Other Operations and Performance
Company Scorecard
The Company Scorecard includes performance against targets in the Essential Energy 2022-23 Final Statement of Corporate Intent, along with performance for other key metrics.
| AREA | MEASURE | TARGET | OUTCOME |
|---|---|---|---|
| Safety | Major Lost Time Injury Frequency Rates (MLTIFR) | 0.3 | 0.0 |
| Serious Claim Frequency Rate (SCFR) | ≤3.5 | 3.1 | |
| Total Recordable Injury Frequency Rate (TRIFR) | ≤13.5 | 11.5 | |
| High Potential Incident Frequency Rate (HPIFR) | Monitor Only | 3.8 | |
| People | Employee Culture Index | ≥3.82 | 3.9 |
| Network delivery | Network Program Value Delivered | ≥100% | 94.3% |
| Transformation | Transformation Executive Level Milestones Achieved | ≥100% | 88% |
| Customer experience | Customer Satisfaction Index | ≥79% | 76% |
| System Average Interruption Duration Index (SAIDI) (minutes) | ≤211 | 222 | |
| Regulatory | Material Reportable Regulatory Breaches | 0 | 0 |
| Financial | Return on Capital Employed (ROCE) | ≥3.1% | 3.3% |
| Operating Expenditure | ≤$905M | $936.4M | |
| Corporate strategy | Strategy Executive Level Milestones Achieved | ≥100% | 87% |
| Sustainability Strategy Reporting Framework Approved | 100% | 100% |
2023-24 price increase
Essential Energy’s proposed price increase for 2023-24 was approved by the Australian Energy Regulator (AER) and took effect on 1 July 2023. If passed on in full by retailers, customers’ electricity bills will increase by approximately 3.75 per cent for their overall electricity bill. Depending on their tariff types, typical residential customers may see an increase in network charges of between $18.38 and $22.50 per quarterly bill.
Driven primarily by inflation, the increase was lower than the Consumer Price Index (CPI) of 7.83 per cent in place when the proposal was submitted to the AER in December 2022.
We encourage customers to speak to their retailers if they need help with paying their electricity bill following the increase, and to shop around for the best deal.
Financial impacts of unforeseen events
The northern NSW floods caused significant disruption and damage to our distribution network in early 2022. As the cost of repairing and replacing damaged assets were unforeseen, these were not included in our 2019-24 revenue determination by the AER.
In December 2022, we applied to the AER for permission to pass through some of the extra costs to our customers. We kept these to a minimum and excluded items that could be covered by insurance.
In March 2023, the AER approved recovery of an additional $14 million via distribution network charges starting 1 July 2023. As a result, a typical residential customer will pay an extra $2 for that year, and a typical small business customer an extra $4.