{"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":0,"defined_names":52,"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":43,"n_cols":3,"rows_kept":43,"cut":false,"hidden":false,"merged":[]}
[]
["Long Duration Electricity Storage Cap and Floor Financial Model (LDES CFFM)"]
["Regime design model"]
["LDES_CFFM_v2.12.xlsm"]
["DISCLAIMER: ",null,"This model has been developed to allow Ofgem to estimate the likely levels of the cap and floor for a given LDES project, for window 1 only, based on the decisions made in the LDES Financial Framework.  It has also been developed to allow Project developers to understand how decisions around the regime design will feed through into the calculation of the initial cap and floor levels. However, developers should not rely on this model as a a definitive indication of the cap and floor, given that many of the relevant inputs are subject to finalisation at Final Investment Decision or Post Construction Review stage. In the event of any inconsistency between this model and a Project's licence, the licence conditions will take precedence."]
[null,null,"For guidance on the use of the LDES CFFM, please refer to the LDES CFFM Handbook (LDES CFFMH)."]
[null,null,"The LDES CFFM should not be used for anything other than its intended purpose."]
["Model key"]
["Sample",null,"Calculated value"]
["Sample",null,"Formula changes in cells to the right"]
["Sample",null,"Import from other sheet"]
["Sample",null,"Export to other sheet"]
["Sample",null,"Import from & export to other sheet"]
["Sample",null,"Developer inputs"]
["Sample",null,"Developer inputs from data submission form (DSF)"]
["Sample",null,"Ofgem default assumption (can be replaced by developer)"]
["Sample",null,"Ofgem inputs"]
["Sample",null,"Notes and instructions"]
["Sample",null,"Cell intentionally blank"]
[null,null,"Rows added to accommodate project-finance related inputs and calculations"]
["Contents"]
["Cover",null,"Model key and content directory"]
["Version Control",null,"Version control and log of changes"]
["Inputs",null,"Input data"]
["Data Sources",null,"Sources of input data"]
["Pre Op RAV",null,"Pre-operational RAV balances and project-finance eligible costs"]
["Finance",null,"Interest during construction, transaction costs, project-finance debt service"]
["Op RAV",null,"Operational RAV balances, return on RAV and RAV depreciation"]
["Allowances Cap",null,"Cap allowances (excluding tax) and annuitisation"]
["Allowances Floor",null,"Floor allowances (excluding tax) and annuitisation"]
["Tax Deductions",null,"Tax calculations"]
["Tax Cap",null,"Tax allowances at cap and annuitisation"]
["Tax Floor",null,"Tax allowances at floor and annuitisation"]
["Cap Floor Levels",null,"Cap and Floor values"]
["Future Cashflows",null,"Future cashflows for residual value"]
["Control"]
[null,null,"This button should be pressed once all input data has been entered. This deals with the model circularity for the interest calculation. Keep pressing the button until circularity check shows TRUE. If check says FALSE then keep pressing button. For full functionality of this button the file should be opened and used via the Excel desktop app."]
["Checks"]
["Senior debt drawdown profile",null,{"$f":"Inputs!I83","v":true}]
["Depreciation",null,{"$f":"Op_Rav!I28","v":"TRUE"}]
["Debt tenor and tail",null,{"$f":"Inputs!I160","v":true}]
["Circularity check",null,{"$f":"Pre_Op_RAV!I57","v":"TRUE"}]
["End of sheet"]

{"sheet":"Version_Control","index":1,"n_rows":16,"n_cols":11,"rows_kept":16,"cut":false,"hidden":false,"merged":[]}
["Version control"]
["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"]
[]
[1,null,"N/a","CEPA","2025-06-13","N/a","N/a","N/a","N/a","CEPA"]
[2,null,1,"CEPA","2025-08-01"," Changed from 40 year to 50 year time period, hid empty rows to reduce blank space within model, added macro for circularity management, minor issues related to incorrect namings fixed, circularity check added to front page, added senior debt profile check, changes all numbers to 2 decimal places, added input charaterisation by colour to better define inputs, added more data validation checks into the model, added more granularity to ACOD inputs.","Based on Feedback from GAD","Throughout model","None","CEPA"]
[2.1,null,2,"CEPA","2025-08-20","Changed location of macro, updated circularity check to TRUE and FALSE, updated referencing in Finance sheet from Op_Rav to Pre_OP_RAV, changed IDC incentive amount from 0.15 to 0.25, changed model time period from 50 years to 80 years.","Based on further feedback from GAD","Throughout model","None","CEPA"]
[2.2000000000000002,null,2,"CEPA","2025-08-21","Removal of IDC delay incentive penalty","Outcome of PoCo meeting","Removal of rows in Input and update to cell reference in Finance tab"]
[2.2999999999999998,null,2.2000000000000002,"CEPA","2025-08-27","Removal of IDC incentive references from Data_Sources sheet, Modification to debt tenor check to make it debt tenor + debt tail <= end date - start of operations","Feedback from GAD","Inputs and Data_Sources tab"]
[2.4,null,2.2999999999999998,"CEPA","2025-09-03","Update to colour coding of inputs to identify developer inputs from the DSF, addition of named ranges for some inputs and outputs. Updated transaction costs calculation to prevent negative transaction costs when project gears up","Feedback from Ofgem\nTransaction costs calc updated in response to feedback from GAD and subsequent discussions with Ofgem","Inputs, Data_Sources and Cap_Floor_Levels\nFinance tab","None"]
[2.5,null,2.4,"CEPA","2025-09-04","Updated names of developer inputs to be better align with Ofgems terms, added a separate row for post debt repayment flag to be used instead of the debt tail flag for the ACOD floor for the post debt repayment period","Feedback from Ofgem","Inputs, Allowance_Floor"]
[2.6,null,2.5,"CEPA","2025-09-10","Labelling issues in output sheet for outturn inflation fixed. Labelling issues for post debt repayment period\nAddition of multiple tax pools to align with Ofgem's feedback. Additional inputs for the multiple tax pools and update to the data sources tab based on the additional inputs. Also updated the logic for tax losses in the tax floor and tax cap tabs","Feedback from Ofgem and GAD","Inputs Rows 176-202, Data_Sources 130-156,  Tax_Deductions 33-131, Tax_Cap and Tax_Floor"]
[2.7,null,2.6,"CEPA","2025-09-11","Correction to floor rate of return calculation to extend over full modelling period, return to debt tail over post debt repayment period and removal of post debt repayment period flag, \nCorrections to  tax calculations, update to 4% for deferred revenue expenditure rate\n","Ofgem feedback","Inputs, Allowances_Floor I84"]
[2.9,null,2.7,"CEPA","2025-09-26","Updated to some colour coding of ofgem inputs to align with published Ofgem assumptions, update of Floor rate and IDC rate. Further documentation updates.","GAD Feedback","Inputs","None"]
["2.10",null,2.9,"CEPA","2025-10-01","Updated colour coding of decommissioning costs. Addition of further error traps and validation checks"]
[2.11,null,2.1,"CEPA","2025-10-02","Updated Disclaimer on cover page, locked ofgem inputs, extra validation on floor rate"]
[2.12,null,2.11,"CEPA","2025-10-03","Updated cell references in data sources sheet\nUpdated cell colour coding of developer inputs\nDevelopment & pre- operational costs updated to £m nominal",null,"Data_Sources,\nInputs,\nPre_Op_RAV"]

{"sheet":"Inputs","index":2,"n_rows":214,"n_cols":90,"rows_kept":214,"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,"Base year price term"]
[]
[null,null,null,null,"Base year price term",null,{"$f":"$I$6","v":"£m 2024 prices"},null,"£m 2024 prices"]
[]
[null,"Variables set after financial close"]
[]
[null,null,"Actual values"]
[]
[null,null,null,null,"Year commencing",null,null,null,null,null,{"$f":"$I$149","v":"2025-01-01"},{"$f":"+K13+1","v":"2026-01-01"},"2027-01-01","2028-01-01","2029-01-01","2030-01-01","2031-01-01","2032-01-01","2033-01-01","2034-01-01","2035-01-01","2036-01-01","2037-01-01","2038-01-01","2039-01-01","2040-01-01","2041-01-01","2042-01-01","2043-01-01","2044-01-01","2045-01-01","2046-01-01","2047-01-01","2048-01-01","2049-01-01","2050-01-01","2051-01-01","2052-01-01","2053-01-01","2054-01-01","2055-01-01","2056-01-01","2057-01-01","2058-01-01","2059-01-01","2060-01-01","2061-01-01","2062-01-01","2063-01-01","2064-01-01",{"$f":"+AX13+1","v":"2065-01-01"},"2066-01-01",{"$f":"+AZ13+1","v":"2067-01-01"},{"$f":"+BA13+1","v":"2068-01-01"},{"$f":"+BB13+1","v":"2069-01-01"},{"$f":"+BC13+1","v":"2070-01-01"},{"$f":"+BD13+1","v":"2071-01-01"},{"$f":"+BE13+1","v":"2072-01-01"},{"$f":"+BF13+1","v":"2073-01-01"},{"$f":"+BG13+1","v":"2074-01-01"},{"$f":"+BH13+1","v":"2075-01-01"},{"$f":"+BI13+1","v":"2076-01-01"},{"$f":"+BJ13+1","v":"2077-01-01"},{"$f":"+BK13+1","v":"2078-01-01"},{"$f":"+BL13+1","v":"2079-01-01"},{"$f":"+BM13+1","v":"2080-01-01"},{"$f":"+BN13+1","v":"2081-01-01"},{"$f":"+BO13+1","v":"2082-01-01"},{"$f":"+BP13+1","v":"2083-01-01"},{"$f":"+BQ13+1","v":"2084-01-01"},{"$f":"+BR13+1","v":"2085-01-01"},{"$f":"+BS13+1","v":"2086-01-01"},{"$f":"+BT13+1","v":"2087-01-01"},{"$f":"+BU13+1","v":"2088-01-01"},{"$f":"+BV13+1","v":"2089-01-01"},{"$f":"+BW13+1","v":"2090-01-01"},{"$f":"+BX13+1","v":"2091-01-01"},{"$f":"+BY13+1","v":"2092-01-01"},{"$f":"+BZ13+1","v":"2093-01-01"},{"$f":"+CA13+1","v":"2094-01-01"},{"$f":"+CB13+1","v":"2095-01-01"},{"$f":"+CC13+1","v":"2096-01-01"},{"$f":"+CD13+1","v":"2097-01-01"},{"$f":"+CE13+1","v":"2098-01-01"},{"$f":"+CF13+1","v":"2099-01-01"},{"$f":"+CG13+1","v":"2100-01-01"},{"$f":"+CH13+1","v":"2101-01-01"},{"$f":"+CI13+1","v":"2102-01-01"},{"$f":"+CJ13+1","v":"2103-01-01"},{"$f":"+CK13+1","v":"2104-01-01"}]
[null,null,null,null,"Year ending",null,null,null,null,null,{"$f":"EOMONTH(K12,11)","v":"2025-12-31"},{"$f":"DATE(YEAR(K13) + 1, MONTH(K13), DAY(K13))","v":"2026-12-31"},"2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31","2036-12-31","2037-12-31","2038-12-31","2039-12-31","2040-12-31","2041-12-31","2042-12-31","2043-12-31","2044-12-31","2045-12-31","2046-12-31","2047-12-31","2048-12-31","2049-12-31","2050-12-31","2051-12-31","2052-12-31","2053-12-31","2054-12-31","2055-12-31","2056-12-31","2057-12-31","2058-12-31","2059-12-31","2060-12-31","2061-12-31","2062-12-31","2063-12-31","2064-12-31","2065-12-31","2066-12-31","2067-12-31",{"$f":"DATE(YEAR(BA13) + 1, MONTH(BA13), DAY(BA13))","v":"2068-12-31"},{"$f":"DATE(YEAR(BB13) + 1, MONTH(BB13), DAY(BB13))","v":"2069-12-31"},{"$f":"DATE(YEAR(BC13) + 1, MONTH(BC13), DAY(BC13))","v":"2070-12-31"},{"$f":"DATE(YEAR(BD13) + 1, MONTH(BD13), DAY(BD13))","v":"2071-12-31"},{"$f":"DATE(YEAR(BE13) + 1, MONTH(BE13), DAY(BE13))","v":"2072-12-31"},{"$f":"DATE(YEAR(BF13) + 1, MONTH(BF13), DAY(BF13))","v":"2073-12-31"},{"$f":"DATE(YEAR(BG13) + 1, MONTH(BG13), DAY(BG13))","v":"2074-12-31"},{"$f":"DATE(YEAR(BH13) + 1, MONTH(BH13), DAY(BH13))","v":"2075-12-31"},{"$f":"DATE(YEAR(BI13) + 1, MONTH(BI13), DAY(BI13))","v":"2076-12-31"},{"$f":"DATE(YEAR(BJ13) + 1, MONTH(BJ13), DAY(BJ13))","v":"2077-12-31"},{"$f":"DATE(YEAR(BK13) + 1, MONTH(BK13), DAY(BK13))","v":"2078-12-31"},{"$f":"DATE(YEAR(BL13) + 1, MONTH(BL13), DAY(BL13))","v":"2079-12-31"},{"$f":"DATE(YEAR(BM13) + 1, MONTH(BM13), DAY(BM13))","v":"2080-12-31"},{"$f":"DATE(YEAR(BN13) + 1, MONTH(BN13), DAY(BN13))","v":"2081-12-31"},{"$f":"DATE(YEAR(BO13) + 1, MONTH(BO13), DAY(BO13))","v":"2082-12-31"},{"$f":"DATE(YEAR(BP13) + 1, MONTH(BP13), DAY(BP13))","v":"2083-12-31"},{"$f":"DATE(YEAR(BQ13) + 1, MONTH(BQ13), DAY(BQ13))","v":"2084-12-31"},{"$f":"DATE(YEAR(BR13) + 1, MONTH(BR13), DAY(BR13))","v":"2085-12-31"},{"$f":"DATE(YEAR(BS13) + 1, MONTH(BS13), DAY(BS13))","v":"2086-12-31"},{"$f":"DATE(YEAR(BT13) + 1, MONTH(BT13), DAY(BT13))","v":"2087-12-31"},{"$f":"DATE(YEAR(BU13) + 1, MONTH(BU13), DAY(BU13))","v":"2088-12-31"},{"$f":"DATE(YEAR(BV13) + 1, MONTH(BV13), DAY(BV13))","v":"2089-12-31"},{"$f":"DATE(YEAR(BW13) + 1, MONTH(BW13), DAY(BW13))","v":"2090-12-31"},{"$f":"DATE(YEAR(BX13) + 1, MONTH(BX13), DAY(BX13))","v":"2091-12-31"},{"$f":"DATE(YEAR(BY13) + 1, MONTH(BY13), DAY(BY13))","v":"2092-12-31"},{"$f":"DATE(YEAR(BZ13) + 1, MONTH(BZ13), DAY(BZ13))","v":"2093-12-31"},{"$f":"DATE(YEAR(CA13) + 1, MONTH(CA13), DAY(CA13))","v":"2094-12-31"},{"$f":"DATE(YEAR(CB13) + 1, MONTH(CB13), DAY(CB13))","v":"2095-12-31"},{"$f":"DATE(YEAR(CC13) + 1, MONTH(CC13), DAY(CC13))","v":"2096-12-31"},{"$f":"DATE(YEAR(CD13) + 1, MONTH(CD13), DAY(CD13))","v":"2097-12-31"},{"$f":"DATE(YEAR(CE13) + 1, MONTH(CE13), DAY(CE13))","v":"2098-12-31"},{"$f":"DATE(YEAR(CF13) + 1, MONTH(CF13), DAY(CF13))","v":"2099-12-31"},{"$f":"DATE(YEAR(CG13) + 1, MONTH(CG13), DAY(CG13))","v":"2100-12-31"},{"$f":"DATE(YEAR(CH13) + 1, MONTH(CH13), DAY(CH13))","v":"2101-12-31"},{"$f":"DATE(YEAR(CI13) + 1, MONTH(CI13), DAY(CI13))","v":"2102-12-31"},{"$f":"DATE(YEAR(CJ13) + 1, MONTH(CJ13), DAY(CJ13))","v":"2103-12-31"},{"$f":"DATE(YEAR(CK13) + 1, MONTH(CK13), DAY(CK13))","v":"2104-12-31"}]
[]
[null,null,null,null,"Development expenditure (Devex)",null,"£m nominal prices",null,null,null,20,5,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Capital expenditure (Capex)",null,"£m nominal prices",null,null,null,null,200,190,130,5,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Spares",null,"£m nominal prices",null,null,null,null,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Base year UK CPIH inflation index value (L522)",null,"Jan 2015 = 100","UK CPIH index 2024",132.9]
[]
[null,null,null,null,"Expected UK CPIH Inflation",null,null,null,null,null,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[null,null,null,null,"12 month average UK CPIH inflation index value",null,{"$f":"G19","v":"Jan 2015 = 100"},"UK CPIH index ",null,null,{"$f":"I19*(1+K21)","v":135.55800000000002},{"$f":"K22*(1+L21)","v":138.26916000000003},{"$f":"L22*(1+M21)","v":141.03454320000003},143.85523406400003,146.73233874528003,{"$f":"O22*(1+P21)","v":149.66698552018565},{"$f":"P22*(1+Q21)","v":152.66032523058936},155.71353173520114,{"$f":"R22*(1+S21)","v":158.82780236990516},{"$f":"S22*(1+T21)","v":162.00435841730325},165.24444558564932,{"$f":"U22*(1+V21)","v":168.54933449736231},{"$f":"V22*(1+W21)","v":171.92032118730955},175.35872761105574,{"$f":"X22*(1+Y21)","v":178.86590216327687},182.44322020654241,{"$f":"Z22*(1+AA21)","v":186.09208461067325},{"$f":"AA22*(1+AB21)","v":189.81392630288673},{"$f":"AB22*(1+AC21)","v":193.61020482894446},{"$f":"AC22*(1+AD21)","v":197.48240892552334},{"$f":"AD22*(1+AE21)","v":201.43205710403382},{"$f":"AE22*(1+AF21)","v":205.4606982461145},{"$f":"AF22*(1+AG21)","v":209.56991221103681},{"$f":"AG22*(1+AH21)","v":213.76131045525756},{"$f":"AH22*(1+AI21)","v":218.0365366643627},{"$f":"AI22*(1+AJ21)","v":222.39726739764996},{"$f":"AJ22*(1+AK21)","v":226.84521274560296},{"$f":"AK22*(1+AL21)","v":231.38211700051502},{"$f":"AL22*(1+AM21)","v":236.00975934052533},240.72995452733585,{"$f":"AN22*(1+AO21)","v":245.54455361788257},{"$f":"AO22*(1+AP21)","v":250.45544469024023},{"$f":"AP22*(1+AQ21)","v":255.46455358404503},{"$f":"AQ22*(1+AR21)","v":260.57384465572596},{"$f":"AR22*(1+AS21)","v":265.7853215488405},{"$f":"AS22*(1+AT21)","v":271.10102797981733},{"$f":"AT22*(1+AU21)","v":276.52304853941371},{"$f":"AU22*(1+AV21)","v":282.05350951020199},{"$f":"AV22*(1+AW21)","v":287.69457970040605},{"$f":"AW22*(1+AX21)","v":293.44847129441416},{"$f":"AX22*(1+AY21)","v":299.31744072030244},{"$f":"AY22*(1+AZ21)","v":305.30378953470847},{"$f":"AZ22*(1+BA21)","v":311.40986532540262},{"$f":"BA22*(1+BB21)","v":317.63806263191066},{"$f":"BB22*(1+BC21)","v":323.99082388454889},{"$f":"BC22*(1+BD21)","v":330.47064036223986},{"$f":"BD22*(1+BE21)","v":337.08005316948464},{"$f":"BE22*(1+BF21)","v":343.82165423287432},{"$f":"BF22*(1+BG21)","v":350.69808731753182},{"$f":"BG22*(1+BH21)","v":357.71204906388243},{"$f":"BH22*(1+BI21)","v":364.8662900451601},{"$f":"BI22*(1+BJ21)","v":372.16361584606329},{"$f":"BJ22*(1+BK21)","v":379.60688816298455},{"$f":"BK22*(1+BL21)","v":387.19902592624425},{"$f":"BL22*(1+BM21)","v":394.94300644476914},{"$f":"BM22*(1+BN21)","v":402.8418665736645},{"$f":"BN22*(1+BO21)","v":410.89870390513778},{"$f":"BO22*(1+BP21)","v":419.11667798324055},{"$f":"BP22*(1+BQ21)","v":427.49901154290535},{"$f":"BQ22*(1+BR21)","v":436.04899177376348},{"$f":"BR22*(1+BS21)","v":444.76997160923878},{"$f":"BS22*(1+BT21)","v":453.66537104142355},{"$f":"BT22*(1+BU21)","v":462.73867846225204},{"$f":"BU22*(1+BV21)","v":471.9934520314971},{"$f":"BV22*(1+BW21)","v":481.43332107212706},{"$f":"BW22*(1+BX21)","v":491.06198749356963},{"$f":"BX22*(1+BY21)","v":500.88322724344101},{"$f":"BY22*(1+BZ21)","v":510.90089178830982},{"$f":"BZ22*(1+CA21)","v":521.11890962407608},{"$f":"CA22*(1+CB21)","v":531.54128781655766},{"$f":"CB22*(1+CC21)","v":542.17211357288886},{"$f":"CC22*(1+CD21)","v":553.01555584434664},{"$f":"CD22*(1+CE21)","v":564.0758669612336},{"$f":"CE22*(1+CF21)","v":575.35738430045831},{"$f":"CF22*(1+CG21)","v":586.86453198646745},{"$f":"CG22*(1+CH21)","v":598.60182262619685},{"$f":"CH22*(1+CI21)","v":610.57385907872083},{"$f":"CI22*(1+CJ21)","v":622.78533626029525},{"$f":"CJ22*(1+CK21)","v":635.24104298550117},{"$f":"CK22*(1+CL21)","v":647.94586384521119}]
[null,null,null,null,"Indexation factor",null,null,"CPIt",null,null,{"$f":"K22/$I$19","v":1.02},{"$f":"L22/$I$19","v":1.0404000000000002},1.0612080000000002,1.0824321600000002,1.1040808032000002,1.1261624192640003,1.1486856676492803,1.171659381002266,1.1950925686223111,1.2189944199947573,1.2433743083946525,1.2682417945625455,1.2936066304537965,1.3194787630628724,1.3458683383241299,1.3727857050906125,1.4002414191924246,1.4282462475762734,1.4568111725277988,1.4859473959783547,1.5156663438979219,1.5459796707758804,1.5768992641913981,1.6084372494752261,1.6406059944647307,1.6734181143540252,1.7068864766411058,1.7410242061739278,1.7758446902974065,1.8113615841033548,1.8475888157854219,1.8845405921011302,1.9222314039431529,1.9606760320220162,1.9998895526624567,2.0398873437157059,2.0806850905900203,2.1222987924018208,2.1647447682498573,2.2080396636148545,2.2522004568871514,2.2972444660248943,2.343189355345392,2.3900531424522997,2.4378542053013459,2.4866112894073726,2.53634351519552,2.5870703854994304,2.6388117932094191,2.6915880290736074,{"$f":"BI22/$I$19","v":2.7454197896550796},2.8003281854481812,2.8563347491571447,2.9134614441402875,2.9717306730230937,3.0311652864835552,3.0917885922132262,3.153624364057491,3.2166968513386407,3.2810307883654137,3.346651404132722,3.4135844322153766,3.4818561208596841,3.551493243276878,3.6225231081424156,3.6949735703052644,3.7688730417113692,3.8442505025455969,3.9211355125965093,3.9995582228484396,4.0795493873054092,4.1611403750515175,4.2443631825525472,4.3292504462035986,4.4158354551276711,4.5041521642302245,4.5942352075148296,4.6861199116651262,4.7798423098984282,4.8754391560963972]
