{"text_format":"1","workbook":"xlsx","n_sheets":11,"sheets":["Cover","Style Guide","ToC","InpC","InpR","Time","Index","Calcs","Adjustments","Track","Checks"],"not_rendered":{"charts":0,"images":1,"macros":1,"external_links":1,"defined_names":71,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Cover","index":0,"n_rows":79,"n_cols":3,"rows_kept":79,"cut":false,"hidden":false,"merged":[]}
[{"$f":" RIGHT(CELL(\"filename\", $A$1), LEN(CELL(\"filename\", $A$1)) - SEARCH(\"]\", CELL(\"filename\", $A$1)))","v":"Cover"}]
[]
["Workbook title:","RPI-CPIH wedge true up"]
["Version:",4]
["Filename:","RPI-CPIH-wedge-true-up-model-February-2020.xlsm"]
["Date:","2020-02-26"]
["Author:","Ofwat"]
["Author contact information:","PR19Reconciliationrulebook@ofwat.gov.uk"]
[]
[]
["Summary of workbook:","This model performs the true up for differences between actual and forecast RPI-CPIH wedge."]
[null,"It isolates the effect of variances in the wedge, calculates adjustments to correct for the variance in the wedge, converts the adjustments from nominal to real terms and applies the time"]
[null,"value of money adjustment to the revenue adjustment."]
[]
["Known limitations:","1. This model is subject to consultation and consequently may be subject to further changes."]
[]
["Instructions:"]
["Track ","To store Track in the Track sheet, follow the steps mentioned below:"]
[]
["Using Macro","Please follow the steps mentioned below for storing Track using a macro:"]
[]
["Step 1 - ","Go to the Track sheet and press \"Store Outputs\" button to save the track for new case >>>"]
[null,{"$f":"Track!$E$3","v":"Store Outputs"}]
[]
["Step 2 - ","A dialog box \"Enter the label for the new track column\" will appear, type the new track label (For ex: version name like \"01A\"), the label will appear in row 5."]
[]
["Step 3 - ","A new dialog box \"Enter the comment for the new track\" will appear, write the brief description of the change done in the model. The description will be updated in row 164."]
[]
["Step 4 - ","Press enter, a new track column will appear before the last stored track:"]
[]
["Step 5 - ","Review the difference between stored cases and active case (col H) by selecting the stored case in cell H5 >>>"]
[null,{"$f":"Track!$H$5","v":"Nil inputs"}]
[]
["Manual steps","Please follow the steps mentioned below for storing Track manually:"]
[]
["Step 1 - ","Go to last stored column of 'Track' sheet"]
[null,"Select the column by pressing Ctrl + Spacebar and Copy (Ctrl + C). Then insert a new column after the last stored column by pressing Alt, I, E"]
[]
["Step 2 - ","Select the newly inserted column (Ctrl + Spacebar) and delete the previously stored values from this column by pressing Delete button"]
[]
["Step 3 - ","Go to active track column (H column)"]
[null,{"$f":"Track!$H$5","v":"Nil inputs"}]
[null,"Select the range from H6 till 'do not delete row - range end' row and Copy (Ctrl + C)"]
[]
["Step 4 - ","Paste the selected values (Alt E, S, V) in newly inserted column"]
[]
["Step 5 - ","Update 'New track name' in row 5 of newly inserted column. Then select 'New track name' from the dropdown list present in H5."]
[]
["Step 6 - ","Review the difference between stored cases and active case (col H) by selecting the stored case in cell H5."]
[null,{"$f":"Track!$H$5","v":"Nil inputs"}]
[]
[]
["Amendments:"]
[null,"'InpR' - New input items included for RPI and CPIH monthly index values, financing cost index and Real CPIH based WACC."]
[null,"'Index' - New sheet to calculate indexation factors based on input RPI and CPIH monthly index values."]
[null,"'Calcs' - Include calculations to express key values in real terms and to apply time value of money adjustment to the revenue adjustments for run-off and return."]
[null,"'Adjustments' - New sheet to collate outputs"]
[]
[]
["References:"]
[null,"Forecast RPI and CPIH index values included in the final determination"]
[null,"Actual RPI and CPIH index values published by ONS"]
[null,"RPI-indexed RCV initial balances as at 1 April 2020 included in the final determination"]
[null,"RCV run-off rates included in the final determination"]
[null,"Real RPI based WACC included in the final determination"]
[null,"Real CPIH based WACC included in the final determination"]
[]
[]
["Error Checks:",null,"RAG status / Variance"]
[null,"Error check status",{"$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":15}]
[]
[]
["Feedback:","We would welcome feedback on this workbook. Please send any feedback to the following email address:"]
[null,"PR19Reconciliationrulebook@ofwat.gov.uk"]
[]
[]
["END OF SHEET"]

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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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[{"$f":" RIGHT(CELL(\"filename\", $A$1), LEN(CELL(\"filename\", $A$1)) - SEARCH(\"]\", CELL(\"filename\", $A$1)))","v":"ToC"}]
[]
[null,"ASSUMPTIONS",null,"INPUTS",null,"CALCULATIONS",null,"OUTPUTS",null,"Quality Control"]
[]
[null,{"$f":"Cover!$A$1","v":"Cover"},null,{"$f":"InpC!$A$1","v":"InpC"},null,{"$f":"Time!A$1","v":"Time"},null,{"$f":"Adjustments!$A$1","v":"Adjustments"},null,{"$f":"Track!$A$1","v":"Track"}]
[null,"Model documentation sheet",null,"Inputs - column format",null,"Flags, part period factors (PPFs) and dates",null,"Key outputs",null,"Track store"]
[]
[null,{"$f":"'Style Guide'!$A$1","v":"Style Guide"},null,{"$f":"InpR!$A$1","v":"InpR"},null,{"$f":"Index!$A$1","v":"Index"},null,null,null,{"$f":"Checks!$A$1","v":"Checks"}]
[null,"Explanation of different formatting types",null,"Inputs - row format",null,"RPI and CPIH indexation",null,null,null,"Checks"]
[]
[null,{"$f":"$A$1","v":"ToC"},null,null,null,{"$f":"Calcs!$A$1","v":"Calcs"}]
[null,"Table of contents",null,null,null,"Calculation of true up"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["END"]

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[null,null,null,null,null,{"$f":" Checks!$F$9","v":0},"Error chks"]
[null,null,null,null,null,{"$f":" InpC!$J$10","v":0},"Input Error"]
[null,null,null,null,null,{"$f":" Checks!$F$18","v":15},"Track checks"]
[]
[null,null,null,null,"Option Count",1,"count",null,null,{"$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]"]

{"sheet":"InpR","index":4,"n_rows":94,"n_cols":26,"rows_kept":94,"cut":false,"hidden":false,"merged":[]}
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[null,null,null,null,{"$f":"Time!E$22","v":"Model Period BEG"},{"$f":" Checks!$F$9","v":0},"Error chks",null,null,{"$f":"Time!J$22","v":"2017-04-01"},{"$f":"Time!K$22","v":"2018-04-01"},{"$f":"Time!L$22","v":"2019-04-01"},{"$f":"Time!M$22","v":"2020-04-01"},{"$f":"Time!N$22","v":"2021-04-01"},{"$f":"Time!O$22","v":"2022-04-01"},{"$f":"Time!P$22","v":"2023-04-01"},{"$f":"Time!Q$22","v":"2024-04-01"},{"$f":"Time!R$22","v":"2025-04-01"}]
