206},{"$f":"-J23","v":-52032.749796498567},null,"simple ref"]
["Total depreciation",null,null,null,null,{"$f":"-F22","v":-33919.620210293426},{"$f":"-G22","v":-33572.757909388958},{"$f":"-H22","v":-35528.747014129229},{"$f":"-I22","v":-37601.091357666897},{"$f":"-J22","v":-39991.861515562814},null,"simple ref"]
["Regulatory profit/(loss) before tax",null,null,null,null,{"$f":"SUM(F124:F127)","v":54956.150652212287},{"$f":"SUM(G124:G127)","v":60380.826887823736},{"$f":"SUM(H124:H127)","v":64807.09733844825},{"$f":"SUM(I124:I127)","v":69731.449794623128},{"$f":"SUM(J124:J127)","v":73286.494874177239},null,"4.3.1(4)"]
[]
["Regulatory taxable income"]
["This calculates the regulatory taxable income, by adding the regulatory tax adjustments to the regulatory profit/ (loss) before tax"]
["Regulatory profit/(loss) before tax",null,null,null,null,{"$f":"F128","v":54956.150652212287},{"$f":"G128","v":60380.826887823736},{"$f":"H128","v":64807.09733844825},{"$f":"I128","v":69731.449794623128},{"$f":"J128","v":73286.494874177239},null,"simple ref"]
["Regulatory tax adjustments",null,null,null,null,{"$f":"F118","v":-4270.7604106969229},{"$f":"G118","v":-5204.9497683202972},{"$f":"H118","v":-6617.3958455154825},{"$f":"I118","v":-7781.1168911406785},{"$f":"J118","v":-9208.6102591723538},null,"simple ref"]
["Regulatory taxable income",null,null,null,null,{"$f":"SUM(F132:F133)","v":50685.390241515364},{"$f":"SUM(G132:G133)","v":55175.877119503435},{"$f":"SUM(H132:H133)","v":58189.701492932771},{"$f":"SUM(I132:I133)","v":61950.332903482449},{"$f":"SUM(J132:J133)","v":64077.884615004885},null,"4.3.1(3)"]
[]
["Utilised tax losses"]
["This calculates tax losses utilised and closing tax losses. Note that none of the EDBs are expected to incur or to have opening tax losses"]
["Opening tax losses",null,null,null,null,{"$f":"F26","v":0},{"$f":"G26","v":0},{"$f":"H26","v":0},{"$f":"I26","v":0},{"$f":"J26","v":0},null,"4.3.2(3)(a)"]
["Current period tax losses",null,null,null,null,{"$f":"MIN(F134,0)","v":0},{"$f":"MIN(G134,0)","v":0},{"$f":"MIN(H134,0)","v":0},{"$f":"MIN(I134,0)","v":0},{"$f":"MIN(J134,0)","v":0},null,"4.3.2(4)"]
["Utilised tax losses (nil if no opening or current tax losses)",null,null,null,null,{"$f":"IF(F134>0,-MIN(F134,F138),0)","v":0},{"$f":"IF(G134>0,-MIN(G134,G138),0)","v":0},{"$f":"IF(H134>0,-MIN(H134,H138),0)","v":0},{"$f":"IF(I134>0,-MIN(I134,I138),0)","v":0},{"$f":"IF(J134>0,-MIN(J134,J138),0)","v":0},null,"4.3.2(1) & (2)"]
["Closing tax losses",null,null,null,null,{"$f":"SUM(F138:F140)","v":0},{"$f":"SUM(G138:G140)","v":0},{"$f":"SUM(H138:H140)","v":0},{"$f":"SUM(I138:I140)","v":0},{"$f":"SUM(J138:J140)","v":0},null,"4.3.2(3)(b)"]
[]
[]
["Net regulatory taxable income and regulatory tax allowance",null,"NPV","2023/24","2024/25","2025/26","2026/27","2027/28","2028/29","2029/30"]
["This calculates the regulatory tax allowance which is used in the BBAR calculation."]
["Regulatory taxable income",null,null,null,null,{"$f":"F134","v":50685.390241515364},{"$f":"G134","v":55175.877119503435},{"$f":"H134","v":58189.701492932771},{"$f":"I134","v":61950.332903482449},{"$f":"J134","v":64077.884615004885},null,"simple ref"]
["Utilised tax losses",null,null,null,null,{"$f":"F140","v":0},{"$f":"G140","v":0},{"$f":"H140","v":0},{"$f":"I140","v":0},{"$f":"J140","v":0},null,"simple ref"]
["Regulatory net taxable income",null,null,null,null,{"$f":"SUM(F146:F147)","v":50685.390241515364},{"$f":"SUM(G146:G147)","v":55175.877119503435},{"$f":"SUM(H146:H147)","v":58189.701492932771},{"$f":"SUM(I146:I147)","v":61950.332903482449},{"$f":"SUM(J146:J147)","v":64077.884615004885},null,"4.3.1(2)"]
[" x Corporate tax rate"]
["Regulatory tax allowance in tax date terms",null,{"$f":"NPV(Inputs!$B$16,F150:J150)","v":65899.22885535119},null,null,{"$f":"MAX(F148,0)*F6","v":14191.909267624304},{"$f":"MAX(G148,0)*G6","v":15449.245593460962},{"$f":"MAX(H148,0)*H6","v":16293.116418021178},{"$f":"MAX(I148,0)*I6","v":17346.093212975087},{"$f":"MAX(J148,0)*J6","v":17941.807692201368},null,"4.3.1(3)"]
["Regulatory tax allowance in year-end terms",null,{"$f":"NPV(Inputs!$B$16,F151:J151)","v":68192.130709788515},null,null,{"$f":"F150*$D$27","v":14685.703438557151},{"$f":"G150*$D$27","v":15986.787602467764},{"$f":"H150*$D$27","v":16860.020120816338},{"$f":"I150*$D$27","v":17949.634255656707},{"$f":"J150*$D$27","v":18566.076061406511},null,"simple ref"]
["Check to BBAR tax allowance",null,null,null,null,{"$f":"BBAR!F109-F151","v":0},{"$f":"BBAR!G109-G151","v":0},{"$f":"BBAR!H109-H151","v":0},{"$f":"BBAR!I109-I151","v":0},{"$f":"BBAR!J109-J151","v":0}]
[]
["Tax payable for IRR calculation",null,"NPV","2023/24","2024/25","2025/26","2026/27","2027/28","2028/29","2029/30"]
["This calculates the tax payable which is used in the IRR calculation."]
