{"text_format":"1","workbook":"xlsx","n_sheets":13,"sheets":["Cover","Version Control","Inputs","Data Sources","Pre Op RAV","Finance","Op Rav","Allowances Cap","Allowances Floor","Tax Deductions","Tax Floor","Tax Cap","Cap Floor Levels"],"not_rendered":{"charts":0,"images":1,"macros":1,"external_links":2,"defined_names":88,"comments":0,"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":"Cover","index":0,"n_rows":41,"n_cols":7,"rows_kept":41,"cut":false,"hidden":false,"merged":[[4,2,4,6]]}
[]
["Cap and Floor Financial Model 1 (CFFM1)"]
[null,"Regime design model"]
[null,null,{"$f":"MID(CELL(\"filename\"),SEARCH(\"[\",CELL(\"filename\"))+1,SEARCH(\"]\",CELL(\"filename\"))-SEARCH(\"[\",CELL(\"filename\"))-1)","v":"Ofgem.gov.uk Publication Schedule.xlsx"}]
[null,null,"DISCLAIMER: In the event of any inconsistency between this model and the licence, licence conditions take precedence."]
[null,null,"For guidance on the use of the CFFM1, please refer to the CFFM1 Handbook (CFFM1H)"]
[]
[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,"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"]
[null,null,null,null,"Finance",null,"Interest during construction and transaction costs"]
[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,"End of sheet"]

{"sheet":"Version Control","index":1,"n_rows":9,"n_cols":12,"rows_kept":9,"cut":false,"hidden":false,"merged":[]}
["Data Sources"]
[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,"link",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,2.2999999999999998,null,2.2000000000000002,"Martin Namor","2020-08-14","Minor changes to three formulas","Allowing all construction costs to be transferred into the operational RAV; simplifying formulas used to calculate IDC","Inputs sheet and Finance sheet","Potential small impact if construction costs are incurred in the period after the period in which operations start","Internal (ORE - Svitlana Voronkova)","Comments reflected in version 2.3"]
[null,2.4,null,2.2999999999999998,"Vanessa Simpson & Neill Aitken (NGV) ","2022-06-28","All Nemo input parameters replaced with IFA2 input parameters to generate C + F levels for IFA2 Project.","Implementing the regime for IFA2","Multiple sheets","Medium","Internal (ORE - Rahmatullah Kawsary)","Comments reflected in version 2.4"]
[null,2.5,null,2.4,"Lucy Bond and Ubah Abraham ","2023-05-23","All IFA2 input parameters replaced with NSL input parameters to generate C + F levels for NSL Project. Changes to Corporation Tax and Capital Allowance Rate to reflect UK gov changes.","Implementing the regime for NSL","Multiple sheets","Medium","Internal (ORE - Rahmatullah Kawsary)"]

{"sheet":"Inputs","index":2,"n_rows":125,"n_cols":50,"rows_kept":125,"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,{"$f":"100%-I6","v":0}]
[]
[null,null,null,null,"Currency of cost inputs",null,"choice",null,"£"]
[]
[null,null,null,null,"Base year price term",null,"choice",null,"£m 15/16 prices"]
[]
[null,"Variables set after financial close"]
[]
[null,null,"Actual values"]
[]
[null,null,null,null,"Year commencing",null,null,null,null,null,{"$f":"$I$84","v":"2009-04-01"},{"$f":"+K18+1","v":"2010-04-01"},{"$f":"+L18+1","v":"2011-04-01"},{"$f":"+M18+1","v":"2012-04-01"},{"$f":"+N18+1","v":"2013-04-01"},{"$f":"+O18+1","v":"2014-04-01"},{"$f":"+P18+1","v":"2015-04-01"},{"$f":"+Q18+1","v":"2016-04-01"},{"$f":"+R18+1","v":"2017-04-01"},{"$f":"+S18+1","v":"2018-04-01"},{"$f":"+T18+1","v":"2019-04-01"},{"$f":"+U18+1","v":"2020-04-01"},{"$f":"+V18+1","v":"2021-04-01"},{"$f":"+W18+1","v":"2022-04-01"},{"$f":"+X18+1","v":"2023-04-01"},{"$f":"+Y18+1","v":"2024-04-01"},{"$f":"+Z18+1","v":"2025-04-01"},{"$f":"+AA18+1","v":"2026-04-01"},{"$f":"+AB18+1","v":"2027-04-01"},{"$f":"+AC18+1","v":"2028-04-01"},{"$f":"+AD18+1","v":"2029-04-01"},{"$f":"+AE18+1","v":"2030-04-01"},{"$f":"+AF18+1","v":"2031-04-01"},{"$f":"+AG18+1","v":"2032-04-01"},{"$f":"+AH18+1","v":"2033-04-01"},{"$f":"+AI18+1","v":"2034-04-01"},{"$f":"+AJ18+1","v":"2035-04-01"},{"$f":"+AK18+1","v":"2036-04-01"},{"$f":"+AL18+1","v":"2037-04-01"},{"$f":"+AM18+1","v":"2038-04-01"},{"$f":"+AN18+1","v":"2039-04-01"},{"$f":"+AO18+1","v":"2040-04-01"},{"$f":"+AP18+1","v":"2041-04-01"},{"$f":"+AQ18+1","v":"2042-04-01"},{"$f":"+AR18+1","v":"2043-04-01"},{"$f":"+AS18+1","v":"2044-04-01"},{"$f":"+AT18+1","v":"2045-04-01"},{"$f":"+AU18+1","v":"2046-04-01"},{"$f":"+AV18+1","v":"2047-04-01"},{"$f":"+AW18+1","v":"2048-04-01"}]
[null,null,null,null,"Year ending",null,null,null,null,null,{"$f":"EOMONTH(K17,11)","v":"2010-03-31"},{"$f":"DATE(YEAR(K18) + 1, MONTH(K18), DAY(K18))","v":"2011-03-31"},{"$f":"DATE(YEAR(L18) + 1, MONTH(L18), DAY(L18))","v":"2012-03-31"},{"$f":"DATE(YEAR(M18) + 1, MONTH(M18), DAY(M18))","v":"2013-03-31"},{"$f":"DATE(YEAR(N18) + 1, MONTH(N18), DAY(N18))","v":"2014-03-31"},{"$f":"DATE(YEAR(O18) + 1, MONTH(O18), DAY(O18))","v":"2015-03-31"},{"$f":"DATE(YEAR(P18) + 1, MONTH(P18), DAY(P18))","v":"2016-03-31"},{"$f":"DATE(YEAR(Q18) + 1, MONTH(Q18), DAY(Q18))","v":"2017-03-31"},{"$f":"DATE(YEAR(R18) + 1, MONTH(R18), DAY(R18))","v":"2018-03-31"},{"$f":"DATE(YEAR(S18) + 1, MONTH(S18), DAY(S18))","v":"2019-03-31"},{"$f":"DATE(YEAR(T18) + 1, MONTH(T18), DAY(T18))","v":"2020-03-31"},{"$f":"DATE(YEAR(U18) + 1, MONTH(U18), DAY(U18))","v":"2021-03-31"},{"$f":"DATE(YEAR(V18) + 1, MONTH(V18), DAY(V18))","v":"2022-03-31"},{"$f":"DATE(YEAR(W18) + 1, MONTH(W18), DAY(W18))","v":"2023-03-31"},{"$f":"DATE(YEAR(X18) + 1, MONTH(X18), DAY(X18))","v":"2024-03-31"},{"$f":"DATE(YEAR(Y18) + 1, MONTH(Y18), DAY(Y18))","v":"2025-03-31"},{"$f":"DATE(YEAR(Z18) + 1, MONTH(Z18), DAY(Z18))","v":"2026-03-31"},{"$f":"DATE(YEAR(AA18) + 1, MONTH(AA18), DAY(AA18))","v":"2027-03-31"},{"$f":"DATE(YEAR(AB18) + 1, MONTH(AB18), DAY(AB18))","v":"2028-03-31"},{"$f":"DATE(YEAR(AC18) + 1, MONTH(AC18), DAY(AC18))","v":"2029-03-31"},{"$f":"DATE(YEAR(AD18) + 1, MONTH(AD18), DAY(AD18))","v":"2030-03-31"},{"$f":"DATE(YEAR(AE18) + 1, MONTH(AE18), DAY(AE18))","v":"2031-03-31"},{"$f":"DATE(YEAR(AF18) + 1, MONTH(AF18), DAY(AF18))","v":"2032-03-31"},{"$f":"DATE(YEAR(AG18) + 1, MONTH(AG18), DAY(AG18))","v":"2033-03-31"},{"$f":"DATE(YEAR(AH18) + 1, MONTH(AH18), DAY(AH18))","v":"2034-03-31"},{"$f":"DATE(YEAR(AI18) + 1, MONTH(AI18), DAY(AI18))","v":"2035-03-31"},{"$f":"DATE(YEAR(AJ18) + 1, MONTH(AJ18), DAY(AJ18))","v":"2036-03-31"},{"$f":"DATE(YEAR(AK18) + 1, MONTH(AK18), DAY(AK18))","v":"2037-03-31"},{"$f":"DATE(YEAR(AL18) + 1, MONTH(AL18), DAY(AL18))","v":"2038-03-31"},{"$f":"DATE(YEAR(AM18) + 1, MONTH(AM18), DAY(AM18))","v":"2039-03-31"},{"$f":"DATE(YEAR(AN18) + 1, MONTH(AN18), DAY(AN18))","v":"2040-03-31"},{"$f":"DATE(YEAR(AO18) + 1, MONTH(AO18), DAY(AO18))","v":"2041-03-31"},{"$f":"DATE(YEAR(AP18) + 1, MONTH(AP18), DAY(AP18))","v":"2042-03-31"},{"$f":"DATE(YEAR(AQ18) + 1, MONTH(AQ18), DAY(AQ18))","v":"2043-03-31"},{"$f":"DATE(YEAR(AR18) + 1, MONTH(AR18), DAY(AR18))","v":"2044-03-31"},{"$f":"DATE(YEAR(AS18) + 1, MONTH(AS18), DAY(AS18))","v":"2045-03-31"},{"$f":"DATE(YEAR(AT18) + 1, MONTH(AT18), DAY(AT18))","v":"2046-03-31"},{"$f":"DATE(YEAR(AU18) + 1, MONTH(AU18), DAY(AU18))","v":"2047-03-31"},{"$f":"DATE(YEAR(AV18) + 1, MONTH(AV18), DAY(AV18))","v":"2048-03-31"},{"$f":"DATE(YEAR(AW18) + 1, MONTH(AW18), DAY(AW18))","v":"2049-03-31"}]
[]
[null,null,null,null,"Development costs",null,{"$f":"CONCATENATE($I$9,\"m nominal\")","v":"£m nominal"},null,null,null,0,0.33222996999999999,0.51022354000000014,6.4625430500000007,1.3969260000000001,3.8634661199999867,-1.5780000000000001,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Capex",null,{"$f":"CONCATENATE($I$9,\"m nominal\")","v":"£m nominal"},null,null,null,0,0,0,0,0,0,20.165525819999999,42.975620910000004,44.592119660000002,113.0361652,176.4051121,122.03857120000001,39.355332850000003,-0.26519302300000003,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Spares",null,{"$f":"CONCATENATE($I$9,\"m nominal\")","v":"£m nominal"},null,null,null,0,0,0,0,0,0,9.7881745000000006E-2,0.283152073,0.18786747400000001,0.75477392200000004,2.883968361,0.81872691500000006,0.743830612,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Base year average UK RPI inflation index value (CHAW)",null,"Jan 1987 = 100","UK RPI index 2015/16",259.43333330000002]
[null,null,null,null,"Base year EU inflation index value",null,"Dec 2011 = 100"]
[null,null,null,null,"Base year average exchange rate (XUMAERS)",null,"GBP / EUR"]
[]
[null,null,null,null,"12-month average UK RPI inflation index value (CHAW)",null,{"$f":"G24","v":"Jan 1987 = 100"},"UK RPI index t",null,null,215.76666666666662,226.47499999999999,237.3416666666667,244.67499999999998,251.73333333333335,256.66666666666669,259.43333333333334,264.99166666666673,274.90833333333336,283.308333333333,290.64166666666665,294.16666666666669,311.1583333333333,{"$f":"W28*(1+$I$103)","v":319.61094945833332},{"$f":"X28*(1+$I$103)","v":328.29318090036901},337.21126515952756,346.37160917758615,355.78079394089531,365.44557920829976,375.37290836749327,385.56991342329627,396.04392012144018,406.80245321153916,417.85324185303068,429.20422516796833,440.86355794465624,452.83961649622285,465.14100467834277,477.77656007042998,490.75536032474326,504.08672968796498,517.78024569993863,531.84574607437753,546.2933357664881,561.13339423258481,576.37658288691307,592.03385276103609,608.11645237128971,624.63593579995586,641.60417099596168]
[null,null,null,null,"12 month average EU RPI inflation index value",null,{"$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$26)))","v":0.83168444055398727},{"$f":"IF($I$6=100%,(L28/$I$24),($I$6*(L28/$I$24)+$I$7*(L29/$I$25)/(L30/$I$26)))","v":0.87296029819773346},{"$f":"IF($I$6=100%,(M28/$I$24),($I$6*(M28/$I$24)+$I$7*(M29/$I$25)/(M30/$I$26)))","v":0.91484646035138728},{"$f":"IF($I$6=100%,(N28/$I$24),($I$6*(N28/$I$24)+$I$7*(N29/$I$25)/(N30/$I$26)))","v":0.94311319554710427},0.97031992817298218,0.98933573185010093,{"$f":"IF($I$6=100%,(Q28/$I$24),($I$6*(Q28/$I$24)+$I$7*(Q29/$I$25)/(Q30/$I$26)))","v":1.0000000001284852},1.0214249005552392,1.0596492356494474,1.0920274959645402,1.1202942311602586,1.1338815368282,1.1993768471282764,1.2319579191805161,1.2654240560550551,1.2997993005377908,1.3351083485369,1.3713765668249049,1.4086300112627037,1.4468954455186551,1.4862003602961695,1.5265729930836154,1.568042348440732,1.6106382188361246,1.6543912060508081,1.6993327431631786,1.7454951171312065,1.7929114919880758,1.841615932667932,1.8916434294788564,1.9430299232406498,1.9958123311054825,2.0500285730799632,2.1057175992676807,2.1629194178517874,2.2216751238377319,2.282026928576784,2.3440181900915724,2.4076934442254103,2.4730984366377937]
[]
[null,null,null,null,{"$f":"E20","v":"Development costs"},null,{"$f":"$I$11","v":"£m 15/16 prices"},null,null,null,{"$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$30)","v":0.38057855630537146},{"$f":"IF($I$9=\"£\",M20/M$32,M20/M$32/M$30)","v":0.55771494137281374},{"$f":"IF($I$9=\"£\",N20/N$32,N20/N$32/N$30)","v":6.8523514255900642},1.4396550657578224,3.9051112737787572,-1.5779999997972505,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E21","v":"Capex"},null,{"$f":"$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"IF($I$9=\"£\",K21/K$32,K21/K$32)","v":0},0,{"$f":"IF($I$9=\"£\",M21/M$32,M21/M$32/M$30)","v":0},{"$f":"IF($I$9=\"£\",N21/N$32,N21/N$32/N$30)","v":0},{"$f":"IF($I$9=\"£\",O21/O$32,O21/O$32/O$30)","v":0},0,20.165525817409026,42.074185666159863,42.081962747484063,103.51036546031297,157.46319778626545,107.62903110793899,32.813150382409248,-0.21526142968941933,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E22","v":"Spares"},null,{"$f":"$I$11","v":"£m 15/16 prices"},null,null,null,0,0,{"$f":"IF($I$9=\"£\",M22/M$32,M22/M$32/M$30)","v":0},{"$f":"IF($I$9=\"£\",N22/N$32,N22/N$32/N$30)","v":0},{"$f":"IF($I$9=\"£\",O22/O$32,O22/O$32/O$30)","v":0},0,9.7881744987423649E-2,0.27721281598488601,0.17729213373598868,0.69116750703547181,2.5742954670159746,0.72205683610496019,0.62018089959047329,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[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 20/21 prices",null,null,null,0,1.0443013519525304,0,0,0.9406535808487515,0,0.93449061028291713,7.6708635893276673,0,0.74499966071887447,0.81090827570729296,1.4592082122839001,2.1844815608158634,0,0,0.25949061028291714,43.983201331088772,0.4446,0.12974530514145857,0.30039966071887453,2.8080000000000004E-2,0.67518174999999991,0.97470827570729279,0,0.42587999999999998]
[null,null,null,null,"Decommissioning baseline",null,"£m 20/21 prices",null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,27.457233938525185]
[null,null,null,null,"Controllable Opex",null,"£m 20/21 prices",null,null,null,21.050728592065333,25.882851167923409,28.609817722351416,29.47017584975136,26.055746131025156,24.85811169056182,25.014984970521667,25.826856590472925,25.830355458155985,26.010457341656675,26.266596330050803,26.35692800418483,26.622395500992738,26.48603578584127,26,26.87049042946845,26.952424793731506,27.250845346540181,27.105595997966528,27.23855116012848,27.520066077775027,27.5917682190634,27.882681103061085,27.771325956841803,28.092807707638947]
[null,null,null,null,"Non-controllable Opex baseline",null,"£m 20/21 prices",null,null,null,1.3052810522545999,1.2953854221118544,1.2855648129737824,1.2758186560892228,1.2661463870188439,1.2565474456024566,1.2470212759265729,1.2375673262922089,1.2281850491829374,1.2188739012331746,1.2096333431967157,1.2004628399155013,1.1913618602886273,1.1823298772415844,1.1733663676957349,1.1644708125380177,1.155642696590885,1.1468815085824668,1.1381867411169595,1.1295578906452424,1.120994457435714,1.1124959455453507,1.1040618627909848,1.0956917207208008,1.0873850345860459]
[]
[null,null,null,null,{"$f":"E24","v":"Base year average UK RPI inflation index value (CHAW)"},null,{"$f":"G24","v":"Jan 1987 = 100"},{"$f":"H24","v":"UK RPI index 2015/16"},{"$f":"I24","v":259.43333330000002}]
[null,null,null,null,null,null,{"$f":"IF(G25=\"\",\"\",G25)","v":"Dec 2011 = 100"},"",""]
[null,null,null,null,{"$f":"IF(E26=\"\",\"\",E26)","v":"Base year average exchange rate (XUMAERS)"},null,"GBP / EUR","",""]
[]
[null,null,null,null,"2020/21 average UK RPI inflation index value (CHAW)",null,{"$f":"G24","v":"Jan 1987 = 100"},"UK RPI index 2020/21",294.16666666666703]
[null,null,null,null,"2020 average EU RPI inflation index value",null,{"$f":"IF(G25=\"\",\"\",G25)","v":"Dec 2011 = 100"}]
[null,null,null,null,"2020 average exchange rate (XUMAERS)",null,{"$f":"IF(G26=\"\",\"\",G26)","v":"GBP / EUR"}]
[]
[null,null,null,null,{"$f":"E30","v":"12 month average exchange rate (XUMAERS)"},null,{"$f":"G30","v":"GBP / EUR"},{"$f":"IF(H30=\"\",\"\",H30)","v":""}]
[]
[null,null,null,null,"Indexation conversion from 20/21 to 15/16 terms",null,null,null,{"$f":"IF($I$6=100%,(I51/$I$47),$I$6*(I51/$I$47)+$I$7*((I52/$I$48)/(I53/$I$49)))","v":1.1338815368282014}]
[]
[null,null,null,null,{"$f":"E42","v":"Replacement Capex"},null,{"$f":"$I$11","v":"£m 15/16 prices"},null,{"$f":"SUM(K59:AI59)","v":55.571231851201901},null,{"$f":"IF($I$9=\"£\",K42/$I$57,K42/K$55/$I$57)","v":0},{"$f":"IF($I$9=\"£\",L42/$I$57,L42/L$55/$I$57)","v":0.92099687492376581},0,0,0.82958717493543022,0,0.82415188882690604,6.7651366921321596,0,0.65703482817337044,0.71516137212679276,1.2869141659769261,1.9265518397331858,0,0,0.22885160561727494,38.789944013130913,0.39210445320741033,0.11442580280863747,0.26493037496596011,2.4764491781520657E-2,0.5954605733229249,0.85962090751899645,0,0.3755947920197299]
[null,null,null,null,{"$f":"E43","v":"Decommissioning baseline"},null,"£m 15/16 prices",null,{"$f":"SUM(K60:AI60)","v":24.215257984825389},null,{"$f":"IF($I$9=\"£\",K43/$I$57,K43/K$55/$I$57)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,24.215257984825389]
[null,null,null,null,"Controllable Opex",null,"£m 15/16 prices",null,586.14465121894784,null,{"$f":"IF($I$9=\"£\",K44/$I$57,K44/K$55/$I$57)","v":18.565192137223068},{"$f":"IF($I$9=\"£\",L44/$I$57,L44/L$55/$I$57)","v":22.82676834153709},25.231751989172917,25.990524488288319,22.979248964500037,21.923023599182361,22.061374277683278,22.777385248478605,22.780470992067702,22.939307588000364,23.165203309973776,23.244869193225313,23.478991972533017,23.35873274727664,22.930084982889493,23.697793426139629,23.770053500584662,24.03323844814404,23.905139220970838,24.022395881251125,24.270671303773682,24.333907311204356,24.590471047846062,24.492264010688746,24.775787236312848]
[null,null,null,null,"Non-controllable Opex baseline",null,"£m 15/16 prices",null,26.306905367748104,null,{"$f":"IF($I$9=\"£\",K45/$I$57,K45/K$55/$I$57)","v":1.151161748259746},1.1424345313315769,1.133773477403895,1.125178084880067,1.1166478559661761,1.1081822966421939,1.0997809166333694,1.0914432293818339,1.0831687520184257,1.074957005334721,1.0668075137552855,1.0587198053101272,1.0506934116073672,1.0427278678061089,1.0348227125895215,1.0269774881381202,1.0191917401032529,1.0114650175807873,1.0037968730849971,0.99618686252264632,0.98863454516727001,0.98113948363364978,0.97370124385248313,0.96631939504524544,0.95899350969924091]
[]
[null,"Variables set at financial close"]
[]
[null,null,"Finance"]
[]
[null,null,null,null,"Cap return rate",null,"real annual %",null,7.9799999999999996E-2]
[null,null,null,null,"Floor return rate",null,"real annual %",null,8.8000000000000005E-3]
[null,null,null,null,"Interest during construction (IDC) rate",null,"real annual %",null,6.3700000000000007E-2]
[null,null,null,null,"Cost of debt (for tax)",null,"real annual %",null,{"$f":"I69","v":8.8000000000000005E-3}]
[]
[null,null,null,null,"Pre-operational notional gearing",null,"%",null,0.33410000000000001]
[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,"Model operation"]
[null,null,"Note: changes in these variables may require structural changes to the model."]
