Nominal Tax Formula - Excel

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					                                                                 Po ADJUSTMENT MODEL
                                                   part of Power and Water's Initial Regulatory Proposal
                                                            for the 2009-2014 regulatory period
                                                                                                            Version: 2
                                                                                                     Date: 30 June 2008


MODEL AMENDMENT RECORD

  Please note that this is the DRAFT Po adjustment model. Power and Water and other stakeholders may request corrections or modifications to this model where this is
  considered necessary to achieve consistency with the applicable provisions of the National Electricity Rules or the NT Network Access Code.
  Requests for corrections or modifications must be lodged with the Commission by no later than 30 June 2008. The Commission will publish its response to each request
  within 5 business days of receipt of the request.

                          Version               Date           Amendments
                          Version 1          8-May-08              -
                          Version 2          30-Jun-08         a) To adopt PWC’s actual depreciation as an input into the model:
                                                                   ‘RAB Inputs’ rows 125-387 - actual depreciation to be inputted into the model for existing assets as at
                                                                    30 June 02 and for new capex in each year
                                                                   ‘RAB Roll Forward’ rows 55-75 - depreciation in the roll forward linked to Power and Water’s actual
                                                                    depreciation inputted into ‘RAB Inputs’
                                                                   ‘RAB Roll Forward’ rows 100-125 - calculation of implied remaining asset lives based on Power and
                                                                    Water’s annual depreciation inputs
                                                               b) To include an allowance for 08-09 new capital depreciation:
                                                                   ‘RAB Roll Forward’ cell D3 – formula modified to include the depreciation of 08-09 new capital
                                                               c) Other:
                                                                   ‘RAB Roll Forward’ cell D2 – formula correction
                                                                   ‘Estimated Revenue’ cell A3/4 – label changed to ‘Standard Control Services Revenue’
                                                                   ‘Opex’ cell A3/4 – label changed to ‘Standard Control Services Revenue’


INSTRUCTIONS:

1 Unless specified otherwise, dollar amounts are expressed in thousands ($'000)
2 Input data should be recorded in the Po Adjustment Model consistent with the format provided. Any differences or inconsistencies must be identified and explained by Power and
  Water.
3 Power and Water input cells are formatted in blue. If there is already a value or category in this cell, Power and Water may change the value or category. Any changes to values in
  blue cells will be subject to the approval of the Commission.




     83958c15-9055-494a-ab29-d9465b93682b.xls, Intro sheet                                                                                                                   4/22/2011, 4:09 PM
4 The following worksheets require input from Power and Water: Estimated Revenue, Opex and RAB Inputs .


COLOUR CODE:

     PWC input cells
       are in blue

   NTUC specified cells
      are in yellow

  Variances, checks and forecast values are shown in italics




    83958c15-9055-494a-ab29-d9465b93682b.xls, Intro sheet                                                 4/22/2011, 4:09 PM
MODEL OUTLINE                                                      PRICE PATH
                                                                   (Po + CPI - X)




Price Path                                 CPI                      X FACTOR                                   PROPOSED Po
calculation                                                                                          (required revenue vs estimated revenue)




                                                                            REQUIRED REVENUE                                            ESTIMATED REVENUE
Po calculation
                                                                          (return on + return of + opex)




                        RETURN ON OPENING CAPITAL              RETURN ON NEW CAPITAL                   RETURN OF              OPERATING
Building Blocks
                                  (WACC * RAB)                    (WACC * New Capital)                (Depreciation)         EXPENDITURE
calculation




                                                WACC                   RAB ROLL-FORWARD
                                          (pre-tax nominal &      (initial RAB + capex - disposals
                                             real WACC)              - depreciation + indexation)



                                                                           RAB inputs




     83958c15-9055-494a-ab29-d9465b93682b.xls, Outline sheet                                                                                   4/22/2011, 4:09 PM
CONTROL FORMULA: ( 1 + Po) * (1 + CPI) * [ 1 - (X1 + X2 - X3)]


  PWC's PROPOSED Po
                                                               2003-04      2004-05       2005-06         2006-07         2007-08         2008-09          2009-10     2010-11    2011-12    2012-13    2013-14
  - INITIAL REGULATORY PROPOSAL

                                    Po                                         (7.40%)                                                                        0.00%

                                   CPI                             3.11%        2.77%         2.34%              2.67%          3.54%          2.33%          3.00%       3.00%      3.00%      3.00%       3.00%

                                    X1                             0.50%        1.75%         1.75%              1.75%          1.75%          1.75%          0.00%       0.00%      0.00%      0.00%       0.00%
                                    X2                                          0.25%         0.25%              0.25%          0.25%          0.25%          0.25%       0.25%      0.25%      0.25%       0.25%
                                    X3                                          0.00%         0.00%              0.00%          0.00%          0.00%          1.10%       1.10%      1.10%      1.10%       1.10%

                                 Control                        102.59%        93.26%       100.30%         100.62%          101.47%          100.29%       103.88%     103.88%    103.88%    103.88%     103.88%


Index (historical and forecast)
Actual price cap index                                           98.500       103.569        92.134          92.699            94.060         94.329         97.985     101.782    105.727    109.824     114.080
Weighted average price cap constraint (WAPC)                     98.500       103.570        92.136          92.704            94.060         94.329          97.985    101.782    105.727    109.824     114.080
                                          check                                                                                                             pass        pass       pass       pass        pass

                                                                              #N/A          #N/A            #N/A             #N/A              94.329         97.985    #N/A       #N/A       #N/A        #N/A

                                                                 PRICE PATH (PWC's Proposed Po)
                          120

                                                          Second Regulatory Period                 Third Regulatory Period

                          115
        WAPC constraint




                          110



                          105



                          100



                          95



                          90
                                2004-05    2005-06   2006-07    2007-08      2008-09     2009-10       2010-11       2011-12        2012-13      2013-14




