{"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":"VLCFFM1 (Viking Link FPA decision) FINAL.xlsm"}]
[null,null,"DISCLAIMER: In the event of any inconsistency between this model and the licence, licence conditions take precedence."]
[null,null,"For guidance on the use of the CFFM1, please refer to the CFFM1 Handbook (CFFM1H)"]
[]
[null,"Model key"]
[]
[null,null,null,null,"Sample",null,"Calculated value"]
[null,null,null,null,"Sample",null,"Formula changes in cells to the right"]
[null,null,null,null,"Sample",null,"Import from other sheet"]
[null,null,null,null,"Sample",null,"Export to other sheet"]
[null,null,null,null,"Sample",null,"Import from & export to other sheet"]
[null,null,null,null,"Sample",null,"Initial input"]
[null,null,null,null,"Sample",null,"Initial input for non-GB indexed portion (to be left empty if GB-indexed only)"]
[null,null,null,null,"Sample",null,"Updated input"]
[null,null,null,null,"Sample",null,"Notes and instructions"]
[null,null,null,null,"Sample",null,"Cell intentionally blank"]
[]
[null,"Contents"]
[]
[null,null,null,null,"Cover",null,"Model key and content directory"]
[null,null,null,null,"Version Control",null,"Version control and log of changes"]
[null,null,null,null,"Inputs",null,"Input data"]
[null,null,null,null,"Data Sources",null,"Sources of input data"]
[null,null,null,null,"Pre Op RAV",null,"Pre-operational RAV balances"]
[null,null,null,null,"Finance",null,"Interest during construction and transaction costs"]
[null,null,null,null,"Op RAV",null,"Operational RAV balances, return on RAV and RAV depreciation"]
[null,null,null,null,"Allowances Cap",null,"Cap allowances (excluding tax) and annuitisation"]
[null,null,null,null,"Allowances Floor",null,"Floor allowances (excluding tax) and annuitisation"]
[null,null,null,null,"Tax Deductions",null,"Tax calculations"]
[null,null,null,null,"Tax Cap",null,"Tax allowances at cap and annuitisation"]
[null,null,null,null,"Tax Floor",null,"Tax allowances at floor and annuitisation"]
[null,null,null,null,"Cap Floor Levels",null,"Cap and Floor values"]
[]
[null,"Checks"]
[]
[null,null,null,null,"Depreciation",null,{"$f":"'Op Rav'!I27","v":"TRUE"}]
[]
[null,"End of sheet"]

{"sheet":"Version Control","index":1,"n_rows":7,"n_cols":12,"rows_kept":7,"cut":false,"hidden":false,"merged":[]}
["Data Sources"]
[null,"Version number","File pathname","Based on version","Author or editor","Date","Description of changes","Rationale for changes","Location of changes","Impact of changes on outputs","Quality assurance performed? By?","Comments on QA performed"]
[]
[null,1.1000000000000001,"link","N/a","Andrew Stone & Neill Aitken (NGV)","2017-01-31","N/a","N/a","N/a","N/a","Internal (ORE) and external (BDO)","Comments reflected in version 1.1"]
[null,2.1,"link",1.1000000000000001,"Martin Namor","2019-03-20","CFFM split into CFFM1 (up to PCR) & CFFM2 (operations)","Simplification and standardisation","Throughout the model","No impact","Internal (ORE - Svitlana Voronkova)","Comments reflected in version 2.2"]
[null,2.2000000000000002,"link",2.1,"Martin Namor","2019-09-05","Minor changes","Reflecting comments from QA and tidying up","Throughout the model","No impact","Internal (ORE - Svitlana Voronkova)","Further comments reflected in version 2.2"]
[null,2.2999999999999998,null,2.2000000000000002,"Martin Namor","2020-08-14","Minor changes to three formulas","Allowing all construction costs to be transferred into the operational RAV; simplifying formulas used to calculate IDC","Inputs sheet and Finance sheet","Potential small impact if construction costs are incurred in the period after the period in which operations start","Internal (ORE - Svitlana Voronkova)","Comments reflected in version 2.3"]

{"sheet":"Inputs","index":2,"n_rows":125,"n_cols":50,"rows_kept":125,"cut":false,"hidden":false,"merged":[]}
["Inputs",null,null,null,null,null,null,"Licence"]
[null,null,null,null,"Parameter",null,"Units","Terminology","Constant",null,"Annual values"]
[]
[null,"Indexation, currency and base year price term"]
[]
[null,null,null,null,"GB indexed portion of interconnector",null,"choice %",null,1]
[null,null,null,null,"Non-GB indexed portion of interconnector",null,"%",null,{"$f":"100%-I6","v":0}]
[]
[null,null,null,null,"Currency of cost inputs",null,"choice",null,"£"]
[]
[null,null,null,null,"Base year price term",null,"choice",null,"£m 19/20 prices"]
[]
[null,"Variables set after financial close"]
[]
[null,null,"Actual values"]
[]
[null,null,null,null,"Year commencing",null,null,null,null,null,{"$f":"$I$84","v":"2013-04-01"},{"$f":"+K18+1","v":"2014-04-01"},{"$f":"+L18+1","v":"2015-04-01"},{"$f":"+M18+1","v":"2016-04-01"},{"$f":"+N18+1","v":"2017-04-01"},{"$f":"+O18+1","v":"2018-04-01"},{"$f":"+P18+1","v":"2019-04-01"},{"$f":"+Q18+1","v":"2020-04-01"},{"$f":"+R18+1","v":"2021-04-01"},{"$f":"+S18+1","v":"2022-04-01"},{"$f":"+T18+1","v":"2023-04-01"},{"$f":"+U18+1","v":"2024-04-01"},{"$f":"+V18+1","v":"2025-04-01"},{"$f":"+W18+1","v":"2026-04-01"},{"$f":"+X18+1","v":"2027-04-01"},{"$f":"+Y18+1","v":"2028-04-01"},{"$f":"+Z18+1","v":"2029-04-01"},{"$f":"+AA18+1","v":"2030-04-01"},{"$f":"+AB18+1","v":"2031-04-01"},{"$f":"+AC18+1","v":"2032-04-01"},{"$f":"+AD18+1","v":"2033-04-01"},{"$f":"+AE18+1","v":"2034-04-01"},{"$f":"+AF18+1","v":"2035-04-01"},{"$f":"+AG18+1","v":"2036-04-01"},{"$f":"+AH18+1","v":"2037-04-01"},{"$f":"+AI18+1","v":"2038-04-01"},{"$f":"+AJ18+1","v":"2039-04-01"},{"$f":"+AK18+1","v":"2040-04-01"},{"$f":"+AL18+1","v":"2041-04-01"},{"$f":"+AM18+1","v":"2042-04-01"},{"$f":"+AN18+1","v":"2043-04-01"},{"$f":"+AO18+1","v":"2044-04-01"},{"$f":"+AP18+1","v":"2045-04-01"},{"$f":"+AQ18+1","v":"2046-04-01"},{"$f":"+AR18+1","v":"2047-04-01"},{"$f":"+AS18+1","v":"2048-04-01"},{"$f":"+AT18+1","v":"2049-04-01"},{"$f":"+AU18+1","v":"2050-04-01"},{"$f":"+AV18+1","v":"2051-04-01"},{"$f":"+AW18+1","v":"2052-04-01"}]
