{"text_format":"1","workbook":"xlsx","n_sheets":13,"sheets":["Cover","Version Control","Inputs","Data Sources","Pre Op RAV","Finance","Op Rav","Allowances Cap","Allowances Floor","Tax Deductions","Tax Cap","Tax Floor","Cap Floor Levels"],"not_rendered":{"charts":0,"images":1,"macros":1,"external_links":2,"defined_names":88,"comments":1,"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":34,"n_cols":7,"rows_kept":34,"cut":false,"hidden":false,"merged":[[4,2,4,6]]}
[]
["Cap and Floor Financial Model 1 (CFFM1)"]
[null,"Regime design model"]
[null,null,{"$f":"MID(CELL(\"filename\"),SEARCH(\"[\",CELL(\"filename\"))+1,SEARCH(\"]\",CELL(\"filename\"))-SEARCH(\"[\",CELL(\"filename\"))-1)","v":"Appendix 6 - NLCFFM1.xlsm"}]
[null,null,"DISCLAIMER: In the event of any inconsistency between this model and Nemo Link’s licence, the licence conditions take precedence."]
[]
[null,"Model key"]
[]
[null,null,null,null,"Sample",null,"Calculated value"]
[null,null,null,null,"Sample",null,"Formula changes in cells to the right"]
[null,null,null,null,"Sample",null,"Import from other sheet"]
[null,null,null,null,"Sample",null,"Export to other sheet"]
[null,null,null,null,"Sample",null,"Import from & export to other sheet"]
[null,null,null,null,"Sample",null,"Initial input"]
[null,null,null,null,"Sample",null,"Initial input for non-GB indexed portion (to be left empty if GB-indexed only)"]
[null,null,null,null,"Sample",null,"Updated input"]
[null,null,null,null,"Sample",null,"Notes and instructions"]
[null,null,null,null,"Sample",null,"Cell intentionally blank"]
[]
[null,"Contents"]
[]
[null,null,null,null,"Cover",null,"Model key and content directory"]
[null,null,null,null,"Version Control",null,"Version control and log of changes"]
[null,null,null,null,"Inputs",null,"Input data"]
[null,null,null,null,"Data Sources",null,"Sources of input data"]
[null,null,null,null,"Pre Op RAV",null,"Pre-operational RAV balances"]
[null,null,null,null,"Finance",null,"Interest during construction and transaction costs"]
[null,null,null,null,"Op RAV",null,"Operational RAV balances, return on RAV and RAV depreciation"]
[null,null,null,null,"Allowances Cap",null,"Cap allowances (excluding tax) and annuitisation"]
[null,null,null,null,"Allowances Floor",null,"Floor allowances (excluding tax) and annuitisation"]
[null,null,null,null,"Tax Deductions",null,"Tax calculations"]
[null,null,null,null,"Tax Cap",null,"Tax allowances at cap and annuitisation"]
[null,null,null,null,"Tax Floor",null,"Tax allowances at floor and annuitisation"]
[null,null,null,null,"Cap Floor Levels",null,"Cap and Floor values"]

{"sheet":"Version Control","index":1,"n_rows":6,"n_cols":12,"rows_kept":6,"cut":false,"hidden":false,"merged":[]}
["Data Sources"]
[null,"Version number","File pathname","Based on version","Author or editor","Date","Description of changes","Rationale for changes","Location of changes","Impact of changes on outputs","Quality assurance performed? By?","Comments on QA performed"]
[]
[null,1.1000000000000001,"link","N/a","Andrew Stone & Neill Aitken (NGV)","2017-01-31","N/a","N/a","N/a","N/a","Internal (ORE) and external (BDO)","Comments reflected in version 1.1"]
[null,2.1,"link",1.1000000000000001,"Martin Namor","2019-03-20","CFFM split into CFFM1 (up to PCR) & CFFM2 (operations)","Simplification and standardisation","Throughout the model","No impact","Internal (ORE - Svitlana Voronkova)","Comments reflected in version 2.2"]
[null,2.2000000000000002,null,2.1,"Martin Namor","2019-09-05","Minor changes","Reflecting comments from QA and tidying up","Throughout the model","No impact","Internal (ORE - Svitlana Voronkova)","Further comments reflected in version 2.2"]

{"sheet":"Inputs","index":2,"n_rows":125,"n_cols":50,"rows_kept":125,"cut":false,"hidden":false,"merged":[]}
["Inputs",null,null,null,null,null,null,"Licence"]
[null,null,null,null,"Parameter",null,"Units","Terminology","Constant",null,"Annual values"]
[]
[null,"Indexation, currency and base year price term"]
[]
[null,null,null,null,"GB indexed portion of interconnector",null,"choice %",null,0.5]
[null,null,null,null,"Non-GB indexed portion of interconnector",null,"%",null,{"$f":"100%-I6","v":0.5}]
[]
[null,null,null,null,"Currency of cost inputs",null,"choice",null,"€"]
[]
[null,null,null,null,"Base year price term",null,"choice",null,"£m 13/14 prices"]
[]
[null,"Variables set after financial close"]
[]
[null,null,"Actual values"]
[]
[null,null,null,null,"Year commencing",null,null,null,null,null,{"$f":"$I$84","v":"2007-01-01"},{"$f":"+K18+1","v":"2008-01-01"},{"$f":"+L18+1","v":"2009-01-01"},{"$f":"+M18+1","v":"2010-01-01"},{"$f":"+N18+1","v":"2011-01-01"},{"$f":"+O18+1","v":"2012-01-01"},{"$f":"+P18+1","v":"2013-01-01"},{"$f":"+Q18+1","v":"2014-01-01"},{"$f":"+R18+1","v":"2015-01-01"},{"$f":"+S18+1","v":"2016-01-01"},{"$f":"+T18+1","v":"2017-01-01"},{"$f":"+U18+1","v":"2018-01-01"},{"$f":"+V18+1","v":"2019-01-01"},{"$f":"+W18+1","v":"2020-01-01"},{"$f":"+X18+1","v":"2021-01-01"},{"$f":"+Y18+1","v":"2022-01-01"},{"$f":"+Z18+1","v":"2023-01-01"},{"$f":"+AA18+1","v":"2024-01-01"},{"$f":"+AB18+1","v":"2025-01-01"},{"$f":"+AC18+1","v":"2026-01-01"},{"$f":"+AD18+1","v":"2027-01-01"},{"$f":"+AE18+1","v":"2028-01-01"},{"$f":"+AF18+1","v":"2029-01-01"},{"$f":"+AG18+1","v":"2030-01-01"},{"$f":"+AH18+1","v":"2031-01-01"},{"$f":"+AI18+1","v":"2032-01-01"},{"$f":"+AJ18+1","v":"2033-01-01"},{"$f":"+AK18+1","v":"2034-01-01"},{"$f":"+AL18+1","v":"2035-01-01"},{"$f":"+AM18+1","v":"2036-01-01"},{"$f":"+AN18+1","v":"2037-01-01"},{"$f":"+AO18+1","v":"2038-01-01"},{"$f":"+AP18+1","v":"2039-01-01"},{"$f":"+AQ18+1","v":"2040-01-01"},{"$f":"+AR18+1","v":"2041-01-01"},{"$f":"+AS18+1","v":"2042-01-01"},{"$f":"+AT18+1","v":"2043-01-01"},{"$f":"+AU18+1","v":"2044-01-01"},{"$f":"+AV18+1","v":"2045-01-01"},{"$f":"+AW18+1","v":"2046-01-01"}]
[null,null,null,null,"Year ending",null,null,null,null,null,{"$f":"EOMONTH(K17,11)","v":"2007-12-31"},{"$f":"DATE(YEAR(K18) + 1, MONTH(K18), DAY(K18))","v":"2008-12-31"},{"$f":"DATE(YEAR(L18) + 1, MONTH(L18), DAY(L18))","v":"2009-12-31"},{"$f":"DATE(YEAR(M18) + 1, MONTH(M18), DAY(M18))","v":"2010-12-31"},{"$f":"DATE(YEAR(N18) + 1, MONTH(N18), DAY(N18))","v":"2011-12-31"},{"$f":"DATE(YEAR(O18) + 1, MONTH(O18), DAY(O18))","v":"2012-12-31"},{"$f":"DATE(YEAR(P18) + 1, MONTH(P18), DAY(P18))","v":"2013-12-31"},{"$f":"DATE(YEAR(Q18) + 1, MONTH(Q18), DAY(Q18))","v":"2014-12-31"},{"$f":"DATE(YEAR(R18) + 1, MONTH(R18), DAY(R18))","v":"2015-12-31"},{"$f":"DATE(YEAR(S18) + 1, MONTH(S18), DAY(S18))","v":"2016-12-31"},{"$f":"DATE(YEAR(T18) + 1, MONTH(T18), DAY(T18))","v":"2017-12-31"},{"$f":"DATE(YEAR(U18) + 1, MONTH(U18), DAY(U18))","v":"2018-12-31"},{"$f":"DATE(YEAR(V18) + 1, MONTH(V18), DAY(V18))","v":"2019-12-31"},{"$f":"DATE(YEAR(W18) + 1, MONTH(W18), DAY(W18))","v":"2020-12-31"},{"$f":"DATE(YEAR(X18) + 1, MONTH(X18), DAY(X18))","v":"2021-12-31"},{"$f":"DATE(YEAR(Y18) + 