Stanwell’s 2022/23 Annual Report released

29 September 2023

Today, we are pleased to release our 2022/23 Annual Report.

Amidst a range of challenges, the past 12 months has produced many positive advancements for Stanwell’s and Queensland’s energy transformation. 2022/23 was a significant year for our business. We continued to grow our portfolio of renewable energy and firming projects and maintained a secure and reliable supply of power to our customers and the National Electricity Market.

Stanwell’s financial performance improved in 2022/23, ending the financial year with a Net Profit After Tax of $175.2 million (2021/22: $148.4 million).

Stanwell delivered an Operating Profit of $213.2 million for 2022/23 (2021/22: $430.6 million). Our Operating Profit result was impacted by the increased cost of unbudgeted coal that was purchased at export market prices. These purchases were made as a result of the Stanwell Power Station having to operate at very high levels of generation to ensure security of supply and put downward pressure on prices in response to reliability gaps elsewhere in the National Electricity Market. Our additional coal purchases ensured that our stockpile was able to be rebuilt ahead of the peak summer period in 2022/23.

For the first time, we integrated a Sustainability Report into our Annual Report. While sustainability has been a long-standing focus for our business and a key element of our strategy and values, it is important that we continually challenge and adapt our approach to achieve better outcomes.

Our Sustainability Report reflects the collective efforts of our people during the 2022/23 financial year and identifies the aspects of sustainability that matter most to our stakeholders, as well as being areas of strategic focus for Stanwell.

Some of our highlights from 2022/23 include:

  • We celebrated significant milestones in our renewable projects portfolio, turning the first sod for Wambo Wind Farm (stage one), signed a power purchase agreement for the Mount Hopeful Wind Farm and made significant progress on the acquisition of the proposed Tarong West Wind Farm;
  • We provided a secure supply of electricity with 19,423 GWh sent out by our National Electricity Market-connected assets;
  • We completed the feasibility study for the Central Queensland Hydrogen project and commenced a front end engineering and design phase;
  • We provided $471,180 in social investment funding, including significant support for 90 community organisations and groups in the South Burnett and Central Queensland regions focussing on health and wellbeing, community safety, economic capacity, social connectedness and education;
  • We invested $157.3 million in our operational assets to ensure they were available to provide a reliable and secure supply of energy when the market needed them most; and
  • We helped our customers meet their decarbonisation ambitions, entering into three long-term agreements to supply up to 100 per cent renewable energy from our pipeline of renewable projects.

Learn more about our achievements and results in our 2022/23 Annual Report.

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