{"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 Cap","Tax Floor","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":"Appendix 3 - VLCFFM1.xlsm"}]
[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":8,"n_cols":12,"rows_kept":8,"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,"Magdalena Rut-Krawczyk, Konyinsola Taiwo","2024-11-01","Inputs for PCR determination","PCR stage","Inputs sheet and Cap Floor Levels sheet","Setting the final cap and floor levels","Internal (ORE)","Comments reflected in version 2.4"]

{"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,{"$f":"100%-I6","v":0}]
[]
[null,null,null,null,"Currency of cost inputs",null,"choice",null,"£"]
[]
[null,null,null,null,"Base year price term",null,"choice",null,"£m 19/20 prices"]
[]
[null,"Variables set after financial close"]
[]
[null,null,"Actual values"]
[]
[null,null,null,null,"Year commencing",null,null,null,null,null,{"$f":"$I$84","v":"2013-04-01"},{"$f":"+K18+1","v":"2014-04-01"},{"$f":"+L18+1","v":"2015-04-01"},{"$f":"+M18+1","v":"2016-04-01"},{"$f":"+N18+1","v":"2017-04-01"},{"$f":"+O18+1","v":"2018-04-01"},{"$f":"+P18+1","v":"2019-04-01"},{"$f":"+Q18+1","v":"2020-04-01"},{"$f":"+R18+1","v":"2021-04-01"},{"$f":"+S18+1","v":"2022-04-01"},{"$f":"+T18+1","v":"2023-04-01"},{"$f":"+U18+1","v":"2024-04-01"},{"$f":"+V18+1","v":"2025-04-01"},{"$f":"+W18+1","v":"2026-04-01"},{"$f":"+X18+1","v":"2027-04-01"},{"$f":"+Y18+1","v":"2028-04-01"},{"$f":"+Z18+1","v":"2029-04-01"},{"$f":"+AA18+1","v":"2030-04-01"},{"$f":"+AB18+1","v":"2031-04-01"},{"$f":"+AC18+1","v":"2032-04-01"},{"$f":"+AD18+1","v":"2033-04-01"},{"$f":"+AE18+1","v":"2034-04-01"},{"$f":"+AF18+1","v":"2035-04-01"},{"$f":"+AG18+1","v":"2036-04-01"},{"$f":"+AH18+1","v":"2037-04-01"},{"$f":"+AI18+1","v":"2038-04-01"},{"$f":"+AJ18+1","v":"2039-04-01"},{"$f":"+AK18+1","v":"2040-04-01"},{"$f":"+AL18+1","v":"2041-04-01"},{"$f":"+AM18+1","v":"2042-04-01"},{"$f":"+AN18+1","v":"2043-04-01"},{"$f":"+AO18+1","v":"2044-04-01"},{"$f":"+AP18+1","v":"2045-04-01"},{"$f":"+AQ18+1","v":"2046-04-01"},{"$f":"+AR18+1","v":"2047-04-01"},{"$f":"+AS18+1","v":"2048-04-01"},{"$f":"+AT18+1","v":"2049-04-01"},{"$f":"+AU18+1","v":"2050-04-01"},{"$f":"+AV18+1","v":"2051-04-01"},{"$f":"+AW18+1","v":"2052-04-01"}]
[null,null,null,null,"Year ending",null,null,null,null,null,{"$f":"EOMONTH(K17,11)","v":"2014-03-31"},{"$f":"DATE(YEAR(K18) + 1, MONTH(K18), DAY(K18))","v":"2015-03-31"},{"$f":"DATE(YEAR(L18) + 1, MONTH(L18), DAY(L18))","v":"2016-03-31"},{"$f":"DATE(YEAR(M18) + 1, MONTH(M18), DAY(M18))","v":"2017-03-31"},{"$f":"DATE(YEAR(N18) + 1, MONTH(N18), DAY(N18))","v":"2018-03-31"},{"$f":"DATE(YEAR(O18) + 1, MONTH(O18), DAY(O18))","v":"2019-03-31"},{"$f":"DATE(YEAR(P18) + 1, MONTH(P18), DAY(P18))","v":"2020-03-31"},{"$f":"DATE(YEAR(Q18) + 1, MONTH(Q18), DAY(Q18))","v":"2021-03-31"},{"$f":"DATE(YEAR(R18) + 1, MONTH(R18), DAY(R18))","v":"2022-03-31"},{"$f":"DATE(YEAR(S18) + 1, MONTH(S18), DAY(S18))","v":"2023-03-31"},{"$f":"DATE(YEAR(T18) + 1, MONTH(T18), DAY(T18))","v":"2024-03-31"},{"$f":"DATE(YEAR(U18) + 1, MONTH(U18), DAY(U18))","v":"2025-03-31"},{"$f":"DATE(YEAR(V18) + 1, MONTH(V18), DAY(V18))","v":"2026-03-31"},{"$f":"DATE(YEAR(W18) + 1, MONTH(W18), DAY(W18))","v":"2027-03-31"},{"$f":"DATE(YEAR(X18) + 1, MONTH(X18), DAY(X18))","v":"2028-03-31"},{"$f":"DATE(YEAR(Y18) + 1, MONTH(Y18), DAY(Y18))","v":"2029-03-31"},{"$f":"DATE(YEAR(Z18) + 1, MONTH(Z18), DAY(Z18))","v":"2030-03-31"},{"$f":"DATE(YEAR(AA18) + 1, MONTH(AA18), DAY(AA18))","v":"2031-03-31"},{"$f":"DATE(YEAR(AB18) + 1, MONTH(AB18), DAY(AB18))","v":"2032-03-31"},{"$f":"DATE(YEAR(AC18) + 1, MONTH(AC18), DAY(AC18))","v":"2033-03-31"},{"$f":"DATE(YEAR(AD18) + 1, MONTH(AD18), DAY(AD18))","v":"2034-03-31"},{"$f":"DATE(YEAR(AE18) + 1, MONTH(AE18), DAY(AE18))","v":"2035-03-31"},{"$f":"DATE(YEAR(AF18) + 1, MONTH(AF18), DAY(AF18))","v":"2036-03-31"},{"$f":"DATE(YEAR(AG18) + 1, MONTH(AG18), DAY(AG18))","v":"2037-03-31"},{"$f":"DATE(YEAR(AH18) + 1, MONTH(AH18), DAY(AH18))","v":"2038-03-31"},{"$f":"DATE(YEAR(AI18) + 1, MONTH(AI18), DAY(AI18))","v":"2039-03-31"},{"$f":"DATE(YEAR(AJ18) + 1, MONTH(AJ18), DAY(AJ18))","v":"2040-03-31"},{"$f":"DATE(YEAR(AK18) + 1, MONTH(AK18), DAY(AK18))","v":"2041-03-31"},{"$f":"DATE(YEAR(AL18) + 1, MONTH(AL18), DAY(AL18))","v":"2042-03-31"},{"$f":"DATE(YEAR(AM18) + 1, MONTH(AM18), DAY(AM18))","v":"2043-03-31"},{"$f":"DATE(YEAR(AN18) + 1, MONTH(AN18), DAY(AN18))","v":"2044-03-31"},{"$f":"DATE(YEAR(AO18) + 1, MONTH(AO18), DAY(AO18))","v":"2045-03-31"},{"$f":"DATE(YEAR(AP18) + 1, MONTH(AP18), DAY(AP18))","v":"2046-03-31"},{"$f":"DATE(YEAR(AQ18) + 1, MONTH(AQ18), DAY(AQ18))","v":"2047-03-31"},{"$f":"DATE(YEAR(AR18) + 1, MONTH(AR18), DAY(AR18))","v":"2048-03-31"},{"$f":"DATE(YEAR(AS18) + 1, MONTH(AS18), DAY(AS18))","v":"2049-03-31"},{"$f":"DATE(YEAR(AT18) + 1, MONTH(AT18), DAY(AT18))","v":"2050-03-31"},{"$f":"DATE(YEAR(AU18) + 1, MONTH(AU18), DAY(AU18))","v":"2051-03-31"},{"$f":"DATE(YEAR(AV18) + 1, MONTH(AV18), DAY(AV18))","v":"2052-03-31"},{"$f":"DATE(YEAR(AW18) + 1, MONTH(AW18), DAY(AW18))","v":"2053-03-31"}]
[]