[null,null,null,null,{"$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$18","v":15},"Track checks",null,null,{"$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"]
[]
["FINAL DETERMINATION ASSUMPTIONS"]
[null,"RPI - final determination"]
[null,null,null,null,"RPI: April - index - final determination",null,"index",null,null,270.60000000000002,279.7,288.2,296.81994379694231,305.32865399748647,314.69193444620061,324.76207634847918,335.15446279163058,345.2090966753795]
[null,null,null,null,"RPI: May - index - final determination",null,"index",null,null,271.7,280.7,289.2,297.50379137925444,306.08167682745864,315.51905088813692,325.61566051655751,336.03536165308736,346.11642250268]
[null,null,null,null,"RPI: June - index - final determination",null,"index",null,null,272.3,281.5,289.60000000000002,298.18921448748932,306.8365568148742,316.34834127078682,326.47148819145218,336.91857581357868,347.02613308798607]
[null,null,null,null,"RPI: July - index - final determination",null,"index",null,null,272.89999999999998,281.7,289.5,298.87621675152292,307.59329853998446,317.17981130799899,327.32956526985515,337.80411135849056,347.9382346992453]
[null,null,null,null,"RPI: August - index - final determination",null,"index",null,null,274.7,284.2,291.5,299.5648018095942,308.35190659433681,318.01346672864008,328.1898976639568,338.69197438920344,348.85273362087958]
[null,null,null,null,"RPI: September - index - final determination",null,"index",null,null,275.10000000000002,284.10000000000002,292.14789585630507,300.25497330832422,309.11238558080265,318.84931327663418,329.05249130148667,339.58217102313426,349.76963615382829]
[null,null,null,null,"RPI: October - index - final determination",null,"index",null,null,275.3,284.5,292.79723174362425,300.94673490273567,309.87474011360524,319.68735671100222,329.91735212575446,340.47470739377866,350.68894861559204]
[null,null,null,null,"RPI: November - index - final determination",null,"index",null,null,275.8,284.60000000000002,293.44801086260981,301.640090256272,310.63897481834789,320.52760280590189,330.78448609569091,341.36958965075308,351.61067734027569]
[null,null,null,null,"RPI: December - index - final determination",null,"index",null,null,278.10000000000002,285.60000000000002,294.10023642102783,302.33504304081697,311.40509433204181,321.37005735066725,331.65389918588875,342.26682395983727,352.53482867863238]
[null,null,null,null,"RPI: January - index - final determination",null,"index",null,null,276,283,294.77781803182262,303.08068281857669,312.2235718506285,322.21472614984873,332.52559738664399,343.16641650301671,353.46140899810723]
[null,null,null,null,"RPI: February - index - final determination",null,"index",null,null,278.10000000000002,285,295.45696073228152,303.82816154518133,313.04420060392721,323.06161502325301,333.39958670399722,344.06837347852525,354.39042468288102]
[null,null,null,null,"RPI: March - index - final determination",null,"index",null,null,278.3,285.10000000000002,296.13766811902059,304.57748375597481,313.86698624610767,323.91072980598324,334.27587315977479,344.97270110088772,355.32188213391436]
[]
[null,"CPI(H) - final determination"]
[null,null,null,null,"CPI(H): April - index - final determination",null,"index",null,null,103.2,105.5,107.6,109.70335473997172,111.89742183477122,114.1726572294514,116.57028303126997,119.0182589749267,121.39862415442524]
[null,null,null,null,"CPI(H): May - index - final determination",null,"index",null,null,103.5,105.9,107.9,109.88453874941817,112.08222952440661,114.37056169674494,116.77234349237666,119.22456270571664,121.60905395983097]
[null,null,null,null,"CPI(H): June - index - final determination",null,"index",null,null,103.5,105.9,107.9,110.06602199898684,112.26734243896665,114.56880920745294,116.97475420080953,119.4312240390266,121.81984851980714]
[null,null,null,null,"CPI(H): July - index - final determination",null,"index",null,null,103.5,105.9,108,110.24780498289711,112.45276108255513,114.7674003561996,117.17751576367986,119.63824359471722,122.03100846661157]
[null,null,null,null,"CPI(H): August - index - final determination",null,"index",null,null,104,106.5,108.3,110.42988819618461,112.63848596010838,114.96633573863983,117.38062878915133,119.8456219937236,122.24253443359807]
[null,null,null,null,"CPI(H): September - index - final determination",null,"index",null,null,104.3,106.6,108.4699996176289,110.61227213470256,112.8245175773967,115.16561595146101,117.58409388644176,120.05335985805712,122.45442705521826]
[null,null,null,null,"CPI(H): October - index - final determination",null,"index",null,null,104.4,106.7,108.64026608539625,110.79495729512315,113.01085644102571,115.36524159238483,117.78791166582499,120.2614578108074,122.66668696702355]
[null,null,null,null,"CPI(H): November - index - final determination",null,"index",null,null,104.7,106.9,108.81079982217945,110.97794417493883,113.1975030584377,115.56521326016906,117.99208273863269,120.46991647614406,122.87931480566695]
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[]
["OUTTURN INFLATION"]
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[null,null,null,null,"RPI: June - index - actual (including forecast)",null,"index"]
[null,null,null,null,"RPI: July - index - actual (including forecast)",null,"index"]
[null,null,null,null,"RPI: August - index - actual (including forecast)",null,"index"]
[null,null,null,null,"RPI: September - index - actual (including forecast)",null,"index"]
[null,null,null,null,"RPI: October - index - actual (including forecast)",null,"index"]
[null,null,null,null,"RPI: November - index - actual (including forecast)",null,"index"]
[null,null,null,null,"RPI: December - index - actual (including forecast)",null,"index"]
[null,null,null,null,"RPI: January - index - actual (including forecast)",null,"index"]
[null,null,null,null,"RPI: February - index - actual (including forecast)",null,"index"]
[null,null,null,null,"RPI: March - index - actual (including forecast)",null,"index"]
[]
[null,"CPI(H) - outturn"]
[null,null,null,null,"CPI(H): April - index - actual (including forecast)",null,"index"]
[null,null,null,null,"CPI(H): May - index - actual (including forecast)",null,"index"]
[null,null,null,null,"CPI(H): June - index - actual (including forecast)",null,"index"]
[null,null,null,null,"CPI(H): July - index - actual (including forecast)",null,"index"]
[null,null,null,null,"CPI(H): August - index - actual (including forecast)",null,"index"]
