{"text_format":"1","workbook":"xlsx","n_sheets":8,"sheets":["Ofgem","Scenario results (Ofgem)","Rating (Ofgem-notional)","Rating (Ofgem-actual)","NGN","Scenario results (NGN)","Rating (NGN-notional)","Rating (NGN-actual)"],"not_rendered":{"charts":0,"images":2,"macros":1,"external_links":8,"defined_names":2187,"comments":4,"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":"Ofgem","index":0,"n_rows":100,"n_cols":7,"rows_kept":100,"cut":false,"hidden":false,"merged":[]}
["Parameter","AICR","Gearing","FFO/Net Debt","RCF/Net Debt","FFO Interest Cover"]
["Baa1 Target",{"$f":"'Rating (Ofgem-notional)'!$C$77","v":1.4},{"$f":"'Rating (Ofgem-notional)'!$H$78","v":0.75},{"$f":"'Rating (Ofgem-notional)'!$D$77","v":0.11},{"$f":"'Rating (Ofgem-notional)'!$E$77","v":7.0000000000000007E-2},2.5]
["Baseline",1.3,0.7,0.09,0.05]
["Real to nominal prices conversion factor",{"$f":"[7]Input!AP92","v":1.0792234436566936},{"$f":"[7]Input!AQ92","v":1.1008045880729058},{"$f":"[7]Input!AR92","v":1.1228172888985442},{"$f":"[7]Input!AS92","v":1.1452701759324246},{"$f":"[7]Input!AT92","v":1.1681720515427552}]
[]
["Table 7.2. Financial Parameters (notional): Ofgem's Base case",null,null,null,null,null,"£m, 18/19 prices"]
["Parameter","2021/22","2022/23","2023/24","2024/25","2025/26","GD-2 Average"]
["Closing RAV",{"$f":"[7]ScenarioRun_AllOutputData!AP101/B4","v":2277.9851356559325},{"$f":"[7]ScenarioRun_AllOutputData!AQ101/C4","v":2326.6762415340932},{"$f":"[7]ScenarioRun_AllOutputData!AR101/D4","v":2371.6069037836273},{"$f":"[7]ScenarioRun_AllOutputData!AS101/E4","v":2407.6785586694455},{"$f":"[7]ScenarioRun_AllOutputData!AT101/F4","v":2433.6542773712013},{"$f":"AVERAGE(B8:F8)","v":2363.5202234028598}]
["Fast Money, %",{"$f":"[7]TIM!AP144/([7]TIM!AP144+[7]TIM!AP146)","v":0.35242445118646271},{"$f":"[7]TIM!AQ144/([7]TIM!AQ144+[7]TIM!AQ146)","v":0.33909841164462556},{"$f":"[7]TIM!AR144/([7]TIM!AR144+[7]TIM!AR146)","v":0.33704944118026919},{"$f":"[7]TIM!AS144/([7]TIM!AS144+[7]TIM!AS146)","v":0.33932719124171867},{"$f":"[7]TIM!AT144/([7]TIM!AT144+[7]TIM!AT146)","v":0.35047587834001787},{"$f":"AVERAGE(B9:F9)","v":0.3436750747186188}]
["Slow Money, %",{"$f":"[7]TIM!AP146/([7]TIM!AP144+[7]TIM!AP146)","v":0.64757554881353729},{"$f":"[7]TIM!AQ146/([7]TIM!AQ144+[7]TIM!AQ146)","v":0.66090158835537438},{"$f":"[7]TIM!AR146/([7]TIM!AR144+[7]TIM!AR146)","v":0.66295055881973075},{"$f":"[7]TIM!AS146/([7]TIM!AS144+[7]TIM!AS146)","v":0.66067280875828138},{"$f":"[7]TIM!AT146/([7]TIM!AT144+[7]TIM!AT146)","v":0.64952412165998208},0.6563249252813812]
["Fast pot expenditure",{"$f":"[7]ScenarioRun_AllOutputData!AP102/B4","v":87.826896444845843},{"$f":"[7]ScenarioRun_AllOutputData!AQ102/C4","v":86.563012823589986},{"$f":"[7]ScenarioRun_AllOutputData!AR102/D4","v":85.816418981275746},{"$f":"[7]ScenarioRun_AllOutputData!AS102/E4","v":84.198432057053992},{"$f":"[7]ScenarioRun_AllOutputData!AT102/F4","v":84.909718941974617},85.862895849748028]
["Non-controllable opex",{"$f":"[7]ScenarioRun_AllOutputData!AP103/B4","v":95.206074704172721},{"$f":"[7]ScenarioRun_AllOutputData!AQ103/C4","v":95.071821422426382},{"$f":"[7]ScenarioRun_AllOutputData!AR103/D4","v":92.899248800816224},{"$f":"[7]ScenarioRun_AllOutputData!AS103/E4","v":91.384081847178919},{"$f":"[7]ScenarioRun_AllOutputData!AT103/F4","v":89.385407559439571},92.789326866806761]
["RAV depreciation",{"$f":"[7]ScenarioRun_AllOutputData!AP104/B4","v":115.91769497142201},{"$f":"[7]ScenarioRun_AllOutputData!AQ104/C4","v":119.81378458917922},{"$f":"[7]ScenarioRun_AllOutputData!AR104/D4","v":123.86369243125715},{"$f":"[7]ScenarioRun_AllOutputData!AS104/E4","v":127.76337901646362},{"$f":"[7]ScenarioRun_AllOutputData!AT104/F4","v":131.28435662610121},123.72858152688464]
["Return",{"$f":"[7]ScenarioRun_AllOutputData!AP105/B4","v":65.077778315497696},{"$f":"[7]ScenarioRun_AllOutputData!AQ105/C4","v":65.633787737161839},{"$f":"[7]ScenarioRun_AllOutputData!AR105/D4","v":66.398966759248836},{"$f":"[7]ScenarioRun_AllOutputData!AS105/E4","v":67.22233598702735},{"$f":"[7]ScenarioRun_AllOutputData!AT105/F4","v":67.903835447745308},66.4473408493362]
["Equity issuance cost",{"$f":"[7]ScenarioRun_AllOutputData!AP106/B4","v":5.472484649838032},{"$f":"[7]ScenarioRun_AllOutputData!AQ106/C4","v":0},{"$f":"[7]ScenarioRun_AllOutputData!AR106/D4","v":0},{"$f":"[7]ScenarioRun_AllOutputData!AS106/E4","v":0},{"$f":"[7]ScenarioRun_AllOutputData!AT106/F4","v":0},1.0944969299676064]
["Additional income",{"$f":"[7]ScenarioRun_AllOutputData!AP107/B4","v":0},{"$f":"[7]ScenarioRun_AllOutputData!AQ107/C4","v":0},{"$f":"[7]ScenarioRun_AllOutputData!AR107/D4","v":0},{"$f":"[7]ScenarioRun_AllOutputData!AS107/E4","v":0},{"$f":"[7]ScenarioRun_AllOutputData!AT107/F4","v":0},0]
["Core DARTs",{"$f":"[7]ScenarioRun_AllOutputData!AP108/B4","v":4.2},{"$f":"[7]ScenarioRun_AllOutputData!AQ108/C4","v":4.2},{"$f":"[7]ScenarioRun_AllOutputData!AR108/D4","v":4.2},{"$f":"[7]ScenarioRun_AllOutputData!AS108/E4","v":4.2},{"$f":"[7]ScenarioRun_AllOutputData!AT108/F4","v":4.2},4.2]
["Recalculated base revenue (except tax allowance)",{"$f":"[7]ScenarioRun_AllOutputData!AP109/B4","v":373.70092908577629},{"$f":"[7]ScenarioRun_AllOutputData!AQ109/C4","v":371.28240657235744},{"$f":"[7]ScenarioRun_AllOutputData!AR109/D4","v":373.17832697259797},{"$f":"[7]ScenarioRun_AllOutputData!AS109/E4","v":374.76822890772388},{"$f":"[7]ScenarioRun_AllOutputData!AT109/F4","v":377.68331857526073},374.12264202274321]
["Tax allowance",{"$f":"[7]ScenarioRun_AllOutputData!AP110/B4","v":17.992593676984946},{"$f":"[7]ScenarioRun_AllOutputData!AQ110/C4","v":17.07448825692321},{"$f":"[7]ScenarioRun_AllOutputData!AR110/D4","v":17.435161502121627},{"$f":"[7]ScenarioRun_AllOutputData!AS110/E4","v":17.838961980509293},{"$f":"[7]ScenarioRun_AllOutputData!AT110/F4","v":18.303565137258222},17.72895411075946]
["Recalculated base revenue",{"$f":"[7]ScenarioRun_AllOutputData!AP111/B4","v":391.69352276276123},{"$f":"[7]ScenarioRun_AllOutputData!AQ111/C4","v":388.35689482928063},{"$f":"[7]ScenarioRun_AllOutputData!AR111/D4","v":390.61348847471959},{"$f":"[7]ScenarioRun_AllOutputData!AS111/E4","v":392.60719088823316},{"$f":"[7]ScenarioRun_AllOutputData!AT111/F4","v":395.98688371251893},391.85159613350271]
["Incentive income",{"$f":"B22-B20","v":4.4457123404394565},{"$f":"C22-C20","v":4.5392690738919441},4.6321875619756838,4.7125012316245147,4.7740170068889256,4.6207374429641046]
["Total revenue",{"$f":"[7]ScenarioRun_AllOutputData!AP112/B4","v":396.13923510320069},{"$f":"[7]ScenarioRun_AllOutputData!AQ112/C4","v":392.89616390317258},{"$f":"[7]ScenarioRun_AllOutputData!AR112/D4","v":395.24567603669527},{"$f":"[7]ScenarioRun_AllOutputData!AS112/E4","v":397.31969211985768},{"$f":"[7]ScenarioRun_AllOutputData!AT112/F4","v":400.76090071940786},396.47233357646684]
["Costs",{"$f":"SUM([7]FinancialStatements!AP72:AP77)/B4","v":-192.7054557988566},{"$f":"SUM([7]FinancialStatements!AQ72:AQ77)/C4","v":-185.83483424601638},{"$f":"SUM([7]FinancialStatements!AR72:AR77)/D4","v":-182.91566778209196},{"$f":"SUM([7]FinancialStatements!AS72:AS77)/E4","v":-179.78251390423293},{"$f":"SUM([7]FinancialStatements!AT72:AT77)/F4","v":-178.49512650141421},-183.94671964652244]
["EBITDA",{"$f":"SUM(B22:B23)","v":203.43377930434409},{"$f":"SUM(C22:C23)","v":207.06132965715619},212.33000825460331,217.53717821562475,222.26577421799365,212.5256139299444]
["Interest",{"$f":"SUM([7]FinancialStatements!AP87:AP88)/B4","v":-53.491200858933695},{"$f":"SUM([7]FinancialStatements!AQ87:AQ88)/C4","v":-53.848977808375246},{"$f":"SUM([7]FinancialStatements!AR87:AR88)/D4","v":-54.375521550370614},{"$f":"SUM([7]FinancialStatements!AS87:AS88)/E4","v":-54.893482033444208},{"$f":"SUM([7]FinancialStatements!AT87:AT88)/F4","v":-55.160244253521839},-54.353885300929122]
["Principal inflation accretion",{"$f":"-[7]FinancialStatements!AP88/B4","v":6.5373625909241948},{"$f":"-[7]FinancialStatements!AQ88/C4","v":6.7315639463418826},{"$f":"-[7]FinancialStatements!AR88/D4","v":6.8851916451970947},{"$f":"-[7]FinancialStatements!AS88/E4","v":7.0050702606577246},{"$f":"-[7]FinancialStatements!AT88/F4","v":7.0759594766967959},6.847029583963538]
["Capital expenditure",{"$f":"[7]FinancialStatements!AP120/B4","v":-161.38083062735404},{"$f":"[7]FinancialStatements!AQ120/C4","v":-168.71100159529158},{"$f":"[7]FinancialStatements!AR120/D4","v":-168.79435468079143},{"$f":"[7]FinancialStatements!AS120/E4","v":-163.93503390228176},{"$f":"[7]FinancialStatements!AT120/F4","v":-157.36007532785686},-164.03625922671515]
["Tax paid",{"$f":"[7]FinancialStatements!AP93/B4","v":-17.988891654897479},{"$f":"[7]FinancialStatements!AQ93/C4","v":-17.070858812543161},{"$f":"[7]FinancialStatements!AR93/D4","v":-17.431603212571556},{"$f":"[7]FinancialStatements!AS93/E4","v":-17.835473450807147},{"$f":"[7]FinancialStatements!AT93/F4","v":-18.300144999770382},-17.725394426117944]
["Operating Cash Flow",{"$f":"SUM(B24:B28)","v":-22.889781245916929},{"$f":"SUM(C24:C28)","v":-25.837944612711919},{"$f":"SUM(D24:D28)","v":-21.386279543933195},{"$f":"SUM(E24:E28)","v":-12.121740910250626},{"$f":"SUM(F24:F28)","v":-1.4787308864586208},-16.742895439854259]
["Disposal proceeds",{"$f":"[7]FinancialStatements!AP122/B4","v":0},{"$f":"[7]FinancialStatements!AQ122/C4","v":0.2061111279517415},{"$f":"[7]FinancialStatements!AR122/D4","v":0},{"$f":"[7]FinancialStatements!AS122/E4","v":0.1},{"$f":"[7]FinancialStatements!AT122/F4","v":0.1},8.1222225590348307E-2]
["Dividend",{"$f":"[7]FinancialStatements!AP115/B4","v":-27.335821627871187},{"$f":"[7]FinancialStatements!AQ115/C4","v":-27.920114898409121},{"$f":"[7]FinancialStatements!AR115/D4","v":-28.459282845403528},{"$f":"[7]FinancialStatements!AS115/E4","v":-28.892142704033343},{"$f":"[7]FinancialStatements!AT115/F4","v":-29.203851328454416},-28.362242680834321]
["Net Cash Flow",{"$f":"SUM(B29:B31)","v":-50.225602873788119},{"$f":"SUM(C29:C31)","v":-53.551948383169304},-49.84556238933672,-40.913883614283968,-30.582582214913035,-45.023915895098227]
[]
["Table 7.3. Credit Metrics (notional): Ofgem's Base case"]
["Parameter","2021/22","2022/23","2023/24","2024/25","2025/26","GD-2 Average"]
["Adjusted ICR [>1.4x]",{"$f":"[7]ScenarioRun_AllOutputData!AP85","v":1.4806774743121425},{"$f":"[7]ScenarioRun_AllOutputData!AQ85","v":1.4893231834949747},{"$f":"[7]ScenarioRun_AllOutputData!AR85","v":1.4956972180032486},{"$f":"[7]ScenarioRun_AllOutputData!AS85","v":1.5021345364293379},{"$f":"[7]ScenarioRun_AllOutputData!AT85","v":1.5114678900176222},{"$f":"AVERAGE(B36:F36)","v":1.4958600604514651}]
["Gearing [<75%]",{"$f":"[7]ScenarioRun_AllOutputData!AP82","v":0.60148021249199057},{"$f":"[7]ScenarioRun_AllOutputData!AQ82","v":0.60325893912706063},{"$f":"[7]ScenarioRun_AllOutputData!AR82","v":0.6041496037526799},{"$f":"[7]ScenarioRun_AllOutputData!AS82","v":0.60333545258771781},{"$f":"[7]ScenarioRun_AllOutputData!AT82","v":0.60066913140541511},{"$f":"AVERAGE(B37:F37)","v":0.60257866787297287}]
["FFO/Net Debt [>9%]",{"$f":"[7]ScenarioRun_AllOutputData!AP87","v":9.6302400781826614E-2},{"$f":"[7]ScenarioRun_AllOutputData!AQ87","v":9.6992735903335001E-2},{"$f":"[7]ScenarioRun_AllOutputData!AR87","v":9.8072863229554594E-2},{"$f":"[7]ScenarioRun_AllOutputData!AS87","v":9.9683989308280777E-2},{"$f":"[7]ScenarioRun_AllOutputData!AT87","v":0.10179219256843638},9.8568836358286685E-2]
["RCF/Net Debt [>7%]",{"$f":"[7]ScenarioRun_AllOutputData!AP88","v":7.6351619773947998E-2},{"$f":"[7]ScenarioRun_AllOutputData!AQ88","v":7.7100780357074086E-2},{"$f":"[7]ScenarioRun_AllOutputData!AR88","v":7.8210233302361223E-2},{"$f":"[7]ScenarioRun_AllOutputData!AS88","v":7.9794556409001016E-2},{"$f":"[7]ScenarioRun_AllOutputData!AT88","v":8.1814472102057487E-2},7.8654332388888359E-2]
["FFO Interest Cover [>2.5x]",{"$f":"[7]ScenarioRun_AllOutputData!AP83","v":3.4667605634130787},{"$f":"[7]ScenarioRun_AllOutputData!AQ83","v":3.5281420211227101},{"$f":"[7]ScenarioRun_AllOutputData!AR83","v":3.5842386646708553},{"$f":"[7]ScenarioRun_AllOutputData!AS83","v":3.6379221874365348},{"$f":"[7]ScenarioRun_AllOutputData!AT83","v":3.6976306367191798},3.5829388146724717]
