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View Annual Report Spark Infrastructure Annual Report 2019 Report Annual 2019 ANNUAL REPORT INFRASTRUCTURE FOR THE FUTURE GROWTH THROUGH ESSENTIAL INFRASTRUCTURE As the owner of long-life, essential services infrastructure, Spark Infrastructure is building sustainable businesses for the future. We are investing in innovation and technology to bring benefits to Securityholders, customers, our people and the communities where we operate. FINANCIAL HIGHLIGHTS 04 ABOUT OUR US STRATEGY 02 10 Annual General Meeting 11:30am, Wednesday, 27 May 2020 Radisson Blu Plaza Hotel 27 O’Connell Street, Sydney, NSW SPARK INFRASTRUCTURE ANNUAL REPORT 2019 01 BOARD OF DIRECTORS 44 CHAIR’S MESSAGE 06 ANNUAL FINANCIAL REPORT 46 OUR SUSTAINABILITY ASSETS 14 26 About Us 02 Our Assets 14 Board of Directors 44 Financial Highlights 04 SA Power Networks 16 Management Team 45 Chair’s Message 06 CitiPower 18 Annual Financial Report Managing Director’s Message 08 Powercor 20 (including Directors’ Report) 46 Our Strategy 10 TransGrid 22 Additional ASX Disclosures 124 Emerging Environments 12 Bomen Solar Farm 24 Securityholder Information 125 Sustainability 26 Glossary of Terms 126 Contact Information 127 Five-Year Summary of Performance 128 02 ABOUT US SPARK INFRASTRUCTURE AT A GLANCE Market Capitalisation S&P/ASX 100 $ . B Regulated and Contracted Asset Base (proportional)37 Spark Infrastructure is a leading ASX-listed owner of long-life, essential services infrastructure businesses, which are ranked among the most efficient and reliable of their type in Australia. Our businesses focus on efficiencies to deliver affordable, reliable electricity to customers. That enables us to deliver long-term sustainable value $ to our Securityholders. 6.5B With a market capitalisation of approximately $3.7 billion, Spark Infrastructure has a long $ B track record of delivering strong and stable 18 Total Electricity returns to Securityholders from its investment Network Assets portfolio of high performing infrastructure businesses. It owns interests in $18 billion of electricity network assets across Australia. Supplying They deliver energy to more than 5.0 million customers in Victoria, South Australia, New South Wales and the Australian Capital Territory and transport energy across the 5.0M+ National Electricity Market (NEM) to other homes and states. Our businesses have a workforce businesses of more than 5,300 employees, and their regulated and contracted asset bases exceed $6.5 billion (proportional). Over Our 100%-owned Bomen Solar Farm project, located north of Wagga Wagga in New South Wales, was acquired during 2019. Bomen Solar Farm is now mechanically complete and 5,300 is expected to start commercial operations in employees Quarter 2, 2020. It comprises approximately 310,000 bi-facial solar panels and, when fully operational, will produce enough clean solar energy to power 36,000 homes per year. SPARK INFRASTRUCTURE ANNUAL REPORT 2019 03 DISTRIBUTION Transmission RENEWABLES Victoria Power Networks TransGrid Bomen Solar Farm and SA Power Networks WAGGA WAGGA 15% 100% 49% Spark Infrastructure ownership Spark Infrastructure ownership Spark Infrastructure ownership $7.13 B $0.19B $10.68B Regulated and Contracted Contracted Asset Base Regulated Asset Base Asset Base at completion 80% 17% 3% SA Power Networks is the sole TransGrid is the operator of the largest Bomen Solar Farm is a newly operator of South Australia’s electricity (by energy volume) high-voltage constructed solar farm located near distribution network, supplying around electricity transmission network in Wagga Wagga in NSW. It comprises 887,000 residential and commercial the National Electricity Market (NEM). approximately 310,000 bi-facial solar customers in all regions and the major TransGrid delivers 32% of the electricity panels and when fully operational will population centres. consumed within the NEM to over produce enough clean solar energy to CitiPower and Powercor, together 3.6 million homes and businesses across power 36,000 homes per year. known as Victoria Power Networks, NSW and the ACT. operate the distribution networks that To read more, see page 24–25. supply electricity to around 330,000 To read more, see page 22–23. customers in Melbourne’s CBD and around 810,000 customers in central and western Victoria. To read more, see pages 16–21. 04 FINANCIAL HIGHLIGHTS Financial Highlights Growth Capital Expenditure $368M ^ 85.8% Look-through operating cashflow $379m ^ 15.7% 15CPSFY2019 distributions SPARK INFRASTRUCTURE ANNUAL REPORT 2019 05 FY 2020 Distribution guidance – at least 13.5CPS Regulated and Contracted Asset Base (Aggregated proportional basis to Spark Infrastructure) $6.5B ^ 6.0% Contracted Asset Base (100% TransGrid basis) FFO to Net Debt $637m 13.5%1 ^ 4 7. 