{"text_format":"1","workbook":"xlsx","n_sheets":9,"sheets":["Front page","Model formatting","ToC","InpC","InpR","Time","Calcs","Track","Checks"],"not_rendered":{"charts":0,"images":0,"macros":1,"external_links":0,"defined_names":67,"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":"Front page","index":0,"n_rows":66,"n_cols":4,"rows_kept":66,"cut":false,"hidden":false,"merged":[]}
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[]
[null,"Model name:","Model to illustrate the operation of the true up for differences between actual and forecast RPI/CPIH wedge"]
[null,"Version number:",2]
[null,"Filename:",{"$f":"SUBSTITUTE(LEFT(CELL(\"filename\"),FIND(\"]\",CELL(\"filename\"))-1),\"[\",\"\")","v":"C:\\Users\\laura.masters\\AppData\\Local\\Microsoft\\Windows\\INetCache\\Content.Outlook\\XH6XOTLN\\RPI-CPIH-wedge-true-up-model March 2018.xlsm"}]
[null,"Date:","2018-03-06"]
[]
[null,"Author:","Robert Thorp"]
[null,"Author contact information:","robert.thorp@ofwat.gsi.gov.uk"]
[null,"Sponsor:","Andrew Chesworth"]
[null,"Sponsor contact information:","andrew.chesworth@ofwat.gsi.gov.uk"]
[]
[null,"Summary of model:","The purpose of this spreadsheet is to illustrate how the CPIH - RPI wedge true up may work in practice. "]
[null,null,"It isolates the effect of variances in the wedge, and then demonstrates that the true up applies a revenue adjustment to correct for this "]
[]
[]
[null,"Error check status",{"$f":" Checks!$F$9","v":0}]
[null,"Input check status",{"$f":" InpC!$J$10","v":0}]
[null,"Track check status",{"$f":" Checks!$F$18","v":0}]
[]
[]
[null,"Changes since December 2017 version"]
[]
[null,"Sheet","Row/Cell","Comment"]
[]
[null,"InpC","34 & 36","Actual and True up nominal RCV inputs have been amended to be formula driven to equal Forecast nominal RCV."]
[null,"Calc",118,"Label has been amended from 'Actual RCV balance' to 'Actual average RCV balance'."]
[null,"Calc",51,"Forecast nominal return calculation has been amended to only calculate during the forecast period"]
[null,"Calc",124,"Nominal return company should have received calculation has been amended to only calculate during the forecast period"]
[null,"Calc",179,"True up nominal return calculation has been amended to only calculate during the forecast period"]
[]
[]
[null,"Instructions"]
[null,null,"Track ","To store Track in the Track sheet, follow the steps mentioned below:"]
[]
[null,null,"Using Macro","Please follow the steps mentioned below for storing Track using a macro:"]
[]
[null,null,"Step 1 - ","Go to the Track sheet and press \"Store Outputs\" button to save the track for new case >>>"]
[null,null,null,{"$f":"Track!$E$3","v":"Store Outputs"}]
[]
[null,null,"Step 2 - ","A dialog box \"Enter the label for the new track column\" will appear, type the new track label (For ex: version name like \"01A\"), the label will appear in row 5."]
[]
[null,null,"Step 3 - ","A new dialog box \"Enter the comment for the new track\" will appear, write the brief description of the change done in the model. The description will be updated in row 177."]
[]
[null,null,"Step 4 - ","Press enter, a new track column will appear before the last stored track:"]
[]
[null,null,"Step 5 - ","Review the difference between stored cases and active case (col H) by selecting the stored case in cell H5 >>>"]
[null,null,null,{"$f":"Track!$H$5","v":"Nil inputs"}]
[]
[null,null,"Manual steps","Please follow the steps mentioned below for storing Track manually:"]
[]
[null,null,"Step 1 - ","Go to last stored column of 'Track' sheet"]
[null,null,null,"Select the column by pressing Ctrl + Spacebar and Copy (Ctrl + C). Then insert a new column after the last stored column by pressing Alt, I, E"]
[]
[null,null,"Step 2 - ","Select the newly inserted column (Ctrl + Spacebar) and delete the previously stored values from this column by pressing Delete button"]
[]
[null,null,"Step 3 - ","Go to active track column (H column)"]
[null,null,null,{"$f":"Track!$H$5","v":"Nil inputs"}]
[null,null,null,"Select the range from H6 till 'do not delete row - range end' row and Copy (Ctrl + C)"]
[]
[null,null,"Step 4 - ","Paste the selected values (Alt E, S, V) in newly inserted column"]
[]
[null,null,"Step 5 - ","Update 'New track name' in row 5 of newly inserted column. Then select 'New track name' from the dropdown list present in H5."]
[]
[null,null,"Step 6 - ","Review the difference between stored cases and active case (col H) by selecting the stored case in cell H5."]
[null,null,null,{"$f":"Track!$H$5","v":"Nil inputs"}]

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[]
[]
["SHEET TABS"]
[]
[null,null,null,null,"Light Yellow",null,"Input sheets"]
[]
[null,null,null,null,"No colour (default Excel tab colour)",null,"Calculation and documentation sheets"]
[]
[null,null,null,null,"Pale Blue",null,"Key output sheets"]
[]
[null,null,null,null,"Turquoise",null,"Quality control sheets"]
[]
[null,null,null,null,"Yellow",null,"To be completed, temporary, restructured, or deleted"]
[]
[]
["COLOUR"]
[]
[null,"Font colour only"]
[null,null,null,null,"Blue font",null,"Imported from another sheet"]
[]
[null,null,null,null,"Red font ",null,"Exported to another sheet (except from Input sheets)"]
[]
[null,null,null,null,"Black font",null,"Within sheet link or calculation"]
[]
[null,"Font + shade combinations"]
[null,null,null,null,"Black font + Light Yellow shade",null,"Inputs"]
[]
[null,null,null,null,"Black font + Light Grey shade on entire row",null,"Within-worksheet counter-flow "]
[]
[null,null,null,null,"Blue font + Light Grey shade on entire row",null,"Between-worksheet counter-flow "]
[]
[null,null,null,null,"Empty Cell with Light Grey shade",null,"Empty cells being deliberately referenced"]
[]
[null,"Other"]
[null,null,null,null,"Black font + Pale Blue shade on entire row",null,"Section separator"]
[]
[null,null,null,null,"Light Turquoise shade",null,"Stored/dead/hard coded outputs"]
[]
[null,null,null,null,"Tan shade",null,"Pre-model time line actuals"]
[]
[null,null,null,null,"Yellow shade",null,"Work in progress / temporary"]
[]