[null,null,null,null,"Year commencing",null,null,null,null,null,{"$f":"$I$84","v":"2009-04-01"},{"$f":"+K82+1","v":"2010-04-01"},{"$f":"+L82+1","v":"2011-04-01"},{"$f":"+M82+1","v":"2012-04-01"},{"$f":"+N82+1","v":"2013-04-01"},{"$f":"+O82+1","v":"2014-04-01"},{"$f":"+P82+1","v":"2015-04-01"},{"$f":"+Q82+1","v":"2016-04-01"},{"$f":"+R82+1","v":"2017-04-01"},{"$f":"+S82+1","v":"2018-04-01"},{"$f":"+T82+1","v":"2019-04-01"},{"$f":"+U82+1","v":"2020-04-01"},{"$f":"+V82+1","v":"2021-04-01"},{"$f":"+W82+1","v":"2022-04-01"},{"$f":"+X82+1","v":"2023-04-01"},{"$f":"+Y82+1","v":"2024-04-01"},{"$f":"+Z82+1","v":"2025-04-01"},{"$f":"+AA82+1","v":"2026-04-01"},{"$f":"+AB82+1","v":"2027-04-01"},{"$f":"+AC82+1","v":"2028-04-01"},{"$f":"+AD82+1","v":"2029-04-01"},{"$f":"+AE82+1","v":"2030-04-01"},{"$f":"+AF82+1","v":"2031-04-01"},{"$f":"+AG82+1","v":"2032-04-01"},{"$f":"+AH82+1","v":"2033-04-01"},{"$f":"+AI82+1","v":"2034-04-01"},{"$f":"+AJ82+1","v":"2035-04-01"},{"$f":"+AK82+1","v":"2036-04-01"},{"$f":"+AL82+1","v":"2037-04-01"},{"$f":"+AM82+1","v":"2038-04-01"},{"$f":"+AN82+1","v":"2039-04-01"},{"$f":"+AO82+1","v":"2040-04-01"},{"$f":"+AP82+1","v":"2041-04-01"},{"$f":"+AQ82+1","v":"2042-04-01"},{"$f":"+AR82+1","v":"2043-04-01"},{"$f":"+AS82+1","v":"2044-04-01"},{"$f":"+AT82+1","v":"2045-04-01"},{"$f":"+AU82+1","v":"2046-04-01"},{"$f":"+AV82+1","v":"2047-04-01"},{"$f":"+AW82+1","v":"2048-04-01"}]
[null,null,null,null,"Year ending",null,null,null,null,null,{"$f":"EOMONTH(K81,11)","v":"2010-03-31"},{"$f":"DATE(YEAR(K82) + 1, MONTH(K82), DAY(K82))","v":"2011-03-31"},{"$f":"DATE(YEAR(L82) + 1, MONTH(L82), DAY(L82))","v":"2012-03-31"},{"$f":"DATE(YEAR(M82) + 1, MONTH(M82), DAY(M82))","v":"2013-03-31"},{"$f":"DATE(YEAR(N82) + 1, MONTH(N82), DAY(N82))","v":"2014-03-31"},{"$f":"DATE(YEAR(O82) + 1, MONTH(O82), DAY(O82))","v":"2015-03-31"},{"$f":"DATE(YEAR(P82) + 1, MONTH(P82), DAY(P82))","v":"2016-03-31"},{"$f":"DATE(YEAR(Q82) + 1, MONTH(Q82), DAY(Q82))","v":"2017-03-31"},{"$f":"DATE(YEAR(R82) + 1, MONTH(R82), DAY(R82))","v":"2018-03-31"},{"$f":"DATE(YEAR(S82) + 1, MONTH(S82), DAY(S82))","v":"2019-03-31"},{"$f":"DATE(YEAR(T82) + 1, MONTH(T82), DAY(T82))","v":"2020-03-31"},{"$f":"DATE(YEAR(U82) + 1, MONTH(U82), DAY(U82))","v":"2021-03-31"},{"$f":"DATE(YEAR(V82) + 1, MONTH(V82), DAY(V82))","v":"2022-03-31"},{"$f":"DATE(YEAR(W82) + 1, MONTH(W82), DAY(W82))","v":"2023-03-31"},{"$f":"DATE(YEAR(X82) + 1, MONTH(X82), DAY(X82))","v":"2024-03-31"},{"$f":"DATE(YEAR(Y82) + 1, MONTH(Y82), DAY(Y82))","v":"2025-03-31"},{"$f":"DATE(YEAR(Z82) + 1, MONTH(Z82), DAY(Z82))","v":"2026-03-31"},{"$f":"DATE(YEAR(AA82) + 1, MONTH(AA82), DAY(AA82))","v":"2027-03-31"},{"$f":"DATE(YEAR(AB82) + 1, MONTH(AB82), DAY(AB82))","v":"2028-03-31"},{"$f":"DATE(YEAR(AC82) + 1, MONTH(AC82), DAY(AC82))","v":"2029-03-31"},{"$f":"DATE(YEAR(AD82) + 1, MONTH(AD82), DAY(AD82))","v":"2030-03-31"},{"$f":"DATE(YEAR(AE82) + 1, MONTH(AE82), DAY(AE82))","v":"2031-03-31"},{"$f":"DATE(YEAR(AF82) + 1, MONTH(AF82), DAY(AF82))","v":"2032-03-31"},{"$f":"DATE(YEAR(AG82) + 1, MONTH(AG82), DAY(AG82))","v":"2033-03-31"},{"$f":"DATE(YEAR(AH82) + 1, MONTH(AH82), DAY(AH82))","v":"2034-03-31"},{"$f":"DATE(YEAR(AI82) + 1, MONTH(AI82), DAY(AI82))","v":"2035-03-31"},{"$f":"DATE(YEAR(AJ82) + 1, MONTH(AJ82), DAY(AJ82))","v":"2036-03-31"},{"$f":"DATE(YEAR(AK82) + 1, MONTH(AK82), DAY(AK82))","v":"2037-03-31"},{"$f":"DATE(YEAR(AL82) + 1, MONTH(AL82), DAY(AL82))","v":"2038-03-31"},{"$f":"DATE(YEAR(AM82) + 1, MONTH(AM82), DAY(AM82))","v":"2039-03-31"},{"$f":"DATE(YEAR(AN82) + 1, MONTH(AN82), DAY(AN82))","v":"2040-03-31"},{"$f":"DATE(YEAR(AO82) + 1, MONTH(AO82), DAY(AO82))","v":"2041-03-31"},{"$f":"DATE(YEAR(AP82) + 1, MONTH(AP82), DAY(AP82))","v":"2042-03-31"},{"$f":"DATE(YEAR(AQ82) + 1, MONTH(AQ82), DAY(AQ82))","v":"2043-03-31"},{"$f":"DATE(YEAR(AR82) + 1, MONTH(AR82), DAY(AR82))","v":"2044-03-31"},{"$f":"DATE(YEAR(AS82) + 1, MONTH(AS82), DAY(AS82))","v":"2045-03-31"},{"$f":"DATE(YEAR(AT82) + 1, MONTH(AT82), DAY(AT82))","v":"2046-03-31"},{"$f":"DATE(YEAR(AU82) + 1, MONTH(AU82), DAY(AU82))","v":"2047-03-31"},{"$f":"DATE(YEAR(AV82) + 1, MONTH(AV82), DAY(AV82))","v":"2048-03-31"},{"$f":"DATE(YEAR(AW82) + 1, MONTH(AW82), DAY(AW82))","v":"2049-03-31"}]
[]
[null,null,null,null,"Model start date",null,"date",null,"2009-04-01"]
[null,null,null,null,"Regime start date",null,"date",null,"2021-01-01"]
[null,null,null,null,"End date for IDC",null,"date",null,"2021-09-30"]
[null,null,null,null,"Start of operations",null,"date",null,"2021-10-01"]
[null,null,null,null,"Regime end date",null,"date",null,{"$f":"DATE(YEAR($I$85)+I89,MONTH($I$85),DAY($I$85))-1","v":"2045-12-31"}]
[null,null,null,null,"Number of operational years",null,"full years",null,25]
[]
[null,null,null,null,"Days in year",null,"days",null,null,null,{"$f":"K$82-K$81+1","v":365},365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365]
[null,null,null,null,"IDC flag",null,"flag",null,null,null,{"$f":"IF($I$86>=K$82,1,IF($I$86>=K$81,($I$86-K$81+1)/K$91,0))","v":1},1,1,1,1,1,1,1,1,1,1,1,0.50136986301369868,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Post-IDC and pre-operations flag",null,"flag",null,null,null,{"$f":"IF(OR(K92=1,K94=1),0,IF($I$87<K81,0,IF($I$87<K82,($I$87-(MAX($I$86+1,K81)))/K91,MIN(1,(K82-$I$86)/K91))))","v":0},{"$f":"IF(OR(L92=1,L94=1),0,IF($I$87<L81,0,IF($I$87<L82,($I$87-(MAX($I$86+1,L81)))/L91,MIN(1,(L82-$I$86)/L91))))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Operations flag",null,"flag",null,null,null,{"$f":"IF(OR($I$87>K$82,$I$88<K$81),0,IF($I$87>=K$81,(K$82-$I$87+1)/K$91,IF($I$88<=K$82,($I$88-K$81+1)/K$91,1)))","v":0},0,0,0,0,0,0,0,0,0,0,0,0.49863013698630138,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0.75342465753424659,0,0,0]
[null,null,null,null,"Transfer construction to operations flag",null,"flag","`",null,null,{"$f":"IF(AND(SUM(K34:K36)<>0,SUM(L34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(L34:L36)<>0,SUM(M34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(M34:M36)<>0,SUM(N34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(N34:N36)<>0,SUM(O34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(O34:O36)<>0,SUM(P34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(P34:P36)<>0,SUM(Q34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(Q34:Q36)<>0,SUM(R34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(R34:R36)<>0,SUM(S34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(S34:S36)<>0,SUM(T34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(T34:T36)<>0,SUM(U34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(U34:U36)<>0,SUM(V34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(V34:V36)<>0,SUM(W34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(W34:W36)<>0,SUM(X34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(X34:X36)<>0,SUM(Y34:$AX36)=0),1,0)","v":1},{"$f":"IF(AND(SUM(Y34:Y36)<>0,SUM(Z34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(Z34:Z36)<>0,SUM(AA34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AA34:AA36)<>0,SUM(AB34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AB34:AB36)<>0,SUM(AC34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AC34:AC36)<>0,SUM(AD34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AD34:AD36)<>0,SUM(AE34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AE34:AE36)<>0,SUM(AF34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AF34:AF36)<>0,SUM(AG34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AG34:AG36)<>0,SUM(AH34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AH34:AH36)<>0,SUM(AI34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AI34:AI36)<>0,SUM(AJ34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AJ34:AJ36)<>0,SUM(AK34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AK34:AK36)<>0,SUM(AL34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AL34:AL36)<>0,SUM(AM34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AM34:AM36)<>0,SUM(AN34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AN34:AN36)<>0,SUM(AO34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AO34:AO36)<>0,SUM(AP34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AP34:AP36)<>0,SUM(AQ34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AQ34:AQ36)<>0,SUM(AR34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AR34:AR36)<>0,SUM(AS34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AS34:AS36)<>0,SUM(AT34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AT34:AT36)<>0,SUM(AU34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AU34:AU36)<>0,SUM(AV34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AV34:AV36)<>0,SUM(AW34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AW34:AW36)<>0,SUM(AX34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AX34:AX36)<>0,SUM($AX34:AZ36)=0),1,0)","v":0}]
[null,null,null,null,"Initial transaction costs flag",null,"flag",null,null,null,{"$f":"IF(AND(SUM($J35:K35)=0,L35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:L35)=0,M35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:M35)=0,N35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:N35)=0,O35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:O35)=0,P35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:P35)=0,Q35>0),1,0)","v":1},{"$f":"IF(AND(SUM($J35:Q35)=0,R35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:R35)=0,S35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:S35)=0,T35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:T35)=0,U35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:U35)=0,V35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:V35)=0,W35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:W35)=0,X35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:X35)=0,Y35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:Y35)=0,Z35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:Z35)=0,AA35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AA35)=0,AB35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AB35)=0,AC35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AC35)=0,AD35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AD35)=0,AE35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AE35)=0,AF35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AF35)=0,AG35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AG35)=0,AH35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AH35)=0,AI35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AI35)=0,AJ35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AJ35)=0,AK35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AK35)=0,AL35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AL35)=0,AM35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AM35)=0,AN35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AN35)=0,AO35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AO35)=0,AP35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AP35)=0,AQ35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AQ35)=0,AR35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AR35)=0,AS35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AS35)=0,AT35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AT35)=0,AU35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AU35)=0,AV35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AV35)=0,AW35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AW35)=0,AX35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AX35)=0,AZ35>0),1,0)","v":0}]
[]
[null,null,"Tax - Financial years"]
[]
[null,null,null,null,"Year commencing",null,null,null,null,null,{"$f":"K17","v":"2009-04-01"},{"$f":"+K101+1","v":"2010-04-01"},{"$f":"+L101+1","v":"2011-04-01"},{"$f":"+M101+1","v":"2012-04-01"},"2013-04-01","2014-04-01","2015-04-01","2016-04-01","2017-04-01","2018-04-01","2019-04-01","2020-04-01","2021-04-01","2022-04-01","2023-04-01","2024-04-01","2025-04-01","2026-04-01","2027-04-01","2028-04-01","2029-04-01","2030-04-01","2031-04-01","2032-04-01","2033-04-01","2034-04-01","2035-04-01","2036-04-01","2037-04-01","2038-04-01","2039-04-01","2040-04-01","2041-04-01","2042-04-01","2043-04-01","2044-04-01","2045-04-01","2046-04-01","2047-04-01","2048-04-01"]
[null,null,null,null,"Year ending",null,null,null,null,null,{"$f":"K18","v":"2010-03-31"},{"$f":"DATE(YEAR(K101) + 1, MONTH(K101), DAY(K101))","v":"2011-03-31"},"2012-03-31","2013-03-31","2014-03-31","2015-03-31","2016-03-31","2017-03-31","2018-03-31","2019-03-31","2020-03-31","2021-03-31","2022-03-31","2023-03-31","2024-03-31","2025-03-31","2026-03-31","2027-03-31","2028-03-31","2029-03-31","2030-03-31","2031-03-31","2032-03-31","2033-03-31","2034-03-31","2035-03-31","2036-03-31","2037-03-31","2038-03-31","2039-03-31","2040-03-31","2041-03-31","2042-03-31","2043-03-31","2044-03-31","2045-03-31","2046-03-31","2047-03-31","2048-03-31","2049-03-31"]
[]
[null,null,null,null,"Long-term expected UK RPI inflation",null,"%",null,2.7165000000000002E-2]
[null,null,null,null,{"$f":"E24","v":"Base year average UK RPI inflation index value (CHAW)"},null,{"$f":"G24","v":"Jan 1987 = 100"},{"$f":"H24","v":"UK RPI index 2015/16"},{"$f":"I24","v":259.43333330000002}]
[]
[null,null,null,null,{"$f":"E28","v":"12-month average UK RPI inflation index value (CHAW)"},null,{"$f":"G28","v":"Jan 1987 = 100"},{"$f":"H28","v":"UK RPI index t"},null,null,{"$f":"K28","v":215.76666666666662},226.47499999999999,237.3416666666667,244.67499999999998,251.73333333333335,256.66666666666669,259.43333333333334,264.99166666666673,274.90833333333336,283.308333333333,290.64166666666665,294.16666666666669,311.1583333333333,319.61094945833332,328.29318090036901,337.21126515952756,346.37160917758615,355.78079394089531,365.44557920829976,375.37290836749327,385.56991342329627,396.04392012144018,406.80245321153916,417.85324185303068,429.20422516796833,440.86355794465624,452.83961649622285,465.14100467834277,477.77656007042998,490.75536032474326,504.08672968796498,517.78024569993863,531.84574607437753,546.2933357664881,561.13339423258481,576.37658288691307,592.03385276103609,608.11645237128971,624.63593579995586,641.60417099596168]
[null,null,null,null,"UK RPI inflation uplift from 2015/16 term",null,"scalar",null,null,null,{"$f":"K106/$I$104","v":0.83168444055398727},{"$f":"L106/$I$104","v":0.87296029819773346},0.91484646035138728,0.94311319554710427,0.97031992817298218,0.98933573185010093,1.0000000001284852,1.0214249005552392,1.0596492356494474,1.0920274959645402,1.1202942311602586,1.1338815368282,1.1993768471282764,1.2319579191805161,1.2654240560550551,1.2997993005377908,1.3351083485369,1.3713765668249049,1.4086300112627037,1.4468954455186551,1.4862003602961695,1.5265729930836154,1.568042348440732,1.6106382188361246,1.6543912060508081,1.6993327431631786,1.7454951171312065,1.7929114919880758,1.841615932667932,1.8916434294788564,1.9430299232406498,1.9958123311054825,2.0500285730799632,2.1057175992676807,2.1629194178517874,2.2216751238377319,2.282026928576784,2.3440181900915724,2.4076934442254103,2.4730984366377937]
[]
[null,null,"Tax - Operational years"]
[]
[null,null,null,null,"Operational Year",null,null,null,null,null,"Year 1","Year 2","Year 3","Year 4","Year 5","Year 6","Year 7","Year 8","Year 9","Year 10","Year 11","Year 12","Year 13","Year 14","Year 15","Year 16","Year 17","Year 18","Year 19","Year 20","Year 21","Year 22","Year 23","Year 24","Year 25"]
[]
[null,null,null,null,"Corporation tax rate",null,"%",null,null,null,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[null,null,null,null,"Capital allowance rate (declining balance)",null,"%",null,null,null,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08]
[]
[null,null,null,null,{"$f":"E103","v":"Long-term expected UK RPI inflation"},null,"%",null,{"$f":"I103","v":2.7165000000000002E-2}]
[null,null,null,null,"Start of price base year",null,"date",null,"2015-04-01"]
[null,null,null,null,"End of price base year",null,"date",null,{"$f":"EOMONTH(I117,11)","v":"2016-03-31"}]
[null,null,null,null,"UK RPI uplift from 2015/16 term to start of regime",null,"scalar",null,{"$f":"(1+$I$116)^((I85-AVERAGE(I117,I118))/365.25)","v":1.1512585352427871}]
[]
[null,null,"Tax - Annuity"]
[]
[null,null,null,null,"Tax element of Cap and Floor annuity previously calculated and fixed",null,"choice",null,"No"]
[]
[null,"End of sheet"]

{"sheet":"Data Sources","index":3,"n_rows":72,"n_cols":12,"rows_kept":72,"cut":false,"hidden":false,"merged":[]}
["Data Sources",null,null,null,null,null,null,"Licence","Reference row in"]
[null,null,null,null,"Parameter",null,"Units","Terminology","Inputs sheet",null,"Source","Link"]
[]
[null,"Indexation, currency and base year price term"]
[]
[null,null,null,null,{"$f":"Inputs!E6","v":"GB indexed portion of interconnector"},null,{"$f":"Inputs!G6","v":"choice %"},null,{"$f":"ROW(Inputs!E6)","v":6},null,"NSL licence - Special conditions - Schedule 1"]
[null,null,null,null,{"$f":"Inputs!E9","v":"Currency of cost inputs"},null,{"$f":"Inputs!G9","v":"choice"},null,{"$f":"ROW(Inputs!E9)","v":9},null,"Post Construction Review (PCR) decision"]
[null,null,null,null,{"$f":"Inputs!E11","v":"Base year price term"},null,{"$f":"Inputs!G11","v":"choice"},null,{"$f":"ROW(Inputs!E11)","v":11},null,"NSL licence - Special conditions - Schedule 1"]
[]
[null,"Variables set after financial close"]
[]
[null,null,"Actual values"]
[]
[null,null,null,null,{"$f":"Inputs!E20","v":"Development costs"},null,{"$f":"Inputs!G20","v":"£m nominal"},null,{"$f":"ROW(Inputs!E20)","v":20},null,"Post Construction Review (PCR) decision"]
[null,null,null,null,{"$f":"Inputs!E21","v":"Capex"},null,{"$f":"Inputs!G21","v":"£m nominal"},null,{"$f":"ROW(Inputs!E21)","v":21},null,"Post Construction Review (PCR) decision"]
[null,null,null,null,{"$f":"Inputs!E22","v":"Spares"},null,{"$f":"Inputs!G22","v":"£m nominal"},null,{"$f":"ROW(Inputs!E22)","v":22},null,"Post Construction Review (PCR) decision"]
[]
[null,null,null,null,{"$f":"Inputs!E24","v":"Base year average UK RPI inflation index value (CHAW)"},null,{"$f":"Inputs!G24","v":"Jan 1987 = 100"},{"$f":"Inputs!H24","v":"UK RPI index 2015/16"},{"$f":"ROW(Inputs!E24)","v":24},null,"Office for National Statistics","RPI All Items Index: Jan 1987=100"]
[]
[]
[]
[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,"Ex-ante allowances for the operational period"]
[]
[null,null,null,null,{"$f":"Inputs!E42","v":"Replacement Capex"},null,{"$f":"Inputs!G42","v":"£m 20/21 prices"},null,{"$f":"ROW(Inputs!E42)","v":42},null,"Post Construction Review (PCR) decision"]
[null,null,null,null,{"$f":"Inputs!E43","v":"Decommissioning baseline"},null,{"$f":"Inputs!G43","v":"£m 20/21 prices"},null,{"$f":"ROW(Inputs!E43)","v":43},null,"Post Construction Review (PCR) decision"]
[null,null,null,null,{"$f":"Inputs!E44","v":"Controllable Opex"},null,{"$f":"Inputs!G44","v":"£m 20/21 prices"},null,{"$f":"ROW(Inputs!E44)","v":44},null,"Post Construction Review (PCR) decision"]
[null,null,null,null,{"$f":"Inputs!E45","v":"Non-controllable Opex baseline"},null,{"$f":"Inputs!G45","v":"£m 20/21 prices"},null,{"$f":"ROW(Inputs!E45)","v":45},null,"Post Construction Review (PCR) decision"]
[]
[null,null,null,null,{"$f":"Inputs!E51","v":"2020/21 average UK RPI inflation index value (CHAW)"},null,{"$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":"2020 average EU RPI inflation index value"},null,{"$f":"Inputs!G52","v":"Dec 2011 = 100"},null,{"$f":"ROW(Inputs!E52)","v":52}]
[null,null,null,null,{"$f":"Inputs!E53","v":"2020 average exchange rate (XUMAERS)"},null,{"$f":"Inputs!G53","v":"GBP / EUR"},null,{"$f":"ROW(Inputs!E53)","v":53}]
[]
[null,null,null,null,{"$f":"Inputs!E55","v":"12 month average exchange rate (XUMAERS)"},null,{"$f":"Inputs!G55","v":"GBP / EUR"},{"$f":"Inputs!H55","v":""},{"$f":"ROW(Inputs!E55)","v":55}]
[]