[]
["Table 7.4. Credit Metrics (actual): Ofgem's Base case"]
["Parameter","2021/22","2022/23","2023/24","2024/25","2025/26","GD-2 Average"]
["Adjusted ICR [>1.4x]",{"$f":"[7]ScenarioRun_AllOutputData!AP153","v":1.2483549481741656},{"$f":"[7]ScenarioRun_AllOutputData!AQ153","v":1.3017981503069311},{"$f":"[7]ScenarioRun_AllOutputData!AR153","v":1.2894035044454772},{"$f":"[7]ScenarioRun_AllOutputData!AS153","v":1.3459221702101816},{"$f":"[7]ScenarioRun_AllOutputData!AT153","v":1.3743153999526458},{"$f":"AVERAGE(B44:F44)","v":1.3119588346178805}]
["Gearing [<75%]",{"$f":"[7]ScenarioRun_AllOutputData!AP150","v":0.67295804351799138},{"$f":"[7]ScenarioRun_AllOutputData!AQ150","v":0.68037181233479815},{"$f":"[7]ScenarioRun_AllOutputData!AR150","v":0.68662744035886536},{"$f":"[7]ScenarioRun_AllOutputData!AS150","v":0.6904237456272051},{"$f":"[7]ScenarioRun_AllOutputData!AT150","v":0.69225943974740389},{"$f":"AVERAGE(B45:F45)","v":0.68452809631725275}]
["FFO/Net Debt [>9%]",{"$f":"[7]ScenarioRun_AllOutputData!AP155","v":8.3128670216177883E-2},{"$f":"[7]ScenarioRun_AllOutputData!AQ155","v":8.526053563403721E-2},{"$f":"[7]ScenarioRun_AllOutputData!AR155","v":8.5842347338412311E-2},{"$f":"[7]ScenarioRun_AllOutputData!AS155","v":8.7923009063797797E-2},{"$f":"[7]ScenarioRun_AllOutputData!AT155","v":8.9594915082070653E-2},8.6349895466899168E-2]
["RCF/Net Debt [>7%]",{"$f":"[7]ScenarioRun_AllOutputData!AP156","v":5.3409136827206771E-2},{"$f":"[7]ScenarioRun_AllOutputData!AQ156","v":5.586484288499844E-2},{"$f":"[7]ScenarioRun_AllOutputData!AR156","v":5.6714378525308286E-2},{"$f":"[7]ScenarioRun_AllOutputData!AS156","v":5.8955111323256856E-2},{"$f":"[7]ScenarioRun_AllOutputData!AT156","v":6.0703743648519132E-2},5.7129442641857889E-2]
["FFO Interest Cover [>2.5x]",{"$f":"[7]ScenarioRun_AllOutputData!AP151","v":3.7478989949465946},{"$f":"[7]ScenarioRun_AllOutputData!AQ151","v":3.6879289702789548},{"$f":"[7]ScenarioRun_AllOutputData!AR151","v":3.5406667046496816},{"$f":"[7]ScenarioRun_AllOutputData!AS151","v":3.748847189947524},{"$f":"[7]ScenarioRun_AllOutputData!AT151","v":3.8741501667755305},3.7198984053196567]
[]
["Table 7.09. Credit Metrics (actual): 0% dividend pay-out ratio. "]
["Parameter","2021/22","2022/23","2023/24","2024/25","2025/26","GD-2 Average"]
["Adjusted ICR [>1.4x]",{"$f":"[7]ScenarioRun_AllOutputData!AP221","v":1.2742425448858041},{"$f":"[7]ScenarioRun_AllOutputData!AQ221","v":1.3510702560456536},{"$f":"[7]ScenarioRun_AllOutputData!AR221","v":1.3622998286557118},{"$f":"[7]ScenarioRun_AllOutputData!AS221","v":1.4803115332697485},{"$f":"[7]ScenarioRun_AllOutputData!AT221","v":1.5620921298619361},{"$f":"AVERAGE(B52:F52)","v":1.406003258543771}]
["Gearing [<75%]",{"$f":"[7]ScenarioRun_AllOutputData!AP218","v":0.65256190929945856},{"$f":"[7]ScenarioRun_AllOutputData!AQ218","v":0.64004673526168121},{"$f":"[7]ScenarioRun_AllOutputData!AR218","v":0.62666459733742719},{"$f":"[7]ScenarioRun_AllOutputData!AS218","v":0.61063718330445749},{"$f":"[7]ScenarioRun_AllOutputData!AT218","v":0.59245581980669837},{"$f":"AVERAGE(B53:F53)","v":0.62447324900194456}]
["FFO/Net Debt [>9%]",{"$f":"[7]ScenarioRun_AllOutputData!AP223","v":8.6333942635780217E-2},{"$f":"[7]ScenarioRun_AllOutputData!AQ223","v":9.1799764366553696E-2},{"$f":"[7]ScenarioRun_AllOutputData!AR223","v":9.5934849220533802E-2},{"$f":"[7]ScenarioRun_AllOutputData!AS223","v":0.10248972837032733},{"$f":"[7]ScenarioRun_AllOutputData!AT223","v":0.10876576960653345},9.7064810839945698E-2]
["RCF/Net Debt [>7%]",{"$f":"[7]ScenarioRun_AllOutputData!AP224","v":8.6333942635780217E-2},{"$f":"[7]ScenarioRun_AllOutputData!AQ224","v":9.1799764366553696E-2},{"$f":"[7]ScenarioRun_AllOutputData!AR224","v":9.5934849220533802E-2},{"$f":"[7]ScenarioRun_AllOutputData!AS224","v":0.10248972837032733},{"$f":"[7]ScenarioRun_AllOutputData!AT224","v":0.10876576960653345},9.7064810839945698E-2]
["FFO Interest Cover [>2.5x]",{"$f":"[7]ScenarioRun_AllOutputData!AP219","v":3.8337920549385589},{"$f":"[7]ScenarioRun_AllOutputData!AQ219","v":3.8410797491151745},{"$f":"[7]ScenarioRun_AllOutputData!AR219","v":3.7601668330046514},{"$f":"[7]ScenarioRun_AllOutputData!AS219","v":4.1578529953730667},{"$f":"[7]ScenarioRun_AllOutputData!AT219","v":4.4517008693883255},4.008918500363956]
[]
["Table 7.10. Credit Metrics (actual): reduced gearing."]
["Parameter","2021/22","2022/23","2023/24","2024/25","2025/26","GD-2 Average"]
["Adjusted ICR [>1.4x]",{"$f":"[7]ScenarioRun_AllOutputData!AP187","v":1.186444869547328},{"$f":"[7]ScenarioRun_AllOutputData!AQ187","v":1.3844708518565121},{"$f":"[7]ScenarioRun_AllOutputData!AR187","v":1.3540562265598206},{"$f":"[7]ScenarioRun_AllOutputData!AS187","v":1.4237108737860416},{"$f":"[7]ScenarioRun_AllOutputData!AT187","v":1.4481160118420415},{"$f":"AVERAGE(B60:F60)","v":1.3593597667183488}]
["Gearing [<75%]",{"$f":"[7]ScenarioRun_AllOutputData!AP184","v":0.61305528352709493},{"$f":"[7]ScenarioRun_AllOutputData!AQ184","v":0.62165311284217573},{"$f":"[7]ScenarioRun_AllOutputData!AR184","v":0.62909914550919965},{"$f":"[7]ScenarioRun_AllOutputData!AS184","v":0.63373100012772698},{"$f":"[7]ScenarioRun_AllOutputData!AT184","v":0.63623718388540096},{"$f":"AVERAGE(B61:F61)","v":0.62675514517831965}]
["FFO/Net Debt [>9%]",{"$f":"[7]ScenarioRun_AllOutputData!AP189","v":8.8652553782199203E-2},{"$f":"[7]ScenarioRun_AllOutputData!AQ189","v":9.5275351551397172E-2},{"$f":"[7]ScenarioRun_AllOutputData!AR189","v":9.5363522292559469E-2},{"$f":"[7]ScenarioRun_AllOutputData!AS189","v":9.7583054443561509E-2},{"$f":"[7]ScenarioRun_AllOutputData!AT189","v":9.9109485736443917E-2},9.5196793561232257E-2]
["RCF/Net Debt [>7%]",{"$f":"[7]ScenarioRun_AllOutputData!AP190","v":5.6029070091391582E-2},{"$f":"[7]ScenarioRun_AllOutputData!AQ190","v":6.3103067141750929E-2},{"$f":"[7]ScenarioRun_AllOutputData!AR190","v":6.3571931393471212E-2},{"$f":"[7]ScenarioRun_AllOutputData!AS190","v":6.6023726500097885E-2},{"$f":"[7]ScenarioRun_AllOutputData!AT190","v":6.767437528266855E-2},6.328043408187603E-2]
["FFO Interest Cover [>2.5x]",{"$f":"[7]ScenarioRun_AllOutputData!AP185","v":3.926221529076269},{"$f":"[7]ScenarioRun_AllOutputData!AQ185","v":3.9448976636397144},{"$f":"[7]ScenarioRun_AllOutputData!AR185","v":3.7353442958224359},{"$f":"[7]ScenarioRun_AllOutputData!AS185","v":3.9855923506858133},{"$f":"[7]ScenarioRun_AllOutputData!AT185","v":4.1011409939699579},3.9386393666388386]
[]
["Table 7.6. Sensitivity analysis (notional), average values for GD-2"]
["Scenario","AICR","Gearing","FFO/Net Debt","RCF/Net Debt"]
["Ofgem Base case",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$85:$AT$85)","v":1.4958600604514651},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$82:$AT$82)","v":0.60257866787297287},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$87:$AT$87)","v":9.8568836358286685E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$88:$AT$88)","v":7.8654332388888359E-2}]
["High interest rates (+1%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$255:$AT$255)","v":1.5163042371468964},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$252:$AT$252)","v":0.59959436331035232},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$257:$AT$257)","v":0.10084669322083792},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$258:$AT$258)","v":8.0832920961055724E-2}]
["Low interest rates (-1%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$425:$AT$425)","v":1.4748754645122668},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$422:$AT$422)","v":0.605538595248586},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$427:$AT$427)","v":9.633897531527516E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$428:$AT$428)","v":7.6521744369203379E-2}]
["High inflation (+1%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$595:$AT$595)","v":1.5308403367776811},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$592:$AT$592)","v":0.58951582558202276},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$597:$AT$597)","v":9.9275356725700981E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$598:$AT$598)","v":7.8917163915302874E-2}]
["Low inflation (-1%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$765:$AT$765)","v":1.4614403316121238},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$762:$AT$762)","v":0.61616412640165241},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$767:$AT$767)","v":9.7919719390879928E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$768:$AT$768)","v":7.8442266111845668E-2}]
["High CPIH-RPI divergence (+0.5%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$935:$AT$935)","v":1.4785803933157338},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$932:$AT$932)","v":0.60930434457461402},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$937:$AT$937)","v":9.8237116165105484E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$938:$AT$938)","v":7.8541964518060808E-2}]
["Low CPIH-RPI divergence (-0.5%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1105:$AT$1105)","v":1.5132798649423524},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1102:$AT$1102)","v":0.59598361763844199},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1107:$AT$1107)","v":9.8914907417173306E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1108:$AT$1108)","v":7.8779391583783803E-2}]
["RPI ILD",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$119:$AT$119)","v":1.6209903759807169},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$116:$AT$116)","v":0.60254580794702772},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$121:$AT$121)","v":9.8587706821814919E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$122:$AT$122)","v":7.8672116737231096E-2}]
["High ILD proportion (+5%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2465:$AT$2465)","v":1.5403221315790976},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2462:$AT$2462)","v":0.60257509333762493},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2467:$AT$2467)","v":9.8570846235179296E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2468:$AT$2468)","v":7.8656224125086063E-2}]
["Low ILD proportion (-5%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2635:$AT$2635)","v":1.4538931708628506},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2632:$AT$2632)","v":0.60258224241042924},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2637:$AT$2637)","v":9.8566826502781396E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2638:$AT$2638)","v":7.8652440672743795E-2}]
["Totex underperformance (-10%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1785:$AT$1785)","v":1.406400285323532},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1782:$AT$1782)","v":0.61853613895890192},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1787:$AT$1787)","v":9.2807788784961515E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1788:$AT$1788)","v":7.3404581723015103E-2}]
["Totex outperformance (+10%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1615:$AT$1615)","v":1.5922328188167019},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1612:$AT$1612)","v":0.58611032988260148},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1617:$AT$1617)","v":0.10487513065537424},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1618:$AT$1618)","v":8.4397506549234669E-2}]
["Zero RoRe outperformance",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1955:$AT$1955)","v":1.387075141915282},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1952:$AT$1952)","v":0.60857275318799264},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1957:$AT$1957)","v":9.4067462094653914E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1958:$AT$1958)","v":7.4348742488338046E-2}]
