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Truenergy Briefing TRUenergy Briefing 29 September 2006 2 Outline Introduction Richard McIndoe Business Model and Strategy Richard McIndoe Australia Energy Markets Tracy Stevens Break TRUenergy Overview Richard McIndoe Retail Richard McIndoe Operations and Construction Duncan Black Portfolio Management and Tracy Stevens Risk Management Break Ownership and Capital Structure Duncan Black Financials Duncan Black Summary and Outlook Richard McIndoe TRUenergy Briefing 29 September 2006 Introduction 4 What is TRUenergy? • Integrated, diversified energy business • Generation and retail • Electricity and gas • ~A$4.5bn assets, well capitalised • 4th largest generator in market with ~4,000MW across states and fuels • 5th largest retailer in market ~1.1m customers • Excellent platform for organic growth and acquisition TRUenergy Briefing 29 September 2006 5 TRUenergy and CLP • 100% owned by CLP Holdings • Owns all CLP’s assets in Australia, except Roaring 40s’ wind farms • CLP Holdings’ largest single investment outside Hong Kong • Represent 22%¹ of CLP Holdings’ consolidated assets, and 8%² of consolidated profit before financing and tax • Significant synergies between TRUenergy and CLP Power • Senior management drawn from CLP Power Asia • Board of Directors drawn from CLP Holdings Board and CLP Holdings senior management • Sir Rod Eddington is independent, non-executive Chairman TRUenergy Briefing 1: As at 30 June 2006 29 September 2006 2: For 6 months ended 30 June 2006 6 What is it important for you to know…..? • Australian energy market structure • TRUenergy’s business model • Our existing asset base • Our strategy • Growth potential and opportunities • Risk management • Financials TRUenergy Briefing 29 September 2006 7 In the beginning…… • CLP established a presence in Australia with Yallourn Energy – Power station and retail to large Queensland industrial customers • Initially acquired ~73% Brisbane interest as part of South Australia PowerGen acquisition New South Wales in 2000 Adelaide Sydney • By 2004, had bought out minorities Victoria and owned 100% Melbourne Yallourn Energy TRUenergy Briefing 29 September 2006 8 Acquired TXU MEB and merged with Yallourn… • Acquired the TXU merchant energy business in May 2005 from Singapore Power Queensland • Integrated Yallourn and TXU merchant energy businesses Brisbane • Combined corporate and South Australia portfolio management New South Wales functions Adelaide Sydney • Refinanced as corporate Victoria with A- credit rating Melbourne Torrens Island SEAGas Iona Ecogen Yallourn Energy TRUenergy Briefing 29 September 2006 9 And rebranded… • We rebranded to TRUenergy in June 2005 Queensland Brisbane South Australia New South Wales Adelaide Sydney Victoria Melbourne Torrens Island Yallourn SEAGas Iona Ecogen TRUenergy Briefing 29 September 2006 10 TRUenergy rebranding advertisement TRUenergy Briefing 29 September 2006 11 Organic growth into New South Wales…. • We expanded into New South Wales organically • Organic mass market retail growth Queensland since mid 2005 Brisbane • Commenced construction South Australia of Tallawarra 400MW New South Wales CCGT power station in June 2006 Adelaide Sydney Victoria Melbourne Tallawarra Torrens Island Yallourn SEAGas Iona Ecogen TRUenergy Briefing 29 September 2006 12 Now planning Queensland market entry…. • We are seeking to grow our integrated business Queensland in Queensland Queensland • Mass market retail contestability from Brisbane South Australia July 2007 New South Wales • Potential future generation opportunities Adelaide Sydney Victoria Melbourne Tallawarra Torrens Island Yallourn SEAGas Iona Ecogen TRUenergy Briefing 29 September 2006 Business Model and Strategy 14 The business today Generation assets Site Comment MW Yallourn Brown coal-fired base load station 1,480 TIPS Gas-fired intermediate to peaking station 1,280 Ecogen Hedge agreement to 2019 966 Tallawarra CCGT under construction– – commercial 400 operation scheduled for late 2008 Retail assets Retail footprint I&C Electricity customers customers Gas customers Mass market Electricity – approx. 600,000 customer accounts. and SME Primarily Victoria, developing NSW and SA Brisbane retail Gas – approx. 