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2021 2020 2020 Infrastructure Infrastructure for the Future for the Future ANNUAL REPORT 2020 INFRASTRUCTURE FOR THE FUTURE For personal use only Spark Infrastructure’s 2020 Annual Report describes how we have created value over the year through our investments in essential energy infrastructure. As a long-term investor, we aim to generate sustainable returns for Securityholders while delivering positive outcomes for our customers, our people, and the communities where we operate. For personal use only CONTENTS Our 2020 Annual Report describes our performance according to key stakeholder outcomes. It includes our Directors’ Report and Financial Report. Securityholders Customers Our people, Innovation and Environment p16 and community health and safety technology p36 p24 p28 p32 Spark Infrastructure at a glance 2 Governance 40 Chair’s message 6 Board of Directors 42 Managing Director’s message 8 Management team 43 How we create value 10 Annual Financial Report Performance outcomes (including Directors’ report) 44 Creating value for Securityholders 16 Additional ASX disclosures 124 Partnering with customers and community 24 Glossary of terms 126 Supporting our people 28 Contact information 127 Leading through innovation and technology 32 Five-year performance summary 128 Acting on environmental risks and opportunities 36 For personal use only AGM DETAILS 2020 REPORTING SUITE Annual General Meeting ANNUAL REPORT CORPORATE GOVERNANCE STATEMENT 11:30am, Thursday, 27 May 2021 2020 2020 INFRASTRUCTURE INFRASTRUCTURE FOR THE FUTURE FOR THE FUTURE Further details about the AGM can SUSTAINABILITY DATA REPORT 2020INFRASTRUCTURE be found on Spark’s website at FOR THE FUTURE https://www.sparkinfrastructure. com/investor-centre/annual- general-meeting 2020 2020 Corporate 2020 2020 Results Annual Report Governance Sustainability Investor Presentation Statement Data Report 1 SPARK INFRASTRUCTURE AT A GLANCE AT A GLANCE CIRCA $3.6bn $6.7bn 5,400 MARKET CAPITALISATION REGULATED AND CONTRACTED EMPLOYEES ACROSS SPARK S&P/ASX 1001 ASSET BASE (PROPORTIONAL) INFRASTRUCTURE AND ITS NETWORKS SUPPLYING $18.7bn 5.0m+ TOTAL ELECTRICITY NETWORK HOMES AND BUSINESSES AND GENERATION ASSETS2 HIGHLIGHTS $862m ^2.4% UNDERLYING LOOK-THROUGH EBITDA3 $6.4bn $294m 13.5cps FY2020 DISTRIBUTION ^3.3% ^13.4% REGULATED ASSET BASE3 CONTRACTED ASSET BASE4 $231m 12.4% 12.5cps ^For personal use only 13.3% -1.1% + ~25% franking GROWTH CAPITAL EXPENDITURE7 FFO TO NET DEBT5 FY2021 DISTRIBUTION GUIDANCE6 1 As at 19 February 2021. Balance sheet and other information as at 31 December 2020. 2 Spark Infrastructure has proportional interests in $18.7bn of total electricity network and contracted generation assets. 3 On an aggregated proportional basis to Spark Infrastructure. 4 Includes Bomen Solar Farm and TransGrid contracted asset base on a proportional basis to Spark Infrastructure. 5 Funds From Operations (FFO)/ Net debt on a look-through basis. 6 Subject to business conditions. 7 Represents increase in regulated and contracted asset base, and Bomen Solar Farm acquisition and construction costs. 2 SPARK INFRASTRUCTURE ANNUAL REPORT 2020 DISTRIBUTION TRANSMISSION RENEWABLES 49% 15% 100% SPARK INFRASTRUCTURE SPARK INFRASTRUCTURE SPARK INFRASTRUCTURE OWNERSHIP OWNERSHIP OWNERSHIP $11.03bn $7.52bn $0.17bn REGULATED ASSET BASE REGULATED AND CONTRACTED CONTRACTED ASSET BASE ASSET BASE SPARK INFRASTRUCTURE SA POWER PROPORTIONAL ASSET NETWORKS BASE1 3% RENEWABLES BOMEN SOLAR FARM 17% TRANSMISSION TRANSGRID 80% POWERCOR DISTRIBUTION CITIPOWER 1 Pro forma. SA POWER NETWORKS TRANSGRID BOMEN SOLAR FARM VICTORIA POWER NETWORKS TransGrid (15% owned by Spark Infrastructure) Bomen Solar Farm (100% owned by Spark For personal use only SA Power Networks (49% owned by Spark is the operator of the largest (by energy volume) Infrastructure) is now fully operational and has been Infrastructure) is the sole operator of South Australia’s high-voltage electricity transmission network in delivering clean solar energy to customers since June electricity distribution network, supplying over the National Electricity Market (NEM). TransGrid 2020. Located near Wagga Wagga, New South Wales 896,000 residential and commercial customers in all delivered 35% of the operational energy across the (NSW), it comprises approximately 310,000 bifacial regions and the major population centres. NEM to over 3 million homes in 2020. solar panels with the capacity to produce enough clean energy to power 36,000 homes annually. CitiPower (49% owned by Spark Infrastructure) and Powercor (49% owned by Spark Infrastructure), together known as Victoria Power Networks, operate the distribution networks that supply electricity to over 330,000 customers in Melbourne’s central business district (CBD) and over 840,000 customers in central and western Victoria. 3 SPARK INFRASTRUCTURE AT A GLANCE AUSTRALIA’S TOP PERFORMING REGULATED ELECTRICITY NETWORKS 3 NEW SOUTH Northern WALES Development Area New 2 South 2 Wales 1 4 5 2 Trahai rs Road Southern Development Area ad Byrnes Ro Transmission line corridor East Bome 1. SA POWER NETWORKS n Road SA Power Networks operates South Australia’s electricity distribution SOUTH network covering 178,200 sq km and consisting of 89,426 km of AUSTRALIA Wagga power lines. SA Power Networks was once again rated the most North substation 10 km to WaggaWagga productive distribution network in the National Electricity Market. 