diff --git a/src/results.jl b/src/results.jl
index a842a065..453af2fe 100644
--- a/src/results.jl
+++ b/src/results.jl
@@ -47,7 +47,8 @@ Columns in summary output include:
   4. `data_type`, which is forecast or actual (data)
   5. `lookahead` of the simulation in minutes
   6. `revenue`, which is the total annual revenue of the simulated device in AUD
-  7. `mean_rel_gap`, which is the mean relative gap across all decision times
+  7. `negative_revenue`, which is the total annual negative revenue (i.e. losses) of the simulated device in AUD
+  8. `mean_rel_gap`, which is the mean relative gap across all decision times
 
 # Arguments
 
@@ -64,6 +65,7 @@ function _summarise_simulations(
     data::Dict{String,Any}, formulation::String, energy_capacity::Float64
 )
     revenues = Float64[]
+    negative_revenues = Float64[]
     bess_powers = Float64[]
     data_types = String[]
     lookaheads = Int64[]
@@ -74,10 +76,12 @@ function _summarise_simulations(
             lookahead_df = df[df.lookahead_minutes .== lookahead, :]
             lookahead_df = lookahead_df[lookahead_df.status .== "binding", :]
             revenue = sum(lookahead_df.revenue)
+            negative_revenue = sum(lookahead_df[lookahead_df.revenue .< 0.0, :revenue])
             average_gap = mean(unique(lookahead_df, "decision_time").relative_gap)
             bess_power = string(match(r"([0-9\.]*)MW", split(key, "/")[2]).captures[])
             data_type = split(key, "/")[1]
             push!(revenues, float(revenue))
+            push!(negative_revenues, negative_revenue)
             push!(lookaheads, lookahead)
             push!(average_gaps, average_gap)
             push!(bess_powers, parse(Float64, bess_power))
@@ -91,6 +95,7 @@ function _summarise_simulations(
         :data_type => data_types,
         :lookahead => string.(lookaheads),
         :revenue => revenues,
+        :negative_revenue => negative_revenues,
         :mean_rel_gap => average_gaps,
     )
     summary_data = sort(summary_data, "power_capacity")
@@ -100,18 +105,18 @@ function _summarise_simulations(
 end
 
 @doc raw"""
-Calculates values of perfect information and foresight as absolute values (in AUD) and as
+Calculates values of perfect lookahead and information as absolute values (in AUD) and as
 a percentage of perfect foresight revenue.
 
-**Value of perfect information**: What is the additional benefit (revenue) that a participant
+**Value of perfect lookahead**: What is the additional benefit (revenue) that a participant
 could gain if they were to know exactly what the market prices will be in the *lookahead
 horizon*.
-  * ``VPI = \textrm{Revenue}_\textrm{Actual Data Simulation} -  \textrm{Revenue}_\textrm{Forecast Data Simulation}``
+  * ``VPL = \textrm{Revenue}_\textrm{Actual Data Simulation} -  \textrm{Revenue}_\textrm{Forecast Data Simulation}``
 
-**Value of perfect foresight**: What is the additional benefit (revenue) that a participant
-could gain if they were to know exactly what the market prices will be *over the entire
-year*
-  * ``VPF = \textrm{Revenue}_\textrm{Perfect Foresight} -  \textrm{Revenue}_\textrm{Forecast Data Simulation}``
+**Value of perfect information**: What is the additional benefit (revenue) that a
+participant could gain if they were to know exactly what the market prices will be
+*over the entire year*
+  * ``VPI = \textrm{Revenue}_\textrm{Perfect Foresight} -  \textrm{Revenue}_\textrm{Forecast Data Simulation}``
 
 N.B. This function assumes that the input `df` only has data that corresponds to a device
 of a particular `energy_capacity`.
@@ -122,12 +127,12 @@ of a particular `energy_capacity`.
 
