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Integral Energy - Statement of Corporate Intent - 2005/2006 ~ ~~!!~~~L the Power IS M Your Hands

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Integral Energy - Statement of Corporate Intent - 2005/2006 ~ ~~!!~~~L the Power IS M Your Hands .. =~· INTEGR,.. { ~'=-'''1 e u e r g y t> .. The power ts m your hands Integral Energy - Statement of Corporate Intent - 2005/2006 ~ ~~!!~~~L The power IS m your hands Contents Foreword ... ............. .. ................ ........ .. .... .... ......................... .. ................ .. ..... .. ... .................... 4 Objectives of the Corporation .. .... .......................................................................................... 5 Nature and Scope of Operations ......... ......................... .. ............ .. ..................... .................... 6 Strategic Direction (overview) .................. ............... .. ... ....... ................. .................................. 7 Financial Performance Targets ............................................. .................. ............................... 8 Social Programs and Non-Commercial Activities ........ .......................... .............. ...... .. ........... 9 Financial Asset and Liability Management .................. .......... ... ..... ................ ................. ...... 10 Statement Addressing Shareholders' Issues ...... ......... .... .. ....... .. .. ...... .. ...... .. .... ... ... ..... ........ 12 Half Yearly Report .... .. ..... ....... ......................... ............................. ............. .. .... ............. ....... 13 Representation and Commitment Statement ............................ ...... ........... ................ .......... 14 2005/2006 Statement of Corporate Intent Page 2 ~ ~~r!~~~L The power is in your hands New South Wales State Owned Corporation Statement of Corporate Intent Organisation: Integral Energy Australia Period Ending: 30 June 2006 The Statement of Corporate Intent has been agreed between: Michael Mcleod Chairman Integral Energy Australia \ .j I'( ./ ... ~ Richard Powis 1 The Hon Michael Costa MLC Chief Executive Officer · Minister for Finance Integral Energy Australia Dated this day the ___ of 2005. 2005/2006 Statement of Corporate Intent Page 3 '(?1 ~~r!~~~L The power is in your hands Foreword Integral Energy's 2005/06 Statement of Corporate Intent has been developed through a robust corporate planning process. Planning has centred on achieving the business purpose: "to be a successful energy corporation with a long term focus on being a best practice asset manager and competing in profitable retail energy markets." Specific objectives have been set for the Network and Retail businesses. The Network business aims to "provide long term customer service by building a sustainable and reliable network". The Retail business is focussed on "ensuring Integral Energy competes effectively in a changing environment while managing market risk". Strategic initiatives have been developed to drive the organisation towards achievement of these objectives. The focus of this year's plan is on ensuring the corporation has the capabilities required for effective strategy implementation. With this capability, and widespread organisational commitment, Integral Energy expects to realise shareholder, stakeholder and customer benefits. I commend this report for your attention. Richard Powis Chief Executive Officer 2005/2006 Statement of Corporate Intent Page 4 r~\ ~~r!~~~L ~ The power ts in your hands Objectives of the Corporation Integral Energy is the second largest state owned energy corporation in NSW. Incorporated under the Energy Services Corporations Act 1995, Integral Energy operates as a distributor and retailer within the terms of the Electricity Supply Act 1995. Integral Energy is a forward looking, progressive business, intent on achieving its vision: to be Australia's leading energy business. In pursuit of this vision, Integral Energy intends to build sustainable success into all facets of operation, and have set the following business purpose:- "to be a successful energy corporation with a long term focus on being a best practice asset manager and competing in profitable retail energy markets." Integral Energy's primary objectives are set out in the Energy SetVices Corporations Act 1995, which states that the primary objectives of an energy distributor are:- (a) To be a successful business and, to this end: (i) to operate at least as efficiently as any comparable businesses; (ii) to maximise the net worth of the State's investment in it; (iii) to exhibit a sense of social responsibility by having regard to the interests of the community in which it operates. (b) To protect the environment by conducting its operations in compliance with the principles of ecologically sustainable development contained in section 6 (2) of the Protection of the Environment Administration Act 1991. (c) To exhibit a sense of responsibility towards regional development and decentralisation in the way in which it operates. (d) To operate efficient, safe and reliable facilities for the distribution of electricity and other forms of energy. (e) To be an efficient and responsible supplier of electricity and other forms of energy and of services relating to the use and conservation of electricity and other forms of energy. (f) To be a successful participant in the wholesale and retail markets for electricity and other forms of energy and for services relating to the use and conservation of electricity and other forms of energy. The principal objectives of an energy distributor are of equal importance. Integral Energy has developed strategic initiatives which will drive the organisation towards achievement of the above objectives. Integral Energy intends to undertake no material change to its business objectives, without seeking prior agreement with the Shareholding Ministers. 2005/2006 Statement of Corporate Intent Page 5 ~,... ~~!!~~~ L The powet is in your hands Nature and Scope of Operations Integral Energy's primary operations are within New South Wales, owning an electricity network spanning 24,500 square kilometres in Greater Western Sydney, the lllawarra, and the Southern Highlands. The network is made up of more than 26,000 substations, 315,000 power poles, and 175,000 streetlights bound together by more than 33 ,000 kilometres of underground and overhead mains. The Retail business operates in the deregulated electricity market, where customers can choose their electricity retailer. Integral Energy serves more than 2.1 million people, and employs more than 2,400 staff. Integral Energy's corporate governance framework establishes the processes by which the organisation is directed, controlled and held to account. As part of the governance and decision making framework, Integral Energy pursues a triple bottom line approach which seeks to consider and balance financial, social and environmental outcomes. Integral Energy's corporate values provide a set of principles which guide behaviour and business operations. The Board, management and staff have adopted seven key statements to describe the core values of Integral Energy's: • Safety excellence; • Integrity; • Management by fact; • Customer commitment; • Respect for people; • Accountability and responsibility; and • Sustainability and commercial success. We believe the inherent quality of our people enables Integral Energy to look confidently to the future. 2005/2006 Statement of Corporate Intent Page 6 77::"\ INTEGRAL i, 4' 1ler .g _r ,__ i}_j The power 1$ myour hands Strategic Direction (overview) Integral Energy's vision and business purpose underpin the corporate plan. Integral Energy's vision is "to be Australia's leading energy business': To achieve this vision, the business purpose is: "to be a successful energy corporation with a long term focus on being a best practice asset manager and competing in profitable energy markets". Integral Energy is centred around providing a reliable energy network and successfully retailing energy within a competitive marketplace. A key element of success will be leveraging the 2004 Network and Retail regulatory determinations. The overall determination result represented a good outcome for Integral Energy, and provides a solid financial platform for Integral Energy to address long-term issues in both the Network and Retail business. Integral Energy's corporate plan sets out business strategies and targets to achieve the corporate vision and business purpose. By managing against these targets using a triple bottom line approach, i.e. balancing financial, social and environmental outcomes, it is expected that this plan will deliver sustainable success for Integral Energy going forward. Business Context: The NSW Government Green Paper In December 2004, the NSW Government released a Green Paper titled 'Energy Directions'. The paper outlined the need to address significant generation investment requirements to meet growing electricity demand in NSW and ensure security of supply to customers. Integral Energy submitted a public response in late February 2005. In the response, Integral Energy agreed that any reform initiatives for the electricity sector should be focussed on addressing generation issues. Structural changes which reduce Government risk, facilitate increased competition, and improve customer choice and outcomes, were supported in the response. Integral Energy suggested that Government decision-making should be prioritised around four inter-related issues: • Involving private sector participation in retailing (as this approach has the potential to improve the management of risk and provide incentives for private sector investment in generation); • Facilitating a medium term price path which
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