[null,null,null,null,"Development costs",null,{"$f":"CONCATENATE($I$9,\"m nominal prices\")","v":"£m nominal prices"},null,null,null,0,1.0447651300000005,4.2865658699999996,6.9791946999999954,6.9598622100000114,2.2939309599999973,-0.82025805000000018,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Capex",null,{"$f":"CONCATENATE($I$9,\"m nominal prices\")","v":"£m nominal prices"},null,null,null,0,0,0,0,0,5.1069922200000004,109.41443944492951,177.45574902202861,183.19198920485303,151.28526498406185,73.619043092944864,35.350887144858106,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Spares",null,"£m nominal prices",null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Base year UK RPI inflation index value (CHAW)",null,"Jan 1987 = 100","UK RPI index 2019/20",290.64166666666665]
[]
[]
[]
[null,null,null,null,"12 month average UK RPI inflation index value (CHAW)",null,{"$f":"G24","v":"Jan 1987 = 100"},"UK RPI index t",null,null,251.73333333333335,256.66666666666669,259.43333333333334,264.99166666666673,274.90833333333336,283.30833333333334,290.64166666666665,294.16666666666669,311.1583333333333,351.2166666666667,377.48333333333341,389.95,{"$f":"V28*(1+$I$103)","v":402.35041000000001},{"$f":"W28*(1+$I$103)","v":415.14515303800005},428.3467689046085,441.96819615577505,456.02278479352873,470.52430934996295,485.48698238729179,500.9254684272077,516.85489832319297,533.29088408987059,550.24953420392853,567.74746939161344,585.80183891826675,604.4303373958677,623.65122212505628,643.48333098863316,663.94610091407174,685.05958692313925,706.84448178729508,729.32213630813112,752.51458024272972,776.44454389444854,801.13548039029206,826.61158866670337,852.89783718630463,880.01998840882914,908.00462404022994,936.87917108470936]
[]
[]
[]
[null,null,null,null,"Indexation factor",null,null,{"$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$26)))","v":0.8661295409582247},{"$f":"IF($I$6=100%,(L28/$I$24),($I$6*(L28/$I$24)+$I$7*(L29/$I$25)/(L30/$I$26)))","v":0.88310347793674926},{"$f":"IF($I$6=100%,(M28/$I$24),($I$6*(M28/$I$24)+$I$7*(M29/$I$25)/(M30/$I$26)))","v":0.89262264529632718},{"$f":"IF($I$6=100%,(N28/$I$24),($I$6*(N28/$I$24)+$I$7*(N29/$I$25)/(N30/$I$26)))","v":0.91174699658800951},0.94586690369011106,0.97476847205895012,1,1.0121283367262093,1.0705909338532558,1.2084181552312414,1.2987929007655479,1.3416864982653325,1.3843521289101701,1.4283745266095136,1.4737968365556964,1.5206635759581675,1.5690206776736373,1.6189155352236591,1.6703970492437714,1.7235156754097236,1.7783234738877529,1.8348741603573837,1.8932231586567487,1.9534276551020333,2.0155466545342779,2.0796410381484685,2.1457736231615896,2.2140092243781284,2.2844147177133531,2.3570591057366377,2.432013585299063,2.5093516173115731,2.5891489987420813,2.6714839369020797,2.756437126095566,2.8440918267054052,2.934533946794637,3.0278521263027067,3.1241378239191331,3.2234854067197616]
[]
[null,null,null,null,{"$f":"E20","v":"Development costs"},null,{"$f":"$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"IF($I$9=\"£\",K20/K$32,K20/K$32/K$30)","v":0},{"$f":"IF($I$9=\"£\",L20/L$32,L20/L$32/L$30)","v":1.1830608259418836},{"$f":"IF($I$9=\"£\",M20/M$32,M20/M$32/M$30)","v":4.8022150150324414},{"$f":"IF($I$9=\"£\",N20/N$32,N20/N$32/N$30)","v":7.6547493176483465},7.3581834641295698,2.3533085299267551,-0.82025805000000018,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E21","v":"Capex"},null,{"$f":"$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"IF($I$9=\"£\",K21/K$32,K21/K$32/K$30)","v":0},0,0,0,0,5.2391848591622789,109.41443944492951,175.32929627879014,171.11296519718414,125.19281039361088,56.682665149733701,26.348097853383258,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Spares",null,"£m 19/20 prices",null,null,null,{"$f":"IF($I$9=\"£\",K22/K$32,K22/K$32/K$30)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[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 2022/23 prices",null,null,null,0,0,0,0.94957939363048127,0.26192564940974106,0.785786212486421,0,5.9583325250103432,0,0.41876846917184901,0,1.2535122670268057,2.1825570243162904,0.94957939363048127,0.26192564940974106,0,40.973690869100587,0,0,1.20455468165827,0,0,0,0.94957939363048127,0.26192564940974106]
[null,null,null,null,"Decommissioning baseline",null,"£m 2022/23 prices",null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,59.641552798165968]
[null,null,null,null,"Controllable Opex",null,"£m 2022/23 prices",null,null,null,29.745706279468877,31.023840892054096,34.162666445644383,32.549827713880525,36.032313385643349,37.381132990236964,37.48077266858752,38.330464613146546,39.205324464224653,41.41279650110792,39.839996577870394,39.921949696758375,39.998968032642694,40.080068870929857,42.298868875440583,40.565520236037244,40.649976243658514,40.738587910426823,40.822374596676219,43.043955109985049,41.340093567172012,41.427526126496964,41.51921587975427,41.61518463675921,43.840053739334323]
[null,null,null,null,"Non-controllable Opex baseline",null,"£m 2022/23 prices",null,null,null,4.4207132654863344,4.5584241900304647,4.6082782317578701,4.6587953322402509,4.7099843101590464,4.761854101484162,4.8144137610339008,4.8676724640556532,4.9216395078275941,4.976324313281701,5.0317364266483473,5.0878855211227716,5.1447813985537056,5.2024339911544697,5.2608533632368246,5.3200497129678741,5.3800333741503472,5.4408148180265474,5.5024046551063019,5.5648136370192169,5.6280526583915726,5.6921327587481816,5.7570651244395332,5.8228610905945803,5.8895321430994887]
