TasNetworks Corporate Plan Current at 30 June 2014

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1 TasNetworks Corporate Plan Current at 30 June 2014

2 Table of contents Executive summary 3 TasNetworks strategy 4 Overview of TasNetworks 5 Members expectations 6 Market outlook 7 TasNetworks value and supply chain 10 Our vision and purpose 11 Strategic goals 12 Shareholder outcomes 13 Strategic phases 14 Strategic focus 15 Key performance indicators and targets 16 Financial forecasts summary 20 Key planning assumptions 21 Strategic initiatives 22 Risks and opportunities 25 Our customers 26 Public education and engagement 28 Organisational structure 29

3 Executive summary We are excited to present our inaugural Corporate Plan for Tasmanian Networks Pty Ltd (TasNetworks). It sets out our vision, purpose and strategic goals that we will pursue. We have established our business to achieve different outcomes, principally to deliver lowest sustainable prices to customers, safely and reliably. We also want our business to provide a better future for all of our customers and the community. With care, collaboration, innovation and hard work, we believe we can create customer value and value for Tasmania as a whole. The vision of TasNetworks is to be: Trusted by our customers to deliver today and create a better tomorrow Our strategy identifies three strategic pillars: our customers our people one business to deliver sustainable returns to our shareholders. This plan outlines the key initiatives to be implemented over the next year that will move our new business towards achieving our strategic goals. We also outline how we will measure our performance against these goals. Our forecasts of financial performance are for the period from to

4 How we work Initiatives Strategic measures Strategic goals Sustainable shareholder outcomes: Returns on assets & equity Dividends Corporate reputation & sustainability indices Purpose Vision TasNetworks strategy on a page Trusted by our customers to deliver today and create a better tomorrow We deliver electricity and telecommunications network services, creating value for our customers, our owners and our community Customers People One business What do we need to focus on to achieve our vision? We understand our customers by making them central to all we do We enable our people to deliver value We care for our assets, delivering safe and reliable network services while transforming our business How do we know when we have achieved it? Customer net promoter score Lowest sustainable prices Culture score Engagement score Zero harm Network service performance maintained Sustainable cost reduction What are the enterprise wide initiatives we need to focus on now? Voice of the Customer program Framework for predictable & sustainable pricing TasNetworks culture program TasNetworks leadership program One TasNetworks program: governance frameworks business systems condition- & risk-based asset management capability We care for our people and the community We collaborate to deliver real value to customers We innovate and are a fast follower We challenge the status quo We are fit for purpose Our values will be developed by our people to support our strategy, building on the strong existing values bases We are one business

5 Overview of TasNetworks From 1 July 2014 the distribution business of Aurora merges with the Transend Networks business, forming TasNetworks. TasNetworks has been established as an incorporated, State Government-owned fully integrated electricity distribution and transmission network business. The principal purpose of TasNetworks is to undertake the transmission and distribution of electricity in Tasmania. TasNetworks may undertake other related activities on a case-by-case basis with the prior written approval of the shareholders. It is expected these related activities will largely focus on provision of telecommunications services and energy-related technologies. The business has been set up to achieve lowest sustainable prices for customers. We aim to make customers central to all we do and we will change and transform the business to achieve our goals. In the lead up to commencement of operations on 1 July, we have developed the business strategy, developed an organisation structure that facilitates achievement of the strategy, recruited our people, established our brand, and begun the integration of information technology systems. These activities are designed to make the business more efficient from day one. We are streamlining the management structure, reducing the size of the workforce and moving towards the Tasmanian reference point for remuneration. Based on the work done to date, we anticipate a smooth and efficient transition. 5

6 Members expectations and Tasmanian Government objectives The (draft) Members Draft Statement of Expectations outlines, as the owners of the business, the Members broad policy expectations and requirements for TasNetworks. It includes the Tasmanian Government objective, to: Promote efficient investment in and efficient operation of, electricity network services to secure a stable and sustainable price path for power that can provide relief to customers and help grow the economy and attract investment. We must also deliver our services reliably and safely. These expectations have been taken into consideration in preparing this plan. 6

