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Create. Generate. Innovate. Generate

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Create. Generate. Innovate. Generate Annual Report 2012 create. generate. innovate. Page heading here About this report Contents Our Annual Report showcases the major initiatives and achievements of Stanwell About Stanwell 02 Corporation Limited (Stanwell). Performance indicators 03 This report reviews the company’s financial and non-financial performance in 2011–12. Strategic direction 03 Due to the significant change in the business in 2011–12 compared with the Performance overview 04 previous year, resulting from the restructure of the Queensland Government owned Year ahead 05 generating sector, we have adopted a range of different benchmarking options throughout the report, depending on availability of data. Chairman’s statement 06 This report also provides information on other important business processes such CEO’s review 08 as our approach to corporate governance (pages 25 – 31) and risk management. Board of Directors 10 The aim of this report is to provide accurate and detailed information to meet Executive Leadership Team 11 the needs of our stakeholders, who include but are not limited to shareholding Ministers and government, employees and contractors, local communities, Health, safety and environment 12 customers, regulators and suppliers. People and community 16 To assist in reading our Annual Report, we have included a glossary on page 116 Business performance 19 and an index on page 117. – Mining 19 Electronic versions of this and previous years’ reports are available online at www.stanwell.com or from the Community and Stakeholder Engagement team on – Generation 20 1800 300 351. – Marketing and trading 22 We welcome your comments on this report as they assist us to continually improve Acting CFO’s report 24 our reporting and meet the needs of our stakeholders. Feedback can be provided by emailing [email protected] Corporate governance 25 Financial results 32 Auditor’s independence Mission vision values declaration 38 Our vision Directors’ declaration 114 Stanwell will be Australia’s safest, most responsible, most commercially-focused Independent auditor’s report 115 energy provider. Abbreviations and glossary 116 At Stanwell, we are: Index 117 • Safe — Everyone is a safety leader. We seek to achieve Zero Harm in all our workplaces. • Responsible — We are reliable; we are accountable for our actions; we make a positive contribution to our community and we are here for the long term. • Commercially-focused — Every one of us contributes to Stanwell’s financial stability and performance through our decisions and actions. Our mission Stanwell contributes to Queensland’s prosperity through the safe and responsible provision of energy and commercial returns from business operations. Our values Safe. Responsible. Commercially-focused. Our values underpin all we do and are the foundation of our culture. Pictured on front cover: Stanwell Power Station Logistics and Operations Manager Ian Cross and Station Support Officer Michelle Weazel. Key points Key points • The restructure of Queensland Government owned generators was effected on 1 July 2011. As a result, Stanwell is now the largest electricity generator in Queensland. • The Queensland market is significantly oversupplied. For the 2011–12 financial year, average excess available generation was more than 4500 MW. Average Queensland energy demand has decreased for the second year in a row. • Average wholesale electricity prices have decreased for four consecutive years, reaching a low of $29.07/MWh in 2011–12. • Despite decreasing wholesale electricity prices, environmental schemes (including carbon costs) have increased electricity costs for retailers, adding more than $30/MWh to the regulated retail tariff for 2012–13. • We have maintained our focus on safety and our drive towards Zero Harm. This is reflected in our safety performance indicators. • Our net profit after tax result of $79.9 million was above target, with revenue totalling $1.32 billion and operating cash flows of $156.1 million. • We are challenging and improving our business so we can deliver strong commercial returns. This involves targeting savings, reducing capital expenditure, optimising our generation portfolio and ensuring we have an appropriate and effective organisational structure. • The introduction of a carbon price from 1 July 2012 will have a significant adverse financial and operational impact on our business. However, we are well prepared to operate under a carbon price. 