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{"sheet":"Cover ","index":0,"n_rows":41,"n_cols":6,"rows_kept":41,"cut":false,"hidden":false,"merged":[[35,2,38,2],[35,3,38,3],[35,4,38,4],[21,2,21,3],[27,2,30,2],[27,3,30,3],[27,4,30,4],[31,2,34,2],[31,3,34,3],[31,4,34,4]]}
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[]
[null,"Model name:","Cost of new debt indexation model"]
[null,"Version number:",6.7]
[null,"Filename:",{"$f":" MID(CELL(\"filename\"), FIND(\"[\", CELL(\"filename\"), 1) + 1, FIND(\"]\", CELL(\"filename\"), 1) - FIND(\"[\", CELL(\"filename\"), 1) - 1)","v":"PR24-DD-RCV-adjustments-model-Northumbrian-Water updated 23-24.xlsx"}]
[null,"Date:","June 2024"]
[null,"Author: ","Ofwat"]
[null,"Author contact information:","PR24@ofwat.gov.uk"]
[]
[]
[null,"Summary of model:","This model implements the necessary reconciliations for the allowed return on new debt. "]
[]
[]
[]
[]
[]
[null,"Disclaimer:","None"]
[]
[null,"Known limitations of the model:","None"]
[]
[null,null,"Issue",null,"Details","Model link"]
[]
[]
[]
[null,"Changes","Below are details of changes to the model from the version 6.2 published on 4 March 2020. The changes fix issues that have been identified and implement improvements for clarity and ease of use."]
[]
[null,null,"Category","Sheet(s) in current model","Description of change(s) made","Model link(s)"]
[null,null,"Logic Update","InpC","Input cell: 'Mid-point of the AMP’ hardcoded to 2.5 years to aid consistency and reduce confusion. ","InpC!F47"]
[]
[]
[]
[null,null,"Logic Update","InpR","Defunct range removed (‘CPIH financial year average index value’)"]
[]
[]
[]
[null,null,"Logic Update","InpR","Issuance and liquidity fees line added to inform more accurate outturn allowed cost of overall debt for input to tax reconciliation model. ","InpR!E38"]
[]
[]
[]
[]
["END OF SHEET"]

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["SHEET TABS"]
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[null,null,null,null,"Turquoise",null,"Quality control sheets"]
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[null,null,null,null,"Yellow",null,"To be completed, temporary, restructured, or deleted"]
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[]
["COLOUR"]
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[null,"Font colour only"]
[null,null,null,null,"Blue font",null,"Imported from another sheet"]
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[null,null,null,null,"Red font ",null,"Exported to another sheet (except from Input sheets)"]
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[null,null,null,null,"Green font",null,"Additional descriptions"]
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[null,null,null,null,"Red shade",null,"Error"]
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[null,null,null,null,"Gold shade",null,"Alert"]
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[]
["ABBREVIATIONS"]
[]
[]
[]
[]
[]
["END"]

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[null,"ASSUMPTIONS:",null,"INPUTS:",null,"CALCULATIONS:",null,"OUTPUTS:"]
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[null,"Cover",null,{"$f":"InpC!$A$1","v":"InpC"},null,{"$f":" 'RCV and post 2020 investment'!A1","v":"RCV and post 2020 investment"},null,{"$f":"Output!A1","v":"Output"}]
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[]
[null,{"$f":"$A$1","v":"ToC"},null,{"$f":"InpR!$A$1","v":"InpR"},null,{"$f":"'Cost of Debt'!A1","v":"Cost of Debt"}]
[null,"Table of contents",null,"Inputs - row format",null,"Allowed cost of debt calculations"]
[]
[null,"Model formatting",null,null,null,{"$f":"'Water resources'!A1","v":"Water resources"}]
[null,"Explanation of different formatting types",null,null,null,"Water Resources cost of debt reconciliation"]
[]
[null,{"$f":"Time!A1","v":"Time"},null,null,null,{"$f":"'Water network +'!A1","v":"Water network +"}]
[null,"Treatment of time in model",null,null,null,"Water Network plus cost of debt reconciliation"]
[]
[null,null,null,null,null,{"$f":"'Wastewater network +'!A1","v":"Wastewater network +"}]
[null,null,null,null,null,"Wastewater Network plus cost of debt reconciliation"]
[]
[null,null,null,null,null,{"$f":"Bioresources!A1","v":"Bioresources"}]
[null,null,null,null,null,"Bioresources cost of debt reconciliation"]
[]
[null,null,null,null,null,"Dummy"]
[null,null,null,null,null,"Dummy control cost of debt reconciliation"]
[]
[]
[]
[]
[]
[]
["END"]

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["MODEL PERIOD"]
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[]
[null,null,null,null,{"$f":" InpC!E$15","v":"First date of time ruler"},{"$f":" InpC!F$15","v":"2019-04-01"},{"$f":" InpC!G$15","v":"date"}]
[null,null,null,null,"First model period BEG",{"$f":" DATE(YEAR(F16), MONTH(F16), 1)","v":"2019-04-01"},"month"]
[]
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[]
["PRE FORECAST PERIOD"]
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[]
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[]
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[]
["FINANCIAL YEAR"]
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["CURRENT YEAR FLAG"]
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[]
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[null,null,null,null,null,"Price Review 2019","Price Review 2019","Price Review 2019","Price Review 2019","Price Review 2019","Price Review 2019","Price Review 2019","Price Review 2019"]
[null,null,null,null,null,"CMARun1: CMA final redeterminations","CMARun1: CMA final redeterminations","CMARun1: CMA final redeterminations","CMARun1: CMA final redeterminations","CMARun1: CMA final redeterminations","CMARun1: CMA final redeterminations","CMARun1: CMA final redeterminations","CMARun1: CMA final redeterminations"]
[null,null,null,null,null,"Latest","Latest","Latest","Latest","Latest","Latest","Latest","Latest"]
["NES","PR19FM2173POST","RCV balance - WR BEG - nominal","£m","Price Review 2019","","","",312.31366286025701,309.344688871637,307.46098108488502,304.51382086437201,300.41194136738397]
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["NES","PR19FM1930POST","RCV balance - WR - real","£m","Price Review 2019","","","",291.213256988701,283.75298528153201,275.31984611791597,266.02469830589098,257.21634556730498]
["NES","PR19FM2185POST","RCV balance - WN BEG - nominal","£m","Price Review 2019","","","",1771.9414917951401,1846.2058714754301,1938.39771817356,2025.11989281106,2094.6421633482901]
["NES","PR19FM2241POST","Indexation on RCV balance BEG - WN - nominal","£m","Price Review 2019","","","",39.0639847552101,45.249036528460998,49.330939582989103,51.677142295747402,52.977606402232603]
["NES","PR19FM1931POST","RCV balance - WN - real","£m","Price Review 2019","","","",1737.9953309207001,1788.92989040065,1830.9700875856199,1854.8748329617099,1864.40338952507]
["NES","PR19FM2204POST","RCV balance - WWN BEG - nominal","£m","Price Review 2019","","","",1907.6796928986601,1941.12191309379,2000.0136054197401,2086.26142339935,2237.0987712337601]
["NES","PR19FM2247POST","Indexation on RCV balance BEG - WWN - nominal","£m","Price Review 2019","","","",42.056450952971403,47.798050089190902,51.340142815877002,53.711759112373997,56.723101328159899]
["NES","PR19FM1932POST","RCV balance - WWN - real","£m","Price Review 2019","","","",1827.3481163878801,1845.7946407998099,1886.24993250432,1981.02486535361,2024.2752456441499]
["NES","PR19FM2216POST","RCV balance - BR BEG - nominal","£m","Price Review 2019","","","",143.73916950136001,145.56512045144001,148.29252212687501,151.686340812184,155.59730791705499]
["NES","PR19FM2253POST","Indexation on RCV balance BEG - BR - nominal","£m","Price Review 2019","","","",3.16885447523393,3.5639542600959699,3.76716889332973,3.8552768253794301,3.90360795744194]
["NES","PR19FM1933POST","RCV balance - BR - real","£m","Price Review 2019","","","",137.033200683806,136.85784030205599,137.14405438826,137.786556378006,138.731272987224]
["NES","PR19FM2228POST","RCV balance - DMMY BEG - nominal","£m","Price Review 2019","","","",0,0,0,0,0]
["NES","PR19FM2259POST","Indexation on RCV balance BEG - DMMY - nominal","£m","Price Review 2019","","","",0,0,0,0,0]
["NES","PR19FM1934POST","RCV balance - DMMY - real","£m","Price Review 2019","","","",0,0,0,0,0]
["NES","PR19INF0005","Financial year average indices - CPIH: Financial year average indices","nr","Price Review 2019",104.216666666667,106.616848401062,108.695429654061,110.90114892872,113.232033536722,115.579574801422,117.93401238925,120.32583163099601]

{"sheet":"InpC","index":5,"n_rows":74,"n_cols":8,"rows_kept":74,"cut":false,"hidden":false,"merged":[]}
