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Annual Report 2017 Annual Report ABN 58 673 830 106

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Annual Report 2017 Annual Report ABN 58 673 830 106 Synergy Annual Report 2017 Annual Report Annual Report ABN 58 673 830 106 For the Electricity Generation and Retail Corporation trading as Synergy ABN 58 673 830 106 Letter to the Minister for Energy In accordance with the Electricity Corporations Act 2005 (Act), I have pleasure in submitting the annual report of the Electricity Generation and Retail Corporation trading as Synergy. Consistent with the provisions of the Act, Synergy will publish this document upon advice from the Minister. Yours sincerely, Lyndon Rowe Chairman 5 Synergy About Synergy 2 Synergy Chairman’s report 3 ABN 58 673 830 106 Chief executive officer’s report 4 Manager public affairs and corporate communications Executive team 5 GPO Box F366 Operating & financial summary 6 Perth WA 6841 Our customers and community 8 email: [email protected] Our energy and environment 10 website: synergy.net.au Our people 14 Directors’ report 16 Financial report 28 2017 Annual Report 1 About Synergy Synergy is proud to be Western Australia’s leading energy generator and retailer. We deliver energy to more than one million residential and business customers, enhancing lives and contributing to the growth of our state. As one of Western Australia’s most essential organisations, we support and play an active role in the communities in which we operate. Synergy owns and operates Our employees are embracing the Synergy is a vertically-integrated electricity generating assets rapidly developing and enabling energy generation and retail including thermal power stations, technologies and market changes corporation, established under wind and solar farms and hybrid and they are committed to our the Act, owned by the Western systems between Kalbarri in the purpose to lead Western Australians Australian State Government, north, Kalgoorlie in the east and to their intelligent energy future. reporting to the Minister for Energy, Albany in the south – an electricity the Hon Ben Wyatt. network known as the South West Our future vision is clear. Interconnected System (SWIS). We aspire to be the first choice for energy in Western Australia, for today and tomorrow. Coral Bay Western Australia Denham Legend Kalbarri South West Interconnected Geraldton System (SWIS) Mungarra Greenough Thermal power station West Kalgoorlie Emu Downs Wind farm Pinjar PERTH Kwinana Gas turbine Cockburn Kemerton Solar farm Collie Muja Hopetoun Esperance Bremer Bay Albany 2 Synergy Chairman’s report Energy policy, energy prices and energy security were constant and dominating topics of debate throughout the year at both national and state levels. While the energy sector is desperate for a period of regulatory stability, these discussions need to result in further market reform in the year ahead, if consumers are to benefit in the future. Not all of the debate has been The team at Synergy have Everyone benefitting from network rational or evidence based. The continued to drive reform within connection should be paying for the view of many market participants the organisation. Very significant cost of that connection. operating in this highly regulated operating costs have been taken out What the State Government has industry was best expressed of the business since merger whilst undertaken is fair reform, consistent by the inaugural Chairman of improving our organisational health with enabling the market to operate the Productivity Commission, and improving customer service levels. successfully. It was an important Gary Banks, earlier this year in Our efficiency and savings measures first step on the way to a more summarising issues in the National are sustainable and have been efficient and fair energy market. Electricity Market (NEM). achieved responsibly. Synergy is a While further reform is required, “The resulting costs and business that requires a subsidy due Synergy will continue its focus and difficulties (in energy markets) to policy levers adopted by successive drive to develop the cheapest forms have been greatly compounded… state governments committed to of renewable energy in the state in by governments choosing a protecting consumers from paying order to meet our 2020 renewable policy path that is essentially the true cost of electricity generation, energy obligations. It is the strong anti-market, one violating basic distribution and supply. view of the Synergy board that, given principles of demand and supply. If operators and customers (who are the current budgetary constraints, The energy crisis is self-evidently increasingly also operators) are to our responsibility is to deliver a not the result of market failure but make sensible investment decisions, solution that ultimately benefits the of government failure.”1 it is important that price signals are state’s finances as well as electricity In the past year, the issues of allowed to work including those price consumers. energy security and gas prices have signals being reflective of actual costs. On behalf of the board