{"text_format":"1","workbook":"xlsx","n_sheets":16,"sheets":["Cover ","Model formatting","ToC","Time","F_Inputs","InpC","InpR","RCV and post 2020 investment","Cost of Debt","Water resources","Water network +","Wastewater network +","Bioresources","Dummy","Output","F_Outputs"],"not_rendered":{"charts":0,"images":1,"macros":1,"external_links":0,"defined_names":190,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

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[null,"PR24 Cost of new debt indexation model"]
[]
[null,"Model code","PR24PD12"]
[null,"Version number:",6.7]
[null,"File name:",{"$f":" MID(CELL(\"filename\"), FIND(\"[\", CELL(\"filename\"), 1) + 1, FIND(\"]\", CELL(\"filename\"), 1) - FIND(\"[\", CELL(\"filename\"), 1) - 1)","v":"PR24PD12 Cost of new debt - Wessex Water.xlsm"}]
[null,"Date:","2024-12-01"]
[]
[null,"For enquiries please contact:","PR24@ofwat.gov.uk"]

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

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[null,"Model formatting",null,null,null,{"$f":"'Water resources'!A1","v":"Water resources"}]
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[null,null,null,null,null,{"$f":"'Wastewater network +'!A1","v":"Wastewater network +"}]
[null,null,null,null,null,"Wastewater Network plus cost of debt reconciliation"]
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[null,null,null,null,null,{"$f":"Bioresources!A1","v":"Bioresources"}]
[null,null,null,null,null,"Bioresources cost of debt reconciliation"]
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[null,null,null,null,null,"Dummy"]
[null,null,null,null,null,"Dummy control cost of debt reconciliation"]
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["END"]

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["MODEL PERIOD"]
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["FINANCIAL YEAR"]
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[null,null,null,null,null,"PR19 Run 8: Final Determinations","PR19 Run 8: Final Determinations","PR19 Run 8: Final Determinations","PR19 Run 8: Final Determinations","PR19 Run 8: Final Determinations","PR19 Run 8: Final Determinations","PR19 Run 8: Final Determinations","PR19 Run 8: Final Determinations"]
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["WSX","PR19FM2216POST","RCV balance - BR BEG - nominal","£m","Price Review 2019","","","",121.30756321243901,117.422736788427,113.117743103143,111.8720027243,108.694784325707]
["WSX","PR19FM2253POST","Indexation on RCV balance BEG - BR - nominal","£m","Price Review 2019","","","",2.67433028797221,2.8884122778820398,2.90572056166741,2.8781536574826498,2.7700127739056501]
["WSX","PR19FM1933POST","RCV balance - BR - real","£m","Price Review 2019","","","",110.54030941799699,104.395351828285,101.14674758449,96.252822294798193,94.571091180781494]
["WSX","PR19FM2228POST","RCV balance - DMMY BEG - nominal","£m","Price Review 2019","","","",0,0,0,0,0]
["WSX","PR19FM2259POST","Indexation on RCV balance BEG - DMMY - nominal","£m","Price Review 2019","","","",0,0,0,0,0]
["WSX","PR19FM1934POST","RCV balance - DMMY - real","£m","Price Review 2019","","","",0,0,0,0,0]
["WSX","PR19INF0005","Financial year average indices - CPIH: Financial year average indices","nr","Price Review 2019",104.216666666667,106.433333333333,108.552384328416,110.70537330136,112.92412852304599,115.267445525244,117.688061881274,120.159511180781]

{"sheet":"InpC","index":5,"n_rows":74,"n_cols":8,"rows_kept":74,"cut":false,"hidden":false,"merged":[]}
[{"$f":" RIGHT(CELL(\"filename\", $A$1), LEN(CELL(\"filename\", $A$1)) - SEARCH(\"]\", CELL(\"filename\", $A$1)))","v":"InpC"}]
[]
[]
[]
[null,null,null,null,null,"Input","Unit","Comment"]
[]
[null,null,null,null,"Total Comparison Column Differences"]
[]
[null,null,null,null,"Option Name"]
[]
[null,null,null,null,"[don't delete row]"]
[]
["TIME"]
[]
[null,null,null,null,"First date of time ruler","2019-04-01","date","Suggested default: (as entered)"]
[]
[null,null,null,null,"Last Pre Forecast Date","2020-03-31","date","Suggested default: (as entered)"]
[]
[null,null,null,null,"Acquisition date (midnight)","2020-03-31","date","Suggested default: (as entered)"]
[null,null,null,null,"Length of forecast period",5,"years","Suggested default: (as entered)"]
[null,null,null,null,"Last forecast date",{"$f":"DATE(YEAR(F19)+F20,MONTH(F19),DAY(F19))","v":"2025-03-31"},"date"]
[]
[]
[null,null,null,null,"Operation Start Date (midnight)","2020-03-31","date","Suggested default: (as entered)"]
[null,null,null,null,"Operation Finish Date (midnight)","2025-03-31","date","Suggested default: (as entered)"]
[null,null,null,null,"First Modelling Column Financial Year Number",2020,"year","Suggested default: (as entered)"]
[null,null,null,null,"Financial Year End Month Number",3,"month #","Suggested default: (as entered)"]
[null,null,null,null,"Financial Year Start Month Number",4,"month #","Suggested default: (as entered)"]
[]
[null,null,null,null,"Modelling period flags"]
[null,null,null,null,"First modelling period end year",2021,"year","Suggested default: (as entered)"]
[null,null,null,null,"Second modelling period end year",2022,"year","Suggested default: (as entered)"]
[null,null,null,null,"Third modelling period end year",2023,"year","Suggested default: (as entered)"]
[null,null,null,null,"Fourth modelling period end year",2024,"year","Suggested default: (as entered)"]
[null,null,null,null,"Fifth modelling period end year",2025,"year","Suggested default: (as entered)"]
[]
[]
["NON CHANGEABLE INPUTS"]
[]
[null,"Model Tolerance"]
[null,null,null,null,"Model Check Tolerance Level",1E-3,"tolerance"]
[]
[null,null,null,null,"Model Track Tolerance Level",1E-3,"tolerance"]
[]
[null,null,null,null,"% Model Check Tolerance Level",1.0000000000000001E-5,"%"]
[]
[null,null,null,null,"Mid-point of the AMP",2.5,"years"]
[]
["FINANCIAL CALC INPUTS"]
[]
[null,null,null,null,"Notional % of 'new' debt over period ",0.2,"percentage","Suggested default: 20% (see: 'PR19 Final Determinations, Allowed Return on Capital Technical Appendix')"]
[null,null,null,null,"Proportion of notional debt subject to indexation - intial balance",null,"percentage","Suggested default: blank"]
[null,null,null,null,"Long-term CPIH assumption",0.02,"percentage","Suggested default: 2.0% (see: 'PR19 Final Determinations, Allowed Return on Capital Technical Appendix')"]
[]
[null,null,null,null,"Ex-ante 'outperformance wedge' for notional company vs. average A/BBB iBoXX 10+ non-financial index (new debt only)",1.5E-3,"percentage","Suggested default: 0.15% (see: 'PR19 Final Determinations, Allowed Return on Capital Technical Appendix')"]
[null,null,null,null,"PR19 appointee allowed return on capital (CPIH-deflated using long-term assumption)",2.9600000000000001E-2,"percentage","Suggested default: 2.96% (see: 'PR19 Final Determinations, Allowed Return on Capital Technical Appendix')"]
[null,null,null,null,"Notional gearing",0.6,"percentage","Suggested default: 60% (see: 'PR19 Final Determinations, Allowed Return on Capital Technical Appendix')"]
[]
[null,null,null,null,"Units in 100%",100,"units","Suggested default: 100"]
[]
[null,null,null,null,"PV base date","2025-03-31","date","Suggested default: 31 Mar 25"]
[null,null,null,null,"Days in a year",365,"days","Suggested default: 365"]
[]
[null,null,null,null,"Company-specific adjustment (new debt)",2.5000000000000001E-3,"percentage","Suggested default: 0.25% (see: 'PR19 Final Determinations, Allowed Return on Capital Technical Appendix')"]
[null,null,null,null,"Company-specific adjustment (embedded debt)",3.5000000000000001E-3,"percentage","Suggested default: 0.35% (see: 'PR19 Final Determinations, Allowed Return on Capital Technical Appendix')"]
[null,null,null,null,"Company-specific adjustment applies to Water Resources","NO","Yes / No","Company-specific input"]
[null,null,null,null,"Company-specific adjustment applies to Water Network Plus","NO","Yes / No","Company-specific input"]
[null,null,null,null,"Company-specific adjustment applies to Wastewater Network Plus","NO","Yes / No","Company-specific input"]
[null,null,null,null,"Company-specific adjustment applies to Bioresources","NO","Yes / No","Company-specific input"]
[null,null,null,null,"Company-specific adjustment applies to Dummy","NO","Yes / No","Company-specific input"]
[]
[]
[]
[null,null,null,null,"[don't delete row]"]

{"sheet":"InpR","index":6,"n_rows":71,"n_cols":17,"rows_kept":71,"cut":false,"hidden":false,"merged":[]}
[{"$f":" RIGHT(CELL(\"filename\", $A$1), LEN(CELL(\"filename\", $A$1)) - SEARCH(\"]\", CELL(\"filename\", $A$1)))","v":"InpR"}]
[null,null,null,null,{"$f":"Time!E$21","v":"Model Period BEG"},null,null,null,null,{"$f":"Time!J$21","v":"2019-04-01"},{"$f":"Time!K$21","v":"2020-04-01"},{"$f":"Time!L$21","v":"2021-04-01"},{"$f":"Time!M$21","v":"2022-04-01"},{"$f":"Time!N$21","v":"2023-04-01"},{"$f":"Time!O$21","v":"2024-04-01"},{"$f":"Time!P$21","v":"2025-04-01"}]
