Continued improvements in network reliability, excellent community safety outcomes, and strong business performance for shareholders are just three of the many highlights contained in Energex’s 2013-14 Annual Performance Report.
Shane Stone, in his Chairman’s Review, said South East Queensland’s 3.2 million residents and the region’s visitors tended to take for granted that power will be there when it is needed.
“And that’s how it should be,” he said. “Power is the lifeblood for homes and industry, for commerce and tourism, for schools and hospitals … yet it is pretty much taken for granted.”
“On Energex’s patch, when you flick the switch it works. On occasion when natural disasters bring down the system, we have it back up in record time.”
Mr Stone described Energex’s business performance in 2013-14 as strong, “delivering good operational outcomes, achieving the best physical delivery in many years including major projects, maintenance and operations, and achieving all performance target outcomes”.
“The owners of Energex – the people of Queensland – should be well pleased with what we achieved on behalf of the shareholders. Our efforts to drive business efficiencies resulted in a strong financial result. These funds are used by shareholders, among other things, to deliver equitable power prices across the State and programs aimed at those most in need of support with their energy needs.”
Mr Stone said the company’s comprehensive Business Efficiency Program to reduce expenditure will deliver $124.2 million in annualised savings and continue Energex’s efforts to put downward pressure on power prices.
“But there is more to do. I know the Board, executive management, senior managers, and staff … are committed to driving down these costs while at the same time maintaining a focus on ensuring customers continue to receive a safe and reliable supply of power.”
According to Mr Stone, the company’s continued excellent brand recognition and community regard was not earned lightly. The Chairman also highlighted the company’s targeted community support program which provided direct financial and equipment support to hundreds of South East Queensland community groups including volunteer organisations such as firefighters, marine rescue, and helicopter rescue groups.
Energex Chief Executive Officer, Terry Effeney, said customers’ changing energy behaviour had wide-ranging implications for the business.
Mr Effeney said the average domestic customers’ energy use had dropped almost 20 per cent between 2009 and 2014.
This includes the replacement of ageing assets and targeted maintenance programs in areas with poorer reliability rather than investment driven by growth.
“This year we spent more than $1 billion on improvements to our electricity infrastructure resulting in better real-time network information and reliability improvements … compared to Minimum Service Standards,” he said.
Mr Effeney pointed to the company’s Customer Engagement Project, which commenced in 2013, and has collected invaluable customer and community feedback which will be used in the development of Energex’s 2015-20 Regulatory Determination preparation.
Information collected will assist Energex to focus on meeting a changing electricity market and customer expectations, while at the same time adapting to rapidly advancing industry technology.
Energex will continue to meet the challenges of the ‘new energy age’ by becoming a market enabler and cost effective service provider to give customers real and efficient choices.
Further information on the Annual Report.