[]
[]
[null,null,null,null,{"$f":"E15","v":"Development expenditure (Devex)"},null,{"$f":"$I$6","v":"£m 2024 prices"},null,null,null,{"$f":"K15/K$23","v":19.607843137254903},4.8058439061899261,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AQ15/AQ$23","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW15/BW$23","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E16","v":"Capital expenditure (Capex)"},null,{"$f":"$I$6","v":"£m 2024 prices"},null,null,null,{"$f":"K16/K$23","v":0},192.23375624759703,179.04124356393842,120.09990538344682,4.5286540491495781,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AQ16/AQ$23","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW16/BW$23","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E17","v":"Spares"},null,{"$f":"$I$6","v":"£m 2024 prices"},null,null,null,{"$f":"K17/K$23","v":0},0.96116878123798521,0.94232233454704439,0.92384542602651409,0.90573080982991572,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AQ17/AQ$23","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW17/BW$23","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Residual value at end of regime",null,{"$f":"$I$6","v":"£m 2024 prices"},null,0]
[]
[null,null,"Ex-ante allowances for the operational period"]
[]
[null,null,null,null,"Operational Year",null,null,null,null,null,"Year 1","Year 2","Year 3","Year 4","Year 5","Year 6","Year 7","Year 8","Year 9","Year 10","Year 11","Year 12","Year 13","Year 14","Year 15","Year 16","Year 17","Year 18","Year 19","Year 20","Year 21","Year 22","Year 23","Year 24","Year 25","Year 26","Year 27","Year 28","Year 29","Year 30","Year 31","Year 32","Year 33","Year 34","Year 35","Year 36","Year 37","Year 38","Year 39","Year 40","Year 41","Year 42","Year 43","Year 44","Year 45","Year 46","Year 47","Year 48","Year 49","Year 50","Year 51","Year 52","Year 53","Year 54","Year 55","Year 56","Year 57","Year 58","Year 59","Year 60","Year 61","Year 62","Year 63","Year 64","Year 65","Year 66","Year 67","Year 68","Year 69","Year 70","Year 71","Year 72","Year 73","Year 74","Year 75","Year 76","Year 77","Year 78","Year 79","Year 80"]
[]
[null,null,null,null,"Replacement expenditure (Repex)",null,{"$f":"$I$6","v":"£m 2024 prices"},null,null,null,0,0,0,0,0,0,0,0.70636143174061439,0.3786279389931741,0.19516183788395905,0.38240210092208138,0.75803865981368157,1.3952120623575672,0.29116085134308672,0.2902041345224502,1.6171075568311293,0.2902041345224502,0.29116085134308672,0.2902041345224502,0.33708325873363693,0.85562377551860125,1.0403548868105208,0.2902041345224502,0.32464594006536301,1.0106119004617085]
[null,null,null,null,"Decommissioning baseline",null,{"$f":"$I$6","v":"£m 2024 prices"},null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,69.337011026225994]
[null,null,null,null,"Controllable Opex",null,{"$f":"$I$6","v":"£m 2024 prices"},null,null,null,8,8,8,8,8,8,8,8,8,8,8,8,8,8,8,8,8,8,8,8,8,8,8,8,8]
[null,null,null,null,"Non-controllable Opex baseline",null,{"$f":"$I$6","v":"£m 2024 prices"},null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Variables set at financial close"]
[]
[null,null,"Finance"]
[]
[null,null,null,null,"Cap return rate",null,"real annual %",null,7.4800000000000005E-2]
[null,null,null,null,"Floor return rate",null,"real annual %",null,4.4699999999999997E-2]
[null,null,null,null,"Cost of debt (for tax)",null,"real annual %",null,{"$f":"I45","v":4.4699999999999997E-2}]
[]
[null,null,null,null,"Administrative interest during construction (IDC) rate",null,"real annual %",null,6.0299999999999999E-2]
[]
[null,null,null,null,"Pre-operational notional gearing",null,"%",null,0.375]
[null,null,null,null,"Operational notional gearing",null,"%",null,0.5]
[]
[null,null,null,null,"Equity transaction costs",null,"%",null,0.05]
[null,null,null,null,"Debt transaction costs",null,"%",null,2.5000000000000001E-2]
[]
[null,null,"Actual cost of debt (inputs are not the exact project values, selected to generate the exact actual floor level determined in the project finance financial model)"]
[]
[null,null,null,null,"General financing inputs"]
[]
[null,null,null,null,"Project finance key input: senior debt amount or gearing",null,"1: Amount (£m)\n2: Gearing (%)",null,1]
[null,null,null,null,"Project finance senior debt amount (input if 1; empty if 2)",null,"£m nominal prices",null,500]
[null,null,null,null,"Project finance actual gearing (input if 2; empty if 1)",null,"%",null,0.8]
[]
[null,null,null,null,"Proportion of debt fixed-rate",null,"%",null,1]
[]
[null,null,null,null,"Senior Debt tenor",null,"full years",null,25]
[null,null,null,null,"Senior Debt tail requirement",null,"full years",null,2]
[null,null,null,null,"DSCR sizing",null,"DSCRx",null,1.2]
[]
[null,null,null,null,"Fixed rate - Construction",null,"nominal %",null,0.04]
[null,null,null,null,"Fixed rate - Operation",null,"nominal %",null,0.04]
[]
[null,null,null,null,"Senior Debt construction margin",null,"nominal %",null,1.7999999999999999E-2]
[null,null,null,null,"of which: swap margin",null,"nominal %",null,2E-3]
[null,null,null,null,"Senior Debt upfront fee",null,"nominal %",null,1.4999999999999999E-2]
[null,null,null,null,"Senior Debt commitment fee",null,"% of applicable margin",null,0.35]
[]
[null,null,null,null,"Senior Debt drawdown year",null,"Year",null,null,null,1,2,3,4,5,6,7,8,9,10]
[null,null,null,null,"Senior Debt drawdown profile",null,"%",null,null,null,0.25,0.3,0.3,0.15,0,0,0,0,0,0]
[]
[null,null,null,null,"Final year of Senior Debt drawdown",null,"Year",null,{"$f":"LOOKUP(2,1/($K$79:$T$79<>0),$K$78:$T$78)","v":4}]
[null,null,null,null,"Senior Debt drawndown before transfer to operations",null,"check",null,{"$f":"SUM(Flag_DebtDrawdown)>=I81","v":true}]
[null,null,null,null,"Senior Debt drawdown profile ≤ 100%",null,"check",null,{"$f":"SUM(K79:T79)<=1","v":true}]
[]
[null,null,null,null,"Debt service "]
[]
[null,null,null,null,"Debt Service Reserve Facility/Account amount",null,"£m nominal prices",null,50]
[null,null,null,null,"Debt Service Reserve Facility upfront fee",null,"nominal %",null,1.4999999999999999E-2]
[null,null,null,null,"Debt Service Reserve Facility construction margin",null,"nominal %",null,1.7999999999999999E-2]
[null,null,null,null,"Debt Service Reserve Facility commitment fee",null,"% of applicable margin",null,0.35]
[]
[null,null,null,null,"Cap and floor liquidity facility"]
[]
[null,null,null,null,"Cap and Floor Liquidity Facility amount",null,"£m nominal prices",null,30]
[null,null,null,null,"Cap and Floor Liquidity Facility average outstanding loan",null,"£m nominal prices",null,5]
[null,null,null,null,"Cap and Floor Liquidity Facility upfront fee",null,"nominal %",null,1.4999999999999999E-2]
[null,null,null,null,"Cap and Floor Liquidity Facility construction margin",null,"nominal %",null,1.7999999999999999E-2]
[null,null,null,null,"Cap and Floor Liquidity Facility commitment fee",null,"% of applicable margin",null,0.35]
[]
[null,null,null,null,"Standby debt facility"]
[]
[null,null,null,null,"Standby Debt Facility amount",null,"£m nominal prices",null,40]
[null,null,null,null,"Standby Debt Facility upfront fee",null,"nominal %",null,1.4999999999999999E-2]
[null,null,null,null,"Standby Debt Facility construction margin",null,"nominal %",null,1.6199999999999999E-2]
[null,null,null,null,"Standby Debt Facility commitment fee",null,"% of applicable margin",null,0.35]
[]
[null,null,null,null,"VAT facility"]
[]
[null,null,null,null,"VAT Facility amount",null,"£m nominal prices",null,10]
[null,null,null,null,"VAT Facility average outstanding loan",null,"£m nominal prices",null,5]
[null,null,null,null,"VAT Facility upfront fee",null,"nominal %",null,1.0999999999999999E-2]
[null,null,null,null,"VAT Facility construction margin",null,"nominal %",null,1.0999999999999999E-2]
[null,null,null,null,"VAT Facility commitment fee",null,"% of applicable margin",null,0.35]
[]
[null,null,null,null,"Other facilities"]
[]
[null,null,null,null,"Other Facilities amount",null,"£m nominal prices",null,0]
[null,null,null,null,"Other Facilities upfront fee",null,"nominal %",null,0]
[null,null,null,null,"Other Facilities construction margin",null,"nominal %",null,0]
[null,null,null,null,"Other Facilities commitment fee",null,"% of applicable margin",null,0]
[]
[null,null,null,null,"Switches and flags"]
[]
[null,null,null,null,"Debt Service Reserve: Facility or Account",null,"1: DSRF\n2: DSRA",null,1]
[null,null,null,null,"Switch for transaction costs in taxes",null,"1: notional costs\n2: actual costs",null,2]
[]
[null,null,null,null,"Year commencing",null,null,null,null,null,{"$f":"$I$149","v":"2025-01-01"},{"$f":"+K128+1","v":"2026-01-01"},"2027-01-01","2028-01-01","2029-01-01","2030-01-01","2031-01-01","2032-01-01","2033-01-01","2034-01-01","2035-01-01","2036-01-01","2037-01-01","2038-01-01","2039-01-01","2040-01-01","2041-01-01","2042-01-01","2043-01-01","2044-01-01","2045-01-01","2046-01-01","2047-01-01","2048-01-01","2049-01-01","2050-01-01","2051-01-01","2052-01-01","2053-01-01","2054-01-01","2055-01-01","2056-01-01","2057-01-01","2058-01-01","2059-01-01","2060-01-01","2061-01-01","2062-01-01","2063-01-01","2064-01-01",{"$f":"+AX128+1","v":"2065-01-01"},{"$f":"+AY128+1","v":"2066-01-01"},{"$f":"+AZ128+1","v":"2067-01-01"},{"$f":"+BA128+1","v":"2068-01-01"},{"$f":"+BB128+1","v":"2069-01-01"},{"$f":"+BC128+1","v":"2070-01-01"},{"$f":"+BD128+1","v":"2071-01-01"},{"$f":"+BE128+1","v":"2072-01-01"},{"$f":"+BF128+1","v":"2073-01-01"},{"$f":"+BG128+1","v":"2074-01-01"},{"$f":"+BH128+1","v":"2075-01-01"},{"$f":"+BI128+1","v":"2076-01-01"},{"$f":"+BJ128+1","v":"2077-01-01"},{"$f":"+BK128+1","v":"2078-01-01"},{"$f":"+BL128+1","v":"2079-01-01"},{"$f":"+BM128+1","v":"2080-01-01"},{"$f":"+BN128+1","v":"2081-01-01"},{"$f":"+BO128+1","v":"2082-01-01"},{"$f":"+BP128+1","v":"2083-01-01"},{"$f":"+BQ128+1","v":"2084-01-01"},{"$f":"+BR128+1","v":"2085-01-01"},{"$f":"+BS128+1","v":"2086-01-01"},{"$f":"+BT128+1","v":"2087-01-01"},{"$f":"+BU128+1","v":"2088-01-01"},{"$f":"+BV128+1","v":"2089-01-01"},{"$f":"+BW128+1","v":"2090-01-01"},{"$f":"+BX128+1","v":"2091-01-01"},{"$f":"+BY128+1","v":"2092-01-01"},{"$f":"+BZ128+1","v":"2093-01-01"},{"$f":"+CA128+1","v":"2094-01-01"},{"$f":"+CB128+1","v":"2095-01-01"},{"$f":"+CC128+1","v":"2096-01-01"},{"$f":"+CD128+1","v":"2097-01-01"},{"$f":"+CE128+1","v":"2098-01-01"},{"$f":"+CF128+1","v":"2099-01-01"},{"$f":"+CG128+1","v":"2100-01-01"},{"$f":"+CH128+1","v":"2101-01-01"},{"$f":"+CI128+1","v":"2102-01-01"},{"$f":"+CJ128+1","v":"2103-01-01"},{"$f":"+CK128+1","v":"2104-01-01"}]
[null,null,null,null,"Year ending",null,null,null,null,null,{"$f":"EOMONTH(K127,11)","v":"2025-12-31"},{"$f":"DATE(YEAR(K128) + 1, MONTH(K128), DAY(K128))","v":"2026-12-31"},"2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31","2036-12-31","2037-12-31","2038-12-31","2039-12-31","2040-12-31","2041-12-31","2042-12-31","2043-12-31","2044-12-31","2045-12-31","2046-12-31","2047-12-31","2048-12-31","2049-12-31","2050-12-31","2051-12-31","2052-12-31","2053-12-31","2054-12-31","2055-12-31","2056-12-31","2057-12-31","2058-12-31","2059-12-31","2060-12-31","2061-12-31","2062-12-31","2063-12-31","2064-12-31",{"$f":"DATE(YEAR(AX128) + 1, MONTH(AX128), DAY(AX128))","v":"2065-12-31"},{"$f":"DATE(YEAR(AY128) + 1, MONTH(AY128), DAY(AY128))","v":"2066-12-31"},{"$f":"DATE(YEAR(AZ128) + 1, MONTH(AZ128), DAY(AZ128))","v":"2067-12-31"},{"$f":"DATE(YEAR(BA128) + 1, MONTH(BA128), DAY(BA128))","v":"2068-12-31"},{"$f":"DATE(YEAR(BB128) + 1, MONTH(BB128), DAY(BB128))","v":"2069-12-31"},{"$f":"DATE(YEAR(BC128) + 1, MONTH(BC128), DAY(BC128))","v":"2070-12-31"},{"$f":"DATE(YEAR(BD128) + 1, MONTH(BD128), DAY(BD128))","v":"2071-12-31"},{"$f":"DATE(YEAR(BE128) + 1, MONTH(BE128), DAY(BE128))","v":"2072-12-31"},{"$f":"DATE(YEAR(BF128) + 1, MONTH(BF128), DAY(BF128))","v":"2073-12-31"},{"$f":"DATE(YEAR(BG128) + 1, MONTH(BG128), DAY(BG128))","v":"2074-12-31"},{"$f":"DATE(YEAR(BH128) + 1, MONTH(BH128), DAY(BH128))","v":"2075-12-31"},{"$f":"DATE(YEAR(BI128) + 1, MONTH(BI128), DAY(BI128))","v":"2076-12-31"},{"$f":"DATE(YEAR(BJ128) + 1, MONTH(BJ128), DAY(BJ128))","v":"2077-12-31"},{"$f":"DATE(YEAR(BK128) + 1, MONTH(BK128), DAY(BK128))","v":"2078-12-31"},{"$f":"DATE(YEAR(BL128) + 1, MONTH(BL128), DAY(BL128))","v":"2079-12-31"},{"$f":"DATE(YEAR(BM128) + 1, MONTH(BM128), DAY(BM128))","v":"2080-12-31"},{"$f":"DATE(YEAR(BN128) + 1, MONTH(BN128), DAY(BN128))","v":"2081-12-31"},{"$f":"DATE(YEAR(BO128) + 1, MONTH(BO128), DAY(BO128))","v":"2082-12-31"},{"$f":"DATE(YEAR(BP128) + 1, MONTH(BP128), DAY(BP128))","v":"2083-12-31"},{"$f":"DATE(YEAR(BQ128) + 1, MONTH(BQ128), DAY(BQ128))","v":"2084-12-31"},{"$f":"DATE(YEAR(BR128) + 1, MONTH(BR128), DAY(BR128))","v":"2085-12-31"},{"$f":"DATE(YEAR(BS128) + 1, MONTH(BS128), DAY(BS128))","v":"2086-12-31"},{"$f":"DATE(YEAR(BT128) + 1, MONTH(BT128), DAY(BT128))","v":"2087-12-31"},{"$f":"DATE(YEAR(BU128) + 1, MONTH(BU128), DAY(BU128))","v":"2088-12-31"},{"$f":"DATE(YEAR(BV128) + 1, MONTH(BV128), DAY(BV128))","v":"2089-12-31"},{"$f":"DATE(YEAR(BW128) + 1, MONTH(BW128), DAY(BW128))","v":"2090-12-31"},{"$f":"DATE(YEAR(BX128) + 1, MONTH(BX128), DAY(BX128))","v":"2091-12-31"},{"$f":"DATE(YEAR(BY128) + 1, MONTH(BY128), DAY(BY128))","v":"2092-12-31"},{"$f":"DATE(YEAR(BZ128) + 1, MONTH(BZ128), DAY(BZ128))","v":"2093-12-31"},{"$f":"DATE(YEAR(CA128) + 1, MONTH(CA128), DAY(CA128))","v":"2094-12-31"},{"$f":"DATE(YEAR(CB128) + 1, MONTH(CB128), DAY(CB128))","v":"2095-12-31"},{"$f":"DATE(YEAR(CC128) + 1, MONTH(CC128), DAY(CC128))","v":"2096-12-31"},{"$f":"DATE(YEAR(CD128) + 1, MONTH(CD128), DAY(CD128))","v":"2097-12-31"},{"$f":"DATE(YEAR(CE128) + 1, MONTH(CE128), DAY(CE128))","v":"2098-12-31"},{"$f":"DATE(YEAR(CF128) + 1, MONTH(CF128), DAY(CF128))","v":"2099-12-31"},{"$f":"DATE(YEAR(CG128) + 1, MONTH(CG128), DAY(CG128))","v":"2100-12-31"},{"$f":"DATE(YEAR(CH128) + 1, MONTH(CH128), DAY(CH128))","v":"2101-12-31"},{"$f":"DATE(YEAR(CI128) + 1, MONTH(CI128), DAY(CI128))","v":"2102-12-31"},{"$f":"DATE(YEAR(CJ128) + 1, MONTH(CJ128), DAY(CJ128))","v":"2103-12-31"},{"$f":"DATE(YEAR(CK128) + 1, MONTH(CK128), DAY(CK128))","v":"2104-12-31"}]
[]
[null,null,null,null,"Debt repayment schedule and operating margins"]
[]
[null,null,null,null,"Senior Debt repayment year",null,"Year",null,null,null,{"$f":"K174","v":0},0,0,0,0,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BI174","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]
[null,null,null,null,"Senior Debt repayment profile",null,"%",null,null,null,null,null,null,null,null,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[]
[null,null,null,null,"Senior Debt operation margin (including swap margin)",null,"nominal %",null,null,null,null,null,null,null,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2]
[null,null,null,null,"Debt Service Reserve Facility operation margin",null,"nominal %",null,null,null,null,null,null,null,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2]
[null,null,null,null,"Cap and Floor Liquidity Facility operation margin",null,"nominal %",null,null,null,null,null,null,null,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2]
[null,null,null,null,"Standby Debt Facility operation margin",null,"nominal %",null,null,null,null,null,null,null,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2]
[null,null,null,null,"VAT Facility operation margin",null,"nominal %",null,null,null,null,null,null,null,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2,2.4E-2]
[null,null,null,null,"Other facilities operation margin",null,"nominal %",null,null,null,null,null,null,null,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2,1.2999999999999999E-2]
[]
[null,null,"Model operation"]
[]
[null,null,null,null,"Year commencing",null,null,null,null,null,{"$f":"$I$149","v":"2025-01-01"},{"$f":"+K145+1","v":"2026-01-01"},"2027-01-01","2028-01-01","2029-01-01","2030-01-01","2031-01-01","2032-01-01","2033-01-01","2034-01-01","2035-01-01","2036-01-01","2037-01-01","2038-01-01","2039-01-01","2040-01-01","2041-01-01","2042-01-01","2043-01-01","2044-01-01","2045-01-01","2046-01-01","2047-01-01","2048-01-01","2049-01-01","2050-01-01","2051-01-01","2052-01-01","2053-01-01","2054-01-01","2055-01-01","2056-01-01","2057-01-01","2058-01-01","2059-01-01","2060-01-01","2061-01-01","2062-01-01","2063-01-01","2064-01-01",{"$f":"+AX145+1","v":"2065-01-01"},{"$f":"+AY145+1","v":"2066-01-01"},{"$f":"+AZ145+1","v":"2067-01-01"},{"$f":"+BA145+1","v":"2068-01-01"},{"$f":"+BB145+1","v":"2069-01-01"},{"$f":"+BC145+1","v":"2070-01-01"},{"$f":"+BD145+1","v":"2071-01-01"},{"$f":"+BE145+1","v":"2072-01-01"},{"$f":"+BF145+1","v":"2073-01-01"},{"$f":"+BG145+1","v":"2074-01-01"},{"$f":"+BH145+1","v":"2075-01-01"},{"$f":"+BI145+1","v":"2076-01-01"},{"$f":"+BJ145+1","v":"2077-01-01"},{"$f":"+BK145+1","v":"2078-01-01"},{"$f":"+BL145+1","v":"2079-01-01"},{"$f":"+BM145+1","v":"2080-01-01"},{"$f":"+BN145+1","v":"2081-01-01"},{"$f":"+BO145+1","v":"2082-01-01"},{"$f":"+BP145+1","v":"2083-01-01"},{"$f":"+BQ145+1","v":"2084-01-01"},{"$f":"+BR145+1","v":"2085-01-01"},{"$f":"+BS145+1","v":"2086-01-01"},{"$f":"+BT145+1","v":"2087-01-01"},{"$f":"+BU145+1","v":"2088-01-01"},{"$f":"+BV145+1","v":"2089-01-01"},{"$f":"+BW145+1","v":"2090-01-01"},{"$f":"+BX145+1","v":"2091-01-01"},{"$f":"+BY145+1","v":"2092-01-01"},{"$f":"+BZ145+1","v":"2093-01-01"},{"$f":"+CA145+1","v":"2094-01-01"},{"$f":"+CB145+1","v":"2095-01-01"},{"$f":"+CC145+1","v":"2096-01-01"},{"$f":"+CD145+1","v":"2097-01-01"},{"$f":"+CE145+1","v":"2098-01-01"},{"$f":"+CF145+1","v":"2099-01-01"},{"$f":"+CG145+1","v":"2100-01-01"},{"$f":"+CH145+1","v":"2101-01-01"},{"$f":"+CI145+1","v":"2102-01-01"},{"$f":"+CJ145+1","v":"2103-01-01"},{"$f":"+CK145+1","v":"2104-01-01"}]
