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INNOVATION for GENERATIONS Annual Report and Accounts 2013 Esb.Ie

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INNOVATION for GENERATIONS Annual Report and Accounts 2013 Esb.Ie INNOVATION FOR GENERATIONS Annual Report and Accounts 2013 esb.ie COVER_AR13_207X297.indd 1 13/03/2014 12:56 2 ESB Annual Report 2013 - Innovation for Generations ABOUT ESB ESB was established in 1927 as a corporate body in the Republic of Ireland under the Electricity (Supply) Act 1927. With a holding of 95%, ESB is majority owned by the Irish Government. The remaining 5% is held by an Employee Share Ownership Trust. As a strong, diversified, vertically integrated utility, ESB operates right across the electricity market: from generation, through transmission and distribution to supply. In addition, we extract further value at certain points along this chain: supplying gas, using our networks to carry fibre for telecommunications and more. With a regulated asset base (RAB) of approximately €8.5 billion, 42% of total electricity generation capacity in the all-island market and supplier of electricity to approximately 1.5 million customers throughout the island of Ireland, we are a leading Irish utility focussed on maintaining our financial strength and customer service. As at 31 December 2013, ESB Group employed approximately 7,490 people. ESB AR 2013 Ch0_NIC_V9.indd 2 13/03/2014 13:05 3 ESB Annual Report 2013 - Innovation for Generations CONTENTS 01 BUSINESS OVERVIEW 10 Chairman’s Statement 12 Chief Executive Review 13 Our Strategy 15 Business Environment Context For ESB 16 Strategy Our Strategy to 2025 18 Aims For 2025 19 02 OPERATING AND FINANCIAL REVIEW 20 Operating Environment 22 Finance Review 24 Business Unit Sections: ESB Generation and Wholesale Markets 3026 ESB Networks 32 Northern Ireland Electricity (NIE) 34 Electric Ireland 36 Other Segments 38 03 CORPORATE SOCIAL RESPONSIBILITY 40 Sustainability 42 Energy Usage 2013 44 Our People 45 Corporate Responsibility 48 04 CORPORATE GOVERNANCE 50 Chairman’s Corporate Governance Statement 52 The Board 54 Executive Team 56 Board Members’ Report 58 Risk Management Framework 68 05 FINANCIAL STATEMENTS 74 Statement of Board Members’ Responsibilities 77 Independent auditor’s report to the stockholders of Electricity Supply Board (ESB) 78 Statement of Accounting Policies 82 Financial statements 91 Prompt Payments Act 150 ESB AR 2013 Ch0_NIC_V9.indd 3 13/03/2014 13:06 3 ESB Annual Report 2013 - Innovation for Generations 4 ESB Annual Report 2013 - Innovation for Generations CONTENTS 01 BUSINESS OVERVIEW 10 Chairman’s Statement 12 Chief Executive Review 13 Our Strategy 15 Business Environment Context For ESB 16 Strategy Our Strategy to 2025 18 Aims For 2025 19 02 OPERATING AND FINANCIAL REVIEW 20 Operating Environment 22 Finance Review 24 Business Unit Sections: ESB Generation and Wholesale Markets 3026 ESB Networks 32 Northern Ireland Electricity (NIE) 34 Electric Ireland 36 Other Segments 38 03 CORPORATE SOCIAL RESPONSIBILITY 40 Sustainability 42 Energy Usage 2013 44 Our People 45 Corporate Responsibility 48 04 CORPORATE GOVERNANCE 50 Chairman’s Corporate Governance Statement 52 The Board 54 Executive Team 56 Board Members’ Report 58 Risk Management Framework 68 05 FINANCIAL STATEMENTS 74 Statement of Board Members’ Responsibilities 77 Independent auditor’s report to the stockholders of Electricity Supply Board (ESB) 78 Statement of Accounting Policies 82 Financial statements 91 Prompt Payments Act 150 ONLINE Bringing all the world of knowledge home on the This report is also available to view online at national fibre optic network www.esb.ie/main/about-esb/financial- information.jsp ESB AR 2013 Ch0_NIC_V9.indd 3-5 13/03/2014 13:05 6 ESB Annual Report 2013 - Innovation for Generations ESB Annual Report 2013 7 01 OVERVIEW BUSINESS ESB AT A GLANCE BUSINESS MODEL: To be a strong, diversified vertically integrated utility (VIU) Average Link to other Business Operating Capital employee sections in 02 segment Description Revenue profit * expenditure numbers this report FINANCIAL REVIEW & OPERATING ESB Generation ESB Generation and Wholesale Markets (G&WM) comprises ESB’s generation, and trading and asset development activities. ESB G&WM Wholesale This business segment operates power €1,609M €355M €254M 1,009 operational Markets stations and wind farms in the Republic of review, page 30 Ireland, Northern Ireland and Great Britain. ESB Networks ESB Networks is principally concerned with the ownership and operation of the electricity distribution network and the ownership of the electricity transmission network in the Republic of Ireland. ESB 03 ESB RESPONSIBILITY SOCIAL CORPORATE Networks is a regulated business earning Networks an allowed return on its Regulated Asset €927M €294M €421M 3,140 operational Base (RAB) through Use of System review, charges payable by