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The wires between the distribution grid and the meter — the connection assets inside new developments, precincts and growing cities. Not a big-RAB network but a connections business: build and adopt the network, then earn a regulated charge on every connection, for decades. Pick a real operator below and follow it through the development, the model and a working returns model.
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Drag the sliders to see what earns the money — the count of connections, the regulated charge on each, and how fully the development has filled, not the power flow.
Last-mile electricity is the connection layer — the cables, substations and connection assets between the regional distribution network and the meter. The business is unusual and attractive: the developer or customer typically funds most of the build (through connection charges or a contribution), so the operator's net capital per connection is small. In return it earns a recurring, regulated use-of-system charge on every connection — often capped at the host network's level and indexed to inflation — for the life of the asset. The engine is therefore the count of connections and how fast they fill, not how much power flows. It scales: every new development, precinct or district adopted adds another long, indexed annuity at very little net capital.
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See also Electricity distribution — the regulated network the last mile connects to — and the Cash-flow & DCF model.