[{"$f":" RIGHT(CELL(\"filename\", $A$1), LEN(CELL(\"filename\", $A$1)) - SEARCH(\"]\", CELL(\"filename\", $A$1)))","v":"InpC"}]
[]
[]
[]
[null,null,null,null,null,"Input","Unit","Comment"]
[]
[null,null,null,null,"Total Comparison Column Differences"]
[]
[null,null,null,null,"Option Name"]
[]
[null,null,null,null,"[don't delete row]"]
[]
["TIME"]
[]
[null,null,null,null,"First date of time ruler","2019-04-01","date","Suggested default: (as entered)"]
[]
[null,null,null,null,"Last Pre Forecast Date","2020-03-31","date","Suggested default: (as entered)"]
[]
[null,null,null,null,"Acquisition date (midnight)","2020-03-31","date","Suggested default: (as entered)"]
[null,null,null,null,"Length of forecast period",5,"years","Suggested default: (as entered)"]
[null,null,null,null,"Last forecast date",{"$f":"DATE(YEAR(F19)+F20,MONTH(F19),DAY(F19))","v":"2025-03-31"},"date"]
[]
[]
[null,null,null,null,"Operation Start Date (midnight)","2020-03-31","date","Suggested default: (as entered)"]
[null,null,null,null,"Operation Finish Date (midnight)","2025-03-31","date","Suggested default: (as entered)"]
[null,null,null,null,"First Modelling Column Financial Year Number",2020,"year","Suggested default: (as entered)"]
[null,null,null,null,"Financial Year End Month Number",3,"month #","Suggested default: (as entered)"]
[null,null,null,null,"Financial Year Start Month Number",4,"month #","Suggested default: (as entered)"]
[]
[null,null,null,null,"Modelling period flags"]
[null,null,null,null,"First modelling period end year",2021,"year","Suggested default: (as entered)"]
[null,null,null,null,"Second modelling period end year",2022,"year","Suggested default: (as entered)"]
[null,null,null,null,"Third modelling period end year",2023,"year","Suggested default: (as entered)"]
[null,null,null,null,"Fourth modelling period end year",2024,"year","Suggested default: (as entered)"]
[null,null,null,null,"Fifth modelling period end year",2025,"year","Suggested default: (as entered)"]
[]
[]
["NON CHANGEABLE INPUTS"]
[]
[null,"Model Tolerance"]
[null,null,null,null,"Model Check Tolerance Level",1E-3,"tolerance"]
[]
[null,null,null,null,"Model Track Tolerance Level",1E-3,"tolerance"]
[]
[null,null,null,null,"% Model Check Tolerance Level",1.0000000000000001E-5,"%"]
[]
[null,null,null,null,"Mid-point of the AMP",2.5,"years"]
[]
["FINANCIAL CALC INPUTS"]
[]
[null,null,null,null,"Notional % of 'new' debt over period ",0.17,"percentage","Suggested default: 20% (see: 'PR19 Final Determinations, Allowed Return on Capital Technical Appendix')"]
[null,null,null,null,"Proportion of notional debt subject to indexation - intial balance",null,"percentage","Suggested default: blank"]
[null,null,null,null,"Long-term CPIH assumption",0.02,"percentage","Suggested default: 2.0% (see: 'PR19 Final Determinations, Allowed Return on Capital Technical Appendix')"]
[]
[null,null,null,null,"Ex-ante 'outperformance wedge' for notional company vs. average A/BBB iBoXX 10+ non-financial index (new debt only)",0,"percentage","Suggested default: 0.15% (see: 'PR19 Final Determinations, Allowed Return on Capital Technical Appendix')"]
[null,null,null,null,"PR19 appointee allowed return on capital (CPIH-deflated using long-term assumption)",3.2000000000000001E-2,"percentage","Suggested default: 2.96% (see: 'PR19 Final Determinations, Allowed Return on Capital Technical Appendix')"]
[null,null,null,null,"Notional gearing",0.6,"percentage","Suggested default: 60% (see: 'PR19 Final Determinations, Allowed Return on Capital Technical Appendix')"]
[]
[null,null,null,null,"Units in 100%",100,"units","Suggested default: 100"]
[]
[null,null,null,null,"PV base date","2025-03-31","date","Suggested default: 31 Mar 25"]
[null,null,null,null,"Days in a year",365,"days","Suggested default: 365"]
[]
[null,null,null,null,"Company-specific adjustment (new debt)",null,"percentage","Suggested default: 0.25% (see: 'PR19 Final Determinations, Allowed Return on Capital Technical Appendix')"]
[null,null,null,null,"Company-specific adjustment (embedded debt)",null,"percentage","Suggested default: 0.35% (see: 'PR19 Final Determinations, Allowed Return on Capital Technical Appendix')"]
[null,null,null,null,"Company-specific adjustment applies to Water Resources","NO","Yes / No","Company-specific input"]
[null,null,null,null,"Company-specific adjustment applies to Water Network Plus","NO","Yes / No","Company-specific input"]
[null,null,null,null,"Company-specific adjustment applies to Wastewater Network Plus","NO","Yes / No","Company-specific input"]
[null,null,null,null,"Company-specific adjustment applies to Bioresources","NO","Yes / No","Company-specific input"]
[null,null,null,null,"Company-specific adjustment applies to Dummy","NO","Yes / No","Company-specific input"]
[]
[]
[]
[null,null,null,null,"[don't delete row]"]

{"sheet":"InpR","index":6,"n_rows":71,"n_cols":17,"rows_kept":71,"cut":false,"hidden":false,"merged":[]}
[{"$f":" RIGHT(CELL(\"filename\", $A$1), LEN(CELL(\"filename\", $A$1)) - SEARCH(\"]\", CELL(\"filename\", $A$1)))","v":"InpR"}]
[null,null,null,null,{"$f":"Time!E$21","v":"Model Period BEG"},null,null,null,null,{"$f":"Time!J$21","v":"2019-04-01"},{"$f":"Time!K$21","v":"2020-04-01"},{"$f":"Time!L$21","v":"2021-04-01"},{"$f":"Time!M$21","v":"2022-04-01"},{"$f":"Time!N$21","v":"2023-04-01"},{"$f":"Time!O$21","v":"2024-04-01"},{"$f":"Time!P$21","v":"2025-04-01"}]
[null,null,null,null,{"$f":"Time!E$22","v":"Model Period END"},null,null,null,null,{"$f":"Time!J$22","v":"2020-03-31"},{"$f":"Time!K$22","v":"2021-03-31"},{"$f":"Time!L$22","v":"2022-03-31"},{"$f":"Time!M$22","v":"2023-03-31"},{"$f":"Time!N$22","v":"2024-03-31"},{"$f":"Time!O$22","v":"2025-03-31"},{"$f":"Time!P$22","v":"2026-03-31"}]
[null,null,null,null,{"$f":"Time!E$58","v":"Pre Forecast vs Forecast"},null,null,null,null,{"$f":"Time!J$58","v":"Pre Fcst"},{"$f":"Time!K$58","v":"Forecast"},{"$f":"Time!L$58","v":"Forecast"},{"$f":"Time!M$58","v":"Forecast"},{"$f":"Time!N$58","v":"Forecast"},{"$f":"Time!O$58","v":"Forecast"},{"$f":"Time!P$58","v":"Post-Fcst"},"Notes:"]
[null,null,null,null,{"$f":"Time!E$86","v":"Financial Year Ending"},null,null,null,null,{"$f":"Time!J$86","v":2020},{"$f":"Time!K$86","v":2021},{"$f":"Time!L$86","v":2022},{"$f":"Time!M$86","v":2023},{"$f":"Time!N$86","v":2024},{"$f":"Time!O$86","v":2025},{"$f":"Time!P$86","v":2026}]
[null,null,null,null,{"$f":"Time!E$10","v":"Model column counter"},null,null,null,null,{"$f":"Time!J$10","v":1},{"$f":"Time!K$10","v":2},{"$f":"Time!L$10","v":3},{"$f":"Time!M$10","v":4},{"$f":"Time!N$10","v":5},{"$f":"Time!O$10","v":6},{"$f":"Time!P$10","v":7}]
[null,null,null,null,null,"Constant","Unit","Total"]
[]
[]
[]
[]
[]
[null,null,null,null,"[don't delete row]",null,null,null,"[range starts]"]
["RCV - Water Resources"]
[null,null,null,null,"Water Resources RCV year start",null,"£m, (CPIH, 2017/18 prices)",null,null,null,{"$f":" ( F_Inputs!I7 + F_Inputs!I8 ) / ( F_Inputs!I22 / F_Inputs!$F$22 )","v":299.95941823775746},{"$f":" ( F_Inputs!J7 + F_Inputs!J8 ) / ( F_Inputs!J22 / F_Inputs!$F$22 )","v":291.74832813180319},{"$f":" ( F_Inputs!K7 + F_Inputs!K8 ) / ( F_Inputs!K22 / F_Inputs!$F$22 )","v":284.41038745934895},{"$f":" ( F_Inputs!L7 + F_Inputs!L8 ) / ( F_Inputs!L22 / F_Inputs!$F$22 )","v":276.13602219248457},{"$f":" ( F_Inputs!M7 + F_Inputs!M8 ) / ( F_Inputs!M22 / F_Inputs!$F$22 )","v":266.98497655739556},null,"Suggested default: Table 3.4 FD Allowed Revenue appendix ('Total Opening RCV')"]
[null,null,null,null,"Water Resources RCV year end",null,"£m, (CPIH, 2017/18 prices)",null,null,null,{"$f":"F_Inputs!I9","v":291.213256988701},{"$f":"F_Inputs!J9","v":283.75298528153201},{"$f":"F_Inputs!K9","v":275.31984611791597},{"$f":"F_Inputs!L9","v":266.02469830589098},{"$f":"F_Inputs!M9","v":257.21634556730498},null,"Suggested default: Table 3.4 FD Allowed Revenue appendix ('Total Closing RCV')"]
[]
["RCV - Water Network Plus"]
[null,null,null,null,"Water Network Plus RCV year start",null,"£m, (CPIH, 2017/18 prices)",null,null,null,{"$f":" ( F_Inputs!I10 + F_Inputs!I11 ) / ( F_Inputs!I22 / F_Inputs!$F$22 )","v":1701.848501159028},{"$f":" ( F_Inputs!J10 + F_Inputs!J11 ) / ( F_Inputs!J22 / F_Inputs!$F$22 )","v":1740.8600685295023},{"$f":" ( F_Inputs!K10 + F_Inputs!K11 ) / ( F_Inputs!K22 / F_Inputs!$F$22 )","v":1792.3102356546044},{"$f":" ( F_Inputs!L10 + F_Inputs!L11 ) / ( F_Inputs!L22 / F_Inputs!$F$22 )","v":1835.2370105723398},{"$f":" ( F_Inputs!M10 + F_Inputs!M11 ) / ( F_Inputs!M22 / F_Inputs!$F$22 )","v":1860.097459016263},null,"Suggested default: Table 3.8 FD Allowed revenue appendix ('Total Opening RCV')"]
