{"text_format":"1","workbook":"xlsx","n_sheets":13,"sheets":["Cover","Version Control","Inputs","Data Sources","Pre Op RAV","Finance","Op Rav","Allowances Cap","Allowances Floor","Tax Deductions","Tax Cap","Tax Floor","Cap Floor Levels"],"not_rendered":{"charts":0,"images":1,"macros":1,"external_links":2,"defined_names":88,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Cover","index":0,"n_rows":41,"n_cols":7,"rows_kept":41,"cut":false,"hidden":false,"merged":[[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":"NLCFFM1 (Nemo Link PCR decision).xlsm"}]
[null,null,"DISCLAIMER: In the event of any inconsistency between this model and Nemo Link’s licence, the licence conditions take precedence."]
[null,null,"For guidance on the use of the CFFM1, please refer to the CFFM1 Handbook (CFFM1H)"]
[]
[null,"Model key"]
[]
[null,null,null,null,"Sample",null,"Calculated value"]
[null,null,null,null,"Sample",null,"Formula changes in cells to the right"]
[null,null,null,null,"Sample",null,"Import from other sheet"]
[null,null,null,null,"Sample",null,"Export to other sheet"]
[null,null,null,null,"Sample",null,"Import from & export to other sheet"]
[null,null,null,null,"Sample",null,"Initial input"]
[null,null,null,null,"Sample",null,"Initial input for non-GB indexed portion (to be left empty if GB-indexed only)"]
[null,null,null,null,"Sample",null,"Updated input"]
[null,null,null,null,"Sample",null,"Notes and instructions"]
[null,null,null,null,"Sample",null,"Cell intentionally blank"]
[]
[null,"Contents"]
[]
[null,null,null,null,"Cover",null,"Model key and content directory"]
[null,null,null,null,"Version Control",null,"Version control and log of changes"]
[null,null,null,null,"Inputs",null,"Input data"]
[null,null,null,null,"Data Sources",null,"Sources of input data"]
[null,null,null,null,"Pre Op RAV",null,"Pre-operational RAV balances"]
[null,null,null,null,"Finance",null,"Interest during construction and transaction costs"]
[null,null,null,null,"Op RAV",null,"Operational RAV balances, return on RAV and RAV depreciation"]
[null,null,null,null,"Allowances Cap",null,"Cap allowances (excluding tax) and annuitisation"]
[null,null,null,null,"Allowances Floor",null,"Floor allowances (excluding tax) and annuitisation"]
[null,null,null,null,"Tax Deductions",null,"Tax calculations"]
[null,null,null,null,"Tax Cap",null,"Tax allowances at cap and annuitisation"]
[null,null,null,null,"Tax Floor",null,"Tax allowances at floor and annuitisation"]
[null,null,null,null,"Cap Floor Levels",null,"Cap and Floor values"]
[]
[null,"Checks"]
[]
[null,null,null,null,"Depreciation",null,{"$f":"'Op Rav'!I27","v":"TRUE"}]
[]
[null,"End of sheet"]

{"sheet":"Version Control","index":1,"n_rows":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,null,"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,null,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,206.57499999999996,214.82500000000002,213.68333333333337,223.55833333333331,235.18333333333331,242.72499999999999,250.10833333333335,256.0333333333333,258.54166666666669,263.05,272.47500000000002,281.58333333333331,288.99183815152372,297.66159329606944,306.59144109495151,315.78918432780006,325.26285985763406,335.02074565336306,345.07136802296395,355.42350906365289,366.08621433556249,377.06880076562936,388.38086478859827,400.03229073225623,412.03325945422392,424.39425723785064,437.12608495498614,450.23986750363576,463.74706352874483,477.6594754346072,491.98925969764542,506.74893748857482,521.95140561323205,537.60994778162899,553.73824621507788,570.35039360153019,587.46090540957607,605.08473257186336,623.23727454901928,641.93439278548988]
