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WEL Networks Annual Report 2014

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WEL Networks Annual Report 2014 ANNUAL REPORT 2014 | WEL NETWORKS LIMITED & SUBSIDIARIES FOCUSING ON CORE BUSINESS MAINTAINING A RELIABLE NETWORK BEST IN SERVICE. BEST IN SAFETY. wel.co.nz This is the annual report of WEL Networks Limited Dated this 29th day of May 2014 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 15 Directors’ Profiles 30 Corporate Governance 32 Directors’ Disclosures of Interest 33 Executive Management 34 2014 WEL Energy Trust 36 | Financial Statements 37 WEL ANNUAL REPORT Auditors’ Report 78 Directors’ Report and Statutory Information 80 Directory 81 1 1 2014 | WEL ANNUAL REPORT 2 2014 | 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 3 WEL is leading the way with the implementation of a Smart Network, enabling the transformation from a traditional lines company, to a next generation Smart Multi-Utility. This deployment enables us to closely and proactively monitor the voltage levels within our customers’ premises and allows us to identify COMPANY faults instantly and get the power back on faster. This project will be completed in 2016. In line with WEL’s commitment PROFILE to modernise the network for its customers, a close watching brief is maintained on technologies that may impact on future planning, such as electric vehicles and distributed generation technologies. The Company supports initiatives which help achieve the national target of 90% renewable energy generation by 2025. As a result of the Company’s annual WEL Networks Limited which extends to Maramarua in the discount programme, which was established in 2003, discounts of (WEL) is the provider of north and across to the west coast. The towns of Huntly, Raglan, approximately $235 million (incl. electricity infrastructure, Te Kauwhata and Ngaruawahia GST) have been disbursed to our for the distribution of are incorporated. local customers over the past eleven years. energy to over 86,000 In 2010 WEL Networks won homes, businesses and the contract to roll ultra fast The Company employs 279 broadband out via a fibre network staff based at WEL’s premises organisations throughout to not only the Waikato but also in Te Rapa, Hamilton. the Waikato region. WEL to parts of the Bay of Plenty and WEL operates under strong is also constructing an Taranaki regions. The five year build commercial principles and is ultra fast fibre network in programme will see; Hamilton, fortunate to have in place a highly- Cambridge, Te Awamutu, New skilled and experienced Board of several cities and towns Plymouth, Wanganui, Tauranga, Directors. Chaired by John Spencer, throughout the central Hawera and Tokoroa provided with the Board brings substantial North Island. an ultra fast fibre network. Waikato business acumen and applies high Networks Limited, a subsidiary 2014 standards of corporate governance. of WEL, has commenced the WEL is committed to providing WEL is locally owned. construction of this infrastructure | high quality, reliable infrastructure The Company has one shareholder, WEL ANNUAL REPORT network which will have a value in while maintaining a strong focus the WEL Energy Trust. The capital excess of $300 million. Ultrafast on community safety and holding beneficiaries are the region’s local Fibre Limited, a partnership prices below the industry average. councils; Hamilton City Council, between WEL and the Crown, has Waikato District Council and Waipa Our network includes more than over 4,000 end users connected District Council. 5,200 kilometres of lines and has to the network, with this predicted an annual throughput of 1,181GWh. to grow exponentially. The build WEL has assets totalling in excess is on budget and on schedule for of $612 million. Hamilton City is completion in June 2016. at the centre of our coverage area 4 QUICK FACTS Staff numbers 279 $185 million Annual Revenue (before discount) NETWORK CONNECTIONS (including embedded networks) Residential 85,699 Commercial/Industrial 694 Maximum Demand 255 Megawatts Volume Throughput (WEL traditional 1,181 Gigawatt hours area after technical Loss Factors) Annual Investment in Capital Projects $56 million Kilometres of Lines CATEGORY KM % Overhead Lines 3,243 62% Underground 1,995 38% Total 5,238 100% Excl. street lighting, fibre and communications lines) Outages SAIDI % OF OUTAGE CAUSES MINUTES SAIDI MINUTES Equipment faults 26.35 29% 2014 Adverse weather and other 22.19 24% | foreign interference WEL ANNUAL REPORT Vehicle accidents 6.46 7% Planned shutdowns 21.98 24% Insulators and discs 6.64 7% Tree contacts 7.54 8% Total 91.15 100% *SAIDI - System Average Interruption Duration Index (the average number As at 31 March 2014 of minutes that customers were without electricity 5 5 2013/2014 KEY PERFORMANCE Return on Investment 12% WEL voluntarily follows the Commerce 10% Commission’s price path which results, after the 8% revaluation of assets, in a declining 6% trend for return on investment. Percentage 4% 2% 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Annual Growth in Customer Numbers 2400 The challenges of the global economic recession continue 2000 to impact in 2014. /Year) o The Waikato region saw a 1600 continued increase in connections but 2014 still at a rate below 1200 historical figures. | WEL ANNUAL REPORT 800 400 Growth in Customer Numbers (N Growth 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 6 INDICATORS Components of Residential Nominal Prices 25 WEL increased prices during 2014 in line with CPI to 20 fund the increasing capital investment programme. 15 The trend in our prices over the last ten years 10 compares very favourably against Cents per Kilowatt Hour Cents per Kilowatt the increasing cost 5 of energy for the average consumer. RETAILERS 0 TRANSPOWER 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 WEL NOTE: Retailers’ components include 10% reduction for prompt payment. WEL Discounts are included. Cost Per Customer ($/Customer) Year ended 31 March 2013 $1,0000 The timing of $900 the national benchmarking $800 means this graph relates $700 to the 2012/13 $600 performance figure. WEL continues 2014 $500 to perform well in terms of cost per | $/customer $400 customer compared WEL ANNUAL REPORT $300 with other lines companies. $200 GENERAL $100 WEL $0 AVERAGE Vector Unison Electra Powerco Scanpower Westpower Mainpower Top Energy Top Northpower Alpine Energy Alpine Energy Alpine WEL Networks WEL Counties Power Horizon Energy Horizon Waipa Networks Waipa Eastland Energy Buller Electricity Buller Central Lines Ltd Lines Central The Lines Company Lines The The Power Company Power The Network Waitaki Ltd Waitaki Network Electricity AshburtonElectricity Nelson Electricity Ltd Electricity Nelson Electricity Invercargill Electricity Marlborough Electdric Marlborough OtagoNet Joint Venture OtagoNet Joint Orion New Zealand Ltd Orion Network Tasman Tasman Limited Network Wellington Electricity Lines Electricity Wellington 7 7 2013/2014 KEY PERFORMANCE INDICATORS 8 Minutes Minutes 100 120 140 160 20 40 60 80 100 150 200 250 300 350 400 450 500 0 50 0 Planned Outages Year ended31March2013 Planned OutagesYear Top Energy (Average numberofminutesthatcustomerswerewithoutelectricity) ended31March2013 SAIDI)Year Reliability ofSupply(Total Eastland Network OtagoNet Joint Venture Top Energy Eastland Network Centrallines The Lines Company Waipa Networks Centrallines OtagoNet Joint Venture The Power Company Mainpower Buller Electricity Powerco Marlborough Lines Westpower Mainpower Horizon Energy Westpower The Lines Company Powerco Buller Electricity Northpower The Power Company Waipa Networks EA (Electricity Ashburton) EA (Electricity Ashburton) Network Tasman Counties Power Alpine Energy Alpine Energy Marlborough Lines Network Tasman Limited Counties Power Unison Unison Networks Horizon Energy Northpower Scanpower Vector Energy Aurora Energy Ltd Orion New Zealand Vector Energy Scanpower WEL Networks Aurora Energy Orion New Zealand Ltd WEL Networks Nelson Electricity Ltd Electra 2014 Electricity Invercargill Network Waitaki Electra Nelson Electricity Ltd | Network Waitaki Ltd Wellington Electricity Lines WEL ANNUAL REPORT Wellington Electricity Lines Electricity Invercargill the industry average. the industry average. aheadof significantly tobe continues performance WEL’s figures. performance to the2012-13 relates the graph means benchmarking industry national ofthe timing The shutdowns. maintenance faults andplanned of thenumber in due toanincrease than the2013result result washigher 2014SAIDI WEL’s customer outages. planned of minimising thearea in leadership industry achieve to WEL to allow continue techniques maintenance line Live AVERAGE WEL GENERAL AVERAGE WEL GENERAL 2013/2014 KEY PERFORMANCE INDICATORS 2013/2014 KEY PERFORMANCE INDICATORS Low Voltage Complaints 0.50 WEL continues to focus on quality of 0.45 supply to customers, 0.40 which is reflected in the reducing long- 0.35 term trend in low voltage complaints. 0.30 The ongoing capital network investment, 0.25 including the development of our 0.20 Smart Box strategy is a key driver of 0.15 this result. 0.10 No. of LVC (per thousand customers) (per of LVC No. 0.50 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Maintenance Expenditure per $ of Regulatory Asset Base 2.5 The continuing industry trend of increasing
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