["Maximum allowable revenue before tax in revenue date terms",null,null,null,null,{"$f":"F24","v":118695.81208155451},{"$f":"G24","v":133006.6835527925},{"$f":"H24","v":148690.83167733779},{"$f":"I24","v":166224.45454872941},{"$f":"J24","v":185825.64222911565},null,"simple ref"]
["Operating expenditure",null,null,null,null,{"$f":"-F23","v":-45192.983484661345},{"$f":"-G23","v":-46782.328321386522},{"$f":"-H23","v":-48443.687192979196},{"$f":"-I23","v":-50200.368639512206},{"$f":"-J23","v":-52032.749796498567},null,"simple ref"]
["Total depreciation",null,null,null,null,{"$f":"-F22","v":-33919.620210293426},{"$f":"-G22","v":-33572.757909388958},{"$f":"-H22","v":-35528.747014129229},{"$f":"-I22","v":-37601.091357666897},{"$f":"-J22","v":-39991.861515562814},null,"simple ref"]
["Regulatory tax adjustments",null,null,null,null,{"$f":"F118","v":-4270.7604106969229},{"$f":"G118","v":-5204.9497683202972},{"$f":"H118","v":-6617.3958455154825},{"$f":"I118","v":-7781.1168911406785},{"$f":"J118","v":-9208.6102591723538},null,"simple ref"]
["Taxable profit / (loss) before tax",null,null,null,null,{"$f":"SUM(F156:F159)","v":35312.447975902825},{"$f":"SUM(G156:G159)","v":47446.647553696719},{"$f":"SUM(H156:H159)","v":58101.001624713885},{"$f":"SUM(I156:I159)","v":70641.877660409635},{"$f":"SUM(J156:J159)","v":84592.420657881914}]
[" x Corporate tax rate"]
["Tax allowance based on price path revenue in tax date terms, deferred tax approach",null,{"$f":"NPV(Inputs!$B$16,F162:J162)","v":65899.228855351175},null,null,{"$f":"F160*F6","v":9887.4854332527921},{"$f":"G160*G6","v":13285.061315035082},{"$f":"H160*H6","v":16268.28045491989},{"$f":"I160*I6","v":19779.7257449147},{"$f":"J160*J6","v":23685.877784206939}]
["Tax allowance based on price path revenue in year-end terms, deferred tax approach",null,{"$f":"NPV(Inputs!$B$16,F163:J163)","v":68192.130709788529},null,null,{"$f":"F162*$D$27","v":10231.511214425291},{"$f":"G162*$D$27","v":13747.302562082454},{"$f":"H162*$D$27","v":16834.320013675115},{"$f":"I162*$D$27","v":20467.942748793859},{"$f":"J162*$D$27","v":24510.00568431626}]
["Increase in deferred tax",null,null,null,null,{"$f":"F96+F97","v":-4309.0160676449714},{"$f":"G96+G97","v":-5081.9212209638854},{"$f":"H96+H97","v":-6028.5869871066025},{"$f":"I96+I97","v":-6729.7490965451816},{"$f":"J96+J97","v":-7555.3984695401732}]
["Tax payable for the deferred tax approach in tax date terms",null,null,null,null,{"$f":"F162+F164","v":5578.4693656078207},{"$f":"G162+G164","v":8203.1400940711974},{"$f":"H162+H164","v":10239.693467813287},{"$f":"I162+I164","v":13049.976648369518},{"$f":"J162+J164","v":16130.479314666765}]
["Check NPV of regulatory tax allowance and tax payable",null,{"$f":"C151-C163","v":0}]
[]
["Alternative tax payable calculation, showing deferred tax movement"]
["Taxable profit - deferred tax",null,null,null,null,{"$f":"F160","v":35312.447975902825},{"$f":"G160","v":47446.647553696719},{"$f":"H160","v":58101.001624713885},{"$f":"I160","v":70641.877660409635},{"$f":"J160","v":84592.420657881914}]
["Add back regulatory depreciation",null,null,null,null,{"$f":"F19","v":33919.620210293426},{"$f":"G19","v":33572.757909388958},{"$f":"H19","v":35528.747014129229},{"$f":"I19","v":37601.091357666897},{"$f":"J19","v":39991.861515562814}]
["Deduct tax depreciation",null,null,null,null,{"$f":"F88","v":-34332.018382501134},{"$f":"G88","v":-36650.75938937757},{"$f":"H88","v":-41557.917411746894},{"$f":"I88","v":-45619.867421093164},{"$f":"J88","v":-50422.494942519472}]
["Add back regulatory tax adjustments",null,null,null,null,{"$f":"-F118","v":4270.7604106969229},{"$f":"-G118","v":5204.9497683202972},{"$f":"-H118","v":6617.3958455154825},{"$f":"-I118","v":7781.1168911406785},{"$f":"-J118","v":9208.6102591723538}]
["Deduct notional deductible interest",null,null,null,null,{"$f":"F117","v":-19247.705337221254},{"$f":"G117","v":-20276.666934631274},{"$f":"H117","v":-22118.893258992823},{"$f":"I117","v":-23797.159029661485},{"$f":"J117","v":-25761.542794859168}]
["Taxable profit",null,null,null,null,{"$f":"SUM(F169:F173)","v":19923.104877170786},{"$f":"SUM(G169:G173)","v":29296.928907397141},{"$f":"SUM(H169:H173)","v":36570.333813618876},{"$f":"SUM(I169:I173)","v":46607.059458462565},{"$f":"SUM(J169:J173)","v":57608.854695238449}]
["Tax payable ",null,null,null,null,{"$f":"F174*D6","v":5578.4693656078207},{"$f":"G174*E6","v":8203.140094071201},{"$f":"H174*F6","v":10239.693467813286},{"$f":"I174*G6","v":13049.97664836952},{"$f":"J174*H6","v":16130.479314666767}]
[]
["Deferred tax movement",null,null,null,null,{"$f":"SUM(F170:F173)*$D6","v":-4309.0160676449714},{"$f":"SUM(G170:G173)*$D6","v":-5081.9212209638854},{"$f":"SUM(H170:H173)*$D6","v":-6028.5869871066025},{"$f":"SUM(I170:I173)*$D6","v":-6729.7490965451816},{"$f":"SUM(J170:J173)*$D6","v":-7555.3984695401732},null,"sum of rows in highlighted block above"]
[]
["Check",null,null,null,null,{"$f":"F165-F175","v":0},{"$f":"G165-G175","v":0},{"$f":"H165-H175","v":0},{"$f":"I165-I175","v":0},{"$f":"J165-J175","v":0},null,"check between alternative calculations"]
["Outputs"]
[null,null,null,{"$f":"Inputs!C$6","v":"2023/24"},{"$f":"Inputs!D$6","v":"2024/25"},{"$f":"Inputs!E$6","v":"2025/26"},{"$f":"Inputs!F$6","v":"2026/27"},{"$f":"Inputs!G$6","v":"2027/28"},{"$f":"Inputs!H$6","v":"2028/29"},{"$f":"Inputs!I$6","v":"2029/30"}]
["Total adjusted depreciation of commissioned assets",null,null,{"$f":"D64","v":0},0,1075.685036193828,2524.7190901782355,4772.9914604181276,6889.019035047033,9310.9865501517124,null,"simple ref"]
["Opening deferred tax",null,null,{"$f":"D95","v":-49298.299541630287},-52732.496183093142,-56871.708837389597,-61180.724905034571,-66262.64612599845,-72291.233113105045,-79020.982209650218,null,"simple ref"]
["Closing deferred tax",null,null,{"$f":"D98","v":-52732.496183093142},-56871.708837389597,-61180.724905034571,-66262.64612599845,-72291.233113105045,-79020.982209650218,-86576.380679190392,null,"simple ref"]
["Regulatory tax adjustments",null,null,{"$f":"D118","v":-4480.7954539287675},-4165.1781122378015,-4270.7604106969229,-5204.9497683202972,-6617.3958455154825,-7781.1168911406785,-9208.6102591723538,null,"simple ref"]
["Opening RAB excluding revaluations",null,null,{"$f":"D34+D39+D44+D49+D54+D59+D68","v":632965.60525552602},660140.89587736106,681883.01118663826,719547.04993012385,792819.20912954176,858746.38846450241,936577.125561903,null,"aggregation of new and existing asset values"]
["Tax depreciation",null,null,{"$f":"-D80","v":31481.720735161492},33220.144271965022,34332.018382501134,36650.75938937757,41557.917411746894,45619.867421093164,50422.494942519472,null,"simple ref"]
["Opening regulatory tax asset value",null,null,{"$f":"D79","v":399511.9510478304},421573.03801250027,435683.03533306369,465108.51532587648,527381.74022705422,578929.03609897906,639875.73934249184,null,"simple ref"]
["Amortisation of initial differences in asset values",null,null,{"$f":"D115","v":7150.7843480592646},7150.7843480592646,7150.7843480592646,7150.7843480592646,7150.7843480592646,7150.7843480592646,7150.7843480592646,null,"simple ref"]
["Opening deferred tax balance",null,null,{"$f":"D95","v":-49298.299541630287},-52732.496183093142,-56871.708837389597,-61180.724905034571,-66262.64612599845,-72291.233113105045,-79020.982209650218,null,"simple ref"]
["Total adjusted depreciation",null,null,{"$f":"-D104","v":26367.517077996272},25588.026283251238,26093.459631828358,25651.825091137245,27178.033948711152,28735.833567205354,30589.713327935264,null,"aggregation of new and existing asset values"]
["Tax payable for the deferred tax approach in tax date terms",null,null,null,null,{"$f":"F165","v":5578.4693656078207},{"$f":"G165","v":8203.1400940711974},{"$f":"H165","v":10239.693467813287},{"$f":"I165","v":13049.976648369518},{"$f":"J165","v":16130.479314666765},null,"simple ref"]
["∆"]

{"sheet":"BBAR","index":13,"n_rows":141,"n_cols":13,"rows_kept":141,"cut":false,"hidden":false,"merged":[]}
["Building block allowable revenue",null,null,null,null,null,null,null,null,null,{"$f":"EDB_Name","v":"Wellington Electricity"}]
["This sheet calculates the building blocks allowable revenue for each year of the regulatory period."]