[null,null,null,null,"Lime shade",null,"Values or logic to be reviewed"]
[]
[null,"Error checks & alerts"]
[null,null,null,null,"Green shade",null,"OK"]
[]
[null,null,null,null,"Red shade",null,"Error"]
[]
[null,null,null,null,"Gold shade",null,"Alert"]
[]
[]
["ABBREVIATIONS"]
[]
[null,null,null,null,"chks",null,"Checks"]
[null,null,null,null,"£",null,"Great Britain Pound"]
[null,null,null,null,"IRE",null,"Infrastructure renewal expenditure "]
[null,null,null,null,"incl",null,"Including"]
[null,null,null,null,"m",null,"Million"]
[null,null,null,null,"WACC",null,"Weighted average cost of capital"]
[]
[]
["NAMES"]
[]
[null,null,null,null,"CHK_TOL",null,"=InpC!F41"]
[null,null,null,null,"LIVE_RESULTS",null,"=Track!$H$6:$H$175"]
[null,null,null,null,"START_TRACK_STORE",null,"=Track!$M$5"]
[null,null,null,null,"TRACK_ACTIVE",null,"=Track!$H$5"]
[null,null,null,null,"TRACK_COMMENT_START",null,"=Track!$M$177"]
[null,null,null,null,"TRK_COMMENT",null,"=Track!$E$177"]
[null,null,null,null,"TRK_TOL",null,"=InpC!$F$42"]
[]
["LIST OF MACROS USED"]
[]
[null,null,null,null,"CAPTURE_TRACK",null,"see front page for instructions"]
[]
["END"]

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[null,"ASSUMPTIONS",null,"CALCULATIONS",null,"OUTPUTS"]
[]
[null,{"$f":"'Front page'!$A$1","v":"Front page"},null,{"$f":"Time!A$1","v":"Time"},null,{"$f":"Checks!$A$1","v":"Checks"}]
[null,"Model documentation sheet",null,"Flags, part period factors (PPFs) and dates",null,"Checks"]
[]
[null,{"$f":"'Model formatting'!$A$1","v":"Model formatting"},null,{"$f":"Calcs!$A$1","v":"Calcs"}]
[null,"Explanation of different formatting types",null,"Calculation of true up"]
[]
[null,{"$f":"$A$1","v":"ToC"}]
[null,"Table of contents"]
[]
[null,{"$f":"InpC!$A$1","v":"InpC"}]
[null,"Inputs - column format"]
[]
[null,{"$f":"InpR!$A$1","v":"InpR"}]
[null,"Inputs - row format"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["END"]

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[null,null,null,null,null,{"$f":" InpC!$J$10","v":0},"Input Error"]
[null,null,null,null,null,{"$f":" Checks!$F$18","v":0},"Track checks"]
[]
[null,null,null,null,"Option Count",1,"count",null,null,{"$f":" MATCH($F$6, K6:Q6, 0)","v":2},null,1,{"$f":" L6 + 1","v":2},{"$f":" M6 + 1","v":3},{"$f":" N6 + 1","v":4},{"$f":" O6 + 1","v":5}]
[null,null,null,null,"Comparision Option Count",1,"count",null,null,{"$f":" MATCH($F$7, K6:Q6, 0)","v":2}]
[null,null,null,null,null,"Constant","Unit","Comment"]
[]
[null,null,null,null,"Total Comparison Column Differences",null,null,null,null,{"$f":" SUM(J14:J44)","v":0}]
[]
[null,null,null,null,"Option Name",null,null,null,null,null,null,"Input 1","Input 2","Input 3","Input 4","Input 5"]
[]
[null,null,null,null,"[don't delete row]"]
[]
["TIME"]
[]
[null,null,null,null,"First date of time ruler",{"$f":" INDEX(K18:Q18, J$6)","v":"2017-04-01"},"date",null,null,{"$f":" IF(F18 = INDEX(K18:CU18, J$7), 0, 1)","v":0},null,"2017-04-01","2017-04-01","2017-04-01","2017-04-01","2017-04-01"]
[null,null,null,null,null,{"$f":" INDEX(K19:Q19, J$6)","v":"00:00:00"},null,null,null,0]
[null,null,null,null,"Last Pre Forecast Date","2020-03-31","date",null,null,0,null,"2020-03-31","2020-03-31","2020-03-31","2020-03-31","2020-03-31"]
[null,null,null,null,null,"00:00:00",null,null,null,0]
[null,null,null,null,"Acquisition date (midnight)","2020-03-31","date",null,null,0,null,"2020-03-31","2020-03-31","2020-03-31","2020-03-31","2020-03-31"]
[null,null,null,null,"Length of forecast period",5,"years",null,null,0,null,5,5,5,5,5]
[null,null,null,null,"Last forecast date","2025-03-31","date",null,null,0,null,{"$f":"DATE(YEAR(L22)+L23,MONTH(L22),DAY(L22))","v":"2025-03-31"},{"$f":"DATE(YEAR(M22)+M23,MONTH(M22),DAY(M22))","v":"2025-03-31"},{"$f":"DATE(YEAR(N22)+N23,MONTH(N22),DAY(N22))","v":"2025-03-31"},{"$f":"DATE(YEAR(O22)+O23,MONTH(O22),DAY(O22))","v":"2025-03-31"},{"$f":"DATE(YEAR(P22)+P23,MONTH(P22),DAY(P22))","v":"2025-03-31"}]
[null,null,null,null,null,"00:00:00",null,null,null,0]
[null,null,null,null,null,"00:00:00",null,null,null,0]
[null,null,null,null,"Operation Start Date (midnight)","2021-03-31","date",null,null,0,null,"2021-03-31","2021-03-31","2021-03-31","2021-03-31","2021-03-31"]
[null,null,null,null,"Operation Finish Date (midnight)","2025-03-31","date",null,null,0,null,"2025-03-31","2025-03-31","2025-03-31","2025-03-31","2025-03-31"]
[null,null,null,null,"First Modelling Column Financial Year Number",{"$f":" INDEX(K29:Q29, J$6)","v":2018},"year",null,null,0,null,2018,2018,2018,2018,2018]
[null,null,null,null,"Financial Year End Month Number",3,"month #",null,null,0,null,3,3,3,3,3]
[null,null,null,null,null,null,null,null,null,0]
[null,null,null,null,"Forecast Nominal RCV - initial balance",{"$f":" INDEX(K32:Q32, J$6)","v":0},"£m",null,null,0]
[null,null,null,null,null,null,null,null,null,0]
[null,null,null,null,"Actual Nominal RCV - initial balance",0,"£m",null,null,0,null,{"$f":" L$32","v":0},{"$f":" M$32","v":0},0,0,0]
[null,null,null,null,null,null,null,null,null,0]
[null,null,null,null,"True up Nominal RCV - initial balance",0,"£m",null,null,0,null,{"$f":" L$32","v":0},{"$f":" M$32","v":0},0,0,0]
[null,null,null,null,null,null,null,null,null,0]
["NON CHANGEABLE INPUTS",null,null,null,null,{"$f":" INDEX(K38:Q38, J$6)","v":0},null,null,null,0]
[null,null,null,null,null,0,null,null,null,0]
[null,"Model Tolerance",null,null,null,0,null,null,null,0]
[null,null,null,null,"Model Check Tolerance Level",1E-3,"tolerance",null,null,0,null,1E-3,1E-3,1E-3,1E-3,1E-3]
[null,null,null,null,"Track Tolerance Level",1E-3,"tolerance",null,null,0,null,1E-3,1E-3,1E-3,1E-3,1E-3]
[null,null,null,null,null,{"$f":" INDEX(K43:Q43, J$6)","v":"00:00:00"},null,null,null,0]
[null,null,null,null,"[don't delete row]"]

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[null,null,null,null,{"$f":"Time!E$23","v":"Model Period END"},{"$f":" InpC!$J$10","v":0},"Input Error",null,null,{"$f":"Time!J$23","v":"2018-03-31"},{"$f":"Time!K$23","v":"2019-03-31"},{"$f":"Time!L$23","v":"2020-03-31"},{"$f":"Time!M$23","v":"2021-03-31"},{"$f":"Time!N$23","v":"2022-03-31"},{"$f":"Time!O$23","v":"2023-03-31"},{"$f":"Time!P$23","v":"2024-03-31"},{"$f":"Time!Q$23","v":"2025-03-31"},{"$f":"Time!R$23","v":"2026-03-31"}]