[]
[null,null,null,null,{"$f":"E24","v":"Base year UK RPI inflation index value (CHAW)"},null,{"$f":"G24","v":"Jan 1987 = 100"},{"$f":"H24","v":"UK RPI index 2019/20"},{"$f":"I24","v":290.64166666666665}]
[null,null,null,null,{"$f":"IF(E25=\"\",\"\",E25)","v":""},null,{"$f":"IF(G25=\"\",\"\",G25)","v":""},"",""]
[null,null,null,null,{"$f":"IF(E26=\"\",\"\",E26)","v":""},null,"","",""]
[]
[null,null,null,null,"2022/23 average UK RPI inflation index value (CHAW)",null,{"$f":"G24","v":"Jan 1987 = 100"},null,351.2166666666667]
[null,null,null,null,null,null,{"$f":"IF(G25=\"\",\"\",G25)","v":""}]
[null,null,null,null,null,null,{"$f":"IF(G26=\"\",\"\",G26)","v":""}]
[]
[null,null,null,null,{"$f":"IF(E30=\"\",\"\",E30)","v":""},null,{"$f":"IF(G30=\"\",\"\",G30)","v":""},{"$f":"IF(H30=\"\",\"\",H30)","v":""}]
[]
[null,null,null,null,"Indexation conversion from 2018 to 2019/20 terms",null,null,null,{"$f":"IF($I$6=100%,(I51/$I$47),$I$6*(I51/$I$47)+$I$7*((I52/$I$48)/(I53/$I$49)))","v":1.2084181552312414}]
[]
[null,null,null,null,{"$f":"E42","v":"Replacement Capex"},null,{"$f":"$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"IF($I$9=\"£\",K42/$I$57,K42/K$55/$I$57)","v":0},0,0,0.7858036471231028,0.21675083933145584,0.65026018442767763,0,4.9306876921839722,0,0.34654268256315135,0,1.0373166454015541,1.8061273035894094,0.7858036471231028,0.21675083933145584,0,33.906881232895671,0,0,0.99680286699082887,0,0,0,0.7858036471231028,0.21675083933145584]
[null,null,null,null,{"$f":"E43","v":"Decommissioning baseline"},null,"£m 19/20 prices",null,null,null,{"$f":"IF($I$9=\"£\",K43/$I$57,K43/K$55/$I$57)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,49.35506185501908]
[null,null,null,null,"Controllable Opex",null,"£m 19/20 prices",null,null,null,{"$f":"IF($I$9=\"£\",K44/$I$57,K44/K$55/$I$57)","v":24.615408292816301},{"$f":"IF($I$9=\"£\",L44/$I$57,L44/L$55/$I$57)","v":25.673100621462787},28.270567019995706,26.93589762200472,29.817752430861361,30.933938577812707,31.016393213171515,31.71953718769781,32.443508312503276,34.270253489515987,32.968717331333593,33.036535841452135,33.100270679886087,33.167383903844268,35.003503292572034,33.569108557686867,33.638998278604795,33.712326924309686,33.781662762973383,35.620083100909895,34.210089767528544,34.282442668671628,34.358318517491327,34.437735362223002,36.278877100241139]
[null,null,null,null,"Non-controllable Opex baseline",null,"£m 19/20 prices",null,null,null,{"$f":"IF($I$9=\"£\",K45/$I$57,K45/K$55/$I$57)","v":3.6582645223833072},3.7722241843992905,3.8134798056522379,3.8552841266678501,3.8976444451529693,3.9405681558739403,3.9840627519475,4.0281358261488398,4.0727950722370565,4.1180482862982455,4.1639033681064488,4.2103683225027018,4.2574512607924255,4.3051604021614009,4.3535040751105845,4.4024907189099922,4.4521288850719314,4.5024272388438256,4.5533945607208857,4.6050397479789114,4.6573718162274673,4.7103999009837301,4.7641332592672514,4.818581271215943,4.8737534417235526]
[]
[null,"Variables set at financial close"]
[]
[null,null,"Finance"]
[]
[null,null,null,null,"Cap return rate",null,"real annual %",null,8.2299999999999998E-2]
[null,null,null,null,"Floor return rate",null,"real annual %",null,1.6999999999999999E-3]
[null,null,null,null,"Interest during construction (IDC) rate",null,"real annual %",null,4.3999999999999997E-2]
[null,null,null,null,"Cost of debt (for tax)",null,"real annual %",null,{"$f":"I69","v":1.6999999999999999E-3}]
[]
[null,null,null,null,"Pre-operational notional gearing",null,"%",null,0.23319999999999999]
[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$84","v":"2013-04-01"},{"$f":"+K82+1","v":"2014-04-01"},{"$f":"+L82+1","v":"2015-04-01"},{"$f":"+M82+1","v":"2016-04-01"},{"$f":"+N82+1","v":"2017-04-01"},{"$f":"+O82+1","v":"2018-04-01"},{"$f":"+P82+1","v":"2019-04-01"},{"$f":"+Q82+1","v":"2020-04-01"},{"$f":"+R82+1","v":"2021-04-01"},{"$f":"+S82+1","v":"2022-04-01"},{"$f":"+T82+1","v":"2023-04-01"},{"$f":"+U82+1","v":"2024-04-01"},{"$f":"+V82+1","v":"2025-04-01"},{"$f":"+W82+1","v":"2026-04-01"},{"$f":"+X82+1","v":"2027-04-01"},{"$f":"+Y82+1","v":"2028-04-01"},{"$f":"+Z82+1","v":"2029-04-01"},{"$f":"+AA82+1","v":"2030-04-01"},{"$f":"+AB82+1","v":"2031-04-01"},{"$f":"+AC82+1","v":"2032-04-01"},{"$f":"+AD82+1","v":"2033-04-01"},{"$f":"+AE82+1","v":"2034-04-01"},{"$f":"+AF82+1","v":"2035-04-01"},{"$f":"+AG82+1","v":"2036-04-01"},{"$f":"+AH82+1","v":"2037-04-01"},{"$f":"+AI82+1","v":"2038-04-01"},{"$f":"+AJ82+1","v":"2039-04-01"},{"$f":"+AK82+1","v":"2040-04-01"},{"$f":"+AL82+1","v":"2041-04-01"},{"$f":"+AM82+1","v":"2042-04-01"},{"$f":"+AN82+1","v":"2043-04-01"},{"$f":"+AO82+1","v":"2044-04-01"},{"$f":"+AP82+1","v":"2045-04-01"},{"$f":"+AQ82+1","v":"2046-04-01"},{"$f":"+AR82+1","v":"2047-04-01"},{"$f":"+AS82+1","v":"2048-04-01"},{"$f":"+AT82+1","v":"2049-04-01"},{"$f":"+AU82+1","v":"2050-04-01"},{"$f":"+AV82+1","v":"2051-04-01"},{"$f":"+AW82+1","v":"2052-04-01"}]