[null,null,null,null,"CPI(H): September - index - actual (including forecast)",null,"index"]
[null,null,null,null,"CPI(H): October - index - actual (including forecast)",null,"index"]
[null,null,null,null,"CPI(H): November - index - actual (including forecast)",null,"index"]
[null,null,null,null,"CPI(H): December - index - actual (including forecast)",null,"index"]
[null,null,null,null,"CPI(H): January - index - actual (including forecast)",null,"index"]
[null,null,null,null,"CPI(H): February - index - actual (including forecast)",null,"index"]
[null,null,null,null,"CPI(H): March - index - actual (including forecast)",null,"index"]
[]
[null,null,null,null,"Financing cost index",null,"index",null,null,null,null,null,4,3,2,1,0]
[]
[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,"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,"%"]
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[]
[null,null,null,null,"Real RPI based WACC",1,"%",null,null,null,null,null,null,null,null,null,null,null,null,2.9195763820156317E-2,2.9195763820156317E-2,2.9195763820156317E-2,2.9195763820156317E-2,2.9195763820156317E-2,2.9195763820156317E-2,2.9195763820156317E-2]
[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,"%"]
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[]
[null,null,null,null,"Real CPIH based WACC",1,"%",null,null,null,null,null,null,null,null,null,null,null,null,2.9195763820156317E-2,2.9195763820156317E-2,2.9195763820156317E-2,2.9195763820156317E-2,2.9195763820156317E-2,2.9195763820156317E-2,2.9195763820156317E-2]
[null,null,null,null,"Real CPIH based WACC",2,"%"]
[null,null,null,null,"Real CPIH based WACC",3,"%"]
[null,null,null,null,"Real CPIH based WACC",4,"%"]
[null,null,null,null,"Real CPIH based WACC",5,"%"]
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[]
["END"]

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["MODEL PERIOD"]
[]
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[]
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[]
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[]
["PRE FORECAST PERIOD"]
[]
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[]
["FORECAST PERIOD"]
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[]
[]
["POST FORECAST PERIOD"]
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[]
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[]
["MODELLING PERIOD CHECK"]
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[]
["FINANCIAL YEAR"]
[]
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[]
[]
["END"]

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[]
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[]
[]
["FINAL DETERMINATION ASSUMPTIONS"]
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["OUTTURN INFLATION"]
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[]
[null,null,null,null,"CPI(H): Financial year average - index - actual (including forecast)",null,"index",null,null,{"$f":" SUM(J99:J110) / 12","v":0},{"$f":" SUM(K99:K110) / 12","v":0},0,0,0,0,0,0,0]
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[]
[null,null,null,null,{"$f":"E$110","v":"CPI(H): March - index - actual (including forecast)"},null,{"$f":"G$110","v":"index"},0,null,{"$f":"J$110","v":0},0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E$112","v":"CPI(H): Financial year average - index - actual (including forecast)"},null,{"$f":"G$112","v":"index"},0,null,{"$f":"J$112","v":0},0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"Time!E$46","v":"1st Forecast Period Flag"},null,{"$f":"Time!G$46","v":"flag"},{"$f":"Time!H$46","v":1},{"$f":"Time!I$46","v":0},{"$f":"Time!J$46","v":0},{"$f":"Time!K$46","v":0},{"$f":"Time!L$46","v":0},{"$f":"Time!M$46","v":1},{"$f":"Time!N$46","v":0},{"$f":"Time!O$46","v":0},{"$f":"Time!P$46","v":0},{"$f":"Time!Q$46","v":0},{"$f":"Time!R$46","v":0}]
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[]
[null,null,null,null,{"$f":"E$96 & \" - actual (including forecast)\"","v":"RPI Growth from 2019-20 FYE to 2020-21 FYA - actual (including forecast) - actual (including forecast)"},null,{"$f":"G$96","v":"%"},null,null,{"$f":"J$96","v":0},0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E$119 & \" - actual (including forecast)\"","v":"CPIH Growth from 2019-20 FYE to 2020-21 FYA - actual (including forecast) - actual (including forecast)"},null,{"$f":"G$119","v":"%"},null,null,{"$f":"J$119","v":0},0,0,0,0,0,0,0,0]
[null,null,null,null,"Wedge between RPI and CPIH 2020-21 - actual (including forecast)",null,"%",null,null,{"$f":" (1 + J$121) / (1 + J$122) - 1","v":0},{"$f":" (1 + K$121) / (1 + K$122) - 1","v":0},0,0,0,0,0,0,0]
[]
[null,"Indexation - final determination"]
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[null,null,null,null,{"$f":"Time!E$46","v":"1st Forecast Period Flag"},null,{"$f":"Time!G$46","v":"flag"},{"$f":"Time!H$46","v":1},{"$f":"Time!I$46","v":0},{"$f":"Time!J$46","v":0},{"$f":"Time!K$46","v":0},{"$f":"Time!L$46","v":0},{"$f":"Time!M$46","v":1},{"$f":"Time!N$46","v":0},{"$f":"Time!O$46","v":0},{"$f":"Time!P$46","v":0},{"$f":"Time!Q$46","v":0},{"$f":"Time!R$46","v":0}]
[null,null,null,null,"CPI(H) + RPI wedge 2020-21 percentage movement - actual (including forecast)",null,"%",null,null,{"$f":" ((1 + J$126)  * (1 + J$127) - 1) * J$128","v":0},{"$f":" ((1 + K$126)  * (1 + K$127) - 1) * K$128","v":0},0,{"$f":" ((1 + M$126)  * (1 + M$127) - 1) * M$128","v":0},0,0,0,0,0]
[]
[null,null,null,null,{"$f":"E129","v":"CPI(H) + RPI wedge 2020-21 percentage movement - actual (including forecast)"},null,{"$f":"G129","v":"%"},0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$91","v":"RPI: Fin year average - percentage increase - actual (including forecast)"},null,{"$f":" G$91","v":"%"},null,null,{"$f":" J$91","v":0},0,0,0,0,0,0,0,0]
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[]
[null,null,null,null,{"$f":"E133","v":"RPI: Fin year average - percentage increase - actual (including forecast) active"},null,{"$f":"G133","v":"%"},0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,"Actual RPI/CPIH wedge - actual (including forecast)",null,"%",null,{"$f":"I$169","v":0},null,{"$f":"K135-K136","v":0},{"$f":"L135-L136","v":0},0,0,0,0,0,0]
[]
[]
["END"]

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[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$59","v":"Post-Fcst"}]
[null,null,null,null,{"$f":"Time!E$86","v":"Financial Year Ending"},{"$f":" Checks!$F$18","v":15},"Track checks",null,null,{"$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$86","v":2026}]
[]
[null,null,null,null,{"$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$11","v":9}]
[]
["Forecast position at PR19 final determination"]