electricity generators page 32 and suppliers. It is ring fenced through GENERATION NETWORKS regulation from the Group’s generation and Wind Smart grids supply businesses. Thermal Smart meters Northern Hydro Power check apps Ireland NIE is responsible for the planning, development, construction and maintenance Pumped storage Electricity of the transmission and distribution (NIE) network, as well as with the operation of the Ocean distribution network. NIE derives its revenue NIE Building smarter networks €280M €77M €98M 1,291 operational principally from charges for the use of the 04 review, Creating cleaner power using that puts the customer in GOVERNANCE CORPORATE distribution systems levied on electricity page 34 suppliers and from charges on transmission sustainable generation services collected from the System control of their energy Operator for Northern Ireland (‘SONI’). Electric Ireland Electric Ireland is a leading supplier of electricity to residential and commercial Electric SUPPLY customers of Ireland. Ireland Revenues are derived from sales to €2,078M €79M €7M 322 operational Supplier of electricity and gas electricity and gas customers. review, Ecars page 36 Smart meters Other Fibre broadband Segments Other segments include ESB Innovation and our internal service providers. Climote 05 STATEMENTS FINANCIAL Its purpose is to lead collaboration across Other the ESB Group, to identify and develop €320M (€25M) €45M 1,728 segments Bringing sustainable and emerging technologies as commercial operational review, business opportunities, for ESB and for page 38 competitive energy solutions to external clients. all our customers * Before interest and taxation ESB AR 2013 Ch0_NIC_V9.indd 6-7 13/03/2014 13:10 8 ESB Annual Report 2013 - Innovation for Generations ESB Annual Report 2013 9 01 OVERVIEW BUSINESS HIGHLIGHTS KEY FACTS & FIGURES OPERATING PROFIT* EBITDA FINANCIAL OPERATIONAL 02 EBITDA of €1,437 million and operating Continued capital investment of €519 €780m €1,437m FINANCIAL REVIEW & OPERATING profit of €780 million million in Networks infrastructure Operating cost savings of over €250 Carrington project progressing well €365m €342m million achieved since 2010 under our cost 2013 €780m 2013 €1,437m reduction programme 1.4 TWH of electricity generated from renewable sources 2012 €415m 2011 €469m 2012 €1, 095m 2011 €1, 121m Over €2 billion contributed to the Irish economy Circa 1,500 electric vehicle (EV) charge 2010 €9m 2009 €615m 2010 €839m 2009 €814m points installed Funding metrics well within * Stated after exceptional items. See Finance Review page 24 covenant parameters 03 TOTAL ASSETS NET DEBT RESPONSIBILITY SOCIAL CORPORATE €12,782m €4,144m 2013 €12,782m €182m 2013 €4,144m (€270m) CUSTOMER CORPORATE AND SOCIAL 2012 €12,600m 2011 €12,539m 2012 €4, 414m 2011 €4, 324m 2010 €12,112m 2009 €9, 567m 2010 €3, 944m 2009 €2, 231m 04 MARKET RESPONSIBILITY GOVERNANCE CORPORATE Generation market share of Successful achievement of 2008 46% and Supply market share of Sustainability Charter Commitments 37% Launch of new Corporate GENERATION SUPPLY 1.5 million Electric Ireland customers Responsibility Strategy all-island market share all-island market share National Customer Contact Centre (NCCC) accredited with the Customer Contact Safety Leadership Strategy Association Global standard for the sixth year Development Group established in a row Increased customer interaction via Social Media 46% ESB 37% ESB 05 54% OTHER POWER 63% OTHER STATEMENTS FINANCIAL PRODUCERS ENERGY SUPPLIERS ESB AR 2013 Ch0_NIC_V9.indd 8-9 13/03/2014 13:10 10 ESB Annual Report 2013 - Innovation for Generations ESB Annual Report 2013 11 01 OVERVIEW BUSINESS 02 FINANCIAL REVIEW & OPERATING 03 RESPONSIBILITY SOCIAL CORPORATE 04 GOVERNANCE CORPORATE 01 BUSINESS OVERVIEW In this section Chairman’s Statement 12 Chief Executive’s Review 13 Our Strategy 15 05 STATEMENTS FINANCIAL Knowledge is power: Smart Grid control centre oversees all, from bird’s eye views to local detail ESB AR 2013 Ch1_NIC_V9.indd 10-11 13/03/2014 13:16 12 ESB Annual Report 2013 - Innovation for Generations ESB Annual Report 2013 13 01 OVERVIEW BUSINESS CHAIRMAN’S STATEMENT CHIEF EXECUTIVE’S REVIEW 02 FINANCIAL REVIEW & OPERATING Lochlann Quinn, Chairman Pat O’Doherty, Chief Executive OVERVIEW well underway and the plant is on track to go into dividend payout ratio of 40% of normalised profit after OVERVIEW COST REDUCTION PROGRAMME 2013 HIGHLIGHTS 2013 was a good year for ESB. However, it was commercial operation in 2016. tax in the medium term subject to certain conditions. 2013 was the first full year of implementation of During 2013, we continued to drive down sadly overshadowed by the tragic deaths of two our Corporate Strategy to 2025. The strategy operating costs under our Performance 1 Continued to drive down costs members of staff in January 2013.
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