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CS Energy Annual Report 2008/2009

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Table of contents What drives CS Energy? 2008/2009 in Review Scope and purpose of the Annual Report CS Energy is a Queensland Government-owned electricity generator, providing about 30 per cent of the state’s electricity using a mix of coal, natural gas, coal Highlights 2008/2009 1 The Annual Report is written to provide information to CS Energy’s profi le 2 CS Energy Limited’s (CS Energy’s) stakeholders including seam methane and landfi ll gas. Ministerial shareholders, customers, community, partners, unions, Performance against measures 2008/2009 4 industry, employees, suppliers, special interest groups and the CS Energy is part of an industry-wide movement to tackle the major issues facing the Chairman’s review 6 media. This is the twelfth annual report for CS Energy. energy sector today. As a major provider of electricity in Australia, CS Energy looks to do business Chief Executive’s review 8 smarter, cleaner and more effi ciently and to visibly report the progress towards the Company’s The Annual Report is also available online at Corporate performance 10 goals through this Annual Report in four key areas – People, Portfolio, Growth and Social Licence. www.csenergy.com.au, or by contacting (07) 3222 9333. 01 People Where you see this symbol further information is available on CS Energy’s people 16 CS Energy’s website www.csenergy.com.au. Learning and development 20 Feedback on this report is welcome and can be sent via email to Health and safety 22 [email protected] or by mail to the Chief Executive, CS Energy Ltd, GPO Box 769, Queensland 4001. 02 Portfolio Highlights 2008/2009 Portfolio performance 28 Kogan Creek A Power Station 30 Generated 17,974 gigawatt hours of electricity and achieved electricity sales of $781 million page 11 Swanbank Power Station 31 Callide Power Station 32 Recorded a $93.8 million net profi t after tax, up $34 million from previous year page 10 Mica Creek Power Station 33 Continued mid-life refi t of Callide B, and spent $153.6 million on overhauls across Swanbank, Callide and Resources 34 Mica Creek power stations page 28 03 Growth Commenced site works for Callide Oxyfuel Project, a demonstration of carbon capture and storage on a commercial scale page 39 CS Energy’s future 38 Emerging technologies for future generations 39 Implemented drug, alcohol and fatigue management at all sites page 24 Commercialising low-emission coal 39 Undertook the Company’s fi rst Corporate Social Responsibility Audit to benchmark its business practices and how it balances its social, Investigating integrated renewables 40 environmental and economic goals page 53 Exploring offsets 40 Researching new technologies 41 Launched new Workplace Giving program, Generosity, and raised over $120,000 for charity page 55 Improving existing plant 41 Gas activities 42 Lost time injury frequency rate Total energy sent out (GWh) Profi t after tax ($000) 3.36 3.30 5 13,996 15,426 16,675 43,300 59,007 93.816 04 Social Licence 06/07 07/08 08/09 06/07 07/08 08/09 06/07 07/08 08/09 Earning trust 46 Employee numbers Reliability (%) Return on productive assets (%) Carbon and sustainability strategy 47 559 588 673 95.5 91.8 90.8 3.7 5.3 8.1 06/07 07/08 08/09 06/07 07/08 08/09 06/07 07/08 08/09 Environmental performance 50 Community 53 Staff turnover (%) Greenhouse intensity (tCO2e/GWhso) Qld average pool price ($/MWh) 9.7 12.8 7 829 834.4 845.5 52.14 52.34 34.02 Corporate Governance Report 57 06/07 07/08 08/09 06/07 07/08 08/09 06/07 07/08 08/09 Directors’ profi les 64 Apprentices, trainees and graduates Signifi cant environmental incidents1 Gearing (%) 2 Executive Management Team profi les 66 47 52 63 0 0 1 51.82 47.1 44.7 06/07 07/08 08/09 06/07 07/08 08/09 06/07 07/08 08/09 Financial Report 68 1 For more information see page 50 and for defi nition see Glossary, page 120. 2 For more information see note 12 of the Financial Statements on page 89. Index 120 Glossary Inside back cover CS Energy Annual Report | Highlights 2008/2009 1 CS Energy’s profi le CS Energy is a Queensland • Kogan Creek Power Station, near Government-owned electricity Chinchilla in south west Queensland. generator with more than 670 CS Energy’s stakeholders employees, four power stations and a generating capacity of CS Energy has many stakeholders, which include all individuals and groups who 3,210 megawatts. are affected by, or who have an interest CS Energy supplies approximately 30 in, the Company’s operations. Through per cent of Queensland’s electricity the Company’s shareholding Ministers requirement, using a fuel mix of black CS Energy is ultimately responsible to the coal, natural gas, coal seam methane and people of Queensland, as well as: landfi ll gas. CS Energy operates a diverse • Current and future employees; portfolio of operating plant, able to supply • Contractors; base, intermediate and peak load, both on and off the national electricity grid. • Customers; The Company’s operating sites are: • The local communities in which it operates; • Swanbank Power Station, near • Unions; Ipswich in south east Queensland; • Suppliers; • Callide Power Station, near Biloela in • Special interest groups; central Queensland; • Relevant authorities; and • Mica Creek Power Station, near Mount Isa in north west Queensland; and • Current and prospective business partners. 