[]
[null,null,"This section replicates the RCV calculations in the PR19 final determination financial model."]
[]
[null,"Forecast inflation"]
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[null,null,null,null,{"$f":"Index!E$72","v":"Forecast RPI/CPIH wedge - final determination"},{"$f":"Index!F$72","v":0},{"$f":"Index!G$72","v":"%"},{"$f":"Index!H$72","v":0},{"$f":"Index!I$72","v":0},{"$f":"Index!J$72","v":0},{"$f":"Index!K$72","v":9.2858492581475716E-3},{"$f":"Index!L$72","v":1.161248525830616E-2},{"$f":"Index!M$72","v":4.4244509514173025E-3},{"$f":"Index!N$72","v":9.5456655774601717E-3},{"$f":"Index!O$72","v":1.0752431675141727E-2},{"$f":"Index!P$72","v":1.1000000000000121E-2},{"$f":"Index!Q$72","v":1.0999999999999233E-2},{"$f":"Index!R$72","v":1.0000000000000009E-2}]
[null,null,null,null,"Forecast Indexation percentage",null,"%",null,null,{"$f":"SUM(J13:J14)","v":0},3.0555639758707454E-2,3.1522140708501123E-2,{"$f":"SUM(M13:M14)","v":2.4258091513662983E-2},{"$f":"SUM(N13:N14)","v":2.9587648685595047E-2},3.1503683270760252E-2,3.2000000000000473E-2,3.2000000000000028E-2,3.0000000000000027E-2]
[]
[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$40","v":0}]
[null,null,null,null,{"$f":"Index!E$49","v":"CPI(H): Fin year average - percentage increase - final determination"},{"$f":"Index!F$49","v":0},{"$f":"Index!G$49","v":"%"},{"$f":"Index!H$49","v":0},{"$f":"Index!I$49","v":0},{"$f":"Index!J$49","v":0},{"$f":"Index!K$49","v":2.1269790500559882E-2},{"$f":"Index!L$49","v":1.9909655450194963E-2},{"$f":"Index!M$49","v":1.983364056224568E-2},{"$f":"Index!N$49","v":2.0041983108134875E-2},{"$f":"Index!O$49","v":2.0751251595618525E-2},{"$f":"Index!P$49","v":2.1000000000000352E-2},{"$f":"Index!Q$49","v":2.1000000000000796E-2},{"$f":"Index!R$49","v":2.0000000000000018E-2}]
[null,null,null,null,"Cumulative CPIH inflation",null,null,null,null,{"$f":"IF(J17=1,1,I19*(1+J18))","v":0},{"$f":"IF(K17=1,1,J19*(1+K18))","v":0},1,1.0198336405622457,1.040273129159502,1.0618600985908522,1.0841591606612604,1.1069265030351476,1.1290650330958505]
[]
[null,"Forecast RCV balance"]
[null,null,null,null,{"$f":" E$34","v":"Forecast Nominal RCV balance BEG"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$15","v":"Forecast Indexation percentage"},0,"%",0,0,0,3.0555639758707454E-2,3.1522140708501123E-2,2.4258091513662983E-2,2.9587648685595047E-2,3.1503683270760252E-2,3.2000000000000473E-2,3.2000000000000028E-2,3.0000000000000027E-2]
[null,null,null,null,"Forecast RCV indexation",null,"£m",null,null,{"$f":"J22*J23","v":0},{"$f":"K22*K23","v":0},0,{"$f":"M22*M23","v":0},0,0,0,0,0]
[]
[null,null,null,null,{"$f":" InpR!E$78","v":"RCV run-off rate"},{"$f":" InpR!F$78","v":0},{"$f":" InpR!G$78","v":"%"},{"$f":" InpR!H$78","v":0},{"$f":" InpR!I$78","v":0},{"$f":" InpR!J$78","v":0},{"$f":" InpR!K$78","v":0},{"$f":" InpR!L$78","v":0},{"$f":" InpR!M$78","v":0},{"$f":" InpR!N$78","v":0},{"$f":" InpR!O$78","v":0},{"$f":" InpR!P$78","v":0},{"$f":" InpR!Q$78","v":0},{"$f":" InpR!R$96","v":0}]
[null,null,null,null,{"$f":" E$34","v":"Forecast Nominal RCV balance BEG"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$24","v":"Forecast RCV indexation"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Forecast RCV run-off",null,"£m",null,null,{"$f":" (J27+J28) * J26","v":0},0,{"$f":" (L27+L28) * L26","v":0},0,0,0,0,0,0]
[]
[null,null,null,null,{"$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":" I37","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"Plus:",{"$f":" E$24","v":"Forecast RCV indexation"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less:",{"$f":" E$29","v":"Forecast RCV run-off"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Forecast Nominal RCV balance END",null,"£m",null,null,{"$f":" IF( J32 = 1, $F31, J34 + J35 - J36)","v":0},0,0,0,0,0,0,0,0]
[]
[null,null,null,null,{"$f":" E$27","v":"Forecast Nominal RCV balance BEG"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$24","v":"Forecast RCV indexation"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$37","v":"Forecast Nominal RCV balance END"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Forecast RCV average balance",null,"£m",null,null,{"$f":" ( (J39+J40) + J41) / 2","v":0},0,0,{"$f":" ( (M39+M40) + M41) / 2","v":0},{"$f":" ( (N39+N40) + N41) / 2","v":0},0,0,0,0]
[]
[null,"Forecast return on RCV"]
[null,null,null,null,{"$f":" InpR!E$85","v":"Real RPI based WACC"},{"$f":" InpR!F$85","v":0},{"$f":" InpR!G$85","v":"%"},{"$f":" InpR!H$85","v":0},{"$f":" InpR!I$85","v":0},{"$f":" InpR!J$85","v":0},{"$f":" InpR!K$85","v":0},{"$f":" InpR!L$85","v":0},{"$f":" InpR!M$85","v":0},{"$f":" InpR!N$85","v":0},{"$f":" InpR!O$85","v":0},{"$f":" InpR!P$85","v":0},{"$f":" InpR!Q$85","v":0},{"$f":" InpR!R$98","v":0}]
[null,null,null,null,{"$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$54","v":0}]
[null,null,null,null,{"$f":" E$42","v":"Forecast RCV average balance"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Forecast nominal return",null,"£m",null,null,{"$f":"J45*J47*J46","v":0},0,{"$f":"L45*L47*L46","v":0},{"$f":"M45*M47*M46","v":0},{"$f":"N45*N47*N46","v":0},0,0,0,0]
[]
[null,"Forecast total revenue"]
[null,null,null,null,{"$f":" E$29","v":"Forecast RCV run-off"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$48","v":"Forecast nominal return"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Total Forecast revenue to company",null,{"$f":" G$48","v":"£m"},{"$f":"SUM(J53:R53)","v":0},null,{"$f":"SUM(J51:J52)","v":0},0,{"$f":"SUM(L51:L52)","v":0},0,0,0,0,0,0]
[]
[null,"K calculation"]
[null,null,null,null,{"$f":" E$53","v":"Total Forecast revenue to company"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$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$54","v":0}]
[null,null,null,null,"Forecast % movement in nominal revenue",null,"%",null,null,{"$f":" IF(I56 = 0, 0, J56 / I56 - 1) * J57","v":0},{"$f":" IF(J56 = 0, 0, K56 / J56 - 1) * K57","v":0},{"$f":" IF(K56 = 0, 0, L56 / K56 - 1) * L57","v":0},{"$f":" IF(L56 = 0, 0, M56 / L56 - 1) * M57","v":0},{"$f":" IF(M56 = 0, 0, N56 / M56 - 1) * N57","v":0},{"$f":" IF(N56 = 0, 0, O56 / N56 - 1) * O57","v":0},{"$f":" IF(O56 = 0, 0, P56 / O56 - 1) * P57","v":0},{"$f":" IF(P56 = 0, 0, Q56 / P56 - 1) * Q57","v":0},{"$f":" IF(Q56 = 0, 0, R56 / Q56 - 1) * R57","v":0}]
[]