[null,null,null,null,"Year ending",null,null,null,null,null,{"$f":"EOMONTH(K81,11)","v":"2014-03-31"},{"$f":"DATE(YEAR(K82) + 1, MONTH(K82), DAY(K82))","v":"2015-03-31"},{"$f":"DATE(YEAR(L82) + 1, MONTH(L82), DAY(L82))","v":"2016-03-31"},{"$f":"DATE(YEAR(M82) + 1, MONTH(M82), DAY(M82))","v":"2017-03-31"},{"$f":"DATE(YEAR(N82) + 1, MONTH(N82), DAY(N82))","v":"2018-03-31"},{"$f":"DATE(YEAR(O82) + 1, MONTH(O82), DAY(O82))","v":"2019-03-31"},{"$f":"DATE(YEAR(P82) + 1, MONTH(P82), DAY(P82))","v":"2020-03-31"},{"$f":"DATE(YEAR(Q82) + 1, MONTH(Q82), DAY(Q82))","v":"2021-03-31"},{"$f":"DATE(YEAR(R82) + 1, MONTH(R82), DAY(R82))","v":"2022-03-31"},{"$f":"DATE(YEAR(S82) + 1, MONTH(S82), DAY(S82))","v":"2023-03-31"},{"$f":"DATE(YEAR(T82) + 1, MONTH(T82), DAY(T82))","v":"2024-03-31"},{"$f":"DATE(YEAR(U82) + 1, MONTH(U82), DAY(U82))","v":"2025-03-31"},{"$f":"DATE(YEAR(V82) + 1, MONTH(V82), DAY(V82))","v":"2026-03-31"},{"$f":"DATE(YEAR(W82) + 1, MONTH(W82), DAY(W82))","v":"2027-03-31"},{"$f":"DATE(YEAR(X82) + 1, MONTH(X82), DAY(X82))","v":"2028-03-31"},{"$f":"DATE(YEAR(Y82) + 1, MONTH(Y82), DAY(Y82))","v":"2029-03-31"},{"$f":"DATE(YEAR(Z82) + 1, MONTH(Z82), DAY(Z82))","v":"2030-03-31"},{"$f":"DATE(YEAR(AA82) + 1, MONTH(AA82), DAY(AA82))","v":"2031-03-31"},{"$f":"DATE(YEAR(AB82) + 1, MONTH(AB82), DAY(AB82))","v":"2032-03-31"},{"$f":"DATE(YEAR(AC82) + 1, MONTH(AC82), DAY(AC82))","v":"2033-03-31"},{"$f":"DATE(YEAR(AD82) + 1, MONTH(AD82), DAY(AD82))","v":"2034-03-31"},{"$f":"DATE(YEAR(AE82) + 1, MONTH(AE82), DAY(AE82))","v":"2035-03-31"},{"$f":"DATE(YEAR(AF82) + 1, MONTH(AF82), DAY(AF82))","v":"2036-03-31"},{"$f":"DATE(YEAR(AG82) + 1, MONTH(AG82), DAY(AG82))","v":"2037-03-31"},{"$f":"DATE(YEAR(AH82) + 1, MONTH(AH82), DAY(AH82))","v":"2038-03-31"},{"$f":"DATE(YEAR(AI82) + 1, MONTH(AI82), DAY(AI82))","v":"2039-03-31"},{"$f":"DATE(YEAR(AJ82) + 1, MONTH(AJ82), DAY(AJ82))","v":"2040-03-31"},{"$f":"DATE(YEAR(AK82) + 1, MONTH(AK82), DAY(AK82))","v":"2041-03-31"},{"$f":"DATE(YEAR(AL82) + 1, MONTH(AL82), DAY(AL82))","v":"2042-03-31"},{"$f":"DATE(YEAR(AM82) + 1, MONTH(AM82), DAY(AM82))","v":"2043-03-31"},{"$f":"DATE(YEAR(AN82) + 1, MONTH(AN82), DAY(AN82))","v":"2044-03-31"},{"$f":"DATE(YEAR(AO82) + 1, MONTH(AO82), DAY(AO82))","v":"2045-03-31"},{"$f":"DATE(YEAR(AP82) + 1, MONTH(AP82), DAY(AP82))","v":"2046-03-31"},{"$f":"DATE(YEAR(AQ82) + 1, MONTH(AQ82), DAY(AQ82))","v":"2047-03-31"},{"$f":"DATE(YEAR(AR82) + 1, MONTH(AR82), DAY(AR82))","v":"2048-03-31"},{"$f":"DATE(YEAR(AS82) + 1, MONTH(AS82), DAY(AS82))","v":"2049-03-31"},{"$f":"DATE(YEAR(AT82) + 1, MONTH(AT82), DAY(AT82))","v":"2050-03-31"},{"$f":"DATE(YEAR(AU82) + 1, MONTH(AU82), DAY(AU82))","v":"2051-03-31"},{"$f":"DATE(YEAR(AV82) + 1, MONTH(AV82), DAY(AV82))","v":"2052-03-31"},{"$f":"DATE(YEAR(AW82) + 1, MONTH(AW82), DAY(AW82))","v":"2053-03-31"}]
[]
[null,null,null,null,"Model start date",null,"date",null,"2013-04-01"]
[null,null,null,null,"Regime start date",null,"date",null,"2023-01-01"]
[null,null,null,null,"End date for IDC",null,"date",null,"2023-12-28"]
[null,null,null,null,"Start of operations",null,"date",null,"2023-12-29"]
[null,null,null,null,"Regime end date",null,"date",null,{"$f":"DATE(YEAR($I$85)+I89,MONTH($I$85),DAY($I$85))-1","v":"2047-12-31"}]
[null,null,null,null,"Number of operational years",null,"full years",null,25]
[]
[null,null,null,null,"Days in year",null,"days",null,null,null,{"$f":"K$82-K$81+1","v":365},365,{"$f":"M$82-M$81+1","v":366},{"$f":"N$82-N$81+1","v":365},365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365]
[null,null,null,null,"IDC flag",null,"flag",null,null,null,{"$f":"IF($I$86>=K$82,1,IF($I$86>=K$81,($I$86-K$81+1)/K$91,0))","v":1},1,1,1,1,1,1,1,1,1,0.74316939890710387,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Post-IDC and pre-operations flag",null,"flag",null,null,null,{"$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$91,1)))","v":0},0,0,0,0,0,0,0,0,0,0.25683060109289618,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0.75136612021857918,0,0,0,0,0]
[null,null,null,null,"Transfer construction to operations flag",null,"flag","`",null,null,{"$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:$AX36)=0),1,0)","v":1},{"$f":"IF(AND(SUM(W34:W36)<>0,SUM(X34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(X34:X36)<>0,SUM(Y34:$AX36)=0),1,0)","v":0},{"$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($AX34:AY36)=0),1,0)","v":0}]
[null,null,null,null,"Initial transaction costs flag",null,"flag",null,null,null,{"$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($J35:O35)=0,P35>0),1,0)","v":1},{"$f":"IF(AND(SUM($J35:P35)=0,Q35>0),1,0)","v":0},{"$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($J35:AX35)=0,AY35>0),1,0)","v":0}]
[]
[null,null,"Tax - Financial years"]
[]
[null,null,null,null,"Year commencing",null,null,null,null,null,{"$f":"K17","v":"2013-04-01"},{"$f":"+K101+1","v":"2014-04-01"},{"$f":"+L101+1","v":"2015-04-01"},{"$f":"+M101+1","v":"2016-04-01"},"2017-04-01","2018-04-01","2019-04-01","2020-04-01","2021-04-01","2022-04-01","2023-04-01","2024-04-01","2025-04-01","2026-04-01","2027-04-01","2028-04-01","2029-04-01","2030-04-01","2031-04-01","2032-04-01","2033-04-01","2034-04-01","2035-04-01","2036-04-01","2037-04-01","2038-04-01","2039-04-01","2040-04-01","2041-04-01","2042-04-01","2043-04-01","2044-04-01","2045-04-01","2046-04-01","2047-04-01","2048-04-01","2049-04-01","2050-04-01","2051-04-01","2052-04-01"]
