23 Feb /163. Annual Report 2014

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1 Fel! Okänt namn på dokumentegenskap. 23 Feb /163 Annual Report /131

2 Contents 4 DIRECTOR-GENERAL S STATEMENT 7 THIS IS SVENSKA KRAFTNÄT 9 VISION, GOALS AND VALUES 10 THE YEAR THAT WAS 12 FINANCIAL OVERVIEW 15 EXPANDING THE GRID 17 REPORT OF THE BOARD OF DIRECTORS GOVERNANCE FINANCIAL POSITION INVESTMENTS BUSINESS SEGMENTS EMPLOYEES HEALTH, SAFETY, ENVIRONMENT AND QUALITY RESEARCH AND DEVELOPMENT INTERNATIONAL COLLABORATION 74 SEVEN-YEAR REVIEW OF THE GROUP FINANCIAL STATEMENTS 76 Consolidated income statement 77 Consolidated income statement by business segment 82 Consolidated balance sheet 86 Consolidated cash flow statement 88 Consolidated statement of changes in equity 89 Parent company income statement 91 Parent company balance sheet 93 Parent company cash flow statement 94 Parent company statement of changes in equity ADDITIONAL DISCLOSURES AND NOTES 2/131

3 103 Notes APPROPRIATION OF RETAINED EARNINGS AUDITOR S REPORT 119 BOARD OF DIRECTORS 120 DEFINITIONS 122 ADDRESSES 3/131

4 DIRECTOR-GENERAL S STATEMENT The electricity sector has become a successful Swedish export industry. With annual domestic electricity consumption in the region of 140 TWh, we have still managed to export a net 20, 10 and 5 TWh of electricity annually over the past three years. Exports benefit the national economy and are made possible through Svenska kraftnät s high degree of integration with Sweden s neighbours. The large number of links to our neighbouring countries enable exports of surplus electricity but also strengthen Sweden s security of supply through the possibility of imports. Yet there is also a risk in placing too much emphasis on the strength of our energy balance. We need to ensure not only that we have enough electrical energy over the course of the year, but also enough power on the coldest, most windless winter day. Over the past year, starting at our annual customer and stakeholder meeting in March, Svenska kraftnät has therefore sought to highlight the importance of the power issue. By the end of the next ten-year period several of Sweden s nuclear reactors will have been decommissioned. Svenska kraftnät s assessment is that the new situation can be addressed by expanding the network of electricity interconnectors and increasing flexibility on the demand side, but that additional stable (plannable) generating capacity will also be needed in southern Sweden. This is something the today s electricity market is not capable of providing, as it is not profitable to build any new generating capacity outside the certificate system. The issue of power will thus be the big challenge for the new Energy Commission that the Swedish government is about to appoint. Many important development projects The coming changes will not only result in the removal of important generating capacity in southern Sweden but also in a sharp increase in the share of volatile (weather-dependent) capacity. This, in turn, will create significant challenges for Svenska kraftnät s frequency and balancing control systems. That s why we have launched an internal initiative called Project Operational Reliability to determine how these challenges should be met. The initiative covers issues such as voltage regulation, frequency quality, inertia, power grid safeguards and the quality of real-time data. We have also taken the initiative to review the legal framework, especially those regulations which are relevant for Svenska kraftnät s role as system operator. This is 4/131

5 because there is still considerable uncertainty about the deeper significance of this role and about the attendant rights and obligations for Svenska kraftnät. It is my hope that towards the end of the year we will be able to submit concrete proposals for necessary clarifications to the Swedish Ministry of the Environment and Energy. Building new infrastructure In 2015 the majority of Svenska kraftnät s two largest investment projects, NordBalt and SydVästlänken, will be completed. Through NordBalt we will help to integrate the emerging Baltic electricity market with the Nordic and broader European markets. This is a project which also has significant geopolitical importance in the Baltic Sea region. NordBalt will strengthen Lithuania s and the other Baltic states security of supply. We will thereby strengthen their national sovereignty in a situation where Russia is ever more clearly showing its great power ambitions and willingness to use energy as a political bargaining tool. In the SydVästlänken, or SouthWest Link, project we have suffered setbacks. Alstom was not able to deliver the new network monitoring system but forced us to cancel the agreement and SydVästlänken underestimated the challenges involved in delivering the advanced HVDC 1 technology demanded by Svenska kraftnät. To achieve full delivery, we have therefore been obliged to modify the delivery terms, which has resulted in a significant delay in the project. In the longer term the biggest problem facing SydVästlänken is not the delayed delivery, but the erroneous expectations created by the HVDC component of the link. Alternating or direct current overhead line or underground cable? In the early days of electricity direct current was commonly used but today electricity is generated, transmitted and used almost exclusively as alternating current. Direct current is useful in cases where a large amount of energy needs to be transferred from one point to another. Svenska kraftnät uses this technology when it is possible and expedient, for example when linking up different synchronous areas and in longdistance submarine cables, such as in our links to Finland, Lithuania, Poland, Germany and Jutland. Onshore, the Swedish national grid currently consists of 15,000 km of alternating current transmission lines. We have practically no direct current lines. As we now introduce this technology for the first time in SydVästlänken the goal is precisely to transfer large amounts of energy from one point to another from central to southern 1 HVDC = high-voltage direct current. 5/131