[null,"Variables set at financial close"]
[]
[null,null,"Finance"]
[]
[null,null,null,null,{"$f":"Inputs!E68","v":"Cap return rate"},null,{"$f":"Inputs!G68","v":"real annual %"},null,{"$f":"ROW(Inputs!E68)","v":68},null,"NSL FPA consultation and decision documents","Decision on the Final Project Assessment of the NSL interconnector to Norway | Ofgem"]
[null,null,null,null,{"$f":"Inputs!E69","v":"Floor return rate"},null,{"$f":"Inputs!G69","v":"real annual %"},null,{"$f":"ROW(Inputs!E69)","v":69},null,"NSL FPA consultation and decision documents","Decision on the Final Project Assessment of the NSL interconnector to Norway | Ofgem"]
[null,null,null,null,{"$f":"Inputs!E70","v":"Interest during construction (IDC) rate"},null,{"$f":"Inputs!G70","v":"real annual %"},null,{"$f":"ROW(Inputs!E70)","v":70},null,"NSL FPA consultation and decision documents","Decision on the Final Project Assessment of the NSL interconnector to Norway | Ofgem"]
[]
[null,null,null,null,{"$f":"Inputs!E73","v":"Pre-operational notional gearing"},null,{"$f":"Inputs!G73","v":"%"},null,{"$f":"ROW(Inputs!E73)","v":73},null,"NSL Cap and Floor Financial Model 1 Handbook (NSLCFFM1H)","Interconnector Cap and Floor Regime Handbook (ofgem.gov.uk)"]
[null,null,null,null,{"$f":"Inputs!E74","v":"Operational notional gearing"},null,{"$f":"Inputs!G74","v":"%"},null,{"$f":"ROW(Inputs!E74)","v":74},null,"NSL Cap and Floor Financial Model 1 Handbook (NSLCFFM1H)","Interconnector Cap and Floor Regime Handbook (ofgem.gov.uk)"]
[]
[null,null,null,null,{"$f":"Inputs!E76","v":"Equity transaction costs"},null,{"$f":"Inputs!G76","v":"%"},null,{"$f":"ROW(Inputs!E76)","v":76},null,"Cap and Floor regime handbook ","Interconnector Cap and Floor Regime Handbook (ofgem.gov.uk)"]
[null,null,null,null,{"$f":"Inputs!E77","v":"Debt transaction costs"},null,{"$f":"Inputs!G77","v":"%"},null,{"$f":"ROW(Inputs!E77)","v":77},null,"Cap and Floor regime handbook ","Interconnector Cap and Floor Regime Handbook (ofgem.gov.uk)"]
[]
[null,null,"Model operation"]
[]
[null,null,null,null,{"$f":"Inputs!E85","v":"Regime start date"},null,{"$f":"Inputs!G85","v":"date"},null,{"$f":"ROW(Inputs!I85)","v":85},null,"Post Construction Review (PCR) decision"]
[null,null,null,null,{"$f":"Inputs!E86","v":"End date for IDC"},null,{"$f":"Inputs!G86","v":"date"},null,{"$f":"ROW(Inputs!I86)","v":86},null,"Post Construction Review (PCR) decision"]
[null,null,null,null,{"$f":"Inputs!E87","v":"Start of operations"},null,{"$f":"Inputs!G87","v":"date"},null,{"$f":"ROW(Inputs!I87)","v":87},null,"Post Construction Review (PCR) decision"]
[null,null,null,null,{"$f":"Inputs!E89","v":"Number of operational years"},null,{"$f":"Inputs!G89","v":"full years"},null,{"$f":"ROW(Inputs!I89)","v":89},null,"NSL licence - Special conditions - Schedule 1"]
[]
[null,null,"Tax - Financial years"]
[]
[null,null,null,null,{"$f":"Inputs!E103","v":"Long-term expected UK RPI inflation"},null,{"$f":"Inputs!G103","v":"%"},null,{"$f":"ROW(Inputs!E103)","v":103},null,"NSL Cap and Floor Financial Model 1 Handbook (NSLCFFM1H)"]
[]
[null,null,"Tax - Operational years"]
[]
[null,null,null,null,{"$f":"Inputs!E113","v":"Corporation tax rate"},null,{"$f":"Inputs!G113","v":"%"},null,{"$f":"ROW(Inputs!E113)","v":113},null,"HM Revenue and Customs","Corporation Tax rates and allowances - GOV.UK (www.gov.uk)"]
[null,null,null,null,{"$f":"Inputs!E114","v":"Capital allowance rate (declining balance)"},null,{"$f":"Inputs!G114","v":"%"},null,{"$f":"ROW(Inputs!E114)","v":114},null,"HM Revenue and Customs","HS252 Capital allowances and balancing charges (2020) - GOV.UK (www.gov.uk)"]
[null,null,null,null,{"$f":"Inputs!E117","v":"Start of price base year"},null,{"$f":"Inputs!G117","v":"date"},null,{"$f":"ROW(Inputs!E117)","v":117},null,"NSL licence - Special conditions - Schedule 1"]
[]
[null,null,"Tax - Annuity"]
[]
[null,null,null,null,{"$f":"Inputs!E123","v":"Tax element of Cap and Floor annuity previously calculated and fixed"},null,{"$f":"Inputs!G123","v":"choice"},null,{"$f":"ROW(Inputs!E123)","v":123},null,"NSL Cap and Floor Financial Model 1 Handbook (NSLCFFM1H)"]
[]
[null,"End of sheet"]

{"sheet":"Pre Op RAV","index":4,"n_rows":26,"n_cols":50,"rows_kept":26,"cut":false,"hidden":false,"merged":[]}
["Pre 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,"Year commencing",null,null,null,null,null,{"$f":"Inputs!K17","v":"2009-04-01"},{"$f":"+K4+1","v":"2010-04-01"},{"$f":"+L4+1","v":"2011-04-01"},{"$f":"+M4+1","v":"2012-04-01"},"2013-04-01","2014-04-01","2015-04-01","2016-04-01","2017-04-01","2018-04-01","2019-04-01","2020-04-01","2021-04-01","2022-04-01","2023-04-01","2024-04-01","2025-04-01","2026-04-01","2027-04-01","2028-04-01","2029-04-01","2030-04-01","2031-04-01","2032-04-01","2033-04-01","2034-04-01","2035-04-01","2036-04-01","2037-04-01","2038-04-01","2039-04-01","2040-04-01","2041-04-01","2042-04-01","2043-04-01","2044-04-01","2045-04-01","2046-04-01","2047-04-01","2048-04-01"]
[null,null,null,null,"Year ending",null,null,null,null,null,{"$f":"Inputs!K18","v":"2010-03-31"},{"$f":"DATE(YEAR(K4) + 1, MONTH(K4), DAY(K4))","v":"2011-03-31"},"2012-03-31","2013-03-31","2014-03-31","2015-03-31","2016-03-31","2017-03-31","2018-03-31","2019-03-31","2020-03-31","2021-03-31","2022-03-31","2023-03-31","2024-03-31","2025-03-31","2026-03-31","2027-03-31","2028-03-31","2029-03-31","2030-03-31","2031-03-31","2032-03-31","2033-03-31","2034-03-31","2035-03-31","2036-03-31","2037-03-31","2038-03-31","2039-03-31","2040-03-31","2041-03-31","2042-03-31","2043-03-31","2044-03-31","2045-03-31","2046-03-31","2047-03-31","2048-03-31","2049-03-31"]
[]
[null,"Flags"]
[]
[null,null,null,null,"IDC flag",null,"flag",null,null,null,{"$f":"Inputs!K92","v":1},{"$f":"Inputs!L92","v":1},{"$f":"Inputs!M92","v":1},{"$f":"Inputs!N92","v":1},{"$f":"Inputs!O92","v":1},{"$f":"Inputs!P92","v":1},{"$f":"Inputs!Q92","v":1},{"$f":"Inputs!R92","v":1},{"$f":"Inputs!S92","v":1},{"$f":"Inputs!T92","v":1},{"$f":"Inputs!U92","v":1},{"$f":"Inputs!V92","v":1},{"$f":"Inputs!W92","v":0.50136986301369868},{"$f":"Inputs!X92","v":0},{"$f":"Inputs!Y92","v":0},{"$f":"Inputs!Z92","v":0},{"$f":"Inputs!AA92","v":0},{"$f":"Inputs!AB92","v":0},{"$f":"Inputs!AC92","v":0},{"$f":"Inputs!AD92","v":0},{"$f":"Inputs!AE92","v":0},{"$f":"Inputs!AF92","v":0},{"$f":"Inputs!AG92","v":0},{"$f":"Inputs!AH92","v":0},{"$f":"Inputs!AI92","v":0},{"$f":"Inputs!AJ92","v":0},{"$f":"Inputs!AK92","v":0},{"$f":"Inputs!AL92","v":0},{"$f":"Inputs!AM92","v":0},{"$f":"Inputs!AN92","v":0},{"$f":"Inputs!AO92","v":0},{"$f":"Inputs!AP92","v":0},{"$f":"Inputs!AQ92","v":0},{"$f":"Inputs!AR92","v":0},{"$f":"Inputs!AS92","v":0},{"$f":"Inputs!AT92","v":0},{"$f":"Inputs!AU92","v":0},{"$f":"Inputs!AV92","v":0},{"$f":"Inputs!AW92","v":0},{"$f":"Inputs!AX92","v":0}]
[null,null,null,null,"Post-IDC and pre-operations flag",null,"flag",null,null,null,{"$f":"Inputs!K93","v":0},{"$f":"Inputs!L93","v":0},{"$f":"Inputs!M93","v":0},{"$f":"Inputs!N93","v":0},{"$f":"Inputs!O93","v":0},{"$f":"Inputs!P93","v":0},{"$f":"Inputs!Q93","v":0},{"$f":"Inputs!R93","v":0},{"$f":"Inputs!S93","v":0},{"$f":"Inputs!T93","v":0},{"$f":"Inputs!U93","v":0},{"$f":"Inputs!V93","v":0},{"$f":"Inputs!W93","v":0},{"$f":"Inputs!X93","v":0},{"$f":"Inputs!Y93","v":0},{"$f":"Inputs!Z93","v":0},{"$f":"Inputs!AA93","v":0},{"$f":"Inputs!AB93","v":0},{"$f":"Inputs!AC93","v":0},{"$f":"Inputs!AD93","v":0},{"$f":"Inputs!AE93","v":0},{"$f":"Inputs!AF93","v":0},{"$f":"Inputs!AG93","v":0},{"$f":"Inputs!AH93","v":0},{"$f":"Inputs!AI93","v":0},{"$f":"Inputs!AJ93","v":0},{"$f":"Inputs!AK93","v":0},{"$f":"Inputs!AL93","v":0},{"$f":"Inputs!AM93","v":0},{"$f":"Inputs!AN93","v":0},{"$f":"Inputs!AO93","v":0},{"$f":"Inputs!AP93","v":0},{"$f":"Inputs!AQ93","v":0},{"$f":"Inputs!AR93","v":0},{"$f":"Inputs!AS93","v":0},{"$f":"Inputs!AT93","v":0},{"$f":"Inputs!AU93","v":0},{"$f":"Inputs!AV93","v":0},{"$f":"Inputs!AW93","v":0},{"$f":"Inputs!AX93","v":0}]
[null,null,null,null,"Operations flag",null,"flag",null,null,null,{"$f":"Inputs!K94","v":0},{"$f":"Inputs!L94","v":0},{"$f":"Inputs!M94","v":0},{"$f":"Inputs!N94","v":0},{"$f":"Inputs!O94","v":0},{"$f":"Inputs!P94","v":0},{"$f":"Inputs!Q94","v":0},{"$f":"Inputs!R94","v":0},{"$f":"Inputs!S94","v":0},{"$f":"Inputs!T94","v":0},{"$f":"Inputs!U94","v":0},{"$f":"Inputs!V94","v":0},{"$f":"Inputs!W94","v":0.49863013698630138},{"$f":"Inputs!X94","v":1},{"$f":"Inputs!Y94","v":1},{"$f":"Inputs!Z94","v":1},{"$f":"Inputs!AA94","v":1},{"$f":"Inputs!AB94","v":1},{"$f":"Inputs!AC94","v":1},{"$f":"Inputs!AD94","v":1},{"$f":"Inputs!AE94","v":1},{"$f":"Inputs!AF94","v":1},{"$f":"Inputs!AG94","v":1},{"$f":"Inputs!AH94","v":1},{"$f":"Inputs!AI94","v":1},{"$f":"Inputs!AJ94","v":1},{"$f":"Inputs!AK94","v":1},{"$f":"Inputs!AL94","v":1},{"$f":"Inputs!AM94","v":1},{"$f":"Inputs!AN94","v":1},{"$f":"Inputs!AO94","v":1},{"$f":"Inputs!AP94","v":1},{"$f":"Inputs!AQ94","v":1},{"$f":"Inputs!AR94","v":1},{"$f":"Inputs!AS94","v":1},{"$f":"Inputs!AT94","v":1},{"$f":"Inputs!AU94","v":0.75342465753424659},{"$f":"Inputs!AV94","v":0},{"$f":"Inputs!AW94","v":0},{"$f":"Inputs!AX94","v":0}]
[null,null,null,null,"Transfer construction to operations flag",null,"flag",null,null,null,{"$f":"Inputs!K95","v":0},{"$f":"Inputs!L95","v":0},{"$f":"Inputs!M95","v":0},{"$f":"Inputs!N95","v":0},{"$f":"Inputs!O95","v":0},{"$f":"Inputs!P95","v":0},{"$f":"Inputs!Q95","v":0},{"$f":"Inputs!R95","v":0},{"$f":"Inputs!S95","v":0},{"$f":"Inputs!T95","v":0},{"$f":"Inputs!U95","v":0},{"$f":"Inputs!V95","v":0},{"$f":"Inputs!W95","v":0},{"$f":"Inputs!X95","v":1},{"$f":"Inputs!Y95","v":0},{"$f":"Inputs!Z95","v":0},{"$f":"Inputs!AA95","v":0},{"$f":"Inputs!AB95","v":0},{"$f":"Inputs!AC95","v":0},{"$f":"Inputs!AD95","v":0},{"$f":"Inputs!AE95","v":0},{"$f":"Inputs!AF95","v":0},{"$f":"Inputs!AG95","v":0},{"$f":"Inputs!AH95","v":0},{"$f":"Inputs!AI95","v":0},{"$f":"Inputs!AJ95","v":0},{"$f":"Inputs!AK95","v":0},{"$f":"Inputs!AL95","v":0},{"$f":"Inputs!AM95","v":0},{"$f":"Inputs!AN95","v":0},{"$f":"Inputs!AO95","v":0},{"$f":"Inputs!AP95","v":0},{"$f":"Inputs!AQ95","v":0},{"$f":"Inputs!AR95","v":0},{"$f":"Inputs!AS95","v":0},{"$f":"Inputs!AT95","v":0},{"$f":"Inputs!AU95","v":0},{"$f":"Inputs!AV95","v":0},{"$f":"Inputs!AW95","v":0},{"$f":"Inputs!AX95","v":0}]
[]
[null,"RAV"]
[]
[null,null,"Pre-operational"]
[]
[null,null,null,null,"Opening pre-operational RAV (before transfers)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,null,{"$f":"K24","v":0},{"$f":"L24","v":0.39232583257452502},0.99224685498771392,8.1193151799703926,10.120608296622056,14.790940957331317,34.995291870666932,80.883146384941483,129.59906944449656,245.27244034630408,{"$f":"U24","v":425.87364768051879},564.69734804787538,616.39735324901699,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"Inputs!E34","v":"Development costs"},null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"Inputs!K34","v":0},{"$f":"Inputs!L34","v":0.38057855630537146},{"$f":"Inputs!M34","v":0.55771494137281374},{"$f":"Inputs!N34","v":6.8523514255900642},{"$f":"Inputs!O34","v":1.4396550657578224},{"$f":"Inputs!P34","v":3.9051112737787572},{"$f":"Inputs!Q34","v":-1.5779999997972505},{"$f":"Inputs!R34","v":0},{"$f":"Inputs!S34","v":0},{"$f":"Inputs!T34","v":0},{"$f":"Inputs!U34","v":0},{"$f":"Inputs!V34","v":0},{"$f":"Inputs!W34","v":0},{"$f":"Inputs!X34","v":0},{"$f":"Inputs!Y34","v":0},{"$f":"Inputs!Z34","v":0},{"$f":"Inputs!AA34","v":0},{"$f":"Inputs!AB34","v":0},{"$f":"Inputs!AC34","v":0},{"$f":"Inputs!AD34","v":0},{"$f":"Inputs!AE34","v":0},{"$f":"Inputs!AF34","v":0},{"$f":"Inputs!AG34","v":0},{"$f":"Inputs!AH34","v":0},{"$f":"Inputs!AI34","v":0},{"$f":"Inputs!AJ34","v":0},{"$f":"Inputs!AK34","v":0},{"$f":"Inputs!AL34","v":0},{"$f":"Inputs!AM34","v":0},{"$f":"Inputs!AN34","v":0},{"$f":"Inputs!AO34","v":0},{"$f":"Inputs!AP34","v":0},{"$f":"Inputs!AQ34","v":0},{"$f":"Inputs!AR34","v":0},{"$f":"Inputs!AS34","v":0},{"$f":"Inputs!AT34","v":0},{"$f":"Inputs!AU34","v":0},{"$f":"Inputs!AV34","v":0},{"$f":"Inputs!AW34","v":0},{"$f":"Inputs!AX34","v":0}]
[null,null,null,null,{"$f":"Inputs!E35","v":"Capex"},null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"Inputs!K35","v":0},{"$f":"Inputs!L35","v":0},{"$f":"Inputs!M35","v":0},{"$f":"Inputs!N35","v":0},{"$f":"Inputs!O35","v":0},{"$f":"Inputs!P35","v":0},{"$f":"Inputs!Q35","v":20.165525817409026},{"$f":"Inputs!R35","v":42.074185666159863},{"$f":"Inputs!S35","v":42.081962747484063},{"$f":"Inputs!T35","v":103.51036546031297},{"$f":"Inputs!U35","v":157.46319778626545},{"$f":"Inputs!V35","v":107.62903110793899},{"$f":"Inputs!W35","v":32.813150382409248},{"$f":"Inputs!X35","v":-0.21526142968941933},{"$f":"Inputs!Y35","v":0},{"$f":"Inputs!Z35","v":0},{"$f":"Inputs!AA35","v":0},{"$f":"Inputs!AB35","v":0},{"$f":"Inputs!AC35","v":0},{"$f":"Inputs!AD35","v":0},{"$f":"Inputs!AE35","v":0},{"$f":"Inputs!AF35","v":0},{"$f":"Inputs!AG35","v":0},{"$f":"Inputs!AH35","v":0},{"$f":"Inputs!AI35","v":0},{"$f":"Inputs!AJ35","v":0},{"$f":"Inputs!AK35","v":0},{"$f":"Inputs!AL35","v":0},{"$f":"Inputs!AM35","v":0},{"$f":"Inputs!AN35","v":0},{"$f":"Inputs!AO35","v":0},{"$f":"Inputs!AP35","v":0},{"$f":"Inputs!AQ35","v":0},{"$f":"Inputs!AR35","v":0},{"$f":"Inputs!AS35","v":0},{"$f":"Inputs!AT35","v":0},{"$f":"Inputs!AU35","v":0},{"$f":"Inputs!AV35","v":0},{"$f":"Inputs!AW35","v":0},{"$f":"Inputs!AX35","v":0}]
[null,null,null,null,{"$f":"Inputs!E36","v":"Spares"},null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"Inputs!K36","v":0},{"$f":"Inputs!L36","v":0},{"$f":"Inputs!M36","v":0},{"$f":"Inputs!N36","v":0},{"$f":"Inputs!O36","v":0},{"$f":"Inputs!P36","v":0},{"$f":"Inputs!Q36","v":9.7881744987423649E-2},{"$f":"Inputs!R36","v":0.27721281598488601},{"$f":"Inputs!S36","v":0.17729213373598868},{"$f":"Inputs!T36","v":0.69116750703547181},{"$f":"Inputs!U36","v":2.5742954670159746},{"$f":"Inputs!V36","v":0.72205683610496019},{"$f":"Inputs!W36","v":0.62018089959047329},{"$f":"Inputs!X36","v":0},{"$f":"Inputs!Y36","v":0},{"$f":"Inputs!Z36","v":0},{"$f":"Inputs!AA36","v":0},{"$f":"Inputs!AB36","v":0},{"$f":"Inputs!AC36","v":0},{"$f":"Inputs!AD36","v":0},{"$f":"Inputs!AE36","v":0},{"$f":"Inputs!AF36","v":0},{"$f":"Inputs!AG36","v":0},{"$f":"Inputs!AH36","v":0},{"$f":"Inputs!AI36","v":0},{"$f":"Inputs!AJ36","v":0},{"$f":"Inputs!AK36","v":0},{"$f":"Inputs!AL36","v":0},{"$f":"Inputs!AM36","v":0},{"$f":"Inputs!AN36","v":0},{"$f":"Inputs!AO36","v":0},{"$f":"Inputs!AP36","v":0},{"$f":"Inputs!AQ36","v":0},{"$f":"Inputs!AR36","v":0},{"$f":"Inputs!AS36","v":0},{"$f":"Inputs!AT36","v":0},{"$f":"Inputs!AU36","v":0},{"$f":"Inputs!AV36","v":0},{"$f":"Inputs!AW36","v":0},{"$f":"Inputs!AX36","v":0}]
[null,null,null,null,{"$f":"Finance!E24","v":"Capitalised interest during construction"},null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"Finance!K24","v":0},{"$f":"Finance!L24","v":1.1747276269153558E-2},{"$f":"Finance!M24","v":4.2206081040375133E-2},{"$f":"Finance!N24","v":0.27471689939261412},{"$f":"Finance!O24","v":0.56163805089383967},{"$f":"Finance!P24","v":0.76522138693050323},{"$f":"Finance!Q24","v":1.5189433507364136},{"$f":"Finance!R24","v":3.5364560321298084},{"$f":"Finance!S24","v":6.4566681783350264},{"$f":"Finance!T24","v":11.471837934459092},{"$f":"Finance!U24","v":20.563714080933284},{"$f":"Finance!V24","v":30.472612423312761},{"$f":"Finance!W24","v":18.266673919141926},{"$f":"Finance!X24","v":0},{"$f":"Finance!Y24","v":0},{"$f":"Finance!Z24","v":0},{"$f":"Finance!AA24","v":0},{"$f":"Finance!AB24","v":0},{"$f":"Finance!AC24","v":0},{"$f":"Finance!AD24","v":0},{"$f":"Finance!AE24","v":0},{"$f":"Finance!AF24","v":0},{"$f":"Finance!AG24","v":0},{"$f":"Finance!AH24","v":0},{"$f":"Finance!AI24","v":0},{"$f":"Finance!AJ24","v":0},{"$f":"Finance!AK24","v":0},{"$f":"Finance!AL24","v":0},{"$f":"Finance!AM24","v":0},{"$f":"Finance!AN24","v":0},{"$f":"Finance!AO24","v":0},{"$f":"Finance!AP24","v":0},{"$f":"Finance!AQ24","v":0},{"$f":"Finance!AR24","v":0},{"$f":"Finance!AS24","v":0},{"$f":"Finance!AT24","v":0},{"$f":"Finance!AU24","v":0},{"$f":"Finance!AV24","v":0},{"$f":"Finance!AW24","v":0},{"$f":"Finance!AX24","v":0}]
[null,null,null,null,"Closing pre-operational RAV (after IDC)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"SUM(K17:K21)","v":0},0.39232583257452502,0.99224685498771392,8.1193151799703926,10.120608296622056,14.790940957331317,34.995291870666932,80.883146384941483,129.59906944449656,245.27244034630408,425.87364768051879,{"$f":"SUM(V17:V21)","v":564.69734804787538},616.39735324901699,616.18209181932752,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Pre-operational RAV transfers",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"-K22*K11","v":0},0,0,0,0,0,0,0,0,0,0,{"$f":"-V22*V11","v":0},{"$f":"-W22*W11","v":0},-616.18209181932752,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Closing pre-operational RAV (after IDC) - adjusted for RAV transfers",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"SUM(K22:K23)","v":0},0.39232583257452502,0.99224685498771392,8.1193151799703926,10.120608296622056,14.790940957331317,34.995291870666932,80.883146384941483,129.59906944449656,245.27244034630408,{"$f":"SUM(U22:U23)","v":425.87364768051879},{"$f":"SUM(V22:V23)","v":564.69734804787538},616.39735324901699,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"End of sheet"]

{"sheet":"Finance","index":5,"n_rows":48,"n_cols":50,"rows_kept":48,"cut":false,"hidden":false,"merged":[]}
["Finance",null,null,null,null,null,null,"Licence"]
[null,null,null,null,"Parameter",null,"Units","Terminology","Constant",null,"Annual values"]
[null,null,null,null,"Year commencing",null,null,null,null,null,{"$f":"Inputs!K17","v":"2009-04-01"},{"$f":"+K4+1","v":"2010-04-01"},"2011-04-01","2012-04-01","2013-04-01","2014-04-01","2015-04-01","2016-04-01","2017-04-01","2018-04-01","2019-04-01","2020-04-01","2021-04-01","2022-04-01","2023-04-01","2024-04-01","2025-04-01","2026-04-01","2027-04-01","2028-04-01","2029-04-01","2030-04-01","2031-04-01","2032-04-01","2033-04-01","2034-04-01","2035-04-01","2036-04-01","2037-04-01","2038-04-01","2039-04-01","2040-04-01","2041-04-01","2042-04-01","2043-04-01","2044-04-01",{"$f":"+AT4+1","v":"2045-04-01"},{"$f":"+AU4+1","v":"2046-04-01"},{"$f":"+AV4+1","v":"2047-04-01"},{"$f":"+AW4+1","v":"2048-04-01"}]
[null,null,null,null,"Year ending",null,null,null,null,null,{"$f":"Inputs!K18","v":"2010-03-31"},{"$f":"DATE(YEAR(K4) + 1, MONTH(K4), DAY(K4))","v":"2011-03-31"},"2012-03-31","2013-03-31","2014-03-31","2015-03-31","2016-03-31","2017-03-31","2018-03-31","2019-03-31","2020-03-31","2021-03-31","2022-03-31","2023-03-31","2024-03-31","2025-03-31","2026-03-31","2027-03-31","2028-03-31","2029-03-31","2030-03-31","2031-03-31","2032-03-31","2033-03-31","2034-03-31","2035-03-31","2036-03-31","2037-03-31","2038-03-31","2039-03-31","2040-03-31","2041-03-31","2042-03-31","2043-03-31","2044-03-31","2045-03-31",{"$f":"DATE(YEAR(AT4) + 1, MONTH(AT4), DAY(AT4))","v":"2046-03-31"},{"$f":"DATE(YEAR(AU4) + 1, MONTH(AU4), DAY(AU4))","v":"2047-03-31"},{"$f":"DATE(YEAR(AV4) + 1, MONTH(AV4), DAY(AV4))","v":"2048-03-31"},{"$f":"DATE(YEAR(AW4) + 1, MONTH(AW4), DAY(AW4))","v":"2049-03-31"}]
[]
[null,"Flags"]
[]
[null,null,null,null,"IDC flag",null,"flag",null,null,null,{"$f":"Inputs!K92","v":1},{"$f":"Inputs!L92","v":1},{"$f":"Inputs!M92","v":1},{"$f":"Inputs!N92","v":1},{"$f":"Inputs!O92","v":1},{"$f":"Inputs!P92","v":1},{"$f":"Inputs!Q92","v":1},{"$f":"Inputs!R92","v":1},{"$f":"Inputs!S92","v":1},{"$f":"Inputs!T92","v":1},{"$f":"Inputs!U92","v":1},{"$f":"Inputs!V92","v":1},{"$f":"Inputs!W92","v":0.50136986301369868},{"$f":"Inputs!X92","v":0},{"$f":"Inputs!Y92","v":0},{"$f":"Inputs!Z92","v":0},{"$f":"Inputs!AA92","v":0},{"$f":"Inputs!AB92","v":0},{"$f":"Inputs!AC92","v":0},{"$f":"Inputs!AD92","v":0},{"$f":"Inputs!AE92","v":0},{"$f":"Inputs!AF92","v":0},{"$f":"Inputs!AG92","v":0},{"$f":"Inputs!AH92","v":0},{"$f":"Inputs!AI92","v":0},{"$f":"Inputs!AJ92","v":0},{"$f":"Inputs!AK92","v":0},{"$f":"Inputs!AL92","v":0},{"$f":"Inputs!AM92","v":0},{"$f":"Inputs!AN92","v":0},{"$f":"Inputs!AO92","v":0},{"$f":"Inputs!AP92","v":0},{"$f":"Inputs!AQ92","v":0},{"$f":"Inputs!AR92","v":0},{"$f":"Inputs!AS92","v":0},{"$f":"Inputs!AT92","v":0},{"$f":"Inputs!AU92","v":0},{"$f":"Inputs!AV92","v":0},{"$f":"Inputs!AW92","v":0},{"$f":"Inputs!AX92","v":0}]
