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Horizon Power has announced the release of its Annual Report for the 2017/18 financial year

Horizon Power has announced the release of its Annual Report for the 2017/18 financial year.

For the first time ever, Horizon Power has achieved its highest level of reliability performance, with 36 of its 38 systems meeting performance targets, resulting in a substantial decrease in the number of power interruptions experienced by customers.

On average customers experienced 1.1 power interruptions during the 2017/18 reporting period, which is well below Horizon Power’s target of 6.6 interruptions per year. The average length of time of a power interruption also significantly decreased by over three hours from 290 minutes to 83 minutes.

Horizon Power retained a strong focus on improving outcomes in remote communities, with four employees from some of the most remote Aboriginal communities in the State – Kalumburu, Yungngora and Bidgyadanga successfully completing the Remote Community Utilities Worker program.

Horizon Power also reported a strong financial performance, recording a net profit after tax of $111.9 million, a significant increase of 219 per cent from last year’s net profit after tax of $35.4 million. This increase was mainly derived from revenue related to the completion of major projects including the South Hedland and Onslow power stations.

Acting Chief Executive Officer Mike Houlahan said he was pleased with the business’s strong performance during the reporting period.

“At the core of our strategy is a vision centred on customers and achieving value. During the year, we implemented a number of key projects focused on all customer groups, from the introduction of pre-payment meters in remote and town-based Aboriginal communities, to securing new retail pre-payment solutions and exploring how customers can unlock the benefits of renewable distributed energy resources.

“It is particularly encouraging to see the delivery of reliable and safe power supply to our customers improve, as a result of the decrease in the number and length of power interruptions during the financial year.

“Horizon Power’s ongoing focus will continue to be on cost reduction and reliable and safe power supply along with maintaining a high level of customer service,” said Mr Houlahan.

As the supplier of electricity to residents living in regional and remote parts of the State, Horizon Power supplies power to over 48,000 customer connections spanning one of the largest service areas in the world.

Download a copy of the 2017/18 Annual Report here.