7 Market outlook TasNetworks faces a number of challenges as it balances the delivery of safe, reliable and efficient network services against customer expectations in regard to electricity prices. The condition of the network assets has benefited from an extensive renewal program over the past decade, and security of the system has improved in many areas across the state. TasNetworks will inherit a three billion dollar asset base providing network capacity and security, and a customer base that cannot afford sustained increases in electricity prices. A large portion of network prices for distribution customers have traditionally been based on energy usage, and usage has fallen in recent times. However, there are still requirements for network expenditure to renew assets and securely meet forecast peak demand, and to safely operate the network. TasNetworks will operate within a subdued economic environment in Tasmania. Our latest forecasts (May, 2014) show that annual electricity consumption is expected to return to growth, but at a modest annual average rate of 0.76%, which is much lower than other NEM states. We will need to better position the business to respond to the changed role of an electricity network that may deliver less electricity but must still provide safe and reliable services and capacity to meet peak demand. Traditional pricing and revenue models are unlikely to support sustainable network services or predictable price paths for customers. Consistent with the Government s Objective, an important goal in our Corporate Plan is to establish a sustainable and predictable price path for our customers. The four largest energy users account for more than half the energy consumed in Tasmania. TasNetworks therefore remains vulnerable to the loss of a major customer and a key focus will be to work with these customers to understand how we can support the sustainability of their operations. 7

8 Energy (GWh) Market outlook: electricity consumption In Tasmania, annual electricity consumption peaked in at almost 11,000 GWh. Since then, it has trended down. Looking ahead, the latest forecasts (May, 2014) show that annual consumption under the medium forecast over the 10-year period to is expected to increase by an annual average of 0.76% due to economic growth, but at a much lower rate compared with other NEM states. The figure below shows the actual and a range of medium, high and low forecasts of electricity consumption in Tasmania (GWh) Year Actual High growth Medium growth Low growth 8

9 Maximum demand (MW) Winter maximum demand forecast In Tasmania, the maximum demand for electricity occurs in winter. The medium forecast winter maximum demand is a driver of requirements for network capacity to meet peak demand. The transmission and distribution Annual Planning Reports, released at the end of June, provide more information on the impact on peak demand growth on future system security and reliability requirements Year Actual, 10% POE corrected High growth Medium growth Low growth 9

10 The TasNetworks value and supply chain Existing generation customers Hydro Gas Wind New generation customers Wind Solar Basslink (two-way energy flows) Revenues Connection Non regulated Energy $ $ $ Transmission, distribution and telecommunications services and customer engagement Strategic Asset Management Team Works and Service Delivery Team Customer Engagement & Network Operations Team Metering data Energy $ $ $ Retailers AEMO Transmission direct connect load customers Major industry Distribution customers Industrial Business Residential Revenues Fixed charges Variable charges Connection Non regulated Value drivers Price Availability Reliability Responsiveness Safety Innovative solutions Strategy and business support services if you re not directly supporting the customer, you re supporting someone who is Strategy & Stakeholder Relations Team; People & Performance Team; Company Secretary & Legal Services Team; Finance & Business Services Team Value drivers Accuracy Timeliness Content customers Value drivers Price Reliability Service / Responsiveness Safety Innovative solutions 10

11 Our vision and purpose The vision of TasNetworks is to be: Trusted by our customers to deliver today and create a better tomorrow The vision puts achieving customer trust at its heart recognises that we are an enabler of customer outcomes, today and in the future recognises that we are part of creating a better future: we can create customer value and value to Tasmania as a whole allows us to achieve customer trust in many different ways, through provision of a range of services Underpinning the vision statement, there are three pillars to our strategy: customers; people; one business. These themes reflect the core strategic objectives of TasNetworks that will enable our vision to be delivered and achieve sustainable returns to our shareholders and ultimately the State of Tasmania. Our purpose is to deliver electricity and telecommunications network services, creating value for our customers, our owners and our community. 11

12 Strategic goals To deliver our vision and shareholder outcomes, our strategic goals (or pillars ) are that: We understand our customers by making them central to all we do We enable our people to deliver value We care for our assets, delivering safe and reliable network services while transforming our business (one business) 12

13 Shareholder outcomes We seek to deliver sustainable shareholder outcomes and these will be measured in terms of: Return on assets Return on equity Dividends Corporate reputation and sustainability indices For some measures, we will develop targets as the business commences operations. 13

14 Stakeholder value Strategic phases Transform Business Build Understanding Set Foundation Building from a strong legacy Transition Build Capability Transform Practices When To June 2014 July December 2014 December 2014 onwards Focus Recruitment, IT integration, accommodation, brand establishment Safe and reliable operation of the network Drive TasNetworks cultural change Drive efficiency, reduce costs, improve customer outcomes Key milestones Org design, recruitment complete Public education campaign IT integration Agree vision and first Corporate Plan Establish values and supporting behaviours Operate the business with 1,000 people Transmission revenue proposal review by AER & draft decision Finalise stage 2 transformation plan Transmission revenue decision Enterprise agreement renegotiated Strategy for future prices and customer outcomes and more

