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Networks and utilities

Multi-utility financial model, built free.

A three-statement Excel model for a multi-utility, 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

Runs several utility businesses — electricity, gas, water, district heating, waste — across regulated networks and competitive generation and retail, reported by segment and often valued as a sum of the parts.

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 two ways

    Discounted cash flow 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
Multi-utility sample model.xlsx
The Summary sheet of the sample multi-utility 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 multi-utility.

  1. How it earns revenue3 formulas
    Energy revenue · All energy assets
    Electricity salesPPA revenueMerchant revenue
    Regulatory assets and liabilities · All network assets
    Closing deferred fuel balanceOpening deferred fuel balanceCosts deferred (under-recovery less over-recovery)Carrying charge accruedTrue-up surcharge (refund) recovering the balance
    Regulatory assets and liabilities · All network assets
    Fuel and purchased-energy recoveries billedFuel cost recovered through the factor in ratesTrue-up surcharge (refund) recovering the balance
  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
    Network operating costs · All network assets
    Network operating costsCustomer-driven costsNetwork length-driven costs
  3. What it invests in3 formulas
    Asset base and depreciation · All energy assets
    Capital expenditureConstruction capexSustaining capex
    Asset base and depreciation · All energy assets
    DepreciationOpening net book valueCapital expenditureShare of the period in operationshare 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

32 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
  • DebtAmortising term loan
  • Equity raisingDistribution reinvestment plan
  • Dividends and distributionsPayout of net profit
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • 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.
  • 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 KPIsRegulated network 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
  • Interest-rate forecastMarket forward curve
  • 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.
  • 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.
  • Regulatory assets and liabilitiesDeferred fuel and purchased-power balanceBalances owed to or by customers under regulation — revenue unders and overs, deferred fuel and purchased-power costs, securitised costs — and their recovery through future tariffs.
  • Regulated asset baseCPI-indexed roll-forwardRoll-forward of the regulated asset base that sets allowed returns — capex in, regulatory depreciation out, indexation.
  • Network revenueContracted firm capacityRegulated or contracted revenue earned by the network, including incentive outcomes and unders and overs.
  • Network operating costsPer customer and per kmOperating and maintenance costs of the network, including bulk water purchases for water utilities.
  • Capital programme and statutory depreciationCapex allowance, straight-lineNetwork capex (replacement, augmentation, connections) net of contributions, and statutory depreciation of the network's plant.
Key numbers

The numbers it tracks.

  1. 01segment EBITDA (regulated versus competitive)
  2. 02RAB
  3. 03generation and retail volumes
  4. 04net debt / RAB
  5. 05EPS
  6. 06dividend
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
Related models

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Every energy and utilities model

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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.