[null,null,null,null,{"$f":"Time!E$59","v":"Pre Forecast vs Forecast"},{"$f":" Checks!$F$18","v":0},"Track checks",null,null,{"$f":"Time!J$59","v":"Pre Fcst"},{"$f":"Time!K$59","v":"Pre Fcst"},{"$f":"Time!L$59","v":"Pre Fcst"},{"$f":"Time!M$59","v":"Forecast"},{"$f":"Time!N$59","v":"Forecast"},{"$f":"Time!O$59","v":"Forecast"},{"$f":"Time!P$59","v":"Forecast"},{"$f":"Time!Q$59","v":"Forecast"},{"$f":"Time!R$59","v":"Post-Fcst"}]
[null,null,null,null,{"$f":"Time!E$86","v":"Financial Year Ending"},null,null,null,null,{"$f":"Time!J$86","v":2018},{"$f":"Time!K$86","v":2019},{"$f":"Time!L$86","v":2020},{"$f":"Time!M$86","v":2021},{"$f":"Time!N$86","v":2022},{"$f":"Time!O$86","v":2023},{"$f":"Time!P$86","v":2024},{"$f":"Time!Q$86","v":2025},{"$f":"Time!R$86","v":2026}]
[null,null,null,null,{"$f":"Time!E$11","v":"Model column counter"},null,null,null,null,{"$f":"Time!J$11","v":1},{"$f":"Time!K$11","v":2},{"$f":"Time!L$11","v":3},{"$f":"Time!M$11","v":4},{"$f":"Time!N$11","v":5},{"$f":"Time!O$11","v":6},{"$f":"Time!P$11","v":7},{"$f":"Time!Q$11","v":8},{"$f":"Time!R$11","v":9}]
[null,null,null,null,null,"Constant","Unit","Total"]
[]
[null,null,null,null,{"$f":" InpC!E$6","v":"Option Count"},{"$f":" InpC!F$6","v":1},{"$f":" InpC!G$6","v":"count"}]
[]
["ACTIVE INPUTS"]
[]
[null,null,null,null,"CPIH",1,"%"]
[null,null,null,null,"CPIH",2,"%"]
[null,null,null,null,"CPIH",3,"%"]
[null,null,null,null,"CPIH",4,"%"]
[null,null,null,null,"CPIH",5,"%"]
[null,null,null,null,"CPIH",null,"%",null,null,{"$f":"INDEX(J13:J17,$F$9)","v":0},0,0,{"$f":"INDEX(M13:M17,$F$9)","v":0},{"$f":"INDEX(N13:N17,$F$9)","v":0},0,0,0,0]
[]
[null,null,null,null,"Forecast RPI/CPIH wedge",1,"%"]
[null,null,null,null,"Forecast RPI/CPIH wedge",2,"%"]
[null,null,null,null,"Forecast RPI/CPIH wedge",3,"%"]
[null,null,null,null,"Forecast RPI/CPIH wedge",4,"%"]
[null,null,null,null,"Forecast RPI/CPIH wedge",5,"%"]
[null,null,null,null,"Forecast RPI/CPIH wedge",null,"%",null,null,{"$f":"INDEX(J20:J24,$F$9)","v":0},{"$f":"INDEX(K20:K24,$F$9)","v":0},{"$f":"INDEX(L20:L24,$F$9)","v":0},{"$f":"INDEX(M20:M24,$F$9)","v":0},{"$f":"INDEX(N20:N24,$F$9)","v":0},{"$f":"INDEX(O20:O24,$F$9)","v":0},{"$f":"INDEX(P20:P24,$F$9)","v":0},{"$f":"INDEX(Q20:Q24,$F$9)","v":0},{"$f":"INDEX(R20:R24,$F$9)","v":0}]
[]
[null,null,null,null,"Actual RPI/CPIH wedge",1,"%"]
[null,null,null,null,"Actual RPI/CPIH wedge",2,"%"]
[null,null,null,null,"Actual RPI/CPIH wedge",3,"%"]
[null,null,null,null,"Actual RPI/CPIH wedge",4,"%"]
[null,null,null,null,"Actual RPI/CPIH wedge",5,"%"]
[null,null,null,null,"Actual RPI/CPIH wedge",null,"%",null,null,{"$f":"INDEX(J27:J31,$F$9)","v":0},{"$f":"INDEX(K27:K31,$F$9)","v":0},{"$f":"INDEX(L27:L31,$F$9)","v":0},{"$f":"INDEX(M27:M31,$F$9)","v":0},{"$f":"INDEX(N27:N31,$F$9)","v":0},{"$f":"INDEX(O27:O31,$F$9)","v":0},{"$f":"INDEX(P27:P31,$F$9)","v":0},{"$f":"INDEX(Q27:Q31,$F$9)","v":0},{"$f":"INDEX(R27:R31,$F$9)","v":0}]
[]
[null,null,null,null,"RCV run-off rate",1,"%"]
[null,null,null,null,"RCV run-off rate",2,"%"]
[null,null,null,null,"RCV run-off rate",3,"%"]
[null,null,null,null,"RCV run-off rate",4,"%"]
[null,null,null,null,"RCV run-off rate",5,"%"]
[null,null,null,null,"RCV run-off rate",null,"%",null,null,{"$f":"INDEX(J34:J38,$F$9)","v":0},{"$f":"INDEX(K34:K38,$F$9)","v":0},{"$f":"INDEX(L34:L38,$F$9)","v":0},{"$f":"INDEX(M34:M38,$F$9)","v":0},{"$f":"INDEX(N34:N38,$F$9)","v":0},{"$f":"INDEX(O34:O38,$F$9)","v":0},{"$f":"INDEX(P34:P38,$F$9)","v":0},{"$f":"INDEX(Q34:Q38,$F$9)","v":0},{"$f":"INDEX(R34:R38,$F$9)","v":0}]
[]
[null,null,null,null,"Real RPI based WACC",1,"%"]
[null,null,null,null,"Real RPI based WACC",2,"%"]
[null,null,null,null,"Real RPI based WACC",3,"%"]
[null,null,null,null,"Real RPI based WACC",4,"%"]
[null,null,null,null,"Real RPI based WACC",5,"%"]
[null,null,null,null,"Real RPI based WACC",null,"%",null,null,{"$f":"INDEX(J41:J45,$F$9)","v":0},{"$f":"INDEX(K41:K45,$F$9)","v":0},{"$f":"INDEX(L41:L45,$F$9)","v":0},{"$f":"INDEX(M41:M45,$F$9)","v":0},{"$f":"INDEX(N41:N45,$F$9)","v":0},{"$f":"INDEX(O41:O45,$F$9)","v":0},{"$f":"INDEX(P41:P45,$F$9)","v":0},{"$f":"INDEX(Q41:Q45,$F$9)","v":0},{"$f":"INDEX(R41:R45,$F$9)","v":0}]
[]
["END"]

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[]
[null,null,null,null,{"$f":"Time!E$11","v":"Model column counter"},"Constant","Unit","Total",null,{"$f":"Time!J$11","v":1},{"$f":"Time!K$11","v":2},{"$f":"Time!L$11","v":3},{"$f":"Time!M$11","v":4},{"$f":"Time!N$11","v":5},{"$f":"Time!O$11","v":6},{"$f":"Time!P$11","v":7},{"$f":"Time!Q$11","v":8},{"$f":"Time!R$11","v":9},{"$f":"Time!S$11","v":10}]
[]
["MODEL PERIOD"]
[]
[null,"Model Column Counter "]
[null,null,null,null,"Model column counter",null,"counter",null,null,{"$f":" I11 + 1","v":1},2,3,4,5,6,7,8,9,10]
[null,null,null,null,"Model Column Total",{"$f":" MAX(J11:CA11)","v":10},"column"]
[]
[null,null,null,null,{"$f":" E$11","v":"Model column counter"},0,"counter",0,0,1,2,3,4,5,6,7,8,9,10]
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[]
[null,null,null,null,{"$f":" InpC!E$18","v":"First date of time ruler"},{"$f":" InpC!F$18","v":"2017-04-01"},{"$f":" InpC!G$18","v":"date"}]
[null,null,null,null,"First model period BEG",{"$f":" DATE(YEAR(F17), MONTH(F17), 1)","v":"2017-04-01"},"month"]
[]
[null,null,null,null,{"$f":" E$18","v":"First model period BEG"},{"$f":" F$18","v":"2017-04-01"},{"$f":" G$18","v":"month"}]
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[]
[null,null,null,null,{"$f":" E$23","v":"Model Period END"},"00:00:00","date","00:00:00","00:00:00","2018-03-31","2019-03-31","2020-03-31","2021-03-31","2022-03-31","2023-03-31","2024-03-31","2025-03-31","2026-03-31","2027-03-31"]
[null,null,null,"less",{"$f":" E$22","v":"Model Period BEG"},"00:00:00","date","00:00:00","00:00:00","2017-04-01","2018-04-01","2019-04-01","2020-04-01","2021-04-01","2022-04-01","2023-04-01","2024-04-01","2025-04-01","2026-04-01"]