[null,null,null,null,"Year ending",null,null,null,null,null,{"$f":"EOMONTH(K17,11)","v":"2014-03-31"},{"$f":"DATE(YEAR(K18) + 1, MONTH(K18), DAY(K18))","v":"2015-03-31"},{"$f":"DATE(YEAR(L18) + 1, MONTH(L18), DAY(L18))","v":"2016-03-31"},{"$f":"DATE(YEAR(M18) + 1, MONTH(M18), DAY(M18))","v":"2017-03-31"},{"$f":"DATE(YEAR(N18) + 1, MONTH(N18), DAY(N18))","v":"2018-03-31"},{"$f":"DATE(YEAR(O18) + 1, MONTH(O18), DAY(O18))","v":"2019-03-31"},{"$f":"DATE(YEAR(P18) + 1, MONTH(P18), DAY(P18))","v":"2020-03-31"},{"$f":"DATE(YEAR(Q18) + 1, MONTH(Q18), DAY(Q18))","v":"2021-03-31"},{"$f":"DATE(YEAR(R18) + 1, MONTH(R18), DAY(R18))","v":"2022-03-31"},{"$f":"DATE(YEAR(S18) + 1, MONTH(S18), DAY(S18))","v":"2023-03-31"},{"$f":"DATE(YEAR(T18) + 1, MONTH(T18), DAY(T18))","v":"2024-03-31"},{"$f":"DATE(YEAR(U18) + 1, MONTH(U18), DAY(U18))","v":"2025-03-31"},{"$f":"DATE(YEAR(V18) + 1, MONTH(V18), DAY(V18))","v":"2026-03-31"},{"$f":"DATE(YEAR(W18) + 1, MONTH(W18), DAY(W18))","v":"2027-03-31"},{"$f":"DATE(YEAR(X18) + 1, MONTH(X18), DAY(X18))","v":"2028-03-31"},{"$f":"DATE(YEAR(Y18) + 1, MONTH(Y18), DAY(Y18))","v":"2029-03-31"},{"$f":"DATE(YEAR(Z18) + 1, MONTH(Z18), DAY(Z18))","v":"2030-03-31"},{"$f":"DATE(YEAR(AA18) + 1, MONTH(AA18), DAY(AA18))","v":"2031-03-31"},{"$f":"DATE(YEAR(AB18) + 1, MONTH(AB18), DAY(AB18))","v":"2032-03-31"},{"$f":"DATE(YEAR(AC18) + 1, MONTH(AC18), DAY(AC18))","v":"2033-03-31"},{"$f":"DATE(YEAR(AD18) + 1, MONTH(AD18), DAY(AD18))","v":"2034-03-31"},{"$f":"DATE(YEAR(AE18) + 1, MONTH(AE18), DAY(AE18))","v":"2035-03-31"},{"$f":"DATE(YEAR(AF18) + 1, MONTH(AF18), DAY(AF18))","v":"2036-03-31"},{"$f":"DATE(YEAR(AG18) + 1, MONTH(AG18), DAY(AG18))","v":"2037-03-31"},{"$f":"DATE(YEAR(AH18) + 1, MONTH(AH18), DAY(AH18))","v":"2038-03-31"},{"$f":"DATE(YEAR(AI18) + 1, MONTH(AI18), DAY(AI18))","v":"2039-03-31"},{"$f":"DATE(YEAR(AJ18) + 1, MONTH(AJ18), DAY(AJ18))","v":"2040-03-31"},{"$f":"DATE(YEAR(AK18) + 1, MONTH(AK18), DAY(AK18))","v":"2041-03-31"},{"$f":"DATE(YEAR(AL18) + 1, MONTH(AL18), DAY(AL18))","v":"2042-03-31"},{"$f":"DATE(YEAR(AM18) + 1, MONTH(AM18), DAY(AM18))","v":"2043-03-31"},{"$f":"DATE(YEAR(AN18) + 1, MONTH(AN18), DAY(AN18))","v":"2044-03-31"},{"$f":"DATE(YEAR(AO18) + 1, MONTH(AO18), DAY(AO18))","v":"2045-03-31"},{"$f":"DATE(YEAR(AP18) + 1, MONTH(AP18), DAY(AP18))","v":"2046-03-31"},{"$f":"DATE(YEAR(AQ18) + 1, MONTH(AQ18), DAY(AQ18))","v":"2047-03-31"},{"$f":"DATE(YEAR(AR18) + 1, MONTH(AR18), DAY(AR18))","v":"2048-03-31"},{"$f":"DATE(YEAR(AS18) + 1, MONTH(AS18), DAY(AS18))","v":"2049-03-31"},{"$f":"DATE(YEAR(AT18) + 1, MONTH(AT18), DAY(AT18))","v":"2050-03-31"},{"$f":"DATE(YEAR(AU18) + 1, MONTH(AU18), DAY(AU18))","v":"2051-03-31"},{"$f":"DATE(YEAR(AV18) + 1, MONTH(AV18), DAY(AV18))","v":"2052-03-31"},{"$f":"DATE(YEAR(AW18) + 1, MONTH(AW18), DAY(AW18))","v":"2053-03-31"}]
[]
[null,null,null,null,"Development costs",null,{"$f":"CONCATENATE($I$9,\"m nominal prices\")","v":"£m nominal prices"},null,null,null,0,1.0447651300000005,4.2865658699999996,6.9791946999999954,6.9598622100000114,2.2939309599999973,-0.82025805000000018,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Capex",null,{"$f":"CONCATENATE($I$9,\"m nominal prices\")","v":"£m nominal prices"},null,null,null,0,0,0,0,0,5.2279186000000006,69.320873053236213,166.74904003992432,251.3800351175949,184.77541683918119,76.046985835139111,3.391085106167663,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Spares",null,"£m nominal prices",null,null,null,0,0,0,0,0,0,1.3623264992221553,1.4637523890565314,2.7769337734657453,3.4363104302958662,1.1143587549447886E-2,3.3430762648343652E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Base year UK RPI inflation index value (CHAW)",null,"Jan 1987 = 100","UK RPI index 2019/20",290.64166666666665]
[]
[]
[]
[null,null,null,null,"12 month average UK RPI inflation index value (CHAW)",null,{"$f":"G24","v":"Jan 1987 = 100"},"UK RPI index t",null,null,251.73333333333335,256.66666666666669,259.43333333333334,264.99166666666673,274.90833333333336,283.30833333333334,290.64166666666665,295.2919333333333,302.37893973333331,311.52590266026669,321.02744269140481,330.56195773933956,{"$f":"V28*(1+$I$103)","v":341.07382799545059},{"$f":"W28*(1+$I$103)","v":351.91997572570591},363.11103095378337,374.65796173811373,386.57208492138574,398.86507722188583,411.54898667754179,424.63624445388763,438.13967702752126,452.07251875699643,466.44842485346896,481.28148476380932,496.58623597929846,512.37767828344022,528.67128845285367,545.48303542565441,562.82939595219023,580.72737074346992,599.19450113311234,618.24888626914537,637.90920085250423,658.19471343961391,679.12530532699361,700.72149003639208,723.0044334195494,745.99597440229115,769.71864638828401,794.19569934343144]
[]
[]
[]
[null,null,null,null,"Indexation factor",null,null,{"$f":"IF(I6=100%,\"CRPIt\",\"PPPIt\")","v":"CRPIt"},null,null,{"$f":"IF($I$6=100%,(K28/$I$24),($I$6*(K28/$I$24)+$I$7*(K29/$I$25)/(K30/$I$26)))","v":0.8661295409582247},{"$f":"IF($I$6=100%,(L28/$I$24),($I$6*(L28/$I$24)+$I$7*(L29/$I$25)/(L30/$I$26)))","v":0.88310347793674926},{"$f":"IF($I$6=100%,(M28/$I$24),($I$6*(M28/$I$24)+$I$7*(M29/$I$25)/(M30/$I$26)))","v":0.89262264529632718},{"$f":"IF($I$6=100%,(N28/$I$24),($I$6*(N28/$I$24)+$I$7*(N29/$I$25)/(N30/$I$26)))","v":0.91174699658800951},0.94586690369011106,0.97476847205895012,1,1.016,1.040384,1.0718556160000001,1.104547212288,1.1373522644929539,1.1735200665038299,1.2108380046186515,1.2493426531655247,1.2890717495361885,1.3300642311714395,1.3723602737226912,1.4160013304270729,1.4610301727346537,1.5074909322276158,1.5554291438724539,1.6048917906475981,1.6559273495901918,1.70858583930716,1.7629188689971278,1.8189796890312369,1.8768232431424301,1.9365062222743594,1.9980871201426842,2.0616262905632219,2.1271860066031323,2.1948305216131123,2.2646261322004091,2.3366412432043822,2.4109464347382819,2.4876145313629592,2.5667206734603019,2.6483423908763393,2.732559678906207]
[]