[null,null,null,null,{"$f":"Time!E$22","v":"Model Period END"},null,null,null,null,{"$f":"Time!J$22","v":"2020-03-31"},{"$f":"Time!K$22","v":"2021-03-31"},{"$f":"Time!L$22","v":"2022-03-31"},{"$f":"Time!M$22","v":"2023-03-31"},{"$f":"Time!N$22","v":"2024-03-31"},{"$f":"Time!O$22","v":"2025-03-31"},{"$f":"Time!P$22","v":"2026-03-31"}]
[null,null,null,null,{"$f":"Time!E$58","v":"Pre Forecast vs Forecast"},null,null,null,null,{"$f":"Time!J$58","v":"Pre Fcst"},{"$f":"Time!K$58","v":"Forecast"},{"$f":"Time!L$58","v":"Forecast"},{"$f":"Time!M$58","v":"Forecast"},{"$f":"Time!N$58","v":"Forecast"},{"$f":"Time!O$58","v":"Forecast"},{"$f":"Time!P$58","v":"Post-Fcst"},"Notes:"]
[null,null,null,null,{"$f":"Time!E$86","v":"Financial Year Ending"},null,null,null,null,{"$f":"Time!J$86","v":2020},{"$f":"Time!K$86","v":2021},{"$f":"Time!L$86","v":2022},{"$f":"Time!M$86","v":2023},{"$f":"Time!N$86","v":2024},{"$f":"Time!O$86","v":2025},{"$f":"Time!P$86","v":2026}]
[null,null,null,null,{"$f":"Time!E$10","v":"Model column counter"},null,null,null,null,{"$f":"Time!J$10","v":1},{"$f":"Time!K$10","v":2},{"$f":"Time!L$10","v":3},{"$f":"Time!M$10","v":4},{"$f":"Time!N$10","v":5},{"$f":"Time!O$10","v":6},{"$f":"Time!P$10","v":7}]
[null,null,null,null,null,"Constant","Unit","Total"]
[]
[]
[]
[]
[]
[null,null,null,null,"[don't delete row]",null,null,null,"[range starts]"]
["RCV - Water Resources"]
[null,null,null,null,"Water Resources RCV year start",null,"£m, (CPIH, 2017/18 prices)",null,null,null,{"$f":" ( F_Inputs!I7 + F_Inputs!I8 ) / ( F_Inputs!I22 / F_Inputs!$F$22 )","v":65.404521889894298},{"$f":" ( F_Inputs!J7 + F_Inputs!J8 ) / ( F_Inputs!J22 / F_Inputs!$F$22 )","v":73.251819298240505},{"$f":" ( F_Inputs!K7 + F_Inputs!K8 ) / ( F_Inputs!K22 / F_Inputs!$F$22 )","v":75.334676215478112},{"$f":" ( F_Inputs!L7 + F_Inputs!L8 ) / ( F_Inputs!L22 / F_Inputs!$F$22 )","v":75.803570946413501},{"$f":" ( F_Inputs!M7 + F_Inputs!M8 ) / ( F_Inputs!M22 / F_Inputs!$F$22 )","v":74.953636684560323},null,"Suggested default: Table 3.4 FD Allowed Revenue appendix ('Total Opening RCV')"]
[null,null,null,null,"Water Resources RCV year end",null,"£m, (CPIH, 2017/18 prices)",null,null,null,{"$f":"F_Inputs!I9","v":72.964109865007899},{"$f":"F_Inputs!J9","v":75.027598333450797},{"$f":"F_Inputs!K9","v":75.505900233917004},{"$f":"F_Inputs!L9","v":74.671293010811098},{"$f":"F_Inputs!M9","v":72.680375193189803},null,"Suggested default: Table 3.4 FD Allowed Revenue appendix ('Total Closing RCV')"]
[]
["RCV - Water Network Plus"]
[null,null,null,null,"Water Network Plus RCV year start",null,"£m, (CPIH, 2017/18 prices)",null,null,null,{"$f":" ( F_Inputs!I10 + F_Inputs!I11 ) / ( F_Inputs!I22 / F_Inputs!$F$22 )","v":1032.8524146084535},{"$f":" ( F_Inputs!J10 + F_Inputs!J11 ) / ( F_Inputs!J22 / F_Inputs!$F$22 )","v":1022.7132236944918},{"$f":" ( F_Inputs!K10 + F_Inputs!K11 ) / ( F_Inputs!K22 / F_Inputs!$F$22 )","v":1011.5558405579981},{"$f":" ( F_Inputs!L10 + F_Inputs!L11 ) / ( F_Inputs!L22 / F_Inputs!$F$22 )","v":1018.7234011621002},{"$f":" ( F_Inputs!M10 + F_Inputs!M11 ) / ( F_Inputs!M22 / F_Inputs!$F$22 )","v":1009.8567933678668},null,"Suggested default: Table 3.8 FD Allowed revenue appendix ('Total Opening RCV')"]
[null,null,null,null,"Water Network Plus RCV year end",null,"£m, (CPIH, 2017/18 prices)",null,null,null,{"$f":"F_Inputs!I12","v":1018.06565627353},{"$f":"F_Inputs!J12","v":1006.47817570159},{"$f":"F_Inputs!K12","v":1013.67218673117},{"$f":"F_Inputs!L12","v":1004.93751408526},{"$f":"F_Inputs!M12","v":990.05675801735697},null,"Suggested default: Table 3.8 FD Allowed revenue appendix ('Total Closing RCV')"]
[]
["RCV - Wastewater Network Plus"]
[null,null,null,null,"Wastewater Network Plus RCV year start",null,"£m, (CPIH, 2017/18 prices)",null,null,null,{"$f":" ( F_Inputs!I13 + F_Inputs!I14 ) / ( F_Inputs!I22 / F_Inputs!$F$22 )","v":1850.1684527272309},{"$f":" ( F_Inputs!J13 + F_Inputs!J14 ) / ( F_Inputs!J22 / F_Inputs!$F$22 )","v":1960.1382867554237},{"$f":" ( F_Inputs!K13 + F_Inputs!K14 ) / ( F_Inputs!K22 / F_Inputs!$F$22 )","v":2047.0747047446678},{"$f":" ( F_Inputs!L13 + F_Inputs!L14 ) / ( F_Inputs!L22 / F_Inputs!$F$22 )","v":2121.4279341720712},{"$f":" ( F_Inputs!M13 + F_Inputs!M14 ) / ( F_Inputs!M22 / F_Inputs!$F$22 )","v":2185.8267558398352},null,"Suggested default: Table 3.12 FD Allowed revenue appendix ('Total Opening RCV')"]
[null,null,null,null,"Wastewater Network Plus RCV year end",null,"£m, (CPIH, 2017/18 prices)",null,null,null,{"$f":"F_Inputs!I15","v":1951.7973931869401},{"$f":"F_Inputs!J15","v":2037.94770913549},{"$f":"F_Inputs!K15","v":2112.3362194901501},{"$f":"F_Inputs!L15","v":2176.9587276151201},{"$f":"F_Inputs!M15","v":2226.2354594415801},null,"Suggested default: Table 3.12 FD Allowed revenue appendix ('Total Closing RCV')"]
[]
["RCV - Bioresources"]
[null,null,null,null,"Bioresources RCV year start",null,"£m, (CPIH, 2017/18 prices)",null,null,null,{"$f":" ( F_Inputs!I16 + F_Inputs!I17 ) / ( F_Inputs!I22 / F_Inputs!$F$22 )","v":116.71501827161836},{"$f":" ( F_Inputs!J16 + F_Inputs!J17 ) / ( F_Inputs!J22 / F_Inputs!$F$22 )","v":111.03408175488663},{"$f":" ( F_Inputs!K16 + F_Inputs!K17 ) / ( F_Inputs!K22 / F_Inputs!$F$22 )","v":104.90020476440242},{"$f":" ( F_Inputs!L16 + F_Inputs!L17 ) / ( F_Inputs!L22 / F_Inputs!$F$22 )","v":101.61505429201905},{"$f":" ( F_Inputs!M16 + F_Inputs!M17 ) / ( F_Inputs!M22 / F_Inputs!$F$22 )","v":96.67557307986128},null,"Suggested default: Table 3.16 FD Allowed revenue appendix ('Total Opening RCV')"]
[null,null,null,null,"Bioresources RCV year end",null,"£m, (CPIH, 2017/18 prices)",null,null,null,{"$f":"F_Inputs!I18","v":110.54030941799699},{"$f":"F_Inputs!J18","v":104.395351828285},{"$f":"F_Inputs!K18","v":101.14674758449},{"$f":"F_Inputs!L18","v":96.252822294798193},{"$f":"F_Inputs!M18","v":94.571091180781494},null,"Suggested default: Table 3.16 FD Allowed revenue appendix ('Total Closing RCV')"]
[]
["RCV - Dummy"]
[null,null,null,null,"Dummy RCV year start",null,"£m, (CPIH, 2017/18 prices)",null,null,null,{"$f":" ( F_Inputs!I19 + F_Inputs!I20 ) / ( F_Inputs!I22 / F_Inputs!$F$22 )","v":0},{"$f":" ( F_Inputs!J19 + F_Inputs!J20 ) / ( F_Inputs!J22 / F_Inputs!$F$22 )","v":0},{"$f":" ( F_Inputs!K19 + F_Inputs!K20 ) / ( F_Inputs!K22 / F_Inputs!$F$22 )","v":0},{"$f":" ( F_Inputs!L19 + F_Inputs!L20 ) / ( F_Inputs!L22 / F_Inputs!$F$22 )","v":0},{"$f":" ( F_Inputs!M19 + F_Inputs!M20 ) / ( F_Inputs!M22 / F_Inputs!$F$22 )","v":0},null,"Suggested default: Table 3.20 FD Allowed revenue appendix ('Total Opening RCV')"]
[null,null,null,null,"Dummy RCV year end",null,"£m, (CPIH, 2017/18 prices)",null,null,null,{"$f":"F_Inputs!I21","v":0},{"$f":"F_Inputs!J21","v":0},{"$f":"F_Inputs!K21","v":0},{"$f":"F_Inputs!L21","v":0},{"$f":"F_Inputs!M21","v":0},null,"Suggested default: Table 3.20 FD Allowed revenue appendix ('Total Closing RCV')"]
[]
[]
["COD"]
[null,null,null,null,"Allowed sector new debt cost (not inc. CSA) - final determination (CPIH real)",null,"percentage",null,null,null,5.3E-3,5.3E-3,5.3E-3,5.3E-3,5.3E-3,null,"Suggested default: 0.53% - Table 1.1. FD Allowed return on capital technical appendix"]
[null,null,null,null,"Allowed sector embedded debt cost (not inc. CSA) - final determination (CPIH real)",null,"percentage",null,null,null,2.4199999999999999E-2,2.4199999999999999E-2,2.4199999999999999E-2,2.4199999999999999E-2,2.4199999999999999E-2,null,"Suggested default: 2.42% - Table 1.1. FD Allowed return on capital technical appendix"]
[null,null,null,null,"Allowed sector issuance and liquidity costs - final determinations",null,null,null,null,null,1E-3,1E-3,1E-3,1E-3,1E-3,null,"Suggested default: 0.10% - Table 1.1. FD Allowed return on capital technical appendix"]
[]
[null,null,null,null,{"$f":" InpC!E$59","v":"Units in 100%"},{"$f":" InpC!F$59","v":100},{"$f":" InpC!G$59","v":"units"}]
[null,null,null,null,"1 Year average of iBoxx adjusted for 'outperformance wedge' (base)",null,"Percentage",null,null,null,2.01E-2,2.3E-2,4.6699999999999998E-2,5.6000000000000001E-2,5.4199999999999998E-2]
[]
[]
[null,null,null,null,{"$f":" InpC!E$52","v":"Proportion of notional debt subject to indexation - intial balance"},{"$f":" InpC!F$52","v":0},{"$f":" InpC!G$52","v":"percentage"},null,{"$f":" InpC!#REF!","v":{"$error":"#REF!"}},{"$f":" InpC!I$52","v":0},{"$f":" InpC!J$52","v":0},{"$f":" InpC!K$52","v":0},{"$f":" InpC!L$52","v":0},{"$f":" InpC!M$52","v":0},{"$f":" InpC!N$52","v":0},{"$f":" InpC!O$52","v":0}]
[null,null,null,null,{"$f":" InpC!E$51","v":"Notional % of 'new' debt over period "},{"$f":" InpC!F$51","v":0.2},{"$f":" InpC!G$51","v":"percentage"},null,{"$f":" InpC!#REF!","v":{"$error":"#REF!"}},{"$f":" InpC!I$51","v":0},{"$f":" InpC!J$51","v":0},{"$f":" InpC!K$51","v":0},{"$f":" InpC!L$51","v":0},{"$f":" InpC!M$51","v":0},{"$f":" InpC!N$51","v":0},{"$f":" InpC!O$51","v":0}]
[null,null,null,null,{"$f":" InpC!E$47","v":"Mid-point of the AMP"},{"$f":" InpC!F$47","v":2.5},{"$f":" InpC!G$47","v":"years"},{"$f":" InpC!H$54","v":0},{"$f":" InpC!#REF!","v":{"$error":"#REF!"}},{"$f":" InpC!I$54","v":0},{"$f":" InpC!J$54","v":0},{"$f":" InpC!K$54","v":0},{"$f":" InpC!L$54","v":0},{"$f":" InpC!M$54","v":0},{"$f":" InpC!N$54","v":0},{"$f":" InpC!O$54","v":0}]
