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Endeavour Energy Annual Performance Report 2010–11 1 01 ANNUAL PERFORMANCE REPORT 2010–11 IMPROVING CUSTOMER VALUE ABOUT THIS REPORT This report provides a candid account of Endeavour Energy’s performance during the financial year 2010–11. It notes Endeavour Energy’s successes, areas for improvement and our future direction and challenges. The theme for this year’s report reflects the focus of our efforts this year: improving customer value. Affordable, reliable and safe electricity supply underpins lifestyles, creates jobs and powers some of Australia’s largest and fastest growing regional economies. Maintaining the advantages this brings to our customers and our communities is essential for our current and future prosperity. The front cover shows a typical residential street in the North West Growth Sector. This report complies with the requirements of the NSW Annual Reports legislation and embraces the principles of the Global Reporting Initiative (GRI). Statutory accounts and financial information are verified by the NSW Auditor General. We have reported our emissions using the National Greenhouse and Energy Reporting Scheme methodologies where available. We use the National Greenhouse Accounts where such methodologies are unavailable and use relevant environmental key performance indicators developed by the Energy Supply Association of Australia. We have substantially reduced printed copies of the report this year to reduce costs and encourage sustainable practices. It was produced at a cost of $32,996 (GST inclusive). Further information about Endeavour Energy is available at our website at www.endeavourenergy.com.au or via email correspondence: [email protected] Project management Corporate and Government Affairs, Endeavour Energy Design Impress Design Photography Penelope Clay and NPB Photographics Editing Businesswriters & Design Printing SOS Printing © Endeavour Energy 2011 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 Endeavour Energy 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 Manager Corporate and Government Affairs, Endeavour Energy, PO Box 6366, Blacktown NSW 2148. ISSN 1834-0733 CONTENTS LETTER TO SHAREHOLDING MINISTERS Our organisation 2 Year at a glance 3 31 October 2011 R eport by the Chairman and The Hon. Mike Baird MP Chief Executive Officer 4 Treasurer Level 36, Governor Macquarie Tower Our plans and priorities 6 1 Farrer Place SYDNEY NSW 2000 Our performance 8 The Hon. Greg Pearce MLC Minister for Finance and Services Safety 8 Level 36, Governor Macquarie Tower Network plan 10 1 Farrer Place SYDNEY NSW 2000 Customer value 12 Leverage technology 14 Dear Ministers Manage business risk 16 REPORT ON PERFORMANCE FOR THE YEAR ENDED 30 JUNE 2011 Delivering performance through people 17 This report details Endeavour Energy’s performance, operations and statement of accounts for the year Our operations 18 ended 30 June 2011, in accordance with the provisions Network 18 of the Annual Reports (Statutory Bodies) Act 1984 and the principles of the Global Reporting Initiative. Retail 26 It is submitted on behalf of the Board of Endeavour Energy for tabling in Parliament. Our people 28 Copies are being sent to the Auditor-General, Our community 32 the Minister for Resources and Energy, Chairperson, Community Relations Commission, Environment 35 and key stakeholders. The report is available on our website at Governance 38 www.endeavourenergy.com.au. Management discussion Sincerely and analysis 43 Financial statements 46 Appendices 93 Michael McLeod Vince Graham Chairman Chief Executive Officer Endeavour Energy Annual Performance Report 2010–11 1 01 electricity distribution $ network serves billion 877,339 customers 3.3 or 2.1 million people Above: Adam Moreau, Third Year O UR ORGANISATION Distribution Powerline Apprentice Endeavour Energy is a New Endeavour Energy is incorporated Our values South Wales state-owned energy under the Energy Services corporation serving some of Corporations Act 1995 and operates These five values are the basis Australia’s largest and fastest growing within the terms of the Electricity for everything we do. regional economies. Supply Act 1995 on behalf of our shareholder, the New South Endeavour Energy is the new Wales Government. Safety name for the electricity network excellence business previously operating as The focus of our 2,925 people is to Integral Energy. The sale of Integral deliver a safe, reliable and efficient Energy’s Retail business and brand electricity supply to our customers to Origin Energy was completed on while delivering strong financial 1 March 2011, as part of the NSW results to our shareholder. We are Respect Government’s energy reform process. committed to making a serious for people and sincere effort to deliver better Endeavour Energy manages a value for our customers by reducing $3.3 billion electricity