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Energy Queensland Statement of Corporate Intent 2016-17

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Energy Queensland Statement of Corporate Intent 2016-17 Energy Queensland Limited Statement of Corporate Intent 2016-2017 Prepared by the Directors and Management of Energy Queensland Limited for the Shareholding Ministers: Treasurer and Minister for Trade and Investment Minister for Main Roads, Road Safety and Ports and Minister for Energy, Biofuels and Water Supply Energy Queensland Statement of Corporate Intent 1 Confidentiality and Right to Information (RTI) Non-disclosure Warning This document contains highly confidential material relating to the business affairs of Energy Queensland Limited. Release of its contents is subject to the provisions of the Right to information Act 2009. Any unauthorised disclosure of material contained in this statement may diminish the commercial value of that information and would have an adverse effect on the business, commercial and financial affairs of Energy Queensland Limited. PO Box 1090, Townsville QLD 4810 Level 6, 420 Flinders Street, Townsville QLD 4810 www.energyq.com.au Energy Queensland Limited ABN 96 612 535 583 © Energy Queensland Limited 2016 This work is copyright. Material contained in this document may be reproduced for personal, in-house or non-commercial use, without formal permission or charge, provided there is due acknowledgement of Energy Queensland Limited as the source. Requests and enquiries concerning reproduction and rights for a purpose other than personal, in-house or non-commercial use, should be addressed to the General Manager Customer Strategy and Engagement, Energy Queensland, PO Box 1090, Townsville QLD 4810. Statement of Corporate Intent i Contents 1 Introduction ................................................................................................................... 4 2 Corporate Overview ......................................................................................................6 2.1 About Us ............................................................................................................................. 6 2.2 Industry Landscape ...........................................................................................................6 3 Strategy .......................................................................................................................... 8 3.1 Strategic Priorities and Key Initiatives for 2016/17 ......................................................10 4 Performance Measures ...............................................................................................13 4.1 Key Performance Indicators ...........................................................................................13 4.1.1 Energy Queensland Financial and Non-Financial Performance Measures ..........14 5 Financial Information ..................................................................................................15 5.1 Key Developments / Factors ...........................................................................................15 5.1.1 Merger Savings .....................................................................................................15 5.1.2 Retail .....................................................................................................................15 5.1.3 Energy Services ....................................................................................................16 5.2 Consolidated Financial Information ...............................................................................17 5.2.1 Statement of Profit or Loss ...................................................................................17 5.2.2 Statement of Financial Position ............................................................................18 5.2.3 Statement of Cash Flows ......................................................................................19 5.2.4 Statement of Capital Expenditure .........................................................................20 5.3 Major capital projects ......................................................................................................20 5.4 Community Service Obligation ......................................................................................20 5.5 Other Financial Information ............................................................................................21 5.5.1 Capital Structure and Dividends policies ..............................................................21 5.5.2 Investment Thresholds ..........................................................................................21 6 Government Directions ...............................................................................................22 7 Performance Agreement .............................................................................................23 8 Attachments.................................................................................................................24 8.1 Attachment 1 – List of Financial and Non-Financial KPI Descriptions ......................25 8.2 Attachment 2 – Employment and Industrial Relations Plan........................................27 8.3 Attachment 3 – Large projects with a total escalated cost over $2M scheduled to be completed in 2016/17 .......................................................................................................38 8.4 Attachment 4 - Sponsorship, advertising, corporate entertainment, donations and other activities ..................................................................................................................39 Statement of Corporate Intent ii 8.4.1 Advertising Community Support, Corporate Entertainment, Donations and Other Related Activities ..................................................................................................39 8.4.2 Advertising ............................................................................................................39 8.4.3 Community Support ..............................................................................................40 8.4.4 Corporate Entertainment .......................................................................................41 8.4.5 Donations and other related activities ...................................................................41 8.5 Attachment 5 - List of Financial and Non-Financial KPI Descriptions .......................42 8.6 Attachment 6 – Glossary of Terms ................................................................................43 Statement of Corporate Intent iii 1 Introduction This is the inaugural Statement of Corporate Intent (SCI) for Energy Queensland, and outlines the critical business objectives, key priorities, major initiatives, and financial and non-financial performance measures for 2016/17 – our first full year of operation formed from the merger of Ergon Energy Corporation Limited (Ergon) and Energex Limited (Energex), Energy Queensland Limited (Energy Queensland) became a government owned corporation and parent company on 30 June 2016. The scale and scope of the business is immense – not only in the breadth of area that it covers across the state of Queensland, but in the diversity of skills of its employees, and its potential to help shape the rapidly changing electricity industry in Queensland. Since the inception of the company, the Board of Energy Queensland has worked collaboratively to establish the largest electricity distribution company in Australia. Forming Energy Queensland is about more than just creating efficiencies; it’s about creating a bright new future for the state’s energy system, and developing an energy business that’s ready for the future. This future involves delivering improvements to customer service capability, securing a sustainable cost base and looking at ways of harnessing renewable technology to support a new wave of economic prosperity for the state. All the while, Energy Queensland will continue to maintain its focus on safety, reliability and customer responsiveness. This transformation is a significant undertaking. The current focus of the Board and the Executive Leadership Team is to build a customer focussed culture while creating new organisational structures and capturing early wins in value and efficiency. A key part of this transformation is the establishment of the Energy Services business, which will focus on responding to changes in the energy market and offer products and services that align with the competitive strengths and capabilities of the merged business. This SCI for Energy Queensland has been prepared in accordance with the Government Owned Corporations Act 1993 (GOC Act) and applies to Energy Queensland and its subsidiaries for the 2016/17 year. Energy Queensland recognises the expectations of its shareholders and the 2016/17 SCI focuses on immediate priority items which include: Continuing to maintain safety, reliability and customer responsiveness, particularly in emergencies and natural disasters; Maintaining service delivery capability to support local communities, particularly in regional Queensland; Ongoing implementation of the merger by creating and embedding new structures and cultural change to enable and support the long-term success of the merged business; Progressing the range of initiatives identified by the Merger Implementation Project to confirm the available savings; Improving benchmarked operating efficiency in the distribution businesses in preparation for the next regulatory determination; Successfully establishing the new Energy Services business to deliver new products and services that
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