1, MONTH(Y18), DAY(Y18))","v":"2022-12-31"},{"$f":"DATE(YEAR(Z18) + 1, MONTH(Z18), DAY(Z18))","v":"2023-12-31"},{"$f":"DATE(YEAR(AA18) + 1, MONTH(AA18), DAY(AA18))","v":"2024-12-31"},{"$f":"DATE(YEAR(AB18) + 1, MONTH(AB18), DAY(AB18))","v":"2025-12-31"},{"$f":"DATE(YEAR(AC18) + 1, MONTH(AC18), DAY(AC18))","v":"2026-12-31"},{"$f":"DATE(YEAR(AD18) + 1, MONTH(AD18), DAY(AD18))","v":"2027-12-31"},{"$f":"DATE(YEAR(AE18) + 1, MONTH(AE18), DAY(AE18))","v":"2028-12-31"},{"$f":"DATE(YEAR(AF18) + 1, MONTH(AF18), DAY(AF18))","v":"2029-12-31"},{"$f":"DATE(YEAR(AG18) + 1, MONTH(AG18), DAY(AG18))","v":"2030-12-31"},{"$f":"DATE(YEAR(AH18) + 1, MONTH(AH18), DAY(AH18))","v":"2031-12-31"},{"$f":"DATE(YEAR(AI18) + 1, MONTH(AI18), DAY(AI18))","v":"2032-12-31"},{"$f":"DATE(YEAR(AJ18) + 1, MONTH(AJ18), DAY(AJ18))","v":"2033-12-31"},{"$f":"DATE(YEAR(AK18) + 1, MONTH(AK18), DAY(AK18))","v":"2034-12-31"},{"$f":"DATE(YEAR(AL18) + 1, MONTH(AL18), DAY(AL18))","v":"2035-12-31"},{"$f":"DATE(YEAR(AM18) + 1, MONTH(AM18), DAY(AM18))","v":"2036-12-31"},{"$f":"DATE(YEAR(AN18) + 1, MONTH(AN18), DAY(AN18))","v":"2037-12-31"},{"$f":"DATE(YEAR(AO18) + 1, MONTH(AO18), DAY(AO18))","v":"2038-12-31"},{"$f":"DATE(YEAR(AP18) + 1, MONTH(AP18), DAY(AP18))","v":"2039-12-31"},{"$f":"DATE(YEAR(AQ18) + 1, MONTH(AQ18), DAY(AQ18))","v":"2040-12-31"},{"$f":"DATE(YEAR(AR18) + 1, MONTH(AR18), DAY(AR18))","v":"2041-12-31"},{"$f":"DATE(YEAR(AS18) + 1, MONTH(AS18), DAY(AS18))","v":"2042-12-31"},{"$f":"DATE(YEAR(AT18) + 1, MONTH(AT18), DAY(AT18))","v":"2043-12-31"},{"$f":"DATE(YEAR(AU18) + 1, MONTH(AU18), DAY(AU18))","v":"2044-12-31"},{"$f":"DATE(YEAR(AV18) + 1, MONTH(AV18), DAY(AV18))","v":"2045-12-31"},{"$f":"DATE(YEAR(AW18) + 1, MONTH(AW18), DAY(AW18))","v":"2046-12-31"}]
[]
[null,null,null,null,"Development costs",null,{"$f":"CONCATENATE($I$9,\"m nominal prices\")","v":"€m nominal prices"},null,null,null,0,9.7000000000000003E-2,0.21000000000000002,3.8280000000000003,1.677,1.9750000000000001,3.5379999999999998,4.375,2.032,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Capex",null,{"$f":"CONCATENATE($I$9,\"m nominal prices\")","v":"€m nominal prices"},null,null,null,0,0,0,0,0,0,0,0,95.014104127500033,130.76136683543334,242.07996291183332,100.91388734089882,43.292756043637333,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Spares",null,"€m nominal prices",null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Base year UK RPI inflation index value (CHAW)",null,"Jan 1987 = 100","UK RPI index 2013/14",251.73333333333335]
[null,null,null,null,"Base year Belgium CPI inflation index value",null,"2004 = 100","Belgium CPI index 2013/14",122.70166666666667]
[null,null,null,null,"Base year average exchange rate (XUMAERS)",null,"GBP / EUR","GBP2013/14 / EUR2013/14",1.1860083333333333]
[]
[null,null,null,null,"12 month average UK RPI inflation index value (CHAW)",null,{"$f":"G24","v":"Jan 1987 = 100"},"UK RPI index t",null,null,206.57499999999996,214.82500000000002,213.68333333333337,223.55833333333331,235.18333333333331,242.72499999999999,250.10833333333335,256.0333333333333,258.54166666666669,263.05,272.47500000000002,281.58333333333331,289.29952283571913,297.97850852079074,306.91786377641449,316.12539968970691,325.60916168039813,335.37743653081009,345.4387596267344,355.80192241553641,366.47598008800253,377.4702594906426,388.79436727536188,400.45819829362273,412.47194424243145,424.84610256970439,437.59148564679555,450.71923021619943,464.24080712268545,478.16803133636603,492.51307227645702,507.28846444475073,522.50711837809331,538.18233192943615,554.3278018873192,570.95763594393884,588.08636502225704,605.72895597292472,623.90082465211253,642.61784939167592]
[null,null,null,null,"12 month average Belgium CPI inflation index value",null,{"$f":"IF(G25=\"\",\"\",G25)","v":"2004 = 100"},"Belgium CPI index t",null,null,106.53416666666665,111.31666666666666,111.25749999999998,113.6925,117.7075,121.05083333333334,122.39666666666666,122.81583333333333,123.50583333333334,125.9425,128.61916666666667,131.26083333333335,133.81291986702556,136.48917826436607,139.21896182965341,142.00334106624649,144.84340788757143,147.74027604532287,150.69508156622933,153.70898319755392,156.78316286150499,159.9188261187351,163.1172026411098,166.37954669393199,169.70713762781062,173.10128038036683,176.56330598797416,180.09457210773365,183.69646354988834,187.37039282088611,191.11780067730385,194.94015669084993,198.83895982466694,202.81573902116028,206.87205380158349,211.00949487761517,215.22968477516747,219.53427847067081,223.92496404008423,228.40346332088592]
[null,null,null,null,"Average exchange rate (XUMAERS)",null,{"$f":"IF(G26=\"\",\"\",G26)","v":"GBP / EUR"},"GBPt / EURt",null,null,1.4615249999999997,1.2583916666666666,1.1233,1.1661999999999999,1.1528583333333333,1.2333666666666667,1.1775749999999998,1.2405833333333331,1.3780166666666667,1.2243666666666666,1.1420583333333332,1.1304416666666668,1.1407,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999,1.1117999999999999]
[]
[null,null,null,null,"Indexation factor",null,null,{"$f":"IF(I6=100%,\"CRPIt\",\"PPPIt\")","v":"PPPIt"},null,null,{"$f":"IF($I$6=100%,(K28/$I$24),($I$6*(K28/$I$24)+$I$7*(K29/$I$25)/(K30/$I$26)))","v":0.76258680696907954},{"$f":"IF($I$6=100%,(L28/$I$24),($I$6*(L28/$I$24)+$I$7*(L29/$I$25)/(L30/$I$26)))","v":0.85420688572939607},{"$f":"IF($I$6=100%,(M28/$I$24),($I$6*(M28/$I$24)+$I$7*(M29/$I$25)/(M30/$I$26)))","v":0.90309907649412002},{"$f":"IF($I$6=100%,(N28/$I$24),($I$6*(N28/$I$24)+$I$7*(N29/$I$25)/(N30/$I$26)))","v":0.91519545285514958},0.96056918980064065,0.95643986403853942,0.99910143063901224,0.98698983776956584,0.94667486708711968,1.0196053414512918,1.0854805925999713,1.1204587204943608,1.1415508569165302,1.1851596253399923,1.2147813528412463,1.2451730709423594,1.276355506136823,1.3083499592484447,1.341178321711965,1.3748630923231127,1.4094273944717903,1.444894993872508,1.4812903168065783,1.5186384688910288,1.5569652543896177,1.5962971960818018,1.6366615557059609,1.6780863549936793,1.7206003973123596,1.7642332899339781,1.8090154669482901,1.854978212839357,1.9021536867448088,1.9505749474178291,2.0002759789124536,2.0512917170133589,2.1036580764319615,2.1574119787912869,2.2125913814227189,2.2692353069984477]
[]
[null,null,null,null,{"$f":"E20","v":"Development costs"},null,{"$f":"$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"IF($I$9=\"£\",K20/K$32,K20/K$32/K$30)","v":0},{"$f":"IF($I$9=\"£\",L20/L$32,L20/L$32/L$30)","v":9.0238700531648966E-2},0.20700848057206955,{"$f":"IF($I$9=\"£\",N20/N$32,N20/N$32/N$30)","v":3.5866172949595851},1.5143576886309673,1.6742381125702077,3.0071817061713824,3.5730527998349184,1.5576446436600628,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E21","v":"Capex"},null,{"$f":"$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"IF($I$9=\"£\",K21/K$32,K21/K$32/K$30)","v":0},0,0,0,0,0,0,0,72.833764944074744,104.7456152809284,195.27583070565765,79.672219959834607,33.246698746188315,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Spares",null,"£m 13/14 prices",null,null,null,{"$f":"IF($I$9=\"£\",K22/K$32,K22/K$32/K$30)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Ex-ante allowances for the operational period"]