[null,null,null,null,"Year ending",null,null,null,null,null,{"$f":"EOMONTH(K144,11)","v":"2025-12-31"},{"$f":"DATE(YEAR(K145) + 1, MONTH(K145), DAY(K145))","v":"2026-12-31"},"2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31","2036-12-31","2037-12-31","2038-12-31","2039-12-31","2040-12-31","2041-12-31","2042-12-31","2043-12-31","2044-12-31","2045-12-31","2046-12-31","2047-12-31","2048-12-31","2049-12-31","2050-12-31","2051-12-31","2052-12-31","2053-12-31","2054-12-31","2055-12-31","2056-12-31","2057-12-31","2058-12-31","2059-12-31","2060-12-31","2061-12-31","2062-12-31","2063-12-31","2064-12-31",{"$f":"DATE(YEAR(AX145) + 1, MONTH(AX145), DAY(AX145))","v":"2065-12-31"},{"$f":"DATE(YEAR(AY145) + 1, MONTH(AY145), DAY(AY145))","v":"2066-12-31"},{"$f":"DATE(YEAR(AZ145) + 1, MONTH(AZ145), DAY(AZ145))","v":"2067-12-31"},{"$f":"DATE(YEAR(BA145) + 1, MONTH(BA145), DAY(BA145))","v":"2068-12-31"},{"$f":"DATE(YEAR(BB145) + 1, MONTH(BB145), DAY(BB145))","v":"2069-12-31"},{"$f":"DATE(YEAR(BC145) + 1, MONTH(BC145), DAY(BC145))","v":"2070-12-31"},{"$f":"DATE(YEAR(BD145) + 1, MONTH(BD145), DAY(BD145))","v":"2071-12-31"},{"$f":"DATE(YEAR(BE145) + 1, MONTH(BE145), DAY(BE145))","v":"2072-12-31"},{"$f":"DATE(YEAR(BF145) + 1, MONTH(BF145), DAY(BF145))","v":"2073-12-31"},{"$f":"DATE(YEAR(BG145) + 1, MONTH(BG145), DAY(BG145))","v":"2074-12-31"},{"$f":"DATE(YEAR(BH145) + 1, MONTH(BH145), DAY(BH145))","v":"2075-12-31"},{"$f":"DATE(YEAR(BI145) + 1, MONTH(BI145), DAY(BI145))","v":"2076-12-31"},{"$f":"DATE(YEAR(BJ145) + 1, MONTH(BJ145), DAY(BJ145))","v":"2077-12-31"},{"$f":"DATE(YEAR(BK145) + 1, MONTH(BK145), DAY(BK145))","v":"2078-12-31"},{"$f":"DATE(YEAR(BL145) + 1, MONTH(BL145), DAY(BL145))","v":"2079-12-31"},{"$f":"DATE(YEAR(BM145) + 1, MONTH(BM145), DAY(BM145))","v":"2080-12-31"},{"$f":"DATE(YEAR(BN145) + 1, MONTH(BN145), DAY(BN145))","v":"2081-12-31"},{"$f":"DATE(YEAR(BO145) + 1, MONTH(BO145), DAY(BO145))","v":"2082-12-31"},{"$f":"DATE(YEAR(BP145) + 1, MONTH(BP145), DAY(BP145))","v":"2083-12-31"},{"$f":"DATE(YEAR(BQ145) + 1, MONTH(BQ145), DAY(BQ145))","v":"2084-12-31"},{"$f":"DATE(YEAR(BR145) + 1, MONTH(BR145), DAY(BR145))","v":"2085-12-31"},{"$f":"DATE(YEAR(BS145) + 1, MONTH(BS145), DAY(BS145))","v":"2086-12-31"},{"$f":"DATE(YEAR(BT145) + 1, MONTH(BT145), DAY(BT145))","v":"2087-12-31"},{"$f":"DATE(YEAR(BU145) + 1, MONTH(BU145), DAY(BU145))","v":"2088-12-31"},{"$f":"DATE(YEAR(BV145) + 1, MONTH(BV145), DAY(BV145))","v":"2089-12-31"},{"$f":"DATE(YEAR(BW145) + 1, MONTH(BW145), DAY(BW145))","v":"2090-12-31"},{"$f":"DATE(YEAR(BX145) + 1, MONTH(BX145), DAY(BX145))","v":"2091-12-31"},{"$f":"DATE(YEAR(BY145) + 1, MONTH(BY145), DAY(BY145))","v":"2092-12-31"},{"$f":"DATE(YEAR(BZ145) + 1, MONTH(BZ145), DAY(BZ145))","v":"2093-12-31"},{"$f":"DATE(YEAR(CA145) + 1, MONTH(CA145), DAY(CA145))","v":"2094-12-31"},{"$f":"DATE(YEAR(CB145) + 1, MONTH(CB145), DAY(CB145))","v":"2095-12-31"},{"$f":"DATE(YEAR(CC145) + 1, MONTH(CC145), DAY(CC145))","v":"2096-12-31"},{"$f":"DATE(YEAR(CD145) + 1, MONTH(CD145), DAY(CD145))","v":"2097-12-31"},{"$f":"DATE(YEAR(CE145) + 1, MONTH(CE145), DAY(CE145))","v":"2098-12-31"},{"$f":"DATE(YEAR(CF145) + 1, MONTH(CF145), DAY(CF145))","v":"2099-12-31"},{"$f":"DATE(YEAR(CG145) + 1, MONTH(CG145), DAY(CG145))","v":"2100-12-31"},{"$f":"DATE(YEAR(CH145) + 1, MONTH(CH145), DAY(CH145))","v":"2101-12-31"},{"$f":"DATE(YEAR(CI145) + 1, MONTH(CI145), DAY(CI145))","v":"2102-12-31"},{"$f":"DATE(YEAR(CJ145) + 1, MONTH(CJ145), DAY(CJ145))","v":"2103-12-31"},{"$f":"DATE(YEAR(CK145) + 1, MONTH(CK145), DAY(CK145))","v":"2104-12-31"}]
[]
[null,null,null,null,"Partial inflation indexation switch",null,"Yes\nNo",null,"No"]
[]
[null,null,null,null,"Model start date",null,"date",null,"2025-01-01"]
[null,null,null,null,"Regime start date",null,"date",null,"2029-01-01"]
[null,null,null,null,"End date for IDC",null,"date",null,"2028-12-31"]
[null,null,null,null,"Planned start of operations",null,"date",null,"2029-01-01"]
[null,null,null,null,"Actual start of operations",null,"date",null,"2031-01-01"]
[null,null,null,null,"Delivery years behind or ahead of schedule",null,"full years",null,{"$f":"_xlfn.IFS(I153>I152,DATEDIF(I152,I153,\"y\"),I152>I153,DATEDIF(I153,I152,\"y\")*(-1),I152=I153,0)","v":2}]
[null,null,null,null,"Regime end date",null,"date",null,{"$f":"DATE(YEAR($I$150)+I158,MONTH($I$150),DAY($I$150))-1","v":"2058-12-31"}]
[null,null,null,null,"Debt end date",null,"date",null,{"$f":"EOMONTH(I153-1,I66*12)","v":"2055-12-31"}]
[null,null,null,null,"Debt tail end date",null,"date",null,{"$f":"MIN(EOMONTH(I153-1,(I66+I67)*12),I155)","v":"2057-12-31"}]
[null,null,null,null,"Regime duration",null,"full years",null,30]
[]
[null,null,null,null,"Debt tenor + debt tail <= (Regime end date - Start of operations)",null,"check",null,{"$f":"(I66+I67)<=ROUND((I155-I153)/365.25,0)","v":true}]
[]
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[null,null,null,null,"Special rate pool additions first year allowance",null,"%",null,0.5]
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[null,null,null,null,"General pool additions qualifying for first year allowance",null,"%",null,1]
[null,null,null,null,"Special rate pool additions qualifying for first year allowance",null,"%",null,1]
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[null,null,null,null,"Proportion of profits that can be offset by carried forward tax losses",null,"%",null,0.5]
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[null,null,null,null,"End of price base year",null,"date",null,{"$f":"EOMONTH(I210,11)","v":"2024-12-31"}]
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[null,null,null,null,"Capitalised IDC on transaction costs",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},null,null,null,{"$f":"($I22*(K42+(K43+K44+K45+K46)/(2+$I22))*K8)","v":0.68913448009443112},1.4613785784882503,1.5494997067710918,1.6429345390893886,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"($I22*(AY42+(AY43+AY44+AY45+AY46)/(2+$I22))*AY8)","v":0},0,0,0,0,0,0,0,0,{"$f":"($I22*(BH42+(BH43+BH44+BH45+BH46)/(2+$I22))*BH8)","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]
[null,null,null,null,"Transfer to operational RAV",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},null,null,null,{"$f":"-SUM(K42,K47,K48)*K$11","v":0},0,0,0,-30.700177526078299,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-SUM(AY42,AY47,AY48)*AY$11","v":0},0,0,0,0,0,0,0,0,{"$f":"-SUM(BH42,BH47,BH48)*BH$11","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Transaction costs - closing",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},null,null,null,{"$f":"SUM(K49,K48,K47,K42)","v":24.235133971612775},25.696512550101026,27.246012256872117,28.888946795961505,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(AY49,AY48,AY47,AY42)","v":0},0,0,0,0,0,0,0,0,{"$f":"SUM(BH49,BH48,BH47,BH42)","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]
[]
[null,"Actual cost of debt"]
[]
[null,null,"Debt balance and reserves"]
[]
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[]
[null,null,null,null,"Project finance senior debt amount",null,"£m nominal prices",null,{"$f":"IF(Inputs!I60=1,Inputs!I61,I59*SUM(K56:CL56))","v":500}]
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[null,null,null,null,"Senior debt repayments",null,"£m nominal prices",null,null,null,{"$f":"-$I$58*K61*SUM($K$60:$CL$60)","v":0},{"$f":"-$I$58*L61*SUM($K$60:$CL$60)","v":0},0,0,0,0,-20,-20,-20,-20,-20,-20,-20,-20,-20,-20,-20,-20,-20,-20,-20,-20,-20,-20,-20,-20,-20,-20,-20,-20,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-$I$58*BX61*SUM($K$60:$CL$60)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Closing senior debt balance",null,"£m nominal prices",null,null,null,{"$f":"SUM(K63:K65)","v":0},125,275,425,500,500,480,460,440,420,400,380,360,340,320,300,280,260,240,220,200,180,160,140,120,100,80,60,40,20,20,20,20,20,20,20,20,20,20,20,{"$f":"SUM(AY63:AY65)","v":20},20,20,20,20,20,20,20,20,{"$f":"SUM(BH63:BH65)","v":20},20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,20]
[]
[null,null,null,null,"Debt Service Reserve Facility amount",null,"£m nominal prices",null,{"$f":"Inputs!I87*(Inputs!I124=1)","v":50}]
[null,null,null,null,"Cap and Floor Liquidity Facility amount",null,"£m nominal prices",null,{"$f":"Inputs!I94","v":30}]
[null,null,null,null,"Cap and Floor Liquidity Facility average outstanding loan",null,"£m nominal prices",null,{"$f":"Inputs!I95","v":5}]
[null,null,null,null,"Standby Debt Facility amount",null,"£m nominal prices",null,{"$f":"Inputs!I102","v":40}]
[null,null,null,null,"VAT Facility amount",null,"£m nominal prices",null,{"$f":"Inputs!I109","v":10}]
[null,null,null,null,"VAT Facility average outstanding loan",null,"£m nominal prices",null,{"$f":"Inputs!I110","v":5}]
[null,null,null,null,"Other facilities amount",null,"£m nominal prices",null,{"$f":"Inputs!I117","v":0}]
[]
[null,null,"Financial expenses during construction"]
[]
[null,null,null,null,"Upfront fee - Senior Debt",null,"nominal %",null,{"$f":"Inputs!I75","v":1.4999999999999999E-2}]
[null,null,null,null,"Upfront fee - Debt Service Reserve Facility",null,"nominal %",null,{"$f":"Inputs!I88","v":1.4999999999999999E-2}]
[null,null,null,null,"Upfront fee - Cap and Floor Liquidity Facility",null,"nominal %",null,{"$f":"Inputs!I96","v":1.4999999999999999E-2}]
[null,null,null,null,"Upfront fee - Standby Debt Facility",null,"nominal %",null,{"$f":"Inputs!I103","v":1.4999999999999999E-2}]
[null,null,null,null,"Upfront fee - VAT Facility",null,"nominal %",null,{"$f":"Inputs!I111","v":1.0999999999999999E-2}]
[null,null,null,null,"Upfront fee - Other facilities",null,"nominal %",null,{"$f":"Inputs!I118","v":0}]
[]
[null,null,null,null,"Fixed rate - Construction",null,"nominal %",null,{"$f":"Inputs!I70","v":0.04}]
[null,null,null,null,"Construction margin - Senior Debt",null,"nominal %",null,{"$f":"Inputs!I73","v":1.7999999999999999E-2}]
[null,null,null,null,"of which: swap margin",null,"nominal %",null,{"$f":"Inputs!I74","v":2E-3}]
[null,null,null,null,"Construction margin - Debt Service Reserve Facility",null,"nominal %",null,{"$f":"Inputs!I89","v":1.7999999999999999E-2}]
[null,null,null,null,"Construction margin - Cap and Floor Liquidity Facility",null,"nominal %",null,{"$f":"Inputs!I97","v":1.7999999999999999E-2}]
[null,null,null,null,"Construction margin - Standby Debt Facility",null,"nominal %",null,{"$f":"Inputs!I104","v":1.6199999999999999E-2}]
[null,null,null,null,"Construction margin - VAT Facility",null,"nominal %",null,{"$f":"Inputs!I112","v":1.0999999999999999E-2}]
[null,null,null,null,"Construction margin - Other facilities",null,"nominal %",null,{"$f":"Inputs!I119","v":0}]
[]
[null,null,null,null,"Total interest rate - Senior Debt",null,"nominal %",null,null,null,{"$f":"($I$85+$I86)*K$15","v":0},{"$f":"($I$85+$I86)*L$15","v":5.7999999999999996E-2},5.7999999999999996E-2,5.7999999999999996E-2,5.7999999999999996E-2,5.7999999999999996E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"($I$85+$I86)*AY$15","v":0},0,0,0,0,0,0,0,0,{"$f":"($I$85+$I86)*BH$15","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Total interest rate - Debt Service Reserve Facility ",null,"nominal %",null,null,null,{"$f":"($I$85+$I88)*K$15","v":0},5.7999999999999996E-2,5.7999999999999996E-2,5.7999999999999996E-2,5.7999999999999996E-2,5.7999999999999996E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"($I$85+$I88)*AY$15","v":0},0,0,0,0,0,0,0,0,{"$f":"($I$85+$I88)*BH$15","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Total interest rate - Cap and Floor Liquidity Facility",null,"nominal %",null,null,null,{"$f":"($I$85+$I89)*K$15","v":0},5.7999999999999996E-2,5.7999999999999996E-2,5.7999999999999996E-2,5.7999999999999996E-2,5.7999999999999996E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"($I$85+$I89)*AY$15","v":0},0,0,0,0,0,0,0,0,{"$f":"($I$85+$I89)*BH$15","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Total interest rate - Standby Debt Facility",null,"nominal %",null,null,null,{"$f":"($I$85+$I90)*K$15","v":0},5.62E-2,5.62E-2,5.62E-2,5.62E-2,5.62E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"($I$85+$I90)*AY$15","v":0},0,0,0,0,0,0,0,0,{"$f":"($I$85+$I90)*BH$15","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Total interest rate - VAT Facility",null,"nominal %",null,null,null,{"$f":"($I$85+$I91)*K$15","v":0},5.1000000000000004E-2,5.1000000000000004E-2,5.1000000000000004E-2,5.1000000000000004E-2,5.1000000000000004E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"($I$85+$I91)*AY$15","v":0},0,0,0,0,0,0,0,0,{"$f":"($I$85+$I91)*BH$15","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Total interest rate - Other facilities",null,"nominal %",null,null,null,{"$f":"($I$85+$I92)*K$15","v":0},0.04,0.04,0.04,0.04,0.04,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"($I$85+$I92)*AY$15","v":0},0,0,0,0,0,0,0,0,{"$f":"($I$85+$I92)*BH$15","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Commitment fee - Senior Debt",null,"% of applicable margin",null,{"$f":"Inputs!I76","v":0.35}]
[null,null,null,null,"Commitment fee - Debt Service Reserve Facility",null,"% of applicable margin",null,{"$f":"Inputs!I90","v":0.35}]
[null,null,null,null,"Commitment fee - Cap and Floor Liquidity Facility",null,"% of applicable margin",null,{"$f":"Inputs!I98","v":0.35}]
[null,null,null,null,"Commitment fee - Standby Debt Facility",null,"% of applicable margin",null,{"$f":"Inputs!I105","v":0.35}]
[null,null,null,null,"Commitment fee - VAT Facility",null,"% of applicable margin",null,{"$f":"Inputs!I113","v":0.35}]
[null,null,null,null,"Commitment fee - Other facilities",null,"% of applicable margin",null,{"$f":"Inputs!I120","v":0}]
[]
[null,null,null,null,"Upfront fee payable - Senior Debt",null,"£m nominal prices",null,null,null,{"$f":"$I$58*$I$78*K14","v":0},{"$f":"$I$58*$I$78*L14","v":7.5},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$I$58*$I$78*AY14","v":0},0,0,0,0,0,0,0,0,{"$f":"$I$58*$I$78*BH14","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Upfront fee payable - Ancillary Facilities",null,"£m nominal prices",null,null,null,{"$f":"($I$68*$I$79+$I$69*$I$80+$I$71*$I$81+$I$72*$I$82+$I$74*$I$83)*K14","v":0},{"$f":"($I$68*$I$79+$I$69*$I$80+$I$71*$I$81+$I$72*$I$82+$I$74*$I$83)*L14","v":1.9099999999999997},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"($I$68*$I$79+$I$69*$I$80+$I$71*$I$81+$I$72*$I$82+$I$74*$I$83)*AY14","v":0},0,0,0,0,0,0,0,0,{"$f":"($I$68*$I$79+$I$69*$I$80+$I$71*$I$81+$I$72*$I$82+$I$74*$I$83)*BH14","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Interest payable - Senior Debt",null,"£m nominal prices",null,null,null,{"$f":"SUM(K63:K64)*K94*K15","v":0},{"$f":"SUM(L63:L64)*L94*L15","v":7.2499999999999991},15.95,24.65,28.999999999999996,28.999999999999996,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(AY63:AY64)*AY94*AY15","v":0},0,0,0,0,0,0,0,0,{"$f":"SUM(BH63:BH64)*BH94*BH15","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Interest payable - Ancillary Facilities",null,"£m nominal prices",null,null,null,{"$f":"$I$73*K98*K15","v":0},{"$f":"$I$73*L98*L15","v":0.255},0.255,0.255,0.255,0.255,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$I$73*AY98*AY15","v":0},0,0,0,0,0,0,0,0,{"$f":"$I$73*BH98*BH15","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Commitment fee payable - Senior Debt",null,"£m nominal prices",null,null,null,{"$f":"($I$58-SUM(K63:K64))*(K94-$I$85-$I$87)*$I$101*K15","v":0},2.0999999999999988,1.2599999999999993,0.41999999999999982,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"($I$58-SUM(AY63:AY64))*(AY94-$I$85-$I$87)*$I$101*AY15","v":0},0,0,0,0,0,0,0,0,{"$f":"($I$58-SUM(BH63:BH64))*(BH94-$I$85-$I$87)*$I$101*BH15","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Commitment fee payable - Ancillary Facilities",null,"£m nominal prices",null,null,null,{"$f":"($I$68*(K95-$I$85)*$I$102+$I$69*(K96-$I$85)*$I$103+$I$71*(K97-$I$85)*$I$104+($I$72-$I$73)*(K98-$I$85)*$I$105+$I$74*(K99-$I$85)*$I$106)*K15","v":0},0.75004999999999966,0.75004999999999966,0.75004999999999966,0.75004999999999966,0.75004999999999966,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"($I$68*(AY95-$I$85)*$I$102+$I$69*(AY96-$I$85)*$I$103+$I$71*(AY97-$I$85)*$I$104+($I$72-$I$73)*(AY98-$I$85)*$I$105+$I$74*(AY99-$I$85)*$I$106)*AY15","v":0},0,0,0,0,0,0,0,0,{"$f":"($I$68*(BH95-$I$85)*$I$102+$I$69*(BH96-$I$85)*$I$103+$I$71*(BH97-$I$85)*$I$104+($I$72-$I$73)*(BH98-$I$85)*$I$105+$I$74*(BH99-$I$85)*$I$106)*BH15","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Financial expenses during construction",null,"£m nominal prices",null,null,null,{"$f":"SUM(K108:K113)","v":0},{"$f":"SUM(L108:L113)","v":19.765049999999995},18.215049999999994,26.075049999999994,30.005049999999994,30.005049999999994,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(AY108:AY113)","v":0},0,0,0,0,0,0,0,0,{"$f":"SUM(BH108:BH113)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Financial expenses during operation"]
[]
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[]
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[]
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[]
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[null,null,null,null,"Proportion of debt fixed-rate",null,"nominal %",null,{"$f":"Inputs!I64","v":1}]
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[null,null,"DSRA calculation"]
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[]
[null,"End of sheet"]

{"sheet":"Op_Rav","index":6,"n_rows":44,"n_cols":90,"rows_kept":44,"cut":false,"hidden":false,"merged":[]}
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[]
[null,"RAV"]
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[null,null,"Operational"]
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[null,null,null,null,"Residual value at end of regime",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},null,null,null,{"$f":"- Inputs!I29","v":0}]