["Inputs"]
[null,"Source","Value",{"$f":"Inputs!C$6","v":"2023/24"},{"$f":"Inputs!D$6","v":"2024/25"},{"$f":"Inputs!E$6","v":"2025/26"},{"$f":"Inputs!F$6","v":"2026/27"},{"$f":"Inputs!G$6","v":"2027/28"},{"$f":"Inputs!H$6","v":"2028/29"},{"$f":"Inputs!I$6","v":"2029/30"}]
["Year in regulatory period","EDB data",null,null,null,{"$f":"'EDB data'!D21","v":1},{"$f":"'EDB data'!E21","v":2},{"$f":"'EDB data'!F21","v":3},{"$f":"'EDB data'!G21","v":4},{"$f":"'EDB data'!H21","v":5}]
["Tax rate","EDB data",null,{"$f":"'EDB data'!B24","v":0.28000000000000003},{"$f":"'EDB data'!C24","v":0.28000000000000003},{"$f":"'EDB data'!D24","v":0.28000000000000003},{"$f":"'EDB data'!E24","v":0.28000000000000003},{"$f":"'EDB data'!F24","v":0.28000000000000003},{"$f":"'EDB data'!G24","v":0.28000000000000003},{"$f":"'EDB data'!H24","v":0.28000000000000003}]
["Term credit spread differential allowance","EDB data",null,{"$f":"RAB!D100","v":375.81537252885653},{"$f":"RAB!E100","v":396.32507929987793},{"$f":"RAB!F100","v":411.81268894706466},{"$f":"RAB!G100","v":434.40964504843436},{"$f":"RAB!H100","v":473.6591119968536},{"$f":"RAB!I100","v":510.05695604958487},{"$f":"RAB!J100","v":552.51025944751814}]
["Value of commissioned assets","EDB data",null,{"$f":"TRANSPOSE('EDB data'!B49:B55)","v":53542.807699831377},47330.141592528431,63757.498375313931,98923.984290555265,93105.213283671779,106566.57066460596,75812.503670278325]
["Operating expenditure","EDB data",null,null,null,{"$f":"TRANSPOSE('EDB data'!B42:B46)","v":45192.983484661345},46782.328321386522,48443.687192979196,50200.368639512206,52032.749796498567]
[]
[]
["Vanilla WACC (67th percentile)","EDB data",{"$f":"WACC","v":7.0999999999999994E-2}]
["TFopex","TIMING",{"$f":"Timing!C23","v":1.034794061998362}]
["TFtax","TIMING",{"$f":"Timing!C24","v":1.034794061998362}]
["TFVCA","TIMING",{"$f":"Timing!C25","v":1.034794061998362}]
["TFrev","TIMING",{"$f":"Timing!C26","v":1.0282033589900317}]
["Aggregate opening RAB value","RAB",null,{"$f":"RAB!D97","v":803430.16615239112},{"$f":"RAB!E97","v":847276.47559922794},{"$f":"RAB!F97","v":880386.38461761747},{"$f":"RAB!G97","v":928694.88267850433},{"$f":"RAB!H97","v":1012603.6529333453},{"$f":"RAB!I97","v":1090416.132231619},{"$f":"RAB!J97","v":1181174.1668835955}]
["Total revaluation","RAB",null,{"$f":"RAB!D98","v":32289.581332779635},{"$f":"RAB!E98","v":18621.442380719847},{"$f":"RAB!F98","v":18470.619895866359},{"$f":"RAB!G98","v":18557.543873674636},{"$f":"RAB!H98","v":20236.013028731122},{"$f":"RAB!I98","v":21792.555345037479},{"$f":"RAB!J98","v":23608.011758265038}]
["Total depreciation","RAB",null,{"$f":"RAB!D96","v":32360.718320962555},{"$f":"RAB!E96","v":32841.67495485871},{"$f":"RAB!F96","v":33919.620210293426},{"$f":"RAB!G96","v":33572.757909388958},{"$f":"RAB!H96","v":35528.747014129229},{"$f":"RAB!I96","v":37601.091357666897},{"$f":"RAB!J96","v":39991.861515562814}]
["Opening deferred tax","TAX",null,{"$f":"TAX!D183","v":-49298.299541630287},{"$f":"TAX!E183","v":-52732.496183093142},{"$f":"TAX!F183","v":-56871.708837389597},{"$f":"TAX!G183","v":-61180.724905034571},{"$f":"TAX!H183","v":-66262.64612599845},{"$f":"TAX!I183","v":-72291.233113105045},{"$f":"TAX!J183","v":-79020.982209650218}]
["Closing deferred tax","TAX",null,{"$f":"TAX!D184","v":-52732.496183093142},{"$f":"TAX!E184","v":-56871.708837389597},{"$f":"TAX!F184","v":-61180.724905034571},{"$f":"TAX!G184","v":-66262.64612599845},{"$f":"TAX!H184","v":-72291.233113105045},{"$f":"TAX!I184","v":-79020.982209650218},{"$f":"TAX!J184","v":-86576.380679190392}]
["Regulatory tax adjustments","TAX",null,{"$f":"TAX!D118","v":-4480.7954539287675},{"$f":"TAX!E118","v":-4165.1781122378015},{"$f":"TAX!F118","v":-4270.7604106969229},{"$f":"TAX!G118","v":-5204.9497683202972},{"$f":"TAX!H118","v":-6617.3958455154825},{"$f":"TAX!I118","v":-7781.1168911406785},{"$f":"TAX!J118","v":-9208.6102591723538}]
["Opening RAB value for existing assets for the base year","RAB",null,{"$f":"RAB!D101","v":803430.16615239112}]
[]
["Calculations"]
["Building blocks are used to calculate building block allowable revenue (BBAR). "]
["Schematically, the high level BBAR calculation is structured as follows:",null,null,null,"In formula form the BBAR calculation is as follows:"]
[]
[]
[null,null,null,null,"(regulatory investment value × cost of capital + total value of commissioned assets × (TFVCA - 1)"]
[null,null,null,null,"+ term credit spread differential allowance × TF - total revaluation) ÷ (TFrev - corporate tax rate × TF)"]
[null,null,null,null,"+ (total depreciation × (1 – corporate tax rate × TF)"]
[null,null,null,null,"+ forecast operating expenditure × TF × (1 – corporate tax rate)"]
[null,null,null,null,"+ (closing deferred tax – opening deferred tax) × (TF – 1)"]
[null,null,null,null,"+ (permanent differences + regulatory tax adjustments - utilised tax losses) × corporate tax rate × TF)"]
[null,null,null,null,"÷ (TFrev - corporate tax rate × TF)."]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["The calculations below set out how each of the building blocks are calculated and includes other calculations that feed into the building blocks."]
[]
["1) Term credit spread differential allowance (TCSD)"]
["The TCSD allowance compensates suppliers for the additional debt premium that can be incurred from issuing debt with an original tenor longer than the five-year debt premium allowance implicit in the WACC. "]
["It is calculated by adjusting the base year allowance by an asset base scaling factor based on the size of the opening RAB in any year compared to the opening RAB at the start of the regulatory period."]
["It is a component of the return on capital calculation below. "]
[null,null,null,{"$f":"D$4","v":"2023/24"},{"$f":"E$4","v":"2024/25"},"2025/26","2026/27","2027/28","2028/29","2029/30","IM ref"]
["Aggregate opening RAB value","Input",null,{"$f":"D17","v":803430.16615239112},{"$f":"E17","v":847276.47559922794},880386.38461761747,928694.88267850433,1012603.6529333453,1090416.132231619,1181174.1668835955]
["Asset base scaling factor","Calc",null,{"$f":"D56/$D$23","v":1},{"$f":"E56/$D$23","v":1.0545738899210317},1.0957845768148935,1.1559123889086753,1.2603505514146691,1.3572008846190045,1.4701640747947167,"4.4.7(2)"]
["Term credit spread differential allowance (base year)","Input",null,{"$f":"IF(D7>0,D7,0)","v":375.81537252885653}]
["Term credit spread differential allowance × scaling factor","Calc",null,null,{"$f":"$D$58*E57","v":396.32507929987787},411.8126889470646,434.4096450484343,473.6591119968536,510.05695604958481,552.51025944751814]
[]
["2) Regulatory investment value"]
["The regulated investment value (RIV) is used to calculate the return on capital. It is calculated by adding opening RAB and deferred tax ."]
[null,null,null,null,null,{"$f":"F$4","v":"2025/26"},{"$f":"G$4","v":"2026/27"},{"$f":"H$4","v":"2027/28"},{"$f":"I$4","v":"2028/29"},{"$f":"J$4","v":"2029/30"}]
["Total opening RAB value","Input",null,null,null,{"$f":"F56","v":880386.38461761747},{"$f":"G56","v":928694.88267850433},{"$f":"H56","v":1012603.6529333453},{"$f":"I56","v":1090416.132231619},{"$f":"J56","v":1181174.1668835955}]
["Deferred tax asset/ (liability)","Input",null,null,null,{"$f":"F20","v":-56871.708837389597},{"$f":"G20","v":-61180.724905034571},{"$f":"H20","v":-66262.64612599845},{"$f":"I20","v":-72291.233113105045},{"$f":"J20","v":-79020.982209650218}]
["Regulatory investment value","Total",null,null,null,{"$f":"F64+F65","v":823514.67578022787},{"$f":"G64+G65","v":867514.15777346981},{"$f":"H64+H65","v":946341.00680734683},{"$f":"I64+I65","v":1018124.8991185139},{"$f":"J64+J65","v":1102153.1846739454}]
[]
["3) Return on capital"]
["Return on capital is calculated by adding the return on the opening RIV (RIV x WACC), the return on the total value of commissioned assets for part year, capex x (TFVCA-1)"]
["and the TCSD allowance."]