      83958c15-9055-494a-ab29-d9465b93682b.xls, Price Path sheet                                                                                                                              4/22/2011, 4:09 PM
SCENARIO MODELLING


                                                                        PRICE PATH SCENARIOS (Third Regulatory Period)
                       120
                                       PWC's Proposed Po
                                       Scenario 1 (Po=0, Prelim X)
                       115             No Change (Po=0, 2004 Reset X)


                       110
     WAPC constraint




                       105



                       100



                        95



                        90
                             2009-10                    2010-11          2011-12             2012-13             2013-14




  83958c15-9055-494a-ab29-d9465b93682b.xls, Price Path sheet                                                               4/22/2011, 4:09 PM
 X FACTOR COMPONENTS                X1             X2          X3              CPI =      3%
Preliminary                       0.00%          0.25%     1.10%
Final


Inflation Forecast Assumption (CPI % increase)             3.00%


  Regulatory Year                 2001-02        2002-03   2003-04   2004-05   2005-06   2006-07   2007-08   2008-09   2009-10   2010-11   2011-12   2012-13   2013-14
  Actual CPI                       2.86%         3.09%     2.35%     2.44%      3.20%    2.92%     2.71%     3.00%     3.00%     3.00%     3.00%     3.00%     3.00%
  Price Cap CPI (lagged)                                   3.00%     2.77%      2.34%    2.67%     3.54%     2.33%     3.00%     3.00%     3.00%     3.00%     3.00%



  Calendar year:                  quarter        quarter   quarter   quarter
                                                                               Annual
  Weighted average of eight       ending         ending    ending    ending
                                                                               Average
  capital cities                 31 March        30 June   30 Sept   31 Dec
  2000 actual                      125.2          126.2     130.9     131.3     128.4
  2001 actual                      132.7          133.8     134.2     135.4     134.0
  2002 actual                      136.6          137.6     138.5     139.5     138.1
  2003 actual                      141.3          141.3     142.1     142.8     141.9
  2004 actual                      144.1          144.8     145.4     146.5     145.2
  2005 actual                      147.5          148.4     149.8     150.6     149.1
  2006 actual                      151.9          154.3     155.7     155.5     154.4
  2007 actual                      155.6          157.5     158.6     160.1     158.0
  2008 actual/forecast             160.3          162.2    163.4     164.9      162.7
  2009 forecast                    165.1          167.1    168.3     169.9      167.6
  2010 forecast                    170.0          172.1    173.3     174.9      172.6
  2011 forecast                    175.1          177.3    178.5     180.2      177.8
  2012 forecast                    180.4          182.6    183.9     185.6      183.1
  2013 forecast                    185.8          188.1    189.4     191.2      188.6
  2014 forecast                    191.4          193.7    195.1     196.9      194.3




       83958c15-9055-494a-ab29-d9465b93682b.xls, CPI X sheet                                                                                                             4/22/2011, 4:09 PM
Financial year:                quarter     quarter      quarter   quarter
                                                                            Annual
Weighted average of eight      ending      ending       ending    ending
                                                                            Average
capital cities                 30 Sept     31 Dec      31 March   30 June
2000-01                         130.9       131.3        132.7     133.8     132.2
2001-02                         134.2       135.4        136.6     137.6     136.0
2002-03                         138.5       139.5        141.3     141.3     140.2
2003-04                         142.1       142.8        144.1     144.8     143.5
2004-05                         145.4       146.5        147.5     148.4     147.0
2005-06                         149.8       150.6        151.9     154.3     151.7
2006-07                         155.7       155.5        155.6     157.5     156.1
2007-08 actual/forecast         158.6       160.1        160.3     162.2     160.3
2008-09 forecast                163.4       164.9       165.1      167.1     165.1
2009-10 forecast                168.3       169.9       170.0      172.1     170.1
2010-11 forecast                173.3       174.9       175.1      177.3     175.2
2011-12 forecast                178.5       180.2       180.4      182.6     180.4
2012-13 forecast                183.9       185.6       185.8      188.1     185.8
2013-14 forecast                189.4       191.2       191.4      193.7     191.4




     83958c15-9055-494a-ab29-d9465b93682b.xls, CPI X sheet                            4/22/2011, 4:09 PM
 PROPOSED Po = (R* - R) / R =         #DIV/0!



  Po CALCULATION                      2008-09
  Required Revenue (R*)                         0
  Estimated Revenue (R)                         0
  PROPOSED Po                         #DIV/0!




83958c15-9055-494a-ab29-d9465b93682b.xls, Proposed Po sheet   4/22/2011, 4:09 PM
     2008-09 ESTIMATED REVENUE (R)               $             -


                                                                        Included in Estimated Revenue (R)?
  STANDARD CONTROL SERVICES REVENUE                                                                                                     2008-09
  $'000                                           Recommendation                                                                       estimates
                                                                                              Explanation
                                                    (Yes or No)

  Non Contestable Customer Revenue                      Yes                                                                                        -
  Contestable Customer Revenue                          Yes                                                                                        -
Total Sales Revenue                                                                                                                                -

  Services rendered                                     Yes                                                                                        -
  Miscellaneous Charges                                 Yes                                                                                        -
  Capital Contribution - PWC Owned Assets                No                                                                                        n/a
  Capital Contribution - DSEP                            No                                                                                        n/a
  Loan Contribution - DSEP                               No                                                                                        n/a
  Recoverable works on PWC assets                        No                                                                                        n/a
  Gross gifted network assets                            No                                                                                        n/a
  -                                                                                                                                                n/a
  -                                                                                                                                                n/a
  -                                                                                                                                                n/a
  Other Income not elsewhere defined                    Yes                                                                                        -
Total Non-Sales Revenue                                                                                                                            -

