{"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":[]}
[]
["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":"NSLCFFM1.xlsm"}]
[null,null,null,null,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 ","2023-08-23","All IFA2 input parameters replaced with NSL input parameters to generate C + F levels for NSL Project. ","Implementing the regime for NSL","Multiple sheets","Medium","Internal (ORE - Rahmatullah Kawsary)","Comments reflected in version 2.5"]

{"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$9,\"m nominal\")","v":"£m nominal"},null,null,null,0,0,0,0,0,0,20.165525819999999,42.9756209129513,44.592119660000002,113.036165177463,176.405112115977,122.03857120000001,41.204454930708003,-0.26519302333333,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Spares",null,{"$f":"CONCATENATE($I$9,\"m nominal\")","v":"£m nominal"},null,null,null,0,0,0,0,0,0,9.7881744814150795E-2,0.28315207337468601,0.18786747433988499,0.75477392194446802,2.8839683612297198,0.81872691541730502,0.74383061235888603,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Base year average UK RPI inflation index value (CHAW)",null,"Jan 1987 = 100","UK RPI index 2015/16",259.43333330000002]
[null,null,null,null,"Base year EU inflation index value",null,"Dec 2011 = 100"]
[null,null,null,null,"Base year average exchange rate (XUMAERS)",null,"GBP / EUR"]
[]
[null,null,null,null,"12-month average UK RPI inflation index value (CHAW)",null,{"$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$103)","v":328.29318090036901},{"$f":"Y28*(1+$I$103)","v":337.21126515952756},346.37160917758615,355.78079394089531,365.44557920829976,375.37290836749327,385.56991342329627,396.04392012144018,406.80245321153916,417.85324185303068,429.20422516796833,440.86355794465624,452.83961649622285,465.14100467834277,477.77656007042998,490.75536032474326,504.08672968796498,517.78024569993863,531.84574607437753,546.2933357664881,561.13339423258481,576.37658288691307,592.03385276103609,608.11645237128971,624.63593579995586,641.60417099596168]
[null,null,null,null,"12 month average EU RPI inflation index value",null,{"$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$30)","v":0},0,20.165525817409026,42.07418566904925,42.081962747484063,103.51036543967521,157.4631978005269,107.62903110793899,34.354886063847019,-0.21526142995998862,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$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},0,9.7881744801574438E-2,0.2772128163517128,0.17729213405674102,0.6911675069846196,2.5742954672210274,0.72205683647299246,0.62018089988970038,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[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,0,1.0443013519525299,0,0,0.94065358084875195,0,0.93449061028291702,7.67086358932767,0,0.74499966071887402,0.81090827570729296,1.4592082122839001,2.1844815608158599,0,0,0.25949061028291698,43.983201331088772,0.4446,0.12974530514145899,0.30039966071887497,2.8080000000000001E-2,0.67518175000000002,0.97470827570729301,0,0.42587999999999998]
[null,null,null,null,"Decommissioning baseline",null,"£m 20/21 prices",null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,27.457233938525199]
[null,null,null,null,"Controllable Opex",null,"£m 20/21 prices",null,null,null,21.068950592065299,25.9010731679234,28.628039722351399,29.488397849751401,26.0739681310252,24.8763336905618,25.0332069705217,25.845078590472902,25.848577458156001,26.028679341656701,26.2848183300508,26.3751500041848,26.6406175009927,26.5042577858413,26.642670708759699,26.888712429468502,26.9706467937315,27.269067346540201,27.123817997966501,27.2567731601285,27.538288077775,27.609990219063398,27.900903103061101,27.789547956841801,28.111029707638899]