[null,null,null,null,{"$f":"E20","v":"Development costs"},null,{"$f":"$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"IF($I$9=\"£\",K20/K$32,K20/K$32/K$30)","v":0},{"$f":"IF($I$9=\"£\",L20/L$32,L20/L$32/L$30)","v":1.1830608259418836},{"$f":"IF($I$9=\"£\",M20/M$32,M20/M$32/M$30)","v":4.8022150150324414},{"$f":"IF($I$9=\"£\",N20/N$32,N20/N$32/N$30)","v":7.6547493176483465},7.3581834641295698,2.3533085299267551,-0.82025805000000018,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E21","v":"Capex"},null,{"$f":"$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"IF($I$9=\"£\",K21/K$32,K21/K$32/K$30)","v":0},0,0,0,0,5.3632413745977585,69.320873053236213,164.12307090543732,241.62235781941561,172.38834604303756,68.849013413933264,2.9815609569999424,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Spares",null,"£m 19/20 prices",null,null,null,{"$f":"IF($I$9=\"£\",K22/K$32,K22/K$32/K$30)","v":0},0,0,0,0,0,1.3623264992221553,1.4407011703312316,2.6691430985729743,3.2059452588583217,1.008882863989548E-2,2.9393498999404123E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Ex-ante allowances for the operational period"]
[]
[null,null,null,null,"Operational Year",null,null,null,null,null,"Year 1","Year 2","Year 3","Year 4","Year 5","Year 6","Year 7","Year 8","Year 9","Year 10","Year 11","Year 12","Year 13","Year 14","Year 15","Year 16","Year 17","Year 18","Year 19","Year 20","Year 21","Year 22","Year 23","Year 24","Year 25"]
[]
[null,null,null,null,"Replacement Capex",null,"£m 2018 prices",null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,27.875439735359997,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Decommissioning baseline",null,"£m 2018 prices",null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,83.43]
[null,null,null,null,"Controllable Opex",null,"£m 2018 prices",null,null,null,11.71,11.71,11.71,11.71,11.71,11.71,11.71,11.71,11.71,11.71,11.71,11.71,11.71,11.71,11.71,11.71,11.71,11.71,11.71,11.71,11.71,11.71,11.71,11.71,11.71]
[null,null,null,null,"Non-controllable Opex baseline",null,"£m 2018 prices",null,null,null,5.94,5.94,5.94,5.94,5.94,5.94,5.94,5.94,5.94,5.94,5.94,5.94,5.94,5.94,5.94,5.94,5.94,5.94,5.94,5.94,5.94,5.94,5.94,5.94,5.94]
[]
[null,null,null,null,{"$f":"E24","v":"Base year UK RPI inflation index value (CHAW)"},null,{"$f":"G24","v":"Jan 1987 = 100"},{"$f":"H24","v":"UK RPI index 2019/20"},{"$f":"I24","v":290.64166666666665}]
[null,null,null,null,{"$f":"IF(E25=\"\",\"\",E25)","v":""},null,{"$f":"IF(G25=\"\",\"\",G25)","v":""},"",""]
[null,null,null,null,{"$f":"IF(E26=\"\",\"\",E26)","v":""},null,"","",""]
[]
[null,null,null,null,"2018 average UK RPI inflation index value (CHAW)",null,{"$f":"G24","v":"Jan 1987 = 100"},null,281.58333333333331]
[null,null,null,null,null,null,{"$f":"IF(G25=\"\",\"\",G25)","v":""}]
[null,null,null,null,null,null,{"$f":"IF(G26=\"\",\"\",G26)","v":""}]
[]
[null,null,null,null,{"$f":"IF(E30=\"\",\"\",E30)","v":""},null,{"$f":"IF(G30=\"\",\"\",G30)","v":""},{"$f":"IF(H30=\"\",\"\",H30)","v":""}]
[]
[null,null,null,null,"Indexation conversion from 2018 to 2019/20 terms",null,null,null,{"$f":"IF($I$6=100%,(I51/$I$47),$I$6*(I51/$I$47)+$I$7*((I52/$I$48)/(I53/$I$49)))","v":0.96883332855463489}]
[]
[null,null,null,null,{"$f":"E42","v":"Replacement Capex"},null,{"$f":"$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"IF($I$9=\"£\",K42/$I$57,K42/K$55/$I$57)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,28.7721725850888,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E43","v":"Decommissioning baseline"},null,"£m 19/20 prices",null,null,null,{"$f":"IF($I$9=\"£\",K43/$I$57,K43/K$55/$I$57)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,86.11388310150933]
[null,null,null,null,"Controllable Opex",null,"£m 19/20 prices",null,null,null,{"$f":"IF($I$9=\"£\",K44/$I$57,K44/K$55/$I$57)","v":12.086702278780704},{"$f":"IF($I$9=\"£\",L44/$I$57,L44/L$55/$I$57)","v":12.086702278780704},12.086702278780704,12.086702278780704,12.086702278780704,12.086702278780704,12.086702278780704,12.086702278780704,12.086702278780704,12.086702278780704,12.086702278780704,12.086702278780704,12.086702278780704,12.086702278780704,12.086702278780704,12.086702278780704,12.086702278780704,12.086702278780704,12.086702278780704,12.086702278780704,12.086702278780704,12.086702278780704,12.086702278780704,12.086702278780704,12.086702278780704]
[null,null,null,null,"Non-controllable Opex baseline",null,"£m 19/20 prices",null,null,null,{"$f":"IF($I$9=\"£\",K45/$I$57,K45/K$55/$I$57)","v":6.1310855282628003},6.1310855282628003,6.1310855282628003,6.1310855282628003,6.1310855282628003,6.1310855282628003,6.1310855282628003,6.1310855282628003,6.1310855282628003,6.1310855282628003,6.1310855282628003,6.1310855282628003,6.1310855282628003,6.1310855282628003,6.1310855282628003,6.1310855282628003,6.1310855282628003,6.1310855282628003,6.1310855282628003,6.1310855282628003,6.1310855282628003,6.1310855282628003,6.1310855282628003,6.1310855282628003,6.1310855282628003]
[]
[null,"Variables set at financial close"]
[]
[null,null,"Finance"]
[]
[null,null,null,null,"Cap return rate",null,"real annual %",null,8.2299999999999998E-2]
[null,null,null,null,"Floor return rate",null,"real annual %",null,1.6999999999999999E-3]
[null,null,null,null,"Interest during construction (IDC) rate",null,"real annual %",null,4.3900000000000002E-2]
[null,null,null,null,"Cost of debt (for tax)",null,"real annual %",null,{"$f":"I69","v":1.6999999999999999E-3}]
[]
[null,null,null,null,"Pre-operational notional gearing",null,"%",null,0.23319999999999999]
[null,null,null,null,"Operational notional gearing",null,"%",null,0.5]
[]
[null,null,null,null,"Equity transaction costs",null,"%",null,0.05]
[null,null,null,null,"Debt transaction costs",null,"%",null,2.5000000000000001E-2]
[]
[null,null,"Model operation"]
[null,null,"Note: changes in these variables may require structural changes to the model."]