TOTAL 2008-09 ESTIMATED REVENUE (R)                                                                                                $               -


  REGULATED NETWORKS REVENUE                      2006-07 actuals     2007-08 actuals                          2008-09 estimates
  - TIME SERIES VARIANCE EXPLANATION                (regulated          (regulated         percentage change      (regulated       percentage change     Explanation for variations greater than +/- 5%
  $'000                                             networks)           networks)                                 networks)

  Non Contestable Customer Revenue                             -                    -             n/a                        -            n/a
  Contestable Customer Revenue                                 -                    -             n/a                        -            n/a
Total Sales Revenue                                            -                    -             n/a                        -            n/a

  Services rendered                                            -                    -             n/a                        -            n/a
  Miscellaneous Charges                                        -                    -             n/a                        -            n/a
  Capital Contribution - PWC Owned Assets                      -                    -             n/a                        -            n/a
  Capital Contribution - DSEP                                  -                    -             n/a                        -            n/a
  Loan Contribution - DSEP                                     -                    -             n/a                        -            n/a
  Recoverable works on PWC assets                              -                    -             n/a                        -            n/a
  Gross gifted network assets                                  -                    -             n/a                        -            n/a
  -                                                            -                    -             n/a                        -            n/a
  -                                                            -                    -             n/a                        -            n/a
  -                                                            -                    -             n/a                        -            n/a
  Other Income not elsewhere defined                           -                    -             n/a                        -            n/a
Total Non-Sales Revenue                                        -                    -             n/a                        -            n/a


TOTAL REGULATED REVENUE                                        -                    -             n/a                        -            n/a




         83958c15-9055-494a-ab29-d9465b93682b.xls, Estimated Revenue sheet                                                                                                                           4/22/2011, 4:09 PM
  NETWORKS REVENUE - TIME SERIES
                                                              2006-07 actuals                          2007-08 actuals                 2008-09 estimates
  (Regulated and Total)
                                                       Regulated          Total Networks         Regulated           Total        Regulated           Total
  $'000                                                                   (from reconciliation
                                                       Networks                  below)
                                                                                                 Networks          Networks       Networks          Networks

  Non Contestable Customer Revenue
  Contestable Customer Revenue
Total Sales Revenue                                                -                       -                 -                -               -                -

  Services rendered                                                                        -
  Miscellaneous Charges                                                                    -
  Capital Contribution - PWC Owned Assets                                                  -
  Capital Contribution - DSEP                                                              -
  Loan Contribution - DSEP                                                                 -
  Recoverable works on PWC assets                                                          -
  Gross gifted network assets                                                              -
  -                                                                                        -
  -                                                                                        -
  -                                                                                        -
  Other Income not elsewhere defined                                                       -
Total Non-Sales Revenue                                            -                       -                 -                -               -                -

TOTAL REVENUE                                                      -                       -                 -                -               -                -


  Electricity sales quantities


  Electricity sales quantities
                                                              2006-07 actuals                          2007-08 actuals                 2008-09 estimates
  (Regulated and Total)
                                                       Regulated               Total             Regulated           Total        Regulated           Total
                                                       Networks              Networks            Networks          Networks       Networks          Networks

  MW
  MWh


  Reconciliation to PWC's latest audited Financial Statements (2006-07)


  PWC REVENUE                                      2006-07 Financial
                                                                          from table below       variance
  $'000                                               Statements

    Sale of goods                                            291,497                       -           291,497
  Total Sales Revenue                                        291,497                       -

    Services rendered                                         27,809                      -             27,809
    Bank interest                                              2,087                    2,087             -
    Community Service Obligations                             54,783                   54,783             -
    Developer & customer contributions: Gifted
                                                              13,015                                    13,015
    network assets                                                                        -
    Developer & customer contributions: Other                 11,199                      -             11,199
    Net gain on disposal of PPE                                  228                      -                228
    Recoverable works                                         25,978                      -             25,978
    Other revenue                                             51,814                      -             51,814
  Total Non Sales Revenue                                    186,913                   56,870

TOTAL PWC REVENUE 06-07                                      478,410                   56,870          421,540




          83958c15-9055-494a-ab29-d9465b93682b.xls, Estimated Revenue sheet                                                                                        4/22/2011, 4:09 PM
  PWC REVENUE BREAKDOWN                                                               Classification
                                                            2006-07                                              Explanation / Notes
  $'000                                                                      (must select from drop-down menu)


Sales Revenue

  Electricity Sales                                                       Sale of goods
  Water Sales                                                             Sale of goods
  Sewerage Sales                                                          Sale of goods

TOTAL Sales Revenue                                                   0

Non Sales Revenue

  Generation Other Revenue                                            0
                                              Gas Sales
                               MRM Pipeline Rental Levy
                                                  Tolling
                                       Services rendered
                                  Miscellaneous Charges
                Capital Contribution - PWC Owned Assets
                              Capital Contribution - DSEP
                               Loan Contribution - DSEP
                      Recoverable works on PWC assets
                                                        -
                                                        -
                                                        -
                      Other Income not elsewhere defined


  Networks Other Revenue                                              0
                                       Services rendered
                                  Miscellaneous Charges
                Capital Contribution - PWC Owned Assets
                              Capital Contribution - DSEP
                               Loan Contribution - DSEP
                      Recoverable works on PWC assets
                             Gross gifted network assets
                                                        -
                                                        -
                                                        -
                      Other Income not elsewhere defined


  System Control Other Revenue                                        0
                                       Services rendered
                                  Miscellaneous Charges
                                                        -
                                                        -
                                                        -
                      Other Income not elsewhere defined