[null,null,null,null,{"$f":" E$58","v":"Forecast % movement in nominal revenue"},0,"%",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"less",{"$f":"Index!E$49","v":"CPI(H): Fin year average - percentage increase - final determination"},{"$f":"Index!F$49","v":0},{"$f":"Index!G$49","v":"%"},{"$f":"Index!H$49","v":0},{"$f":"Index!I$49","v":0},{"$f":"Index!J$49","v":0},{"$f":"Index!K$49","v":2.1269790500559882E-2},{"$f":"Index!L$49","v":1.9909655450194963E-2},{"$f":"Index!M$49","v":1.983364056224568E-2},{"$f":"Index!N$49","v":2.0041983108134875E-2},{"$f":"Index!O$49","v":2.0751251595618525E-2},{"$f":"Index!P$49","v":2.1000000000000352E-2},{"$f":"Index!Q$49","v":2.1000000000000796E-2},{"$f":"Index!R$49","v":2.0000000000000018E-2}]
[null,null,null,null,"K",null,null,null,null,null,null,null,{"$f":" IF(M60 = 0, 0, M60 - M61)","v":0},{"$f":" IF(N60 = 0, 0, N60 - N61)","v":0},0,0,0]
[]
[null,"Initial revenue calculation"]
[null,null,null,null,{"$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$40","v":0}]
[null,null,null,null,{"$f":" E$53","v":"Total Forecast revenue to company"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"Index!E$49","v":"CPI(H): Fin year average - percentage increase - final determination"},{"$f":"Index!F$49","v":0},{"$f":"Index!G$49","v":"%"},{"$f":"Index!H$49","v":0},{"$f":"Index!I$49","v":0},{"$f":"Index!J$49","v":0},{"$f":"Index!K$49","v":2.1269790500559882E-2},{"$f":"Index!L$49","v":1.9909655450194963E-2},{"$f":"Index!M$49","v":1.983364056224568E-2},{"$f":"Index!N$49","v":2.0041983108134875E-2},{"$f":"Index!O$49","v":2.0751251595618525E-2},{"$f":"Index!P$49","v":2.1000000000000352E-2},{"$f":"Index!Q$49","v":2.1000000000000796E-2},{"$f":"Index!R$49","v":2.0000000000000018E-2}]
[null,null,null,null,"Pre Forecast allowed revenue",null,"£m",null,null,{"$f":" IF( J65 = 1,K66 / ( 1 + K67 ), 0)","v":0},{"$f":" IF( K65 = 1,L66 / ( 1 + L67 ), 0)","v":0},{"$f":" IF( L65 = 1,M66 / ( 1 + M67 ), 0)","v":0},0,0,0,0,0,{"$f":" IF( R65 = 1,#REF! / ( 1 +#REF! ), 0)","v":0}]
[]
[null,null,null,null,{"$f":" E$68","v":"Pre Forecast allowed revenue"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Pre Forecast allowed revenue for K calcs",{"$f":"SUM(J70:R70)","v":0},"£m"]
[]
["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$71","v":"Pre Forecast allowed revenue for K calcs"},{"$f":" F$71","v":0},{"$f":" G$71","v":"£m"}]
[null,null,null,null,{"$f":" E$62","v":"K"},null,"%",{"$f":" H$62","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"Index!E$49","v":"CPI(H): Fin year average - percentage increase - final determination"},{"$f":"Index!F$49","v":0},{"$f":"Index!G$49","v":"%"},{"$f":"Index!H$49","v":0},{"$f":"Index!I$49","v":0},{"$f":"Index!J$49","v":0},{"$f":"Index!K$49","v":2.1269790500559882E-2},{"$f":"Index!L$49","v":1.9909655450194963E-2},{"$f":"Index!M$49","v":1.983364056224568E-2},{"$f":"Index!N$49","v":2.0041983108134875E-2},{"$f":"Index!O$49","v":2.0751251595618525E-2},{"$f":"Index!P$49","v":2.1000000000000352E-2},{"$f":"Index!Q$49","v":2.1000000000000796E-2},{"$f":"Index!R$49","v":2.0000000000000018E-2}]
[null,null,null,null,{"$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$40","v":0}]
[null,null,null,null,"Actual nominal revenue",null,"£m",null,null,null,null,{"$f":"IF(L82=1,$F79,K83*(1+L80+L81))","v":0},{"$f":"IF(M82=1,$F79,L83*(1+M80+M81))","v":0},{"$f":"IF(N82=1,$F79,M83*(1+N80+N81))","v":0},0,0,0,{"$f":"IF(R82=1,$F79,Q83*(1+R80+R81))","v":0}]
[]
["What the company should have experienced"]
[]
[null,null,"This section calculates the revenue that the company should have been allowed, assuming that Ofwat had perfect foresight of the actual RPI CPIH wedge."]
[]
[null,"Inflation based on actual wedge"]
[null,null,null,null,{"$f":"Index!E$49","v":"CPI(H): Fin year average - percentage increase - final determination"},{"$f":"Index!F$49","v":0},{"$f":"Index!G$49","v":"%"},{"$f":"Index!H$49","v":0},{"$f":"Index!I$49","v":0},{"$f":"Index!J$49","v":0},{"$f":"Index!K$49","v":2.1269790500559882E-2},{"$f":"Index!L$49","v":1.9909655450194963E-2},{"$f":"Index!M$49","v":1.983364056224568E-2},{"$f":"Index!N$49","v":2.0041983108134875E-2},{"$f":"Index!O$49","v":2.0751251595618525E-2},{"$f":"Index!P$49","v":2.1000000000000352E-2},{"$f":"Index!Q$49","v":2.1000000000000796E-2},{"$f":"Index!R$49","v":2.0000000000000018E-2}]
[null,null,null,null,{"$f":"Index!E$137","v":"Actual RPI/CPIH wedge - actual (including forecast)"},{"$f":"Index!F$137","v":0},{"$f":"Index!G$137","v":"%"},{"$f":"Index!H$137","v":0},{"$f":"Index!I$137","v":0},{"$f":"Index!J$137","v":0},{"$f":"Index!K$137","v":0},{"$f":"Index!L$137","v":0},{"$f":"Index!M$137","v":0},{"$f":"Index!N$137","v":0},{"$f":"Index!O$137","v":0},{"$f":"Index!P$137","v":0},{"$f":"Index!Q$137","v":0},{"$f":"Index!R$137","v":0}]
[null,null,null,null,"Actual Indexation percentage",null,null,null,null,{"$f":"SUM(J90:J91)","v":0},{"$f":"SUM(K90:K91)","v":2.1269790500559882E-2},{"$f":"SUM(L90:L91)","v":1.9909655450194963E-2},{"$f":"SUM(M90:M91)","v":1.983364056224568E-2},{"$f":"SUM(N90:N91)","v":2.0041983108134875E-2},{"$f":"SUM(O90:O91)","v":2.0751251595618525E-2},{"$f":"SUM(P90:P91)","v":2.1000000000000352E-2},{"$f":"SUM(Q90:Q91)","v":2.1000000000000796E-2},{"$f":"SUM(R90:R91)","v":2.0000000000000018E-2}]
[]
[null,"RCV balance based on actual wedge"]
[null,null,null,null,{"$f":" E$107","v":"Actual Nominal RCV balance BEG"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$92","v":"Actual Indexation percentage"},0,0,0,0,0,2.1269790500559882E-2,1.9909655450194963E-2,1.983364056224568E-2,2.0041983108134875E-2,2.0751251595618525E-2,2.1000000000000352E-2,2.1000000000000796E-2,2.0000000000000018E-2]
[null,null,null,null,"Actual RCV indexation",null,"£m",null,null,{"$f":"J95*J96","v":0},0,0,{"$f":"M95*M96","v":0},{"$f":"N95*N96","v":0},0,0,0,0]
[]
[null,null,null,null,{"$f":" InpR!E$78","v":"RCV run-off rate"},{"$f":" InpR!F$78","v":0},{"$f":" InpR!G$78","v":"%"},{"$f":" InpR!H$78","v":0},{"$f":" InpR!I$78","v":0},{"$f":" InpR!J$78","v":0},{"$f":" InpR!K$78","v":0},{"$f":" InpR!L$78","v":0},{"$f":" InpR!M$78","v":0},{"$f":" InpR!N$78","v":0},{"$f":" InpR!O$78","v":0},{"$f":" InpR!P$78","v":0},{"$f":" InpR!Q$78","v":0},{"$f":" InpR!R$96","v":0}]
[null,null,null,null,{"$f":" E$107","v":"Actual Nominal RCV balance BEG"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$97","v":"Actual RCV indexation"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"RCV run-off company should have received",null,"£m",null,null,{"$f":" (J100+J101) * J99","v":0},{"$f":" (K100+K101) * K99","v":0},{"$f":" (L100+L101) * L99","v":0},0,{"$f":" (N100+N101) * N99","v":0},0,0,0,0]
[]
[null,null,null,null,{"$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$40","v":0}]
[]
[null,null,null,null,"Actual Nominal RCV balance BEG",null,"£m",null,null,{"$f":" I110","v":0},{"$f":" J110","v":0},{"$f":" K110","v":0},{"$f":" L110","v":0},{"$f":" M110","v":0},{"$f":" N110","v":0},{"$f":" O110","v":0},{"$f":" P110","v":0},{"$f":" Q110","v":0}]
