Investor Presentaiton
INFRASTRUCTURE FOR THE FUTURE
SAPN 2020-25 FINAL REGULATORY DETERMINATION
The AER Final Decision establishes revenue certainty until 2025
Regulatory
proposal
2015-20
Allowance (1)
metric
2020-25
Draft
Decision (2)
2020-25
Revised
Proposal (2)
2020-25
Final
Decision (2)
Capex
$2,011m
$1,247m
$1,693m
$1,596m
($2019-20)
The final decision is in line with expectations with improved
capex and inflation outcomes
Standard Control Services Revenue ($m) and RAB ($bn)(1)(2)
$1,000
Opex
$1,375m
$1,473m(3)
$1,470m
$1,470m
($2019-20)
$800
WACC
6.17%
4.95%
4.79%
4.75%
$600
Risk-free
4.68
4.77
4.85
2.96%
1.32%
0.96%
0.90%
4.48
4.59
4.36
Rate
$400
4.23
4.09
3.88
3.93
Inflation
2.50%
2.45%
2.36%
2.27%
$200
Gamma
Revenue
(Nominal)
0.4
0.585
0.585
0.585
$3,769m
$3,905m
$3,933m
$3,914m
FY16
FY17 FY18 FY19 FY20 FY21
Revenue Allowance
Revised Proposal (Revenue)
FY22 FY23 FY24
Draft Determination (Revenue)
Final Decision (Revenue)
FY25
Regulated Asset Base
The majority of SA Power Networks' Revised Proposal was accepted by the AER in the Final Decision released on 5 June 2020
(1) AER Final Decision 2015-2020, October 2015 updated to $2020 (2) AER Final Decision Overview, June 2020.(3) AER Draft Decision Overview, October 2019.
Spark Infrastructure | Investor Presentation | August 2020
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