["RoRe outperformance (+2%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2125:$AT$2125)","v":1.9507267591687047},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2122:$AT$2122)","v":0.57860232661289379},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2127:$AT$2127)","v":0.11758250702271},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2128:$AT$2128)","v":9.6834367333252097E-2}]
["RoRe underperformance (-2%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2295:$AT$2295)","v":1.0715417243358902},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2292:$AT$2292)","v":0.62655500913305162},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2297:$AT$2297)","v":8.1109694536379312E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2298:$AT$2298)","v":6.1951166208390529E-2}]
[]
["Table 7.7. Sensitivity analysis (actual), average values for GD-2"]
["Scenario","AICR","Gearing","FFO/Net Debt","RCF/Net Debt"]
["Ofgem Base case",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$153:$AT$153)","v":1.3119588346178805},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$150:$AT$150)","v":0.68452809631725275},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$155:$AT$155)","v":8.6349895466899168E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$156:$AT$156)","v":5.7129442641857889E-2}]
["High interest rates (+1%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$323:$AT$323)","v":1.256838327443337},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$320:$AT$320)","v":0.68518505466620017},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$325:$AT$325)","v":8.5580666825411489E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$326:$AT$326)","v":5.638732381451652E-2}]
["Low interest rates (-1%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$493:$AT$493)","v":1.3798868774275395},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$490:$AT$490)","v":0.68423280218449667},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$495:$AT$495)","v":8.6826846127950691E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$496:$AT$496)","v":5.7594325480792373E-2}]
["High inflation (+1%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$663:$AT$663)","v":1.3628080527373645},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$660:$AT$660)","v":0.65161966061159537},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$665:$AT$665)","v":9.1856670240564528E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$666:$AT$666)","v":6.2618550874652679E-2}]
["Low inflation (-1%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$833:$AT$833)","v":1.2564144409050026},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$830:$AT$830)","v":0.719946080893479},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$835:$AT$835)","v":8.0822138105030389E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$836:$AT$836)","v":5.1633090131986789E-2}]
["High CPIH-RPI divergence (+0.5%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1003:$AT$1003)","v":1.2975746393678413},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1000:$AT$1000)","v":0.69484437260438858},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1005:$AT$1005)","v":8.4755488360944403E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1006:$AT$1006)","v":5.5538375955925236E-2}]
["Low CPIH-RPI divergence (-0.5%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1173:$AT$1173)","v":1.3256210650807443},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1170:$AT$1170)","v":0.67450389509482878},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1175:$AT$1175)","v":8.7928172353696876E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1176:$AT$1176)","v":5.8706732597502462E-2}]
["RPI ILD",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$153:$AT$153)","v":1.3119588346178805},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$150:$AT$150)","v":0.68452809631725275},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$155:$AT$155)","v":8.6349895466899168E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$156:$AT$156)","v":5.7129442641857889E-2}]
["High ILD proportion (+5%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2533:$AT$2533)","v":1.3119655445902851},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2530:$AT$2530)","v":0.68452751079516128},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2535:$AT$2535)","v":8.6350173770180186E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2536:$AT$2536)","v":5.7129695951335581E-2}]
["Low ILD proportion (-5%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2703:$AT$2703)","v":1.3119521246401973},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2700:$AT$2700)","v":0.6845286818395937},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2705:$AT$2705)","v":8.6349617163896358E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2706:$AT$2706)","v":5.7129189332626118E-2}]
["Totex underperformance (-10%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1853:$AT$1853)","v":1.2319466953928124},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1850:$AT$1850)","v":0.70083373814969441},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1855:$AT$1855)","v":8.134451028236242E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1856:$AT$1856)","v":5.3165299071345221E-2}]
["Totex outperformance (+10%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1683:$AT$1683)","v":1.3902564043730141},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1680:$AT$1680)","v":0.66780539511576276},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1685:$AT$1685)","v":9.1652702169788686E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$1686:$AT$1686)","v":6.1302638982924706E-2}]
["Zero RoRe outperformance",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2023:$AT$2023)","v":1.2525115853264486},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2020:$AT$2020)","v":0.68739610829022491},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2025:$AT$2025)","v":8.4087799507424663E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2026:$AT$2026)","v":5.4987152336440727E-2}]
["RoRe outperformance (+2%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2193:$AT$2193)","v":1.5487876884025822},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2190:$AT$2190)","v":0.67308826885971729},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2195:$AT$2195)","v":9.5641216908009016E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2196:$AT$2196)","v":6.592640471489182E-2}]
["RoRe underperformance (-2%)",{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2363:$AT$2363)","v":1.0734465706692049},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2360:$AT$2360)","v":0.69604850281796771},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2365:$AT$2365)","v":7.7430505190110854E-2},{"$f":"AVERAGE([7]ScenarioRun_AllOutputData!$AP$2366:$AT$2366)","v":4.8681857472676324E-2}]

{"sheet":"Scenario results (Ofgem)","index":1,"n_rows":21,"n_cols":13,"rows_kept":21,"cut":false,"hidden":false,"merged":[[3,1,3,5],[3,7,3,11],[5,1,5,5],[5,7,5,11]]}
["Scenario","AICR","Gearing","FFO/Net Debt","RCF/Net Debt","Moodys' implied rating",null,"AICR","Gearing","FFO/Net Debt","RCF/Net Debt","Moodys' implied rating"]
["Baa1 Target",{"$f":"'Rating (Ofgem-notional)'!$C$77","v":1.4},{"$f":"'Rating (Ofgem-notional)'!$H$78","v":0.75},{"$f":"'Rating (Ofgem-notional)'!$D$77","v":0.11},{"$f":"'Rating (Ofgem-notional)'!$E$77","v":7.0000000000000007E-2},{"$f":"'Rating (Ofgem-notional)'!$H$13","v":8.49},null,{"$f":"'Rating (Ofgem-notional)'!$C$77","v":1.4},{"$f":"'Rating (Ofgem-notional)'!$H$78","v":0.75},{"$f":"'Rating (Ofgem-notional)'!$D$77","v":0.11},{"$f":"'Rating (Ofgem-notional)'!$E$77","v":7.0000000000000007E-2},{"$f":"'Rating (Ofgem-notional)'!$H$13","v":8.49}]
["Baseline",1.3,0.7,0.09,0.05,{"$f":"'Rating (Ofgem-notional)'!$H$14","v":9.49},null,1.3,0.7,0.09,0.05,{"$f":"'Rating (Ofgem-notional)'!$H$14","v":9.49}]
["Active selection"]
["RoRe underperformance (-2%)",{"$f":"INDEX(Ofgem!B$68:B$82,MATCH(ActiveScenario,Ofgem!$A$68:$A$82,0))","v":1.0715417243358902},{"$f":"INDEX(Ofgem!C$68:C$82,MATCH(ActiveScenario,Ofgem!$A$68:$A$82,0))","v":0.62655500913305162},{"$f":"INDEX(Ofgem!D$68:D$82,MATCH(ActiveScenario,Ofgem!$A$68:$A$82,0))","v":8.1109694536379312E-2},{"$f":"INDEX(Ofgem!E$68:E$82,MATCH(ActiveScenario,Ofgem!$A$68:$A$82,0))","v":6.1951166208390529E-2},{"$f":"'Rating (Ofgem-notional)'!$N$63","v":"Baa3"},{"$f":"'Rating (Ofgem-notional)'!$N$48","v":9.6025104602510449},{"$f":"INDEX(Ofgem!B$86:B$100,MATCH(ActiveScenario,Ofgem!$A$68:$A$82,0))","v":1.0734465706692049},{"$f":"INDEX(Ofgem!C$86:C$100,MATCH(ActiveScenario,Ofgem!$A$68:$A$82,0))","v":0.69604850281796771},{"$f":"INDEX(Ofgem!D$86:D$100,MATCH(ActiveScenario,Ofgem!$A$68:$A$82,0))","v":7.7430505190110854E-2},{"$f":"INDEX(Ofgem!E$86:E$100,MATCH(ActiveScenario,Ofgem!$A$68:$A$82,0))","v":4.8681857472676324E-2},{"$f":"'Rating (Ofgem-actual)'!N50","v":"Baa3"},{"$f":"'Rating (Ofgem-actual)'!N48","v":9.6025104602510449}]
[null,"Notional Financial structure",null,null,null,null,null,"Actual Financial Structure"]
["Ofgem Base case",1.4958600604514651,0.60257866787297287,9.8568836358286685E-2,7.8654332388888359E-2,"Baa1",8.0523198420533078,1.3119588346178805,0.68452809631725275,8.6349895466899168E-2,5.7129442641857889E-2,"Baa2",8.7847533632286989]
["High interest rates (+1%)",1.5163042371468964,0.59959436331035232,0.10084669322083792,8.0832920961055724E-2,"Baa1",7.7374749498997994,1.256838327443337,0.68518505466620017,8.5580666825411489E-2,5.638732381451652E-2,"Baa2",8.7847533632286989]
["Low interest rates (-1%)",1.4748754645122668,0.605538595248586,9.633897531527516E-2,7.6521744369203379E-2,"Baa1",8.0523198420533078,1.3798868774275395,0.68423280218449667,8.6826846127950691E-2,5.7594325480792373E-2,"Baa2",8.7847533632286989]
["High inflation (+1%)",1.5308403367776811,0.58951582558202276,9.9275356725700981E-2,7.8917163915302874E-2,"Baa1",7.7374749498997994,1.3628080527373645,0.65161966061159537,9.1856670240564528E-2,6.2618550874652679E-2,"Baa2",8.7847533632286989]
["Low inflation (-1%)",1.4614403316121238,0.61616412640165241,9.7919719390879928E-2,7.8442266111845668E-2,"Baa1",8.0523198420533078,1.2564144409050026,0.719946080893479,8.0822138105030389E-2,5.1633090131986789E-2,"Baa2",8.7847533632286989]
["High CPIH-RPI divergence (+0.5%)",1.4785803933157338,0.60930434457461402,9.8237116165105484E-2,7.8541964518060808E-2,"Baa1",8.0523198420533078,1.2975746393678413,0.69484437260438858,8.4755488360944403E-2,5.5538375955925236E-2,"Baa2",8.7847533632286989]
["Low CPIH-RPI divergence (-0.5%)",1.5132798649423524,0.59598361763844199,9.8914907417173306E-2,7.8779391583783803E-2,"Baa1",7.7374749498997994,1.3256210650807443,0.67450389509482878,8.7928172353696876E-2,5.8706732597502462E-2,"Baa2",8.7847533632286989]
["RPI ILD",1.6209903759807169,0.60254580794702772,9.8587706821814919E-2,7.8672116737231096E-2,"Baa1",8.0523198420533078,1.3119588346178805,0.68452809631725275,8.6349895466899168E-2,5.7129442641857889E-2,"Baa2",8.7847533632286989]
["High ILD proportion (+5%)",1.5403221315790976,0.60257509333762493,9.8570846235179296E-2,7.8656224125086063E-2,"Baa1",8.0523198420533078,1.3119655445902851,0.68452751079516128,8.6350173770180186E-2,5.7129695951335581E-2,"Baa2",8.7847533632286989]
["Low ILD proportion (-5%)",1.4538931708628506,0.60258224241042924,9.8566826502781396E-2,7.8652440672743795E-2,"Baa1",8.0523198420533078,1.3119521246401973,0.6845286818395937,8.6349617163896358E-2,5.7129189332626118E-2,"Baa2",8.7847533632286989]
["Totex underperformance (-10%)",1.406400285323532,0.61853613895890192,9.2807788784961515E-2,7.3404581723015103E-2,"Baa1",8.0523198420533078,1.2319466953928124,0.70083373814969441,8.134451028236242E-2,5.3165299071345221E-2,"Baa2",8.7847533632286989]
["Totex outperformance (+10%)",1.5922328188167019,0.58611032988260148,0.10487513065537424,8.4397506549234669E-2,"Baa1",7.7374749498997994,1.3902564043730141,0.66780539511576276,9.1652702169788686E-2,6.1302638982924706E-2,"Baa2",8.7847533632286989]
