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2019 Annual Report

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2019 Annual Report 2019 Annual Report HK Electric Investments and HK Electric Investments Limited Annual Report 2019 HK Electric Investments, constituted Through HK Electric, we have a heritage of in January 2014, is a fixed single investment powering Hong Kong’s economic growth trust in Hong Kong focusing purely on since 1890, investing in the most appropriate the energy sector. Our Share Stapled technologies and fuels to support the Units, issued by the trust and HK Electric provision of affordable, safe, reliable and Investments Limited (collectively known as clean electricity to both businesses and “HKEI”), are listed on the Main Board of residential communities. the Hong Kong Stock Exchange. Our trust is structured to enable us to maintain a We are committed to continuing HK Electric’s single-minded focus on delivering stable long tradition of community engagement distributions to holders of our Share Stapled and support for the underprivileged, and Units, while ensuring we have the potential to remaining a positive and responsible for sustainable long-term growth. member of the Hong Kong community. Our main operating company, HK Electric, is a power utility responsible for the generation, transmission, distribution and supply of electricity to about 581,000 customers in Hong Kong. HK E lectri c In vestme nts and HK E lec t ri c In vestme nts Towards a Greener Destination Limit ed This is one of the most important periods in the history of HKEI and our wholly owned subsidiary, HK Electric. We are undertaking a multifaceted journey, passing small and large milestones in every aspect of our operations, as we move towards a low-carbon operating regime. The image on our front cover is a visual analogy for this sustainable journey. It is reminiscent of a board game with tiles representing different check points such as L10, the newly launched gas-fired generating unit, the A offshore LNG terminal under development, wider use of technology, and nnua l Report 2 on-going efforts to engage the community to promote local renewables, 01 Annual Report 2019 9 energy efficiency and conservation and more. Each of these is a critical stage in our journey to this greener destination. CONTENTS 2 Performance Highlights BUSINESS REVIEW FINANCIAL STATEMENTS 6 Chairman’s Statement HK Electric Investments and 9 Long-term Development Strategy HK Electric Investments Limited 10 Year at a Glance 84 Independent Auditor’s Report CEO’s Report 90 Consolidated Statement of Profit or Loss 14 Operation Review 91 Consolidated Statement of Comprehensive 26 Sustainability Review Income 92 40 Financial Review Consolidated Statement of Financial Position 93 Consolidated Statement of Changes in Equity 43 Awards Gallery 94 Consolidated Cash Flow Statement CORPORATE GOVERNANCE 95 Notes to the Financial Statements 48 Boards of Directors and Management Team HK Electric Investments Manager Limited 54 Combined Corporate Governance Report 74 Combined Report of the Directors 170 Independent Auditor’s Report 77 Risk Management 172 Statement of Profit or Loss and Other Comprehensive Income 79 Risk Factors 173 Statement of Financial Position 174 Statement of Changes in Equity 175 Cash Flow Statement 176 Notes to the Financial Statements Other Information 180 Five-year Financial Summary of the Groups 181 HK Electric — Ten-Year Scheme of Control Statement 182 HK Electric — Ten-Year Statement of Financial Position 06 183 HK Electric — Ten-Year Operating Statistics 184 Corporate Information 186 Financial Calendar and Share Stapled Unit Information 187 Glossary 17 23 PERFORMANCE HIGHLIGHTS Financials 2019 2018 Revenue HK$10,739 HK$11,612 million million Distributable Income HK$2,830 HK$3,538 million million Total Distribution per SSU HK 32.03 HK 40.04 cents cents Interim Distribution per SSU HK 15.94 HK 19.92 cents cents Final Distribution per SSU HK 16.09 HK 20.12 cents cents Total Assets HK$109,717 HK$107,894 million million Net Debt-to-Net HK Electric Total Capital Ratio 47% 46% 200 6 3 8 S&P Credit Rating HK Electric A-/ Stable A-/ Stable HK Electric Investments Limited A-/ Stable A-/ Stable 02 HK Electric Investments Operations 3,237 MW 58 Generation Capacity Number of Renewable Energy Installations Joining Feed-in Tariff Scheme 581,000 Number of Customers 99.999% Supply Reliability HK Electric 200 6 3 8 millions 10,519 of kWh Units Sold 6,536 km 12,314 Network Length Number of Free Charging Operations Provided Annual Report 2019 03 Divider BUSINESS REVIEW Fulfilling our commitments to customers and the community Business Review CHAIRMAN’S STATEMENT 2019 saw us pass important milestones in our migration to gas-fired generation while supporting customers in cutting their own carbon footprints. 