6 Sweden. But this doesn t mean that direct current is a potential alternative to alternating current in a general sense. The public has high hopes, however, as direct current would enable the use of underground cables while alternating current in practice requires conventional overhead lines. In this respect local authorities and major interest groups are not acting responsibly in persisting in their demands for direct current underground cables in cases where this is both technically impossible and unreasonable on financial grounds. Final words Our economic outcome for 2014 was better than budgeted. The parent company reports a surplus of SEK 731 million, which represents a return of 7.2 per cent, above the government s required return of 6.0 per cent. In all other respects, too, Svenska kraftnät has met fulfilled the requirements and achieved the targets defined by the Swedish government. Stockholm, February 2015 MIKAEL ODENBERG 6/131

7 THIS IS SVENSKA KRAFTNÄT ENSURING THAT SWEDEN NEVER STOPS The state enterprise Svenska kraftnät manages and develops the national electricity grid. Sweden s national grid comprises 15,000 km of 400 kv and 220 kv power lines, about 160 transformer and switching stations and 16 cross-border transmission lines. Svenska kraftnät is the system operator for electricity, which means that it has overall responsibility for ensuring a reliable electricity supply and that a balance between supply and consumption of electricity is maintained at all times. Svenska kraftnät is also the government agency responsible for power contingency planning and the supervisory agency for dam safety in Sweden. Sundbyberg is home to the national control room, which monitors and controls the grid around the clock. Svenska kraftnät also has offices in Sundsvall and Halmstad as well as a network operations centre in Sollefteå. At the end of 2014 the company had 530 permanent employees, most of whom worked at the head office in Sundbyberg. In addition, several hundred people are employed across the country on a consulting basis and under construction contracts. The framework for Svenska kraftnät s investment activities is defined by the Swedish parliament. The goals, reporting requirements and financial criteria which apply to Svenska kraftnät are defined by the government in a set of instructions and in the appropriation letter. The company s operations and costs are funded largely through fees paid to Svenska kraftnät by regional transmission networks, large electricity producers and balance providers. A KEY ROLE IN CLIMATE POLICY Svenska kraftnät is tasked with promoting an open Swedish, Nordic and European electricity market. The company develops the national grid and electricity market to meet the country s need for a safe, environmentally friendly and cost-effective electricity supply. Svenska kraftnät thus also plays an important role in climate policy. 7/131

8 SVENSKA KRAFTNÄT S ROLE IN THE ELECTRICITY MARKET Svenska kraftnät s network customers are large electricity generation facilities, regional networks and certain consumption facilities that are connected to the national grid. Maintaining a balance between supply and use of electricity requires that production be planned on the basis of forecasts for consumption. These forecasts are based on information provided by the companies acting as balance providers. Balance providers are those companies which under an agreement with Svenska kraftnät have assumed responsibility for ensuring that the supply of electricity is equal to the electricity that is consumed. Electricity producers and suppliers are examples of balance providers. An electricity supplier may perform the role of balance provider itself or transfer this responsibility to another company. The local network companies submit consumption figures to Svenska kraftnät, which uses the data to calculate how well the balance providers are balancing the supply and consumption of electricity. THE LINE OF TRANSMISSION The electricity market consists of two parts physical transmission of electricity and financial trading in electricity. The physical part refers to the transmission of electricity from power plant to user. Electricity transmission networks, which consist of local and regional networks and the national grid, constitute natural monopolies that are regulated by the Swedish Energy Markets Inspectorate. The financial part refers to power trading, which means that electricity producers sell electricity, usually through a power exchange, to electricity suppliers, which in turn sell it to the users. This activity is subject to open competition among electricity market operators. Electricity users thus pay for two separate services: for the electricity they consume and for the transmission of electricity over the networks. The marketplace for power trading is the Nordic power exchange Nord Pool Spot, which offers a spot market (physical trading) for hourly trading in electricity for nextday delivery. Nord Pool Spot is owned by the Nordic and Baltic transmission system operators and is headquartered in Oslo. The Nasdaq OMX Stockholm Exchange has a futures market (financial trading) for long-term trading where market players can hedge their electricity prices several years in advance. Most of the hourly trading activity takes place on the spot market while a smaller volume takes the form of bilateral trades between producers and suppliers of electricity. Longer-term trading may also take place bilaterally, normally through brokers. Electricity market participants also include transmission system operators in other countries. Svenska kraftnät works closely with the Norwegian, Finnish and Danish grid operators to ensure that the electricity system is operated efficiently. International 8/131