["Zero RoRe outperformance",1.387075141915282,0.60857275318799264,9.4067462094653914E-2,7.4348742488338046E-2,"Baa2",8.5559666975023134,1.2525115853264486,0.68739610829022491,8.4087799507424663E-2,5.4987152336440727E-2,"Baa2",8.7847533632286989]
["RoRe outperformance (+2%)",1.9507267591687047,0.57860232661289379,0.11758250702271,9.6834367333252097E-2,"A3",6.9627601314348313,1.5487876884025822,0.67308826885971729,9.5641216908009016E-2,6.592640471489182E-2,"Baa1",8.3123209169054437]
["RoRe underperformance (-2%)",1.0715417243358902,0.62655500913305162,8.1109694536379312E-2,6.1951166208390529E-2,"Baa3",9.6025104602510449,1.0734465706692049,0.69604850281796771,7.7430505190110854E-2,4.8681857472676324E-2,"Baa3",9.6025104602510449]

{"sheet":"Rating (Ofgem-notional)","index":2,"n_rows":97,"n_cols":14,"rows_kept":97,"cut":false,"hidden":true,"merged":[]}
["Moody's rating calculator"]
[]
[null,"Numerical score",null,null,"Penalty Weights",null,null,"Grid Rating"]
[]
[null,"Caa",18,null,"Caa",5,null,0,"Aaa"]
[null,"B",15,null,"B",3,null,1.49,"Aa1"]
[null,"Ba",12,null,"Ba",2,null,2.4900000000000002,"Aa2"]
[null,"Baa",9,null,"Baa",1.1499999999999999,null,3.49,"Aa3"]
[null,"A",6,null,"Aaa",1,null,4.49,"A1"]
[null,"Aa",3,null,"Aa",1,null,5.49,"A2"]
[null,"Aaa",1,null,"A",1,null,6.49,"A3"]
[null,null,null,null,null,null,null,7.49,"Baa1"]
[null,null,null,null,null,null,null,8.49,"Baa2"]
[null,null,null,null,null,null,null,9.49,"Baa3"]
[null,null,null,null,null,null,null,10.49,"Ba1"]
[null,null,null,null,null,null,null,11.49,"Ba2"]
[null,null,null,null,null,null,null,12.49,"Ba3"]
[null,null,null,null,null,null,null,13.49,"B1"]
[null,null,null,null,null,null,null,14.49,"B2"]
[null,null,null,null,null,null,null,15.49,"B3"]
[null,null,null,null,null,null,null,16.490000000000002,"Caa1"]
[null,null,null,null,null,null,null,17.490000000000002,"Caa2"]
[null,null,null,null,null,null,null,18.490000000000002,"Caa3"]
[]
[]
["Criteria"]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,"Average rating","Penalty score","Numerical score","Total score"]
[null,null,null,null,null,null,null,"Weight"]
[null,"Regulatory Environment & Ownership Model",null,null,null,null,null,{"$f":"SUM(H33:H36)","v":0.39999999999999997}]
[null,"Stability & Predictability of Regulatory Regime",null,null,null,null,null,0.15,null,null,"Aaa",{"$f":"IF(K33=0,0,INDEX($F$5:$F$11,MATCH(K33,$E$5:$E$11,0)))","v":1},{"$f":"IF(K33=0,0,INDEX($C$5:$C$11,MATCH(K33,$B$5:$B$11,0)))","v":1},{"$f":"$H33*L33/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M33","v":0.10041841004184099}]
[null,"Asset Ownership Model",null,null,null,null,null,0.05,null,null,"Aa",{"$f":"IF(K34=0,0,INDEX($F$5:$F$11,MATCH(K34,$E$5:$E$11,0)))","v":1},{"$f":"IF(K34=0,0,INDEX($C$5:$C$11,MATCH(K34,$B$5:$B$11,0)))","v":3},{"$f":"$H34*L34/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M34","v":0.10041841004184099}]
[null,"Cost & Investment Recovery",null,null,null,null,null,0.15,null,null,"A",{"$f":"IF(K35=0,0,INDEX($F$5:$F$11,MATCH(K35,$E$5:$E$11,0)))","v":1},{"$f":"IF(K35=0,0,INDEX($C$5:$C$11,MATCH(K35,$B$5:$B$11,0)))","v":6},{"$f":"$H35*L35/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M35","v":0.60251046025104593}]
[null,"Revenue Risk",null,null,null,null,null,0.05,null,null,"Aa",{"$f":"IF(K36=0,0,INDEX($F$5:$F$11,MATCH(K36,$E$5:$E$11,0)))","v":1},{"$f":"IF(K36=0,0,INDEX($C$5:$C$11,MATCH(K36,$B$5:$B$11,0)))","v":3},{"$f":"$H36*L36/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M36","v":0.10041841004184099}]
[]
[null,"Scale & Complexity of Capital Program",null,null,null,null,null,0.1,null,null,"A",{"$f":"IF(K38=0,0,INDEX($F$5:$F$11,MATCH(K38,$E$5:$E$11,0)))","v":1},{"$f":"IF(K38=0,0,INDEX($C$5:$C$11,MATCH(K38,$B$5:$B$11,0)))","v":6},{"$f":"$H38*L38/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M38","v":0.40167364016736395}]
[]
[null,"Financial Policy",null,null,null,null,null,0.1,null,null,"Ba",{"$f":"IF(K40=0,0,INDEX($F$5:$F$11,MATCH(K40,$E$5:$E$11,0)))","v":2},{"$f":"IF(K40=0,0,INDEX($C$5:$C$11,MATCH(K40,$B$5:$B$11,0)))","v":12},{"$f":"$H40*L40/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M40","v":1.6066945606694558}]
[]
[null,"Leverage & Coverage",null,null,null,null,null,{"$f":"SUM(H43:H46)","v":0.39999999999999997}]
[null,"AICR",null,null,null,null,null,0.1,null,null,{"$f":"D88","v":"B"},{"$f":"IF(K43=0,0,INDEX($F$5:$F$11,MATCH(K43,$E$5:$E$11,0)))","v":3},{"$f":"IF(K43=0,0,INDEX($C$5:$C$11,MATCH(K43,$B$5:$B$11,0)))","v":15},{"$f":"$H43*L43/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M43","v":3.0125523012552304}]
[null,"Net Debt / Regulatory Asset Value",null,null,null,null,null,0.125,null,null,{"$f":"D91","v":"Baa"},{"$f":"IF(K44=0,0,INDEX($F$5:$F$11,MATCH(K44,$E$5:$E$11,0)))","v":1.1499999999999999},{"$f":"IF(K44=0,0,INDEX($C$5:$C$11,MATCH(K44,$B$5:$B$11,0)))","v":9},{"$f":"$H44*L44/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M44","v":0.86610878661087853}]
[null,"FFO / Net Debt",null,null,null,null,null,0.125,null,null,{"$f":"D94","v":"Ba"},{"$f":"IF(K45=0,0,INDEX($F$5:$F$11,MATCH(K45,$E$5:$E$11,0)))","v":2},{"$f":"IF(K45=0,0,INDEX($C$5:$C$11,MATCH(K45,$B$5:$B$11,0)))","v":12},{"$f":"$H45*L45/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M45","v":2.00836820083682}]
[null,"RCF / Net Debt",null,null,null,null,null,0.05,null,null,{"$f":"D97","v":"Ba"},{"$f":"IF(K46=0,0,INDEX($F$5:$F$11,MATCH(K46,$E$5:$E$11,0)))","v":2},{"$f":"IF(K46=0,0,INDEX($C$5:$C$11,MATCH(K46,$B$5:$B$11,0)))","v":12},{"$f":"$H46*L46/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M46","v":0.80334728033472791}]
[]
[null,"Total",null,null,null,null,null,{"$f":"H32+H38+H40+H42","v":1},null,null,null,null,null,{"$f":"SUM(N33:N46)","v":9.6025104602510449}]
[]
[null,"Overall rating",null,null,null,null,null,null,null,null,null,null,null,{"$f":"VLOOKUP(N48,$H$5:$I$23,2)","v":"Baa3"}]
[]
[]
[]
[]
["Notching Adjustments"]
[]
[null,"Structural Considerations and Sources of Rating Uplift from Creditor Protection"]
[]
[]
[]
[null,"Total score after adjustments",null,null,null,null,null,null,null,null,null,null,null,{"$f":"N48+N57","v":9.6025104602510449}]
[]
[null,"Overall adjusted rating",null,null,null,null,null,null,null,null,null,null,null,{"$f":"VLOOKUP(N61,$H$5:$I$23,2)","v":"Baa3"}]
[]
[]
[]
[]
["Factor 4: Leverage and Coverage"]
[]
["Moody's Ratio thresholds"]
[]
[null,null,"(Ratio greater than)"]
[null,null,"AICR","FFO / Net Debt","RCF / Net Debt",null,null,"Net Debt / RAV"]
[null,"Caa",0,null,-0.1,null,"Aaa",0]
[null,"B",0.9,0,-0.04,null,"Aa",0.3]
[null,"Ba",1.1000000000000001,0.05,0.01,null,"A",0.45]
[null,"Baa",1.4,0.11,7.0000000000000007E-2,null,"Baa",0.6]
[null,"A",2,0.18,0.14000000000000001,null,"Ba",0.75]
[null,"Aa",3.5,0.26,0.21,null,"B",0.9]
[null,"Aaa",5.5,0.35,0.3,null,"Caa",1]
[]
[]
["Ratio inputs"]
[]
[null,null,null,"Average"]
[]
[null,"AICR",null,{"$f":"'Scenario results (Ofgem)'!B5","v":1.0715417243358902}]
[null,"Category rating",null,{"$f":"IFERROR(INDEX($B$74:$B$80,MATCH(D87,$C$74:$C$80,1)),\"\")","v":"B"}]
[]
[null,"Net Debt / Regulatory Asset Value",null,{"$f":"'Scenario results (Ofgem)'!C5","v":0.62655500913305162}]
[null,"Category rating",null,{"$f":"IFERROR(INDEX($G$74:$G$80,MATCH(D90,$H$74:$H$80,1)),\"\")","v":"Baa"}]
[]
[null,"FFO / Net Debt",null,{"$f":"'Scenario results (Ofgem)'!D5","v":8.1109694536379312E-2}]
[null,"Category rating",null,{"$f":"IFERROR(INDEX($B$74:$B$80,MATCH(D93,$D$74:$D$80,1)),\"\")","v":"Ba"}]
[]
[null,"RCF / Net Debt",null,{"$f":"'Scenario results (Ofgem)'!E5","v":6.1951166208390529E-2}]
[null,"Category rating",null,{"$f":"IFERROR(INDEX($B$74:$B$80,MATCH(D96,$E$74:$E$80,1)),\"\")","v":"Ba"}]

{"sheet":"Rating (Ofgem-actual)","index":3,"n_rows":97,"n_cols":14,"rows_kept":97,"cut":false,"hidden":true,"merged":[]}
["Moody's rating calculator"]
[]
[null,"Numerical score",null,null,"Penalty Weights",null,null,"Grid Rating"]
[]
[null,"Caa",18,null,"Caa",5,null,0,"Aaa"]
[null,"B",15,null,"B",3,null,1.49,"Aa1"]
[null,"Ba",12,null,"Ba",2,null,2.4900000000000002,"Aa2"]
[null,"Baa",9,null,"Baa",1.1499999999999999,null,3.49,"Aa3"]
[null,"A",6,null,"Aaa",1,null,4.49,"A1"]
[null,"Aa",3,null,"Aa",1,null,5.49,"A2"]
[null,"Aaa",1,null,"A",1,null,6.49,"A3"]
[null,null,null,null,null,null,null,7.49,"Baa1"]
[null,null,null,null,null,null,null,8.49,"Baa2"]
[null,null,null,null,null,null,null,9.49,"Baa3"]
[null,null,null,null,null,null,null,10.49,"Ba1"]
[null,null,null,null,null,null,null,11.49,"Ba2"]
[null,null,null,null,null,null,null,12.49,"Ba3"]
[null,null,null,null,null,null,null,13.49,"B1"]
[null,null,null,null,null,null,null,14.49,"B2"]
[null,null,null,null,null,null,null,15.49,"B3"]
[null,null,null,null,null,null,null,16.490000000000002,"Caa1"]
[null,null,null,null,null,null,null,17.490000000000002,"Caa2"]
[null,null,null,null,null,null,null,18.490000000000002,"Caa3"]
[]
[]
["Criteria"]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,"Average rating","Penalty score","Numerical score","Total score"]
[null,null,null,null,null,null,null,"Weight"]
[null,"Regulatory Environment & Ownership Model",null,null,null,null,null,{"$f":"SUM(H33:H36)","v":0.39999999999999997}]
[null,"Stability & Predictability of Regulatory Regime",null,null,null,null,null,0.15,null,null,"Aaa",{"$f":"IF(K33=0,0,INDEX($F$5:$F$11,MATCH(K33,$E$5:$E$11,0)))","v":1},{"$f":"IF(K33=0,0,INDEX($C$5:$C$11,MATCH(K33,$B$5:$B$11,0)))","v":1},{"$f":"$H33*L33/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M33","v":0.10041841004184099}]
[null,"Asset Ownership Model",null,null,null,null,null,0.05,null,null,"Aa",{"$f":"IF(K34=0,0,INDEX($F$5:$F$11,MATCH(K34,$E$5:$E$11,0)))","v":1},{"$f":"IF(K34=0,0,INDEX($C$5:$C$11,MATCH(K34,$B$5:$B$11,0)))","v":3},{"$f":"$H34*L34/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M34","v":0.10041841004184099}]
[null,"Cost & Investment Recovery",null,null,null,null,null,0.15,null,null,"A",{"$f":"IF(K35=0,0,INDEX($F$5:$F$11,MATCH(K35,$E$5:$E$11,0)))","v":1},{"$f":"IF(K35=0,0,INDEX($C$5:$C$11,MATCH(K35,$B$5:$B$11,0)))","v":6},{"$f":"$H35*L35/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M35","v":0.60251046025104593}]
[null,"Revenue Risk",null,null,null,null,null,0.05,null,null,"Aa",{"$f":"IF(K36=0,0,INDEX($F$5:$F$11,MATCH(K36,$E$5:$E$11,0)))","v":1},{"$f":"IF(K36=0,0,INDEX($C$5:$C$11,MATCH(K36,$B$5:$B$11,0)))","v":3},{"$f":"$H36*L36/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M36","v":0.10041841004184099}]
[]
[null,"Scale & Complexity of Capital Program",null,null,null,null,null,0.1,null,null,"A",{"$f":"IF(K38=0,0,INDEX($F$5:$F$11,MATCH(K38,$E$5:$E$11,0)))","v":1},{"$f":"IF(K38=0,0,INDEX($C$5:$C$11,MATCH(K38,$B$5:$B$11,0)))","v":6},{"$f":"$H38*L38/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M38","v":0.40167364016736395}]
[]
[null,"Financial Policy",null,null,null,null,null,0.1,null,null,"Ba",{"$f":"IF(K40=0,0,INDEX($F$5:$F$11,MATCH(K40,$E$5:$E$11,0)))","v":2},{"$f":"IF(K40=0,0,INDEX($C$5:$C$11,MATCH(K40,$B$5:$B$11,0)))","v":12},{"$f":"$H40*L40/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M40","v":1.6066945606694558}]
[]
[null,"Leverage & Coverage",null,null,null,null,null,{"$f":"SUM(H43:H46)","v":0.39999999999999997}]
[null,"AICR",null,null,null,null,null,0.1,null,null,{"$f":"D88","v":"B"},{"$f":"IF(K43=0,0,INDEX($F$5:$F$11,MATCH(K43,$E$5:$E$11,0)))","v":3},{"$f":"IF(K43=0,0,INDEX($C$5:$C$11,MATCH(K43,$B$5:$B$11,0)))","v":15},{"$f":"$H43*L43/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M43","v":3.0125523012552304}]
[null,"Net Debt / Regulatory Asset Value",null,null,null,null,null,0.125,null,null,{"$f":"D91","v":"Baa"},{"$f":"IF(K44=0,0,INDEX($F$5:$F$11,MATCH(K44,$E$5:$E$11,0)))","v":1.1499999999999999},{"$f":"IF(K44=0,0,INDEX($C$5:$C$11,MATCH(K44,$B$5:$B$11,0)))","v":9},{"$f":"$H44*L44/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M44","v":0.86610878661087853}]
[null,"FFO / Net Debt",null,null,null,null,null,0.125,null,null,{"$f":"D94","v":"Ba"},{"$f":"IF(K45=0,0,INDEX($F$5:$F$11,MATCH(K45,$E$5:$E$11,0)))","v":2},{"$f":"IF(K45=0,0,INDEX($C$5:$C$11,MATCH(K45,$B$5:$B$11,0)))","v":12},{"$f":"$H45*L45/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M45","v":2.00836820083682}]
