Energy: 2015–16 results of financial audits (Report 5: 2016–17)
The four main energy entities—Stanwell Corporation Limited, CS Energy Limited, Queensland Electricity Transmission Corporation Limited (trading as Powerlink), and Energy Queensland Limited (EQL)—and 31 subsidiaries owned by the Queensland Government form part of the east coast national electricity grid. They are part of a supply chain that comprises generation, transmission, distribution, and retail.
State-owned energy corporations return dividends to the Queensland Government. Continued ownership has refocused objectives on maximising returns, repositioning the mix of debt and equity to suit whole-of-government objectives, and minimising energy supply chain costs passed onto customers.
Stanwell and CS Energy are the main generators. Powerlink transports electricity at high voltage between generators and distributors connecting to businesses, households, and some direct connect high voltage customers. EQL took control of Energex and Ergon groups on 30 June 2016 to merge distribution operations across the state. Ergon Energy Queensland Pty Ltd is the only government-owned retailer in Queensland, and provides retail services outside South East Queensland.
The report summarises our financial audit results for 2015–16 of the four main energy companies and 31 subsidiaries owned by the Queensland Government. It provides a snapshot of the energy sector's financial performance, position, and sustainability, and assesses the strength of the internal controls designed, implemented, and maintained by entities in the energy sector.