[null,null,null,null,"Non-controllable Opex baseline",null,"£m 20/21 prices",null,null,null,1.3052810522545999,1.2953854221118499,1.28556481297378,1.27581865608922,1.2661463870188401,1.2565474456024599,1.24702127592657,1.23756732629221,1.22818504918294,1.21887390123317,1.2096333431967199,1.2004628399155,1.19136186028863,1.18232987724158,1.17336636769573,1.1644708125380201,1.1556426965908899,1.14688150858247,1.1381867411169599,1.1295578906452399,1.12099445743571,1.11249594554535,1.10406186279098,1.0956917207207999,1.0873850345860501]
[]
[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$57)","v":0},0.92099687492376547,0,0,0.82958717493543055,0,0.82415188882690593,6.7651366921321614,0,0.65703482817337,0.71516137212679276,1.2869141659769261,1.9265518397331827,0,0,0.2288516056172748,38.789944013130913,0.39210445320741033,0.11442580280863783,0.26493037496596056,2.4764491781520653E-2,0.5954605733229249,0.85962090751899656,0,0.3755947920197299]
[null,null,null,null,{"$f":"E43","v":"Decommissioning baseline"},null,"£m 15/16 prices",null,{"$f":"SUM(K60:AI60)","v":24.215257984825399},null,{"$f":"IF($I$9=\"£\",K43/$I$57,K43/K$55/$I$57)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,24.215257984825399]
[null,null,null,null,"Controllable Opex",null,"£m 15/16 prices",null,587.09713053330472,null,{"$f":"IF($I$9=\"£\",K44/$I$57,K44/K$55/$I$57)","v":18.58126259909066},{"$f":"IF($I$9=\"£\",L44/$I$57,L44/L$55/$I$57)","v":22.842838803404707},25.247822451040527,26.006594950155979,22.995319426367701,21.939094061049964,22.077444739550931,22.793455710346208,22.796541453935337,22.955378049868013,23.181273771841397,23.260939655092908,23.495062434400605,23.374803209144289,23.496873212423097,23.7138638880073,23.786123962452283,24.049308910011682,23.921209682838441,24.038466343118767,24.286741765641281,24.349977773071977,24.606541509713701,24.508334472556367,24.791857698180429]
[null,null,null,null,"Non-controllable Opex baseline",null,"£m 15/16 prices",null,26.30690536774809,null,{"$f":"IF($I$9=\"£\",K45/$I$57,K45/K$55/$I$57)","v":1.151161748259746},1.1424345313315729,1.1337734774038928,1.1251780848800645,1.1166478559661728,1.1081822966421968,1.0997809166333667,1.0914432293818348,1.0831687520184279,1.0749570053347171,1.0668075137552893,1.0587198053101261,1.0506934116073694,1.0427278678061052,1.0348227125895173,1.0269774881381224,1.0191917401032571,1.01146501758079,1.0037968730849975,0.99618686252264421,0.98863454516726657,0.98113948363364911,0.9737012438524788,0.96631939504524467,0.95899350969924457]
[null,null,null,null,null,null,null,null,{"$f":"SUM(I59:I62)","v":693.19052573708007}]
[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($J35:AX35)=0,AZ35>0),1,0)","v":0}]
[]
[null,null,"Tax - Financial years"]
[]
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[null,null,null,null,"Parameter",null,"Units","Terminology","Constant",null,"Annual values"]
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[null,null,null,null,"Depreciation (negative)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":" - K25","v":-26.192388052752666},{"$f":" - L25","v":-26.192388052752666},{"$f":" - M25","v":-26.232431395140654},-26.232431395140654,-26.232431395140651,-26.273910753887424,-26.273910753887424,-26.319696969933361,-26.717646187117605,-26.717646187117605,-26.76144850899583,-26.812531464147742,-26.911524861530584,-27.072070848175013,-27.072070848175009,-27.072070848175009,-27.097498804354704,-31.946241805996067,-32.002256727882845,-32.021327695017611,-32.074313770010804,-32.080504892956185,-32.278991750730491,-32.708802204489999,-33.084396996509732]