[null,null,null,null,null,{"$f":"F$4","v":"2025/26"},{"$f":"G$4","v":"2026/27"},{"$f":"H$4","v":"2027/28"},{"$f":"I$4","v":"2028/29"},{"$f":"J$4","v":"2029/30"}]
["Return on opening RIV","Calc",null,null,null,{"$f":"F66*$C$12","v":58469.54198039617},{"$f":"G66*$C$12","v":61593.505201916349},{"$f":"H66*$C$12","v":67190.211483321618},{"$f":"I66*$C$12","v":72286.86783741448},{"$f":"J66*$C$12","v":78252.876111850113},null,null,"RIV x WACC"]
["Return on commissioned assets","Calc",null,null,null,{"$f":"F8*($C$15-1)","v":2218.3823513311368},{"$f":"G8*($C$15-1)","v":3441.9672425305675},{"$f":"H8*($C$15-1)","v":3239.5085633627923},{"$f":"I8*($C$15-1)","v":3707.8838666571237},{"$f":"J8*($C$15-1)","v":2637.8249529547102},null,null,"Capex x WACC adjusted for capex timing"]
["Term credit spread differential allowance","1",null,null,null,{"$f":"F59","v":411.8126889470646},{"$f":"G59","v":434.4096450484343},{"$f":"H59","v":473.6591119968536},{"$f":"I59","v":510.05695604958481},{"$f":"J59","v":552.51025944751814},null,null,"TCSD input"]
["Total return on capital",null,null,null,null,{"$f":"SUM(F72:F74)","v":61099.737020674373},{"$f":"SUM(G72:G74)","v":65469.882089495353},{"$f":"SUM(H72:H74)","v":70903.379158681259},{"$f":"SUM(I72:I74)","v":76504.808660121183},{"$f":"SUM(J72:J74)","v":81443.211324252348},null,null,"Sum of the three rows above"]
[]
["4) Tax impact of non-revenue items"]
["Tax impacts of tax deductible expenditure and tax adjustments are calculated to help determine the total revenue requirement."]
[null,null,null,null,null,{"$f":"Inputs!E$6","v":"2025/26"},{"$f":"Inputs!F$6","v":"2026/27"},{"$f":"Inputs!G$6","v":"2027/28"},{"$f":"Inputs!H$6","v":"2028/29"},{"$f":"Inputs!I$6","v":"2029/30"},null,null,"simple ref"]
["Operating expenditure in expenditure date terms","Input",null,null,null,{"$f":"-F9","v":-45192.983484661345},{"$f":"-G9","v":-46782.328321386522},{"$f":"-H9","v":-48443.687192979196},{"$f":"-I9","v":-50200.368639512206},{"$f":"-J9","v":-52032.749796498567},null,null,"simple ref"]
["Total depreciation","Input",null,null,null,{"$f":"-F19","v":-33919.620210293426},{"$f":"-G19","v":-33572.757909388958},{"$f":"-H19","v":-35528.747014129229},{"$f":"-I19","v":-37601.091357666897},{"$f":"-J19","v":-39991.861515562814},null,null,"simple ref"]
["Regulatory tax adjustments","Input",null,null,null,{"$f":"F22","v":-4270.7604106969229},{"$f":"G22","v":-5204.9497683202972},{"$f":"H22","v":-6617.3958455154825},{"$f":"I22","v":-7781.1168911406785},{"$f":"J22","v":-9208.6102591723538},null,null,"simple ref"]
["Total tax deductible expenditure and tax adjustments","Total",null,null,null,{"$f":"SUM(F80:F82)","v":-83383.364105651694},{"$f":"SUM(G80:G82)","v":-85560.03599909578},{"$f":"SUM(H80:H82)","v":-90589.830052623904},{"$f":"SUM(I80:I82)","v":-95582.576888319774},{"$f":"SUM(J80:J82)","v":-101233.22157123373}]
["Tax impact of non-revenue items in year-end terms","Calc",null,null,null,{"$f":"F83*F6*$C$14","v":-24159.690812873207},{"$f":"G83*G6*$C$14","v":-24790.364814944514},{"$f":"H83*H6*$C$14","v":-26247.709100450877},{"$f":"I83*I6*$C$14","v":-27694.319238469849},{"$f":"J83*J6*$C$14","v":-29331.550236485607}]
[]
["5) Allowable revenue before tax"]
["Due to the tax circularity in calculating allowable revenue, allowable revenue for the tax calculation is calculated by adding the return on capital, depreciation and opex building blocks,"]
["together with their respective tax impacts, and then grossing the result up by the tax rate to account for the tax on revenue."]
[null,null,null,null,null,{"$f":"F$4","v":"2025/26"},{"$f":"G$4","v":"2026/27"},{"$f":"H$4","v":"2027/28"},{"$f":"I$4","v":"2028/29"},{"$f":"J$4","v":"2029/30"}]
["Total return on capital","3",null,null,null,{"$f":"F75","v":61099.737020674373},{"$f":"G75","v":65469.882089495353},{"$f":"H75","v":70903.379158681259},{"$f":"I75","v":76504.808660121183},{"$f":"J75","v":81443.211324252348},null,null,"Total from return on capital calculation (3)"]
["Total depreciation","Input",null,null,null,{"$f":"F19","v":33919.620210293426},{"$f":"G19","v":33572.757909388958},{"$f":"H19","v":35528.747014129229},{"$f":"I19","v":37601.091357666897},{"$f":"J19","v":39991.861515562814},null,null,"Total depreciation input"]
["Impact of stating deferred tax in year-end terms","Calc",null,null,null,{"$f":"(-F21+F20)*(1-$C$14)","v":-149.92817220957721},{"$f":"(-G21+G20)*(1-$C$14)","v":-176.82068203300867},{"$f":"(-H21+H20)*(1-$C$14)","v":-209.75902939190519},{"$f":"(-I21+I20)*(1-$C$14)","v":-234.15530729861334},{"$f":"(-J21+J20)*(1-$C$14)","v":-262.88300277151012},null,null,"(- Closing deferred tax asset + opening deferred tax) × TFtax"]
["Operating expenditure allowance","Calc",null,null,null,{"$f":"F9*$C$13","v":46765.430953917603},{"$f":"G9*$C$13","v":48410.075553428571},{"$f":"H9*$C$13","v":50129.23984860097},{"$f":"I9*$C$13","v":51947.043378296017},{"$f":"J9*$C$13","v":53843.180518863199},null,null,"Operating expenditure × TFopex"]
["Total revaluation","Input",null,null,null,{"$f":"-F18","v":-18470.619895866359},{"$f":"-G18","v":-18557.543873674636},{"$f":"-H18","v":-20236.013028731122},{"$f":"-I18","v":-21792.555345037479},{"$f":"-J18","v":-23608.011758265038},null,null,"- Revaluation input"]
["Tax impact of non-revenue items","4",null,null,null,{"$f":"F84","v":-24159.690812873207},{"$f":"G84","v":-24790.364814944514},{"$f":"H84","v":-26247.709100450877},{"$f":"I84","v":-27694.319238469849},{"$f":"J84","v":-29331.550236485607},null,null,"Total from tax on non-revenue items calculation (5)"]
["Total allowable revenue requirement after tax","Total",null,null,null,{"$f":"SUM(F90:F95)","v":99004.549303936248},{"$f":"SUM(G90:G95)","v":103927.98618166073},{"$f":"SUM(H90:H95)","v":109867.88486283753},{"$f":"SUM(I90:I95)","v":116331.91350527815},{"$f":"SUM(J90:J95)","v":122075.8083611562},null,null,"Sum of the six rows above"]
["Allowable revenue before tax in revenue date terms","Calc",null,null,null,{"$f":"(F96)/($C$16-F6*$C$14)","v":134068.75434716709},{"$f":"(G96)/($C$16-G6*$C$14)","v":140735.91311859924},{"$f":"(H96)/($C$16-H6*$C$14)","v":148779.53154555665},{"$f":"(I96)/($C$16-I6*$C$14)","v":157532.90979180223},{"$f":"(J96)/($C$16-J6*$C$14)","v":165311.10618623858},null,null,"Total above grossed up for tax (/TFtax-tax rate), converted to revenue date terms (/Tfrev)"]
["Allowable revenue before tax in year-end terms","Calc",null,null,null,{"$f":"F97*$C$16","v":137849.94355536663},{"$f":"G97*$C$16","v":144705.13859907302},{"$f":"H97*$C$16","v":152975.61408410472},{"$f":"I97*$C$16","v":161975.86699940471},{"$f":"J97*$C$16","v":169973.4346590483},null,null,"Total above converted to year-end terms (xTFrev)"]
[]
["6) Regulatory tax allowance"]
["The regulatory tax allowance is calculated by calculating the taxable profit/ (loss) and multiplying this by the tax rate. Taxable profit/ (loss) is calculated by adding allowable revenue, "]
["tax-deductible expenditure and tax adjustments."]