[null,"RCF / Net Debt",null,null,null,null,null,0.05,null,null,{"$f":"D97","v":"Ba"},{"$f":"IF(K46=0,0,INDEX($F$5:$F$11,MATCH(K46,$E$5:$E$11,0)))","v":2},{"$f":"IF(K46=0,0,INDEX($C$5:$C$11,MATCH(K46,$B$5:$B$11,0)))","v":12},{"$f":"$H46*L46/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M46","v":0.80334728033472791}]
[]
[null,"Total",null,null,null,null,null,{"$f":"H32+H38+H40+H42","v":1},null,null,null,null,null,{"$f":"SUM(N33:N46)","v":9.6025104602510449}]
[]
[null,"Overall rating",null,null,null,null,null,null,null,null,null,null,null,{"$f":"VLOOKUP(N48,$H$5:$I$23,2)","v":"Baa3"}]
[]
[]
[]
[]
["Notching Adjustments"]
[]
[null,"Structural Considerations and Sources of Rating Uplift from Creditor Protection"]
[]
[]
[]
[null,"Total score after adjustments",null,null,null,null,null,null,null,null,null,null,null,{"$f":"N48+N57","v":9.6025104602510449}]
[]
[null,"Overall adjusted rating",null,null,null,null,null,null,null,null,null,null,null,{"$f":"VLOOKUP(N61,$H$5:$I$23,2)","v":"Baa3"}]
[]
[]
[]
[]
["Factor 4: Leverage and Coverage"]
[]
["Moody's Ratio thresholds"]
[]
[null,null,"(Ratio greater than)"]
[null,null,"AICR","FFO / Net Debt","RCF / Net Debt",null,null,"Net Debt / RAV"]
[null,"Caa",0,null,-0.1,null,"Aaa",0]
[null,"B",0.9,0,-0.04,null,"Aa",0.3]
[null,"Ba",1.1000000000000001,0.05,0.01,null,"A",0.45]
[null,"Baa",1.4,0.11,7.0000000000000007E-2,null,"Baa",0.6]
[null,"A",2,0.18,0.14000000000000001,null,"Ba",0.75]
[null,"Aa",3.5,0.26,0.21,null,"B",0.9]
[null,"Aaa",5.5,0.35,0.3,null,"Caa",1]
[]
[]
["Ratio inputs"]
[]
[null,null,null,"Average"]
[]
[null,"AICR",null,{"$f":"'Scenario results (Ofgem)'!H5","v":1.0734465706692049}]
[null,"Category rating",null,{"$f":"IFERROR(INDEX($B$74:$B$80,MATCH(D87,$C$74:$C$80,1)),\"\")","v":"B"}]
[]
[null,"Net Debt / Regulatory Asset Value",null,{"$f":"'Scenario results (Ofgem)'!I5","v":0.69604850281796771}]
[null,"Category rating",null,{"$f":"IFERROR(INDEX($G$74:$G$80,MATCH(D90,$H$74:$H$80,1)),\"\")","v":"Baa"}]
[]
[null,"FFO / Net Debt",null,{"$f":"'Scenario results (Ofgem)'!J5","v":7.7430505190110854E-2}]
[null,"Category rating",null,{"$f":"IFERROR(INDEX($B$74:$B$80,MATCH(D93,$D$74:$D$80,1)),\"\")","v":"Ba"}]
[]
[null,"RCF / Net Debt",null,{"$f":"'Scenario results (Ofgem)'!K5","v":4.8681857472676324E-2}]
[null,"Category rating",null,{"$f":"IFERROR(INDEX($B$74:$B$80,MATCH(D96,$E$74:$E$80,1)),\"\")","v":"Ba"}]

{"sheet":"NGN","index":4,"n_rows":84,"n_cols":7,"rows_kept":84,"cut":false,"hidden":false,"merged":[]}
["Parameter","AICR","Gearing","FFO/Net Debt","RCF/Net Debt","FFO Interest Cover"]
["Baa1 Target",{"$f":"'Rating (Ofgem-notional)'!$C$77","v":1.4},{"$f":"'Rating (Ofgem-notional)'!$H$78","v":0.75},{"$f":"'Rating (Ofgem-notional)'!$D$77","v":0.11},{"$f":"'Rating (Ofgem-notional)'!$E$77","v":7.0000000000000007E-2},2.5]
["Baseline",1.3,0.7,0.09,0.05]
["Real to nominal prices conversion factor",{"$f":"[7]Input!AP92","v":1.0792234436566936},{"$f":"[7]Input!AQ92","v":1.1008045880729058},{"$f":"[7]Input!AR92","v":1.1228172888985442},{"$f":"[7]Input!AS92","v":1.1452701759324246},{"$f":"[7]Input!AT92","v":1.1681720515427552}]
[]
["Table A33.5. Financial Parameters (notional): NGN's proposals",null,null,null,null,null,"£m, 18/19 prices"]
["Parameter","2021/22","2022/23","2023/24","2024/25","2025/26","GD-2 Average"]
["Closing RAV",{"$f":"[8]ScenarioRun_AllOutputData!AP101/B4","v":2277.9851356559325},{"$f":"[8]ScenarioRun_AllOutputData!AQ101/C4","v":2326.6762415340932},{"$f":"[8]ScenarioRun_AllOutputData!AR101/D4","v":2371.6069037836273},{"$f":"[8]ScenarioRun_AllOutputData!AS101/E4","v":2407.6785586694455},{"$f":"[8]ScenarioRun_AllOutputData!AT101/F4","v":2433.6542773712013},{"$f":"AVERAGE(B8:F8)","v":2363.5202234028598}]
["Fast Money, %",{"$f":"[8]TIM!AP144/([8]TIM!AP144+[8]TIM!AP146)","v":0.35242445118646271},{"$f":"[8]TIM!AQ144/([8]TIM!AQ144+[8]TIM!AQ146)","v":0.33909841164462556},{"$f":"[8]TIM!AR144/([8]TIM!AR144+[8]TIM!AR146)","v":0.33704944118026919},{"$f":"[8]TIM!AS144/([8]TIM!AS144+[8]TIM!AS146)","v":0.33932719124171867},{"$f":"[8]TIM!AT144/([8]TIM!AT144+[8]TIM!AT146)","v":0.35047587834001787},{"$f":"AVERAGE(B9:F9)","v":0.3436750747186188}]
["Slow Money, %",{"$f":"[8]TIM!AP146/([8]TIM!AP144+[8]TIM!AP146)","v":0.64757554881353729},{"$f":"[8]TIM!AQ146/([8]TIM!AQ144+[8]TIM!AQ146)","v":0.66090158835537438},{"$f":"[8]TIM!AR146/([8]TIM!AR144+[8]TIM!AR146)","v":0.66295055881973075},{"$f":"[8]TIM!AS146/([8]TIM!AS144+[8]TIM!AS146)","v":0.66067280875828138},{"$f":"[8]TIM!AT146/([8]TIM!AT144+[8]TIM!AT146)","v":0.64952412165998208},0.6563249252813812]
["Fast pot expenditure",{"$f":"[8]ScenarioRun_AllOutputData!AP102/B4","v":87.826896444845829},{"$f":"[8]ScenarioRun_AllOutputData!AQ102/C4","v":86.563012823589986},{"$f":"[8]ScenarioRun_AllOutputData!AR102/D4","v":85.816418981275746},{"$f":"[8]ScenarioRun_AllOutputData!AS102/E4","v":84.198432057054006},{"$f":"[8]ScenarioRun_AllOutputData!AT102/F4","v":84.909718941974617},85.862895849748028]
["Non-controllable opex",{"$f":"[8]ScenarioRun_AllOutputData!AP103/B4","v":95.206074704172721},{"$f":"[8]ScenarioRun_AllOutputData!AQ103/C4","v":95.071821422426382},{"$f":"[8]ScenarioRun_AllOutputData!AR103/D4","v":92.899248800816224},{"$f":"[8]ScenarioRun_AllOutputData!AS103/E4","v":91.384081847178919},{"$f":"[8]ScenarioRun_AllOutputData!AT103/F4","v":89.385407559439571},92.789326866806761]
["RAV depreciation",{"$f":"[8]ScenarioRun_AllOutputData!AP104/B4","v":115.91769497142201},{"$f":"[8]ScenarioRun_AllOutputData!AQ104/C4","v":119.81378458917922},{"$f":"[8]ScenarioRun_AllOutputData!AR104/D4","v":123.86369243125715},{"$f":"[8]ScenarioRun_AllOutputData!AS104/E4","v":127.76337901646362},{"$f":"[8]ScenarioRun_AllOutputData!AT104/F4","v":131.28435662610121},123.72858152688464]
["Return",{"$f":"[8]ScenarioRun_AllOutputData!AP105/B4","v":77.943159359150201},{"$f":"[8]ScenarioRun_AllOutputData!AQ105/C4","v":78.4990959987731},{"$f":"[8]ScenarioRun_AllOutputData!AR105/D4","v":79.252552132308836},{"$f":"[8]ScenarioRun_AllOutputData!AS105/E4","v":79.968529998114931},{"$f":"[8]ScenarioRun_AllOutputData!AT105/F4","v":80.529119373719453},79.238491372413293]
["Equity issuance cost",{"$f":"[8]ScenarioRun_AllOutputData!AP106/B4","v":5.472484649838032},{"$f":"[8]ScenarioRun_AllOutputData!AQ106/C4","v":0},{"$f":"[8]ScenarioRun_AllOutputData!AR106/D4","v":0},{"$f":"[8]ScenarioRun_AllOutputData!AS106/E4","v":0},{"$f":"[8]ScenarioRun_AllOutputData!AT106/F4","v":0},1.0944969299676064]
["Additional income",{"$f":"[8]ScenarioRun_AllOutputData!AP107/B4","v":0},{"$f":"[8]ScenarioRun_AllOutputData!AQ107/C4","v":0},{"$f":"[8]ScenarioRun_AllOutputData!AR107/D4","v":0},{"$f":"[8]ScenarioRun_AllOutputData!AS107/E4","v":0},{"$f":"[8]ScenarioRun_AllOutputData!AT107/F4","v":0},0]
["Core DARTs",{"$f":"[8]ScenarioRun_AllOutputData!AP108/B4","v":4.2},{"$f":"[8]ScenarioRun_AllOutputData!AQ108/C4","v":4.2},{"$f":"[8]ScenarioRun_AllOutputData!AR108/D4","v":4.2},{"$f":"[8]ScenarioRun_AllOutputData!AS108/E4","v":4.2},{"$f":"[8]ScenarioRun_AllOutputData!AT108/F4","v":4.2},4.2]
["Recalculated base revenue (except tax allowance)",{"$f":"[8]ScenarioRun_AllOutputData!AP109/B4","v":386.56631012942881},{"$f":"[8]ScenarioRun_AllOutputData!AQ109/C4","v":384.14771483396873},{"$f":"[8]ScenarioRun_AllOutputData!AR109/D4","v":386.03191234565799},{"$f":"[8]ScenarioRun_AllOutputData!AS109/E4","v":387.51442291881148},{"$f":"[8]ScenarioRun_AllOutputData!AT109/F4","v":390.30860250123487},386.9137925458204]
["Tax allowance",{"$f":"[8]ScenarioRun_AllOutputData!AP110/B4","v":18.310277926047458},{"$f":"[8]ScenarioRun_AllOutputData!AQ110/C4","v":17.372929568875001},{"$f":"[8]ScenarioRun_AllOutputData!AR110/D4","v":17.71433001406427},{"$f":"[8]ScenarioRun_AllOutputData!AS110/E4","v":18.100084296827845},{"$f":"[8]ScenarioRun_AllOutputData!AT110/F4","v":18.548352573135602},18.009194875790037]
["Recalculated base revenue",{"$f":"[8]ScenarioRun_AllOutputData!AP111/B4","v":404.87658805547625},{"$f":"[8]ScenarioRun_AllOutputData!AQ111/C4","v":401.52064440284369},{"$f":"[8]ScenarioRun_AllOutputData!AR111/D4","v":403.7462423597222},{"$f":"[8]ScenarioRun_AllOutputData!AS111/E4","v":405.61450721563932},{"$f":"[8]ScenarioRun_AllOutputData!AT111/F4","v":408.85695507437043},404.9229874216104]
["Incentive income",{"$f":"B22-B20","v":0},{"$f":"C22-C20","v":0},0,0,0,0]
["Total revenue",{"$f":"[8]ScenarioRun_AllOutputData!AP112/B4","v":404.87658805547619},{"$f":"[8]ScenarioRun_AllOutputData!AQ112/C4","v":401.52064440284363},{"$f":"[8]ScenarioRun_AllOutputData!AR112/D4","v":403.74624235972215},{"$f":"[8]ScenarioRun_AllOutputData!AS112/E4","v":405.61450721563932},{"$f":"[8]ScenarioRun_AllOutputData!AT112/F4","v":408.85695507437043},404.9229874216104]
["Costs",{"$f":"SUM([8]FinancialStatements!AP72:AP77)/B4","v":-192.7054557988566},{"$f":"SUM([8]FinancialStatements!AQ72:AQ77)/C4","v":-185.83483424601638},{"$f":"SUM([8]FinancialStatements!AR72:AR77)/D4","v":-182.91566778209196},{"$f":"SUM([8]FinancialStatements!AS72:AS77)/E4","v":-179.78251390423293},{"$f":"SUM([8]FinancialStatements!AT72:AT77)/F4","v":-178.49512650141421},-183.94671964652244]
["EBITDA",{"$f":"SUM(B22:B23)","v":212.17113225661959},{"$f":"SUM(C22:C23)","v":215.68581015682724},220.83057457763019,225.83199331140639,230.36182857295623,220.97626777508793]
["Interest",{"$f":"SUM([8]FinancialStatements!AP87:AP88)/B4","v":-60.341748355943906},{"$f":"SUM([8]FinancialStatements!AQ87:AQ88)/C4","v":-60.700200950474354},{"$f":"SUM([8]FinancialStatements!AR87:AR88)/D4","v":-61.216547330637489},{"$f":"SUM([8]FinancialStatements!AS87:AS88)/E4","v":-61.63525127057089},{"$f":"SUM([8]FinancialStatements!AT87:AT88)/F4","v":-61.799674196765139},-61.138684420878349]
["Principal inflation accretion",{"$f":"-[8]FinancialStatements!AP88/B4","v":6.5277588861360014},{"$f":"-[8]FinancialStatements!AQ88/C4","v":6.7370228498693763},{"$f":"-[8]FinancialStatements!AR88/D4","v":6.906428438879046},{"$f":"-[8]FinancialStatements!AS88/E4","v":7.0428518124139723},{"$f":"-[8]FinancialStatements!AT88/F4","v":7.1306975902965348},6.868951915518986]
["Capital expenditure",{"$f":"[8]FinancialStatements!AP120/B4","v":-161.38083062735404},{"$f":"[8]FinancialStatements!AQ120/C4","v":-168.71100159529158},{"$f":"[8]FinancialStatements!AR120/D4","v":-168.79435468079143},{"$f":"[8]FinancialStatements!AS120/E4","v":-163.93503390228176},{"$f":"[8]FinancialStatements!AT120/F4","v":-157.36007532785686},-164.03625922671515]
["Tax paid",{"$f":"[8]FinancialStatements!AP93/B4","v":-18.310277926047458},{"$f":"[8]FinancialStatements!AQ93/C4","v":-17.372929568874998},{"$f":"[8]FinancialStatements!AR93/D4","v":-17.714330014064267},{"$f":"[8]FinancialStatements!AS93/E4","v":-18.100084296827841},{"$f":"[8]FinancialStatements!AT93/F4","v":-18.548352573135599},-18.009194875790033]
["Operating Cash Flow",{"$f":"SUM(B24:B28)","v":-21.333965766589809},{"$f":"SUM(C24:C28)","v":-24.361299107944308},{"$f":"SUM(D24:D28)","v":-19.988229008983971},{"$f":"SUM(E24:E28)","v":-10.795524345860141},{"$f":"SUM(F24:F28)","v":-0.21557593450485157},-15.338918832776617]
["Disposal proceeds",{"$f":"[8]FinancialStatements!AP122/B4","v":0},{"$f":"[8]FinancialStatements!AQ122/C4","v":0.2061111279517415},{"$f":"[8]FinancialStatements!AR122/D4","v":0},{"$f":"[8]FinancialStatements!AS122/E4","v":0.1},{"$f":"[8]FinancialStatements!AT122/F4","v":0.1},8.1222225590348307E-2]
["Dividend",{"$f":"[8]FinancialStatements!AP115/B4","v":-31.891791899183058},{"$f":"[8]FinancialStatements!AQ115/C4","v":-32.573467381477315},{"$f":"[8]FinancialStatements!AR115/D4","v":-33.202496652970787},{"$f":"[8]FinancialStatements!AS115/E4","v":-33.707499821372245},{"$f":"[8]FinancialStatements!AT115/F4","v":-34.07115988319682},-33.089283127640044]
["Net Cash Flow",{"$f":"SUM(B29:B31)","v":-53.225757665772868},{"$f":"SUM(C29:C31)","v":-56.728655361469883},-53.190725661954758,-44.403024167232388,-34.186735817701674,-48.346979734826313]
[]
["Table A33.6 Credit Metrics (notional): NGN's proposals"]