2. BOMEN SOLAR FARM 1 Bomen Solar Farm is now fully operational and has 7 been delivering clean solar energy to customers 6 since June 2020. The bifacial solar panels in use 8 at Bomen Solar Farm deliver higher efficiencies, 2 3 and lower levelised costs of electricity compared to 5 11 1 CEDUNA 12 BARMERA conventional panels. 2 STREAKY BAY 13 ANGASTON 12 3 WUDINNA 14 STATION PLACE 4 13 14 4 PORT LINCOLN 15 KESWICK 9 1615 For personal use only 5 CLEVE 16 ST MARYS 18 17 6 WHYALLA 17 VICTOR HARBOR 10 7 PORT AUGUSTA 18 MURRAY BRIDGE 8 PORT PIRIE 19 BORDERTOWN 19 9 YORKTOWN 20 NARACOORTE 10 KINGSCOTE 21 MOUNT GAMBIER 20 11 CLARE 21 4 SPARK INFRASTRUCTURE ANNUAL REPORT 2020 1 3. TRANSGRID 1 LISMORE TransGrid is the operator2 COFFS of HARBOU the R high voltage electricity3 ARMIDALE transmission 4 TAMWORTH NEW SOUTH network connecting generators, 5 WELLINGTON WALES distributors and major6 ORANGE end users in NSW and the Australian7 MT PIPER Capital Territory across over8 NEWCASTLE 13,000 km 1 of transmission lines.9 SYDNEYTransGrid is critical to the development10 SYDNEY of the WEST NEM, 11 YASS supporting the least cost transition to 12 UPPER TUMUT 2 a low emissions, renewable13 WAGGA future. WAGGA 5 TransGrid was rated14 theDENILIQUIN 3rd most 4 productive transmission15 BROKEN network HILL in 3 1 TAMWORTH 6 3 the National Electricity Market. 2 NEWCASTLE 7 3 SYDNEY 4 WESTERN SYDNEY 5 ORANGE 6 YASS 7 WAGGA WAGGA 4. POWERCOR 1 Powercor operates Victoria’s 1 MILDURA 8 MARYBOROUGH largest electricity distribution 2 HORSHAM 9 KYNETON network with more than half 3 WARRNAMBOOL 10 BALLARAT a million poles and 89,921 km VICTORIA 4 COBRAM 11 ARDEER of power lines. CitiPower and 5 ECHUCA 12 MELBOURNE Powercor together are known as Victoria Power Networks. 4 6 SHEPPARTON 13 GEELONG 5 7 BENDIGO 14 COLAC Powercor was rated the 3rd 6 most productive distribution 2 7 network in the National 8 Electricity Market. 9 10 11 12 13 3 14 5. CITIPOWER4 Dundas Roa Mo d CitiPower operates a 157 sq km reland Road Darebin distribution network in Moonee Northcote Creek Ponds Brunswick Melbourne’s CBD and inner Creek suburbs with over 7,693 km METROPOLITAN Yarra of power lines. CitiPower and MELBOURNE River Powercor together are known North Balwyn oad Fitzroy as Victoria Power Networks. R mitheld Carlton CitiPower was rated the 2nd S Kew Collingwood most productive distribution North Balwyn Melbourne network in the National CBD For personal use only Richmond Yarra Electricity Market. River 4 Docklands Hawthorn About TransGrid 5 oad Port Camberwell R South l Melbourne Melbourne a Toorak ig rr Prahran Toorak Road Wa Port Armadale Phillip Bay St Kilda Cauleld Bala clava Road 5 5 CHAIR’S MESSAGE CREATING VALUE IN AUSTRALIA’S ENERGY FUTURE A year that began with catastrophic deliver solid yields to our security SUPPORTING THE SUSTAINABLE bushfires across Australia’s east holders and enable us to enhance value ENERGY TRANSITION coast evolved into an unprecedented through productive investment in network This year saw the completion of Bomen health and economic crisis caused performance and growth. Our confidence Solar Farm, which provides a template by the COVID-19 pandemic. In in these networks is underpinned by their for how we can continue to build value response we renewed our focus on continued ratings as the most productive through Spark Infrastructure’s portfolio what matters most – protecting the networks in the NEM. of investments and capabilities. Following health and safety of our people and STRONG PERFORMANCE IN 2020 the success of Bomen Solar Farm, we continuing to provide the essential are aiming to target over $1 billion of services that our customers need. Reflecting our position as an investor in investment in renewables by 2025, which essential services, our performance has The experience of 2020 highlighted is equivalent to a new Bomen Solar Farm been minimally impacted by the COVID-19 the importance of investing in essential each year for the next four years. pandemic. Underlying look-through EBITDA infrastructure that meets the energy increased by 2.4% to $862.4 million, Our investment in renewables puts our needs of millions of Australians. Against although underlying standalone operating purpose into action, and demonstrates this backdrop the Board and management cash flows decreased by 10.8% to how we capitalise on growth opportunities teams articulated our purpose – to build a $252.8 million resulting primarily from presented by the transition of Australia’s sustainable energy future – that will guide increased tax payments. Distributions to electricity market to low carbon energy us as we respond to the challenges of securityholders were 13.5 cents per security, sources. The Australian Energy Market tomorrow. Our purpose is supported by in line with guidance provided at the start of Operator (AEMO) has flagged that our vision – clean, reliable and affordable the year.
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