2 CS Energy Annual Report | CS Energy’s profi le CS Energy Annual Report | CS Energy’s profi le 3 Performance against measures 2008/2009 Last year, the CS Energy Annual Report 2007/2008 introduced a new corporate scorecard, with four key measurement areas – People, Portfolio, Growth and Social Licence. Against these measures, specifi c goals and strategies provide a balance between enhancing current business operations and profi tability, and sustainable growth initiatives needed to take the Company into the future. 4 CS Energy Annual Report | Performance against measures 2008/2009 CS Energy Annual Report | Performance against measures 2008/2009 5 Chairman’s review CS Energy recorded a reasonable fi nancial result for 2008/2009, with a profi t of $93 million, which is 60% “The Company will focus on improving its above the 2007/2008 result. However, the underlying operational performance of the Company current operations and continuing the was below expectation for the year. The Company’s core business areas of safety and plant reliability need signifi cant improvement and development of new technologies” there are also major external challenges to be addressed in the near future. The Company is also facing a challenging market, with two major In addition, the Company is exploring a range of alternative Looking forward, the Company will focus on improving its current retailers, supported by a range of gas fi red peaking plant, now in a technologies, including stand-alone and integrated solar operations and continue the development of new technologies that strong position in comparison to a larger number of generators, with technologies, offsets through algae farms and other carbon capture will reduce the environmental impact of its business. excess capacity. The Company expects market prices to remain options to address its carbon responsibilities. The Company’s safety performance has been of particular concern. depressed for the foreseeable future. The Company’s strategic The Company has no major capital expenditure plans in the next A comprehensive review of the Company’s safety systems during response to this market structure is to consider its position as a year, but will need to pursue new equity capital once the need for the year revealed that CS Energy’s safety processes are robust retailer, to gain leverage in this market. any new capital expenditure is identifi ed and proved feasible. and mature, yet the Company recorded its highest ever lost time CS Energy has the most diversifi ed portfolio of plant in the National injury result during 2008/2009, particularly in the performance of Any business is only as good as its people and I would like to thank Electricity Market, and has historically pursued a strategy of the Company’s key contractors. In response, CS Energy will begin all the staff at CS Energy for their signifi cant effort again this year. supporting the development of Queensland’s coal seam gas market targeting specifi c lead indicators to embed the required safety to underpin investment in gas-fi red generation. I would also like to thank my fellow Directors for their support and behaviours throughout its operations, including its contractors. hard work during the year. An important component of CS Energy’s Strategic Plan is its carbon Reliability across the portfolio was also well below budget for the plan, which draws together activities to ensure compliance with During the year, the Company said farewell to two long standing 2008/2009 fi nancial year, which resulted in lower than budget the new National Generation and Energy Reporting legislation, the members of the Board, Tim Crommelin and Tony White, who have revenue and increased costs, as the Company worked to rectify Company’s plans to achieve carbon neutral workplaces by 2020, been committed and dedicated Directors for the past ten years. In plant issues. its support and sponsorship for low emission and renewable their place, we welcomed Russel Kempnich and Tracy Dare, who The Board and management are already implementing a series technology development and its work on carbon offsets. fi lled the Board positions from October 2008. of initiatives to deliver improvements in these critical areas of the CS Energy’s commitment in this area is evident through its ongoing In conclusion, CS Energy remains committed to continuing to business, being improved safety behaviour, reduced planned and investment in the Callide Oxyfuel Project, which will provide the pursue the delivery of a reliable and sustainable supply of electricity unplanned outage factors and reduced unit production costs at all By 2020: platform to enable to Company to retrofi t some of its current plant to support the ongoing development of the Queensland economy sites.
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