[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":628.617313266064},603.34592208823506,577.11349069309438,550.8810592979537,525.47821507774847,499.20430432386104,473.75454545880052,454.19998518099931,427.48233899388168,401.42172763493744,375.37544049806837,349.84982319989757,324.86485017810014,297.79277932992511,270.72070848175008,243.87748923919233,255.56993444796854,224.01579709517989,192.12796617010568,160.37156885005402,128.32201957182474,96.836975252191479,65.417604408979997,32.708802204489999,0]
[]
[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":641.71350729244034},{"$f":"AVERAGE(L12, L15)","v":615.98161767714953},{"$f":"AVERAGE(M12, M15)","v":590.22970639066466},563.99727499552409,538.17963718785109,512.34125970080481,486.47942489133078,463.97726531989991,440.84116208744047,414.45203331440956,388.39858406650291,362.61263184898297,337.35733668899888,311.32881475401263,284.2567439058376,257.29909886047119,{"$f":"AVERAGE(AA12, AA15)","v":249.72371184358042},239.79286577157421,208.07188163264277,176.24976751007983,144.34679421093938,112.57949741200811,81.127289830585738,49.063203306734998,16.354401102244999]
[]
[null,"Operational RAV depreciation"]
[]
[null,null,null,null,"Number of operational years",null,"full years",null,{"$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":26.192388052752666},{"$f":"IF(L23, IF(L22=1,SUM(L12:L13),L12 / L22), 0)","v":26.192388052752666},26.232431395140654,26.232431395140654,26.232431395140651,26.273910753887424,26.273910753887424,26.319696969933361,26.717646187117605,26.717646187117605,26.76144850899583,26.812531464147742,26.911524861530584,27.072070848175013,27.072070848175009,27.072070848175009,27.097498804354704,31.946241805996067,32.002256727882845,32.021327695017611,32.074313770010804,32.080504892956185,32.278991750730491,32.708802204489999,33.084396996509732]
[]
[null,null,null,null,"Depreciation equal to additions",null,"check",null,{"$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"]
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[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":654.80970131881668},628.617313266064,603.34592208823506,577.11349069309438,550.8810592979537,525.47821507774847,499.20430432386104,473.75454545880052,454.19998518099931,427.48233899388168,401.42172763493744,375.37544049806837,349.84982319989757,324.86485017810014,297.79277932992511,270.72070848175008,243.87748923919233,255.56993444796854,224.01579709517989,192.12796617010568,160.37156885005402,128.32201957182474,96.836975252191479,65.417604408979997,32.708802204489999]
[null,null,null,null,"Closing operational RAV",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"K15","v":628.617313266064},603.34592208823506,577.11349069309438,550.8810592979537,525.47821507774847,499.20430432386104,473.75454545880052,454.19998518099931,427.48233899388168,401.42172763493744,375.37544049806837,349.84982319989757,324.86485017810014,297.79277932992511,270.72070848175008,243.87748923919233,255.56993444796854,224.01579709517989,192.12796617010568,160.37156885005402,128.32201957182474,96.836975252191479,65.417604408979997,32.708802204489999,0]
[]