[]
[null,null,null,null,"Operational Year",null,null,null,null,null,"Year 1","Year 2","Year 3","Year 4","Year 5","Year 6","Year 7","Year 8","Year 9","Year 10","Year 11","Year 12","Year 13","Year 14","Year 15","Year 16","Year 17","Year 18","Year 19","Year 20","Year 21","Year 22","Year 23","Year 24","Year 25"]
[]
[null,null,null,null,"Replacement Capex",null,"€m 2018 prices",null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,6.572468760912983,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Decommissioning baseline",null,"€m 2018 prices",null,null,null,3.8210795000000002E-4,7.6612643974999998E-4,1.93672046925E-3,3.1523816135E-3,4.4152677012499995E-3,5.7276444526874999E-3,7.0918908740093744E-3,8.5105049217223429E-3,9.9861094501584591E-3,1.1521458456366384E-2,1.4318071137247203E-2,1.7246280787047066E-2,2.0312571727224414E-2,2.3523752495310642E-2,2.6886972055713668E-2,3.0409736821061847E-2,3.4099928524614943E-2,3.7965822986295694E-2,4.2016109817022973E-2,4.6259913108261629E-2,4.8341412706049712E-2,5.0525076743977194E-2,5.2816013444051055E-2,5.5219586439378604E-2,14.445970956643402]
[null,null,null,null,"Controllable Opex",null,"€m 2018 prices",null,null,null,18.439125730610606,17.364632511638582,16.388935296156475,16.403797008198232,16.417400040716689,17.765021678518163,17.508290088138065,17.564183894707899,17.635615136017051,17.67758918641292,18.091885073986365,17.832987481109164,17.890650423284068,17.963878214771267,18.007676504063888,18.423824596139983,18.166807453027396,18.222471377720861,18.293728964718351,18.3355861506429,18.723822531483773,18.464923363190145,18.523615562270656,18.630011730735859,18.67495805936262]
[null,null,null,null,"Non-controllable Opex baseline",null,"€m 2018 prices",null,null,null,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267,1.5546717267267267]
[]
[null,null,null,null,{"$f":"E24","v":"Base year UK RPI inflation index value (CHAW)"},null,{"$f":"G24","v":"Jan 1987 = 100"},{"$f":"H24","v":"UK RPI index 2013/14"},{"$f":"I24","v":251.73333333333335}]
[null,null,null,null,{"$f":"IF(E25=\"\",\"\",E25)","v":"Base year Belgium CPI inflation index value"},null,{"$f":"IF(G25=\"\",\"\",G25)","v":"2004 = 100"},"Belgium CPI index 2013/14",122.70166666666667]
[null,null,null,null,{"$f":"IF(E26=\"\",\"\",E26)","v":"Base year average exchange rate (XUMAERS)"},null,"GBP / EUR","GBP2013/14 / EUR2013/14",1.1860083333333333]
[]
[null,null,null,null,"2018 average UK RPI inflation index value (CHAW)",null,{"$f":"G24","v":"Jan 1987 = 100"},null,281.58333333333331]
[null,null,null,null,"2018 average Belgium CPI inflation index value",null,{"$f":"IF(G25=\"\",\"\",G25)","v":"2004 = 100"},null,131.26083333333335]
[null,null,null,null,"2018 average exchange rate (XUMAERS)",null,{"$f":"IF(G26=\"\",\"\",G26)","v":"GBP / EUR"},null,1.1304416666666668]
[]
[null,null,null,null,{"$f":"IF(E30=\"\",\"\",E30)","v":"Average exchange rate (XUMAERS)"},null,{"$f":"IF(G30=\"\",\"\",G30)","v":"GBP / EUR"},{"$f":"IF(H30=\"\",\"\",H30)","v":"GBPt / EURt"},null,null,1.1352,1.1352,1.1352,1.1352,1.1352,1.1352,1.1352,1.1352,1.1352,1.1352,1.1352,1.1352,1.1352,1.1352,1.1352,1.1352,1.1352,1.1352,1.1352,1.1352,1.1352,1.1352,1.1352,1.1352,1.1352]
[]
[null,null,null,null,"Indexation conversion from 2018 to 2013/14 terms",null,null,null,{"$f":"IF($I$6=100%,(I51/$I$47),$I$6*(I51/$I$47)+$I$7*((I52/$I$48)/(I53/$I$49)))","v":1.1204587204943608}]
[]
[null,null,null,null,{"$f":"E42","v":"Replacement Capex"},null,{"$f":"$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"IF($I$9=\"£\",K42/$I$57,K42/K$55/$I$57)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,5.1672596747164912,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E43","v":"Decommissioning baseline"},null,"£m 13/14 prices",null,null,null,{"$f":"IF($I$9=\"£\",K43/$I$57,K43/K$55/$I$57)","v":3.0041238281204303E-4},6.0232682753814622E-4,1.5226451347276355E-3,2.4783951028613978E-3,3.471273211890944E-3,4.5030607657653605E-3,5.575628133631186E-3,6.6909392030922903E-3,7.8510560561327325E-3,9.0581438788357813E-3,1.1256834273175345E-2,1.3558985898833998E-2,1.5969696714281979E-2,1.8494319575913073E-2,2.1138474982940709E-2,2.3908064459539018E-2,2.6809284606090843E-2,2.9848641852998153E-2,3.3032967952183002E-2,3.6369436243163585E-2,3.8005906392486126E-2,3.9722697987360722E-2,4.1523827100064983E-2,4.3413510606490402E-2,11.357388814126514]
[null,null,null,null,"Controllable Opex",null,"£m 13/14 prices",null,null,null,{"$f":"IF($I$9=\"£\",K44/$I$57,K44/K$55/$I$57)","v":14.496797822980616},{"$f":"IF($I$9=\"£\",L44/$I$57,L44/L$55/$I$57)","v":13.65203374982598},12.884942865153061,12.896627108642711,12.907321781214531,13.96681878288908,13.764977002813028,13.80892058372015,13.865079659732322,13.898079560665279,14.223798025238363,14.020253339029813,14.065587810240675,14.123159329830186,14.157593443146821,14.484768106597988,14.282701825626873,14.326464673936716,14.382487223332383,14.415395245689416,14.720625786594757,14.51707986179747,14.563223532396982,14.646871952930248,14.682208652104965]
[null,null,null,null,"Non-controllable Opex baseline",null,"£m 13/14 prices",null,null,null,{"$f":"IF($I$9=\"£\",K45/$I$57,K45/K$55/$I$57)","v":1.2222793006962807},1.2222793006962807,1.2222793006962807,1.2222793006962807,1.2222793006962807,1.2222793006962807,1.2222793006962807,1.2222793006962807,1.2222793006962807,1.2222793006962807,1.2222793006962807,1.2222793006962807,1.2222793006962807,1.2222793006962807,1.2222793006962807,1.2222793006962807,1.2222793006962807,1.2222793006962807,1.2222793006962807,1.2222793006962807,1.2222793006962807,1.2222793006962807,1.2222793006962807,1.2222793006962807,1.2222793006962807]
[]
[null,"Variables set at financial close"]
[]
[null,null,"Finance"]
[]
[null,null,null,null,"Cap return rate",null,"real annual %",null,7.3399999999999993E-2]
[null,null,null,null,"Floor return rate",null,"real annual %",null,4.1999999999999997E-3]
[null,null,null,null,"Interest during construction (IDC) rate",null,"real annual %",null,5.57E-2]
[null,null,null,null,"Cost of debt (for tax)",null,"real annual %",null,{"$f":"I69","v":4.1999999999999997E-3}]
[]
[null,null,null,null,"Pre-operational notional gearing",null,"%",null,0.33410000000000001]
[null,null,null,null,"Operational notional gearing",null,"%",null,0.5]
[]
[null,null,null,null,"Equity transaction costs",null,"%",null,0.05]
[null,null,null,null,"Debt transaction costs",null,"%",null,2.5000000000000001E-2]
[]
[null,null,"Model operation"]
[null,null,"Note: changes in these variables may require structural changes to the model."]
