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Annual Report 2012 Availability of This Report in Other Formats annual report 2012 Availability of this report in other formats Copies of this report are available from our website westernpower.com.au or you can call us on 13 10 87 to request it in an alternative format. CONTENTS Western poWer GOVERNANCe & annUal report 2012 FINANCIAL REPORTS 2012 Corporate snapshot 02 governanCe & 50 about this report 02 finanCial reports Chairman’s review 04 Directors’ report 52 CEO’s review 06 Corporate governance statement 65 our profile 10 financial statements 78 Who we are 10 GRI content index 123 our purpose 10 our network 10 our vision 13 our values 13 our customers and other stakeholders 14 Key material issues 16 our place in the electricity supply chain 16 how the price stacks up 17 our board 18 our executive team 19 Corporate performance 22 operational performanCe 26 putting safety first 26 Workforce safety and health 26 Winter safety campaign 27 summer safety campaign 27 Customer focus 28 Complaints 29 responding to emergencies 29 state Underground power project 30 mid West energy project (southern section) 30 managing the network 32 safety 32 reliability 32 Capacity 33 investing in the network 34 people and culture 36 organisational health (Pulse) 36 employee statistics 38 employee reward and recognition 39 Community and environment 40 Community engagement 40 investing in our community 40 environmental management 41 Key environmental challenges 42 Climate change 42 environmental performance data 43 regulation and compliance 44 access arrangement revisions process 44 Compliance report results 45 future planning 46 sustainability – renewable energy 46 perth solar City 47 edge-of-grid communities 49 future energy alliance 49 WESTERN POWER ANNUAL REPORT 2012 1 CORPORATE ABOUT THIS SNAPSHOT REPORT This report covers Western Power’s global reporting indicators (GRI) financial performance, statutory indicators identified as most relevant to obligations and sustainability our industry. the GRI guidelines performance for the period 1 July version 3.1 influence the content of this 2011 to 30 June 2012. report, including the electricity Utility sector supplement. a summary GRI it reports on a broad range of content index is provided. business issues complementary to the report aims to provide a snapshot those defined in the statement of of Western power’s business, insight Corporate intent agreed annually with into our operational performance and the minister for energy, consistent with a full account of our finances. all the Electricity Corporations Act 2005 information provided, including data (WA) and the Electricity Industry Act and statistics is at 30 June 2012, 2004 (WA). unless stated otherwise. Western power is a signatory to the to help us continue to improve our sustainability practice framework corporate reporting, we invite your (SPF) of the energy supply association feedback via email to comment@ of australia (esaa). as such we are westernpower.com.au. encouraged to report against the 2 WESTERN POWER ANNUAL REPORT 2012 WESTERN POWER ANNUAL REPORT 2012 3 CHAIRMAN’S CORPORATE SNAPSHOT REVIEW The 2011/12 financial year was a following Doug’s departure the Board period of rapid and significant of Directors appointed paul italiano, change for Western Power. general manager Corporate services as acting Chief executive officer in January after a lengthy public (CEO). in the months that followed paul parliamentary inquiry into electricity clearly demonstrated a commitment to transmission and Distribution driving efficiencies within the business management by Western power, a while delivering a safe, compliant and parliamentary standing Committee reliable electricity network. after an identified a number of performance extensive executive search, paul was concerns, in particular with asset formally appointed as CEO in august management and network reporting 2012 demonstrating the Board’s where our performance fell short of confidence in his ability to meet the community expectations. significant challenges facing Western power in the years ahead. Western power accepts the Committee’s findings and is committed Due to other business commitments, to address all the inquiry’s mark Barnaba decided not to seek an recommendations including providing extension to his two year term as greater transparency on the state of Chairman of the Board and left the network through the publication of Western power in april. on behalf of a detailed ‘State of the Infrastructure the Board i would like to thank mark Report’ due later in 2012. for his leadership and vision. i would also like to thank Deputy Chairman in february, Doug aberle retired as John Cahill for acting as Chairman in managing Director after almost four the busy period between mark’s decades with the organisation. Doug departure and my appointment as was instrumental in steering Western Chairman in august 2012. power through the challenging disaggregation process in 2006 and it in terms of financial performance, this is appropriate that we acknowledge year Western power recorded