[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 + $I31)","v":618.48528836364244},{"$f":"0.5 * L$34 + 0.5 * L$35 / (1 + $I31)","v":593.68720918361305},568.90462000554294,543.6415107188169,518.7625407055375,493.89501804260686,468.97358458404597,447.19399118698465,425.04513937410849,399.61898373797499,374.52797832852093,349.68523052866817,325.35316228438114,300.3249882164464,274.25326523532283,248.28751169558529,240.28007377683292,231.51519369887771,200.97250596104877,170.32383159869147,139.60513040197864,109.0012465205815,78.710025137199636,47.854570960041954,16.354401102244999]
[null,null,null,null,"NPV neutral return base (floor)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"0.5 * K$34 + 0.5 * K$35 / (1 + $I32)","v":638.97171885234252},613.35005338572591,587.71255793799855,561.59454238161538,535.88770207054131,510.16392133936051,484.4130886502337,461.99621859627143,438.97664752402545,412.70118517643004,386.76133987717748,361.0867206454941,335.94040038766695,310.0299564777917,283.07596365472767,256.23539847124397,248.60901347762973,238.81579449161904,207.23389288249564,175.55028802659427,143.78710261090367,112.15713154056715,80.841963245138174,48.920540014011209,16.354401102244999]
[]
[null,null,null,null,"Return (cap)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"K37 * $I31","v":49.355126011418662},47.376239292852318,45.398588676442323,43.382592555361583,41.397250748301893,39.412822439800024,37.424092049806866,35.686080496721374,33.918602122053855,31.889594902290401,29.887332670615969,27.904881396187719,25.963182350293614,23.965934059672421,21.885410565778759,19.813343433307704,19.174349887391266,18.47491245717044,16.03760597569169,13.591841761575578,11.140489406077895,8.6982994723424039,6.2810600059485306,3.8187947626113479,1.3050812079591509]
[null,null,null,null,"Return (floor)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},null,null,null,{"$f":"K38 * $I32","v":5.6229511259006149},5.3974804697943881,5.1718705098543873,4.9420319729582154,4.7158117782207638,4.4894425077863724,4.2628351801220568,4.0655667236471889,3.8629944982114242,3.6317704295525846,3.4034997909191622,3.177563141680348,2.9562755234114695,2.7282636170045671,2.4910684801616036,2.2548715065469471,2.1877593186031419,2.1015789915262477,1.8236582573659617,1.5448425346340298,1.2653265029759524,0.98698275755699094,0.71140927655721597,0.43050075212329869,0.143918729699756]
[]
[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"]
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[]
[" ","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":18.58126259909066},{"$f":"Inputs!L61","v":22.842838803404707},{"$f":"Inputs!M61","v":25.247822451040527},{"$f":"Inputs!N61","v":26.006594950155979},{"$f":"Inputs!O61","v":22.995319426367701},{"$f":"Inputs!P61","v":21.939094061049964},{"$f":"Inputs!Q61","v":22.077444739550931},{"$f":"Inputs!R61","v":22.793455710346208},{"$f":"Inputs!S61","v":22.796541453935337},{"$f":"Inputs!T61","v":22.955378049868013},{"$f":"Inputs!U61","v":23.181273771841397},{"$f":"Inputs!V61","v":23.260939655092908},{"$f":"Inputs!W61","v":23.495062434400605},{"$f":"Inputs!X61","v":23.374803209144289},{"$f":"Inputs!Y61","v":23.496873212423097},{"$f":"Inputs!Z61","v":23.7138638880073},{"$f":"Inputs!AA61","v":23.786123962452283},{"$f":"Inputs!AB61","v":24.049308910011682},{"$f":"Inputs!AC61","v":23.921209682838441},{"$f":"Inputs!AD61","v":24.038466343118767},{"$f":"Inputs!AE61","v":24.286741765641281},{"$f":"Inputs!AF61","v":24.349977773071977},{"$f":"Inputs!AG61","v":24.606541509713701},{"$f":"Inputs!AH61","v":24.508334472556367},{"$f":"Inputs!AI61","v":24.791857698180429}]
