Fascinating, thanks for this comprehensive assessment. A couple of qs:

a. Could you clarify how much more capacity, theoretically, can the current RIIO envelope absorb without having to raise it? Even if new demand is late by a couple of years, it should still generate savings I suppose.

b. Could you please re-tabulate the end of section 8, its coming across as 3 lines of text.

c. Wouldn't the hyperscalers and some of the new data centre-demand, seek PPAs with generators and pick up the network tab. If reliability is critical, why worry about intermittant power? and therefore, why bother increasing the denominator. I know you say 'Treat it as a paired demand-and-supply question' but who are you saying that to?

Grateful for any pithy response but eitherway, thanks for writing this. Quite interesting.