 # Returns
 
-`DataFrame` with absolute values of perfect information and foresight, and the same values
+`DataFrame` with absolute values of perfect lookahead and information, and the same values
 as a percentage of perfect foresight revenue.
 """
-function calculate_vpi_vpf(df::DataFrame)
-    (v_pi_abs, v_pf_abs) = (Float64[], Float64[])
-    (v_pi_percentage, v_pf_percentage) = (Float64[], Float64[])
+function calculate_vpl_vpi(df::DataFrame)
+    (v_pl_abs, v_pi_abs) = (Float64[], Float64[])
+    (v_pl_percentage, v_pi_percentage) = (Float64[], Float64[])
     (power_caps, data) = (Float64[], String[])
     actual_caps = unique(df[df.data_type .== "actual", :power_capacity])
     forecast_caps = unique(df[df.data_type .== "forecast", :power_capacity])
@@ -139,21 +144,21 @@ function calculate_vpi_vpf(df::DataFrame)
             cap_mask = df.power_capacity .== cap
             actual_mask = df.data_type .== "actual"
             forecast_mask = df.data_type .== "forecast"
-            pf_rev = df[
+            pi_rev = df[
                 cap_mask .& forecast_mask .& (df.lookahead .== "Perfect Foresight"),
                 :revenue,
             ]
-            pi_rev = df[cap_mask .& actual_mask .& lk_mask, :revenue]
+            pl_rev = df[cap_mask .& actual_mask .& lk_mask, :revenue]
+            v_pl = pl_rev - df[cap_mask .& forecast_mask .& lk_mask, :revenue]
             v_pi = pi_rev - df[cap_mask .& forecast_mask .& lk_mask, :revenue]
-            v_pf = pf_rev - df[cap_mask .& forecast_mask .& lk_mask, :revenue]
-            v_pi_percentage_pf = @. v_pi / pf_rev * 100
-            v_pf_percentage_pf = @. v_pf / pf_rev * 100
+            v_pl_percentage_pi = @. v_pl / pi_rev * 100
+            v_pi_percentage_pi = @. v_pi / pi_rev * 100
             push!(power_caps, cap)
             push!(data, lookahead)
+            push!(v_pl_abs, v_pl[])
             push!(v_pi_abs, v_pi[])
-            push!(v_pf_abs, v_pf[])
-            push!(v_pi_percentage, v_pi_percentage_pf[])
-            push!(v_pf_percentage, v_pf_percentage_pf[])
+            push!(v_pl_percentage, v_pl_percentage_pi[])
+            push!(v_pi_percentage, v_pi_percentage_pi[])
         end
     end
     return DataFrame(
@@ -161,23 +166,23 @@ function calculate_vpi_vpf(df::DataFrame)
         :energy_capacity => fill(unique(df.energy_capacity)[], length(power_caps)),
         :power_capacity => power_caps,
         :lookahead => data,
+        :vpl_abs => v_pl_abs,
         :vpi_abs => v_pi_abs,
-        :vpf_abs => v_pf_abs,
+        :vpl_per => v_pl_percentage,
         :vpi_per => v_pi_percentage,
-        :vpf_per => v_pf_percentage,
     )
 end
 
 """
 Summarises results for each simulated formulation and then calculates values of perfect
-information and foresight.
+lookahead and information.
 
 For each state, this function cycles through each simulated formulation and:
 
   1. Calculates summary results (i.e. annual revenue and mean relative gap)
-  2. Calculates the value of perfect information and value of perfect foresight
+  2. Calculates the value of perfect lookahead and value of perfect information
 
-For a single state, the VPIs and VPFs across simulated formulations are then released
+For a single state, the VPLs and VPIs across simulated formulations are then released
 information a JLD2 file in the `results` folder, along with summary results for each
 simulated formulation.
 
@@ -186,11 +191,11 @@ simulated formulation.
 