[null,null,null,null,"Post-IDC and pre-operations flag",null,"flag",null,null,null,{"$f":"Inputs!K93","v":0},{"$f":"Inputs!L93","v":0},{"$f":"Inputs!M93","v":0},{"$f":"Inputs!N93","v":0},{"$f":"Inputs!O93","v":0},{"$f":"Inputs!P93","v":0},{"$f":"Inputs!Q93","v":0},{"$f":"Inputs!R93","v":0},{"$f":"Inputs!S93","v":0},{"$f":"Inputs!T93","v":0},{"$f":"Inputs!U93","v":0},{"$f":"Inputs!V93","v":0},{"$f":"Inputs!W93","v":0},{"$f":"Inputs!X93","v":0},{"$f":"Inputs!Y93","v":0},{"$f":"Inputs!Z93","v":0},{"$f":"Inputs!AA93","v":0},{"$f":"Inputs!AB93","v":0},{"$f":"Inputs!AC93","v":0},{"$f":"Inputs!AD93","v":0},{"$f":"Inputs!AE93","v":0},{"$f":"Inputs!AF93","v":0},{"$f":"Inputs!AG93","v":0},{"$f":"Inputs!AH93","v":0},{"$f":"Inputs!AI93","v":0},{"$f":"Inputs!AJ93","v":0},{"$f":"Inputs!AK93","v":0},{"$f":"Inputs!AL93","v":0},{"$f":"Inputs!AM93","v":0},{"$f":"Inputs!AN93","v":0},{"$f":"Inputs!AO93","v":0},{"$f":"Inputs!AP93","v":0},{"$f":"Inputs!AQ93","v":0},{"$f":"Inputs!AR93","v":0},{"$f":"Inputs!AS93","v":0},{"$f":"Inputs!AT93","v":0},{"$f":"Inputs!AU93","v":0},{"$f":"Inputs!AV93","v":0},{"$f":"Inputs!AW93","v":0},{"$f":"Inputs!AX93","v":0}]
[null,null,null,null,"Operations flag",null,"flag",null,null,null,{"$f":"Inputs!K94","v":0},{"$f":"Inputs!L94","v":0},{"$f":"Inputs!M94","v":0},{"$f":"Inputs!N94","v":0},{"$f":"Inputs!O94","v":0},{"$f":"Inputs!P94","v":0},{"$f":"Inputs!Q94","v":0},{"$f":"Inputs!R94","v":0},{"$f":"Inputs!S94","v":0},{"$f":"Inputs!T94","v":0},{"$f":"Inputs!U94","v":0},{"$f":"Inputs!V94","v":0},{"$f":"Inputs!W94","v":0.49863013698630138},{"$f":"Inputs!X94","v":1},{"$f":"Inputs!Y94","v":1},{"$f":"Inputs!Z94","v":1},{"$f":"Inputs!AA94","v":1},{"$f":"Inputs!AB94","v":1},{"$f":"Inputs!AC94","v":1},{"$f":"Inputs!AD94","v":1},{"$f":"Inputs!AE94","v":1},{"$f":"Inputs!AF94","v":1},{"$f":"Inputs!AG94","v":1},{"$f":"Inputs!AH94","v":1},{"$f":"Inputs!AI94","v":1},{"$f":"Inputs!AJ94","v":1},{"$f":"Inputs!AK94","v":1},{"$f":"Inputs!AL94","v":1},{"$f":"Inputs!AM94","v":1},{"$f":"Inputs!AN94","v":1},{"$f":"Inputs!AO94","v":1},{"$f":"Inputs!AP94","v":1},{"$f":"Inputs!AQ94","v":1},{"$f":"Inputs!AR94","v":1},{"$f":"Inputs!AS94","v":1},{"$f":"Inputs!AT94","v":1},{"$f":"Inputs!AU94","v":0.75342465753424659},{"$f":"Inputs!AV94","v":0},{"$f":"Inputs!AW94","v":0},{"$f":"Inputs!AX94","v":0}]
[null,null,null,null,"Transfer construction to operations flag",null,"flag",null,null,null,{"$f":"Inputs!K95","v":0},{"$f":"Inputs!L95","v":0},{"$f":"Inputs!M95","v":0},{"$f":"Inputs!N95","v":0},{"$f":"Inputs!O95","v":0},{"$f":"Inputs!P95","v":0},{"$f":"Inputs!Q95","v":0},{"$f":"Inputs!R95","v":0},{"$f":"Inputs!S95","v":0},{"$f":"Inputs!T95","v":0},{"$f":"Inputs!U95","v":0},{"$f":"Inputs!V95","v":0},{"$f":"Inputs!W95","v":0},{"$f":"Inputs!X95","v":1},{"$f":"Inputs!Y95","v":0},{"$f":"Inputs!Z95","v":0},{"$f":"Inputs!AA95","v":0},{"$f":"Inputs!AB95","v":0},{"$f":"Inputs!AC95","v":0},{"$f":"Inputs!AD95","v":0},{"$f":"Inputs!AE95","v":0},{"$f":"Inputs!AF95","v":0},{"$f":"Inputs!AG95","v":0},{"$f":"Inputs!AH95","v":0},{"$f":"Inputs!AI95","v":0},{"$f":"Inputs!AJ95","v":0},{"$f":"Inputs!AK95","v":0},{"$f":"Inputs!AL95","v":0},{"$f":"Inputs!AM95","v":0},{"$f":"Inputs!AN95","v":0},{"$f":"Inputs!AO95","v":0},{"$f":"Inputs!AP95","v":0},{"$f":"Inputs!AQ95","v":0},{"$f":"Inputs!AR95","v":0},{"$f":"Inputs!AS95","v":0},{"$f":"Inputs!AT95","v":0},{"$f":"Inputs!AU95","v":0},{"$f":"Inputs!AV95","v":0},{"$f":"Inputs!AW95","v":0},{"$f":"Inputs!AX95","v":0}]
[null,null,null,null,"Initial transaction costs flag",null,"flag",null,null,null,{"$f":"Inputs!K96","v":0},{"$f":"Inputs!L96","v":0},{"$f":"Inputs!M96","v":0},{"$f":"Inputs!N96","v":0},{"$f":"Inputs!O96","v":0},{"$f":"Inputs!P96","v":1},{"$f":"Inputs!Q96","v":0},{"$f":"Inputs!R96","v":0},{"$f":"Inputs!S96","v":0},{"$f":"Inputs!T96","v":0},{"$f":"Inputs!U96","v":0},{"$f":"Inputs!V96","v":0},{"$f":"Inputs!W96","v":0},{"$f":"Inputs!X96","v":0},{"$f":"Inputs!Y96","v":0},{"$f":"Inputs!Z96","v":0},{"$f":"Inputs!AA96","v":0},{"$f":"Inputs!AB96","v":0},{"$f":"Inputs!AC96","v":0},{"$f":"Inputs!AD96","v":0},{"$f":"Inputs!AE96","v":0},{"$f":"Inputs!AF96","v":0},{"$f":"Inputs!AG96","v":0},{"$f":"Inputs!AH96","v":0},{"$f":"Inputs!AI96","v":0},{"$f":"Inputs!AJ96","v":0},{"$f":"Inputs!AK96","v":0},{"$f":"Inputs!AL96","v":0},{"$f":"Inputs!AM96","v":0},{"$f":"Inputs!AN96","v":0},{"$f":"Inputs!AO96","v":0},{"$f":"Inputs!AP96","v":0},{"$f":"Inputs!AQ96","v":0},{"$f":"Inputs!AR96","v":0},{"$f":"Inputs!AS96","v":0},{"$f":"Inputs!AT96","v":0},{"$f":"Inputs!AU96","v":0},{"$f":"Inputs!AV96","v":0},{"$f":"Inputs!AW96","v":0},{"$f":"Inputs!AX96","v":0}]
[]
[null,"Pre-operational interest during construction"]
[]
[null,null,"Pre-operational interest during construction"]
[]
[null,null,null,null,"Interest during construction rate",null,{"$f":"Inputs!G70","v":"real annual %"},null,{"$f":"Inputs!I70","v":6.3700000000000007E-2}]
[]
[null,null,null,null,"Opening pre-operational RAV (before transfers)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"'Pre Op RAV'!K17","v":0},{"$f":"'Pre Op RAV'!L17","v":0},{"$f":"'Pre Op RAV'!M17","v":0.39232583257452502},{"$f":"'Pre Op RAV'!N17","v":0.99224685498771392},{"$f":"'Pre Op RAV'!O17","v":8.1193151799703926},{"$f":"'Pre Op RAV'!P17","v":10.120608296622056},{"$f":"'Pre Op RAV'!Q17","v":14.790940957331317},{"$f":"'Pre Op RAV'!R17","v":34.995291870666932},{"$f":"'Pre Op RAV'!S17","v":80.883146384941483},{"$f":"'Pre Op RAV'!T17","v":129.59906944449656},{"$f":"'Pre Op RAV'!U17","v":245.27244034630408},{"$f":"'Pre Op RAV'!V17","v":425.87364768051879},{"$f":"'Pre Op RAV'!W17","v":564.69734804787538},{"$f":"'Pre Op RAV'!X17","v":616.39735324901699},{"$f":"'Pre Op RAV'!Y17","v":0},{"$f":"'Pre Op RAV'!Z17","v":0},{"$f":"'Pre Op RAV'!AA17","v":0},{"$f":"'Pre Op RAV'!AB17","v":0},{"$f":"'Pre Op RAV'!AC17","v":0},{"$f":"'Pre Op RAV'!AD17","v":0},{"$f":"'Pre Op RAV'!AE17","v":0},{"$f":"'Pre Op RAV'!AF17","v":0},{"$f":"'Pre Op RAV'!AG17","v":0},{"$f":"'Pre Op RAV'!AH17","v":0},{"$f":"'Pre Op RAV'!AI17","v":0},{"$f":"'Pre Op RAV'!AJ17","v":0},{"$f":"'Pre Op RAV'!AK17","v":0},{"$f":"'Pre Op RAV'!AL17","v":0},{"$f":"'Pre Op RAV'!AM17","v":0},{"$f":"'Pre Op RAV'!AN17","v":0},{"$f":"'Pre Op RAV'!AO17","v":0},{"$f":"'Pre Op RAV'!AP17","v":0},{"$f":"'Pre Op RAV'!AQ17","v":0},{"$f":"'Pre Op RAV'!AR17","v":0},{"$f":"'Pre Op RAV'!AS17","v":0},{"$f":"'Pre Op RAV'!AT17","v":0},{"$f":"'Pre Op RAV'!AU17","v":0},{"$f":"'Pre Op RAV'!AV17","v":0},{"$f":"'Pre Op RAV'!AW17","v":0},{"$f":"'Pre Op RAV'!AX17","v":0}]
[null,null,null,null,"Development costs",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"Inputs!K34","v":0},{"$f":"Inputs!L34","v":0.38057855630537146},{"$f":"Inputs!M34","v":0.55771494137281374},{"$f":"Inputs!N34","v":6.8523514255900642},{"$f":"Inputs!O34","v":1.4396550657578224},{"$f":"Inputs!P34","v":3.9051112737787572},{"$f":"Inputs!Q34","v":-1.5779999997972505},{"$f":"Inputs!R34","v":0},{"$f":"Inputs!S34","v":0},{"$f":"Inputs!T34","v":0},{"$f":"Inputs!U34","v":0},{"$f":"Inputs!V34","v":0},{"$f":"Inputs!W34","v":0},{"$f":"Inputs!X34","v":0},{"$f":"Inputs!Y34","v":0},{"$f":"Inputs!Z34","v":0},{"$f":"Inputs!AA34","v":0},{"$f":"Inputs!AB34","v":0},{"$f":"Inputs!AC34","v":0},{"$f":"Inputs!AD34","v":0},{"$f":"Inputs!AE34","v":0},{"$f":"Inputs!AF34","v":0},{"$f":"Inputs!AG34","v":0},{"$f":"Inputs!AH34","v":0},{"$f":"Inputs!AI34","v":0},{"$f":"Inputs!AJ34","v":0},{"$f":"Inputs!AK34","v":0},{"$f":"Inputs!AL34","v":0},{"$f":"Inputs!AM34","v":0},{"$f":"Inputs!AN34","v":0},{"$f":"Inputs!AO34","v":0},{"$f":"Inputs!AP34","v":0},{"$f":"Inputs!AQ34","v":0},{"$f":"Inputs!AR34","v":0},{"$f":"Inputs!AS34","v":0},{"$f":"Inputs!AT34","v":0},{"$f":"Inputs!AU34","v":0},{"$f":"Inputs!AV34","v":0},{"$f":"Inputs!AW34","v":0},{"$f":"Inputs!AX34","v":0}]
[null,null,null,null,"Capex",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"Inputs!K35","v":0},{"$f":"Inputs!L35","v":0},{"$f":"Inputs!M35","v":0},{"$f":"Inputs!N35","v":0},{"$f":"Inputs!O35","v":0},{"$f":"Inputs!P35","v":0},{"$f":"Inputs!Q35","v":20.165525817409026},{"$f":"Inputs!R35","v":42.074185666159863},{"$f":"Inputs!S35","v":42.081962747484063},{"$f":"Inputs!T35","v":103.51036546031297},{"$f":"Inputs!U35","v":157.46319778626545},{"$f":"Inputs!V35","v":107.62903110793899},{"$f":"Inputs!W35","v":32.813150382409248},{"$f":"Inputs!X35","v":-0.21526142968941933},{"$f":"Inputs!Y35","v":0},{"$f":"Inputs!Z35","v":0},{"$f":"Inputs!AA35","v":0},{"$f":"Inputs!AB35","v":0},{"$f":"Inputs!AC35","v":0},{"$f":"Inputs!AD35","v":0},{"$f":"Inputs!AE35","v":0},{"$f":"Inputs!AF35","v":0},{"$f":"Inputs!AG35","v":0},{"$f":"Inputs!AH35","v":0},{"$f":"Inputs!AI35","v":0},{"$f":"Inputs!AJ35","v":0},{"$f":"Inputs!AK35","v":0},{"$f":"Inputs!AL35","v":0},{"$f":"Inputs!AM35","v":0},{"$f":"Inputs!AN35","v":0},{"$f":"Inputs!AO35","v":0},{"$f":"Inputs!AP35","v":0},{"$f":"Inputs!AQ35","v":0},{"$f":"Inputs!AR35","v":0},{"$f":"Inputs!AS35","v":0},{"$f":"Inputs!AT35","v":0},{"$f":"Inputs!AU35","v":0},{"$f":"Inputs!AV35","v":0},{"$f":"Inputs!AW35","v":0},{"$f":"Inputs!AX35","v":0}]
[null,null,null,null,"Spares",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"Inputs!K36","v":0},{"$f":"Inputs!L36","v":0},{"$f":"Inputs!M36","v":0},{"$f":"Inputs!N36","v":0},{"$f":"Inputs!O36","v":0},{"$f":"Inputs!P36","v":0},{"$f":"Inputs!Q36","v":9.7881744987423649E-2},{"$f":"Inputs!R36","v":0.27721281598488601},{"$f":"Inputs!S36","v":0.17729213373598868},{"$f":"Inputs!T36","v":0.69116750703547181},{"$f":"Inputs!U36","v":2.5742954670159746},{"$f":"Inputs!V36","v":0.72205683610496019},{"$f":"Inputs!W36","v":0.62018089959047329},{"$f":"Inputs!X36","v":0},{"$f":"Inputs!Y36","v":0},{"$f":"Inputs!Z36","v":0},{"$f":"Inputs!AA36","v":0},{"$f":"Inputs!AB36","v":0},{"$f":"Inputs!AC36","v":0},{"$f":"Inputs!AD36","v":0},{"$f":"Inputs!AE36","v":0},{"$f":"Inputs!AF36","v":0},{"$f":"Inputs!AG36","v":0},{"$f":"Inputs!AH36","v":0},{"$f":"Inputs!AI36","v":0},{"$f":"Inputs!AJ36","v":0},{"$f":"Inputs!AK36","v":0},{"$f":"Inputs!AL36","v":0},{"$f":"Inputs!AM36","v":0},{"$f":"Inputs!AN36","v":0},{"$f":"Inputs!AO36","v":0},{"$f":"Inputs!AP36","v":0},{"$f":"Inputs!AQ36","v":0},{"$f":"Inputs!AR36","v":0},{"$f":"Inputs!AS36","v":0},{"$f":"Inputs!AT36","v":0},{"$f":"Inputs!AU36","v":0},{"$f":"Inputs!AV36","v":0},{"$f":"Inputs!AW36","v":0},{"$f":"Inputs!AX36","v":0}]
[null,null,null,null,"Capitalised interest during construction",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"((1+$I18)^K8-1)*(K20+(K21+K22+K23)/(2+$I18))","v":0},{"$f":"((1+$I18)^L8-1)*(L20+(L21+L22+L23)/(2+$I18))","v":1.1747276269153558E-2},4.2206081040375133E-2,0.27471689939261412,0.56163805089383967,0.76522138693050323,1.5189433507364136,3.5364560321298084,6.4566681783350264,11.471837934459092,20.563714080933284,{"$f":"((1+$I18)^V8-1)*(V20+(V21+V22+V23)/(2+$I18))","v":30.472612423312761},{"$f":"((1+$I18)^W8-1)*(W20+(W21+W22+W23)/(2+$I18))","v":18.266673919141926},{"$f":"((1+$I18)^X8-1)*(X20+(X21+X22+X23)/(2+$I18))","v":0},{"$f":"((1+$I18)^Y8-1)*(Y20+(Y21+Y22+Y23)/(2+$I18))","v":0},{"$f":"((1+$I18)^Z8-1)*(Z20+(Z21+Z22+Z23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AA8-1)*(AA20+(AA21+AA22+AA23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AB8-1)*(AB20+(AB21+AB22+AB23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AC8-1)*(AC20+(AC21+AC22+AC23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AD8-1)*(AD20+(AD21+AD22+AD23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AE8-1)*(AE20+(AE21+AE22+AE23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AF8-1)*(AF20+(AF21+AF22+AF23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AG8-1)*(AG20+(AG21+AG22+AG23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AH8-1)*(AH20+(AH21+AH22+AH23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AI8-1)*(AI20+(AI21+AI22+AI23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AJ8-1)*(AJ20+(AJ21+AJ22+AJ23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AK8-1)*(AK20+(AK21+AK22+AK23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AL8-1)*(AL20+(AL21+AL22+AL23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AM8-1)*(AM20+(AM21+AM22+AM23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AN8-1)*(AN20+(AN21+AN22+AN23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AO8-1)*(AO20+(AO21+AO22+AO23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AP8-1)*(AP20+(AP21+AP22+AP23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AQ8-1)*(AQ20+(AQ21+AQ22+AQ23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AR8-1)*(AR20+(AR21+AR22+AR23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AS8-1)*(AS20+(AS21+AS22+AS23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AT8-1)*(AT20+(AT21+AT22+AT23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AU8-1)*(AU20+(AU21+AU22+AU23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AV8-1)*(AV20+(AV21+AV22+AV23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AW8-1)*(AW20+(AW21+AW22+AW23)/(2+$I18))","v":0},{"$f":"((1+$I18)^AX8-1)*(AX20+(AX21+AX22+AX23)/(2+$I18))","v":0}]
[]
[null,"Transaction costs"]
[]
[null,null,"Parameters"]
[]
[null,null,null,null,"Pre-operational notional gearing",null,{"$f":"Inputs!G73","v":"%"},null,{"$f":"Inputs!I73","v":0.33410000000000001}]
[null,null,null,null,"Operational notional gearing",null,{"$f":"Inputs!G74","v":"%"},null,{"$f":"Inputs!I74","v":0.5}]
[]
[null,null,null,null,"Debt transaction costs",null,{"$f":"Inputs!G77","v":"%"},null,{"$f":"Inputs!I77","v":2.5000000000000001E-2}]
[null,null,null,null,"Equity transaction rate",null,{"$f":"Inputs!G76","v":"%"},null,{"$f":"Inputs!I76","v":0.05}]
[]
[null,null,"Allowance"]
[]
[null,null,null,null,"Transaction costs - opening",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"J46","v":0},0,0,0,0,0,26.454563483804463,28.13971917772281,29.932219289343756,31.838901658074956,33.867039693694331,36.02437012218266,38.319122498965697,39.524089444601579,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AT46","v":0},{"$f":"AU46","v":0},{"$f":"AV46","v":0},{"$f":"AW46","v":0}]
[null,null,null,null,"Initial debt transaction costs",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"$I30*K$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*L$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*M$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*N$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*O$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*P$12*$I33*'Op Rav'!$K$11","v":5.1466609219209332},{"$f":"$I30*Q$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*R$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*S$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*T$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*U$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*V$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*W$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*X$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*Y$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*Z$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AA$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AB$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AC$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AD$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AE$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AF$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AG$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AH$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AI$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AJ$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AK$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AL$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AM$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AN$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AO$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AP$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AQ$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AR$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AS$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AT$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AU$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AV$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AW$12*$I33*'Op Rav'!$K$11","v":0},{"$f":"$I30*AX$12*$I33*'Op Rav'!$K$11","v":0}]
[null,null,null,null,"Initial equity transaction costs",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"(1-$I30)*K$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*L$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*M$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*N$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*O$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*P$12*$I34*'Op Rav'!$K$11","v":20.515782747124508},{"$f":"(1-$I30)*Q$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*R$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*S$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*T$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*U$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*V$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*W$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*X$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*Y$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*Z$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AA$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AB$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AC$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AD$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AE$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AF$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AG$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AH$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AI$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AJ$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AK$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AL$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AM$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AN$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AO$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AP$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AQ$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AR$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AS$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AT$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AU$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AV$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AW$12*$I34*'Op Rav'!$K$11","v":0},{"$f":"(1-$I30)*AX$12*$I34*'Op Rav'!$K$11","v":0}]