15 Strategic focus Safety of our people and the community, while reliably providing network services, is fundamental to the TasNetworks business and remains our immediate priority We care for our assets to ensure they deliver safe and reliable network services We will transform our business with a focus on: o o o o o the customer, and a strong commitment to delivering services they value an engaged workplace with strong cultural qualities and people who will be great ambassadors for TasNetworks a high performing culture with clear accountabilities for deliverables an appropriate approach to the management and allocation of risk a well run, efficient business, that delivers sustainable returns to the Tasmanian community and is resilient to future challenges. 15

16 Key performance indicators and targets Some of our strategy measures and targets are under development, however we have outlined the intent to measure performance in our areas of strategic focus. Customers: We understand our customers by making them central to all we do Key Performance Indicator Performance Measure Target Customer engagement and service Customer net promoter score Measure baseline performance and establish future target Prices for customers Lowest sustainable prices Develop targets People: We enable our people to deliver value Key Performance Indicator Performance Measure Target Culture and people engagement Culture score Engagement score Measure baseline performance and establish future targets 16

17 Key performance indicators and targets One business: We care for our assets, delivering safe and reliable network services while transforming our business Key Performance Indicator Zero harm Network service performance Number of LifeSafe observations Percent LifeSafe participation Number of significant incidents Number of reportable incidents Performance Measure Target Meet network planning standards Outcomes under service target performance incentive schemes Transmission loss of supply event > 1.0 system minutes Transmission loss of supply event > 0.1 system minutes Average transmission circuit outage rate lines transformers Distribution system average interruption duration index (SAIDI) Distribution system average interruption frequency index (SAIFI) 1,500 observations (10% increase from ) 20% 10 (LEOY = 13) 16 (LEOY = 18) Network planning requirements met No net penalties as measured by service target performance incentive schemes 2 events 15 events minutes 1.97 events 17

18 Key performance indicators and targets One business: We care for our assets, delivering safe and reliable network services while transforming our business Key Performance Indicator Sustainable cost reduction Performance Measure Target Efficient operating and capital expenditure Achieve targeted $8 million cost reduction Operating and capital costs within budget Efficient delivery of program of work: o on time o on or under budget Develop future efficiency targets 18

19 Key performance indicators and targets Sustainable shareholder outcomes We seek to deliver sustainable shareholder outcomes. Key Performance Indicator Performance Measure Target Financial sustainability Return on assets > 8.4 % Return on equity > 10.7 % Shareholder returns Dividends Pass through of Transend and Aurora Energy dividends Equity withdrawals $20 million Reputation Corporate reputation and sustainability indices Measure baseline performance and establish future target 19

20 Financial forecasts - summary Total assets ~ $3 billion Total revenue (regulated and unregulated) ~ $593 million in Capital expenditure program $189 million in , forecast five year average of $179 million per annum Profit before tax ~ $ 167 million in Projected returns to government as per below $M Government Guarantee Fee Income tax equivalent payments Dividends Equity withdrawal Total Returns to Government

21 Key planning assumptions Transmission prescribed revenue is based on the transmission revenue proposal for to Distribution use of system revenues are based on the Pricing Proposal for distribution services, and the distribution revenue allowance in years two and three. The fourth and fifth years are based on year three forecasts adjusted for CPI. Opex and capex programs of work were prepared on a bottom-up build against the background of risk, safety, customer requirements and revenue decisions. We have factored in $8 million in immediate opex savings arising from merger efficiencies. We are targeting ongoing real cost reductions in our operating costs, with our operating costs rising by CPI less 0.5% per annum from Accounting for distribution and transmission regulated assets are aligned and re-valued to their regulated asset base (RAB). This is a significant change from the current accounting policy of Transend for transmission assets (being Depreciated Optimised Replacement Cost) and generates a reduction to the transmission opening asset value. All large major industrial customers continue existing operations. Telecoms, NBN and other non-regulated services continue to be provided, similar to current levels. The cost of subsidising solar feed-in tariffs is recognised by the shareholders as noncommercial activity. TasNetworks will therefore not seek to pass these costs on to our customers. 21