[null,null,null,null,"Days in Model Period",null,"days",{"$f":" SUM(J27:CA27)","v":3652},null,{"$f":" J25 - J26 + 1","v":365},365,366,365,365,365,366,365,365,365]
[]
[]
["PRE FORECAST PERIOD"]
[]
[null,null,null,null,{"$f":" InpC!E$20","v":"Last Pre Forecast Date"},{"$f":" InpC!F$20","v":"2020-03-31"},{"$f":" InpC!G$20","v":"date"}]
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[]
[null,null,null,null,{"$f":" InpC!E$22","v":"Acquisition date (midnight)"},{"$f":" InpC!F$22","v":"2020-03-31"},{"$f":" InpC!G$22","v":"date"}]
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[null,null,null,null,"Acquisition / initial balance date flag",null,"flag",{"$f":" SUM(J40:CA40)","v":1},null,{"$f":" IF(J39 = $F38, 1, 0)","v":0},0,1,0,0,0,0,0,0,0]
[]
[]
["FORECAST PERIOD"]
[]
[null,null,null,null,{"$f":" E$34","v":"Last Pre Forecast Flag"},0,"flag",1,0,0,0,1,0,0,0,0,0,0,0]
[null,null,null,null,"1st Forecast Period Flag",null,"flag",{"$f":" SUM(J46:CA46)","v":1},null,{"$f":" I45","v":0},0,0,1,0,0,0,0,0,0]
[]
[null,null,null,null,{"$f":"InpC!E$24","v":"Last forecast date"},{"$f":"InpC!F$24","v":"2025-03-31"},{"$f":"InpC!G$24","v":"date"}]
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[]
[null,null,null,null,{"$f":" E$46","v":"1st Forecast Period Flag"},0,"flag",1,0,0,0,0,1,0,0,0,0,0,0]
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[null,null,null,null,"Forecast Period Flag",null,"flag",{"$f":" SUM(J54:CA54)","v":5},null,{"$f":" J52 - I53 + I54","v":0},0,0,1,1,1,1,1,0,0]
[null,null,null,null,"Forecast Period Total ",{"$f":" SUM(J54:CA54)","v":5},"columns"]
[]
[null,null,null,null,{"$f":" E$35","v":"Pre Forecast Period Flag"},0,"flag",3,0,1,1,1,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$54","v":"Forecast Period Flag"},0,"flag",5,0,0,0,0,1,1,1,1,1,0,0]
[null,null,null,null,"Pre Forecast vs Forecast",null,"flag",null,null,{"$f":" IF(J57 = 1, \"Pre Fcst\", IF(J58 = 1, \"Forecast\", \"Post-Fcst\"))","v":"Pre Fcst"},"Pre Fcst","Pre Fcst","Forecast","Forecast","Forecast","Forecast","Forecast","Post-Fcst","Post-Fcst"]
[]
[]
["POST FORECAST PERIOD"]
[]
[null,null,null,null,{"$f":" E$50","v":"Last Forecast Period Flag"},0,"flag",1,0,0,0,0,0,0,0,0,1,0,0]
[null,null,null,null,"1st Post Last Forecast Period Flag",null,"flag",{"$f":" SUM(J65:CA65)","v":1},null,{"$f":" I64","v":0},0,0,0,0,0,0,0,1,0]
[]
[null,null,null,null,{"$f":" E$65","v":"1st Post Last Forecast Period Flag"},0,"flag",1,0,0,0,0,0,0,0,0,0,1,0]
[null,null,null,null,"Post Forecast Period Flag",null,"flag",{"$f":" SUM(J68:CA68)","v":2},null,{"$f":" I68 + J67","v":0},0,0,0,0,0,0,0,1,1]
[null,null,null,null,"Post Forecast Period Total",{"$f":" SUM(J68:CA68)","v":2},"columns"]
[]
[]
["MODELLING PERIOD CHECK"]
[]
[null,null,null,null,{"$f":" E$12","v":"Model Column Total"},{"$f":" F$12","v":10},{"$f":" G$12","v":"column"}]
[null,null,null,"less",{"$f":" E$36","v":"Pre Forecast Period Total"},{"$f":" F$36","v":3},{"$f":" G$36","v":"columns"}]
[null,null,null,"less",{"$f":" E$55","v":"Forecast Period Total "},{"$f":" F$55","v":5},{"$f":" G$55","v":"columns"}]
[null,null,null,"less",{"$f":" E$69","v":"Post Forecast Period Total"},{"$f":" F$69","v":2},{"$f":" G$69","v":"columns"}]
[null,null,null,null,"Modelling Period Check",{"$f":" IF(F74 - SUM(F75:F77) <> 0, 1, 0)","v":0},"check"]
[]
["FINANCIAL YEAR"]
[]
[null,null,null,null,{"$f":"InpC!E29","v":"First Modelling Column Financial Year Number"},{"$f":"InpC!F29","v":2018},{"$f":"InpC!G29","v":"year"}]
[null,null,null,null,{"$f":"InpC!E30","v":"Financial Year End Month Number"},{"$f":"InpC!F30","v":3},{"$f":"InpC!G30","v":"month #"}]
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[]
[]
["END"]

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[]
[null,null,null,null,{"$f":"Time!E$11","v":"Model column counter"},"Constant","Unit","Total",null,{"$f":"Time!J$11","v":1},{"$f":"Time!K$11","v":2},{"$f":"Time!L$11","v":3},{"$f":"Time!M$11","v":4},{"$f":"Time!N$11","v":5},{"$f":"Time!O$11","v":6},{"$f":"Time!P$11","v":7},{"$f":"Time!Q$11","v":8},{"$f":"Time!R$11","v":9},{"$f":"Time!S$11","v":10}]
[]
["Forecast position at PRxx Final Determination"]
[]
[null,null,"This section represents a highly simplified version of the price control calculations"]
[null,null,"It assumes no totex and no tax"]
[null,null,"Return and run-off are calculated for an opening RCV balance"]
[null,null,"RCV is assumed to be run off using a declining balance approach"]
[]
[null,"Forecast inflation"]
[null,null,null,null,{"$f":" InpR!E$18","v":"CPIH"},{"$f":" InpR!F$18","v":0},{"$f":" InpR!G$18","v":"%"},{"$f":" InpR!H$18","v":0},{"$f":" InpR!I$18","v":0},{"$f":" InpR!J$18","v":0},{"$f":" InpR!K$18","v":0},{"$f":" InpR!L$18","v":0},{"$f":" InpR!M$18","v":0},{"$f":" InpR!N$18","v":0},{"$f":" InpR!O$18","v":0},{"$f":" InpR!P$18","v":0},{"$f":" InpR!Q$18","v":0},{"$f":" InpR!R$18","v":0},{"$f":" InpR!S$18","v":0}]
[null,null,null,null,{"$f":" InpR!E$25","v":"Forecast RPI/CPIH wedge"},{"$f":" InpR!F$25","v":0},{"$f":" InpR!G$25","v":"%"},{"$f":" InpR!H$25","v":0},{"$f":" InpR!I$25","v":0},{"$f":" InpR!J$25","v":0},{"$f":" InpR!K$25","v":0},{"$f":" InpR!L$25","v":0},{"$f":" InpR!M$25","v":0},{"$f":" InpR!N$25","v":0},{"$f":" InpR!O$25","v":0},{"$f":" InpR!P$25","v":0},{"$f":" InpR!Q$25","v":0},{"$f":" InpR!R$48","v":0},{"$f":" InpR!S$48","v":0}]
[null,null,null,null,"Forecast Indexation percentage",null,null,null,null,{"$f":"SUM(J16:J17)","v":0},0,0,{"$f":"SUM(M16:M17)","v":0},{"$f":"SUM(N16:N17)","v":0},0,0,0,0,0]
[]
[null,null,null,null,{"$f":"Time!E$40","v":"Acquisition / initial balance date flag"},{"$f":"Time!F$40","v":0},{"$f":"Time!G$40","v":"flag"},{"$f":"Time!H$40","v":1},{"$f":"Time!I$40","v":0},{"$f":"Time!J$40","v":0},{"$f":"Time!K$40","v":0},{"$f":"Time!L$40","v":1},{"$f":"Time!M$40","v":0},{"$f":"Time!N$40","v":0},{"$f":"Time!O$40","v":0},{"$f":"Time!P$40","v":0},{"$f":"Time!Q$40","v":0},{"$f":"Time!R$40","v":0},{"$f":"Time!S$40","v":0}]