[null,null,null,null,"Year commencing",null,null,null,null,null,{"$f":"$I$84","v":"2013-04-01"},{"$f":"+K82+1","v":"2014-04-01"},{"$f":"+L82+1","v":"2015-04-01"},{"$f":"+M82+1","v":"2016-04-01"},{"$f":"+N82+1","v":"2017-04-01"},{"$f":"+O82+1","v":"2018-04-01"},{"$f":"+P82+1","v":"2019-04-01"},{"$f":"+Q82+1","v":"2020-04-01"},{"$f":"+R82+1","v":"2021-04-01"},{"$f":"+S82+1","v":"2022-04-01"},{"$f":"+T82+1","v":"2023-04-01"},{"$f":"+U82+1","v":"2024-04-01"},{"$f":"+V82+1","v":"2025-04-01"},{"$f":"+W82+1","v":"2026-04-01"},{"$f":"+X82+1","v":"2027-04-01"},{"$f":"+Y82+1","v":"2028-04-01"},{"$f":"+Z82+1","v":"2029-04-01"},{"$f":"+AA82+1","v":"2030-04-01"},{"$f":"+AB82+1","v":"2031-04-01"},{"$f":"+AC82+1","v":"2032-04-01"},{"$f":"+AD82+1","v":"2033-04-01"},{"$f":"+AE82+1","v":"2034-04-01"},{"$f":"+AF82+1","v":"2035-04-01"},{"$f":"+AG82+1","v":"2036-04-01"},{"$f":"+AH82+1","v":"2037-04-01"},{"$f":"+AI82+1","v":"2038-04-01"},{"$f":"+AJ82+1","v":"2039-04-01"},{"$f":"+AK82+1","v":"2040-04-01"},{"$f":"+AL82+1","v":"2041-04-01"},{"$f":"+AM82+1","v":"2042-04-01"},{"$f":"+AN82+1","v":"2043-04-01"},{"$f":"+AO82+1","v":"2044-04-01"},{"$f":"+AP82+1","v":"2045-04-01"},{"$f":"+AQ82+1","v":"2046-04-01"},{"$f":"+AR82+1","v":"2047-04-01"},{"$f":"+AS82+1","v":"2048-04-01"},{"$f":"+AT82+1","v":"2049-04-01"},{"$f":"+AU82+1","v":"2050-04-01"},{"$f":"+AV82+1","v":"2051-04-01"},{"$f":"+AW82+1","v":"2052-04-01"}]
[null,null,null,null,"Year ending",null,null,null,null,null,{"$f":"EOMONTH(K81,11)","v":"2014-03-31"},{"$f":"DATE(YEAR(K82) + 1, MONTH(K82), DAY(K82))","v":"2015-03-31"},{"$f":"DATE(YEAR(L82) + 1, MONTH(L82), DAY(L82))","v":"2016-03-31"},{"$f":"DATE(YEAR(M82) + 1, MONTH(M82), DAY(M82))","v":"2017-03-31"},{"$f":"DATE(YEAR(N82) + 1, MONTH(N82), DAY(N82))","v":"2018-03-31"},{"$f":"DATE(YEAR(O82) + 1, MONTH(O82), DAY(O82))","v":"2019-03-31"},{"$f":"DATE(YEAR(P82) + 1, MONTH(P82), DAY(P82))","v":"2020-03-31"},{"$f":"DATE(YEAR(Q82) + 1, MONTH(Q82), DAY(Q82))","v":"2021-03-31"},{"$f":"DATE(YEAR(R82) + 1, MONTH(R82), DAY(R82))","v":"2022-03-31"},{"$f":"DATE(YEAR(S82) + 1, MONTH(S82), DAY(S82))","v":"2023-03-31"},{"$f":"DATE(YEAR(T82) + 1, MONTH(T82), DAY(T82))","v":"2024-03-31"},{"$f":"DATE(YEAR(U82) + 1, MONTH(U82), DAY(U82))","v":"2025-03-31"},{"$f":"DATE(YEAR(V82) + 1, MONTH(V82), DAY(V82))","v":"2026-03-31"},{"$f":"DATE(YEAR(W82) + 1, MONTH(W82), DAY(W82))","v":"2027-03-31"},{"$f":"DATE(YEAR(X82) + 1, MONTH(X82), DAY(X82))","v":"2028-03-31"},{"$f":"DATE(YEAR(Y82) + 1, MONTH(Y82), DAY(Y82))","v":"2029-03-31"},{"$f":"DATE(YEAR(Z82) + 1, MONTH(Z82), DAY(Z82))","v":"2030-03-31"},{"$f":"DATE(YEAR(AA82) + 1, MONTH(AA82), DAY(AA82))","v":"2031-03-31"},{"$f":"DATE(YEAR(AB82) + 1, MONTH(AB82), DAY(AB82))","v":"2032-03-31"},{"$f":"DATE(YEAR(AC82) + 1, MONTH(AC82), DAY(AC82))","v":"2033-03-31"},{"$f":"DATE(YEAR(AD82) + 1, MONTH(AD82), DAY(AD82))","v":"2034-03-31"},{"$f":"DATE(YEAR(AE82) + 1, MONTH(AE82), DAY(AE82))","v":"2035-03-31"},{"$f":"DATE(YEAR(AF82) + 1, MONTH(AF82), DAY(AF82))","v":"2036-03-31"},{"$f":"DATE(YEAR(AG82) + 1, MONTH(AG82), DAY(AG82))","v":"2037-03-31"},{"$f":"DATE(YEAR(AH82) + 1, MONTH(AH82), DAY(AH82))","v":"2038-03-31"},{"$f":"DATE(YEAR(AI82) + 1, MONTH(AI82), DAY(AI82))","v":"2039-03-31"},{"$f":"DATE(YEAR(AJ82) + 1, MONTH(AJ82), DAY(AJ82))","v":"2040-03-31"},{"$f":"DATE(YEAR(AK82) + 1, MONTH(AK82), DAY(AK82))","v":"2041-03-31"},{"$f":"DATE(YEAR(AL82) + 1, MONTH(AL82), DAY(AL82))","v":"2042-03-31"},{"$f":"DATE(YEAR(AM82) + 1, MONTH(AM82), DAY(AM82))","v":"2043-03-31"},{"$f":"DATE(YEAR(AN82) + 1, MONTH(AN82), DAY(AN82))","v":"2044-03-31"},{"$f":"DATE(YEAR(AO82) + 1, MONTH(AO82), DAY(AO82))","v":"2045-03-31"},{"$f":"DATE(YEAR(AP82) + 1, MONTH(AP82), DAY(AP82))","v":"2046-03-31"},{"$f":"DATE(YEAR(AQ82) + 1, MONTH(AQ82), DAY(AQ82))","v":"2047-03-31"},{"$f":"DATE(YEAR(AR82) + 1, MONTH(AR82), DAY(AR82))","v":"2048-03-31"},{"$f":"DATE(YEAR(AS82) + 1, MONTH(AS82), DAY(AS82))","v":"2049-03-31"},{"$f":"DATE(YEAR(AT82) + 1, MONTH(AT82), DAY(AT82))","v":"2050-03-31"},{"$f":"DATE(YEAR(AU82) + 1, MONTH(AU82), DAY(AU82))","v":"2051-03-31"},{"$f":"DATE(YEAR(AV82) + 1, MONTH(AV82), DAY(AV82))","v":"2052-03-31"},{"$f":"DATE(YEAR(AW82) + 1, MONTH(AW82), DAY(AW82))","v":"2053-03-31"}]
[]
[null,null,null,null,"Model start date",null,"date",null,"2013-04-01"]
[null,null,null,null,"Regime start date",null,"date",null,"2021-01-01"]
[null,null,null,null,"End date for IDC",null,"date",null,"2023-12-30"]
[null,null,null,null,"Start of operations",null,"date",null,"2023-12-31"]
[null,null,null,null,"Regime end date",null,"date",null,{"$f":"DATE(YEAR($I$85)+I89,MONTH($I$85),DAY($I$85))-1","v":"2045-12-31"}]
[null,null,null,null,"Number of operational years",null,"full years",null,25]
[]
[null,null,null,null,"Days in year",null,"days",null,null,null,{"$f":"K$82-K$81+1","v":365},365,{"$f":"M$82-M$81+1","v":366},{"$f":"N$82-N$81+1","v":365},365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365]
[null,null,null,null,"IDC flag",null,"flag",null,null,null,{"$f":"IF($I$86>=K$82,1,IF($I$86>=K$81,($I$86-K$81+1)/K$91,0))","v":1},1,1,1,1,1,1,1,1,1,0.74863387978142082,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Post-IDC and pre-operations flag",null,"flag",null,null,null,{"$f":"IF(OR(K92=1,K94=1),0,IF($I$87<K81,0,IF($I$87<K82,($I$87-(MAX($I$86+1,K81)))/K91,MIN(1,(K82-$I$86)/K91))))","v":0},{"$f":"IF(OR(L92=1,L94=1),0,IF($I$87<L81,0,IF($I$87<L82,($I$87-(MAX($I$86+1,L81)))/L91,MIN(1,(L82-$I$86)/L91))))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Operations flag",null,"flag",null,null,null,{"$f":"IF(OR($I$87>K$82,$I$88<K$81),0,IF($I$87>=K$81,(K$82-$I$87+1)/K$91,IF($I$88<=K$82,($I$88-K$81+1)/K$91,1)))","v":0},0,0,0,0,0,0,0,0,0,0.25136612021857924,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0.75342465753424659,0,0,0,0,0,0,0]
[null,null,null,null,"Transfer construction to operations flag",null,"flag","`",null,null,{"$f":"IF(AND(SUM(K34:K36)<>0,SUM(L34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(L34:L36)<>0,SUM(M34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(M34:M36)<>0,SUM(N34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(N34:N36)<>0,SUM(O34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(O34:O36)<>0,SUM(P34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(P34:P36)<>0,SUM(Q34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(Q34:Q36)<>0,SUM(R34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(R34:R36)<>0,SUM(S34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(S34:S36)<>0,SUM(T34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(T34:T36)<>0,SUM(U34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(U34:U36)<>0,SUM(V34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(V34:V36)<>0,SUM(W34:$AX36)=0),1,0)","v":1},{"$f":"IF(AND(SUM(W34:W36)<>0,SUM(X34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(X34:X36)<>0,SUM(Y34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(Y34:Y36)<>0,SUM(Z34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(Z34:Z36)<>0,SUM(AA34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AA34:AA36)<>0,SUM(AB34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AB34:AB36)<>0,SUM(AC34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AC34:AC36)<>0,SUM(AD34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AD34:AD36)<>0,SUM(AE34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AE34:AE36)<>0,SUM(AF34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AF34:AF36)<>0,SUM(AG34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AG34:AG36)<>0,SUM(AH34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