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Powering the Transition to a Clean Energy Future

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Powering the Transition to a Clean Energy Future POWERING THE TRANSITION TO A CLEAN ENERGY FUTURE ESB ANNUAL REPORT AND FINANCIAL STATEMENTS 2019 2 ESB Annual Report 2019 -Powering the Transition to a Clean Energy Future ESB Annual Report ¡¢ 3 POWERING THE 01 TRANSITION TO A CLEAN AND PERFORMANCE STRATEGY ENERGY FUTURE ESB is making a stand for Ireland’s future, a future powered by clean, sustainable electricity. We are committed to leading the transition to a reliable, affordable, low-carbon energy future, a future that protects our customers and the economy by maintaining the security and affordability of energy. We are investing and innovating across our business to make this a reality; we are developing new, renewable sources of generation and flexible, low-carbon backup. We are also reinforcing and enhancing our network to accommodate unprecedented volumes of distributed energy resources and developing customer-led solutions that ABOUT ESB will empower everyone in society to live ESB was established in 1927 as a statutory cleaner, more sustainable lives, powered body under the Electricity (Supply) Act 1927. by electricity. With a holding of 95.7%, ESB is majority owned by the Irish Government. The remaining 4.3% is held by the trustees of an Employee Share Ownership Plan. As a strong, diversified, vertically integrated utility, ESB operates across the electricity market, from generation through transmission and distribution, to supply of customers, with an expanding presence in Great Britain’s generation and supply markets. In addition, we extract further value at certain points along this chain by supplying gas and using our networks to carry fibre for telecommunications. ESB is a leading Irish utility with a regulated asset base (RAB) of approximately €10 billion (comprising ESB Networks €8.1 billion and NIE Networks €1.9 billion), a 30% share of generation in the all- island market and a significant supply business supplying electricity and gas to approximately 1.5 million customers throughout the island of Ireland and Great Britain. ESB will continue to grow the scale of its generation, trading and supply businesses so that it can continue to compete within the all-island competitive environment. ESB is focused on providing excellent customer service and maintaining its financial strength. As at 31 December 2019, ESB Group employed over 7,900 people. 4 ESB Annual Report 2019 -Powering the Transition to a Clean Energy Future ESB Annual Report ¡¢ 5 01 KEY FACTS AND FIGURES CONTENTS AND PERFORMANCE STRATEGY CHAPTER STRATEGY AND PERFORMANCE OPERATING PROFIT* €’M EBITDA* €’M BUSINESS OVERVIEW 9 Chairman’s Statement 10 800 1,500 1,372 1,324 1,348 Chief Executive’s Review 12 682 1,276 635 ESB at a Glance 14 597 1,200 1,175 Highlights 15 600 490 455 900 STRATEGY, BUSINESS MODEL, RISK REPORT, AND KEY PERFORMANCE INDICATORS (KPIs) 16 400 600 Strategy 17 Business Model 22 200 300 Risk Report 24 Key Performance Indicators (KPIs) 38 0 0 2019 2018 2017 2016 2015 2019 2018 2017 2016 2015 OPERATING AND FINANCIAL REVIEW 41 €227 million Executive Team 42 €197 million Market Structure and Operating Environment 2019 44 * Before exceptional items. See Financial Review page 50. Financial Review 48 Generation and Trading (GT) 54 ESB Networks 56 TOTAL ASSETS €’M NET DEBT €’M Northern Ireland Electricity Networks (NIE Networks) 58 Customer Solutions 60 Engineering and Major Projects 62 Enterprise Services 63 5ggggh2njjkhj RESPONSIBLE BUSINESS REPORT 65 14,159 13,304 6,000 5,239 15,000 12,907 13,157 12,294 4,915 4,975 Overview 66 5,000 4,524 12,000 4,377 People 66 4,000 Safety 68 9,000 Corporate Social Responsibility (CSR) 70 3,000 Environment and Sustainability 73 6,000 2,000 Using our Profits in a Sustainable Way 76 3,000 1,000 0 0 2019 2018 2017 2016 2015 2019 2018 2017 2016 2015 CHAPTER €855 million €474 million CORPORATE GOVERNANCE 78 The Board in 2019 80 Chairman’s Corporate Governance Statement 84 The Board’s Governance Report 86 Audit and Risk Committee Report 95 GENERATION ALL-ISLAND MARKET SHARE SUPPLY ALL-ISLAND MARKET SHARE The Board Committees in 2019 101 Board Members’ Report 104 30% 66% CHAPTER FINANCIAL STATEMENTS 106 34% Statement of Board Members’ Responsibilities 109 Independent Auditor’s Report to the Stockholders of Electricity Supply Board (ESB) 110 Financial Statements 117 Prompt Payments Act 211 Glossary 212 70% ■ OTHER POWER SUPPLIERS ■ OTHER POWER PRODUCERS ■ ESB ■ ESB 01 STRATEGY AND PERFORMANCE STRATEGY CHAPTER 1 - STRATEGY AND PERFORMANCE • Business Overview • Strategy, Business Model, Risk Report and Key Performance Indicators (KPIs) • Operating and Financial Review • Responsible Business Report CHAPTER 1 STRATEGY AND PERFORMANCE 9 Business Overview 16 Strategy, Business Model, Risk Report and Key Performance Indicators (KPIs) 41 Operating and Financial Review 65 Responsible Business Report 8 ESB Annual Report 2019 -Powering the Transition to a Clean Energy Future ESB Annual Report ¡¢ 9 01 STRATEGY AND PERFORMANCE STRATEGY 10 