  Water Other Revenue                                                 0
                                       Services rendered
                                  Miscellaneous Charges
                Capital Contribution - PWC Owned Assets
                          Capital Contribution - WASSEP
                            Loan Contribution - WASSEP
                      Recoverable works on PWC assets
                                                        -
                                                        -




         83958c15-9055-494a-ab29-d9465b93682b.xls, Estimated Revenue sheet                                                             4/22/2011, 4:09 PM
                                                        -
                       Other Income not elsewhere defined


  Sewerage Other Revenue                                         0
                                         Bulkwaste Water
                                        Services rendered
                                   Miscellaneous Charges
                  Capital Contribution - PWC Owned Assets
                            Capital Contribution - WASSEP
                             Loan Contribution - WASSEP
                        Recoverable works on PWC assets
                                                        -
                                                        -
                                                        -
                       Other Income not elsewhere defined


  Technology Services Other Revenue                              0
                                        Services rendered
                                   Miscellaneous Charges
                                                        -
                                                        -
                                                        -
                       Other Income not elsewhere defined


  Retail Other Revenue                                           0
                                 MRM Power Station Levy
                                        Services rendered
                                   Miscellaneous Charges
                                                        -
                                                        -
                                                        -
                       Other Income not elsewhere defined


  Bank Interest                                              2,087    Bank interest

  Community Service Obligations                             54,783    Community Service Obligations

TOTAL Non Sales Revenue                                     56,870

TOTAL REVENUE                                               56,870




         83958c15-9055-494a-ab29-d9465b93682b.xls, Estimated Revenue sheet                            4/22/2011, 4:09 PM
    2008-09 REQUIRED REVENUE (R*)            $         -



  BUILDING BLOCKS COMPONENTS
                                                 2008-09
  $'000
  Return on Opening Capital                                0
  Return on New Capital                                    0
  Return of Capital (Depreciation)                         0
  Operating Expenditure                                    0
 TOTAL 2008-09 REQUIRED REVENUE (R*)         $         -




83958c15-9055-494a-ab29-d9465b93682b.xls, Required Revenue sheet   4/22/2011, 4:09 PM
     2008-09 OPERATING EXPENDITURE                $         -



  STANDARD CONTROL SERVICES
                                                       2008-09
  OPERATING EXPENDITURE
                                                      estimates
  $'000


Operating Expenditure
  Repairs and maintenance expense                            -
  Raw materials & consumables used                           -
  Employee benefits expense                                  -
  0                                                          -
  0                                                          -
  0                                                          -
  0                                                          -
  0                                                          -
  Other expenses                                             -
  Transfer Pricing expense                                   -
  Internal consumption                                       -
  Debt raising costs                                         -

TOTAL 2008-09 ESTIMATED OPEX                      $          -


  REGULATED NETWORKS OPERATING                       2004-05         2005-06                   2006-07                   2007-08                    2008-09
  EXPENDITURE                                        actuals         actuals    percentage     actuals    percentage     actuals     percentage   estimates    percentage
                                                                                                                                                                                Explanation for variations greater than +/- 5%
  - TIME SERIES VARIANCE EXPLANATION               (regulated      (regulated     change     (regulated     change     (regulated      change     (regulated     change
  $'000                                            networks)       networks)                 networks)                 networks)                  networks)

  Repairs and maintenance expense                            -              -      n/a                -      n/a                -       n/a                -      n/a
  Raw materials & consumables used                           -              -      n/a                -      n/a                -       n/a                -      n/a
  Employee benefits expense                                  -              -      n/a                -      n/a                -       n/a                -      n/a
  0                                                          -              -      n/a                -      n/a                -       n/a                -      n/a
  0                                                          -              -      n/a                -      n/a                -       n/a                -      n/a
  0                                                          -              -      n/a                -      n/a                -       n/a                -      n/a
  0                                                          -              -      n/a                -      n/a                -       n/a                -      n/a
  0                                                          -              -      n/a                -      n/a                -       n/a                -      n/a
  Other expenses                                             -              -      n/a                -      n/a                -       n/a                -      n/a
  Transfer Pricing expense                                   -              -      n/a                -      n/a                -       n/a                -      n/a
  Internal consumption                                       -              -      n/a                -      n/a                -       n/a                -      n/a


TOTAL REGULATED OPERATING EXPENDITURE                        -              -      n/a                -      n/a                -       n/a                -      n/a


  NETWORKS OPERATING EXPENDITURE
  - TIME SERIES                                           2004-05 actuals           2005-06 actuals           2006-07 actuals            2007-08 actuals          2008-09 estimates
  (Regulated and Total)
                                                                                                                         Total
                                                   Regulated         Total      Regulated      Total      Regulated    Networks      Regulated      Total      Regulated      Total
  $'000
                                                   Networks        Networks     Networks     Networks     Networks     (from recon   Networks     Networks     Networks     Networks
                                                                                                                          below)

  Repairs and maintenance expense                                                                                               -
  Raw materials & consumables used                                                                                              -
  Employee benefits expense                                                                                                     -
  0                                                                                                                             -
  0                                                                                                                             -
  0                                                                                                                             -
  0                                                                                                                             -




          83958c15-9055-494a-ab29-d9465b93682b.xls, Opex sheet                                                                                                                                               4/22/2011, 4:09 PM
  0                                                                                                                                           -
  Other expenses                                                                                                                              -
  Transfer Pricing expense                                                                                                                    -
  Internal consumption                                                                                                                        -

TOTAL OPERATING EXPENDITURE                                      -                -                -                -             -           -          -               -         -             -


  Cost Drivers and Allocations


                                                                                                                                                  Networks %
                                                                           Directly
  COST DRIVERS AND ALLOCATIONS                                                            Allocated                                                share of
                                                           2006-07       Attributable                              Cost Driver or Allocator                                            Explanation / Notes
  $'000                                                                                  component                                                 allocated
                                                                         component
                                                                                                                                                      opex