AH34:AH36)<>0,SUM(AI34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AI34:AI36)<>0,SUM(AJ34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AJ34:AJ36)<>0,SUM(AK34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AK34:AK36)<>0,SUM(AL34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AL34:AL36)<>0,SUM(AM34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AM34:AM36)<>0,SUM(AN34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AN34:AN36)<>0,SUM(AO34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AO34:AO36)<>0,SUM(AP34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AP34:AP36)<>0,SUM(AQ34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AQ34:AQ36)<>0,SUM(AR34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AR34:AR36)<>0,SUM(AS34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AS34:AS36)<>0,SUM(AT34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AT34:AT36)<>0,SUM(AU34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AU34:AU36)<>0,SUM(AV34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AV34:AV36)<>0,SUM(AW34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AW34:AW36)<>0,SUM(AX34:$AX36)=0),1,0)","v":0},{"$f":"IF(AND(SUM(AX34:AX36)<>0,SUM($AX34:AY36)=0),1,0)","v":0}]
[null,null,null,null,"Initial transaction costs flag",null,"flag",null,null,null,{"$f":"IF(AND(SUM($J35:K35)=0,L35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:L35)=0,M35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:M35)=0,N35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:N35)=0,O35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:O35)=0,P35>0),1,0)","v":1},{"$f":"IF(AND(SUM($J35:P35)=0,Q35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:Q35)=0,R35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:R35)=0,S35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:S35)=0,T35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:T35)=0,U35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:U35)=0,V35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:V35)=0,W35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:W35)=0,X35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:X35)=0,Y35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:Y35)=0,Z35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:Z35)=0,AA35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AA35)=0,AB35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AB35)=0,AC35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AC35)=0,AD35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AD35)=0,AE35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AE35)=0,AF35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AF35)=0,AG35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AG35)=0,AH35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AH35)=0,AI35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AI35)=0,AJ35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AJ35)=0,AK35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AK35)=0,AL35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AL35)=0,AM35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AM35)=0,AN35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AN35)=0,AO35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AO35)=0,AP35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AP35)=0,AQ35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AQ35)=0,AR35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AR35)=0,AS35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AS35)=0,AT35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AT35)=0,AU35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AU35)=0,AV35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AV35)=0,AW35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AW35)=0,AX35>0),1,0)","v":0},{"$f":"IF(AND(SUM($J35:AX35)=0,AY35>0),1,0)","v":0}]
[]
[null,null,"Tax - Financial years"]
[]
[null,null,null,null,"Year commencing",null,null,null,null,null,{"$f":"K17","v":"2013-04-01"},{"$f":"+K101+1","v":"2014-04-01"},{"$f":"+L101+1","v":"2015-04-01"},{"$f":"+M101+1","v":"2016-04-01"},"2017-04-01","2018-04-01","2019-04-01","2020-04-01","2021-04-01","2022-04-01","2023-04-01","2024-04-01","2025-04-01","2026-04-01","2027-04-01","2028-04-01","2029-04-01","2030-04-01","2031-04-01","2032-04-01","2033-04-01","2034-04-01","2035-04-01","2036-04-01","2037-04-01","2038-04-01","2039-04-01","2040-04-01","2041-04-01","2042-04-01","2043-04-01","2044-04-01","2045-04-01","2046-04-01","2047-04-01","2048-04-01","2049-04-01","2050-04-01","2051-04-01","2052-04-01"]
[null,null,null,null,"Year ending",null,null,null,null,null,{"$f":"K18","v":"2014-03-31"},{"$f":"DATE(YEAR(K101) + 1, MONTH(K101), DAY(K101))","v":"2015-03-31"},"2016-03-31","2017-03-31","2018-03-31","2019-03-31","2020-03-31","2021-03-31","2022-03-31","2023-03-31","2024-03-31","2025-03-31","2026-03-31","2027-03-31","2028-03-31","2029-03-31","2030-03-31","2031-03-31","2032-03-31","2033-03-31","2034-03-31","2035-03-31","2036-03-31","2037-03-31","2038-03-31","2039-03-31","2040-03-31","2041-03-31","2042-03-31","2043-03-31","2044-03-31","2045-03-31","2046-03-31","2047-03-31","2048-03-31","2049-03-31","2050-03-31","2051-03-31","2052-03-31","2053-03-31"]
[]
[null,null,null,null,"Long-term expected UK RPI inflation",null,"%",null,3.1800000000000002E-2]
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[]
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{"sheet":"Op Rav","index":6,"n_rows":43,"n_cols":35,"rows_kept":43,"cut":false,"hidden":false,"merged":[]}
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[null,null,null,null,"Closing operational RAV",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"SUM(K12:K14)","v":847.29653113283121},811.99250900229663,776.68848687176205,741.38446474122736,706.08044261069267,670.77642048015809,635.47239834962352,600.16837621908883,564.86435408855414,529.56033195801956,494.25630982748493,458.95228769695029,423.64826556641566,388.34424343588103,381.8123938904352,343.63115450139168,305.44991511234815,267.26867572330463,229.0874363342611,190.90619694521757,152.72495755617405,114.54371816713054,76.362478778087024,38.181239389043512,0]
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[null,null,null,null,"Average operational RAV",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"AVERAGE(K12, K15)","v":864.94854219809849},{"$f":"AVERAGE(L12, L15)","v":829.64452006756392},{"$f":"AVERAGE(M12, M15)","v":794.34049793702934},759.03647580649476,723.73245367595996,688.42843154542538,653.12440941489081,617.82038728435623,582.51636515382143,547.21234302328685,511.90832089275227,476.60429876221758,441.300276631683,405.99625450114831,385.07831866315814,362.72177419591344,{"$f":"AVERAGE(AA12, AA15)","v":324.54053480686991},286.35929541782639,248.17805602878286,209.99681663973934,171.81557725069581,133.63433786165228,95.453098472608787,57.271859083565268,19.090619694521756]
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[null,"Operational RAV depreciation"]
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[null,null,null,null,"Number of operational years",null,"full years",null,{"$f":"Inputs!I89","v":25}]
[null,null,null,null,"Years remaining until end of operational period",null,"full years",null,null,null,{"$f":"I21","v":25},{"$f":"+K22-1","v":24},{"$f":"+L22-1","v":23},22,21,20,19,18,17,16,15,14,13,12,11,10,9,8,7,6,5,4,3,2,1]
[null,null,null,null,"Year is before end of operational period",null,"flag",null,null,null,{"$f":"K22 > 0","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
