The Australian Energy Regulator (AER) is likely to issue its final determination for the five-year regulatory period (July 2025 to June 2030) in April 2025. The draft decision it released in September 2024 approved substantially all of ETSA?s proposed revenue allowance and operating expenditure (opex) as well as about 90% of its proposed capital expenditure (capex). ETSA will provide submissions to the AER to justify higher capex allowances for the replacement of its ageing electricity infrastructure network. Our current forecasts factor in the higher capex allowances, in line with ETSA?s initial submission. Like prior resets, we expect ETSA to operate within the final approved capex allowances. The draft decision does not materially affect our forecasts, which are largely in keeping
