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Power Transformed FY2019 Annual Review

As manager and operator of the NSW high voltage electricity network for the last 60 years, it is our responsibility to keep you and your way of life connected 24/7.

ContentsFY19 highlights ��4

Chairman’s message ��6

CEO’s report ��8

Who we are

Our role ��10

Our story ��12

Efficiency

Our strategy ��14

Improving consumer outcomes ��16

Innovatingtodeliverefficiencies ��18

Affordability

Deliveringaffordableenergy ��20

Reliability

Maintainingareliabletransmissionnetworkfor the future �� 22

Sustainability

Managing our environmental impact ��26

Investing in our people �� 30

Safety

Asaferplacetowork �� 34

Connection

Renewableenergyconnections ��36

Telecommunications connections ��42

Collaboration

Engagingwiththecommunity�� 44

Board of Directors and Executive Team �� 48

Keyindicatorreview �� 54

Keyfinancialindicators ��55

2 3

Non-prescribedassetbase:

$509m Launched and embedded our first

FY19 highlights

$892.6million revenue

Achieved capital expenditure savings of $14 million

Total contracted renewable energy:

4.2GW

Prescribedasset base: $6.45bn

Prescribedcapitalexpenditure invested inthe network

$209.4m

Signed theEnergy Charter

Achieved

99.9999% network reliability

Lowered prices for energy consumers (1.1c per kW/h) with electricity transmission costs comprising

3-5% of an average bill

Asaferplacetowork:0.8 employee lost time injury frequency rate

Asset management:zero major non-conformances in FY19

Explored innovation initiatives including the use of

‘Smart Wires’ technology, batteries and drones

Employed 13 new graduatesand 7 new apprentices

Donated$160,000 to local communities through our corporate giving and community partnerships programs

Gender diversity

Reconciliation Action Plan

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lightsC

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’s m

essageC

EO’s

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ffordability

ReliabilitySustainability

SafetyConnection

Collaboration

Chairman’s messageThe last financial year was one of great transition in the National Energy Market (NEM). An additional 1,472MW of renewable energy was joined to the grid, including 492MW connected by TransGrid.

ItwasalsoanelectionyearinNSWandnationally,wherepublicdebatewasfocusedonenergyandemissionspolicyandwheretherewascontinuinguncertaintyonpolicyanddecisionmakingaffectingtheenergysector.

Againstthisbackdropofchange,TransGridhasadaptedandacceleratedits strategyandwehavecontinuedtodeliversafe,reliablepowerto consumersatthelowestpossiblecost.

AsChairman,IcanreportthatTransGridisprogressingwellonthesemeasuresanddeliveredimprovementsinthecostefficiencyof energydelivered,thecosttomeetpeakdemand,andthecostperconsumerserved.One inthreeAustraliansrelyonTransGridto transfer electricity to their homes and businesses atall times.

“Against this backdrop of change, TransGrid has adapted and accelerated its strategy and we have continued to deliver safe, reliable power to consumers at the lowest possible cost.”

Overthepastyear,wehavecontinuedtoengagewithstateandfederalgovernments,andfollowingtheNSWandnationalelections,participated in policy development to help shape outcomeswhichputcustomersfirst.We arekeentoworkwithgovernments,

and supportpoliciesanddecisionswhichdeliverthebestoutcomesonenergyreliabilityandprice.TransGridwilldelivertheessentialtransmissionprojectsthatneedtobebuiltinNSWtosupporthouseholds,businessesandthecommunity.

In addition to delivering essential infrastructure andservices,weareimprovingourcustomerfocus.Earlierthisyear,webecameafoundationmemberoftheEnergyCharterandcommittedtoreportingonwhatourbusinessdoestodelivermore value for customers� Our disclosure report willoutlinehowwedeliveronourcommitmenttoputdownwardpressureonenergycosts,andonhowwedeliversocialandcommunitybenefits.

Wearecontinuingtodelivervaluetoconsumersand our price for service has decreased consecutively over the last three regulatory periods.InthecurrentperiodendingJune2023,ourpricesaredownbymorethanfivepercenton the previous regulatory period� All of this confirmsthatTransGridistrackingwellonourcommitment to deliver for consumers and doing thisatatimeofsignificantchangeandtransitionacross the NEM�

Fortheforeseeablefuture,theenergysectorwillbefocusedonloweringelectricitybillsforhouseholdsandbusinesses.TransGridwillbeequally focused on meeting consumer demand forsafe,reliableand affordableelectricity.

Jerry Maycock Chairman

492MW connected

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TransGrid

Annual Review

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FY19 highlights

Chairman

’s m

essageC

EO’s

reportW

ho w

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ciencyA

ffordability


SafetyConnection

Collaboration

CEO’s reportThe 2019 financial year was exceptional for TransGrid, as we continued to provide affordable, safe and reliable transmission services to consumers.

Overthepast12months,weachievedareductioninenergycosts,deliveredgreaterefficienciesandimprovedournetworkreliability.Businessrevenuesurpassedourtargetby$26.7mandwedelivereda$14mcapitalexpendituresaving–whichwasreinvestedtodeliverfurtherbenefitsfor consumers.

Ourpurposeistobuilda betterpowersystem in Australiatomeetthedemandsof the changingenergylandscape.