[null,null,null,null,"12 month average Belgium CPI inflation index value",null,{"$f":"IF(G25=\"\",\"\",G25)","v":"2004 = 100"},"Belgium CPI index t",null,null,106.53416666666665,111.31666666666666,111.25749999999998,113.6925,117.7075,121.05083333333334,122.39666666666666,122.81583333333333,123.50583333333334,125.9425,128.61916666666667,131.26083333333335,133.37721623571446,136.04476056042876,138.76565577163734,141.54096888707008,144.37178826481147,147.2592240301077,150.20440851070987,153.20849668092407,156.27266661454254,159.39811994683339,162.58608234577005,165.83780399268545,169.15456007253917,172.53765127398995,175.98840429946975,179.50817238545915,183.09833583316833,186.76030254983169,190.49550860082832,194.30541877284489,198.19152714830179,202.15535769126782,206.19846484509318,210.32243414199505,214.52888282483494,218.81946048133165,223.19584969095828,227.65976668477745]
[null,null,null,null,"Average exchange rate (XUMAERS)",null,{"$f":"IF(G26=\"\",\"\",G26)","v":"GBP / EUR"},"GBPt / EURt",null,null,1.4615249999999997,1.2583916666666666,1.1233,1.1661999999999999,1.1528583333333333,1.2333666666666667,1.1775749999999998,1.2405833333333331,1.3780166666666667,1.2243666666666666,1.1420583333333332,1.1304416666666668,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999,1.1343699999999999]
[]
[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$26)))","v":0.91519545285514958},0.96056918980064065,0.95643986403853942,0.99910143063901224,0.98698983776956584,0.94667486708711968,1.0196053414512918,1.0854805925999713,1.1204587204943608,1.1422470531521729,1.1708320333734168,1.2001609143738314,1.2302537402042426,1.26113111077755,1.2928141976354004,1.3253247601696769,1.3586851623120859,1.3929183897055135,1.4280480673712255,1.4640984778863995,1.5010945800869093,1.5390620283107133,1.5780271921976547,1.6180171770619571,1.6590598448541563,1.7011838357297278,1.7444185902421654,1.7887943721787871,1.834342292058095,1.8810943313080606,1.9290833671452896,1.9783431981755957,2.0289085707371295,2.0808152060078342,2.1340998278996328,2.1888001917624162,2.2449551139215989]
[]
[null,null,null,null,{"$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$30)","v":0},0,0,0,0,0,0,0,72.833764944074744,104.7456152809284,195.27583070565765,79.672219959834607,33.411844797010488,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Spares",null,"£m 13/14 prices",null,null,null,{"$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,0,0,0,0,0,0.1789,3.4303930133333331,0.1789,0.1789,0.1789,0.1789,0.1789,0.1789,1.2303930133333334,34.818899999999999,0.1789,0.1789,0.1789,0.1789,0.1789,1.2303930133333334,2.3788999999999998,0.1789,0.1789,0.1789]
[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,18.341810706210545,16.528967743496462,16.450081330313537,16.402014997385354,16.346352902731262,17.668953689152904,17.41213443148828,17.468124932780292,17.530995507893575,17.573068086922209,17.987659273860849,17.72567053622463,17.783432360466566,17.856759992955357,17.90065909177347,18.317104811584205,18.059994604197485,18.115749921134938,18.187099908226266,18.229050512173018,18.61757717914373,18.358577655368652,18.417366387740323,18.523860148757009,18.568905139788189]
[null,null,null,null,"Non-controllable Opex baseline",null,"€m 2018 prices",null,null,null,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044,1.5580034109735044]
[]
[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,1.13808,1.13808,1.13808,1.13808,1.13808,1.13808,1.13808,1.13808,1.13808,1.13808,1.13808,1.13808,1.13808,1.13808,1.13808,1.13808,1.13808,1.13808,1.13808,1.13808,1.13808,1.13808,1.13808,1.13808,1.13808]
[]
[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$57)","v":0},0,0,0,0,0.14029483678533608,2.6901421347968535,0.14029483678533608,0.14029483678533608,0.14029483678533608,0.14029483678533608,0.14029483678533608,0.14029483678533608,0.9648842201644372,27.305264910815751,0.14029483678533608,0.14029483678533608,0.14029483678533608,0.14029483678533608,0.14029483678533608,0.9648842201644372,1.8655527514177526,0.14029483678533608,0.14029483678533608,0.14029483678533608]
