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{"sheet":"Cover","index":0,"n_rows":43,"n_cols":7,"rows_kept":43,"cut":false,"hidden":false,"merged":[[4,2,4,6]]}
[]
["Cap and Floor Financial Model 1 (CFFM1) - Actual Cost of Debt (ACOD)"]
[null,"Regime design model"]
[null,null,{"$f":"MID(CELL(\"filename\"),SEARCH(\"[\",CELL(\"filename\"))+1,SEARCH(\"]\",CELL(\"filename\"))-SEARCH(\"[\",CELL(\"filename\"))-1)","v":{"$error":"#N/A"}}]
[null,null,"DISCLAIMER: In the event of any inconsistency between this model and a project's licence, the licence conditions take precedence."]
[null,null,"For guidance on the use of the CFFM1 - ACOD, please refer to the CFFM1 Handbook - ACOD (CFFM1H - ACOD)"]
[]
[null,"Model key"]
[]
[null,null,null,null,"Sample",null,"Calculated value"]
[null,null,null,null,"Sample",null,"Formula changes in cells to the right"]
[null,null,null,null,"Sample",null,"Import from other sheet"]
[null,null,null,null,"Sample",null,"Export to other sheet"]
[null,null,null,null,"Sample",null,"Import from & export to other sheet"]
[null,null,null,null,"Sample",null,"Initial input"]
[null,null,null,null,"Sample",null,"Initial input for non-GB indexed portion (to be left empty if GB-indexed only)"]
[null,null,null,null,"Sample",null,"Updated input"]
[null,null,null,null,"Sample",null,"Notes and instructions"]
[null,null,null,null,"Sample",null,"Cell intentionally blank"]
[null,null,null,null,null,null,"Rows added to accommodate project-finance related inputs and calculations"]
[]
[null,"Contents"]
[]
[null,null,null,null,"Cover",null,"Model key and content directory"]
[null,null,null,null,"Version Control",null,"Version control and log of changes"]
[null,null,null,null,"Inputs",null,"Input data"]
[null,null,null,null,"Data Sources",null,"Sources of input data"]
[null,null,null,null,"Pre Op RAV",null,"Pre-operational RAV balances and project-finance eligible costs"]
[null,null,null,null,"Finance",null,"Interest during construction, transaction costs, project-finance debt service"]
[null,null,null,null,"Op RAV",null,"Operational RAV balances, return on RAV and RAV depreciation"]
[null,null,null,null,"Allowances Cap",null,"Cap allowances (excluding tax) and annuitisation"]
[null,null,null,null,"Allowances Floor",null,"Floor allowances (excluding tax) and annuitisation"]
[null,null,null,null,"Tax Deductions",null,"Tax calculations"]
[null,null,null,null,"Tax Cap",null,"Tax allowances at cap and annuitisation"]
[null,null,null,null,"Tax Floor",null,"Tax allowances at floor and annuitisation"]
[null,null,null,null,"Cap Floor Levels",null,"Cap and Floor values"]
[]
[null,"Checks"]
[]
[null,null,null,null,"Depreciation",null,{"$f":"'Op Rav'!I27","v":"TRUE"}]
[null,null,null,null,"Debt tenor",null,{"$f":"Inputs!I157","v":true}]
[]
[null,"End of sheet"]

{"sheet":"Version Control","index":1,"n_rows":9,"n_cols":12,"rows_kept":9,"cut":false,"hidden":false,"merged":[]}
["Version control"]
[null,"Version number","File pathname","Based on version","Author or editor","Date","Description of changes","Rationale for changes","Location of changes","Impact of changes on outputs","Quality assurance performed? By?","Comments on QA performed"]
[]
[null,1.1000000000000001,"link","N/a","Andrew Stone & Neill Aitken (NGV)","2017-01-31","N/a","N/a","N/a","N/a","Internal (ORE) and external (BDO)","Comments reflected in version 1.1"]
[null,2.1,"link",1.1000000000000001,"Martin Namor","2019-03-20","CFFM split into CFFM1 (up to PCR) & CFFM2 (operations)","Simplification and standardisation","Throughout the model","No impact","Internal (ORE - Svitlana Voronkova)","Comments reflected in version 2.2"]
[null,2.2000000000000002,null,2.1,"Martin Namor","2019-09-05","Minor changes","Reflecting comments from QA and tidying up","Throughout the model","No impact","Internal (ORE - Svitlana Voronkova)","Further comments reflected in version 2.2"]
[null,3.1,null,2.2000000000000002,"Martin Namor & Greenlink & NeuConnect","2020-12-11","Inclusion of additional inputs and calculations relevant to project financing","Allowing determination of actual floor level (AFL) in addition to notional floor level (NFL)","Throughout the model","Additional output (actual floor);\nOriginal outputs (notional cap and floor) unchanged","Internal (ORE - Svitlana Voronkova)","Comments reflected in version 3.1"]
[null,3.2,null,3.1,"Martin Namor","2021-02-05","Changes required to remove post-tail AFL","Allowing for AFL only during debt tenor and tail period","Throughout the model","Removal of post-tail AFL","Internal (IC - RIccardo Rosselli; ORE - Svitlana Voronkova)","Comments reflected in version 3.2"]
[null,3.3,null,3.2,"Greenlink & NeuConnect","2021-05-14","Inclusion of additional dates and flags","Correcting errors and allowing separate profiling for NFL and ACL","Throughout the model","No impact","Internal (RF - Martin Namor; ORE - Svitlana Voronkova)","Comments reflected in version 3.3"]

{"sheet":"Inputs","index":2,"n_rows":201,"n_cols":50,"rows_kept":201,"cut":false,"hidden":false,"merged":[]}
["Inputs",null,null,null,null,null,null,"Licence"]
[null,null,null,null,"Parameter",null,"Units","Terminology","Constant",null,"Annual values"]
[]
[null,"Indexation, currency and base year price term"]
[]
[null,null,null,null,"GB indexed portion of interconnector",null,"choice %",null,1]
[null,null,null,null,"Non-GB indexed portion of interconnector",null,"%",null,{"$f":"100%-I6","v":0}]
[]
[null,null,null,null,"Currency of cost inputs",null,"choice",null,"£"]
[]
[null,null,null,null,"Base year price term",null,"choice",null,"£m 20/21 prices"]
[]
[null,"Variables set after financial close"]
[]
[null,null,"Actual values"]
[]
[null,null,null,null,"Year commencing",null,null,null,null,null,{"$f":"$I$148","v":"2013-01-01"},{"$f":"+K18+1","v":"2014-01-01"},{"$f":"+L18+1","v":"2015-01-01"},{"$f":"+M18+1","v":"2016-01-01"},{"$f":"+N18+1","v":"2017-01-01"},{"$f":"+O18+1","v":"2018-01-01"},{"$f":"+P18+1","v":"2019-01-01"},{"$f":"+Q18+1","v":"2020-01-01"},{"$f":"+R18+1","v":"2021-01-01"},{"$f":"+S18+1","v":"2022-01-01"},{"$f":"+T18+1","v":"2023-01-01"},{"$f":"+U18+1","v":"2024-01-01"},{"$f":"+V18+1","v":"2025-01-01"},{"$f":"+W18+1","v":"2026-01-01"},{"$f":"+X18+1","v":"2027-01-01"},{"$f":"+Y18+1","v":"2028-01-01"},{"$f":"+Z18+1","v":"2029-01-01"},{"$f":"+AA18+1","v":"2030-01-01"},{"$f":"+AB18+1","v":"2031-01-01"},{"$f":"+AC18+1","v":"2032-01-01"},{"$f":"+AD18+1","v":"2033-01-01"},{"$f":"+AE18+1","v":"2034-01-01"},{"$f":"+AF18+1","v":"2035-01-01"},{"$f":"+AG18+1","v":"2036-01-01"},{"$f":"+AH18+1","v":"2037-01-01"},{"$f":"+AI18+1","v":"2038-01-01"},{"$f":"+AJ18+1","v":"2039-01-01"},{"$f":"+AK18+1","v":"2040-01-01"},{"$f":"+AL18+1","v":"2041-01-01"},{"$f":"+AM18+1","v":"2042-01-01"},{"$f":"+AN18+1","v":"2043-01-01"},{"$f":"+AO18+1","v":"2044-01-01"},{"$f":"+AP18+1","v":"2045-01-01"},{"$f":"+AQ18+1","v":"2046-01-01"},{"$f":"+AR18+1","v":"2047-01-01"},{"$f":"+AS18+1","v":"2048-01-01"},{"$f":"+AT18+1","v":"2049-01-01"},{"$f":"+AU18+1","v":"2050-01-01"},{"$f":"+AV18+1","v":"2051-01-01"},{"$f":"+AW18+1","v":"2052-01-01"}]
[null,null,null,null,"Year ending",null,null,null,null,null,{"$f":"EOMONTH(K17,11)","v":"2013-12-31"},{"$f":"DATE(YEAR(K18) + 1, MONTH(K18), DAY(K18))","v":"2014-12-31"},{"$f":"DATE(YEAR(L18) + 1, MONTH(L18), DAY(L18))","v":"2015-12-31"},{"$f":"DATE(YEAR(M18) + 1, MONTH(M18), DAY(M18))","v":"2016-12-31"},{"$f":"DATE(YEAR(N18) + 1, MONTH(N18), DAY(N18))","v":"2017-12-31"},{"$f":"DATE(YEAR(O18) + 1, MONTH(O18), DAY(O18))","v":"2018-12-31"},{"$f":"DATE(YEAR(P18) + 1, MONTH(P18), DAY(P18))","v":"2019-12-31"},{"$f":"DATE(YEAR(Q18) + 1, MONTH(Q18), DAY(Q18))","v":"2020-12-31"},{"$f":"DATE(YEAR(R18) + 1, MONTH(R18), DAY(R18))","v":"2021-12-31"},{"$f":"DATE(YEAR(S18) + 1, MONTH(S18), DAY(S18))","v":"2022-12-31"},{"$f":"DATE(YEAR(T18) + 1, MONTH(T18), DAY(T18))","v":"2023-12-31"},{"$f":"DATE(YEAR(U18) + 1, MONTH(U18), DAY(U18))","v":"2024-12-31"},{"$f":"DATE(YEAR(V18) + 1, MONTH(V18), DAY(V18))","v":"2025-12-31"},{"$f":"DATE(YEAR(W18) + 1, MONTH(W18), DAY(W18))","v":"2026-12-31"},{"$f":"DATE(YEAR(X18) + 1, MONTH(X18), DAY(X18))","v":"2027-12-31"},{"$f":"DATE(YEAR(Y18) + 1, MONTH(Y18), DAY(Y18))","v":"2028-12-31"},{"$f":"DATE(YEAR(Z18) + 1, MONTH(Z18), DAY(Z18))","v":"2029-12-31"},{"$f":"DATE(YEAR(AA18) + 1, MONTH(AA18), DAY(AA18))","v":"2030-12-31"},{"$f":"DATE(YEAR(AB18) + 1, MONTH(AB18), DAY(AB18))","v":"2031-12-31"},{"$f":"DATE(YEAR(AC18) + 1, MONTH(AC18), DAY(AC18))","v":"2032-12-31"},{"$f":"DATE(YEAR(AD18) + 1, MONTH(AD18), DAY(AD18))","v":"2033-12-31"},{"$f":"DATE(YEAR(AE18) + 1, MONTH(AE18), DAY(AE18))","v":"2034-12-31"},{"$f":"DATE(YEAR(AF18) + 1, MONTH(AF18), DAY(AF18))","v":"2035-12-31"},{"$f":"DATE(YEAR(AG18) + 1, MONTH(AG18), DAY(AG18))","v":"2036-12-31"},{"$f":"DATE(YEAR(AH18) + 1, MONTH(AH18), DAY(AH18))","v":"2037-12-31"},{"$f":"DATE(YEAR(AI18) + 1, MONTH(AI18), DAY(AI18))","v":"2038-12-31"},{"$f":"DATE(YEAR(AJ18) + 1, MONTH(AJ18), DAY(AJ18))","v":"2039-12-31"},{"$f":"DATE(YEAR(AK18) + 1, MONTH(AK18), DAY(AK18))","v":"2040-12-31"},{"$f":"DATE(YEAR(AL18) + 1, MONTH(AL18), DAY(AL18))","v":"2041-12-31"},{"$f":"DATE(YEAR(AM18) + 1, MONTH(AM18), DAY(AM18))","v":"2042-12-31"},{"$f":"DATE(YEAR(AN18) + 1, MONTH(AN18), DAY(AN18))","v":"2043-12-31"},{"$f":"DATE(YEAR(AO18) + 1, MONTH(AO18), DAY(AO18))","v":"2044-12-31"},{"$f":"DATE(YEAR(AP18) + 1, MONTH(AP18), DAY(AP18))","v":"2045-12-31"},{"$f":"DATE(YEAR(AQ18) + 1, MONTH(AQ18), DAY(AQ18))","v":"2046-12-31"},{"$f":"DATE(YEAR(AR18) + 1, MONTH(AR18), DAY(AR18))","v":"2047-12-31"},{"$f":"DATE(YEAR(AS18) + 1, MONTH(AS18), DAY(AS18))","v":"2048-12-31"},{"$f":"DATE(YEAR(AT18) + 1, MONTH(AT18), DAY(AT18))","v":"2049-12-31"},{"$f":"DATE(YEAR(AU18) + 1, MONTH(AU18), DAY(AU18))","v":"2050-12-31"},{"$f":"DATE(YEAR(AV18) + 1, MONTH(AV18), DAY(AV18))","v":"2051-12-31"},{"$f":"DATE(YEAR(AW18) + 1, MONTH(AW18), DAY(AW18))","v":"2052-12-31"}]
[]
[null,null,null,null,"Development costs",null,{"$f":"CONCATENATE($I$9,\"m nominal prices\")","v":"£m nominal prices"},null,null,null,0,1.0447651300000005,4.2865658699999996,6.9791946999999954,6.9598622100000114,2.2939309599999973,-0.82025805000000018,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Capex",null,{"$f":"CONCATENATE($I$9,\"m nominal prices\")","v":"£m nominal prices"},null,null,null,0,0,0,0,0,5.2279186000000006,69.320873053236213,166.74904003992432,251.3800351175949,184.77541683918119,76.046985835139111,3.391085106167663,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Spares",null,"£m nominal prices",null,null,null,0,0,0,0,0,0,1.3623264992221553,1.4637523890565314,2.7769337734657453,3.4363104302958662,1.1143587549447886E-2,3.3430762648343652E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Base year UK RPI inflation index value (CHAW)",null,"Jan 1987 = 100","UK RPI index 2019/20",290.64166666666665]
