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Annual Report 2021 Table of Contents About This Report Annual Report 2021 Table of Contents About this Report Year in Review 1 Report structure This report is designed to be read in its entirety. The required Business Value Drivers 1 elements of the Directors’ Report, including the Operating and Financial Review (OFR) as required by ASIC Regulatory Guide 247, are covered on pages 9 to 88. Commentary on AGL Letter from the Chairman 2 Energy’s financial performance specifically is contained on pages 9 to 53 and references information reported in the Financial Managing Director & CEO’s Report 5 Report (pages 89 to 183). The Financial Report includes AGL Energy Limited (the Company or Parent Entity) and the entities it Five Year Summary 7 controlled at the end of, or during, the year ended 30 June 2021. Throughout the report, the consolidated entity is referred to as AGL Energy or the Group. Directors' Report 9 The Directors’ Declaration forms part of the Financial Report under the Corporations Act. Operating & Financial Review 9 Voluntary reporting frameworks Governance Summary 54 This report has been prepared with reference to the International Integrated Reporting Council’s (IIRC) International Integrated Board of Directors 58 Reporting Framework, as we believe it provides a useful basis for disclosing how we create sustainable value for our shareholders and other stakeholders over time. We have used the framework Remuneration Report 63 to demonstrate how consideration of risks and opportunities (both those arising from our business and those that exist in a Other Required Disclosures 87 broader operational context), our purpose and our values drive our strategy. We have also considered how the execution of our strategy creates value, applying a lens that is broader than Financial Report 89 financial performance alone. AGL Energy follows the guidance provided by the Financial Shareholding Information 184 Stability Board's Task Force on Climate-Related Financial Disclosures voluntary disclosure framework (TCFD Framework). Investor Information 186 'Accelerating Our Transition’, our FY21 TCFD report which accompanies the Annual Report, details how we consider Glossary for the Business governance, risk management, strategy, and metrics and targets Value Drivers 187 in relation to climate change. A summary of the TCFD disclosures is also included on page 16. AGL Energy has aligned our disclosures to the Sustainability Accounting Standards Board (SASB) standards for ‘Electrical Utilities and Power Generators’ and ‘Gas Utilities’. A SASB index is included in the ESG Data Centre on our website which identifies the extent to which each SASB disclosure requirement has been applied. In addition, AGL Energy has continued to prepare our disclosures in accordance with the GRI Standards: Core option. The ESG Data Centre includes a GRI index that outlines which topic-specific GRI standards have been used in the preparation of this report. Assurance The Remuneration Report (page 63 to 86) and the Financial Report (page 89 to 183) have been audited by Deloitte. Deloitte was also engaged to undertake limited assurance of selected Key Performance Indicators included in the Business Value Driver scorecards (page 21 to 28) in accordance with the Australian Standard on Assurance Engagements ASAE 3000 Assurance Engagements other than Audits or Reviews of Historical Financial Information issued by the Australian Auditing and Assurance Standards Board (ASAE 3000). The Key Performance Indicators are to be read in conjunction with the definitions in the Glossary (page 187). Full details of the assurance scope, process and outcome are included in the assurance statement on page 181. Business Value Drivers The International Integrated Reporting Framework describes six forms of capital (financial, manufactured, intellectual, human, social and relationship and natural) but encourages organisations to adopt a categorisation and terminology appropriate to their business. In this report, AGL has grouped and defined these capitals into the seven distinct Business Value Drivers outlined below. CUSTOMERS COMMUNITIES & PEOPLE ENVIRONMENT Social and relationship capital RELATIONSHIPS Human capital Natural capital Social and relationship capital Effective and trusted The competencies, Access to and stewardship and relationships with The strength of working experience, behaviours, use of scarce natural resources, residential, business and relationships and trust with engagement and and AGL’s impact on the natural wholesale customers. key stakeholders; brand wellbeing of AGL’s people. environment, both directly and and reputation. as a result of the products and services provided. Information about performance in INFRASTRUCTURE SYSTEMS & PROCESSES FINANCE relation to each Manufactured