[null,null,null,null,{"$f":"E43","v":"Decommissioning baseline"},null,"£m 13/14 prices",null,null,null,{"$f":"IF($I$9=\"£\",K43/$I$57,K43/K$55/$I$57)","v":2.9965216590066714E-4},6.0080259263083763E-4,1.5187919627291683E-3,2.4721233311966284E-3,3.462488884910199E-3,4.4916654200907111E-3,5.5615185727700359E-3,6.6740072607816394E-3,7.8311883478506591E-3,9.035221540888495E-3,1.12283479780935E-2,1.3524673829920878E-2,1.5929284154060263E-2,1.8447518261085795E-2,2.1084982427100281E-2,2.3847563242011715E-2,2.6741441625223471E-2,2.9773107542109076E-2,3.2949375456310749E-2,3.6277400554652839E-2,3.7909729488920151E-2,3.9622176609071323E-2,4.1418747824400547E-2,4.3303649339666725E-2,11.328648057954114]
[null,null,null,null,"Controllable Opex",null,"£m 13/14 prices",null,null,null,{"$f":"IF($I$9=\"£\",K44/$I$57,K44/K$55/$I$57)","v":14.383797313445154},{"$f":"IF($I$9=\"£\",L44/$I$57,L44/L$55/$I$57)","v":12.962151100077811},12.900287732486536,12.862593722799398,12.818943054914403,13.856137361583947,13.65473760844035,13.698645815485021,13.747949432444878,13.780943091516763,14.10606887633619,13.900615174903715,13.945912467829627,14.003416594335329,14.037842625099501,14.364422749698713,14.162794831413841,14.206518604972558,14.262471845853574,14.295369851073003,14.600055627089811,14.396946091508456,14.443048694151832,14.526561968721383,14.56188661749006]
[null,null,null,null,"Non-controllable Opex baseline",null,"£m 13/14 prices",null,null,null,{"$f":"IF($I$9=\"£\",K45/$I$57,K45/K$55/$I$57)","v":1.2217989617301546},1.2217989617301546,1.2217989617301546,1.2217989617301546,1.2217989617301546,1.2217989617301546,1.2217989617301546,1.2217989617301546,1.2217989617301546,1.2217989617301546,1.2217989617301546,1.2217989617301546,1.2217989617301546,1.2217989617301546,1.2217989617301546,1.2217989617301546,1.2217989617301546,1.2217989617301546,1.2217989617301546,1.2217989617301546,1.2217989617301546,1.2217989617301546,1.2217989617301546,1.2217989617301546,1.2217989617301546]
[]
[null,"Variables set at financial close"]
[]
[null,null,"Finance"]
[]
[null,null,null,null,"Cap return rate",null,"real annual %",null,7.3399999999999993E-2]
[null,null,null,null,"Floor return rate",null,"real annual %",null,4.1999999999999997E-3]
[null,null,null,null,"Interest during construction (IDC) rate",null,"real annual %",null,5.57E-2]
[null,null,null,null,"Cost of debt (for tax)",null,"real annual %",null,{"$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"},{"$f":"I24","v":251.73333333333335}]
[]
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{"sheet":"Op Rav","index":6,"n_rows":43,"n_cols":35,"rows_kept":43,"cut":false,"hidden":false,"merged":[]}
["Op RAV",null,null,null,null,null,null,"Licence"]
[null,null,null,null,"Parameter",null,"Units","Terminology","Constant",null,"Annual values"]
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[null,null,null,null,"Average operational RAV",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"AVERAGE(K12, K15)","v":574.41111393592314},{"$f":"AVERAGE(L12, L15)","v":550.96576234670169},527.52041075748048,504.07505916825909,480.62970757903776,457.25450340820908,435.22067833538978,413.10843512277029,389.64241577200511,366.16788588886141,342.68429529750858,319.19101768171106,295.68733358076747,272.58470259805301,263.01485266051048,251.6235864120938,{"$f":"AVERAGE(AA12, AA15)","v":225.27677772352195},198.91340645005181,172.53124568951222,146.12737263280346,120.11007354770695,94.820763408727544,68.68762259196842,41.345853650127111,13.828716162304151]
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[null,"Operational RAV depreciation"]
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[null,null,null,null,"Number of operational years",null,"full years",null,{"$f":"Inputs!I89","v":25}]
[null,null,null,null,"Years remaining until end of operational period",null,"full years",null,null,null,{"$f":"I21","v":25},{"$f":"+K22-1","v":24},{"$f":"+L22-1","v":23},22,21,20,19,18,17,16,15,14,13,12,11,10,9,8,7,6,5,4,3,2,1]
[null,null,null,null,"Year is before end of operational period",null,"flag",null,null,null,{"$f":"K22 > 0","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