[null,null,null,null,"Base year Ireland inflation index value",null,"Dec 2011 = 100"]
[null,null,null,null,"Base year average exchange rate (XUMAERS)",null,"GBP / EUR"]
[]
[null,null,null,null,"12 month average UK RPI inflation index value (CHAW)",null,{"$f":"G24","v":"Jan 1987 = 100"},"UK RPI index t",null,null,250.10833333333335,256.0333333333333,258.54166666666669,263.05,272.47500000000002,281.58333333333331,288.8,293.14166666666671,{"$f":"R28*(1+2.7%)","v":301.05649166666666},{"$f":"S28*(1+3.1%)","v":310.3892429083333},{"$f":"T28*(1+3.3%)","v":320.63208792430828},{"$f":"U28*(1+$I$179)","v":330.82818832030131},341.34852470888688,352.20340779462953,363.40347616249875,374.95970670446621,386.88342537766823,399.18631830467808,411.88044322676689,424.97824132137811,438.49254939539793,452.4366124661716,466.82409674259588,481.66910301901044,496.98618049501499,512.79034103475647,529.09707387966171,545.92236082903503,563.28269190339836,581.19508150592651,599.67708509781505,618.74681640392555,638.42296516557042,658.72481545783558,679.67226458939479,701.28584260333753,723.58673239812367,746.59679048838404,770.33856842591467,794.8353349018588]
[null,null,null,null,"12 month average Ireland CPI inflation index value",null,{"$f":"G25","v":"Dec 2011 = 100"}]
[null,null,null,null,"12 month average exchange rate (XUMAERS)",null,"GBP / EUR"]
[]
[null,null,null,null,"Indexation factor",null,null,{"$f":"IF(I6=100%,\"CRPIt\",\"PPPIt\")","v":"CRPIt"},null,null,{"$f":"IF($I$6=100%,(K28/$I$24),($I$6*(K28/$I$24)+$I$7*(K29/$I$25)/(K30/$I$26)))","v":0.86053846374401477},{"$f":"IF($I$6=100%,(L28/$I$24),($I$6*(L28/$I$24)+$I$7*(L29/$I$25)/(L30/$I$26)))","v":0.88092439143274937},{"$f":"IF($I$6=100%,(M28/$I$24),($I$6*(M28/$I$24)+$I$7*(M29/$I$25)/(M30/$I$26)))","v":0.88955472087622223},{"$f":"IF($I$6=100%,(N28/$I$24),($I$6*(N28/$I$24)+$I$7*(N29/$I$25)/(N30/$I$26)))","v":0.90506637612179952},0.93749462396421723,0.96883332855463489,0.99366344582389554,1.0086016572526308,1.0358339019984517,1.0679447529604036,1.103186929808097,1.1382682741759944,1.174465205294791,1.2118131988231655,1.2503488585457423,1.2901099522474968,1.3311354487289673,1.3734655559985485,1.4171417606793024,1.4622068686689043,1.5087050470925754,1.5566818675901195,1.6061843509794853,1.6572610133406329,1.7099619135648652,1.7643387024162278,1.8204446731530639,1.8783348137593316,1.9380658608368784,1.9996963552114915,2.0632866993072172,2.1288992163451863,2.1965982114249636,2.2664500345482774,2.3385231456469127,2.4128881816784844,2.4896180258558607,2.5687878790780769,2.6504753336327598,2.7347604492422817]
[]
[null,null,null,null,{"$f":"E20","v":"Development costs"},null,{"$f":"$I$11","v":"£m 20/21 prices"},null,null,null,{"$f":"IF($I$9=\"£\",K20/K$32,K20/K$32/K$30)","v":0},{"$f":"IF($I$9=\"£\",L20/L$32,L20/L$32/L$30)","v":1.1859872880813052},{"$f":"IF($I$9=\"£\",M20/M$32,M20/M$32/M$30)","v":4.8187770458659136},{"$f":"IF($I$9=\"£\",N20/N$32,N20/N$32/N$30)","v":7.7112517757048664},{"$f":"IF($I$9=\"£\",O20/O$32,O20/O$32/O$30)","v":7.4238955958702748},2.3677250693080762,-0.82548880453168294,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E21","v":"Capex"},null,{"$f":"$I$11","v":"£m 20/21 prices"},null,null,null,{"$f":"IF($I$9=\"£\",K21/K$32,K21/K$32/K$30)","v":0},0,0,0,0,5.396096981716485,69.762929636360781,165.32695424488841,242.68373011599948,173.01964013304362,68.933907554876257,2.979161576494354,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E22","v":"Spares"},null,"£m 20/21 prices",null,null,null,0,0,0,0,0,0,1.3710140037330074,1.451269069935601,2.6808678187768913,3.2176855785565857,1.0101268650260705E-2,2.9369844883487217E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Ex-ante allowances for the operational period"]
[]
[null,null,null,null,"Operational Year",null,null,null,null,null,"Year 1","Year 2","Year 3","Year 4","Year 5","Year 6","Year 7","Year 8","Year 9","Year 10","Year 11","Year 12","Year 13","Year 14","Year 15","Year 16","Year 17","Year 18","Year 19","Year 20","Year 21","Year 22","Year 23","Year 24","Year 25"]
[]
[null,null,null,null,"Replacement Capex",null,"£m 2018 prices",null,null,null,0,0,0,0,0,0,3.8815997664958939,0,0,0,0,0,0,0,24.259998540599337,0,0,0,0,0,0,0,4.8519997081198669,0,0]
[null,null,null,null,"Decommissioning baseline",null,"£m 2018 prices",null,null,null,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18,0.18]
[null,null,null,null,"Controllable Opex",null,"£m 2018 prices",null,null,null,13,20,17.5,17.5,17.5,17.5,17.5,17.5,17.5,17.5,17.5,17.5,17.5,17.5,17.5,17.5,17.5,17.5,17.5,17.5,17.5,17.5,17.5,17.5,17.5]
[null,null,null,null,"Non-controllable Opex baseline",null,"£m 2018 prices",null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,{"$f":"E24","v":"Base year UK RPI inflation index value (CHAW)"},null,{"$f":"G24","v":"Jan 1987 = 100"},{"$f":"H24","v":"UK RPI index 2019/20"},{"$f":"I24","v":290.64166666666665}]
[null,null,null,null,{"$f":"IF(E25=\"\",\"\",E25)","v":"Base year Ireland inflation index value"},null,{"$f":"IF(G25=\"\",\"\",G25)","v":"Dec 2011 = 100"},"",""]
[null,null,null,null,{"$f":"IF(E26=\"\",\"\",E26)","v":"Base year average exchange rate (XUMAERS)"},null,"GBP / EUR","",""]
[]
[null,null,null,null,"2018 average UK RPI inflation index value (CHAW)",null,{"$f":"G24","v":"Jan 1987 = 100"},null,281.58333333333331]
[null,null,null,null,"2018 average Ireland CPI inflation index value",null,{"$f":"IF(G25=\"\",\"\",G25)","v":"Dec 2011 = 100"}]
[null,null,null,null,"2018 average exchange rate (XUMAERS)",null,{"$f":"IF(G26=\"\",\"\",G26)","v":"GBP / EUR"}]
[]
[null,null,null,null,{"$f":"IF(E30=\"\",\"\",E30)","v":"12 month average exchange rate (XUMAERS)"},null,{"$f":"IF(G30=\"\",\"\",G30)","v":"GBP / EUR"},{"$f":"IF(H30=\"\",\"\",H30)","v":""}]
[]
[null,null,null,null,"Indexation conversion from 2018 to 2019/20 terms",null,null,null,{"$f":"I51/$I$47","v":0.96883332855463489}]
[]
[null,null,null,null,{"$f":"E42","v":"Replacement Capex"},null,{"$f":"$I$11","v":"£m 20/21 prices"},null,null,null,{"$f":"IF($I$9=\"£\",K42/$I$57,K42/K$55/$I$57)","v":0},0,0,0,0,0,4.0064680395406125,0,0,0,0,0,0,0,25.040425247128827,0,0,0,0,0,0,0,5.0080850494257652,0,0]
[null,null,null,null,{"$f":"E43","v":"Decommissioning baseline"},null,"£m 20/21 prices",null,null,null,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816,0.18579047055341816]
[null,null,null,null,{"$f":"E44","v":"Controllable Opex"},null,"£m 20/21 prices",null,null,null,13.4182006510802,20.643385617046462,18.062962414915656,18.062962414915656,18.062962414915656,18.062962414915656,18.062962414915656,18.062962414915656,18.062962414915656,18.062962414915656,18.062962414915656,18.062962414915656,18.062962414915656,18.062962414915656,18.062962414915656,18.062962414915656,18.062962414915656,18.062962414915656,18.062962414915656,18.062962414915656,18.062962414915656,18.062962414915656,18.062962414915656,18.062962414915656,18.062962414915656]
[null,null,null,null,{"$f":"E45","v":"Non-controllable Opex baseline"},null,"£m 20/21 prices",null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Variables set at financial close"]
[]
[null,null,"Finance"]
[]
[null,null,null,null,"Cap return rate",null,"real annual %",null,8.2299999999999998E-2]
[null,null,null,null,"Floor return rate",null,"real annual %",null,-5.1000000000000004E-3]
[null,null,null,null,"Interest during construction (IDC) rate",null,"real annual %",null,3.8899999999999997E-2]
[null,null,null,null,"Cost of debt (for tax)",null,"real annual %",null,{"$f":"I69","v":-5.1000000000000004E-3}]
[]
[null,null,null,null,"Pre-operational notional gearing",null,"%",null,0.41599999999999998]
[null,null,null,null,"Operational notional gearing",null,"%",null,0.5]
[]
[null,null,null,null,"Equity transaction costs",null,"%",null,0.05]
[null,null,null,null,"Debt transaction costs",null,"%",null,2.5000000000000001E-2]
[]
[null,null,"Actual cost of debt"]
[]
[null,null,null,null,"Project finance key input: senior debt amount or gearing",null,"1: Amount (£m)\n2: Gearing (%)",null,1]
[null,null,null,null,"Project finance senior debt amount (input if 1; empty if 2)",null,{"$f":"CONCATENATE($I$9,\"m nominal prices\")","v":"£m nominal prices"},null,530]
[null,null,null,null,"Project finance actual gearing (input if 2; empty if 1)",null,"%",null,0.7]
[]
[null,null,null,null,"Senior Debt tenor",null,"full years",null,20]
[null,null,null,null,"Senior Debt tail requirement",null,"full years",null,2]
[null,null,null,null,"DSCR sizing",null,"DSCRx",null,1.2]
[]
[null,null,null,null,"Fixed rate - Construction",null,"nominal %",null,3.0000000000000001E-3]
[null,null,null,null,"Fixed rate - Operation",null,"nominal %",null,6.0000000000000001E-3]
[]
[null,null,null,null,"Senior Debt construction margin",null,"nominal %",null,2.1000000000000001E-2]
[null,null,null,null,"of which: swap margin",null,"nominal %",null,1E-3]
[null,null,null,null,"Senior Debt upfront fee",null,"nominal %",null,1.4999999999999999E-2]
[null,null,null,null,"Senior Debt commitment fee",null,"% of applicable margin",null,0.35]
[]
[null,null,null,null,"Senior Debt drawdown year",null,"Year",null,null,null,1,2,3,4,5,6,7,8,9,10]
[null,null,null,null,"Senior Debt drawdown profile",null,"%",null,null,null,0.2782,0.32050000000000001,0.40129999999999999,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Debt Service Reserve Facility/Account amount",null,{"$f":"CONCATENATE($I$9,\"m nominal prices\")","v":"£m nominal prices"},null,10]
[null,null,null,null,"Debt Service Reserve Facility upfront fee",null,"nominal %",null,1.4999999999999999E-2]
[null,null,null,null,"Debt Service Reserve Facility construction margin",null,"nominal %",null,2.1000000000000001E-2]
[null,null,null,null,"Debt Service Reserve Facility commitment fee",null,"% of applicable margin",null,0.35]
[]
[null,null,null,null,"Cap and Floor Liquidity Facility amount",null,{"$f":"CONCATENATE($I$9,\"m nominal prices\")","v":"£m nominal prices"},null,25]
[null,null,null,null,"Cap and Floor Liquidity Facility average outstanding loan",null,"£m nominal prices",null,5]
[null,null,null,null,"Cap and Floor Liquidity Facility upfront fee",null,"nominal %",null,1.4999999999999999E-2]
[null,null,null,null,"Cap and Floor Liquidity Facility construction margin",null,"nominal %",null,2.1000000000000001E-2]
[null,null,null,null,"Cap and Floor Liquidity Facility commitment fee",null,"% of applicable margin",null,0.35]
[]
[null,null,null,null,"Standby Debt Facility amount",null,{"$f":"CONCATENATE($I$9,\"m nominal prices\")","v":"£m nominal prices"},null,10]