[null,null,null,null,"Final debt transaction costs",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*K$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*L$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*M$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*N$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*O$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*P$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*Q$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*R$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*S$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*T$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*U$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*V$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*W$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*X$11","v":2.5556152258206613},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*Y$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*Z$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AA$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AB$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AC$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AD$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AE$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AF$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AG$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AH$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AI$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AJ$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AK$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AL$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AM$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AN$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AO$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AP$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AQ$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AR$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AS$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AT$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AU$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AV$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AW$11","v":0},{"$f":"($I31-$I30)*'Op Rav'!$K$11*$I33*AX$11","v":0}]
[null,null,null,null,"Final equity transaction costs",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*K$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*L$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*M$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*N$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*O$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*P$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*Q$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*R$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*S$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*T$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*U$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*V$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*W$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*X$11","v":-5.1112304516413225},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*Y$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*Z$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AA$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AB$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AC$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AD$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AE$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AF$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AG$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AH$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AI$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AJ$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AK$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AL$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AM$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AN$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AO$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AP$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AQ$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AR$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AS$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AT$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AU$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AV$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AW$11","v":0},{"$f":"($I30-$I31)*'Op Rav'!$K$11*$I34*AX$11","v":0}]
[null,null,null,null,"Transaction costs - annual movement",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"SUM(K39:K42)","v":0},0,0,0,0,25.662443669045441,0,{"$f":"SUM(R39:R42)","v":0},0,0,0,0,0,-2.5556152258206613,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(AU39:AU42)","v":0},0,0,0]
[null,null,null,null,"Capitalised IDC on transaction costs",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"((1+$I18)^K8-1)*(K38+(K39+K40+K41+K42)/(2+$I18))","v":0},{"$f":"((1+$I18)^L8-1)*(L38+(L39+L40+L41+L42)/(2+$I18))","v":0},0,0,0,0.7921198147590236,1.6851556939183467,1.7925001116209456,1.9066823687312,2.0281380356193774,2.1573304284883319,2.2947523767830385,1.2049669456358791,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Transfer to operational RAV",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"-SUM(K38,K43,K44)*K$11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-36.968474218780919,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Transaction costs - closing",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"SUM(K45,K44,K43,K38)","v":0},{"$f":"SUM(L45,L44,L43,L38)","v":0},0,0,0,26.454563483804463,28.13971917772281,29.932219289343756,31.838901658074956,33.867039693694331,36.02437012218266,38.319122498965697,39.524089444601579,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"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"]
[]
[null,null,null,null,"Opening operational RAV (before transfers)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"J15","v":0},627.02454339658414,601.81951762998358,575.65345164607129,549.487385662159,524.15090685318216,497.94336151052306,472.55996805669088,453.07177319011799,426.4204924142287,400.42624646651279,374.44632474087206,348.98707285392959,324.06846524336049,297.06275980641379,270.0570543694671,243.28020053813765,255.03901115814219,223.55123921658185,191.72977370273591,160.03974179391255,128.05655792691158,96.637879018506609,65.284873586523418,32.642436793261709]
[null,null,null,null,"Transfers of transaction costs",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"-SUM(Finance!K45:AX45)","v":36.968474218780919}]
[null,null,null,null,"Transfers of pre-operational RAV",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"-SUM('Pre Op RAV'!K23:AX23)","v":616.18209181932752}]
[null,null,null,null,"Opening operational RAV (after transfers)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"SUM(K9:K11)","v":653.15056603810842},{"$f":"SUM(L9:L11)","v":627.02454339658414},{"$f":"SUM(M9:M11)","v":601.81951762998358},575.65345164607129,549.487385662159,524.15090685318216,497.94336151052306,472.55996805669088,453.07177319011799,426.4204924142287,400.42624646651279,374.44632474087206,348.98707285392959,324.06846524336049,297.06275980641379,270.0570543694671,243.28020053813765,255.03901115814219,223.55123921658185,191.72977370273591,160.03974179391255,128.05655792691158,96.637879018506609,65.284873586523418,32.642436793261709]
[null,null,null,null,"Replacement Capex",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"Inputs!K59","v":0},{"$f":"Inputs!L59","v":0.92099687492376581},{"$f":"Inputs!M59","v":0},{"$f":"Inputs!N59","v":0},{"$f":"Inputs!O59","v":0.82958717493543022},{"$f":"Inputs!P59","v":0},{"$f":"Inputs!Q59","v":0.82415188882690604},{"$f":"Inputs!R59","v":6.7651366921321596},{"$f":"Inputs!S59","v":0},{"$f":"Inputs!T59","v":0.65703482817337044},{"$f":"Inputs!U59","v":0.71516137212679276},{"$f":"Inputs!V59","v":1.2869141659769261},{"$f":"Inputs!W59","v":1.9265518397331858},{"$f":"Inputs!X59","v":0},{"$f":"Inputs!Y59","v":0},{"$f":"Inputs!Z59","v":0.22885160561727494},{"$f":"Inputs!AA59","v":38.789944013130913},{"$f":"Inputs!AB59","v":0.39210445320741033},{"$f":"Inputs!AC59","v":0.11442580280863747},{"$f":"Inputs!AD59","v":0.26493037496596011},{"$f":"Inputs!AE59","v":2.4764491781520657E-2},{"$f":"Inputs!AF59","v":0.5954605733229249},{"$f":"Inputs!AG59","v":0.85962090751899645},{"$f":"Inputs!AH59","v":0},{"$f":"Inputs!AI59","v":0.3755947920197299}]
[null,null,null,null,"Depreciation (negative)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":" - K25","v":-26.126022641524337},{"$f":" - L25","v":-26.12602264152434},{"$f":" - M25","v":-26.166065983912329},-26.166065983912333,-26.166065983912333,-26.20754534265911,-26.20754534265911,-26.25333155870505,-26.651280775889294,-26.651280775889294,-26.695083097767519,-26.746166052919431,-26.845159450302276,-27.005705436946709,-27.005705436946709,-27.005705436946709,-27.031133393126407,-31.879876394767773,-31.935891316654551,-31.954962283789317,-32.007948358782514,-32.014139481727895,-32.212626339502201,-32.642436793261709,-33.018031585281442]
[null,null,null,null,"Closing operational RAV",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"SUM(K12:K14)","v":627.02454339658414},601.81951762998358,575.65345164607129,549.487385662159,524.15090685318216,497.94336151052306,472.55996805669088,453.07177319011799,426.4204924142287,400.42624646651279,374.44632474087206,348.98707285392959,324.06846524336049,297.06275980641379,270.0570543694671,243.28020053813765,255.03901115814219,223.55123921658185,191.72977370273591,160.03974179391255,128.05655792691158,96.637879018506609,65.284873586523418,32.642436793261709,0]
[]
[null,null,null,null,"Average operational RAV",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"AVERAGE(K12, K15)","v":640.08755471734628},{"$f":"AVERAGE(L12, L15)","v":614.42203051328386},{"$f":"AVERAGE(M12, M15)","v":588.73648463802738},562.5704186541152,536.81914625767058,511.04713418185258,485.251664783607,462.81587062340441,439.74613280217335,413.42336944037072,387.43628560369245,361.7166987974008,336.52776904864504,310.56561252488711,283.55990708794047,256.6686274538024,{"$f":"AVERAGE(AA12, AA15)","v":249.1596058481399},239.29512518736203,207.64050645965887,175.88475774832423,144.04814986041208,112.3472184727091,80.961376302515021,48.963655189892563,16.321218396630854]
[]
[null,"Operational RAV depreciation"]
[]
[null,null,null,null,"Number of operational years",null,"full years",null,{"$f":"Inputs!I89","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$11","v":"£m 15/16 prices"},null,null,null,{"$f":"IF(K23, IF(K22=1,SUM(K12:K13),K12 / K22), 0)","v":26.126022641524337},{"$f":"IF(L23, IF(L22=1,SUM(L12:L13),L12 / L22), 0)","v":26.12602264152434},26.166065983912329,26.166065983912333,26.166065983912333,26.20754534265911,26.20754534265911,26.25333155870505,26.651280775889294,26.651280775889294,26.695083097767519,26.746166052919431,26.845159450302276,27.005705436946709,27.005705436946709,27.005705436946709,27.031133393126407,31.879876394767773,31.935891316654551,31.954962283789317,32.007948358782514,32.014139481727895,32.212626339502201,32.642436793261709,33.018031585281442]
[]
[null,null,null,null,"Depreciation equal to additions",null,"check",null,{"$f":"IF(ABS(SUM('Pre Op RAV'!K18:AX21,Finance!K39:AX42,Finance!K44:AX44,K13:AI13)-SUM(K25:AI25))<0.00000001,\"TRUE\",\"FALSE\")","v":"TRUE"}]
[]
[null,"Operational RAV return"]
[]
[null,null,null,null,"Cap return rate",null,{"$f":"Inputs!G68","v":"real annual %"},null,{"$f":"Inputs!I68","v":7.9799999999999996E-2}]
[null,null,null,null,"Floor return rate",null,{"$f":"Inputs!G69","v":"real annual %"},null,{"$f":"Inputs!I69","v":8.8000000000000005E-3}]
[]
[null,null,null,null,"Opening operational RAV (after transfers)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"K12","v":653.15056603810842},627.02454339658414,601.81951762998358,575.65345164607129,549.487385662159,524.15090685318216,497.94336151052306,472.55996805669088,453.07177319011799,426.4204924142287,400.42624646651279,374.44632474087206,348.98707285392959,324.06846524336049,297.06275980641379,270.0570543694671,243.28020053813765,255.03901115814219,223.55123921658185,191.72977370273591,160.03974179391255,128.05655792691158,96.637879018506609,65.284873586523418,32.642436793261709]
[null,null,null,null,"Closing operational RAV",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"K15","v":627.02454339658414},601.81951762998358,575.65345164607129,549.487385662159,524.15090685318216,497.94336151052306,472.55996805669088,453.07177319011799,426.4204924142287,400.42624646651279,374.44632474087206,348.98707285392959,324.06846524336049,297.06275980641379,270.0570543694671,243.28020053813765,255.03901115814219,223.55123921658185,191.72977370273591,160.03974179391255,128.05655792691158,96.637879018506609,65.284873586523418,32.642436793261709,0]
[]
[null,null,null,null,"NPV neutral return base  (cap)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"0.5 * K$34 + 0.5 * K$35 / (1 + $I31)","v":616.91819068555924},{"$f":"0.5 * L$34 + 0.5 * L$35 / (1 + $I31)","v":592.18402462938275},567.46534857516554,542.2661524122924,517.45109552286601,492.64748598378821,467.78996564908022,446.0742853758718,423.98934668684853,398.62710417456793,373.60001188896672,348.82117721296686,324.55302209253273,299.58876114845083,273.58095129118016,247.67911087529552,239.73558608039599,231.03461912629365,200.55584451231755,169.97108327381312,139.31629520095311,108.77632444340884,78.549016183879814,47.75747513057496,16.321218396630854]
[null,null,null,null,"NPV neutral return base (floor)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"0.5 * K$34 + 0.5 * K$35 / (1 + $I32)","v":637.35271333060473},611.79712381465993,586.22570431760448,560.17376471189323,534.53300035149095,508.87529557098196,483.19053883252707,460.8397447292366,437.88624960766242,411.67686321073887,385.80309386215811,360.19455058114659,335.11430627399125,309.26993831478785,282.38202144239563,255.6075322095837,248.04722316664129,238.3200801313024,206.80425447285074,175.18672556762121,143.48961610260238,111.92572098293766,80.67662863818046,48.821281357725283,16.321218396630854]
[]
[null,null,null,null,"Return (cap)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"K37 * $I31","v":49.230071616707626},47.256285165424742,45.283734816298207,43.272838962500934,41.292597422724704,39.313269381506295,37.329639258796597,35.596727972994564,33.834349865610513,31.810442913130519,29.813280948739543,27.835929941594753,25.899331162984112,23.907183139646374,21.831759913036176,19.764793047848581,19.130899769215599,18.436562606278233,16.00435639208294,13.563692445250286,11.117440357036058,8.6803506905840244,6.2682114914736085,3.8110465154198816,1.3024332280511421]
[null,null,null,null,"Return (floor)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"K38 * $I32","v":5.6087038773093223},5.3838146895690073,5.1587861979949201,4.9295291294646608,4.703890403093121,4.4781026010246414,4.2520767417262384,4.0553897536172823,3.8533989965474293,3.6227563962545024,3.3950672259869914,3.1697120451140903,2.9490058952111231,2.7215754571701334,2.4849617886930817,2.2493462834443365,2.1828155638664435,2.0972167051554611,1.8198774393610866,1.5416431849950667,1.2627086217029011,0.98494634464985154,0.70995433201598812,0.4296272759479825,0.14362672189035153]
[]
[null,"End of sheet"]

{"sheet":"Allowances Cap","index":7,"n_rows":36,"n_cols":35,"rows_kept":36,"cut":false,"hidden":false,"merged":[]}
["Allowances Cap",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,null,null,null,"Year",null,null,null,null,null,1,{"$f":"+K4+1","v":2},{"$f":"+L4+1","v":3},4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25]
[]
[" ","Unprofiled allowances except tax (cap)"]
[]
[null,null,null,null,"Controllable Opex",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"Inputs!K61","v":18.565192137223068},{"$f":"Inputs!L61","v":22.82676834153709},{"$f":"Inputs!M61","v":25.231751989172917},{"$f":"Inputs!N61","v":25.990524488288319},{"$f":"Inputs!O61","v":22.979248964500037},{"$f":"Inputs!P61","v":21.923023599182361},{"$f":"Inputs!Q61","v":22.061374277683278},{"$f":"Inputs!R61","v":22.777385248478605},{"$f":"Inputs!S61","v":22.780470992067702},{"$f":"Inputs!T61","v":22.939307588000364},{"$f":"Inputs!U61","v":23.165203309973776},{"$f":"Inputs!V61","v":23.244869193225313},{"$f":"Inputs!W61","v":23.478991972533017},{"$f":"Inputs!X61","v":23.35873274727664},{"$f":"Inputs!Y61","v":22.930084982889493},{"$f":"Inputs!Z61","v":23.697793426139629},{"$f":"Inputs!AA61","v":23.770053500584662},{"$f":"Inputs!AB61","v":24.03323844814404},{"$f":"Inputs!AC61","v":23.905139220970838},{"$f":"Inputs!AD61","v":24.022395881251125},{"$f":"Inputs!AE61","v":24.270671303773682},{"$f":"Inputs!AF61","v":24.333907311204356},{"$f":"Inputs!AG61","v":24.590471047846062},{"$f":"Inputs!AH61","v":24.492264010688746},{"$f":"Inputs!AI61","v":24.775787236312848}]
[null,null,null,null,"Non-controllable Opex (baseline)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"Inputs!K62","v":1.151161748259746},{"$f":"Inputs!L62","v":1.1424345313315769},{"$f":"Inputs!M62","v":1.133773477403895},{"$f":"Inputs!N62","v":1.125178084880067},{"$f":"Inputs!O62","v":1.1166478559661761},{"$f":"Inputs!P62","v":1.1081822966421939},{"$f":"Inputs!Q62","v":1.0997809166333694},{"$f":"Inputs!R62","v":1.0914432293818339},{"$f":"Inputs!S62","v":1.0831687520184257},{"$f":"Inputs!T62","v":1.074957005334721},{"$f":"Inputs!U62","v":1.0668075137552855},{"$f":"Inputs!V62","v":1.0587198053101272},{"$f":"Inputs!W62","v":1.0506934116073672},{"$f":"Inputs!X62","v":1.0427278678061089},{"$f":"Inputs!Y62","v":1.0348227125895215},{"$f":"Inputs!Z62","v":1.0269774881381202},{"$f":"Inputs!AA62","v":1.0191917401032529},{"$f":"Inputs!AB62","v":1.0114650175807873},{"$f":"Inputs!AC62","v":1.0037968730849971},{"$f":"Inputs!AD62","v":0.99618686252264632},{"$f":"Inputs!AE62","v":0.98863454516727001},{"$f":"Inputs!AF62","v":0.98113948363364978},{"$f":"Inputs!AG62","v":0.97370124385248313},{"$f":"Inputs!AH62","v":0.96631939504524544},{"$f":"Inputs!AI62","v":0.95899350969924091}]
[null,null,null,null,"Decommissioning baseline",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"Inputs!K60","v":0},{"$f":"Inputs!L60","v":0},{"$f":"Inputs!M60","v":0},{"$f":"Inputs!N60","v":0},{"$f":"Inputs!O60","v":0},{"$f":"Inputs!P60","v":0},{"$f":"Inputs!Q60","v":0},{"$f":"Inputs!R60","v":0},{"$f":"Inputs!S60","v":0},{"$f":"Inputs!T60","v":0},{"$f":"Inputs!U60","v":0},{"$f":"Inputs!V60","v":0},{"$f":"Inputs!W60","v":0},{"$f":"Inputs!X60","v":0},{"$f":"Inputs!Y60","v":0},{"$f":"Inputs!Z60","v":0},{"$f":"Inputs!AA60","v":0},{"$f":"Inputs!AB60","v":0},{"$f":"Inputs!AC60","v":0},{"$f":"Inputs!AD60","v":0},{"$f":"Inputs!AE60","v":0},{"$f":"Inputs!AF60","v":0},{"$f":"Inputs!AG60","v":0},{"$f":"Inputs!AH60","v":0},{"$f":"Inputs!AI60","v":24.215257984825389}]
[null,null,null,null,"RAV depreciation",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"'Op Rav'!K25","v":26.126022641524337},{"$f":"'Op Rav'!L25","v":26.12602264152434},{"$f":"'Op Rav'!M25","v":26.166065983912329},{"$f":"'Op Rav'!N25","v":26.166065983912333},{"$f":"'Op Rav'!O25","v":26.166065983912333},{"$f":"'Op Rav'!P25","v":26.20754534265911},{"$f":"'Op Rav'!Q25","v":26.20754534265911},{"$f":"'Op Rav'!R25","v":26.25333155870505},{"$f":"'Op Rav'!S25","v":26.651280775889294},{"$f":"'Op Rav'!T25","v":26.651280775889294},{"$f":"'Op Rav'!U25","v":26.695083097767519},{"$f":"'Op Rav'!V25","v":26.746166052919431},{"$f":"'Op Rav'!W25","v":26.845159450302276},{"$f":"'Op Rav'!X25","v":27.005705436946709},{"$f":"'Op Rav'!Y25","v":27.005705436946709},{"$f":"'Op Rav'!Z25","v":27.005705436946709},{"$f":"'Op Rav'!AA25","v":27.031133393126407},{"$f":"'Op Rav'!AB25","v":31.879876394767773},{"$f":"'Op Rav'!AC25","v":31.935891316654551},{"$f":"'Op Rav'!AD25","v":31.954962283789317},{"$f":"'Op Rav'!AE25","v":32.007948358782514},{"$f":"'Op Rav'!AF25","v":32.014139481727895},{"$f":"'Op Rav'!AG25","v":32.212626339502201},{"$f":"'Op Rav'!AH25","v":32.642436793261709},{"$f":"'Op Rav'!AI25","v":33.018031585281442}]