[null,null,null,null,"Year ending",null,null,null,null,null,{"$f":"K18","v":"2014-03-31"},{"$f":"DATE(YEAR(K101) + 1, MONTH(K101), DAY(K101))","v":"2015-03-31"},"2016-03-31","2017-03-31","2018-03-31","2019-03-31","2020-03-31","2021-03-31","2022-03-31","2023-03-31","2024-03-31","2025-03-31","2026-03-31","2027-03-31","2028-03-31","2029-03-31","2030-03-31","2031-03-31","2032-03-31","2033-03-31","2034-03-31","2035-03-31","2036-03-31","2037-03-31","2038-03-31","2039-03-31","2040-03-31","2041-03-31","2042-03-31","2043-03-31","2044-03-31","2045-03-31","2046-03-31","2047-03-31","2048-03-31","2049-03-31","2050-03-31","2051-03-31","2052-03-31","2053-03-31"]
[]
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[null,null,null,null,"Depreciation (negative)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":" - K25","v":-32.563120404707149},{"$f":" - L25","v":-32.563120404707149},{"$f":" - M25","v":-32.563120404707149},-32.563120404707142,-32.600539625998721,-32.611377167965294,-32.64560138819833,-32.64560138819833,-32.935641840679736,-32.935641840679736,-32.958744686183948,-32.958744686183948,-33.03853827429176,-33.189048882924212,-33.260485578117219,-33.282160662050366,-33.282160662050359,-37.520520816162318,-37.520520816162318,-37.52052081616231,-37.719881389560484,-37.719881389560484,-37.719881389560484,-37.719881389560484,-38.722435876015041]
[null,null,null,null,"Closing operational RAV",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"SUM(K12:K14)","v":781.51488971297158},748.95176930826437,716.38864890355717,684.61133214597317,652.22754335930586,620.26642637576822,587.6208249875699,559.90591129155553,526.97026945087578,494.38117029275918,461.42242560657525,429.50099756579289,398.26858659509054,365.8653413592894,332.82160662050364,299.53944595845326,300.16416652929854,262.64364571313621,225.12312489697388,188.59940694780241,150.87952555824194,113.15964416868145,75.439762779120969,38.505685036683587,0]
[]
[null,null,null,null,"Average operational RAV",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"AVERAGE(K12, K15)","v":797.79644991532518},{"$f":"AVERAGE(L12, L15)","v":765.23332951061798},{"$f":"AVERAGE(M12, M15)","v":732.67020910591077},700.49999052476517,668.41943775263951,636.24698486753709,603.94362568166912,573.76336813956277,543.43809037121559,510.67571987181748,477.90179794966718,445.46171158618404,413.88479208044168,382.06696397718997,349.34347398989655,316.18052628947845,{"$f":"AVERAGE(AA12, AA15)","v":299.8518062438759},281.40390612121735,243.88338530505504,206.86126592238816,169.73946625302216,132.01958486346169,94.299703473901218,56.972723907902278,19.252842518341794]
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[null,"Operational RAV depreciation"]
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[null,null,null,null,"Number of operational years",null,"full years",null,{"$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$11","v":"£m 19/20 prices"},null,null,null,{"$f":"IF(K23, IF(K22=1,SUM(K12:K13),K12 / K22), 0)","v":32.563120404707149},{"$f":"IF(L23, IF(L22=1,SUM(L12:L13),L12 / L22), 0)","v":32.563120404707149},32.563120404707149,32.563120404707142,32.600539625998721,32.611377167965294,32.64560138819833,32.64560138819833,32.935641840679736,32.935641840679736,32.958744686183948,32.958744686183948,33.03853827429176,33.189048882924212,33.260485578117219,33.282160662050366,33.282160662050359,37.520520816162318,37.520520816162318,37.52052081616231,37.719881389560484,37.719881389560484,37.719881389560484,37.719881389560484,38.722435876015041]
[]
[null,null,null,null,"Depreciation equal to additions",null,"check",null,{"$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":8.2299999999999998E-2}]
[null,null,null,null,"Floor return rate",null,{"$f":"Inputs!G69","v":"real annual %"},null,{"$f":"Inputs!I69","v":1.6999999999999999E-3}]
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[null,null,null,null,"Opening operational RAV (after transfers)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"K12","v":814.07801011767867},781.51488971297158,748.95176930826437,716.38864890355717,684.61133214597317,652.22754335930586,620.26642637576822,587.6208249875699,559.90591129155553,526.97026945087578,494.38117029275918,461.42242560657525,429.50099756579289,398.26858659509054,365.8653413592894,332.82160662050364,299.53944595845326,300.16416652929854,262.64364571313621,225.12312489697388,188.59940694780241,150.87952555824194,113.15964416868145,75.439762779120969,38.505685036683587]
[null,null,null,null,"Closing operational RAV",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"K15","v":781.51488971297158},748.95176930826437,716.38864890355717,684.61133214597317,652.22754335930586,620.26642637576822,587.6208249875699,559.90591129155553,526.97026945087578,494.38117029275918,461.42242560657525,429.50099756579289,398.26858659509054,365.8653413592894,332.82160662050364,299.53944595845326,300.16416652929854,262.64364571313621,225.12312489697388,188.59940694780241,150.87952555824194,113.15964416868145,75.439762779120969,38.505685036683587,0]