[null,null,null,null,{"$f":" InpR!E$18","v":"CPIH"},{"$f":" InpR!F$18","v":0},{"$f":" InpR!G$18","v":"%"},{"$f":" InpR!H$18","v":0},{"$f":" InpR!I$18","v":0},{"$f":" InpR!J$18","v":0},{"$f":" InpR!K$18","v":0},{"$f":" InpR!L$18","v":0},{"$f":" InpR!M$18","v":0},{"$f":" InpR!N$18","v":0},{"$f":" InpR!O$18","v":0},{"$f":" InpR!P$18","v":0},{"$f":" InpR!Q$18","v":0},{"$f":" InpR!R$18","v":0},{"$f":" InpR!S$18","v":0}]
[null,null,null,null,"Cumulative CPIH inflation",null,null,null,null,{"$f":"IF(J20=1,1,I22*(1+J21))","v":0},{"$f":"IF(K20=1,1,J22*(1+K21))","v":0},1,1,1,1,1,1,1,1]
[]
[null,"Forecast RCV balance"]
[null,null,null,null,{"$f":" E$37","v":"Forecast Nominal RCV balance BEG"},{"$f":" F$37","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$18","v":"Forecast Indexation percentage"},{"$f":" F$18","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Forecast RCV indexation",null,"£m",null,null,{"$f":"J25*J26","v":0},{"$f":"K25*K26","v":0},0,0,0,0,0,0,0,0]
[]
[null,null,null,null,{"$f":" InpR!E$39","v":"RCV run-off rate"},{"$f":" InpR!F$39","v":0},{"$f":" InpR!G$39","v":"%"},{"$f":" InpR!H$39","v":0},{"$f":" InpR!I$39","v":0},{"$f":" InpR!J$39","v":0},{"$f":" InpR!K$39","v":0},{"$f":" InpR!L$39","v":0},{"$f":" InpR!M$39","v":0},{"$f":" InpR!N$39","v":0},{"$f":" InpR!O$39","v":0},{"$f":" InpR!P$39","v":0},{"$f":" InpR!Q$39","v":0},{"$f":" InpR!R$50","v":0},{"$f":" InpR!S$50","v":0}]
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[null,null,null,null,{"$f":" E$27","v":"Forecast RCV indexation"},{"$f":" F$27","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Forecast RCV run-off",null,"£m",null,null,{"$f":" (J30+J31) * J29","v":0},0,{"$f":" (L30+L31) * L29","v":0},0,0,0,0,0,0,0]
[]
[null,null,null,null,{"$f":" InpC!E$32","v":"Forecast Nominal RCV - initial balance"},{"$f":" InpC!F$32","v":0},{"$f":" InpC!G$32","v":"£m"}]
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[]
[null,null,null,null,"Forecast Nominal RCV balance BEG",null,"£m",null,null,{"$f":" I40","v":0},0,0,0,0,0,0,0,0,0]
[null,null,null,"Plus:",{"$f":" E$27","v":"Forecast RCV indexation"},{"$f":" F$27","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less:",{"$f":" E$32","v":"Forecast RCV run-off"},{"$f":" F$32","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Forecast Nominal RCV balance END",null,"£m",null,null,{"$f":" IF( J35 = 1, $F34, J37 + J38 - J39)","v":0},0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,{"$f":" E$30","v":"Forecast Nominal RCV balance BEG"},{"$f":" F$30","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$27","v":"Forecast RCV indexation"},{"$f":" F$27","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$40","v":"Forecast Nominal RCV balance END"},{"$f":" F$40","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Forecast RCV average balance",null,"£m",null,null,{"$f":" ( (J42+J43) + J44) / 2","v":0},0,0,{"$f":" ( (M42+M43) + M44) / 2","v":0},{"$f":" ( (N42+N43) + N44) / 2","v":0},0,0,0,0,0]
[]
[null,"Forecast return on RCV"]
[null,null,null,null,{"$f":" InpR!E$46","v":"Real RPI based WACC"},{"$f":" InpR!F$46","v":0},{"$f":" InpR!G$46","v":"%"},{"$f":" InpR!H$46","v":0},{"$f":" InpR!I$46","v":0},{"$f":" InpR!J$46","v":0},{"$f":" InpR!K$46","v":0},{"$f":" InpR!L$46","v":0},{"$f":" InpR!M$46","v":0},{"$f":" InpR!N$46","v":0},{"$f":" InpR!O$46","v":0},{"$f":" InpR!P$46","v":0},{"$f":" InpR!Q$46","v":0},{"$f":" InpR!R$52","v":0},{"$f":" InpR!S$52","v":0}]
[null,null,null,null,{"$f":" Time!E$54","v":"Forecast Period Flag"},{"$f":" Time!F$54","v":0},{"$f":" Time!G$54","v":"flag"},{"$f":" Time!H$54","v":5},{"$f":" Time!I$54","v":0},{"$f":" Time!J$54","v":0},{"$f":" Time!K$54","v":0},{"$f":" Time!L$54","v":0},{"$f":" Time!M$54","v":1},{"$f":" Time!N$54","v":1},{"$f":" Time!O$54","v":1},{"$f":" Time!P$54","v":1},{"$f":" Time!Q$54","v":1},{"$f":" Time!R$54","v":0},{"$f":" Time!S$54","v":0}]
[null,null,null,null,{"$f":" E$45","v":"Forecast RCV average balance"},{"$f":" F$45","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Forecast nominal return",null,"£m",null,null,{"$f":"J48*J50*J49","v":0},0,{"$f":"L48*L50*L49","v":0},{"$f":"M48*M50*M49","v":0},{"$f":"N48*N50*N49","v":0},0,0,0,0,0]
[]
[null,"Forecast total revenue"]
[null,null,null,null,{"$f":" E$32","v":"Forecast RCV run-off"},{"$f":" F$32","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$51","v":"Forecast nominal return"},{"$f":" F$51","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Total Forecast revenue to company",null,null,{"$f":"SUM(J56:S56)","v":0},null,{"$f":"SUM(J54:J55)","v":0},0,{"$f":"SUM(L54:L55)","v":0},0,0,0,0,0,0,0]
[]
[null,"K calculation"]
[null,null,null,null,{"$f":" E$56","v":"Total Forecast revenue to company"},{"$f":" F$56","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" Time!E$54","v":"Forecast Period Flag"},{"$f":" Time!F$54","v":0},{"$f":" Time!G$54","v":"flag"},{"$f":" Time!H$54","v":5},{"$f":" Time!I$54","v":0},{"$f":" Time!J$54","v":0},{"$f":" Time!K$54","v":0},{"$f":" Time!L$54","v":0},{"$f":" Time!M$54","v":1},{"$f":" Time!N$54","v":1},{"$f":" Time!O$54","v":1},{"$f":" Time!P$54","v":1},{"$f":" Time!Q$54","v":1},{"$f":" Time!R$54","v":0},{"$f":" Time!S$54","v":0}]
[null,null,null,null,"Forecast % movement in nominal revenue",null,null,null,null,{"$f":" IF(I59 = 0, 0, J59 / I59 - 1) * J60","v":0},{"$f":" IF(J59 = 0, 0, K59 / J59 - 1) * K60","v":0},{"$f":" IF(K59 = 0, 0, L59 / K59 - 1) * L60","v":0},{"$f":" IF(L59 = 0, 0, M59 / L59 - 1) * M60","v":0},{"$f":" IF(M59 = 0, 0, N59 / M59 - 1) * N60","v":0},{"$f":" IF(N59 = 0, 0, O59 / N59 - 1) * O60","v":0},{"$f":" IF(O59 = 0, 0, P59 / O59 - 1) * P60","v":0},{"$f":" IF(P59 = 0, 0, Q59 / P59 - 1) * Q60","v":0},{"$f":" IF(Q59 = 0, 0, R59 / Q59 - 1) * R60","v":0},{"$f":" IF(R59 = 0, 0, S59 / R59 - 1) * S60","v":0}]
[]
[null,null,null,null,{"$f":" E$61","v":"Forecast % movement in nominal revenue"},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"less",{"$f":" InpR!E$18","v":"CPIH"},{"$f":" InpR!F$18","v":0},{"$f":" InpR!G$18","v":"%"},{"$f":" InpR!H$18","v":0},{"$f":" InpR!I$18","v":0},{"$f":" InpR!J$18","v":0},{"$f":" InpR!K$18","v":0},{"$f":" InpR!L$18","v":0},{"$f":" InpR!M$18","v":0},{"$f":" InpR!N$18","v":0},{"$f":" InpR!O$18","v":0},{"$f":" InpR!P$18","v":0},{"$f":" InpR!Q$18","v":0},{"$f":" InpR!R$18","v":0},{"$f":" InpR!S$18","v":0}]
