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Annual Report 2017 Spark Infrastructure ANNUAL REPORT 2017

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Annual Report 2017 Spark Infrastructure ANNUAL REPORT 2017 ANNUAL REPORT ANNUAL 2017 ENERGY. FUTURE. Spark Infrastructure Annual Report 2017 Annual General Meeting 11:30am, Thursday, 24 May 2018 Radisson Blu Plaza Hotel 27 O’Connell Street, Sydney, NSW FUTUCONTENTS RE. Future. 1 Sustainability 30 Energy. 2 Board of Directors 36 About Us 4 Management Team 37 Highlights 6 Annual Financial Report Chair’s Message 8 (including Directors’ Report) 38 Managing Director’s Message 12 Additional ASX Disclosures 110 What We Do 18 Securityholder Information 111 Our Assets 20 Glossary of Terms 112 SA Power Networks 22 Contact Information 112 CitiPower 24 Five-Year Summary of Performance 113 Powercor 26 TransGrid 28 We invest in networks that will serve Australia’s energy needs for many generations to come Spark Infrastructure is the leading Australian-listed owner of energy sector assets, with investments in some of Australia’s most efficient and reliable energy transmission and FUTU RE. distribution network assets. 1 ENEREN GY. Our investors can play a key role in supporting Australia’s future energy and utility networks, and thereby our national economic growth 2 SPARK INFRASTRUCTURE ANNUAL REPORT 2017 Australia’s energy future is being defined by a new world of opportunities in renewables, distributed generation and energy storage. Our networks will have an important role ENER GY. to play in delivering these technologies efficiently for the benefit of consumers. 3 ABOUT US THE POWER OF OUR NETWORKS Spark Infrastructure is Australia’s leading ASX listed network owner. Our assets support economic growth and Australia’s future sustainability. Our vision is to provide long-term value creation through distributions and capital growth for Securityholders from our portfolio of quality utility-style assets. We do this by ensuring the performance of our businesses is optimised, by capitalising on organic growth opportunities and by diligently pursuing external growth opportunities. We have interests in $16.6 billion of energy network assets in total, delivering energy to more than 5.5 million customers across three states, in addition to transporting electricity across the National Electricity Market (NEM) between New South Wales and Queensland, Victoria and the Australian Capital Territory. Each of our businesses has strong and stable debt portfolios, with weighted average maturity of over five years, and investment grade credit ratings. CASE STUDY Helping deliver clean and secure energy for the future The energy sector is rapidly evolving, with traditional coal-fired generation being replaced with 1 other sources including large-scale renewable energy. Forming the backbone of the NEM, TransGrid 2 plays a key role in unlocking new energy supply for consumers and is leading the way in connecting renewable energy precincts which have abundant wind and solar resources to the electricity grid 4 to meet our nation’s energy needs. This generation will deliver reliable energy in the long term, securing 3 our energy supply for the future, while lowering emissions in line with Australia’s international obligations and delivering the lowest cost electricity to consumers. 4 SPARK INFRASTRUCTURE ANNUAL REPORT 2017 2 TransGrid TransGrid is the largest high-voltage electricity transmission network in the NEM by electricity transmitted. Its vast 13,000km network connects generators, distributors and major end users in New South Wales and the Australian Capital Territory, to supply power to more than three million homes and 600,000 businesses and forms the backbone of the NEM connecting Queensland, New South Wales, Victoria and the Australian Capital Territory. 15% interest 1 SA Power To read more, see page 28 Networks SA Power Networks is the sole operator of South Australia’s electricity distribution network, supplying around 865,000 residential and commercial customers in With the efforts of over all regions and the major population centres. 5,000 employees and highly 49% interest experienced management To read more, see page 22 teams, our businesses deliver the sector’s leading safety culture, high levels of operational reliability and efficiency and strong financial performance 3 CitiPower 4 Powercor CitiPower operates the Powercor is the distribution network that largest distributor of supplies electricity to electricity in Victoria, around 330,000 customers operating a network in Melbourne’s CBD that serves around and inner suburbs. 795,000 customers in 49% interest central and western Victoria and the western CitiPower and suburbs of Melbourne. Powercor together are known as Victoria 49% interest Power Networks. CitiPower and Powercor together are To read more, see page 24 known as Victoria Power Networks. To read more, see page 26 5 HIGHLIGHTS NUMBERS WE ARE PROUD OF Efficiency benchmarking2 Standalone operating No.1 cash flow1 $ 268M Regulated Asset Base4 $ 2017 5.8B Distributions 15.25CPS 6 SPARK INFRASTRUCTURE ANNUAL REPORT 2017 Total 5-year Securityholder return3 105% 2017 DPS has increased by 5.2% from 2016. In 2018, DPS is forecast to increase a further 4.9% Net debt/ Regulated & Contracted 4 $ Asset Base 5.8B Contracted 5 % Asset Base 74 $ 355M 1. Includes repayment of shareholder loans. 