[]
[null,null,null,null,"NPV neutral return base  (cap)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"0.5 * K$34 + 0.5 * K$35 / (1 + $I31)","v":768.08256493732574},{"$f":"0.5 * L$34 + 0.5 * L$35 / (1 + $I31)","v":736.75752307336847},705.43248120941121,674.47046422170058,643.62117164413405,612.66390859906915,581.60176395364681,552.47525185974428,523.40221622550416,491.87891200195975,460.35811060446667,429.13170507243336,398.74226936179809,368.15644120445154,336.68930313853025,304.79177252324882,288.4393000508789,271.41796320234499,235.32400566030731,199.69055022812401,164.00289369761086,127.71715544690321,91.431417196195554,55.508703821734372,19.252842518341794]
[null,null,null,null,"NPV neutral return base (floor)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"0.5 * K$34 + 0.5 * K$35 / (1 + $I32)","v":797.13328963155152},764.59780090533491,732.06231217911829,699.91905847692237,667.86598521010637,635.72065316900512,603.44499565148089,573.28825580593207,542.99092582191622,510.25620904547338,477.5102545117461,445.09725531391598,413.54683830325712,381.75650621522993,349.06105573530192,315.92634986034329,299.59709970344471,281.18103789834009,243.69235539973167,206.70122849011739,169.61143630720557,131.92356240409924,94.235688500992893,56.940049621907292,19.252842518341794]
[]
[null,null,null,null,"Return (cap)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"K37 * $I31","v":63.213195094341906},60.635144148938224,58.057093203534542,55.508919205445956,52.970022426312234,50.422239677703388,47.865825173385133,45.468713228056956,43.076002395358991,40.481634457761288,37.887472502747606,35.317539327461262,32.816488768475985,30.299275111126359,27.709529648301039,25.084362878663377,23.738554394187332,22.337698371552992,19.367165665843292,16.434532283774605,13.497438151313373,10.511121893280134,7.5248056352468939,4.5683663245287383,1.5845089392595295]
[null,null,null,null,"Return (floor)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"K38 * $I32","v":1.3551265923736375},1.2998162615390694,1.244505930704501,1.189862399410768,1.1353721748571808,1.0807251103873086,1.0258564926075175,0.97459003487008444,0.92308457389725751,0.86743555537730466,0.81176743266996831,0.7566653340336571,0.70302962511553702,0.64898606056589081,0.59340379475001326,0.53707479476258357,0.50931506949585603,0.47800776442717813,0.41427700417954383,0.35139208843319952,0.28833944172224946,0.22427005608696871,0.1602006704516879,9.6798084357242395E-2,3.2729832281181044E-2]
[]
[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)"]
[]
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[null,null,null,null,"Non-controllable Opex (baseline)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"Inputs!K62","v":3.6582645223833072},{"$f":"Inputs!L62","v":3.7722241843992905},{"$f":"Inputs!M62","v":3.8134798056522379},{"$f":"Inputs!N62","v":3.8552841266678501},{"$f":"Inputs!O62","v":3.8976444451529693},{"$f":"Inputs!P62","v":3.9405681558739403},{"$f":"Inputs!Q62","v":3.9840627519475},{"$f":"Inputs!R62","v":4.0281358261488398},{"$f":"Inputs!S62","v":4.0727950722370565},{"$f":"Inputs!T62","v":4.1180482862982455},{"$f":"Inputs!U62","v":4.1639033681064488},{"$f":"Inputs!V62","v":4.2103683225027018},{"$f":"Inputs!W62","v":4.2574512607924255},{"$f":"Inputs!X62","v":4.3051604021614009},{"$f":"Inputs!Y62","v":4.3535040751105845},{"$f":"Inputs!Z62","v":4.4024907189099922},{"$f":"Inputs!AA62","v":4.4521288850719314},{"$f":"Inputs!AB62","v":4.5024272388438256},{"$f":"Inputs!AC62","v":4.5533945607208857},{"$f":"Inputs!AD62","v":4.6050397479789114},{"$f":"Inputs!AE62","v":4.6573718162274673},{"$f":"Inputs!AF62","v":4.7103999009837301},{"$f":"Inputs!AG62","v":4.7641332592672514},{"$f":"Inputs!AH62","v":4.818581271215943},{"$f":"Inputs!AI62","v":4.8737534417235526}]
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[]
[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":8.2299999999999998E-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,null,null,"Capex",null,"£m nominal",null,null,null,{"$f":"SUMPRODUCT('Pre Op RAV'!K19:AX19,Inputs!K107:AX107)","v":735.424365113676}]
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[null,null,null,null,"Write-back allowance",null,"£m nominal",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-SUM(AI37:AI38)","v":-128.60929033604654}]
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[null,null,null,null,"Capital allowances",null,"£m nominal",null,null,null,{"$f":"-(K38 + K39)","v":58.833949209094079},54.12723327236656,49.797054610577234,45.890955594350771,42.241783081540817,38.930861761279203,35.816392820376869,33.503416780816224,30.823143438350925,28.398619845620374,26.126730257970745,{"$f":"-(V38 + V39)","v":24.168292758753715},22.471432937938193,20.779932495906646,19.147766968931514,17.615945611416993,21.241014442651327,19.541733287239222,17.978394624260083,16.702696995149488,15.366481235537526,14.137162736694524,13.006189717758962,12.110951780727355,139.79270688700711]