 # Returns
 
-`Dict` mapping each state to `DataFrame` with VPI and VPF for each formulation and
+`Dict` mapping each state to `DataFrame` with VPL and VPI for each formulation and
 lookahead.
 """
-function calculate_summaries_and_vpi_vpf_across_scenarios(sim_folder::String)
-    function _calculate_summary_vpi_vpf_for_formulation(
+function calculate_summaries_and_vpl_vpi_across_scenarios(sim_folder::String)
+    function _calculate_summary_vpl_vpi_for_formulation(
         sim_folder::String,
         formulation::String,
         file::String,
@@ -201,8 +206,8 @@ function calculate_summaries_and_vpi_vpf_across_scenarios(sim_folder::String)
         data = load(joinpath(results_path, file))
         @info "Calculating summary information for $state $formulation"
         summary = _summarise_simulations(data, formulation, energy)
-        @info "Calculating VPI and VPF for $state $formulation"
-        return summary, calculate_vpi_vpf(summary)
+        @info "Calculating VPL and VPI for $state $formulation"
+        return summary, calculate_vpl_vpi(summary)
     end
 
     save_path = joinpath("results", "data")
@@ -210,10 +215,10 @@ function calculate_summaries_and_vpi_vpf_across_scenarios(sim_folder::String)
         mkpath(save_path)
     end
     categorisation = _categorise_simulation_results(sim_folder)
-    states_vpi_vpf = Dict{String,DataFrame}()
+    states_vpl_vpi = Dict{String,DataFrame}()
     for state in keys(categorisation)
         summary_data = Dict{String,DataFrame}()
-        vpi_vpf_data = DataFrame[]
+        vpl_vpi_data = DataFrame[]
         formulation_results = categorisation[state]
         for (formulation, results) in pairs(formulation_results)
             if length(results) == 1
@@ -221,11 +226,11 @@ function calculate_summaries_and_vpi_vpf_across_scenarios(sim_folder::String)
                 energy = parse(
                     Float64, match(r"[A-Z]{2,3}_([0-9\.]*)MWh_.*", file).captures[]
                 )
-                (summary, vpi_vpf) = _calculate_summary_vpi_vpf_for_formulation(
+                (summary, vpl_vpi) = _calculate_summary_vpl_vpi_for_formulation(
                     sim_folder, formulation, file, energy, state
                 )
-                vpi_vpf[!, :param] = fill(missing, size(vpi_vpf, 1))
-                push!(vpi_vpf_data, vpi_vpf)
+                vpl_vpi[!, :param] = fill(missing, size(vpl_vpi, 1))
+                push!(vpl_vpi_data, vpl_vpi)
                 summary_data["$(formulation)"] = summary
             else
                 for file in results
@@ -234,11 +239,11 @@ function calculate_summaries_and_vpi_vpf_across_scenarios(sim_folder::String)
                     )
                     energy = parse(Float64, energy_param_capture.captures[1])
                     param = string(energy_param_capture.captures[2])
-                    (summary, vpi_vpf) = _calculate_summary_vpi_vpf_for_formulation(
+                    (summary, vpl_vpi) = _calculate_summary_vpl_vpi_for_formulation(
                         sim_folder, formulation, file, energy, state
                     )
-                    vpi_vpf[!, :param] = fill(param, size(vpi_vpf, 1))
-                    push!(vpi_vpf_data, vpi_vpf)
+                    vpl_vpi[!, :param] = fill(param, size(vpl_vpi, 1))
+                    push!(vpl_vpi_data, vpl_vpi)
                     summary_data["$(formulation)/$(param)"] = summary
                 end
             end
@@ -249,12 +254,12 @@ function calculate_summaries_and_vpi_vpf_across_scenarios(sim_folder::String)
                 f[key] = value
             end
         end
-        state_vpi_vpf = vcat(vpi_vpf_data...)
-        @info "Saving VPI and VPF data for $state"
-        jldopen(joinpath(save_path, "vpi_vpf.jld2"), "w"; compress=true) do f
-            f["$(state)"] = state_vpi_vpf
+        state_vpl_vpi = vcat(vpl_vpi_data...)
+        @info "Saving VPL and VPI data for $state"
+        jldopen(joinpath(save_path, "vpl_vpi.jld2"), "w"; compress=true) do f
+            f["$(state)"] = state_vpl_vpi
         end
-        states_vpi_vpf[state] = state_vpi_vpf
+        states_vpl_vpi[state] = state_vpl_vpi
     end
-    return states_vpi_vpf
+    return states_vpl_vpi
 end