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ANNUAL REPORT 2013 | WEL NETWORKS LIMITED & SUBSIDIARIES ANNUAL REPORT 2013 | WEL NETWORKS LIMITED & SUBSIDIARIES BUILDING TOMORROW’S NETWORK BEST IN SERVICE. BEST IN SAFETY. wel.co.nz BEST IN SERVICE. BEST IN SAFETY. wel.co.nz This is the annual report of WEL Networks Limited Dated this 30th day of May 2013 Signed for and on behalf of the Board of Directors John Spencer CNZM Chairman Margaret Devlin Deputy Chairman TABLE OF CONTENTS Table of Contents ..................................................... 1 Vision ...................................................................... 2 Company Profile ...................................................... 4 Quick Facts .............................................................. 5 Key Performance Indicators ...................................... 6 Chairman’s Report ................................................... 10 Chief Executive’s Report .......................................... 12 News ....................................................................... 16 Directors’ Profiles .................................................... 30 Corporate Governance .............................................. 32 Directors’ Disclosures of Interest .............................. 33 Executive Management ............................................ 34 2013 WEL Energy Trust .................................................... 36 | WEL ANNUAL REPORT Financial Statements ................................................ 37 Auditors’ Report ....................................................... 71 Directors’ Report and Statutory Information ............. 73 Directory ................................................................. 75 1 2013 | WEL ANNUAL REPORT 2 2013 | WEL ANNUAL REPORT Providing high quality, reliable utility services valued by our customers whilst protecting and enabling our community. BEST IN SERVICE, BEST IN SAFETY 3 COMPANY PROFILE WEL Networks Limited to not only the Waikato but also achieve the national target to parts of the Bay of Plenty and of 90% renewable energy (WEL) is the provider of Taranaki regions. The five year build generation by 2025. We are also electricity infrastructure, programme will see; Hamilton, constantly looking at upgrading for the distribution of Cambridge, Te Awamutu, New our network to deal with new energy to over 85,000 Plymouth, Wanganui, Tauranga, technologies such as electric Hawera and Tokoroa provided with vehicles and solar generation. homes, businesses and an ultra fast fibre network. Waikato As a result of the company’s Networks Limited, a subsidiary organisations throughout annual discount programme, which of WEL, has commenced the the Waikato region. was established in 2003, discounts construction of this infrastructure of approximately $213 million (incl. network which will have a value in WEL is also constructing an ultra GST) have been disbursed to our excess of $300 million. Ultrafast fast fibre network in several cities local customers over the past eleven Fibre Limited, a partnership and towns throughout the central years. The company employs 239 between WEL and the Crown, has North Island. staff based at WEL’s premises in around 700 end users connected Te Rapa, Hamilton. WEL is committed to providing to the network, with this predicted high quality, reliable infrastructure to grow exponentially. The build WEL operates under strong while maintaining a strong focus is on budget and on schedule for commercial principles and is on community safety and holding completion in June 2016. fortunate to have in place a highly- prices below the industry average. skilled and experienced Board of WEL is leading the way with the Directors. Chaired by John Spencer, Our network includes more than implementation of a Smart Network, the Board brings substantial 5,200 kilometres of lines and has enabling the transformation from a an annual throughput of 1,200GWh. business acumen and applies high 2013 traditional lines company, to a next standards of corporate governance. WEL has assets totalling in excess generation Smart Multi-Utility. of $550 million. Hamilton City is WEL is locally owned. | This deployment enables us to WEL ANNUAL REPORT at the centre of our coverage area closely and proactively monitor the The company has one shareholder, which extends to Maramarua in the voltage levels within our customers’ the WEL Energy Trust. The capital north and across to the west coast. premises and allows us to identify beneficiaries are the region’s local The towns of Huntly, Raglan, faults instantly and get the power councils; Hamilton City Council, Te Kauwhata and Ngaruawahia back on faster. This project will be Waikato District Council and are incorporated. completed in 2016. Waipa District Council. In 2010 WEL Networks won