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2016 Business and Financial REPORT 2016 Business and Financial REPORT 2016 Business and Financial REPORT 2016 Business and Financial REPORT TABLE OF CONTENTS 02 2016 ACHIEVEMENTS 04 CORPORATE PROFILE 07 MESSAGE FROM THE CHAIR 08 MESSAGE FROM THE CEO 10 SAFETY 12 ENVIRONMENT BUSINESS EXCELLENCE 14 MUSKRAT FALLS PROJECT 18 HYDRO 22 OIL AND GAS 24 BULL ARM 25 ENERGY MARKETING 26 CHURCHILL FALLS 28 PEOPLE 29 COMMUNITY 30 OPERATING STATISTICS 31 FINANCIAL STATISTICS 32 EXECUTIVE, DIRECTORS AND OFFICERS 34 CORPORATE GOVERNANCE APPENDIX 1 MANAGEMENT’S DISCUSSION & ANALYSIS APPENDIX 2 CONSOLIDATED FINANCIAL STATEMENTS – DECEMBER 31, 2016 Nalcor Energy is a proud, diverse energy company focused on the sustainable development of Newfoundland and Labrador’s energy resources. 2016 ACHIEVEMENTS FINANCIAL HIGHLIGHTS DEBT-TO-CAPITAL TOTAL ASSETS ($) 2016 60.7% 2016 14.1B 2015 64.5% 2015 12.3B 2014 69.2% 2014 10.6B 3.2B 136.3M 810.5M 824.1M 2.8B 798M 115.6M 2.0B 45.7M 2014 2015 2016 2014 2015 2016 2014 2015 2016 CAPITAL EXPENDITURE ($) REVENUE ($) OPERATING PROFIT ($) SAFETY ENVIRONMENT Achieved all corporate safety metrics of environmental targets achieved • All-injury frequency rate • Lost-time injury frequency rate • Lead / lag ratio Hydro’s activities in the takeCHARGE 15% ZERO programs helped its customers 1,976 MWh reduction in lost-time injuries reduce electricity use by recordable injuries maintained in over previous year several areas COMMUNITY Nalcor supported more than 40 organizations throughout Newfoundland and Labrador. 2 Nalcor Energy Business and Financial Report 2016 HYDRO OIL & GAS 25.5 BILLION BARRELS COMPLETED of OIL and 20.6 TRILLION MORE THAN CUBIC FEET of GAS Since 2011, over potential identified in an 145,000 line kilometres independent study covering PROJECTS of NEW 2-D multi-client blocks on offer in the AND data acquired. West Orphan Basin. New Lower Tertiary play trend identified. KEY ACTIONS Over $5 billion in total work commitments 2016 to help ensure the winter have been made in the Newfoundland readiness of our and Labrador offshore from 1988 to 2016, electricity infrastructure approximately 50 per cent, or $2.5 billion, 2015 has been made in the last three years. MUSKRAT FALLS Over $85M of overall capital spending in 2016 100 per cent of the transmission towers and focused on modernizing transmission line infrastructure wire stringing was completed on the two 250 KM TRANSMISSION LINES from Churchill Falls to Muskrat Falls rds Muskrat Falls spillway put into operation The first year of a 2 of total project five-year breaker replacement /3 construction complete program across the province Submarine cables installed on the seafloor started in 2016 in the Strait of Belle Isle connect Labrador to the island for the first time in history In October 2016, BULL ARM Hydro started extensive ENERGY rehabilitation work to modernize the dam at the hydroelectric MARKETING plant in Grand Falls-Windsor 99% New mobile and web-based Continued progress on the platform, myHydro, was launched. Customers can now access their HEBRON PROJECT of available recapture accounts anytime, anywhere, was made towards a 2017 tow-out of energy delivered to market and on any device the Hebron Gravity Base Structure to the field CORPORATE PROFILE NEWFOUNDLAND AND CHURCHILL FALLS LOWER CHURCHILL PROJECT LABRADOR HYDRO One of the world’s largest The Lower Churchill River is one of Hydro generates and delivers underground hydroelectric the most attractive hydroelectric safe, reliable electricity supply powerhouses with a rated resources in North America. to meet the needs of utility, 5,428 megawatts, Churchill Combined, Muskrat Falls and Gull industrial, residential and Falls provides clean, renewable Island have a capacity of more commercial customers in more electricity to millions of than 3,000 megawatts. The than 200 communities across consumers across North America. development of the Muskrat Falls the province. Project includes construction of an 824 megawatt hydroelectric dam and more than 1,600 kilometres of transmission lines that will provide long-term, clean, renewable energy. OIL AND GAS BULL ARM ENERGY MARKETING Nalcor is a partner in The Bull Arm Fabrication site Nalcor actively trades and sells the development of the is a world-class facility with the province‘s surplus power to Newfoundland and Labrador capabilities for steel fabrication customers in external energy offshore including the Hebron oil and concrete construction, markets. The Energy Marketing field, White Rose Growth Project, outfitting installation, portfolio includes Churchill and Hibernia Southern Extension. at-shore hook-up and deep Falls recall power, energy With a multi-year exploration water commissioning. The site sales to industrial customers in strategy, Nalcor is systematically is