Networks Operating Expenditure                                       0
                     Repairs and maintenance expense                 0
                    Raw materials & consumables used                 0
                             Employee benefits expense               0
                                                     0               0
                                                     0               0
                                                     0               0
                                                     0               0
                                                     0               0
                                       Other expenses                0

Internal expense eliminations                                        0
                               Transfer Pricing expense
                                   Internal consumption



  Reconciliation to PWC's latest audited Financial Statements (2006-07)


                                                            2006-07
  PWC EXPENDITURE                                                        from table
                                                           Financial                       variance
  $'000                                                                    below
                                                          Statements

  Repairs and maintenance expense                             28,074             -               28,074
  Raw materials & consumables used                           184,981             -             184,981
  Employee benefits expense                                   64,121             -               64,121
  Property costs                                               4,945             -                4,945
  Information technology & communications expense              7,689             -                7,689
  Change in inventories of finished goods & WIP               22,685             -               22,685
  Insurance costs                                              3,630             -                3,630
  Community Contract fees                                      6,117           6,117           -
  Other expenses                                              36,254             -               36,254
  Impairment of non-current assets                           146,431         146,431           -
  Finance costs                                               24,633          24,633           -


TOTAL PWC EXPENDITURE 06-07                                  529,560         177,181           352,379


  PWC EXPENDITURE BREAKDOWN                                                                     Classification
                                                           2006-07                                                                                           Explanation / Notes
  $'000                                                                                 (must select from drop-down menu)


  Generation Operating Expenditure                                   0
                     Repairs and maintenance expense
                    Raw materials & consumables used
                             Employee benefits expense




         83958c15-9055-494a-ab29-d9465b93682b.xls, Opex sheet                                                                                                                                                4/22/2011, 4:09 PM
                                   Other expenses             Other expenses

Networks Operating Expenditure                           0
                  Repairs and maintenance expense
                  Raw materials & consumables used
                         Employee benefits expense




                                   Other expenses             Other expenses

System Control Operating Expenditure                      0
                  Repairs and maintenance expense
                  Raw materials & consumables used
                         Employee benefits expense




                                   Other expenses             Other expenses

Water Operating Expenditure                              0
                  Repairs and maintenance expense
                  Raw materials & consumables used
                         Employee benefits expense




                                   Other expenses             Other expenses

Sewerage Operating Expenditure                           0
                  Repairs and maintenance expense
                  Raw materials & consumables used
                         Employee benefits expense




                                   Other expenses             Other expenses

Technology Services Operating Expenditure                0
                  Repairs and maintenance expense
                  Raw materials & consumables used
                         Employee benefits expense




                                   Other expenses             Other expenses




       83958c15-9055-494a-ab29-d9465b93682b.xls, Opex sheet                    4/22/2011, 4:09 PM
  Retail Operating Expenditure                               0
                     Repairs and maintenance expense
                    Raw materials & consumables used
                            Employee benefits expense




                                      Other expenses              Other expenses

  Community Contract fees                                 6,117   Community Contract fees

  Impairment of non-current assets                      146,431   Impairment of non-current assets

  Finance costs                                          24,633   Finance costs

TOTAL OPERATING EXPENDITURE                             177,181




         83958c15-9055-494a-ab29-d9465b93682b.xls, Opex sheet                                        4/22/2011, 4:09 PM
2008-09 OPENING RAB            $                     -

2008-09 NEW CAPITAL            $                     -

2008-09 DEPRECIATION           $                     -


Regulatory Asset Base Roll Forward
                                                                  0           1         2         3         4         5         6         7
Year                                                             2001-02      2002-03   2003-04   2004-05   2005-06   2006-07   2007-08   2008-09

Actual CPI Inflation Rate                                             2.86%    3.09%     2.35%     2.44%     3.20%     2.92%     2.71%     3.00%

Opening Regulated Asset Base ($'000 Nominal)                                     -         -         -         -         -         -         -
                                   Sub-transmission lines                        -         -         -         -         -         -         -
                                         distribution lines                      -         -         -         -         -         -         -
                                              substations                        -         -         -         -         -         -         -
                               distribution transformers                         -         -         -         -         -         -         -
                                         LVS and meters                          -         -         -         -         -         -         -
                                         communications                          -         -         -         -         -         -         -
                                                 vehicles                        -         -         -         -         -         -         -
                                     land and easements                          -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -

Nominal Actual Net Capex                                                         -         -         -         -         -         -         -
                                   Sub-transmission lines                        -         -         -         -         -         -         -
                                         distribution lines                      -         -         -         -         -         -         -
                                              substations                        -         -         -         -         -         -         -
                               distribution transformers                         -         -         -         -         -         -         -
                                         LVS and meters                          -         -         -         -         -         -         -
                                         communications                          -         -         -         -         -         -         -
                                                 vehicles                        -         -         -         -         -         -         -
                                     land and easements                          -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -
                                                         0                       -         -         -         -         -         -         -




   83958c15-9055-494a-ab29-d9465b93682b.xls, RAB Roll Forward sheet                                                                                 4/22/2011, 4:09 PM
Nominal Actual Straight-line Depreciation                             -   -   -   -   -   -   -
                                     Sub-transmission lines           -   -   -   -   -   -   -
                                             distribution lines       -   -   -   -   -   -   -
                                                   substations        -   -   -   -   -   -   -
                                   distribution transformers          -   -   -   -   -   -   -
                                            LVS and meters            -   -   -   -   -   -   -
                                            communications            -   -   -   -   -   -   -
                                                      vehicles        -   -   -   -   -   -   -
                                        land and easements            -   -   -   -   -   -   -
                                                              0       -   -   -   -   -   -   -
                                                              0       -   -   -   -   -   -   -
                                                              0       -   -   -   -   -   -   -
                                                              0       -   -   -   -   -   -   -
                                                              0       -   -   -   -   -   -   -
                                                              0       -   -   -   -   -   -   -
                                                              0       -   -   -   -   -   -   -
                                                              0       -   -   -   -   -   -   -
                                                              0       -   -   -   -   -   -   -
                                                              0       -   -   -   -   -   -   -
                                                              0       -   -   -   -   -   -   -
                                                              0       -   -   -   -   -   -   -

