In line with our final decision on United Energy's electricity distribution network, we have updated United Energy's return on debt for 2022-23. As a result of this update, the return on debt for 2022-23 is 4.41 per cent. This results in an X-factor for 2022-23 of 1.35 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.

In line with our final decision on United Energy's electricity distribution network, we have updated United Energy's return on debt for 2023–24. As a result of this update, the return on debt for 2023–24 is 4.48 per cent. This results in an X-factor for 2023–24 of 0.79 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.

In line with our final decision on United Energy's electricity distribution network, we have updated United Energy's return on debt for 2024-25. As a result of this update, the return on debt for 2024-25 is 4.50 per cent. This results in an X-factor for 2024-25 of -0.22 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.

On 20 September 2024, the AER published its determination on United Energy's cost pass through application to recover costs related to the Victorian Emergency Backstop Mechanism (VEBM). Our decision is to approve a reduced positive pass through amount of $6.5 million (nominal, smoothed). United Energy will be able to recover this in the 2025–26 regulatory year.