[null,null,null,null,"K",null,null,null,null,null,null,null,{"$f":" IF(M63 = 0, 0, M63 - M64)","v":0},{"$f":" IF(N63 = 0, 0, N63 - N64)","v":0},0,0,0]
[]
[null,"Initial revenue calculation"]
[null,null,null,null,{"$f":"Time!E$40","v":"Acquisition / initial balance date flag"},{"$f":"Time!F$40","v":0},{"$f":"Time!G$40","v":"flag"},{"$f":"Time!H$40","v":1},{"$f":"Time!I$40","v":0},{"$f":"Time!J$40","v":0},{"$f":"Time!K$40","v":0},{"$f":"Time!L$40","v":1},{"$f":"Time!M$40","v":0},{"$f":"Time!N$40","v":0},{"$f":"Time!O$40","v":0},{"$f":"Time!P$40","v":0},{"$f":"Time!Q$40","v":0},{"$f":"Time!R$40","v":0},{"$f":"Time!S$40","v":0}]
[null,null,null,null,{"$f":" E$56","v":"Total Forecast revenue to company"},{"$f":" F$56","v":0},0,0,0,0,0,0,{"$f":" M$56","v":0},0,0,0,0,0,0]
[null,null,null,null,{"$f":" InpR!E$18","v":"CPIH"},{"$f":" InpR!F$18","v":0},{"$f":" InpR!G$18","v":"%"},{"$f":" InpR!H$18","v":0},{"$f":" InpR!I$18","v":0},{"$f":" InpR!J$18","v":0},{"$f":" InpR!K$18","v":0},{"$f":" InpR!L$18","v":0},{"$f":" InpR!M$18","v":0},{"$f":" InpR!N$18","v":0},{"$f":" InpR!O$18","v":0},{"$f":" InpR!P$18","v":0},{"$f":" InpR!Q$18","v":0},{"$f":" InpR!R$18","v":0},{"$f":" InpR!S$18","v":0}]
[null,null,null,null,"Pre Forecast allowed revenue",null,"£m",null,null,{"$f":" IF( J68 = 1,K69 / ( 1 + K70 ), 0)","v":0},{"$f":" IF( K68 = 1,L69 / ( 1 + L70 ), 0)","v":0},{"$f":" IF( L68 = 1,M69 / ( 1 + M70 ), 0)","v":0},0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,{"$f":" L71*(1+M70)","v":0}]
[null,null,null,null,{"$f":" E$71","v":"Pre Forecast allowed revenue"},{"$f":" F$71","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Pre Forecast allowed revenue for K calcs",{"$f":"SUM(J73:S73)","v":0},"£m",null,null,null,null,null,{"$f":"M72 = M69","v":true}]
[]
["What the company actually experienced"]
[]
[null,null,"This section calculates the revenue that the company actually receives"]
[null,null,"The CPIH + K mechanism in the licence is designed to compensate companies for varitions in actual and forecast CPIH"]
[null,null,"The model therefore assumes that forecast and actual CPIH are identical so that the impact of variations in the CPIH RPI wedge can be viewed"]
[]
[null,null,null,null,{"$f":" E$74","v":"Pre Forecast allowed revenue for K calcs"},{"$f":" F$74","v":0},{"$f":" G$74","v":"£m"}]
[null,null,null,null,{"$f":" E$65","v":"K"},{"$f":" F$65","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" InpR!E$18","v":"CPIH"},{"$f":" InpR!F$18","v":0},{"$f":" InpR!G$18","v":"%"},{"$f":" InpR!H$18","v":0},{"$f":" InpR!I$18","v":0},{"$f":" InpR!J$18","v":0},{"$f":" InpR!K$18","v":0},{"$f":" InpR!L$18","v":0},{"$f":" InpR!M$18","v":0},{"$f":" InpR!N$18","v":0},{"$f":" InpR!O$18","v":0},{"$f":" InpR!P$18","v":0},{"$f":" InpR!Q$18","v":0},{"$f":" InpR!R$18","v":0},{"$f":" InpR!S$18","v":0}]
[null,null,null,null,{"$f":"Time!E$40","v":"Acquisition / initial balance date flag"},{"$f":"Time!F$40","v":0},{"$f":"Time!G$40","v":"flag"},{"$f":"Time!H$40","v":1},{"$f":"Time!I$40","v":0},{"$f":"Time!J$40","v":0},{"$f":"Time!K$40","v":0},{"$f":"Time!L$40","v":1},{"$f":"Time!M$40","v":0},{"$f":"Time!N$40","v":0},{"$f":"Time!O$40","v":0},{"$f":"Time!P$40","v":0},{"$f":"Time!Q$40","v":0},{"$f":"Time!R$40","v":0},{"$f":"Time!S$40","v":0}]
[null,null,null,null,"Actual nominal revenue",null,"£m",null,null,null,null,{"$f":"IF(L85=1,$F82,K86*(1+L83+L84))","v":0},{"$f":"IF(M85=1,$F82,L86*(1+M83+M84))","v":0},{"$f":"IF(N85=1,$F82,M86*(1+N83+N84))","v":0},0,0,0,{"$f":"IF(R85=1,$F82,Q86*(1+R83+R84))","v":0},{"$f":"IF(S85=1,$F82,R86*(1+S83+S84))","v":0}]
[]
["What the company should have experienced"]
[]
[null,null,"This section calculates the revenue that the company should have been allowed, assuming that Ofwat had perfect foresight of the actual RPI CPIH wedge"]
[]
[null,"Inflation based on actual wedge"]
[null,null,null,null,{"$f":" InpR!E$18","v":"CPIH"},{"$f":" InpR!F$18","v":0},{"$f":" InpR!G$18","v":"%"},{"$f":" InpR!H$18","v":0},{"$f":" InpR!I$18","v":0},{"$f":" InpR!J$18","v":0},{"$f":" InpR!K$18","v":0},{"$f":" InpR!L$18","v":0},{"$f":" InpR!M$18","v":0},{"$f":" InpR!N$18","v":0},{"$f":" InpR!O$18","v":0},{"$f":" InpR!P$18","v":0},{"$f":" InpR!Q$18","v":0},{"$f":" InpR!R$18","v":0},{"$f":" InpR!S$18","v":0}]
[null,null,null,null,{"$f":" InpR!E$32","v":"Actual RPI/CPIH wedge"},{"$f":" InpR!F$32","v":0},{"$f":" InpR!G$32","v":"%"},{"$f":" InpR!H$32","v":0},{"$f":" InpR!I$32","v":0},{"$f":" InpR!J$32","v":0},{"$f":" InpR!K$32","v":0},{"$f":" InpR!L$32","v":0},{"$f":" InpR!M$32","v":0},{"$f":" InpR!N$32","v":0},{"$f":" InpR!O$32","v":0},{"$f":" InpR!P$32","v":0},{"$f":" InpR!Q$32","v":0},{"$f":" InpR!R$54","v":0},{"$f":" InpR!S$54","v":0}]
[null,null,null,null,"Actual Indexation percentage",null,null,null,null,{"$f":"SUM(J93:J94)","v":0},{"$f":"SUM(K93:K94)","v":0},{"$f":"SUM(L93:L94)","v":0},{"$f":"SUM(M93:M94)","v":0},{"$f":"SUM(N93:N94)","v":0},{"$f":"SUM(O93:O94)","v":0},{"$f":"SUM(P93:P94)","v":0},{"$f":"SUM(Q93:Q94)","v":0},{"$f":"SUM(R93:R94)","v":0},{"$f":"SUM(S93:S94)","v":0}]
[]
[null,"RCV balance based on actual wedge"]
[null,null,null,null,{"$f":" E$110","v":"Actual Nominal RCV balance BEG"},{"$f":" F$110","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$95","v":"Actual Indexation percentage"},{"$f":" F$95","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Actual RCV indexation",null,"£m",null,null,{"$f":"J98*J99","v":0},0,0,{"$f":"M98*M99","v":0},{"$f":"N98*N99","v":0},0,0,0,0,0]
[]
[null,null,null,null,{"$f":" InpR!E$39","v":"RCV run-off rate"},{"$f":" InpR!F$39","v":0},{"$f":" InpR!G$39","v":"%"},{"$f":" InpR!H$39","v":0},{"$f":" InpR!I$39","v":0},{"$f":" InpR!J$39","v":0},{"$f":" InpR!K$39","v":0},{"$f":" InpR!L$39","v":0},{"$f":" InpR!M$39","v":0},{"$f":" InpR!N$39","v":0},{"$f":" InpR!O$39","v":0},{"$f":" InpR!P$39","v":0},{"$f":" InpR!Q$39","v":0},{"$f":" InpR!R$50","v":0},{"$f":" InpR!S$50","v":0}]