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[null,null,null,null,"RAV depreciation",null,{"$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":23.44535158922135},{"$f":"IF(L23, IF(L22=1,SUM(L12:L13),L12 / L22), 0)","v":23.44535158922135},23.445351589221353,23.445351589221353,23.445351589221353,23.445351589221353,23.452735527999533,23.602187868821581,23.610440506279541,23.619208933578626,23.628561922697649,23.63858298246803,23.649374892989979,23.661066129388761,23.74878287667644,26.479309367758013,26.494897682956388,26.512434537554554,26.532476657095316,26.55585912989287,26.583918097249938,26.825139152291047,27.446990069430299,27.517137487822964,27.797727161393638]
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[null,null,null,null,"Depreciation equal to additions",null,"check",null,{"$f":"IF(ABS(SUM('Pre Op RAV'!K18:AX21,Finance!K39:AX42,Finance!K44:AX44,K13:AI13)-SUM(K25:AI25))<0.00000001,\"TRUE\",\"FALSE\")","v":"TRUE"}]
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[null,"Operational RAV return"]
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[null,null,null,null,"Cap return rate",null,{"$f":"Inputs!G68","v":"real annual %"},null,{"$f":"Inputs!I68","v":7.3399999999999993E-2}]
[null,null,null,null,"Floor return rate",null,{"$f":"Inputs!G69","v":"real annual %"},null,{"$f":"Inputs!I69","v":4.1999999999999997E-3}]
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[null,null,null,null,"Opening operational RAV (after transfers)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"K12","v":586.13378973053375},562.68843814131242,539.24308655209109,515.79773496286975,492.35238337364842,468.90703178442709,445.60197503199112,424.83938163878844,401.37748860675219,377.90734293725802,354.42842884046473,330.94016175455243,307.44187360886974,283.93279355266515,261.23661164344082,264.79309367758015,238.45407914660748,212.09947630043644,185.72733659966721,159.33515477935723,132.91959048624969,107.30055660916419,82.340970208290898,55.034274975645928,27.657432324608301]
[null,null,null,null,"Closing operational RAV",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"K15","v":562.68843814131242},539.24308655209109,515.79773496286975,492.35238337364842,468.90703178442709,445.60197503199112,424.83938163878844,401.37748860675219,377.90734293725802,354.42842884046473,330.94016175455243,307.44187360886974,283.93279355266515,261.23661164344082,264.79309367758015,238.45407914660748,212.09947630043644,185.72733659966721,159.33515477935723,132.91959048624969,107.30055660916419,82.340970208290898,55.034274975645928,27.657432324608301,0]
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[null,null,null,null,"NPV neutral return base  (cap)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"0.5 * K$34 + 0.5 * K$35 / (1 + $I31)","v":555.1725582439293},{"$f":"0.5 * L$34 + 0.5 * L$35 / (1 + $I31)","v":532.52881314187437},509.88506803981943,487.24132293776449,464.59757783570956,442.01918341223927,420.69524018917821,399.38516902265127,376.7216038791438,354.04982799949573,331.36931119429255,308.6794499889167,285.97955127837986,263.65291235460762,253.96146479208568,243.47074059070337,218.02500692025569,192.56331025738575,167.08350935599032,141.58279561506043,116.4414221339224,92.005490810773125,66.805977453524036,40.400234341096819,13.828716162304151]
[null,null,null,null,"NPV neutral return base (floor)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"0.5 * K$34 + 0.5 * K$35 / (1 + $I32)","v":573.23441037079988},549.83808809679203,526.44176582278419,503.04544354877623,479.64912127476839,456.32265303222107,434.33224704536644,412.26906773970501,388.85212955395269,365.4266991725051,341.99222764197725,318.54809004321419,295.09356852753046,272.03840018374183,262.46111287090389,251.12492721451576,224.83323171652046,198.52501030699335,172.1980413228157,145.84940894029089,119.88568481151968,94.648570581165899,68.572533986661853,41.288015960541699,13.828716162304151]