8 % ^ 0.5% 1. Spark Infrastructure look-through basis 06 CHAIR’S MESSAGE CHAIR’S MESSAGE Strategic growth with operational excellence “Our investments have again been ranked amongst the most Our strategy Our investments have again been ranked Spark Infrastructure’s objective is to create amongst the most efficient networks in efficient networks in long-term, sustainable value by investing Australia, the benefits of which are shared in comparatively low risk businesses. with millions of Australian electricity Australia, the benefits Our three-part strategy of Value Enhance, customers. All of this is shared with Value Build and Value Acquire is designed to Securityholders in the outperformance of which are shared achieve this by generating long-term capital of financial incentives. with millions of growth plus distributions. We have also completed construction of the We aim for a balanced portfolio. Earnings are 100% owned Bomen Solar Farm, which is Australian electricity “ supported by growth in underlying assets and expected to commence commercial operations through sustainable investments in high value, in Quarter 2, 2020. customers. unregulated opportunities. Growth opportunities In 2019, we acquired a 100% interest in the Our network businesses are at the forefront Bomen Solar Farm project, near Wagga of change, across generation, transmission Wagga, NSW. This was the first step in the and distribution as renewable sources are Value Build component of our strategy. added to the energy mix and coal-fired $18B We continue to deliver affordable and generation is phased out. of network interests reliable electricity to customers through Significant new investment is required efficient operations. to support this transition, including in We will continue to invest in essential services transmission interconnection and firming infrastructure. In line with our strategy, we technology to ensure resilience and reliability. will focus on delivering more value from The Australian Energy Market Operator’s our existing assets and the opportunities (AEMO) Integrated System Plan (ISP) has they present. A particular focus will be on looked at the grid and determined the 5.0M growth opportunities from the transition customers serviced greatest benefit to customers is network to renewables. across Australia interconnection between regions. Our portfolio Emerging technologies such as electric We own interests in Australia’s top vehicles and battery storage will also provide performing regulated electricity businesses. opportunities. Batteries are expected to play an They invest in innovation and technology and, increasing role, with investment in utility scale year-on-year, outperform and support our batteries forecast to total $9 billion to 2050. investment earnings. Project EnergyConnect, a proposed 900km Spark Infrastructure has interests in $18 billion interconnector running between Wagga Wagga, of networks servicing more than 5.0 million NSW, Robertson in SA and Red Cliffs in Victoria customers in Victoria, South Australia, New has been declared critical state significant South Wales and the Australian Capital infrastructure by the NSW Government. Territory, and across the National Electricity This project will be a significant capital Market (NEM) to other states. investment for TransGrid. Its 800MW capacity will meet the energy needs of 240,000 SPARK INFRASTRUCTURE ANNUAL REPORT 2019 07 households. If approved, this would reduce employee engagement and training, Growth opportunities are driving a shift in power bills and allow more renewable power the environment, technology and innovation, focus to ‘growth plus yield’. Management and into the system. and regulation. We have robust frameworks the Board will evaluate the impacts of these Substantial investment will also be required in to identify and manage risks critical to the opportunities, and develop appropriate capital distribution networks so they are smarter and creation of long-term, sustainable value. management plans that balance long-term more adaptable to new technologies, such as We were greatly saddened by the effects of the capital growth plus distributions as part micro grids and virtual power plants. terrible bushfires over recent months. It made of the overall Total Return being delivered demands on a wide range of emergency to Securityholders. We are well placed to respond to this exciting services, individuals, families, communities, Board composition and governance pipeline of opportunities in front of us and businesses and support agencies including our investment businesses. This represents Board succession and renewal requires many people from our networks. a shift in focus as we transition to deliver a careful long-term planning. We seek to combination of increasing capital
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