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[null,null,null,null,"Replacement Capex",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},null,null,null,{"$f":"Inputs!K35","v":0},{"$f":"Inputs!L35","v":0},{"$f":"Inputs!M35","v":0},{"$f":"Inputs!N35","v":0},{"$f":"Inputs!O35","v":0},{"$f":"Inputs!P35","v":0},{"$f":"Inputs!Q35","v":0},{"$f":"Inputs!R35","v":0.70636143174061439},{"$f":"Inputs!S35","v":0.3786279389931741},{"$f":"Inputs!T35","v":0.19516183788395905},{"$f":"Inputs!U35","v":0.38240210092208138},{"$f":"Inputs!V35","v":0.75803865981368157},{"$f":"Inputs!W35","v":1.3952120623575672},{"$f":"Inputs!X35","v":0.29116085134308672},{"$f":"Inputs!Y35","v":0.2902041345224502},{"$f":"Inputs!Z35","v":1.6171075568311293},{"$f":"Inputs!AA35","v":0.2902041345224502},{"$f":"Inputs!AB35","v":0.29116085134308672},{"$f":"Inputs!AC35","v":0.2902041345224502},{"$f":"Inputs!AD35","v":0.33708325873363693},{"$f":"Inputs!AE35","v":0.85562377551860125},{"$f":"Inputs!AF35","v":1.0403548868105208},{"$f":"Inputs!AG35","v":0.2902041345224502},{"$f":"Inputs!AH35","v":0.32464594006536301},{"$f":"Inputs!AI35","v":1.0106119004617085},{"$f":"Inputs!AJ35","v":0},{"$f":"Inputs!AK35","v":0},{"$f":"Inputs!AL35","v":0},{"$f":"Inputs!AM35","v":0},{"$f":"Inputs!AN35","v":0},{"$f":"Inputs!AO35","v":0},{"$f":"Inputs!AP35","v":0},{"$f":"Inputs!AQ35","v":0},{"$f":"Inputs!AR35","v":0},{"$f":"Inputs!AS35","v":0},{"$f":"Inputs!AT35","v":0},{"$f":"Inputs!AU35","v":0},{"$f":"Inputs!AV35","v":0},{"$f":"Inputs!AW35","v":0},{"$f":"Inputs!AX35","v":0},{"$f":"Inputs!AY35","v":0},{"$f":"Inputs!AZ35","v":0},{"$f":"Inputs!BA35","v":0},{"$f":"Inputs!BB35","v":0},{"$f":"Inputs!BC35","v":0},{"$f":"Inputs!BD35","v":0},{"$f":"Inputs!BE35","v":0},{"$f":"Inputs!BF35","v":0},{"$f":"Inputs!BG35","v":0},{"$f":"Inputs!BH35","v":0},{"$f":"Inputs!BI35","v":0},{"$f":"Inputs!BJ35","v":0},{"$f":"Inputs!BK35","v":0},{"$f":"Inputs!BL35","v":0},{"$f":"Inputs!BM35","v":0},{"$f":"Inputs!BN35","v":0},{"$f":"Inputs!BO35","v":0},{"$f":"Inputs!BP35","v":0},{"$f":"Inputs!BQ35","v":0},{"$f":"Inputs!BR35","v":0},{"$f":"Inputs!BS35","v":0},{"$f":"Inputs!BT35","v":0},{"$f":"Inputs!BU35","v":0},{"$f":"Inputs!BV35","v":0},{"$f":"Inputs!BW35","v":0},{"$f":"Inputs!BX35","v":0},{"$f":"Inputs!BY35","v":0},{"$f":"Inputs!BZ35","v":0},{"$f":"Inputs!CA35","v":0},{"$f":"Inputs!CB35","v":0},{"$f":"Inputs!CC35","v":0},{"$f":"Inputs!CD35","v":0},{"$f":"Inputs!CE35","v":0},{"$f":"Inputs!CF35","v":0},{"$f":"Inputs!CG35","v":0},{"$f":"Inputs!CH35","v":0},{"$f":"Inputs!CI35","v":0},{"$f":"Inputs!CJ35","v":0},{"$f":"Inputs!CK35","v":0},{"$f":"Inputs!CL35","v":0}]
[null,null,null,null,"Depreciation (negative)",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},null,null,null,{"$f":" - K26","v":-20.34313370544843},-20.34313370544843,-20.34313370544843,-20.343133705448434,-20.343133705448434,-20.343133705448434,-20.343133705448434,-20.34313370544843,-20.375241043254821,-20.393270945111642,-20.40302903700584,-20.423155463370158,-20.465268722248695,-20.547340020034436,-20.565537573243379,-20.584884515544879,-20.70039219817567,-20.722715593138936,-20.746978997417525,-20.773361191465021,-20.807069517338384,-20.902138825729338,-21.032183186580653,-21.073640920083857,-21.127748576761416,{"$f":" - AJ26","v":-21.32987095685376},-21.32987095685376,-21.32987095685376,-21.32987095685376,-21.32987095685376,0,0,0,0,0,0,0,{"$f":" - AV26","v":0},0,{"$f":" - AX26","v":0},0,0,0,0,0,0,0,0,0,0,{"$f":" - BI26","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]
[null,null,null,null,"Closing operational RAV",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},null,null,null,{"$f":"SUM(K13:K15)","v":589.95087745800447},{"$f":"SUM(L13:L15)","v":569.60774375255608},549.26461004710768,528.92147634165929,508.57834263621083,488.23520893076238,467.89207522531393,448.2553029516061,428.25868984734444,408.06058074011679,388.03995380403302,368.37483700047653,349.30478034058541,329.04860117189406,308.77326773317316,289.80549077445937,269.39530271080616,248.96374796901031,228.50697310611523,208.07069517338383,188.11924943156404,168.25746549264522,147.51548644058701,126.7664914605685,{"$f":"SUM(AI13:AI15)","v":106.64935478426879},{"$f":"SUM(AJ13:AJ15)","v":85.319483827415041},63.989612870561281,42.659741913707521,21.32987095685376,0,0,0,0,0,0,0,0,{"$f":"SUM(AV13:AV15)","v":0},0,{"$f":"SUM(AX13:AX15)","v":0},0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BI13:BI15)","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]
[]
[null,null,null,null,"Average operational RAV",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},null,null,null,{"$f":"AVERAGE(K13, K16)","v":600.12244431072872},579.77931060528022,559.43617689983193,539.09304319438343,518.74990948893503,498.40677578348664,478.06364207803813,458.07368908846001,438.25699639947527,418.15963529373062,398.0502672720749,378.20739540225475,358.83980867053094,339.17669075623974,318.91093445253364,299.28937925381626,279.60039674263277,259.17952533990825,238.73536053756277,218.28883413974953,198.09497230247393,178.18835746210465,157.8864759666161,137.14098895057776,116.70792312241865,{"$f":"AVERAGE(AJ13, AJ16)","v":95.984419305841925},74.654548348988158,53.324677392134404,31.99480643528064,10.66493547842688,0,0,0,0,0,0,0,{"$f":"AVERAGE(AV13, AV16)","v":0},0,{"$f":"AVERAGE(AX13, AX16)","v":0},0,0,0,0,0,0,0,0,0,0,{"$f":"AVERAGE(BI13, BI16)","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]
[]
[null,"Operational RAV depreciation"]
[]
[null,null,null,null,"Number of operational years",null,"full years",null,{"$f":"Inputs!I158","v":30}]
[null,null,null,null,"Years remaining until end of operational period",null,"full years",null,null,null,{"$f":"I22","v":30},{"$f":"MAX(+K23-1,0)","v":29},{"$f":"MAX(+L23-1,0)","v":28},27,26,25,24,23,22,21,20,19,18,17,16,15,14,13,12,11,10,9,8,7,6,5,4,3,2,1,0,0,0,0,0,0,0,0,0,0,{"$f":"MAX(+AX23-1,0)","v":0},{"$f":"MAX(+AY23-1,0)","v":0},{"$f":"MAX(+AZ23-1,0)","v":0},{"$f":"MAX(+BA23-1,0)","v":0},{"$f":"MAX(+BB23-1,0)","v":0},{"$f":"MAX(+BC23-1,0)","v":0},{"$f":"MAX(+BD23-1,0)","v":0},{"$f":"MAX(+BE23-1,0)","v":0},{"$f":"MAX(+BF23-1,0)","v":0},{"$f":"MAX(+BG23-1,0)","v":0},{"$f":"MAX(+BH23-1,0)","v":0},{"$f":"MAX(+BI23-1,0)","v":0},{"$f":"MAX(+BJ23-1,0)","v":0},{"$f":"MAX(+BK23-1,0)","v":0},{"$f":"MAX(+BL23-1,0)","v":0},{"$f":"MAX(+BM23-1,0)","v":0},{"$f":"MAX(+BN23-1,0)","v":0},{"$f":"MAX(+BO23-1,0)","v":0},{"$f":"MAX(+BP23-1,0)","v":0},{"$f":"MAX(+BQ23-1,0)","v":0},{"$f":"MAX(+BR23-1,0)","v":0},{"$f":"MAX(+BS23-1,0)","v":0},{"$f":"MAX(+BT23-1,0)","v":0},{"$f":"MAX(+BU23-1,0)","v":0},{"$f":"MAX(+BV23-1,0)","v":0},{"$f":"MAX(+BW23-1,0)","v":0},{"$f":"MAX(+BX23-1,0)","v":0},{"$f":"MAX(+BY23-1,0)","v":0},{"$f":"MAX(+BZ23-1,0)","v":0},{"$f":"MAX(+CA23-1,0)","v":0},{"$f":"MAX(+CB23-1,0)","v":0},{"$f":"MAX(+CC23-1,0)","v":0},{"$f":"MAX(+CD23-1,0)","v":0},{"$f":"MAX(+CE23-1,0)","v":0},{"$f":"MAX(+CF23-1,0)","v":0},{"$f":"MAX(+CG23-1,0)","v":0},{"$f":"MAX(+CH23-1,0)","v":0},{"$f":"MAX(+CI23-1,0)","v":0},{"$f":"MAX(+CJ23-1,0)","v":0},{"$f":"MAX(+CK23-1,0)","v":0}]
[null,null,null,null,"Year is before end of operational period",null,"flag",null,null,null,{"$f":"K23 > 0","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"AJ23 > 0","v":true},true,true,true,true,false,false,false,false,false,false,false,{"$f":"AV23 > 0","v":false},false,{"$f":"AX23 > 0","v":false},false,false,false,false,false,false,false,false,false,false,{"$f":"BI23 > 0","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,null,null,"RAV depreciation",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},null,null,null,{"$f":"IF(K24, IF(K23=1,SUM(K13:K14),K13 / K23), 0)","v":20.34313370544843},{"$f":"IF(L24, IF(L23=1,SUM(L13:L14),L13 / L23), 0)","v":20.34313370544843},20.34313370544843,20.343133705448434,20.343133705448434,20.343133705448434,20.343133705448434,20.34313370544843,20.375241043254821,20.393270945111642,20.40302903700584,20.423155463370158,20.465268722248695,20.547340020034436,20.565537573243379,20.584884515544879,20.70039219817567,20.722715593138936,20.746978997417525,20.773361191465021,20.807069517338384,20.902138825729338,21.032183186580653,21.073640920083857,21.127748576761416,{"$f":"IF(AJ24, IF(AJ23=1,SUM(AJ13:AJ14),AJ13 / AJ23), 0)","v":21.32987095685376},21.32987095685376,21.32987095685376,21.32987095685376,21.32987095685376,0,0,0,0,0,0,0,{"$f":"IF(AV24, IF(AV23=1,SUM(AV13:AV14),AV13 / AV23), 0)","v":0},0,{"$f":"IF(AX24, IF(AX23=1,SUM(AX13:AX14),AX13 / AX23), 0)","v":0},0,0,0,0,0,0,0,0,0,0,{"$f":"IF(BI24, IF(BI23=1,SUM(BI13:BI14),BI13 / BI23), 0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Depreciation equal to additions",null,"check",null,{"$f":"IF(ABS(SUM(Pre_Op_RAV!K20:CL23,Finance!K43:CL46,Finance!K48:CL48,K14:CL14)-SUM(K26:CL26)+K12)<0.00000001,\"TRUE\",\"FALSE\")","v":"TRUE"}]
[]
[null,"Operational RAV return"]
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[null,null,null,null,"Cap return rate",null,{"$f":"Inputs!G44","v":"real annual %"},null,{"$f":"Inputs!I44","v":7.4800000000000005E-2}]
[null,null,null,null,"Floor return rate",null,{"$f":"Inputs!G45","v":"real annual %"},null,{"$f":"Inputs!I45","v":4.4699999999999997E-2}]
[]
[null,null,null,null,"Opening operational RAV (after transfers)",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},null,null,null,{"$f":"K13","v":610.29401116345286},589.95087745800447,569.60774375255608,549.26461004710768,528.92147634165929,508.57834263621083,488.23520893076238,467.89207522531393,448.2553029516061,428.25868984734444,408.06058074011679,388.03995380403302,368.37483700047653,349.30478034058541,329.04860117189406,308.77326773317316,289.80549077445937,269.39530271080616,248.96374796901031,228.50697310611523,208.07069517338383,188.11924943156404,168.25746549264522,147.51548644058701,126.7664914605685,{"$f":"AJ13","v":106.64935478426879},85.319483827415041,63.989612870561281,42.659741913707521,21.32987095685376,0,0,0,0,0,0,0,{"$f":"AV13","v":0},0,{"$f":"AX13","v":0},0,0,0,0,0,0,0,0,0,0,{"$f":"BI13","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]
[null,null,null,null,"Closing operational RAV",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},null,null,null,{"$f":"K16","v":589.95087745800447},569.60774375255608,549.26461004710768,528.92147634165929,508.57834263621083,488.23520893076238,467.89207522531393,448.2553029516061,428.25868984734444,408.06058074011679,388.03995380403302,368.37483700047653,349.30478034058541,329.04860117189406,308.77326773317316,289.80549077445937,269.39530271080616,248.96374796901031,228.50697310611523,208.07069517338383,188.11924943156404,168.25746549264522,147.51548644058701,126.7664914605685,106.64935478426879,{"$f":"AJ16","v":85.319483827415041},63.989612870561281,42.659741913707521,21.32987095685376,0,0,0,0,0,0,0,0,{"$f":"AV16","v":0},0,{"$f":"AX16","v":0},0,0,0,0,0,0,0,0,0,0,{"$f":"BI16","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]
[]
[null,null,null,null,"NPV neutral return base  (cap)",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},null,null,null,{"$f":"AVERAGE(K$35,K$36/(1+$I32))","v":579.59382241183653},{"$f":"AVERAGE(L$35,L$36/(1+$I32))","v":559.95857222014297},540.32332202844941,520.68807183675597,501.05282164506247,481.41757145336891,461.78232126167535,442.47567240592366,423.35480529388292,403.96028125606745,384.5475744247816,365.38899299825607,346.68499029991517,327.72673012744474,308.16649807997999,289.20496787033585,270.22620217491396,250.51629108791627,230.78396419017841,211.04856246177729,191.54895450498557,172.33347356796162,152.75335427618259,132.72987359830267,112.99682722650159,93.015542589108264,72.427890811437919,51.840239033767574,31.252587256097229,10.66493547842688,0,0,0,0,0,0,0,0,0,0,{"$f":"AVERAGE(AY$35,AY$36/(1+$I32))","v":0},0,0,0,0,0,0,0,0,0,{"$f":"AVERAGE(BI$35,BI$36/(1+$I32))","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]
[null,null,null,null,"NPV neutral return base (floor)",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},null,null,null,{"$f":"AVERAGE(K$35,K$36/(1+$I33))","v":587.50121131447486},567.59329253993178,547.6853737653887,527.77745499084551,507.86953621630244,487.9616174417593,468.05369866721617,448.48384892289249,429.09495780649343,409.42970901868364,389.74865631436444,370.32649408421071,351.36688645304071,332.13712319024773,312.30513131877615,293.08936707921191,273.83703403986021,253.85326922130253,233.84675055486758,213.83743178775842,194.07040522599701,174.58870746329097,154.73057367701421,134.42898446685641,114.42629865661181,94.159119733196448,73.28557366950406,52.412027605811666,31.538481542119271,10.66493547842688,0,0,0,0,0,0,0,0,0,0,{"$f":"AVERAGE(AY$35,AY$36/(1+$I33))","v":0},0,0,0,0,0,0,0,0,0,{"$f":"AVERAGE(BI$35,BI$36/(1+$I33))","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]
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[]
[null,null,"Allowances excluding fixed-rate debt"]
[]
[null,null,null,null,"Unprofiled allowances except tax and fixed-rate debt (cap)",null,{"$f":"Inputs!$I$6","v":"£m 2024 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[]
[null,"Profiled allowances except tax (cap)"]
[]
[null,null,"Annuity parameters"]
[]
[null,null,null,null,"Cap return rate",null,{"$f":"Inputs!G44","v":"real annual %"},null,{"$f":"Inputs!I44","v":7.4800000000000005E-2}]
[null,null,null,null,"Number of operational years",null,{"$f":"Inputs!G158","v":"full years"},null,{"$f":"Inputs!I158","v":30}]
[null,null,null,null,"Annuity factor (cap)",null,"scalar",null,{"$f":"I31 / (1 - (1 + I31)^(-I32))","v":8.4506442510791549E-2}]
[]
[null,null,null,null,"Year is within operational period",null,"flag",null,null,null,{"$f":"AND(K4 > 0, K4<= $I32)","v":true},{"$f":"AND(L4 > 0, L4<= $I32)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(AY4 > 0, AY4<= $I32)","v":false},false,false,false,false,false,false,false,false,false,{"$f":"AND(BI4 > 0, BI4<= $I32)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Discount factor to start of operational period (cap)",null,"scalar",null,null,null,{"$f":"(1 + $I31) ^ - K4","v":0.93040565686639376},{"$f":"(1 + $I31) ^ - L4","v":0.86565468632898568},0.80541001705339199,0.74935803596333461,0.69720695567857704,0.64868529556994514,0.60354046852432564,0.56153746606282628,0.52245763496727415,0.48609753904658926,0.45226790011777945,0.42079261268866713,0.39150782721312538,0.36426109714656252,0.3389105853615208,0.31532432579225977,0.29337953646470022,0.27296198033559749,0.25396537061369329,0.23629081746715042,0.21984631323702125,0.20454625347694569,0.19031099132577756,0.17706642289335464,0.16474360150107425,0.15327837876914241,0.14261107068211989,0.13268614689441746,0.12345194165837128,0.11486038487008866,0.10686675183298165,9.9429430436343183E-2,9.250970453697728E-2,8.6071552416242356E-2,8.0081459263344215E-2,7.4508242708731132E-2,6.9322890499377676E-2,6.4498409470950577E-2,6.0009685030657407E-2,5.58333504192942E-2,{"$f":"(1 + $I31) ^ - AY4","v":5.1947665071914964E-2},4.8332401443910461E-2,4.496873971335176E-2,4.1839169811454927E-2,3.8927400271171315E-2,3.6218273419400183E-2,3.3697686471343677E-2,3.1352518116248305E-2,2.9170560212363514E-2,2.7140454235544766E-2,{"$f":"(1 + $I31) ^ - BI4","v":2.525163215067433E-2},2.3494261398096697E-2,2.1859193708686917E-2,2.033791748110059E-2,1.892251347329791E-2,1.7605613577686929E-2,1.6380362465283706E-2,1.5240381899221908E-2,1.4179737531840259E-2,1.3192908012504893E-2,1.2274756245352524E-2,1.1420502647332086E-2,1.0625700267335399E-2,9.8862116368956064E-3,9.1981872319460423E-3,8.5580454335188356E-3,7.9624538830655334E-3,7.4083121353419558E-3,6.892735518554109E-3,6.413040117746658E-3,5.9667288032626154E-3,5.5514782315431851E-3,5.1651267505984227E-3,4.8056631471887074E-3,4.4712161771387317E-3,4.160044824282407E-3,3.8705292373301145E-3,3.6011622974787072E-3,3.3505417728681691E-3,3.1173630190436999E-3]
[]
[null,null,"Fixed-rate debt allowances"]
[]
[null,null,null,null,"Discounted unprofiled fixed-rate debt service allowances except tax (cap)",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},null,null,null,{"$f":"IF(Inputs!$I$147=\"Yes\",K21*K36, \"N/A\")","v":"N/A"},{"$f":"IF(Inputs!$I$147=\"Yes\",L21*L36, \"N/A\")","v":"N/A"},{"$f":"IF(Inputs!$I$147=\"Yes\",M21*M36, \"N/A\")","v":"N/A"},{"$f":"IF(Inputs!$I$147=\"Yes\",N21*N36, \"N/A\")","v":"N/A"},{"$f":"IF(Inputs!$I$147=\"Yes\",O21*O36, \"N/A\")","v":"N/A"},{"$f":"IF(Inputs!$I$147=\"Yes\",P21*P36, \"N/A\")","v":"N/A"},{"$f":"IF(Inputs!$I$147=\"Yes\",Q21*Q36, \"N/A\")","v":"N/A"},{"$f":"IF(Inputs!$I$147=\"Yes\",R21*R36, \"N/A\")","v":"N/A"},{"$f":"IF(Inputs!$I$147=\"Yes\",S21*S36, \"N/A\")","v":"N/A"},{"$f":"IF(Inputs!$I$147=\"Yes\",T21*T36, \"N/A\")","v":"N/A"},{"$f":"IF(Inputs!$I$147=\"Yes\",U21*U36, \"N/A\")","v":"N/A"},{"$f":"IF(Inputs!$I$147=\"Yes\",V21*V36, \"N/A\")","v":"N/A"},{"$f":"IF(Inputs!$I$147=\"Yes\",W21*W36, 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[null,"End of sheet"]

{"sheet":"Allowances_Floor","index":8,"n_rows":110,"n_cols":90,"rows_kept":110,"cut":false,"hidden":false,"merged":[]}
["Allowances Floor",null,null,null,null,null,null,"Licence"]
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[null,null,"Profiled allowances except tax (notional floor)"]
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[null,null,null,"Fixed-rate debt allowances"]
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[null,null,null,"Annuity parameters during debt tenor"]
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[]
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[null,null,null,null,"Debt tenor",null,{"$f":"Inputs!G66","v":"full years"},null,{"$f":"Inputs!I66","v":25}]
[null,null,null,null,"Annuity factor over debt tenor",null,"scalar",null,{"$f":"I84 / (1 - (1 + I84)^(-I85))","v":6.6115140067760689E-2}]
[]
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[]
[null,"End of sheet"]

{"sheet":"Tax_Deductions","index":9,"n_rows":152,"n_cols":90,"rows_kept":152,"cut":false,"hidden":false,"merged":[]}
["Tax Deductions",null,null,null,null,null,null,"Licence"]
[null,null,null,null,"Parameter",null,"Units","Terminology","Constant",null,"Annual values"]
[null,null,null,null,"Project year",null,null,null,null,null,"Year 1","Year 2","Year 3","Year 4","Year 5","Year 6","Year 7","Year 8","Year 9","Year 10","Year 11","Year 12","Year 13","Year 14","Year 15","Year 16","Year 17","Year 18","Year 19","Year 20","Year 21","Year 22","Year 23","Year 24","Year 25","Year 26","Year 27","Year 28","Year 29","Year 30","Year 31","Year 32","Year 33","Year 34","Year 35","Year 36","Year 37","Year 38","Year 39","Year 40","Year 41","Year 42","Year 43","Year 44","Year 45","Year 46","Year 47","Year 48","Year 49","Year 50","Year 51","Year 52","Year 53","Year 54","Year 55","Year 56","Year 57","Year 58","Year 59","Year 60","Year 61","Year 62","Year 63","Year 64","Year 65","Year 66","Year 67","Year 68","Year 69","Year 70","Year 71","Year 72","Year 73","Year 74","Year 75","Year 76","Year 77","Year 78","Year 79","Year 80"]
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[]
[null,"Tax deductions"]
[]
[null,null,"Inflation"]
[]
[null,null,null,null,{"$f":"Inputs!E212","v":"UK CPIH uplift from 2024 term to start of regime"},null,"scalar",null,{"$f":"Inputs!I212","v":1.1040808032000002}]
