Driving Energy REPORTS & ACCOUNTS 2019 2 2019 Electricity and natural gas indicators Financial indicators A year in 188.6M€ numbers 26% Wind Investment 17% Hydro 3,753.3M€ Average RAB 5.5% 118.9M€ Biomass Net income 2.1% Photovoltaic NTG NTGGN 50.3 TWh 67.9 TWh Electrical power Natural gas consumption consumption Performance and environmental Indicators Access all REN information on a single platform. Download our app at: 684 29,858 hours 74,856 Employees Training Trees 3 Electricity and natural gas indicators Financial indicators Electrical power consumption supply 188.6M€ 2019 26% Wind Investment 17% Hydro 3,753.3M€ Average RAB 5.5% 118.9M€ Biomass Net income 2.1% Photovoltaic NTG NTGGN 50.3 TWh 67.9 TWh Electrical power Natural gas consumption consumption Performance and environmental Indicators Access all REN information on a single platform. Download our app at: 684 29,858 hours 74,856 Employees Training Trees 4 Technical indicators National Transmission Grid Transmitted Transmitted 2019 2018 2017 2016 2015 2015 2016 2017 2018 2019 energy 47.2 46.7 43.0 53.06 56.68 71.09 energy TWh 43.0 47.2 66.64 71.10 TWh 2019 2019 RNT RNTGN 43.0 TWh 71.1 TWh Transmitted Transmitted energy energy 0.72 min. 0.00 min. Average Interruption Supply interruption Time duration per offtake 5 National Transmission Grid Transmitted Transmitted 2019 2018 2017 2016 2015 2015 2016 2017 2018 2019 energy 47.2 46.7 43.0 53.06 56.68 71.09 energy TWh 43.0 47.2 66.64 71.10 TWh 2019 2019 RNT RNTGN 43.0 TWh 71.1 TWh Transmitted Transmitted energy energy 0.72 min. 0.00 min. Average Interruption Supply interruption Time duration per offtake 6 Energy is our driver In every city, in every business, in every home there is an invisible force, one which brings us together... which unites us all. A force without interruption, on a journey which lasts 365 days a year, 24 hours a day, on 3 different continents. Join us on the surprising journey we made in 2019. REPORTS & ACCOUNTS 2019 7 01 04 06 Message from the Chairman Management Report Consolidated and Individual Accounts Message from the Chairman 08 4.1. Environment 71 4.2. Electricity 82 6.1. Consolidated Financial Statements 165 4.3. Natural Gas 90 6.2. Individual Financial 4.4. Business Development 104 Statements 273 4.5. Other Business 105 4.6. Financial Performance 109 4.7. Proposed Allocation of Net Profit 118 02 4.8. Outlook 2020 119 Approach to Report Approach to Report 14 03 05 07 REN at a Glance Sustainability at REN Corporate Governance 3.1. REN Profile 23 5.1. Our Approach to Sustainability 123 7.1. Information on Shareholder Structure, 3.2. Corporate Bodies, Departments 5.2. Main Actions Undertaken 127 Organization and Corporate Governance 338 and Other Managing Bodies 29 5.3- Management and Performance 133 3.3. Shareholder Structure 30 7.2. Assessment of Corporate Governance 394 3.4. Milestones in 2019 32 3.5. Main Performance Indicators 34 3.6. Regulated Assets 49 3.7. Technical Infrastructures 53 3.8. Supply Chain 62 3.9. Awards and Acknowledgements 66 Annexes Glossary Contacts Financial Glossary 410 Contacts 418 Management Report 406 Technical Glossary 411 8 REPORTS & ACCOUNTS 2019 01. Message from the Chairman An energy of continuity def.: quality of that which is ongoing; continuous length or duration; electricity - connection which forms part of an electric circuit. MESSAGE FROM THE CHAIRMAN 9 For REN, continuity means maintaining excellence and operational efficiency, in a permanent commitment to a public service of excellence. An uninterrupted path following the mission of REN. 10 REPORTS & ACCOUNTS 2019 01. Message from the Chairman In 2019, we once again managed to achieve the vast majority of our objectives. MESSAGE FROM THE CHAIRMAN 11 Gonçalo Morais Soares CFO and menber of the Executive Committee Rodrigo Costa Chairman of the Board of the Directors and the Executive Committee João Faria Conceição COO and member of the Executive Committee he main goal of this text is to provide a foreword to the Report and Accounts for 2019. Without losing sight of this intention, I feel I must start by mentioning the difficult times we are experiencing and which are already having an effect on this year. T The Covid19 epidemic has suddenly changed our day-to-day lives. This new situation has made it particularly difficult to share a message with the positive and optimistic note I had originally intended. It is my expectation that this situation will be resolved and that we will return to a normal state of affairs very quickly. However, it is not possible to ignore this new development and the climate of current concern. I am writing these words in a break between a series of internal meetings where we analysed possible operating scenarios to meet the challenges we may be faced with. At REN, we have the added responsibility of managing a complex