[null,null,null,"Plus:",{"$f":" E$97","v":"Actual RCV indexation"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less:",{"$f":" E$102","v":"RCV run-off company should have received"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Actual Nominal RCV balance END",null,"£m",null,null,{"$f":" IF( J105 = 1, $F104, J107 + J108 - J109)","v":0},0,0,0,0,0,0,0,0]
[]
[null,null,null,null,{"$f":" E$107","v":"Actual Nominal RCV balance BEG"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$108","v":"Actual RCV indexation"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$110","v":"Actual Nominal RCV balance END"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Actual average RCV balance",null,"£m",null,null,{"$f":" ( (J112+J113) + J114) / 2","v":0},{"$f":" ( (K112+K113) + K114) / 2","v":0},{"$f":" ( (L112+L113) + L114) / 2","v":0},{"$f":" ( (M112+M113) + M114) / 2","v":0},{"$f":" ( (N112+N113) + N114) / 2","v":0},{"$f":" ( (O112+O113) + O114) / 2","v":0},{"$f":" ( (P112+P113) + P114) / 2","v":0},{"$f":" ( (Q112+Q113) + Q114) / 2","v":0},{"$f":" ( (R112+R113) + R114) / 2","v":0}]
[]
[null,"RCV returns based on actual wedge"]
[null,null,null,null,{"$f":" InpR!E$85","v":"Real RPI based WACC"},{"$f":" InpR!F$85","v":0},{"$f":" InpR!G$85","v":"%"},{"$f":" InpR!H$85","v":0},{"$f":" InpR!I$85","v":0},{"$f":" InpR!J$85","v":0},{"$f":" InpR!K$85","v":0},{"$f":" InpR!L$85","v":0},{"$f":" InpR!M$85","v":0},{"$f":" InpR!N$85","v":0},{"$f":" InpR!O$85","v":0},{"$f":" InpR!P$85","v":0},{"$f":" InpR!Q$85","v":0},{"$f":" InpR!R$98","v":0}]
[null,null,null,null,{"$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$54","v":0}]
[null,null,null,null,{"$f":" E$115","v":"Actual average RCV balance"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Nominal return company should have received",null,"£m",null,null,{"$f":"J118*J119*J120","v":0},0,{"$f":"L118*L119*L120","v":0},{"$f":"M118*M119*M120","v":0},{"$f":"N118*N119*N120","v":0},0,0,0,0]
[]
[null,null,null,null,{"$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$50","v":0}]
[null,null,null,null,{"$f":" E$110","v":"Actual Nominal RCV balance END"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Actual Nominal RCV residual balance",null,null,null,null,{"$f":"J124 * J123","v":0},{"$f":"K124 * K123","v":0},{"$f":"L124 * L123","v":0},{"$f":"M124 * M123","v":0},{"$f":"N124 * N123","v":0},{"$f":"O124 * O123","v":0},{"$f":"P124 * P123","v":0},{"$f":"Q124 * Q123","v":0},{"$f":"R124 * R123","v":0}]
[]
[null,"Revenue based on actual wedge"]
[null,null,null,null,{"$f":" E$102","v":"RCV run-off company should have received"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$121","v":"Nominal return company should have received"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Total nominal revenue company should have received",null,"£m",{"$f":"SUM(J130:R130)","v":0},null,{"$f":"SUM(J128:J129)","v":0},0,0,0,0,0,0,0,0]
[]
["Difference"]
[]
[null,null,"This section compares the actual revenue the company received with the revenue Ofwat would have allowed if it had perfect foresight of the RPI CPIH wedge."]
[]
[null,null,null,null,{"$f":" E$83","v":"Actual nominal revenue"},{"$f":" F$83","v":0},"£m",0,0,0,0,0,0,0,0,0,0,{"$f":" R$83","v":0}]
[null,null,null,null,{"$f":" E$130","v":"Total nominal revenue company should have received"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Difference in nominal revenue",null,{"$f":" G$121","v":"£m"},{"$f":"SUM(J138:R138)","v":0},null,null,null,null,{"$f":"M137-M136","v":0},{"$f":"N137-N136","v":0},0,0,0]
[]
["True up"]
[]
[null,null,"This section works out the value of the true up to be applied."]
[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."]
[]
[null,null,null,null,{"$f":"Index!E$49","v":"CPI(H): Fin year average - percentage increase - final determination"},{"$f":"Index!F$49","v":0},{"$f":"Index!G$49","v":"%"},{"$f":"Index!H$49","v":0},{"$f":"Index!I$49","v":0},{"$f":"Index!J$49","v":0},{"$f":"Index!K$49","v":2.1269790500559882E-2},{"$f":"Index!L$49","v":1.9909655450194963E-2},{"$f":"Index!M$49","v":1.983364056224568E-2},{"$f":"Index!N$49","v":2.0041983108134875E-2},{"$f":"Index!O$49","v":2.0751251595618525E-2},{"$f":"Index!P$49","v":2.1000000000000352E-2},{"$f":"Index!Q$49","v":2.1000000000000796E-2},{"$f":"Index!R$49","v":2.0000000000000018E-2}]
[null,null,null,null,{"$f":"Index!E$72","v":"Forecast RPI/CPIH wedge - final determination"},{"$f":"Index!F$72","v":0},{"$f":"Index!G$72","v":"%"},{"$f":"Index!H$72","v":0},{"$f":"Index!I$72","v":0},{"$f":"Index!J$72","v":0},{"$f":"Index!K$72","v":9.2858492581475716E-3},{"$f":"Index!L$72","v":1.161248525830616E-2},{"$f":"Index!M$72","v":4.4244509514173025E-3},{"$f":"Index!N$72","v":9.5456655774601717E-3},{"$f":"Index!O$72","v":1.0752431675141727E-2},{"$f":"Index!P$72","v":1.1000000000000121E-2},{"$f":"Index!Q$72","v":1.0999999999999233E-2},{"$f":"Index!R$72","v":1.0000000000000009E-2}]
[null,null,null,null,"True up Indexation percentage",null,null,null,null,{"$f":"SUM(J146:J147)","v":0},3.0555639758707454E-2,3.1522140708501123E-2,{"$f":"SUM(M146:M147)","v":2.4258091513662983E-2},{"$f":"SUM(N146:N147)","v":2.9587648685595047E-2},3.1503683270760252E-2,3.2000000000000473E-2,3.2000000000000028E-2,3.0000000000000027E-2]
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[null,null,null,null,{"$f":" E$162","v":"True up Nominal RCV balance BEG"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$148","v":"True up Indexation percentage"},0,0,0,0,0,3.0555639758707454E-2,3.1522140708501123E-2,2.4258091513662983E-2,2.9587648685595047E-2,3.1503683270760252E-2,3.2000000000000473E-2,3.2000000000000028E-2,3.0000000000000027E-2]
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[null,null,null,null,{"$f":" InpR!E$78","v":"RCV run-off rate"},{"$f":" InpR!F$78","v":0},{"$f":" InpR!G$78","v":"%"},{"$f":" InpR!H$78","v":0},{"$f":" InpR!I$78","v":0},{"$f":" InpR!J$78","v":0},{"$f":" InpR!K$78","v":0},{"$f":" InpR!L$78","v":0},{"$f":" InpR!M$78","v":0},{"$f":" InpR!N$78","v":0},{"$f":" InpR!O$78","v":0},{"$f":" InpR!P$78","v":0},{"$f":" InpR!Q$78","v":0},{"$f":" InpR!R$96","v":0}]
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[null,null,null,null,{"$f":" E$152","v":"True up RCV indexation"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"True up Nominal RCV run-off",null,"£m",null,null,{"$f":" (J155+J156) * J154","v":0},0,0,{"$f":" (M155+M156) * M154","v":0},0,0,0,0,0]
[]
[null,null,null,null,{"$f":" InpC!E$36","v":"True up Nominal RCV - initial balance"},{"$f":" InpC!F$36","v":0},{"$f":" InpC!G$36","v":"£m"}]
