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Annual Report 31 March 2021 ANNUAL REPORT 31 MARCH 2021 Annual Report & Consolidated Financial Statements 2021 ENERGIA GROUP LIMITED www.energiagroup.com Energia Group Limited Annual Report & Consolidated Financial Statements 2021 2 CONTENTS Key Facts and Figures 4 Strategic and Director’s Report 8 • Operating Review 8 • Summary of Financial Performance 28 • Market Structure 38 • Risk Management and Principal Risks and Uncertainties 42 • Responsible Business Report 60 • Management Team, Ownership and Directorship 118 Statement of Director’s Responsibilities in Respect of the Accounts 124 Independent Auditors’ Report 126 Consolidated Income Statement 132 Consolidated Statement of Other Comprehensive Income 133 Consolidated Balance Sheet 134 Consolidated Statement of Changes in Equity 136 Consolidated Statement of Cash Flows 137 Notes to the Consolidated Financial Statements 139 Appendix 210 Glossary of Terms 211 www.energiagroup.com 3 KEY FACTS & FIGURES Underlying Business Results1 Group Pro-Forma EBITDA Group Pro-Forma EBITDA 2021 2020 €m €m €m Renewables 66.9 66.9 Flexible Generation 61.7 45.8 194.1 Customer Solutions 65.5 51.4 194.1 164.1 €m 39.5 Capital expenditure (2020 - €66.4m) IFRS Results2 Revenue €m (2020 - €1,905.8m) €m 1,899.1 178.7 Operating profit (2020 - €102.9m) 1 Based on regulated entitlement and before exceptional items and certain remeasurements as outlined in note 4. 2 Before exceptional items and certain remeasurements. Energia Group Limited Annual Report & Consolidated Financial Statements 2021 4 MW Operational Facts Wind generation assets 309 operational at March 31 2021 916 Employee numbers (2020 - 277MW) (2020 - 848) 81.9% 83.9% Huntstown CCGT asset availability (2020 - 84.7% / 90.7%) 97.8% Wind asset availability (2020 - 98.0%) TWh NI electricity sales 3.0 (2020 - 3.4TWh) 729,500 Residential customer sites supplied (2020 - 669,000) TWh 4.3 RoI electricity sales (2020 - 4.3TWh) www.energiagroup.com 5 Energia Group Limited Annual Report & Consolidated Financial Statements 2021 6 STRATEGIC & DIRECTOR’S REPORT www.energiagroup.com 7 STRATEGIC AND DIRECTOR’S REPORT OPERATING REVIEW All references in this document to ‘Group’ The Customer Solutions business supplies electricity denote Energia Group Limited and its subsidiary and gas to 330,000 customer sites in the RoI and undertakings and to ‘Company’ denote Energia 493,900 customer sites in NI through its two retail Group Limited, the parent company. The principal brands, Energia and Power NI. activity of the Company is that of a holding company. Strategy The island of Ireland, like the wider global energy Business Model and Principal Activities sector, is undergoing a transformation, driven by the The Group is a leading integrated Irish energy need to meet climate change targets and the effects business with substantial businesses in both Ireland of technological change. Decarbonisation is already (Republic of Ireland or RoI) and Northern Ireland an imperative; and the consequential electrification (NI). The Group primarily operates through three of large sectors of the economy, such as transport business units: and heating are becoming policy priorities. • Renewables; As the Group is a leading energy utility on the island of Ireland in each of its Renewables, Flexible • Flexible Generation; and Generation and Customer Solutions businesses, it • Customer Solutions. has an important role to play in the energy transition the island of Ireland must go through in the next The Renewables business owns and operates decade. The Group has put itself in a strong position 309MW of wind assets and purchases electricity to benefit from these changes. Accordingly, the from 1,284MW of renewable generation capacity Group’s strategy remains focused on continuing its throughout Ireland. In addition, the Renewables evolution as a modern, technologically sophisticated, business is currently constructing a 4.0MW bioenergy customer centric, energy business with a strong plant in Dublin. emphasis on renewable technology and on providing innovative energy-related solutions and services that The Flexible Generation business owns and operates meet its customers’ needs. Management continues 747MW of conventional generation assets in the RoI to focus on four strategic objectives which underpin and procures power under contract with 600MW of the Group’s strategy: conventional generation assets in NI. Energia Group Limited Annual Report & Consolidated Financial Statements 2021 8 • build on and diversify the increasing platform of The Group continues to implement its Positive renewable assets to accelerate low carbon growth Energy investment programme across a range and increase earnings; of major renewable energy projects including onshore and offshore wind farms, solar power, • grow