The powerline distribution to Gladstone overlooking Kirkwood taken on a motorcycle adventure. Picture : Rodney Stevens
The powerline distribution to Gladstone overlooking Kirkwood taken on a motorcycle adventure. Picture : Rodney Stevens

$4.629 billion from power companies in 2019

GOVERNMENT coffers benefited from Queensland power supply companies by a massive $4.629 billion last year in revenue funnelled into government owned Energy Queensland.

Energy Queensland's annual report for 2018/2019 details exactly where the these "dividends", as Minister Dr Anthony Lynham's office referred to them as, go.

As the only shareholder in Energy Queensland, the State Government received $970 million and returned $813 million to customers, keeping $157 million as profit.

Of this return to customers, community service obligations cost $462 million, Solar Benefits Scheme customers $285 million, and $66 million went to customer rebates.

Of the $4.629 billion that Energy Queensland collected, $4.376 billion was revenue from retail and distribution and $253 million was classed as "other unregulated revenue".

The annual report by Energy Queensland lists a small increase in operating expenses of $33 million.

"Total Operating expenses have seen a small increase ($33 million) compared to last year and this is mainly due to a combination of higher depreciation and finance costs," the report states.

"Operating expenses have remained stable."

 

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The total operating expenses are broken down into: $2.884 billion in operating expenses and other revenue, $734 million in financial costs, $569 million in transmission charges by Powerlink and a $285 million payment to customers of the Solar Benefits Scheme.

The government, or Energy Queensland, owns a massive $25.8 billion in electricity assets across the state.

"Property, plant and equipment are the major components of our asset base, at $23.8 billion, which includes mostly regulated electricity network assets," the annual report states.

"Our Network assets are revalued to fair value on an annual basis."

Of those assets, $22.2 billion are currently liabilities, or debts.

"Our largest liability, the interest-bearing loan with Queensland Treasury Corporation, is at $16.7 billion, with $460 million in loan drawdown this year to fund business requirements, including capital investment," the annual reports states.

"We remain committed to maintaining a sustainable financial position by managing our long-term debt levels to an appropriate target gearing ratio as considered appropriate by our Board, in consultation with our shareholder (the Queensland government)."

The Government invested more than $1 billion back into the network.

"We have delivered a $1,458 million capital investment program, which is $105 million higher than the $1,353 million invested in 2017-18 reinforcing our commitment to meeting the requirements of our communities and future needs," the annual report states.

"We continue to maintain our service levels and reliability and make appropriate investment in the growth of the distribution network."