[null,null,null,null,"Standby Debt Facility upfront fee",null,"nominal %",null,1.4999999999999999E-2]
[null,null,null,null,"Standby Debt Facility construction margin",null,"nominal %",null,2.1000000000000001E-2]
[null,null,null,null,"Standby Debt Facility commitment fee",null,"% of applicable margin",null,0.35]
[]
[null,null,null,null,"VAT Facility amount",null,{"$f":"CONCATENATE($I$9,\"m nominal prices\")","v":"£m nominal prices"},null,15]
[null,null,null,null,"VAT Facility average outstanding loan",null,"£m nominal prices",null,5]
[null,null,null,null,"VAT Facility upfront fee",null,"nominal %",null,1.2999999999999999E-2]
[null,null,null,null,"VAT Facility construction margin",null,"nominal %",null,1.2999999999999999E-2]
[null,null,null,null,"VAT Facility commitment fee",null,"% of applicable margin",null,0.35]
[]
[null,null,null,null,"Other Facilities amount",null,{"$f":"CONCATENATE($I$9,\"m nominal prices\")","v":"£m nominal prices"},null,0]
[null,null,null,null,"Other Facilities upfront fee",null,"nominal %",null,0]
[null,null,null,null,"Other Facilities construction margin",null,"nominal %",null,0]
[null,null,null,null,"Other Facilities commitment fee",null,"% of applicable margin",null,0]
[]
[null,null,null,null,"Debt Service Reserve: Facility or Account",null,"1: DSRF\n2: DSRA",null,1]
[null,null,null,null,"Switch for transaction costs in taxes",null,"1: notional costs\n2: actual costs",null,2]
[]
[null,null,null,null,"Year commencing",null,null,null,null,null,{"$f":"$I$148","v":"2013-01-01"},{"$f":"+K131+1","v":"2014-01-01"},{"$f":"+L131+1","v":"2015-01-01"},{"$f":"+M131+1","v":"2016-01-01"},{"$f":"+N131+1","v":"2017-01-01"},{"$f":"+O131+1","v":"2018-01-01"},{"$f":"+P131+1","v":"2019-01-01"},{"$f":"+Q131+1","v":"2020-01-01"},{"$f":"+R131+1","v":"2021-01-01"},{"$f":"+S131+1","v":"2022-01-01"},{"$f":"+T131+1","v":"2023-01-01"},{"$f":"+U131+1","v":"2024-01-01"},{"$f":"+V131+1","v":"2025-01-01"},{"$f":"+W131+1","v":"2026-01-01"},{"$f":"+X131+1","v":"2027-01-01"},{"$f":"+Y131+1","v":"2028-01-01"},{"$f":"+Z131+1","v":"2029-01-01"},{"$f":"+AA131+1","v":"2030-01-01"},{"$f":"+AB131+1","v":"2031-01-01"},{"$f":"+AC131+1","v":"2032-01-01"},{"$f":"+AD131+1","v":"2033-01-01"},{"$f":"+AE131+1","v":"2034-01-01"},{"$f":"+AF131+1","v":"2035-01-01"},{"$f":"+AG131+1","v":"2036-01-01"},{"$f":"+AH131+1","v":"2037-01-01"},{"$f":"+AI131+1","v":"2038-01-01"},{"$f":"+AJ131+1","v":"2039-01-01"},{"$f":"+AK131+1","v":"2040-01-01"},{"$f":"+AL131+1","v":"2041-01-01"},{"$f":"+AM131+1","v":"2042-01-01"},{"$f":"+AN131+1","v":"2043-01-01"},{"$f":"+AO131+1","v":"2044-01-01"},{"$f":"+AP131+1","v":"2045-01-01"},{"$f":"+AQ131+1","v":"2046-01-01"},{"$f":"+AR131+1","v":"2047-01-01"},{"$f":"+AS131+1","v":"2048-01-01"},{"$f":"+AT131+1","v":"2049-01-01"},{"$f":"+AU131+1","v":"2050-01-01"},{"$f":"+AV131+1","v":"2051-01-01"},{"$f":"+AW131+1","v":"2052-01-01"}]
[null,null,null,null,"Year ending",null,null,null,null,null,{"$f":"EOMONTH(K130,11)","v":"2013-12-31"},{"$f":"DATE(YEAR(K131) + 1, MONTH(K131), DAY(K131))","v":"2014-12-31"},{"$f":"DATE(YEAR(L131) + 1, MONTH(L131), DAY(L131))","v":"2015-12-31"},{"$f":"DATE(YEAR(M131) + 1, MONTH(M131), DAY(M131))","v":"2016-12-31"},{"$f":"DATE(YEAR(N131) + 1, MONTH(N131), DAY(N131))","v":"2017-12-31"},{"$f":"DATE(YEAR(O131) + 1, MONTH(O131), DAY(O131))","v":"2018-12-31"},{"$f":"DATE(YEAR(P131) + 1, MONTH(P131), DAY(P131))","v":"2019-12-31"},{"$f":"DATE(YEAR(Q131) + 1, MONTH(Q131), DAY(Q131))","v":"2020-12-31"},{"$f":"DATE(YEAR(R131) + 1, MONTH(R131), DAY(R131))","v":"2021-12-31"},{"$f":"DATE(YEAR(S131) + 1, MONTH(S131), DAY(S131))","v":"2022-12-31"},{"$f":"DATE(YEAR(T131) + 1, MONTH(T131), DAY(T131))","v":"2023-12-31"},{"$f":"DATE(YEAR(U131) + 1, MONTH(U131), DAY(U131))","v":"2024-12-31"},{"$f":"DATE(YEAR(V131) + 1, MONTH(V131), DAY(V131))","v":"2025-12-31"},{"$f":"DATE(YEAR(W131) + 1, MONTH(W131), DAY(W131))","v":"2026-12-31"},{"$f":"DATE(YEAR(X131) + 1, MONTH(X131), DAY(X131))","v":"2027-12-31"},{"$f":"DATE(YEAR(Y131) + 1, MONTH(Y131), DAY(Y131))","v":"2028-12-31"},{"$f":"DATE(YEAR(Z131) + 1, MONTH(Z131), DAY(Z131))","v":"2029-12-31"},{"$f":"DATE(YEAR(AA131) + 1, MONTH(AA131), DAY(AA131))","v":"2030-12-31"},{"$f":"DATE(YEAR(AB131) + 1, MONTH(AB131), DAY(AB131))","v":"2031-12-31"},{"$f":"DATE(YEAR(AC131) + 1, MONTH(AC131), DAY(AC131))","v":"2032-12-31"},{"$f":"DATE(YEAR(AD131) + 1, MONTH(AD131), DAY(AD131))","v":"2033-12-31"},{"$f":"DATE(YEAR(AE131) + 1, MONTH(AE131), DAY(AE131))","v":"2034-12-31"},{"$f":"DATE(YEAR(AF131) + 1, MONTH(AF131), DAY(AF131))","v":"2035-12-31"},{"$f":"DATE(YEAR(AG131) + 1, MONTH(AG131), DAY(AG131))","v":"2036-12-31"},{"$f":"DATE(YEAR(AH131) + 1, MONTH(AH131), DAY(AH131))","v":"2037-12-31"},{"$f":"DATE(YEAR(AI131) + 1, MONTH(AI131), DAY(AI131))","v":"2038-12-31"},{"$f":"DATE(YEAR(AJ131) + 1, MONTH(AJ131), DAY(AJ131))","v":"2039-12-31"},{"$f":"DATE(YEAR(AK131) + 1, MONTH(AK131), DAY(AK131))","v":"2040-12-31"},{"$f":"DATE(YEAR(AL131) + 1, MONTH(AL131), DAY(AL131))","v":"2041-12-31"},{"$f":"DATE(YEAR(AM131) + 1, MONTH(AM131), DAY(AM131))","v":"2042-12-31"},{"$f":"DATE(YEAR(AN131) + 1, MONTH(AN131), DAY(AN131))","v":"2043-12-31"},{"$f":"DATE(YEAR(AO131) + 1, MONTH(AO131), DAY(AO131))","v":"2044-12-31"},{"$f":"DATE(YEAR(AP131) + 1, MONTH(AP131), DAY(AP131))","v":"2045-12-31"},{"$f":"DATE(YEAR(AQ131) + 1, MONTH(AQ131), DAY(AQ131))","v":"2046-12-31"},{"$f":"DATE(YEAR(AR131) + 1, MONTH(AR131), DAY(AR131))","v":"2047-12-31"},{"$f":"DATE(YEAR(AS131) + 1, MONTH(AS131), DAY(AS131))","v":"2048-12-31"},{"$f":"DATE(YEAR(AT131) + 1, MONTH(AT131), DAY(AT131))","v":"2049-12-31"},{"$f":"DATE(YEAR(AU131) + 1, MONTH(AU131), DAY(AU131))","v":"2050-12-31"},{"$f":"DATE(YEAR(AV131) + 1, MONTH(AV131), DAY(AV131))","v":"2051-12-31"},{"$f":"DATE(YEAR(AW131) + 1, MONTH(AW131), DAY(AW131))","v":"2052-12-31"}]
[]
[null,null,null,null,"Senior Debt repayment year",null,"Year",null,null,null,{"$f":"K171","v":0},{"$f":"L171","v":0},0,0,0,0,0,0,0,0,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Senior Debt repayment profile",null,"%",null,null,null,null,null,null,null,null,null,null,null,null,null,null,1.8187382837073121E-2,2.8158208409331448E-2,3.0728928137965909E-2,3.3537695981637236E-2,3.5504901307687353E-2,3.6278363736629134E-2,3.0181413338990971E-2,4.1687961985932546E-2,4.6001116676762835E-2,4.96377340137387E-2,5.2081453254757923E-2,5.602175857356128E-2,6.018952346268442E-2,6.4553103902805012E-2,1.54908217126913E-2,6.6385035153888564E-2,7.6018678724294603E-2,8.1115350233064293E-2,8.6381958505597489E-2,9.1858610050905704E-2]
[]
[null,null,null,null,"Senior Debt operation margin (including swap margin)",null,"nominal %",null,null,null,null,null,null,null,null,null,null,null,null,null,null,1.7999999999999999E-2,1.7999999999999999E-2,1.7999999999999999E-2,1.7999999999999999E-2,1.7999999999999999E-2,0.02,0.02,0.02,0.02,0.02,2.1999999999999999E-2,2.1999999999999999E-2,2.1999999999999999E-2,2.1999999999999999E-2,2.1999999999999999E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2]
[null,null,null,null,"Debt Service Reserve Facility operation margin",null,"nominal %",null,null,null,null,null,null,null,null,null,null,null,null,null,null,1.7999999999999999E-2,1.7999999999999999E-2,1.7999999999999999E-2,1.7999999999999999E-2,1.7999999999999999E-2,0.02,0.02,0.02,0.02,0.02,2.1999999999999999E-2,2.1999999999999999E-2,2.1999999999999999E-2,2.1999999999999999E-2,2.1999999999999999E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2]
[null,null,null,null,"Cap and Floor Liquidity Facility operation margin",null,"nominal %",null,null,null,null,null,null,null,null,null,null,null,null,null,null,1.7999999999999999E-2,1.7999999999999999E-2,1.7999999999999999E-2,1.7999999999999999E-2,1.7999999999999999E-2,0.02,0.02,0.02,0.02,0.02,2.1999999999999999E-2,2.1999999999999999E-2,2.1999999999999999E-2,2.1999999999999999E-2,2.1999999999999999E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2]
[null,null,null,null,"Standby Debt Facility operation margin",null,"nominal %",null,null,null,null,null,null,null,null,null,null,null,null,null,null,1.7999999999999999E-2,1.7999999999999999E-2,1.7999999999999999E-2,1.7999999999999999E-2,1.7999999999999999E-2,0.02,0.02,0.02,0.02,0.02,2.1999999999999999E-2,2.1999999999999999E-2,2.1999999999999999E-2,2.1999999999999999E-2,2.1999999999999999E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2]
[null,null,null,null,"VAT Facility operation margin",null,"nominal %",null,null,null,null,null,null,null,null,null,null,null,null,null,null,1.2999999999999999E-2,1.7999999999999999E-2,1.7999999999999999E-2,1.7999999999999999E-2,1.7999999999999999E-2,0.02,0.02,0.02,0.02,0.02,2.1999999999999999E-2,2.1999999999999999E-2,2.1999999999999999E-2,2.1999999999999999E-2,2.1999999999999999E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2]
[null,null,null,null,"Other facilities operation margin",null,"nominal %",null,null,null,null,null,null,null,null,null,null,null,null,null,null,1.7999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2]
[]
[null,null,"Model operation"]
[]
[null,null,null,null,"Year commencing",null,null,null,null,null,{"$f":"$I$148","v":"2013-01-01"},{"$f":"+K146+1","v":"2014-01-01"},{"$f":"+L146+1","v":"2015-01-01"},{"$f":"+M146+1","v":"2016-01-01"},{"$f":"+N146+1","v":"2017-01-01"},{"$f":"+O146+1","v":"2018-01-01"},{"$f":"+P146+1","v":"2019-01-01"},{"$f":"+Q146+1","v":"2020-01-01"},{"$f":"+R146+1","v":"2021-01-01"},{"$f":"+S146+1","v":"2022-01-01"},{"$f":"+T146+1","v":"2023-01-01"},{"$f":"+U146+1","v":"2024-01-01"},{"$f":"+V146+1","v":"2025-01-01"},{"$f":"+W146+1","v":"2026-01-01"},{"$f":"+X146+1","v":"2027-01-01"},{"$f":"+Y146+1","v":"2028-01-01"},{"$f":"+Z146+1","v":"2029-01-01"},{"$f":"+AA146+1","v":"2030-01-01"},{"$f":"+AB146+1","v":"2031-01-01"},{"$f":"+AC146+1","v":"2032-01-01"},{"$f":"+AD146+1","v":"2033-01-01"},{"$f":"+AE146+1","v":"2034-01-01"},{"$f":"+AF146+1","v":"2035-01-01"},{"$f":"+AG146+1","v":"2036-01-01"},{"$f":"+AH146+1","v":"2037-01-01"},{"$f":"+AI146+1","v":"2038-01-01"},{"$f":"+AJ146+1","v":"2039-01-01"},{"$f":"+AK146+1","v":"2040-01-01"},{"$f":"+AL146+1","v":"2041-01-01"},{"$f":"+AM146+1","v":"2042-01-01"},{"$f":"+AN146+1","v":"2043-01-01"},{"$f":"+AO146+1","v":"2044-01-01"},{"$f":"+AP146+1","v":"2045-01-01"},{"$f":"+AQ146+1","v":"2046-01-01"},{"$f":"+AR146+1","v":"2047-01-01"},{"$f":"+AS146+1","v":"2048-01-01"},{"$f":"+AT146+1","v":"2049-01-01"},{"$f":"+AU146+1","v":"2050-01-01"},{"$f":"+AV146+1","v":"2051-01-01"},{"$f":"+AW146+1","v":"2052-01-01"}]
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[]
[null,null,null,null,"Model start date",null,"date",null,"2013-01-01"]
[null,null,null,null,"Regime start date",null,"date",null,"2021-01-01"]
