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A N N U a L R E P O R T 2 0 ANNUAL REPORT 2002 STATNETT AIMS TO CREATE CONDITIONS CONDUCIVE TO AN EFFICIENT ENERGY MARKET KEY INFORMATION, STATNETT SF CONTENTS Page MAIN FIGURES FOR STATNETT SF Key information, Statnett SF (Amounts in NOK million) 2002 2001 2000 1999 1998 Role and responsibilities 1 Operating revenues 4 624 4 503 3 387 3 390 3 381 Ownership and corporate Operating profit 905 917 884 765 807 governance 2 Profit before tax 574 481 666 551 569 Highlights 2002 3 Company structure and operations 4 Profit for the year 417 348 477 402 389 Grid operations 4 Total assets 11 970 10 995 10 980 11 361 11 344 Engineering and construction 6 Statnett Transport 6 KEY RATIOS FOR STATNETT SF Power Exchange 7 2002 2001 2000 1999 1998 Main Grid Commercial Agreement 8 Return on assets before tax 8.6% 9.1% 9.0% 7.8% 8.1% Regulating Power System 9 Return on equity after tax 9.6% 8.2% 11.4% 10.0% 10.1% Balance Settlement 9 Equity ratio 36.3% 39.4% 38.4% 36.4% 34.4% President and CEO’s comments 10 Report of the Board of Directors 12 DEFINITION OF KEY RATIOS Profit and loss account 17 Balance sheet 18 Operating profit + financial income Return on total assets: Cash flow statement 20 Average total assets Notes 21 Profit for the year Auditor’s report 38 Return on equity: Average equity Business areas accounts 39 Equity at 31 December Business areas notes 40 Equity ratio: Environmental report 42 Total assets at 31 December Statnett Group Management 43 Key documents 44 KEY INFORMATION, STATNETT SF Brief history 45 I No. of employees: 523 Addresses 45 I Rating, short-term: A-1+ (Standard & Poor’s) I Rating, long-term: AA+ (Standard & Poor’s) I State guarantee: Applies to obligations undertaken prior to 31 December 2002 I Insurance valuation of assets in the grid: NOK 32.5 billion on 31 December 2002 ELECTRICITY CANNOT BE STORED I Dividend policy: Proposition no.1 to the Storting (1999-2000) proposes a dividend of approxi- AND MUST BE USED THE mately 50 per cent of the Group's profits after tax. Dividends in real terms may vary depending MOMENT IT IS GENERATED A transmission system operator on the National Budget dispositions. must ensure that supply and demand are in balance at all NORWAY’S PRODUCTION, CONSUMPTION AND IMPORT/EXPORT OF ELECTRICITY times. In Norway, Statnett is the (Figures in TWh) Transmission System Operator (TSO) in Norway, and thereby Total production Total consumption responsible for coordinating supply 1997 112.0 1997 116.0 and demand in the power system. 1998 117.0 1998 120.6 In this capacity, Statnett owns and 1999 122.9 1999 121.0 operates large sections of the main Norwegian power grid and the 2000 142.8 2000 123.8 Norwegian section of power lines 2001 121.9 2001 125.5 and subsea cables to other countries. 2002 127.7 2002 118.0 Statnett’s head office is located in 0 30 60 90 120 150 0 30 60 90 120 150 Oslo and its regional offices are at Alta, Sunndalsøra and in Oslo. General consumption Net power exports/imports Employees' meeting points for sub- 1997 78.5 1997 +4.0 stations can also be found at various 1998 81.6 1998 +3.7 locations around the country. The newly established Statnett 1999 82.3 1999 -1.9 Transport AS is a wholly owned 2000 82.7 2000 -19.0 subsidiary with transport capacities 2001 85.9 2001 +3.6 both overland and by sea. 2002 83.9 2002 -9.8 0 30 60 90 120 150 10 5 0 -5 -10-15 -20 (+) exchange ≈ import and (-) exchange ≈ export RESPONSIBILITY FOR THE POWER SYSTEM'S HIGHWAYS Statnett is responsible for the continual, day to day balance in the Norwegian power A RESOURCE FOR STATNETT system. Pursuant to the Energy Act, Statnett is the transmission system operator -"Our main task is to ensure that (TSO) in Norway and must therefore ensure that there is always a balance between participants in the market are treated as equally and fairly as possible", the amount of power generated and the amount that is consumed at any one time. says Helge Stanghelle, chairman of Our vision is to be Europe's most efficient and leading transmission system operator. Statnett's User Council. He repre- And no less. sents the Confederation of Norwegian Business and Industry through the Federation of Norwegian Process Industries (PIL). With him on Statnett's position in the power market was responsibility. Statnett must remain neutral and the Council are representatives for subject to a thorough review by the Storting at non-discriminatory in its work to facilitate the other large user groups such as the the end of last year and the start of this year. The market. Statnett implements market and tech- Norwegian Electricity Industry company's role and organisation as the trans- nical solutions that contribute to establishing a Association (EBL), the Federation of mission system operator received broad-based more efficient utilisation of the power system. Statnett Customers (SFO), the support and was deemed to be a good solution Consumer Council of Norway, the for Norwegian society. The solution chosen in Statnett's business idea is to create conditions Forum For Strategic Grid Development (FSN) and the Norway – with Statnett as the TSO – mirrors the conducive to an efficient energy market. The Federation of Trade and Services organisation model chosen through-out the company must ensure the reliable and stable (HSH). Nordic system. This has now become a model transmission of electricity. At the same time, The User Council is a supplement to for the rest of Europe. Statnett has to execute its systemwide respon- the authorities' monopoly control sibility in a socio-economically rational manner. and deals with issues relating to Statnett owns the grids that are vital to the regulated monopoly and regulatory transmission of electricity. In Norway, Statnett In order to fulfil its responsibility in the best tasks in Statnett. The User Council owns approximately 87 per cent of the Main Grid, possible way, Statnett has been delegated stat- in the form of more than 9 000 kms of power utory authority. Market participants adhere to lines and approximately 100 transformer and decisions that the transmission system operator switching stations. Responsibility for operations might make in line with its responsibility. of the Main Grid is one of Statnett’s prime tasks. Similarly, Statnett is to secure a reliable functio- Key elements of the systemwide responsibility ning of the power system. are to develop the infrastructure, based on socio- economic criteria, and to ensure the availability The Energy Act and associated regulations set of transmission routes through good mainte- out the framework for Statnett's systemwide nance. responsibility. The power exchange, Nord Pool, and the regulating power market both play a very Statnett also owns an extensive fibre grid that is is a forum for communication and important role in the efficient execution of this spun along the high voltage transmission lines. discussion and a resource and support for Statnett in connection with important tariff and grid issues. Helge Stanghelle: – Equality and justice. The Statnett Control Center represents the core of the daily coordination and control of the Norwegian Power System. A continuous coordination and monitoring of electricity "highways" is carried out on a 24hrs basis. Kristoffer Sletten (left) and Kjell Sand are seen in the midst of coordi- nation procedures. L 1 OWNERSHIP AND CORPORATE GOVERNANCE Statnett is a public enterprise, owned by the State through the Ministry of Petroleum and Energy and regulated by the State Enterprise Act. The enterprise's supreme authority is the general meeting. It is the owners' decision-making body, with similarity to the general assembly in stock companies. The general meeting deals with ordinary general Anne Kverneland Bogsnes meeting issues, including amendments to the Elisabeth Wille articles of association, loan and guarantee limits Grethe Høiland and mergers. Statnett's Board of Directors and Sverre Aam Corporate Management are responsible for Elected by the employees: Statnett's strategy and the day-to-day running of Rolf Magne Nyheim, (Steinar Jøråndstad, the enterprise. deputy member) Amendments were made to several important Jan Eskedal, (Elisabeth Haug, deputy member) points in the Public Enterprises Act in 2002. Here- Ole Bjørn Kirstihagen, (Bjørn Solberg, deputy after, the State will no longer be liable for the member). enterprise's obligations. Instead, the enterprise has a limited liability in line with the rules in the AUDITOR: Companies Act. In addition, from January 2003, Ernst & Young AS, represented by State autho- a public enterprise can be subject to bankruptcy/ rised public accountant, Jan Erik Haga. debt negotiations on a par with any other type THE USER COUNCIL of company. Statnett's Memorandum and Articles of Statnett's core activities are not exposed to Association stipulate that it shall have a User competition in the normal sense. The enterprise's Council. The purpose of the User Council is to highest earnings come primarily from monopoly- contribute to the efficient control of Statnett's based activities that are regulated by a revenue affairs. According to its mandate, the User ceiling set by the Norwegian Water Resources Council shall play an important role in liasing and Energy Directorate (NVE). between Statnett and users of the Main Grid. NVE has a mandatory responsibility to carry out The User Council's mandate states that: active control of Statnett's activities. In addition, “Statnett shall be a transmission system operator Statnett has a User Council that deals with all and neutral service enterprise for users of the aspects of Statnett's monopoly-based activities Norwegian power system.
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