currently leased by ExxonMobil Labrador, long-term transmission finding and quantifying the Canada Properties for the agreements through Quebec, and province’s oil and gas Hebron Project. power sales from the Menihek potential to facilitate new hydroelectric station. exploration investments. Nalcor’s business includes the development, generation, transmission and sale of electricity; the exploration, development, production and sale of oil and gas; industrial fabrication; and energy marketing. Nalcor Energy Business and Financial Report 2016 5 Final walkthrough of the Spillway at Muskrat Falls 6 Nalcor Energy Business and Financial Report 2016 Message from the Chair As Chair of the Board of Directors for Nalcor Energy, I am pleased to present the company’s annual report. Although 2016 proved to be an extremely turbulent year for Nalcor, its financial performance improved, marked by enhanced earnings and continued growth in assets. Despite many well- documented challenges with several Lower Churchill development related projects, I believe the company has embarked on a restructuring process that best positions it to realize value from our province’s available energy resources in both the near and long term. I would like to thank the outgoing directors who ended their tenures on the board last year following many years of service to Nalcor and our province. I also want to acknowledge and thank the newly appointed members of the board, all of whom are highly capable and hard- working individuals. Collectively, we bring a diversity of skills, experiences, and expertise to the board from a broad range of industries. Yet we all share a common commitment to pursuing what is best for the future of Newfoundland and Labrador. Looking ahead, your board will ensure that sound governance guides all of our decisions in overseeing Nalcor and its many subsidiary companies. This includes (i) setting a clear vision (including establishing objectives, goals, strategies and plans), (ii) enforcing strong financial controls and cost discipline, (iii) ensuring forward-looking human resource assessment and capacity building, (iv) managing enterprise risk, and (v) acting as brand ambassadors that shape a progressive and high performing corporate culture. In exercising our fiduciary duties, we will also support the CEO and the executive leadership team in fulfilling their andam tes and in setting and executing against a renewed corporate strategy. Nalcor’s wide range of energy business operations are extremely complex, and by their very nature, challenging to effectively manage. As board members and representatives of your energy company, it is our job to provide strategic direction, to ensure these activities are on strategy, to appropriately balance investments against risk, and to ensure the long-term interests of our province’s residents and ratepayers remain at the forefront. We understand that the bar for accountability, transparency and integrity in everything that is Nalcor is set very high, as it should be. We will continuously strive to ensure those standards are met. On behalf of the board, I would like to thank Chief Executive Officer, Stan Marshall, and the Executive team for their ongoing leadership at an important, challenging and very complex time for Nalcor. As the company moves ahead, its greatest strength will continue to lie within its people. Together, they will remain steadfast in their relentless pursuit of safety, excellence in operations and planning, reliability of service for customers, and shared values of which all of our employees, and every Newfoundlander and Labradorian, can be proud. Thanks for placing your trust and faith in us. We collectively look forward to sharing more about Nalcor’s progress in what we believe will be a very successful and productive 2017. Brendan Paddick Chair, Board of Directors Nalcor Energy Business and Financial Report 2016 7 Message from the CEO In April 2016, I became CEO of Nalcor Energy, at a time when the company was challenged on many fronts. I was very fortunate to receive immediate support from Nalcor’s highly-qualified and dedicated employees. With their assistance I was able to quickly assess the company’s structure, operations and strategy, and propose significant changes. The proposed changes have been implemented with the full support of our Board of Directors and our owner, the Government of Newfoundland and Labrador. In June, we announced a new senior management structure. The Muskrat Falls Project was separated into Generation and Transmission with one Executive Vice President, Gilbert Bennett, responsible solely for development of the generation facilities (Power Development) and a separate Executive Vice President, John MacIsaac, responsible for the transmission facilities (Power Supply). This
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