[null,null,null,null,"Year commencing",null,null,null,null,null,{"$f":"$I$84","v":"2007-01-01"},{"$f":"+K82+1","v":"2008-01-01"},{"$f":"+L82+1","v":"2009-01-01"},{"$f":"+M82+1","v":"2010-01-01"},{"$f":"+N82+1","v":"2011-01-01"},{"$f":"+O82+1","v":"2012-01-01"},{"$f":"+P82+1","v":"2013-01-01"},{"$f":"+Q82+1","v":"2014-01-01"},{"$f":"+R82+1","v":"2015-01-01"},{"$f":"+S82+1","v":"2016-01-01"},{"$f":"+T82+1","v":"2017-01-01"},{"$f":"+U82+1","v":"2018-01-01"},{"$f":"+V82+1","v":"2019-01-01"},{"$f":"+W82+1","v":"2020-01-01"},{"$f":"+X82+1","v":"2021-01-01"},{"$f":"+Y82+1","v":"2022-01-01"},{"$f":"+Z82+1","v":"2023-01-01"},{"$f":"+AA82+1","v":"2024-01-01"},{"$f":"+AB82+1","v":"2025-01-01"},{"$f":"+AC82+1","v":"2026-01-01"},{"$f":"+AD82+1","v":"2027-01-01"},{"$f":"+AE82+1","v":"2028-01-01"},{"$f":"+AF82+1","v":"2029-01-01"},{"$f":"+AG82+1","v":"2030-01-01"},{"$f":"+AH82+1","v":"2031-01-01"},{"$f":"+AI82+1","v":"2032-01-01"},{"$f":"+AJ82+1","v":"2033-01-01"},{"$f":"+AK82+1","v":"2034-01-01"},{"$f":"+AL82+1","v":"2035-01-01"},{"$f":"+AM82+1","v":"2036-01-01"},{"$f":"+AN82+1","v":"2037-01-01"},{"$f":"+AO82+1","v":"2038-01-01"},{"$f":"+AP82+1","v":"2039-01-01"},{"$f":"+AQ82+1","v":"2040-01-01"},{"$f":"+AR82+1","v":"2041-01-01"},{"$f":"+AS82+1","v":"2042-01-01"},{"$f":"+AT82+1","v":"2043-01-01"},{"$f":"+AU82+1","v":"2044-01-01"},{"$f":"+AV82+1","v":"2045-01-01"},{"$f":"+AW82+1","v":"2046-01-01"}]
[null,null,null,null,"Year ending",null,null,null,null,null,{"$f":"EOMONTH(K81,11)","v":"2007-12-31"},{"$f":"DATE(YEAR(K82) + 1, MONTH(K82), DAY(K82))","v":"2008-12-31"},{"$f":"DATE(YEAR(L82) + 1, MONTH(L82), DAY(L82))","v":"2009-12-31"},{"$f":"DATE(YEAR(M82) + 1, MONTH(M82), DAY(M82))","v":"2010-12-31"},{"$f":"DATE(YEAR(N82) + 1, MONTH(N82), DAY(N82))","v":"2011-12-31"},{"$f":"DATE(YEAR(O82) + 1, MONTH(O82), DAY(O82))","v":"2012-12-31"},{"$f":"DATE(YEAR(P82) + 1, MONTH(P82), DAY(P82))","v":"2013-12-31"},{"$f":"DATE(YEAR(Q82) + 1, MONTH(Q82), DAY(Q82))","v":"2014-12-31"},{"$f":"DATE(YEAR(R82) + 1, MONTH(R82), DAY(R82))","v":"2015-12-31"},{"$f":"DATE(YEAR(S82) + 1, MONTH(S82), DAY(S82))","v":"2016-12-31"},{"$f":"DATE(YEAR(T82) + 1, MONTH(T82), DAY(T82))","v":"2017-12-31"},{"$f":"DATE(YEAR(U82) + 1, MONTH(U82), DAY(U82))","v":"2018-12-31"},{"$f":"DATE(YEAR(V82) + 1, MONTH(V82), DAY(V82))","v":"2019-12-31"},{"$f":"DATE(YEAR(W82) + 1, MONTH(W82), DAY(W82))","v":"2020-12-31"},{"$f":"DATE(YEAR(X82) + 1, MONTH(X82), DAY(X82))","v":"2021-12-31"},{"$f":"DATE(YEAR(Y82) + 1, MONTH(Y82), DAY(Y82))","v":"2022-12-31"},{"$f":"DATE(YEAR(Z82) + 1, MONTH(Z82), DAY(Z82))","v":"2023-12-31"},{"$f":"DATE(YEAR(AA82) + 1, MONTH(AA82), DAY(AA82))","v":"2024-12-31"},{"$f":"DATE(YEAR(AB82) + 1, MONTH(AB82), DAY(AB82))","v":"2025-12-31"},{"$f":"DATE(YEAR(AC82) + 1, MONTH(AC82), DAY(AC82))","v":"2026-12-31"},{"$f":"DATE(YEAR(AD82) + 1, MONTH(AD82), DAY(AD82))","v":"2027-12-31"},{"$f":"DATE(YEAR(AE82) + 1, MONTH(AE82), DAY(AE82))","v":"2028-12-31"},{"$f":"DATE(YEAR(AF82) + 1, MONTH(AF82), DAY(AF82))","v":"2029-12-31"},{"$f":"DATE(YEAR(AG82) + 1, MONTH(AG82), DAY(AG82))","v":"2030-12-31"},{"$f":"DATE(YEAR(AH82) + 1, MONTH(AH82), DAY(AH82))","v":"2031-12-31"},{"$f":"DATE(YEAR(AI82) + 1, MONTH(AI82), DAY(AI82))","v":"2032-12-31"},{"$f":"DATE(YEAR(AJ82) + 1, MONTH(AJ82), DAY(AJ82))","v":"2033-12-31"},{"$f":"DATE(YEAR(AK82) + 1, MONTH(AK82), DAY(AK82))","v":"2034-12-31"},{"$f":"DATE(YEAR(AL82) + 1, MONTH(AL82), DAY(AL82))","v":"2035-12-31"},{"$f":"DATE(YEAR(AM82) + 1, MONTH(AM82), DAY(AM82))","v":"2036-12-31"},{"$f":"DATE(YEAR(AN82) + 1, MONTH(AN82), DAY(AN82))","v":"2037-12-31"},{"$f":"DATE(YEAR(AO82) + 1, MONTH(AO82), DAY(AO82))","v":"2038-12-31"},{"$f":"DATE(YEAR(AP82) + 1, MONTH(AP82), DAY(AP82))","v":"2039-12-31"},{"$f":"DATE(YEAR(AQ82) + 1, MONTH(AQ82), DAY(AQ82))","v":"2040-12-31"},{"$f":"DATE(YEAR(AR82) + 1, MONTH(AR82), DAY(AR82))","v":"2041-12-31"},{"$f":"DATE(YEAR(AS82) + 1, MONTH(AS82), DAY(AS82))","v":"2042-12-31"},{"$f":"DATE(YEAR(AT82) + 1, MONTH(AT82), DAY(AT82))","v":"2043-12-31"},{"$f":"DATE(YEAR(AU82) + 1, MONTH(AU82), DAY(AU82))","v":"2044-12-31"},{"$f":"DATE(YEAR(AV82) + 1, MONTH(AV82), DAY(AV82))","v":"2045-12-31"},{"$f":"DATE(YEAR(AW82) + 1, MONTH(AW82), DAY(AW82))","v":"2046-12-31"}]
[]
[null,null,null,null,"Model start date",null,"date",null,"2007-01-01"]
[null,null,null,null,"Regime start date",null,"date",null,"2019-01-31"]
[null,null,null,null,"End date for IDC",null,"date",null,"2019-01-30"]
[null,null,null,null,"Start of operations",null,"date",null,"2019-01-31"]
[null,null,null,null,"Regime end date",null,"date",null,{"$f":"DATE(YEAR($I$85)+I89,MONTH($I$85),DAY($I$85))-1","v":"2044-01-30"}]
[null,null,null,null,"Number of operational years",null,"full years",null,25]
[]
[null,null,null,null,"Days in year",null,"days",null,null,null,{"$f":"K$82-K$81+1","v":365},366,{"$f":"M$82-M$81+1","v":365},{"$f":"N$82-N$81+1","v":365},365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365]
[null,null,null,null,"IDC flag",null,"flag",null,null,null,{"$f":"IF($I$86>=K$82,1,IF($I$86>=K$81,($I$86-K$81+1)/K$91,0))","v":1},1,1,1,1,1,1,1,1,1,1,1,8.2191780821917804E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Post-IDC and pre-operations flag",null,"flag",null,null,null,{"$f":"IF(OR(K92=1,K94=1),0,IF($I$87<K81,0,IF($I$87<K82,($I$87-(MAX($I$86+1,K81)))/K91,MIN(1,(K82-$I$86)/K91))))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Operations flag",null,"flag",null,null,null,{"$f":"IF(OR($I$87>K$82,$I$88<K$81),0,IF($I$87>=K$81,(K$82-$I$87+1)/K$91,IF($I$88<=K$82,($I$88-K$81+1)/K$91,1)))","v":0},0,0,0,0,0,0,0,0,0,0,0,0.9178082191780822,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,8.1967213114754092E-2,0,0]
