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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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