In line with our final decision on ElectraNet's electricity transmission network, we have updated ElectraNet's return on debt for 2024-25. As a result of this update, the return on debt for 2024-25 is 4.40 per cent. This results in an X-factor for 2024-25 of -6.66 per cent. Holding other things constant, a positive X-factor implies a real revenue decrease and a negative X-factor implies a real revenue increase. The revised PTRM shows the updated X-factor.