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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":1.6999999999999999E-3}]
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[null,null,"Net debt"]
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[null,null,null,null,"Principal repayments",null,"£m nominal",null,null,null,{"$f":"K59 - K58","v":11.795234986914023},{"$f":"L59 - L58","v":12.191013009379038},12.600070991356525,13.022854529404762,13.459824171655685,13.91145591950087,14.378241746111161,14.860690132354682,15.359326620697122,15.874694387687592,16.407354835653727,16.957888204250548,17.526894202529263,18.114992662214586,18.722824212902097,19.351050979911271,20.000357305554274,20.671450494606283,21.365061584789338,22.081946143109057,22.822885088911711,23.588685544558164,24.380181714641406,25.19823579470539,26.043738910455087]
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[]
[null,"End of sheet"]

{"sheet":"Tax Cap","index":10,"n_rows":42,"n_cols":35,"rows_kept":42,"cut":false,"hidden":false,"merged":[]}
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[null,"End of sheet"]

{"sheet":"Tax Floor","index":11,"n_rows":42,"n_cols":35,"rows_kept":42,"cut":false,"hidden":false,"merged":[]}
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[]
[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":-34.221900705705622},-51.87934261139722,-66.329024840328671,-73.273217030490216,-78.17849666667928,-79.230505169659097,-75.254040524645774,-67.864276809945309,-56.722289716994524,-43.728994353835716,-24.332325367794212,-0.82618750257850593,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"In-year taxable loss",null,"£m nominal prices",null,null,null,{"$f":"MIN(K11, 0)","v":-34.221900705705622},-17.657441905691599,-14.449682228931451,-6.9441921901615444,-4.9052796361890643,-1.0520085029798167,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-63.397498090684849]
[null,null,null,null,"Profits used to offset losses",null,"£m nominal prices",null,null,null,{"$f":"IF(K11 >= 0, MIN(K11, -K15), 0)","v":0},0,0,0,0,0,3.9764646450133228,7.3897637147004644,11.141987092950785,12.993295363158808,19.396668986041504,23.506137865215706,0.82618750257850593,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Taxable losses carried forward",null,"£m nominal prices",null,null,null,{"$f":"SUM(K15:K17)","v":-34.221900705705622},{"$f":"SUM(L15:L17)","v":-51.87934261139722},-66.329024840328671,-73.273217030490216,-78.17849666667928,-79.230505169659097,-75.254040524645774,-67.864276809945309,-56.722289716994524,-43.728994353835716,-24.332325367794212,-0.82618750257850593,0,0,0,0,0,0,0,0,0,0,0,0,-63.397498090684849]
[]
[null,null,"Tax allowance"]
[]
[null,null,null,null,"Profits attributable to corporation tax (after taxable losses)",null,"£m nominal prices",null,null,null,{"$f":"MAX(K11 - K17,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,26.597117477717873,31.394179908843327,32.28803807964772,38.836334786530713,37.674534258885288,41.901650497012355,46.073425604100791,46.426164879264476,53.520462782807996,57.56427014533439,61.58245351845234,65.439040133559658,0]
[null,null,null,null,"Corporation tax rate",null,{"$f":"Inputs!G113","v":"%"},null,null,null,{"$f":"Inputs!K113","v":0.19},{"$f":"Inputs!L113","v":0.19},{"$f":"Inputs!M113","v":0.19},{"$f":"Inputs!N113","v":0.19},{"$f":"Inputs!O113","v":0.19},{"$f":"Inputs!P113","v":0.19},{"$f":"Inputs!Q113","v":0.19},{"$f":"Inputs!R113","v":0.19},{"$f":"Inputs!S113","v":0.19},{"$f":"Inputs!T113","v":0.19},{"$f":"Inputs!U113","v":0.19},{"$f":"Inputs!V113","v":0.19},{"$f":"Inputs!W113","v":0.19},{"$f":"Inputs!X113","v":0.19},{"$f":"Inputs!Y113","v":0.19},{"$f":"Inputs!Z113","v":0.19},{"$f":"Inputs!AA113","v":0.19},{"$f":"Inputs!AB113","v":0.19},{"$f":"Inputs!AC113","v":0.19},{"$f":"Inputs!AD113","v":0.19},{"$f":"Inputs!AE113","v":0.19},{"$f":"Inputs!AF113","v":0.19},{"$f":"Inputs!AG113","v":0.19},{"$f":"Inputs!AH113","v":0.19},{"$f":"Inputs!AI113","v":0.19}]
[null,null,null,null,"Corporation tax charge after losses",null,"£m nominal prices",null,null,null,{"$f":"K22 * K23","v":0},{"$f":"L22 * L23","v":0},0,0,0,0,0,0,0,0,0,0,5.0534523207663957,5.964894182680232,6.1347272351330666,7.3789036094408358,7.1581615091882052,7.9613135944323474,8.7539508647791511,8.820971327060251,10.16888792873352,10.937211327613534,11.700666168505945,12.433417625376336,0]
[]
[null,null,null,null,"Grossing-up factor for tax on tax charge after losses",null,"scalar",null,null,null,{"$f":"1 / (1 - K23)","v":1.2345679012345678},1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678]
[]
[null,null,null,null,"Unprofiled tax allowance (floor)",null,"£m nominal prices",null,null,null,{"$f":"K24 * K26","v":0},0,0,0,0,0,0,0,0,0,0,0,6.2388300256375251,7.3640668921978172,7.573737327324773,9.1097575425195494,8.8372364310965494,9.8287822153485767,10.807346746640926,10.890088058099074,12.554182628066073,13.502730034090781,14.445266874698698,15.349898302933747,0]
[]
[null,"Profiled tax allowance (floor)"]
[]