["Parameter","2021/22","2022/23","2023/24","2024/25","2025/26","GD-2 Average"]
["Adjusted ICR [>1.4x]",{"$f":"[8]ScenarioRun_AllOutputData!AP85","v":1.4483809902791136},{"$f":"[8]ScenarioRun_AllOutputData!AQ85","v":1.4546788896018157},{"$f":"[8]ScenarioRun_AllOutputData!AR85","v":1.4592594114968018},{"$f":"[8]ScenarioRun_AllOutputData!AS85","v":1.46482900168929},{"$f":"[8]ScenarioRun_AllOutputData!AT85","v":1.473031404143587},{"$f":"AVERAGE(B36:F36)","v":1.4600359394421214}]
["Gearing [<75%]",{"$f":"[8]ScenarioRun_AllOutputData!AP82","v":0.60279139271804105},{"$f":"[8]ScenarioRun_AllOutputData!AQ82","v":0.60588363979193482},{"$f":"[8]ScenarioRun_AllOutputData!AR82","v":0.60809205592816384},{"$f":"[8]ScenarioRun_AllOutputData!AS82","v":0.60860612118248614},{"$f":"[8]ScenarioRun_AllOutputData!AT82","v":0.60728336583136577},{"$f":"AVERAGE(B37:F37)","v":0.60653131509039837}]
["FFO/Net Debt [>9%]",{"$f":"[8]ScenarioRun_AllOutputData!AP87","v":9.7235642326279625E-2},{"$f":"[8]ScenarioRun_AllOutputData!AQ87","v":9.7618756411826629E-2},{"$f":"[8]ScenarioRun_AllOutputData!AR87","v":9.839418505362911E-2},{"$f":"[8]ScenarioRun_AllOutputData!AS87","v":9.9702364830408285E-2},{"$f":"[8]ScenarioRun_AllOutputData!AT87","v":0.10150348400889125},9.8890886526206978E-2]
["RCF/Net Debt [>7%]",{"$f":"[8]ScenarioRun_AllOutputData!AP88","v":7.401036046405407E-2},{"$f":"[8]ScenarioRun_AllOutputData!AQ88","v":7.4512009372398866E-2},{"$f":"[8]ScenarioRun_AllOutputData!AR88","v":7.5371355099649442E-2},{"$f":"[8]ScenarioRun_AllOutputData!AS88","v":7.6698981340280345E-2},{"$f":"[8]ScenarioRun_AllOutputData!AT88","v":7.8449995657808025E-2},7.5808540386838152E-2]
["FFO Interest Cover [>2.5x]",{"$f":"[8]ScenarioRun_AllOutputData!AP83","v":3.2127152363406135},{"$f":"[8]ScenarioRun_AllOutputData!AQ83","v":3.2670877111223557},{"$f":"[8]ScenarioRun_AllOutputData!AR83","v":3.3179957612851334},{"$f":"[8]ScenarioRun_AllOutputData!AS83","v":3.3703425350318108},{"$f":"[8]ScenarioRun_AllOutputData!AT83","v":3.427420593277299},3.3191123674114422]
[]
["Table A33.7. Credit Metrics (actual): NGN's proposals"]
["Parameter","2021/22","2022/23","2023/24","2024/25","2025/26","GD-2 Average"]
["Adjusted ICR [>1.4x]",{"$f":"[8]ScenarioRun_AllOutputData!AP153","v":1.4843633657776338},{"$f":"[8]ScenarioRun_AllOutputData!AQ153","v":1.519451268189645},{"$f":"[8]ScenarioRun_AllOutputData!AR153","v":1.421293868713106},{"$f":"[8]ScenarioRun_AllOutputData!AS153","v":1.4769515846843291},{"$f":"[8]ScenarioRun_AllOutputData!AT153","v":1.5033375829960394},{"$f":"AVERAGE(B44:F44)","v":1.4810795340721508}]
["Gearing [<75%]",{"$f":"[8]ScenarioRun_AllOutputData!AP150","v":0.66815335155579614},{"$f":"[8]ScenarioRun_AllOutputData!AQ150","v":0.6710626676838648},{"$f":"[8]ScenarioRun_AllOutputData!AR150","v":0.67461394150157994},{"$f":"[8]ScenarioRun_AllOutputData!AS150","v":0.67592864025646693},{"$f":"[8]ScenarioRun_AllOutputData!AT150","v":0.67541594694424245},{"$f":"AVERAGE(B45:F45)","v":0.67303490958839007}]
["FFO/Net Debt [>9%]",{"$f":"[8]ScenarioRun_AllOutputData!AP155","v":9.0917450447082993E-2},{"$f":"[8]ScenarioRun_AllOutputData!AQ155","v":9.344297390230194E-2},{"$f":"[8]ScenarioRun_AllOutputData!AR155","v":9.1906604193157271E-2},{"$f":"[8]ScenarioRun_AllOutputData!AS155","v":9.4089399274284516E-2},{"$f":"[8]ScenarioRun_AllOutputData!AT155","v":9.5951493724370326E-2},9.3261584308239415E-2]
["RCF/Net Debt [>7%]",{"$f":"[8]ScenarioRun_AllOutputData!AP156","v":6.0984203839639359E-2},{"$f":"[8]ScenarioRun_AllOutputData!AQ156","v":6.363949694905513E-2},{"$f":"[8]ScenarioRun_AllOutputData!AR156","v":6.2259925643233426E-2},{"$f":"[8]ScenarioRun_AllOutputData!AS156","v":6.4500292865978609E-2},{"$f":"[8]ScenarioRun_AllOutputData!AT156","v":6.6339835544366399E-2},6.3544750968454577E-2]
["FFO Interest Cover [>2.5x]",{"$f":"[8]ScenarioRun_AllOutputData!AP151","v":3.9839074125500638},{"$f":"[8]ScenarioRun_AllOutputData!AQ151","v":3.905582088161669},{"$f":"[8]ScenarioRun_AllOutputData!AR151","v":3.6725570689173099},{"$f":"[8]ScenarioRun_AllOutputData!AS151","v":3.8798766044216713},{"$f":"[8]ScenarioRun_AllOutputData!AT151","v":4.0031723498189233},3.889019104773928]
[]
["Table A33.8. Sensitivity analysis (notional), average values for GD-2"]
["Scenario","AICR","Gearing","FFO/Net Debt","RCF/Net Debt"]
["NGN Base case",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$85:$AT$85)","v":1.4600359394421214},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$82:$AT$82)","v":0.60653131509039837},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$87:$AT$87)","v":9.8890886526206978E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$88:$AT$88)","v":7.5808540386838152E-2}]
["High interest rates (+1%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$187:$AT$187)","v":1.4924012284739585},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$184:$AT$184)","v":0.60306056937978358},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$189:$AT$189)","v":0.10152637515250049},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$190:$AT$190)","v":7.8311355169783076E-2}]
["Low interest rates (-1%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$289:$AT$289)","v":1.4257425179273837},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$286:$AT$286)","v":0.60998492402657378},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$291:$AT$291)","v":9.6307379406101429E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$292:$AT$292)","v":7.3355224646024592E-2}]
["High inflation (+1%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$391:$AT$391)","v":1.494134669013627},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$388:$AT$388)","v":0.59328277821714237},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$393:$AT$393)","v":9.9723597922586088E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$394:$AT$394)","v":7.6124507923623158E-2}]
["Low inflation (-1%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$493:$AT$493)","v":1.426487200167696},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$490:$AT$490)","v":0.62031090066090733},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$495:$AT$495)","v":9.811808750637474E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$496:$AT$496)","v":7.5544600012472735E-2}]
["High CPIH-RPI divergence (+0.5%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$595:$AT$595)","v":1.4431930997102278},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$592:$AT$592)","v":0.61335297117767085},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$597:$AT$597)","v":9.8497015549936548E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$598:$AT$598)","v":7.5670080606030393E-2}]
["Low CPIH-RPI divergence (-0.5%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$697:$AT$697)","v":1.4770162770280042},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$694:$AT$694)","v":0.59984239307984777},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$699:$AT$699)","v":9.9299735588913321E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$700:$AT$700)","v":7.596000694991939E-2}]
["RPI ILD",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$119:$AT$119)","v":1.5662225065601578},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$116:$AT$116)","v":0.60649808135928618},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$121:$AT$121)","v":9.8909976645518802E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$122:$AT$122)","v":7.5826366131320419E-2}]
["High ILD proportion (+5%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1513:$AT$1513)","v":1.4980114119742225},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1510:$AT$1510)","v":0.60652769435450227},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1515:$AT$1515)","v":9.8892925336413695E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1516:$AT$1516)","v":7.5810441433816447E-2}]
["Low ILD proportion (-5%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1615:$AT$1615)","v":1.4239389356575314},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1612:$AT$1612)","v":0.60653493582843987},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1617:$AT$1617)","v":9.888884773780085E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1618:$AT$1618)","v":7.5806639360094311E-2}]
["Totex underperformance (-10%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1105:$AT$1105)","v":1.3784579863763042},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1102:$AT$1102)","v":0.62261201451333126},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1107:$AT$1107)","v":9.3046387989217355E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1108:$AT$1108)","v":7.0555736332780006E-2}]
["Totex outperformance (+10%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1003:$AT$1003)","v":1.5479693306978646},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1000:$AT$1000)","v":0.58993544615886473},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1005:$AT$1005)","v":0.1052886440428831},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1006:$AT$1006)","v":8.1554716483923054E-2}]
["Zero RoRe outperformance",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1207:$AT$1207)","v":1.4600359394421214},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1204:$AT$1204)","v":0.60653131509039837},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1209:$AT$1209)","v":9.8890886526206978E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1210:$AT$1210)","v":7.5808540386838152E-2}]
["RoRe outperformance (+2%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1309:$AT$1309)","v":1.8623812334825172},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1306:$AT$1306)","v":0.582417272808054},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1311:$AT$1311)","v":0.11792066773741242},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1312:$AT$1312)","v":9.3875866759865714E-2}]
["RoRe underperformance (-2%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1411:$AT$1411)","v":1.0847836069717072},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1408:$AT$1408)","v":0.63064535737274297},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1413:$AT$1413)","v":8.1414086925328658E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1414:$AT$1414)","v":5.9204815236312325E-2}]
[]
["Table A33.9. Sensitivity analysis (actual), average values for GD-2"]
["Scenario","AICR","Gearing","FFO/Net Debt","RCF/Net Debt"]
["NGN Base case",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$153:$AT$153)","v":1.4810795340721508},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$150:$AT$150)","v":0.67303490958839007},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$155:$AT$155)","v":9.3261584308239415E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$156:$AT$156)","v":6.3544750968454577E-2}]
["High interest rates (+1%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$255:$AT$255)","v":1.4124916994116057},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$252:$AT$252)","v":0.67342027174818475},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$257:$AT$257)","v":9.26701974098115E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$258:$AT$258)","v":6.2970046601624932E-2}]
["Low interest rates (-1%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$357:$AT$357)","v":1.5758148742384805},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$354:$AT$354)","v":0.67265647378701166},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$359:$AT$359)","v":9.3851351904829614E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$360:$AT$360)","v":6.4118021076847789E-2}]
["High inflation (+1%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$459:$AT$459)","v":1.5407030112566844},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$456:$AT$456)","v":0.64024878745705815},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$461:$AT$461)","v":9.9236156330878358E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$462:$AT$462)","v":6.9478560934743999E-2}]