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[null,null,null,null,"Return (cap)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,null,null,{"$f":"K37 * $I31","v":40.749665775104404},39.087614884613572,37.42556399412274,35.763513103631908,34.101462213141076,32.444208062458358,30.879030629885676,29.314871406262601,27.651365724729153,25.987257375162983,24.32250744166107,22.657071629186483,20.99089906383308,19.352123766828196,18.640771515739086,17.870752359357624,16.003035507946766,14.134146972892113,12.263929586729688,10.392177198145435,8.5468003846299041,6.7532030255107465,4.903558745088664,2.9653772006365062,1.0150277663131246]
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[]
[null,"End of sheet"]

{"sheet":"Allowances Cap","index":7,"n_rows":36,"n_cols":35,"rows_kept":36,"cut":false,"hidden":false,"merged":[]}
["Allowances Cap",null,null,null,null,null,null,"Licence"]
[null,null,null,null,"Parameter",null,"Units","Terminology","Constant",null,"Annual values"]
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[]
[" ","Unprofiled allowances except tax (cap)"]
[]
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[]
[null,"Profiled allowances except tax (cap)"]
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[null,null,"Annuity parameters"]
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[null,null,null,null,"Cap return rate",null,{"$f":"Inputs!G68","v":"real annual %"},null,{"$f":"Inputs!I68","v":7.3399999999999993E-2}]
[null,null,null,null,"Number of operational years",null,{"$f":"Inputs!G89","v":"full years"},null,{"$f":"Inputs!I89","v":25}]
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[null,"Tax pools"]
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[null,null,"Revenue pool"]
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[null,null,null,null,"Non-controllable Opex (baseline)",null,"£m nominal",null,null,null,{"$f":"Inputs!K62* K$11","v":1.4518398373236985},{"$f":"Inputs!L62* L$11","v":1.4953950324434095},{"$f":"Inputs!M62* M$11","v":1.5402568834167121},{"$f":"Inputs!N62* N$11","v":1.5864645899192136},{"$f":"Inputs!O62* O$11","v":1.63405852761679},{"$f":"Inputs!P62* P$11","v":1.683080283445294},{"$f":"Inputs!Q62* Q$11","v":1.7335726919486527},{"$f":"Inputs!R62* R$11","v":1.7855798727071124},{"$f":"Inputs!S62* S$11","v":1.8391472688883259},{"$f":"Inputs!T62* T$11","v":1.8943216869549757},{"$f":"Inputs!U62* U$11","v":1.9511513375636251},{"$f":"Inputs!V62* V$11","v":2.0096858776905342},{"$f":"Inputs!W62* W$11","v":2.06997645402125},{"$f":"Inputs!X62* X$11","v":2.1320757476418875},{"$f":"Inputs!Y62* Y$11","v":2.196038020071144},{"$f":"Inputs!Z62* Z$11","v":2.2619191606732785},{"$f":"Inputs!AA62* AA$11","v":2.3297767354934771},{"$f":"Inputs!AB62* AB$11","v":2.3996700375582813},{"$f":"Inputs!AC62* AC$11","v":2.4716601386850301},{"$f":"Inputs!AD62* AD$11","v":2.5458099428455809},{"$f":"Inputs!AE62* AE$11","v":2.6221842411309484},{"$f":"Inputs!AF62* AF$11","v":2.7008497683648773},{"$f":"Inputs!AG62* AG$11","v":2.7818752614158235},{"$f":"Inputs!AH62* AH$11","v":2.8653315192582984},{"$f":"Inputs!AI62* AI$11","v":2.9512914648360473}]
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[null,null,"Capital allowance pool"]
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[null,null,null,null,"Capital allowance rate (declining balance)",null,{"$f":"Inputs!G114","v":"%"},null,null,null,{"$f":"Inputs!K114","v":0.08},{"$f":"Inputs!L114","v":0.08},{"$f":"Inputs!M114","v":0.08},{"$f":"Inputs!N114","v":0.08},{"$f":"Inputs!O114","v":0.08},{"$f":"Inputs!P114","v":0.08},{"$f":"Inputs!Q114","v":0.08},{"$f":"Inputs!R114","v":0.08},{"$f":"Inputs!S114","v":0.08},{"$f":"Inputs!T114","v":0.08},{"$f":"Inputs!U114","v":0.08},{"$f":"Inputs!V114","v":0.08},{"$f":"Inputs!W114","v":0.08},{"$f":"Inputs!X114","v":0.08},{"$f":"Inputs!Y114","v":0.08},{"$f":"Inputs!Z114","v":0.08},{"$f":"Inputs!AA114","v":0.08},{"$f":"Inputs!AB114","v":0.08},{"$f":"Inputs!AC114","v":0.08},{"$f":"Inputs!AD114","v":0.08},{"$f":"Inputs!AE114","v":0.08},{"$f":"Inputs!AF114","v":0.08},{"$f":"Inputs!AG114","v":0.08},{"$f":"Inputs!AH114","v":0.08},{"$f":"Inputs!AI114","v":0.08}]
