To turn our price into something usable in the model, we're going to have to do two things. The first is deal with the fact that the price is in real terms, and the second is deal with the fact that the price is in US dollar terms.

To turn the price into money or inflated we can take the price, lock it, then multiply it by the index, which we've helpfully put at the top of this page.

We've got scope for an overrun here, and although our assumptions have that zero, we would quite like to be able to move that around. Dealing with the overrun means adding it as a percent effectively to the original cost that we just calculated.

We can see that the cost is going up and that's because of inflation. There'll be a second force on the cost, which is the Forex rate. We've got an index here, which is gonna help us understand what's happening to the Forex rate, and we're gonna use much the same as the inflation and that we're gonna move it by 3% relative to where it was.

And you can see I'm just missing a bracket there.

Now the initial rate is 0.8, and that's pounds per $1, and that makes sense given the proportions, the rate will go up and that means you're gonna get more pounds for your $1. So the initial rate is 0.8, and we're gonna let that go up by the amount that the index is going up.

Pull that to the right, you can see that our Forex rate is moving around quite a lot. Thankfully, that's only gonna be important to us for the first couple of years where we're doing CapEx. It would be uncomfortable to forecast Forex into the distant future. Given the way the Forex rate works with pounds per dollar, we're going to be multiplying.

This means that our cost per megawatt will be multiplied by the Forex rate, and so initially in the first year, we're gonna be paying this number per megawatt in pounds for our CapEx, because we're only doing 20% of the CapEx in the first year, it means 40 megawatts will be installed. There's our spending, which we're gonna need some sources of funding for, and you can see that in terms of CapEx, we have a large amount of spend in the initial two years as you'd expect. That will not be the only source of funding we need. We'll also need to cover our capitalized interest, which will need to be paid in cash, but will not hit the P&L and we will need to cover the buildup of our debt service reserve account as it anticipates the debt having to be maintained.

You can see by the colors, and as a reminder, that yellow, we're gonna defer it and blue is going to end up being circular. And see, these are some far more tricky lines that we're gonna skip these for the moment, and so our total funding need, we will have to cover CapEx. We will have to cover these two, but for the moment, that just looks like we're having to cover CapEx because we're deferring the other two.