In line with the adjustment mechanisms in our remade final decision (June 2024), we have adjusted revenue for the Waratah Super Battery project by:

• Updating the return on equity for 2024–29. We calculated the applicable rate of return in accordance with the 2022 Rate of return instrument and using the risk free rate averaging period nominated by Transgrid and accepted by the AER. As a result of this update, the updated return on equity for 2024–29 is 7.90 per cent (nominal).
• Updating the return on debt for 2024-25. We calculated the applicable rate of return in accordance with the 2022 Rate of return instrument and using the return on debt averaging period nominated by Transgrid and accepted by the AER. As a result of this update, the updated return on debt for 2024-25 is 6.11 per cent (nominal).
• Updating inflation for the pre-period 2023-24 and the first year of the regulatory control period, 2024-25. We calculated inflation using the consumer price index as specified in the inflation adjustment mechanism. As a result of this update, the updated rate of return for the pre-period 2023-24 is 6.93 per cent (nominal vanilla), and the inflation rate for 2024-25 is 4.05 per cent.

We have amended the quarterly schedule of payments (appendix B to the Final decision) to reflect the impact of each of these adjustments, in line with the annual adjustment process.