[null,null,null,null,null,{"$f":"F$4","v":"2025/26"},{"$f":"G$4","v":"2026/27"},{"$f":"H$4","v":"2027/28"},{"$f":"I$4","v":"2028/29"},{"$f":"J$4","v":"2029/30"}]
["Allowable revenue before tax in revenue date terms","5",null,null,null,{"$f":"F97","v":134068.75434716709},{"$f":"G97","v":140735.91311859924},{"$f":"H97","v":148779.53154555665},{"$f":"I97","v":157532.90979180223},{"$f":"J97","v":165311.10618623858},null,null,"Total from allowable revenue calculation (5)"]
["Operating expenditure in expenditure date terms","Input",null,null,null,{"$f":"-F9","v":-45192.983484661345},{"$f":"-G9","v":-46782.328321386522},{"$f":"-H9","v":-48443.687192979196},{"$f":"-I9","v":-50200.368639512206},{"$f":"-J9","v":-52032.749796498567},null,null,"- Operating expenditure input"]
["Total depreciation","Input",null,null,null,{"$f":"-F19","v":-33919.620210293426},{"$f":"-G19","v":-33572.757909388958},{"$f":"-H19","v":-35528.747014129229},{"$f":"-I19","v":-37601.091357666897},{"$f":"-J19","v":-39991.861515562814},null,null,"- Total depreciation input"]
["Regulatory tax adjustments","Input",null,null,null,{"$f":"F22","v":-4270.7604106969229},{"$f":"G22","v":-5204.9497683202972},{"$f":"H22","v":-6617.3958455154825},{"$f":"I22","v":-7781.1168911406785},{"$f":"J22","v":-9208.6102591723538},null,null,"Regulatory tax adjustments input"]
["Taxable profit/ (loss) ","Total",null,null,null,{"$f":"SUM(F104:F107)","v":50685.390241515393},{"$f":"SUM(G104:G107)","v":55175.877119503464},{"$f":"SUM(H104:H107)","v":58189.701492932742},{"$f":"SUM(I104:I107)","v":61950.332903482449},{"$f":"SUM(J104:J107)","v":64077.884615004856},null,null,"Sum of the four rows above"]
["Regulatory tax allowance in year-end terms","Calc",null,null,null,{"$f":"F108*F$6*$C$14","v":14685.703438557159},{"$f":"G108*G$6*$C$14","v":15986.787602467773},{"$f":"H108*H$6*$C$14","v":16860.020120816327},{"$f":"I108*I$6*$C$14","v":17949.634255656707},{"$f":"J108*J$6*$C$14","v":18566.076061406504},null,null,"Total above x tax rate , adjusted to year-end terms"]
["Regulatory tax allowance in tax date terms","Calc",null,null,null,{"$f":"F109/$C$14","v":14191.909267624311},{"$f":"G109/$C$14","v":15449.245593460972},{"$f":"H109/$C$14","v":16293.116418021169},{"$f":"I109/$C$14","v":17346.093212975087},{"$f":"J109/$C$14","v":17941.807692201361},null,null,"Total above x tax rate , adjusted to year-end terms"]
["Check to calculations 4 and 5",null,null,null,null,{"$f":"F97*D6*$C$14+F84-F109","v":0},{"$f":"G97*E6*$C$14+G84-G109","v":0},{"$f":"H97*F6*$C$14+H84-H109","v":0},{"$f":"I97*G6*$C$14+I84-I109","v":0},{"$f":"J97*H6*$C$14+J84-J109","v":0},null,null,"Checks the result in row 99 to the tax impacts of revenue in calculation 5 and the tax impacts of non-revenue in calculation 4. "]
["Regulatory tax allowance before considering possibility of tax losses, calculation not referencing revenue",null,null,null,null,{"$f":"(F75-F18+F9*($C13-$C16)-F19*($C16-1)+F22*$C16+(F21-F20)*($C14-1))/(($C16/F6)-$C14)","v":14191.909267624316},{"$f":"(G75-G18+G9*($C13-$C16)-G19*($C16-1)+G22*$C16+(G21-G20)*($C14-1))/(($C16/G6)-$C14)","v":15449.245593460972},{"$f":"(H75-H18+H9*($C13-$C16)-H19*($C16-1)+H22*$C16+(H21-H20)*($C14-1))/(($C16/H6)-$C14)","v":16293.11641802118},{"$f":"(I75-I18+I9*($C13-$C16)-I19*($C16-1)+I22*$C16+(I21-I20)*($C14-1))/(($C16/I6)-$C14)","v":17346.093212975091},{"$f":"(J75-J18+J9*($C13-$C16)-J19*($C16-1)+J22*$C16+(J21-J20)*($C14-1))/(($C16/J6)-$C14)","v":17941.807692201357}]
["Check",null,null,null,null,{"$f":"F110-F112","v":0},{"$f":"G110-G112","v":0},{"$f":"H110-H112","v":0},{"$f":"I110-I112","v":0},{"$f":"J110-J112","v":0}]
[]
["8) Building block allowable revenue before tax (BBAR before tax)"]
["The building block allowable revenue is re-calculated below as per the diagram at the top of the page, by adding together the building blocks calculated individually above."]
[" Because the tax allowance is calculated separately in calculation 6, the circularity due to the tax impact of revenue is avoided. All amounts are stated in year-end terms."]
[null,null,null,null,null,{"$f":"Inputs!E$6","v":"2025/26"},{"$f":"Inputs!F$6","v":"2026/27"},{"$f":"Inputs!G$6","v":"2027/28"},{"$f":"Inputs!H$6","v":"2028/29"},{"$f":"Inputs!I$6","v":"2029/30"}]
["Total return on capital","3",null,null,null,{"$f":"F75","v":61099.737020674373},{"$f":"G75","v":65469.882089495353},{"$f":"H75","v":70903.379158681259},{"$f":"I75","v":76504.808660121183},{"$f":"J75","v":81443.211324252348},null,null,"Linked to calculation 3"]
["Total depreciation","Input",null,null,null,{"$f":"F19","v":33919.620210293426},{"$f":"G19","v":33572.757909388958},{"$f":"H19","v":35528.747014129229},{"$f":"I19","v":37601.091357666897},{"$f":"J19","v":39991.861515562814},null,null,"Total depreciation input"]
["Regulatory tax allowance","6",null,null,null,{"$f":"F109","v":14685.703438557159},{"$f":"G109","v":15986.787602467773},{"$f":"H109","v":16860.020120816327},{"$f":"I109","v":17949.634255656707},{"$f":"J109","v":18566.076061406504},null,null,"Linked to calculation 6"]
["Impact of stating deferred tax in year-end terms","Calc",null,null,null,{"$f":"(-F21+F20)*(1-$C$14)","v":-149.92817220957721},{"$f":"(-G21+G20)*(1-$C$14)","v":-176.82068203300867},{"$f":"(-H21+H20)*(1-$C$14)","v":-209.75902939190519},{"$f":"(-I21+I20)*(1-$C$14)","v":-234.15530729861334},{"$f":"(-J21+J20)*(1-$C$14)","v":-262.88300277151012},null,null,"(- Closing deferred tax asset + opening deferred tax) × TFtax"]
["Operating expenditure allowance in year-end terms","Calc",null,null,null,{"$f":"F9*$C$13","v":46765.430953917603},{"$f":"G9*$C$13","v":48410.075553428571},{"$f":"H9*$C$13","v":50129.23984860097},{"$f":"I9*$C$13","v":51947.043378296017},{"$f":"J9*$C$13","v":53843.180518863199},null,null,"Operating expenditure × TFopex"]
["Total revaluation","Calc",null,null,null,{"$f":"-F18","v":-18470.619895866359},{"$f":"-G18","v":-18557.543873674636},{"$f":"-H18","v":-20236.013028731122},{"$f":"-I18","v":-21792.555345037479},{"$f":"-J18","v":-23608.011758265038},null,null,"- Total revaluation input"]
["Building block allowable revenue before tax in year-end terms","Total",null,null,null,{"$f":"SUM(F119:F124)","v":137849.9435553666},{"$f":"SUM(G119:G124)","v":144705.13859907299},{"$f":"SUM(H119:H124)","v":152975.61408410475},{"$f":"SUM(I119:I124)","v":161975.86699940471},{"$f":"SUM(J119:J124)","v":169973.43465904833},null,null,"Sum of the six rows above"]
["Building block allowable revenue before tax in revenue date terms","Calc",null,null,null,{"$f":"F125/$C$16","v":134068.75434716707},{"$f":"G125/$C$16","v":140735.91311859922},{"$f":"H125/$C$16","v":148779.53154555667},{"$f":"I125/$C$16","v":157532.90979180223},{"$f":"J125/$C$16","v":165311.10618623861},null,null,"Total above converted to revenue date terms (/TFrev)"]
[]
[]
["Present value of the building block allowable revenue before tax"]
[null,null,null,null,null,{"$f":"Inputs!E$6","v":"2025/26"},{"$f":"Inputs!F$6","v":"2026/27"},{"$f":"Inputs!G$6","v":"2027/28"},{"$f":"Inputs!H$6","v":"2028/29"},{"$f":"Inputs!I$6","v":"2029/30"}]
["Number of years to discount the year-end  values to start of the present value period",null,null,null,null,1,2,3,4,5]
["BBAR before tax in year-end terms, i.e. Rev * TFrev",null,null,null,null,{"$f":"F125","v":137849.9435553666},{"$f":"G125","v":144705.13859907299},{"$f":"H125","v":152975.61408410475},{"$f":"I125","v":161975.86699940471},{"$f":"J125","v":169973.43465904833}]
[{"$f":"\"PV at 1 Apr \" & LEFT(F130,4) & \" of BBAR before tax for each year\"","v":"PV at 1 Apr 2025 of BBAR before tax for each year"},null,null,null,null,{"$f":"F132/(1+$C$12)^F131","v":128711.4318910986},{"$f":"G132/(1+$C$12)^G131","v":126155.15801010861},{"$f":"H132/(1+$C$12)^H131","v":124524.2093013725},{"$f":"I132/(1+$C$12)^I131","v":123109.74448225097},{"$f":"J132/(1+$C$12)^J131","v":120623.99171680596}]