[null,null,null,null,{"$f":" E$110","v":"Actual Nominal RCV balance BEG"},{"$f":" F$110","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$100","v":"Actual RCV indexation"},{"$f":" F$100","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"RCV run-off company should have received",null,"£m",null,null,{"$f":" (J103+J104) * J102","v":0},{"$f":" (K103+K104) * K102","v":0},{"$f":" (L103+L104) * L102","v":0},0,{"$f":" (N103+N104) * N102","v":0},0,0,0,0,0]
[]
[null,null,null,null,{"$f":" InpC!E$34","v":"Actual Nominal RCV - initial balance"},{"$f":" InpC!F$34","v":0},{"$f":" InpC!G$34","v":"£m"}]
[null,null,null,null,{"$f":"Time!E$40","v":"Acquisition / initial balance date flag"},{"$f":"Time!F$40","v":0},{"$f":"Time!G$40","v":"flag"},{"$f":"Time!H$40","v":1},{"$f":"Time!I$40","v":0},{"$f":"Time!J$40","v":0},{"$f":"Time!K$40","v":0},{"$f":"Time!L$40","v":1},{"$f":"Time!M$40","v":0},{"$f":"Time!N$40","v":0},{"$f":"Time!O$40","v":0},{"$f":"Time!P$40","v":0},{"$f":"Time!Q$40","v":0},{"$f":"Time!R$40","v":0},{"$f":"Time!S$40","v":0}]
[]
[null,null,null,null,"Actual Nominal RCV balance BEG",null,"£m",null,null,{"$f":" I113","v":0},{"$f":" J113","v":0},{"$f":" K113","v":0},{"$f":" L113","v":0},{"$f":" M113","v":0},{"$f":" N113","v":0},{"$f":" O113","v":0},{"$f":" P113","v":0},{"$f":" Q113","v":0},{"$f":" R113","v":0}]
[null,null,null,"Plus:",{"$f":" E$100","v":"Actual RCV indexation"},{"$f":" F$100","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less:",{"$f":" E$105","v":"RCV run-off company should have received"},{"$f":" F$105","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Actual Nominal RCV balance END",null,"£m",null,null,{"$f":" IF( J108 = 1, $F107, J110 + J111 - J112)","v":0},0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,{"$f":" E$110","v":"Actual Nominal RCV balance BEG"},{"$f":" F$110","v":0},"£m",0,0,0,0,0,0,{"$f":" N$110","v":0},0,0,0,0,0]
[null,null,null,null,{"$f":" E$111","v":"Actual RCV indexation"},{"$f":" F$111","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$113","v":"Actual Nominal RCV balance END"},{"$f":" F$113","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Actual average RCV balance",null,"£m",null,null,{"$f":" ( (J115+J116) + J117) / 2","v":0},{"$f":" ( (K115+K116) + K117) / 2","v":0},{"$f":" ( (L115+L116) + L117) / 2","v":0},{"$f":" ( (M115+M116) + M117) / 2","v":0},{"$f":" ( (N115+N116) + N117) / 2","v":0},{"$f":" ( (O115+O116) + O117) / 2","v":0},{"$f":" ( (P115+P116) + P117) / 2","v":0},{"$f":" ( (Q115+Q116) + Q117) / 2","v":0},{"$f":" ( (R115+R116) + R117) / 2","v":0},{"$f":" ( (S115+S116) + S117) / 2","v":0}]
[]
[null,"RCV returns based on actual wedge"]
[null,null,null,null,{"$f":" InpR!E$46","v":"Real RPI based WACC"},{"$f":" InpR!F$46","v":0},{"$f":" InpR!G$46","v":"%"},{"$f":" InpR!H$46","v":0},{"$f":" InpR!I$46","v":0},{"$f":" InpR!J$46","v":0},{"$f":" InpR!K$46","v":0},{"$f":" InpR!L$46","v":0},{"$f":" InpR!M$46","v":0},{"$f":" InpR!N$46","v":0},{"$f":" InpR!O$46","v":0},{"$f":" InpR!P$46","v":0},{"$f":" InpR!Q$46","v":0},{"$f":" InpR!R$52","v":0},{"$f":" InpR!S$52","v":0}]
[null,null,null,null,{"$f":" Time!E$54","v":"Forecast Period Flag"},{"$f":" Time!F$54","v":0},{"$f":" Time!G$54","v":"flag"},{"$f":" Time!H$54","v":5},{"$f":" Time!I$54","v":0},{"$f":" Time!J$54","v":0},{"$f":" Time!K$54","v":0},{"$f":" Time!L$54","v":0},{"$f":" Time!M$54","v":1},{"$f":" Time!N$54","v":1},{"$f":" Time!O$54","v":1},{"$f":" Time!P$54","v":1},{"$f":" Time!Q$54","v":1},{"$f":" Time!R$54","v":0},{"$f":" Time!S$54","v":0}]
[null,null,null,null,{"$f":" E$118","v":"Actual average RCV balance"},{"$f":" F$118","v":0},"£m",0,0,0,0,0,0,{"$f":" N$118","v":0},0,0,0,0,0]
[null,null,null,null,"Nominal return company should have received",null,"£m",null,null,{"$f":"J121*J122*J123","v":0},0,{"$f":"L121*L122*L123","v":0},{"$f":"M121*M122*M123","v":0},{"$f":"N121*N122*N123","v":0},0,0,0,0,0]
[]
[null,null,null,null,{"$f":" Time!E$50","v":"Last Forecast Period Flag"},{"$f":" Time!F$50","v":0},{"$f":" Time!G$50","v":"flag"},{"$f":" Time!H$50","v":1},{"$f":" Time!I$50","v":0},{"$f":" Time!J$50","v":0},{"$f":" Time!K$50","v":0},{"$f":" Time!L$50","v":0},{"$f":" Time!M$50","v":0},{"$f":" Time!N$50","v":0},{"$f":" Time!O$50","v":0},{"$f":" Time!P$50","v":0},{"$f":" Time!Q$50","v":1},{"$f":" Time!R$50","v":0},{"$f":" Time!S$50","v":0}]
[null,null,null,null,{"$f":" E$113","v":"Actual Nominal RCV balance END"},{"$f":" F$113","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Actual RCV residual balance",null,null,null,null,{"$f":"J127 * J126","v":0},{"$f":"K127 * K126","v":0},{"$f":"L127 * L126","v":0},{"$f":"M127 * M126","v":0},{"$f":"N127 * N126","v":0},{"$f":"O127 * O126","v":0},{"$f":"P127 * P126","v":0},{"$f":"Q127 * Q126","v":0},{"$f":"R127 * R126","v":0},{"$f":"S127 * S126","v":0}]
[]
[null,"Revenue based on actual wedge"]
[null,null,null,null,{"$f":" E$105","v":"RCV run-off company should have received"},{"$f":" F$105","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$124","v":"Nominal return company should have received"},{"$f":" F$124","v":0},"£m",0,0,0,0,0,0,{"$f":" N$124","v":0},0,0,0,0,0]
[null,null,null,null,"Total revenue company should have received",null,null,{"$f":"SUM(J133:S133)","v":0},null,{"$f":"SUM(J131:J132)","v":0},0,0,0,0,0,0,0,0,0]
[]
["Difference"]
[]
[null,null,"This section compares the actual revenue the company received with the revenue Ofwat would have allowed if it had perfect foresight of the RPI CPIH wedge"]
[]
[null,null,null,null,{"$f":" E$86","v":"Actual nominal revenue"},{"$f":" F$86","v":0},"£m",0,0,0,0,0,0,0,0,0,0,{"$f":" R$86","v":0},{"$f":" S$86","v":0}]
[null,null,null,null,{"$f":" E$133","v":"Total revenue company should have received"},{"$f":" F$133","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
["True up"]
[]
[null,null,"This section works out the value of the true up to be applied"]
[null,null,"In this scenario forecast CPIH and actual CPIH are assumed to be the same"]
[null,null,"The CPIH + K mechanism in the licence is designed to adjust revenues for changes in CPIH from forecast."]
