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Annual Report 2015/16

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Annual Report 2015/16 Building Value. Securing the Future. ANNUAL REPORT 2015/16 STANWELL ANNUAL REPORT 2015/16 | CHAPTER TITLE A TABLE OF CONTENTS ABOUT About Stanwell Energy 1 Chairman’s statement 3 STANWELL Chief Executive Officer’s review 5 Performance indicators 8 Stanwell is a diversified energy business. Asset performance 9 We own coal, gas and water assets, which Strategic direction 10 we use to generate electricity. We sell this electricity directly to business customers and The year ahead 12 we trade gas, coal and electricity products. Sell our energy for the best return 16 Our coal, gas and hydro power stations are located Simplify and streamline our business 20 at eight geographically dispersed sites across Queensland and have the capacity to generate more Secure our future 22 than 4,000 megawatts (MW), or more than half of Corporate governance 26 Queensland’s average daily electricity demand. The safe and efficient operation of our plant is Financial results 35 paramount to Stanwell. Our belief is that our people, Directors’ report 36 contractors and visitors who enter our sites and offices should be able to do so with the knowledge Auditor’s independence declaration 43 they will return home safely to family and friends Financial statements 44 each day. Notes to the consolidated financial statements 52 We are a proud generator of environmentally- responsible energy. Through our portfolio of hydro Directors’ declaration 115 power stations, we have the capacity to generate more than 160 MW of electricity with no greenhouse Independent auditor’s report 116 gas emissions. We also operate two of Australia’s most efficient coal-fired power stations: the supercritical 443 MW Tarong North Power Station and the subcritical 1,460 MW Stanwell Power Station. In the past year we have invested more than $200 million in capital projects to ensure the plant at our sites operates as efficiently as possible and meets statutory and environmental ABOUT compliance requirements. We own and have access to competitively-priced fuel, which has assisted our transformation to a THIS REPORT diversified energy company. In cases where it provides a better return, we sell our coal or gas to customers instead of using it to generate electricity. This report provides an overview of the major As at 30 June 2016, we employed 694 people at our initiatives and achievements of Stanwell Corporation sites and offices (30 June 2015: 698). Limited (Stanwell) as well as the business’ financial and non-financial performance for the year ended OUR VALUES 30 June 2016. At Stanwell, we are: Each year, we document the nature and scope of our • Safe – Everyone is a safety leader. We seek to strategies, objectives and actions in our Statement achieve Zero Harm Today in all our workplaces. of Corporate Intent, which represents our performance agreement with our shareholding • Responsible – We are reliable, we are accountable Ministers. Our performance against our 2015/16 for our actions, we make a positive contribution to Statement of Corporate Intent is summarised on our community and we are here for the long term. pages 16 to 25. • Commercial – Every one of us contributes to Electronic versions of this and previous years’ annual Stanwell’s financial stability and performance reports are available online at www.stanwell.com. through our decisions and actions. B STANWELL ANNUAL REPORT 2015/16 | CHAPTER TITLE ABOUT STANWELL ENERGY Stanwell Energy is the retail brand of Stanwell Corporation Limited and sells electricity to commercial and industrial customers in Queensland, New South Wales, Victoria and the Australian Capital Territory. The business, which was launched in December 2014 to address market liquidity challenges, continues to grow its customer base. Our customers range from medium to large independent businesses to some of Australia’s biggest multinational companies. Our growth is driven by our ability to listen to our customers and to tailor innovative and competitively priced products which are supported by one of the largest electricity generation portfolios in Australia. We are proud of our high level of customer service and we continue to have an extremely high success rate in retaining our existing customers. STANWELL ANNUALSTANWELL REPORT ANNUAL 2015/16 REPORT | 2015/16ABOUT STANWELL | CHAPTER ENERGY TITLE 1 ENERGY PORTFOLIO GENERATION ASSETS Generation assets Fuel assets ENERGY A. Stanwell Power Station, Central Queensland – Coal Coal 1,460 MW (coal) PORTFOLIOGas Gas B. Tarong power stations, Southern Queensland – 1,843 MW (coal) Hydro Water C. Swanbank E Power Station, South East Queensland – Office 385 MW (gas) D. Mackay Gas Turbine, Central Queensland – 34 MW (diesel) E. Mica Creek Power Station, North West Queensland – 302 MW (gas) F. Kareeya Hydro, Far North Queensland – 86.4 MW (hydro) G. Barron Gorge Hydro, Far North Queensland – 66 MW (hydro) H. Koombooloomba Hydro, Far North Queensland – 7.3 MW (hydro) I. Wivenhoe Small Hydro, South East Queensland – 4.3 MW (hydro) COAL ASSETS CAIRNS J. Meandu Mine, Southern Queensland – long-term coal supply to G the Tarong power stations K. Kunioon coal resource, South Queensland – potential future fuel HN ENERGY PORTFOLIO supply for the Tarong power stations GENERATION ASSETS TULLY Generation assets Fuel assets L. Curragh North Mine, Central Queensland – long-term agreement F A. Stanwell Power Station, Central Queensland – Coal Coal with Wesfarmers Curragh which provides low-cost1,460 MW coal (coal) to Stanwell Power Station, and a revenue stream for coal exports Gas Gas B. Tarong power stations, Southern Queensland – M. 1,843 MW (coal) Hydro Water Mineral Development Licence 306, Central Queensland – coal MOUNT ISA resource located near the Curragh North MineC. Swanbank E Power Station, South East Queensland – Office 385 MW (gas) E MACKAY WATER ASSETS D. Mackay Gas Turbine, Central Queensland – 34 MW (diesel) D N. Koombooloomba Dam, Far North QueenslandE. Mica –Creek captures Power water Statio n, North West Queensland – for use at Koombooloomba Hydro and Kareeya302 MWHydro (gas) power stations F. Kareeya Hydro, Far North Queensland – 86.4 MW (hydro) G. Barron Gorge Hydro, Far North Queensland – 66 MW (hydro) M ROCKHAMPTON GAS ASSETS H. Koombooloomba Hydro, Far North Queensland – L O. Kogan North Joint Venture, South East Queensland7.3 MW (hydr –o) pr ovides A up to four petajoules per annum of gas to I.Swanbank Wivenhoe Small E Power Hydro , South East Queensland – Q Station via the Roma to Brisbane Gas Pipeline4.3 MW (hydro) P. Roma to Brisbane Gas Pipeline – contractedCOAL capacityASSETS of 52 CAIRNS terrajoules per day J. Meandu Mine, Southern Queensland – long-term coal supply to G the Tarong power stations Q. K Comet Ridge agreement, Central QueenslandK. Kunioon – option coal re tosource secu, reSouth Queensland – potential future fuel B J HN long-term gas or to exit agreement for an agreedsupply payment for the Taro tong power stations TULLY Stanwell of $20 million P I F L. Curragh North Mine, Central Queensland – long-term agreement BRISBANE with Wesfarmers Curragh which provides low-cost coal to O Stanwell Power Station, and a revenue stream for coal exports C M. Mineral Development Licence 306, Central Queensland – coal MOUNT ISA resource located near the Curragh North Mine E MACKAY WATER ASSETS D N. Koombooloomba Dam, Far North Queensland – captures water for use at Koombooloomba Hydro and Kareeya Hydro power stations GENERATION ASSETS COAL ASSETS WATER ASSETS M ROCKHAMPTON GAS ASSETS A. STANWELL POWER STATION, Central J. MEANDU MINE, Southern Queensland N. KOOMBOOLOOMBA DAM, Far North Queensland – 1,460 MW (coal) – long-term coal supply to the Tarong Queensland – captures water for use at L O. Kogan North Joint Venture, South East Queensland – provides Power Stations Koombooloomba Hydro and Kareeya A up to four petajoules per annum of gas to Swanbank E Power B. TARONG POWER STATIONS, Southern Hydro power stations Q Station via the Roma to Brisbane Gas Pipeline Queensland – 1,843 MW (coal) K. KUNIOON COAL RESOURCE, Southern P. Roma to Brisbane Gas Pipeline – contracted capacity of 52 Queensland – potential future fuel supply GAS ASSETS C. SWANBANK E POWER STATION, South East for the Tarong Power Stations terrajoules per day Queensland – 385 MW (gas) O. KOGAN NORTH JOINT VENTURE, South L. CURRAGH NORTH MINE, Central K Q. Comet Ridge agreement, Central Queensland – option to secure D. MACKAY GAS TURBINE, Central East Queensland – provides up to four Queensland – long-term agreement with petajoules per annum of gas to Swanbank E B J long-term gas or to exit agreement for an agreed payment to Queensland – 34 MW (diesel) Wesfarmers Curragh which provides Stanwell of $20 million Power Station via the Roma to Brisbane P I E. MICA CREEK POWER STATION, North West low-cost coal to Stanwell Power Station, Gas Pipeline BRISBANE Queensland – 218 MW (gas) and a revenue stream for coal exports O P. ROMA TO BRISBANE GAS PIPELINE F. KAREEYA HYDRO, Far North Queensland M. MINERAL DEVELOPMENT LICENCE 306, – contracted capacity of 52 terrajoules C – 88 MW (hydro) Central Queensland – coal resource located per day near the Curragh North Mine G. BARRON GORGE HYDRO, Far North Q. COMET RIDGE AGREEMENT, Central Queensland – 66 MW (hydro) Queensland – option to secure long-term H. KOOMBOOLOOMBA HYDRO, Far North gas or to exit agreement for an agreed Queensland – 7.3 MW (hydro) payment to Stanwell of $20 million I. WIVENHOE SMALL HYDRO, South East Queensland – 4.3 MW (hydro) 2 STANWELL ANNUAL REPORT 2015/16 | ENERGY PORTFOLIO CHAIRMAN’S STATEMENT Stanwell has reported another The challenge for State and Federal strong financial result in Governments and for the energy 2015/16. This result reflects sector is to ensure that the transition to lower emissions technologies the value of work done over occurs in an economically viable way the past five years to adapt that allows Australian consumers to and streamline the business. continue to have access to an Excluding impairment reversals efficient, affordable and reliable the business has returned a supply of energy.
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