[{"$f":"\"PV at 1 Apr \" & LEFT(F130,4) & \" of BBAR before tax over the regulatory period\"","v":"PV at 1 Apr 2025 of BBAR before tax over the regulatory period"},null,{"$f":"SUM(F133:J133)","v":623124.53540163662}]
[]
["Outputs"]
[null,null,"Value",{"$f":"Inputs!C$6","v":"2023/24"},{"$f":"Inputs!D$6","v":"2024/25"},{"$f":"Inputs!E$6","v":"2025/26"},{"$f":"Inputs!F$6","v":"2026/27"},{"$f":"Inputs!G$6","v":"2027/28"},{"$f":"Inputs!H$6","v":"2028/29"},{"$f":"Inputs!I$6","v":"2029/30"}]
["Opening investment value",null,null,{"$f":"D66","v":0},0,823514.67578022787,867514.15777346981,946341.00680734683,1018124.8991185139,1102153.1846739454,null,null,"simple ref"]
[{"$f":"\"PV at 1 Apr \" & LEFT(F137,4) & \" of BBAR before tax over the regulatory period\"","v":"PV at 1 Apr 2025 of BBAR before tax over the regulatory period"},null,{"$f":"C134","v":623124.53540163662},null,null,null,null,null,null,null,null,null,"simple ref"]
["Term credit spread differential allowance",null,null,null,null,{"$f":"F59","v":411.8126889470646},{"$f":"G59","v":434.4096450484343},{"$f":"H59","v":473.6591119968536},{"$f":"I59","v":510.05695604958481},{"$f":"J59","v":552.51025944751814},null,null,"simple ref"]
["BBAR before tax in revenue date terms",null,null,null,null,{"$f":"F126","v":134068.75434716707},{"$f":"G126","v":140735.91311859922},{"$f":"H126","v":148779.53154555667},{"$f":"I126","v":157532.90979180223},{"$f":"J126","v":165311.10618623861},null,null,"simple ref"]

{"sheet":"MAR","index":14,"n_rows":39,"n_cols":10,"rows_kept":39,"cut":false,"hidden":false,"merged":[[1,0,1,7]]}
["Maximum allowable revenue",null,null,null,null,null,null,{"$f":"EDB_Name","v":"Wellington Electricity"}]
["This sheet derives the starting prices. It calculates the set of 5 MAR values such that the present value of this MAR time series is equal to the present value of the 5 BBAR values calculated in the BBAR sheet."]
["Inputs"]
[null,"Source","Value",{"$f":"Inputs!E$6","v":"2025/26"},{"$f":"Inputs!F$6","v":"2026/27"},{"$f":"Inputs!G$6","v":"2027/28"},{"$f":"Inputs!H$6","v":"2028/29"},{"$f":"Inputs!I$6","v":"2029/30"}]
["Year in regulatory period","EDB data",null,{"$f":"'EDB data'!D21","v":1},{"$f":"'EDB data'!E21","v":2},{"$f":"'EDB data'!F21","v":3},{"$f":"'EDB data'!G21","v":4},{"$f":"'EDB data'!H21","v":5}]
["Industry-wide X factor","EDB data",{"$f":"'EDB data'!B13","v":0}]
[{"$f":"'EDB data'!A39","v":"Additional allowance (PV at 1-Apr-25)"},"EDB data",{"$f":"'EDB data'!B39","v":0}]
["Alternative X factor","EDB data",{"$f":"'EDB data'!B40","v":-9.6000000000000002E-2}]
["Forecast changes in the CPI element of the price path","EDB data",null,{"$f":"'EDB data'!D23","v":2.2744928703593015E-2},{"$f":"'EDB data'!E23","v":2.0000000000000018E-2},{"$f":"'EDB data'!F23","v":2.0000000000000018E-2},{"$f":"'EDB data'!G23","v":1.9999999999999796E-2},{"$f":"'EDB data'!H23","v":2.000000000000024E-2}]
["Vanilla WACC (67th percentile)","EDB data",{"$f":"WACC","v":7.0999999999999994E-2}]
["TFrev","TIMING",{"$f":"Timing!C26","v":1.0282033589900317}]
[{"$f":"\"PV at 1 Apr \" & LEFT(D4,4) & \" of BBAR before tax over the regulatory period\"","v":"PV at 1 Apr 2025 of BBAR before tax over the regulatory period"},"BBAR",{"$f":"BBAR!C139","v":623124.53540163662}]
[]
["Calculations"]
[{"$f":"\"CPI minus X revenues with applicable X factor (\" & IF(ISNUMBER(C8),\"alternate X factor of \" & TEXT(C8,\"#0.0%\"), \"industry-wide X factor of \" & TEXT(C6,\"#0.0%\"))&\")\"","v":"CPI minus X revenues with applicable X factor (alternate X factor of -9.6%)"}]
[null,null,"PV at 1-Apr-25",{"$f":"Inputs!E$6","v":"2025/26"},{"$f":"Inputs!F$6","v":"2026/27"},{"$f":"Inputs!G$6","v":"2027/28"},{"$f":"Inputs!H$6","v":"2028/29"},{"$f":"Inputs!I$6","v":"2029/30"}]
["Which years are pre-reopener, reopener and post-reopener?",null,null,{"$f":"Reopener!D65","v":"pre- reopener"},{"$f":"Reopener!E65","v":"reopener"},{"$f":"Reopener!F65","v":"post- reopener"},{"$f":"Reopener!G65","v":"post- reopener"},{"$f":"Reopener!H65","v":"post- reopener"}]
[{"$f":"C16 & \" of BBAR before tax over the regulatory period\"","v":"PV at 1-Apr-25 of BBAR before tax over the regulatory period"},null,{"$f":"C12","v":623124.53540163662}]
[{"$f":"A7","v":"Additional allowance (PV at 1-Apr-25)"},null,{"$f":"C7","v":0}]
[{"$f":"C16 & \" of maximum allowable revenue before tax\"","v":"PV at 1-Apr-25 of maximum allowable revenue before tax"},null,{"$f":"C18+C19","v":623124.53540163662}]
["Indexed maximum allowable revenue before tax, reopener and post-reopener years only",null,null,{"$f":"IF(D17=\"reopener\",1,IF(D17=\"post- reopener\",C21*(1+D9)*(1-$C$8),IF(D17=\"pre- reopener\",0,\"error\")))","v":0},{"$f":"IF(E17=\"reopener\",1,IF(E17=\"post- reopener\",D21*(1+E9)*(1-$C$8),IF(E17=\"pre- reopener\",0,\"error\")))","v":1},{"$f":"IF(F17=\"reopener\",1,IF(F17=\"post- reopener\",E21*(1+F9)*(1-$C$8),IF(F17=\"pre- reopener\",0,\"error\")))","v":1.11792},{"$f":"IF(G17=\"reopener\",1,IF(G17=\"post- reopener\",F21*(1+G9)*(1-$C$8),IF(G17=\"pre- reopener\",0,\"error\")))","v":1.2497451263999997},{"$f":"IF(H17=\"reopener\",1,IF(H17=\"post- reopener\",G21*(1+H9)*(1-$C$8),IF(H17=\"pre- reopener\",0,\"error\")))","v":1.3971150717050882},null,"The same formula is applied for each"]
["Present value of indexed maximum allowable revenue for each year",null,null,{"$f":"D21/(1+$C$10)^D$5","v":0},{"$f":"E21/(1+$C$10)^E$5","v":0.8718084183564494},{"$f":"F21/(1+$C$10)^F$5","v":0.91000193001777963},{"$f":"G21/(1+$C$10)^G$5","v":0.94986868123760593},{"$f":"H21/(1+$C$10)^H$5","v":0.99148197584420616},null,{"$f":"\"DPP4 year in this row \" & ROW(A21) & \". The formula\"","v":"DPP4 year in this row 21. The formula"}]
["Present value of indexed revenue",null,{"$f":"SUM(D22:H22)","v":3.7231610054560411},null,null,null,null,null,null,{"$f":"\"tests whether the Row \"&ROW(A17)&\" entry in the\"","v":"tests whether the Row 17 entry in the"}]
["Maximum allowable revenue before tax in revenue-date terms, pre-reopener years only",null,null,{"$f":"Reopener!D70","v":118695.81208155451},{"$f":"Reopener!E70","v":0},{"$f":"Reopener!F70","v":0},{"$f":"Reopener!G70","v":0},{"$f":"Reopener!H70","v":0},null,"same column is pre-reopener, reopener"]
["PV of MAR before tax for the pre-reopener years only",null,null,{"$f":"D24*$C$11/(1+$C$10)^D5","v":113952.78494892991},{"$f":"E24*$C$11/(1+$C$10)^E5","v":0},{"$f":"F24*$C$11/(1+$C$10)^F5","v":0},{"$f":"G24*$C$11/(1+$C$10)^G5","v":0},{"$f":"H24*$C$11/(1+$C$10)^H5","v":0},null,"or post- reopener. If \"pre- reopener\", "]
["Total PV of MAR before tax, the pre-reopener years only",null,{"$f":"SUM(D25:H25)","v":113952.78494892991},null,null,null,null,null,null,"a nil entry applies because the row "]
["Maximum allowable revenue before tax in the reopener year in year-end terms",null,{"$f":"(C20-C26)/C23","v":136757.91879710543},{"$f":"IF(D17=\"reopener\",$C27,0)","v":0},{"$f":"IF(E17=\"reopener\",$C27,0)","v":136757.91879710543},{"$f":"IF(F17=\"reopener\",$C27,0)","v":0},{"$f":"IF(G17=\"reopener\",$C27,0)","v":0},{"$f":"IF(H17=\"reopener\",$C27,0)","v":0},null,"only applies values for the reopener"]
["Maximum allowable revenue before tax in year-end terms, reopener and post-reopener years only",null,null,{"$f":"$C27*D21","v":0},{"$f":"$C27*E21","v":136757.91879710543},{"$f":"$C27*F21","v":152884.41258166012},{"$f":"$C27*G21","v":170912.54251328943},{"$f":"$C27*H21","v":191066.5495264566},null,"year and post- reopener years. "]
["Maximum allowable revenue before tax in revenue date terms, reopener and post-reopener years only",null,null,{"$f":"D28/$C$11","v":0},{"$f":"E28/$C$11","v":133006.6835527925},{"$f":"F28/$C$11","v":148690.83167733779},{"$f":"G28/$C$11","v":166224.45454872941},{"$f":"H28/$C$11","v":185825.64222911565},null,"If \"reopener\", then a 1 applies."]