Indexation on Opening RAB                                             -   -   -   -   -   -   -
                                     Sub-transmission lines           -   -   -   -   -   -   -
                                             distribution lines       -   -   -   -   -   -   -
                                                   substations        -   -   -   -   -   -   -
                                   distribution transformers          -   -   -   -   -   -   -
                                            LVS and meters            -   -   -   -   -   -   -
                                            communications            -   -   -   -   -   -   -
                                                     vehicles         -   -   -   -   -   -   -
                                       land and easements             -   -   -   -   -   -   -
                                                             0        -   -   -   -   -   -   -
                                                             0        -   -   -   -   -   -   -
                                                             0        -   -   -   -   -   -   -
                                                             0        -   -   -   -   -   -   -
                                                             0        -   -   -   -   -   -   -
                                                             0        -   -   -   -   -   -   -
                                                             0        -   -   -   -   -   -   -
                                                             0        -   -   -   -   -   -   -
                                                             0        -   -   -   -   -   -   -
                                                             0        -   -   -   -   -   -   -
                                                             0        -   -   -   -   -   -   -
                                                             0        -   -   -   -   -   -   -




   83958c15-9055-494a-ab29-d9465b93682b.xls, RAB Roll Forward sheet                               4/22/2011, 4:09 PM
RAB Input Variables

 Regulated Asset Base as at 30 June 2002 ($'000 Nominal)
                                                             Asset Value
                                 Asset Class Name               as at                          Standard
                                                            30 June 2002      Remaining Life     Life
 Asset Class 1                Sub-transmission lines
 Asset Class 2                distribution lines
 Asset Class 3                substations
 Asset Class 4                distribution transformers
 Asset Class 5                LVS and meters
 Asset Class 6                communications
 Asset Class 7                vehicles
 Asset Class 8                land and easements
 Asset Class 9
 Asset Class 10
 Asset Class 11
 Asset Class 12
 Asset Class 13
 Asset Class 14
 Asset Class 15
 Asset Class 16
 Asset Class 17
 Asset Class 18
 Asset Class 19
 Asset Class 20                                                                                                            Off-Ramp RAB :
 Total                                                      $             -                                                 $      350,000         check: error


 Actual Capital Expenditure – As Incurred ($'000 Nominal)
                            Year                                2002-03          2003-04       2004-05       2005-06            2006-07       2007-08         2008-09
                            Sub-transmission lines
                            distribution lines
                            substations
                            distribution transformers
                            LVS and meters
                            communications
                            vehicles
                            land and easements
                            0
                            0
                            0
                            0
                            0
                            0
                            0
                            0
                            0
                            0
                            0
                            0
                            Total                                         -             -                -             -                  -             -               -




    83958c15-9055-494a-ab29-d9465b93682b.xls, RAB inout sheet                                                                                                               4/22/2011, 4:09 PM
                                                                                                                                                          $          -
Actual Asset Disposal – As Incurred ($'000 Nominal)
                           Year                             2002-03       2003-04   2004-05       2005-06       2006-07       2007-08       2008-09
                           Sub-transmission lines
                           distribution lines
                           substations
                           distribution transformers
                           LVS and meters
                           communications
                           vehicles
                           land and easements
                           0
                           0
                           0
                           0
                           0
                           0
                           0
                           0
                           0
                           0
                           0
                           0
                           Total                                      -         -             -             -             -             -             -
                                                                                                                                                          $          -
Actual Customer Contributions – As Incurred ($'000 Nominal)
                          Year                              2002-03       2003-04   2004-05       2005-06       2006-07       2007-08       2008-09
                          Sub-transmission lines
                          distribution lines
                          substations
                          distribution transformers
                          LVS and meters
                          communications
                          vehicles
                          land and easements
                          0
                          0
                          0
                          0
                          0
                          0
                          0
                          0
                          0
                          0
                          0
                          0
                          Total                                     -           -             -             -             -             -             -
                                                                                                                                                          $          -




   83958c15-9055-494a-ab29-d9465b93682b.xls, RAB inout sheet                                                                                              4/22/2011, 4:09 PM
Actual Net Capital Expenditure – As Incurred ($'000 Nominal)
                           Year                              2002-03         2003-04        2004-05           2005-06           2006-07           2007-08           2008-09
                           Sub-transmission lines                    -              -                 -                 -                 -                 -                 -
                           distribution lines                        -              -                 -                 -                 -                 -                 -
                           substations                               -              -                 -                 -                 -                 -                 -
                           distribution transformers                 -              -                 -                 -                 -                 -                 -
                           LVS and meters                            -              -                 -                 -                 -                 -                 -
                           communications                            -              -                 -                 -                 -                 -                 -
                           vehicles                                  -              -                 -                 -                 -                 -                 -
                           land and easements                        -              -                 -                 -                 -                 -                 -
                           0                                         -              -                 -                 -                 -                 -                 -
                           0                                         -              -                 -                 -                 -                 -                 -
                           0                                         -              -                 -                 -                 -                 -                 -
                           0                                         -              -                 -                 -                 -                 -                 -
                           0                                         -              -                 -                 -                 -                 -                 -
                           0                                         -              -                 -                 -                 -                 -                 -
                           0                                         -              -                 -                 -                 -                 -                 -
                           0                                         -              -                 -                 -                 -                 -                 -
                           0                                         -              -                 -                 -                 -                 -                 -
                           0                                         -              -                 -                 -                 -                 -                 -
                           0                                         -              -                 -                 -                 -                 -                 -
                           0                                         -              -                 -                 -                 -                 -                 -
                           Total                                     -              -                 -                 -                 -                 -                 -