[null,null,null,null,"End date for IDC",null,"date",null,"2023-12-31"]
[null,null,null,null,"Start of operations",null,"date",null,"2024-01-01"]
[null,null,null,null,"Regime end date",null,"date",null,{"$f":"DATE(YEAR($I$149)+I155,MONTH($I$149),DAY($I$149))-1","v":"2045-12-31"}]
[null,null,null,null,"Debt end date",null,"date",null,{"$f":"EOMONTH(I151-1,I85*12)","v":"2043-12-31"}]
[null,null,null,null,"Debt tail end date",null,"date",null,{"$f":"MIN(EOMONTH(I151-1,(I85+I86)*12),I152)","v":"2045-12-31"}]
[null,null,null,null,"Number of operational years",null,"full years",null,25]
[]
[null,null,null,null,"Debt tenor <= (Regime end date - Start of operations)",null,"check",null,{"$f":"I85<=ROUND((I152-I151)/365.25,0)","v":true}]
[]
[null,null,null,null,"Days in year",null,"days",null,null,null,{"$f":"K$146-K$145+1","v":365},365,{"$f":"M$146-M$145+1","v":365},{"$f":"N$146-N$145+1","v":366},365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366]
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[null,null,"Tax - Operational years"]
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[null,"End of sheet"]

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[null,null,null,null,{"$f":"Inputs!E9","v":"Currency of cost inputs"},null,{"$f":"Inputs!G9","v":"choice"},null,{"$f":"ROW(Inputs!E9)","v":9},null,"Final Project Assessment decision"]
[null,null,null,null,{"$f":"Inputs!E11","v":"Base year price term"},null,{"$f":"Inputs!G11","v":"choice"},null,{"$f":"ROW(Inputs!E11)","v":11},null,"Project's licence"]
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[null,"Variables set after financial close"]
[]
[null,null,"Actual values"]
[]
[null,null,null,null,{"$f":"Inputs!E20","v":"Development costs"},null,{"$f":"Inputs!G20","v":"£m nominal prices"},null,{"$f":"ROW(Inputs!E20)","v":20},null,"Final Project Assessment decision"]
[null,null,null,null,{"$f":"Inputs!E21","v":"Capex"},null,{"$f":"Inputs!G21","v":"£m nominal prices"},null,{"$f":"ROW(Inputs!E21)","v":21},null,"Final Project Assessment decision"]
[null,null,null,null,{"$f":"Inputs!E22","v":"Spares"},null,{"$f":"Inputs!G22","v":"£m nominal prices"},null,{"$f":"ROW(Inputs!E22)","v":22},null,"Final Project Assessment decision"]
[]
[null,null,null,null,{"$f":"Inputs!E24","v":"Base year UK RPI inflation index value (CHAW)"},null,{"$f":"Inputs!G24","v":"Jan 1987 = 100"},{"$f":"Inputs!H24","v":"UK RPI index 2019/20"},{"$f":"ROW(Inputs!E24)","v":24},null,"Office for National Statistics","RPI All Items Index: Jan 1987=100"]
[null,null,null,null,{"$f":"Inputs!E25","v":"Base year Ireland inflation index value"},null,{"$f":"Inputs!G25","v":"Dec 2011 = 100"},null,{"$f":"ROW(Inputs!E25)","v":25}]
[null,null,null,null,{"$f":"Inputs!E26","v":"Base year average exchange rate (XUMAERS)"},null,{"$f":"Inputs!G26","v":"GBP / EUR"},null,{"$f":"ROW(Inputs!E26)","v":26},null,"Bank of England","XUMARES"]
[]
[null,null,null,null,{"$f":"Inputs!E28","v":"12 month average UK RPI inflation index value (CHAW)"},null,{"$f":"Inputs!G28","v":"Jan 1987 = 100"},{"$f":"Inputs!H28","v":"UK RPI index t"},{"$f":"ROW(Inputs!E28)","v":28},null,"Office for National Statistics","RPI All Items Index: Jan 1987=100"]
[null,null,null,null,{"$f":"Inputs!E29","v":"12 month average Ireland CPI inflation index value"},null,{"$f":"Inputs!G29","v":"Dec 2011 = 100"},null,{"$f":"ROW(Inputs!E29)","v":29}]
[null,null,null,null,{"$f":"Inputs!E30","v":"12 month average exchange rate (XUMAERS)"},null,{"$f":"Inputs!G30","v":"GBP / EUR"},null,{"$f":"ROW(Inputs!E30)","v":30},null,"Bank of England","XUMAERS"]
[]
[null,null,"Ex-ante allowances for the operational period"]
[]
[null,null,null,null,{"$f":"Inputs!E42","v":"Replacement Capex"},null,{"$f":"Inputs!G42","v":"£m 2018 prices"},null,{"$f":"ROW(Inputs!E42)","v":42},null,"Final Project Assessment decision"]
[null,null,null,null,{"$f":"Inputs!E43","v":"Decommissioning baseline"},null,{"$f":"Inputs!G43","v":"£m 2018 prices"},null,{"$f":"ROW(Inputs!E43)","v":43},null,"Final Project Assessment decision"]
[null,null,null,null,{"$f":"Inputs!E44","v":"Controllable Opex"},null,{"$f":"Inputs!G44","v":"£m 2018 prices"},null,{"$f":"ROW(Inputs!E44)","v":44},null,"Final Project Assessment decision"]
[null,null,null,null,{"$f":"Inputs!E45","v":"Non-controllable Opex baseline"},null,{"$f":"Inputs!G45","v":"£m 2018 prices"},null,{"$f":"ROW(Inputs!E45)","v":45},null,"Final Project Assessment decision"]
[]
[null,null,null,null,{"$f":"Inputs!E51","v":"2018 average UK RPI inflation index value (CHAW)"},null,{"$f":"Inputs!G51","v":"Jan 1987 = 100"},null,{"$f":"ROW(Inputs!E51)","v":51},null,"Office for National Statistics","RPI All Items Index: Jan 1987=100"]
[null,null,null,null,{"$f":"Inputs!E52","v":"2018 average Ireland CPI inflation index value"},null,{"$f":"Inputs!G52","v":"Dec 2011 = 100"},null,{"$f":"ROW(Inputs!E52)","v":52}]
[null,null,null,null,{"$f":"Inputs!E53","v":"2018 average exchange rate (XUMAERS)"},null,{"$f":"Inputs!G53","v":"GBP / EUR"},null,{"$f":"ROW(Inputs!E53)","v":53},null,"Bank of England","XUMAERS"]
[]
[null,null,null,null,{"$f":"Inputs!E55","v":"12 month average exchange rate (XUMAERS)"},null,{"$f":"Inputs!G55","v":"GBP / EUR"},{"$f":"Inputs!H55","v":""},{"$f":"ROW(Inputs!E55)","v":55},null,"Bank of England","XUMAERS"]
[]
[null,"Variables set at financial close"]
[]
[null,null,"Finance"]
[]
[null,null,null,null,{"$f":"Inputs!E68","v":"Cap return rate"},null,{"$f":"Inputs!G68","v":"real annual %"},null,{"$f":"ROW(Inputs!E68)","v":68},null,"Ofgem's determination based on FID date"]
[null,null,null,null,{"$f":"Inputs!E69","v":"Floor return rate"},null,{"$f":"Inputs!G69","v":"real annual %"},null,{"$f":"ROW(Inputs!E69)","v":69},null,"Ofgem's determination based on FID date"]
[null,null,null,null,{"$f":"Inputs!E70","v":"Interest during construction (IDC) rate"},null,{"$f":"Inputs!G70","v":"real annual %"},null,{"$f":"ROW(Inputs!E70)","v":70},null,"Ofgem's determination based on FID date"]
[]
[null,null,null,null,{"$f":"Inputs!E73","v":"Pre-operational notional gearing"},null,{"$f":"Inputs!G73","v":"%"},null,{"$f":"ROW(Inputs!E73)","v":73},null,"Ofgem's determination based on FID date"]
[null,null,null,null,{"$f":"Inputs!E74","v":"Operational notional gearing"},null,{"$f":"Inputs!G74","v":"%"},null,{"$f":"ROW(Inputs!E74)","v":74},null,"Window 1 policy decision (fixed for Window 1 projects)"]
[]
[null,null,null,null,{"$f":"Inputs!E76","v":"Equity transaction costs"},null,{"$f":"Inputs!G76","v":"%"},null,{"$f":"ROW(Inputs!E76)","v":76},null,"Window 1 policy decision (fixed for Window 1 projects)"]
[null,null,null,null,{"$f":"Inputs!E77","v":"Debt transaction costs"},null,{"$f":"Inputs!G77","v":"%"},null,{"$f":"ROW(Inputs!E77)","v":77},null,"Window 1 policy decision (fixed for Window 1 projects)"]
[]
[null,null,"Actual cost of debt"]
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[null,null,null,null,{"$f":"Inputs!E82","v":"Project finance senior debt amount (input if 1; empty if 2)"},null,{"$f":"Inputs!G82","v":"£m nominal prices"},null,{"$f":"ROW(Inputs!E82)","v":82},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E83","v":"Project finance actual gearing (input if 2; empty if 1)"},null,{"$f":"Inputs!G83","v":"%"},null,{"$f":"ROW(Inputs!E83)","v":83},null,"Developer's Final Project Assessment submission"]
[]
[null,null,null,null,{"$f":"Inputs!E85","v":"Senior Debt tenor"},null,{"$f":"Inputs!G85","v":"full years"},null,{"$f":"ROW(Inputs!E85)","v":85},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E86","v":"Senior Debt tail requirement"},null,{"$f":"Inputs!G86","v":"full years"},null,{"$f":"ROW(Inputs!E86)","v":86},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E87","v":"DSCR sizing"},null,{"$f":"Inputs!G87","v":"DSCRx"},null,{"$f":"ROW(Inputs!E87)","v":87},null,"Developer's Final Project Assessment submission"]
[]
[null,null,null,null,{"$f":"Inputs!E89","v":"Fixed rate - Construction"},null,{"$f":"Inputs!G89","v":"nominal %"},null,{"$f":"ROW(Inputs!E89)","v":89},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E90","v":"Fixed rate - Operation"},null,{"$f":"Inputs!G90","v":"nominal %"},null,{"$f":"ROW(Inputs!E90)","v":90},null,"Developer's Final Project Assessment submission"]
[]
[null,null,null,null,{"$f":"Inputs!E92","v":"Senior Debt construction margin"},null,{"$f":"Inputs!G92","v":"nominal %"},null,{"$f":"ROW(Inputs!E92)","v":92},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E93","v":"of which: swap margin"},null,{"$f":"Inputs!G93","v":"nominal %"},null,{"$f":"ROW(Inputs!E93)","v":93},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E94","v":"Senior Debt upfront fee"},null,{"$f":"Inputs!G94","v":"nominal %"},null,{"$f":"ROW(Inputs!E94)","v":94},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E95","v":"Senior Debt commitment fee"},null,{"$f":"Inputs!G95","v":"% of applicable margin"},null,{"$f":"ROW(Inputs!E95)","v":95},null,"Developer's Final Project Assessment submission"]
[]
[null,null,null,null,{"$f":"Inputs!E97","v":"Senior Debt drawdown year"},null,{"$f":"Inputs!G97","v":"Year"},null,{"$f":"ROW(Inputs!E97)","v":97},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E98","v":"Senior Debt drawdown profile"},null,{"$f":"Inputs!G98","v":"%"},null,{"$f":"ROW(Inputs!E98)","v":98},null,"Developer's Final Project Assessment submission"]
[]
[null,null,null,null,{"$f":"Inputs!E100","v":"Debt Service Reserve Facility/Account amount"},null,{"$f":"Inputs!G100","v":"£m nominal prices"},null,{"$f":"ROW(Inputs!E100)","v":100},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E101","v":"Debt Service Reserve Facility upfront fee"},null,{"$f":"Inputs!G101","v":"nominal %"},null,{"$f":"ROW(Inputs!E101)","v":101},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E102","v":"Debt Service Reserve Facility construction margin"},null,{"$f":"Inputs!G102","v":"nominal %"},null,{"$f":"ROW(Inputs!E102)","v":102},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E103","v":"Debt Service Reserve Facility commitment fee"},null,{"$f":"Inputs!G103","v":"% of applicable margin"},null,{"$f":"ROW(Inputs!E103)","v":103},null,"Developer's Final Project Assessment submission"]
[]
[null,null,null,null,{"$f":"Inputs!E105","v":"Cap and Floor Liquidity Facility amount"},null,{"$f":"Inputs!G105","v":"£m nominal prices"},null,{"$f":"ROW(Inputs!E105)","v":105},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E107","v":"Cap and Floor Liquidity Facility upfront fee"},null,{"$f":"Inputs!G107","v":"nominal %"},null,{"$f":"ROW(Inputs!E107)","v":107},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E108","v":"Cap and Floor Liquidity Facility construction margin"},null,{"$f":"Inputs!G108","v":"nominal %"},null,{"$f":"ROW(Inputs!E108)","v":108},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E109","v":"Cap and Floor Liquidity Facility commitment fee"},null,{"$f":"Inputs!G109","v":"% of applicable margin"},null,{"$f":"ROW(Inputs!E109)","v":109},null,"Developer's Final Project Assessment submission"]