[null,null,null,null,"Water Network Plus RCV year end",null,"£m, (CPIH, 2017/18 prices)",null,null,null,{"$f":"F_Inputs!I12","v":1737.9953309207001},{"$f":"F_Inputs!J12","v":1788.92989040065},{"$f":"F_Inputs!K12","v":1830.9700875856199},{"$f":"F_Inputs!L12","v":1854.8748329617099},{"$f":"F_Inputs!M12","v":1864.40338952507},null,"Suggested default: Table 3.8 FD Allowed revenue appendix ('Total Closing RCV')"]
[]
["RCV - Wastewater Network Plus"]
[null,null,null,null,"Wastewater Network Plus RCV year start",null,"£m, (CPIH, 2017/18 prices)",null,null,null,{"$f":" ( F_Inputs!I13 + F_Inputs!I14 ) / ( F_Inputs!I22 / F_Inputs!$F$22 )","v":1832.2172831801645},{"$f":" ( F_Inputs!J13 + F_Inputs!J14 ) / ( F_Inputs!J22 / F_Inputs!$F$22 )","v":1830.5651003123446},{"$f":" ( F_Inputs!K13 + F_Inputs!K14 ) / ( F_Inputs!K22 / F_Inputs!$F$22 )","v":1849.6801892773442},{"$f":" ( F_Inputs!L13 + F_Inputs!L14 ) / ( F_Inputs!L22 / F_Inputs!$F$22 )","v":1891.064904171443},{"$f":" ( F_Inputs!M13 + F_Inputs!M14 ) / ( F_Inputs!M22 / F_Inputs!$F$22 )","v":1986.7260940161659},null,"Suggested default: Table 3.12 FD Allowed revenue appendix ('Total Opening RCV')"]
[null,null,null,null,"Wastewater Network Plus RCV year end",null,"£m, (CPIH, 2017/18 prices)",null,null,null,{"$f":"F_Inputs!I15","v":1827.3481163878801},{"$f":"F_Inputs!J15","v":1845.7946407998099},{"$f":"F_Inputs!K15","v":1886.24993250432},{"$f":"F_Inputs!L15","v":1981.02486535361},{"$f":"F_Inputs!M15","v":2024.2752456441499},null,"Suggested default: Table 3.12 FD Allowed revenue appendix ('Total Closing RCV')"]
[]
["RCV - Bioresources"]
[null,null,null,null,"Bioresources RCV year start",null,"£m, (CPIH, 2017/18 prices)",null,null,null,{"$f":" ( F_Inputs!I16 + F_Inputs!I17 ) / ( F_Inputs!I22 / F_Inputs!$F$22 )","v":138.05325475273344},{"$f":" ( F_Inputs!J16 + F_Inputs!J17 ) / ( F_Inputs!J22 / F_Inputs!$F$22 )","v":137.25563856874763},{"$f":" ( F_Inputs!K16 + F_Inputs!K17 ) / ( F_Inputs!K22 / F_Inputs!$F$22 )","v":137.11033424128917},{"$f":" ( F_Inputs!L16 + F_Inputs!L17 ) / ( F_Inputs!L22 / F_Inputs!$F$22 )","v":137.44999080185374},{"$f":" ( F_Inputs!M16 + F_Inputs!M17 ) / ( F_Inputs!M22 / F_Inputs!$F$22 )","v":138.14700931132845},null,"Suggested default: Table 3.16 FD Allowed revenue appendix ('Total Opening RCV')"]
[null,null,null,null,"Bioresources RCV year end",null,"£m, (CPIH, 2017/18 prices)",null,null,null,{"$f":"F_Inputs!I18","v":137.033200683806},{"$f":"F_Inputs!J18","v":136.85784030205599},{"$f":"F_Inputs!K18","v":137.14405438826},{"$f":"F_Inputs!L18","v":137.786556378006},{"$f":"F_Inputs!M18","v":138.731272987224},null,"Suggested default: Table 3.16 FD Allowed revenue appendix ('Total Closing RCV')"]
[]
["RCV - Dummy"]
[null,null,null,null,"Dummy RCV year start",null,"£m, (CPIH, 2017/18 prices)",null,null,null,{"$f":" ( F_Inputs!I19 + F_Inputs!I20 ) / ( F_Inputs!I22 / F_Inputs!$F$22 )","v":0},{"$f":" ( F_Inputs!J19 + F_Inputs!J20 ) / ( F_Inputs!J22 / F_Inputs!$F$22 )","v":0},{"$f":" ( F_Inputs!K19 + F_Inputs!K20 ) / ( F_Inputs!K22 / F_Inputs!$F$22 )","v":0},{"$f":" ( F_Inputs!L19 + F_Inputs!L20 ) / ( F_Inputs!L22 / F_Inputs!$F$22 )","v":0},{"$f":" ( F_Inputs!M19 + F_Inputs!M20 ) / ( F_Inputs!M22 / F_Inputs!$F$22 )","v":0},null,"Suggested default: Table 3.20 FD Allowed revenue appendix ('Total Opening RCV')"]
[null,null,null,null,"Dummy RCV year end",null,"£m, (CPIH, 2017/18 prices)",null,null,null,{"$f":"F_Inputs!I21","v":0},{"$f":"F_Inputs!J21","v":0},{"$f":"F_Inputs!K21","v":0},{"$f":"F_Inputs!L21","v":0},{"$f":"F_Inputs!M21","v":0},null,"Suggested default: Table 3.20 FD Allowed revenue appendix ('Total Closing RCV')"]
[]
[]
["COD"]
[null,null,null,null,"Allowed sector new debt cost (not inc. CSA) - final determination (CPIH real)",null,"percentage",null,null,null,1.9E-3,1.9E-3,1.9E-3,1.9E-3,1.9E-3,null,"Suggested default: 0.53% - Table 1.1. FD Allowed return on capital technical appendix"]
[null,null,null,null,"Allowed sector embedded debt cost (not inc. CSA) - final determination (CPIH real)",null,"percentage",null,null,null,2.47E-2,2.47E-2,2.47E-2,2.47E-2,2.47E-2,null,"Suggested default: 2.42% - Table 1.1. FD Allowed return on capital technical appendix"]
[null,null,null,null,"Allowed sector issuance and liquidity costs - final determinations",null,null,null,null,null,1E-3,1E-3,1E-3,1E-3,1E-3,null,"Suggested default: 0.10% - Table 1.1. FD Allowed return on capital technical appendix"]
[]
[null,null,null,null,{"$f":" InpC!E$59","v":"Units in 100%"},{"$f":" InpC!F$59","v":100},{"$f":" InpC!G$59","v":"units"}]
[null,null,null,null,"1 Year average of iBoxx adjusted for 'outperformance wedge' (base)",null,"Percentage",null,null,null,2.1639743634713503E-2,2.4460051086846613E-2,4.8194177253477716E-2,5.7501694966394616E-2,5.6215287720428782E-2,null,"23-24 value updated for actual, 24-25 based on projections from July 2024"]
[]
[]
[null,null,null,null,{"$f":" InpC!E$52","v":"Proportion of notional debt subject to indexation - intial balance"},{"$f":" InpC!F$52","v":0},{"$f":" InpC!G$52","v":"percentage"},null,{"$f":" InpC!#REF!","v":{"$error":"#REF!"}},{"$f":" InpC!I$52","v":0},{"$f":" InpC!J$52","v":0},{"$f":" InpC!K$52","v":0},{"$f":" InpC!L$52","v":0},{"$f":" InpC!M$52","v":0},{"$f":" InpC!N$52","v":0},{"$f":" InpC!O$52","v":0}]
[null,null,null,null,{"$f":" InpC!E$51","v":"Notional % of 'new' debt over period "},{"$f":" InpC!F$51","v":0.17},{"$f":" InpC!G$51","v":"percentage"},null,{"$f":" InpC!#REF!","v":{"$error":"#REF!"}},{"$f":" InpC!I$51","v":0},{"$f":" InpC!J$51","v":0},{"$f":" InpC!K$51","v":0},{"$f":" InpC!L$51","v":0},{"$f":" InpC!M$51","v":0},{"$f":" InpC!N$51","v":0},{"$f":" InpC!O$51","v":0}]
[null,null,null,null,{"$f":" InpC!E$47","v":"Mid-point of the AMP"},{"$f":" InpC!F$47","v":2.5},{"$f":" InpC!G$47","v":"years"},{"$f":" InpC!H$54","v":0},{"$f":" InpC!#REF!","v":{"$error":"#REF!"}},{"$f":" InpC!I$54","v":0},{"$f":" InpC!J$54","v":0},{"$f":" InpC!K$54","v":0},{"$f":" InpC!L$54","v":0},{"$f":" InpC!M$54","v":0},{"$f":" InpC!N$54","v":0},{"$f":" InpC!O$54","v":0}]
[]
[null,null,null,null,{"$f":" Time!E$44","v":"Last Pre Forecast Flag"},{"$f":" Time!F$44","v":0},{"$f":" Time!G$44","v":"flag"},{"$f":" Time!H$44","v":1},{"$f":" Time!I$44","v":0},{"$f":" Time!J$44","v":1},{"$f":" Time!K$44","v":0},{"$f":" Time!L$44","v":0},{"$f":" Time!M$44","v":0},{"$f":" Time!N$44","v":0},{"$f":" Time!O$44","v":0},{"$f":" Time!P$44","v":0}]
[]
[null,null,null,null,"Proportion of notional debt subject to indexation BEG",null,"Percentage",null,null,{"$f":" I51","v":0},{"$f":" J51","v":0},6.8000000000000005E-2,0.13600000000000001,0.20400000000000001,0.27200000000000002,{"$f":" O51","v":0.34}]
[null,null,null,null,"Proportion of notional debt subject to indexation END",null,"Percentage",null,null,{"$f":" IF( J48 = 1, $F44, J50 + ($F45 / $F46) )","v":0},{"$f":" IF( K48 = 1, $F44, K50 + ($F45 / $F46) )","v":6.8000000000000005E-2},0.13600000000000001,{"$f":" IF( M48 = 1, $F44, M50 + ($F45 / $F46) )","v":0.20400000000000001},0.27200000000000002,0.34,0.40800000000000003]
[]
[]
[]
[null,null,null,null,{"$f":" E$50","v":"Proportion of notional debt subject to indexation BEG"},{"$f":" F$50","v":0},"Percentage",0,0,0,{"$f":" K$50","v":0},6.8000000000000005E-2,0.13600000000000001,0.20400000000000001,0.27200000000000002,0.34]
[null,null,null,null,{"$f":" E$51","v":"Proportion of notional debt subject to indexation END"},{"$f":" F$51","v":0},"Percentage",0,0,0,6.8000000000000005E-2,0.13600000000000001,0.20400000000000001,0.27200000000000002,0.34,0.40800000000000003]
[null,null,null,null,"Proportion of notional debt subject to indexation (year average)",null,"percentage",null,null,{"$f":" IFERROR( AVERAGE( J55:J56), 0)","v":0},3.4000000000000002E-2,0.10200000000000001,0.17,0.23800000000000002,0.30600000000000005,0.374]
[]
[null,null,null,null,"CPIH inflation allowance (long-term assumption)",{"$f":"InpC!F53","v":0.02},"percentage",null,null,null,{"$f":"$F$59","v":0.02},{"$f":"$F$59","v":0.02},0.02,0.02,0.02]
[]
[]
[]
[null,"Average debt cost weightings"]
[null,null,null,null,"Average debt cost weighting 2021",null,"Weighting",null,null,null,1,0,0,0,0,null,"Suggested default: Leave as populated"]
[null,null,null,null,"Average debt cost weighting 2022",null,"Weighting",null,null,null,1,0.5,0,0,0,null,"Suggested default: Leave as populated"]
[null,null,null,null,"Average debt cost weighting 2023",null,"Weighting",null,null,null,1,1,0.5,0,0,null,"Suggested default: Leave as populated"]
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["COST OF DEBT CALCULATION BASED ON INDEX OUTTURN"]
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["FD ALLOWANCE"]
