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2019 Annual Report

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2019 Annual Report 2019 Contents. INTRODUCTION About us. 1 This is Ellevio. 2 ELLEVIO 2019 Review of 2019. 4 CEO’S STATEMENT Network vital for climate targets. 6 MARKET CONDITIONS AND DRIVERS Market conditions. 8 The Swedish electricity market – how it works. 11 Drivers. 13 VALUE CREATION From the little things to the big things. 18 Society. 20 Customers. 23 Employees. 26 Environment. 32 Owners. 35 INVESTMENTS AND FINANCING Investments. 36 Financing. 42 ANNUAL REPORT 47 CORPORATE GOVERNANCE 75 SUSTAINABILITY DISCLOSURES Management. 80 Results. 83 GRI index. 91 The Annual Report consists of an Administration Report, Financial Statements and notes on pages 45–74. (The auditors’ report appears on pages 73–74.) The sustainability report has been produced in line with Global Reporting Initiatives (GRI) standards ”core” level. The complete sustainability report comprises the description of our sustainability efforts on pages 2–5,8–43 along with Sustainability Disclosures and the GRI index on pages 82–96. The sustainability report also covers Ellevio’s Communication on Progress to the UN Global Compact. The statutory sustainability report in accordance with the Annual Accounts Act can be found on pages 2–5, 18–35 and 82–96. Ellevio AB (publ) Box 242 07 104 51 Stockholm www.ellevio.se All values are expressed in SEK. Figures within parentheses refer to 2018, unless specified otherwise. The data concerning markets and the competitive situation are Ellevio’s own estimates unless a specific source is indicated. These estimates are based on the best and latest available facts from published sources. About us. Sometimes it’s warm, sometimes it’s cold. Sometimes light, sometimes dark. We need to cool down, heat up, add darkness and bring light. And of course, we need to charge our cars, trim beards, manage industries, cook food, transport goods, milk cows, surf the inter- net, check our teeth and ride in lifts. How lucky we are to have electricity! Reliable and stable distribution of electricity is a pre- requisite for the functioning of our daily lives as well as the ability to develop solutions and innovations and ensure that Sweden achieves its climate targets. Our responsibility is to ensure a reliable supply of electricity to our current 962,000 customers, while also enabling society and Sweden to keep develop- ing. Step-by-step, these efforts bring us closer to our vision of using our commitment and expertise to contribute to a bright and sustainable future. Welcome to Ellevio. Ellevio is future- proofing Sweden. Our mission customers are in Stockholm. We have a clear Ellevio is one of Sweden’s largest electricity network objective; Ellevio’s customers are to have an uninter- companies. Our task is to safeguard the supply of rupted supply of electricity, regardless of whether electricity to homes, workplaces and societal func- they live in the country or in an urban area. tions by ensuring that the electricity network in our Electrification, digitalisation, urbanisation and network areas is sustainable in the long term and new types of production are all placing new require- can thus ensure the development of a climate-smart ments on our electricity network. Ellevio invested energy system. An important part of this responsibility more than SEK 10 billion between 2016 and 2019 consists of weather-proofing the electricity network in to modernise and future-proof our electricity grids, a rural areas and strengthening and regenerating the tripling compared with the previous four-year period. electricity network in cities. The need for investments in the future-proofing of Producing and maintaining a reliable supply of Sweden will remain for the foreseeable future. With electricity is one of society’s most vital assignments. the right circumstances and with reasonable condi- We view this responsibility with humility and a strong tions, Ellevio will continue its investment programme desire to keep contributing to sustainable societal for decades to come. development. With the right conditions and in col- We are a regulated business subject to the provi- laboration with society, we want to realise our vision sions of the Electricity Act. The governmental author- of using our commitment and expertise to contribute ity Swedish Energy Markets Inspectorate implements to a bright and sustainable future, step by step. legislation and regulations and monitors the extent to which we fulfil our mission. A few facts about us The company is owned by pension savers via the We own, operate and develop regional and local Swedish Third National Pension Fund, Folksam and electricity grids and distribute electricity with 99.98 the First National Pension Fund, as well as OMERS percent availability to 962,000 customers in Swe- Infrastructure, which invests in infrastructure for den. Our network is 77,500 km long, corresponding OMERS, one of Canada’s largest pension funds. to almost two trips around the Earth. Our customers The owners all share a long-term approach and are spread across the West coast, mid-Sweden, and want to invest in businesses that contribute to sustain- Stockholm County. The main proportion of our able development. The value we create goes back networks is located in rural areas, but most of our to the pension savers. Mission. Our electricity To improve quality of life by guaranteeing a long-term sustainable electricity network. network. Our electricity network is divided into four local network areas based on geographical location. Vision. Since 1 January 2018 these have been divided up into two tariff zones. In addition to Through our commitment and expertise, we the four local network areas, we also own contribute to a bright and sustainable future. regional grids in Stockholm and rural areas. In total, this represents about 71,000 km of local grids and 6,500 km of regional grids. 