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[null,null,null,null,"Opening balance brought forward",null,"£m nominal",null,null,null,{"$f":"J40","v":0},481.252336583437,442.75214965676201,407.33197768422104,374.74541946948335,344.7657859119247,317.36232420149747,295.4849408459537,272.03477483160202,250.46628097599822,230.62909527277043,212.38488792904644,195.6064007811633,180.17656172170402,167.31148847313207,199.07829208357481,183.39097861147491,168.96581871398058,155.70205516002852,143.50699774868761,132.2953781402978,123.61688607776946,117.52152392816608,108.41368024441024,100.04328040226981]
[null,null,null,null,"Capex",null,"£m nominal",null,null,null,{"$f":"SUMPRODUCT('Pre Op RAV'!K19:AX19,Inputs!K107:AX107)","v":523.10036585156195}]
[null,null,null,null,"Replacement Capex",null,"£m nominal",null,null,null,{"$f":"'Op Rav'!K13 * K$11","v":0},{"$f":"'Op Rav'!L13 * L$11","v":0},{"$f":"'Op Rav'!M13 * M$11","v":0},{"$f":"'Op Rav'!N13 * N$11","v":0},{"$f":"'Op Rav'!O13 * O$11","v":0},{"$f":"'Op Rav'!P13 * P$11","v":0.19326213318122429},{"$f":"'Op Rav'!Q13 * Q$11","v":3.8169593267130848},{"$f":"'Op Rav'!R13 * R$11","v":0.20503179709196087},{"$f":"'Op Rav'!S13 * S$11","v":0.2111827510047197},{"$f":"'Op Rav'!T13 * T$11","v":0.2175182335348613},{"$f":"'Op Rav'!U13 * U$11","v":0.22404378054090715},{"$f":"'Op Rav'!V13 * V$11","v":0.23076509395713438},{"$f":"'Op Rav'!W13 * W$11","v":0.23768804677584843},{"$f":"'Op Rav'!X13 * X$11","v":1.6837518360482164},{"$f":"'Op Rav'!Y13 * Y$11","v":49.077959443797084},{"$f":"'Op Rav'!Z13 * Z$11","v":0.25972814628923252},{"$f":"'Op Rav'!AA13 * AA$11","v":0.26751999067790949},{"$f":"'Op Rav'!AB13 * AB$11","v":0.27554559039824678},{"$f":"'Op Rav'!AC13 * AC$11","v":0.28381195811019422},{"$f":"'Op Rav'!AD13 * AD$11","v":0.29232631685350002},{"$f":"'Op Rav'!AE13 * AE$11","v":2.0708023790168424},{"$f":"'Op Rav'!AF13 * AF$11","v":4.1239008006719127},{"$f":"'Op Rav'!AG13 * AG$11","v":0.3194328592363746},{"$f":"'Op Rav'!AH13 * AH$11","v":0.32901584501346587},{"$f":"'Op Rav'!AI13 * AI$11","v":0.33888632036386984}]
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[null,null,null,null,"Capital allowance (reducing balance)",null,"£m nominal",null,null,null,{"$f":"-K37 * K31","v":-41.848029268124954},{"$f":"-L37 * L31","v":-38.500186926674964},{"$f":"-M37 * M31","v":-35.420171972540963},-32.586558214737686,-29.979633557558667,-27.596723843608476,-25.694342682256842,-23.655197811443653,-21.779676606608543,-20.054703936762646,-18.468251124264906,-17.009252241840287,-15.667527106235132,-14.54882508462018,-17.311155833354334,-15.947041618389123,-14.692679888172224,-13.539309144350307,-12.478869369451097,-11.503945925243288,-10.749294441545171,-10.219262950275311,-9.4272765429921961,-8.6994156871538983,-8.0305733378106954]
[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,{"$f":"-SUM(AI37:AI38)","v":-92.351593384822991}]
[null,null,null,null,"Closing balance carried forward",null,"£m nominal",null,null,null,{"$f":"SUM(K37:K39)","v":481.252336583437},{"$f":"SUM(L37:L39)","v":442.75214965676201},407.33197768422104,374.74541946948335,344.7657859119247,317.36232420149747,295.4849408459537,272.03477483160202,250.46628097599822,230.62909527277043,212.38488792904644,195.6064007811633,180.17656172170402,167.31148847313207,199.07829208357481,183.39097861147491,168.96581871398058,155.70205516002852,143.50699774868761,132.2953781402978,123.61688607776946,117.52152392816608,108.41368024441024,100.04328040226981,{"$f":"SUM(AI37:AI39)","v":0}]
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[null,null,null,null,"Capital allowances",null,"£m nominal",null,null,null,{"$f":"-(K38 + K39)","v":41.848029268124954},38.500186926674964,35.420171972540963,32.586558214737686,29.979633557558667,27.596723843608476,25.694342682256842,23.655197811443653,21.779676606608543,20.054703936762646,18.468251124264906,{"$f":"-(V38 + V39)","v":17.009252241840287},15.667527106235132,14.54882508462018,17.311155833354334,15.947041618389123,14.692679888172224,13.539309144350307,12.478869369451097,11.503945925243288,10.749294441545171,10.219262950275311,9.4272765429921961,8.6994156871538983,100.38216672263368]