[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},{"$f":"Inputs!L62","v":1.1424345313315729},{"$f":"Inputs!M62","v":1.1337734774038928},{"$f":"Inputs!N62","v":1.1251780848800645},{"$f":"Inputs!O62","v":1.1166478559661728},{"$f":"Inputs!P62","v":1.1081822966421968},{"$f":"Inputs!Q62","v":1.0997809166333667},{"$f":"Inputs!R62","v":1.0914432293818348},{"$f":"Inputs!S62","v":1.0831687520184279},{"$f":"Inputs!T62","v":1.0749570053347171},{"$f":"Inputs!U62","v":1.0668075137552893},{"$f":"Inputs!V62","v":1.0587198053101261},{"$f":"Inputs!W62","v":1.0506934116073694},{"$f":"Inputs!X62","v":1.0427278678061052},{"$f":"Inputs!Y62","v":1.0348227125895173},{"$f":"Inputs!Z62","v":1.0269774881381224},{"$f":"Inputs!AA62","v":1.0191917401032571},{"$f":"Inputs!AB62","v":1.01146501758079},{"$f":"Inputs!AC62","v":1.0037968730849975},{"$f":"Inputs!AD62","v":0.99618686252264421},{"$f":"Inputs!AE62","v":0.98863454516726657},{"$f":"Inputs!AF62","v":0.98113948363364911},{"$f":"Inputs!AG62","v":0.9737012438524788},{"$f":"Inputs!AH62","v":0.96631939504524467},{"$f":"Inputs!AI62","v":0.95899350969924457}]
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[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":95.279938411521726},{"$f":"SUM(L8:L12)","v":97.553900680341258},98.012616000027407,96.746796985538282,91.741649425776416,88.734009551379614,86.875228459878599,85.890676406382781,84.51595851512522,82.637576144610733,80.896862465208486,79.037072320738503,77.420463057832166,75.45553598479782,73.489177338966385,71.626255657628136,71.077164394301519,75.481928190758978,72.964869259497974,70.647822662234603,68.490179486897247,66.109921622004208,64.140294510245198,62.002250834702956,84.355587397173963]
[]
[null,"Profiled allowances except tax (cap)"]
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[null,null,"Annuity parameters"]
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[null,null,null,null,"Cap return rate",null,{"$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,{"$f":"Inputs!I89","v":25}]
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[null,"Tax pools"]
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[null,null,"Revenue pool"]
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[null,null,null,null,"Controllable Opex",null,"£m nominal",null,null,null,{"$f":"Inputs!K61* K$11","v":21.680444916762518},{"$f":"Inputs!L61* L$11","v":27.3768361710693},{"$f":"Inputs!M61* M$11","v":31.081167380591832},{"$f":"Inputs!N61* N$11","v":32.884943571353716},{"$f":"Inputs!O61* O$11","v":29.867114487731165},{"$f":"Inputs!P61* P$11","v":29.269326065697499},{"$f":"Inputs!Q61* Q$11","v":30.25401735721713},{"$f":"Inputs!R61* R$11","v":32.083713641655528},{"$f":"Inputs!S61* S$11","v":32.959729157074179},{"$f":"Inputs!T61* T$11","v":34.090967985709902},{"$f":"Inputs!U61* U$11","v":35.361639473995339},{"$f":"Inputs!V61* V$11","v":36.447065166295303},{"$f":"Inputs!W61* W$11","v":37.813956891294247},{"$f":"Inputs!X61* X$11","v":38.642364902380855},{"$f":"Inputs!Y61* Y$11","v":39.899368325979594},{"$f":"Inputs!Z61* Z$11","v":41.361709695871497},{"$f":"Inputs!AA61* AA$11","v":42.614760293527475},{"$f":"Inputs!AB61* AB$11","v":44.25671608705732},{"$f":"Inputs!AC61* AC$11","v":45.216811581052717},{"$f":"Inputs!AD61* AD$11","v":46.672790355908816},{"$f":"Inputs!AE61* AE$11","v":48.435800057827237},{"$f":"Inputs!AF61* AF$11","v":49.881097965200645},{"$f":"Inputs!AG61* AG$11","v":51.775967760710671},{"$f":"Inputs!AH61* AH$11","v":52.970205683543583},{"$f":"Inputs!AI61* AI$11","v":55.038570271648545}]