9 cooperation is evolving continuously and is acquiring an increasingly European focus. All European transmission system operators collaborate through ENTSO-E 2. Illustration: The line of transmission VISION, GOALS AND VALUES A LEADING ROLE IN ENSURING A SECURE AND SUSTAINABLE ELECTRICITY SUPPLY That is Svenska kraftnät s vision. It expresses the company s ambition to play a leading role in electricity, whatever the task at hand: ensuring a high level of operational reliability, building a more efficient power market or connecting wind farms and other renewable energy facilities. Svenska kraftnät aims to operate a national transmission grid that is reliable and safe for humans. The company works to build sustainable, environmentally adapted solutions for Sweden s electricity supply. SVENSKA KRAFTNÄT S LONG-TERM GOALS For Svenska kraftnät strategic management by objectives is an important factor. The company therefore operates on the basis of four long-term goals: > Ensuring that the electricity system is robust and operates securely and effectively in a changing world. > Developing the national grid efficiently and for the benefit of the electricity market. > Ensuring that Svenska kraftnät operates efficiently and proactively as a single entity. > Being one of Sweden s most attractive employers. SVENSKA KRAFTNÄT S CORE VALUES Svenska kraftnät s core values reflect the company that we want to be. Our four core values area: > development > responsibility > efficiency 2 European Network of Transmission System Operators for Electricity (ENTSO-E). 9/131

10 > clarity 10/131

11 THE YEAR THAT WAS INVESTING TO MEET FUTURE CHALLENGES JANAUARY/FEBRUARY Our investment and financing plan for is submitted to the Swedish government. Svenska kraftnät is expected to invest up to SEK 12 billion over the period, depending mainly on energy and climate policy as well as increased market integration. Common price coupling 3 is introduced in northwest Europe. Price coupling is a key element of the EU s ambition to build a single retail market in Europe. MARCH Svenska kraftnät s annual customer and stakeholder meeting stimulates a lot of interest in the issue of power. Industry and market representatives gather for presentations and panel discussions on how to manage Sweden s long-term electricity supply. Svenska kraftnät s Director-General, Mikael Odenberg, and the chief executive of German system operator 50Hertz, Boris Schucht, sign a memorandum of understanding on a feasibility study for a new link between southern Sweden and northern Germany, called Hansa PowerBridge. On 28 March the public administrative court rejects Värnamo Elnäts s appeal against Svenska kraftnät s division of Sweden into four bidding areas. The ruling has come into effect. APRIL/MAY The land and environmental court upholds Svenska kraftnät s right to use creosotetreated wood in pylon foundations, finally putting an end to a legal dispute that has been going on for many years. 3 This means that the power exchanges simultaneously and using the same methods of calculation calculate market prices and trading volumes between areas for the coming 24-hour delivery period. 11/131

12 Svenska kraftnät cancels its contract with Alstom Grid for delivery of a new network monitoring system due partly to very extensive delays. General Electric is contracted as a new supplier of an upgraded system for JUNE/JULY/AUGUST Six briefings for landowners and the public kick off a three-month long period of consultation on the new Ekhyddan Nybro Hemsjö overhead line. Alstom Grid files a claim against Svenska kraftnät with the Stockholm District Court, demanding 10 million for the cancellation of the contract for a new network monitoring system. On 4 September Svenska kraftnät responds to the charge, filing a counterclaim against Alstom for SEK 63 million. The peak power reserve for winter 2014/2015 is procured. Subsequently the volume is topped up to the 1,500 MW ceiling in response to increased uncertainty, partly as a result of a winter-long shutdown of the Oskarshamn 2 reactor. Svenska kraftnät reports on its mission from the government in the appropriation letter on the classification of hydroelectric dams. In its report Svenska kraftnät sets out a timetable for the classification of dams as well as an allocation key for the funds to be transferred to county administrations for their classification work. SEPTEMBER The Board of Directors confirms the grid tariff for Under the adopted resolution, the tariff for the grid as a whole is reduced slightly but notice is also given of the need for higher tariffs in the longer term. On 11 September the Swedish government decides to the transfer responsibility for the management of electricity certificate accounts and guarantees of origin from Svenska kraftnät to the Swedish Energy Agency. OCTOBER The commissioning of the southern direct current portion of the SydVästlänken link is postponed, with initial commissioning now scheduled for September 2015 followed by full commissioning in January The postponement is due to delayed deliveries from the supplier, Alstom Grid. Svenska kraftnät criticises the final report of the Commission on Water-related Activities for its failure to take account of the energy aspect and for the absence of impact assessments for the Swedish energy system. 12/131

13 NOVEMBER The first stage of CityLink in the Stockholms Ström project a new overhead line and underground cable to the north of Stockholm is completed. Svenska kraftnät arranges Emergency Course 2014, bringing together operations staff from the Nordic system operators for a joint communication exercise in a simulated control room environment. The Board decides to raise the fees for balance providers as of 1 February 2015 in response to increased costs for reserves in Svenska kraftnät s role as system operator. DECEMBER The 600 MW production component of the peak power reserve is procured for winter 2015/2016 and winter 2016/2017. The procurement was brought forward in order to enable market participants to plan ahead and to meet the challenges created by the delays to the SydVästlänken project. Svenska kraftnät publishes a Nordic development plan together with the other Nordic system operators. The plan covers the period until 2030 and is based on work on the European ten-year TYNDP plan. FINANCIAL OVERVIEW IN BRIEF Operations in Energy supplied to the grid TWh Energy withdrawn from the grid TWh Operational reliability Disturbances on the grid No Disturbances resulting outages No Energy not supplied (ENS) MWh Power not supplied (PNS) MW Financial facts, Group Consolidated operating revenue SEKm 9,319 10,111 Consolidated profit SEKm Return on adjusted equity % Debt/equity ratio % /131

