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Investing in the Future10 Annual Report Purpose to Be a Competitive and Safe Provider of Reliable and Efficient Energy Solutions for the People of Queensland

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Investing in the Future10 Annual Report Purpose to Be a Competitive and Safe Provider of Reliable and Efficient Energy Solutions for the People of Queensland 09 Investing in the future10 ANNUAL REPORT Purpose To be a competitive and safe provider of reliable and efficient energy solutions for the people of Queensland. Values SAFETY AND ENVIRONMENT ACCOUNTABILITY ETHICS We live safely and respect our environment We assume responsibility We do the right thing, always PERFORMANCE COOPERATION We make a lasting difference We engage with others Contents Corporate profile 2 Summary of Performance Against 3 Stated Objectives Five-Year Financial Comparison 5 Chair’s Report 6 Chief executive officer’s Report 8 Board of Directors 10 Executive Management Team 12 Safety 14 Generating Assets 18 Mining Assets 22 Marketing and Trading 26 Environment 30 People 38 Stakeholders 42 Corporate Governance 46 Chief Financial officer’s Report 56 Financial Statements 59 This Annual Report celebrates the major achievements and initiatives of Tarong Energy corporation Limited (‘Tarong Energy’ or ‘the corporation’) in the 2009/10 financial year. It provides our stakeholders with an insight into our business activities, our performance and our strategies to meet future challenges. It also discusses our capability to manage the business and our finances on behalf of our Shareholders and, ultimately, the people of Queensland. This Annual Report is printed on Mega Recycled Silk, an environmentally considered sheet consisting of 50 per cent post-consumer recycled waste and 50 per cent FSC certified fibre. mega recycled Silk is made elemental chlorine free and is manufactured at the Gohrsmuhle Mill in Germany, which has its own waste water treatment plant and is ISO 14001 EMS approved. The financial statements are printed on a PEFC certified paper. With ISO 14001 EMS accreditation, this wood free sheet is also made elemental chlorine free. For more information or to download a PDF version of this report, visit www.tarongenergy.com.au 01 Corporate profile Established in July 1997 and owned by the Queensland Government, Tarong Energy is a significant power generator with a reputation for reliably supplying electricity to help underpin Queensland’s growth. This reliability is a valuable asset, and Tarong Power Station, located near two units that can generate a gross Tarong Energy has developed a flexible Nanango in the South Burnett region, is capacity of 500 MW. and responsive marketing approach to a coal-fired power station comprising four Meandu Mine was acquired by Tarong make the most of this advantage in the units with a gross generating capacity of Energy in early 2008 and is operated National Electricity Market (NEM). The 1,400 megawatts (MW). It also has a by contract miner Thiess Pty Ltd. The Corporation sells electricity into the NEM liquid fuel-fired emergency plant with a mine provides coal to the Tarong power pool and provides ancillary services to gross generating capacity of 15 MW. stations via a 1.5km conveyor. the Australian Energy Market Operator The neighbouring Tarong North Power through the Tarong, Tarong North and The Kunioon coal resource was Station is a supercritical coal-fired power Wivenhoe power stations. acquired along with Meandu Mine to station with a gross generating capacity further secure a long-term fuel supply for Tarong Energy employs 5181 people of 443 MW. Its single unit began the Tarong power stations. The resource in electrical and mechanical trades, operating in 2003 and this year, the is located about 15km north of the engineering, and a wide variety of power station became wholly-owned by power stations. professional and support roles at its Tarong Energy. generating sites and in its Brisbane Tarong Energy also owns the Glen Wivenhoe Power Station, located at corporate office. Wilga and Haystack Road coal Wivenhoe Dam about one hour west of resources located in the Surat Basin The Corporation owns a mix of Brisbane, is a pumped-storage, hydro- near Chinchilla. generating and mining assets: electric facility. The power station has 1 As at 30 June 2010. Figure includes part-time employees. 