[null,null,null,null,"RAV depreciation",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"IF(K23, IF(K22=1,SUM(K12:K13),K12 / K22), 0)","v":35.304022130534634},{"$f":"IF(L23, IF(L22=1,SUM(L12:L13),L12 / L22), 0)","v":35.304022130534634},35.304022130534634,35.304022130534641,35.304022130534634,35.304022130534634,35.304022130534634,35.304022130534641,35.304022130534634,35.304022130534634,35.304022130534641,35.304022130534641,35.304022130534641,35.304022130534641,35.304022130534641,38.181239389043519,38.181239389043519,38.181239389043519,38.181239389043519,38.181239389043519,38.181239389043512,38.181239389043512,38.181239389043512,38.181239389043512,38.181239389043512]
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[null,null,null,null,"Depreciation equal to additions",null,"check",null,{"$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":8.2299999999999998E-2}]
[null,null,null,null,"Floor return rate",null,{"$f":"Inputs!G69","v":"real annual %"},null,{"$f":"Inputs!I69","v":1.6999999999999999E-3}]
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[null,null,null,null,"Opening operational RAV (after transfers)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"K12","v":882.60055326336578},847.29653113283121,811.99250900229663,776.68848687176205,741.38446474122736,706.08044261069267,670.77642048015809,635.47239834962352,600.16837621908883,564.86435408855414,529.56033195801956,494.25630982748493,458.95228769695029,423.64826556641566,388.34424343588103,381.8123938904352,343.63115450139168,305.44991511234815,267.26867572330463,229.0874363342611,190.90619694521757,152.72495755617405,114.54371816713054,76.362478778087024,38.181239389043512]
[null,null,null,null,"Closing operational RAV",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"K15","v":847.29653113283121},811.99250900229663,776.68848687176205,741.38446474122736,706.08044261069267,670.77642048015809,635.47239834962352,600.16837621908883,564.86435408855414,529.56033195801956,494.25630982748493,458.95228769695029,423.64826556641566,388.34424343588103,381.8123938904352,343.63115450139168,305.44991511234815,267.26867572330463,229.0874363342611,190.90619694521757,152.72495755617405,114.54371816713054,76.362478778087024,38.181239389043512,0]
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[null,null,null,null,"NPV neutral return base  (cap)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"0.5 * K$34 + 0.5 * K$35 / (1 + $I31)","v":832.73358122968307},{"$f":"0.5 * L$34 + 0.5 * L$35 / (1 + $I31)","v":798.77184913949918},764.81011704931518,730.84838495913118,696.88665286894718,662.92492077876318,628.96318868857929,595.00145659839518,561.03972450821118,527.07799241802718,493.11626032784324,459.15452823765929,425.19279614747529,391.23106405729129,370.56147489655791,349.65661480597328,312.92705979358971,276.19750478120625,239.46794976882273,202.73839475643922,166.00883974405571,129.27928473167222,92.549729719288734,55.820174706905249,19.090619694521756]
[null,null,null,null,"NPV neutral return base (floor)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"0.5 * K$34 + 0.5 * K$35 / (1 + $I32)","v":864.22956241227143},828.95549777281303,793.68143313335463,758.407368493896,723.13330385443749,687.85923921497897,652.58517457552057,617.31110993606205,582.03704529660354,546.76298065714491,511.48891601768651,476.21485137822799,440.94078673876948,405.66672209931096,384.75432891092998,362.4301834189082,324.28134300508748,286.13250259126676,247.98366217744601,209.83482176362529,171.68598134980459,133.53714093598387,95.388300522163163,57.239460108342456,19.090619694521756]
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[null,null,null,null,"Return (cap)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"K37 * $I31","v":68.53397373520292},65.738923184180777,62.943872633158641,60.148822082136498,57.353771531114354,54.558720980092211,51.763670429070075,48.968619878047924,46.173569327025781,43.378518776003638,40.583468224981495,37.788417673959358,34.993367122937215,32.198316571915072,30.497209383986714,28.7767393985316,25.753897021012431,22.731054643493273,19.708212265974112,16.685369888454947,13.662527510935785,10.639685133416624,7.616842755897463,4.5940003783783014,1.5711580008591404]
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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"]
[null,null,null,null,"Project year",null,null,null,null,null,"Year 1","Year 2","Year 3","Year 4","Year 5","Year 6","Year 7","Year 8","Year 9","Year 10","Year 11","Year 12","Year 13","Year 14","Year 15","Year 16","Year 17","Year 18","Year 19","Year 20","Year 21","Year 22","Year 23","Year 24","Year 25"]
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[]
[" ","Unprofiled allowances except tax (cap)"]
[]
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[null,null,null,null,"Non-controllable Opex (baseline)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"Inputs!K62","v":6.1310855282628003},{"$f":"Inputs!L62","v":6.1310855282628003},{"$f":"Inputs!M62","v":6.1310855282628003},{"$f":"Inputs!N62","v":6.1310855282628003},{"$f":"Inputs!O62","v":6.1310855282628003},{"$f":"Inputs!P62","v":6.1310855282628003},{"$f":"Inputs!Q62","v":6.1310855282628003},{"$f":"Inputs!R62","v":6.1310855282628003},{"$f":"Inputs!S62","v":6.1310855282628003},{"$f":"Inputs!T62","v":6.1310855282628003},{"$f":"Inputs!U62","v":6.1310855282628003},{"$f":"Inputs!V62","v":6.1310855282628003},{"$f":"Inputs!W62","v":6.1310855282628003},{"$f":"Inputs!X62","v":6.1310855282628003},{"$f":"Inputs!Y62","v":6.1310855282628003},{"$f":"Inputs!Z62","v":6.1310855282628003},{"$f":"Inputs!AA62","v":6.1310855282628003},{"$f":"Inputs!AB62","v":6.1310855282628003},{"$f":"Inputs!AC62","v":6.1310855282628003},{"$f":"Inputs!AD62","v":6.1310855282628003},{"$f":"Inputs!AE62","v":6.1310855282628003},{"$f":"Inputs!AF62","v":6.1310855282628003},{"$f":"Inputs!AG62","v":6.1310855282628003},{"$f":"Inputs!AH62","v":6.1310855282628003},{"$f":"Inputs!AI62","v":6.1310855282628003}]
[null,null,null,null,"Decommissioning baseline",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"Inputs!K60","v":0},{"$f":"Inputs!L60","v":0},{"$f":"Inputs!M60","v":0},{"$f":"Inputs!N60","v":0},{"$f":"Inputs!O60","v":0},{"$f":"Inputs!P60","v":0},{"$f":"Inputs!Q60","v":0},{"$f":"Inputs!R60","v":0},{"$f":"Inputs!S60","v":0},{"$f":"Inputs!T60","v":0},{"$f":"Inputs!U60","v":0},{"$f":"Inputs!V60","v":0},{"$f":"Inputs!W60","v":0},{"$f":"Inputs!X60","v":0},{"$f":"Inputs!Y60","v":0},{"$f":"Inputs!Z60","v":0},{"$f":"Inputs!AA60","v":0},{"$f":"Inputs!AB60","v":0},{"$f":"Inputs!AC60","v":0},{"$f":"Inputs!AD60","v":0},{"$f":"Inputs!AE60","v":0},{"$f":"Inputs!AF60","v":0},{"$f":"Inputs!AG60","v":0},{"$f":"Inputs!AH60","v":0},{"$f":"Inputs!AI60","v":86.11388310150933}]
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[null,null,null,null,"Unprofiled allowances except tax (cap)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"SUM(K8:K12)","v":122.05578367278106},{"$f":"SUM(L8:L12)","v":119.26073312175892},116.46568257073679,113.67063201971465,110.8755814686925,108.08053091767036,105.28548036664822,102.49042981562607,99.695379264603929,96.900328713581786,94.105278162559642,91.310227611537499,88.515177060515356,85.720126509493213,84.019019321564855,85.175766594618622,82.152924217099454,79.130081839580299,76.107239462061131,73.084397084541962,70.061554707022808,67.038712329503639,64.015869951984484,60.993027574465323,144.08406829845549]
[]
[null,"Profiled allowances except tax (cap)"]
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[null,null,"Annuity parameters"]
