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Annual Report 2020 Our Vision

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Annual Report 2020 Our Vision Powering a stronger Tasmania Annual Report 2020 Our vision Empower people and communities with clean energy Our values We keep each other safe We are all about our customers We are better together We find away We do the right thing Cover image: Project Manager James Weller inside the access tunnel at Tribute Power Station This page: Mackintosh Dam and Power Station Directors’ statement To the Honourable Guy Barnett MP, Minister for Energy, in compliance with the requirements of the Government Business Enterprises Act 1995. In accordance with Section 55 of the Government Business Enterprises Act 1995, we hereby submit for your information and presentation to Parliament, the report of the Hydro-Electric Corporation for the year ending 30 June 2020. The report has been prepared in accordance with the provisions of the Government Business Enterprises Act 1995. Grant Every-Burns Chairman, Hydro-Electric Corporation September 2020 Samantha Hogg Director, Hydro-Electric Corporation September 2020 Hydro-Electric Corporation ABN 48 072 377 158 Hydro Tasmania Annual Report 2020 3 The year Foodmarket Director for No Frills Foodmarkets Belinda Walker and at a glance Community Engagement Advisor Kieran Massie helping pack food drive donations In a challenging year we’ve had significant Achievements achievements, despite the uncertainty presented by the COVID-19 pandemic. • We achieved a strong operating result (before fair value and revaluations adjustments) of $172 million, well We’ve continued to progress our above budget. Battery of the Nation initiative as a key part of • We kept each other safe, achieving a record low Total Tasmania’s Renewable Energy Action Plan, Recordable Injury Frequency Rate (TRIFR) of 4.24. supporting the National Electricity Market’s transition to a clean energy future, while • With the move to remote working we successfully supported our office based people to work from home, focusing on ensuring the benefits of lower managing a 350 per cent increase in video conferencing power prices, job creation and economic calls and a 1000 per cent increase in VPN users while development are realised for Tasmania. maintaining service to our customers. We’ve managed our storages to generate more • With funding support from the Australian Renewable electricity and capitalise on favourable trading Energy Agency, we undertook detailed investigation conditions in the National Electricity Market of three sites considered suitable for pumped hydro development, at Lake Cethana, Lake Rowallan and near to achieve strong returns while exceeding our Tribute Power Station on the West Coast, and expect to storage targets and remaining well above the announce our preferred site towards the end of 2020. High Reliability Level. We are very proud of the • Repulse Power Station had a major upgrade to install a increase in support we have provided to the modern control system and eliminate the risk of oil spill most vulnerable in our communities, driven by into the environment. the passion and dedication of our people who are committed to delivering for Tasmania. • Momentum Energy grew their customer sites by more than 10 per cent. • In March 2020 the Flinders Island Renewable Energy Hub ticked over 8,760 hours of Zero Diesel Operation, equivalent to a full year of operating in a mode where the island’s energy needs were being met by 100 per cent renewable wind and solar energy. • We demonstrated our commitment to workplace inclusion by launching our Disability and Inclusion Action Plan and submitting it to the Australian Human Rights Commission, along with timeframes for a range of actions that will improve the lives of people with disability. • Our Melbourne office was transformed into an award winning space that supports cross-business collaboration and flexible work practices. 4 Hydro Tasmania Annual Report 2020 Our new Melbourne office creates a perfect fusion of innovation CEO Stephen Davy, General Manager Norske Skog Boyer Mill and collaboration for our Hydro Tasmania, Entura and Dale Richards and Energy Minister Guy Barnett inspect the Momentum teams paper production plant • We reached an energy supply agreement with Norske Skog that will support continued operation for one of Challenges Tasmania’s largest industrial employers by locking in • The COVID-19 pandemic caused significant disruption energy supply until the end of 2030. to our business, however our people responded with • We released analysis that shows Tasmania is in a unique determination to adapt and find a way through the position to lead the nation in the production of green challenges to keep Tasmania’s lights on. hydrogen to meet both domestic and global demand. • Disputes between Hydro Tasmania and Basslink Pty • We’ve invested in the recreation sites that Tasmanians Ltd on matters related to the 2015 undersea cable fault treasure, working with Marine and Safety Tasmania to have been referred to arbitration. complete significant upgrades at Lake