14 Investments SEKm 4,353 3,642 Total assets SEKm 22,338 18,635 Employee information Permanent employees No /131

15 FINANCIAL PERFORMANCE 15/131

16 16/131

17 EXPANDING THE GRID FACTORS INFLUENCING THE EXPANSION OF THE GRID The Swedish national grid is going through an intensive period in which the company is expanding and strengthening the national electricity grid. The expansion is driven by several interacting factors. CLIMATE GOALS > The EU s climate and energy package to promote renewable energy. > A continued expansion of wind energy and increased wind energy integration. A SINGLE EUROPEAN ENERGY MARKET > The Third Internal Energy Market Package for electricity and gas, which is aimed at increasing competition in the electricity and natural gas markets. > Safe and secure energy supply for European consumers. > Increased market integration in northern Europe. IMPROVED OPERATIONAL RELIABILITY > Our increasing dependence on electricity requires a reliable national grid. > Large need for reinvestment. > An increased volume of renewable energy affects the balance of the electricity system. MAJOR EXPANSION PROJECTS Svenska kraftnät expects to invest over SEK 50 billion by This volume includes new investment as well as reinvestment. Some of the company s current new investment projects are: 1. SydVästlänken the SydVästlänken link, which is aimed at improving the operational reliability and capacity of the Swedish national grid. The link is also important for the planned major expansion of wind energy capacity. 2. Stockholms Ström Together with the network companies Vattenfall and Fortum, Svenska kraftnät is strengthening the transmission network in the Stockholm region to meet tomorrow s growth and need for a secure electricity supply. The initiative consists of over 50 sub-projects, including the laying or construction of new underground cables, sea cables, overhead lines, tunnels and transformer stations. 17/131

18 3. Gotlandsförbindelsen Svenska kraftnät is planning to build a transmission line between Gotland and the Swedish mainland to enable a large-scale expansion of wind energy capacity on the island. 4. NordBalt Together with Lithuanian grid operator LitGrid, Svenska kraftnät is building a direct current transmission line between Sweden and Lithuania. Upon completion of the cable to Sweden, the Baltic countries will be fully integrated with the Nordic and European electricity market. WHAT WILL THE INVESTMENT VOLUME MEAN FOR SVENSKA KRAFTNÄT? The large investment volume will put more pressure on the organisation, with regard to funding as well as Svenska kraftnät s ability to implement its many investment projects. CLEAR INFORMATION A new power line involves many important dialogues with affected landowners, government agencies, local authorities and organisations. Due to the large investments that are now being made, a growing number of people are coming into contact with Svenska kraftnät. Coordinated communication and clear information are therefore of central importance. EFFECTIVE METHODS AND SMART PARTNERSHIPS Many ongoing investment projects also require effective work methods in the project organisation. Exploiting synergies between different projects is crucially important. Svenska kraftnät is now working on establishing strategic purchasing practices to improve its ability to handle the large volume of procurements that will be needed for the planned investments. SKILLED AND SATISFIED STAFF To meet the coming challenges, Svenska kraftnät has recruited many new employees over the past few years. The company is now aiming to becoming one of Sweden s best workplaces. By adopting this goal, Svenska kraftnät is striving to be a modern and stimulating workplace with the ability to recruit, retain and develop employees with the right skill profiles. Svenska kraftnät s ambition is to ensure that its employees enjoy their work and do a good job. 18/131

19 <<Report of the Board of Directors 2014>> 01. GOVERNANCE ORGANISATION The Board and Director-General of Svenska kraftnät are appointed the Swedish government. Svenska kraftnät is organised into nine departments. In addition, there are five councils for cooperation with external stakeholders. The Group consists of the parent company, one subsidiary and seven associated companies in Sweden, Norway and Finland. The largest associated company is the Nordic power exchange, Nord Pool Spot AS, which is headquartered in Oslo. Svenska kraftnät s Board has appointed an Audit Committee from among its members. The Committee is led by the Deputy Chairman of the Board and prepares the annual internal audit plan and matters relating to risk assessment, internal control and financial reporting. 19/131

20 Illustration: Organisation 31 Dec 2014 MISSION AND GOVERNANCE Svenska kraftnät s mission is defined by the Swedish government in Regulation (2007:1119) setting forth instructions for Affärsverket svenska kraftnät and in the annual appropriation letters. The company s principal mission is to > provide safe, efficient and environmentally friendly electric power transmission on the national grid > act as system operator for electricity in a cost-effective manner > promote an open Swedish, Nordic and European market for electricity > ensure a robust power supply Svenska kraftnät s vision and goals are based on its government-defined mission. The annual activity planning process begins with a business intelligence process, a review of goals and risks, and a discussion on Svenska kraftnät s focus and ambitions for the coming year. Objectives and targets are defined at the general level and used as a basis for the planning of operational activities. The results are compiled in an activity plan and associated risk analysis. The risk analysis describes those material risks 20/131

