Energy Utilities

Rated A-Z

Ranked

Compared

Noticed

Centrica

The online homepage may satisfy a few needs. The report itself is well introduced and delivers best on KPIs, business reviews -segmentation also looks clearer than at a few peers-, risks and uncertainties, and governance matters. Not bad for a tough year.

Duke Energy

Our annual report enters the digital age... this 2016 report will be the last printed in its current format. Fine, but will it get rid of the fossil fuel-style Form 10-K?

EDF

Facts & Figures + Reference Document = 800 pages. Informative for sure, but not really energizing.

EGCO

Heavy load (about 400 pages, as well as a certain deficit in renewables), but delivers on governance.

Enagas

Shareholder remuneration is our strategic priority, states the Chairman. Should this be the sole objective –and should share price be so much enhanced for a utility? Priorities might clash, too. Apart from this, the report is well integrated (check e.g. indicators) and explanatory yet too long.

EnBW

Ausgezeichnet recap of Value added both for the company and its shareholders; Guiding principle and Group strategy; interdependencies between key performance indicators -and links with risks.

Enel

More than 700 pages in total for the Annual and Sustainability reports. Who has read the whole? (Why pushing Significant events to p 90, for instance?). Clarity in operations and area reviews and charts, though.

Federal Grid

Business model featured with drawings and made very clear. Not common: Cascading KPIs from the Senior Management down to subordinate Management Levels.

Fortum

A number of report features are worthy of note, such as developments about the Tax Footprint, Economic impacts, etc. but neither the digital nor the PDF format are optimized for reading.

Iberdrola

With its rocking intro, the Investor Relations app may come in handy. The report weaves together the various capitals smartly and concisely.

National Grid

What we do (in gas and electricity) clearly put in a flow chart. Diversified KPIs. Viability statement included. And a top-notch governance section.

Osaka Gas

Clear and commented Financial Highlights, detailed yet a bit fuzzy one-year Business Plan (with Indicator Targets and Investment Plan), well-mapped Energy Value Chain.

REN

Worth reading, but couldn’t that be wrap containerped up in less than 500 pages?

Severn Trent

Business model and risks associated with operations well introduced and then developed (with Long Term Viability Statement inset). Responsibility ambitions quite consistent. KPIs not watertight, though.

SSE (Scottish and Southern Energy)

Principal Risks identified by Risk Owner. Assessing the impact of the weather on SSE's businesses.

TNB (Tenaga Nasional)

Though the structure may be improved, the whole makes up a rather solid piece of reporting with a good intro and a clear Strategic Review.

Tokyo Gas

The overviews of strengths, Invisible Assets, Factors Affecting Revenues and Expenses, the use of diagrams are worth being pointed out.

Veolia

A well-designed and compact report made up of a nice compilation of examples, stories and case studies. For a more elaborate reporting, the stakeholder/analyst needs to dig deep into a 400-page Registration Document.

AR on AR 2017

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