We have identified an issue in the APP2 and Regional price plan baseline figures for Quarter 1 of 2024/25 which were published on 8 August 2024.  

During the recent external third-party audit of the Dynamic Baseline calculation model, the auditor introduced a new formula to enhance the model’s accuracy. Unfortunately, this new formula created a circular reference, which interfered with the model's recalculation process within Microsoft Excel. As a result, certain formulas failed to update as intended, leading to incomplete calculations in some of the published outputs.

We have promptly resolved the circular reference and rectified the error, which has corrected the baseline figures. The updated APP2 and Regional baselines have been published on our website.

We understand this to be an isolated incident, specifically related to the Quarter 1 2024/25 publication of the APP2 and Regional baselines. To prevent such issues in the future, we have implemented additional checks and safeguards within our model to ensure that any potential circular references are identified and resolved promptly.

We appreciate your understanding and sincerely apologise for any inconvenience this may have caused.