distribution our overhead and operating costs network for 877,339 customers or without compromising safety or Commitment 2.1 million people, in households services to customers. to customers and businesses across a network and communities franchise spanning 24,500 square Our purpose kilometres in Sydney’s Greater West, Blue Mountains, the statement Illawarra, the Southern Highlands Continuous and Shoalhaven. Every day we deliver improvement to our communities the ability to live and the energy to grow. Integrity 2 YER A AT A GLANCE Items 2009–10 2010 –11 % Change OUR SHAREHOLDER EBITDA (including capital contributions) $’000 588,980 711,567 20.8 Operating profit after tax $’000 178,979 244,717 36.7 Returns to NSW Governmenta 215,277 266,398 23.7 Dividend $’000 142,610 156,800 10.0 Income tax equivalents $’000 72,667 109,598 50.8 Qualified credit ratingb Aa3 Aa3 Net assets $’000 1,153,849 1,233,182 6.9 Return on assets % 9.5 10.8 14.0 Return on equity % 17.3 20.5 18.3 OUR OPERATIONS Reliability (unplanned interruptions to supply) Min/lost/cust 79.4 72.0 9.3 Capital expenditure $’000 417,421 496,429 18.9 Total retail sales of electricityc GWh 11,076 6,942 (37.3) Sales revenue (excluding Community Service Obligations) $’000 2,133,865 1,937,860 (9.2) OUR CUSTOMERS Total network customer connections 866,767 877,339 1.2 Customer Service Indicatord % 80 79 (1.3) Social programsc $’000 30,427 23,977 (21.2) Pensioner Rebates $’000 29,700 23,309 (21.5) Life Support Equipment Rebate $’000 727 668 (8.1) Energy Accounts Payment Assistance (EAPA)c $’000 2,467 2,023 (18.0) ENVIRONMENT Transformer oil recycled litres 433,091 629,971 45.5 e Greenhouse gas emissions t CO2e 681,285 649,608 (4.6) Reportable environmental incidents No. 1 2 (100.0) OUR PEOPLE Total employeesf 2,888 2,925 1.3 Lost time incidentsg 18 24 33.3 To ensure consistency on an annual basis, prior year statistics may have changed in line with amendments to comparative financial statement disclosures and amended definitions. a Excludes the special dividend to the NSW Government resulting from the sale of Retail net assets. b Credit rating undertaken by Moody’s Investor Services. c As at 28 February 2011, following the completion of the sale of Retail net assets to Origin Energy on 1 March 2011, therefore only represent eight months of activity compared to twelve months in the previous year. d This survey ceased in March 2011 following the completion of the sale of Retail net assets to Origin Energy. The result of 79% is based on the last survey period – February 2011. e Includes all Scope 1 and 2 emissions minus offsets purchased. f Full time equivalent employees as at 30 June 2011. g As at 30 June 2011, 23 LTIs had been recorded; one additional lost time shift occurred during July that related to a 2010–11 incident taking the total to 24. Endeavour Energy Annual Performance Report 2010–11 3 OUR ORGANISATION 01 T RHE YEA IN REVIEW Report by the Chairman and Chief Executive Officer The 2010–11 financial year was a • Deliver performance through Record reliability results period of significant change and our people. Endeavour Energy continues to make strong corporate performance excellent progress in improving by Endeavour Energy. Improving safety reliability and is now one of the Despite our substantial focus on Our retail business and brand nation’s top performers in overall strengthening safety systems, we was sold to Origin in March 2011; reliability performance measured fell short of our target of zero harm we delivered a record capital by the System Average Interruption to employees. Our lost-time injuries investment of $496 million in Duration Index (SAIDI). (LTI) performance of 24 incidents for our electricity network; we 2010–11 represented a disappointing Whereas our target for unplanned reduced our operating costs increase over the previous year’s SAIDI this year was 87 minutes, the by $26 million compared to 18 incidents. actual normalised result – excluding budget and we achieved a interruptions allowed under our best-ever performance for We did, however, advance our licence conditions – was 72 minutes. network reliability. Lifeguard program, aimed at This is our best-ever performance. reducing foreseeable risks of an The year also saw employee not being fit for work due unprecedented public scrutiny Major network events to fatigue, alcohol or other drugs and placed on the efficiency and After a year relatively free of major will continue this focus in 2011–12. costs of the industry due to storms, Mother Nature unleashed continued price increases We also progressed our public a violent windstorm on Fathers’ against a background of concern safety program – a highlight of Day 2010, which saw about 100,000 for the impact of a future carbon which was our $2 million per year customers affected by 120 kilometre tax on electricity prices.
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