Delivering into the future - Powerco releases first Integrated Report
Powerco has delivered its inaugural Integrated Report.
Powerco’s Integrated Report 2024 is available to read here.
In the report the Powerco team reflects on how it has delivered for the customers and communities it serves over the FY24 period (1 April 2023 – 31 March 2024) as well as the opportunities and challenges it anticipates in the coming years.
Powerco’s CEO James Kilty says being transparent with customers and stakeholders about how the company provides value is the right thing to do.
“We provide an essential service, keeping the lights on and the gas flowing to over 900,000 Kiwis across the North Island. While we’re not a publicly-listed company that needs to produce Annual Reports, we think it’s important for the customers we serve to be able to find information about what we’ve delivered, and what we’re working on for the future,” he says.
“We opted for Integrated Reporting so that we could look holistically at our strategic framework, and the sustainable value we create.”
Focused on the future
This year’s report focuses on the work the company is doing to enable the sustainable energy transition; one that is secure, affordable and leverages New Zealand’s energy resources for growth.
CEO James Kilty says Powerco is ambitious to ‘grow to zero’.
“We’re ambitious to enable Kiwis to thrive as Aotearoa works to become net-zero by 2050. While it may seem hard to understand in current conditions, New Zealand does have the opportunity to leverage its relatively clean energy system to attract investment to this country, and use that economic growth to fund crucial climate adaptation,” he says.
“Our report talks about how we’re working to deliver the smart electricity networks of the future that will enable Kiwis to electrify the vehicle fleet and much of our process heat. We’re also working on renewable gas projects to ensure New Zealand continues to have options within the energy mix.”
“We’re also planning for the impact of climate change on our networks so we can continue to provide safe and reliable energy to our customers well into the future. That includes planning for changes to our landscape, as well as how we improve community resilience during storms.”
FY24 highlights
As well as outlining Powerco’s strategic course, the report reflects on what was delivered over FY24 including key projects, network and revenue growth.
- $353.7m invested to grow, renew and maintain its networks, resulting in 99.9% reliability.
- Key projects included solarZero, the Coromandel fibre project, its new gas detection vehicle, and delivering the company’s first Climate-Related Disclosure Report and Climate Change Adaptation Plan.
- It was also Powerco’s safest year ever with a 59% reduction in Lost Time Injury Frequency Rate (LTIFR).
Revenue for the FY was $549.8m, up $36.8m.
Powerco’s team and customers are both indicating that the company is on the right track. The company’s Employee Net Promoter Score rose over 5% to 40% year-on-year, while its customer satisfaction score rose from 52% in FY23 to close at 61% for Q4 FY24.