["Maximum allowable revenue before tax in revenue date terms, all years",null,null,{"$f":"D24+D29","v":118695.81208155451},{"$f":"E24+E29","v":133006.6835527925},{"$f":"F24+F29","v":148690.83167733779},{"$f":"G24+G29","v":166224.45454872941},{"$f":"H24+H29","v":185825.64222911565},null,"If \"post- reopener\", then the value of"]
["PV at 1-Apr-25 of maximum allowable revenue before tax in each year",null,null,{"$f":"D30*$C$11/(1+$C$10)^D$5","v":113952.78494892991},{"$f":"E30*$C$11/(1+$C$10)^E$5","v":119226.70488422422},{"$f":"F30*$C$11/(1+$C$10)^F$5","v":124449.97005058073},{"$f":"G30*$C$11/(1+$C$10)^G$5","v":129902.06397660614},{"$f":"H30*$C$11/(1+$C$10)^H$5","v":135593.01154129562},null,"the previous entry in the row, increased"]
["PV at 1-Apr-25 of maximum allowable revenue before tax",null,{"$f":"SUM(D31:H31)","v":623124.53540163662},null,null,null,null,null,null,"by forecast ∆CPI-X."]
["Error check for PV equivalence (should = 0)",null,{"$f":"C20-C32","v":0}]
[{"$f":"\"The calculation block above uses the applicable 20\" & MID(D16,3,2) & \"/\" &  MID(D16,3,2)+5 & \" X factor to calculate the maximum allowable revenues for the regulatory period.\"","v":"The calculation block above uses the applicable 2025/30 X factor to calculate the maximum allowable revenues for the regulatory period."}]
[]
["Outputs"]
[null,null,"PV at 1-Apr-25",{"$f":"Inputs!E$6","v":"2025/26"},{"$f":"Inputs!F$6","v":"2026/27"},{"$f":"Inputs!G$6","v":"2027/28"},{"$f":"Inputs!H$6","v":"2028/29"},{"$f":"Inputs!I$6","v":"2029/30"}]
["Maximum allowable revenue before tax in revenue-date terms for applicable X factor",null,null,{"$f":"D30","v":118695.81208155451},{"$f":"E30","v":133006.6835527925},{"$f":"F30","v":148690.83167733779},{"$f":"G30","v":166224.45454872941},{"$f":"H30","v":185825.64222911565}]
[{"$f":"C37 & \" of MAR before tax over the regulatory period (Applicable X)\"","v":"PV at 1-Apr-25 of MAR before tax over the regulatory period (Applicable X)"},null,{"$f":"C20","v":623124.53540163662}]

{"sheet":"IRR","index":15,"n_rows":47,"n_cols":19,"rows_kept":47,"cut":false,"hidden":false,"merged":[]}
["Internal rate of return",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"EDB_Name","v":"Wellington Electricity"}]
["This sheet calculates the internal rate of return for the selected EDB. It should be equal to the 65th percentile of the vanilla WACC."]
["Inputs"]
[null,"Source","Value",{"$f":"'EDB data'!D19","v":"2025/26"},{"$f":"'EDB data'!E19","v":"2026/27"},{"$f":"'EDB data'!F19","v":"2027/28"},{"$f":"'EDB data'!G19","v":"2028/29"},{"$f":"'EDB data'!H19","v":"2029/30"}]
["Vanilla WACC (67th percentile)","EDB Data",{"$f":"WACC","v":7.0999999999999994E-2}]
["Aggregate opening RAB value","RAB",null,{"$f":"RAB!F97","v":880386.38461761747},{"$f":"RAB!G97","v":928694.88267850433},{"$f":"RAB!H97","v":1012603.6529333453},{"$f":"RAB!I97","v":1090416.132231619},{"$f":"RAB!J97","v":1181174.1668835955}]
["Opening deferred tax","TAX",null,{"$f":"TAX!F183","v":-56871.708837389597},{"$f":"TAX!G183","v":-61180.724905034571},{"$f":"TAX!H183","v":-66262.64612599845},{"$f":"TAX!I183","v":-72291.233113105045},{"$f":"TAX!J183","v":-79020.982209650218}]
["Maximum allowable revenue before tax in revenue-date terms","MAR",null,{"$f":"MAR!D38","v":118695.81208155451},{"$f":"MAR!E38","v":133006.6835527925},{"$f":"MAR!F38","v":148690.83167733779},{"$f":"MAR!G38","v":166224.45454872941},{"$f":"MAR!H38","v":185825.64222911565}]
["Operating expenditure","EDB data",null,{"$f":"'EDB data'!B42","v":45192.983484661345},{"$f":"'EDB data'!B43","v":46782.328321386522},{"$f":"'EDB data'!B44","v":48443.687192979196},{"$f":"'EDB data'!B45","v":50200.368639512206},{"$f":"'EDB data'!B46","v":52032.749796498567}]
["Depreciation","RAB",null,{"$f":"RAB!F96","v":33919.620210293426},{"$f":"RAB!G96","v":33572.757909388958},{"$f":"RAB!H96","v":35528.747014129229},{"$f":"RAB!I96","v":37601.091357666897},{"$f":"RAB!J96","v":39991.861515562814}]
["Term credit spread differential allowance","RAB",null,{"$f":"RAB!F100","v":411.81268894706466},{"$f":"RAB!G100","v":434.40964504843436},{"$f":"RAB!H100","v":473.6591119968536},{"$f":"RAB!I100","v":510.05695604958487},{"$f":"RAB!J100","v":552.51025944751814}]
["Regulatory tax adjustments","TAX",null,{"$f":"TAX!F185","v":-4270.7604106969229},{"$f":"TAX!G185","v":-5204.9497683202972},{"$f":"TAX!H185","v":-6617.3958455154825},{"$f":"TAX!I185","v":-7781.1168911406785},{"$f":"TAX!J185","v":-9208.6102591723538}]
["Corporate tax rate","EDB data",null,{"$f":"'EDB data'!D24","v":0.28000000000000003},{"$f":"'EDB data'!E24","v":0.28000000000000003},{"$f":"'EDB data'!F24","v":0.28000000000000003},{"$f":"'EDB data'!G24","v":0.28000000000000003},{"$f":"'EDB data'!H24","v":0.28000000000000003}]
["Assets commissioned","EDB data",null,{"$f":"'EDB data'!B51","v":63757.498375313931},{"$f":"'EDB data'!B52","v":98923.984290555265},{"$f":"'EDB data'!B53","v":93105.213283671779},{"$f":"'EDB data'!B54","v":106566.57066460596},{"$f":"'EDB data'!B55","v":75812.503670278325}]
["Assets disposed","EDB data",null,{"$f":"'EDB data'!B60","v":0},{"$f":"'EDB data'!B61","v":0},{"$f":"'EDB data'!B62","v":0},{"$f":"'EDB data'!B63","v":0},{"$f":"'EDB data'!B64","v":0}]
["Closing deferred tax","TAX",null,{"$f":"TAX!F184","v":-61180.724905034571},{"$f":"TAX!G184","v":-66262.64612599845},{"$f":"TAX!H184","v":-72291.233113105045},{"$f":"TAX!I184","v":-79020.982209650218},{"$f":"TAX!J184","v":-86576.380679190392}]
["Closing RAB value","RAB",null,null,null,null,null,{"$f":"RAB!J99","v":1240602.8207965761}]
[{"$f":"'EDB data'!A39","v":"Additional allowance (PV at 1-Apr-25)"},"EDB data",{"$f":"'EDB data'!B39","v":0}]
["Tax payable for the deferred tax approach",null,null,{"$f":"TAX!F192","v":5578.4693656078207},{"$f":"TAX!G192","v":8203.1400940711974},{"$f":"TAX!H192","v":10239.693467813287},{"$f":"TAX!I192","v":13049.976648369518},{"$f":"TAX!J192","v":16130.479314666765}]
["Calculations"]
["Return on Investment"]