                                                                                                                                                                                      $              -

Nominal Actual Straight-line Depreciation ($'000 Nominal)
                                                                                                                                                                                      08-09 New Capital
   Sub-transmission lines           Opening RAB                                                                                                                                           Depreciation
                                                   C   0
                                                   a   1
                                                   p
                                                       2
                                                   e
                                                       3
                                                   x
                                                       4
                                                   i   5
                                                   n   6
                                                       7
                                                   y   8
                                                   e   9
                                                   a
                                                       10
                                                   r
                        Sub-transmission lines                           -              -                 -                 -                 -                 -                 -
         distribution lines         Opening RAB
                                                   C   0
                                                   a   1
                                                   p
                                                       2
                                                   e
                                                       3
                                                   x
                                                       4
                                                   i   5
                                                   n   6
                                                       7
                                                   y   8
                                                   e   9
                                                   a
                                                       10
                                                   r
                              distribution lines                         -              -                 -                 -                 -                 -                 -




   83958c15-9055-494a-ab29-d9465b93682b.xls, RAB inout sheet                                                                                                                          4/22/2011, 4:09 PM
             substations           Opening RAB
                                                 C   0
                                                 a   1
                                                 p
                                                     2
                                                 e
                                                     3
                                                 x
                                                     4
                                                 i   5
                                                 n   6
                                                     7
                                                 y   8
                                                 e   9
                                                 a
                                                     10
                                                 r
                                  substations                -   -   -   -   -   -   -
distribution transformers          Opening RAB
                                                 C   0
                                                 a   1
                                                 p
                                                     2
                                                 e
                                                     3
                                                 x
                                                     4
                                                 i   5
                                                 n   6
                                                     7
                                                 y   8
                                                 e   9
                                                 a
                                                     10
                                                 r
                     distribution transformers               -   -   -   -   -   -   -
         LVS and meters            Opening RAB
                                                 C   0
                                                 a   1
                                                 p
                                                     2
                                                 e
                                                     3
                                                 x
                                                     4
                                                 i   5
                                                 n   6
                                                     7
                                                 y
                                                     8
                                                 e
                                                 a   9
                                                 r   10
                             LVS and meters                  -   -   -   -   -   -   -
        communications             Opening RAB
                                                 C   0
                                                 a   1
                                                 p
                                                     2
                                                 e
                                                     3
                                                 x
                                                     4
                                                 i   5
                                                 n   6
                                                     7
                                                 y   8
                                                 e   9
                                                 a
                                                     10
                                                 r
                             communications                  -   -   -   -   -   -   -




 83958c15-9055-494a-ab29-d9465b93682b.xls, RAB inout sheet                               4/22/2011, 4:09 PM
              vehicles       Opening RAB
                                          C   0
                                          a   1
                                          p
                                              2
                                          e
                                              3
                                          x
                                              4
                                          i   5
                                          n   6
                                              7
                                          y   8
                                          e   9
                                          a
                                              10
                                          r
                               vehicles                     -   -   -   -   -   -   -
  land and easements         Opening RAB
                                          C   0
                                          a   1
                                          p
                                              2
                                          e
                                              3
                                          x
                                              4
                                          i   5
                                          n   6
                                              7
                                          y   8
                                          e   9
                                          a
                                              10
                                          r
                     land and easements                     -   -   -   -   -   -   -
                    0        Opening RAB
                                          C   0
                                          a   1
                                          p
                                              2
                                          e
                                              3
                                          x
                                              4
                                          i   5
                                          n   6
                                              7
                                          y   8
                                          e   9
                                          a
                                              10
                                          r
                                     0                      -   -   -   -   -   -   -
                    0        Opening RAB
                                          C   0
                                          a   1
                                          p
                                              2
                                          e
                                              3
                                          x
                                              4
                                          i   5
                                          n   6
                                              7
                                          y   8
                                          e   9
                                          a
                                              10
                                          r
                                     0                      -   -   -   -   -   -   -




83958c15-9055-494a-ab29-d9465b93682b.xls, RAB inout sheet                               4/22/2011, 4:09 PM
                    0       Opening RAB
                                       C    0
                                       a    1
                                       p
                                            2
                                       e
                                            3
                                       x
                                            4
                                       i    5
                                       n    6
                                            7
                                       y    8
                                       e    9
                                       a
                                           10
                                       r
                                   0                        -   -   -   -   -   -   -
                    0       Opening RAB
                                       C    0
                                       a    1
                                       p
                                            2
                                       e
                                            3
                                       x
                                            4
                                       i    5
                                       n    6
                                            7
                                       y    8
                                       e    9
                                       a
                                           10
                                       r
                                   0                        -   -   -   -   -   -   -
                    0       Opening RAB
                                       C    0
                                       a    1
                                       p
                                            2
                                       e
                                            3
                                       x
                                            4
                                       i    5
                                       n    6
                                            7
                                       y    8
                                       e    9
                                       a
                                           10
                                       r
                                   0                        -   -   -   -   -   -   -
                    0       Opening RAB
                                       C    0
                                       a    1
                                       p
                                            2
                                       e
                                            3
                                       x
                                            4
                                       i    5
                                       n    6
                                            7
                                       y    8
                                       e    9
                                       a
                                           10
                                       r
                                   0                        -   -   -   -   -   -   -




