{
  "valuation_basis": "constant 2026 rand unless stated",
  "completed_nominal_spending_through_2025_26_r_billion": 188.95,
  "current_2026_27_allocation_r_billion": 36.89,
  "programme_envelope_through_2026_27_nominal_r_billion": 225.84,
  "programme_envelope_constant_2026_r_billion": 253.54,
  "gross_mechanical_fund_at_march_2027_nominal_r_billion": {
    "4%": 256.82,
    "8%": 292.22,
    "12%": 332.6
  },
  "real_associated_debt_cost": 0.048,
  "scenarios": {
    "Best": {
      "assumptions": {
        "deployment_lag_years": 2,
        "capital_survival_share": 0.92,
        "real_asset_growth": 0.05,
        "public_cash_yield": 0.05
      },
      "2026": {
        "productive_asset": 179.87,
        "pipeline_cash": 75.62,
        "book_value": 255.49,
        "associated_debt": 291.4,
        "net_borrowed_position": -18.91
      },
      "2050": {
        "productive_asset": 788.82,
        "annual_public_cash": 39.44,
        "cumulative_public_cash": 583.35,
        "associated_debt": 897.76,
        "net_borrowed_position": 474.4
      },
      "productive_asset_per_real_rand_2050": 3.11
    },
    "Average": {
      "assumptions": {
        "deployment_lag_years": 4,
        "capital_survival_share": 0.68,
        "real_asset_growth": 0.025,
        "public_cash_yield": 0.03
      },
      "2026": {
        "productive_asset": 71.41,
        "pipeline_cash": 150.86,
        "book_value": 222.27,
        "associated_debt": 291.4,
        "net_borrowed_position": -67.18
      },
      "2050": {
        "productive_asset": 303.68,
        "annual_public_cash": 9.11,
        "cumulative_public_cash": 161.47,
        "associated_debt": 897.76,
        "net_borrowed_position": -432.61
      },
      "productive_asset_per_real_rand_2050": 1.2
    },
    "Worst": {
      "assumptions": {
        "deployment_lag_years": 6,
        "capital_survival_share": 0.35,
        "real_asset_growth": -0.01,
        "public_cash_yield": 0.01
      },
      "2026": {
        "productive_asset": 9.12,
        "pipeline_cash": 227.49,
        "book_value": 236.61,
        "associated_debt": 291.4,
        "net_borrowed_position": -54.79
      },
      "2050": {
        "productive_asset": 71.95,
        "annual_public_cash": 0.72,
        "cumulative_public_cash": 16.62,
        "associated_debt": 897.76,
        "net_borrowed_position": -809.19
      },
      "productive_asset_per_real_rand_2050": 0.28
    }
  }
}