[null,null,null,null,{"$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$40","v":0}]
[]
[null,null,null,null,"True up Nominal RCV balance BEG",null,"£m",null,null,{"$f":" I165","v":0},{"$f":" J165","v":0},{"$f":" K165","v":0},{"$f":" L165","v":0},{"$f":" M165","v":0},{"$f":" N165","v":0},{"$f":" O165","v":0},{"$f":" P165","v":0},{"$f":" Q165","v":0}]
[null,null,null,"Plus:",{"$f":" E$152","v":"True up RCV indexation"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less:",{"$f":" E$157","v":"True up Nominal RCV run-off"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"True up Nominal RCV balance END",null,"£m",null,null,{"$f":" IF( J160 = 1, $F159, J162 + J163 - J164)","v":0},0,0,0,0,0,0,0,0]
[]
[null,null,null,null,{"$f":" E$162","v":"True up Nominal RCV balance BEG"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$152","v":"True up RCV indexation"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$165","v":"True up Nominal RCV balance END"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"True up Nominal RCV average balance",null,"£m",null,null,{"$f":" ( (J167+J168) + J169) / 2","v":0},0,0,{"$f":" ( (M167+M168) + M169) / 2","v":0},{"$f":" ( (N167+N168) + N169) / 2","v":0},0,0,0,0]
[]
[null,null,null,null,{"$f":" InpR!E$85","v":"Real RPI based WACC"},{"$f":" InpR!F$85","v":0},{"$f":" InpR!G$85","v":"%"},{"$f":" InpR!H$85","v":0},{"$f":" InpR!I$85","v":0},{"$f":" InpR!J$85","v":0},{"$f":" InpR!K$85","v":0},{"$f":" InpR!L$85","v":0},{"$f":" InpR!M$85","v":0},{"$f":" InpR!N$85","v":0},{"$f":" InpR!O$85","v":0},{"$f":" InpR!P$85","v":0},{"$f":" InpR!Q$85","v":0},{"$f":" InpR!R$98","v":0}]
[null,null,null,null,{"$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$54","v":0}]
[null,null,null,null,{"$f":" E$170","v":"True up Nominal RCV average balance"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"True up Nominal return",null,"£m",null,null,{"$f":"J172*J173*J174","v":0},0,{"$f":"L172*L173*L174","v":0},{"$f":"M172*M173*M174","v":0},0,0,0,0,0]
[]
[null,null,null,null,{"$f":" E$157","v":"True up Nominal RCV run-off"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$175","v":"True up Nominal return"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Total True up Nominal revenue to company",null,{"$f":"G$177","v":"£m"},{"$f":"SUM(J179:R179)","v":0},null,{"$f":"SUM(J177:J178)","v":0},0,{"$f":"SUM(L177:L178)","v":0},0,0,0,0,0,0]
[]
[null,null,null,null,{"$f":" E$179","v":"Total True up Nominal revenue to company"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$130","v":"Total nominal revenue company should have received"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Value of True up nominal",null,{"$f":" G$175","v":"£m"},{"$f":" SUM(J183:R183)","v":0},null,{"$f":"J182-J181","v":0},0,{"$f":"L182-L181","v":0},{"$f":"M182-M181","v":0},{"$f":"N182-N181","v":0},0,0,0,0]
[]
[null,null,null,null,{"$f":" E$183","v":"Value of True up nominal"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$138","v":"Difference in nominal revenue"},0,"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"True-up correctly calculates revenue adjustment",{"$f":"SUM(J187:R187)","v":0},"check",null,null,{"$f":"IF( ABS(J185-J186)>ChK_Tol,1,0)","v":0},0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,{"$f":" M185=M186","v":true},{"$f":" N185=N186","v":true},true,true,true]
["RCV expressed in real terms"]
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[null,null,null,null,{"$f":"E$42 & \" - nominal\"","v":"Forecast RCV average balance - nominal"},{"$f":"F$42","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E$115 & \" - nominal\"","v":"Actual average RCV balance - nominal"},{"$f":"F$115","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"Index!E$48","v":"CPI(H): Fin year average - inflate from base year 2017-18 average - final determination"},{"$f":"Index!F$48","v":0},{"$f":"Index!G$48","v":"%"},{"$f":"Index!H$48","v":0},{"$f":"Index!I$48","v":0},{"$f":"Index!J$48","v":0},{"$f":"Index!K$48","v":1.0212697905005599},{"$f":"Index!L$48","v":1.0416029201511188},{"$f":"Index!M$48","v":1.0622616980779815},{"$f":"Index!N$48","v":1.083551529087279},{"$f":"Index!O$48","v":1.1060365794841864},{"$f":"Index!P$48","v":1.1292633476533549},{"$f":"Index!Q$48","v":1.1529778779540762},{"$f":"Index!R$48","v":1.1760374355131578}]
[null,null,null,null,{"$f":"E$42 & \" - real\"","v":"Forecast RCV average balance - real"},null,"£m",null,null,{"$f":" IF(J$193 = 0, 0, J191 / J$193)","v":0},0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E$115 & \" - real\"","v":"Actual average RCV balance - real"},null,"£m",null,null,{"$f":" IF(J$193 = 0, 0, J192 / J$193)","v":0},0,0,0,0,0,0,0,0]
[null,null,null,null,"Difference RCV average - real",null,"£m",null,null,{"$f":"J195-J194","v":0},{"$f":"K195-K194","v":0},0,0,0,0,0,0,0]
[]
[null,null,null,null,{"$f":"E$196","v":"Difference RCV average - real"},{"$f":"F$196","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"Time!E$64","v":"Last Forecast Period Flag"},{"$f":"Time!F$64","v":0},{"$f":"Time!G$64","v":"flag"},{"$f":"Time!H$64","v":1},{"$f":"Time!I$64","v":0},{"$f":"Time!J$64","v":0},{"$f":"Time!K$64","v":0},{"$f":"Time!L$64","v":0},{"$f":"Time!M$64","v":0},{"$f":"Time!N$64","v":0},{"$f":"Time!O$64","v":0},{"$f":"Time!P$64","v":0},{"$f":"Time!Q$64","v":1},{"$f":"Time!R$64","v":0}]
[null,null,null,null,"RCV adjustment at end of period - real",null,"£m",null,null,{"$f":" J198 * J199","v":0},{"$f":" K198 * K199","v":0},0,0,0,0,0,0,0]
[]
["Revenue expressed in real terms and with time value of money adjustment applied"]
[]
[null,null,null,null,{"$f":"E$157","v":"True up Nominal RCV run-off"},{"$f":"F$157","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E$175","v":"True up Nominal return"},{"$f":"F$175","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E$179","v":"Total True up Nominal revenue to company"},{"$f":"F$179","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E$128","v":"RCV run-off company should have received"},{"$f":"F$128","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E$129","v":"Nominal return company should have received"},{"$f":"F$129","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E$130","v":"Total nominal revenue company should have received"},{"$f":"F$130","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"Index!E$48","v":"CPI(H): Fin year average - inflate from base year 2017-18 average - final determination"},{"$f":"Index!F$48","v":0},{"$f":"Index!G$48","v":"%"},{"$f":"Index!H$48","v":0},{"$f":"Index!I$48","v":0},{"$f":"Index!J$48","v":0},{"$f":"Index!K$48","v":1.0212697905005599},{"$f":"Index!L$48","v":1.0416029201511188},{"$f":"Index!M$48","v":1.0622616980779815},{"$f":"Index!N$48","v":1.083551529087279},{"$f":"Index!O$48","v":1.1060365794841864},{"$f":"Index!P$48","v":1.1292633476533549},{"$f":"Index!Q$48","v":1.1529778779540762},{"$f":"Index!R$48","v":1.1760374355131578}]