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[null,null,null,null,"Cap return rate",null,{"$f":"Inputs!G68","v":"real annual %"},null,{"$f":"Inputs!I68","v":8.2299999999999998E-2}]
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[null,null,null,null,"Year is within operational period",null,"flag",null,null,null,{"$f":"AND(K4 > 0, K4<= $I20)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,null,null,null,"Discount factor to start of operational period (cap)",null,"scalar",null,null,null,{"$f":"(1 + $I19) ^ - K4","v":0.92395823708768365},0.85369882388218021,0.78878206031800802,0.72880168189781769,0.67338231719284636,0.62217713867952185,0.57486569221059014,0.53115189153708786,0.49076216533039624,0.45344374510800728,0.4189630833484313,0.38710439189543688,0.35766829150460766,0.33047056408076109,0.30534099979743234,0.28212233188342639,0.26066925241007705,0.24084750291977919,0.22253303420472992,0.20561122997757547,0.18997618957551091,0.17553006520882464,0.16218244960623174,0.14984981022473601,0.13845496648317102]
[]
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[null,null,"Capital allowance pool"]
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[null,null,null,null,"Capex",null,"£m nominal",null,null,null,{"$f":"SUMPRODUCT('Pre Op RAV'!K19:AX19,Inputs!K107:AX107)","v":756.89135459124338}]
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[null,null,null,null,"Capital allowance (reducing balance)",null,"£m nominal",null,null,null,{"$f":"-K37 * K31","v":-60.55130836729947},{"$f":"-L37 * L31","v":-55.70720369791551},{"$f":"-M37 * M31","v":-51.250627402082273},-47.150577209915689,-43.378531033122435,-39.908248550472642,-36.715588666434826,-33.778341573120045,-31.076074247270441,-28.589988307488802,-26.302789242889698,-24.198566103458525,-22.262680815181845,-20.481666349967295,-22.61246388357754,-20.803466772891333,-19.139189431060029,-17.608054276575224,-16.199409934449207,-14.90345713969327,-13.711180568517808,-12.614286123036381,-11.605143233193472,-10.676731774537993,-9.8225932325749543]
[null,null,null,null,"Write-back allowance",null,"£m nominal",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-SUM(AI37:AI38)","v":-112.95982217461196}]
[null,null,null,null,"Closing balance carried forward",null,"£m nominal",null,null,null,{"$f":"SUM(K37:K39)","v":696.34004622394389},{"$f":"SUM(L37:L39)","v":640.63284252602841},589.38221512394614,542.23163791403044,498.853106880908,458.94485833043535,422.22926966400053,388.4509280908805,357.37485384361003,328.78486553612123,302.48207629323156,278.28351018977304,256.02082937459119,235.53916302462389,260.04333466114167,239.23986788825033,220.1006784571903,202.49262418061508,186.29321424616586,171.38975710647259,157.67857653795477,145.06429041491839,133.45914718172492,122.78241540718692,{"$f":"SUM(AI37:AI39)","v":0}]
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[null,null,null,null,"Capital allowances",null,"£m nominal",null,null,null,{"$f":"-(K38 + K39)","v":60.55130836729947},55.70720369791551,51.250627402082273,47.150577209915689,43.378531033122435,39.908248550472642,36.715588666434826,33.778341573120045,31.076074247270441,28.589988307488802,26.302789242889698,{"$f":"-(V38 + V39)","v":24.198566103458525},22.262680815181845,20.481666349967295,22.61246388357754,20.803466772891333,19.139189431060029,17.608054276575224,16.199409934449207,14.90345713969327,13.711180568517808,12.614286123036381,11.605143233193472,10.676731774537993,122.78241540718692]
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[null,"Interest"]
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[null,null,"Cost of debt"]
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[null,null,null,null,"Cost of debt (for tax)",null,{"$f":"Inputs!G69","v":"real annual %"},null,{"$f":"Inputs!I71","v":1.6999999999999999E-3}]
[null,null,null,null,"Expected UK RPI inflation",null,{"$f":"Inputs!G116","v":"%"},null,{"$f":"Inputs!I116","v":3.1800000000000002E-2}]
[null,null,null,null,"Cost of debt (for tax)",null,"nominal annual %",null,{"$f":"(1 + I48) * (1 + I$49) - 1","v":3.3554060000000163E-2}]
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[null,null,"Net debt"]
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[null,null,null,null,"Number of operational years",null,{"$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":12.012470473964575},{"$f":"L59 - L58","v":12.415537628996212},12.832129323531811,13.26269936078136,13.707716770894981,14.167666321888602,14.643049047713232,15.134382794043148,15.64220278237744,16.167062193069505,16.709532767919491,17.270205432986231,17.849690942296981,18.448620543156274,19.067646663778575,19.707443623993804,20.368708369799911,21.052161232562685,21.758546713689771,22.488634295633723,23.243219280107482,24.023123654425369,24.829196986913377,25.662317352364095,26.523392288544365]
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[null,null,null,null,"Opening net debt",null,"£m nominal",null,null,null,{"$f":"'Op Rav'!K12*I9*I55","v":458.98735684543345},{"$f":"K63","v":446.97488637146887},{"$f":"L63","v":434.55934874247265},421.72721941894082,408.46452005815945,394.75680328726446,380.58913696537587,365.94608791766262,350.8117051236195,335.16950234124204,319.00244014817252,302.29290738025304,285.0227019472668,267.17301100496979,248.72439046181353,229.65674379803494,209.94930017404113,189.58059180424121,168.52843057167851,146.76988385798873,124.28124956235501,101.03803028224753,77.014906627822171,52.185709640908797,26.523392288544702]
[null,null,null,null,"Less principal repayment",null,"£m nominal",null,null,null,{"$f":"IF(K3 = \"Year \"&$I54, -K61, -K57)","v":-12.012470473964575},-12.415537628996212,-12.832129323531811,-13.26269936078136,-13.707716770894981,-14.167666321888602,-14.643049047713232,-15.134382794043148,-15.64220278237744,-16.167062193069505,-16.709532767919491,-17.270205432986231,-17.849690942296981,-18.448620543156274,-19.067646663778575,-19.707443623993804,-20.368708369799911,-21.052161232562685,-21.758546713689771,-22.488634295633723,-23.243219280107482,-24.023123654425369,-24.829196986913377,-25.662317352364095,{"$f":"IF(AI3 = \"Year \"&$I54, -AI61, -AI57)","v":-26.523392288544702}]
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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,"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,"Tax losses"]
[]
[null,null,null,null,"Taxable losses brought forward",null,"£m nominal prices",null,null,null,{"$f":"J18","v":0},{"$f":"K18","v":-44.079828726692966},-70.548586866763017,-90.737463703170235,-104.94427351350461,-113.4364169321417,-116.45310174315262,-114.20737916526569,-106.88801016872536,-94.661175193579922,-77.672039562010994,-56.046185886313971,-29.890923862171256,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"In-year taxable loss",null,"£m nominal prices",null,null,null,{"$f":"MIN(K11, 0)","v":-44.079828726692966},-26.468758140070051,-20.188876836407218,-14.206809810334377,-8.4921434186370846,-3.0166848110109186,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-32.790876080908816]
[null,null,null,null,"Profits used to offset losses",null,"£m nominal prices",null,null,null,{"$f":"IF(K11 >= 0, MIN(K11, -K15), 0)","v":0},0,0,0,0,0,2.245722577886923,7.3193689965403337,12.226834975145437,16.989135631568928,21.625853675697023,26.155262024142715,29.890923862171256,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Taxable losses carried forward",null,"£m nominal prices",null,null,null,{"$f":"SUM(K15:K17)","v":-44.079828726692966},{"$f":"SUM(L15:L17)","v":-70.548586866763017},-90.737463703170235,-104.94427351350461,-113.4364169321417,-116.45310174315262,-114.20737916526569,-106.88801016872536,-94.661175193579922,-77.672039562010994,-56.046185886313971,-29.890923862171256,0,0,0,0,0,0,0,0,0,0,0,0,-32.790876080908816]