[]
[null,null,null,null,{"$f":" Time!E$44","v":"Last Pre Forecast Flag"},{"$f":" Time!F$44","v":0},{"$f":" Time!G$44","v":"flag"},{"$f":" Time!H$44","v":1},{"$f":" Time!I$44","v":0},{"$f":" Time!J$44","v":1},{"$f":" Time!K$44","v":0},{"$f":" Time!L$44","v":0},{"$f":" Time!M$44","v":0},{"$f":" Time!N$44","v":0},{"$f":" Time!O$44","v":0},{"$f":" Time!P$44","v":0}]
[]
[null,null,null,null,"Proportion of notional debt subject to indexation BEG",null,"Percentage",null,null,{"$f":" I51","v":0},{"$f":" J51","v":0},0.08,0.16,0.24,0.32,{"$f":" O51","v":0.4}]
[null,null,null,null,"Proportion of notional debt subject to indexation END",null,"Percentage",null,null,{"$f":" IF( J48 = 1, $F44, J50 + ($F45 / $F46) )","v":0},{"$f":" IF( K48 = 1, $F44, K50 + ($F45 / $F46) )","v":0.08},0.16,{"$f":" IF( M48 = 1, $F44, M50 + ($F45 / $F46) )","v":0.24},0.32,0.4,0.48000000000000004]
[]
[]
[]
[null,null,null,null,{"$f":" E$50","v":"Proportion of notional debt subject to indexation BEG"},{"$f":" F$50","v":0},"Percentage",0,0,0,{"$f":" K$50","v":0},0.08,0.16,0.24,0.32,0.4]
[null,null,null,null,{"$f":" E$51","v":"Proportion of notional debt subject to indexation END"},{"$f":" F$51","v":0},"Percentage",0,0,0,0.08,0.16,0.24,0.32,0.4,0.48000000000000004]
[null,null,null,null,"Proportion of notional debt subject to indexation (year average)",null,"percentage",null,null,{"$f":" IFERROR( AVERAGE( J55:J56), 0)","v":0},0.04,0.12,0.2,0.28000000000000003,0.36,0.44000000000000006]
[]
[null,null,null,null,"CPIH inflation allowance (long-term assumption)",{"$f":"InpC!F53","v":0.02},"percentage",null,null,null,{"$f":"$F$59","v":0.02},{"$f":"$F$59","v":0.02},0.02,0.02,0.02]
[]
[]
[]
[null,"Average debt cost weightings"]
[null,null,null,null,"Average debt cost weighting 2021",null,"Weighting",null,null,null,1,0,0,0,0,null,"Suggested default: Leave as populated"]
[null,null,null,null,"Average debt cost weighting 2022",null,"Weighting",null,null,null,1,0.5,0,0,0,null,"Suggested default: Leave as populated"]
[null,null,null,null,"Average debt cost weighting 2023",null,"Weighting",null,null,null,1,1,0.5,0,0,null,"Suggested default: Leave as populated"]
[null,null,null,null,"Average debt cost weighting 2024",null,"Weighting",null,null,null,1,1,1,0.5,0,null,"Suggested default: Leave as populated"]
[null,null,null,null,"Average debt cost weighting 2025",null,"Weighting",null,null,null,1,1,1,1,0.5,null,"Suggested default: Leave as populated"]
[]
[]
[null,null,null,null,null,null,null,null,"[range ends]"]

{"sheet":"RCV and post 2020 investment","index":7,"n_rows":90,"n_cols":16,"rows_kept":90,"cut":false,"hidden":false,"merged":[]}
[{"$f":" RIGHT(CELL(\"filename\", $A$1), LEN(CELL(\"filename\", $A$1)) - SEARCH(\"]\", CELL(\"filename\", $A$1)))","v":"RCV and post 2020 investment"}]
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["WasteWater Network Plus"]
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["COST OF DEBT CALCULATION BASED ON INDEX OUTTURN"]
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["FD ALLOWANCE"]
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[]
["COST OF DEBT CALCULATION BASED ON INDEX OUTTURN"]
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[null,null,null,null,{"$f":"'Cost of Debt'!E48","v":"Extending trailing average rate"},{"$f":"'Cost of Debt'!F48","v":0},{"$f":"'Cost of Debt'!G48","v":"Percentage"},{"$f":"'Cost of Debt'!H48","v":0},{"$f":"'Cost of Debt'!I48","v":0},{"$f":"'Cost of Debt'!J48","v":0},{"$f":"'Cost of Debt'!K48","v":9.8039215686185344E-5},{"$f":"'Cost of Debt'!L48","v":1.0457516339868651E-3},{"$f":"'Cost of Debt'!M48","v":6.4509803921568134E-3},{"$f":"'Cost of Debt'!N48","v":1.3389355742296891E-2},{"$f":"'Cost of Debt'!O48","v":1.8061002178649217E-2},{"$f":"'Cost of Debt'!P48","v":0}]
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[null,null,null,null,{"$f":"'RCV and post 2020 investment'!E35","v":"Water Network Plus New debt for return"},{"$f":"'RCV and post 2020 investment'!F35","v":0},{"$f":"'RCV and post 2020 investment'!G35","v":"£m"},{"$f":"'RCV and post 2020 investment'!H35","v":605.15376929657532},{"$f":"'RCV and post 2020 investment'!I35","v":0},{"$f":"'RCV and post 2020 investment'!J35","v":0},{"$f":"'RCV and post 2020 investment'!K35","v":24.611016850583802},{"$f":"'RCV and post 2020 investment'!L35","v":73.050890378258927},{"$f":"'RCV and post 2020 investment'!M35","v":121.51368163735009},{"$f":"'RCV and post 2020 investment'!N35","v":169.98751688077829},{"$f":"'RCV and post 2020 investment'!O35","v":215.99066354960416},{"$f":"'RCV and post 2020 investment'!P35","v":0}]
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[]
[null,null,null,null,{"$f":"'RCV and post 2020 investment'!E39","v":"Water Network Plus Embedded debt for return"},{"$f":"'RCV and post 2020 investment'!F39","v":0},{"$f":"'RCV and post 2020 investment'!G39","v":"£m"},{"$f":"'RCV and post 2020 investment'!H39","v":2433.5198199633701},{"$f":"'RCV and post 2020 investment'!I39","v":0},{"$f":"'RCV and post 2020 investment'!J39","v":0},{"$f":"'RCV and post 2020 investment'!K39","v":590.66440441401119},{"$f":"'RCV and post 2020 investment'!L39","v":535.70652944056553},{"$f":"'RCV and post 2020 investment'!M39","v":486.0547265494003},{"$f":"'RCV and post 2020 investment'!N39","v":437.11075769342978},{"$f":"'RCV and post 2020 investment'!O39","v":383.98340186596295},{"$f":"'RCV and post 2020 investment'!P56","v":0}]
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[]
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[]
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[]
["FD ALLOWANCE"]
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[null,null,null,null,{"$f":"InpR!E37","v":"Allowed sector embedded debt cost (not inc. CSA) - final determination (CPIH real)"},{"$f":"InpR!F37","v":0},{"$f":"InpR!G37","v":"percentage"},{"$f":"InpR!H37","v":0},{"$f":"InpR!I37","v":0},{"$f":"InpR!J37","v":0},{"$f":"InpR!K37","v":2.4199999999999999E-2},{"$f":"InpR!L37","v":2.4199999999999999E-2},{"$f":"InpR!M37","v":2.4199999999999999E-2},{"$f":"InpR!N37","v":2.4199999999999999E-2},{"$f":"InpR!O37","v":2.4199999999999999E-2},{"$f":"P34*P35","v":0}]
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[null,null,null,null,{"$f":"'RCV and post 2020 investment'!E31","v":"Water Network Plus Notional debt"},{"$f":"'RCV and post 2020 investment'!F31","v":0},{"$f":"'RCV and post 2020 investment'!G31","v":"£m"},{"$f":"'RCV and post 2020 investment'!H31","v":3038.6735892599449},{"$f":"'RCV and post 2020 investment'!I31","v":0},{"$f":"'RCV and post 2020 investment'!J31","v":0},{"$f":"'RCV and post 2020 investment'!K31","v":615.27542126459502},{"$f":"'RCV and post 2020 investment'!L31","v":608.75741981882447},{"$f":"'RCV and post 2020 investment'!M31","v":607.56840818675039},{"$f":"'RCV and post 2020 investment'!N31","v":607.09827457420806},{"$f":"'RCV and post 2020 investment'!O31","v":599.97406541556711}]
[null,null,null,null,"Water network + initial cost of debt allowance",null,"£m",null,{"$f":" I$14","v":0},null,{"$f":" (K39 * $K34 * K36) + (K39 * (1-$K34) * K38)","v":12.563924102223032},{"$f":" (L39 * $K34 * L36) + (L39 * (1-$K34) * L38)","v":12.430826512700396},12.406546895173443,12.396946766805328,12.25147041578588,{"$f":" (P39 * $F34 * P35) + (P39 * (1-$F34) * P37)","v":0}]
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["RECONCILIATION ADJUSTMENTS",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"P40-P41","v":0}]
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[]
[null,null,null,null,{"$f":" InpC!E$61","v":"PV base date"},{"$f":" InpC!F$61","v":"2025-03-31"},{"$f":" InpC!G$61","v":"date"}]
[null,null,null,null,{"$f":" InpC!E$62","v":"Days in a year"},{"$f":" InpC!F$62","v":365},{"$f":" InpC!G$62","v":"days"}]
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[]
[null,null,null,null,{"$f":"InpC!E56","v":"PR19 appointee allowed return on capital (CPIH-deflated using long-term assumption)"},{"$f":"InpC!F56","v":2.9600000000000001E-2},{"$f":"InpC!G56","v":"percentage"},null,null,null,{"$f":"$F$52","v":2.9600000000000001E-2},{"$f":"$F$52","v":2.9600000000000001E-2},2.9600000000000001E-2,2.9600000000000001E-2,2.9600000000000001E-2]
[null,null,null,null,{"$f":" E$50","v":"Years from valuation date - Water network +"},{"$f":" F$50","v":0},"years",0,0,5,4,3,2,1,0]
[null,null,null,null,"Discount factor - Water network +",null,"Factor",null,null,{"$f":" (1+$F52) ^J53","v":1.1570248043643563},1.123761465000346,1.0914544143360003,1.0600761600000002,1.0296000000000001,1]
[]
[null,null,null,null,{"$f":" E$45","v":"Reconciliation (in-year values) - Water network +"},{"$f":" F$45","v":0},"£m",3.8811844410170551,0,0,1.7325673293853097,0.60966458773854981,0.13985986494337332,0.45715690464211001,0.94193575430771226]
