Recently, the Queensland Audit Office released a report into the financial audit results of the Queensland Government’s energy entities for 2017–18.
This report has attracted some interest in the profitability of our business.
Here are the top five things to know about our financial performance:
|Stanwell’s diversified revenue streams have provided additional significant dividends to Queenslanders. In 2017/18, our coal rebate revenue contributed more than $220.0 million to our pre tax result. When combined with gas sales, it contributed more than 35 per cent of our Net Profit After Tax result for 2017/18. Excluding coal rebate revenue, our Net Profit After Tax for 2017/18 is consistent with our 2016/17 result (seven per cent higher).|
|The majority of our revenue comes from energy contracts – not the spot market. These contracts provide revenue certainty for Stanwell and cost certainty for our customers.|
|Stanwell has also been able to deliver improved returns to the people of Queensland through continually improving its business and disciplined cost management.|
|The decrease in Queensland average wholesale prices from 2016/17 to 2017/18 is 21.7 per cent. This occurred at a time when a new peak electricity demand of 9,840 MW was set in Queensland in February 2018. Stanwell has ensured a reliable electricity supply for Queenslanders, particularly during the high demand summer period, and placed downward pressure on wholesale electricity prices.|
Since March 2017, Queensland has had on average the lowest and most stable wholesale electricity prices in the National Electricity Market. Since 2012, approximately 5,000 MW of low cost baseload electricity has been withdrawn from the National Electricity Market, including Hazelwood Power Station in March 2017 which has resulted in an overall increase in wholesale electricity prices across Australia.