WEL Networks Limited Releases Annual Report to 31 March 2022

News
23 Jun 2022

WEL Networks Limited releases Annual Report to 31 March 2022

Following the release of our 31 March 2022 audited financial results on 27 May 2022, WEL Networks Limited (the ‘Group’) has today released their Annual Report.

Key non-financial highlights for the Group include:

  • Over 2,800 energy customers, many of whom face energy hardship, are registered with our low cost energy retailer, OurPower, saving on average $399 each customer annually;
  • In alignment with our Shareholder the WEL Energy Trust, WEL brought back the WEL Discount Programme.  In FY22 a total of $21M (excluding GST) was paid via the discount to consumers in two tranches. The first was $9M in July 2021 and the second was $12M, which was provided for in FY22 and paid in April 2022.
  • We’ve seen an 11 per cent increase in EV energy consumption and across our 25 public EV chargers we’ve saved approximately 280,000kg of CO2e, delivered approximately 338,000kWh, which translates to circa 2 million km of EV range.
  • Internally we’re building a three year roadmap to embed a modern approach to safety which sets “Good Work” as our primary goal.  The principle of “Good Work” encompasses good safety outcomes at its core.
  • One of our first significant projects under our E3 strategy has seen WEL and Infratec entering into major contracts for the supply and build of New Zealand’s largest battery storage facility. Construction on the 35MW Battery Energy Storage System (BESS) will start in 2022. When built the battery 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.