[null,null,null,null,{"$f":" E$54","v":"Discount factor - Water network +"},{"$f":" F$54","v":0},"Factor",0,0,1.1570248043643563,1.123761465000346,1.0914544143360003,1.0600761600000002,1.0296000000000001,1]
[null,null,null,null,"Discounted reconciliation (in-year values) Water network +",null,"£m",null,null,null,{"$f":"K57*K56","v":1.9469924002817727},{"$f":"L57*L56","v":0.66542110555157796},{"$f":"M57*M56","v":0.14826210856728983},{"$f":"N57*N56","v":0.47068874901951652},{"$f":"O57*O56","v":0.94193575430771226}]
[]
[null,null,null,null,{"$f":" E$58","v":"Discounted reconciliation (in-year values) Water network +"},{"$f":" F$58","v":0},"£m",0,0,0,1.9469924002817727,0.66542110555157796,0.14826210856728983,0.47068874901951652,0.94193575430771226]
[null,null,null,null,"Total value of reconciliation (31 March 2025 present values): Water network +",null,"£m",{"$f":"SUM(K60:O60)","v":4.1733001177278695}]

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[]
["COST OF DEBT CALCULATION BASED ON INDEX OUTTURN"]
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[null,null,null,null,{"$f":"InpC!E65","v":"Company-specific adjustment (embedded debt)"},{"$f":"InpC!$F$65","v":3.5000000000000001E-3},{"$f":"'Cost of Debt'!G48","v":"Percentage"},null,null,null,{"$f":"$F$10","v":3.5000000000000001E-3},{"$f":"$F$10","v":3.5000000000000001E-3},{"$f":"$F$10","v":3.5000000000000001E-3},{"$f":"$F$10","v":3.5000000000000001E-3},{"$f":"$F$10","v":3.5000000000000001E-3}]
[null,null,null,null,{"$f":"'Cost of Debt'!E48","v":"Extending trailing average rate"},{"$f":"'Cost of Debt'!F48","v":0},{"$f":"'Cost of Debt'!G48","v":"Percentage"},{"$f":"'Cost of Debt'!H48","v":0},{"$f":"'Cost of Debt'!I48","v":0},{"$f":"'Cost of Debt'!J48","v":0},{"$f":"'Cost of Debt'!K48","v":9.8039215686185344E-5},{"$f":"'Cost of Debt'!L48","v":1.0457516339868651E-3},{"$f":"'Cost of Debt'!M48","v":6.4509803921568134E-3},{"$f":"'Cost of Debt'!N48","v":1.3389355742296891E-2},{"$f":"'Cost of Debt'!O48","v":1.8061002178649217E-2},{"$f":"'Cost of Debt'!P48","v":0}]
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[null,null,null,null,{"$f":"'RCV and post 2020 investment'!E52","v":"Wastewater Network Plus New debt for return"},{"$f":"'RCV and post 2020 investment'!F52","v":0},{"$f":"'RCV and post 2020 investment'!G52","v":"£m"},{"$f":"'RCV and post 2020 investment'!H52","v":1276.6865402976489},{"$f":"'RCV and post 2020 investment'!I52","v":0},{"$f":"'RCV and post 2020 investment'!J52","v":0},{"$f":"'RCV and post 2020 investment'!K52","v":45.623590150970053},{"$f":"'RCV and post 2020 investment'!L52","v":143.93109585207287},{"$f":"'RCV and post 2020 investment'!M52","v":249.56465545408906},{"$f":"'RCV and post 2020 investment'!N52","v":361.06447959012411},{"$f":"'RCV and post 2020 investment'!O52","v":476.50271925039289},{"$f":"'RCV and post 2020 investment'!P52","v":0}]
[null,null,null,null,"Wastewater network + extending trailing average interest cost",null,"£m",{"$f":" SUM(J14:O14)","v":15.205463192226802},null,{"$f":" J11 * J13","v":0},{"$f":" K12 * K13","v":4.4729009951890745E-3},{"$f":" L12 * L13","v":0.1505161786688253},1.6099366989096995,4.8344207631394669,8.6061166505136217,0]
[]
[null,null,null,null,{"$f":"'RCV and post 2020 investment'!E56","v":"Wastewater Network Plus Embedded debt for return"},{"$f":"'RCV and post 2020 investment'!F56","v":0},{"$f":"'RCV and post 2020 investment'!G56","v":"£m"},{"$f":"'RCV and post 2020 investment'!H56","v":4924.2869526349041},{"$f":"'RCV and post 2020 investment'!I56","v":0},{"$f":"'RCV and post 2020 investment'!J56","v":0},{"$f":"'RCV and post 2020 investment'!K56","v":1094.9661636232811},{"$f":"'RCV and post 2020 investment'!L56","v":1055.4947029152013},{"$f":"'RCV and post 2020 investment'!M56","v":998.25862181635625},{"$f":"'RCV and post 2020 investment'!N56","v":928.45151894603327},{"$f":"'RCV and post 2020 investment'!O56","v":847.11594533403195},{"$f":"'RCV and post 2020 investment'!P56","v":0}]
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[null,null,null,null,"Wastewater network + Embedded debt interest cost",null,"£m",{"$f":" SUM(J19:O19)","v":119.16774425376467},null,{"$f":" J16 * J17","v":0},{"$f":" K16 * K18","v":26.498181159683401},{"$f":" L16 * L18","v":25.542971810547872},24.15785864795582,22.468526758494004,20.500205877083573,{"$f":" P16 * P17","v":0}]
[]
[null,null,null,null,"Wastewater network + outturn allowed new debt cost (CPIH real)",0,"Percentage",null,null,null,{"$f":"K12","v":9.8039215686185344E-5},{"$f":"L12","v":1.0457516339868651E-3},6.4509803921568134E-3,1.3389355742296891E-2,1.8061002178649217E-2]
[null,null,null,null,"Wastewater network + allowed embedded debt cost (CPIH real)",0,"Percentage",null,null,null,{"$f":"K18","v":2.4199999999999999E-2},{"$f":"L18","v":2.4199999999999999E-2},2.4199999999999999E-2,2.4199999999999999E-2,2.4199999999999999E-2,{"$f":"P17","v":0}]
[null,null,null,null,"Ratio of new to embedded debt for outturn cost of debt allowance",0,"Percentage",null,null,null,{"$f":"InpR!K57","v":0.04},{"$f":"InpR!L57","v":0.12},{"$f":"InpR!M57","v":0.2},{"$f":"InpR!N57","v":0.28000000000000003},{"$f":"InpR!O57","v":0.36}]
[null,null,null,null,"Wastewater network + outturn allowed cost of overall debt (CPIH real)",0,"Percentage",null,null,null,{"$f":"(K23*K21)+(1-K23)*K22","v":2.3235921568627447E-2},{"$f":"(L23*L21)+(1-L23)*L22","v":2.1421490196078422E-2},{"$f":"(M23*M21)+(1-M23)*M22","v":2.0650196078431365E-2},{"$f":"(N23*N21)+(1-N23)*N22","v":2.1173019607843128E-2},{"$f":"(O23*O21)+(1-O23)*O22","v":2.1989960784313718E-2}]
[null,null,null,null,"CPIH inflation (long-term assumption)",0,"Percentage",null,null,null,{"$f":"InpR!K59","v":0.02},{"$f":"InpR!L59","v":0.02},{"$f":"InpR!M59","v":0.02},{"$f":"InpR!N59","v":0.02},{"$f":"InpR!O59","v":0.02}]
[null,null,null,null,"Issuance and liquidity costs",null,"Percentage",null,null,null,{"$f":"InpR!K38","v":1E-3},{"$f":"InpR!L38","v":1E-3},{"$f":"InpR!M38","v":1E-3},{"$f":"InpR!N38","v":1E-3},{"$f":"InpR!O38","v":1E-3}]
[null,null,null,null,"Wastewater network + outturn allowed cost of overall debt (Nominal)",0,"Percentage",null,null,null,{"$f":"((1+K24)*(1+K25)-1)+K26","v":4.470064000000018E-2},4.2849920000000208E-2,{"$f":"((1+M24)*(1+M25)-1)+M26","v":4.2063199999999967E-2},{"$f":"((1+N24)*(1+N25)-1)+N26","v":4.2596480000000159E-2},4.3429760000000095E-2]
[]
[null,null,null,null,{"$f":" E$14","v":"Wastewater network + extending trailing average interest cost"},0,"£m",15.205463192226802,0,0,4.4729009951890745E-3,0.1505161786688253,1.6099366989096995,4.8344207631394669,8.6061166505136217,0]
[null,null,null,null,{"$f":" E$19","v":"Wastewater network + Embedded debt interest cost"},{"$f":" F$19","v":0},{"$f":" G$19","v":"£m"},119.16774425376467,0,0,26.498181159683401,25.542971810547872,24.15785864795582,22.468526758494004,20.500205877083573,0]
[null,null,null,null,"Wastewater network + outturn debt allowance",null,"£m",{"$f":" SUM(J31:O31)","v":134.37320744599145},null,{"$f":" SUM(J29:J30)","v":0},26.502654060678591,25.693487989216699,25.767795346865519,27.30294752163347,29.106322527597193,0]
[]
["FD ALLOWANCE"]
[null,null,null,null,{"$f":"InpC!E51","v":"Notional % of 'new' debt over period "},{"$f":"InpC!F51","v":0.2},{"$f":"InpC!G51","v":"percentage"},null,null,null,{"$f":"$F$34","v":0.2},{"$f":"$F$34","v":0.2},0.2,0.2,0.2,{"$f":"InpR!P36","v":0}]
[null,null,null,null,{"$f":"InpR!E36","v":"Allowed sector new debt cost (not inc. CSA) - final determination (CPIH real)"},{"$f":"InpR!F36","v":0},{"$f":"InpR!G36","v":"percentage"},{"$f":"InpR!H36","v":0},{"$f":"InpR!I36","v":0},{"$f":"InpR!J36","v":0},{"$f":"InpR!K36","v":5.3E-3},{"$f":"InpR!L36","v":5.3E-3},{"$f":"InpR!M36","v":5.3E-3},{"$f":"InpR!N36","v":5.3E-3},{"$f":"InpR!O36","v":5.3E-3},{"$f":"P13","v":0}]
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[null,null,null,null,{"$f":"InpR!E37","v":"Allowed sector embedded debt cost (not inc. CSA) - final determination (CPIH real)"},{"$f":"InpR!F37","v":0},{"$f":"InpR!G37","v":"percentage"},{"$f":"InpR!H37","v":0},{"$f":"InpR!I37","v":0},{"$f":"InpR!J37","v":0},{"$f":"InpR!K37","v":2.4199999999999999E-2},{"$f":"InpR!L37","v":2.4199999999999999E-2},{"$f":"InpR!M37","v":2.4199999999999999E-2},{"$f":"InpR!N37","v":2.4199999999999999E-2},{"$f":"InpR!O37","v":2.4199999999999999E-2},{"$f":"P34*P35","v":0}]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"P14","v":0}]
["RECONCILIATION ADJUSTMENTS",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"P40-P41","v":0}]
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[null,null,null,null,"Reconciliation (in-year values) - Wastewater network +",null,"£m",{"$f":" SUM(J45:O45)","v":7.7493287203087462},null,{"$f":"J43-J44","v":0},3.2118112886083807,1.201213178388965,0.28724402500302659,0.97103083152513392,2.0780293967832399]
[]
[null,null,null,null,{"$f":" InpC!E$61","v":"PV base date"},{"$f":" InpC!F$61","v":"2025-03-31"},{"$f":" InpC!G$61","v":"date"}]
[null,null,null,null,{"$f":" InpC!E$62","v":"Days in a year"},{"$f":" InpC!F$62","v":365},{"$f":" InpC!G$62","v":"days"}]