Burbury including installation of a timber walkway at the Thureau Hills boat Awards ramp to improve safe access to the water. • Our workplace mental health program, A New Mindset, • Our education program, Generation Hydro, went into won the Workplace Life Award at the 2019 National 32 schools and hosted more than 300 students on tours Suicide Prevention Australia Conference. of our power stations helping spark interest in science, technology, engineering and maths in the next generation. • Bunfu Yu, Entura’s Professional Land Use Planner, was awarded the 2019 Award for Planning Excellence • We were a major sponsor of: (Tasmania) - Outstanding Student Project, as well as – The West: Out on the Edge exhibition at the being the recipient of the UTAS Mike Shield Award for Tasmanian Museum and Art Gallery, a celebration the best overall student academic performance. of the uniqueness of Tasmania’s rugged west coast. • Grace Uziallo, Geomatics Consultant at Entura, was – One of the biggest fishing events in Tasmania’s awarded the Young Spatial Professional of the Year at history, the 39th FIPS-Mouche World Fly Fishing the Pacific Spatial Excellence Awards. Championships. – The Cataract Gorge Extreme Race, a technically • Momentum Energy took out the Mozo People’s Choice challenging white water event held in the heart Awards for customer service for the fourth year of Launceston. running. – Engineers Australia’s Driving Diversity Scholarships • Momentum Energy received the Canstar Blue ‘Most which support more women entering engineering Satisfied Customers, Dual Fuel’ at the national level for careers. the second year running. • Our annual Community Grant Program saw its largest funding group yet with 11 community and not-for-profit organisations receiving up to $5,000 each, followed by a dedicated COVID-19 Community Grant Program which provided up to $10,000 to 29 recipients. • Entura completed the microgrid control system for the Agnew Hybrid Renewable Project in remote Western Australia. Hydro Tasmania Annual Report 2020 5 Above: Environmental Scientist Andy Taylor conducting water sampling at yingina / Great Lake 6 Hydro Tasmania Annual Report 2020 Contents Message from the Chairman and Chief Executive Officer 9 Business overview 15 Financial report 19 Auditor’s independence declaration 89 Independent auditor’s report 90 Statement of Corporate Intent 97 Community service obligations 101 Summary information 103 About this report 112 Hydro Tasmania Annual Report 2020 7 Above: Area Coordinator Leah Powell inspecting a turbine at Mackintosh Power Station 8 Hydro Tasmania Annual Report 2020 Message from the Chairman and Chief Executive Officer Chairman Grant Every-Burns Chief Executive Officer Stephen Davy Foreword I would like to take this opportunity to recognise the contribution of CEO Stephen Davy, who has led the In a year where everything has changed, there is hope business over the past seven years. Under Steve’s and comfort to be drawn from how Hydro Tasmania rose leadership Hydro Tasmania has laid the groundwork for to the challenges presented by COVID-19. Despite these our future success as a business, taking a bold vision truly unprecedented disruptions, our people have given for the role Tasmania can play in a renewable energy Tasmanians the confidence of knowing their essential future and turning it into an actionable plan through services remain in place, while also quietly delivering the Battery of the Nation initiative. another successful year for the business. On behalf of the Board I thank him for his dedication, Hope and confidence during such times is invaluable. passion and hard work. Over our 100 year history, we have helped to build Tasmania and sought to prepare our State for the future. - Grant Every-Burns, Chairman There’s no denying that 2020 has been difficult, but our vision of a renewable energy future continues to become a reality. Hydro Tasmania will be an essential contributor I am humbled by the opportunity I have been given over to the State’s economic and social recovery from the the last seven years to lead ‘the Hydro’ and am proud effects of coronavirus. This will come through progressing of the positive impact we are making for Tasmania and Battery of the Nation and our role in the Tasmanian our customers. Government’s Renewable Energy Action Plan, to double our State’s clean energy generation by 2040 and I have great pride in the way our people have responded drive investment in the emerging hydrogen industry. to the challenges we’ve faced, whether related to energy But our contribution will also be made through our supply or the current pandemic. I am also very proud many initiatives, great and small, that continue to of the support we have provided to the Tasmanian support the community, the economy and the community, particularly through our Community Grant environment in our day to day operations. Program and our education program, Generation Hydro. I am sad to say goodbye to my colleagues after more than 15 years but Tasmania can be assured that Hydro Tasmania is in very good hands.
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