[null,null,null,null,"Transfer construction to operations flag",null,"flag","`",null,null,{"$f":"IF(AND($I$87<=K$82,$I$87>=K$81),1,0)","v":0},0,{"$f":"IF(AND($I$87<=M$82,$I$87>=M$81),1,0)","v":0},{"$f":"IF(AND($I$87<=N$82,$I$87>=N$81),1,0)","v":0},0,0,0,0,0,0,0,0,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Initial transaction costs flag",null,"flag",null,null,null,{"$f":"IF(AND(SUM($J35:K35)=0,L35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:L35)=0,M35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:M35)=0,N35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:N35)=0,O35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:O35)=0,P35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:P35)=0,Q35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:Q35)=0,R35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:R35)=0,S35>0),1,0)","v":1},{"$f":"IF(AND(SUM($J35:S35)=0,T35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:T35)=0,U35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:U35)=0,V35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:V35)=0,W35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:W35)=0,X35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:X35)=0,Y35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:Y35)=0,Z35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:Z35)=0,AA35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AA35)=0,AB35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AB35)=0,AC35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AC35)=0,AD35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AD35)=0,AE35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AE35)=0,AF35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AF35)=0,AG35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AG35)=0,AH35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AH35)=0,AI35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AI35)=0,AJ35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AJ35)=0,AK35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AK35)=0,AL35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AL35)=0,AM35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AM35)=0,AN35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AN35)=0,AO35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AO35)=0,AP35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AP35)=0,AQ35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AQ35)=0,AR35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AR35)=0,AS35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AS35)=0,AT35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AT35)=0,AU35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AU35)=0,AV35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AV35)=0,AW35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AW35)=0,AX35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AX35)=0,AY35>0),1,0)","v":0}]
[]
[null,null,"Tax - Financial years"]
[]
[null,null,null,null,"Year commencing",null,null,null,null,null,{"$f":"K17","v":"2007-01-01"},{"$f":"+K101+1","v":"2008-01-01"},{"$f":"+L101+1","v":"2009-01-01"},{"$f":"+M101+1","v":"2010-01-01"},"2011-01-01","2012-01-01","2013-01-01","2014-01-01","2015-01-01","2016-01-01","2017-01-01","2018-01-01","2019-01-01","2020-01-01","2021-01-01","2022-01-01","2023-01-01","2024-01-01","2025-01-01","2026-01-01","2027-01-01","2028-01-01","2029-01-01","2030-01-01","2031-01-01","2032-01-01","2033-01-01","2034-01-01","2035-01-01","2036-01-01","2037-01-01","2038-01-01","2039-01-01","2040-01-01","2041-01-01","2042-01-01","2043-01-01","2044-01-01","2045-01-01","2046-01-01"]
[null,null,null,null,"Year ending",null,null,null,null,null,{"$f":"K18","v":"2007-12-31"},{"$f":"DATE(YEAR(K101) + 1, MONTH(K101), DAY(K101))","v":"2008-12-31"},"2009-12-31","2010-12-31","2011-12-31","2012-12-31","2013-12-31","2014-12-31","2015-12-31","2016-12-31","2017-12-31","2018-12-31","2019-12-31","2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31","2036-12-31","2037-12-31","2038-12-31","2039-12-31","2040-12-31","2041-12-31","2042-12-31","2043-12-31","2044-12-31","2045-12-31","2046-12-31"]
[]
[null,null,null,null,"Long-term expected UK RPI inflation",null,"%",null,0.03]
[null,null,null,null,{"$f":"E24","v":"Base year UK RPI inflation index value (CHAW)"},null,{"$f":"G24","v":"Jan 1987 = 100"},{"$f":"H24","v":"UK RPI index 2013/14"},{"$f":"I24","v":251.73333333333335}]
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[null,null,null,null,"Transaction costs - annual movement",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"SUM(K39:K42)","v":0},0,0,0,0,0,0,{"$f":"SUM(R39:R42)","v":23.25911430755577},0,0,0,0,-2.3162777259280283,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(AU39:AU42)","v":0},0,0,0]
[null,null,null,null,"Capitalised IDC on transaction costs",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"((1+$I18)^(1-K$10-K$9)-1)*(K38+(K39+K40+K41+K42)/(2+$I18))","v":0},0,0,0,0,0,0,0.63021484989583032,1.330635634070056,1.4047520388877583,1.4829967274538065,1.5655996451729834,0.12746226628450164,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Transfer to operational RAV",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"-SUM(K38,K43,K44)*K$11","v":0},0,0,0,0,0,0,0,0,0,0,0,-27.484497743392676,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Transaction costs - closing",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"SUM(K45,K44,K43,K38)","v":0},{"$f":"SUM(L45,L44,L43,L38)","v":0},0,0,0,0,0,23.889329157451598,25.219964791521654,26.624716830409412,28.107713557863217,29.673313203036201,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"End of sheet"]

{"sheet":"Op Rav","index":6,"n_rows":43,"n_cols":35,"rows_kept":43,"cut":false,"hidden":false,"merged":[]}
["Op RAV",null,null,null,null,null,null,"Licence"]
[null,null,null,null,"Parameter",null,"Units","Terminology","Constant",null,"Annual values"]
[null,null,null,null,"Project year",null,null,null,null,null,"Year 1","Year 2","Year 3","Year 4","Year 5","Year 6","Year 7","Year 8","Year 9","Year 10","Year 11","Year 12","Year 13","Year 14","Year 15","Year 16","Year 17","Year 18","Year 19","Year 20","Year 21","Year 22","Year 23","Year 24","Year 25"]
[]
[null,"RAV"]
[]
[null,null,"Operational"]
[]
[null,null,null,null,"Opening operational RAV (before transfers)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"J15","v":0},562.52173432332722,539.08332872652193,515.64492312971663,492.20651753291133,468.76811193610604,445.32970633930074,421.89130074249545,398.45289514569015,375.01448954888485,351.57608395207956,328.13767835527426,304.69927275846896,281.26086716166367,257.82246156485837,239.55131564276957,215.5961840784926,191.64105251421563,167.68592094993869,143.73078938566172,119.77565782138477,95.820526257107815,71.865394692830861,47.910263128553908,23.955131564276954]
[null,null,null,null,"Transfers of transaction costs",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"-SUM(Finance!K45:AX45)","v":27.484497743392676}]
[null,null,null,null,"Transfers of pre-operational RAV",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"-SUM('Pre Op RAV'!K23:AX23)","v":558.47564217673983}]