2012 Integration On 1 July 2011, Stanwell’s business was restructured to become the largest electricity generator in Queensland. This Annual Report followed the Shareholder Review of Queensland Government Owned Corporation Generators and subsequent restructure of the Queensland Government owned generating sector from three companies, Stanwell, Tarong Energy Corporation Limited (Tarong Energy) and CS Energy Limited (CS Energy), to two (Stanwell and CS Energy). Stanwell Assets, liabilities and contracts from the three former generating companies were reallocated to the two restructured companies, Stanwell and CS Energy. During the year, we placed considerable effort in consolidating and aligning the people, cultures, assets, systems, policies and procedures of the new Stanwell. While some of this work is ongoing, we have made considerable progress in all areas of the business. We have streamlined the organisational structure and employed a strong focus on cost management without jeopardising the integrity or performance of the business. As we continue on our integration journey, further significant cost savings will be realised in 2012–13 and the following years. Although the restructure did bring considerable challenges, it has resulted in a much stronger, more flexible business that has the expertise to deliver safe, responsible and commercially-focused outcomes to our shareholders and the people of Queensland. Our new company tagline and theme for this year’s Annual Report—‘create. generate. innovate.’—positions the organisation as: • creating opportunities for our people, customers, communities and other stakeholders • delivering on our core responsibility to generate safe and reliable electricity • improving the way in which we do business, through innovation. We are excited about the opportunities presented by the new business, as we embark on a period of unprecedented industry change. 01 About Stanwell Supply chain Stanwell is a Queensland Government owned generator, with the capacity to supply more than 45% of the state’s peak power needs. GENERATORS We are a diversified energy company, with an energy portfolio comprising coal, Coal-fired, gas, wind, gas, diesel and hydro power generation facilities geographically dispersed biomass and hydro across Queensland. power stations generate electricity. Stanwell has Our plant portfolio includes: a generation portfolio of • Stanwell Power Station near Rockhampton – 1460 MW more than 4000 MW. • Tarong Power Station in the South Burnett – 1400 MW • Tarong North Power Station in the South Burnett – 443 MW MARKETS • Swanbank E Power Station near Ipswich – 385 MW Energy is traded in • Mica Creek Power Station near Mount Isa – 304.7 MW (not connected the National Electricity to the National Electricity Market (NEM)) Market or through direct • Kareeya Hydro in Far North Queensland – 86.4 MW contracts. • Barron Gorge Hydro in Far North Queensland – 66 MW TRANSMISSION • Mackay Gas Turbine in Central Queensland – 34 MW Transmission companies • Koombooloomba Hydro in Far North Queensland – 7.3 MW include Powerlink • Wivenhoe Small Hydro located at Wivenhoe Dam – 4.3 MW. Queensland, which Stanwell also owned and operated the 120 MW coal-fired Swanbank B Power operates Queensland’s Station near Ipswich until 24 May 2012, when it closed after reaching the end of its high voltage transmission operational life. network, transporting electricity from the Stanwell is an active competitor in the NEM, the wholesale electricity market generators to the managed by the Australian Energy Market Operator. distribution networks Stanwell owns Meandu Mine, which has the capacity to supply up to seven million and directly to large tonnes of coal a year to the adjacent Tarong power stations. We also have a coal customers such as supply agreement with Wesfarmers Resources’ Curragh Mine that includes the aluminium smelters. sharing of revenue from coal exports. DISTRIBUTION Stanwell employs approximately 1000 people across its various sites and is well Distribution companies placed to provide efficient and competitive power to Queenslanders well into include ENERGEX and the future. Ergon Energy which have a network of powerlines and power poles that connect the high voltage transmission system to individual premises. RETAILERS Electricity is sold to customers, including households and small businesses (other than excluded customers or receivers), which may choose their electricity retailer. CONSUMERS Customers are switched on. 02 Performance indicators 2011–12 Performance indicators Financial indicators Actual Target Earnings before interest and tax (EBIT) ($M) 195.4 145.3 Net profit after tax ($M) 79.9 45.1 Return on assets (%) 7.5 6.6 Return on equity (%) 6.3 3.5 Gearing (%) 38.2 31.0 EBIT interest cover (times) 2.8 2.7 Investment Capital expenditure ($M) 229.3 292.6 Non-financial KPIs Portfolio availability factor (%)* 89.0 90.1 Portfolio forced outage factor (%)* 3.3 3.2 Portfolio energy sold (GWh)* 20,604 21,682 Environment 2012 Level 4 and 5 incidents** 0 0 Environmental breaches 0 0 Total NEM portfolio greenhouse gas intensity
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