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["COST OF DEBT CALCULATION BASED ON INDEX OUTTURN"]
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["FD ALLOWANCE"]
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[]
["COST OF DEBT CALCULATION BASED ON INDEX OUTTURN"]
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[null,null,null,null,{"$f":"'Cost of Debt'!E48","v":"Extending trailing average rate"},{"$f":"'Cost of Debt'!F48","v":0},{"$f":"'Cost of Debt'!G48","v":"Percentage"},{"$f":"'Cost of Debt'!H48","v":0},{"$f":"'Cost of Debt'!I48","v":0},{"$f":"'Cost of Debt'!J48","v":0},{"$f":"'Cost of Debt'!K48","v":1.6075917987388166E-3},{"$f":"'Cost of Debt'!L48","v":2.5292609007430875E-3},{"$f":"'Cost of Debt'!M48","v":7.9203464110976889E-3},{"$f":"'Cost of Debt'!N48","v":1.4858492845444049E-2},{"$f":"'Cost of Debt'!O48","v":1.9586777952428507E-2},{"$f":"'Cost of Debt'!P48","v":0}]
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[null,null,null,null,{"$f":"'RCV and post 2020 investment'!E52","v":"Wastewater Network Plus New debt for return"},{"$f":"'RCV and post 2020 investment'!F52","v":0},{"$f":"'RCV and post 2020 investment'!G52","v":"£m"},{"$f":"'RCV and post 2020 investment'!H52","v":985.03374388939665},{"$f":"'RCV and post 2020 investment'!I52","v":0},{"$f":"'RCV and post 2020 investment'!J52","v":0},{"$f":"'RCV and post 2020 investment'!K52","v":37.327567075594054},{"$f":"'RCV and post 2020 investment'!L52","v":112.49660807803194},{"$f":"'RCV and post 2020 investment'!M52","v":190.53243621086489},{"$f":"'RCV and post 2020 investment'!N52","v":276.4672095440888},{"$f":"'RCV and post 2020 investment'!O52","v":368.209922980817},{"$f":"'RCV and post 2020 investment'!P52","v":0}]
[null,null,null,null,"Wastewater network + extending trailing average interest cost",null,"£m",{"$f":" SUM(J14:O14)","v":13.173555716632796},null,{"$f":" J11 * J13","v":0},{"$f":" K12 * K13","v":6.0007490697598073E-2},{"$f":" L12 * L13","v":0.28453327227798514},1.5090828973404231,4.1078860550107246,7.2120460013060654,0]
[]
[null,null,null,null,{"$f":"'RCV and post 2020 investment'!E56","v":"Wastewater Network Plus Embedded debt for return"},{"$f":"'RCV and post 2020 investment'!F56","v":0},{"$f":"'RCV and post 2020 investment'!G56","v":"£m"},{"$f":"'RCV and post 2020 investment'!H56","v":4701.450167604773},{"$f":"'RCV and post 2020 investment'!I56","v":0},{"$f":"'RCV and post 2020 investment'!J56","v":0},{"$f":"'RCV and post 2020 investment'!K56","v":1060.5420527948193},{"$f":"'RCV and post 2020 investment'!L56","v":990.41131425561446},{"$f":"'RCV and post 2020 investment'!M56","v":930.24660032363431},{"$f":"'RCV and post 2020 investment'!N56","v":885.1597213134271},{"$f":"'RCV and post 2020 investment'!O56","v":835.09047891727755},{"$f":"'RCV and post 2020 investment'!P56","v":0}]
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[null,null,null,null,"Wastewater network + Embedded debt interest cost",null,"£m",{"$f":" SUM(J19:O19)","v":116.12581913983789},null,{"$f":" J16 * J17","v":0},{"$f":" K16 * K18","v":26.195388704032034},{"$f":" L16 * L18","v":24.463159462113676},22.977091027993769,21.86344511644165,20.626734829256755,{"$f":" P16 * P17","v":0}]
[]
[null,null,null,null,"Wastewater network + outturn allowed new debt cost (CPIH real)",0,"Percentage",null,null,null,{"$f":"K12","v":1.6075917987388166E-3},{"$f":"L12","v":2.5292609007430875E-3},7.9203464110976889E-3,1.4858492845444049E-2,1.9586777952428507E-2]
[null,null,null,null,"Wastewater network + allowed embedded debt cost (CPIH real)",0,"Percentage",null,null,null,{"$f":"K18","v":2.47E-2},{"$f":"L18","v":2.47E-2},2.47E-2,2.47E-2,2.47E-2,{"$f":"P17","v":0}]
[null,null,null,null,"Ratio of new to embedded debt for outturn cost of debt allowance",0,"Percentage",null,null,null,{"$f":"InpR!K57","v":3.4000000000000002E-2},{"$f":"InpR!L57","v":0.10200000000000001},{"$f":"InpR!M57","v":0.17},{"$f":"InpR!N57","v":0.23800000000000002},{"$f":"InpR!O57","v":0.30600000000000005}]
[null,null,null,null,"Wastewater network + outturn allowed cost of overall debt (CPIH real)",0,"Percentage",null,null,null,{"$f":"(K23*K21)+(1-K23)*K22","v":2.3914858121157116E-2},{"$f":"(L23*L21)+(1-L23)*L22","v":2.2438584611875798E-2},{"$f":"(M23*M21)+(1-M23)*M22","v":2.1847458889886606E-2},{"$f":"(N23*N21)+(1-N23)*N22","v":2.2357721297215683E-2},{"$f":"(O23*O21)+(1-O23)*O22","v":2.3135354053443122E-2}]
[null,null,null,null,"CPIH inflation (long-term assumption)",0,"Percentage",null,null,null,{"$f":"InpR!K59","v":0.02},{"$f":"InpR!L59","v":0.02},{"$f":"InpR!M59","v":0.02},{"$f":"InpR!N59","v":0.02},{"$f":"InpR!O59","v":0.02}]
[null,null,null,null,"Issuance and liquidity costs",null,"Percentage",null,null,null,{"$f":"InpR!K38","v":1E-3},{"$f":"InpR!L38","v":1E-3},{"$f":"InpR!M38","v":1E-3},{"$f":"InpR!N38","v":1E-3},{"$f":"InpR!O38","v":1E-3}]
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[]
[null,null,null,null,{"$f":" E$14","v":"Wastewater network + extending trailing average interest cost"},0,"£m",13.173555716632796,0,0,6.0007490697598073E-2,0.28453327227798514,1.5090828973404231,4.1078860550107246,7.2120460013060654,0]
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[null,null,null,null,"Wastewater network + outturn debt allowance",null,"£m",{"$f":" SUM(J31:O31)","v":129.29937485647068},null,{"$f":" SUM(J29:J30)","v":0},26.255396194729631,24.747692734391663,24.486173925334192,25.971331171452373,27.838780830562818,0]
[]
["FD ALLOWANCE"]
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[null,null,null,null,{"$f":"InpR!E37","v":"Allowed sector embedded debt cost (not inc. CSA) - final determination (CPIH real)"},{"$f":"InpR!F37","v":0},{"$f":"InpR!G37","v":"percentage"},{"$f":"InpR!H37","v":0},{"$f":"InpR!I37","v":0},{"$f":"InpR!J37","v":0},{"$f":"InpR!K37","v":2.47E-2},{"$f":"InpR!L37","v":2.47E-2},{"$f":"InpR!M37","v":2.47E-2},{"$f":"InpR!N37","v":2.47E-2},{"$f":"InpR!O37","v":2.47E-2},{"$f":"P34*P35","v":0}]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"P14","v":0}]
["RECONCILIATION ADJUSTMENTS",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"P40-P41","v":0}]
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[null,null,null,null,"Reconciliation (in-year values) - Wastewater network +",null,"£m",{"$f":" SUM(J45:O45)","v":10.884033883516093},null,{"$f":"J43-J44","v":0},3.3933592305481426,1.7807381597158098,1.1470712685397793,1.7816119632754628,2.7812532614368983]
[]
[null,null,null,null,{"$f":" InpC!E$61","v":"PV base date"},{"$f":" InpC!F$61","v":"2025-03-31"},{"$f":" InpC!G$61","v":"date"}]
[null,null,null,null,{"$f":" InpC!E$62","v":"Days in a year"},{"$f":" InpC!F$62","v":365},{"$f":" InpC!G$62","v":"days"}]
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[null,null,null,null,"Years from valuation date - Wastewater network +",null,"years",null,null,{"$f":" ROUND( ( ( J49 - $F47 ) / $F48 ) * -1, 0)","v":5},{"$f":" ROUND( ( ( K49 - $F47 ) / $F48 ) * -1, 0)","v":4},3,2,1,0]
[]
[null,null,null,null,{"$f":"InpC!E56","v":"PR19 appointee allowed return on capital (CPIH-deflated using long-term assumption)"},{"$f":"InpC!F56","v":3.2000000000000001E-2},{"$f":"InpC!G56","v":"percentage"},null,null,null,{"$f":"$F$52","v":3.2000000000000001E-2},{"$f":"$F$52","v":3.2000000000000001E-2},3.2000000000000001E-2,3.2000000000000001E-2,3.2000000000000001E-2]
[null,null,null,null,{"$f":" E$50","v":"Years from valuation date - Wastewater network +"},{"$f":" F$50","v":0},"years",0,0,5,4,3,2,1,0]
[null,null,null,null,"Discount factor - Wastewater network +",null,"Factor",null,null,{"$f":" (1+$F52) ^J53","v":1.170572956434432},1.1342761205759999,1.0991047679999999,1.065024,1.032,1]
[]
[null,null,null,null,{"$f":" E$45","v":"Reconciliation (in-year values) - Wastewater network +"},{"$f":" F$45","v":0},"£m",10.884033883516093,0,0,3.3933592305481426,1.7807381597158098,1.1470712685397793,1.7816119632754628,2.7812532614368983]
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[null,null,null,null,"Discounted reconciliation (in-year values) Wastewater network +",null,"£m",null,null,null,{"$f":"K57*K56","v":3.8490063437469071},{"$f":"L57*L56","v":1.9572178019031918},{"$f":"M57*M56","v":1.2216584307053098},{"$f":"N57*N56","v":1.8386235461002776},{"$f":"O57*O56","v":2.7812532614368983}]
[]
[null,null,null,null,{"$f":" E$58","v":"Discounted reconciliation (in-year values) Wastewater network +"},{"$f":" F$58","v":0},"£m",0,0,0,3.8490063437469071,1.9572178019031918,1.2216584307053098,1.8386235461002776,2.7812532614368983]