83958c15-9055-494a-ab29-d9465b93682b.xls, RAB inout sheet                               4/22/2011, 4:09 PM
                    0       Opening RAB
                                       C    0
                                       a    1
                                       p
                                            2
                                       e
                                            3
                                       x
                                            4
                                       i    5
                                       n    6
                                            7
                                       y    8
                                       e    9
                                       a
                                           10
                                       r
                                   0                        -   -   -   -   -   -   -
                    0       Opening RAB
                                       C    0
                                       a    1
                                       p
                                            2
                                       e
                                            3
                                       x
                                            4
                                       i    5
                                       n    6
                                            7
                                       y    8
                                       e    9
                                       a
                                           10
                                       r
                                   0                        -   -   -   -   -   -   -
                    0       Opening RAB
                                       C    0
                                       a    1
                                       p
                                            2
                                       e
                                            3
                                       x
                                            4
                                       i    5
                                       n    6
                                            7
                                       y    8
                                       e    9
                                       a
                                           10
                                       r
                                   0                        -   -   -   -   -   -   -
                    0       Opening RAB
                                       C    0
                                       a    1
                                       p
                                            2
                                       e
                                            3
                                       x
                                            4
                                       i    5
                                       n    6
                                            7
                                       y    8
                                       e    9
                                       a
                                           10
                                       r
                                   0                        -   -   -   -   -   -   -




83958c15-9055-494a-ab29-d9465b93682b.xls, RAB inout sheet                               4/22/2011, 4:09 PM
                            0           Opening RAB
                                                        C   0
                                                        a   1
                                                        p
                                                            2
                                                        e
                                                            3
                                                        x
                                                            4
                                                        i   5
                                                        n   6
                                                            7
                                                        y   8
                                                        e   9
                                                        a
                                                            10
                                                        r
                                                   0                           -              -                 -                 -                 -                 -                 -
                            0           Opening RAB
                                                        C   0
                                                        a   1
                                                        p
                                                            2
                                                        e
                                                            3
                                                        x
                                                            4
                                                        i   5
                                                        n   6
                                                            7
                                                        y   8
                                                        e   9
                                                        a
                                                            10
                                                        r
                                                   0                           -              -                 -                 -                 -                 -                 -


    TOTAL Forecast 2008-09 New Capital Depreciation                                                                                                                                         $          -

Total Depreciation ($'000 Nominal)
                              Year                               2002-03           2003-04        2004-05           2005-06           2006-07           2007-08           2008-09
Nominal Actual Straight-line Depreciation                                  -              -                 -                 -                 -                 -                 -
                           Sub-transmission lines                          -              -                 -                 -                 -                 -                 -
                                   distribution lines                      -              -                 -                 -                 -                 -                 -
                                         substations                       -              -                 -                 -                 -                 -                 -
                         distribution transformers                         -              -                 -                 -                 -                 -                 -
                                  LVS and meters                           -              -                 -                 -                 -                 -                 -
                                  communications                           -              -                 -                 -                 -                 -                 -
                                            vehicles                       -              -                 -                 -                 -                 -                 -
                             land and easements                            -              -                 -                 -                 -                 -                 -
                                                    0                      -              -                 -                 -                 -                 -                 -
                                                    0                      -              -                 -                 -                 -                 -                 -
                                                    0                      -              -                 -                 -                 -                 -                 -
                                                    0                      -              -                 -                 -                 -                 -                 -
                                                    0                      -              -                 -                 -                 -                 -                 -
                                                    0                      -              -                 -                 -                 -                 -                 -
                                                    0                      -              -                 -                 -                 -                 -                 -
                                                    0                      -              -                 -                 -                 -                 -                 -
                                                    0                      -              -                 -                 -                 -                 -                 -
                                                    0                      -              -                 -                 -                 -                 -                 -
                                                    0                      -              -                 -                 -                 -                 -                 -
                                                    0                      -              -                 -                 -                 -                 -                 -




    83958c15-9055-494a-ab29-d9465b93682b.xls, RAB inout sheet                                                                                                                               4/22/2011, 4:09 PM
Pre-tax Nominal WACC                           9.91%
Pre-tax Real WACC                              6.71%


Cost of Capital Parameters
                                                           Input Data & Calculations
Market Risk Premium                            MRP                  6.00%
Utilisation of Imputation (Franking) Credits     g                    0.5
Proportion of Debt Funding                     D/V                    0.6
Equity Beta                                     βe                    1.0
Inflation Rate                                   f                  3.00%
Nominal Risk Free Rate                          Rf                  6.00%
Debt Risk Premium                              DRP                  1.10%
Corporate Tax Rate                              T                   30.00%
Debt Raising Cost Benchmark                     Dr                  0.08%
Real Risk Free Rate                             Rrf                 2.91%
Nominal Pre-tax Cost of Debt                    Rd                  7.10%
Real Pre-tax Cost of Debt                       Rrd                 3.98%
Proportion of Equity Funding                    E/V                 40.00%

WACC Analysis
                                                           Formula Approximation
Post-tax Nominal Return on Equity(pre-imp)                          12.00%
Post-tax Real Return on Equity(pre-imp)                             8.74%
Nominal Vanilla WACC                                                9.06%
Real Vanilla WACC                                                   5.88%
Post-tax Nominal WACC                                               6.93%
Post-tax Real WACC                                                  3.82%
Pre-tax Nominal WACC                                                 9.91%
Pre-tax Real WACC                                                    6.71%
Nominal Tax Allowance                                               0.85%
Real Tax Allowance                                                  0.82%




    83958c15-9055-494a-ab29-d9465b93682b.xls, WACC sheet                               4/22/2011, 4:09 PM

				
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