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MATCH(Tax_Deductions!CA4,Inputs!$K$206:$CL$206,0)),\"\")","v":""},{"$f":"IFERROR(INDEX(Inputs!$K$207:$CL$207, MATCH(Tax_Deductions!CB4,Inputs!$K$206:$CL$206,0)),\"\")","v":""},{"$f":"IFERROR(INDEX(Inputs!$K$207:$CL$207, MATCH(Tax_Deductions!CC4,Inputs!$K$206:$CL$206,0)),\"\")","v":""},{"$f":"IFERROR(INDEX(Inputs!$K$207:$CL$207, MATCH(Tax_Deductions!CD4,Inputs!$K$206:$CL$206,0)),\"\")","v":""},{"$f":"IFERROR(INDEX(Inputs!$K$207:$CL$207, MATCH(Tax_Deductions!CE4,Inputs!$K$206:$CL$206,0)),\"\")","v":""},{"$f":"IFERROR(INDEX(Inputs!$K$207:$CL$207, MATCH(Tax_Deductions!CF4,Inputs!$K$206:$CL$206,0)),\"\")","v":""},{"$f":"IFERROR(INDEX(Inputs!$K$207:$CL$207, MATCH(Tax_Deductions!CG4,Inputs!$K$206:$CL$206,0)),\"\")","v":""},{"$f":"IFERROR(INDEX(Inputs!$K$207:$CL$207, MATCH(Tax_Deductions!CH4,Inputs!$K$206:$CL$206,0)),\"\")","v":""},{"$f":"IFERROR(INDEX(Inputs!$K$207:$CL$207, MATCH(Tax_Deductions!CI4,Inputs!$K$206:$CL$206,0)),\"\")","v":""},{"$f":"IFERROR(INDEX(Inputs!$K$207:$CL$207, 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[null,null,null,null,"Year is within operational period",null,"flag",null,null,null,{"$f":"Op_Rav!K24","v":true},{"$f":"Op_Rav!L24","v":true},{"$f":"Op_Rav!M24","v":true},{"$f":"Op_Rav!N24","v":true},{"$f":"Op_Rav!O24","v":true},{"$f":"Op_Rav!P24","v":true},{"$f":"Op_Rav!Q24","v":true},{"$f":"Op_Rav!R24","v":true},{"$f":"Op_Rav!S24","v":true},{"$f":"Op_Rav!T24","v":true},{"$f":"Op_Rav!U24","v":true},{"$f":"Op_Rav!V24","v":true},{"$f":"Op_Rav!W24","v":true},{"$f":"Op_Rav!X24","v":true},{"$f":"Op_Rav!Y24","v":true},{"$f":"Op_Rav!Z24","v":true},{"$f":"Op_Rav!AA24","v":true},{"$f":"Op_Rav!AB24","v":true},{"$f":"Op_Rav!AC24","v":true},{"$f":"Op_Rav!AD24","v":true},{"$f":"Op_Rav!AE24","v":true},{"$f":"Op_Rav!AF24","v":true},{"$f":"Op_Rav!AG24","v":true},{"$f":"Op_Rav!AH24","v":true},{"$f":"Op_Rav!AI24","v":true},{"$f":"Op_Rav!AJ24","v":true},{"$f":"Op_Rav!AK24","v":true},{"$f":"Op_Rav!AL24","v":true},{"$f":"Op_Rav!AM24","v":true},{"$f":"Op_Rav!AN24","v":true},{"$f":"Op_Rav!AO24","v":false},{"$f":"Op_Rav!AP24","v":false},{"$f":"Op_Rav!AQ24","v":false},{"$f":"Op_Rav!AR24","v":false},{"$f":"Op_Rav!AS24","v":false},{"$f":"Op_Rav!AT24","v":false},{"$f":"Op_Rav!AU24","v":false},{"$f":"Op_Rav!AV24","v":false},{"$f":"Op_Rav!AW24","v":false},{"$f":"Op_Rav!AX24","v":false},{"$f":"Op_Rav!AY24","v":false},{"$f":"Op_Rav!AZ24","v":false},{"$f":"Op_Rav!BA24","v":false},{"$f":"Op_Rav!BB24","v":false},{"$f":"Op_Rav!BC24","v":false},{"$f":"Op_Rav!BD24","v":false},{"$f":"Op_Rav!BE24","v":false},{"$f":"Op_Rav!BF24","v":false},{"$f":"Op_Rav!BG24","v":false},{"$f":"Op_Rav!BH24","v":false},{"$f":"Op_Rav!BI24","v":false},{"$f":"Op_Rav!BJ24","v":false},{"$f":"Op_Rav!BK24","v":false},{"$f":"Op_Rav!BL24","v":false},{"$f":"Op_Rav!BM24","v":false},{"$f":"Op_Rav!BN24","v":false},{"$f":"Op_Rav!BO24","v":false},{"$f":"Op_Rav!BP24","v":false},{"$f":"Op_Rav!BQ24","v":false},{"$f":"Op_Rav!BR24","v":false},{"$f":"Op_Rav!BS24","v":false},{"$f":"Op_Rav!BT24","v":false},{"$f":"Op_Rav!BU24","v":false},{"$f":"Op_Rav!BV24","v":false},{"$f":"Op_Rav!BW24","v":false},{"$f":"Op_Rav!BX24","v":false},{"$f":"Op_Rav!BY24","v":false},{"$f":"Op_Rav!BZ24","v":false},{"$f":"Op_Rav!CA24","v":false},{"$f":"Op_Rav!CB24","v":false},{"$f":"Op_Rav!CC24","v":false},{"$f":"Op_Rav!CD24","v":false},{"$f":"Op_Rav!CE24","v":false},{"$f":"Op_Rav!CF24","v":false},{"$f":"Op_Rav!CG24","v":false},{"$f":"Op_Rav!CH24","v":false},{"$f":"Op_Rav!CI24","v":false},{"$f":"Op_Rav!CJ24","v":false},{"$f":"Op_Rav!CK24","v":false},{"$f":"Op_Rav!CL24","v":false}]
[null,null,null,null,"Forecast UK inflation uplift",null,"scalar",null,null,null,{"$f":"IFERROR(I10,\"\")","v":1.1040808032000002},{"$f":"K13*(1+L11)","v":1.1261624192640003},{"$f":"IFERROR(L13*(1+M11),0)","v":1.1486856676492803},1.171659381002266,1.1950925686223113,1.2189944199947575,1.2433743083946527,1.2682417945625457,1.2936066304537968,1.3194787630628728,1.3458683383241303,1.3727857050906129,1.4002414191924253,1.4282462475762738,1.4568111725277992,1.4859473959783553,1.5156663438979225,1.5459796707758811,1.5768992641913988,1.6084372494752268,1.6406059944647313,1.6734181143540259,1.7068864766411065,1.7410242061739287,1.7758446902974074,{"$f":"IFERROR(AI13*(1+AJ11),0)","v":1.8113615841033557},1.8475888157854228,1.8845405921011313,1.9222314039431541,1.9606760320220171,0,0,0,0,0,0,0,0,0,0,{"$f":"IFERROR(AX13*(1+AY11),0)","v":0},{"$f":"IFERROR(AY13*(1+AZ11),0)","v":0},{"$f":"IFERROR(AZ13*(1+BA11),0)","v":0},{"$f":"IFERROR(BA13*(1+BB11),0)","v":0},{"$f":"IFERROR(BB13*(1+BC11),0)","v":0},{"$f":"IFERROR(BC13*(1+BD11),0)","v":0},{"$f":"IFERROR(BD13*(1+BE11),0)","v":0},{"$f":"IFERROR(BE13*(1+BF11),0)","v":0},{"$f":"IFERROR(BF13*(1+BG11),0)","v":0},{"$f":"IFERROR(BG13*(1+BH11),0)","v":0},{"$f":"IFERROR(BH13*(1+BI11),0)","v":0},{"$f":"IFERROR(BI13*(1+BJ11),0)","v":0},{"$f":"IFERROR(BJ13*(1+BK11),0)","v":0},{"$f":"IFERROR(BK13*(1+BL11),0)","v":0},{"$f":"IFERROR(BL13*(1+BM11),0)","v":0},{"$f":"IFERROR(BM13*(1+BN11),0)","v":0},{"$f":"IFERROR(BN13*(1+BO11),0)","v":0},{"$f":"IFERROR(BO13*(1+BP11),0)","v":0},{"$f":"IFERROR(BP13*(1+BQ11),0)","v":0},{"$f":"IFERROR(BQ13*(1+BR11),0)","v":0},{"$f":"IFERROR(BR13*(1+BS11),0)","v":0},{"$f":"IFERROR(BS13*(1+BT11),0)","v":0},{"$f":"IFERROR(BT13*(1+BU11),0)","v":0},{"$f":"IFERROR(BU13*(1+BV11),0)","v":0},{"$f":"IFERROR(BV13*(1+BW11),0)","v":0},{"$f":"IFERROR(BW13*(1+BX11),0)","v":0},{"$f":"IFERROR(BX13*(1+BY11),0)","v":0},{"$f":"IFERROR(BY13*(1+BZ11),0)","v":0},{"$f":"IFERROR(BZ13*(1+CA11),0)","v":0},{"$f":"IFERROR(CA13*(1+CB11),0)","v":0},{"$f":"IFERROR(CB13*(1+CC11),0)","v":0},{"$f":"IFERROR(CC13*(1+CD11),0)","v":0},{"$f":"IFERROR(CD13*(1+CE11),0)","v":0},{"$f":"IFERROR(CE13*(1+CF11),0)","v":0},{"$f":"IFERROR(CF13*(1+CG11),0)","v":0},{"$f":"IFERROR(CG13*(1+CH11),0)","v":0},{"$f":"IFERROR(CH13*(1+CI11),0)","v":0},{"$f":"IFERROR(CI13*(1+CJ11),0)","v":0},{"$f":"IFERROR(CJ13*(1+CK11),0)","v":0},{"$f":"IFERROR(CK13*(1+CL11),0)","v":0}]
[]
[null,null,"Total tax deductions - Notional cost of debt"]
[]
[null,null,null,null,"Revenue pool additions",null,"£m nominal",null,null,null,{"$f":"K40","v":8.8326464256000019},9.0092993541120023,9.1894853411942421,9.3732750480181277,9.5607405489784902,9.7519553599580604,9.9469944671572215,10.145934356500366,10.348853043630374,10.555830104502983,10.766946706593043,10.982285640724903,11.201931353539402,11.425969980610191,11.654489380222394,11.887579167826843,12.12533075118338,12.367837366207048,12.61519411353119,12.867497995801815,13.124847955717851,13.387344914832207,13.655091813128852,13.92819364939143,14.206757522379259,{"$f":"AJ40","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AY40","v":0},0,0,0,0,0,0,0,0,0,{"$f":"BI40","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Capital allowances",null,"£m nominal",null,null,null,{"$f":"K128","v":0},{"$f":"L128","v":0},201.86250000000001,8.9250000000000007,8.6887500000000006,8.4666750000000004,8.2579244999999997,8.957536119800487,8.3670427005566257,7.9613741633562025,8.0555434072731789,8.4283023316037777,9.1973007520451304,7.5241464051205442,7.4038218165298124,9.2643730026712596,7.1888527047619579,7.0934388183960904,7.0015841438100006,6.9927510396809494,7.766530839072078,8.0212206962581902,6.6980511769956754,6.6950097645450173,7.8559455023741194,5.9968303814885529,5.9362705585992401,5.8793443250832853,5.8258336655782887,5.7755336456435913,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX128","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Interest payable",null,"£m nominal",null,null,null,{"$f":"K145","v":22.099074544992511},21.845916692276536,21.576153203369508,21.288694848171108,20.982380949621831,20.655974697211111,20.308158153079759,19.937526930552657,19.542584523615112,19.121736264436905,18.673282884546165,18.195413653654871,17.686199068432494,17.143583061707041,16.565374700636436,15.94923934032977,15.292689197199145,14.593073303980011,13.847566805861062,13.053159554504498,12.206643953902452,11.304602008994516,10.343391524752287,9.3191314000066736,8.2276859566384974,{"$f":"AJ145","v":7.0646482408580296},5.8253222291486573,4.5047038670272208,3.0974608640607904,1.5979111635577801,0,0,0,0,0,0,0,0,0,0,{"$f":"AY145","v":0},0,0,0,0,0,0,0,0,0,{"$f":"BI145","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]
[null,null,null,null,"Debt transaction costs",null,"£m nominal",null,null,null,{"$f":"SUMPRODUCT(Finance!K43:CL43,Input_IndexationFactor)+SUMPRODUCT(Finance!K45:CL45,Input_IndexationFactor)","v":7.5421111134452703}]
[null,null,null,null,"Total tax deductions",null,"£m nominal",null,null,null,{"$f":"SUM(K17:K20)","v":38.473832084037788},30.855216046388538,232.62813854456377,39.586969896189231,39.231871498600327,38.874605057169177,38.513077120236979,39.040997406853506,38.258480267802113,37.63894053229609,37.495772998412392,37.606001625983552,38.085431174017025,36.093699447437771,35.62368589738864,37.101191510827874,34.606872653144485,34.054349488583149,33.464345063202252,32.913408589987263,33.098022748692379,32.71316762008491,30.696534514876817,29.94233481394312,30.290388981391878,{"$f":"SUM(AJ17:AJ20)","v":13.061478622346582},11.761592787747897,10.384048192110505,8.9232945296390795,7.3734448092013718,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(AY17:AY20)","v":0},0,0,0,0,0,0,0,0,0,{"$f":"SUM(BI17:BI20)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Total tax deductions - Actual cost of debt"]
[]
[null,null,null,null,"Year within debt tenor or debt repayment 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[]
[null,"Tax pools"]
[]
[null,null,"Revenue pool"]
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[]
[null,null,"General pool"]
[]
[null,null,null,null,"Capital pool used for replacement expenditure (repex)",null,"Capital pool",null,{"$f":"Inputs!$I$187","v":"General"}]
[]
[null,null,null,null,"Allocation of Opening RAV to \"General\" tax pool",null,"%",null,{"$f":"Inputs!$I$181","v":0.25}]
[null,null,null,null,"General pool additions qualifying for first year allowance",null,"%",null,{"$f":"Inputs!$I$198","v":1}]
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[null,null,null,null,"General pool additions first year full expensing allowance",null,"%",null,{"$f":"Inputs!$I$195","v":1}]
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[null,null,null,null,"Transfers out to first year full expensing",null,"£m nominal",null,null,null,{"$f":"SUM(K53:K54) * -1 * $I$47","v":0},0,-131.25,0,0,0,0,-0.89583708980048593,-0.48979561235662566,-0.25751190044820321,-0.514662880139658,-1.0406246360982681,-1.9536337182699506,-0.41584939337187693,-0.42277262548606587,-2.4029367630901368,-0.43985263955570297,-0.45012875710221045,-0.45762268619375346,-0.54217726952167722,-1.4037414951223628,-1.7409487129454577,-0.49534551268170673,-0.56521644008988747,-1.7946897773862971,0,0,0,0,0,0,0,{"$f":"SUM(AQ53:AQ54) * -1 * $I$47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BW53:BW54) * -1 * $I$47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Transfers in from first year full expensing",null,"£m nominal",null,null,null,{"$f":"K62 * -1","v":0},{"$f":"L62 * -1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX62 * -1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Tax book value pre-depreciation",null,"£m nominal",null,null,null,{"$f":"SUM(K52:K56)","v":0},{"$f":"SUM(L52:L56)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BX52:BX56)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"General pool capital allowance (reducing balance)",null,"£m nominal",null,null,null,{"$f":" K57 * -1 * K50","v":0},{"$f":" L57 * -1 * L50","v":0},{"$f":" M57 * -1 * M50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":" BX57 * -1 * BX50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Closing balance carried forward",null,"£m nominal",null,null,null,{"$f":"SUM(K57:K58)","v":0},{"$f":"SUM(L57:L58)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BX57:BX58)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Opening balance brought forward",null,"£m nominal",null,null,null,{"$f":"J66","v":0},{"$f":"K66","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW66","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Transfers",null,"£m nominal",null,null,null,{"$f":"K61 * -1","v":0},{"$f":"L61 * -1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX61 * -1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Capex transfers from general pool",null,"£m nominal",null,null,null,{"$f":"K55 * -1","v":0},{"$f":"L55 * -1","v":0},131.25,0,0,0,0,0.89583708980048593,0.48979561235662566,0.25751190044820321,0.514662880139658,1.0406246360982681,1.9536337182699506,0.41584939337187693,0.42277262548606587,2.4029367630901368,0.43985263955570297,0.45012875710221045,0.45762268619375346,0.54217726952167722,1.4037414951223628,1.7409487129454577,0.49534551268170673,0.56521644008988747,1.7946897773862971,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX55 * -1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Tax book value pre-depreciation",null,"£m nominal",null,null,null,{"$f":"SUM(K61:K63)","v":0},{"$f":"SUM(L61:L63)","v":0},131.25,0,0,0,0,0.89583708980048593,0.48979561235662566,0.25751190044820321,0.514662880139658,1.0406246360982681,1.9536337182699506,0.41584939337187693,0.42277262548606587,2.4029367630901368,0.43985263955570297,0.45012875710221045,0.45762268619375346,0.54217726952167722,1.4037414951223628,1.7409487129454577,0.49534551268170673,0.56521644008988747,1.7946897773862971,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BX61:BX63)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"General pool capital allowance (reducing balance)",null,"£m nominal",null,null,null,{"$f":"K64 * -1 * $I$49","v":0},{"$f":"L64 * -1 * $I$49","v":0},-131.25,0,0,0,0,-0.89583708980048593,-0.48979561235662566,-0.25751190044820321,-0.514662880139658,-1.0406246360982681,-1.9536337182699506,-0.41584939337187693,-0.42277262548606587,-2.4029367630901368,-0.43985263955570297,-0.45012875710221045,-0.45762268619375346,-0.54217726952167722,-1.4037414951223628,-1.7409487129454577,-0.49534551268170673,-0.56521644008988747,-1.7946897773862971,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX64 * -1 * $I$49","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Closing balance carried forward - must be zero",null,"£m nominal",null,null,null,{"$f":"MAX(SUM(K64:K65),0)","v":0},{"$f":"MAX(SUM(L64:L65),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MAX(SUM(BX64:BX65),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Special rates pool"]
[]
[null,null,null,null,"Allocation of Opening RAV to \"Special Rate\" tax pool",null,"%",null,{"$f":"Inputs!I182","v":0.25}]
[null,null,null,null,"Special pool additions qualifying for first year allowance",null,null,null,{"$f":"Inputs!$I$199","v":1}]
[]
[null,null,null,null,"General pool additions first year  allowance rate",null,"%",null,{"$f":"Inputs!$I$196","v":0.5}]
[null,null,null,null,"Capital allowance rate",null,"%",null,null,null,{"$f":"Inputs!K191","v":0.06},{"$f":"Inputs!L191","v":0.06},{"$f":"Inputs!M191","v":0.06},{"$f":"Inputs!N191","v":0.06},{"$f":"Inputs!O191","v":0.06},{"$f":"Inputs!P191","v":0.06},{"$f":"Inputs!Q191","v":0.06},{"$f":"Inputs!R191","v":0.06},{"$f":"Inputs!S191","v":0.06},{"$f":"Inputs!T191","v":0.06},{"$f":"Inputs!U191","v":0.06},{"$f":"Inputs!V191","v":0.06},{"$f":"Inputs!W191","v":0.06},{"$f":"Inputs!X191","v":0.06},{"$f":"Inputs!Y191","v":0.06},{"$f":"Inputs!Z191","v":0.06},{"$f":"Inputs!AA191","v":0.06},{"$f":"Inputs!AB191","v":0.06},{"$f":"Inputs!AC191","v":0.06},{"$f":"Inputs!AD191","v":0.06},{"$f":"Inputs!AE191","v":0.06},{"$f":"Inputs!AF191","v":0.06},{"$f":"Inputs!AG191","v":0.06},{"$f":"Inputs!AH191","v":0.06},{"$f":"Inputs!AI191","v":0.06},{"$f":"Inputs!AJ191","v":0.06},{"$f":"Inputs!AK191","v":0.06},{"$f":"Inputs!AL191","v":0.06},{"$f":"Inputs!AM191","v":0.06},{"$f":"Inputs!AN191","v":0.06},{"$f":"Inputs!AO191","v":0.06},{"$f":"Inputs!AP191","v":0.06},{"$f":"Inputs!AQ191","v":0.06},{"$f":"Inputs!AR191","v":0.06},{"$f":"Inputs!AS191","v":0.06},{"$f":"Inputs!AT191","v":0.06},{"$f":"Inputs!AU191","v":0.06},{"$f":"Inputs!AV191","v":0.06},{"$f":"Inputs!AW191","v":0.06},{"$f":"Inputs!AX191","v":0.06},{"$f":"Inputs!AY191","v":0.06},{"$f":"Inputs!AZ191","v":0.06},{"$f":"Inputs!BA191","v":0.06},{"$f":"Inputs!BB191","v":0.06},{"$f":"Inputs!BC191","v":0.06},{"$f":"Inputs!BD191","v":0.06},{"$f":"Inputs!BE191","v":0.06},{"$f":"Inputs!BF191","v":0.06},{"$f":"Inputs!BG191","v":0.06},{"$f":"Inputs!BH191","v":0.06},{"$f":"Inputs!BI191","v":0.06},{"$f":"Inputs!BJ191","v":0.06},{"$f":"Inputs!BK191","v":0.06},{"$f":"Inputs!BL191","v":0.06},{"$f":"Inputs!BM191","v":0.06},{"$f":"Inputs!BN191","v":0.06},{"$f":"Inputs!BO191","v":0.06},{"$f":"Inputs!BP191","v":0.06},{"$f":"Inputs!BQ191","v":0.06},{"$f":"Inputs!BR191","v":0.06},{"$f":"Inputs!BS191","v":0.06},{"$f":"Inputs!BT191","v":0.06},{"$f":"Inputs!BU191","v":0.06},{"$f":"Inputs!BV191","v":0.06},{"$f":"Inputs!BW191","v":0.06},{"$f":"Inputs!BX191","v":0.06},{"$f":"Inputs!BY191","v":0.06},{"$f":"Inputs!BZ191","v":0.06},{"$f":"Inputs!CA191","v":0.06},{"$f":"Inputs!CB191","v":0.06},{"$f":"Inputs!CC191","v":0.06},{"$f":"Inputs!CD191","v":0.06},{"$f":"Inputs!CE191","v":0.06},{"$f":"Inputs!CF191","v":0.06},{"$f":"Inputs!CG191","v":0.06},{"$f":"Inputs!CH191","v":0.06},{"$f":"Inputs!CI191","v":0.06},{"$f":"Inputs!CJ191","v":0.06},{"$f":"Inputs!CK191","v":0.06},{"$f":"Inputs!CL191","v":0.06}]
[null,null,null,null,"Number of operational years",null,{"$f":"Inputs!G158","v":"full years"},null,{"$f":"Inputs!I158","v":30}]
[]
[null,null,null,null,"Opening balance brought forward",null,"£m nominal",null,null,null,{"$f":"J85","v":0},{"$f":"K85","v":0},0,0,61.6875,57.986249999999998,54.507075,51.236650500000003,48.162451470000001,45.272704381799997,42.556342118891997,40.002961591758478,37.602783896252973,35.346616862477795,33.225819850729124,31.232270659685376,29.358334420104253,27.596834354897997,25.941024293604116,24.384562835987868,22.921489065828595,21.546199721878878,20.253427738566145,19.038222074252175,17.895928749797044,16.822173024809221,15.812842643320668,14.864072084721428,13.972227759638143,13.133894094059855,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW85","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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BL$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * BM$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * BN$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * BO$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * BP$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * BQ$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * BR$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * BS$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * BT$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * BU$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * BV$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * BW$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * BX$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * BY$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * BZ$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * CA$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * CB$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * CC$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * CD$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * CE$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * CF$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * CG$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * CH$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * CI$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * CJ$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * CK$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$70 * CL$26","v":0}]