[null,null,null,null,"Total value of reconciliation (31 March 2025 present values): Wastewater network +",null,"£m",{"$f":"SUM(K60:O60)","v":11.647759383892584}]

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[]
["COST OF DEBT CALCULATION BASED ON INDEX OUTTURN"]
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[null,null,null,null,{"$f":"InpC!E64","v":"Company-specific adjustment (new debt)"},{"$f":"InpC!F64","v":0},{"$f":"'Cost of Debt'!G47","v":"Percentage"},null,null,null,{"$f":"$F$9","v":0},{"$f":"$F$9","v":0},0,0,0]
[null,null,null,null,{"$f":"InpC!E65","v":"Company-specific adjustment (embedded debt)"},{"$f":"InpC!$F$65","v":0},{"$f":"'Cost of Debt'!G48","v":"Percentage"},null,null,null,{"$f":"$F$10","v":0},{"$f":"$F$10","v":0},{"$f":"$F$10","v":0},{"$f":"$F$10","v":0},{"$f":"$F$10","v":0}]
[null,null,null,null,{"$f":"'Cost of Debt'!E48","v":"Extending trailing average rate"},{"$f":"'Cost of Debt'!F48","v":0},{"$f":"'Cost of Debt'!G48","v":"Percentage"},{"$f":"'Cost of Debt'!H48","v":0},{"$f":"'Cost of Debt'!I48","v":0},{"$f":"'Cost of Debt'!J48","v":0},{"$f":"'Cost of Debt'!K48","v":1.6075917987388166E-3},{"$f":"'Cost of Debt'!L48","v":2.5292609007430875E-3},{"$f":"'Cost of Debt'!M48","v":7.9203464110976889E-3},{"$f":"'Cost of Debt'!N48","v":1.4858492845444049E-2},{"$f":"'Cost of Debt'!O48","v":1.9586777952428507E-2},{"$f":"'Cost of Debt'!P48","v":0}]
[null,null,null,null,"Extending trailing average rate (after any CSA adjustments)",null,"Percentage",null,null,null,{"$f":"K11+(K8*K9)","v":1.6075917987388166E-3},{"$f":"L11+(L8*L9)","v":2.5292609007430875E-3},7.9203464110976889E-3,1.4858492845444049E-2,1.9586777952428507E-2,0]
[null,null,null,null,{"$f":"'RCV and post 2020 investment'!E69","v":"Bioresources New debt for return"},{"$f":"'RCV and post 2020 investment'!F69","v":0},{"$f":"'RCV and post 2020 investment'!G69","v":"£m"},{"$f":"'RCV and post 2020 investment'!H69","v":70.250043902655406},{"$f":"'RCV and post 2020 investment'!I69","v":0},{"$f":"'RCV and post 2020 investment'!J69","v":0},{"$f":"'RCV and post 2020 investment'!K69","v":2.8058818454527024},{"$f":"'RCV and post 2020 investment'!L69","v":8.387872453446592},{"$f":"'RCV and post 2020 investment'!M69","v":13.986973820107007},{"$f":"'RCV and post 2020 investment'!N69","v":19.651889468641986},{"$f":"'RCV and post 2020 investment'!O69","v":25.417426315007116},{"$f":"'RCV and post 2020 investment'!P69","v":0}]
[null,null,null,null,"Bioresources extending trailing average interest cost",null,"£m",{"$f":" SUM(J14:O14)","v":0.92635045280163597},null,{"$f":" J11 * J13","v":0},{"$f":" K12 * K13","v":4.5107126429799003E-3},{"$f":" L12 * L13","v":2.1215117836922457E-2},0.11078167789820187,0.29199745906927421,0.49784548535425754,0]
[]
[null,null,null,null,{"$f":"'RCV and post 2020 investment'!E73","v":"Bioresources Embedded debt for return"},{"$f":"'RCV and post 2020 investment'!F73","v":0},{"$f":"'RCV and post 2020 investment'!G73","v":"£m"},{"$f":"'RCV and post 2020 investment'!H73","v":342.42070182193589},{"$f":"'RCV and post 2020 investment'!I73","v":0},{"$f":"'RCV and post 2020 investment'!J73","v":0},{"$f":"'RCV and post 2020 investment'!K73","v":79.72005478550912},{"$f":"'RCV and post 2020 investment'!L73","v":73.846171207794498},{"$f":"'RCV and post 2020 investment'!M73","v":68.289342768757734},{"$f":"'RCV and post 2020 investment'!N73","v":62.919074685315934},{"$f":"'RCV and post 2020 investment'!O73","v":57.646058374558606},{"$f":"'RCV and post 2020 investment'!P73","v":0}]
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[null,null,null,null,"Bioresources Embedded debt interest cost",null,"£m",{"$f":" SUM(J19:O19)","v":8.4577913350018168},null,{"$f":" J16 * J17","v":0},{"$f":" K16 * K18","v":1.9690853532020753},{"$f":" L16 * L18","v":1.824000428832524},1.686746766388316,1.5541011447273037,1.4238576418515976,{"$f":" P16 * P17","v":0}]
[]
[null,null,null,null,"Bioresources outturn allowed new debt cost (CPIH real)",0,"Percentage",null,null,null,{"$f":"K12","v":1.6075917987388166E-3},{"$f":"L12","v":2.5292609007430875E-3},7.9203464110976889E-3,1.4858492845444049E-2,1.9586777952428507E-2]
[null,null,null,null,"Bioresources allowed embedded debt cost (CPIH real)",0,"Percentage",null,null,null,{"$f":"K18","v":2.47E-2},{"$f":"L18","v":2.47E-2},2.47E-2,2.47E-2,2.47E-2,{"$f":"P17","v":0}]
[null,null,null,null,"Ratio of new to embedded debt for outturn cost of debt allowance",0,"Percentage",null,null,null,{"$f":"InpR!K57","v":3.4000000000000002E-2},{"$f":"InpR!L57","v":0.10200000000000001},{"$f":"InpR!M57","v":0.17},{"$f":"InpR!N57","v":0.23800000000000002},{"$f":"InpR!O57","v":0.30600000000000005}]
[null,null,null,null,"Bioresources outturn allowed cost of overall debt (CPIH real)",0,"Percentage",null,null,null,{"$f":"(K23*K21)+(1-K23)*K22","v":2.3914858121157116E-2},{"$f":"(L23*L21)+(1-L23)*L22","v":2.2438584611875798E-2},{"$f":"(M23*M21)+(1-M23)*M22","v":2.1847458889886606E-2},{"$f":"(N23*N21)+(1-N23)*N22","v":2.2357721297215683E-2},{"$f":"(O23*O21)+(1-O23)*O22","v":2.3135354053443122E-2}]
[null,null,null,null,"CPIH inflation (long-term assumption)",0,"Percentage",null,null,null,{"$f":"InpR!K59","v":0.02},{"$f":"InpR!L59","v":0.02},{"$f":"InpR!M59","v":0.02},{"$f":"InpR!N59","v":0.02},{"$f":"InpR!O59","v":0.02}]
[null,null,null,null,"Issuance and liquidity costs",null,"Percentage",null,null,null,{"$f":"InpR!K38","v":1E-3},{"$f":"InpR!L38","v":1E-3},{"$f":"InpR!M38","v":1E-3},{"$f":"InpR!N38","v":1E-3},{"$f":"InpR!O38","v":1E-3}]
[null,null,null,null,"Bioresources outturn allowed cost of overall debt (Nominal)",0,"Percentage",null,null,null,{"$f":"((1+K24)*(1+K25)-1)+K26","v":4.5393155283580122E-2},4.3887356304113223E-2,{"$f":"((1+M24)*(1+M25)-1)+M26","v":4.3284408067684521E-2},{"$f":"((1+N24)*(1+N25)-1)+N26","v":4.3804875723160053E-2},4.4598061134511924E-2]
[]
[null,null,null,null,{"$f":" E$14","v":"Bioresources extending trailing average interest cost"},0,"£m",0.92635045280163597,0,0,4.5107126429799003E-3,2.1215117836922457E-2,0.11078167789820187,0.29199745906927421,0.49784548535425754,0]
[null,null,null,null,{"$f":" E$19","v":"Bioresources Embedded debt interest cost"},{"$f":" F$19","v":0},{"$f":" G$19","v":"£m"},8.4577913350018168,0,0,1.9690853532020753,1.824000428832524,1.686746766388316,1.5541011447273037,1.4238576418515976,0]
[null,null,null,null,"Bioresources outturn debt allowance",null,"£m",{"$f":" SUM(J31:O31)","v":9.3841417878034523},null,{"$f":" SUM(J29:J30)","v":0},1.9735960658450553,1.8452155466694464,1.7975284442865178,1.8460986037965779,1.9217031272058551,0]
[]
["FD ALLOWANCE"]
[null,null,null,null,{"$f":"InpC!E51","v":"Notional % of 'new' debt over period "},{"$f":"InpC!F51","v":0.17},{"$f":"InpC!G51","v":"percentage"},null,null,null,{"$f":"$F$34","v":0.17},{"$f":"$F$34","v":0.17},0.17,0.17,0.17,{"$f":"InpR!P36","v":0}]
[null,null,null,null,{"$f":"InpR!E36","v":"Allowed sector new debt cost (not inc. CSA) - final determination (CPIH real)"},{"$f":"InpR!F36","v":0},{"$f":"InpR!G36","v":"percentage"},{"$f":"InpR!H36","v":0},{"$f":"InpR!I36","v":0},{"$f":"InpR!J36","v":0},{"$f":"InpR!K36","v":1.9E-3},{"$f":"InpR!L36","v":1.9E-3},{"$f":"InpR!M36","v":1.9E-3},{"$f":"InpR!N36","v":1.9E-3},{"$f":"InpR!O36","v":1.9E-3},{"$f":"P13","v":0}]
[null,null,null,null,"Allowed sector cost of new debt (after any CSA adjustments)",null,null,null,null,null,{"$f":"K35+(K8*K9)","v":1.9E-3},{"$f":"L35+(L8*L9)","v":1.9E-3},{"$f":"M35+(M8*M9)","v":1.9E-3},{"$f":"N35+(N8*N9)","v":1.9E-3},{"$f":"O35+(O8*O9)","v":1.9E-3}]
[null,null,null,null,{"$f":"InpR!E37","v":"Allowed sector embedded debt cost (not inc. CSA) - final determination (CPIH real)"},{"$f":"InpR!F37","v":0},{"$f":"InpR!G37","v":"percentage"},{"$f":"InpR!H37","v":0},{"$f":"InpR!I37","v":0},{"$f":"InpR!J37","v":0},{"$f":"InpR!K37","v":2.47E-2},{"$f":"InpR!L37","v":2.47E-2},{"$f":"InpR!M37","v":2.47E-2},{"$f":"InpR!N37","v":2.47E-2},{"$f":"InpR!O37","v":2.47E-2},{"$f":"P34*P35","v":0}]
[null,null,null,null,"Allowed sector cost of embedded debt (after any CSA adjustments)",null,null,null,null,null,{"$f":"K37+(K8*K10)","v":2.47E-2},{"$f":"L37+(L8*L10)","v":2.47E-2},{"$f":"M37+(M8*M10)","v":2.47E-2},{"$f":"N37+(N8*N10)","v":2.47E-2},{"$f":"O37+(O8*O10)","v":2.47E-2}]
[null,null,null,null,{"$f":"'RCV and post 2020 investment'!E65","v":"Bioresources Notional debt"},{"$f":"'RCV and post 2020 investment'!F65","v":0},{"$f":"'RCV and post 2020 investment'!G65","v":"£m"},{"$f":"'RCV and post 2020 investment'!H65","v":412.67074572459126},{"$f":"'RCV and post 2020 investment'!I65","v":0},{"$f":"'RCV and post 2020 investment'!J65","v":0},{"$f":"'RCV and post 2020 investment'!K65","v":82.525936630961823},{"$f":"'RCV and post 2020 investment'!L65","v":82.234043661241088},{"$f":"'RCV and post 2020 investment'!M65","v":82.276316588864745},{"$f":"'RCV and post 2020 investment'!N65","v":82.570964153957917},{"$f":"'RCV and post 2020 investment'!O65","v":83.063484689565726}]