02 03 Summary of Performance Against Stated Objectives OBJECTIVE KEY OUTCOMES SAFETY • Successfully implemented the 2009/10 Health and Safety Strategic To achieve and maintain Improvement Plan a safe workplace • Recorded an organisation-wide decrease in the Lost Time Injury Frequency Rate, Medical Treatment Injury Frequency Rate and Recordable Injury Frequency Rate from the previous year • Exceeded the corporate target relating to health, safety, environment and quality improvement and non-injury incident reporting GENERATING ASSETS • Successfully completed major overhauls that included control system refits To improve commercial reliability of and installation of low nitrogen oxide burners on Tarong Power Station’s generation plant performance units 2 and 4 to enhance the power station’s performance and reliability and decrease emissions • Achieved practical completion of the trial project to redirect ash from the current wet ash storage dam to a void at Meandu Mine To maintain continuity of economic • invested significant capital to replace the aging mobile fleet at meandu mine, coal supply resulting in surety of coal deliveries to the power stations and decreased operating costs relating to maintenance • confirmed the existence of additional economic coal at meandu mine that is capable of securing a fuel supply for the Tarong power stations until at least 2025. The Corporation subsequently chose to defer the proposed transition to the Kunioon coal resource MARKET POSITION • Successfully implemented the 2009/10 retail channel to market strategy To secure market channels to • Achieved 2009/10 gross margin targets optimise margin • Developed systems, policies and procedures to ensure that Tarong Energy is prepared for the possible introduction of an emissions trading scheme in the future BUSINESS RENEWAL • Commenced investigations to evaluate gas generation options at Tarong To commercially invest in new Power Station and an associated gas pipeline Queensland-based, bulk, low • Commenced investigations to demonstrate the value proposition of a coal emission generation options seam gas water treatment plant at the Tarong Power Station site and an associated water pipeline To optimise the value of Tarong • Acquired The Tokyo Electric Power Company, Incorporated and Mitsui & Co., Energy’s coal assets Ltd 50 per cent interest in Tarong North Power Station 02 03 Summary of Performance Against Stated Objectives (continued) OBJECTIVE KEY OUTCOMES ENVIRONMENT • Progressed planning to undertake a 1ha, 12-month bio carbon capture and To reduce Tarong Energy’s storage trial at Tarong Power Station using algae environmental impacts and secure • In conjunction with CSIRO, completed construction of a post-combustion reliability of water supply capture pilot plant at Tarong Power Station • Offset emissions generated by business-related travel PEOPLE MANAGEMENT • Achieved certification of the 2009 Enterprise Bargaining Agreement To achieve and maintain our • Developed a new employment brand that will differentiate Tarong Energy in ‘employer-of-choice’ status the job market and boost recruitment • Built leadership capability across the Corporation through initiatives such as the Supervisor Induction Program, Change Management Toolkit, and the implementation of a Leadership Development Framework STAKEHOLDER RELATIONS • continued to deliver mutual benefits, including directly funding people and To achieve and maintain stakeholder projects that benefit the South Burnett Aboriginal community, through the recognition as a socially responsible Indigenous Land Use Agreement between Tarong Energy and the Wakka and sustainable organisation Wakka people • Invested $285,000 in projects to benefit the South Burnett region through the Community Partnership Fund • Provided an additional $160,000 worth of sponsorship funding to organisations in the South Burnett, Brisbane Valley and Surat Basin regions • Engaged with key stakeholders and communities about major projects including investigations into gas and water pipelines from the Surat Basin to Tarong Power Station 04 05 Five-Year Financial Comparison CONSOLIDATED CHANGE 2005/06 2006/07 2007/08 2008/09 2009/10 % Revenue - Electricity - Continuing Operations1 418.1 366.3 313.7 439.4 490.8 11.7 Revenue - Electricity - Discontinued Operations 2.9 6.2 3.8 - - - Revenue - Electricity - Total 421.0 372.5 317.5 439.4 490.8 11.7 Earnings Before Interest and Tax (EBIT)2 110.7 (84.1) 219.4 149.0 156.9 5.3 Profit/(Loss) After income Tax - 62.0 (71.3) 56.7 85.1 91.6 7.6 Continuing Operations Profit/(Loss) After income Tax - 7.3 2.7 121.6 - - - Discontinued Operations2 Profit/(Loss) After income Tax2 69.3 (68.6) 178.4 85.1 91.6 7.6 Dividend Paid or Proposed3 55.5 - 50.8 45.5 17.4 (61.8) Total Assets 1,568.0 2,115.5 1,848.2 2,087.5 2,567.5 23.0 Total Liabilities 746.6 1,546.5 1,117.1 1,174.1 1,254.0 6.8 Total Equity 821.4 569.0 731.1 913.4 1,313.5 43.8 Dividend Payout Ratio4,* 80.0% 80.0% 80.0% 80.0% 80.0% 0.0 Return on Average Productive Assets4,* 8.0% (0.3%) 2.5% 7.0% 3.2% (53.5) Return on Average Equity4,5,6* 8.6% (8.8%) 8.7% 10.8% 8.0% (25.9) Gearing* 25.2% 39.4% 35.0% 32.8% 25.5% (22.2) 1 Including ancillary services, retail and energy services revenue. 2 2007/08 result includes profit on sale of wind farms of $114.9 million. 3 Dividend in relation to financial year shown is payable within six months after the end of the financial year. 4 2007/08 calculations exclude the profit on sale of the wind farms. 5 2007/08 equity was reduced by $134.9 million in June 2008 relating to the repatriation of wind farm sales proceeds to Government via a share buy-back. 6 2009/10 equity was increased by $275.0 million in October 2009 relating to the equity injection received from Government to facilitate the purchase of the additional 50 per cent interest in Tarong North Power Station.
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