[]
[null,null,null,null,{"$f":"Inputs!E111","v":"Standby Debt Facility amount"},null,{"$f":"Inputs!G111","v":"£m nominal prices"},null,{"$f":"ROW(Inputs!E111)","v":111},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E112","v":"Standby Debt Facility upfront fee"},null,{"$f":"Inputs!G112","v":"nominal %"},null,{"$f":"ROW(Inputs!E112)","v":112},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E113","v":"Standby Debt Facility construction margin"},null,{"$f":"Inputs!G113","v":"nominal %"},null,{"$f":"ROW(Inputs!E113)","v":113},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E114","v":"Standby Debt Facility commitment fee"},null,{"$f":"Inputs!G114","v":"% of applicable margin"},null,{"$f":"ROW(Inputs!E114)","v":114},null,"Developer's Final Project Assessment submission"]
[]
[null,null,null,null,{"$f":"Inputs!E116","v":"VAT Facility amount"},null,{"$f":"Inputs!G116","v":"£m nominal prices"},null,{"$f":"ROW(Inputs!E116)","v":116},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E117","v":"VAT Facility average outstanding loan"},null,{"$f":"Inputs!G117","v":"£m nominal prices"},null,{"$f":"ROW(Inputs!E117)","v":117},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E118","v":"VAT Facility upfront fee"},null,{"$f":"Inputs!G118","v":"nominal %"},null,{"$f":"ROW(Inputs!E118)","v":118},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E119","v":"VAT Facility construction margin"},null,{"$f":"Inputs!G119","v":"nominal %"},null,{"$f":"ROW(Inputs!E119)","v":119},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E120","v":"VAT Facility commitment fee"},null,{"$f":"Inputs!G120","v":"% of applicable margin"},null,{"$f":"ROW(Inputs!E120)","v":120},null,"Developer's Final Project Assessment submission"]
[]
[null,null,null,null,{"$f":"Inputs!E122","v":"Other Facilities amount"},null,{"$f":"Inputs!G122","v":"£m nominal prices"},null,{"$f":"ROW(Inputs!E122)","v":122},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E123","v":"Other Facilities upfront fee"},null,{"$f":"Inputs!G123","v":"nominal %"},null,{"$f":"ROW(Inputs!E123)","v":123},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E124","v":"Other Facilities construction margin"},null,{"$f":"Inputs!G124","v":"nominal %"},null,{"$f":"ROW(Inputs!E124)","v":124},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E125","v":"Other Facilities commitment fee"},null,{"$f":"Inputs!G125","v":"% of applicable margin"},null,{"$f":"ROW(Inputs!E125)","v":125},null,"Developer's Final Project Assessment submission"]
[]
[null,null,null,null,{"$f":"Inputs!E127","v":"Debt Service Reserve: Facility or Account"},null,{"$f":"Inputs!G127","v":"1: DSRF\n2: DSRA"},null,{"$f":"ROW(Inputs!E127)","v":127},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E128","v":"Switch for transaction costs in taxes"},null,{"$f":"Inputs!G128","v":"1: notional costs\n2: actual costs"},null,{"$f":"ROW(Inputs!E128)","v":128},null,"Developer's Final Project Assessment submission"]
[]
[null,null,null,null,{"$f":"Inputs!E133","v":"Senior Debt repayment year"},null,{"$f":"Inputs!G133","v":"Year"},null,{"$f":"ROW(Inputs!E133)","v":133},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E134","v":"Senior Debt repayment profile"},null,{"$f":"Inputs!G134","v":"%"},null,{"$f":"ROW(Inputs!E134)","v":134},null,"Developer's Final Project Assessment submission"]
[]
[null,null,null,null,{"$f":"Inputs!E136","v":"Senior Debt operation margin (including swap margin)"},null,{"$f":"Inputs!G136","v":"nominal %"},null,{"$f":"ROW(Inputs!E136)","v":136},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E137","v":"Debt Service Reserve Facility operation margin"},null,{"$f":"Inputs!G137","v":"nominal %"},null,{"$f":"ROW(Inputs!E137)","v":137},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E138","v":"Cap and Floor Liquidity Facility operation margin"},null,{"$f":"Inputs!G138","v":"nominal %"},null,{"$f":"ROW(Inputs!E138)","v":138},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E139","v":"Standby Debt Facility operation margin"},null,{"$f":"Inputs!G139","v":"nominal %"},null,{"$f":"ROW(Inputs!E139)","v":139},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E140","v":"VAT Facility operation margin"},null,{"$f":"Inputs!G140","v":"nominal %"},null,{"$f":"ROW(Inputs!E140)","v":140},null,"Developer's Final Project Assessment submission"]
[null,null,null,null,{"$f":"Inputs!E141","v":"Other facilities operation margin"},null,{"$f":"Inputs!G141","v":"nominal %"},null,{"$f":"ROW(Inputs!E141)","v":141},null,"Developer's Final Project Assessment submission"]
[]
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[null,null,null,null,{"$f":"Inputs!E149","v":"Regime start date"},null,{"$f":"Inputs!G149","v":"date"},null,{"$f":"ROW(Inputs!I149)","v":149},null,"Final Project Assessment decision"]
[null,null,null,null,{"$f":"Inputs!E150","v":"End date for IDC"},null,{"$f":"Inputs!G150","v":"date"},null,{"$f":"ROW(Inputs!I150)","v":150},null,"Final Project Assessment decision"]
[null,null,null,null,{"$f":"Inputs!E151","v":"Start of operations"},null,{"$f":"Inputs!G151","v":"date"},null,{"$f":"ROW(Inputs!I151)","v":151},null,"Final Project Assessment decision"]
[null,null,null,null,{"$f":"Inputs!E155","v":"Number of operational years"},null,{"$f":"Inputs!G155","v":"full years"},null,{"$f":"ROW(Inputs!I155)","v":155},null,"Project's licence"]
[]
[null,null,"Tax - Financial years"]
[]
[null,null,null,null,{"$f":"Inputs!E179","v":"Long-term expected UK RPI inflation"},null,{"$f":"Inputs!G179","v":"%"},null,{"$f":"ROW(Inputs!E179)","v":179},null,"Ofgem's determination based on FID date"]
[null,null,null,null,{"$f":"Inputs!E182","v":"12 month average UK RPI inflation index value (CHAW)"},null,{"$f":"Inputs!G182","v":"Jan 1987 = 100"},{"$f":"Inputs!H182","v":"UK RPI index t"},{"$f":"ROW(Inputs!E182)","v":182},null,"Office for National Statistics","RPI All Items Index: Jan 1987=100"]
[]
[null,null,"Tax - Operational years"]
[]
[null,null,null,null,{"$f":"Inputs!E189","v":"Corporation tax rate"},null,{"$f":"Inputs!G189","v":"%"},null,{"$f":"ROW(Inputs!E189)","v":189},null,"Ofgem's determination based on FID date"]
[null,null,null,null,{"$f":"Inputs!E190","v":"Capital allowance rate (declining balance)"},null,{"$f":"Inputs!G190","v":"%"},null,{"$f":"ROW(Inputs!E190)","v":190},null,"Ofgem's determination based on FID date"]
[null,null,null,null,{"$f":"Inputs!E193","v":"Start of price base year"},null,{"$f":"Inputs!G193","v":"date"},null,{"$f":"ROW(Inputs!E193)","v":193},null,"Project's licence"]
[]
[null,null,"Tax - Annuity"]
[]
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[]
[null,"End of sheet"]

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[null,null,null,null,"Transaction costs - closing",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,null,null,{"$f":"SUM(K49,K48,K47,K42)","v":0},{"$f":"SUM(L49,L48,L47,L42)","v":0},0,0,33.958946511210563,35.279949530496651,36.652339567232971,38.078115576398332,39.559354272320228,41.098213153513484,42.696933645185155,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Actual cost of debt"]
[]
[null,null,"Debt balance and reserves"]
[]
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[]
[null,null,null,null,"Project finance senior debt amount",null,{"$f":"CONCATENATE(Inputs!$I$9,\"m nominal prices\")","v":"£m nominal prices"},null,{"$f":"IF(Inputs!I81=1,Inputs!I82,I59*SUM(K56:AX56))","v":530}]
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[null,null,null,null,"Financial expenses during operation",null,{"$f":"CONCATENATE(Inputs!$I$9,\"m nominal prices\")","v":"£m nominal prices"},null,null,null,{"$f":"SUM(K137:K139)","v":0},{"$f":"SUM(L137:L139)","v":0},0,0,0,0,0,0,0,0,0,{"$f":"SUM(V137:V139)","v":13.029},12.797656490312431,12.439484079345734,12.048612113430806,11.622012620544382,12.106506132236486,11.606590279945737,11.190690404134441,10.616230287968289,9.9823349001624972,10.018428996641882,9.2455402303412733,8.4141773331096239,7.5209648049233868,6.562996743005761,6.789978159417239,5.7344561004704113,4.5257591087541265,3.2360250400484043,1.8625518998094044,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt service"]
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[null,null,null,null,"Principal repayment",null,{"$f":"CONCATENATE(Inputs!$I$9,\"m nominal prices\")","v":"£m nominal prices"},null,null,null,{"$f":"-K65","v":0},{"$f":"-L65","v":0},0,0,0,0,0,0,0,0,0,9.6393129036487544,14.923850456945667,16.286331913121931,17.774978870267734,18.817597693074298,19.227532780413441,15.996149069665215,22.094619852544248,24.380591838684303,26.307999027281511,27.603170225021699,29.691532043987479,31.900447435222741,34.213145068486654,8.2101355077263882,35.18406863156094,40.28989972387614,42.991135623524073,45.782438007966668,48.685063326980021,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,"Total debt service",null,{"$f":"CONCATENATE(Inputs!$I$9,\"m nominal prices\")","v":"£m nominal prices"},null,null,null,{"$f":"SUM(K144:K145)","v":0},{"$f":"SUM(L144:L145)","v":0},0,0,0,0,0,0,0,0,0,22.668312903648754,27.721506947258099,28.725815992467666,29.823590983698541,30.43961031361868,31.334038912649927,27.60273934961095,33.285310256678692,34.996822126652589,36.29033392744401,37.62159922166358,38.937072274328756,40.314624768332365,41.734109873410041,14.77313225073215,41.974046790978178,46.02435582434655,47.516894732278203,49.018463048015072,50.547615226789425,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,"DSCR sizing",null,{"$f":"Inputs!G87","v":"DSCRx"},null,{"$f":"Inputs!I87","v":1.2}]