[null,null,null,null,"Bioresources initial cost of debt allowance",null,"£m",null,{"$f":" I$14","v":0},null,{"$f":" (K39 * $K34 * K36) + (K39 * (1-$K34) * K38)","v":1.7185201044031488},{"$f":" (L39 * $K34 * L36) + (L39 * (1-$K34) * L38)","v":1.7124417252016841},1.7133220166465193,1.7194577575420196,1.7297140051755164,{"$f":" (P39 * $F34 * P35) + (P39 * (1-$F34) * P37)","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"P14","v":0}]
["RECONCILIATION ADJUSTMENTS",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"P40-P41","v":0}]
[null,null,null,null,{"$f":" E$31","v":"Bioresources outturn debt allowance"},{"$f":" F$31","v":0},"£m",9.3841417878034523,0,0,1.9735960658450553,1.8452155466694464,1.7975284442865178,1.8460986037965779,1.9217031272058551]
[null,null,null,null,{"$f":" E$40","v":"Bioresources initial cost of debt allowance"},{"$f":" F$40","v":0},"£m",0,0,0,1.7185201044031488,1.7124417252016841,1.7133220166465193,1.7194577575420196,1.7297140051755164]
[null,null,null,null,"Reconciliation (in-year values) - Bioresources",null,"£m",{"$f":" SUM(J45:O45)","v":0.79068617883456427},null,{"$f":"J43-J44","v":0},0.25507596144190647,0.13277382146776229,8.4206427639998527E-2,0.12664084625455829,0.19198912203033869]
[]
[null,null,null,null,{"$f":" InpC!E$61","v":"PV base date"},{"$f":" InpC!F$61","v":"2025-03-31"},{"$f":" InpC!G$61","v":"date"}]
[null,null,null,null,{"$f":" InpC!E$62","v":"Days in a year"},{"$f":" InpC!F$62","v":365},{"$f":" InpC!G$62","v":"days"}]
[null,null,null,null,{"$f":" Time!E$22","v":"Model Period END"},{"$f":" Time!F$22","v":0},{"$f":" Time!G$22","v":"date"},{"$f":" Time!H$22","v":"00:00:00"},{"$f":" Time!I$22","v":"00:00:00"},{"$f":" Time!J$22","v":"2020-03-31"},{"$f":" Time!K$22","v":"2021-03-31"},{"$f":" Time!L$22","v":"2022-03-31"},{"$f":" Time!M$22","v":"2023-03-31"},{"$f":" Time!N$22","v":"2024-03-31"},{"$f":" Time!O$22","v":"2025-03-31"},{"$f":"Time!P$22","v":"2026-03-31"}]
[null,null,null,null,"Years from valuation date - Bioresources",null,"years",null,null,{"$f":" ROUND( ( ( J49 - $F47 ) / $F48 ) * -1, 0)","v":5},{"$f":" ROUND( ( ( K49 - $F47 ) / $F48 ) * -1, 0)","v":4},3,2,1,0]
[]
[null,null,null,null,{"$f":"InpC!E56","v":"PR19 appointee allowed return on capital (CPIH-deflated using long-term assumption)"},{"$f":"InpC!F56","v":3.2000000000000001E-2},{"$f":"InpC!G56","v":"percentage"},null,null,null,{"$f":"$F$52","v":3.2000000000000001E-2},{"$f":"$F$52","v":3.2000000000000001E-2},3.2000000000000001E-2,3.2000000000000001E-2,3.2000000000000001E-2]
[null,null,null,null,{"$f":" E$50","v":"Years from valuation date - Bioresources"},{"$f":" F$50","v":0},"years",0,0,5,4,3,2,1,0]
[null,null,null,null,"Discount factor - Bioresources",null,"Factor",null,null,{"$f":" (1+$F52) ^J53","v":1.170572956434432},1.1342761205759999,1.0991047679999999,1.065024,1.032,1]
[]
[null,null,null,null,{"$f":" E$45","v":"Reconciliation (in-year values) - Bioresources"},{"$f":" F$45","v":0},"£m",0.79068617883456427,0,0,0.25507596144190647,0.13277382146776229,8.4206427639998527E-2,0.12664084625455829,0.19198912203033869]
[null,null,null,null,{"$f":" E$54","v":"Discount factor - Bioresources"},{"$f":" F$54","v":0},"Factor",0,0,1.170572956434432,1.1342761205759999,1.0991047679999999,1.065024,1.032,1]
[null,null,null,null,"Discounted reconciliation (in-year values) Bioresources",null,"£m",null,null,null,{"$f":"K57*K56","v":0.28932657199651901},{"$f":"L57*L56","v":0.14593234024079826},{"$f":"M57*M56","v":8.9681866390861786E-2},{"$f":"N57*N56","v":0.13069335333470417},{"$f":"O57*O56","v":0.19198912203033869}]
[]
[null,null,null,null,{"$f":" E$58","v":"Discounted reconciliation (in-year values) Bioresources"},{"$f":" F$58","v":0},"£m",0,0,0,0.28932657199651901,0.14593234024079826,8.9681866390861786E-2,0.13069335333470417,0.19198912203033869]
[null,null,null,null,"Total value of reconciliation (31 March 2025 present values): Bioresources",null,"£m",{"$f":"SUM(K60:O60)","v":0.8476232539932218}]

{"sheet":"Dummy","index":13,"n_rows":61,"n_cols":16,"rows_kept":61,"cut":false,"hidden":false,"merged":[]}
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[]
["COST OF DEBT CALCULATION BASED ON INDEX OUTTURN"]
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[null,null,null,null,{"$f":"InpC!E64","v":"Company-specific adjustment (new debt)"},{"$f":"InpC!F64","v":0},{"$f":"'Cost of Debt'!G47","v":"Percentage"},null,null,null,{"$f":"$F$9","v":0},{"$f":"$F$9","v":0},0,0,0]
[null,null,null,null,{"$f":"InpC!E65","v":"Company-specific adjustment (embedded debt)"},{"$f":"InpC!$F$65","v":0},{"$f":"'Cost of Debt'!G48","v":"Percentage"},null,null,null,{"$f":"$F$10","v":0},{"$f":"$F$10","v":0},{"$f":"$F$10","v":0},{"$f":"$F$10","v":0},{"$f":"$F$10","v":0}]
[null,null,null,null,{"$f":"'Cost of Debt'!E48","v":"Extending trailing average rate"},{"$f":"'Cost of Debt'!F48","v":0},{"$f":"'Cost of Debt'!G48","v":"Percentage"},{"$f":"'Cost of Debt'!H48","v":0},{"$f":"'Cost of Debt'!I48","v":0},{"$f":"'Cost of Debt'!J48","v":0},{"$f":"'Cost of Debt'!K48","v":1.6075917987388166E-3},{"$f":"'Cost of Debt'!L48","v":2.5292609007430875E-3},{"$f":"'Cost of Debt'!M48","v":7.9203464110976889E-3},{"$f":"'Cost of Debt'!N48","v":1.4858492845444049E-2},{"$f":"'Cost of Debt'!O48","v":1.9586777952428507E-2},{"$f":"'Cost of Debt'!P48","v":0}]
[null,null,null,null,"Extending trailing average rate (after any CSA adjustments)",null,"Percentage",null,null,null,{"$f":"K11+(K8*K9)","v":1.6075917987388166E-3},{"$f":"L11+(L8*L9)","v":2.5292609007430875E-3},7.9203464110976889E-3,1.4858492845444049E-2,1.9586777952428507E-2,0]
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[null,null,null,null,"Dummy extending trailing average interest cost",null,"£m",{"$f":" SUM(J14:O14)","v":0},null,{"$f":" J11 * J13","v":0},{"$f":" K12 * K13","v":0},{"$f":" L12 * L13","v":0},0,0,0,0]
[]
[null,null,null,null,{"$f":"'RCV and post 2020 investment'!E90","v":"Dummy Embedded debt for return"},{"$f":"'RCV and post 2020 investment'!F56","v":0},{"$f":"'RCV and post 2020 investment'!G56","v":"£m"},{"$f":"'RCV and post 2020 investment'!H90","v":0},{"$f":"'RCV and post 2020 investment'!I56","v":0},{"$f":"'RCV and post 2020 investment'!J56","v":0},{"$f":"'RCV and post 2020 investment'!K90","v":0},{"$f":"'RCV and post 2020 investment'!L90","v":0},{"$f":"'RCV and post 2020 investment'!M90","v":0},{"$f":"'RCV and post 2020 investment'!N90","v":0},{"$f":"'RCV and post 2020 investment'!O90","v":0},{"$f":"'RCV and post 2020 investment'!P56","v":0}]
[null,null,null,null,{"$f":" InpR!E$37","v":"Allowed sector embedded debt cost (not inc. CSA) - final determination (CPIH real)"},{"$f":" InpR!F$37","v":0},{"$f":" InpR!G$37","v":"percentage"},{"$f":" InpR!H$37","v":0},{"$f":" InpR!I$37","v":0},{"$f":" InpR!J$37","v":0},{"$f":" InpR!K$37","v":2.47E-2},{"$f":" InpR!L$37","v":2.47E-2},{"$f":" InpR!M$37","v":2.47E-2},{"$f":" InpR!N$37","v":2.47E-2},{"$f":" InpR!O$37","v":2.47E-2},{"$f":" InpR!P$37","v":0}]
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[null,null,null,null,"Dummy Embedded debt interest cost",null,"£m",{"$f":" SUM(J19:O19)","v":0},null,{"$f":" J16 * J17","v":0},{"$f":" K16 * K18","v":0},{"$f":" L16 * L18","v":0},0,0,0,{"$f":" P16 * P17","v":0}]
[]
[null,null,null,null,"Dummy outturn allowed new debt cost (CPIH real)",0,"Percentage",null,null,null,{"$f":"K12","v":1.6075917987388166E-3},{"$f":"L12","v":2.5292609007430875E-3},7.9203464110976889E-3,1.4858492845444049E-2,1.9586777952428507E-2]
[null,null,null,null,"Dummy allowed embedded debt cost (CPIH real)",0,"Percentage",null,null,null,{"$f":"K18","v":2.47E-2},{"$f":"L18","v":2.47E-2},2.47E-2,2.47E-2,2.47E-2,{"$f":"P17","v":0}]
[null,null,null,null,"Ratio of new to embedded debt for outturn cost of debt allowance",0,"Percentage",null,null,null,{"$f":"InpR!K57","v":3.4000000000000002E-2},{"$f":"InpR!L57","v":0.10200000000000001},{"$f":"InpR!M57","v":0.17},{"$f":"InpR!N57","v":0.23800000000000002},{"$f":"InpR!O57","v":0.30600000000000005}]
[null,null,null,null,"Dummy outturn allowed cost of overall debt (CPIH real)",0,"Percentage",null,null,null,{"$f":"(K23*K21)+(1-K23)*K22","v":2.3914858121157116E-2},{"$f":"(L23*L21)+(1-L23)*L22","v":2.2438584611875798E-2},{"$f":"(M23*M21)+(1-M23)*M22","v":2.1847458889886606E-2},{"$f":"(N23*N21)+(1-N23)*N22","v":2.2357721297215683E-2},{"$f":"(O23*O21)+(1-O23)*O22","v":2.3135354053443122E-2}]