[null,null,null,null,{"$f":" Time!E$22","v":"Model Period END"},{"$f":" Time!F$22","v":0},{"$f":" Time!G$22","v":"date"},{"$f":" Time!H$22","v":"00:00:00"},{"$f":" Time!I$22","v":"00:00:00"},{"$f":" Time!J$22","v":"2020-03-31"},{"$f":" Time!K$22","v":"2021-03-31"},{"$f":" Time!L$22","v":"2022-03-31"},{"$f":" Time!M$22","v":"2023-03-31"},{"$f":" Time!N$22","v":"2024-03-31"},{"$f":" Time!O$22","v":"2025-03-31"},{"$f":"Time!P$22","v":"2026-03-31"}]
[null,null,null,null,"Years from valuation date - Wastewater network +",null,"years",null,null,{"$f":" ROUND( ( ( J49 - $F47 ) / $F48 ) * -1, 0)","v":5},{"$f":" ROUND( ( ( K49 - $F47 ) / $F48 ) * -1, 0)","v":4},3,2,1,0]
[]
[null,null,null,null,{"$f":"InpC!E56","v":"PR19 appointee allowed return on capital (CPIH-deflated using long-term assumption)"},{"$f":"InpC!F56","v":2.9600000000000001E-2},{"$f":"InpC!G56","v":"percentage"},null,null,null,{"$f":"$F$52","v":2.9600000000000001E-2},{"$f":"$F$52","v":2.9600000000000001E-2},2.9600000000000001E-2,2.9600000000000001E-2,2.9600000000000001E-2]
[null,null,null,null,{"$f":" E$50","v":"Years from valuation date - Wastewater network +"},{"$f":" F$50","v":0},"years",0,0,5,4,3,2,1,0]
[null,null,null,null,"Discount factor - Wastewater network +",null,"Factor",null,null,{"$f":" (1+$F52) ^J53","v":1.1570248043643563},1.123761465000346,1.0914544143360003,1.0600761600000002,1.0296000000000001,1]
[]
[null,null,null,null,{"$f":" E$45","v":"Reconciliation (in-year values) - Wastewater network +"},{"$f":" F$45","v":0},"£m",7.7493287203087462,0,0,3.2118112886083807,1.201213178388965,0.28724402500302659,0.97103083152513392,2.0780293967832399]
[null,null,null,null,{"$f":" E$54","v":"Discount factor - Wastewater network +"},{"$f":" F$54","v":0},"Factor",0,0,1.1570248043643563,1.123761465000346,1.0914544143360003,1.0600761600000002,1.0296000000000001,1]
[null,null,null,null,"Discounted reconciliation (in-year values) Wastewater network +",null,"£m",null,null,null,{"$f":"K57*K56","v":3.6093097589912029},{"$f":"L57*L56","v":1.3110694261112132},{"$f":"M57*M56","v":0.30450054300815249},{"$f":"N57*N56","v":0.9997733441382779},{"$f":"O57*O56","v":2.0780293967832399}]
[]
[null,null,null,null,{"$f":" E$58","v":"Discounted reconciliation (in-year values) Wastewater network +"},{"$f":" F$58","v":0},"£m",0,0,0,3.6093097589912029,1.3110694261112132,0.30450054300815249,0.9997733441382779,2.0780293967832399]
[null,null,null,null,"Total value of reconciliation (31 March 2025 present values): Wastewater network +",null,"£m",{"$f":"SUM(K60:O60)","v":8.3026824690320851}]

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[]
["COST OF DEBT CALCULATION BASED ON INDEX OUTTURN"]
[null,null,null,null,"Company-specific adjustment flag",{"$f":"IF(InpC!$F$69=\"YES\",1,0)","v":0},"Flag",null,null,null,{"$f":"$F$8","v":0},{"$f":"$F$8","v":0},0,0,0]
[null,null,null,null,{"$f":"InpC!E64","v":"Company-specific adjustment (new debt)"},{"$f":"InpC!F64","v":2.5000000000000001E-3},{"$f":"'Cost of Debt'!G47","v":"Percentage"},null,null,null,{"$f":"$F$9","v":2.5000000000000001E-3},{"$f":"$F$9","v":2.5000000000000001E-3},2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3]
[null,null,null,null,{"$f":"InpC!E65","v":"Company-specific adjustment (embedded debt)"},{"$f":"InpC!$F$65","v":3.5000000000000001E-3},{"$f":"'Cost of Debt'!G48","v":"Percentage"},null,null,null,{"$f":"$F$10","v":3.5000000000000001E-3},{"$f":"$F$10","v":3.5000000000000001E-3},{"$f":"$F$10","v":3.5000000000000001E-3},{"$f":"$F$10","v":3.5000000000000001E-3},{"$f":"$F$10","v":3.5000000000000001E-3}]
[null,null,null,null,{"$f":"'Cost of Debt'!E48","v":"Extending trailing average rate"},{"$f":"'Cost of Debt'!F48","v":0},{"$f":"'Cost of Debt'!G48","v":"Percentage"},{"$f":"'Cost of Debt'!H48","v":0},{"$f":"'Cost of Debt'!I48","v":0},{"$f":"'Cost of Debt'!J48","v":0},{"$f":"'Cost of Debt'!K48","v":9.8039215686185344E-5},{"$f":"'Cost of Debt'!L48","v":1.0457516339868651E-3},{"$f":"'Cost of Debt'!M48","v":6.4509803921568134E-3},{"$f":"'Cost of Debt'!N48","v":1.3389355742296891E-2},{"$f":"'Cost of Debt'!O48","v":1.8061002178649217E-2},{"$f":"'Cost of Debt'!P48","v":0}]
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[null,null,null,null,{"$f":"'RCV and post 2020 investment'!E69","v":"Bioresources New debt for return"},{"$f":"'RCV and post 2020 investment'!F69","v":0},{"$f":"'RCV and post 2020 investment'!G69","v":"£m"},{"$f":"'RCV and post 2020 investment'!H69","v":60.120882055645183},{"$f":"'RCV and post 2020 investment'!I69","v":0},{"$f":"'RCV and post 2020 investment'!J69","v":0},{"$f":"'RCV and post 2020 investment'!K69","v":2.7270639322753842},{"$f":"'RCV and post 2020 investment'!L69","v":7.755459608994177},{"$f":"'RCV and post 2020 investment'!M69","v":12.362817140933545},{"$f":"'RCV and post 2020 investment'!N69","v":16.62090163329265},{"$f":"'RCV and post 2020 investment'!O69","v":20.65463974014942},{"$f":"'RCV and post 2020 investment'!P69","v":0}]
[null,null,null,null,"Bioresources extending trailing average interest cost",null,"£m",{"$f":" SUM(J14:O14)","v":0.68371659280738573},null,{"$f":" J11 * J13","v":0},{"$f":" K12 * K13","v":2.6735920904636312E-4},{"$f":" L12 * L13","v":8.1102845584247948E-3},7.9752290967982462E-2,0.22254316472587873,0.37304349334605336,0]
[]
[null,null,null,null,{"$f":"'RCV and post 2020 investment'!E73","v":"Bioresources Embedded debt for return"},{"$f":"'RCV and post 2020 investment'!F73","v":0},{"$f":"'RCV and post 2020 investment'!G73","v":"£m"},{"$f":"'RCV and post 2020 investment'!H73","v":251.23299428509662},{"$f":"'RCV and post 2020 investment'!I73","v":0},{"$f":"'RCV and post 2020 investment'!J73","v":0},{"$f":"'RCV and post 2020 investment'!K73","v":65.449534374609215},{"$f":"'RCV and post 2020 investment'!L73","v":56.873370465957301},{"$f":"'RCV and post 2020 investment'!M73","v":49.451268563734182},{"$f":"'RCV and post 2020 investment'!N73","v":42.73946134275252},{"$f":"'RCV and post 2020 investment'!O73","v":36.719359538043413},{"$f":"'RCV and post 2020 investment'!P73","v":0}]
[null,null,null,null,{"$f":" InpR!E$37","v":"Allowed sector embedded debt cost (not inc. CSA) - final determination (CPIH real)"},{"$f":" InpR!F$37","v":0},{"$f":" InpR!G$37","v":"percentage"},{"$f":" InpR!H$37","v":0},{"$f":" InpR!I$37","v":0},{"$f":" InpR!J$37","v":0},{"$f":" InpR!K$37","v":2.4199999999999999E-2},{"$f":" InpR!L$37","v":2.4199999999999999E-2},{"$f":" InpR!M$37","v":2.4199999999999999E-2},{"$f":" InpR!N$37","v":2.4199999999999999E-2},{"$f":" InpR!O$37","v":2.4199999999999999E-2},{"$f":" InpR!P$37","v":0}]
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[null,null,null,null,"Bioresources Embedded debt interest cost",null,"£m",{"$f":" SUM(J19:O19)","v":6.0798384616993388},null,{"$f":" J16 * J17","v":0},{"$f":" K16 * K18","v":1.583878731865543},{"$f":" L16 * L18","v":1.3763355652761666},1.1967206992423671,1.0342949644946109,0.88860850082065057,{"$f":" P16 * P17","v":0}]
[]
[null,null,null,null,"Bioresources outturn allowed new debt cost (CPIH real)",0,"Percentage",null,null,null,{"$f":"K12","v":9.8039215686185344E-5},{"$f":"L12","v":1.0457516339868651E-3},6.4509803921568134E-3,1.3389355742296891E-2,1.8061002178649217E-2]
[null,null,null,null,"Bioresources allowed embedded debt cost (CPIH real)",0,"Percentage",null,null,null,{"$f":"K18","v":2.4199999999999999E-2},{"$f":"L18","v":2.4199999999999999E-2},2.4199999999999999E-2,2.4199999999999999E-2,2.4199999999999999E-2,{"$f":"P17","v":0}]
[null,null,null,null,"Ratio of new to embedded debt for outturn cost of debt allowance",0,"Percentage",null,null,null,{"$f":"InpR!K57","v":0.04},{"$f":"InpR!L57","v":0.12},{"$f":"InpR!M57","v":0.2},{"$f":"InpR!N57","v":0.28000000000000003},{"$f":"InpR!O57","v":0.36}]
[null,null,null,null,"Bioresources outturn allowed cost of overall debt (CPIH real)",0,"Percentage",null,null,null,{"$f":"(K23*K21)+(1-K23)*K22","v":2.3235921568627447E-2},{"$f":"(L23*L21)+(1-L23)*L22","v":2.1421490196078422E-2},{"$f":"(M23*M21)+(1-M23)*M22","v":2.0650196078431365E-2},{"$f":"(N23*N21)+(1-N23)*N22","v":2.1173019607843128E-2},{"$f":"(O23*O21)+(1-O23)*O22","v":2.1989960784313718E-2}]
[null,null,null,null,"CPIH inflation (long-term assumption)",0,"Percentage",null,null,null,{"$f":"InpR!K59","v":0.02},{"$f":"InpR!L59","v":0.02},{"$f":"InpR!M59","v":0.02},{"$f":"InpR!N59","v":0.02},{"$f":"InpR!O59","v":0.02}]
[null,null,null,null,"Issuance and liquidity costs",null,"Percentage",null,null,null,{"$f":"InpR!K38","v":1E-3},{"$f":"InpR!L38","v":1E-3},{"$f":"InpR!M38","v":1E-3},{"$f":"InpR!N38","v":1E-3},{"$f":"InpR!O38","v":1E-3}]
[null,null,null,null,"Bioresources outturn allowed cost of overall debt (Nominal)",0,"Percentage",null,null,null,{"$f":"((1+K24)*(1+K25)-1)+K26","v":4.470064000000018E-2},4.2849920000000208E-2,{"$f":"((1+M24)*(1+M25)-1)+M26","v":4.2063199999999967E-2},{"$f":"((1+N24)*(1+N25)-1)+N26","v":4.2596480000000159E-2},4.3429760000000095E-2]
[]