[null,null,null,null,"Opening operational RAV (after transfers)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"SUM(K9:K11)","v":585.96013992013252},{"$f":"SUM(L9:L11)","v":562.52173432332722},{"$f":"SUM(M9:M11)","v":539.08332872652193},515.64492312971663,492.20651753291133,468.76811193610604,445.32970633930074,421.89130074249545,398.45289514569015,375.01448954888485,351.57608395207956,328.13767835527426,304.69927275846896,281.26086716166367,257.82246156485837,239.55131564276957,215.5961840784926,191.64105251421563,167.68592094993869,143.73078938566172,119.77565782138477,95.820526257107815,71.865394692830861,47.910263128553908,23.955131564276954]
[null,null,null,null,"Replacement Capex",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"Inputs!K59","v":0},{"$f":"Inputs!L59","v":0},{"$f":"Inputs!M59","v":0},{"$f":"Inputs!N59","v":0},{"$f":"Inputs!O59","v":0},{"$f":"Inputs!P59","v":0},{"$f":"Inputs!Q59","v":0},{"$f":"Inputs!R59","v":0},{"$f":"Inputs!S59","v":0},{"$f":"Inputs!T59","v":0},{"$f":"Inputs!U59","v":0},{"$f":"Inputs!V59","v":0},{"$f":"Inputs!W59","v":0},{"$f":"Inputs!X59","v":0},{"$f":"Inputs!Y59","v":5.1672596747164912},{"$f":"Inputs!Z59","v":0},{"$f":"Inputs!AA59","v":0},{"$f":"Inputs!AB59","v":0},{"$f":"Inputs!AC59","v":0},{"$f":"Inputs!AD59","v":0},{"$f":"Inputs!AE59","v":0},{"$f":"Inputs!AF59","v":0},{"$f":"Inputs!AG59","v":0},{"$f":"Inputs!AH59","v":0},{"$f":"Inputs!AI59","v":0}]
[null,null,null,null,"Depreciation (negative)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":" - K25","v":-23.4384055968053},{"$f":" - L25","v":-23.4384055968053},{"$f":" - M25","v":-23.4384055968053},-23.4384055968053,-23.438405596805303,-23.438405596805303,-23.438405596805303,-23.438405596805303,-23.438405596805303,-23.438405596805303,-23.438405596805303,-23.438405596805303,-23.438405596805303,-23.438405596805307,-23.438405596805307,-23.955131564276957,-23.955131564276954,-23.955131564276954,-23.955131564276957,-23.955131564276954,-23.955131564276954,-23.955131564276954,-23.955131564276954,-23.955131564276954,-23.955131564276954]
[null,null,null,null,"Closing operational RAV",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"SUM(K12:K14)","v":562.52173432332722},539.08332872652193,515.64492312971663,492.20651753291133,468.76811193610604,445.32970633930074,421.89130074249545,398.45289514569015,375.01448954888485,351.57608395207956,328.13767835527426,304.69927275846896,281.26086716166367,257.82246156485837,239.55131564276957,215.5961840784926,191.64105251421563,167.68592094993869,143.73078938566172,119.77565782138477,95.820526257107815,71.865394692830861,47.910263128553908,23.955131564276954,0]
[]
[null,null,null,null,"Average operational RAV",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"AVERAGE(K12, K15)","v":574.24093712172987},{"$f":"AVERAGE(L12, L15)","v":550.80253152492458},527.36412592811928,503.92572033131398,480.48731473450869,457.04890913770339,433.61050354089809,410.1720979440928,386.7336923472875,363.29528675048221,339.85688115367691,316.41847555687161,292.98006996006632,269.54166436326102,248.68688860381397,227.5737498606311,{"$f":"AVERAGE(AA12, AA15)","v":203.6186182963541},179.66348673207716,155.70835516780022,131.75322360352325,107.79809203924628,83.842960474969345,59.887828910692384,35.932697346415431,11.977565782138477]
[]
[null,"Operational RAV depreciation"]
[]
[null,null,null,null,"Number of operational years",null,"full years",null,{"$f":"Inputs!I89","v":25}]
[null,null,null,null,"Years remaining until end of operational period",null,"full years",null,null,null,{"$f":"I21","v":25},{"$f":"+K22-1","v":24},{"$f":"+L22-1","v":23},22,21,20,19,18,17,16,15,14,13,12,11,10,9,8,7,6,5,4,3,2,1]
[null,null,null,null,"Year is before end of operational period",null,"flag",null,null,null,{"$f":"K22 > 0","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
[null,null,null,null,"RAV depreciation",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"IF(K23, IF(K22=1,SUM(K12:K13),K12 / K22), 0)","v":23.4384055968053},{"$f":"IF(L23, IF(L22=1,SUM(L12:L13),L12 / L22), 0)","v":23.4384055968053},23.4384055968053,23.4384055968053,23.438405596805303,23.438405596805303,23.438405596805303,23.438405596805303,23.438405596805303,23.438405596805303,23.438405596805303,23.438405596805303,23.438405596805303,23.438405596805307,23.438405596805307,23.955131564276957,23.955131564276954,23.955131564276954,23.955131564276957,23.955131564276954,23.955131564276954,23.955131564276954,23.955131564276954,23.955131564276954,23.955131564276954]
[]
[null,null,null,null,"Depreciation equal to additions",null,"test",null,{"$f":"IF(ABS(SUM('Pre Op RAV'!K18:AX21,Finance!K39:AX42,Finance!K44:AX44,K13:AI13)-SUM(K25:AI25))<0.00000001,\"TRUE\",\"FALSE\")","v":"TRUE"}]
[]
[null,"Operational RAV return"]
[]
[null,null,null,null,"Cap return rate",null,{"$f":"Inputs!G68","v":"real annual %"},null,{"$f":"Inputs!I68","v":7.3399999999999993E-2}]
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[null,"End of sheet"]

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[null,null,"Capital allowance pool"]
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[null,null,null,null,"Capex",null,"£m nominal",null,null,null,{"$f":"SUMPRODUCT('Pre Op RAV'!K19:AX19,Inputs!K107:AX107)","v":522.95141314716716}]
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[null,null,null,null,"Capital allowance (reducing balance)",null,"£m nominal",null,null,null,{"$f":"-K37 * K31","v":-41.836113051773374},{"$f":"-L37 * L31","v":-38.489224007631499},{"$f":"-M37 * M31","v":-35.410086087020986},-32.577279200059301,-29.971096864054559,-27.573409114930193,-25.367536385735775,-23.338133474876912,-21.471082796886758,-19.753396173135819,-18.173124479284951,-16.719274520942157,-15.381732559266784,-14.151193954525441,-13.762101112789287,-12.661133023766144,-11.648242381864852,-10.716382991315664,-9.8590723520104095,-9.0703465638495775,-8.3447188387416098,-7.6771413316422814,-7.0629700251108991,-6.4979324231020268,-5.9780978292538647]
[null,null,null,null,"Write-back allowance",null,"£m nominal",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-SUM(AI37:AI38)","v":-68.748125036419438}]
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[null,"Interest"]
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[null,null,"Cost of debt"]
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[null,null,null,null,"Cost of debt (for tax)",null,{"$f":"Inputs!G69","v":"real annual %"},null,{"$f":"Inputs!I71","v":4.1999999999999997E-3}]
[null,null,null,null,"Expected UK RPI inflation",null,{"$f":"Inputs!G116","v":"%"},null,{"$f":"Inputs!I116","v":0.03}]