500,000 customer accounts. customers Primarily Victoria, developing NSW and SA Other TRUenergy assets Details Gas storage Largest gas storage facility in Victoria Adelaide Sydney facility Tallawarra SEAGas Torrens Island Foundation shipper agreement ( >50% pipeline Power Pipeline Power Station capacity) and 33% owner SEAGas Melbourne Station (TIPS) Multiple gas Gas contracts for the next 15 years from multiple Pipeline greenfield suppliers suppliers Yallourn Yallourn Supplies brown coal to Yallourn power station Gas Storage Ecogen mine Facility Hedge (up (12 PJ) to 966MW) TRUenergy Briefing 29 September 2006 15 TRUenergy Briefing 29 September 2006 16 What is an integrated energy business…..? • Unregulated – Perceive more value and growth potential in unregulated sector, rather than regulated transmission and distribution • Generation and retail – Power generation as well as retailing to all types of customer • Electricity and gas – Integrated by retailing gas and electricity, gas fired generation • Portfolio of assets – Generation, retail and gas assets with complementary characteristics TRUenergy Briefing 29 September 2006 17 Integrated Energy Business Model • Portfolio of gas supply contracts • Yallourn coal mine Upstream • Assets across value chain • Underground gas storage facility provides earnings stability and • Yallourn, base-load coal-fired station opportunity • TIPS, gas/oil-fired peaking power station Generation • Ecogen hedge, gas-fired peaking station • Generation and retail focused • Tallawarra, site for gas-fired station • Not focused on regulated T&D • 33% equity interest in SEAGas pipeline Transmission and rights to >50% of capacity • No equity in gas – currently source gas through long term • No assets Distribution contracts • ~500,000 mass market & SME gas • ~600,000 mass market & SME electricity Retail • Large I&C electricity customers • Large I&C gas customers TRUenergy Briefing 29 September 2006 18 Electricity Market Structure Overview Forward Market Spot Market Grid Generator Connection Hedge $ Pool $ Charges $ Trader Futures Transmission Monopoly Exchange Pool Grid Wholesale Hedge $ Pool $ Network Charges $ Distribution Retailer Network Bill $ Retail End Use Customer TRUenergy Briefing 29 September 2006 19 Vertical Integration - the issue… • Vertical integration between generation and electricity retail is a key feature of TRUenergy’s business model • Generator - sells generation into electricity pool, hedges revenue in short to medium term in forward market • Retailer - buys generation from electricity pool, hedges commodity cost in short to medium term in forward market • Earnings volatility for standalone generator or retailer a result of pool and contract market volatility, and hedging mismatches • Vertical integration of generation and retail provides for optimal outcomes TRUenergy Briefing 29 September 2006 20 Vertical Integration - the issue… Victorian Electricity Forward Contract prices $55 CAL 02 $53 CAL 03 CAL 04 $51 CAL 05 $49 12 MTHS (360 DAYS MOVING DAILY AVERA CAL 06 $47 Regulated Retail CAL 07 $45 tariffs $43 (Indicative only) Indicative $41 Retail Margins $39 h $37 W $35 $/M $33 $31 $29 $27 12 month $25 moving avg Generation $23 spot price Earnings $21 $19 $17 $15 ay/2000 ay/2001 ay/2002 ay/2003 ay/2004 Feb/2000 Feb/2001 Feb/2002 Feb/2003 Feb/2004 Dec/1999 Nov/2000 Nov/2001 Nov/2002 Nov/2003 Nov/2004 M Aug/2000 M Aug/2001 M Aug/2002 M Aug/2003 M Aug/2004 • Retail tariffs relatively constant, to a large extent are regulated • Retail margin has inverse correlation with generation margins TRUenergy Briefing 29 September 2006 21 Vertical Integration - the benefits • Internalise Margins - combining or internalising retail and generation margins, resulting in more stable cashflow/income stream than either standalone • Reduced Risk – balancing generation output and retail load reduces earnings volatility – Reduced cost of debt and equity - TRUenergy’s debt margins today are one third of Yallourn’s standalone – Achieved A- credit rating - not possible for standalone generator or retailer TRUenergy Briefing 29 September 2006 22 Competitors are vertically integrating Upstream Relative Size to TRUenergy Generation Customers Gas Developments Cust (%) Gen MW (%) Integrated portfolio is TRUenergy 100 100 being adopted by AGL 260 41 competitors Origin AGL & Origin are key Competitors 150 7 competitors Snowy 10 120 Snowy, International International Power and Santos Power 10 84 emerging as potential key competitors Contenders Santos --- --- Energy Qld retail sale Australia 140 --- potentially start of broader NSW/Qld re- Integral 73 --- structuring over next 3 – Country 5 yrs, driving further 67 --- consolidation Energex 105 --- Legend Large Ergon Opportunities 57 --- Medium NSW Gen Co’s --- 80-130 Starting Qld Gen Co’s --- 60-90 TRUenergy Briefing 29 September 2006 23 Why target a 20% market share…..? • Industry consolidating - since privatisation in Victoria, significant M&A activity resulted in industry consolidation, with players choosing either the regulated or unregulated space • End Game - in generation / retail space, likely NEM will follow UK and New Zealand markets to consolidate to 4 or 5 large vertically integrated players – AGL, Origin and TRUenergy key players to date – Future privatisations in Qld and NSW key next steps TRUenergy Briefing 29 September 2006 24
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