[null,null,null,null,{"$f":" E$14","v":"Bioresources extending trailing average interest cost"},0,"£m",0.68371659280738573,0,0,2.6735920904636312E-4,8.1102845584247948E-3,7.9752290967982462E-2,0.22254316472587873,0.37304349334605336,0]
[null,null,null,null,{"$f":" E$19","v":"Bioresources Embedded debt interest cost"},{"$f":" F$19","v":0},{"$f":" G$19","v":"£m"},6.0798384616993388,0,0,1.583878731865543,1.3763355652761666,1.1967206992423671,1.0342949644946109,0.88860850082065057,0]
[null,null,null,null,"Bioresources outturn debt allowance",null,"£m",{"$f":" SUM(J31:O31)","v":6.7635550545067238},null,{"$f":" SUM(J29:J30)","v":0},1.5841460910745893,1.3844458498345915,1.2764729902103495,1.2568381292204895,1.2616519941667039,0]
[]
["FD ALLOWANCE"]
[null,null,null,null,{"$f":"InpC!E51","v":"Notional % of 'new' debt over period "},{"$f":"InpC!F51","v":0.2},{"$f":"InpC!G51","v":"percentage"},null,null,null,{"$f":"$F$34","v":0.2},{"$f":"$F$34","v":0.2},0.2,0.2,0.2,{"$f":"InpR!P36","v":0}]
[null,null,null,null,{"$f":"InpR!E36","v":"Allowed sector new debt cost (not inc. CSA) - final determination (CPIH real)"},{"$f":"InpR!F36","v":0},{"$f":"InpR!G36","v":"percentage"},{"$f":"InpR!H36","v":0},{"$f":"InpR!I36","v":0},{"$f":"InpR!J36","v":0},{"$f":"InpR!K36","v":5.3E-3},{"$f":"InpR!L36","v":5.3E-3},{"$f":"InpR!M36","v":5.3E-3},{"$f":"InpR!N36","v":5.3E-3},{"$f":"InpR!O36","v":5.3E-3},{"$f":"P13","v":0}]
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[null,null,null,null,{"$f":"InpR!E37","v":"Allowed sector embedded debt cost (not inc. CSA) - final determination (CPIH real)"},{"$f":"InpR!F37","v":0},{"$f":"InpR!G37","v":"percentage"},{"$f":"InpR!H37","v":0},{"$f":"InpR!I37","v":0},{"$f":"InpR!J37","v":0},{"$f":"InpR!K37","v":2.4199999999999999E-2},{"$f":"InpR!L37","v":2.4199999999999999E-2},{"$f":"InpR!M37","v":2.4199999999999999E-2},{"$f":"InpR!N37","v":2.4199999999999999E-2},{"$f":"InpR!O37","v":2.4199999999999999E-2},{"$f":"P34*P35","v":0}]
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[null,null,null,null,{"$f":"'RCV and post 2020 investment'!E65","v":"Bioresources Notional debt"},{"$f":"'RCV and post 2020 investment'!F65","v":0},{"$f":"'RCV and post 2020 investment'!G65","v":"£m"},{"$f":"'RCV and post 2020 investment'!H65","v":311.35387634074181},{"$f":"'RCV and post 2020 investment'!I65","v":0},{"$f":"'RCV and post 2020 investment'!J65","v":0},{"$f":"'RCV and post 2020 investment'!K65","v":68.1765983068846},{"$f":"'RCV and post 2020 investment'!L65","v":64.62883007495148},{"$f":"'RCV and post 2020 investment'!M65","v":61.814085704667725},{"$f":"'RCV and post 2020 investment'!N65","v":59.360362976045174},{"$f":"'RCV and post 2020 investment'!O65","v":57.373999278192834}]
[null,null,null,null,"Bioresources initial cost of debt allowance",null,"£m",null,{"$f":" I$14","v":0},null,{"$f":" (K39 * $K34 * K36) + (K39 * (1-$K34) * K38)","v":1.3921661374265835},{"$f":" (L39 * $K34 * L36) + (L39 * (1-$K34) * L38)","v":1.3197207101305093},1.2622436300893149,1.2121386119708424,1.1715770652606976,{"$f":" (P39 * $F34 * P35) + (P39 * (1-$F34) * P37)","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"P14","v":0}]
["RECONCILIATION ADJUSTMENTS",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"P40-P41","v":0}]
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[null,null,null,null,{"$f":" E$40","v":"Bioresources initial cost of debt allowance"},{"$f":" F$40","v":0},"£m",0,0,0,1.3921661374265835,1.3197207101305093,1.2622436300893149,1.2121386119708424,1.1715770652606976]
[null,null,null,null,"Reconciliation (in-year values) - Bioresources",null,"£m",{"$f":" SUM(J45:O45)","v":0.4057088996287761},null,{"$f":"J43-J44","v":0},0.1919799536480058,6.4725139704082224E-2,1.4229360121034595E-2,4.4699517249647158E-2,9.0074928906006324E-2]
[]
[null,null,null,null,{"$f":" InpC!E$61","v":"PV base date"},{"$f":" InpC!F$61","v":"2025-03-31"},{"$f":" InpC!G$61","v":"date"}]
[null,null,null,null,{"$f":" InpC!E$62","v":"Days in a year"},{"$f":" InpC!F$62","v":365},{"$f":" InpC!G$62","v":"days"}]
[null,null,null,null,{"$f":" Time!E$22","v":"Model Period END"},{"$f":" Time!F$22","v":0},{"$f":" Time!G$22","v":"date"},{"$f":" Time!H$22","v":"00:00:00"},{"$f":" Time!I$22","v":"00:00:00"},{"$f":" Time!J$22","v":"2020-03-31"},{"$f":" Time!K$22","v":"2021-03-31"},{"$f":" Time!L$22","v":"2022-03-31"},{"$f":" Time!M$22","v":"2023-03-31"},{"$f":" Time!N$22","v":"2024-03-31"},{"$f":" Time!O$22","v":"2025-03-31"},{"$f":"Time!P$22","v":"2026-03-31"}]
[null,null,null,null,"Years from valuation date - Bioresources",null,"years",null,null,{"$f":" ROUND( ( ( J49 - $F47 ) / $F48 ) * -1, 0)","v":5},{"$f":" ROUND( ( ( K49 - $F47 ) / $F48 ) * -1, 0)","v":4},3,2,1,0]
[]
[null,null,null,null,{"$f":"InpC!E56","v":"PR19 appointee allowed return on capital (CPIH-deflated using long-term assumption)"},{"$f":"InpC!F56","v":2.9600000000000001E-2},{"$f":"InpC!G56","v":"percentage"},null,null,null,{"$f":"$F$52","v":2.9600000000000001E-2},{"$f":"$F$52","v":2.9600000000000001E-2},2.9600000000000001E-2,2.9600000000000001E-2,2.9600000000000001E-2]
[null,null,null,null,{"$f":" E$50","v":"Years from valuation date - Bioresources"},{"$f":" F$50","v":0},"years",0,0,5,4,3,2,1,0]
[null,null,null,null,"Discount factor - Bioresources",null,"Factor",null,null,{"$f":" (1+$F52) ^J53","v":1.1570248043643563},1.123761465000346,1.0914544143360003,1.0600761600000002,1.0296000000000001,1]
[]
[null,null,null,null,{"$f":" E$45","v":"Reconciliation (in-year values) - Bioresources"},{"$f":" F$45","v":0},"£m",0.4057088996287761,0,0,0.1919799536480058,6.4725139704082224E-2,1.4229360121034595E-2,4.4699517249647158E-2,9.0074928906006324E-2]
[null,null,null,null,{"$f":" E$54","v":"Discount factor - Bioresources"},{"$f":" F$54","v":0},"Factor",0,0,1.1570248043643563,1.123761465000346,1.0914544143360003,1.0600761600000002,1.0296000000000001,1]
[null,null,null,null,"Discounted reconciliation (in-year values) Bioresources",null,"£m",null,null,null,{"$f":"K57*K56","v":0.21573967396218152},{"$f":"L57*L56","v":7.0644539448534868E-2},{"$f":"M57*M56","v":1.5084205436363492E-2},{"$f":"N57*N56","v":4.6022622960236716E-2},{"$f":"O57*O56","v":9.0074928906006324E-2}]
[]
[null,null,null,null,{"$f":" E$58","v":"Discounted reconciliation (in-year values) Bioresources"},{"$f":" F$58","v":0},"£m",0,0,0,0.21573967396218152,7.0644539448534868E-2,1.5084205436363492E-2,4.6022622960236716E-2,9.0074928906006324E-2]
[null,null,null,null,"Total value of reconciliation (31 March 2025 present values): Bioresources",null,"£m",{"$f":"SUM(K60:O60)","v":0.43756597071332298}]

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[]
["COST OF DEBT CALCULATION BASED ON INDEX OUTTURN"]
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[null,null,null,null,{"$f":"InpC!E64","v":"Company-specific adjustment (new debt)"},{"$f":"InpC!F64","v":2.5000000000000001E-3},{"$f":"'Cost of Debt'!G47","v":"Percentage"},null,null,null,{"$f":"$F$9","v":2.5000000000000001E-3},{"$f":"$F$9","v":2.5000000000000001E-3},2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3]
[null,null,null,null,{"$f":"InpC!E65","v":"Company-specific adjustment (embedded debt)"},{"$f":"InpC!$F$65","v":3.5000000000000001E-3},{"$f":"'Cost of Debt'!G48","v":"Percentage"},null,null,null,{"$f":"$F$10","v":3.5000000000000001E-3},{"$f":"$F$10","v":3.5000000000000001E-3},{"$f":"$F$10","v":3.5000000000000001E-3},{"$f":"$F$10","v":3.5000000000000001E-3},{"$f":"$F$10","v":3.5000000000000001E-3}]
[null,null,null,null,{"$f":"'Cost of Debt'!E48","v":"Extending trailing average rate"},{"$f":"'Cost of Debt'!F48","v":0},{"$f":"'Cost of Debt'!G48","v":"Percentage"},{"$f":"'Cost of Debt'!H48","v":0},{"$f":"'Cost of Debt'!I48","v":0},{"$f":"'Cost of Debt'!J48","v":0},{"$f":"'Cost of Debt'!K48","v":9.8039215686185344E-5},{"$f":"'Cost of Debt'!L48","v":1.0457516339868651E-3},{"$f":"'Cost of Debt'!M48","v":6.4509803921568134E-3},{"$f":"'Cost of Debt'!N48","v":1.3389355742296891E-2},{"$f":"'Cost of Debt'!O48","v":1.8061002178649217E-2},{"$f":"'Cost of Debt'!P48","v":0}]
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[null,null,null,null,{"$f":"'RCV and post 2020 investment'!E86","v":"Dummy New debt for return"},{"$f":"'RCV and post 2020 investment'!F86","v":0},{"$f":"'RCV and post 2020 investment'!G86","v":"£m"},{"$f":"'RCV and post 2020 investment'!H86","v":0},{"$f":"'RCV and post 2020 investment'!I86","v":0},{"$f":"'RCV and post 2020 investment'!J86","v":0},{"$f":"'RCV and post 2020 investment'!K86","v":0},{"$f":"'RCV and post 2020 investment'!L86","v":0},{"$f":"'RCV and post 2020 investment'!M86","v":0},{"$f":"'RCV and post 2020 investment'!N86","v":0},{"$f":"'RCV and post 2020 investment'!O86","v":0},{"$f":"'RCV and post 2020 investment'!P52","v":0}]
[null,null,null,null,"Dummy extending trailing average interest cost",null,"£m",{"$f":" SUM(J14:O14)","v":0},null,{"$f":" J11 * J13","v":0},{"$f":" K12 * K13","v":0},{"$f":" L12 * L13","v":0},0,0,0,0]
[]