[null,null,null,null,"CPIH inflation (long-term assumption)",0,"Percentage",null,null,null,{"$f":"InpR!K59","v":0.02},{"$f":"InpR!L59","v":0.02},{"$f":"InpR!M59","v":0.02},{"$f":"InpR!N59","v":0.02},{"$f":"InpR!O59","v":0.02}]
[null,null,null,null,"Issuance and liquidity costs",null,"Percentage",null,null,null,{"$f":"InpR!K38","v":1E-3},{"$f":"InpR!L38","v":1E-3},{"$f":"InpR!M38","v":1E-3},{"$f":"InpR!N38","v":1E-3},{"$f":"InpR!O38","v":1E-3}]
[null,null,null,null,"Dummy outturn allowed cost of overall debt (Nominal)",0,"Percentage",null,null,null,{"$f":"((1+K24)*(1+K25)-1)+K26","v":4.5393155283580122E-2},{"$f":"((1+L24)*(1+L25)-1)+L26","v":4.3887356304113223E-2},{"$f":"((1+M24)*(1+M25)-1)+M26","v":4.3284408067684521E-2},{"$f":"((1+N24)*(1+N25)-1)+N26","v":4.3804875723160053E-2},4.4598061134511924E-2]
[]
[null,null,null,null,{"$f":" E$14","v":"Dummy extending trailing average interest cost"},0,"£m",0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$19","v":"Dummy Embedded debt interest cost"},{"$f":" F$19","v":0},{"$f":" G$19","v":"£m"},0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Dummy outturn debt allowance",null,"£m",{"$f":" SUM(J31:O31)","v":0},null,{"$f":" SUM(J29:J30)","v":0},0,0,0,0,0,0]
[]
["FD ALLOWANCE"]
[null,null,null,null,{"$f":"InpC!E51","v":"Notional % of 'new' debt over period "},{"$f":"InpC!F51","v":0.17},{"$f":"InpC!G51","v":"percentage"},null,null,null,{"$f":"$F$34","v":0.17},{"$f":"$F$34","v":0.17},0.17,0.17,0.17,{"$f":"InpR!P36","v":0}]
[null,null,null,null,{"$f":"InpR!E36","v":"Allowed sector new debt cost (not inc. CSA) - final determination (CPIH real)"},{"$f":"InpR!F36","v":0},{"$f":"InpR!G36","v":"percentage"},{"$f":"InpR!H36","v":0},{"$f":"InpR!I36","v":0},{"$f":"InpR!J36","v":0},{"$f":"InpR!K36","v":1.9E-3},{"$f":"InpR!L36","v":1.9E-3},{"$f":"InpR!M36","v":1.9E-3},{"$f":"InpR!N36","v":1.9E-3},{"$f":"InpR!O36","v":1.9E-3},{"$f":"P13","v":0}]
[null,null,null,null,"Allowed sector cost of new debt (after any CSA adjustments)",null,null,null,null,null,{"$f":"K35+(K8*K9)","v":1.9E-3},{"$f":"L35+(L8*L9)","v":1.9E-3},{"$f":"M35+(M8*M9)","v":1.9E-3},{"$f":"N35+(N8*N9)","v":1.9E-3},{"$f":"O35+(O8*O9)","v":1.9E-3}]
[null,null,null,null,{"$f":"InpR!E37","v":"Allowed sector embedded debt cost (not inc. CSA) - final determination (CPIH real)"},{"$f":"InpR!F37","v":0},{"$f":"InpR!G37","v":"percentage"},{"$f":"InpR!H37","v":0},{"$f":"InpR!I37","v":0},{"$f":"InpR!J37","v":0},{"$f":"InpR!K37","v":2.47E-2},{"$f":"InpR!L37","v":2.47E-2},{"$f":"InpR!M37","v":2.47E-2},{"$f":"InpR!N37","v":2.47E-2},{"$f":"InpR!O37","v":2.47E-2},{"$f":"P34*P35","v":0}]
[null,null,null,null,"Allowed sector cost of embedded debt (after any CSA adjustments)",null,null,null,null,null,{"$f":"K37+(K8*K10)","v":2.47E-2},{"$f":"L37+(L8*L10)","v":2.47E-2},{"$f":"M37+(M8*M10)","v":2.47E-2},{"$f":"N37+(N8*N10)","v":2.47E-2},{"$f":"O37+(O8*O10)","v":2.47E-2}]
[null,null,null,null,{"$f":"'RCV and post 2020 investment'!E82","v":"Dummy Notional debt"},{"$f":"'RCV and post 2020 investment'!F82","v":0},{"$f":"'RCV and post 2020 investment'!G82","v":"£m"},{"$f":"'RCV and post 2020 investment'!H82","v":0},{"$f":"'RCV and post 2020 investment'!I82","v":0},{"$f":"'RCV and post 2020 investment'!J82","v":0},{"$f":"'RCV and post 2020 investment'!K82","v":0},{"$f":"'RCV and post 2020 investment'!L82","v":0},{"$f":"'RCV and post 2020 investment'!M82","v":0},{"$f":"'RCV and post 2020 investment'!N82","v":0},{"$f":"'RCV and post 2020 investment'!O82","v":0}]
[null,null,null,null,"Dummy initial cost of debt allowance",null,"£m",null,{"$f":" I$14","v":0},null,{"$f":" (K39 * $K34 * K36) + (K39 * (1-$K34) * K38)","v":0},{"$f":" (L39 * $K34 * L36) + (L39 * (1-$K34) * L38)","v":0},0,0,0,{"$f":" (P39 * $F34 * P35) + (P39 * (1-$F34) * P37)","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"P14","v":0}]
["RECONCILIATION ADJUSTMENTS",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"P40-P41","v":0}]
[null,null,null,null,{"$f":" E$31","v":"Dummy outturn debt allowance"},{"$f":" F$31","v":0},"£m",0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$40","v":"Dummy initial cost of debt allowance"},{"$f":" F$40","v":0},"£m",0,0,0,0,0,0,0,0]
[null,null,null,null,"Reconciliation (in-year values) - Dummy",null,"£m",{"$f":" SUM(J45:O45)","v":0},null,{"$f":"J43-J44","v":0},0,0,0,0,0]
[]
[null,null,null,null,{"$f":" InpC!E$61","v":"PV base date"},{"$f":" InpC!F$61","v":"2025-03-31"},{"$f":" InpC!G$61","v":"date"}]
[null,null,null,null,{"$f":" InpC!E$62","v":"Days in a year"},{"$f":" InpC!F$62","v":365},{"$f":" InpC!G$62","v":"days"}]
[null,null,null,null,{"$f":" Time!E$22","v":"Model Period END"},{"$f":" Time!F$22","v":0},{"$f":" Time!G$22","v":"date"},{"$f":" Time!H$22","v":"00:00:00"},{"$f":" Time!I$22","v":"00:00:00"},{"$f":" Time!J$22","v":"2020-03-31"},{"$f":" Time!K$22","v":"2021-03-31"},{"$f":" Time!L$22","v":"2022-03-31"},{"$f":" Time!M$22","v":"2023-03-31"},{"$f":" Time!N$22","v":"2024-03-31"},{"$f":" Time!O$22","v":"2025-03-31"},{"$f":"Time!P$22","v":"2026-03-31"}]
[null,null,null,null,"Years from valuation date - Dummy",null,"years",null,null,{"$f":" ROUND( ( ( J49 - $F47 ) / $F48 ) * -1, 0)","v":5},{"$f":" ROUND( ( ( K49 - $F47 ) / $F48 ) * -1, 0)","v":4},3,2,1,0]
[]
[null,null,null,null,{"$f":"InpC!E56","v":"PR19 appointee allowed return on capital (CPIH-deflated using long-term assumption)"},{"$f":"InpC!F56","v":3.2000000000000001E-2},{"$f":"InpC!G56","v":"percentage"},null,null,null,{"$f":"$F$52","v":3.2000000000000001E-2},{"$f":"$F$52","v":3.2000000000000001E-2},3.2000000000000001E-2,3.2000000000000001E-2,3.2000000000000001E-2]
[null,null,null,null,{"$f":" E$50","v":"Years from valuation date - Dummy"},{"$f":" F$50","v":0},"years",0,0,5,4,3,2,1,0]
[null,null,null,null,"Discount factor - Dummy",null,"Factor",null,null,{"$f":" (1+$F52) ^J53","v":1.170572956434432},1.1342761205759999,1.0991047679999999,1.065024,1.032,1]
[]
[null,null,null,null,{"$f":" E$45","v":"Reconciliation (in-year values) - Dummy"},{"$f":" F$45","v":0},"£m",0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$54","v":"Discount factor - Dummy"},{"$f":" F$54","v":0},"Factor",0,0,1.170572956434432,1.1342761205759999,1.0991047679999999,1.065024,1.032,1]
[null,null,null,null,"Discounted reconciliation (in-year values) Dummy",null,"£m",null,null,null,{"$f":"K57*K56","v":0},{"$f":"L57*L56","v":0},{"$f":"M57*M56","v":0},{"$f":"N57*N56","v":0},{"$f":"O57*O56","v":0}]
[]
[null,null,null,null,{"$f":" E$58","v":"Discounted reconciliation (in-year values) Dummy"},{"$f":" F$58","v":0},"£m",0,0,0,0,0,0,0,0]
[null,null,null,null,"Total value of reconciliation (31 March 2025 present values): Dummy",null,"£m",{"$f":"SUM(K60:O60)","v":0}]

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[]
["Total revenue adjustments applied as part of PR24"]
[]
[null,null,null,null,"Outturn nominal weighted average cost of debt - Water resources",null,"%",null,null,null,{"$f":"'Water resources'!K27","v":4.5393155283580122E-2},{"$f":"'Water resources'!L27","v":4.3887356304113223E-2},{"$f":"'Water resources'!M27","v":4.3284408067684521E-2},{"$f":"'Water resources'!N27","v":4.3804875723160053E-2},{"$f":"'Water resources'!O27","v":4.4598061134511924E-2}]
[null,null,null,null,"Outturn nominal weighted average cost of debt - Water network plus",null,"%",null,null,null,{"$f":"'Water network +'!K27","v":4.5393155283580122E-2},{"$f":"'Water network +'!L27","v":4.3887356304113223E-2},{"$f":"'Water network +'!M27","v":4.3284408067684521E-2},{"$f":"'Water network +'!N27","v":4.3804875723160053E-2},{"$f":"'Water network +'!O27","v":4.4598061134511924E-2}]
[null,null,null,null,"Outturn nominal weighted average cost of debt - Wastewater network plus",null,"%",null,null,null,{"$f":"'Wastewater network +'!K27","v":4.5393155283580122E-2},{"$f":"'Wastewater network +'!L27","v":4.3887356304113223E-2},{"$f":"'Wastewater network +'!M27","v":4.3284408067684521E-2},{"$f":"'Wastewater network +'!N27","v":4.3804875723160053E-2},{"$f":"'Wastewater network +'!O27","v":4.4598061134511924E-2}]
[null,null,null,null,"Outturn nominal weighted average cost of debt - Bioresources",null,"%",null,null,null,{"$f":"Bioresources!K27","v":4.5393155283580122E-2},{"$f":"Bioresources!L27","v":4.3887356304113223E-2},{"$f":"Bioresources!M27","v":4.3284408067684521E-2},{"$f":"Bioresources!N27","v":4.3804875723160053E-2},{"$f":"Bioresources!O27","v":4.4598061134511924E-2}]
[null,null,null,null,"Outturn nominal weighted average cost of debt - Dummy",null,"%",null,null,null,{"$f":"Dummy!K27","v":4.5393155283580122E-2},{"$f":"Dummy!L27","v":4.3887356304113223E-2},{"$f":"Dummy!M27","v":4.3284408067684521E-2},{"$f":"Dummy!N27","v":4.3804875723160053E-2},{"$f":"Dummy!O27","v":4.4598061134511924E-2}]