Chairman’s Statement 12 Chief Executive’s Review 14 ESB at a Glance 15 Highlights 10 ESB Annual Report ¡¥ -Leading the Way to a Brighter Future ESB Annual Report ¡¥ 11 01 STRATEGY AND PERFORMANCE STRATEGY CHAIRMAN'S STATEMENT reliable, affordable, low-carbon energy. its market share in ROI in 2019 by offering GOVERNANCE AND VALUES ENVIRONMENT In accordance with the ESB Acts 1927–2014, Under the Chief Executive’s leadership, the competitive pricing and discounts that The Board is committed to the highest While the company has enjoyed many the Board presents the Annual Report and organisation is well positioned to deliver the endure. We consolidated our retail market standards of corporate governance and ethics. successes in 2019, there have also been Financial Statements for the year ended 31 strategy and has the resources, skills and talent position in Northern Ireland and ESB Energy ESB has in place measures to comply with the challenges especially on environmental issues December 2019. in place to seize the opportunities presented by in Great Britain where our ESB Energy brand Code of Practice for the Governance of State which the Board and Management are working the transition. Significant progress was made in is attracting new customers. Our Smart Bodies (2016). In addition, ESB complies (on hard to address. We accept that our activities 2019. Energy Services business won significant a voluntary basis where reasonably applicable impact the environment and we are committed contracts in 2019 with innovative solutions to ESB as a statutory corporation) with the to working with all stakeholders to ensure that We are very encouraged by the ambition and to help business customers lower their revised UK Code of Corporate Governance ESB's impact on the environment is minimal Ellvena Graham OBE Chairman targets set out in the Government’s National carbon footprint. Electrification of transport 2018 (effective 1 January 2019) and the Irish and that we achieve the highest standard of 27 February 2020 Climate Action Plan. The Board is committed will be a key enabler of the transition to a Corporate Governance Annex. environmental stewardship. to playing its part by investing in critical national low carbon future. 2019 saw a tripling of the Ellvena Graham OBE Chairman infrastructure and in the development of number of new battery electric vehicles sold (Please also see my Corporate Governance CHIEF EXECUTIVE AND renewables. relative to 2018 and in 2019 we introduced Report on page 84). MANAGEMENT I am delighted as pricing for Fast Charging as we expand the I want to thank the Chief Executive Pat NETWORKS motorway charging infrastructure nationwide. Delivering a high-performance culture is one of O’Doherty, and all of his Executive Team for 02 Chairman to present ESB Networks made its Price Review 5 (PR5) Continually improving our customer service ESB’s five strategic objectives. The Board is their hard work and commitment throughout GOVERNANCE CORPORATE the 2019 Annual submission to the Commission for the Regulation experience and offering competitive products continually monitoring culture because we want 2019, and to welcome Marie Sinnott who was of Utilities in November. This is a very important and services ensures that the customer is at ESB to be a vibrant, modern and attractive appointed as our Company Secretary in July Report and Financial process for the company, which will set the level the heart of everything we do. place to work. As we transition to a low-carbon following the retirement of John Redmond. Statements for ESB. of investment and operating expenditure for ESB future, it is important that we continue to be The Board would like to thank John for his Networks for the coming five-year period. The GENERATION guided by Our Values, which encourage us to exceptional service to ESB. Board welcomes the Regulator’s proposal that Our Generation and Trading business is be courageous, caring, driven and trusted. FINANCIAL PERFORMANCE AND the submission should provide for the resources changing rapidly. We commissioned 89 MW CONCLUSION DIVIDEND and capability required to deliver on the National of renewable energy with a further 338 MW HEAD OFFICE REDEVELOPMENT 2019 has been another year of change for the As we transition to a low carbon energy future, Climate Action Plan and we look forward to under construction (including our 50% stake The design and build work for Fitzwilliam 27, Group. We are heading into a new decade ESB delivered improved financial results in 2019 working constructively with the Regulator to in the 448 MW Neart na Gaoithe offshore our new Head Office, is progressing very well. with confidence and strength, building on our with operating profit of €682 million and profit finalise the proposal during 2020. wind farm). We entered into important new More importantly the building will be highly accomplishments of the past and consolidating after tax of €419 million (both before exceptional partnerships in 2019 and we look forward energy efficient helping ESB to meet both it's our position for the future - a Brighter Future items).
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