[null,null,null,null,{"$f":"'RCV and post 2020 investment'!E90","v":"Dummy Embedded debt for return"},{"$f":"'RCV and post 2020 investment'!F56","v":0},{"$f":"'RCV and post 2020 investment'!G56","v":"£m"},{"$f":"'RCV and post 2020 investment'!H90","v":0},{"$f":"'RCV and post 2020 investment'!I56","v":0},{"$f":"'RCV and post 2020 investment'!J56","v":0},{"$f":"'RCV and post 2020 investment'!K90","v":0},{"$f":"'RCV and post 2020 investment'!L90","v":0},{"$f":"'RCV and post 2020 investment'!M90","v":0},{"$f":"'RCV and post 2020 investment'!N90","v":0},{"$f":"'RCV and post 2020 investment'!O90","v":0},{"$f":"'RCV and post 2020 investment'!P56","v":0}]
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[null,null,null,null,"Dummy Embedded debt interest cost",null,"£m",{"$f":" SUM(J19:O19)","v":0},null,{"$f":" J16 * J17","v":0},{"$f":" K16 * K18","v":0},{"$f":" L16 * L18","v":0},0,0,0,{"$f":" P16 * P17","v":0}]
[]
[null,null,null,null,"Dummy outturn allowed new debt cost (CPIH real)",0,"Percentage",null,null,null,{"$f":"K12","v":9.8039215686185344E-5},{"$f":"L12","v":1.0457516339868651E-3},6.4509803921568134E-3,1.3389355742296891E-2,1.8061002178649217E-2]
[null,null,null,null,"Dummy allowed embedded debt cost (CPIH real)",0,"Percentage",null,null,null,{"$f":"K18","v":2.4199999999999999E-2},{"$f":"L18","v":2.4199999999999999E-2},2.4199999999999999E-2,2.4199999999999999E-2,2.4199999999999999E-2,{"$f":"P17","v":0}]
[null,null,null,null,"Ratio of new to embedded debt for outturn cost of debt allowance",0,"Percentage",null,null,null,{"$f":"InpR!K57","v":0.04},{"$f":"InpR!L57","v":0.12},{"$f":"InpR!M57","v":0.2},{"$f":"InpR!N57","v":0.28000000000000003},{"$f":"InpR!O57","v":0.36}]
[null,null,null,null,"Dummy outturn allowed cost of overall debt (CPIH real)",0,"Percentage",null,null,null,{"$f":"(K23*K21)+(1-K23)*K22","v":2.3235921568627447E-2},{"$f":"(L23*L21)+(1-L23)*L22","v":2.1421490196078422E-2},{"$f":"(M23*M21)+(1-M23)*M22","v":2.0650196078431365E-2},{"$f":"(N23*N21)+(1-N23)*N22","v":2.1173019607843128E-2},{"$f":"(O23*O21)+(1-O23)*O22","v":2.1989960784313718E-2}]
[null,null,null,null,"CPIH inflation (long-term assumption)",0,"Percentage",null,null,null,{"$f":"InpR!K59","v":0.02},{"$f":"InpR!L59","v":0.02},{"$f":"InpR!M59","v":0.02},{"$f":"InpR!N59","v":0.02},{"$f":"InpR!O59","v":0.02}]
[null,null,null,null,"Issuance and liquidity costs",null,"Percentage",null,null,null,{"$f":"InpR!K38","v":1E-3},{"$f":"InpR!L38","v":1E-3},{"$f":"InpR!M38","v":1E-3},{"$f":"InpR!N38","v":1E-3},{"$f":"InpR!O38","v":1E-3}]
[null,null,null,null,"Dummy outturn allowed cost of overall debt (Nominal)",0,"Percentage",null,null,null,{"$f":"((1+K24)*(1+K25)-1)+K26","v":4.470064000000018E-2},{"$f":"((1+L24)*(1+L25)-1)+L26","v":4.2849920000000208E-2},{"$f":"((1+M24)*(1+M25)-1)+M26","v":4.2063199999999967E-2},{"$f":"((1+N24)*(1+N25)-1)+N26","v":4.2596480000000159E-2},4.3429760000000095E-2]
[]
[null,null,null,null,{"$f":" E$14","v":"Dummy extending trailing average interest cost"},0,"£m",0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$19","v":"Dummy Embedded debt interest cost"},{"$f":" F$19","v":0},{"$f":" G$19","v":"£m"},0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Dummy outturn debt allowance",null,"£m",{"$f":" SUM(J31:O31)","v":0},null,{"$f":" SUM(J29:J30)","v":0},0,0,0,0,0,0]
[]
["FD ALLOWANCE"]
[null,null,null,null,{"$f":"InpC!E51","v":"Notional % of 'new' debt over period "},{"$f":"InpC!F51","v":0.2},{"$f":"InpC!G51","v":"percentage"},null,null,null,{"$f":"$F$34","v":0.2},{"$f":"$F$34","v":0.2},0.2,0.2,0.2,{"$f":"InpR!P36","v":0}]
[null,null,null,null,{"$f":"InpR!E36","v":"Allowed sector new debt cost (not inc. CSA) - final determination (CPIH real)"},{"$f":"InpR!F36","v":0},{"$f":"InpR!G36","v":"percentage"},{"$f":"InpR!H36","v":0},{"$f":"InpR!I36","v":0},{"$f":"InpR!J36","v":0},{"$f":"InpR!K36","v":5.3E-3},{"$f":"InpR!L36","v":5.3E-3},{"$f":"InpR!M36","v":5.3E-3},{"$f":"InpR!N36","v":5.3E-3},{"$f":"InpR!O36","v":5.3E-3},{"$f":"P13","v":0}]
[null,null,null,null,"Allowed sector cost of new debt (after any CSA adjustments)",null,null,null,null,null,{"$f":"K35+(K8*K9)","v":5.3E-3},{"$f":"L35+(L8*L9)","v":5.3E-3},{"$f":"M35+(M8*M9)","v":5.3E-3},{"$f":"N35+(N8*N9)","v":5.3E-3},{"$f":"O35+(O8*O9)","v":5.3E-3}]
[null,null,null,null,{"$f":"InpR!E37","v":"Allowed sector embedded debt cost (not inc. CSA) - final determination (CPIH real)"},{"$f":"InpR!F37","v":0},{"$f":"InpR!G37","v":"percentage"},{"$f":"InpR!H37","v":0},{"$f":"InpR!I37","v":0},{"$f":"InpR!J37","v":0},{"$f":"InpR!K37","v":2.4199999999999999E-2},{"$f":"InpR!L37","v":2.4199999999999999E-2},{"$f":"InpR!M37","v":2.4199999999999999E-2},{"$f":"InpR!N37","v":2.4199999999999999E-2},{"$f":"InpR!O37","v":2.4199999999999999E-2},{"$f":"P34*P35","v":0}]
[null,null,null,null,"Allowed sector cost of embedded debt (after any CSA adjustments)",null,null,null,null,null,{"$f":"K37+(K8*K10)","v":2.4199999999999999E-2},{"$f":"L37+(L8*L10)","v":2.4199999999999999E-2},{"$f":"M37+(M8*M10)","v":2.4199999999999999E-2},{"$f":"N37+(N8*N10)","v":2.4199999999999999E-2},{"$f":"O37+(O8*O10)","v":2.4199999999999999E-2}]
[null,null,null,null,{"$f":"'RCV and post 2020 investment'!E82","v":"Dummy Notional debt"},{"$f":"'RCV and post 2020 investment'!F82","v":0},{"$f":"'RCV and post 2020 investment'!G82","v":"£m"},{"$f":"'RCV and post 2020 investment'!H82","v":0},{"$f":"'RCV and post 2020 investment'!I82","v":0},{"$f":"'RCV and post 2020 investment'!J82","v":0},{"$f":"'RCV and post 2020 investment'!K82","v":0},{"$f":"'RCV and post 2020 investment'!L82","v":0},{"$f":"'RCV and post 2020 investment'!M82","v":0},{"$f":"'RCV and post 2020 investment'!N82","v":0},{"$f":"'RCV and post 2020 investment'!O82","v":0}]
[null,null,null,null,"Dummy initial cost of debt allowance",null,"£m",null,{"$f":" I$14","v":0},null,{"$f":" (K39 * $K34 * K36) + (K39 * (1-$K34) * K38)","v":0},{"$f":" (L39 * $K34 * L36) + (L39 * (1-$K34) * L38)","v":0},0,0,0,{"$f":" (P39 * $F34 * P35) + (P39 * (1-$F34) * P37)","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"P14","v":0}]
["RECONCILIATION ADJUSTMENTS",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"P40-P41","v":0}]
[null,null,null,null,{"$f":" E$31","v":"Dummy outturn debt allowance"},{"$f":" F$31","v":0},"£m",0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$40","v":"Dummy initial cost of debt allowance"},{"$f":" F$40","v":0},"£m",0,0,0,0,0,0,0,0]
[null,null,null,null,"Reconciliation (in-year values) - Dummy",null,"£m",{"$f":" SUM(J45:O45)","v":0},null,{"$f":"J43-J44","v":0},0,0,0,0,0]
[]
[null,null,null,null,{"$f":" InpC!E$61","v":"PV base date"},{"$f":" InpC!F$61","v":"2025-03-31"},{"$f":" InpC!G$61","v":"date"}]
[null,null,null,null,{"$f":" InpC!E$62","v":"Days in a year"},{"$f":" InpC!F$62","v":365},{"$f":" InpC!G$62","v":"days"}]
[null,null,null,null,{"$f":" Time!E$22","v":"Model Period END"},{"$f":" Time!F$22","v":0},{"$f":" Time!G$22","v":"date"},{"$f":" Time!H$22","v":"00:00:00"},{"$f":" Time!I$22","v":"00:00:00"},{"$f":" Time!J$22","v":"2020-03-31"},{"$f":" Time!K$22","v":"2021-03-31"},{"$f":" Time!L$22","v":"2022-03-31"},{"$f":" Time!M$22","v":"2023-03-31"},{"$f":" Time!N$22","v":"2024-03-31"},{"$f":" Time!O$22","v":"2025-03-31"},{"$f":"Time!P$22","v":"2026-03-31"}]
[null,null,null,null,"Years from valuation date - Dummy",null,"years",null,null,{"$f":" ROUND( ( ( J49 - $F47 ) / $F48 ) * -1, 0)","v":5},{"$f":" ROUND( ( ( K49 - $F47 ) / $F48 ) * -1, 0)","v":4},3,2,1,0]
[]
[null,null,null,null,{"$f":"InpC!E56","v":"PR19 appointee allowed return on capital (CPIH-deflated using long-term assumption)"},{"$f":"InpC!F56","v":2.9600000000000001E-2},{"$f":"InpC!G56","v":"percentage"},null,null,null,{"$f":"$F$52","v":2.9600000000000001E-2},{"$f":"$F$52","v":2.9600000000000001E-2},2.9600000000000001E-2,2.9600000000000001E-2,2.9600000000000001E-2]
[null,null,null,null,{"$f":" E$50","v":"Years from valuation date - Dummy"},{"$f":" F$50","v":0},"years",0,0,5,4,3,2,1,0]
[null,null,null,null,"Discount factor - Dummy",null,"Factor",null,null,{"$f":" (1+$F52) ^J53","v":1.1570248043643563},1.123761465000346,1.0914544143360003,1.0600761600000002,1.0296000000000001,1]
[]
[null,null,null,null,{"$f":" E$45","v":"Reconciliation (in-year values) - Dummy"},{"$f":" F$45","v":0},"£m",0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":" E$54","v":"Discount factor - Dummy"},{"$f":" F$54","v":0},"Factor",0,0,1.1570248043643563,1.123761465000346,1.0914544143360003,1.0600761600000002,1.0296000000000001,1]
[null,null,null,null,"Discounted reconciliation (in-year values) Dummy",null,"£m",null,null,null,{"$f":"K57*K56","v":0},{"$f":"L57*L56","v":0},{"$f":"M57*M56","v":0},{"$f":"N57*N56","v":0},{"$f":"O57*O56","v":0}]
[]
[null,null,null,null,{"$f":" E$58","v":"Discounted reconciliation (in-year values) Dummy"},{"$f":" F$58","v":0},"£m",0,0,0,0,0,0,0,0]
[null,null,null,null,"Total value of reconciliation (31 March 2025 present values): Dummy",null,"£m",{"$f":"SUM(K60:O60)","v":0}]

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[]
["Total revenue adjustments applied as part of PR24"]