I acknowledge focussed on the NEM but operators The lack of cost reflectivity in the support we received from in Western Australia, including electricity tariffs has been of both our previous Minister, the Synergy, are not immune from the ongoing concern for a number of Hon Mike Nahan and our current uncertainty created by the current years and the importance of getting Minister the Hon Ben Wyatt. Their confusion around the future of these signals right increases as the advice and guidance is appreciated. energy markets and policies. traditional energy market model is On a personal level, I express In my Chairman’s report two years challenged by new technology. my appreciation to my fellow ago I noted the increasing impact The new State Government should board members. This is a very of renewable energy, distributed be congratulated for making the interesting industry to be in and generation and storage technology tough, but completely necessary, the enthusiasm, experience and on the traditional utility model decision to undertake tariff reform. expertise they bring is greatly and reinforced Synergy’s focus Increasing electricity prices is not a appreciated. on delivering value for both our vote winner but there were many customers and our shareholder. I thank Jason Waters, his executive inequities and inefficiencies in both team and all staff at Synergy, Our focus has not changed and we the level and structure of household and congratulate them on their steadfastly continue to uphold our tariffs particularly related to the cost successes in what is a very legislative responsibility and act in of network connection. challenging environment. accordance with prudent commercial The reality was that the cost of the principles. We do this with a focus network was increasingly being paid on reducing our cost base and for by a smaller and smaller group of maintaining the value of an asset customers (often those with the least owned by the taxpayer, at a time when capacity to pay or avoid those costs) Lyndon Rowe state budget repair is paramount. or the Western Australian taxpayer. Chairman 1 Infrastructure Oration 2017, Infrastructure Partnerships Australia, Sydney, 6 April 2017. 2017 Annual Report 3 Chief executive officer’s report The 2016-17 financial year demonstrated yet again the significant challenges being faced by the electricity sector, not just here in Western Australia, but nationally. Never before in my 27 years in the Synergy also reported an underlying Synergy’s generating plant industry have the forces of policy loss of $27.4 million for 2016-17, performance remained strong and regulation, consumer interests, compared to an underlying loss during 2016-17 and several major broader economic conditions and of $13.5 million in 2015-16, and upgrades and overhauls were new technologies conspired to directly representative of the completed on time and on budget. make a once reliable and stable challenges being faced by the Synergy owns and operates a range industry so difficult. industry that I mentioned earlier. of plant across its sites that are the most reliable and lowest cost While Synergy continues to avoid Total electricity sales fell from generators in the SWIS and provide the customer outcomes being 13,802 gigawatt hours (GWh) in a critical backbone to the state’s felt in the National Electricity 2015-16 to 13,404 GWh in 2016-17 economy. Our commitment to the Market, we do have many of however, remain profitable at a ongoing operation and maintenance our own challenges in the South gross margin level despite a further of these facilities is unwavering. West Interconnected System reduction of $27.2 million in the (SWIS). We are keeping a very tariff adjustment payment paid This year we also extended the close eye on developments both by government. Gas gross margin SolarReturn product range and on the east coast of Australia decreased by $42.5 million from introduced the option of battery and internationally to ensure we 2015-16 as Synergy completed its storage for those customers who navigate a way through this current transition from legacy gas supply choose to store rather than sell back period of disruption and uncertainty contracts to a new long term supply their surplus solar generation. While while remaining resolute in our contract from the Gorgon facility. household batteries are not expected commitment to the delivery of to become a mainstream consumer Synergy’s commitment to reliable and affordable energy to product for a few years, their addition efficiency continued as costs such our customers. to our product range is a significant as materials, services, employee milestone in the continued evolution For 2016-17 Synergy has reported and other costs were reduced by a of electricity supply. an after tax loss of $12.6 million, a further $42.8 million in 2016-17. reduction from an after tax profit of Amid difficult market conditions I Synergy’s primary area of focus $32.3 million in 2015-16. This after am very pleased with the progress remains the health and safety of tax loss contains several significant we have made as a business.
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