[null,null,null,null,"Unprofiled tax allowance (floor)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$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$11","v":0},{"$f":"'Tax Floor'!V28 / 'Tax Deductions'!V$11","v":0},{"$f":"'Tax Floor'!W28 / 'Tax Deductions'!W$11","v":3.8099576700421496},{"$f":"'Tax Floor'!X28 / 'Tax Deductions'!X$11","v":4.3585215556692329},{"$f":"'Tax Floor'!Y28 / 'Tax Deductions'!Y$11","v":4.3444638583701627},{"$f":"'Tax Floor'!Z28 / 'Tax Deductions'!Z$11","v":5.0645078033702617},{"$f":"'Tax Floor'!AA28 / 'Tax Deductions'!AA$11","v":4.7615831976189096},{"$f":"'Tax Floor'!AB28 / 'Tax Deductions'!AB$11","v":5.1326197573598149},{"$f":"'Tax Floor'!AC28 / 'Tax Deductions'!AC$11","v":5.4696928775180451},{"$f":"'Tax Floor'!AD28 / 'Tax Deductions'!AD$11","v":5.3417028301886482},{"$f":"'Tax Floor'!AE28 / 'Tax Deductions'!AE$11","v":5.9681708997235372},{"$f":"'Tax Floor'!AF28 / 'Tax Deductions'!AF$11","v":6.2212674197870017},{"$f":"'Tax Floor'!AG28 / 'Tax Deductions'!AG$11","v":6.450410167426484},{"$f":"'Tax Floor'!AH28 / 'Tax Deductions'!AH$11","v":6.6431145392011386},{"$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,{"$f":"'Allowances Floor'!K24","v":0.99830288509533793},{"$f":"'Allowances Floor'!L24","v":0.99660865038967539},{"$f":"'Allowances Floor'!M24","v":0.99491729099498394},{"$f":"'Allowances Floor'!N24","v":0.9932288020315303},{"$f":"'Allowances Floor'!O24","v":0.9915431786278629},{"$f":"'Allowances Floor'!P24","v":0.98986041592079754},{"$f":"'Allowances Floor'!Q24","v":0.98818050905540344},{"$f":"'Allowances Floor'!R24","v":0.98650345318498878},{"$f":"'Allowances Floor'!S24","v":0.98482924347108791},{"$f":"'Allowances Floor'!T24","v":0.98315787508344588},{"$f":"'Allowances Floor'!U24","v":0.98148934320000591},{"$f":"'Allowances Floor'!V24","v":0.97982364300689428},{"$f":"'Allowances Floor'!W24","v":0.97816076969840693},{"$f":"'Allowances Floor'!X24","v":0.97650071847699593},{"$f":"'Allowances Floor'!Y24","v":0.97484348455325553},{"$f":"'Allowances Floor'!Z24","v":0.97318906314590736},{"$f":"'Allowances Floor'!AA24","v":0.97153744948178822},{"$f":"'Allowances Floor'!AB24","v":0.96988863879583531},{"$f":"'Allowances Floor'!AC24","v":0.96824262633107261},{"$f":"'Allowances Floor'!AD24","v":0.96659940733859673},{"$f":"'Allowances Floor'!AE24","v":0.96495897707756506},{"$f":"'Allowances Floor'!AF24","v":0.96332133081517912},{"$f":"'Allowances Floor'!AG24","v":0.96168646382667378},{"$f":"'Allowances Floor'!AH24","v":0.96005437139530159},{"$f":"'Allowances Floor'!AI24","v":0.9584250488123206}]
[]
[null,null,null,null,"Discounted unprofiled tax allowance (floor)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"K32*K33","v":0},{"$f":"L32*L33","v":0},0,0,0,0,0,0,0,0,0,0,3.7267511270467781,4.2560994306084803,4.2351722862092505,4.9287236044570424,4.6260563953100133,4.9780695899223213,5.2959897969524334,5.163286789839252,5.7590400864213152,5.9930796101863297,6.2032721441439982,6.3777511530397373,0]
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[]
[null,null,null,null,"Annuity factor (floor)",null,{"$f":"'Allowances Floor'!G31","v":"scalar"},null,{"$f":"'Allowances Floor'!I31","v":4.0890005915479928E-2}]
[]
[null,null,null,null,"Annuity of tax allowance (floor)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,{"$f":"I36 * I38","v":2.5165055745161684}]
[]
[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 excluding tax (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,{"$f":"'Allowances Floor'!$I33","v":73.56243919293648}]
[]
[null,null,null,null,"Cap at relevant stage - tax element (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,{"$f":"IF(Inputs!$I$123=\"No\",'Tax Cap'!I40,0)","v":9.4779951768754032}]
[null,null,null,null,"Floor at relevant stage - tax element (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,{"$f":"IF(Inputs!$I$123=\"No\",'Tax Floor'!I40,0)","v":2.5165055745161684}]
[]
[null,null,null,null,"Cap at relevant stage - tax element (previously calculated through the model and fixed)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,10.244872294795947]
[null,null,null,null,"Floor at relevant stage - tax element (previously calculated through the model and fixed)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,2.9013710369075385]
[]
[null,null,null,null,"Cap at relevant stage including tax (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,{"$f":"I8+IF(Inputs!$I$123=\"Yes\",I14,I11)","v":121.12969958246816}]
[null,null,null,null,"Floor at relevant stage including tax (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,{"$f":"I9+IF(Inputs!$I$123=\"Yes\",I15,I12)","v":76.078944767452654}]
[]
[null,null,null,null,"Preliminary Cap including tax (hardcoded at FPA)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},"PCL",111.5465934927972]
[null,null,null,null,"Preliminary Floor including tax (hardcoded at FPA)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},"PFL",61.699778036359014]
[]
[null,null,null,null,"Cap PCA adjustment (at PCR)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},"PCAC",{"$f":"I17-I20","v":9.583106089670963}]
[null,null,null,null,"Floor PCA adjustment (at PCR)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},"PCAF",{"$f":"I18-I21","v":14.37916673109364}]
[]
[null,"End of sheet"]