22 Strategic initiatives: Our Customers We understand our customers by making them central to all we do Strategic initiatives Voice of the customer program Specific activities Develop and implement customer engagement framework Understand and analyse customer value drivers Develop and articulate customer capital contribution strategy Framework for predictable and sustainable pricing Develop a framework for predictable and sustainable customer pricing: Enhance energy forecasting capabilities Develop and implement TasNetworks tariff strategy Influence regulatory frameworks for pricing Participate in development of State s Energy Strategy Develop and monitor rolling 10 year capital and operating plans 22

23 Strategic initiatives: Our People We enable our people to deliver value Strategic initiatives TasNetworks values Specific activities Work with employees to develop TasNetworks values to support vision TasNetworks culture program Measure baseline culture and desired culture TasNetworks engagement program Measure baseline employee engagement Implement internal engagement program Engage employees to achieve successful new enterprise agreement TasNetworks leadership program Implement TasNetworks leadership program 23

24 Strategic initiatives: One Business We care for our assets, delivering safe and reliable network services while transforming our business Strategic initiatives Develop and implement transformation plan Specific activities Develop plan to realise the benefits of the merged network business Implement the transformation plan and achieve agreed milestones Effective governance frameworks Develop and implement frameworks, policies and procedures that support efficient business activities and considered risk-taking Efficient and effective business systems In line with transformation plan, review business systems that are critical in delivering customer value Asset management capability Safe and reliable network services Integrate and align frameworks for condition- and risk-based asset management and network planning Implement TasNetworks zero harm program 24

25 Risks and opportunities Key business risks and opportunities Customers People One business Operating the network in a safe, reliable and secure manner Achieving sustainable revenue outcomes that are supported by our customers Managing customer pricing and anticipating changes in demand Mitigating loss of large customers and attracting new customers Managing the business in a changing regulatory and political environment Integrating people, systems, processes and culture in a seamless manner to fully realise the benefits of the merger Building a high-performance constructive business culture Realising growth opportunities such as through emerging technologies Establishing an appropriate capital structure 25

26 Our customers TasNetworks has a diverse customer base, ranging from large industrial and generation customers connected to the transmission system, to business and residential customers connected via the distribution system. We also provide a range of customers with telecommunication services. Customers connected via the distribution network Number of installations (as at Nov 2013) Business large (> 150 MWh pa) 2,532 Business medium ( MWh pa) 4,133 Business small (< 50 MWh pa) 36,339 Residential 234,498 TOTAL 277,502 Generation customers connected to the transmission network Hydro Tasmania Musselroe Wind Farm Tamar Valley Power Station Woolnorth Bluff Point Wind Farm Woolnorth Studland Bay Wind Farm Total installed capacity 2,270 MW provided by 29 hydro power stations of which 2,255 MW is provided by 25 power stations connected to the transmission network 168 MW 383 MW 65 MW 75 MW 26

27 Our customers (continued) Load customers connected to the transmission network Bell Bay Aluminium Copper Mines of Tasmania Forestry Tasmania Grange Resources Tasmania Gunns Hellyer Mill Operations Norske Skog Nyrstar MM Group Rosebery TEMCO Timberlink Description Aluminium smelter Underground mine and primary ore processing plant Connection to a timber processing and veneer plant Open cut mine at Savage River and iron ore pelletizing plant at Port Latta Woodchip mill Underground mine and primary ore processing plant Pulp and newsprint mill Zinc smelter Underground mine and primary ore processing plant Ferromanganese and silicomanganese smelter Timber sawmill and processing plant Other networks connected Basslink Description Market network service provider with converter stations in Victoria and Tasmania and a 400 kv undersea direct current cable 27

28 Public education and engagement We have an ongoing role in engaging with Tasmanians about the electricity industry and TasNetworks role and future plans. 28

29 Organisational structure We will operate the business with approximately 1000 employees, structured in the following teams. CEO Lance Balcombe Company Secretary and General Counsel Phillippa Bartlett GM Strategy and Stakeholder Relations Bess Clark GM Strategic Asset Management Wayne Tucker GM Works and Services Delivery Natasha Brown GM Customer Engagement and Network Operations Mike Paine GM Finance and Business Services Ross Burridge GM People and Performance Justine McDermott 29

30 Conclusion TasNetworks operations commence in July We will focus on delivering safe and reliable services to customers. We will care for our assets and begin to transform our business to achieve our vision and strategic objectives. We will do this by making customers central to all we do, developing an engaged workplace and high performing culture and delivering sustainable returns to shareholders. We are excited about the challenges and opportunities ahead, and look forward to working with our customers, our owners and our community to deliver our vision, to be: Trusted by our customers to deliver today and create a better tomorrow 30

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