[null,null,null,null,"Return (cap)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"'Op Rav'!K40","v":49.230071616707626},{"$f":"'Op Rav'!L40","v":47.256285165424742},{"$f":"'Op Rav'!M40","v":45.283734816298207},{"$f":"'Op Rav'!N40","v":43.272838962500934},{"$f":"'Op Rav'!O40","v":41.292597422724704},{"$f":"'Op Rav'!P40","v":39.313269381506295},{"$f":"'Op Rav'!Q40","v":37.329639258796597},{"$f":"'Op Rav'!R40","v":35.596727972994564},{"$f":"'Op Rav'!S40","v":33.834349865610513},{"$f":"'Op Rav'!T40","v":31.810442913130519},{"$f":"'Op Rav'!U40","v":29.813280948739543},{"$f":"'Op Rav'!V40","v":27.835929941594753},{"$f":"'Op Rav'!W40","v":25.899331162984112},{"$f":"'Op Rav'!X40","v":23.907183139646374},{"$f":"'Op Rav'!Y40","v":21.831759913036176},{"$f":"'Op Rav'!Z40","v":19.764793047848581},{"$f":"'Op Rav'!AA40","v":19.130899769215599},{"$f":"'Op Rav'!AB40","v":18.436562606278233},{"$f":"'Op Rav'!AC40","v":16.00435639208294},{"$f":"'Op Rav'!AD40","v":13.563692445250286},{"$f":"'Op Rav'!AE40","v":11.117440357036058},{"$f":"'Op Rav'!AF40","v":8.6803506905840244},{"$f":"'Op Rav'!AG40","v":6.2682114914736085},{"$f":"'Op Rav'!AH40","v":3.8110465154198816},{"$f":"'Op Rav'!AI40","v":1.3024332280511421}]
[null,null,null,null,"Unprofiled allowances except tax (cap)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"SUM(K8:K12)","v":95.07244814371478},{"$f":"SUM(L8:L12)","v":97.35151067981775},97.815326266787352,96.554607519581651,91.554560227103252,88.55202061998996,86.698339795772355,85.718888009560061,84.349270385585925,82.475988282354891,80.740374870236124,78.885684993049622,77.274175997426767,75.314349191675831,72.802373045461906,71.495269399073038,70.951278403029917,75.361142466770829,72.849183802793334,70.537237472813374,68.384694564759528,66.009536967149927,64.045010122674356,61.91206671441558,84.270503544170055]
[]
[null,"Profiled allowances except tax (cap)"]
[]
[null,null,"Annuity parameters"]
[]
[null,null,null,null,"Cap return rate",null,{"$f":"Inputs!G68","v":"real annual %"},null,{"$f":"Inputs!I68","v":7.9799999999999996E-2}]
[null,null,null,null,"Number of operational years",null,{"$f":"Inputs!G89","v":"full years"},null,{"$f":"Inputs!I89","v":25}]
[null,null,null,null,"Annuity factor (cap)",null,"scalar",null,{"$f":"I19 / (1 - (1 + I19)^(-I20))","v":9.3518789720758097E-2}]
[]
[null,null,null,null,"Year is within operational period",null,"flag",null,null,null,{"$f":"AND(K4 > 0, K4<= $I20)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,null,null,null,"Discount factor to start of operational period (cap)",null,"scalar",null,null,null,{"$f":"(1 + $I19) ^ - K4","v":0.92609742544915719},0.85765644142355735,0.7942734223222423,0.7355745715153198,0.68121371690620458,0.63087026940748714,0.58424733229069004,0.54106995025994631,0.50108348792363988,0.46405212810116675,0.429757481108693,0.39799729682227547,0.36858427192283333,0.34134494528878806,0.31611867502203,0.2927566910743008,0.27112121788692423,0.25108466186972056,0.23252885892732036,0.21534437759522168,0.19942987367588597,0.18469149256888867,0.17104231577040993,0.15840184827783843,0.14669554387649417]
[]
[null,null,"Allowances except tax"]
[]
[null,null,null,null,"Discounted unprofiled allowances except tax (cap)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"K13 * K$24","v":88.046349457042766},{"$f":"L13 * L$24","v":83.494150216859936},77.692113949487904,71.023114054046147,62.368222272017974,55.864837105110425,50.653273739711764,46.379914471670567,42.266026608623577,38.273157879673683,34.698780128004294,31.396289385207293,28.482045898448426,25.708172404293265,{"$f":"Y13 * Y$24","v":23.014189705590969},{"$f":"Z13 * Z$24","v":20.930718496738336},19.236397011263694,18.922026974384991,16.939537583450164,15.189797500869343,13.637950998414038,12.191399906244152,10.954406844921568,9.8069857982642681,12.362107350158055]
[null,null,null,null,"NPV of allowances except tax (cap)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,{"$f":"SUM(K28:AI28)","v":909.5319657404973}]
[]
[null,null,null,null,"Annuity factor (cap)",null,{"$f":"G$21","v":"scalar"},null,{"$f":"I$21","v":9.3518789720758097E-2}]
[]
[null,null,null,null,"Annuity of allowances except tax (cap)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,{"$f":"I29 * I31","v":85.058328648393328}]
[null,null,null,null,"Annuitised allowances except tax (cap)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"K$23 * $I33","v":85.058328648393328},85.058328648393328,85.058328648393328,85.058328648393328,85.058328648393328,85.058328648393328,85.058328648393328,85.058328648393328,85.058328648393328,85.058328648393328,85.058328648393328,85.058328648393328,85.058328648393328,{"$f":"X$23 * $I33","v":85.058328648393328},{"$f":"Y$23 * $I33","v":85.058328648393328},85.058328648393328,85.058328648393328,85.058328648393328,85.058328648393328,85.058328648393328,85.058328648393328,85.058328648393328,85.058328648393328,85.058328648393328,85.058328648393328]
[]
[null,"End of sheet"]

{"sheet":"Allowances Floor","index":8,"n_rows":36,"n_cols":35,"rows_kept":36,"cut":false,"hidden":false,"merged":[]}
["Allowances Floor",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,null,null,null,"Year",null,null,null,null,null,1,{"$f":"+K4+1","v":2},{"$f":"+L4+1","v":3},4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25]
[]
[null,"Unprofiled allowances except tax (floor)"]
[]
[null,null,null,null,"Controllable Opex",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"Inputs!K61","v":18.565192137223068},{"$f":"Inputs!L61","v":22.82676834153709},{"$f":"Inputs!M61","v":25.231751989172917},{"$f":"Inputs!N61","v":25.990524488288319},{"$f":"Inputs!O61","v":22.979248964500037},{"$f":"Inputs!P61","v":21.923023599182361},{"$f":"Inputs!Q61","v":22.061374277683278},{"$f":"Inputs!R61","v":22.777385248478605},{"$f":"Inputs!S61","v":22.780470992067702},{"$f":"Inputs!T61","v":22.939307588000364},{"$f":"Inputs!U61","v":23.165203309973776},{"$f":"Inputs!V61","v":23.244869193225313},{"$f":"Inputs!W61","v":23.478991972533017},{"$f":"Inputs!X61","v":23.35873274727664},{"$f":"Inputs!Y61","v":22.930084982889493},{"$f":"Inputs!Z61","v":23.697793426139629},{"$f":"Inputs!AA61","v":23.770053500584662},{"$f":"Inputs!AB61","v":24.03323844814404},{"$f":"Inputs!AC61","v":23.905139220970838},{"$f":"Inputs!AD61","v":24.022395881251125},{"$f":"Inputs!AE61","v":24.270671303773682},{"$f":"Inputs!AF61","v":24.333907311204356},{"$f":"Inputs!AG61","v":24.590471047846062},{"$f":"Inputs!AH61","v":24.492264010688746},{"$f":"Inputs!AI61","v":24.775787236312848}]
[null,null,null,null,"Non-controllable Opex (baseline)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"Inputs!K62","v":1.151161748259746},{"$f":"Inputs!L62","v":1.1424345313315769},{"$f":"Inputs!M62","v":1.133773477403895},{"$f":"Inputs!N62","v":1.125178084880067},{"$f":"Inputs!O62","v":1.1166478559661761},{"$f":"Inputs!P62","v":1.1081822966421939},{"$f":"Inputs!Q62","v":1.0997809166333694},{"$f":"Inputs!R62","v":1.0914432293818339},{"$f":"Inputs!S62","v":1.0831687520184257},{"$f":"Inputs!T62","v":1.074957005334721},{"$f":"Inputs!U62","v":1.0668075137552855},{"$f":"Inputs!V62","v":1.0587198053101272},{"$f":"Inputs!W62","v":1.0506934116073672},{"$f":"Inputs!X62","v":1.0427278678061089},{"$f":"Inputs!Y62","v":1.0348227125895215},{"$f":"Inputs!Z62","v":1.0269774881381202},{"$f":"Inputs!AA62","v":1.0191917401032529},{"$f":"Inputs!AB62","v":1.0114650175807873},{"$f":"Inputs!AC62","v":1.0037968730849971},{"$f":"Inputs!AD62","v":0.99618686252264632},{"$f":"Inputs!AE62","v":0.98863454516727001},{"$f":"Inputs!AF62","v":0.98113948363364978},{"$f":"Inputs!AG62","v":0.97370124385248313},{"$f":"Inputs!AH62","v":0.96631939504524544},{"$f":"Inputs!AI62","v":0.95899350969924091}]
[null,null,null,null,"Decommissioning baseline",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"Inputs!K60","v":0},{"$f":"Inputs!L60","v":0},{"$f":"Inputs!M60","v":0},{"$f":"Inputs!N60","v":0},{"$f":"Inputs!O60","v":0},{"$f":"Inputs!P60","v":0},{"$f":"Inputs!Q60","v":0},{"$f":"Inputs!R60","v":0},{"$f":"Inputs!S60","v":0},{"$f":"Inputs!T60","v":0},{"$f":"Inputs!U60","v":0},{"$f":"Inputs!V60","v":0},{"$f":"Inputs!W60","v":0},{"$f":"Inputs!X60","v":0},{"$f":"Inputs!Y60","v":0},{"$f":"Inputs!Z60","v":0},{"$f":"Inputs!AA60","v":0},{"$f":"Inputs!AB60","v":0},{"$f":"Inputs!AC60","v":0},{"$f":"Inputs!AD60","v":0},{"$f":"Inputs!AE60","v":0},{"$f":"Inputs!AF60","v":0},{"$f":"Inputs!AG60","v":0},{"$f":"Inputs!AH60","v":0},{"$f":"Inputs!AI60","v":24.215257984825389}]
[null,null,null,null,"RAV depreciation",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"'Op Rav'!K25","v":26.126022641524337},{"$f":"'Op Rav'!L25","v":26.12602264152434},{"$f":"'Op Rav'!M25","v":26.166065983912329},{"$f":"'Op Rav'!N25","v":26.166065983912333},{"$f":"'Op Rav'!O25","v":26.166065983912333},{"$f":"'Op Rav'!P25","v":26.20754534265911},{"$f":"'Op Rav'!Q25","v":26.20754534265911},{"$f":"'Op Rav'!R25","v":26.25333155870505},{"$f":"'Op Rav'!S25","v":26.651280775889294},{"$f":"'Op Rav'!T25","v":26.651280775889294},{"$f":"'Op Rav'!U25","v":26.695083097767519},{"$f":"'Op Rav'!V25","v":26.746166052919431},{"$f":"'Op Rav'!W25","v":26.845159450302276},{"$f":"'Op Rav'!X25","v":27.005705436946709},{"$f":"'Op Rav'!Y25","v":27.005705436946709},{"$f":"'Op Rav'!Z25","v":27.005705436946709},{"$f":"'Op Rav'!AA25","v":27.031133393126407},{"$f":"'Op Rav'!AB25","v":31.879876394767773},{"$f":"'Op Rav'!AC25","v":31.935891316654551},{"$f":"'Op Rav'!AD25","v":31.954962283789317},{"$f":"'Op Rav'!AE25","v":32.007948358782514},{"$f":"'Op Rav'!AF25","v":32.014139481727895},{"$f":"'Op Rav'!AG25","v":32.212626339502201},{"$f":"'Op Rav'!AH25","v":32.642436793261709},{"$f":"'Op Rav'!AI25","v":33.018031585281442}]
[null,null,null,null,"Return (floor)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"'Op Rav'!K41","v":5.6087038773093223},{"$f":"'Op Rav'!L41","v":5.3838146895690073},{"$f":"'Op Rav'!M41","v":5.1587861979949201},{"$f":"'Op Rav'!N41","v":4.9295291294646608},{"$f":"'Op Rav'!O41","v":4.703890403093121},{"$f":"'Op Rav'!P41","v":4.4781026010246414},{"$f":"'Op Rav'!Q41","v":4.2520767417262384},{"$f":"'Op Rav'!R41","v":4.0553897536172823},{"$f":"'Op Rav'!S41","v":3.8533989965474293},{"$f":"'Op Rav'!T41","v":3.6227563962545024},{"$f":"'Op Rav'!U41","v":3.3950672259869914},{"$f":"'Op Rav'!V41","v":3.1697120451140903},{"$f":"'Op Rav'!W41","v":2.9490058952111231},{"$f":"'Op Rav'!X41","v":2.7215754571701334},{"$f":"'Op Rav'!Y41","v":2.4849617886930817},{"$f":"'Op Rav'!Z41","v":2.2493462834443365},{"$f":"'Op Rav'!AA41","v":2.1828155638664435},{"$f":"'Op Rav'!AB41","v":2.0972167051554611},{"$f":"'Op Rav'!AC41","v":1.8198774393610866},{"$f":"'Op Rav'!AD41","v":1.5416431849950667},{"$f":"'Op Rav'!AE41","v":1.2627086217029011},{"$f":"'Op Rav'!AF41","v":0.98494634464985154},{"$f":"'Op Rav'!AG41","v":0.70995433201598812},{"$f":"'Op Rav'!AH41","v":0.4296272759479825},{"$f":"'Op Rav'!AI41","v":0.14362672189035153}]
[null,null,null,null,"Unprofiled allowances except tax (floor)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"SUM(K8:K12)","v":51.451080404316471},55.479040203962015,57.690377648484066,58.211297686545379,54.96585320747166,53.716853839508303,53.620777278701993,54.177549790182773,54.368319516522845,54.288301765478877,54.32216114748357,54.219467096568955,54.323850729653778,54.128741509199585,53.45557492111881,53.979822634668793,54.003194197680763,59.02179656564806,58.664704850071473,58.515188212558158,58.529962829426367,58.314132621215755,58.486752963216738,58.530647474943677,83.111697038009268]
[]
[null,"Profiled allowances except tax (floor)"]
[]
[null,null,"Annuity parameters"]
[]
[null,null,null,null,"Floor return rate",null,{"$f":"Inputs!G69","v":"real annual %"},null,{"$f":"Inputs!I69","v":8.8000000000000005E-3}]
[null,null,null,null,"Number of operational years",null,{"$f":"Inputs!G89","v":"full years"},null,{"$f":"Inputs!I89","v":25}]
[null,null,null,null,"Annuity factor (floor)",null,"scalar",null,{"$f":"I19 / (1 - (1 + I19)^(-I20))","v":4.4736242304815661E-2}]
[]
[null,null,null,null,"Year is within operational period",null,"flag",null,null,null,{"$f":"AND(K4 > 0, K4<= $I20)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,null,null,null,"Discount factor to start of operational period (floor)",null,"scalar",null,null,null,{"$f":"(1 + $I19) ^ - K4","v":0.99127676447264079},0.98262962378334739,0.97405791413892495,0.96556097753660286,0.95713816171352395,0.9487888200966732,0.9405123117532449,0.9323080013414401,0.92417525906169717,0.91611346060834387,0.90812198712167325,0.90020022514043729,0.89234756655475567,0.88456340855943261,0.87684715360768506,0.8691982093652707,0.86161598866501854,0.85409990946175507,0.84664939478762413,0.83926387270779546,0.83194277627656188,0.82468554349381629,0.81749161726191166,0.8103604453428942,0.80329148031611231]
[]
[null,null,"Allowances except tax"]
[]
[null,null,null,null,"Discounted unprofiled allowances except tax (floor)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"K13 * K$24","v":51.002260511812523},{"$f":"L13 * L$24","v":54.515348403480402},56.193768918169248,56.206557497894941,52.609915696014831,50.965950373692536,50.431001196397879,50.510163162461659,50.24585577393163,49.734244000922921,49.33114892599653,48.808376487325908,48.475756004490336,{"$f":"X13 * X$24","v":47.880304090410029},46.872368714045379,46.919165175909022,46.530015559703706,50.410511102990135,49.668436856707608,49.1096834714971,48.693579771676944,48.090822154097793,47.812430268297952,47.430921554003305,66.762918145246715]
[null,null,null,null,"NPV of allowances except tax (floor)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,{"$f":"SUM(K28:AI28)","v":1265.2115038171769}]
[]
[null,null,null,null,"Annuity factor (floor)",null,{"$f":"G$21","v":"scalar"},null,{"$f":"I$21","v":4.4736242304815661E-2}]
[]
[null,null,null,null,"Annuity of allowances except tax (floor)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,{"$f":"I29 * I31","v":56.600808401605427}]
[null,null,null,null,"Annuitised allowances except tax (floor)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"K$23 * $I33","v":56.600808401605427},56.600808401605427,56.600808401605427,56.600808401605427,56.600808401605427,56.600808401605427,56.600808401605427,56.600808401605427,56.600808401605427,56.600808401605427,56.600808401605427,56.600808401605427,56.600808401605427,{"$f":"X$23 * $I33","v":56.600808401605427},56.600808401605427,56.600808401605427,56.600808401605427,56.600808401605427,56.600808401605427,56.600808401605427,56.600808401605427,56.600808401605427,56.600808401605427,56.600808401605427,56.600808401605427]
[]
[null,"End of sheet"]

{"sheet":"Tax Deductions","index":9,"n_rows":65,"n_cols":35,"rows_kept":65,"cut":false,"hidden":false,"merged":[]}
["Tax Deductions",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,"Tax deductions"]
[]
[null,null,"Inflation"]
[]
[null,null,null,null,{"$f":"Inputs!E119","v":"UK RPI uplift from 2015/16 term to start of regime"},null,"scalar",null,{"$f":"Inputs!I119","v":1.1512585352427871}]
[null,null,null,null,{"$f":"Inputs!E116","v":"Long-term expected UK RPI inflation"},null,"%",null,{"$f":"Inputs!I116","v":2.7165000000000002E-2}]
[null,null,null,null,"Forecast UK inflation uplift",null,"scalar",null,null,null,{"$f":"I9*(1+$I$10)^0.5","v":1.1667907280866654},{"$f":"K11*(1+$I$10)","v":1.1984865982151398},{"$f":"L11*(1+$I$10)","v":1.2310434866556541},1.2644847829706551,1.2988345121000531,1.3341173516212512,1.3703586494780426,1.4075844421911139,1.4458214735632358,1.4850972138925813,1.5254398797079733,1.5668784540402405,1.6094427072442439,1.6531632183865339,1.6980713972140042,1.7441995067193228,1.7915806863193533,1.8402489756632188,1.8902393390871104,1.941587690733412,1.9943309203521853,2.0485069198035526,2.1041546102800162,2.1613139702682731,2.2200260642706109]
[]
[null,null,"Total tax deductions"]
[]
[null,null,null,null,"Revenue pool additions",null,"£m nominal",null,null,null,{"$f":"K27","v":23.004858905256846},28.726768413032925,32.457108397883161,34.287393283329664,31.296582390423456,30.7263314143812,31.739089352435116,33.597391618764561,34.502562779376802,35.663517441241197,36.964475676031569,38.08076995765461,39.479123252500465,40.339597163762448,40.694124294566691,43.124933232431509,44.411933001650418,46.088489898589181,47.083850899791173,48.575772294906507,50.375414681175741,51.858048534376394,53.790970985570141,55.023991978052905,57.131884014436316]
[null,null,null,null,"Capital allowances",null,"£m nominal",null,null,null,{"$f":"K42","v":44.664260377359994},41.179423740098734,37.885069840890836,34.854264253619576,32.152122829618143,29.579953003248693,27.303907456535807,25.881394952584266,23.810883356377524,21.984073535287372,20.312622506661892,18.848927752438414,17.589067516930267,16.181942115575843,14.887386746329776,13.728328835233759,18.189687689801808,16.792238260087096,15.466162571590171,14.270020410257782,13.132369864772095,12.179364683984105,11.349717532917312,10.441740130283927,120.91384172615325]
[null,null,null,null,"Interest payable",null,"£m nominal",null,null,null,{"$f":"K58","v":13.6117309083977},13.2678237280275,12.911465714216005,12.542206096341863,12.159577784060703,11.763096776465046,11.352261549853383,10.926552423334037,10.485430901461312,10.028338993072387,9.5546985054633709,9.0639103130116521,8.5553535993194263,8.0283850719197378,7.4823381485517073,6.9165221139756197,6.3302212462613072,5.7226939114446198,5.093171625406808,4.4408580817901235,3.7649281447200371,3.0645268050599088,2.3387680988778548,1.5867339867577337,0.80747319253664163]
[null,null,null,null,"Debt transaction costs",null,"£m nominal",null,null,null,{"$f":"SUMPRODUCT(Finance!K39:AX39,Inputs!K107:AX107)+SUMPRODUCT(Finance!K41:AX41,Inputs!K107:AX107)","v":8.2401859656010288}]
[null,null,null,null,"Total tax deductions",null,"£m nominal",null,null,null,{"$f":"SUM(K15:K18)","v":89.521036156615565},83.17401588115915,83.253643952990004,81.683863633291097,75.608283004102304,72.069381194094944,70.395258358824307,70.405338994682864,{"$f":"SUM(S15:S18)","v":68.798877037215632},67.675929969600958,66.831796688156828,65.99360802310467,65.62354436875016,64.549924351258028,63.06384918944817,63.769784181640887,68.931841937713529,68.603422070120899,67.643185096788159,67.286650786954411,67.272712690667873,67.101940023420411,67.479456617365301,67.052466095094573,178.85319893312621]
[]
[null,"Tax pools"]
[]
[null,null,"Revenue pool"]
[]
[null,null,null,null,"Controllable Opex",null,"£m nominal",null,null,null,{"$f":"Inputs!K61* K$11","v":21.661694050859339},{"$f":"Inputs!L61* L$11","v":27.357575937893834},{"$f":"Inputs!M61* M$11","v":31.061383943182165},{"$f":"Inputs!N61* N$11","v":32.864622716866755},{"$f":"Inputs!O61* O$11","v":29.846241617232057},{"$f":"Inputs!P61* P$11","v":29.247886183671362},{"$f":"Inputs!Q61* Q$11","v":30.231995060795686},{"$f":"Inputs!R61* R$11","v":32.061093109551862},{"$f":"Inputs!S61* S$11","v":32.93649413821587},{"$f":"Inputs!T61* T$11","v":34.06710178756429},{"$f":"Inputs!U61* U$11","v":35.337124950577142},{"$f":"Inputs!V61* V$11","v":36.421884705848491},{"$f":"Inputs!W61* W$11","v":37.788092403639411},{"$f":"Inputs!X61* X$11","v":38.615797805918774},{"$f":"Inputs!Y61* Y$11","v":38.93692144513102},{"$f":"Inputs!Z61* Z$11","v":41.333679604209152},{"$f":"Inputs!AA61* AA$11","v":42.585968764425218},{"$f":"Inputs!AB61* AB$11","v":44.227142436066956},{"$f":"Inputs!AC61* AC$11","v":45.186434561833281},{"$f":"Inputs!AD61* AD$11","v":46.641588144962199},{"$f":"Inputs!AE61* AE$11","v":48.403750238820336},{"$f":"Inputs!AF61* AF$11","v":49.848177512860381},{"$f":"Inputs!AG61* AG$11","v":51.742153024282551},{"$f":"Inputs!AH61* AH$11","v":52.935472369800429},{"$f":"Inputs!AI61* AI$11","v":55.002893427437648}]
