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Annual Report 2019/20

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Annual Report 2019/20 Together we create energy solutions Annual Report 2019/20 1 Table of contents About this report 3 Chief Executive Officer’s review 13 Our performance 4 Performance indicators 18 About Stanwell 5 Strategic direction 20 Our vision 5 Our five-year plan 22 Our values 5 Our 2019/20 performance 24 Our assets 8 Corporate governance 34 Chair’s statement 10 Financial results 46 2 About this report This report provides an overview of the major initiatives and achievements of Stanwell Corporation Limited (Stanwell), as well as the business’s financial and non-financial performance for the year ended 30 June 2020. Each year, we document the nature and scope of our strategy, objectives and actions in our Statement of Corporate Intent, which represents our performance agreement with our shareholding Ministers. Our performance against our 2019/20 Statement of Corporate Intent is summarised on pages 24 to 33. Electronic versions of this and previous years’ annual reports are available online at www.stanwell.com 3 Our performance • Despite a challenging year due to the • We received Australian Renewable Energy combination of an over-supplied energy market, Agency (ARENA) funding to assess the feasibility regulatory upheaval, the COVID-19 pandemic, of a renewable hydrogen demonstration plant at bushfires and widespread drought, our people Stanwell Power Station. responded to these challenges, and remained safe, while playing a critical role in keeping the • We achieved gold status from Workplace lights on for Queenslanders. Health and Safety Queensland in recognition of the longevity and success of our health and • We are one of the most reliable energy providers wellbeing initiatives. in the National Electricity Market, with our assets operating at 94.4 per cent reliability during the • Our continued focus on our safety performance 2019/20 year. resulted in a 37 per cent decrease in recordable injuries across our sites (from 22 in 2018/19 to • We invested $114.7 million (2018/19: 14 in 2019/20). $126.3 million) in our power stations to ensure we continued to provide a reliable supply of • We implemented several water saving initiatives energy for Queenslanders. at our sites and kicked off a water strategy for our Tarong power stations. This ensures we optimise • A University of Queensland study conducted in our long-term water supply arrangements, while Rockhampton and the South Burnett found that balancing water security for the South Burnett our host communities have very high levels of community. trust in Stanwell. • We provided a secure supply of electricity for • We were proud to launch Stanwell’s new values Queenslanders, with 18,595 GWh (2018/19: – We care, We adapt and We deliver. 19,200 GWh) of electricity sent out by our sites. • Our renewed Mine Services Agreement was • Our Mica Creek Power Station, in Mount Isa, finalised, with Downer EDI awarded a five-year celebrated 60 years in operation. After providing contract at Meandu Mine, reducing our Tarong energy to Mount Isa industry and homes for 60 power stations’ fuel costs. years it will be placed into cold storage from 1 January 2021. • We rolled out our refreshed business strategy, positioning Stanwell for the future. 4 Stanwell Annual Report 2019/20 | Our performance About Stanwell Who we are We are an energy business with a portfolio We have a variety of income sources that allow us of electricity generation assets throughout to achieve the best possible returns for our owners, Queensland. We are a major provider of electricity the people of Queensland. We sell wholesale to Queensland, the National Electricity Market electricity and we have an electricity retail business, and large energy customers along the eastern Stanwell Energy, serving large commercial and seaboard. industrial energy customers. We also receive revenue from coal rebates. As a company that operates generation assets critical for energy reliability and system security, it At Stanwell, we value a diverse and inclusive culture is Stanwell’s job to keep providing electricity as the where we attract, employ and develop people who industry transitions to a lower carbon future. share our values. While providing reliable and affordable energy As of 1 July 2020, we employed 717 full time for today, we are also exploring new generation equivalent direct employees in addition to 550 and storage technologies that will help reduce specialist contractors across our sites. Our aim is emissions for tomorrow, at an affordable price. to create a workplace where everyone is included, treated fairly, respected and given the opportunity to be the best they can be. Our vision Our values Together we create energy In 2020, we refreshed our corporate strategy and launched