[null,null,null,null,"Non-controllable Opex (baseline)",null,"£m nominal",null,null,null,{"$f":"Inputs!K62* K$11","v":1.3431648543975077},{"$f":"Inputs!L62* L$11","v":1.3691924751390845},{"$f":"Inputs!M62* M$11","v":1.3957244547009937},{"$f":"Inputs!N62* N$11","v":1.4227705664629058},{"$f":"Inputs!O62* O$11","v":1.4503407731913944},{"$f":"Inputs!P62* P$11","v":1.4784452307098435},{"$f":"Inputs!Q62* Q$11","v":1.5070942916394243},{"$f":"Inputs!R62* R$11","v":1.5362985092126979},{"$f":"Inputs!S62* S$11","v":1.5660686411609346},{"$f":"Inputs!T62* T$11","v":1.596415653676901},{"$f":"Inputs!U62* U$11","v":1.6273507254544306},{"$f":"Inputs!V62* V$11","v":1.6588852518061148},{"$f":"Inputs!W62* W$11","v":1.6910308488610553},{"$f":"Inputs!X62* X$11","v":1.723799357843669},{"$f":"Inputs!Y62* Y$11","v":1.7572028494356675},{"$f":"Inputs!Z62* Z$11","v":1.7912536282223623},{"$f":"Inputs!AA62* AA$11","v":1.8259642372252092},{"$f":"Inputs!AB62* AB$11","v":1.8613474625222284},{"$f":"Inputs!AC62* AC$11","v":1.8974163379578939},{"$f":"Inputs!AD62* AD$11","v":1.9341841499443038},{"$f":"Inputs!AE62* AE$11","v":1.9716644423553988},{"$f":"Inputs!AF62* AF$11","v":2.0098710215160147},{"$f":"Inputs!AG62* AG$11","v":2.0488179612875794},{"$f":"Inputs!AH62* AH$11","v":2.0885196082524735},{"$f":"Inputs!AI62* AI$11","v":2.1289905869986741}]
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[null,null,"Capital allowance pool"]
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[null,null,null,null,"Capital allowance rate (declining balance)",null,{"$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},{"$f":"Inputs!AI114","v":0.08}]
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[null,null,null,null,"Opening balance brought forward",null,"£m nominal",null,null,null,{"$f":"J40","v":0},515.34018665026463,475.12846993691011,437.1181923419573,402.14873695460074,370.96813473554624,341.29068395670254,315.02646221595694,298.58504630325058,274.69824259899053,253.62008293640187,234.3341371247611,217.44252918733915,202.89974767625165,186.66776786215152,171.73434643317941,158.36282854754427,209.62949161968837,193.52297652301178,178.2401271827363,164.45415171865787,151.343257085517,140.35801721520409,130.793449109985,120.3299731811862]
[null,null,null,null,"Capex",null,"£m nominal",null,null,null,{"$f":"SUMPRODUCT('Pre Op RAV'!K19:AX19,Inputs!K107:AX107)","v":560.15237679376594}]
[null,null,null,null,"Replacement Capex",null,"£m nominal",null,null,null,{"$f":"'Op Rav'!K13 * K$11","v":0},{"$f":"'Op Rav'!L13 * L$11","v":1.1038024115941583},{"$f":"'Op Rav'!M13 * M$11","v":0},{"$f":"'Op Rav'!N13 * N$11","v":0},{"$f":"'Op Rav'!O13 * O$11","v":1.0774964536017213},{"$f":"'Op Rav'!P13 * P$11","v":0},{"$f":"'Op Rav'!Q13 * Q$11","v":1.1293836693376167},{"$f":"'Op Rav'!R13 * R$11","v":9.5225011571414857},{"$f":"'Op Rav'!S13 * S$11","v":0},{"$f":"'Op Rav'!T13 * T$11","v":0.97576059275066263},{"$f":"'Op Rav'!U13 * U$11","v":1.0909356774688839},{"$f":"'Op Rav'!V13 * V$11","v":2.0164380788684113},{"$f":"'Op Rav'!W13 * W$11","v":3.1006748085865521},{"$f":"'Op Rav'!X13 * X$11","v":0},{"$f":"'Op Rav'!Y13 * Y$11","v":0},{"$f":"'Op Rav'!Z13 * Z$11","v":0.39916285762957571},{"$f":"'Op Rav'!AA13 * AA$11","v":69.495314517334378},{"$f":"'Op Rav'!AB13 * AB$11","v":0.72156981836792333},{"$f":"'Op Rav'!AC13 * AC$11","v":0.21629215387551159},{"$f":"'Op Rav'!AD13 * AD$11","v":0.51438555493529625},{"$f":"'Op Rav'!AE13 * AE$11","v":4.9388591686694211E-2},{"$f":"'Op Rav'!AF13 * AF$11","v":1.2198051049222023},{"$f":"'Op Rav'!AG13 * AG$11","v":1.808775295649188},{"$f":"'Op Rav'!AH13 * AH$11","v":0},{"$f":"'Op Rav'!AI13 * AI$11","v":0.83383022788809957}]
