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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.