21 which could obstruct the achievement of Svenska kraftnät s defined goals as well as measures for managing risks. Each year, Svenska kraftnät also draws up a three-year investment and financing plan. The plan is submitted for approval by the Swedish parliament through the budget proposition. To meet its need for longer-term planning, the Board of Svenska kraftnät adopted a long-term plan called Perspective Plan 2025 in The plan sets forth Svenska kraftnät s priorities and intentions for the development of the national grid until the mid-2020s. INTERNAL GOVERNANCE AND CONTROL Through the Government Agencies and Institutes Ordinance (2007:515) the Swedish government has defined requirements for good internal governance and control in all government agencies. Svenska kraftnät is also subject to the Internal Governance and Control Ordinance (2007:603), which specifies requirements for systematic and documented management of risks. A description of Svenska kraftnät s activities aimed at ensuring compliance with the requirements is given in the following. A well functioning system of internal governance and control requires an appropriate and well functioning internal environment. At Svenska kraftnät this includes work on values and desired behaviour, leadership development, and policies and guidelines. Well functioning communication is another key requirement for effective governance. Svenska kraftnät works continuously on developing its tools and methods to meet the need for effective communication and information. Good risk management improves the chances of achieving defined goals. Each year, Svenska kraftnät identifies general risks affecting the company in connection with preparing its business plan. An action plan is drawn up to manage the identified risks. Risk analysis and risk management are also integrated in the company s project and line operations. These areas are also subject to requirements for management of identified risks. The activity plan and associated risk analysis are reviewed on a quarterly basis and an annual summary is produced in February after the end of the financial year. In other areas progress is reviewed annually, based on each project and contract plan or by agreement as regards individual tasks. The internal auditor reports his findings to the Director-General as well as the Board and its Audit Committee on an ongoing basis. The National Audit Office also conducts specific audits of different areas of operation. 21/131

22 ACTIVITIES FOR DEVELOPING INTERNAL GOVERNANCE AND CONTROL To establish a better environment for effective governance, a project aimed at developing Svenska kraftnät s goal structure and goals was initiated in This goalcentred activity continued in Another long-term goal has been formulated and all of the company s four long-term goals have been specified through objectives and key performance indicators. Svenska kraftnät s work on key performance indicators will be further developed to create an improved framework for establishing the right priorities. Work is also underway on developing the governance structure for the company s project activities. In 2014 it was decided to introduce an established administration model to ensure that operational needs for IT support are met in an effective manner. The project was initiated in 2014 and is scheduled to be completed in An action plan for dealing with irregularities was drawn up in Work on implementing the plan began in 2014 and will continue in Work has also begun on producing a code of conduct. Leadership criteria have been introduced and work is also underway on formulating employee criteria. Activities have been conducted with the aim of improving the company s activities in those areas in which the National Audit Office and internal auditor made observations in the course of their audits. These observations related to the annual accounts, balancing settlement, non-current assets, authorisation management and processes for operational and administrative control. Svenska kraftnät s guidelines and policy for risk management were revised during the year. Work has also begun on developing risk management in the company s project activities. RISK MANAGEMENT The following is a description of various types of risk that the company needs to manage along with examples of implemented risk management measures. Operational risks Significant operational risks that were managed in 2014 included delays in construction projects, the connection of renewable electricity facilities and frequency control in the national grid. There are various risks associated with Svenska kraftnät s ability to meet the timetable for its construction projects. These include the ability to obtain the necessary permits 22/131

23 in time, handling outages, setting the right priorities for expansion projects and ensuring that suppliers meet their obligations. One risk-limiting measure involved implementing an improved model for prioritising expansion projects. The model will facilitate resource planning. Another measure is the development of a concept that will enable Svenska kraftnät to notify any parties affected by a delay in a construction project at as early a stage as possible. Significant resources and specialised expertise are also required, both internally in the company and externally among contractors, designers and consultants engaged in the construction of stations and transmission lines. Svenska kraftnät works continuously to ensure that the company has access to the right expertise, internally and among contractors. As part of this effort, the company continually updates the parties concerned on planned and adopted investment plans. In Sweden renewable electricity capacity, and particularly wind power, is currently undergoing a major expansion. This affects the balance in the system, as wind power production cannot be controlled and is hard to forecast. Moreover, uncertainty about production volumes and the siting of new wind farms makes Svenska kraftnät s longterm planning more difficult. To limit the risks, the company has continued its efforts to forge close contacts with market players and provided guidance on issues concerning the connection of wind farms to the grid. Svenska kraftnät has also participated in a Nordic analysis group focusing on frequency and balancing issues. Renewable electricity production also has different technical properties than today s conventional hydroelectric and thermal power systems. The power system would not, for example, be able to sustain a switch from conventional electricity production to wind power unless the same amount of inertia is introduced in the system. Svenska kraftnät has started an initiative aimed at enhancing its ability to forecast, monitor and control the inertia in the power system, as this is critical for the continued operational reliability of the electricity system. Despite these challenges, the risk of an outage on the grid is relatively small. The grid is robustly constructed, with a strong capacity to maintain electricity supply even in disturbed operating conditions. The risk of a major power outage cannot be completely eliminated. Svenska kraftnät is taking a range of measures, including a major investment programme, to further increase the reliability of the grid. Financial risks Svenska kraftnät s central role in the electricity market and the high rate of investment result in significant economic flows. The company is thus exposed to various financial risks, including credit risks, currency risks, interest rate risks and liquidity risks. The management of these risks is regulated in the company s financial policy. The risks are managed with a long-term perspective in order to create stable financial prospects for the company. 23/131