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[null,null,null,null,"Capital allowance (reducing balance)",null,"£m nominal",null,null,null,{"$f":"-K37 * K31","v":-44.812190143501276},{"$f":"-L37 * L31","v":-41.315519124948707},{"$f":"-M37 * M31","v":-38.010277594952811},-34.969455387356582,-32.258098672656196,-29.677450778843699,-27.393605410083214,-25.963917069847877,-23.886803704260046,-22.053920255339296,-20.37688148910966,-18.908046016290363,-17.643456319674055,-16.231979814100132,-14.933421428972123,-13.770680743264718,-18.228651445190291,-16.828084915044503,-15.499141494150983,-14.300361019013728,-13.160283224827566,-12.205044975235138,-11.373343400868261,-10.4634759287988,-9.6931042727259449]
[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,{"$f":"-SUM(AI37:AI38)","v":-111.47069913634836}]
[null,null,null,null,"Closing balance carried forward",null,"£m nominal",null,null,null,{"$f":"SUM(K37:K39)","v":515.34018665026463},{"$f":"SUM(L37:L39)","v":475.12846993691011},437.1181923419573,402.14873695460074,370.96813473554624,341.29068395670254,315.02646221595694,298.58504630325058,274.69824259899053,253.62008293640187,234.3341371247611,217.44252918733915,202.89974767625165,186.66776786215152,171.73434643317941,158.36282854754427,209.62949161968837,193.52297652301178,178.2401271827363,164.45415171865787,151.343257085517,140.35801721520409,130.793449109985,120.3299731811862,{"$f":"SUM(AI37:AI39)","v":0}]
[]
[null,null,null,null,"Capital allowances",null,"£m nominal",null,null,null,{"$f":"-(K38 + K39)","v":44.812190143501276},{"$f":"-(L38 + L39)","v":41.315519124948707},38.010277594952811,34.969455387356582,32.258098672656196,29.677450778843699,27.393605410083214,25.963917069847877,23.886803704260046,22.053920255339296,20.37688148910966,{"$f":"-(V38 + V39)","v":18.908046016290363},17.643456319674055,16.231979814100132,14.933421428972123,13.770680743264718,18.228651445190291,16.828084915044503,15.499141494150983,14.300361019013728,13.160283224827566,12.205044975235138,11.373343400868261,10.4634759287988,121.1638034090743]
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[null,"Interest"]
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[null,null,"Cost of debt"]
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[null,null,null,null,"Cost of debt (for tax)",null,{"$f":"Inputs!G69","v":"real annual %"},null,{"$f":"Inputs!I71","v":8.8000000000000005E-3}]
[null,null,null,null,"Expected UK RPI inflation",null,{"$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$49) - 1","v":3.6204051999999987E-2}]
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[null,null,"Net debt"]
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[null,null,null,null,"Number of operational years",null,{"$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":9.5232648145275185},{"$f":"L59 - L58","v":9.8680455890824419},10.225308824727954,10.595506437134464,10.979106703150816,11.376594853145235,11.788473684791439,12.215264199076259,12.657506259333354,13.115759274136584,13.590602904916906,14.082637799197869,14.592486350377195,15.12079348501554,15.668227478628303,16.23548080101239,16.823270992177243,17.432341569988122,18.063462970669732,18.717433523359933,19.3950804599462,20.097260961462275,20.824863242368625,21.578807674088228,22.360047949218917]
