Overview Key strengths Key risks Monopoly in regulated electricity network business. Operates under an established and transparent regulatory framework. Ability to operate within total regulated expenditure allowance in an inflationary environment. Known regulatory parameters provide cash flow stability and visibility until June 30, 2025. High capital expenditure (capex) on core network. No exposure to volume risk due to regulatory cap on inflation-adjusted revenue. Revisions in dividend policy and expansion in unregulated segment. The company is regulated by the Australia Energy Regulator. It is subject to five-year regulatory periods, with the current period running from July 1, 2020 to June 30, 2025. While regulatory parameters are subject to change during the determination process, they provide stability and visibility over cash flows