[null,null,null,null,"Cost of debt (for tax)",null,"nominal annual %",null,{"$f":"(1 + I48) * (1 + I$49) - 1","v":3.4326000000000079E-2}]
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[null,null,"Net debt"]
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[null,null,null,null,"Number of operational years",null,{"$f":"Inputs!G89","v":"full years"},null,{"$f":"Inputs!I89","v":25}]
[null,null,null,null,"Operational notional gearing",null,{"$f":"Inputs!G74","v":"%"},null,{"$f":"Inputs!I74","v":0.5}]
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[null,null,null,null,"Principal repayments",null,"£m nominal",null,null,null,{"$f":"K59 - K58","v":8.8863370275641067},{"$f":"L59 - L58","v":9.191369432372273},9.5068723795078824,9.8332052808068724,10.170739885275848,10.519860702577828,10.880965441054515,11.254465460784154,11.640786242191032,12.040367870740482,12.453665538271521,12.88115006153823,13.323308418550592,13.780644303325762,14.253678699681723,14.742950474726999,15.249016992722478,15.772454750014672,16.313860031763678,16.873849591213997,17.453061352282013,18.052155136260446,18.671813413467724,19.312742080698417,19.975671265360472]
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[null,null,null,null,"Opening net debt",null,"£m nominal",null,null,null,{"$f":"'Op Rav'!K12*I9*I55","v":343.03499183275392},{"$f":"K63","v":334.14865480518984},{"$f":"L63","v":324.95728537281758},315.45041299330967,305.61720771250282,295.44646782722697,284.92660712464914,274.04564168359462,262.79117622281046,251.15038998061942,239.11002210987894,226.65635657160743,213.77520651006921,200.45189809151861,186.67125378819284,172.41757508851111,157.67462461378412,142.42560762106163,126.65315287104696,110.33929283928327,93.465443248069278,76.012381895787257,57.960226759526812,39.288413346059087,19.975671265360671]
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[]
[null,"End of sheet"]

{"sheet":"Tax Cap","index":10,"n_rows":42,"n_cols":35,"rows_kept":42,"cut":false,"hidden":false,"merged":[]}
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[null,null,null,null,"Parameter",null,"Units","Terminology","Constant",null,"Annual values"]
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[null,"Unprofiled tax allowance (cap)"]
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[null,null,"Profits attributable to corporation tax"]
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[null,"End of sheet"]

{"sheet":"Tax Floor","index":11,"n_rows":42,"n_cols":35,"rows_kept":42,"cut":false,"hidden":false,"merged":[]}
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[]
[null,null,"Tax losses"]
[]
[null,null,null,null,"Taxable losses brought forward",null,"£m nominal prices",null,null,null,{"$f":"J18","v":0},{"$f":"K18","v":-31.425778425870362},-49.871671420492994,-63.010493388811916,-72.002574726599377,-77.032841932146141,-79.712859590836501,-78.488466126419127,-73.834220805437781,-65.889160969789202,-54.724895755803821,-40.901057655102768,-23.654943357846406,-3.4535667282617624,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"In-year taxable loss",null,"£m nominal prices",null,null,null,{"$f":"MIN(K11, 0)","v":-31.425778425870362},-18.445892994622632,-13.138821968318922,-8.9920813377874609,-5.030267205546771,-2.6800176586903675,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-15.70606684091959]
[null,null,null,null,"Profits used to offset losses",null,"£m nominal prices",null,null,null,{"$f":"IF(K11 >= 0, MIN(K11, -K15), 0)","v":0},0,0,0,0,0,1.2243934644173748,4.6542453209813459,7.9450598356485784,11.164265213985381,13.823838100701053,17.246114297256362,20.201376629584644,3.4535667282617624,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Taxable losses carried forward",null,"£m nominal prices",null,null,null,{"$f":"SUM(K15:K17)","v":-31.425778425870362},{"$f":"SUM(L15:L17)","v":-49.871671420492994},-63.010493388811916,-72.002574726599377,-77.032841932146141,-79.712859590836501,-78.488466126419127,-73.834220805437781,-65.889160969789202,-54.724895755803821,-40.901057655102768,-23.654943357846406,-3.4535667282617624,0,0,0,0,0,0,0,0,0,0,0,-15.70606684091959]
[]
[null,null,"Tax allowance"]
[]
[null,null,null,null,"Profits attributable to corporation tax (after taxable losses)",null,"£m nominal prices",null,null,null,{"$f":"MAX(K11 - K17,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,19.622855074290641,25.199907654134307,27.545538916013349,30.833556736946981,33.639725761975512,36.402460166042431,39.200877342258863,41.412403121040512,44.717985704557705,47.496882071576316,50.203160060339243,0]
[null,null,null,null,"Corporation tax rate",null,{"$f":"Inputs!G113","v":"%"},null,null,null,{"$f":"Inputs!K113","v":0.2},{"$f":"Inputs!L113","v":0.2},{"$f":"Inputs!M113","v":0.2},{"$f":"Inputs!N113","v":0.2},{"$f":"Inputs!O113","v":0.2},{"$f":"Inputs!P113","v":0.2},{"$f":"Inputs!Q113","v":0.2},{"$f":"Inputs!R113","v":0.2},{"$f":"Inputs!S113","v":0.2},{"$f":"Inputs!T113","v":0.2},{"$f":"Inputs!U113","v":0.2},{"$f":"Inputs!V113","v":0.2},{"$f":"Inputs!W113","v":0.2},{"$f":"Inputs!X113","v":0.2},{"$f":"Inputs!Y113","v":0.2},{"$f":"Inputs!Z113","v":0.2},{"$f":"Inputs!AA113","v":0.2},{"$f":"Inputs!AB113","v":0.2},{"$f":"Inputs!AC113","v":0.2},{"$f":"Inputs!AD113","v":0.2},{"$f":"Inputs!AE113","v":0.2},{"$f":"Inputs!AF113","v":0.2},{"$f":"Inputs!AG113","v":0.2},{"$f":"Inputs!AH113","v":0.2},{"$f":"Inputs!AI113","v":0.2}]
[null,null,null,null,"Corporation tax charge after losses",null,"£m nominal prices",null,null,null,{"$f":"K22 * K23","v":0},{"$f":"L22 * L23","v":0},0,0,0,0,0,0,0,0,0,0,0,3.9245710148581283,5.0399815308268616,5.50910778320267,6.1667113473893966,6.7279451523951028,7.2804920332084864,7.8401754684517728,8.2824806242081035,8.9435971409115407,9.4993764143152628,10.040632012067849,0]
[]
[null,null,null,null,"Grossing-up factor for tax on tax charge after losses",null,"scalar",null,null,null,{"$f":"1 / (1 - K23)","v":1.25},1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25]
[]
[null,null,null,null,"Unprofiled tax allowance (floor)",null,"£m nominal prices",null,null,null,{"$f":"K24 * K26","v":0},0,0,0,0,0,0,0,0,0,0,0,0,4.9057137685726602,6.2999769135335768,6.8863847290033373,7.7083891842367454,8.4099314404938781,9.1006150415106077,9.8002193355647158,10.35310078026013,11.179496426139426,11.874220517894079,12.550790015084811,0]
[]
[null,"Profiled tax allowance (floor)"]
[]
