...ETSA Utilities Finance Pty Ltd. has headroom to withstand the tariff reset from July 2020. The current regulatory determination provides cash flow certainty to June 2020, supporting ETSA's metrics at current levels. The draft determination for the 2020-2025 regulatory period due in September 2019 will provide greater cash flow visibility from July 2020. ETSA's parent SA Power Networks' (SAPN) regulatory price proposal in January 2019 is broadly comparable to the current regulatory period. Given that SAPN is a benchmark entity among the top five in Australia, we don't expect material deviation from the proposal. The company's unregulated business will likely continue to perform strongly over the next two years. SAPN's ring-fenced unregulated business Enerven has a strong pipeline of future contracts with multiple counterparties. While some projects will be completed, growth is likely to sustain at about 15% of total revenue. It is unlikely that unregulated revenue will materially decline...