["Low inflation (-1%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$561:$AT$561)","v":1.4240038366823737},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$558:$AT$558)","v":0.70795771545618735},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$563:$AT$563)","v":8.7560152930606788E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$564:$AT$564)","v":5.7882308248192203E-2}]
["High CPIH-RPI divergence (+0.5%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$663:$AT$663)","v":1.4652189294081306},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$660:$AT$660)","v":0.6832140591789011},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$665:$AT$665)","v":9.1579916971508621E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$666:$AT$666)","v":6.1869359348644883E-2}]
["Low CPIH-RPI divergence (-0.5%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$765:$AT$765)","v":1.4972020688191354},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$762:$AT$762)","v":0.66308569423022079},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$767:$AT$767)","v":9.4968974169920742E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$768:$AT$768)","v":6.5245649543701975E-2}]
["RPI ILD",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$153:$AT$153)","v":1.4810795340721508},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$150:$AT$150)","v":0.67303490958839007},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$155:$AT$155)","v":9.3261584308239415E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$156:$AT$156)","v":6.3544750968454577E-2}]
["High ILD proportion (+5%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1581:$AT$1581)","v":1.4810867085516066},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1578:$AT$1578)","v":0.67303429406328774},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1583:$AT$1583)","v":9.3261891677734549E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1584:$AT$1584)","v":6.3545031169118846E-2}]
["Low ILD proportion (-5%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1683:$AT$1683)","v":1.4810723595856163},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1680:$AT$1680)","v":0.67303552511385711},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1685:$AT$1685)","v":9.3261276939008125E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1686:$AT$1686)","v":6.3544470768020417E-2}]
["Totex underperformance (-10%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1173:$AT$1173)","v":1.4024659476822388},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1170:$AT$1170)","v":0.68946416948448275},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1175:$AT$1175)","v":8.7985558818281878E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1176:$AT$1176)","v":5.9347597090642711E-2}]
["Totex outperformance (+10%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1071:$AT$1071)","v":1.5596931204620643},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1068:$AT$1068)","v":0.65609913915974272},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1073:$AT$1073)","v":9.8934729932541793E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1074:$AT$1074)","v":6.8041329126967059E-2}]
["Zero RoRe outperformance",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1275:$AT$1275)","v":1.4810795340721508},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1272:$AT$1272)","v":0.67303490958839007},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1277:$AT$1277)","v":9.3261584308239415E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1278:$AT$1278)","v":6.3544750968454577E-2}]
["RoRe outperformance (+2%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1377:$AT$1377)","v":1.7219668019098218},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1374:$AT$1374)","v":0.66140160394741498},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1379:$AT$1379)","v":0.10303024538877481},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1380:$AT$1380)","v":7.2788097745944857E-2}]
["RoRe underperformance (-2%)",{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1479:$AT$1479)","v":1.2401922662344802},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1476:$AT$1476)","v":0.68466821522936494},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1481:$AT$1481)","v":8.3968847429984061E-2},{"$f":"AVERAGE([8]ScenarioRun_AllOutputData!$AP$1482:$AT$1482)","v":5.474876374636619E-2}]

{"sheet":"Scenario results (NGN)","index":5,"n_rows":21,"n_cols":13,"rows_kept":21,"cut":false,"hidden":false,"merged":[[3,1,3,5],[3,7,3,11],[5,1,5,5],[5,7,5,11]]}
["Scenario","AICR","Gearing","FFO/Net Debt","RCF/Net Debt","Moodys' implied rating",null,"AICR","Gearing","FFO/Net Debt","RCF/Net Debt","Moodys' implied rating"]
["Baa1 Target",{"$f":"'Rating (Ofgem-notional)'!$C$77","v":1.4},{"$f":"'Rating (Ofgem-notional)'!$H$78","v":0.75},{"$f":"'Rating (Ofgem-notional)'!$D$77","v":0.11},{"$f":"'Rating (Ofgem-notional)'!$E$77","v":7.0000000000000007E-2},{"$f":"'Rating (Ofgem-notional)'!$H$13","v":8.49},null,{"$f":"'Rating (Ofgem-notional)'!$C$77","v":1.4},{"$f":"'Rating (Ofgem-notional)'!$H$78","v":0.75},{"$f":"'Rating (Ofgem-notional)'!$D$77","v":0.11},{"$f":"'Rating (Ofgem-notional)'!$E$77","v":7.0000000000000007E-2},{"$f":"'Rating (Ofgem-notional)'!$H$13","v":8.49}]
["Baseline",1.3,0.7,0.09,0.05,{"$f":"'Rating (Ofgem-notional)'!$H$14","v":9.49},null,1.3,0.7,0.09,0.05,{"$f":"'Rating (Ofgem-notional)'!$H$14","v":9.49}]
["Active selection"]
["RoRe underperformance (-2%)",{"$f":"INDEX(NGN!B$52:B$66,MATCH(ActiveScenario,NGN!$A$52:$A$66,0))","v":1.0847836069717072},{"$f":"INDEX(NGN!C$52:C$66,MATCH(ActiveScenario,NGN!$A$52:$A$66,0))","v":0.63064535737274297},{"$f":"INDEX(NGN!D$52:D$66,MATCH(ActiveScenario,NGN!$A$52:$A$66,0))","v":8.1414086925328658E-2},{"$f":"INDEX(NGN!E$52:E$66,MATCH(ActiveScenario,NGN!$A$52:$A$66,0))","v":5.9204815236312325E-2},{"$f":"'Rating (NGN-notional)'!$N$63","v":"Baa3"},{"$f":"'Rating (NGN-notional)'!N61","v":9.6025104602510449},{"$f":"INDEX(NGN!B$70:B$84,MATCH(ActiveScenario,NGN!$A$52:$A$66,0))","v":1.2401922662344802},{"$f":"INDEX(NGN!C$70:C$84,MATCH(ActiveScenario,NGN!$A$52:$A$66,0))","v":0.68466821522936494},{"$f":"INDEX(NGN!D$70:D$84,MATCH(ActiveScenario,NGN!$A$52:$A$66,0))","v":8.3968847429984061E-2},{"$f":"INDEX(NGN!E$70:E$84,MATCH(ActiveScenario,NGN!$A$52:$A$66,0))","v":5.474876374636619E-2},{"$f":"'Rating (NGN-actual)'!N63","v":"Baa2"},{"$f":"'Rating (NGN-actual)'!N61","v":8.7847533632286989}]
[null,"Notional Financial Structure",null,null,null,null,null,"Actual Financial Structure"]
["NGN Base case",1.4600359394421214,0.60653131509039837,9.8890886526206978E-2,7.5808540386838152E-2,"Baa1",8.0523198420533078,1.4810795340721508,0.67303490958839007,9.3261584308239415E-2,6.3544750968454577E-2,"Baa1",8.3123209169054437]
["High interest rates (+1%)",1.4924012284739585,0.60306056937978358,0.10152637515250049,7.8311355169783076E-2,"Baa1",8.0523198420533078,1.4124916994116057,0.67342027174818475,9.26701974098115E-2,6.2970046601624932E-2,"Baa1",8.3123209169054437]
["Low interest rates (-1%)",1.4257425179273837,0.60998492402657378,9.6307379406101429E-2,7.3355224646024592E-2,"Baa1",8.0523198420533078,1.5758148742384805,0.67265647378701166,9.3851351904829614E-2,6.4118021076847789E-2,"Baa1",8.3123209169054437]
["High inflation (+1%)",1.494134669013627,0.59328277821714237,9.9723597922586088E-2,7.6124507923623158E-2,"Baa1",7.7374749498997994,1.5407030112566844,0.64024878745705815,9.9236156330878358E-2,6.9478560934743999E-2,"Baa1",8.3123209169054437]
["Low inflation (-1%)",1.426487200167696,0.62031090066090733,9.811808750637474E-2,7.5544600012472735E-2,"Baa1",8.0523198420533078,1.4240038366823737,0.70795771545618735,8.7560152930606788E-2,5.7882308248192203E-2,"Baa1",8.3123209169054437]
["High CPIH-RPI divergence (+0.5%)",1.4431930997102278,0.61335297117767085,9.8497015549936548E-2,7.5670080606030393E-2,"Baa1",8.0523198420533078,1.4652189294081306,0.6832140591789011,9.1579916971508621E-2,6.1869359348644883E-2,"Baa1",8.3123209169054437]
["Low CPIH-RPI divergence (-0.5%)",1.4770162770280042,0.59984239307984777,9.9299735588913321E-2,7.596000694991939E-2,"Baa1",7.7374749498997994,1.4972020688191354,0.66308569423022079,9.4968974169920742E-2,6.5245649543701975E-2,"Baa1",8.3123209169054437]
["RPI ILD",1.5662225065601578,0.60649808135928618,9.8909976645518802E-2,7.5826366131320419E-2,"Baa1",8.0523198420533078,1.4810795340721508,0.67303490958839007,9.3261584308239415E-2,6.3544750968454577E-2,"Baa1",8.3123209169054437]
["High ILD proportion (+5%)",1.4980114119742225,0.60652769435450227,9.8892925336413695E-2,7.5810441433816447E-2,"Baa1",8.0523198420533078,1.4810867085516066,0.67303429406328774,9.3261891677734549E-2,6.3545031169118846E-2,"Baa1",8.3123209169054437]
["Low ILD proportion (-5%)",1.4239389356575314,0.60653493582843987,9.888884773780085E-2,7.5806639360094311E-2,"Baa1",8.0523198420533078,1.4810723595856163,0.67303552511385711,9.3261276939008125E-2,6.3544470768020417E-2,"Baa1",8.3123209169054437]
["Totex underperformance (-10%)",1.3784579863763042,0.62261201451333126,9.3046387989217355E-2,7.0555736332780006E-2,"Baa2",8.5559666975023134,1.4024659476822388,0.68946416948448275,8.7985558818281878E-2,5.9347597090642711E-2,"Baa1",8.3123209169054437]
["Totex outperformance (+10%)",1.5479693306978646,0.58993544615886473,0.1052886440428831,8.1554716483923054E-2,"Baa1",7.7374749498997994,1.5596931204620643,0.65609913915974272,9.8934729932541793E-2,6.8041329126967059E-2,"Baa1",8.3123209169054437]
["Zero RoRe outperformance",1.4600359394421214,0.60653131509039837,9.8890886526206978E-2,7.5808540386838152E-2,"Baa1",8.0523198420533078,1.4810795340721508,0.67303490958839007,9.3261584308239415E-2,6.3544750968454577E-2,"Baa1",8.3123209169054437]
["RoRe outperformance (+2%)",1.8623812334825172,0.582417272808054,0.11792066773741242,9.3875866759865714E-2,"A3",6.9627601314348313,1.7219668019098218,0.66140160394741498,0.10303024538877481,7.2788097745944857E-2,"Baa1",8.0523198420533078]
["RoRe underperformance (-2%)",1.0847836069717072,0.63064535737274297,8.1414086925328658E-2,5.9204815236312325E-2,"Baa3",9.6025104602510449,1.2401922662344802,0.68466821522936494,8.3968847429984061E-2,5.474876374636619E-2,"Baa2",8.7847533632286989]

{"sheet":"Rating (NGN-notional)","index":6,"n_rows":97,"n_cols":14,"rows_kept":97,"cut":false,"hidden":true,"merged":[]}
["Moody's rating calculator"]
[]
[null,"Numerical score",null,null,"Penalty Weights",null,null,"Grid Rating"]
[]
[null,"Caa",18,null,"Caa",5,null,0,"Aaa"]
[null,"B",15,null,"B",3,null,1.49,"Aa1"]
[null,"Ba",12,null,"Ba",2,null,2.4900000000000002,"Aa2"]
[null,"Baa",9,null,"Baa",1.1499999999999999,null,3.49,"Aa3"]
[null,"A",6,null,"Aaa",1,null,4.49,"A1"]
[null,"Aa",3,null,"Aa",1,null,5.49,"A2"]
[null,"Aaa",1,null,"A",1,null,6.49,"A3"]
[null,null,null,null,null,null,null,7.49,"Baa1"]
[null,null,null,null,null,null,null,8.49,"Baa2"]
[null,null,null,null,null,null,null,9.49,"Baa3"]
[null,null,null,null,null,null,null,10.49,"Ba1"]
[null,null,null,null,null,null,null,11.49,"Ba2"]
[null,null,null,null,null,null,null,12.49,"Ba3"]
[null,null,null,null,null,null,null,13.49,"B1"]
[null,null,null,null,null,null,null,14.49,"B2"]
[null,null,null,null,null,null,null,15.49,"B3"]
[null,null,null,null,null,null,null,16.490000000000002,"Caa1"]
[null,null,null,null,null,null,null,17.490000000000002,"Caa2"]
[null,null,null,null,null,null,null,18.490000000000002,"Caa3"]
[]
[]
["Criteria"]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,"Average rating","Penalty score","Numerical score","Total score"]
[null,null,null,null,null,null,null,"Weight"]
[null,"Regulatory Environment & Ownership Model",null,null,null,null,null,{"$f":"SUM(H33:H36)","v":0.39999999999999997}]
[null,"Stability & Predictability of Regulatory Regime",null,null,null,null,null,0.15,null,null,"Aaa",{"$f":"IF(K33=0,0,INDEX($F$5:$F$11,MATCH(K33,$E$5:$E$11,0)))","v":1},{"$f":"IF(K33=0,0,INDEX($C$5:$C$11,MATCH(K33,$B$5:$B$11,0)))","v":1},{"$f":"$H33*L33/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M33","v":0.10041841004184099}]