2. Powercor No.1 distribution network service provider in 2016; SA Power Networks No.1 on a state by state comparison in 2016. 3. As at 31 December 2017. 4. On an aggregated proportional basis to Spark Infrastructure. 5. On 100% TransGrid basis. 7 CHAIR’S MESSAGE OUR VISION & OPPORTUNITY Spark Infrastructure’s leading networks are well placed to benefit as we enter Australia’s new energy era. Dear Securityholder, Spark Infrastructure’s businesses will have an important role to play in Australia’s energy future is being defined delivering these technologies. However, by a new world of opportunities in the new environment will also present renewables, distributed generation and new technical challenges as Australia’s energy storage. These changes reinforce networks transform to meet these the importance of the electricity grid in requirements and invest to do so. which Spark Infrastructure’s businesses play a leading role. In this new era, At Spark Infrastructure, your Board Spark Infrastructure is extremely and management are working hard well positioned to capitalise on these on your behalf to make sure that future opportunities where we believe they developments benefit Securityholders. Dr Doug McTaggart can deliver strong distributions and We are already seeing important Chair long-term value creation for you. contributions from our businesses to Future. Energy. help meet Australia’s energy challenges. For example, CitiPower and Powercor Spark Infrastructure is a leading are reducing wholesale demand by Australian-listed investor in some of lowering voltage levels in substations. Australia’s most efficient and reliable This approach has been endorsed by network assets. Our businesses offer the Australian Energy Market Operator attractive future potential for growth (AEMO) for potential use across the in unregulated business as well as National Energy Market (NEM) as a way opportunities in grid innovation. of increasing system capacity to meet demand fluctuations. Our investors can play a key role in supporting Australia’s future energy and Similarly, SA Power Networks is utility networks, and thereby our national working on a range of pilot programs economic growth. Our networks will and trials that will see us move towards do this by adapting to meet the growing the future electricity network. movement towards customer choice. “ Spark Infrastructure’s networks will increasingly enable two-way power flows and power trading” As with the potential of connecting machines, appliances and devices to the internet, connectedness will be a crucial influence over the future of energy. It will foster customer choice in residential areas. Rooftop solar, batteries, electric vehicles and smart meters are radically changing the way consumers’ source and use electricity. A world where multi-directional energy flows across a wide matrix of generators, storage points and end-users is fast becoming a reality. 8 SPARK INFRASTRUCTURE ANNUAL REPORT 2017 Prudent transmission interconnection within NEM regions will increase long-term reliability and save consumers money 9 CHAIR’S MESSAGE CONTINUED During 2017, Spark Infrastructure continued to deliver for investors, providing Securityholders with growth in earnings and total returns 4.9 % We are pleased to reaffirm distribution guidance for 2018 of 16.0 cps for 2018, an increase of 4.9% above 2017 10 SPARK INFRASTRUCTURE ANNUAL REPORT 2017 This innovation provides vital information to improve in 2017 from already high 2017 of 7.625 cents per security (cps), that can help optimise the need to make levels. New initiatives at Victoria Power a total distribution of 15.25 cps for 2017. network upgrades and help quantify Networks include the rollout of the This is an increase in cps of 5.2% on the energy bill reductions, and it won the ENA Hand Safety Awareness and ProstMate total 2016 cps. The final distribution was Innovation Award in November 2017. programs. The ProstMate program paid to Securityholders on 15 March 2018. involved testing of 700 employees across The distributions are fully covered TransGrid, the largest and most all depots and offices for possible signs by operational cash flows on both strategically located transmission grid of prostate cancer. At SA Power Networks, a standalone and look-through basis. within the NEM, has significant advantages, the Safety Leadership Academy will see all as well as opportunities to participate in senior managers undertake a multi-day We are pleased to reaffirm the distribution the development of new interconnectors. safety program, helping to embed guidance of 16.0 cps for 2018, which We anticipate TransGrid will play a key consistent safety leadership behaviours represents growth of 4.9% on 2017. role in shaping Australia’s future energy across the organisation. This forward guidance is based on the markets in the high voltage transmission distributions we expect to receive from TransGrid is also committed to safety as sector. By 2030, some 45 terawatt hours our investment portfolio and is subject the number one priority.
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