[null,null,null,null,"Non-controllable Opex (baseline)",null,"£m nominal",null,null,null,{"$f":"Inputs!K62* K$11","v":1.3431648543975077},{"$f":"Inputs!L62* L$11","v":1.3691924751390891},{"$f":"Inputs!M62* M$11","v":1.3957244547009964},{"$f":"Inputs!N62* N$11","v":1.4227705664629089},{"$f":"Inputs!O62* O$11","v":1.4503407731913986},{"$f":"Inputs!P62* P$11","v":1.4784452307098395},{"$f":"Inputs!Q62* Q$11","v":1.5070942916394279},{"$f":"Inputs!R62* R$11","v":1.5362985092126966},{"$f":"Inputs!S62* S$11","v":1.5660686411609313},{"$f":"Inputs!T62* T$11","v":1.596415653676907},{"$f":"Inputs!U62* U$11","v":1.6273507254544248},{"$f":"Inputs!V62* V$11","v":1.6588852518061166},{"$f":"Inputs!W62* W$11","v":1.6910308488610517},{"$f":"Inputs!X62* X$11","v":1.7237993578436752},{"$f":"Inputs!Y62* Y$11","v":1.7572028494356748},{"$f":"Inputs!Z62* Z$11","v":1.7912536282223583},{"$f":"Inputs!AA62* AA$11","v":1.8259642372252016},{"$f":"Inputs!AB62* AB$11","v":1.8613474625222235},{"$f":"Inputs!AC62* AC$11","v":1.897416337957893},{"$f":"Inputs!AD62* AD$11","v":1.9341841499443078},{"$f":"Inputs!AE62* AE$11","v":1.9716644423554057},{"$f":"Inputs!AF62* AF$11","v":2.009871021516016},{"$f":"Inputs!AG62* AG$11","v":2.0488179612875888},{"$f":"Inputs!AH62* AH$11","v":2.0885196082524753},{"$f":"Inputs!AI62* AI$11","v":2.1289905869986656}]
[null,null,null,null,"Revenue pool additions",null,"£m nominal",null,null,null,{"$f":"SUM(K25:K26)","v":23.004858905256846},28.726768413032925,32.457108397883161,34.287393283329664,31.296582390423456,30.7263314143812,31.739089352435116,33.597391618764561,34.502562779376802,35.663517441241197,36.964475676031569,38.08076995765461,39.479123252500465,40.339597163762448,40.694124294566691,43.124933232431509,44.411933001650418,46.088489898589181,47.083850899791173,48.575772294906507,50.375414681175741,51.858048534376394,53.790970985570141,55.023991978052905,57.131884014436316]
[]
[null,null,"Capital allowance pool"]
[]
[null,null,null,null,"Capital allowance rate (declining balance)",null,{"$f":"Inputs!G114","v":"%"},null,null,null,{"$f":"Inputs!K114","v":0.08},{"$f":"Inputs!L114","v":0.08},{"$f":"Inputs!M114","v":0.08},{"$f":"Inputs!N114","v":0.08},{"$f":"Inputs!O114","v":0.08},{"$f":"Inputs!P114","v":0.08},{"$f":"Inputs!Q114","v":0.08},{"$f":"Inputs!R114","v":0.08},{"$f":"Inputs!S114","v":0.08},{"$f":"Inputs!T114","v":0.08},{"$f":"Inputs!U114","v":0.08},{"$f":"Inputs!V114","v":0.08},{"$f":"Inputs!W114","v":0.08},{"$f":"Inputs!X114","v":0.08},{"$f":"Inputs!Y114","v":0.08},{"$f":"Inputs!Z114","v":0.08},{"$f":"Inputs!AA114","v":0.08},{"$f":"Inputs!AB114","v":0.08},{"$f":"Inputs!AC114","v":0.08},{"$f":"Inputs!AD114","v":0.08},{"$f":"Inputs!AE114","v":0.08},{"$f":"Inputs!AF114","v":0.08},{"$f":"Inputs!AG114","v":0.08},{"$f":"Inputs!AH114","v":0.08},{"$f":"Inputs!AI114","v":0.08}]
[null,null,null,null,"Number of operational years",null,{"$f":"Inputs!G89","v":"full years"},null,{"$f":"Inputs!I89","v":25}]
[]
[null,null,null,null,"Opening balance brought forward",null,"£m nominal",null,null,null,{"$f":"J40","v":0},513.63899433964002,473.56337301113547,435.67830317024465,400.82403891662506,369.74941254060866,340.16945953735996,313.9949357501618,297.63604195471902,273.82515859834149,252.81684565580477,233.59515882661177,216.76266915304177,202.27427644469805,186.0923343291222,171.20494758279241,157.87578160518822,209.18140843272079,193.11073999100162,177.86086957328698,164.10523471796449,151.02225344487908,140.06269386581721,130.52175162854908,120.08001149826515]
[null,null,null,null,"Capex",null,"£m nominal",null,null,null,{"$f":"SUMPRODUCT('Pre Op RAV'!K19:AX19,Inputs!K107:AX107)","v":558.30325471699996}]
[null,null,null,null,"Replacement Capex",null,"£m nominal",null,null,null,{"$f":"'Op Rav'!K13 * K$11","v":0},{"$f":"'Op Rav'!L13 * L$11","v":1.1038024115941587},{"$f":"'Op Rav'!M13 * M$11","v":0},{"$f":"'Op Rav'!N13 * N$11","v":0},{"$f":"'Op Rav'!O13 * O$11","v":1.0774964536017209},{"$f":"'Op Rav'!P13 * P$11","v":0},{"$f":"'Op Rav'!Q13 * Q$11","v":1.1293836693376169},{"$f":"'Op Rav'!R13 * R$11","v":9.5225011571414839},{"$f":"'Op Rav'!S13 * S$11","v":0},{"$f":"'Op Rav'!T13 * T$11","v":0.97576059275066329},{"$f":"'Op Rav'!U13 * U$11","v":1.0909356774688839},{"$f":"'Op Rav'!V13 * V$11","v":2.0164380788684113},{"$f":"'Op Rav'!W13 * W$11","v":3.100674808586557},{"$f":"'Op Rav'!X13 * X$11","v":0},{"$f":"'Op Rav'!Y13 * Y$11","v":0},{"$f":"'Op Rav'!Z13 * Z$11","v":0.39916285762957593},{"$f":"'Op Rav'!AA13 * AA$11","v":69.495314517334378},{"$f":"'Op Rav'!AB13 * AB$11","v":0.72156981836792333},{"$f":"'Op Rav'!AC13 * AC$11","v":0.2162921538755109},{"$f":"'Op Rav'!AD13 * AD$11","v":0.51438555493529547},{"$f":"'Op Rav'!AE13 * AE$11","v":4.9388591686694218E-2},{"$f":"'Op Rav'!AF13 * AF$11","v":1.2198051049222023},{"$f":"'Op Rav'!AG13 * AG$11","v":1.8087752956491878},{"$f":"'Op Rav'!AH13 * AH$11","v":0},{"$f":"'Op Rav'!AI13 * AI$11","v":0.83383022788809957}]
[null,null,null,null,"Tax book value pre-depreciation",null,"£m nominal",null,null,null,{"$f":"SUM(K34:K36)","v":558.30325471699996},514.74279675123421,473.56337301113547,435.67830317024465,401.90153537022678,369.74941254060866,341.2988432066976,323.51743690730331,297.63604195471902,274.80091919109213,253.90778133327365,235.61159690548018,219.86334396162832,202.27427644469805,186.0923343291222,171.60411044042198,227.3710961225226,209.90297825108871,193.32703214487714,178.37525512822228,164.15462330965119,152.2420585498013,141.87146916146639,130.52175162854908,120.91384172615325]
[null,null,null,null,"Capital allowance (reducing balance)",null,"£m nominal",null,null,null,{"$f":"-K37 * K31","v":-44.664260377359994},{"$f":"-L37 * L31","v":-41.179423740098734},{"$f":"-M37 * M31","v":-37.885069840890836},-34.854264253619576,-32.152122829618143,-29.579953003248693,-27.303907456535807,-25.881394952584266,-23.810883356377524,-21.984073535287372,-20.312622506661892,-18.848927752438414,-17.589067516930267,-16.181942115575843,-14.887386746329776,-13.728328835233759,-18.189687689801808,-16.792238260087096,-15.466162571590171,-14.270020410257782,-13.132369864772095,-12.179364683984105,-11.349717532917312,-10.441740130283927,-9.6731073380922599]
[null,null,null,null,"Write-back allowance",null,"£m nominal",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-SUM(AI37:AI38)","v":-111.24073438806099}]
[null,null,null,null,"Closing balance carried forward",null,"£m nominal",null,null,null,{"$f":"SUM(K37:K39)","v":513.63899433964002},{"$f":"SUM(L37:L39)","v":473.56337301113547},435.67830317024465,400.82403891662506,369.74941254060866,340.16945953735996,313.9949357501618,297.63604195471902,273.82515859834149,252.81684565580477,233.59515882661177,216.76266915304177,202.27427644469805,186.0923343291222,171.20494758279241,157.87578160518822,209.18140843272079,193.11073999100162,177.86086957328698,164.10523471796449,151.02225344487908,140.06269386581721,130.52175162854908,120.08001149826515,{"$f":"SUM(AI37:AI39)","v":0}]
[]
[null,null,null,null,"Capital allowances",null,"£m nominal",null,null,null,{"$f":"-(K38 + K39)","v":44.664260377359994},{"$f":"-(L38 + L39)","v":41.179423740098734},37.885069840890836,34.854264253619576,32.152122829618143,29.579953003248693,27.303907456535807,25.881394952584266,23.810883356377524,21.984073535287372,20.312622506661892,{"$f":"-(V38 + V39)","v":18.848927752438414},17.589067516930267,16.181942115575843,14.887386746329776,13.728328835233759,18.189687689801808,16.792238260087096,15.466162571590171,14.270020410257782,13.132369864772095,12.179364683984105,11.349717532917312,10.441740130283927,120.91384172615325]
[]
[null,"Interest"]
[]
[null,null,"Cost of debt"]
[]
[null,null,null,null,"Cost of debt (for tax)",null,{"$f":"Inputs!G69","v":"real annual %"},null,{"$f":"Inputs!I71","v":8.8000000000000005E-3}]
[null,null,null,null,"Expected UK RPI inflation",null,{"$f":"Inputs!G116","v":"%"},null,{"$f":"Inputs!I116","v":2.7165000000000002E-2}]
[null,null,null,null,"Cost of debt (for tax)",null,"nominal annual %",null,{"$f":"(1 + I48) * (1 + I$49) - 1","v":3.6204051999999987E-2}]
[]
[null,null,"Net debt"]
[]
[null,null,null,null,"Number of operational years",null,{"$f":"Inputs!G89","v":"full years"},null,{"$f":"Inputs!I89","v":25}]
[null,null,null,null,"Operational notional gearing",null,{"$f":"Inputs!G74","v":"%"},null,{"$f":"Inputs!I74","v":0.5}]
[]
[null,null,null,null,"Principal repayments",null,"£m nominal",null,null,null,{"$f":"K59 - K58","v":9.4991350794159466},{"$f":"L59 - L58","v":9.8430422597861469},10.199400273597641,10.568659891471784,10.951288203752943,11.3477692113486,11.758604437960264,12.184313564479609,12.625435086352335,13.08252699474126,13.556167482350276,14.046955674801994,14.55551238849422,15.082480915893909,15.628527839261938,16.194343873838026,16.78064474155234,17.388172076369028,18.017694362406839,18.670007906023521,19.345937843093608,20.046339182753737,20.772097888935793,21.524132001055914,22.303392795277006]
[null,null,null,null,"Net interest paid",null,"£m nominal",null,null,null,{"$f":"$I50 * K61","v":13.6117309083977},13.2678237280275,12.911465714216005,12.542206096341863,12.159577784060703,11.763096776465046,11.352261549853383,10.926552423334037,10.485430901461312,10.028338993072387,9.5546985054633709,9.0639103130116521,8.5553535993194263,8.0283850719197378,7.4823381485517073,6.9165221139756197,6.3302212462613072,5.7226939114446198,5.093171625406808,4.4408580817901235,3.7649281447200371,3.0645268050599088,2.3387680988778548,1.5867339867577337,0.80747319253664163]
[null,null,null,null,"Total",null,"£m nominal",null,null,null,{"$f":"$K$61*$I50/(1-(1+$I50)^(-$I54))","v":23.110865987813646},{"$f":"$K$61*$I50/(1-(1+$I50)^(-$I54))","v":23.110865987813646},23.110865987813646,23.110865987813646,23.110865987813646,23.110865987813646,23.110865987813646,23.110865987813646,23.110865987813646,23.110865987813646,23.110865987813646,23.110865987813646,23.110865987813646,23.110865987813646,23.110865987813646,23.110865987813646,23.110865987813646,23.110865987813646,23.110865987813646,23.110865987813646,23.110865987813646,23.110865987813646,23.110865987813646,23.110865987813646,23.110865987813646]
[]
[null,null,null,null,"Opening net debt",null,"£m nominal",null,null,null,{"$f":"'Op Rav'!K12*I9*I55","v":375.97258197501498},{"$f":"K63","v":366.47344689559901},{"$f":"L63","v":356.63040463581285},346.43100436221522,335.86234447074344,324.9110562669905,313.56328705564192,301.80468261768164,289.62036905320201,276.99493396684966,263.91240697210839,250.35623948975811,236.3092838149561,221.7537714264619,206.67129051056799,191.04276267130604,174.84841879746801,158.06777405591566,140.67960197954665,122.6619076171398,103.99189971111628,84.645961868022667,64.599622685268926,43.827524796333137,22.303392795277222]
[null,null,null,null,"Less principal repayment",null,"£m nominal",null,null,null,{"$f":"IF(K3 = \"Year \"&$I54, -K61, -K57)","v":-9.4991350794159466},-9.8430422597861469,-10.199400273597641,-10.568659891471784,-10.951288203752943,-11.3477692113486,-11.758604437960264,-12.184313564479609,-12.625435086352335,-13.08252699474126,-13.556167482350276,-14.046955674801994,-14.55551238849422,-15.082480915893909,-15.628527839261938,-16.194343873838026,-16.78064474155234,-17.388172076369028,-18.017694362406839,-18.670007906023521,-19.345937843093608,-20.046339182753737,-20.772097888935793,-21.524132001055914,{"$f":"IF(AI3 = \"Year \"&$I54, -AI61, -AI57)","v":-22.303392795277222}]
[null,null,null,null,"Closing net debt",null,"£m nominal",null,null,null,{"$f":"SUM(K61:K62)","v":366.47344689559901},{"$f":"SUM(L61:L62)","v":356.63040463581285},346.43100436221522,335.86234447074344,324.9110562669905,313.56328705564192,301.80468261768164,289.62036905320201,276.99493396684966,263.91240697210839,250.35623948975811,236.3092838149561,221.7537714264619,{"$f":"SUM(X61:X62)","v":206.67129051056799},{"$f":"SUM(Y61:Y62)","v":191.04276267130604},174.84841879746801,158.06777405591566,140.67960197954665,122.6619076171398,103.99189971111628,84.645961868022667,64.599622685268926,43.827524796333137,22.303392795277222,0]
[]
[null,"End of sheet"]

{"sheet":"Tax Floor","index":10,"n_rows":42,"n_cols":35,"rows_kept":42,"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"]
[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,"Unprofiled tax allowance (floor)"]
[]
[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'!K34* 'Tax Deductions'!K$11","v":66.04129844520304},{"$f":"'Allowances Floor'!L34* 'Tax Deductions'!L$11","v":67.835310317466991},{"$f":"'Allowances Floor'!M34* 'Tax Deductions'!M$11","v":69.678056522240979},{"$f":"'Allowances Floor'!N34* 'Tax Deductions'!N$11","v":71.570860927667667},{"$f":"'Allowances Floor'!O34* 'Tax Deductions'!O$11","v":73.515083364767776},{"$f":"'Allowances Floor'!P34* 'Tax Deductions'!P$11","v":75.512120604371702},{"$f":"'Allowances Floor'!Q34* 'Tax Deductions'!Q$11","v":77.563407360589466},{"$f":"'Allowances Floor'!R34* 'Tax Deductions'!R$11","v":79.670417321539887},{"$f":"'Allowances Floor'!S34* 'Tax Deductions'!S$11","v":81.834664208079531},{"$f":"'Allowances Floor'!T34* 'Tax Deductions'!T$11","v":84.057702861292029},{"$f":"'Allowances Floor'!U34* 'Tax Deductions'!U$11","v":86.341130359519028},{"$f":"'Allowances Floor'!V34* 'Tax Deductions'!V$11","v":88.686587165735361},{"$f":"'Allowances Floor'!W34* 'Tax Deductions'!W$11","v":91.095758306092577},{"$f":"'Allowances Floor'!X34* 'Tax Deductions'!X$11","v":93.570374580477591},{"$f":"'Allowances Floor'!Y34* 'Tax Deductions'!Y$11","v":96.112213805956273},{"$f":"'Allowances Floor'!Z34* 'Tax Deductions'!Z$11","v":98.723102093995081},{"$f":"'Allowances Floor'!AA34* 'Tax Deductions'!AA$11","v":101.40491516237847},{"$f":"'Allowances Floor'!AB34* 'Tax Deductions'!AB$11","v":104.15957968276449},{"$f":"'Allowances Floor'!AC34* 'Tax Deductions'!AC$11","v":106.98907466484681},{"$f":"'Allowances Floor'!AD34* 'Tax Deductions'!AD$11","v":109.89543287811739},{"$f":"'Allowances Floor'!AE34* 'Tax Deductions'!AE$11","v":112.88074231225146},{"$f":"'Allowances Floor'!AF34* 'Tax Deductions'!AF$11","v":115.94714767716377},{"$f":"'Allowances Floor'!AG34* 'Tax Deductions'!AG$11","v":119.09685194381393},{"$f":"'Allowances Floor'!AH34* 'Tax Deductions'!AH$11","v":122.33211792686765},{"$f":"'Allowances Floor'!AI34* 'Tax Deductions'!AI$11","v":125.65526991035102}]
[null,null,null,null,"Less tax deductions",null,"£m nominal prices",null,null,null,{"$f":"-'Tax Deductions'!K19","v":-89.521036156615565},{"$f":"-'Tax Deductions'!L19","v":-83.17401588115915},{"$f":"-'Tax Deductions'!M19","v":-83.253643952990004},{"$f":"-'Tax Deductions'!N19","v":-81.683863633291097},{"$f":"-'Tax Deductions'!O19","v":-75.608283004102304},{"$f":"-'Tax Deductions'!P19","v":-72.069381194094944},{"$f":"-'Tax Deductions'!Q19","v":-70.395258358824307},{"$f":"-'Tax Deductions'!R19","v":-70.405338994682864},{"$f":"-'Tax Deductions'!S19","v":-68.798877037215632},{"$f":"-'Tax Deductions'!T19","v":-67.675929969600958},{"$f":"-'Tax Deductions'!U19","v":-66.831796688156828},{"$f":"-'Tax Deductions'!V19","v":-65.99360802310467},{"$f":"-'Tax Deductions'!W19","v":-65.62354436875016},{"$f":"-'Tax Deductions'!X19","v":-64.549924351258028},{"$f":"-'Tax Deductions'!Y19","v":-63.06384918944817},{"$f":"-'Tax Deductions'!Z19","v":-63.769784181640887},{"$f":"-'Tax Deductions'!AA19","v":-68.931841937713529},{"$f":"-'Tax Deductions'!AB19","v":-68.603422070120899},{"$f":"-'Tax Deductions'!AC19","v":-67.643185096788159},{"$f":"-'Tax Deductions'!AD19","v":-67.286650786954411},{"$f":"-'Tax Deductions'!AE19","v":-67.272712690667873},{"$f":"-'Tax Deductions'!AF19","v":-67.101940023420411},{"$f":"-'Tax Deductions'!AG19","v":-67.479456617365301},{"$f":"-'Tax Deductions'!AH19","v":-67.052466095094573},{"$f":"-'Tax Deductions'!AI19","v":-178.85319893312621}]
[null,null,null,null,"Profits attributable to corporation tax",null,"£m nominal prices",null,null,null,{"$f":"SUM(K9:K10)","v":-23.479737711412525},{"$f":"SUM(L9:L10)","v":-15.338705563692159},-13.575587430749025,-10.11300270562343,-2.0931996393345287,3.4427394102767579,7.1681490017651583,9.2650783268570223,13.035787170863898,16.381772891691071,19.509333671362199,22.692979142630691,25.472213937342417,29.020450229219563,33.048364616508103,34.953317912354194,32.473073224664944,35.556157612643588,39.345889568058652,42.608782091162979,45.608029621583583,48.845207653743358,51.61739532644863,55.27965183177308,-53.197929022775185]
[]
[null,null,"Tax losses"]
[]
[null,null,null,null,"Taxable losses brought forward",null,"£m nominal prices",null,null,null,{"$f":"J18","v":0},{"$f":"K18","v":-23.479737711412525},-38.818443275104684,-52.394030705853709,-62.507033411477138,-64.600233050811667,-61.157493640534909,-53.989344638769751,-44.724266311912729,-31.68847914104883,-15.306706249357759,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"In-year taxable loss",null,"£m nominal prices",null,null,null,{"$f":"MIN(K11, 0)","v":-23.479737711412525},-15.338705563692159,-13.575587430749025,-10.11300270562343,-2.0931996393345287,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-53.197929022775185]
[null,null,null,null,"Profits used to offset losses",null,"£m nominal prices",null,null,null,{"$f":"IF(K11 >= 0, MIN(K11, -K15), 0)","v":0},0,0,0,0,3.4427394102767579,7.1681490017651583,9.2650783268570223,13.035787170863898,16.381772891691071,15.306706249357759,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Taxable losses carried forward",null,"£m nominal prices",null,null,null,{"$f":"SUM(K15:K17)","v":-23.479737711412525},{"$f":"SUM(L15:L17)","v":-38.818443275104684},-52.394030705853709,-62.507033411477138,-64.600233050811667,-61.157493640534909,-53.989344638769751,-44.724266311912729,-31.68847914104883,-15.306706249357759,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-53.197929022775185]
[]
[null,null,"Tax allowance"]
[]
[null,null,null,null,"Profits attributable to corporation tax (after taxable losses)",null,"£m nominal prices",null,null,null,{"$f":"MAX(K11 - K17,0)","v":0},0,0,0,0,0,0,0,0,0,4.2026274220044399,22.692979142630691,25.472213937342417,29.020450229219563,33.048364616508103,34.953317912354194,32.473073224664944,35.556157612643588,39.345889568058652,42.608782091162979,45.608029621583583,48.845207653743358,51.61739532644863,55.27965183177308,0]
[null,null,null,null,"Corporation tax rate",null,{"$f":"Inputs!G113","v":"%"},null,null,null,{"$f":"Inputs!K113","v":0.2},{"$f":"Inputs!L113","v":0.2},{"$f":"Inputs!M113","v":0.2},{"$f":"Inputs!N113","v":0.2},{"$f":"Inputs!O113","v":0.2},{"$f":"Inputs!P113","v":0.2},{"$f":"Inputs!Q113","v":0.2},{"$f":"Inputs!R113","v":0.2},{"$f":"Inputs!S113","v":0.2},{"$f":"Inputs!T113","v":0.2},{"$f":"Inputs!U113","v":0.2},{"$f":"Inputs!V113","v":0.2},{"$f":"Inputs!W113","v":0.2},{"$f":"Inputs!X113","v":0.2},{"$f":"Inputs!Y113","v":0.2},{"$f":"Inputs!Z113","v":0.2},{"$f":"Inputs!AA113","v":0.2},{"$f":"Inputs!AB113","v":0.2},{"$f":"Inputs!AC113","v":0.2},{"$f":"Inputs!AD113","v":0.2},{"$f":"Inputs!AE113","v":0.2},{"$f":"Inputs!AF113","v":0.2},{"$f":"Inputs!AG113","v":0.2},{"$f":"Inputs!AH113","v":0.2},{"$f":"Inputs!AI113","v":0.2}]
[null,null,null,null,"Corporation tax charge after losses",null,"£m nominal prices",null,null,null,{"$f":"K22 * K23","v":0},{"$f":"L22 * L23","v":0},0,0,0,0,0,0,0,0,0.84052548440088803,4.5385958285261383,5.0944427874684841,5.8040900458439131,6.6096729233016207,6.9906635824708392,6.4946146449329891,7.1112315225287182,7.8691779136117308,8.5217564182325969,9.1216059243167162,9.7690415307486731,10.323479065289726,11.055930366354616,0]
