Article 7 Redetermination of net annual valueI1

For the year ending on 31st March 2005 and for each subsequent year the net annual value of the hereditaments occupied by the Company and specified in Part A of the Schedule shall be the amount determined in accordance with the formula –

where –

• A is the estimated number of circuit kilometres of main transmission line in Northern Ireland occupied by the Company on 31st March in the relevant preceding year;

• B is the estimated number of circuit kilometres of main transmission line in Northern Ireland occupied by the Company on 31st March 2003;

• C is the estimated installed transformer capacity (measured in kilovoltamperes) of all the electricity transformation plant in Northern Ireland occupied by the Company on 31st March in the relevant preceding year but excluding plant in or on the hereditament specified in Part B of the Schedule; and

• D is the estimated installed transformer capacity (measured in kilovoltamperes) of all the electricity transformation plant in Northern Ireland occupied by the Company on 31st March 2003 but excluding plant in or on the hereditament specified in Part B of the Schedule.