[]
[null,null,"Tax allowance"]
[]
[null,null,null,null,"Profits attributable to corporation tax (after taxable losses)",null,"£m nominal prices",null,null,null,{"$f":"MAX(K11 - K17,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0.70351300240422177,34.959361942057122,35.495693936639768,40.057721103472517,44.563697099491868,49.028056823407937,53.46440109360158,57.885573716654726,62.303732724091233,66.730416254644666,71.176603521531689,75.652771269410877,0]
[null,null,null,null,"Corporation tax rate",null,{"$f":"Inputs!G113","v":"%"},null,null,null,{"$f":"Inputs!K113","v":0.19},{"$f":"Inputs!L113","v":0.19},{"$f":"Inputs!M113","v":0.19},{"$f":"Inputs!N113","v":0.19},{"$f":"Inputs!O113","v":0.19},{"$f":"Inputs!P113","v":0.19},{"$f":"Inputs!Q113","v":0.19},{"$f":"Inputs!R113","v":0.19},{"$f":"Inputs!S113","v":0.19},{"$f":"Inputs!T113","v":0.19},{"$f":"Inputs!U113","v":0.19},{"$f":"Inputs!V113","v":0.19},{"$f":"Inputs!W113","v":0.19},{"$f":"Inputs!X113","v":0.19},{"$f":"Inputs!Y113","v":0.19},{"$f":"Inputs!Z113","v":0.19},{"$f":"Inputs!AA113","v":0.19},{"$f":"Inputs!AB113","v":0.19},{"$f":"Inputs!AC113","v":0.19},{"$f":"Inputs!AD113","v":0.19},{"$f":"Inputs!AE113","v":0.19},{"$f":"Inputs!AF113","v":0.19},{"$f":"Inputs!AG113","v":0.19},{"$f":"Inputs!AH113","v":0.19},{"$f":"Inputs!AI113","v":0.19}]
[null,null,null,null,"Corporation tax charge after losses",null,"£m nominal prices",null,null,null,{"$f":"K22 * K23","v":0},{"$f":"L22 * L23","v":0},0,0,0,0,0,0,0,0,0,0,0.13366747045680213,6.6422787689908533,6.7441818479615563,7.6109670096597783,8.4671024489034554,9.3153307964475083,10.1582362077843,10.998259006164398,11.837709217577334,12.678779088382488,13.523554669091022,14.374026541188067,0]
[]
[null,null,null,null,"Grossing-up factor for tax on tax charge after losses",null,"scalar",null,null,null,{"$f":"1 / (1 - K23)","v":1.2345679012345678},1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678,1.2345679012345678]
[]
[null,null,null,null,"Unprofiled tax allowance (floor)",null,"£m nominal prices",null,null,null,{"$f":"K24 * K26","v":0},0,0,0,0,0,0,0,0,0,0,0,0.16502156846518781,8.2003441592479671,8.3261504295821673,9.3962555674812069,10.453212899880809,11.500408390675936,12.541032355289259,13.578097538474564,14.614455824169548,15.652813689361095,16.695746505050643,17.745711779244527,0]
[]
[null,"Profiled tax allowance (floor)"]
[]
[null,null,null,null,"Unprofiled tax allowance (floor)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"'Tax Floor'!K28 / 'Tax Deductions'!K$11","v":0},{"$f":"'Tax Floor'!L28 / 'Tax Deductions'!L$11","v":0},{"$f":"'Tax Floor'!M28 / 'Tax Deductions'!M$11","v":0},{"$f":"'Tax Floor'!N28 / 'Tax Deductions'!N$11","v":0},{"$f":"'Tax Floor'!O28 / 'Tax Deductions'!O$11","v":0},{"$f":"'Tax Floor'!P28 / 'Tax Deductions'!P$11","v":0},{"$f":"'Tax Floor'!Q28 / 'Tax Deductions'!Q$11","v":0},{"$f":"'Tax Floor'!R28 / 'Tax Deductions'!R$11","v":0},{"$f":"'Tax Floor'!S28 / 'Tax Deductions'!S$11","v":0},{"$f":"'Tax Floor'!T28 / 'Tax Deductions'!T$11","v":0},{"$f":"'Tax Floor'!U28 / 'Tax Deductions'!U$11","v":0},{"$f":"'Tax Floor'!V28 / 'Tax Deductions'!V$11","v":0},{"$f":"'Tax Floor'!W28 / 'Tax Deductions'!W$11","v":0.10728281076739969},{"$f":"'Tax Floor'!X28 / 'Tax Deductions'!X$11","v":5.1668516084243858},{"$f":"'Tax Floor'!Y28 / 'Tax Deductions'!Y$11","v":5.0844342870614305},{"$f":"'Tax Floor'!Z28 / 'Tax Deductions'!Z$11","v":5.561061304438434},{"$f":"'Tax Floor'!AA28 / 'Tax Deductions'!AA$11","v":5.9959380120578922},{"$f":"'Tax Floor'!AB28 / 'Tax Deductions'!AB$11","v":6.3932999131429202},{"$f":"'Tax Floor'!AC28 / 'Tax Deductions'!AC$11","v":6.7569324901587633},{"$f":"'Tax Floor'!AD28 / 'Tax Deductions'!AD$11","v":7.0902196918194544},{"$f":"'Tax Floor'!AE28 / 'Tax Deductions'!AE$11","v":7.3961871747832904},{"$f":"'Tax Floor'!AF28 / 'Tax Deductions'!AF$11","v":7.6775408681284336},{"$f":"'Tax Floor'!AG28 / 'Tax Deductions'!AG$11","v":7.9367013671527786},{"$f":"'Tax Floor'!AH28 / 'Tax Deductions'!AH$11","v":8.1758346081637665},{"$f":"'Tax Floor'!AI28 / 'Tax Deductions'!AI$11","v":0}]
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[]
[null,null,null,null,"Discounted unprofiled tax allowance (floor)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,null,null,{"$f":"K32*K33","v":0},{"$f":"L32*L33","v":0},0,0,0,0,0,0,0,0,0,0,0.10493983675564822,5.0454343078904351,4.9565276373810123,5.4119640409633973,5.8252783234856285,6.2007889501717193,6.5423500602130753,6.8534021520131327,7.1370172104530898,7.3959388864734086,7.6326182722254829,7.8492457553726167,0]
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[]
[null,null,null,null,"Annuity factor (floor)",null,{"$f":"'Allowances Floor'!G31","v":"scalar"},null,{"$f":"'Allowances Floor'!I31","v":4.0890005915479928E-2}]
[]
[null,null,null,null,"Annuity of tax allowance (floor)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,{"$f":"I36 * I38","v":2.9013710369075385}]
[]
[null,"End of sheet"]

{"sheet":"Cap Floor Levels","index":12,"n_rows":26,"n_cols":9,"rows_kept":26,"cut":false,"hidden":false,"merged":[]}
["Cap Floor Levels",null,null,null,null,null,null,"Licence"]
[null,null,null,null,"Parameter",null,"Units","Terminology","Constant"]
[]
[null,"Cap and Floor levels and adjustments"]
[]
[null,null,"Cap and Floor levels at FPA (Preliminary) / PCR (Final) and PCA adjustments at PCR"]
[null,null,"Relevant stage: FPA for Preliminary levels; PCR for final levels"]
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[null,null,null,null,"Floor at relevant stage excluding tax (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,{"$f":"'Allowances Floor'!$I33","v":58.798406999451473}]
[]
[null,null,null,null,"Cap at relevant stage - tax element (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,{"$f":"IF(Inputs!$I$123=\"No\",'Tax Cap'!I40,0)","v":10.244872294795947}]
[null,null,null,null,"Floor at relevant stage - tax element (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,{"$f":"IF(Inputs!$I$123=\"No\",'Tax Floor'!I40,0)","v":2.9013710369075385}]
[]
[null,null,null,null,"Cap at relevant stage - tax element (previously calculated through the model and fixed)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"}]
[null,null,null,null,"Floor at relevant stage - tax element (previously calculated through the model and fixed)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"}]
[]
[null,null,null,null,"Cap at relevant stage including tax (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,{"$f":"I8+IF(Inputs!$I$123=\"Yes\",I14,I11)","v":111.5465934927972}]
[null,null,null,null,"Floor at relevant stage including tax (calculated through the model)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},null,{"$f":"I9+IF(Inputs!$I$123=\"Yes\",I15,I12)","v":61.699778036359014}]
[]
[null,null,null,null,"Preliminary Cap including tax (hardcoded at FPA)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},"PCL"]
[null,null,null,null,"Preliminary Floor including tax (hardcoded at FPA)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},"PFL"]
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[null,null,null,null,"Cap PCA adjustment (at PCR)",null,{"$f":"Inputs!$I$11","v":"£m 19/20 prices"},"PCAC",{"$f":"I17-I20","v":111.5465934927972}]
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[]
[null,"End of sheet"]