[null,null,null,null,"Replacement Capex",null,"£m nominal",null,null,null,{"$f":"IF($I$44=\"Special Rate\",Op_Rav!K$14 * K$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!L$14 * L$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!M$14 * M$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!N$14 * N$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!O$14 * O$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!P$14 * P$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!Q$14 * Q$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!R$14 * R$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!S$14 * S$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!T$14 * T$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!U$14 * U$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!V$14 * V$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!W$14 * W$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!X$14 * X$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!Y$14 * Y$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!Z$14 * Z$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AA$14 * AA$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AB$14 * AB$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AC$14 * AC$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AD$14 * AD$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AE$14 * AE$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AF$14 * AF$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AG$14 * AG$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AH$14 * AH$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AI$14 * AI$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AJ$14 * AJ$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AK$14 * AK$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AL$14 * AL$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AM$14 * AM$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AN$14 * AN$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AO$14 * AO$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AP$14 * AP$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AQ$14 * AQ$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AR$14 * AR$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AS$14 * AS$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AT$14 * AT$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AU$14 * AU$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AV$14 * AV$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AW$14 * AW$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AX$14 * AX$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AY$14 * AY$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!AZ$14 * AZ$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BA$14 * BA$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BB$14 * BB$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BC$14 * BC$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BD$14 * BD$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BE$14 * BE$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BF$14 * BF$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BG$14 * BG$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BH$14 * BH$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BI$14 * BI$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BJ$14 * BJ$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BK$14 * BK$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BL$14 * BL$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BM$14 * BM$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BN$14 * BN$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BO$14 * BO$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BP$14 * BP$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BQ$14 * BQ$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BR$14 * BR$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BS$14 * BS$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BT$14 * BT$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BU$14 * BU$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BV$14 * BV$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BW$14 * BW$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BX$14 * BX$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BY$14 * BY$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!BZ$14 * BZ$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!CA$14 * CA$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!CB$14 * CB$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!CC$14 * CC$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!CD$14 * CD$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!CE$14 * CE$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!CF$14 * CF$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!CG$14 * CG$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!CH$14 * CH$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!CI$14 * CI$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!CJ$14 * CJ$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!CK$14 * CK$13,0)","v":0},{"$f":"IF($I$44=\"Special Rate\",Op_Rav!CL$14 * CL$13,0)","v":0}]
[null,null,null,null,"Transfer out to first year allowance",null,null,null,null,null,{"$f":"SUM(K78:K79) * -1 * $I$71","v":0},{"$f":"SUM(L78:L79) * -1 * $I$71","v":0},-131.25,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BX78:BX79) * -1 * $I$71","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Transfer in from first year allowance",null,"£m nominal",null,null,null,{"$f":"K88 * -1","v":0},{"$f":"L88 * -1","v":0},0,65.625,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX88 * -1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Tax book value pre-depreciation",null,"£m nominal",null,null,null,{"$f":"SUM(K77:K81)","v":0},0,0,65.625,61.6875,57.986249999999998,54.507075,51.236650500000003,48.162451470000001,45.272704381799997,42.556342118891997,40.002961591758478,37.602783896252973,35.346616862477795,33.225819850729124,31.232270659685376,29.358334420104253,27.596834354897997,25.941024293604116,24.384562835987868,22.921489065828595,21.546199721878878,20.253427738566145,19.038222074252175,17.895928749797044,16.822173024809221,15.812842643320668,14.864072084721428,13.972227759638143,13.133894094059855,0,0,{"$f":"SUM(AQ77:AQ81)","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,{"$f":"SUM(BW77:BW81)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Special Rates capital allowance (reducing balance)",null,"£m nominal",null,null,null,{"$f":"-K82 * K74 * K$12","v":0},{"$f":"-L82 * L74 * L$12","v":0},0,-3.9375,-3.7012499999999999,-3.4791749999999997,-3.2704244999999998,-3.0741990299999999,-2.8897470882,-2.7163622629079995,-2.5533805271335197,-2.4001776955055085,-2.2561670337751782,-2.1207970117486674,-1.9935491910437473,-1.8739362395811225,-1.7615000652062551,-1.6558100612938798,-1.556461457616247,-1.463073770159272,-1.3752893439497156,-1.2927719833127327,-1.2152056643139686,-1.1422933244551305,-1.0737557249878227,-1.0093303814885533,-0.94877055859923998,-0.8918443250832857,-0.83833366557828859,-0.78803364564359124,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-BX82 * BX74 * BX$12","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Balancing allowance",null,"£m nominal",null,null,null,{"$f":"IF($I$75=K4,-SUM(K82:K83), 0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-12.345860448416264,0,0,{"$f":"IF($I$75=AQ4,-SUM(AQ82:AQ83), 0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF($I$75=BW4,-SUM(BW82:BW83), 0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Closing balance carried forward",null,"£m nominal",null,null,null,{"$f":"SUM(K82:K84)","v":0},{"$f":"SUM(L82:L84)","v":0},0,61.6875,57.986249999999998,54.507075,51.236650500000003,48.162451470000001,45.272704381799997,42.556342118891997,40.002961591758478,37.602783896252973,35.346616862477795,33.225819850729124,31.232270659685376,29.358334420104253,27.596834354897997,25.941024293604116,24.384562835987868,22.921489065828595,21.546199721878878,20.253427738566145,19.038222074252175,17.895928749797044,16.822173024809221,15.812842643320668,14.864072084721428,13.972227759638143,13.133894094059855,0,0,0,0,0,0,0,{"$f":"SUM(AU82:AU84)","v":0},{"$f":"SUM(AV82:AV84)","v":0},{"$f":"SUM(AW82:AW84)","v":0},{"$f":"SUM(AX82:AX84)","v":0},{"$f":"SUM(AY82:AY84)","v":0},{"$f":"SUM(AZ82:AZ84)","v":0},{"$f":"SUM(BA82:BA84)","v":0},{"$f":"SUM(BB82:BB84)","v":0},{"$f":"SUM(BC82:BC84)","v":0},{"$f":"SUM(BD82:BD84)","v":0},{"$f":"SUM(BE82:BE84)","v":0},{"$f":"SUM(BF82:BF84)","v":0},{"$f":"SUM(BG82:BG84)","v":0},{"$f":"SUM(BH82:BH84)","v":0},{"$f":"SUM(BI82:BI84)","v":0},{"$f":"SUM(BJ82:BJ84)","v":0},{"$f":"SUM(BK82:BK84)","v":0},{"$f":"SUM(BL82:BL84)","v":0},{"$f":"SUM(BM82:BM84)","v":0},{"$f":"SUM(BN82:BN84)","v":0},{"$f":"SUM(BO82:BO84)","v":0},{"$f":"SUM(BP82:BP84)","v":0},{"$f":"SUM(BQ82:BQ84)","v":0},{"$f":"SUM(BR82:BR84)","v":0},{"$f":"SUM(BS82:BS84)","v":0},{"$f":"SUM(BT82:BT84)","v":0},{"$f":"SUM(BU82:BU84)","v":0},{"$f":"SUM(BV82:BV84)","v":0},{"$f":"SUM(BW82:BW84)","v":0},{"$f":"SUM(BX82:BX84)","v":0},{"$f":"SUM(BY82:BY84)","v":0},{"$f":"SUM(BZ82:BZ84)","v":0},{"$f":"SUM(CA82:CA84)","v":0},{"$f":"SUM(CB82:CB84)","v":0},0,{"$f":"SUM(CD82:CD84)","v":0},{"$f":"SUM(CE82:CE84)","v":0},{"$f":"SUM(CF82:CF84)","v":0},{"$f":"SUM(CG82:CG84)","v":0},{"$f":"SUM(CH82:CH84)","v":0},{"$f":"SUM(CI82:CI84)","v":0},{"$f":"SUM(CJ82:CJ84)","v":0},{"$f":"SUM(CK82:CK84)","v":0},{"$f":"SUM(CL82:CL84)","v":0}]
[]
[null,null,null,null,"Opening balance brought forward",null,"£m nominal",null,null,null,{"$f":"J92","v":0},{"$f":"K92","v":0},0,65.625,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW92","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Transfers",null,"£m nominal",null,null,null,{"$f":"K87 * -1","v":0},{"$f":"L87 * -1","v":0},0,-65.625,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX87 * -1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Capex transfers from special rates pool",null,"£m nominal",null,null,null,{"$f":"K80 * -1","v":0},{"$f":"L80 * -1","v":0},131.25,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX80 * -1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"First year tax book value pre-depreciation",null,"£m nominal",null,null,null,{"$f":"SUM(K87:K89)","v":0},{"$f":"SUM(L87:L89)","v":0},131.25,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BX87:BX89)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"First year capital allowance (reducing balance)",null,"£m nominal",null,null,null,{"$f":"-K90 * $I$73","v":0},{"$f":"-L90 * $I$73","v":0},-65.625,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-BX90 * $I$73","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"First year closing balance carried forward",null,"£m nominal",null,null,null,{"$f":"SUM(K90:K91)","v":0},{"$f":"SUM(L90:L91)","v":0},65.625,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BX90:BX91)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Structures and buildings pool"]
[]
[null,null,null,null,"Allocation of Opening RAV to \"Structures and Buildings\" tax pool",null,"%",null,{"$f":"Inputs!I183","v":0.25}]
[null,null,null,null,"Capital allowance rate",null,"%",null,null,null,{"$f":"Inputs!K192","v":0.03},{"$f":"Inputs!L192","v":0.03},{"$f":"Inputs!M192","v":0.03},{"$f":"Inputs!N192","v":0.03},{"$f":"Inputs!O192","v":0.03},{"$f":"Inputs!P192","v":0.03},{"$f":"Inputs!Q192","v":0.03},{"$f":"Inputs!R192","v":0.03},{"$f":"Inputs!S192","v":0.03},{"$f":"Inputs!T192","v":0.03},{"$f":"Inputs!U192","v":0.03},{"$f":"Inputs!V192","v":0.03},{"$f":"Inputs!W192","v":0.03},{"$f":"Inputs!X192","v":0.03},{"$f":"Inputs!Y192","v":0.03},{"$f":"Inputs!Z192","v":0.03},{"$f":"Inputs!AA192","v":0.03},{"$f":"Inputs!AB192","v":0.03},{"$f":"Inputs!AC192","v":0.03},{"$f":"Inputs!AD192","v":0.03},{"$f":"Inputs!AE192","v":0.03},{"$f":"Inputs!AF192","v":0.03},{"$f":"Inputs!AG192","v":0.03},{"$f":"Inputs!AH192","v":0.03},{"$f":"Inputs!AI192","v":0.03},{"$f":"Inputs!AJ192","v":0.03},{"$f":"Inputs!AK192","v":0.03},{"$f":"Inputs!AL192","v":0.03},{"$f":"Inputs!AM192","v":0.03},{"$f":"Inputs!AN192","v":0.03},{"$f":"Inputs!AO192","v":0.03},{"$f":"Inputs!AP192","v":0.03},{"$f":"Inputs!AQ192","v":0.03},{"$f":"Inputs!AR192","v":0.03},{"$f":"Inputs!AS192","v":0.03},{"$f":"Inputs!AT192","v":0.03},{"$f":"Inputs!AU192","v":0.03},{"$f":"Inputs!AV192","v":0.03},{"$f":"Inputs!AW192","v":0.03},{"$f":"Inputs!AX192","v":0.03},{"$f":"Inputs!AY192","v":0.03},{"$f":"Inputs!AZ192","v":0.03},{"$f":"Inputs!BA192","v":0.03},{"$f":"Inputs!BB192","v":0.03},{"$f":"Inputs!BC192","v":0.03},{"$f":"Inputs!BD192","v":0.03},{"$f":"Inputs!BE192","v":0.03},{"$f":"Inputs!BF192","v":0.03},{"$f":"Inputs!BG192","v":0.03},{"$f":"Inputs!BH192","v":0.03},{"$f":"Inputs!BI192","v":0.03},{"$f":"Inputs!BJ192","v":0.03},{"$f":"Inputs!BK192","v":0.03},{"$f":"Inputs!BL192","v":0.03},{"$f":"Inputs!BM192","v":0.03},{"$f":"Inputs!BN192","v":0.03},{"$f":"Inputs!BO192","v":0.03},{"$f":"Inputs!BP192","v":0.03},{"$f":"Inputs!BQ192","v":0.03},{"$f":"Inputs!BR192","v":0.03},{"$f":"Inputs!BS192","v":0.03},{"$f":"Inputs!BT192","v":0.03},{"$f":"Inputs!BU192","v":0.03},{"$f":"Inputs!BV192","v":0.03},{"$f":"Inputs!BW192","v":0.03},{"$f":"Inputs!BX192","v":0.03},{"$f":"Inputs!BY192","v":0.03},{"$f":"Inputs!BZ192","v":0.03},{"$f":"Inputs!CA192","v":0.03},{"$f":"Inputs!CB192","v":0.03},{"$f":"Inputs!CC192","v":0.03},{"$f":"Inputs!CD192","v":0.03},{"$f":"Inputs!CE192","v":0.03},{"$f":"Inputs!CF192","v":0.03},{"$f":"Inputs!CG192","v":0.03},{"$f":"Inputs!CH192","v":0.03},{"$f":"Inputs!CI192","v":0.03},{"$f":"Inputs!CJ192","v":0.03},{"$f":"Inputs!CK192","v":0.03},{"$f":"Inputs!CL192","v":0.03}]
[null,null,null,null,"Number of operational years",null,{"$f":"Inputs!G158","v":"full years"},null,{"$f":"Inputs!I158","v":30}]
[]
[null,null,null,null,"Opening balance brought forward",null,"£m nominal",null,null,null,{"$f":"J106","v":0},{"$f":"K106","v":0},0,127.3125,123.375,119.4375,115.5,111.5625,107.625,103.6875,99.75,95.8125,91.875,87.9375,84,80.0625,76.125,72.1875,68.25,64.3125,60.375,56.4375,52.5,48.5625,44.625,40.6875,36.75,32.8125,28.875,24.9375,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW106","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Capex additions",null,"£m nominal",null,null,null,{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$96 * K$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$96 * L$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$96 * M$26","v":131.25},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$96 * N$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$96 * O$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$96 * P$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$96 * Q$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$96 * R$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$96 * S$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$96 * 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[null,null,null,null,"Replacement Capex",null,"£m nominal",null,null,null,{"$f":" IF($I$44=\"Structures and Buildings\",Op_Rav!K14 * K$13,0)","v":0},{"$f":" IF($I$44=\"Structures and Buildings\",Op_Rav!L14 * L$13,0)","v":0},{"$f":" IF($I$44=\"Structures and Buildings\",Op_Rav!M14 * M$13,0)","v":0},{"$f":" IF($I$44=\"Structures and Buildings\",Op_Rav!N14 * N$13,0)","v":0},{"$f":" IF($I$44=\"Structures and Buildings\",Op_Rav!O14 * O$13,0)","v":0},{"$f":" IF($I$44=\"Structures and Buildings\",Op_Rav!P14 * P$13,0)","v":0},{"$f":" IF($I$44=\"Structures and Buildings\",Op_Rav!Q14 * Q$13,0)","v":0},{"$f":" IF($I$44=\"Structures and Buildings\",Op_Rav!R14 * R$13,0)","v":0},{"$f":" IF($I$44=\"Structures and Buildings\",Op_Rav!S14 * S$13,0)","v":0},{"$f":" IF($I$44=\"Structures and Buildings\",Op_Rav!T14 * T$13,0)","v":0},{"$f":" IF($I$44=\"Structures and Buildings\",Op_Rav!U14 * U$13,0)","v":0},{"$f":" IF($I$44=\"Structures and Buildings\",Op_Rav!V14 * V$13,0)","v":0},{"$f":" 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IF($I$44=\"Structures and Buildings\",Op_Rav!CJ14 * CJ$13,0)","v":0},{"$f":" IF($I$44=\"Structures and Buildings\",Op_Rav!CK14 * CK$13,0)","v":0},{"$f":" IF($I$44=\"Structures and Buildings\",Op_Rav!CL14 * CL$13,0)","v":0}]
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[null,null,null,null,"Structures and Buildings capital allowance (straight line)",null,"£m nominal",null,null,null,{"$f":"SUM(SUMIFS($K$101:$CL$101,$K$4:$CL$4,\"<=\"&K$4,$K$4:$CL$4,\">\"&K$4-$I$98),SUMIFS($K$102:$CL$102,$K$4:$CL$4,\"<=\"&K$4,$K$4:$CL$4,\">\"&K$4-(1/K$97))) * -1 * K97 * K$12","v":0},0,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,-3.9375,0,0,{"$f":"SUM(SUMIFS($K$101:$CL$101,$K$4:$CL$4,\"<=\"&AQ$4,$K$4:$CL$4,\">\"&AQ$4-$I$98),SUMIFS($K$102:$CL$102,$K$4:$CL$4,\"<=\"&AQ$4,$K$4:$CL$4,\">\"&AQ$4-(1/AQ$97))) * -1 * AQ97 * AQ$12","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(SUMIFS($K$101:$CL$101,$K$4:$CL$4,\"<=\"&BW$4,$K$4:$CL$4,\">\"&BW$4-$I$98),SUMIFS($K$102:$CL$102,$K$4:$CL$4,\"<=\"&BW$4,$K$4:$CL$4,\">\"&BW$4-(1/BW$97))) * -1 * BW97 * BW$12","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Balancing allowance",null,"£m nominal",null,null,null,{"$f":"IF($I$98=K4,-SUM(K103:K104), 0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-21,0,0,{"$f":"IF($I$98=AQ4,-SUM(AQ103:AQ104), 0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF($I$98=BW4,-SUM(BW103:BW104), 0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Closing balance carried forward",null,"£m nominal",null,null,null,{"$f":"SUM(K103:K105)","v":0},{"$f":"SUM(L103:L105)","v":0},127.3125,123.375,119.4375,115.5,111.5625,107.625,103.6875,99.75,95.8125,91.875,87.9375,84,80.0625,76.125,72.1875,68.25,64.3125,60.375,56.4375,52.5,48.5625,44.625,40.6875,36.75,32.8125,28.875,24.9375,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BX103:BX105)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Deferred revenue expenditure"]