[null,"Asset Ownership Model",null,null,null,null,null,0.05,null,null,"Aa",{"$f":"IF(K34=0,0,INDEX($F$5:$F$11,MATCH(K34,$E$5:$E$11,0)))","v":1},{"$f":"IF(K34=0,0,INDEX($C$5:$C$11,MATCH(K34,$B$5:$B$11,0)))","v":3},{"$f":"$H34*L34/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M34","v":0.10041841004184099}]
[null,"Cost & Investment Recovery",null,null,null,null,null,0.15,null,null,"A",{"$f":"IF(K35=0,0,INDEX($F$5:$F$11,MATCH(K35,$E$5:$E$11,0)))","v":1},{"$f":"IF(K35=0,0,INDEX($C$5:$C$11,MATCH(K35,$B$5:$B$11,0)))","v":6},{"$f":"$H35*L35/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M35","v":0.60251046025104593}]
[null,"Revenue Risk",null,null,null,null,null,0.05,null,null,"Aa",{"$f":"IF(K36=0,0,INDEX($F$5:$F$11,MATCH(K36,$E$5:$E$11,0)))","v":1},{"$f":"IF(K36=0,0,INDEX($C$5:$C$11,MATCH(K36,$B$5:$B$11,0)))","v":3},{"$f":"$H36*L36/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M36","v":0.10041841004184099}]
[]
[null,"Scale & Complexity of Capital Program",null,null,null,null,null,0.1,null,null,"A",{"$f":"IF(K38=0,0,INDEX($F$5:$F$11,MATCH(K38,$E$5:$E$11,0)))","v":1},{"$f":"IF(K38=0,0,INDEX($C$5:$C$11,MATCH(K38,$B$5:$B$11,0)))","v":6},{"$f":"$H38*L38/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M38","v":0.40167364016736395}]
[]
[null,"Financial Policy",null,null,null,null,null,0.1,null,null,"Ba",{"$f":"IF(K40=0,0,INDEX($F$5:$F$11,MATCH(K40,$E$5:$E$11,0)))","v":2},{"$f":"IF(K40=0,0,INDEX($C$5:$C$11,MATCH(K40,$B$5:$B$11,0)))","v":12},{"$f":"$H40*L40/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M40","v":1.6066945606694558}]
[]
[null,"Leverage & Coverage",null,null,null,null,null,{"$f":"SUM(H43:H46)","v":0.39999999999999997}]
[null,"AICR",null,null,null,null,null,0.1,null,null,{"$f":"D88","v":"B"},{"$f":"IF(K43=0,0,INDEX($F$5:$F$11,MATCH(K43,$E$5:$E$11,0)))","v":3},{"$f":"IF(K43=0,0,INDEX($C$5:$C$11,MATCH(K43,$B$5:$B$11,0)))","v":15},{"$f":"$H43*L43/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M43","v":3.0125523012552304}]
[null,"Net Debt / Regulatory Asset Value",null,null,null,null,null,0.125,null,null,{"$f":"D91","v":"Baa"},{"$f":"IF(K44=0,0,INDEX($F$5:$F$11,MATCH(K44,$E$5:$E$11,0)))","v":1.1499999999999999},{"$f":"IF(K44=0,0,INDEX($C$5:$C$11,MATCH(K44,$B$5:$B$11,0)))","v":9},{"$f":"$H44*L44/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M44","v":0.86610878661087853}]
[null,"FFO / Net Debt",null,null,null,null,null,0.125,null,null,{"$f":"D94","v":"Ba"},{"$f":"IF(K45=0,0,INDEX($F$5:$F$11,MATCH(K45,$E$5:$E$11,0)))","v":2},{"$f":"IF(K45=0,0,INDEX($C$5:$C$11,MATCH(K45,$B$5:$B$11,0)))","v":12},{"$f":"$H45*L45/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M45","v":2.00836820083682}]
[null,"RCF / Net Debt",null,null,null,null,null,0.05,null,null,{"$f":"D97","v":"Ba"},{"$f":"IF(K46=0,0,INDEX($F$5:$F$11,MATCH(K46,$E$5:$E$11,0)))","v":2},{"$f":"IF(K46=0,0,INDEX($C$5:$C$11,MATCH(K46,$B$5:$B$11,0)))","v":12},{"$f":"$H46*L46/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M46","v":0.80334728033472791}]
[]
[null,"Total",null,null,null,null,null,{"$f":"H32+H38+H40+H42","v":1},null,null,null,null,null,{"$f":"SUM(N33:N46)","v":9.6025104602510449}]
[]
[null,"Overall rating",null,null,null,null,null,null,null,null,null,null,null,{"$f":"VLOOKUP(N48,$H$5:$I$23,2)","v":"Baa3"}]
[]
[]
[]
[]
["Notching Adjustments"]
[]
[null,"Structural Considerations and Sources of Rating Uplift from Creditor Protection"]
[]
[]
[]
[null,"Total score after adjustments",null,null,null,null,null,null,null,null,null,null,null,{"$f":"N48+N57","v":9.6025104602510449}]
[]
[null,"Overall adjusted rating",null,null,null,null,null,null,null,null,null,null,null,{"$f":"VLOOKUP(N61,$H$5:$I$23,2)","v":"Baa3"}]
[]
[]
[]
[]
["Factor 4: Leverage and Coverage"]
[]
["Moody's Ratio thresholds"]
[]
[null,null,"(Ratio greater than)"]
[null,null,"AICR","FFO / Net Debt","RCF / Net Debt",null,null,"Net Debt / RAV"]
[null,"Caa",0,null,-0.1,null,"Aaa",0]
[null,"B",0.9,0,-0.04,null,"Aa",0.3]
[null,"Ba",1.1000000000000001,0.05,0.01,null,"A",0.45]
[null,"Baa",1.4,0.11,7.0000000000000007E-2,null,"Baa",0.6]
[null,"A",2,0.18,0.14000000000000001,null,"Ba",0.75]
[null,"Aa",3.5,0.26,0.21,null,"B",0.9]
[null,"Aaa",5.5,0.35,0.3,null,"Caa",1]
[]
[]
["Ratio inputs"]
[]
[null,null,null,"Average"]
[]
[null,"AICR",null,{"$f":"'Scenario results (NGN)'!B5","v":1.0847836069717072}]
[null,"Category rating",null,{"$f":"IFERROR(INDEX($B$74:$B$80,MATCH(D87,$C$74:$C$80,1)),\"\")","v":"B"}]
[]
[null,"Net Debt / Regulatory Asset Value",null,{"$f":"'Scenario results (NGN)'!C5","v":0.63064535737274297}]
[null,"Category rating",null,{"$f":"IFERROR(INDEX($G$74:$G$80,MATCH(D90,$H$74:$H$80,1)),\"\")","v":"Baa"}]
[]
[null,"FFO / Net Debt",null,{"$f":"'Scenario results (NGN)'!D5","v":8.1414086925328658E-2}]
[null,"Category rating",null,{"$f":"IFERROR(INDEX($B$74:$B$80,MATCH(D93,$D$74:$D$80,1)),\"\")","v":"Ba"}]
[]
[null,"RCF / Net Debt",null,{"$f":"'Scenario results (NGN)'!E5","v":5.9204815236312325E-2}]
[null,"Category rating",null,{"$f":"IFERROR(INDEX($B$74:$B$80,MATCH(D96,$E$74:$E$80,1)),\"\")","v":"Ba"}]

{"sheet":"Rating (NGN-actual)","index":7,"n_rows":97,"n_cols":14,"rows_kept":97,"cut":false,"hidden":true,"merged":[]}
["Moody's rating calculator"]
[]
[null,"Numerical score",null,null,"Penalty Weights",null,null,"Grid Rating"]
[]
[null,"Caa",18,null,"Caa",5,null,0,"Aaa"]
[null,"B",15,null,"B",3,null,1.49,"Aa1"]
[null,"Ba",12,null,"Ba",2,null,2.4900000000000002,"Aa2"]
[null,"Baa",9,null,"Baa",1.1499999999999999,null,3.49,"Aa3"]
[null,"A",6,null,"Aaa",1,null,4.49,"A1"]
[null,"Aa",3,null,"Aa",1,null,5.49,"A2"]
[null,"Aaa",1,null,"A",1,null,6.49,"A3"]
[null,null,null,null,null,null,null,7.49,"Baa1"]
[null,null,null,null,null,null,null,8.49,"Baa2"]
[null,null,null,null,null,null,null,9.49,"Baa3"]
[null,null,null,null,null,null,null,10.49,"Ba1"]
[null,null,null,null,null,null,null,11.49,"Ba2"]
[null,null,null,null,null,null,null,12.49,"Ba3"]
[null,null,null,null,null,null,null,13.49,"B1"]
[null,null,null,null,null,null,null,14.49,"B2"]
[null,null,null,null,null,null,null,15.49,"B3"]
[null,null,null,null,null,null,null,16.490000000000002,"Caa1"]
[null,null,null,null,null,null,null,17.490000000000002,"Caa2"]
[null,null,null,null,null,null,null,18.490000000000002,"Caa3"]
[]
[]
["Criteria"]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,"Average rating","Penalty score","Numerical score","Total score"]
[null,null,null,null,null,null,null,"Weight"]
[null,"Regulatory Environment & Ownership Model",null,null,null,null,null,{"$f":"SUM(H33:H36)","v":0.39999999999999997}]
[null,"Stability & Predictability of Regulatory Regime",null,null,null,null,null,0.15,null,null,"Aaa",{"$f":"IF(K33=0,0,INDEX($F$5:$F$11,MATCH(K33,$E$5:$E$11,0)))","v":1},{"$f":"IF(K33=0,0,INDEX($C$5:$C$11,MATCH(K33,$B$5:$B$11,0)))","v":1},{"$f":"$H33*L33/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M33","v":0.10762331838565022}]
[null,"Asset Ownership Model",null,null,null,null,null,0.05,null,null,"Aa",{"$f":"IF(K34=0,0,INDEX($F$5:$F$11,MATCH(K34,$E$5:$E$11,0)))","v":1},{"$f":"IF(K34=0,0,INDEX($C$5:$C$11,MATCH(K34,$B$5:$B$11,0)))","v":3},{"$f":"$H34*L34/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M34","v":0.10762331838565023}]
[null,"Cost & Investment Recovery",null,null,null,null,null,0.15,null,null,"A",{"$f":"IF(K35=0,0,INDEX($F$5:$F$11,MATCH(K35,$E$5:$E$11,0)))","v":1},{"$f":"IF(K35=0,0,INDEX($C$5:$C$11,MATCH(K35,$B$5:$B$11,0)))","v":6},{"$f":"$H35*L35/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M35","v":0.64573991031390132}]
[null,"Revenue Risk",null,null,null,null,null,0.05,null,null,"Aa",{"$f":"IF(K36=0,0,INDEX($F$5:$F$11,MATCH(K36,$E$5:$E$11,0)))","v":1},{"$f":"IF(K36=0,0,INDEX($C$5:$C$11,MATCH(K36,$B$5:$B$11,0)))","v":3},{"$f":"$H36*L36/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M36","v":0.10762331838565023}]
[]
[null,"Scale & Complexity of Capital Program",null,null,null,null,null,0.1,null,null,"A",{"$f":"IF(K38=0,0,INDEX($F$5:$F$11,MATCH(K38,$E$5:$E$11,0)))","v":1},{"$f":"IF(K38=0,0,INDEX($C$5:$C$11,MATCH(K38,$B$5:$B$11,0)))","v":6},{"$f":"$H38*L38/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M38","v":0.43049327354260092}]
[]
[null,"Financial Policy",null,null,null,null,null,0.1,null,null,"Ba",{"$f":"IF(K40=0,0,INDEX($F$5:$F$11,MATCH(K40,$E$5:$E$11,0)))","v":2},{"$f":"IF(K40=0,0,INDEX($C$5:$C$11,MATCH(K40,$B$5:$B$11,0)))","v":12},{"$f":"$H40*L40/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M40","v":1.7219730941704037}]
[]
[null,"Leverage & Coverage",null,null,null,null,null,{"$f":"SUM(H43:H46)","v":0.39999999999999997}]
[null,"AICR",null,null,null,null,null,0.1,null,null,{"$f":"D88","v":"Ba"},{"$f":"IF(K43=0,0,INDEX($F$5:$F$11,MATCH(K43,$E$5:$E$11,0)))","v":2},{"$f":"IF(K43=0,0,INDEX($C$5:$C$11,MATCH(K43,$B$5:$B$11,0)))","v":12},{"$f":"$H43*L43/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M43","v":1.7219730941704037}]
[null,"Net Debt / Regulatory Asset Value",null,null,null,null,null,0.125,null,null,{"$f":"D91","v":"Baa"},{"$f":"IF(K44=0,0,INDEX($F$5:$F$11,MATCH(K44,$E$5:$E$11,0)))","v":1.1499999999999999},{"$f":"IF(K44=0,0,INDEX($C$5:$C$11,MATCH(K44,$B$5:$B$11,0)))","v":9},{"$f":"$H44*L44/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M44","v":0.92825112107623309}]
[null,"FFO / Net Debt",null,null,null,null,null,0.125,null,null,{"$f":"D94","v":"Ba"},{"$f":"IF(K45=0,0,INDEX($F$5:$F$11,MATCH(K45,$E$5:$E$11,0)))","v":2},{"$f":"IF(K45=0,0,INDEX($C$5:$C$11,MATCH(K45,$B$5:$B$11,0)))","v":12},{"$f":"$H45*L45/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M45","v":2.1524663677130045}]
[null,"RCF / Net Debt",null,null,null,null,null,0.05,null,null,{"$f":"D97","v":"Ba"},{"$f":"IF(K46=0,0,INDEX($F$5:$F$11,MATCH(K46,$E$5:$E$11,0)))","v":2},{"$f":"IF(K46=0,0,INDEX($C$5:$C$11,MATCH(K46,$B$5:$B$11,0)))","v":12},{"$f":"$H46*L46/SUMPRODUCT($H$32:$H$46,L$32:L$46)*M46","v":0.86098654708520184}]
[]
[null,"Total",null,null,null,null,null,{"$f":"H32+H38+H40+H42","v":1},null,null,null,null,null,{"$f":"SUM(N33:N46)","v":8.7847533632286989}]
[]
[null,"Overall rating",null,null,null,null,null,null,null,null,null,null,null,{"$f":"VLOOKUP(N48,$H$5:$I$23,2)","v":"Baa2"}]
[]
[]
[]
[]
["Notching Adjustments"]
[]
[null,"Structural Considerations and Sources of Rating Uplift from Creditor Protection"]
[]
[]
[]
[null,"Total score after adjustments",null,null,null,null,null,null,null,null,null,null,null,{"$f":"N48+N57","v":8.7847533632286989}]
[]
[null,"Overall adjusted rating",null,null,null,null,null,null,null,null,null,null,null,{"$f":"VLOOKUP(N61,$H$5:$I$23,2)","v":"Baa2"}]
[]
[]
[]
[]
["Factor 4: Leverage and Coverage"]
[]
["Moody's Ratio thresholds"]
[]
[null,null,"(Ratio greater than)"]
[null,null,"AICR","FFO / Net Debt","RCF / Net Debt",null,null,"Net Debt / RAV"]
[null,"Caa",0,null,-0.1,null,"Aaa",0]
[null,"B",0.9,0,-0.04,null,"Aa",0.3]
[null,"Ba",1.1000000000000001,0.05,0.01,null,"A",0.45]
[null,"Baa",1.4,0.11,7.0000000000000007E-2,null,"Baa",0.6]
[null,"A",2,0.18,0.14000000000000001,null,"Ba",0.75]
[null,"Aa",3.5,0.26,0.21,null,"B",0.9]
[null,"Aaa",5.5,0.35,0.3,null,"Caa",1]
[]
[]
["Ratio inputs"]
[]
[null,null,null,"Average"]
[]
[null,"AICR",null,{"$f":"'Scenario results (NGN)'!H5","v":1.2401922662344802}]
[null,"Category rating",null,{"$f":"IFERROR(INDEX($B$74:$B$80,MATCH(D87,$C$74:$C$80,1)),\"\")","v":"Ba"}]
[]
[null,"Net Debt / Regulatory Asset Value",null,{"$f":"'Scenario results (NGN)'!I5","v":0.68466821522936494}]
[null,"Category rating",null,{"$f":"IFERROR(INDEX($G$74:$G$80,MATCH(D90,$H$74:$H$80,1)),\"\")","v":"Baa"}]
[]
[null,"FFO / Net Debt",null,{"$f":"'Scenario results (NGN)'!J5","v":8.3968847429984061E-2}]
[null,"Category rating",null,{"$f":"IFERROR(INDEX($B$74:$B$80,MATCH(D93,$D$74:$D$80,1)),\"\")","v":"Ba"}]
[]
[null,"RCF / Net Debt",null,{"$f":"'Scenario results (NGN)'!K5","v":5.474876374636619E-2}]
[null,"Category rating",null,{"$f":"IFERROR(INDEX($B$74:$B$80,MATCH(D96,$E$74:$E$80,1)),\"\")","v":"Ba"}]