capital Intellectual capital Financial capital Business Value Effective and efficient use of Availability and development Access to and management Driver is included assets throughout the value of processes, knowledge, of financial capital to support chain that AGL uses, owns insights, systems and data, execution of strategy and in Section 3.2 of or has control of, to enable including energy portfolio investment in growth this report. delivery of energy to the management and customer opportunities through market and to customers. analytics, to support and retaining financial market enhance business activities. support. Forward looking statements This report includes information about AGL Energy’s performance SDG Business Value Driver for the period 1 July 2020 to 30 June 2021. Any forward-looking statements are based on AGL Energy's current expectations, best estimates and assumptions as at the date of preparation, many of which are beyond AGL Energy’s control. These forward-looking statements are not guarantees or predictions of future performance, Page 24 and involve known and unknown risks, which may cause actual results to differ materially from those expressed in the report. Sustainable Development Goals The United Nations Sustainable Development Goals (SDGs) are a Page 26 Page 24 Page 21 Page 22 set of 17 interconnected goals that form a global benchmark for achieving a sustainable future for all. While many of the SDGs intersect with AGL Energy's operations, the three SDGs that are most material to our strategy and operations comprise SDG 13 – Climate Action; SDG 7 – Affordable and Clean Energy; and SDG 9 – Industry, Innovation and Infrastructure. Page 26 Page 28 Page 29 AGL Energy Limited Annual Report 2021 | 1 I am pleased to report that we continued to grow customer numbers, reduce rates of customer churn and improved our Net Promoter Score over the course of the year. Proposed Demerger On 30 June this year, we announced AGL Energy's intention to undertake a demerger having regard to these challenging market conditions and the accelerating transition of the energy industry. The proposed demerger would result in two leading energy businesses with separate listings on the Australian Securities Exchange: • AGL Energy will become Accel Energy Limited (Accel Energy). Accel Energy will be Australia’s largest baseload electricity supplier Letter from via the Loy Yang A, Macquarie Generation and Torrens Island sites, which will prioritise the responsible operation of these sites and facilitate their accelerated transition to low-carbon industrial energy hubs. Accel Energy will also be Australia’s largest operator the Chairman and offtaker of wind energy via the Macarthur, Hallett, Wattle Point and Oaklands Hill wind farms, with the potential to develop 1,600 MW of new wind projects. "It was a great honour for me to be • AGL Australia Limited (AGL Australia) will be demerged appointed as Chairman of AGL Energy as a new business. AGL Australia will be Australia’s largest energy-led multi-product retailer of essential energy services to Limited (AGL Energy) in April 2021. households and businesses. AGL Australia will also own and I am pleased to present AGL Energy’s operate Australia’s largest private hydro fleet as well as fast-start gas-fired power stations and a growing battery development Annual Report for the financial year portfolio, with capabilities across wholesale and decentralised ended 30 June 2021 (FY21)." electricity and gas trading, storage and supply. AGL Australia will also own AGL Energy's 20% equity interest in Powering Australian Renewables (PowAR). As one of Australia’s oldest businesses, Peter Botten AGL Energy has a proud heritage of leading Chairman change in the energy industry. This leadership has created significant value for shareholders in prior years, including via the integration of our strong retail footprint A year of continued evolution with a baseload energy generation business. However, after careful FY21 was extremely challenging for AGL Energy. There has been consideration, the Board considers AGL Energy’s current business continued uncertainty regarding energy policy and an acceleration of structure needs to evolve in order to respond to recent changes in the market forces that determine our strategy: customer demand, energy policy settings and market conditions, and that we should community expectations and advances in technology. This has move forward with the demerger to protect shareholder value and included increasing pressure for energy companies and society as enable each business to focus more effectively on their respective a whole to take accelerated action on climate change. At the same strategic opportunities and challenges presented by the accelerating time, AGL Energy has responded to
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