[null,null,null,null,{"$f":" E204 & \"- real\"","v":"True up Nominal RCV run-off- real"},null,{"$f":"G$177","v":"£m"},{"$f":"SUM(J211:R211)","v":0},null,{"$f":" IF(J$210 = 0, 0, J204 / J$210)","v":0},0,0,0,0,0,0,0,0]
[null,null,null,null,"True up Nominal return- real",null,"£m",0,null,{"$f":" IF(J$210 = 0, 0, J205 / J$210)","v":0},0,0,0,0,0,0,0,0]
[null,null,null,null,"Total True up Nominal revenue to company- real",null,"£m",0,null,{"$f":" IF(J$210 = 0, 0, J206 / J$210)","v":0},0,0,0,0,0,0,0,0]
[null,null,null,null,"RCV run-off company should have received- real",null,"£m",0,null,{"$f":" IF(J$210 = 0, 0, J207 / J$210)","v":0},0,0,0,0,0,0,0,0]
[null,null,null,null,"Nominal return company should have received- real",null,"£m",0,null,{"$f":" IF(J$210 = 0, 0, J208 / J$210)","v":0},0,0,0,0,0,0,0,0]
[null,null,null,null,"Total nominal revenue company should have received- real",null,"£m",0,null,{"$f":" IF(J$210 = 0, 0, J209 / J$210)","v":0},0,0,0,0,0,0,0,0]
[]
[null,null,null,null,{"$f":"E$211","v":"True up Nominal RCV run-off- real"},{"$f":"F$211","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E$214","v":"RCV run-off company should have received- real"},{"$f":"F$214","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Value of True up run-off - real",null,"£m",{"$f":" SUM(J220:R220)","v":0},null,{"$f":"J219-J218","v":0},0,{"$f":"L219-L218","v":0},{"$f":"M219-M218","v":0},{"$f":"N219-N218","v":0},0,0,0,0]
[]
[null,null,null,null,{"$f":"E$212","v":"True up Nominal return- real"},{"$f":"F$212","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E$215","v":"Nominal return company should have received- real"},{"$f":"F$215","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Value of True up return - real",null,"£m",{"$f":" SUM(J224:R224)","v":0},null,{"$f":"J223-J222","v":0},0,{"$f":"L223-L222","v":0},{"$f":"M223-M222","v":0},{"$f":"N223-N222","v":0},0,0,0,0]
[]
[null,null,null,null,{"$f":"E$213","v":"Total True up Nominal revenue to company- real"},{"$f":"F$213","v":0},"£m",0,null,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E$216","v":"Total nominal revenue company should have received- real"},{"$f":"F$216","v":0},"£m",0,null,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Value of True up total - real",null,"£m",{"$f":" SUM(J228:R228)","v":0},null,{"$f":"J227-J226","v":0},0,{"$f":"L227-L226","v":0},{"$f":"M227-M226","v":0},{"$f":"N227-N226","v":0},0,0,0,0]
[]
[null,"Time value of money factors"]
[null,null,null,null,{"$f":"InpR!E$67","v":"Financing cost index"},{"$f":"InpR!F$67","v":0},{"$f":"InpR!G$67","v":"index"},{"$f":"InpR!H$67","v":0},{"$f":"InpR!I$67","v":0},{"$f":"InpR!J$67","v":0},{"$f":"InpR!K$67","v":0},{"$f":"InpR!L$67","v":0},{"$f":"InpR!M$67","v":4},{"$f":"InpR!N$67","v":3},{"$f":"InpR!O$67","v":2},{"$f":"InpR!P$67","v":1},{"$f":"InpR!Q$67","v":0},{"$f":"InpR!R$67","v":0}]
[null,null,null,null,{"$f":"InpR!E$92","v":"Real CPIH based WACC"},{"$f":"InpR!F$92","v":0},{"$f":"InpR!G$92","v":"%"},{"$f":"InpR!H$92","v":0},{"$f":"InpR!I$92","v":0},{"$f":"InpR!J$92","v":0},{"$f":"InpR!K$92","v":0},{"$f":"InpR!L$92","v":0},{"$f":"InpR!M$92","v":0},{"$f":"InpR!N$92","v":0},{"$f":"InpR!O$92","v":0},{"$f":"InpR!P$92","v":0},{"$f":"InpR!Q$92","v":0},{"$f":"InpR!R$92","v":0}]
[null,null,null,null,"Time value of money factor ",null,"Factor",null,null,{"$f":" (1 + J$232) ^ J$231","v":1},{"$f":" (1 + K$232) ^ K$231","v":1},1,1,1,1,1,1,1]
[]
[null,"Revenue adjustment for run-off"]
[null,null,null,null,{"$f":"E$220","v":"Value of True up run-off - real"},{"$f":"F$220","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E$233","v":"Time value of money factor "},{"$f":"F$233","v":0},"Factor",0,0,1,1,1,1,1,1,1,1,1]
[null,null,null,null,"Revenue adjustment for RCV run-off - real",null,"£m",{"$f":" SUM(J238:R238)","v":0},null,{"$f":" J236 * J237","v":0},{"$f":" K236 * K237","v":0},0,0,0,0,0,0,0]
[]
[null,"Revenue adjustment for return"]
[null,null,null,null,{"$f":"E224","v":"Value of True up return - real"},{"$f":"F224","v":0},"£m",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"E$233","v":"Time value of money factor "},{"$f":"F$233","v":0},"Factor",0,0,1,1,1,1,1,1,1,1,1]
[null,null,null,null,"Revenue adjustment for return - real",null,"£m",{"$f":" SUM(J243:R243)","v":0},null,{"$f":" J241 * J242","v":0},{"$f":" K241 * K242","v":0},{"$f":" L241 * L242","v":0},{"$f":" M241 * M242","v":0},{"$f":" N241 * N242","v":0},{"$f":" O241 * O242","v":0},{"$f":" P241 * P242","v":0},{"$f":" Q241 * Q242","v":0},{"$f":" R241 * R242","v":0}]
[]
["END"]

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[null,null,"Total revenue company should have received",null,null,null,null,null,null,0,0,0]
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[null,null,"True up RCV indexation 2021",null,null,null,null,null,null,0,0,0]
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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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[null,null,null,null,{"$f":" Calcs!E$187 & \" \" & InpR!$Q$5","v":"True-up correctly calculates revenue adjustment 2025"},{"$f":" Calcs!F$187","v":0},{"$f":" Calcs!G$187","v":"check"},{"$f":" Calcs!Q$187","v":0},null,0,0,0,null,0]
[null,null,null,null,null,null,null,null,null,{"$f":" IF(ABS(K156) > TRK_TOL, 1, 0)","v":0},0,0]
["INFO ONLY"]
[]
[null,null,null,null,"Date",null,null,{"$f":" TODAY()","v":"2020-03-03"},null,null,null,null,null,"2018-03-06"]
[null,null,null,null,"Time",null,null,{"$f":" NOW()","v":43893.691222569447},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-February-2020.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":10,"n_rows":20,"n_cols":18,"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$23","v":"2026-03-31"}]
[null,null,null,null,{"$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$59","v":"Post-Fcst"}]
[null,null,null,null,{"$f":"Time!E$86","v":"Financial Year Ending"},{"$f":" Checks!$F$18","v":15},"Track checks",null,null,{"$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$86","v":2026}]
[null,null,null,null,{"$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$11","v":9}]
[]
["CHECK SUMMARY"]
[]
[null,null,null,null,"Total Checks",{"$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!E187","v":"True-up correctly calculates revenue adjustment"},{"$f":"Calcs!F187","v":0},{"$f":"Calcs!G187","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":15},"check"]
[]
["END"]