24 Due to the transmission losses that occur on the grid Svenska kraftnät is one of Sweden s biggest consumers of electricity. The risks that Svenska kraftnät is exposed to through its procurement of grid losses are managed in accordance with the company s guidelines for procurement of grid losses. Other risks Svenska kraftnät s ability to monitor and control the national grid is dependent on well-functioning IT and telecommunication systems. IT and telecommunication systems are built with a high level of redundancy to ensure continuous operation. Another important aspect of operational reliability is to analyse and address weaknesses in IT security, with regard to technology, rules and procedures. To structure and quality-assure its environmental work throughout the organisation, Svenska kraftnät uses an environmental management system that is certified under the ISO standard. This also reduces the risk that environmental impact assessments will delay the investment projects. The company performs its own environmental audits and specifies environmental requirements in procurements for construction and maintenance projects. The company uses training and internal communication to continually raise awareness of the environmental requirements that Svenska kraftnät is required to meet. Examples of risk management in the line operations for financial reporting include clear decision-making processes for significant decisions and performance analyses. Inspections, both manual and automated, are also performed. These include procedures for ascertaining the existence of assets and liabilities, and for ensuring that assets, liabilities and financial transactions have been correctly registered. Training and skills development activities are other examples of risk management. SECURITY Svenska kraftnät s security work is driven by the ambition to maintain a high awareness of security issues in all areas of the company s operations. This enables operational control of the company s security work and management of applicable risks. During the year work continued on reviewing the company s internal security regulations, and instructions for certain priority areas are now being prepared. Inhouse managers, new employees, operations and maintenance staff as well as contractors working at the company s facilities have taken part in security training activities on ongoing basis. Svenska kraftnät s signals security instructions have been revised and the annual internal inspection has been conducted at two signals security units. 24/131

25 As in 2013, Svenska kraftnät handled around 12,000 security protection issues in These issues involve vetting of individuals and background checks on persons working in positions requiring security clearance or who are involved in critical activities relating to electricity supply. During the year work was carried out on preparing a new security analysis in accordance with the provisions of the Swedish Security Protection Act. The security analysis was adopted at the end of January SUBSIDIARIES AND ASSOCIATES The Svenska kraftnät Group has one subsidiary and seven associated companies in Sweden, Norway and Finland. SUBSIDIARIES Svenska Kraftnät Gasturbiner AB The company is wholly owned by Svenska kraftnät and is responsible for operating and maintaining the gas turbine plants which it owns. The plants are needed for managing disturbances in the power system. The company owns eleven gas turbines located in Varberg, Norrköping, Trollhättan, Norrtälje and Gothenburg, with a combined capacity of 690 MW. The company s turnover in 2014 was SEK 82 (83) million. ASSOCIATES Nord Pool Spot AS The company operates the Nordic power exchange, i.e. the marketplace for physical power trading in the Nordic and Baltic countries the electricity spot market. The company is owned jointly by the system operators for the national grids in the respective countries. Svenska kraftnät and Statnett each own 28.2 per cent of the company. Energinet.dk and Fingrid own 18.8 per cent each while Augstsprieguma tīkls, Elering and Litgrid own 2 per cent each. The company generated gross sales of NOK 121,000 (131,000) million and net sales of NOK 311 (232) million. Physical power trading on Nord Pool Spot totalled 501 (493) TWh. Triangelbolaget D4 AB The company administers the Stockholm Oslo Gothenburg Malmö Stockholm fibre-optic cables on behalf of its shareholders. Lease income is passed on directly to the shareholders. The company is owned in equal shares by Svenska kraftnät, Vattenfall AB, Fortum Distribution AB and Tele2 AB. 25/131