WEL continues to explore potential the contract to roll ultra fast renewable energy options for our broadband out via a fibre network network and customers and to help 4 2013 QUICK ARCH 31 M at FACTS AS Staff numbers 239 $176 million Annual Revenue (before discount) NETWORK CONNECTIONS (including embedded networks) Residential 84,529 Commercial/Industrial 661 Maximum Demand 240 Megawatts Volume Throughput (WEL traditional 1,200 Gigawatt hours area after technical Loss Factors) Annual Investment in Capital Projects $51 million Kilometres of Lines CATEGORY KM % Overhead Lines 3,255 62% Underground 1,996 38% TOTAL 5,251 100% (Excl. street lighting, fibre and communications lines) Outages SAIDI % OF OUTAGE CAUSES MINUTES SAIDI MINUTES Equipment faults 31.04 42% Adverse weather and other foreign interference 14.80 20% 2013 Vehicle accidents 7.40 10% | WEL ANNUAL REPORT Planned shutdowns 15.31 20% Insulators and discs 4.82 6% Tree contacts 1.74 2% TOTAL 75.11 100% *SAIDI - System Average Interruption Duration Index (the average number of minutes that customers were without electricity) 5 2012/2013 KEY PERFORMANCE Return on Investment 12% WEL voluntarily follows the Commerce 10% Commission’s price path which results, after the 8% revaluation of assets, in a declining 6% trend for return on investment, and Percentage lower prices for 4% customers. 2% 0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Annual Growth in Customer Numbers 2400 The challenges of the global economic recession continues 2000 to impact in 2013. /Year) o The Waikato region saw an increase in 1600 connections but at a rate well below 2013 historical figures. 1200 | WEL ANNUAL REPORT 800 400 Growth in Customer Numbers (N Growth 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 6 INDICATORS Components of Residential Nominal Prices WEL Transpower Retailers 20 WEL increased 18 prices during 2013 in line with 16 inflation to fund 14 the increasing capital investment 12 programme. The trend in our 10 prices over the 8 last ten years compares very Cents per Kilowatt Hour Cents per Kilowatt 6 favourably against 4 the increasing cost of energy for the 2 average consumer. 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 NOTE: Retailers’ components include 10% reduction for prompt payment. WEL Discounts are included. Cost Per Customer WEL Networks Industry Average $300 Increasing costs $280 per customer are an industry $260 wide challenge. WEL’s cost per $240 customer increase $220 is driven by the new 2013 Smart Network $200 | developments, the operational costs WEL ANNUAL REPORT $/customer $180 add to cost per $160 customer while the new revenues $140 are included in $120 income. WEL continues to focus $100 on cost control and 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 improvement. 7 2012/2013 KEY PERFORMANCE INDICATORS Reliability of Supply (Total SAIDI) Year ended 31 March 2012 (Average number of minutes that customers were without electricity) WEL’s 2013 SAIDI 500 General 450 result was higher 400 WEL than the 2012 result 350 Average due to an increase 300 in the number of 250 faults and planned Minutes 200 maintenance 150 shutdowns. 100 The timing of the 50 national industry 0 benchmarking means the graph relates to the 2011/12 Electra performance figures. Powerco Scanpower Westpower Mainpower Top Energy Top WEL’s performance Northpower Alpine Energy Alpine Vector Energy Vector continues to be Centralines Ltd Centralines WEL Networks WEL Counties Power Horizon Energy Horizon Unison Network Unison Waipa Networks Waipa Network Tasman Network Network Waitaki Network Buller Electricity Buller Eastland Network Aurora Energy Ltd Energy Aurora significantly ahead of Marlborough Lines Marlborough Orion New Zealand Orion The Lines Company Lines The The Power Company Power The Electricity AshburtonElectricity Nelson Electricity Ltd Electricity Nelson Electricity Invercargill Electricity the industry average. OtagoNet Joint Venture OtagoNet Joint Wellington Electricity Lines Electricity Wellington Planned Outages Year ended 31 March 2012 120 Live line maintenance General 100 techniques continue WEL to allow WEL to 80 Average achieve industry leadership in the area 60 of minimising planned Minutes 40 customer outages. 20 0 2013 Unison Electra | Powerco WEL ANNUAL REPORT Scanpower Westpower Mainpower Top Energy Top Northpower Alpine Energy Alpine Vector Energy Vector Centralines Ltd Centralines WEL Networks WEL Counties Power Horizon Energy Horizon Waipa Networks Waipa Buller Electricity Buller Eastland Network Aurora Energy Ltd Energy Aurora Marlborough Lines Marlborough The Lines Company Lines The The Power Company Power The Network Waitaki Ltd Waitaki Network Electricity AshburtonElectricity Nelson Electricity Ltd Electricity Nelson Electricity
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