[null,null,"The true up mechanism therefore does not need to do this. Forecast CPIH, rather than actual CPIH should therefore be used in when applying the true up."]
[]
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[]
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[]
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[]
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[]
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[]
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[]
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["END"]

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[]
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[null,null,"True up RCV run-off",null,null,null,null,null,null,0,0,0]
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[null,null,"True up nominal return",null,null,null,null,null,null,0,0,0]
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[null,null,"Value of True up",null,null,null,null,null,null,0,0,0]
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[null,null,"True-up correctly calculates revenue adjustment",null,null,null,null,null,null,0]
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["INFO ONLY"]
[]
[null,null,null,null,"Date",null,null,{"$f":" TODAY()","v":"2018-03-12"},null,null,null,null,null,"2018-03-06"]
[null,null,null,null,"Time",null,null,{"$f":" NOW()","v":43171.587771527775},null,null,null,null,null,43165.613622916666]
[null,null,null,null,"File",null,null,{"$f":" MID(CELL(\"filename\",$A$1), SEARCH(\"[\", CELL(\"filename\",$A$1)) + 1, SEARCH(\"]\", CELL(\"filename\",$A$1)) - SEARCH(\"[\", CELL(\"filename\",$A$1)) - 1)","v":"RPI-CPIH-wedge-true-up-model March 2018.xlsm"},null,null,null,null,null,"RPI-CPIH-wedge-true-up-model March 2018.xlsm"]
[null,null,null,null,"[do not delete row]",null,null,null,null,"range end"]
[]
[null,null,null,null,"Comment: Key input and logic changes",null,null,null,null,null,null,null,null,"No test data"]
[null,null,null,null,"Comment: Key result changes"]
[]
[]
["End of sheet"]

{"sheet":"Checks","index":8,"n_rows":20,"n_cols":19,"rows_kept":20,"cut":false,"hidden":false,"merged":[]}
[{"$f":" RIGHT(CELL(\"filename\", $A$1), LEN(CELL(\"filename\", $A$1)) - SEARCH(\"]\", CELL(\"filename\", $A$1)))","v":"Checks"}]
[null,null,null,null,{"$f":"Time!E$23","v":"Model Period END"},{"$f":" Checks!$F$9","v":0},"Error chks",null,null,{"$f":"Time!J$23","v":"2018-03-31"},{"$f":"Time!K$23","v":"2019-03-31"},{"$f":"Time!L$23","v":"2020-03-31"},{"$f":"Time!M$23","v":"2021-03-31"},{"$f":"Time!N$23","v":"2022-03-31"},{"$f":"Time!O$23","v":"2023-03-31"},{"$f":"Time!P$23","v":"2024-03-31"},{"$f":"Time!Q$23","v":"2025-03-31"},{"$f":"Time!R$23","v":"2026-03-31"},{"$f":"Time!S$23","v":"2027-03-31"}]
[null,null,null,null,{"$f":"Time!E$59","v":"Pre Forecast vs Forecast"},{"$f":" InpC!$J$10","v":0},"Input Error",null,null,{"$f":"Time!J$59","v":"Pre Fcst"},{"$f":"Time!K$59","v":"Pre Fcst"},{"$f":"Time!L$59","v":"Pre Fcst"},{"$f":"Time!M$59","v":"Forecast"},{"$f":"Time!N$59","v":"Forecast"},{"$f":"Time!O$59","v":"Forecast"},{"$f":"Time!P$59","v":"Forecast"},{"$f":"Time!Q$59","v":"Forecast"},{"$f":"Time!R$59","v":"Post-Fcst"},{"$f":"Time!S$59","v":"Post-Fcst"}]
[null,null,null,null,{"$f":"Time!E$86","v":"Financial Year Ending"},{"$f":" Checks!$F$18","v":0},"Track checks",null,null,{"$f":"Time!J$86","v":2018},{"$f":"Time!K$86","v":2019},{"$f":"Time!L$86","v":2020},{"$f":"Time!M$86","v":2021},{"$f":"Time!N$86","v":2022},{"$f":"Time!O$86","v":2023},{"$f":"Time!P$86","v":2024},{"$f":"Time!Q$86","v":2025},{"$f":"Time!R$86","v":2026},{"$f":"Time!S$86","v":2027}]
[null,null,null,null,{"$f":"Time!E$11","v":"Model column counter"},"Constant","Unit","Total",null,{"$f":"Time!J$11","v":1},{"$f":"Time!K$11","v":2},{"$f":"Time!L$11","v":3},{"$f":"Time!M$11","v":4},{"$f":"Time!N$11","v":5},{"$f":"Time!O$11","v":6},{"$f":"Time!P$11","v":7},{"$f":"Time!Q$11","v":8},{"$f":"Time!R$11","v":9},{"$f":"Time!S$11","v":10}]
[]
["CHECK SUMMARY"]
[]
[null,null,null,null,"Total Checks",{"$f":"SUM(F11:F16)","v":0},"check "]
[]
[null,null,null,null,"[do not delete this row]","[range start]"]
[]
[null,null,null,null,{"$f":" Time!E$78","v":"Modelling Period Check"},{"$f":" Time!F$78","v":0},{"$f":" Time!G$78","v":"check"}]
[null,null,null,null,{"$f":"Calcs!E191","v":"True-up correctly calculates revenue adjustment"},{"$f":"Calcs!F191","v":0},{"$f":"Calcs!G191","v":"check"}]
[]
[null,null,null,null,"[do not delete this row]","[range ends]"]
[]
[null,null,null,null,"Total track changes",{"$f":" Track!$J$2","v":0},"check"]
[]
["END"]