26 The company had a turnover of SEK 29 (32) million in Kraftdragarna AB The company carries out heavy transports for companies operating mainly on the electricity supply side. The company also maintains preparedness for urgent transports for its shareholders. The shareholders are Svenska kraftnät, with a 50 per cent stake, Vattenfall and Vattenfall Eldistribution, which hold 25 per cent each. The company s turnover in 2014 was SEK 31 (49) million. STRI AB The company conducts research and development in the field of electric power transmission and high voltage testing on behalf of the shareholders and other stakeholders. The shareholders are Svenska kraftnät, with a stake of 25 per cent, ABB with 50 per cent, and Statnett and Det Norske Veritas with 12.5 per cent each. The company had a turnover of SEK 86 (87) million in Elforsk AB Elforsk conducts joint research and development activities on behalf of the electrical power industry in Sweden. Svenska kraftnät is involved mainly in those areas of operation which relate to the electric power system, transmission of electricity and development of the electricity market. Svenska kraftnät has a 25 per cent stake in the company, with the remaining 75 per cent being owned by the trade association Svensk Energi. In January the company s operations will be transferred to Energiforsk AB. The company had a turnover of SEK 161 (165) million in Energiforsk AB Energiforsk was formed in December 2014 through a merger of Elforsk, Fjärrsyn, Värmeforsk and SGCBedriver. The company will be conducting contract research and other energy-related scientific activities. In January 2015 the operations that were previously conducted in Elforsk AB will be transferred to Energiforsk. The shareholders are Svenska kraftnät, with 20 per cent, Svensk Energi, with 30 per cent, Svensk Fjärrvärme, with 20 per cent, and Energigas Sverige and Swedegas, with 15 per cent each. The company had no operations during the year. esett Oy The company s object is to manage a joint Nordic balancing settlement system starting in Svenska kraftnät, Fingrid and Statnett each own a third of the company. 26/131

27 The business is under construction. The company posted a loss of SEK -2 (-) million in Results The associated company in the Group that has the biggest impact on consolidated earnings is Nord Pool Spot AS. Svenska kraftnät s share of the profit or loss of each company is included in the consolidated profit. The Group s share of the profit was SEK 13 (19) million, of which SEK 5 million 2013 refers to the result of the issue of new shares in Nord Pool Spot AS. Share of profit or loss of associates (SEKm) Nord Pool Spot AS STRI AB 2 2 Kraftdragarna AB -1 1 esett OY -2 - Other 0 0 Total FINANCIAL POSITION Under the government appropriation letter, Affärsverket svenska kraftnät is required to achieve a return on adjusted equity, after a flat-rate deduction for tax, of 6 per cent over the course of a business cycle. The return is calculated excluding shares in the profit or loss from sales in associates and any surplus or deficit from operations related to electricity certificates and guarantees of origin. Capacity charges (congestion revenues) received when price differences arise between bidding areas need to be handled in accordance with the regime resulting from European Parliament and Council Regulation (EC) No 714/2009, which means that provisions are made for unused capacity charges. The return on adjusted equity for 2014 was 7.2 (8.6) per cent, which means that the target was achieved. In the parent company the return was 7.2 (8.9) per cent. 27/131

28 The debt/equity ratio was 83.3 (54.8) per cent, which is below the 120 per cent ceiling specified in the government appropriation letter. The debt/equity ratio in the parent company was 86.4 (56.7) per cent. Under the dividend policy adopted by the government, 65 per cent of the consolidated profit for the year should be distributed to the State, which is what happened in 2014 in respect of the profit for the preceding year. SALES AND RESULTS Consolidated operating revenue decreased by 8 per cent to SEK 9,319 (10,111) million. The decrease was mainly due to lower revenues from balancing and frequency control, which totalled SEK 4,264 (4,977) million. The decline in revenue was due to a lower electricity price and volume compared with the previous year. On a gross basis, both revenue and expenses are determined by the market price of electricity and volume of balancing energy in each bidding area. Gross revenue and expenses can therefore vary significantly from one year to another. Revenues for transmission of electricity over the national grid declined to SEK 4,305 (4,387) million. This was chiefly due to a decrease in energy revenues compared with the previous year, to SEK 1,561 (1,870) million, as a result of a reduced usage fee for Transit revenues increased to SEK 417 (167) million. Operating expenses were SEK 8,651 (9,280) million. The decrease was primarily due to reduced costs for balancing energy, which totalled SEK 3,590 (4,306) million, and lower costs for energy compensation, at SEK 331 (502) million. As on the revenue side, the lower costs for balancing energy was due to a lower electricity price and volume while the lower cost for energy compensation was due to a reduced usage fee. Transit costs increased to SEK 183 (104) million. 28/131