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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}]
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[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":8.8889705014727731},{"$f":"L59 - L58","v":9.1940933029063299},9.5096897496218915,9.8361193599674142,10.173753993117657,10.522978272685414,10.884190024873615,11.257800731667425,11.644235999582643,12.043936044504317,12.457356193167973,12.884967401854658,13.327256792890722,13.78472820956349,14.257902790084968,14.747319561257424,15.253536052517148,15.777128931055852,16.318694658743276,16.8788501715993,17.458233582589621,18.057504908545592,18.677346822036331,19.318465429049549,19.981591073367106]
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[null,null,null,null,"Opening net debt",null,"£m nominal",null,null,null,{"$f":"'Op Rav'!K12*I9*I55","v":343.13665055872269},{"$f":"K63","v":334.24768005724991},{"$f":"L63","v":325.0535867543436},315.54389700472171,305.70777764475429,295.53402365163663,285.01104537895122,274.12685535407763,262.8690546224102,251.22481862282757,239.18088257832326,226.72352638515528,213.83855898330063,200.51130219040991,186.72657398084641,172.46867119076146,157.72135162950403,142.46781557698688,126.69068664593102,110.37199198718776,93.493141815588459,76.034908232998845,57.977403324453249,39.300056502416922,19.981591073367373]
[null,null,null,null,"Less principal repayment",null,"£m nominal",null,null,null,{"$f":"IF(K3 = \"Year \"&$I54, -K61, -K57)","v":-8.8889705014727731},-9.1940933029063299,-9.5096897496218915,-9.8361193599674142,-10.173753993117657,-10.522978272685414,-10.884190024873615,-11.257800731667425,-11.644235999582643,-12.043936044504317,-12.457356193167973,-12.884967401854658,-13.327256792890722,-13.78472820956349,-14.257902790084968,-14.747319561257424,-15.253536052517148,-15.777128931055852,-16.318694658743276,-16.8788501715993,-17.458233582589621,-18.057504908545592,-18.677346822036331,-19.318465429049549,{"$f":"IF(AI3 = \"Year \"&$I54, -AI61, -AI57)","v":-19.981591073367373}]
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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,"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,null,null,"Profits attributable to corporation tax",null,"£m nominal prices",null,null,null,{"$f":"SUM(K9:K10)","v":-30.00687033065347},{"$f":"SUM(L9:L10)","v":-16.277505275826641},-11.793023996530692,-7.5404881110203448,-3.4612266413551893,-1.0475081670948896,2.6026561134074555,6.0936513347845462,9.4561479781826776,12.737438152781806,15.460572185159933,18.94929284288331,21.968796228883384,24.793919617068063,23.829651631261243,26.505095614879586,30.101315185862035,33.198641427242926,36.236304341203805,39.294753886460448,41.61250218011196,44.857920392142461,47.895393888879667,50.847904250233348,-38.430158862658956]
[]
[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":-30.00687033065347},-46.284375606480111,-58.077399603010804,-65.617887714031156,-69.079114355386338,-70.126622522481227,-67.523966409073779,-61.430315074289233,-51.974167096106555,-39.236728943324749,-23.776156758164817,-4.8268639152815069,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"In-year taxable loss",null,"£m nominal prices",null,null,null,{"$f":"MIN(K11, 0)","v":-30.00687033065347},-16.277505275826641,-11.793023996530692,-7.5404881110203448,-3.4612266413551893,-1.0475081670948896,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-38.430158862658956]
[null,null,null,null,"Profits used to offset losses",null,"£m nominal prices",null,null,null,{"$f":"IF(K11 >= 0, MIN(K11, -K15), 0)","v":0},0,0,0,0,0,2.6026561134074555,6.0936513347845462,9.4561479781826776,12.737438152781806,15.460572185159933,18.94929284288331,4.8268639152815069,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Taxable losses carried forward",null,"£m nominal prices",null,null,null,{"$f":"SUM(K15:K17)","v":-30.00687033065347},{"$f":"SUM(L15:L17)","v":-46.284375606480111},-58.077399603010804,-65.617887714031156,-69.079114355386338,-70.126622522481227,-67.523966409073779,-61.430315074289233,-51.974167096106555,-39.236728943324749,-23.776156758164817,-4.8268639152815069,0,0,0,0,0,0,0,0,0,0,0,0,-38.430158862658956]