[null,null,null,null,"Net interest paid",null,"£m nominal",null,null,null,{"$f":"$I50 * K61","v":13.646307473367425},13.301526698812502,12.94426346316699,12.57406585076048,12.190465584744128,11.792977434749709,11.381098603103505,10.954308088818685,10.512066028561589,10.05381301375836,9.5789693829780376,9.0869344886970751,8.5770859375177491,8.0487788028794043,7.5013448092666408,6.9340914868825534,6.3463012957176996,5.7372307179068232,5.1061093172252114,4.4521387645350101,3.7744918279487445,3.0723113264326689,2.3447090455263191,1.5907646138067173,0.80952433867602824]
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[null,null,null,null,"Opening net debt",null,"£m nominal",null,null,null,{"$f":"'Op Rav'!K12*I9*I55","v":376.9276288015339},{"$f":"K63","v":367.40436398700638},{"$f":"L63","v":357.53631839792394},347.31100957319597,336.7155031360615,325.73639643291068,314.35980157976542,302.57132789497399,290.35606369589772,277.69855743656439,264.58279816242782,250.9921952575109,236.90955745831303,222.31707110793585,207.19627762292032,191.52805014429202,175.29256934327964,158.4692983511024,141.03695678111427,122.97349381044454,104.25606028708461,84.860979827138408,64.76371886567614,43.938855623307518,22.36004794921929]
[null,null,null,null,"Less principal repayment",null,"£m nominal",null,null,null,{"$f":"IF(K3 = \"Year \"&$I54, -K61, -K57)","v":-9.5232648145275185},-9.8680455890824419,-10.225308824727954,-10.595506437134464,-10.979106703150816,-11.376594853145235,-11.788473684791439,-12.215264199076259,-12.657506259333354,-13.115759274136584,-13.590602904916906,-14.082637799197869,-14.592486350377195,-15.12079348501554,-15.668227478628303,-16.23548080101239,-16.823270992177243,-17.432341569988122,-18.063462970669732,-18.717433523359933,-19.3950804599462,-20.097260961462275,-20.824863242368625,-21.578807674088228,{"$f":"IF(AI3 = \"Year \"&$I54, -AI61, -AI57)","v":-22.36004794921929}]
[null,null,null,null,"Closing net debt",null,"£m nominal",null,null,null,{"$f":"SUM(K61:K62)","v":367.40436398700638},{"$f":"SUM(L61:L62)","v":357.53631839792394},347.31100957319597,336.7155031360615,325.73639643291068,314.35980157976542,302.57132789497399,290.35606369589772,277.69855743656439,264.58279816242782,250.9921952575109,236.90955745831303,222.31707110793585,{"$f":"SUM(X61:X62)","v":207.19627762292032},{"$f":"SUM(Y61:Y62)","v":191.52805014429202},175.29256934327964,158.4692983511024,141.03695678111427,122.97349381044454,104.25606028708461,84.860979827138408,64.76371886567614,43.938855623307518,22.36004794921929,0]
[]
[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)"]
[]
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[null,"End of sheet"]

{"sheet":"Tax Cap","index":11,"n_rows":42,"n_cols":35,"rows_kept":42,"cut":false,"hidden":false,"merged":[]}
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[]
[null,null,"Tax allowance"]
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[]
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[]
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[null,"Profiled tax allowance (cap)"]
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[null,null,null,null,"Annuity factor (cap)",null,{"$f":"'Allowances Cap'!G31","v":"scalar"},null,{"$f":"'Allowances Cap'!I31","v":9.3518789720758097E-2}]
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[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"]
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[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$123=\"Yes\",I15,I12)","v":59.257019553486373}]
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[null,null,null,null,"Floor PCA adjustment (at PCR)",null,{"$f":"Inputs!$I$11","v":"£m 15/16 prices"},"PCAF",{"$f":"I18-I21","v":8.3602005534863721}]
[]
[null,"End of sheet"]