I reckon we in NSL are safe, after all we are able to go for profit.....NERL, as a regulated monopoly are not able to do so......answer...sell off NERL!
Not using cost pass through for the increase in NERL pension costs is simply trying to second guess what the Regulator will be looking for during the CP3 negotiations and is a weak argument for changing one of our major T & Cs.
I was under the impression that the CAA have made it clear that pension costs have to be addressed for CP3; that it's not NATS trying to second guess.