2 ELLEVIO 2019 • THis is Ellevio Seven strategic focus areas. Ellevio is responsible for critical infrastructure that fulfils a fundamental function in society. Our operations involve a very wide range of responsibilities. Ellevio’s overall strategy to achieve our vision and create value for our customers and investors is to guarantee a reliable electricity network, customer-focused and efficient operations, committed employees and continued growth. We have seven strategic focus areas that aim to create value for our customers and investors. 1. 4. Sustainability Regulation and For Ellevio, sustainability means striking a balance sector development between social, financial and environmental sus- The electricity network market is regulated, and it is tainability in order to create long-term value for all important to Ellevio to be involved in developing our stakeholders, with safety being our priority in those regulations and to contribute knowledge, everything we do. Together with our customers, experience and opinions to issues that are import- we want to play an active role in efforts to create ant in terms of ensuring the electricity market func- a carbon-neutral and climate-smart society. tions and that Sweden is in a position to achieve its climate targets. 2. Customer and brand 5. experience Improved reliability through Ellevio is a monopoly, which is exactly why we feel efficient investments a great responsibility with regard to our customers. Investments to maintain high security of supply and We want them to perceive us as reliable, commit- further improve it in our urban and rural areas is an ted and sustainable. We achieve this by working important aspect of Ellevio’s operations. to ensure an improved customer experience through openness, the simplification and digitalisa- 6. Operational efficiency tion of the customer interface, and fast and accu- rate information about outages and the customer Our operational efficiency strategy involves reduc- dialogue, at the same time as we increase our ing the costs of maintenance and fault repairs customers’ knowledge about us as a company through efficient operations and investments, as and our role in the society. well as preventive maintenance and digitalisation of the customer interface. 3. Committed employees 7. Growth through business Ellevio is to be an organisation where everyone takes responsibility for their own development, development and acquisitions as well as that of their team and the company. According to the strategy for growth through Our conduct is guided by our values of reliability, acquisitions, Ellevio will identify, evaluate and, commitment and development. when the opportunity arises, carry out acquisitions of electricity network businesses. The company will also continuously evaluate new business develop- ment opportunities. Investments 2016–2019 Net sales 2019 SEK M 4,000 3,500 SEK 6,709 M 3,000 (SEK 6,974 M) 2,500 2,000 Investments in tangible and 1,500 intangible assets 2019 1,000 500 SEK 4,000 M 0 2016 2017 2018 2019 (SEK 2,870 M) Basic investments Customer-driven investments1) Other investments Asset acquisitions 1) Investments initiated by our customers, for example investments ELLEVIO 2019 • THis is Ellevio 3 made in wind parks and solar panels. Review of 2019. Investments in the electricity network Operating environment and regulations of the future Stockholm’s electricity supply crisis New ultra-modern switchgear station averted in the short term at Stockholm Värtan In October a dialogue between Ellevio and the “Värtan” is a switchgear station that dates back to government led to a solution to the most acute threat 1918 and forms an important part of Stockholm’s of capacity shortages in Stockholm’s electricity energy supply. A total modernisation project was network. The solution involves Ellevio enabling con- launched during the year to increase the capacity tinued electricity production at the city’s CHP plant. and reliability of the station, in which it is being rebuilt to a quarter of its original size. The project is being Decision regarding reduced basic carried out at the same site at which the switchgear investments station is currently located, and it will continue to During the year The Swedish Energy Markets supply Stockholm with electricity throughout the Inspectorate (Ei) took the decision to reduce revenue entire period of construction.
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