[]
[null,null,null,null,"Allocation of Opening RAV to \"Deferred Revenue\" tax pool",null,"%",null,{"$f":"Inputs!I184","v":0.05}]
[null,null,null,null,"Capital allowance rate",null,"%",null,null,null,{"$f":"Inputs!K193","v":0.04},{"$f":"Inputs!L193","v":0.04},{"$f":"Inputs!M193","v":0.04},{"$f":"Inputs!N193","v":0.04},{"$f":"Inputs!O193","v":0.04},{"$f":"Inputs!P193","v":0.04},{"$f":"Inputs!Q193","v":0.04},{"$f":"Inputs!R193","v":0.04},{"$f":"Inputs!S193","v":0.04},{"$f":"Inputs!T193","v":0.04},{"$f":"Inputs!U193","v":0.04},{"$f":"Inputs!V193","v":0.04},{"$f":"Inputs!W193","v":0.04},{"$f":"Inputs!X193","v":0.04},{"$f":"Inputs!Y193","v":0.04},{"$f":"Inputs!Z193","v":0.04},{"$f":"Inputs!AA193","v":0.04},{"$f":"Inputs!AB193","v":0.04},{"$f":"Inputs!AC193","v":0.04},{"$f":"Inputs!AD193","v":0.04},{"$f":"Inputs!AE193","v":0.04},{"$f":"Inputs!AF193","v":0.04},{"$f":"Inputs!AG193","v":0.04},{"$f":"Inputs!AH193","v":0.04},{"$f":"Inputs!AI193","v":0.04},{"$f":"Inputs!AJ193","v":0.04},{"$f":"Inputs!AK193","v":0.04},{"$f":"Inputs!AL193","v":0.04},{"$f":"Inputs!AM193","v":0.04},{"$f":"Inputs!AN193","v":0.04},{"$f":"Inputs!AO193","v":0.04},{"$f":"Inputs!AP193","v":0.04},{"$f":"Inputs!AQ193","v":0.04},{"$f":"Inputs!AR193","v":0.04},{"$f":"Inputs!AS193","v":0.04},{"$f":"Inputs!AT193","v":0.04},{"$f":"Inputs!AU193","v":0.04},{"$f":"Inputs!AV193","v":0.04},{"$f":"Inputs!AW193","v":0.04},{"$f":"Inputs!AX193","v":0.04},{"$f":"Inputs!AY193","v":0.04},{"$f":"Inputs!AZ193","v":0.04},{"$f":"Inputs!BA193","v":0.04},{"$f":"Inputs!BB193","v":0.04},{"$f":"Inputs!BC193","v":0.04},{"$f":"Inputs!BD193","v":0.04},{"$f":"Inputs!BE193","v":0.04},{"$f":"Inputs!BF193","v":0.04},{"$f":"Inputs!BG193","v":0.04},{"$f":"Inputs!BH193","v":0.04},{"$f":"Inputs!BI193","v":0.04},{"$f":"Inputs!BJ193","v":0.04},{"$f":"Inputs!BK193","v":0.04},{"$f":"Inputs!BL193","v":0.04},{"$f":"Inputs!BM193","v":0.04},{"$f":"Inputs!BN193","v":0.04},{"$f":"Inputs!BO193","v":0.04},{"$f":"Inputs!BP193","v":0.04},{"$f":"Inputs!BQ193","v":0.04},{"$f":"Inputs!BR193","v":0.04},{"$f":"Inputs!BS193","v":0.04},{"$f":"Inputs!BT193","v":0.04},{"$f":"Inputs!BU193","v":0.04},{"$f":"Inputs!BV193","v":0.04},{"$f":"Inputs!BW193","v":0.04},{"$f":"Inputs!BX193","v":0.04},{"$f":"Inputs!BY193","v":0.04},{"$f":"Inputs!BZ193","v":0.04},{"$f":"Inputs!CA193","v":0.04},{"$f":"Inputs!CB193","v":0.04},{"$f":"Inputs!CC193","v":0.04},{"$f":"Inputs!CD193","v":0.04},{"$f":"Inputs!CE193","v":0.04},{"$f":"Inputs!CF193","v":0.04},{"$f":"Inputs!CG193","v":0.04},{"$f":"Inputs!CH193","v":0.04},{"$f":"Inputs!CI193","v":0.04},{"$f":"Inputs!CJ193","v":0.04},{"$f":"Inputs!CK193","v":0.04},{"$f":"Inputs!CL193","v":0.04}]
[null,null,null,null,"Number of operational years",null,{"$f":"Inputs!G158","v":"full years"},null,{"$f":"Inputs!I158","v":30}]
[]
[null,null,null,null,"Opening balance brought forward",null,"£m nominal",null,null,null,{"$f":"J120","v":0},{"$f":"K120","v":0},0,25.2,24.15,23.099999999999998,22.049999999999997,20.999999999999996,19.949999999999996,18.899999999999995,17.849999999999994,16.799999999999994,15.749999999999993,14.699999999999992,13.649999999999991,12.599999999999991,11.54999999999999,10.499999999999989,9.4499999999999886,8.3999999999999879,7.3499999999999881,6.2999999999999883,5.2499999999999885,4.1999999999999886,3.1499999999999888,2.099999999999989,1.0499999999999889,-1.1102230246251565E-14,-1.0500000000000111,-2.1000000000000112,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW120","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Capex additions",null,"£m nominal",null,null,null,{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * K$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * L$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * M$26","v":26.25},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * N$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * O$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * P$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * Q$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * R$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * S$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * 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BL$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * BM$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * BN$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * BO$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * BP$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * BQ$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * BR$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * BS$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * BT$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * BU$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * BV$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * BW$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * BX$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * BY$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * BZ$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * CA$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * CB$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * CC$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * CD$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * CE$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * CF$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * CG$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * CH$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * CI$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * CJ$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * CK$26","v":0},{"$f":"SUMPRODUCT(Pre_Op_RAV!$K$21:$CL$21,Input_IndexationFactor) * $I$110 * CL$26","v":0}]
[null,null,null,null,"Replacement Capex",null,"£m nominal",null,null,null,{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!K14 * K$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!L14 * L$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!M14 * M$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!N14 * N$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!O14 * O$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!P14 * P$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!Q14 * Q$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!R14 * R$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!S14 * S$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!T14 * T$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!U14 * U$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!V14 * V$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!W14 * W$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!X14 * X$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!Y14 * Y$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!Z14 * Z$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AA14 * AA$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AB14 * AB$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AC14 * AC$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AD14 * AD$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AE14 * AE$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AF14 * AF$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AG14 * AG$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AH14 * AH$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AI14 * AI$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AJ14 * AJ$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AK14 * AK$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AL14 * AL$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AM14 * AM$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AN14 * AN$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AO14 * AO$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AP14 * AP$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AQ14 * AQ$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AR14 * AR$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AS14 * AS$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AT14 * AT$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AU14 * AU$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AV14 * AV$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AW14 * AW$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AX14 * AX$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AY14 * AY$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!AZ14 * AZ$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BA14 * BA$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BB14 * BB$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BC14 * BC$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BD14 * BD$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BE14 * BE$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BF14 * BF$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BG14 * BG$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BH14 * BH$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BI14 * BI$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BJ14 * BJ$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BK14 * BK$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BL14 * BL$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BM14 * BM$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BN14 * BN$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BO14 * BO$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BP14 * BP$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BQ14 * BQ$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BR14 * BR$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BS14 * BS$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BT14 * BT$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BU14 * BU$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BV14 * BV$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BW14 * BW$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BX14 * BX$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BY14 * BY$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!BZ14 * BZ$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!CA14 * CA$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!CB14 * CB$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!CC14 * CC$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!CD14 * CD$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!CE14 * CE$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!CF14 * CF$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!CG14 * CG$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!CH14 * CH$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!CI14 * CI$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!CJ14 * CJ$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!CK14 * CK$13,0)","v":0},{"$f":" IF($I$44=\"Deferred revenue\",Op_Rav!CL14 * CL$13,0)","v":0}]
[null,null,null,null,"Tax book value pre-depreciation",null,"£m nominal",null,null,null,{"$f":"SUM(K114:K116)","v":0},0,26.25,25.2,24.15,23.099999999999998,22.049999999999997,20.999999999999996,19.949999999999996,18.899999999999995,17.849999999999994,16.799999999999994,15.749999999999993,14.699999999999992,13.649999999999991,12.599999999999991,11.54999999999999,10.499999999999989,9.4499999999999886,8.3999999999999879,7.3499999999999881,6.2999999999999883,5.2499999999999885,4.1999999999999886,3.1499999999999888,2.099999999999989,1.0499999999999889,-1.1102230246251565E-14,-1.0500000000000111,-2.1000000000000112,0,0,{"$f":"SUM(AQ114:AQ116)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BW114:BW116)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Deferred revenue expenditure capital allowance (straight line)",null,"£m nominal",null,null,null,{"$f":"SUM(SUMIFS($K$115:$CL$115,$K$4:$CL$4,\"<=\"&K$4,$K$4:$CL$4,\">\"&K$4-$I$98),SUMIFS($K$116:$CL$116,$K$4:$CL$4,\"<=\"&K$4,$K$4:$CL$4,\">\"&K$4-(1/K$111))) * -1 * K111 * K$12","v":0},0,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,-1.05,0,0,{"$f":"SUM(SUMIFS($K$115:$CL$115,$K$4:$CL$4,\"<=\"&AQ$4,$K$4:$CL$4,\">\"&AQ$4-$I$98),SUMIFS($K$116:$CL$116,$K$4:$CL$4,\"<=\"&AQ$4,$K$4:$CL$4,\">\"&AQ$4-(1/AQ$111))) * -1 * AQ111 * AQ$12","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(SUMIFS($K$115:$CL$115,$K$4:$CL$4,\"<=\"&BW$4,$K$4:$CL$4,\">\"&BW$4-$I$98),SUMIFS($K$116:$CL$116,$K$4:$CL$4,\"<=\"&BW$4,$K$4:$CL$4,\">\"&BW$4-(1/BW$111))) * -1 * BW111 * BW$12","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Balancing allowance",null,"£m nominal",null,null,null,{"$f":"IF($I$112=K4,-SUM(K117:K118), 0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,3.150000000000011,0,0,{"$f":"IF($I$112=AQ4,-SUM(AQ117:AQ118), 0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF($I$112=BW4,-SUM(BW117:BW118), 0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Closing balance carried forward",null,"£m nominal",null,null,null,{"$f":"SUM(K117:K119)","v":0},{"$f":"SUM(L117:L119)","v":0},{"$f":"SUM(M117:M119)","v":25.2},{"$f":"SUM(N117:N119)","v":24.15},{"$f":"SUM(O117:O119)","v":23.099999999999998},{"$f":"SUM(P117:P119)","v":22.049999999999997},{"$f":"SUM(Q117:Q119)","v":20.999999999999996},{"$f":"SUM(R117:R119)","v":19.949999999999996},{"$f":"SUM(S117:S119)","v":18.899999999999995},{"$f":"SUM(T117:T119)","v":17.849999999999994},{"$f":"SUM(U117:U119)","v":16.799999999999994},{"$f":"SUM(V117:V119)","v":15.749999999999993},{"$f":"SUM(W117:W119)","v":14.699999999999992},{"$f":"SUM(X117:X119)","v":13.649999999999991},{"$f":"SUM(Y117:Y119)","v":12.599999999999991},{"$f":"SUM(Z117:Z119)","v":11.54999999999999},{"$f":"SUM(AA117:AA119)","v":10.499999999999989},{"$f":"SUM(AB117:AB119)","v":9.4499999999999886},{"$f":"SUM(AC117:AC119)","v":8.3999999999999879},{"$f":"SUM(AD117:AD119)","v":7.3499999999999881},{"$f":"SUM(AE117:AE119)","v":6.2999999999999883},{"$f":"SUM(AF117:AF119)","v":5.2499999999999885},{"$f":"SUM(AG117:AG119)","v":4.1999999999999886},{"$f":"SUM(AH117:AH119)","v":3.1499999999999888},{"$f":"SUM(AI117:AI119)","v":2.099999999999989},{"$f":"SUM(AJ117:AJ119)","v":1.0499999999999889},{"$f":"SUM(AK117:AK119)","v":-1.1102230246251565E-14},{"$f":"SUM(AL117:AL119)","v":-1.0500000000000111},{"$f":"SUM(AM117:AM119)","v":-2.1000000000000112},{"$f":"SUM(AN117:AN119)","v":0},{"$f":"SUM(AO117:AO119)","v":0},{"$f":"SUM(AP117:AP119)","v":0},{"$f":"SUM(AQ117:AQ119)","v":0},{"$f":"SUM(AR117:AR119)","v":0},{"$f":"SUM(AS117:AS119)","v":0},{"$f":"SUM(AT117:AT119)","v":0},{"$f":"SUM(AU117:AU119)","v":0},{"$f":"SUM(AV117:AV119)","v":0},{"$f":"SUM(AW117:AW119)","v":0},{"$f":"SUM(AX117:AX119)","v":0},{"$f":"SUM(AY117:AY119)","v":0},{"$f":"SUM(AZ117:AZ119)","v":0},{"$f":"SUM(BA117:BA119)","v":0},{"$f":"SUM(BB117:BB119)","v":0},{"$f":"SUM(BC117:BC119)","v":0},{"$f":"SUM(BD117:BD119)","v":0},{"$f":"SUM(BE117:BE119)","v":0},{"$f":"SUM(BF117:BF119)","v":0},{"$f":"SUM(BG117:BG119)","v":0},{"$f":"SUM(BH117:BH119)","v":0},{"$f":"SUM(BI117:BI119)","v":0},{"$f":"SUM(BJ117:BJ119)","v":0},{"$f":"SUM(BK117:BK119)","v":0},{"$f":"SUM(BL117:BL119)","v":0},{"$f":"SUM(BM117:BM119)","v":0},{"$f":"SUM(BN117:BN119)","v":0},{"$f":"SUM(BO117:BO119)","v":0},{"$f":"SUM(BP117:BP119)","v":0},{"$f":"SUM(BQ117:BQ119)","v":0},{"$f":"SUM(BR117:BR119)","v":0},{"$f":"SUM(BS117:BS119)","v":0},{"$f":"SUM(BT117:BT119)","v":0},{"$f":"SUM(BU117:BU119)","v":0},{"$f":"SUM(BV117:BV119)","v":0},{"$f":"SUM(BW117:BW119)","v":0},{"$f":"SUM(BX117:BX119)","v":0},{"$f":"SUM(BY117:BY119)","v":0},{"$f":"SUM(BZ117:BZ119)","v":0},{"$f":"SUM(CA117:CA119)","v":0},{"$f":"SUM(CB117:CB119)","v":0},{"$f":"SUM(CC117:CC119)","v":0},{"$f":"SUM(CD117:CD119)","v":0},{"$f":"SUM(CE117:CE119)","v":0},{"$f":"SUM(CF117:CF119)","v":0},{"$f":"SUM(CG117:CG119)","v":0},{"$f":"SUM(CH117:CH119)","v":0},{"$f":"SUM(CI117:CI119)","v":0},{"$f":"SUM(CJ117:CJ119)","v":0},{"$f":"SUM(CK117:CK119)","v":0},{"$f":"SUM(CL117:CL119)","v":0}]
[]
[null,null,"Total capital allowances"]
[]
[null,null,null,null,"General pool",null,"£m nominal",null,null,null,{"$f":"SUM(K58,K65) * -1","v":0},0,131.25,0,0,0,0,0.89583708980048593,0.48979561235662566,0.25751190044820321,0.514662880139658,1.0406246360982681,1.9536337182699506,0.41584939337187693,0.42277262548606587,2.4029367630901368,0.43985263955570297,0.45012875710221045,0.45762268619375346,0.54217726952167722,1.4037414951223628,1.7409487129454577,0.49534551268170673,0.56521644008988747,1.7946897773862971,0,0,0,0,0,0,0,{"$f":"SUM(AQ58,AQ65) * -1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BW58,BW65) * -1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Special Rates pool",null,"£m nominal",null,null,null,{"$f":"SUM(K83,K91) * -1","v":0},0,65.625,3.9375,3.7012499999999999,3.4791749999999997,3.2704244999999998,3.0741990299999999,2.8897470882,2.7163622629079995,2.5533805271335197,2.4001776955055085,2.2561670337751782,2.1207970117486674,1.9935491910437473,1.8739362395811225,1.7615000652062551,1.6558100612938798,1.556461457616247,1.463073770159272,1.3752893439497156,1.2927719833127327,1.2152056643139686,1.1422933244551305,1.0737557249878227,1.0093303814885533,0.94877055859923998,0.8918443250832857,0.83833366557828859,0.78803364564359124,0,0,{"$f":"SUM(AQ83,AQ91) * -1","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,{"$f":"SUM(BW83,BW91) * -1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Structures and Buildings pool",null,"£m nominal",null,null,null,{"$f":"SUM(K104) * -1","v":0},0,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,3.9375,0,0,{"$f":"SUM(AQ104) * -1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BW104) * -1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Deferred revenue expenditure",null,"£m nominal",null,null,null,{"$f":"SUM(K118) * -1","v":0},{"$f":"SUM(L118) * -1","v":0},1.05,1.05,1.05,1.05,1.05,1.05,1.05,1.05,1.05,1.05,1.05,1.05,1.05,1.05,1.05,1.05,1.05,1.05,1.05,1.05,1.05,1.05,1.05,1.05,1.05,1.05,1.05,1.05,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BX118) * -1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Capital allowances",null,"£m nominal",null,null,null,{"$f":"SUM(K124:K127)","v":0},{"$f":"SUM(L124:L127)","v":0},201.86250000000001,8.9250000000000007,8.6887500000000006,8.4666750000000004,8.2579244999999997,8.957536119800487,8.3670427005566257,7.9613741633562025,8.0555434072731789,8.4283023316037777,9.1973007520451304,7.5241464051205442,7.4038218165298124,9.2643730026712596,7.1888527047619579,7.0934388183960904,7.0015841438100006,6.9927510396809494,7.766530839072078,8.0212206962581902,6.6980511769956754,6.6950097645450173,7.8559455023741194,5.9968303814885529,5.9362705585992401,5.8793443250832853,5.8258336655782887,5.7755336456435913,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BX124:BX127)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Interest - Notional cost of debt"]
