With business cases like the electrification of the Midland Main Line, there are so many uncertainties and judgements and assumptions that you could make an argument either way from full electrification to partial to none at all.
Are you Grayling's Spin Doctor in disguise?
Yes, you can make a business case produce pretty much whatever you want. A business case is always a projection, a model, an estimate. In most cases they are more suitable for comparing between different investment options, whether doing X or Y makes things better/more optimal or not, and what might be the impact if cost A, performance B or revenue C changes substantially.
You might not agree with it, but the model they've used must show that electrifying North of Kettering increases costs a lot without increasing benefits enough, and given capital constraints, it's a non-starter. However, a model is only a model. If it captured and predicted reality perfectly, then these modellers wouldn't be beavering away for DfT, they'd be too busy counting their winnings from the 3.30 at Kempton Park.
What *is* annoying is the lack of transparency. There could be significant flaws in either the methodology or the inputs, which we (Taxpayers, electorate) as Grayling's boss do not seem to be allowed to see (There might not be though). For example, in methodology, how have they tried to capture the "network benefits" - e.g. that doing Derby to Sheffield improves the case for doing Birmingham to Derby? On inputs, we don't know what £/km, CO2 price, fuel price forecasts, cost of capital on different elements etc... etc... they have used.
The development of batteries in particular, adds another level of risk to the business case. A whole-system model will be looking at the trade-off between increasing the weight of batteries on-board future (B)EMUs vs the increasing Capex of providing less-discontinuous electrification. It's a real game-changer because it allows you to completely re-think what an "electrified railway" could look like, and it's a lot more advanced from the bionic duckweed hypothesis of a decade ago. This is clearly playing into DfT/Grayling's thinking.