system which ensures the supply of electrical power and natural gas to the entire country. This means that we have to be doubly careful. In addition to the concern we have for all of our employees, our efforts have also sought to simulate the risks of operating under extreme circumstances, with the goal of enabling our teams to deal with all of the challenges that may arise. With respect to this report, I would like to recall that the pillars of our strategy remain unchanged: a focus on operations; financial stability and solidity; emphasis on training; and remaining at the forefront of technological developments. In 2019, we once again managed to achieve the vast majority of our objectives. We successfully implemented our infrastructure maintenance and development plans and with regard to quality and availability of service, our operations continue at the highest standards. On the financial front, ratings agencies have maintained our investment grade. I would also like to highlight some of the topics which dominated our work last year. One of the most important challenges all countries now face is that of energy transition. Portugal is no exception, and REN has made a significant contribution in numerous areas. We are fully committed to several government projects as part of the National Energy and Climate Plan 2030 (NECP). REN will continue to contribute to the goals set out in this document to make Portugal one of the first countries in the world to achieve carbon neutrality by 2050. We are collaborating with numerous official organizations in planning the reinforcement of renewable energy generation throughout the country, particularly in relation to a substantial increase in photovoltaic power in the coming years. 12 REPORTS & ACCOUNTS 2019 At the end of 2019, the Viana do Castelo wind offshore project, Windfloat, was successfully connected to the mainland by undersea cable. This pioneering work was designed by our teams in collaboration with the construction consortium and is already in operation, having fully complied with deadlines. We executed our second investment outside Portugal and acquired 100% of the capital of Transemel, a small electricity transmission company in northern Chile. This investment was in line with the strategy to seek out investment options abroad to make up for the lack of growth opportunities in Portugal. I would like to point out that this acquisition does not change our main focus which is on operations in Portugal, which correspond to more than 95% of our revenue. In 2019, coal-based power generation was the lowest ever in our country (10%), unlike that of natural gas which saw its weighting grow, contributing around 32% to electricity generation. Our Sines Terminal was responsible for more than 90% of the natural gas used in 2019 and reached a record number of 64 vessel unloading operations during the year. It was also a year which saw very little rainfall and where summer brought challenges which continue to demand the full attention of our teams and attentive risk management. There was no let-up in our operations to clean the forest corridors where our power lines pass, nor in our vigilance against fires. In addition to these difficulties, adverse weather events also brought problems, such as storm Leslie, which caused some damage to our electricity transmission infrastructure. The quality of our services is a reflection of a working team with around 700 professionals, which fulfill their mission all over the country, a mission which we all know is vital for everyone. Our focus continues on the ongoing training of our employees and ensuring that they are provided with the best resources to carry out their work in an open and healthy environment. This formula is a company responsibility and is one which brings long-term positive effects. Our commitment to the principles of the United Nations Global Compact (promotion of equal opportunities, gender diversity and inclusion) helps us continue to attract well-educated young people. These young people recognize that REN provides an environment which fosters inclusion and provides something which is increasingly rare these days: an exciting career and one which is seen by many as life-long . Also with regard to meeting our obligations to society, we continue to implement policies and support projects which seek to ensure a fairer and more sustainable world. This approach also helps us to meet the goals of sustainable development set out by the UNO. Technology does not cease to evolve and we are at the forefront of this evolution, fully aware of the challenges that our industry faces, and aware of the strategies followed by counterpart companies around the world.
Details
-
File Typepdf
-
Upload Time-
-
Content LanguagesEnglish
-
Upload UserAnonymous/Not logged-in
-
File Pages420 Page
-
File Size-