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[null,null,null,null,"Outturn nominal weighted average cost of debt - Water network plus",null,"%",null,null,null,{"$f":"'Water network +'!K27","v":4.470064000000018E-2},{"$f":"'Water network +'!L27","v":4.2849920000000208E-2},{"$f":"'Water network +'!M27","v":4.2063199999999967E-2},{"$f":"'Water network +'!N27","v":4.2596480000000159E-2},{"$f":"'Water network +'!O27","v":4.3429760000000095E-2}]
[null,null,null,null,"Outturn nominal weighted average cost of debt - Wastewater network plus",null,"%",null,null,null,{"$f":"'Wastewater network +'!K27","v":4.470064000000018E-2},{"$f":"'Wastewater network +'!L27","v":4.2849920000000208E-2},{"$f":"'Wastewater network +'!M27","v":4.2063199999999967E-2},{"$f":"'Wastewater network +'!N27","v":4.2596480000000159E-2},{"$f":"'Wastewater network +'!O27","v":4.3429760000000095E-2}]
[null,null,null,null,"Outturn nominal weighted average cost of debt - Bioresources",null,"%",null,null,null,{"$f":"Bioresources!K27","v":4.470064000000018E-2},{"$f":"Bioresources!L27","v":4.2849920000000208E-2},{"$f":"Bioresources!M27","v":4.2063199999999967E-2},{"$f":"Bioresources!N27","v":4.2596480000000159E-2},{"$f":"Bioresources!O27","v":4.3429760000000095E-2}]
[null,null,null,null,"Outturn nominal weighted average cost of debt - Dummy",null,"%",null,null,null,{"$f":"Dummy!K27","v":4.470064000000018E-2},{"$f":"Dummy!L27","v":4.2849920000000208E-2},{"$f":"Dummy!M27","v":4.2063199999999967E-2},{"$f":"Dummy!N27","v":4.2596480000000159E-2},{"$f":"Dummy!O27","v":4.3429760000000095E-2}]
[]
[null,null,null,null,"Revenue adjustment  from new debt reconciliation - Water resources",null,"£m, CPIH-deflated 2017/18 prices, 2024/25 present values",null,null,null,{"$f":"'Water resources'!K60","v":0.13135711186567647},{"$f":"'Water resources'!L60","v":4.862441957934046E-2},{"$f":"'Water resources'!M60","v":1.1042678464127298E-2},{"$f":"'Water resources'!N60","v":3.4999354358855539E-2},{"$f":"'Water resources'!O60","v":6.9533882723691987E-2}]
[null,null,null,null,"Revenue adjustment  from new debt reconciliation - Water network plus",null,"£m, CPIH-deflated 2017/18 prices, 2024/25 present values",null,null,null,{"$f":"'Water network +'!K60","v":1.9469924002817727},{"$f":"'Water network +'!L60","v":0.66542110555157796},{"$f":"'Water network +'!M60","v":0.14826210856728983},{"$f":"'Water network +'!N60","v":0.47068874901951652},{"$f":"'Water network +'!O60","v":0.94193575430771226}]
[null,null,null,null,"Revenue adjustment  from new debt reconciliation - Wastewater network plus",null,"£m, CPIH-deflated 2017/18 prices, 2024/25 present values",null,null,null,{"$f":"'Wastewater network +'!K60","v":3.6093097589912029},{"$f":"'Wastewater network +'!L60","v":1.3110694261112132},{"$f":"'Wastewater network +'!M60","v":0.30450054300815249},{"$f":"'Wastewater network +'!N60","v":0.9997733441382779},{"$f":"'Wastewater network +'!O60","v":2.0780293967832399}]
[null,null,null,null,"Revenue adjustment  from new debt reconciliation - Bioresources",null,"£m, CPIH-deflated 2017/18 prices, 2024/25 present values",null,null,null,{"$f":"Bioresources!K60","v":0.21573967396218152},{"$f":"Bioresources!L60","v":7.0644539448534868E-2},{"$f":"Bioresources!M60","v":1.5084205436363492E-2},{"$f":"Bioresources!N60","v":4.6022622960236716E-2},{"$f":"Bioresources!O60","v":9.0074928906006324E-2}]
[null,null,null,null,"Revenue adjustment  from new debt reconciliation - Dummy",null,"£m, CPIH-deflated 2017/18 prices, 2024/25 present values",null,null,null,{"$f":"Dummy!K60","v":0},{"$f":"Dummy!L60","v":0},{"$f":"Dummy!M60","v":0},{"$f":"Dummy!N60","v":0},{"$f":"Dummy!O60","v":0}]
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["Acronym","Reference","Item description","Unit","Model","2020-21","2021-22","2022-23","2023-24","2024-25"]
[]
[null,"C_PR24PD12_PD12_CODWR_PR24","Outturn nominal weighted average cost of debt - Water resources","%","Price Review 2024",{"$f":"Output!K9","v":4.470064000000018E-2},{"$f":"Output!L9","v":4.2849920000000208E-2},{"$f":"Output!M9","v":4.2063199999999967E-2},{"$f":"Output!N9","v":4.2596480000000159E-2},{"$f":"Output!O9","v":4.3429760000000095E-2}]
[null,"C_PR24PD12_PD12_CODWN_PR24","Outturn nominal weighted average cost of debt - Water network plus","%","Price Review 2024",{"$f":"Output!K10","v":4.470064000000018E-2},{"$f":"Output!L10","v":4.2849920000000208E-2},{"$f":"Output!M10","v":4.2063199999999967E-2},{"$f":"Output!N10","v":4.2596480000000159E-2},{"$f":"Output!O10","v":4.3429760000000095E-2}]
[null,"C_PR24PD12_PD12_CODWWN_PR24","Outturn nominal weighted average cost of debt - Wastewater network plus","%","Price Review 2024",{"$f":"Output!K11","v":4.470064000000018E-2},{"$f":"Output!L11","v":4.2849920000000208E-2},{"$f":"Output!M11","v":4.2063199999999967E-2},{"$f":"Output!N11","v":4.2596480000000159E-2},{"$f":"Output!O11","v":4.3429760000000095E-2}]
[null,"C_PR24PD12_PD12_CODBIO_PR24","Outturn nominal weighted average cost of debt - Bioresources","%","Price Review 2024",{"$f":"Output!K12","v":4.470064000000018E-2},{"$f":"Output!L12","v":4.2849920000000208E-2},{"$f":"Output!M12","v":4.2063199999999967E-2},{"$f":"Output!N12","v":4.2596480000000159E-2},{"$f":"Output!O12","v":4.3429760000000095E-2}]
[null,"C_PR24PD12_PD12_CODADDN1_PR24","Outturn nominal weighted average cost of debt - ADDN1","%","Price Review 2024",{"$f":"Output!K13","v":4.470064000000018E-2},{"$f":"Output!L13","v":4.2849920000000208E-2},{"$f":"Output!M13","v":4.2063199999999967E-2},{"$f":"Output!N13","v":4.2596480000000159E-2},{"$f":"Output!O13","v":4.3429760000000095E-2}]
[null,"C_PR24PD12_PD12_CODADDN2_PR24","Outturn nominal weighted average cost of debt - ADDN2","%","Price Review 2024"]
[null,"C_PR24PD12_PD12_26WR_PR24","PR19 Cost of new debt revenue adjustment in 2017-18 FYA (CPIH deflated) prices (WR)","£m","Price Review 2024",{"$f":"Output!K15","v":0.13135711186567647},{"$f":"Output!L15","v":4.862441957934046E-2},{"$f":"Output!M15","v":1.1042678464127298E-2},{"$f":"Output!N15","v":3.4999354358855539E-2},{"$f":"Output!O15","v":6.9533882723691987E-2}]
[null,"C_PR24PD12_PD12_26WN_PR24","PR19 Cost of new debt revenue adjustment in 2017-18 FYA (CPIH deflated) prices (WN)","£m","Price Review 2024",{"$f":"Output!K16","v":1.9469924002817727},{"$f":"Output!L16","v":0.66542110555157796},{"$f":"Output!M16","v":0.14826210856728983},{"$f":"Output!N16","v":0.47068874901951652},{"$f":"Output!O16","v":0.94193575430771226}]
[null,"C_PR24PD12_PD12_26WWN_PR24","PR19 Cost of new debt revenue adjustment in 2017-18 FYA (CPIH deflated) prices (WWN)","£m","Price Review 2024",{"$f":"Output!K17","v":3.6093097589912029},{"$f":"Output!L17","v":1.3110694261112132},{"$f":"Output!M17","v":0.30450054300815249},{"$f":"Output!N17","v":0.9997733441382779},{"$f":"Output!O17","v":2.0780293967832399}]
[null,"C_PR24PD12_PD12_26BIO_PR24","PR19 Cost of new debt revenue adjustment in 2017-18 FYA (CPIH deflated) prices (BR)","£m","Price Review 2024",{"$f":"Output!K18","v":0.21573967396218152},{"$f":"Output!L18","v":7.0644539448534868E-2},{"$f":"Output!M18","v":1.5084205436363492E-2},{"$f":"Output!N18","v":4.6022622960236716E-2},{"$f":"Output!O18","v":9.0074928906006324E-2}]
[null,"C_PR24PD12_PD12_26ADDN1_PR24","PR19 Cost of new debt revenue adjustment in 2017-18 FYA (CPIH deflated) prices (ADDN1)","£m","Price Review 2024",{"$f":"Output!K19","v":0},{"$f":"Output!L19","v":0},{"$f":"Output!M19","v":0},{"$f":"Output!N19","v":0},{"$f":"Output!O19","v":0}]
[null,"C_PR24PD12_PD12_26ADDN2_PR24","PR19 Cost of new debt revenue adjustment in 2017-18 FYA (CPIH deflated) prices (ADDN2)","£m","Price Review 2024"]
[null,"PR24QA_PR24PD12_OUT1","Date & Time for Model - PR24PD12","Text","Price Review 2024",{"$f":"CONCATENATE(\"[…]\", TEXT(NOW(),\"dd/mm/yyy hh:mm:ss\"))","v":"[…]16/12/2024 15:03:47"},{"$f":"CONCATENATE(\"[…]\", TEXT(NOW(),\"dd/mm/yyy hh:mm:ss\"))","v":"[…]16/12/2024 15:03:47"},"[…]16/12/2024 15:03:47","[…]16/12/2024 15:03:47","[…]16/12/2024 15:03:47"]
[null,"PR24QA_PR24PD12_OUT2","Name of Model - PR24PD12","Text","Price Review 2024",{"$f":"MID(CELL(\"filename\"),SEARCH(\"[\",CELL(\"filename\"))+1,SEARCH(\"]\",CELL(\"filename\"))-SEARCH(\"[\",CELL(\"filename\"))-1)","v":"PR24PD12 Cost of new debt - Wessex Water.xlsm"},{"$f":"MID(CELL(\"filename\"),SEARCH(\"[\",CELL(\"filename\"))+1,SEARCH(\"]\",CELL(\"filename\"))-SEARCH(\"[\",CELL(\"filename\"))-1)","v":"PR24PD12 Cost of new debt - Wessex Water.xlsm"},"PR24PD12 Cost of new debt - Wessex Water.xlsm","PR24PD12 Cost of new debt - Wessex Water.xlsm","PR24PD12 Cost of new debt - Wessex Water.xlsm"]
[null,"PR24QA_PR24PD12_OUT3","F_Inputs time stamp - PR24PD12","Text","Price Review 2024",{"$f":"F_Inputs!$E$1","v":"Run on 03 Nov 2024 23:21"},{"$f":"F_Inputs!$E$1","v":"Run on 03 Nov 2024 23:21"},{"$f":"F_Inputs!$E$1","v":"Run on 03 Nov 2024 23:21"},{"$f":"F_Inputs!$E$1","v":"Run on 03 Nov 2024 23:21"},{"$f":"F_Inputs!$E$1","v":"Run on 03 Nov 2024 23:21"}]
[null,"PR24QA_PR24PD12_OUT4","Model override switch for - PR24PD12","nr","Price Review 2024",1,1,1,1,1]