2019 was the first year for HK Electric Investments (HKEI) Decarbonisation Strategy Public Engagement” launched and its wholly owned subsidiary HK Electric operating under during the year by the Council for Sustainable Development the new 2019-2033 Scheme of Control Agreement (SCA), on behalf of the Government. In the near future, we see when we made significant strides in line with our strategy room for further increasing the proportion of electricity we to build a smarter, greener future for Hong Kong. Our generate from natural gas, while continuously exploring ways initiatives in this regard fell under two umbrellas: steady to introduce more low or zero-carbon electricity. migration to gas-fired generation, and support for customers in cutting their own carbon footprints. The successful When the community as a whole is involved, decarbonisation synchronisation of L10, our new 380-MW gas-fired efforts can be transformative. With this philosophy in generating unit, was a major achievement during the year on mind we believe our efforts to promote “Smart Power this first front. At the same time, we launched a total of four Services” and local renewable energy help foster widespread funds and three schemes in 2019 under the “Smart Power momentum for low-carbon lifestyles. Services” to promote energy efficiency and renewable energy The year saw us upholding our solid performance on all in the community. operational fronts, in the midst of the challenges posed by the social unrest that has been gripping Hong Kong Infrastructure development under our 2019-2023 since June 2019. We put resources into innovation to Development Plan continued to be our top priority. The drive efficiencies, enhance reliability standards and extensive capital investments under the Plan will not only customer services. increase our assets base but also our proportion of gas-fired electricity generation from about 30% to about 70%. Apart During the year, we reflected changes in actual fuel costs on from completing testing and commissioning works for L10, our tariff in a timely manner every month, while continuing we are also constructing L11 and L12, two more gas-fired to extend the “Special Rent & Rates Rebate” and “Special units, and have finalised plans for one of the world’s largest Fuel Rebate”. In December 2019, we announced the tariff offshore liquefied natural gas (LNG) terminals. adjustments for 2020 and a series of relief measures to help SMEs, in particular small catering establishments, to weather In order to help shape the way forward for carbon the economic downturn. reduction in Hong Kong, we responded to the “Long-term 06 HK Electric Investments three new 380-MW gas-fired generating units – L10, L11 and L12 – to replace ageing coal-fired units. 2019 witnessed significant progress as L10 was synchronised in October 2019 and commissioned in February 2020. Construction of L11 and L12 moved to the superstructure and piling stages respectively in 2019. Once fully operational in 2022 and 2023 respectively, the two generating units will help further cut our carbon emissions. Plans for an offshore LNG terminal based on Floating Storage and Regasification Unit (FSRU) technology moved closer to implementation during the year and suppliers for the FSRU vessel as well as LNG were finalised. The contract for the terminal’s engineering, procurement and construction was also awarded in January 2020. The offshore LNG terminal is scheduled for commercial operation in 2022, and will play a central role in our ability to secure gas supplies at competitive prices. We have been encouraged by the community’s response to our two major schemes to promote renewable energy despite the constraints in Hong Kong. The Feed-in Tariff (FiT) scheme has received 130 applications for solar energy installations involving a total capacity of 2.6 MW. About 60 systems have been connected to our grid, including two large-scale Financial results and distributions installations at Ocean Park and Canadian International For the year ended 31 December 2019, HKEI’s EBITDA was School. The Renewable Energy Certificates (RECs) are also HK$7,194 million (2018: HK$8,100 million) and audited well received by our customers. The RECs covering the total profits attributable to SSU holders was HK$2,327 million green electricity of over 2 million kWh generated in 2019 (2018: HK$3,051 million). have been fully subscribed. There has been a material drop of approximately 20% in the To promote energy efficiency and conservation, the Smart rate of permitted return for electricity companies under the Power Building Fund subsidised 83 buildings for improvement terms of the new SCA. As a result, total distribution for the initiatives in 2019 while Smart Power Care Fund provided year also dropped by about 20%. energy-efficient electrical appliances and offered subsidies to more than 1,100 underprivileged families including those The Board of the Trustee-Manager has declared a final living in sub-divided units. distribution by the Trust of HK16.09 cents (2018: HK20.12 cents) per SSU, payable on 14 April 2020 to SSU holders Smart metering can enable communities to manage energy whose names appear on the Share Stapled Units Register on consumption more effectively.
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