new values and behaviours to support solutions the transformation of our business. The Stanwell of today is very different to the Stanwell (and This means we strive to: market) that existed when our previous values were developed ten years ago. • work with our customers, shareholders, business partners and regulators to find We worked with our people, our leadership teams new ways to meet their changing needs; and our Board, over six months, to develop new • make the complex simple; values that align more closely to our strategy, our • think differently and actively pursue vision and what’s important to our people, while • opportunities for our customers, the energy respecting our past. market and our business; and • identify and harness opportunities to enhance the value of our business. About Stanwell | Stanwell Annual Report 2019/20 5 Our new values and behaviours are: We care We care by: • focusing on our health, safety and wellbeing; • looking after each other, the environment and our community; • being inclusive and communicating • openly; and • respecting and helping each other grow and succeed. We adapt We adapt by: • embracing change and new ideas; • working together and sharing learnings; and • encouraging questions and different perspectives. We deliver We deliver by: • keeping our commitments and trusting each other; • making responsible commercial • decisions; and • owning our actions and outcomes. 6 Stanwell Annual Report 2019/20 | About Stanwell About Stanwell Energy Stanwell Energy is the retail brand of Stanwell Corporation Limited. Stanwell Energy serves large users of energy across the eastern seaboard of Australia – in Queensland, New South Wales, the Australian Capital Territory and Victoria. We work with many prominent Australian commercial and industrial businesses to deliver tailor-made energy solutions. This may include, but is not limited to: • competitive fixed-price electricity supply agreements; • long-term pricing and strategic relationships; • hybrid contracting arrangements; and • self-management of consumption and environmental certificate requirements. We provide our customers with reliable and proactive customer service and solutions tailored to their specific needs. The Stanwell Energy difference is: • a flexible array of energy solutions, specific to each customer’s needs; • accurate, transparent and on-time billing; • dedicated and responsive account management (no call centre, you will have your account manager’s name and mobile phone number); and • expert understanding of the energy market and its evolving technologies and regulations. Visit StanwellEnergy.com for more information. About Stanwell | Stanwell Annual Report 2019/20 7 Our assets Our portfolio includes 3,418 MW of energy generation assets throughout Queensland. This includes Stanwell Power Station near Rockhampton and Tarong North Power Station near Kingaroy - two of the youngest and most efficient coal-fired power stations in Australia. We are proud to generate the energy that powers Queensland lives and businesses. Generation Assets Coal Gas Hydro Diesel QUEENSLAND Fuel Assets Coal Gas Cleanco Assets Gas Hydro Water Gas Fuel 8 Stanwell Annual Report 2019/20 | Our assets GENERATION GAS A. STANWELL POWER STATION, Central Queensland – J COMET RIDGE AGREEMENT, Central Queensland – 1,460 MW (coal) option to secure long-term gas or to exit agreement for B. TARONG POWER STATIONS, Southern Queensland – an agreed payment to Stanwell of $20 million 1,843 MW (coal) C. MACKAY GAS TURBINE, Central Queensland – CLEANCO* 34 MW (diesel) D. MICA CREEK POWER STATION, North West K. SWANBANK E POWER STATION, South East Queensland – 218 MW (gas) Queensland – 385 MW (gas) E. WIVENHOE SMALL HYDRO, South East Queensland – L. KAREEYA HYDRO, Far North Queensland – 4.3 MW (hydro) 88 MW (hydro) M. BARRON GORGE HYDRO, Far North Queensland – COAL 66 MW (hydro) N. KOOMBOOLOOMBA HYDRO, Far North Queensland – F. MEANDU MINE, Southern Queensland – long-term coal 7.3 MW (hydro) supply to the Tarong power stations O. KOOMBOOLOOMBA DAM, Far North Queensland – G. KUNIOON COAL RESOURCE, Southern Queensland – captures water for use at Koombooloomba Hydro and potential future fuel supply for the Tarong Power Stations Kareeya Hydro power stations H. CURRAGH NORTH MINE, Central Queensland – P. KOGAN NORTH JOINT VENTURE, South East long-term agreement with Coronado Curragh which Queensland – provides up to four petajoules per annum provides low-cost coal to Stanwell Power Station, and of gas to Swanbank E Power Station via the Roma to a revenue stream for coal exports Brisbane Gas Pipeline I. MINERAL DEVELOPMENT LICENCE 306, Central Q. ROMA TO BRISBANE GAS PIPELINE – contracted Queensland – coal resource located near the Curragh capacity of 52 terrajoules per day North Mine * On 31 October 2019,
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