a net the significant contribution he made to profit after tax of $157.1 million. During Western australia’s electricity sector the year more than five times this over his career. amount or $802.6 million was invested 4 WESTERN POWER ANNUAL REPORT 2012 in capital improvement programs. as a the onset of wild weather in June in closing, i would like to extend my consequence, net debt increased by presented significant challenges to the gratitude to Western power’s greatest $457.7 million to $5.5 billion. community and to the network. What asset – its highly skilled and dedicated resulted from the storm was an workforce. in particular i wish to significant investments in both capital extensive restoration program for more acknowledge workers in the field who and operating expenditure will remain an than 270,000 customers who lost power often work in very hazardous and ongoing feature of the Western power with Western power’s Customer service uncomfortable conditions through business model as it addresses the Centre receiving more than 260,000 storms or fires and whose expertise, challenge of managing an aging calls in just 24 hours. these challenges dedication and reliability are respected electricity network of high value assets. were met safely with no electrical injuries by our customers, management and the providing a roadmap of this investment to employees or the community and Board alike. for the next five years will be the third with a sense of commitment that is Alan Mulgrew access arrangement (AA3). earlier this pleasing to see and consistent with the Chairman year Western power made its AA3 Board’s view of Western power as a submission to the economic regulation responsive and professional authority. once finalised, AA3 will organisation. in July 2012 the Customer publicly outline Western power’s five service Centre was named the Best year investment plan, guide our medium sized Contact Centre in the performance and outline the asia pacific awards, part of the World services delivered. Contact Centre awards. the award demonstrates the priority given to While in Western power’s view there is a customer service at Western power. need for significant investment to maintain and reinforce the network, the the safety of employees and our business remains focused on achieving community drives everything Western the right balance between the cost of power does. in 2011/12 the business building, maintaining and operating the again achieved a significant reduction in network and ensuring a safe, secure lost time incidents and plans are in place and reliable supply that facilitates to deliver further improvements in the growth. the CEO’s review on the year ahead. following pages addresses this balance in greater detail. WESTERN POWER ANNUAL REPORT 2012 5 CEO’S CORPORATE SNAPSHOT REVIEW The release of a report by the safety. for example, from a safety and Legislative Council Standing reliability point of view it might be Committee on Public Administration desirable to replace all our assets over a in January marked a watershed certain age. this would, however, result moment in the history of Western in large increases in the cost of supply. Power. The Committee’s report, Conversely, postponing investment in titled ‘Unassisted Failure’, made it new assets might delay cost increases clear that some aspects of our but would result in increasingly long performance were not up to the power interruptions and potentially standard expected by the dangerous asset failures. getting this community. balance right is the number one challenge for Western power and has the report acknowledged the fact that been the focus of our business during many of our employees and contractors the financial year. are world-class professionals. it also detailed parts of our overall Affordability performance and culture, particularly in the cost of energy is a major economic the area of wood pole management, and social issue, not just in Western that fell short of what the Committee australia but around the world. electricity considers to be best practice. price rises in recent years have come as a shock to many Western australian While confronting, this open consumers after a long period of frozen assessment allowed us to better tariffs. Western power’s costs in building, understand the community’s maintaining and operating the network expectations and the areas we should constitute about 40 per cent of the total focus on to win back the confidence of cost of electricity supply. in the absence our stakeholders. of a competitive market for network to improve the way we plan, build and services, the independent economic operate our aging electricity network regulation authority (ERA) scrutinises we must maintain a delicate balance our past and forecast expenditure to between affordability, reliability and ensure these costs are economically 6 WESTERN POWER ANNUAL REPORT 2012 efficient.t his year we have worked with solar City program has been a great provided a continuous electricity supply the ERA to forecast our expenditure success in this regard.
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