[]
[null,null,null,null,"Grossing-up factor for tax on tax charge after losses",null,"scalar",null,null,null,{"$f":"1 / (1 - K23)","v":1.25},1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25]
[]
[null,null,null,null,"Unprofiled tax allowance (floor)",null,"£m nominal prices",null,null,null,{"$f":"K24 * K26","v":0},0,0,0,0,0,0,0,0,0,1.05065685550111,5.6732447856576727,6.3680534843356051,7.2551125573048916,8.2620911541270257,8.7383294780885485,8.118268306166236,8.889039403160897,9.8364723920146631,10.652195522790747,11.402007405395896,12.211301913435841,12.904348831612158,13.81991295794327,0]
[]
[null,"Profiled tax allowance (floor)"]
[]
[null,null,null,null,"Unprofiled tax allowance (floor)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"'Tax Floor'!K28 / 'Tax Deductions'!K$11","v":0},{"$f":"'Tax Floor'!L28 / 'Tax Deductions'!L$11","v":0},{"$f":"'Tax Floor'!M28 / 'Tax Deductions'!M$11","v":0},{"$f":"'Tax Floor'!N28 / 'Tax Deductions'!N$11","v":0},{"$f":"'Tax Floor'!O28 / 'Tax Deductions'!O$11","v":0},{"$f":"'Tax Floor'!P28 / 'Tax Deductions'!P$11","v":0},{"$f":"'Tax Floor'!Q28 / 'Tax Deductions'!Q$11","v":0},{"$f":"'Tax Floor'!R28 / 'Tax Deductions'!R$11","v":0},{"$f":"'Tax Floor'!S28 / 'Tax Deductions'!S$11","v":0},{"$f":"'Tax Floor'!T28 / 'Tax Deductions'!T$11","v":0},{"$f":"'Tax Floor'!U28 / 'Tax Deductions'!U$11","v":0.68875664618276877},{"$f":"'Tax Floor'!V28 / 'Tax Deductions'!V$11","v":3.6207306131685262},{"$f":"'Tax Floor'!W28 / 'Tax Deductions'!W$11","v":3.9566823072809201},{"$f":"'Tax Floor'!X28 / 'Tax Deductions'!X$11","v":4.3886244725344108},{"$f":"'Tax Floor'!Y28 / 'Tax Deductions'!Y$11","v":4.8655734780542756},{"$f":"'Tax Floor'!Z28 / 'Tax Deductions'!Z$11","v":5.0099369048237685},{"$f":"'Tax Floor'!AA28 / 'Tax Deductions'!AA$11","v":4.5313439512704905},{"$f":"'Tax Floor'!AB28 / 'Tax Deductions'!AB$11","v":4.8303460676875645},{"$f":"'Tax Floor'!AC28 / 'Tax Deductions'!AC$11","v":5.2038237638018794},{"$f":"'Tax Floor'!AD28 / 'Tax Deductions'!AD$11","v":5.4863324348574771},{"$f":"'Tax Floor'!AE28 / 'Tax Deductions'!AE$11","v":5.7172093603113661},{"$f":"'Tax Floor'!AF28 / 'Tax Deductions'!AF$11","v":5.9610742806799397},{"$f":"'Tax Floor'!AG28 / 'Tax Deductions'!AG$11","v":6.132794980258069},{"$f":"'Tax Floor'!AH28 / 'Tax Deductions'!AH$11","v":6.394218122889324},{"$f":"'Tax Floor'!AI28 / 'Tax Deductions'!AI$11","v":0}]
[null,null,null,null,"Discount factor to start of operational period (floor)",null,{"$f":"'Allowances Floor'!G24","v":"scalar"},null,null,null,{"$f":"'Allowances Floor'!K24","v":0.99127676447264079},{"$f":"'Allowances Floor'!L24","v":0.98262962378334739},{"$f":"'Allowances Floor'!M24","v":0.97405791413892495},{"$f":"'Allowances Floor'!N24","v":0.96556097753660286},{"$f":"'Allowances Floor'!O24","v":0.95713816171352395},{"$f":"'Allowances Floor'!P24","v":0.9487888200966732},{"$f":"'Allowances Floor'!Q24","v":0.9405123117532449},{"$f":"'Allowances Floor'!R24","v":0.9323080013414401},{"$f":"'Allowances Floor'!S24","v":0.92417525906169717},{"$f":"'Allowances Floor'!T24","v":0.91611346060834387},{"$f":"'Allowances Floor'!U24","v":0.90812198712167325},{"$f":"'Allowances Floor'!V24","v":0.90020022514043729},{"$f":"'Allowances Floor'!W24","v":0.89234756655475567},{"$f":"'Allowances Floor'!X24","v":0.88456340855943261},{"$f":"'Allowances Floor'!Y24","v":0.87684715360768506},{"$f":"'Allowances Floor'!Z24","v":0.8691982093652707},{"$f":"'Allowances Floor'!AA24","v":0.86161598866501854},{"$f":"'Allowances Floor'!AB24","v":0.85409990946175507},{"$f":"'Allowances Floor'!AC24","v":0.84664939478762413},{"$f":"'Allowances Floor'!AD24","v":0.83926387270779546},{"$f":"'Allowances Floor'!AE24","v":0.83194277627656188},{"$f":"'Allowances Floor'!AF24","v":0.82468554349381629},{"$f":"'Allowances Floor'!AG24","v":0.81749161726191166},{"$f":"'Allowances Floor'!AH24","v":0.8103604453428942},{"$f":"'Allowances Floor'!AI24","v":0.80329148031611231}]
[]
[null,null,null,null,"Discounted unprofiled tax allowance (floor)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"K32*K33","v":0},{"$f":"L32*L33","v":0},0,0,0,0,0,0,0,0,0.62547505417475524,3.2593825131471807,3.5307358285323849,3.8820166223123804,4.2663642549009362,4.3546281867058063,3.9042783985551752,4.1255981390808936,4.4058142402043172,4.604480606240875,4.7563910277717847,4.9160117829695462,5.0135084867469022,5.1816214456841978,0]
[null,null,null,null,"NPV of tax allowance (floor)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,{"$f":"SUM(K35:AI35)","v":56.826306587027133}]
[]
[null,null,null,null,"Annuity factor (floor)",null,{"$f":"'Allowances Floor'!G31","v":"scalar"},null,{"$f":"'Allowances Floor'!I31","v":4.4736242304815661E-2}]
[]
[null,null,null,null,"Annuity of tax allowance (floor)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,{"$f":"I36 * I38","v":2.5421954207649882}]
[]
[null,"End of sheet"]

{"sheet":"Tax Cap","index":11,"n_rows":42,"n_cols":35,"rows_kept":42,"cut":false,"hidden":false,"merged":[]}
["Tax Cap",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,"Unprofiled tax allowance (cap)"]
[]
[null,null,"Profits attributable to corporation tax"]
[]
[null,null,null,null,"Annuitised allowances except tax (cap)",null,"£m nominal prices",null,null,null,{"$f":"'Allowances Cap'!K34* 'Tax Deductions'!K$11","v":99.245269213493714},{"$f":"'Allowances Cap'!L34* 'Tax Deductions'!L$11","v":101.94126695167829},{"$f":"'Allowances Cap'!M34* 'Tax Deductions'!M$11","v":104.71050146842063},{"$f":"'Allowances Cap'!N34* 'Tax Deductions'!N$11","v":107.5549622408103},{"$f":"'Allowances Cap'!O34* 'Tax Deductions'!O$11","v":110.47669279008191},{"$f":"'Allowances Cap'!P34* 'Tax Deductions'!P$11","v":113.47779214972451},{"$f":"'Allowances Cap'!Q34* 'Tax Deductions'!Q$11","v":116.56041637347178},{"$f":"'Allowances Cap'!R34* 'Tax Deductions'!R$11","v":119.72678008425717},{"$f":"'Allowances Cap'!S34* 'Tax Deductions'!S$11","v":122.97915806524604},{"$f":"'Allowances Cap'!T34* 'Tax Deductions'!T$11","v":126.31988689408847},{"$f":"'Allowances Cap'!U34* 'Tax Deductions'!U$11","v":129.75136662156638},{"$f":"'Allowances Cap'!V34* 'Tax Deductions'!V$11","v":133.27606249584124},{"$f":"'Allowances Cap'!W34* 'Tax Deductions'!W$11","v":136.89650673354078},{"$f":"'Allowances Cap'!X34* 'Tax Deductions'!X$11","v":140.61530033895744},{"$f":"'Allowances Cap'!Y34* 'Tax Deductions'!Y$11","v":144.43511497266522},{"$f":"'Allowances Cap'!Z34* 'Tax Deductions'!Z$11","v":148.35869487089769},{"$f":"'Allowances Cap'!AA34* 'Tax Deductions'!AA$11","v":152.38885881706562},{"$f":"'Allowances Cap'!AB34* 'Tax Deductions'!AB$11","v":156.52850216683123},{"$f":"'Allowances Cap'!AC34* 'Tax Deductions'!AC$11","v":160.78059892819323},{"$f":"'Allowances Cap'!AD34* 'Tax Deductions'!AD$11","v":165.14820389807761},{"$f":"'Allowances Cap'!AE34* 'Tax Deductions'!AE$11","v":169.63445485696892},{"$f":"'Allowances Cap'!AF34* 'Tax Deductions'!AF$11","v":174.24257482315849},{"$f":"'Allowances Cap'!AG34* 'Tax Deductions'!AG$11","v":178.9758743682296},{"$f":"'Allowances Cap'!AH34* 'Tax Deductions'!AH$11","v":183.83775399544257},{"$f":"'Allowances Cap'!AI34* 'Tax Deductions'!AI$11","v":188.8317065827288}]
[null,null,null,null,"Less tax deductions",null,"£m nominal prices",null,null,null,{"$f":"-'Tax Deductions'!K19","v":-89.521036156615565},{"$f":"-'Tax Deductions'!L19","v":-83.17401588115915},{"$f":"-'Tax Deductions'!M19","v":-83.253643952990004},{"$f":"-'Tax Deductions'!N19","v":-81.683863633291097},{"$f":"-'Tax Deductions'!O19","v":-75.608283004102304},{"$f":"-'Tax Deductions'!P19","v":-72.069381194094944},{"$f":"-'Tax Deductions'!Q19","v":-70.395258358824307},{"$f":"-'Tax Deductions'!R19","v":-70.405338994682864},{"$f":"-'Tax Deductions'!S19","v":-68.798877037215632},{"$f":"-'Tax Deductions'!T19","v":-67.675929969600958},{"$f":"-'Tax Deductions'!U19","v":-66.831796688156828},{"$f":"-'Tax Deductions'!V19","v":-65.99360802310467},{"$f":"-'Tax Deductions'!W19","v":-65.62354436875016},{"$f":"-'Tax Deductions'!X19","v":-64.549924351258028},{"$f":"-'Tax Deductions'!Y19","v":-63.06384918944817},{"$f":"-'Tax Deductions'!Z19","v":-63.769784181640887},{"$f":"-'Tax Deductions'!AA19","v":-68.931841937713529},{"$f":"-'Tax Deductions'!AB19","v":-68.603422070120899},{"$f":"-'Tax Deductions'!AC19","v":-67.643185096788159},{"$f":"-'Tax Deductions'!AD19","v":-67.286650786954411},{"$f":"-'Tax Deductions'!AE19","v":-67.272712690667873},{"$f":"-'Tax Deductions'!AF19","v":-67.101940023420411},{"$f":"-'Tax Deductions'!AG19","v":-67.479456617365301},{"$f":"-'Tax Deductions'!AH19","v":-67.052466095094573},{"$f":"-'Tax Deductions'!AI19","v":-178.85319893312621}]
[null,null,null,null,"Profits attributable to corporation tax",null,"£m nominal prices",null,null,null,{"$f":"SUM(K9:K10)","v":9.7242330568781483},{"$f":"SUM(L9:L10)","v":18.767251070519137},21.456857515430627,25.871098607519201,34.868409785979608,41.408410955629563,46.165158014647474,49.321441089574307,54.180281028030407,58.643956924487512,62.919569933409548,67.282454472736575,71.272962364790615,76.065375987699412,81.371265783217041,84.588910689256807,83.457016879352096,87.925080096710332,93.13741383140507,97.8615531111232,102.36174216630104,107.14063479973808,111.4964177508643,116.785287900348,9.9785076496025908]
[]
[null,null,"Tax losses"]
[]
[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]
[null,null,null,null,"In-year taxable loss",null,"£m nominal prices",null,null,null,{"$f":"MIN(K11, 0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Profits used to offset losses",null,"£m nominal prices",null,null,null,{"$f":"IF(K11 >= 0, MIN(K11, -K15), 0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Taxable losses carried forward",null,"£m nominal prices",null,null,null,{"$f":"SUM(K15:K17)","v":0},{"$f":"SUM(L15:L17)","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]
[]
[null,null,"Tax allowance"]
[]
[null,null,null,null,"Profits attributable to corporation tax (after taxable losses)",null,"£m nominal prices",null,null,null,{"$f":"MAX(K11 - K17,0)","v":9.7242330568781483},18.767251070519137,21.456857515430627,25.871098607519201,34.868409785979608,41.408410955629563,46.165158014647474,49.321441089574307,54.180281028030407,58.643956924487512,62.919569933409548,67.282454472736575,71.272962364790615,{"$f":"MAX(X11 - X17,0)","v":76.065375987699412},{"$f":"MAX(Y11 - Y17,0)","v":81.371265783217041},84.588910689256807,83.457016879352096,87.925080096710332,93.13741383140507,97.8615531111232,102.36174216630104,107.14063479973808,111.4964177508643,116.785287900348,9.9785076496025908]
[null,null,null,null,"Corporation tax rate",null,{"$f":"Inputs!G113","v":"%"},null,null,null,{"$f":"Inputs!K113","v":0.2},{"$f":"Inputs!L113","v":0.2},{"$f":"Inputs!M113","v":0.2},{"$f":"Inputs!N113","v":0.2},{"$f":"Inputs!O113","v":0.2},{"$f":"Inputs!P113","v":0.2},{"$f":"Inputs!Q113","v":0.2},{"$f":"Inputs!R113","v":0.2},{"$f":"Inputs!S113","v":0.2},{"$f":"Inputs!T113","v":0.2},{"$f":"Inputs!U113","v":0.2},{"$f":"Inputs!V113","v":0.2},{"$f":"Inputs!W113","v":0.2},{"$f":"Inputs!X113","v":0.2},{"$f":"Inputs!Y113","v":0.2},{"$f":"Inputs!Z113","v":0.2},{"$f":"Inputs!AA113","v":0.2},{"$f":"Inputs!AB113","v":0.2},{"$f":"Inputs!AC113","v":0.2},{"$f":"Inputs!AD113","v":0.2},{"$f":"Inputs!AE113","v":0.2},{"$f":"Inputs!AF113","v":0.2},{"$f":"Inputs!AG113","v":0.2},{"$f":"Inputs!AH113","v":0.2},{"$f":"Inputs!AI113","v":0.2}]
[null,null,null,null,"Corporation tax charge after losses",null,"£m nominal prices",null,null,null,{"$f":"K22 * K23","v":1.9448466113756298},3.7534502141038275,4.2913715030861255,5.1742197215038406,6.9736819571959217,8.2816821911259133,9.2330316029294952,9.8642882179148614,10.836056205606083,11.728791384897503,12.58391398668191,13.456490894547315,14.254592472958123,{"$f":"X22 * X23","v":15.213075197539883},{"$f":"Y22 * Y23","v":16.274253156643407},16.917782137851361,16.691403375870419,17.585016019342067,18.627482766281016,19.572310622224641,20.472348433260208,21.428126959947619,22.299283550172859,23.357057580069601,1.9957015299205183]
[]
[null,null,null,null,"Grossing-up factor for tax on tax charge after losses",null,"scalar",null,null,null,{"$f":"1 / (1 - K23)","v":1.25},1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,{"$f":"1 / (1 - X23)","v":1.25},{"$f":"1 / (1 - Y23)","v":1.25},1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25]
[]
[null,null,null,null,"Unprofiled tax allowance (cap)",null,"£m nominal prices",null,null,null,{"$f":"K24 * K26","v":2.4310582642195371},4.6918127676297843,5.3642143788576568,6.4677746518798003,8.7171024464949021,10.352102738907391,11.541289503661869,12.330360272393577,13.545070257007604,14.66098923112188,15.729892483352387,16.820613618184144,17.818240591197654,{"$f":"X24 * X26","v":19.016343996924853},{"$f":"Y24 * Y26","v":20.34281644580426},{"$f":"Z24 * Z26","v":21.147227672314202},20.864254219838024,21.981270024177583,23.284353457851271,24.465388277780804,25.59043554157526,26.785158699934524,27.874104437716074,29.196321975087002,2.4946269124006477]
[]
[null,"Profiled tax allowance (cap)"]
[]
[null,null,null,null,"Unprofiled tax allowance (cap)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"'Tax Cap'!K28 / 'Tax Deductions'!K11","v":2.0835426659638028},{"$f":"'Tax Cap'!L28 / 'Tax Deductions'!L11","v":3.9147811703669624},{"$f":"'Tax Cap'!M28 / 'Tax Deductions'!M11","v":4.3574531988552963},{"$f":"'Tax Cap'!N28 / 'Tax Deductions'!N11","v":5.1149485853717049},{"$f":"'Tax Cap'!O28 / 'Tax Deductions'!O11","v":6.7114804582767338},{"$f":"'Tax Cap'!P28 / 'Tax Deductions'!P11","v":7.7595143533117747},{"$f":"'Tax Cap'!Q28 / 'Tax Deductions'!Q11","v":8.4220941051146294},{"$f":"'Tax Cap'!R28 / 'Tax Deductions'!R11","v":8.759943562035641},{"$f":"'Tax Cap'!S28 / 'Tax Deductions'!S11","v":9.3684251511534793},{"$f":"'Tax Cap'!T28 / 'Tax Deductions'!T11","v":9.8720737565011181},{"$f":"'Tax Cap'!U28 / 'Tax Deductions'!U11","v":10.311709227350002},{"$f":"'Tax Cap'!V28 / 'Tax Deductions'!V11","v":10.735110674865505},{"$f":"'Tax Cap'!W28 / 'Tax Deductions'!W11","v":11.071062368977895},{"$f":"'Tax Cap'!X28 / 'Tax Deductions'!X11","v":11.503004534231387},{"$f":"'Tax Cap'!Y28 / 'Tax Deductions'!Y11","v":11.97995353975125},{"$f":"'Tax Cap'!Z28 / 'Tax Deductions'!Z11","v":12.124316966520746},{"$f":"'Tax Cap'!AA28 / 'Tax Deductions'!AA11","v":11.645724012967465},{"$f":"'Tax Cap'!AB28 / 'Tax Deductions'!AB11","v":11.94472612938454},{"$f":"'Tax Cap'!AC28 / 'Tax Deductions'!AC11","v":12.318203825498856},{"$f":"'Tax Cap'!AD28 / 'Tax Deductions'!AD11","v":12.600712496554451},{"$f":"'Tax Cap'!AE28 / 'Tax Deductions'!AE11","v":12.83158942200834},{"$f":"'Tax Cap'!AF28 / 'Tax Deductions'!AF11","v":13.075454342376917},{"$f":"'Tax Cap'!AG28 / 'Tax Deductions'!AG11","v":13.247175041955044},{"$f":"'Tax Cap'!AH28 / 'Tax Deductions'!AH11","v":13.508598184586299},{"$f":"'Tax Cap'!AI28 / 'Tax Deductions'!AI11","v":1.1236926235009124}]
[null,null,null,null,"Discount factor to start of operational period (cap)",null,{"$f":"'Allowances Cap'!G24","v":"scalar"},null,null,null,{"$f":"'Allowances Cap'!K24","v":0.92609742544915719},{"$f":"'Allowances Cap'!L24","v":0.85765644142355735},{"$f":"'Allowances Cap'!M24","v":0.7942734223222423},{"$f":"'Allowances Cap'!N24","v":0.7355745715153198},{"$f":"'Allowances Cap'!O24","v":0.68121371690620458},{"$f":"'Allowances Cap'!P24","v":0.63087026940748714},{"$f":"'Allowances Cap'!Q24","v":0.58424733229069004},{"$f":"'Allowances Cap'!R24","v":0.54106995025994631},{"$f":"'Allowances Cap'!S24","v":0.50108348792363988},{"$f":"'Allowances Cap'!T24","v":0.46405212810116675},{"$f":"'Allowances Cap'!U24","v":0.429757481108693},{"$f":"'Allowances Cap'!V24","v":0.39799729682227547},{"$f":"'Allowances Cap'!W24","v":0.36858427192283333},{"$f":"'Allowances Cap'!X24","v":0.34134494528878806},{"$f":"'Allowances Cap'!Y24","v":0.31611867502203},{"$f":"'Allowances Cap'!Z24","v":0.2927566910743008},{"$f":"'Allowances Cap'!AA24","v":0.27112121788692423},{"$f":"'Allowances Cap'!AB24","v":0.25108466186972056},{"$f":"'Allowances Cap'!AC24","v":0.23252885892732036},{"$f":"'Allowances Cap'!AD24","v":0.21534437759522168},{"$f":"'Allowances Cap'!AE24","v":0.19942987367588597},{"$f":"'Allowances Cap'!AF24","v":0.18469149256888867},{"$f":"'Allowances Cap'!AG24","v":0.17104231577040993},{"$f":"'Allowances Cap'!AH24","v":0.15840184827783843},{"$f":"'Allowances Cap'!AI24","v":0.14669554387649417}]
[]
[null,null,null,null,"Discounted unprofiled tax allowance (cap)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"K32 * K33","v":1.929563498762551},{"$f":"L32 * L33","v":3.3575372875288778},3.4610092648637982,3.7624261140076829,4.5719525489260509,4.8952469105450627,4.9205860132143684,4.7397422273905612,4.6943631510915385,4.5811568354760235,4.4315341834712036,4.2725450296844238,4.0806194626819954,{"$f":"X32 * X33","v":3.9264924533938936},{"$f":"Y32 * Y33","v":3.7870870398116434},3.549474916654618,3.1574028775707377,2.999137521322933,2.8643378795774015,2.71349258982685,2.559002257491958,2.4149251785099493,2.2658274965919682,2.1397869200811228,0.16484070055447092]
[null,null,null,null,"NPV of tax allowance (cap)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,{"$f":"SUM(K35:AI35)","v":86.240090359031683}]
[]
[null,null,null,null,"Annuity factor (cap)",null,{"$f":"'Allowances Cap'!G31","v":"scalar"},null,{"$f":"'Allowances Cap'!I31","v":9.3518789720758097E-2}]
[]
[null,null,null,null,"Annuity of tax allowance (cap)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,{"$f":"I36 * I38","v":8.0650688757854621}]
[]
[null,"End of sheet"]

{"sheet":"Cap Floor Levels","index":12,"n_rows":26,"n_cols":9,"rows_kept":26,"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 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$11","v":"£m 15/16 prices"},null,{"$f":"'Allowances Cap'!$I33","v":85.058328648393328}]
[null,null,null,null,"Floor at relevant stage excluding tax (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,{"$f":"'Allowances Floor'!$I33","v":56.600808401605427}]
[]
[null,null,null,null,"Cap at relevant stage - tax element (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,{"$f":"IF(Inputs!$I$123=\"No\",'Tax Cap'!I40,0)","v":8.0650688757854621}]
[null,null,null,null,"Floor at relevant stage - tax element (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,{"$f":"IF(Inputs!$I$123=\"No\",'Tax Floor'!I40,0)","v":2.5421954207649882}]
[]
[null,null,null,null,"Cap at relevant stage - tax element (previously calculated through the model and fixed)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"}]
[null,null,null,null,"Floor at relevant stage - tax element (previously calculated through the model and fixed)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"}]
[]
[null,null,null,null,"Cap at relevant stage including tax (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,{"$f":"I8+IF(Inputs!$I$123=\"Yes\",I14,I11)","v":93.123397524178785}]
[null,null,null,null,"Floor at relevant stage including tax (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,{"$f":"I9+IF(Inputs!$I$123=\"Yes\",I15,I12)","v":59.143003822370417}]
[]
[null,null,null,null,"Preliminary Cap including tax (hardcoded at FPA)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},"PCL",89.848310999999995]
[null,null,null,null,"Preliminary Floor including tax (hardcoded at FPA)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},"PFL",50.896819000000001]
[]
[null,null,null,null,"Cap PCA adjustment (at PCR)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},"PCAC",{"$f":"I17-I20","v":3.2750865241787892}]
[null,null,null,null,"Floor PCA adjustment (at PCR)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},"PCAF",{"$f":"I18-I21","v":8.2461848223704166}]
[]
[null,"End of sheet"]