Stanwell is a diversified energy business, so our revenue comes from a variety of sources. We generate electricity, we have an electricity retail business, and we trade gas and coal.

We are proud of the strong dividends Stanwell delivered in 2018/19 for our owners – the people of Queensland. Having a variety of revenue sources allows us to achieve the best possible returns for Queenslanders.

In 2018/19, close to 50 per cent of our Net Profit After Tax came from sources other than the sale of electricity.

We have a revenue stream known as coal rebate revenue based on coking coal exported from Curragh Mine. In 2018/19, this contributed 25 per cent to our after-tax result. During the year we signed a new agreement with Coronado Curragh Pty Ltd, locking in a long-term, low-cost fuel supply for Stanwell Power Station through to 2038. More than 20 per cent of profit result in 2018/19 related to this deal.

In relation to electricity revenue, around 85 per cent comes from energy contracts. Our customers come from a variety of industries including mining, education and retail. By locking in affordable, long-term contracts we protect our customers from price volatility in the electricity spot market.

Improving our business and managing our costs have been important aspects of our ability to deliver strong returns to the people of Queensland. And again, we have seen the results of our efforts, with our costs being well managed across the business, ensuring we remain competitive.

In 2018/19, Queensland’s electricity prices were, on average, the lowest and most stable in the National Electricity Market.

During last summer, when Queensland experienced new peaks in electricity demand, we also ensured Queenslanders had a secure supply of electricity our assets were available 97.3 per cent of the time in summer when demand peaked (January to March 2019).

By running our power stations harder, we were able to put downward pressure on wholesale prices.

We have a responsibility to produce and deliver energy for Queensland that’s reliable, affordable and sustainable, and we take this responsibility seriously.