OK, back to the split.
I'm playing devils advocate here BTW.
NERL makes a profit of £75M. It's regulated, and effectively capped. That's all the profit it can make. (Ish)
NSL makes a profit of £15M. It's not regulated, gets all its work by competetive tender, and the sky's the limit (Ish) Thing is, if some units aren't making profit, (and some aren't) might they get dropped?
However.
As NERL is ringfenced, and has been since PPP, ANY new business will have to fall under the auspices of NSL, so, even in the event that we go after new en route businesses, that profit will fall into the NSL pot.....