[null,null,null,null,"Unprofiled tax allowance (floor)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"'Tax Floor'!K28 / 'Tax Deductions'!K$11","v":0},{"$f":"'Tax Floor'!L28 / 'Tax Deductions'!L$11","v":0},{"$f":"'Tax Floor'!M28 / 'Tax Deductions'!M$11","v":0},{"$f":"'Tax Floor'!N28 / 'Tax Deductions'!N$11","v":0},{"$f":"'Tax Floor'!O28 / 'Tax Deductions'!O$11","v":0},{"$f":"'Tax Floor'!P28 / 'Tax Deductions'!P$11","v":0},{"$f":"'Tax Floor'!Q28 / 'Tax Deductions'!Q$11","v":0},{"$f":"'Tax Floor'!R28 / 'Tax Deductions'!R$11","v":0},{"$f":"'Tax Floor'!S28 / 'Tax Deductions'!S$11","v":0},{"$f":"'Tax Floor'!T28 / 'Tax Deductions'!T$11","v":0},{"$f":"'Tax Floor'!U28 / 'Tax Deductions'!U$11","v":0},{"$f":"'Tax Floor'!V28 / 'Tax Deductions'!V$11","v":0},{"$f":"'Tax Floor'!W28 / 'Tax Deductions'!W$11","v":0},{"$f":"'Tax Floor'!X28 / 'Tax Deductions'!X$11","v":2.8112490823164427},{"$f":"'Tax Floor'!Y28 / 'Tax Deductions'!Y$11","v":3.5050874263232936},{"$f":"'Tax Floor'!Z28 / 'Tax Deductions'!Z$11","v":3.7197517304138494},{"$f":"'Tax Floor'!AA28 / 'Tax Deductions'!AA$11","v":4.0424911788457409},{"$f":"'Tax Floor'!AB28 / 'Tax Deductions'!AB$11","v":4.2819409924676552},{"$f":"'Tax Floor'!AC28 / 'Tax Deductions'!AC$11","v":4.4986451959123599},{"$f":"'Tax Floor'!AD28 / 'Tax Deductions'!AD$11","v":4.7033745950166734},{"$f":"'Tax Floor'!AE28 / 'Tax Deductions'!AE$11","v":4.8239965695750611},{"$f":"'Tax Floor'!AF28 / 'Tax Deductions'!AF$11","v":5.0573331719936743},{"$f":"'Tax Floor'!AG28 / 'Tax Deductions'!AG$11","v":5.2151548638216596},{"$f":"'Tax Floor'!AH28 / 'Tax Deductions'!AH$11","v":5.3517514836444535},{"$f":"'Tax Floor'!AI28 / 'Tax Deductions'!AI$11","v":0}]
[null,null,null,null,"Discount factor to start of operational period (floor)",null,{"$f":"'Allowances Floor'!G24","v":"scalar"},null,null,null,{"$f":"'Allowances Floor'!K24","v":0.99581756622186812},{"$f":"'Allowances Floor'!L24","v":0.9916526251960448},{"$f":"'Allowances Floor'!M24","v":0.98750510376025169},{"$f":"'Allowances Floor'!N24","v":0.98337492905820734},{"$f":"'Allowances Floor'!O24","v":0.97926202853834632},{"$f":"'Allowances Floor'!P24","v":0.9751663299525456},{"$f":"'Allowances Floor'!Q24","v":0.97108776135485508},{"$f":"'Allowances Floor'!R24","v":0.96702625110023421},{"$f":"'Allowances Floor'!S24","v":0.96298172784329239},{"$f":"'Allowances Floor'!T24","v":0.95895412053703677},{"$f":"'Allowances Floor'!U24","v":0.95494335843162392},{"$f":"'Allowances Floor'!V24","v":0.95094937107311694},{"$f":"'Allowances Floor'!W24","v":0.94697208830224755},{"$f":"'Allowances Floor'!X24","v":0.94301144025318417},{"$f":"'Allowances Floor'!Y24","v":0.9390673573523044},{"$f":"'Allowances Floor'!Z24","v":0.93513977031697326},{"$f":"'Allowances Floor'!AA24","v":0.93122861015432512},{"$f":"'Allowances Floor'!AB24","v":0.92733380816005273},{"$f":"'Allowances Floor'!AC24","v":0.92345529591720066},{"$f":"'Allowances Floor'!AD24","v":0.9195930052949618},{"$f":"'Allowances Floor'!AE24","v":0.91574686844748254},{"$f":"'Allowances Floor'!AF24","v":0.91191681781266931},{"$f":"'Allowances Floor'!AG24","v":0.90810278611100281},{"$f":"'Allowances Floor'!AH24","v":0.90430470634435667},{"$f":"'Allowances Floor'!AI24","v":0.90052251179481857}]
[]
[null,null,null,null,"Discounted unprofiled tax allowance (floor)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"K32*K33","v":0},{"$f":"L32*L33","v":0},0,0,0,0,0,0,0,0,0,0,0,2.6510400460256709,3.2915131867262053,3.4784877788153712,3.7644834420376387,3.9707886468616662,4.1542977306177411,4.3251903788593564,4.4175597519897609,4.6118671728229241,4.7358966618367964,4.8396140538450725,0]
[null,null,null,null,"NPV of tax allowance (floor)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,{"$f":"SUM(K35:AI35)","v":44.240738850438206}]
[]
[null,null,null,null,"Annuity factor (floor)",null,{"$f":"'Allowances Floor'!G31","v":"scalar"},null,{"$f":"'Allowances Floor'!I31","v":4.2220607654840613E-2}]
[]
[null,null,null,null,"Annuity of tax allowance (floor)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,{"$f":"I36 * I38","v":1.8678708773646158}]
[]
[null,"End of sheet"]

{"sheet":"Cap Floor Levels","index":12,"n_rows":26,"n_cols":9,"rows_kept":26,"cut":false,"hidden":false,"merged":[]}
["Cap Floor Levels",null,null,null,null,null,null,"Licence"]
[null,null,null,null,"Parameter",null,"Units","Terminology","Constant"]
[]
[null,"Cap and Floor levels and adjustments"]
[]
[null,null,"Cap and Floor levels at FPA (Preliminary) / PCR (Final) and PCA adjustments at PCR"]
[null,null,"Relevant stage: FPA for Preliminary levels; PCR for final levels"]
[null,null,null,null,"Cap at relevant stage excluding tax (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,{"$f":"'Allowances Cap'!$I33","v":65.502692147692827}]
[null,null,null,null,"Floor at relevant stage excluding tax (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,{"$f":"'Allowances Floor'!$I33","v":40.621983771260005}]
[]
[null,null,null,null,"Cap at relevant stage - tax element (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,{"$f":"IF(Inputs!$I$123=\"No\",'Tax Cap'!I40,0)","v":0}]
[null,null,null,null,"Floor at relevant stage - tax element (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,{"$f":"IF(Inputs!$I$123=\"No\",'Tax Floor'!I40,0)","v":0}]
[]
[null,null,null,null,"Cap at relevant stage - tax element (previously calculated through the model and fixed)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,10.654219541093402]
[null,null,null,null,"Floor at relevant stage - tax element (previously calculated through the model and fixed)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,2.15668370264597]
[]
[null,null,null,null,"Cap at relevant stage including tax (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,{"$f":"I8+IF(Inputs!$I$123=\"Yes\",I14,I11)","v":76.156911688786224}]
[null,null,null,null,"Floor at relevant stage including tax (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,{"$f":"I9+IF(Inputs!$I$123=\"Yes\",I15,I12)","v":42.778667473905976}]
[]
[null,null,null,null,"Preliminary Cap including tax (hardcoded at FPA)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},"PCL",83.806402113134354]
[null,null,null,null,"Preliminary Floor including tax (hardcoded at FPA)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},"PFL",48.807316760400589]
[]
[null,null,null,null,"Cap PCA adjustment (at PCR)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},"PCAC",{"$f":"I17-I20","v":-7.6494904243481301}]
[null,null,null,null,"Floor PCA adjustment (at PCR)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},"PCAF",{"$f":"I18-I21","v":-6.0286492864946126}]
[]
[null,"End of sheet"]