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Energy retail and services

Gentailer financial model, built free.

A three-statement Excel model for an integrated generator-retailer (gentailer), built from your own figures and checked to balance.

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  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Owns a generation fleet and a retail book, using its own generation as a natural hedge for customer load.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued three ways

    Discounted cash flow, trading multiples and sum of the parts, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Gentailer sample model.xlsx
The Summary sheet of the sample gentailer model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for a gentailer.

  1. How it earns revenue3 formulas
    Energy revenue · All energy assets
    Electricity salesPPA revenueMerchant revenue
    Certificates, ancillary and capacity revenue · All energy assets
    Certificate revenueCertificates createdCertificate price
    Retail energy revenue · Across the business
    Retail energy salesElectricity usage chargesElectricity supply charges
  2. What drives its costs3 formulas
    Operating costs · All energy assets
    Operating costsO&M contractAsset managementLand leaseInsuranceGrid (TUOS) and connection chargesCommunity fund
    Fuel, charging energy and carbon costs · All energy assets
    Charging energy costEnergy chargedCharge (off-peak) priceNetwork charge on energy charged
    Wholesale, network and scheme costs · Across the business
    Wholesale energy, network and scheme costsWholesale energy costNetwork chargesEnvironmental scheme costs
  3. What it invests in3 formulas
    Asset base and depreciation · All energy assets
    Capital expenditureConstruction capexfrom development and constructionSustaining capex
    Asset base and depreciation · All energy assets
    DepreciationOpening net book valueCapital expenditureShare of the period in operation (after COD)from development and constructionshare of the yearRemaining life at period start
    Asset base and depreciation · All energy assets
    Closing net book valueOpening net book valueCapital expenditureDepreciation
  4. How it is funded3 formulas
    Debt
    RepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweep
    Debt
    Closing balanceOpening balanceDrawdownsRepayments
    Debt
    Interest expenseOpening balanceAll-in interest rateshare of the year
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

30 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastConsensus curve with long-run anchor
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • Corporate fixed assetsStraight-line over remaining life
  • DebtAmortising term loan
  • Dividends and distributionsPayout of net profit
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Retail energy revenueConsumption × tariffCustomer accounts, energy sold and retail revenue by segment.
  • Wholesale, network and scheme costsInternal transfer from own generationCost of the energy sold to customers — wholesale energy and hedging, network charges and environmental scheme costs.
  • Cost to serve and acquireAcquisition, retention and serviceRetail operating costs — billing, call centres, bad debts, marketing and customer acquisition.
  • Collateral and marginingInitial and variation marginCash posted to exchanges, market operators and counterparties against open positions and prudential requirements.
  • Wholesale electricity price curveAdviser price curveThe wholesale electricity price forecast used by the revenue and cost parts that need it.
  • Decommissioning and restoration provisionsPresent value with accretionProvisions to remove generation assets, abandon wells and restore sites — recognition, unwinding and spend.
  • Energy and utility KPIsGeneration unit metricsThe ratios investors and lenders use to judge energy and utility businesses.
  • Interest-rate hedgingHedged share at a fixed rate
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Covenant tests and headroomLVR, gearing and ICR for property
  • Discount rate (WACC)CAPM at target gearing
  • Sum of the partsRegister of parts on mixed bases
  • Enterprise value to equity bridgeNet debt at the valuation date
  • Asset registerEnergy asset registerThe facts every other part of the model builds on — capacity, opening book value and remaining life.
  • GenerationStorage cycles and state of healthElectricity sent out (or discharged) by each asset in each period.
  • Energy revenuePPA with merchant tailRevenue from selling electricity (or discharging storage) under contracts and in the wholesale market.
  • Operating costsCost lines with escalationSite operating costs — O&M, asset management, land lease, insurance, grid charges and community payments.
  • Asset base and depreciationStraight-line depreciation over remaining lifeSustaining and replacement capex and depreciation of each asset's property, plant and equipment.
  • Development and constructionTotal capex spread to CODConstruction capex, commercial operation date and ramp-up for new assets, and the development pipeline.
  • Certificates, ancillary and capacity revenueGreen certificates × certificate priceRevenue beyond energy sales — green certificates, frequency control and other ancillary services, and capacity or support payments.
  • Fuel, charging energy and carbon costsCharging or pumping energyVariable cost of the energy an asset consumes — gas, coal, charging or pumping electricity, electrolyser power — and its carbon cost.
Key numbers

The numbers it tracks.

  1. 01generation and retail load (TWh)
  2. 02segment EBITDA
  3. 03customer accounts
  4. 04gearing
  5. 05dividend per share
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
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See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.