29 Svenska kraftnät remains in a recruitment phase and created 51 (31) new full-time jobs in This resulted in an increase in staff costs by SEK 26 million. Depreciation, amortisation and impairment of non-current assets increased by SEK 212 million, from SEK 715 million to SEK 927 million. Depreciation and amortisation charges were SEK 8 million lower, at SEK 660 (668) million, after several facilities had been fully depreciated. Impairment losses increased from SEK 47 million to SEK 267 million owing to the termination of two investment projects. When Svenska kraftnät was forced to cancel its contract with Alstom Grid for delivery of a new network monitoring system the accrued expenditure was charged to expense, reducing earnings by SEK 173 million. Project planning expenditure of SEK 93 million for the Ekhyddan Barkeryd transmission line project was also expensed. The project resulted from the need to handle an increase in power at the Oskarshamn nuclear power plant. However, new network studies conducted in autumn 2014 showed that it will be possible to handle both the increase in power at Oskarshamn and ensure the operational reliability of the future network that will come into being upon completion of the Gotland and NordBalt projects through the new Ekhyddan Nybro Hemsjö transmission line. The Ekhyddan Barkeryd project has therefore been terminated. In the previous year consolidated earnings were hit by a SEK 47 million impairment charge related to the decision not to build the western branch to Norway in the SydVästlänken project. Earnings from interests in associates were SEK 13 (19) million, which is SEK 6 million less than in the prior year. Earnings for the prior year included a profit of SEK 5 million attributable to a share offering in Nord Pool Spot occasioned by the addition of new shareholders. The consolidated operating profit was SEK 681 (850) million, which is SEK 169 million lower than in The consolidated operating margin was 7.3 per cent, which is 1.1 percentage points lower than in the previous year. Net financial income was SEK 52 (4) million, which is an increase of SEK 48 million from the previous year. The improvement in net financial income was mainly due to an elimination of SEK 50 million related to indexation of the parent company s pension liability under the bases for safeguarding of pensions adopted by the National Government Employee Pensions Board (SPV). The indexation for the previous year was SEK -1 million. The consolidated profit for the year was SEK 731 (850) million. The consolidated return on adjusted equity was 7.2 (8.6) per cent, which is 1.2 percentage points above the target return of 6 per cent. 29/131

30 FUNDING The company s operations are funded through equity and loans from the National Debt Office. At year-end 2014 the outstanding debt to the National Debt Office was SEK 6,202 (3,775) million. Consolidated cash and cash equivalents were SEK 225 (160) million. In 2014 Svenska kraftnät had the right to raise loans from and outside the National Debt Office in a total amount of SEK 9,300 million. Svenska kraftnät has two further sources of funding: capacity charges and investment grants. CAPACITY CHARGES Capacity charges are allocated from NordPool Spot based on price differences that arise between bidding areas. Under the regime resulting from European Parliament and Council Regulation (EC) No 714/2009, capacity charges may be used for countertrade and funding of investments which are intended to enhance or maintain the transmission capacity of the grid. Capacity charges received increased compared with the previous year, to SEK 1,172 (700) million. The price of electricity and the price differences which arise between bidding areas depend on a wide variety of factors, including temperature, water availability in the reservoirs, the availability of nuclear power and transmission capacity between bidding areas and on cross-border transmission lines. Of capacity charges received in 2014, SEK 12 (22) million was used to cover costs for counter-trade while SEK 347 (322) was used as investment grants for realised investments. The remaining SEK 813 (356) million has been reclassified as long-term liabilities in the balance sheet to be used as investment grants in future years, as there were not enough investments that met the criteria for allocation from external capacity charges. Out of capacity charges brought forward from previous years, SEK - (199) million was used as investment grants for investments realised in When capacity charges are used as grants for realised investments, an asset is capitalised with the same depreciable life as the facility to which the grants are linked. Capacity charges thus help to reduce the annual expense for the facility. In 2014 SEK 347 (521) million was used as co-funding for realised investments. The figure of SEK 521 million for 2013 includes capacity charges brought forward from previous years. In 2014 no funds brought forward from previous years were available for use as investment grants. INVESTMENT GRANTS The second source of funding is investment grants. One type of investment grant is the fee which Svenska kraftnät charges to connect network customers to the grid. The connection fee is intended to fund the measures that are taken, for capacity or 30/131

31 operational reliability reasons, to connect a particular facility. Investment grants may also be provided by landowners who receive released land as a result of the expansion of the network. The Stockholm Power project is one such example. Another type of investment grant comes from the EU, which is co-funding NordBalt, a direct current link being built between Sweden and Lithuania. Investment grants totalled SEK 193 (74) million in The subsidiary company Svenska Kraftnät Gasturbiner AB is funded through a loan from the parent company. Borrowing at year-end was SEK 88 (77) million. COST EFFECTIVENESS Svenska kraftnät aims to maintain a level of cost effectiveness that is at least on a par with comparable companies. To assess the company s effectiveness and identify potential improvements, comparisons are made in the form of benchmarking studies. The most recent benchmarking study was conducted in by the Council of European Energy Regulators (CEER). The study showed that Svenska kraftnät is one of the most efficient transmission system operators in Europe. It was noted, however, that Svenska kraftnät faces a period of extensive reinvestment in the grid and that it will therefore be challenging to maintain the same level of efficiency and cost control. As part of their project activities, Statnett, Fingrid, Energinet.dk and Svenska kraftnät have established a framework for exchange of experiences so that each party can learn and benefit from the others experiences of project implementation. The initiative is centred on issues such as health and safety, the environment, contract evaluation and information management. 03. INVESTMENTS The expansion of the grid follows the national economy, and the underlying rationale for Svenska kraftnät s investment in the grid is defined in Sweden s energy and climate policy. This creates requirements for market integration, the expansion of transmission networks to enable the connection of new generating capacity and reinvestment to ensure a robust power supply. 31/131

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