[null,null,null,{"$f":"G22-365","v":"2025-03-31"},{"$f":"G22-E24","v":"2025-09-30"},{"$f":"G22-F24","v":"2025-11-03"},{"$f":"DATE(LEFT(E4,4),3,31)","v":"2026-03-31"},{"$f":"J22-H24","v":"2026-09-30"},{"$f":"J22-I24","v":"2026-11-03"},{"$f":"G22+365","v":"2027-03-31"},{"$f":"M22-K24","v":"2027-09-30"},{"$f":"M22-L24","v":"2027-11-03"},{"$f":"J22+365","v":"2028-03-30"},{"$f":"P22-N24","v":"2028-09-29"},{"$f":"P22-O24","v":"2028-11-02"},{"$f":"M22+365","v":"2029-03-30"},{"$f":"S22-Q24","v":"2029-09-29"},{"$f":"S22-R24","v":"2029-11-02"},{"$f":"P22+365","v":"2030-03-30"}]
["Year end",null,null,{"$f":"YEAR(D22)+(MONTH(D22)>3)","v":2025},2026,2026,2026,2027,2027,2027,2028,2028,2028,2029,2029,2029,2030,2030,2030]
["Days to end of (365 day) year",null,null,0,182,148,0,182,148,0,182,148,0,182,148,0,182,148,0]
["Days from start of (365 day) year",null,null,{"$f":"365-D24","v":365},{"$f":"365-E24","v":183},217,365,183,217,365,183,217,365,183,217,365,183,217,365]
["Days from start of regulatory period (365 day year)",null,null,{"$f":"D25+365*(D23-$D$23-1)","v":0},183,217,365,548,582,730,913,947,1095,1278,1312,1460,1643,1677,1825]
["Discount factor",null,null,{"$f":"(1+$C$5)^-(D26/365)","v":1},{"$f":"(1+$C$5)^-(E26/365)","v":0.96619426890603366},0.96004048458452995,0.93370681605975725,0.90214217451543766,0.896396344149888,0.8718084183564494,0.84233629740003513,0.83697137642379837,0.81401346251769324,0.78649514229695161,0.78148587901381739,0.76004991831717383,0.73435587516055256,0.72967869188965206,0.70966378927840701]
["Check of discount factors"]
["Derived timing factors to end of year value",null,null,null,{"$f":"E27/G27","v":1.034794061998362},{"$f":"F27/G27","v":1.0282033589900315},{"$f":"G27/G27","v":1},{"$f":"H27/J27","v":1.034794061998362},{"$f":"I27/J27","v":1.0282033589900317},{"$f":"J27/J27","v":1},{"$f":"K27/M27","v":1.034794061998362},{"$f":"L27/M27","v":1.0282033589900317},{"$f":"M27/M27","v":1},{"$f":"N27/P27","v":1.034794061998362},{"$f":"O27/P27","v":1.0282033589900317},{"$f":"P27/P27","v":1},{"$f":"Q27/S27","v":1.0347940619983622},{"$f":"R27/S27","v":1.0282033589900317},{"$f":"S27/S27","v":1}]
["Agrees with TF (TRUE/FALSE)",null,null,null,{"$f":"ROUND(Timing!$C$19-E29,15)=0","v":true},{"$f":"ROUND(Timing!$C$20-F29,15)=0","v":true},{"$f":"G29=1","v":true},{"$f":"ROUND(Timing!$C$19-H29,15)=0","v":true},{"$f":"ROUND(Timing!$C$20-I29,15)=0","v":true},{"$f":"J29=1","v":true},{"$f":"ROUND(Timing!$C$19-K29,15)=0","v":true},{"$f":"ROUND(Timing!$C$20-L29,15)=0","v":true},{"$f":"M29=1","v":true},{"$f":"ROUND(Timing!$C$19-N29,15)=0","v":true},{"$f":"ROUND(Timing!$C$20-O29,15)=0","v":true},{"$f":"P29=1","v":true},{"$f":"ROUND(Timing!$C$19-Q29,15)=0","v":true},{"$f":"ROUND(Timing!$C$20-R29,15)=0","v":true},{"$f":"S29=1","v":true}]
["Cash flows by date with residual value calculation",null,{"$f":"\"PV at \" & TEXT(D22,\"dd.mm.yy\")","v":"PV at 31.03.25"}]
["Revenue",null,{"$f":"SUMPRODUCT($D32:$S32,$D$27:$S$27)","v":623124.53540163662},null,null,{"$f":"D8","v":118695.81208155451},null,null,{"$f":"E8","v":133006.6835527925},null,null,{"$f":"F8","v":148690.83167733779},null,null,{"$f":"G8","v":166224.45454872941},null,null,{"$f":"H8","v":185825.64222911565}]
["less operating expenditure",null,{"$f":"SUMPRODUCT($D33:$S33,$D$27:$S$27)","v":-204368.29073124554},null,{"$f":"-D9","v":-45192.983484661345},null,null,{"$f":"-E9","v":-46782.328321386522},null,null,{"$f":"-F9","v":-48443.687192979196},null,null,{"$f":"-G9","v":-50200.368639512206},null,null,{"$f":"-H9","v":-52032.749796498567}]
["less Commissioned assets",null,-368758.97609549249,null,{"$f":"-D14","v":-63757.498375313931},null,null,{"$f":"-E14","v":-98923.984290555265},null,null,{"$f":"-F14","v":-93105.213283671779},null,null,{"$f":"-G14","v":-106566.57066460596},null,null,{"$f":"-H14","v":-75812.503670278325}]
["less Term credit spread differential allowance",null,-1928.5644661051624,null,null,null,{"$f":"-D11","v":-411.81268894706466},null,null,{"$f":"-E11","v":-434.40964504843436},null,null,{"$f":"-F11","v":-473.6591119968536},null,null,{"$f":"-G11","v":-510.05695604958487},null,null,{"$f":"-H11","v":-552.51025944751814}]
["add Disposed assets",null,{"$f":"SUMPRODUCT($D36:$S36,$D$27:$S$27)","v":0},null,null,null,{"$f":"D15","v":0},null,null,{"$f":"E15","v":0},null,null,{"$f":"F15","v":0},null,null,{"$f":"G15","v":0},null,null,{"$f":"H15","v":0}]
["less Tax payable",null,-43524.804749740069,null,{"$f":"-D19","v":-5578.4693656078207},null,null,{"$f":"-E19","v":-8203.1400940711974},null,null,{"$f":"-F19","v":-10239.693467813287},null,null,{"$f":"-G19","v":-13049.976648369518},null,null,{"$f":"-H19","v":-16130.479314666765}]
["less expenditure associated with additional allowance",null,0,{"$f":"-C18","v":0}]
["Total cash flows",null,4543.8993590533591,{"$f":"SUM(D32:D38)","v":0},-114528.95122558309,118695.81208155451,-411.81268894706466,-153909.45270601296,133006.6835527925,-434.40964504843436,-151788.59394446426,148690.83167733779,-473.6591119968536,-169816.91595248767,166224.45454872941,-510.05695604958487,-143975.73278144366,185825.64222911565,-552.51025944751814]
["less Opening RIV",null,-823514.67578022787,{"$f":"-D6-D7","v":-823514.67578022787}]
["add Closing RIV",null,818970.77642117464,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"H17+H16","v":1154026.4401173857}]
["Residual value (PV should be 0)",null,0,{"$f":"SUM(D39:D41)","v":-823514.67578022787},{"$f":"SUM(E39:E41)","v":-114528.95122558309},118695.81208155451,-411.81268894706466,-153909.45270601296,133006.6835527925,-434.40964504843436,-151788.59394446426,148690.83167733779,-473.6591119968536,-169816.91595248767,166224.45454872941,-510.05695604958487,-143975.73278144366,185825.64222911565,1153473.9298579381]
["Outputs"]
[null,null,"Value"]
["XIRR residual value (should be WACC)",null,{"$f":"XIRR(D42:S42,D22:S22)","v":7.1000000834465046E-2}]
["XIRR less WACC (should = 0)",null,{"$f":"C45-C5","v":8.3446505261264292E-10}]
["XNPV of cash flows",null,{"$f":"XNPV($C$5,D42:S42,D22:S22)","v":0}]