our profitable customer base and focus hydrogen fuel generation, bioenergy facilities and on customer retention through technological the smart grid. advances with enhanced and differentiated product offerings, while looking for opportunities The Positive Energy programme is aligned with to increase, diversify and enhance the quality the Government of Ireland’s commitment to of our customer relationships. Ways in which increase the amount of electricity generated from the Group can assist our customers’ aspiration renewable sources to 70% by 2030 and the Group to decarbonise will be a central aspect of our anticipates that this new investment will add up strategy; to 1.5 Gigawatts of renewable generation to the • profitably develop, operate and grow our portfolio grid over a 10-year horizon. This will contribute to of flexible generation assets in a manner that further sustainability in Ireland’s energy supply supports the Group’s renewable asset portfolio, and to the achievement of Ireland’s climate change enhances our product offering to customers reduction targets. and provides the grid services needed as Ireland transitions to a carbon neutral economy; and COVID-19 • support the predictability of the Group’s The Group’s businesses and dedicated teams underlying earnings and stable cash flows have proved to be resilient in meeting the through the diversity of contracted and regulated challenges of operating during the COVID-19 revenue streams. Earnings will be further pandemic. While the Group experienced a underpinned by exploiting the complementarity reduction in demand for electricity in the of our operations in each of our business units Integrated Single Electricity Market (I-SEM) through trading and balancing our portfolio of market in the First Quarter 2021, this has since renewable and conventional generation with the recovered to levels broadly consistent with demand from customers, employing industry pre-pandemic demand. The Group’s priority leading technology and data management. continues to be, the health & safety of its staff and customers and ensuring that consumers continue In line with the Group’s commitment to exploit to have access to energy and essential services. the opportunities presented by technological advances relevant to its business, a Group- Operational performance was at consistently wide hub is in operation for collaboration on high levels throughout the year, while at the initiatives in innovation; and further to underpin same time we were able to offer increased delivery of the Group’s strategic objectives, support to our customers and the communities in the Group has an extensive and experienced which we operate. The Board acknowledges the corporate development team. tremendous response and commitment of staff in ensuring that the Group was in a position to deliver this performance despite the challenges presented by the COVID-19 pandemic. www.energiagroup.com 9 The Group’s financial performance remained strong Management Team throughout the year despite the COVID-19 related The management team is responsible for the restrictions in Ireland and NI. Notwithstanding the delivery of the agreed strategy through the financial performance for the past year, uncertainty operational management of the Group’s businesses. remains over the potential future impact of COVID-19 Biographies for the management team are provided related factors on the Group’s businesses and the in the section entitled “Management Team, delivery of its development projects. Management Ownership and Directorship”. remains vigilant and continues to monitor and assess developments and the potential future impact of the Key Performance Indicators pandemic on the Group’s businesses. The Group has determined that the following key performance indicators (KPIs), covering both The Group has strong liquidity at 31 March 2021 financial and operational performance, are the most (with €178.6m cash and cash equivalents excluding effective measures of progress towards achieving the project finance cash) and has undrawn committed Group’s objectives. revolving credit facilities of €109.2m and is therefore well positioned to manage the potential future impact of COVID-19. Energia Group Limited Annual Report & Consolidated Financial Statements 2021 10 Financial KPIs Flexible Generation The financial KPIs are: • generation plant availability (the percentage of time Huntstown CCGTs are available to produce • Earnings Before Interest, Tax, Depreciation and full output); Amortisation (EBITDA); • generation plant unconstrained utilisation • Capital expenditure; and (the indicative dispatch of the available • Net debt. Huntstown CCGTs assuming no constraints i.e. The EBITDA KPI is pro-forma EBITDA which is based restrictions imposed by the Single
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