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[null,null,null,null,"Total debt service including buffer",null,{"$f":"CONCATENATE(Inputs!$I$9,\"m nominal prices\")","v":"£m nominal prices"},null,null,null,{"$f":"K146*$I$148","v":0},{"$f":"L146*$I$148","v":0},0,0,0,0,0,0,0,0,0,27.201975484378504,33.265808336709718,34.470979190961195,35.788309180438247,36.527532376342414,37.600846695179911,33.12328721953314,39.942372308014427,41.996186551983108,43.548400712932811,45.145919065996296,46.724486729194503,48.37754972199884,50.08093184809205,17.727758700878578,50.368856149173816,55.22922698921586,57.020273678733844,58.822155657618083,60.657138272147307,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Total debt service including buffer",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,null,null,{"$f":"K150/Inputs!K$32","v":0},{"$f":"L150/Inputs!L$32","v":0},{"$f":"M150/Inputs!M$32","v":0},{"$f":"N150/Inputs!N$32","v":0},{"$f":"O150/Inputs!O$32","v":0},{"$f":"P150/Inputs!P$32","v":0},{"$f":"Q150/Inputs!Q$32","v":0},{"$f":"R150/Inputs!R$32","v":0},{"$f":"S150/Inputs!S$32","v":0},{"$f":"T150/Inputs!T$32","v":0},{"$f":"U150/Inputs!U$32","v":0},{"$f":"V150/Inputs!V$32","v":23.897683965645385},{"$f":"W150/Inputs!W$32","v":28.324217853997634},{"$f":"X150/Inputs!X$32","v":28.445786218896757},{"$f":"Y150/Inputs!Y$32","v":28.622659136957161},{"$f":"Z150/Inputs!Z$32","v":28.313503289163769},{"$f":"AA150/Inputs!AA$32","v":28.247198082721802},{"$f":"AB150/Inputs!AB$32","v":24.116576549640204},{"$f":"AC150/Inputs!AC$32","v":28.185163556868282},{"$f":"AD150/Inputs!AD$32","v":28.721097850000962},{"$f":"AE150/Inputs!AE$32","v":28.864754444120745},{"$f":"AF150/Inputs!AF$32","v":29.001377870409804},{"$f":"AG150/Inputs!AG$32","v":29.090363569225985},{"$f":"AH150/Inputs!AH$32","v":29.19126759911013},{"$f":"AI150/Inputs!AI$32","v":29.287746967232259},{"$f":"AJ150/Inputs!AJ$32","v":10.047820566765754},{"$f":"AK150/Inputs!AK$32","v":27.668435570707825},{"$f":"AL150/Inputs!AL$32","v":29.40329199280459},{"$f":"AM150/Inputs!AM$32","v":29.42122599183077},{"$f":"AN150/Inputs!AN$32","v":29.415543767092053},{"$f":"AO150/Inputs!AO$32","v":29.398308190768617},{"$f":"AP150/Inputs!AP$32","v":0},{"$f":"AQ150/Inputs!AQ$32","v":0},{"$f":"AR150/Inputs!AR$32","v":0},{"$f":"AS150/Inputs!AS$32","v":0},{"$f":"AT150/Inputs!AT$32","v":0},{"$f":"AU150/Inputs!AU$32","v":0},{"$f":"AV150/Inputs!AV$32","v":0},{"$f":"AW150/Inputs!AW$32","v":0},{"$f":"AX150/Inputs!AX$32","v":0}]
[]
[null,null,"DSRA calculation"]
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[null,null,null,null,"DSRA pre-funding ",null,null,null,null,null,{"$f":"Inputs!$I$100*Finance!K12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!L12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!M12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!N12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!O12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!P12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!Q12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!R12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!S12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!T12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!U12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!V12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!W12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!X12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!Y12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!Z12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AA12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AB12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AC12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AD12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AE12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AF12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AG12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AH12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AI12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AJ12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AK12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AL12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AM12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AN12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AO12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AP12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AQ12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AR12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AS12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AT12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AU12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AV12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AW12*(Inputs!$I$127=2)","v":0},{"$f":"Inputs!$I$100*Finance!AX12*(Inputs!$I$127=2)","v":0}]
[]
[null,"End of sheet"]

{"sheet":"Op Rav","index":6,"n_rows":43,"n_cols":35,"rows_kept":43,"cut":false,"hidden":false,"merged":[]}
["Op RAV",null,null,null,null,null,null,"Licence"]
[null,null,null,null,"Parameter",null,"Units","Terminology","Constant",null,"Annual values"]
[null,null,null,null,"Project year",null,null,null,null,null,"Year 1","Year 2","Year 3","Year 4","Year 5","Year 6","Year 7","Year 8","Year 9","Year 10","Year 11","Year 12","Year 13","Year 14","Year 15","Year 16","Year 17","Year 18","Year 19","Year 20","Year 21","Year 22","Year 23","Year 24","Year 25"]
[]
[null,"RAV"]
[]
[null,null,"Operational"]
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[null,null,null,null,"Opening operational RAV (before transfers)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,null,null,{"$f":"J15","v":0},847.12718444796883,811.8302184293035,776.53325241063817,741.23628639197284,705.93932037330751,670.64235435464218,639.35185637551751,603.83230879909991,568.3127612226823,532.79321364626469,497.27366606984702,461.75411849342936,426.23457091701169,390.71502334059403,380.23590101130526,342.21231091017472,304.18872080904418,266.16513070791365,228.14154060678311,190.1179505056526,152.09436040452209,114.07077030339157,81.055265251686805,40.527632625843403]
[null,null,null,null,"Transfers of transaction costs",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,null,null,{"$f":"-SUM(Finance!K49:AX49)","v":40.929795499754704}]
[null,null,null,null,"Transfers of pre-operational RAV",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,null,null,{"$f":"-SUM('Pre Op RAV'!K25:AX25)","v":841.49435496687943}]
[null,null,null,null,"Opening operational RAV (after transfers)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,null,null,{"$f":"SUM(K9:K11)","v":882.42415046663416},{"$f":"SUM(L9:L11)","v":847.12718444796883},{"$f":"SUM(M9:M11)","v":811.8302184293035},776.53325241063817,741.23628639197284,705.93932037330751,670.64235435464218,639.35185637551751,603.83230879909991,568.3127612226823,532.79321364626469,497.27366606984702,461.75411849342936,426.23457091701169,390.71502334059403,380.23590101130526,342.21231091017472,304.18872080904418,266.16513070791365,228.14154060678311,190.1179505056526,152.09436040452209,114.07077030339157,81.055265251686805,40.527632625843403]
[null,null,null,null,"Replacement Capex",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,null,null,{"$f":"Inputs!K59","v":0},{"$f":"Inputs!L59","v":0},{"$f":"Inputs!M59","v":0},{"$f":"Inputs!N59","v":0},{"$f":"Inputs!O59","v":0},{"$f":"Inputs!P59","v":0},{"$f":"Inputs!Q59","v":4.0064680395406125},{"$f":"Inputs!R59","v":0},{"$f":"Inputs!S59","v":0},{"$f":"Inputs!T59","v":0},{"$f":"Inputs!U59","v":0},{"$f":"Inputs!V59","v":0},{"$f":"Inputs!W59","v":0},{"$f":"Inputs!X59","v":0},{"$f":"Inputs!Y59","v":25.040425247128827},{"$f":"Inputs!Z59","v":0},{"$f":"Inputs!AA59","v":0},{"$f":"Inputs!AB59","v":0},{"$f":"Inputs!AC59","v":0},{"$f":"Inputs!AD59","v":0},{"$f":"Inputs!AE59","v":0},{"$f":"Inputs!AF59","v":0},{"$f":"Inputs!AG59","v":5.0080850494257652},{"$f":"Inputs!AH59","v":0},{"$f":"Inputs!AI59","v":0}]
[null,null,null,null,"Depreciation (negative)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,null,null,{"$f":" - K25","v":-35.296966018665366},{"$f":" - L25","v":-35.296966018665366},{"$f":" - M25","v":-35.296966018665373},-35.296966018665373,-35.296966018665373,-35.296966018665373,-35.29696601866538,-35.519547576417636,-35.519547576417644,-35.519547576417644,-35.519547576417644,-35.519547576417644,-35.519547576417644,-35.519547576417644,-35.519547576417636,-38.023590101130523,-38.023590101130523,-38.023590101130523,-38.023590101130523,-38.023590101130516,-38.023590101130523,-38.023590101130523,-38.023590101130523,-40.527632625843403,-40.527632625843403]
[null,null,null,null,"Closing operational RAV",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,null,null,{"$f":"SUM(K12:K14)","v":847.12718444796883},811.8302184293035,776.53325241063817,741.23628639197284,705.93932037330751,670.64235435464218,639.35185637551751,603.83230879909991,568.3127612226823,532.79321364626469,497.27366606984702,461.75411849342936,426.23457091701169,390.71502334059403,380.23590101130526,342.21231091017472,304.18872080904418,266.16513070791365,228.14154060678311,190.1179505056526,152.09436040452209,114.07077030339157,81.055265251686805,40.527632625843403,0]
[]
[null,null,null,null,"Average operational RAV",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,null,null,{"$f":"AVERAGE(K12, K15)","v":864.77566745730155},{"$f":"AVERAGE(L12, L15)","v":829.47870143863611},794.18173541997089,758.88476940130545,723.58780338264023,688.29083736397479,654.99710536507985,621.59208258730871,586.0725350108911,550.55298743447349,515.03343985805589,479.51389228163816,443.99434470522056,408.47479712880283,385.47546217594964,361.22410596073996,{"$f":"AVERAGE(AA12, AA15)","v":323.20051585960948},285.17692575847889,247.15333565734838,209.12974555621787,171.10615545508733,133.08256535395682,97.563017777539187,60.7914489387651,20.263816312921701]
[]
[null,"Operational RAV depreciation"]
[]
[null,null,null,null,"Number of operational years",null,"full years",null,{"$f":"Inputs!I155","v":25}]
[null,null,null,null,"Years remaining until end of operational period",null,"full years",null,null,null,{"$f":"I21","v":25},{"$f":"+K22-1","v":24},{"$f":"+L22-1","v":23},22,21,20,19,18,17,16,15,14,13,12,11,10,9,8,7,6,5,4,3,2,1]
[null,null,null,null,"Year is before end of operational period",null,"flag",null,null,null,{"$f":"K22 > 0","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
[null,null,null,null,"RAV depreciation",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,null,null,{"$f":"IF(K23, IF(K22=1,SUM(K12:K13),K12 / K22), 0)","v":35.296966018665366},{"$f":"IF(L23, IF(L22=1,SUM(L12:L13),L12 / L22), 0)","v":35.296966018665366},35.296966018665373,35.296966018665373,35.296966018665373,35.296966018665373,35.29696601866538,35.519547576417636,35.519547576417644,35.519547576417644,35.519547576417644,35.519547576417644,35.519547576417644,35.519547576417644,35.519547576417636,38.023590101130523,38.023590101130523,38.023590101130523,38.023590101130523,38.023590101130516,38.023590101130523,38.023590101130523,38.023590101130523,40.527632625843403,40.527632625843403]
[]
[null,null,null,null,"Depreciation equal to additions",null,"check",null,{"$f":"IF(ABS(SUM('Pre Op RAV'!K20:AX23,Finance!K43:AX46,Finance!K48:AX48,K13:AI13)-SUM(K25:AI25))<0.00000001,\"TRUE\",\"FALSE\")","v":"TRUE"}]
[]
[null,"Operational RAV return"]
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[null,null,null,null,"Cap return rate",null,{"$f":"Inputs!G68","v":"real annual %"},null,{"$f":"Inputs!I68","v":8.2299999999999998E-2}]