[]
[null,null,"Cost of debt"]
[]
[null,null,null,null,"Cost of debt (for tax)",null,{"$f":"Inputs!G45","v":"real annual %"},null,{"$f":"Inputs!I46","v":4.4699999999999997E-2}]
[null,null,null,null,"Long-term expected UK CPIH inflation",null,{"$f":"Inputs!G209","v":"%"},null,{"$f":"Inputs!I209","v":0.02}]
[null,null,null,null,"Cost of debt (for tax)",null,"nominal annual %",null,{"$f":"(1 + I134) * (1 + I$135) - 1","v":6.559399999999993E-2}]
[]
[null,null,"Net debt"]
[]
[null,null,null,null,"Number of operational years",null,{"$f":"Inputs!G158","v":"full years"},null,{"$f":"Inputs!I158","v":30}]
[null,null,null,null,"Operational notional gearing",null,{"$f":"Inputs!G51","v":"%"},null,{"$f":"Inputs!I51","v":0.5}]
[]
[null,null,null,null,"Year is within operational period",null,"flag",null,null,null,{"$f":"AND(K4 > 0, K4<= $I140)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,{"$f":"AND(AQ4 > 0, AQ4<= $I140)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(BW4 > 0, BW4<= $I140)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Principal repayments",null,"£m nominal",null,null,null,{"$f":"K146 - K145","v":3.8594666084699298},{"$f":"L146 - L145","v":4.1126244611859057},4.3823879500929337,4.6698463052913333,4.9761602038406103,5.3025664562513306,5.650383000382682,6.0210142229097841,6.4159566298473294,6.8368048890255366,7.2852582689162766,7.7631274998075703,8.2723420850299476,8.8149580917554005,9.393166452826005,10.009301813132671,10.665851956263296,11.36546784948243,12.110974347601379,12.905381598957943,13.751897199559989,14.653939144467925,15.615149628710155,16.639409753455766,17.730855196823946,{"$f":"AJ146 - AJ145","v":18.893892912604411},20.133218924313784,21.45383728643522,22.861080289401652,24.360629989904663,0,0,0,0,0,0,0,0,0,0,{"$f":"AY146 - AY145","v":0},0,0,0,0,0,0,0,0,0,{"$f":"BI146 - BI145","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]
[null,null,null,null,"Net interest paid",null,"£m nominal",null,null,null,{"$f":"$I136 * K148","v":22.099074544992511},21.845916692276536,21.576153203369508,21.288694848171108,20.982380949621831,20.655974697211111,20.308158153079759,19.937526930552657,19.542584523615112,19.121736264436905,18.673282884546165,18.195413653654871,17.686199068432494,17.143583061707041,16.565374700636436,15.94923934032977,15.292689197199145,14.593073303980011,13.847566805861062,13.053159554504498,12.206643953902452,11.304602008994516,10.343391524752287,9.3191314000066736,8.2276859566384974,7.0646482408580296,5.8253222291486573,4.5047038670272208,3.0974608640607904,1.5979111635577801,0,0,0,0,0,0,0,0,0,0,{"$f":"$I136 * AY148","v":0},0,0,0,0,0,0,0,0,0,{"$f":"$I136 * BI148","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]
[null,null,null,null,"Total",null,"£m nominal",null,null,null,{"$f":"$K$148*$I136/(1-(1+$I136)^(-$I140))*K143","v":25.958541153462441},{"$f":"$K$148*$I136/(1-(1+$I136)^(-$I140))*L143","v":25.958541153462441},25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,25.958541153462441,0,0,0,0,0,0,0,0,0,0,{"$f":"$K$148*$I136/(1-(1+$I136)^(-$I140))*AY143","v":0},0,0,0,0,0,0,0,0,0,{"$f":"$K$148*$I136/(1-(1+$I136)^(-$I140))*BI143","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]
[]
[null,null,null,null,"Opening net debt",null,"£m nominal",null,null,null,{"$f":"Op_Rav!K13*I10*I141","v":336.90695101674748},{"$f":"K150","v":333.04748440827757},328.93485994709164,324.55247199699869,319.88262569170735,314.90646548786674,309.60389903161541,303.95351603123271,297.93250180832291,291.51654517847555,284.67974028945002,277.39448202053376,269.63135452072618,261.35901243569623,252.54405434394084,243.15088789111485,233.14158607798217,222.47573412171886,211.11026627223643,198.99929192463506,186.09391032567711,172.34201312611714,157.68807398164921,142.07292435293905,125.43351459948329,{"$f":"AI150","v":107.70265940265935},{"$f":"AJ150","v":88.808766490054936},{"$f":"AK150","v":68.675547565741155},{"$f":"AL150","v":47.221710279305938},{"$f":"AM150","v":24.360629989904286},{"$f":"AN150","v":0},{"$f":"AO150","v":0},{"$f":"AP150","v":0},{"$f":"AQ150","v":0},{"$f":"AR150","v":0},{"$f":"AS150","v":0},{"$f":"AT150","v":0},{"$f":"AU150","v":0},{"$f":"AV150","v":0},{"$f":"AW150","v":0},{"$f":"AX150","v":0},{"$f":"AY150","v":0},{"$f":"AZ150","v":0},{"$f":"BA150","v":0},{"$f":"BB150","v":0},{"$f":"BC150","v":0},{"$f":"BD150","v":0},{"$f":"BE150","v":0},{"$f":"BF150","v":0},{"$f":"BG150","v":0},{"$f":"BH150","v":0},{"$f":"BI150","v":0},{"$f":"BJ150","v":0},{"$f":"BK150","v":0},{"$f":"BL150","v":0},{"$f":"BM150","v":0},{"$f":"BN150","v":0},{"$f":"BO150","v":0},{"$f":"BP150","v":0},{"$f":"BQ150","v":0},{"$f":"BR150","v":0},{"$f":"BS150","v":0},{"$f":"BT150","v":0},{"$f":"BU150","v":0},{"$f":"BV150","v":0},{"$f":"BW150","v":0},{"$f":"BX150","v":0},{"$f":"BY150","v":0},{"$f":"BZ150","v":0},{"$f":"CA150","v":0},{"$f":"CB150","v":0},{"$f":"CC150","v":0},{"$f":"CD150","v":0},{"$f":"CE150","v":0},{"$f":"CF150","v":0},{"$f":"CG150","v":0},{"$f":"CH150","v":0},{"$f":"CI150","v":0},{"$f":"CJ150","v":0},{"$f":"CK150","v":0}]
[null,null,null,null,"Less principal repayment",null,"£m nominal",null,null,null,{"$f":"IF(K4 = $I140, -K148, -K144)","v":-3.8594666084699298},-4.1126244611859057,-4.3823879500929337,-4.6698463052913333,-4.9761602038406103,-5.3025664562513306,-5.650383000382682,-6.0210142229097841,-6.4159566298473294,-6.8368048890255366,-7.2852582689162766,-7.7631274998075703,-8.2723420850299476,-8.8149580917554005,-9.393166452826005,-10.009301813132671,-10.665851956263296,-11.36546784948243,-12.110974347601379,-12.905381598957943,-13.751897199559989,-14.653939144467925,-15.615149628710155,-16.639409753455766,-17.730855196823946,-18.893892912604411,-20.133218924313784,-21.45383728643522,-22.861080289401652,-24.360629989904286,0,0,{"$f":"IF(AQ4 = $I140, -AQ148, -AQ144)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(BW4 = $I140, -BW148, -BW144)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Closing net debt",null,"£m nominal",null,null,null,{"$f":"SUM(K148:K149)","v":333.04748440827757},328.93485994709164,324.55247199699869,319.88262569170735,314.90646548786674,309.60389903161541,303.95351603123271,297.93250180832291,291.51654517847555,284.67974028945002,277.39448202053376,269.63135452072618,261.35901243569623,252.54405434394084,243.15088789111485,233.14158607798217,222.47573412171886,211.11026627223643,198.99929192463506,186.09391032567711,172.34201312611714,157.68807398164921,142.07292435293905,125.43351459948329,107.70265940265935,{"$f":"SUM(AJ148:AJ149)","v":88.808766490054936},68.675547565741155,47.221710279305938,24.360629989904286,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(AY148:AY149)","v":0},0,0,0,0,0,0,0,0,0,{"$f":"SUM(BI148:BI149)","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]
[]
[null,"End of sheet"]

{"sheet":"Tax_Cap","index":10,"n_rows":48,"n_cols":90,"rows_kept":48,"cut":false,"hidden":false,"merged":[]}
["Tax Cap",null,null,null,null,null,null,"Licence"]
[null,null,null,null,"Parameter",null,"Units","Terminology","Constant",null,"Annual values"]
[null,null,null,null,"Project year",null,null,null,null,null,"Year 1","Year 2","Year 3","Year 4","Year 5","Year 6","Year 7","Year 8","Year 9","Year 10","Year 11","Year 12","Year 13","Year 14","Year 15","Year 16","Year 17","Year 18","Year 19","Year 20","Year 21","Year 22","Year 23","Year 24","Year 25","Year 26","Year 27","Year 28","Year 29","Year 30","Year 31","Year 32","Year 33","Year 34","Year 35","Year 36","Year 37","Year 38","Year 39","Year 40","Year 41","Year 42","Year 43","Year 44","Year 45","Year 46","Year 47","Year 48","Year 49","Year 50","Year 51","Year 52","Year 53","Year 54","Year 55","Year 56","Year 57","Year 58","Year 59","Year 60","Year 61","Year 62","Year 63","Year 64","Year 65","Year 66","Year 67","Year 68","Year 69","Year 70","Year 71","Year 72","Year 73","Year 74","Year 75","Year 76","Year 77","Year 78","Year 79","Year 80"]
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[]
[null,"Unprofiled tax allowance (cap)"]
[]
[null,null,"Profits attributable to corporation tax"]
[]
[null,null,null,null,"Number of operational years",null,"full years",null,{"$f":"Inputs!I158","v":30}]
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[]
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[]
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[]
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[null,null,null,null,"NPV of tax allowance (cap)",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},null,{"$f":"SUM(K41:CL41)","v":105.94445968242593}]
[]
[null,null,null,null,"Annuity factor (cap)",null,"scalar",null,{"$f":"Allowances_Cap!I33","v":8.4506442510791549E-2}]
[]
[null,null,null,null,"Annuity of tax allowance (cap)",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},null,{"$f":"I42 * I44","v":8.9529893914897993}]
[]
[null,"End of sheet"]

{"sheet":"Tax_Floor","index":11,"n_rows":90,"n_cols":90,"rows_kept":90,"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","Year 26","Year 27","Year 28","Year 29","Year 30","Year 31","Year 32","Year 33","Year 34","Year 35","Year 36","Year 37","Year 38","Year 39","Year 40","Year 41","Year 42","Year 43","Year 44","Year 45","Year 46","Year 47","Year 48","Year 49","Year 50","Year 51","Year 52","Year 53","Year 54","Year 55","Year 56","Year 57","Year 58","Year 59","Year 60","Year 61","Year 62","Year 63","Year 64","Year 65","Year 66","Year 67","Year 68","Year 69","Year 70","Year 71","Year 72","Year 73","Year 74","Year 75","Year 76","Year 77","Year 78","Year 79","Year 80"]
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[]
[null,"Unprofiled tax allowance (notional floor)"]
[]
[null,null,"Profits attributable to corporation tax"]
[]
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[null,"Profiled tax allowance (notional floor)"]
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[]
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[]
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[null,null,null,null,"Discount factor to start of operational period (floor)",null,{"$f":"Allowances_Floor!G89","v":"scalar"},null,null,null,{"$f":"Allowances_Floor!K89","v":0.9586959295036227},{"$f":"Allowances_Floor!L89","v":0.91909788524681502},{"$f":"Allowances_Floor!M89","v":0.88113540140150937},{"$f":"Allowances_Floor!N89","v":0.84474092266516765},{"$f":"Allowances_Floor!O89","v":0.80984968404423074},{"$f":"Allowances_Floor!P89","v":0.77639959560299887},{"$f":"Allowances_Floor!Q89","v":0.74433113197285394},{"$f":"Allowances_Floor!R89","v":0.71358722642519878},{"$f":"Allowances_Floor!S89","v":0.68411316931961796},{"$f":"Allowances_Floor!T89","v":0.65585651074654039},{"$f":"Allowances_Floor!U89","v":0.62876696719115732},{"$f":"Allowances_Floor!V89","v":0.60279633205250038},{"$f":"Allowances_Floor!W89","v":0.57789838985844622},{"$f":"Allowances_Floor!X89","v":0.55402883402398995},{"$f":"Allowances_Floor!Y89","v":0.5311451880064374},{"$f":"Allowances_Floor!Z89","v":0.50920672971720793},{"$f":"Allowances_Floor!AA89","v":0.48817441905573866},{"$f":"Allowances_Floor!AB89","v":0.46801082843653236},{"$f":"Allowances_Floor!AC89","v":0.44868007618572192},{"$f":"Allowances_Floor!AD89","v":0.43014776268862692},{"$f":"Allowances_Floor!AE89","v":0.4123809091746769},{"$f":"Allowances_Floor!AF89","v":0.39534789903076584},{"$f":"Allowances_Floor!AG89","v":0.37901842153860443},{"$f":"Allowances_Floor!AH89","v":0.36336341793594829},{"$f":"Allowances_Floor!AI89","v":0.34835502970571719},{"$f":"Allowances_Floor!AJ89","v":0.33396654900098466},{"$f":"Allowances_Floor!AK89","v":0.32017237111761621},{"$f":"Allowances_Floor!AL89","v":0.30694794892998184},{"$f":"Allowances_Floor!AM89","v":0.2942697492086595},{"$f":"Allowances_Floor!AN89","v":0.28211521074239371},{"$f":"Allowances_Floor!AO89","v":0.27046270418978957},{"$f":"Allowances_Floor!AP89","v":0.25929149358929365},{"$f":"Allowances_Floor!AQ89","v":0.24858169945897049},{"$f":"Allowances_Floor!AR89","v":0.2383142634204079},{"$f":"Allowances_Floor!AS89","v":0.22847091428379912},{"$f":"Allowances_Floor!AT89","v":0.21903413553384934},{"$f":"Allowances_Floor!AU89","v":0.20998713415864614},{"$f":"Allowances_Floor!AV89","v":0.20131381076602517},{"$f":"Allowances_Floor!AW89","v":0.19299873093425091},{"$f":"Allowances_Floor!AX89","v":0.18502709774603127},{"$f":"Allowances_Floor!AY89","v":0.17738472545698908},{"$f":"Allowances_Floor!AZ89","v":0.17005801425173309},{"$f":"Allowances_Floor!BA89","v":0.16303392604260555},{"$f":"Allowances_Floor!BB89","v":0.1562999612680406},{"$f":"Allowances_Floor!BC89","v":0.14984413664924442},{"$f":"Allowances_Floor!BD89","v":0.14365496386561522},{"$f":"Allowances_Floor!BE89","v":0.13772142911095533},{"$f":"Allowances_Floor!BF89","v":0.1320329734940946},{"$f":"Allowances_Floor!BG89","v":0.1265794742490482},{"$f":"Allowances_Floor!BH89","v":0.12135122672127113},{"$f":"Allowances_Floor!BI89","v":0.1163389270979539},{"$f":"Allowances_Floor!BJ89","v":0.1115336558516271},{"$f":"Allowances_Floor!BK89","v":0.1069268618676128},{"$f":"Allowances_Floor!BL89","v":0.10251034722707653},{"$f":"Allowances_Floor!BM89","v":9.8276252618601248E-2},{"$f":"Allowances_Floor!BN89","v":9.4217043352322755E-2},{"$f":"Allowances_Floor!BO89","v":9.0325495951738166E-2},{"$f":"Allowances_Floor!BP89","v":8.6594685299327331E-2},{"$f":"Allowances_Floor!BQ89","v":8.3017972313112323E-2},{"$f":"Allowances_Floor!BR89","v":7.9588992132225214E-2},{"$f":"Allowances_Floor!BS89","v":7.6301642790460172E-2},{"$f":"Allowances_Floor!BT89","v":7.3150074357653597E-2},{"$f":"Allowances_Floor!BU89","v":7.0128678529569846E-2},{"$f":"Allowances_Floor!BV89","v":6.7232078647766702E-2},{"$f":"Allowances_Floor!BW89","v":6.4455120131681365E-2},{"$f":"Allowances_Floor!BX89","v":6.1792861305909927E-2},{"$f":"Allowances_Floor!BY89","v":5.9240564606357765E-2},{"$f":"Allowances_Floor!BZ89","v":5.6793688149611561E-2},{"$f":"Allowances_Floor!CA89","v":5.4447877650530739E-2},{"$f":"Allowances_Floor!CB89","v":5.2198958673675085E-2},{"$f":"Allowances_Floor!CC89","v":5.004292920478013E-2},{"$f":"Allowances_Floor!CD89","v":4.7975952529060673E-2},{"$f":"Allowances_Floor!CE89","v":4.599435040366949E-2},{"$f":"Allowances_Floor!CF89","v":4.4094596512161258E-2},{"$f":"Allowances_Floor!CG89","v":4.2273310189313636E-2},{"$f":"Allowances_Floor!CH89","v":4.0527250405139E-2},{"$f":"Allowances_Floor!CI89","v":3.8853309997380805E-2},{"$f":"Allowances_Floor!CJ89","v":3.7248510142231378E-2},{"$f":"Allowances_Floor!CK89","v":3.5709995053431628E-2},{"$f":"Allowances_Floor!CL89","v":3.4235026900319404E-2}]
[]
[null,null,null,null,"Discounted unprofiled tax allowance (floor)",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},null,null,null,{"$f":"K80*K81","v":0},0,0,0,0,0,5.1277725732447821E-2,0.18064809303585755,0.40945933935079465,0.59620871169817713,0.72145974414756175,0.81040548711235127,0.86003693552011551,1.0598515436823766,1.1393208762039142,1.0933660208044922,1.2611582828792829,1.3059296196390153,1.3415568083396785,1.3654059011674202,1.3496402068213307,2.7704858324568171,3.1873712248693939,3.1645257485413336,3.0582967728350274,{"$f":"AJ80*AJ81","v":4.0310208651148889},4.0239921687492028,3.922699552121629,3.7694070629016179,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AY80*AY81","v":0},0,0,0,0,0,0,0,0,0,{"$f":"BI80*BI81","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"NPV of tax allowance (floor)",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},null,{"$f":"SUM(K83:CL83)","v":41.473524523724734}]
[]
[null,null,null,null,"Annuity factor (floor)",null,{"$f":"Allowances_Floor!G96","v":"scalar"},null,{"$f":"Allowances_Floor!I96","v":6.6115140067760689E-2}]
[]
[null,null,null,null,"Annuity of tax allowance (floor)",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},null,{"$f":"I84 * I86","v":2.7420278829897686}]
[]
[null,"End of sheet"]

{"sheet":"Cap_Floor_Levels","index":12,"n_rows":25,"n_cols":9,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
["Cap Floor Levels"]
[null,null,null,null,"Parameter",null,"Units","Constant","Notes"]
[]
[null,"Cap and floor levels"]
[]
[null,null,"Cap level"]
[null,null,null,null,"Fixed debt annuity excluding tax",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},{"$f":"Allowances_Cap!I45","v":"N/A"},"To be indexed to outturn inflation"]
[null,null,null,null,"Real RAV annuity excluding tax ",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},{"$f":"Allowances_Cap!I55","v":58.584299858994633},"To be indexed to outturn inflation"]
[null,null,null,null,"Tax element",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},{"$f":"Tax_Cap!I46","v":8.9529893914897993},"To be indexed to outturn inflation"]
[null,null,null,null,"Total cap ",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},{"$f":"SUM(H7:H9)","v":67.537289250484434}]
[]
[null,null,"Notional floor level"]
[]
[null,null,null,null,"Fixed debt annuity excluding tax",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},{"$f":"Allowances_Floor!I47","v":"N/A"},"To be indexed to outturn inflation"]
[null,null,null,null,"Real RAV annuity excluding tax ",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},{"$f":"Allowances_Floor!I57","v":45.56123586857646},"To be indexed to outturn inflation"]
[null,null,null,null,"Tax element",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},{"$f":"Tax_Floor!I46","v":4.6856087490633209},"To be indexed to outturn inflation"]
[null,null,null,null,"Total notional floor",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},{"$f":"SUM(H14:H16)","v":50.24684461763978}]
[]
[null,null,"ACOD floor level"]
[]
[null,null,null,null,"ACOD floor excluding tax",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},{"$f":"Allowances_Floor!I98","v":41.458845106755469},"To be indexed to outturn inflation"]
[null,null,null,null,"Tax element",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},{"$f":"Tax_Floor!I88","v":2.7420278829897686},"To be indexed to outturn inflation"]
[null,null,null,null,"Total ACOD floor",null,{"$f":"Inputs!$I$6","v":"£m 2024 prices"},{"$f":"H21+H22","v":44.200872989745235}]
[]
[null,"End of sheet"]