[]
[null,null,null,null,"Revenue adjustment  from new debt reconciliation - Water resources",null,"£m, CPIH-deflated 2017/18 prices, 2024/25 present values",null,null,null,{"$f":"'Water resources'!K60","v":0.62177530082262067},{"$f":"'Water resources'!L60","v":0.30638498268684156},{"$f":"'Water resources'!M60","v":0.1830331768743618},{"$f":"'Water resources'!N60","v":0.25743965812065206},{"$f":"'Water resources'!O60","v":0.36348445521395156}]
[null,null,null,null,"Revenue adjustment  from new debt reconciliation - Water network plus",null,"£m, CPIH-deflated 2017/18 prices, 2024/25 present values",null,null,null,{"$f":"'Water network +'!K60","v":3.6179106766984814},{"$f":"'Water network +'!L60","v":1.8791870848056027},{"$f":"'Water network +'!M60","v":1.1848216667350642},{"$f":"'Water network +'!N60","v":1.752213127046744},{"$f":"'Water network +'!O60","v":2.5825920399985094}]
[null,null,null,null,"Revenue adjustment  from new debt reconciliation - Wastewater network plus",null,"£m, CPIH-deflated 2017/18 prices, 2024/25 present values",null,null,null,{"$f":"'Wastewater network +'!K60","v":3.8490063437469071},{"$f":"'Wastewater network +'!L60","v":1.9572178019031918},{"$f":"'Wastewater network +'!M60","v":1.2216584307053098},{"$f":"'Wastewater network +'!N60","v":1.8386235461002776},{"$f":"'Wastewater network +'!O60","v":2.7812532614368983}]
[null,null,null,null,"Revenue adjustment  from new debt reconciliation - Bioresources",null,"£m, CPIH-deflated 2017/18 prices, 2024/25 present values",null,null,null,{"$f":"Bioresources!K60","v":0.28932657199651901},{"$f":"Bioresources!L60","v":0.14593234024079826},{"$f":"Bioresources!M60","v":8.9681866390861786E-2},{"$f":"Bioresources!N60","v":0.13069335333470417},{"$f":"Bioresources!O60","v":0.19198912203033869}]
[null,null,null,null,"Revenue adjustment  from new debt reconciliation - Dummy",null,"£m, CPIH-deflated 2017/18 prices, 2024/25 present values",null,null,null,{"$f":"Dummy!K60","v":0},{"$f":"Dummy!L60","v":0},{"$f":"Dummy!M60","v":0},{"$f":"Dummy!N60","v":0},{"$f":"Dummy!O60","v":0}]
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["Acronym","Reference","Item description","Unit","Model","2020-21","2021-22","2022-23","2023-24","2024-25"]
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[null,"C_PR24PD12_PD12_CODWR_PR24","Outturn nominal weighted average cost of debt - Water resources","%","Price Review 2024",{"$f":"Output!K9","v":4.5393155283580122E-2},{"$f":"Output!L9","v":4.3887356304113223E-2},{"$f":"Output!M9","v":4.3284408067684521E-2},{"$f":"Output!N9","v":4.3804875723160053E-2},{"$f":"Output!O9","v":4.4598061134511924E-2}]
[null,"C_PR24PD12_PD12_CODWN_PR24","Outturn nominal weighted average cost of debt - Water network plus","%","Price Review 2024",{"$f":"Output!K10","v":4.5393155283580122E-2},{"$f":"Output!L10","v":4.3887356304113223E-2},{"$f":"Output!M10","v":4.3284408067684521E-2},{"$f":"Output!N10","v":4.3804875723160053E-2},{"$f":"Output!O10","v":4.4598061134511924E-2}]
[null,"C_PR24PD12_PD12_CODWWN_PR24","Outturn nominal weighted average cost of debt - Wastewater network plus","%","Price Review 2024",{"$f":"Output!K11","v":4.5393155283580122E-2},{"$f":"Output!L11","v":4.3887356304113223E-2},{"$f":"Output!M11","v":4.3284408067684521E-2},{"$f":"Output!N11","v":4.3804875723160053E-2},{"$f":"Output!O11","v":4.4598061134511924E-2}]
[null,"C_PR24PD12_PD12_CODBIO_PR24","Outturn nominal weighted average cost of debt - Bioresources","%","Price Review 2024",{"$f":"Output!K12","v":4.5393155283580122E-2},{"$f":"Output!L12","v":4.3887356304113223E-2},{"$f":"Output!M12","v":4.3284408067684521E-2},{"$f":"Output!N12","v":4.3804875723160053E-2},{"$f":"Output!O12","v":4.4598061134511924E-2}]
[null,"C_PR24PD12_PD12_CODADDN1_PR24","Outturn nominal weighted average cost of debt - ADDN1","%","Price Review 2024",{"$f":"Output!K13","v":4.5393155283580122E-2},{"$f":"Output!L13","v":4.3887356304113223E-2},{"$f":"Output!M13","v":4.3284408067684521E-2},{"$f":"Output!N13","v":4.3804875723160053E-2},{"$f":"Output!O13","v":4.4598061134511924E-2}]
[null,"C_PR24PD12_PD12_CODADDN2_PR24","Outturn nominal weighted average cost of debt - ADDN2","%","Price Review 2024"]
[null,"C_PR24PD12_PD12_26WR_PR24","PR19 Cost of new debt revenue adjustment in 2017-18 FYA (CPIH deflated) prices (WR)","£m","Price Review 2024",{"$f":"Output!K15","v":0.62177530082262067},{"$f":"Output!L15","v":0.30638498268684156},{"$f":"Output!M15","v":0.1830331768743618},{"$f":"Output!N15","v":0.25743965812065206},{"$f":"Output!O15","v":0.36348445521395156}]
[null,"C_PR24PD12_PD12_26WN_PR24","PR19 Cost of new debt revenue adjustment in 2017-18 FYA (CPIH deflated) prices (WN)","£m","Price Review 2024",{"$f":"Output!K16","v":3.6179106766984814},{"$f":"Output!L16","v":1.8791870848056027},{"$f":"Output!M16","v":1.1848216667350642},{"$f":"Output!N16","v":1.752213127046744},{"$f":"Output!O16","v":2.5825920399985094}]
[null,"C_PR24PD12_PD12_26WWN_PR24","PR19 Cost of new debt revenue adjustment in 2017-18 FYA (CPIH deflated) prices (WWN)","£m","Price Review 2024",{"$f":"Output!K17","v":3.8490063437469071},{"$f":"Output!L17","v":1.9572178019031918},{"$f":"Output!M17","v":1.2216584307053098},{"$f":"Output!N17","v":1.8386235461002776},{"$f":"Output!O17","v":2.7812532614368983}]
[null,"C_PR24PD12_PD12_26BIO_PR24","PR19 Cost of new debt revenue adjustment in 2017-18 FYA (CPIH deflated) prices (BR)","£m","Price Review 2024",{"$f":"Output!K18","v":0.28932657199651901},{"$f":"Output!L18","v":0.14593234024079826},{"$f":"Output!M18","v":8.9681866390861786E-2},{"$f":"Output!N18","v":0.13069335333470417},{"$f":"Output!O18","v":0.19198912203033869}]
[null,"C_PR24PD12_PD12_26ADDN1_PR24","PR19 Cost of new debt revenue adjustment in 2017-18 FYA (CPIH deflated) prices (ADDN1)","£m","Price Review 2024",{"$f":"Output!K19","v":0},{"$f":"Output!L19","v":0},{"$f":"Output!M19","v":0},{"$f":"Output!N19","v":0},{"$f":"Output!O19","v":0}]
[null,"C_PR24PD12_PD12_26ADDN2_PR24","PR19 Cost of new debt revenue adjustment in 2017-18 FYA (CPIH deflated) prices (ADDN2)","£m","Price Review 2024"]
[null,"PR24QA_PR24PD12_OUT1","Date & Time for Model - PR24PD12","Text","Price Review 2024",{"$f":"CONCATENATE(\"[…]\", TEXT(NOW(),\"dd/mm/yyy hh:mm:ss\"))","v":"[…]09/08/2024 09:14:50"},{"$f":"CONCATENATE(\"[…]\", TEXT(NOW(),\"dd/mm/yyy hh:mm:ss\"))","v":"[…]09/08/2024 09:14:50"},"[…]09/08/2024 09:14:50","[…]09/08/2024 09:14:50","[…]09/08/2024 09:14:50"]
[null,"PR24QA_PR24PD12_OUT2","Name of Model - PR24PD12","Text","Price Review 2024",{"$f":"MID(CELL(\"filename\"),SEARCH(\"[\",CELL(\"filename\"))+1,SEARCH(\"]\",CELL(\"filename\"))-SEARCH(\"[\",CELL(\"filename\"))-1)","v":"PR24-DD-RCV-adjustments-model-Northumbrian-Water updated 23-24.xlsx"},{"$f":"MID(CELL(\"filename\"),SEARCH(\"[\",CELL(\"filename\"))+1,SEARCH(\"]\",CELL(\"filename\"))-SEARCH(\"[\",CELL(\"filename\"))-1)","v":"PR24-DD-RCV-adjustments-model-Northumbrian-Water updated 23-24.xlsx"},"PR24-DD-RCV-adjustments-model-Northumbrian-Water updated 23-24.xlsx","PR24-DD-RCV-adjustments-model-Northumbrian-Water updated 23-24.xlsx","PR24-DD-RCV-adjustments-model-Northumbrian-Water updated 23-24.xlsx"]
[null,"PR24QA_PR24PD12_OUT3","F_Inputs time stamp - PR24PD12","Text","Price Review 2024",{"$f":"F_Inputs!$E$1","v":"Run on 08 Mar 2024 16:53"},{"$f":"F_Inputs!$E$1","v":"Run on 08 Mar 2024 16:53"},{"$f":"F_Inputs!$E$1","v":"Run on 08 Mar 2024 16:53"},{"$f":"F_Inputs!$E$1","v":"Run on 08 Mar 2024 16:53"},{"$f":"F_Inputs!$E$1","v":"Run on 08 Mar 2024 16:53"}]
[null,"PR24QA_PR24PD12_OUT4","Model override switch for - PR24PD12","nr","Price Review 2024",1,1,1,1,1]

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["C_PR24PD12_PD12_CODBIO_PR24",null,"Outturn nominal weighted average cost of debt - Bioresources","%","None",2,"OUTTURN",null,null,null,null,null,null,"Outturn nominal weighted average cost of debt - Bioresources"]
["C_PR24PD12_PD12_CODADDN1_PR24",null,"Outturn nominal weighted average cost of debt - ADDN1","%","None",2,"OUTTURN",null,null,null,null,null,null,"Outturn nominal weighted average cost of debt - ADDN1"]
["C_PR24PD12_PD12_CODADDN2_PR24",null,"Outturn nominal weighted average cost of debt - ADDN2","%","None",2,"OUTTURN",null,null,null,null,null,null,"Outturn nominal weighted average cost of debt - ADDN2"]
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["PR24QA_PR24PD12_OUT2",null,"Name of Model - PR24PD12","Text","None",null,null,null,null,null,null,null,null,"Name of Model - PR24PD12"]
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