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[]
[null,"Profiled allowances except tax (notional floor)"]
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[null,null,"Annuity parameters"]
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[null,null,"Allowances except tax"]
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[null,null,null,null,"NPV of allowances except tax (floor)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,{"$f":"SUM(K28:AI28)","v":1407.3518043754291}]
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[]
[null,"Unprofiled allowances except tax (actual floor during debt tenor and tail period)"]
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[]
[null,"Profiled allowances except tax (actual floor during debt tenor and tail period)"]
[]
[null,null,"Annuity parameters during debt tenor"]
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[null,null,"Allowances except tax during debt tenor"]
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[]
[null,"End of sheet"]

{"sheet":"Tax Deductions","index":9,"n_rows":76,"n_cols":35,"rows_kept":76,"cut":false,"hidden":false,"merged":[]}
["Tax Deductions",null,null,null,null,null,null,"Licence"]
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[]
[null,null,"Total tax deductions - Actual cost of debt"]
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[null,"Tax pools"]
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[null,null,"Revenue pool"]
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[null,null,"Capital allowance pool"]
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[null,"Interest - Notional cost of debt"]
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[null,null,"Cost of debt"]
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[null,null,null,null,"Cost of debt (for tax)",null,{"$f":"Inputs!G69","v":"real annual %"},null,{"$f":"Inputs!I71","v":-5.1000000000000004E-3}]
[null,null,null,null,"Expected UK RPI inflation",null,{"$f":"Inputs!G192","v":"%"},null,{"$f":"Inputs!I192","v":3.1800000000000002E-2}]
[null,null,null,null,"Cost of debt (for tax)",null,"nominal annual %",null,{"$f":"(1 + I59) * (1 + I$60) - 1","v":2.6537820000000156E-2}]
[]
[null,null,"Net debt"]
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[null,null,null,null,"Number of operational years",null,{"$f":"Inputs!G155","v":"full years"},null,{"$f":"Inputs!I155","v":25}]
[null,null,null,null,"Operational notional gearing",null,{"$f":"Inputs!G74","v":"%"},null,{"$f":"Inputs!I74","v":0.5}]
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[]
[null,"End of sheet"]

{"sheet":"Tax Cap","index":10,"n_rows":42,"n_cols":35,"rows_kept":42,"cut":false,"hidden":false,"merged":[]}
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[null,null,null,null,"Parameter",null,"Units","Terminology","Constant",null,"Annual values"]
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[null,null,"Profits attributable to corporation tax"]
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[null,null,"Tax losses"]
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[null,null,null,null,"Taxable losses brought forward",null,"£m nominal prices",null,null,null,{"$f":"J18","v":0},{"$f":"K18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
[null,null,"Tax allowance"]
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[]
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[]
[null,null,null,null,"Annuity factor (cap)",null,{"$f":"'Allowances Cap'!G31","v":"scalar"},null,{"$f":"'Allowances Cap'!I31","v":9.5526057023451447E-2}]
[]
[null,null,null,null,"Annuity of tax allowance (cap)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,{"$f":"I36 * I38","v":10.516317527011182}]
[]
[null,"End of sheet"]

{"sheet":"Tax Floor","index":11,"n_rows":79,"n_cols":35,"rows_kept":79,"cut":false,"hidden":false,"merged":[]}
["Tax Floor",null,null,null,null,null,null,"Licence"]
[null,null,null,null,"Parameter",null,"Units","Terminology","Constant",null,"Annual values"]
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[]
[null,null,"Tax allowance"]
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[null,null,null,null,"Profits attributable to corporation tax (after taxable losses)",null,"£m nominal prices",null,null,null,{"$f":"MAX(K11 - K17,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,24.758754783621633,36.051793499036179,40.012252737791066,43.926790842370345,47.807398706500052,51.665364533495186,55.511338000964045,58.512583798556918,62.431683842657385,0]
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[]
[null,"Profiled tax allowance (notional floor)"]
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[null,"Unprofiled tax allowance (actual floor)"]
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[null,null,"Profits attributable to corporation tax"]
[]
[null,null,null,null,"Annuitised allowances except tax (floor)",null,"£m nominal prices",null,null,null,{"$f":"('Allowances Floor'!K67+'Allowances Floor'!K76)* 'Tax Deductions'!K$12","v":0},{"$f":"('Allowances Floor'!L67+'Allowances Floor'!L76)* 'Tax Deductions'!L$12","v":0},{"$f":"('Allowances Floor'!M67+'Allowances Floor'!M76)* 'Tax Deductions'!M$12","v":0},{"$f":"('Allowances Floor'!N67+'Allowances Floor'!N76)* 'Tax Deductions'!N$12","v":53.821059661164341},{"$f":"('Allowances Floor'!O67+'Allowances Floor'!O76)* 'Tax Deductions'!O$12","v":55.532569358389367},{"$f":"('Allowances Floor'!P67+'Allowances Floor'!P76)* 'Tax Deductions'!P$12","v":57.298505063986156},{"$f":"('Allowances Floor'!Q67+'Allowances Floor'!Q76)* 'Tax Deductions'!Q$12","v":59.120597525020919},{"$f":"('Allowances Floor'!R67+'Allowances Floor'!R76)* 'Tax Deductions'!R$12","v":61.000632526316579},{"$f":"('Allowances Floor'!S67+'Allowances Floor'!S76)* 'Tax Deductions'!S$12","v":62.940452640653454},{"$f":"('Allowances Floor'!T67+'Allowances Floor'!T76)* 'Tax Deductions'!T$12","v":64.941959034626237},{"$f":"('Allowances Floor'!U67+'Allowances Floor'!U76)* 'Tax Deductions'!U$12","v":67.007113331927357},{"$f":"('Allowances Floor'!V67+'Allowances Floor'!V76)* 'Tax Deductions'!V$12","v":69.137939535882651},{"$f":"('Allowances Floor'!W67+'Allowances Floor'!W76)* 'Tax Deductions'!W$12","v":71.336526013123716},{"$f":"('Allowances Floor'!X67+'Allowances Floor'!X76)* 'Tax Deductions'!X$12","v":73.605027540341055},{"$f":"('Allowances Floor'!Y67+'Allowances Floor'!Y76)* 'Tax Deductions'!Y$12","v":75.945667416123911},{"$f":"('Allowances Floor'!Z67+'Allowances Floor'!Z76)* 'Tax Deductions'!Z$12","v":78.360739639956662},{"$f":"('Allowances Floor'!AA67+'Allowances Floor'!AA76)* 'Tax Deductions'!AA$12","v":80.85261116050728},{"$f":"('Allowances Floor'!AB67+'Allowances Floor'!AB76)* 'Tax Deductions'!AB$12","v":83.423724195411424},{"$f":"('Allowances Floor'!AC67+'Allowances Floor'!AC76)* 'Tax Deductions'!AC$12","v":86.076598624825507},{"$f":"('Allowances Floor'!AD67+'Allowances Floor'!AD76)* 'Tax Deductions'!AD$12","v":88.813834461094956},{"$f":"('Allowances Floor'!AE67+'Allowances Floor'!AE76)* 'Tax Deductions'!AE$12","v":91.638114396957789},{"$f":"('Allowances Floor'!AF67+'Allowances Floor'!AF76)* 'Tax Deductions'!AF$12","v":94.552206434781056},{"$f":"('Allowances Floor'!AG67+'Allowances Floor'!AG76)* 'Tax Deductions'!AG$12","v":97.558966599407086},{"$f":"('Allowances Floor'!AH67+'Allowances Floor'!AH76)* 'Tax Deductions'!AH$12","v":100.66134173726824},{"$f":"('Allowances Floor'!AI67+'Allowances Floor'!AI76)* 'Tax Deductions'!AI$12","v":103.86237240451339}]
[null,null,null,null,"Less tax deductions",null,"£m nominal prices",null,null,null,{"$f":"-'Tax Deductions'!K30","v":-8.8199999999999985},{"$f":"-'Tax Deductions'!L30","v":0},{"$f":"-'Tax Deductions'!M30","v":0},{"$f":"-'Tax Deductions'!N30","v":-81.141920729029607},{"$f":"-'Tax Deductions'!O30","v":-77.805133566456618},{"$f":"-'Tax Deductions'!P30","v":-74.664479157008216},{"$f":"-'Tax Deductions'!Q30","v":-72.199211128324123},{"$f":"-'Tax Deductions'!R30","v":-69.534917365909379},{"$f":"-'Tax Deductions'!S30","v":-68.042596595758326},{"$f":"-'Tax Deductions'!T30","v":-65.808479339681469},{"$f":"-'Tax Deductions'!U30","v":-63.884267981885756},{"$f":"-'Tax Deductions'!V30","v":-62.012086602934801},{"$f":"-'Tax Deductions'!W30","v":-60.27707257856823},{"$f":"-'Tax Deductions'!X30","v":-59.395873015234336},{"$f":"-'Tax Deductions'!Y30","v":-61.158303039118266},{"$f":"-'Tax Deductions'!Z30","v":-59.480905420189089},{"$f":"-'Tax Deductions'!AA30","v":-57.914503112476673},{"$f":"-'Tax Deductions'!AB30","v":-56.445706774659563},{"$f":"-'Tax Deductions'!AC30","v":-56.314682999524329},{"$f":"-'Tax Deductions'!AD30","v":-55.045313213583867},{"$f":"-'Tax Deductions'!AE30","v":-53.759066804428272},{"$f":"-'Tax Deductions'!AF30","v":-52.520968020699584},{"$f":"-'Tax Deductions'!AG30","v":-52.16469662048415},{"$f":"-'Tax Deductions'!AH30","v":-50.526091268203373},{"$f":"-'Tax Deductions'!AI30","v":-170.6359088592755}]
[null,null,null,null,"Profits attributable to corporation tax",null,"£m nominal prices",null,null,null,{"$f":"SUM(K46:K47)","v":-8.8199999999999985},{"$f":"SUM(L46:L47)","v":0},0,-27.320861067865266,-22.272564208067251,-17.365974093022061,-13.078613603303204,-8.5342848395928002,-5.1021439551048715,-0.86652030505523214,3.1228453500416009,7.1258529329478506,11.059453434555486,14.209154525106719,14.787364377005645,18.879834219767574,22.938108048030607,26.978017420751861,29.761915625301178,33.768521247511089,37.879047592529517,42.031238414081471,45.394269978922935,50.135250469064871,-66.773536454762109]
[]
[null,null,"Tax losses"]
[]
[null,null,null,null,"Taxable losses brought forward",null,"£m nominal prices",null,null,null,{"$f":"J55","v":0},{"$f":"K55","v":-8.8199999999999985},-8.8199999999999985,-8.8199999999999985,-36.140861067865266,-58.413425275932518,-75.779399368954586,-88.858012972257796,-97.392297811850597,-102.49444176695548,-103.36096207201071,-100.23811672196911,-93.112263789021256,-82.052810354465777,-67.843655829359051,-53.056291452353406,-34.176457232585832,-11.238349184555226,0,0,0,0,0,0,0]
[null,null,null,null,"In-year taxable loss",null,"£m nominal prices",null,null,null,{"$f":"MIN(K48, 0)","v":-8.8199999999999985},0,0,-27.320861067865266,-22.272564208067251,-17.365974093022061,-13.078613603303204,-8.5342848395928002,-5.1021439551048715,-0.86652030505523214,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-66.773536454762109]
[null,null,null,null,"Profits used to offset losses",null,"£m nominal prices",null,null,null,{"$f":"IF(K48 >= 0, MIN(K48, -K52), 0)","v":0},0,0,0,0,0,0,0,0,0,3.1228453500416009,7.1258529329478506,11.059453434555486,14.209154525106719,14.787364377005645,18.879834219767574,22.938108048030607,11.238349184555226,0,0,0,0,0,0,0]
