2023 Annual Report
Following the release of our 31 March 2023 audited financial results on 26 May 2023, WEL Networks Limited (the ‘Group’) has today released its Annual Report.
Key non-financial highlights for the Group include:
- In alignment with our shareholder the WEL Energy Trust (Trust), WEL continued the discount programme and paid the discount in April 2023 which totalled $14M (including GST). The discount went out to almost 99,000 customers with an average discount for residential customers of $136.39 (including GST).
- From April 2022 to March 2023 across our 25 public EV chargers within our network we’ve saved 723,000kg of CO2e. We’ve also delivered approximately 745,000kWh which translates to approximately 4.5 million km of EV range.
- Our WELBalanced Programme delivers a range of additional health and wellness initiatives to support our people. We were pleased to be able to add the 9-day fortnight as a new flexible working option on top of the existing range of offerings. Other highlights from the year included flu shots, mole mapping and continuing the promotion of physical and mental wellbeing through involvement in events such as Round the Bridges.
- We have made strong progress across many elements of our E3 strategy by:
- Accelerating the capabilities of our We.EV business unit which provides end-to-end solutions for commercial businesses wanting to implement their own EV strategies and build their own EV fleet charging infrastructure in an economically viable and environmentally sustainable way.
- Our Distributed System Operator (DSO) work is now well developed and provides real value back into the business in the areas of fault detection and response, LV visibility and understanding of distributed generation resources connected to our network. WEL was the first electricity distribution business in New Zealand to collect five-minute data from our smart meters providing a wealth of information and insights for operational decision making.
- A 35MWh Battery Energy Storage System (BESS) is nearing completion and expected to be commissioned in late 2023. The BESS will be the largest battery in New Zealand; a milestone project for WEL. It will maximise the benefits of solar power, providing charging capacity for electric vehicles and back up during grid emergencies. It will store enough energy to meet the daily demands of over 2,000 homes and be capable of providing fast reserves support for the North Island grid.
- WEL has continued to pursue solar opportunities with two solar farms consented and construction about to start for one of those. A third solar farm is in the final stages of being consented. These solar farms will support New Zealand’s aspiration for more renewable generation in support of the 2030 sustainability goals and beyond that towards Net-Zero.
Read the full 2023 Annual Report
WEL Networks Half Year 2023 Interim Results Released
Unaudited Financial Results for the six months to 30 September 2022
WEL Networks Limited has released its unaudited Financial Results for the six months ended 30 September 2022.
The financial highlights for the half year from continuing operations were:
- Revenue of $75.1 million is $9.4 million higher than September 2021, due to the increase in third party contributions for customer-initiated works completed of $5.2 million, and additional contracting external sales of $3.1 million.
• Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA)1 of $29.3 million is $6.4 million higher than September 2021 due increased revenue, as noted above, whilst also having a strong focus on managing costs in the current economic environment.
• Net Profit after Tax from continuing operations of $11.3 million is $4.4 million higher than September 2021.
• Total assets include $180.8 million of cash and term deposits, $74.7 million of investments and Property, Plant and Equipment of $768.9 million.
Chair, Barry Harris said "the company is in a strong financial position to continue investing in innovative energy solutions, including the innovative transformation to a Distribution System Operation (DSO) model."
A full copy of the interim report is available here