[]
[null,null,"Tax allowance"]
[]
[null,null,null,null,"Profits attributable to corporation tax (after taxable losses)",null,"£m nominal prices",null,null,null,{"$f":"MAX(K11 - K17,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,17.141932313601878,24.793919617068063,23.829651631261243,26.505095614879586,30.101315185862035,33.198641427242926,36.236304341203805,39.294753886460448,41.61250218011196,44.857920392142461,47.895393888879667,50.847904250233348,0]
[null,null,null,null,"Corporation tax rate",null,{"$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},{"$f":"L22 * L23","v":0},0,0,0,0,0,0,0,0,0,0,3.4283864627203755,4.9587839234136126,4.7659303262522483,5.3010191229759176,6.0202630371724073,6.6397282854485855,7.2472608682407618,7.8589507772920904,8.3225004360223931,8.9715840784284921,9.5790787777759334,10.169580850046671,0]
[]
[null,null,null,null,"Grossing-up factor for tax on tax charge after losses",null,"scalar",null,null,null,{"$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,{"$f":"K24 * K26","v":0},0,0,0,0,0,0,0,0,0,0,0,4.2854830784004694,6.1984799042670158,5.9574129078153106,6.6262739037198966,7.5253287964655087,8.2996603568107314,9.0590760853009513,9.8236884716151138,10.403125545027992,11.214480098035615,11.973848472219917,12.711976062558339,0]
[]
[null,"Profiled tax allowance (floor)"]
[]
[null,null,null,null,"Unprofiled tax allowance (floor)",null,{"$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$11","v":2.5294967802798438},{"$f":"'Tax Floor'!X28 / 'Tax Deductions'!X$11","v":3.5520765712544984},{"$f":"'Tax Floor'!Y28 / 'Tax Deductions'!Y$11","v":3.3144967613678928},{"$f":"'Tax Floor'!Z28 / 'Tax Deductions'!Z$11","v":3.5792501856232364},{"$f":"'Tax Floor'!AA28 / 'Tax Deductions'!AA$11","v":3.9464892794768551},{"$f":"'Tax Floor'!AB28 / 'Tax Deductions'!AB$11","v":4.2257961502834283},{"$f":"'Tax Floor'!AC28 / 'Tax Deductions'!AC$11","v":4.4781115259413289},{"$f":"'Tax Floor'!AD28 / 'Tax Deductions'!AD$11","v":4.7146380305059035},{"$f":"'Tax Floor'!AE28 / 'Tax Deductions'!AE$11","v":4.8473054601920706},{"$f":"'Tax Floor'!AF28 / 'Tax Deductions'!AF$11","v":5.0731589370920966},{"$f":"'Tax Floor'!AG28 / 'Tax Deductions'!AG$11","v":5.2589114379725279},{"$f":"'Tax Floor'!AH28 / 'Tax Deductions'!AH$11","v":5.4204824294791329},{"$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},{"$f":"L32*L33","v":0},0,0,0,0,0,0,0,0,0,0,2.3953628483754152,3.3496488433482967,3.1125357146505186,3.3470991964906971,3.6750837267161756,3.9187236365504221,4.1353358043383768,4.3355481553508435,4.4389047955792718,4.6262989541709283,4.7756321287338723,4.901767771634872,0]
[null,null,null,null,"NPV of tax allowance (floor)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,{"$f":"SUM(K35:AI35)","v":47.011941575939687}]
[]
[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":1.9848727403700388}]
[]
[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'!$I33","v":66.348077206127982}]
[null,null,null,null,"Floor at relevant stage excluding tax (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,{"$f":"'Allowances Floor'!$I33","v":41.71501671164917}]
[]
[null,null,null,null,"Cap at relevant stage - tax element (calculated through the model)",null,{"$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$123=\"Yes\",I14,I11)","v":77.002296747221379}]
[null,null,null,null,"Floor at relevant stage including tax (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},null,{"$f":"I9+IF(Inputs!$I$123=\"Yes\",I15,I12)","v":43.871700414295141}]
[]
[null,null,null,null,"Preliminary Cap including tax (hardcoded at FPA)",null,{"$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":-6.8041053659129744}]
[null,null,null,null,"Floor PCA adjustment (at PCR)",null,{"$f":"Inputs!$I$11","v":"£m 13/14 prices"},"PCAF",{"$f":"I18-I21","v":-4.9356163461054479}]
[]
[null,"End of sheet"]