[null,null,null,null,"Taxable losses carried forward",null,"£m nominal prices",null,null,null,{"$f":"SUM(K52:K54)","v":-8.8199999999999985},{"$f":"SUM(L52:L54)","v":-8.8199999999999985},-8.8199999999999985,-36.140861067865266,-58.413425275932518,-75.779399368954586,-88.858012972257796,-97.392297811850597,-102.49444176695548,-103.36096207201071,-100.23811672196911,-93.112263789021256,-82.052810354465777,-67.843655829359051,-53.056291452353406,-34.176457232585832,-11.238349184555226,0,0,0,0,0,0,0,-66.773536454762109]
[]
[null,null,"Tax allowance"]
[]
[null,null,null,null,"Profits attributable to corporation tax (after taxable losses)",null,"£m nominal prices",null,null,null,{"$f":"MAX(K48 - K54,0)","v":0},0,0,0,{"$f":"MAX(O48 - O54,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,15.739668236196636,29.761915625301178,33.768521247511089,37.879047592529517,42.031238414081471,45.394269978922935,50.135250469064871,0]
[null,null,null,null,"Corporation tax rate",null,{"$f":"Inputs!G189","v":"%"},null,null,null,{"$f":"Inputs!K189","v":0.19},{"$f":"Inputs!L189","v":0.19},{"$f":"Inputs!M189","v":0.19},{"$f":"Inputs!N189","v":0.19},{"$f":"Inputs!O189","v":0.19},{"$f":"Inputs!P189","v":0.19},{"$f":"Inputs!Q189","v":0.19},{"$f":"Inputs!R189","v":0.19},{"$f":"Inputs!S189","v":0.19},{"$f":"Inputs!T189","v":0.19},{"$f":"Inputs!U189","v":0.19},{"$f":"Inputs!V189","v":0.19},{"$f":"Inputs!W189","v":0.19},{"$f":"Inputs!X189","v":0.19},{"$f":"Inputs!Y189","v":0.19},{"$f":"Inputs!Z189","v":0.19},{"$f":"Inputs!AA189","v":0.19},{"$f":"Inputs!AB189","v":0.19},{"$f":"Inputs!AC189","v":0.19},{"$f":"Inputs!AD189","v":0.19},{"$f":"Inputs!AE189","v":0.19},{"$f":"Inputs!AF189","v":0.19},{"$f":"Inputs!AG189","v":0.19},{"$f":"Inputs!AH189","v":0.19},{"$f":"Inputs!AI189","v":0.19}]
[null,null,null,null,"Corporation tax charge after losses",null,"£m nominal prices",null,null,null,{"$f":"K59 * K60","v":0},{"$f":"L59 * L60","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,2.9905369648773608,5.6547639688072238,6.4160190370271071,7.1970190425806084,7.9859352986754795,8.6249112959953571,9.5256975891223252,0]
[]
[null,null,null,null,"Grossing-up factor for tax on tax charge after losses",null,"scalar",null,null,null,{"$f":"1 / (1 - K60)","v":1.2345679012345678},1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678]
[]
[null,null,null,null,"Unprofiled tax allowance (floor)",null,"£m nominal prices",null,null,null,{"$f":"K61 * K63","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,3.6920209442930378,6.9811900849471895,7.9210111568235888,8.8852086945439606,9.859179381080839,10.648038637031304,11.760120480397932,0]
[]
[null,"Profiled tax allowance (actual floor)"]
[]
[null,null,null,null,"Unprofiled tax allowance (floor)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,null,null,{"$f":"'Tax Floor'!K65 / 'Tax Deductions'!K$12","v":0},{"$f":"'Tax Floor'!L65 / 'Tax Deductions'!L$12","v":0},{"$f":"'Tax Floor'!M65 / 'Tax Deductions'!M$12","v":0},{"$f":"'Tax Floor'!N65 / 'Tax Deductions'!N$12","v":0},{"$f":"'Tax Floor'!O65 / 'Tax Deductions'!O$12","v":0},{"$f":"'Tax Floor'!P65 / 'Tax Deductions'!P$12","v":0},{"$f":"'Tax Floor'!Q65 / 'Tax Deductions'!Q$12","v":0},{"$f":"'Tax Floor'!R65 / 'Tax Deductions'!R$12","v":0},{"$f":"'Tax Floor'!S65 / 'Tax Deductions'!S$12","v":0},{"$f":"'Tax Floor'!T65 / 'Tax Deductions'!T$12","v":0},{"$f":"'Tax Floor'!U65 / 'Tax Deductions'!U$12","v":0},{"$f":"'Tax Floor'!V65 / 'Tax Deductions'!V$12","v":0},{"$f":"'Tax Floor'!W65 / 'Tax Deductions'!W$12","v":0},{"$f":"'Tax Floor'!X65 / 'Tax Deductions'!X$12","v":0},{"$f":"'Tax Floor'!Y65 / 'Tax Deductions'!Y$12","v":0},{"$f":"'Tax Floor'!Z65 / 'Tax Deductions'!Z$12","v":0},{"$f":"'Tax Floor'!AA65 / 'Tax Deductions'!AA$12","v":0},{"$f":"'Tax Floor'!AB65 / 'Tax Deductions'!AB$12","v":2.0524659977821176},{"$f":"'Tax Floor'!AC65 / 'Tax Deductions'!AC$12","v":3.7613673873553988},{"$f":"'Tax Floor'!AD65 / 'Tax Deductions'!AD$12","v":4.1361986923494811},{"$f":"'Tax Floor'!AE65 / 'Tax Deductions'!AE$12","v":4.4966892631866644},{"$f":"'Tax Floor'!AF65 / 'Tax Deductions'!AF$12","v":4.8358240330877518},{"$f":"'Tax Floor'!AG65 / 'Tax Deductions'!AG$12","v":5.0617864126325038},{"$f":"'Tax Floor'!AH65 / 'Tax Deductions'!AH$12","v":5.4181427725130211},{"$f":"'Tax Floor'!AI65 / 'Tax Deductions'!AI$12","v":0}]
[null,null,null,null,"Discount factor to start of operational period (floor)",null,{"$f":"'Allowances Floor'!G57","v":"scalar"},null,null,null,{"$f":"'Allowances Floor'!K57","v":1.0053923281421793},{"$f":"'Allowances Floor'!L57","v":1.0108137334871514},{"$f":"'Allowances Floor'!M57","v":1.0162643728287353},{"$f":"'Allowances Floor'!N57","v":1.0217444038062338},{"$f":"'Allowances Floor'!O57","v":1.0272539849089923},{"$f":"'Allowances Floor'!P57","v":1.0327932754809828},{"$f":"'Allowances Floor'!Q57","v":1.0383624357254124},{"$f":"'Allowances Floor'!R57","v":1.0439616267093563},{"$f":"'Allowances Floor'!S57","v":1.0495910103684163},{"$f":"'Allowances Floor'!T57","v":1.0552507495114043},{"$f":"'Allowances Floor'!U57","v":1.0609410078250501},{"$f":"'Allowances Floor'!V57","v":1.0666619498787371},{"$f":"'Allowances Floor'!W57","v":1.07241374112926},{"$f":"'Allowances Floor'!X57","v":1.078196547925611},{"$f":"'Allowances Floor'!Y57","v":1.0840105375137907},{"$f":"'Allowances Floor'!Z57","v":1.0898558780416452},{"$f":"'Allowances Floor'!AA57","v":1.0957327385637285},{"$f":"'Allowances Floor'!AB57","v":1.1016412890461929},{"$f":"'Allowances Floor'!AC57","v":1.1075817003717032},{"$f":"'Allowances Floor'!AD57","v":1.1135541443443804},{"$f":"'Allowances Floor'!AE57","v":1.1195587936947686},{"$f":"'Allowances Floor'!AF57","v":1.1255958220848332},{"$f":"'Allowances Floor'!AG57","v":1.1316654041129806},{"$f":"'Allowances Floor'!AH57","v":1.1377677153191097},{"$f":"'Allowances Floor'!AI57","v":1.1439029321896879}]
[]
[null,null,null,null,"Discounted unprofiled tax allowance (floor)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,null,null,{"$f":"K69*K70","v":0},{"$f":"L69*L70","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,2.2610812875201725,4.1660216866097635,4.6058811956975712,5.0343080071134798,5.4431833279810018,5.7282485661853562,6.1645879235548868,0]
[null,null,null,null,"NPV of tax allowance (floor)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,{"$f":"SUM(K72:AI72)","v":33.403311994662232}]
[]
[null,null,null,null,"Annuity factor (floor)",null,{"$f":"'Allowances Floor'!G64","v":"scalar"},null,{"$f":"'Allowances Floor'!I64","v":4.7232154521726175E-2}]
[]
[null,null,null,null,"Annuity of tax allowance (floor)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,{"$f":"I73 * I75","v":1.577710393669316}]
[]
[null,"End of sheet"]

{"sheet":"Cap Floor Levels","index":12,"n_rows":40,"n_cols":9,"rows_kept":40,"cut":false,"hidden":false,"merged":[]}
["Cap Floor Levels",null,null,null,null,null,null,"Licence"]
[null,null,null,null,"Parameter",null,"Units","Terminology","Constant"]
[]
[null,"Cap and floor levels and adjustments"]
[]
[null,null,"Cap and Notional Floor levels at FPA (Preliminary) / PCR (Final) and PCA adjustments at PCR"]
[null,null,"Relevant stage: FPA for preliminary levels; PCR for final levels"]
[null,null,null,null,"Cap at relevant stage excluding tax (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,{"$f":"'Allowances Cap'!$I33","v":100.16676178859493}]
[null,null,null,null,"Floor at relevant stage excluding tax (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,{"$f":"'Allowances Floor'!$I33","v":52.638088052269786}]
[]
[null,null,null,null,"Cap at relevant stage - tax element (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,{"$f":"IF(Inputs!$I$199=\"No\",'Tax Cap'!I40,0)","v":10.516317527011182}]
[null,null,null,null,"Floor at relevant stage - tax element (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,{"$f":"IF(Inputs!$I$199=\"No\",'Tax Floor'!I40,0)","v":2.1053175807439684}]
[]
[null,null,null,null,"Cap at relevant stage - tax element (previously calculated through the model and fixed)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"}]
[null,null,null,null,"Floor at relevant stage - tax element (previously calculated through the model and fixed)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"}]
[]
[null,null,null,null,"Cap at relevant stage including tax (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,{"$f":"I8+IF(Inputs!$I$199=\"Yes\",I14,I11)","v":110.68307931560611}]
[null,null,null,null,"Floor at relevant stage including tax (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,{"$f":"I9+IF(Inputs!$I$199=\"Yes\",I15,I12)","v":54.743405633013758}]
[]
[null,null,null,null,"Preliminary Cap including tax (hardcoded at FPA)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},"PCL"]
[null,null,null,null,"Preliminary Floor including tax (hardcoded at FPA)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},"PFL"]
[]
[null,null,null,null,"Cap PCA adjustment (at PCR)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},"PCAC",{"$f":"I17-I20","v":110.68307931560611}]
[null,null,null,null,"Floor PCA adjustment (at PCR)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},"PCAF",{"$f":"I18-I21","v":54.743405633013758}]
[]
[null,null,"Actual floor level at FPA (Preliminary) / PCR (Final) "]
[null,null,"Relevant stage: FPA for preliminary levels; PCR for final levels"]
[null,null,null,null,"Floor at relevant stage excluding tax during debt tenor and tail period (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,{"$f":"'Allowances Floor'!$I66","v":46.376865110721077}]
[]
[null,null,null,null,"Floor at relevant stage - tax element during debt tenor and tail period (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,{"$f":"IF(Inputs!$I$199=\"No\",'Tax Floor'!I77,0)","v":1.577710393669316}]
[]
[null,null,null,null,"Floor at relevant stage - tax element during debt tenor and tail period (previously calculated through the model and fixed)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"}]
[]
[null,null,null,null,"Floor at relevant stage including tax during debt tenor and tail period (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,{"$f":"I28+IF(Inputs!$I$199=\"Yes\",I32,I30)","v":47.954575504390391}]
[]
[null,null,null,null,"Preliminary Floor including tax during debt tenor and tail period (hardcoded at FPA)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"}]
[]
[null,null,null,null,"Floor adjustment during debt tenor and tail period (at PCR)",null,{"$f":"Inputs!$I$11","v":"£m 20/21 prices"},null,{"$f":"I34-I36","v":47.954575504390391}]
[]
[null,"End of sheet"]