Tofulfilthispurpose,wehavetakenaleadingrole in shaping the future of the National EnergyMarket(NEM).Earlierthisyear,we signedtheEnergyCharterwhichoutlinesfivekeyprinciplesthatwillsetabenchmarkforimprovingserviceforconsumers.Wearededicated to strengthening our engagement withconsumersandwelookforwardtoplaying ourparttotransformtheindustryfor thebetter.

Overthelastyear,wecontinuedtoplanfourmajor transmission projects recommended bytheAustralianEnergyMarketOperator(AEMO)inthe2018IntegratedSystemPlan(ISP).Ifapprovedbytheregulators,theseprojectswilldeliverlowerenergypricesforconsumersandstrengthennetworktransfercapacitytosupportthegrowingdemandforelectricity.We alsomadesignificantprogresswithplanningthePoweringSydney’sFutureproject,whichwillsecurethereliablesupplyof electricitytoSydney’sCBD,andconstructingStockdillSubstation,whichwillprovideasecondpowersupplyfortheACT.

FollowingtheestablishmentofTransGridServicesTrust(TGS)inthelastfinancialyear,wehavealsoconnectedourcustomersto

morelow-costrenewableenergyandtotelecommunicationsservices.TGShasbeenoneofourgrowthdriversandrepresentsalmost half of our annual capital program� We haveincreasedsolarandwindconnectionswithmorethan4GWconnectedinthelastyearand,asdemandfordatacontinuestogrow,ourtelecommunicationsbusinesshasexpanded substantially.

“Our purpose is to build a better power system in Australia to meet the demands of the changing energy landscape.”

OverFY19,wedidmoretocreateadiverseandinclusiveworkplace.ApersonalhighlightformewasthelaunchofourfirstReconciliationActionPlan(RAP),whichoutlinesourcommitmenttoimprovingrelationshipswithAboriginalandTorresStraitIslanderpeoples.WewillcontinuetobuilduponourprogressaswedevelopournextRAP,scheduledforlaunchinFY20.Iamalsoproudofourexemplarysafetyrecord,whichremainsourhighestpriority,andofoureffortstominimisetheenvironmentalimpactofouroperations.Weremaincommittedtoensuringwemeetourregulatoryobligations,whichunderpinourlicensetooperate.

IlookforwardtoworkingwiththeBoard,theexecutive team and our people over the coming yearaswecontinuetodrivepositivechange,notonlywithinTransGridbutalsowithintheenergyindustry,andaswedeliversustainablebenefitsandlowercostsfor consumers.

$14 millioncapital expenditure saving

Paul Italiano Chief Executive Officer

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an’s

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CEO’s

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SafetyConnection

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8

Generation

Transmission

Distribution

Direct ConnectCustomers

Commercial &Industrial Consumers

Residential Consumers

Gas andCoal-fired

Power Plant

SolarFarm

HydroPower Plant

WindFarm

TransmissionSubstation

TransmissionSubstation

DistributionSubstation

Who we are

Our roleTransGrid operates and manages the high voltage electricity transmission network in NSW and the ACT. We offer a range of infrastructure and telecommunications services to meet the growing needs and expectations of our customers.

OurnetworkconnectsNSWtoQueenslandandVictoria,andformsthebackboneoftheNationalEnergyMarket(NEM).Itconsistsof106bulk-supplysubstationsandover13,000kilometresofhighvoltagetransmissionlines,undergroundcablesandinterconnections.Weconnectmorethanthree

millionhomesandbusinessestoanelectricitysupply,andprovidetheplatformonwhichenergyistradedwithinNSWandtheACT.Thisallowsenergyconsumerstogainaccessto thelowestcostgenerationavailable.

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TransGrid

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FY19FY19 highlights

Chairm

an’s

message

CEO

’s report

Wh

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ffordability


SafetyConnection

Collaboration

1950s

The Electricity CommissionofNewSouthWaleswasformed on 22 May 1950 as the statutory bodyresponsiblefor the generation of electricity and its bulktransmissionthroughoutNSW.This centralised the coordination of the state’s electricity generation and supply�

1950s – 1960s

Duringthisperiod,the Commission more thantrebledits powercapacityfrom490MWto1800MW.

Early 1990s

The Australian Governmentbeganto deregulate state ownedmonopoliestopromotecompetition,consumer choice and potentially cheaper electricity�

1992

TheNSWElectricityCommission adopted the trading name PacificPower.

1995

As deregulation continued,thehighvoltage electricity transmission networkassetswereseparated from PacificPowertoformaneworganisationon1February1995:TransGrid.Thepowerstationsweredividedtoformtwonewcompanies– DeltaElectricityand MacquarieGeneration(bothlater sold to EnergyAustraliaandAGLrespectively).

1998

The NEM started to operate� The Council of Australian Governments(COAG)setupthreemarketbodiestooversee the nation’s energymarkets.

2005

The Australian Energy Regulator (AER)andtheAustralian Energy MarketCommission(AEMC)wereestablished.

2009

AEMO wascreatedtotakeresponsibilityforgas and electricity marketoperations.

2015

A consortium,NSWElectricityNetworks,successfullybid$10.3billionfora 99-year lease ofTransGrid’stransmission network.

2018

TGSwasestablishedto provide connections forrenewablegeneration,telecommunications and other contestableservicesfor our customers�

Our storyWe have a long history in the energy sector, starting with the establishment of the Electricity Commission of NSW in the 1950s to the inception of TransGrid in 1995. In 2015, TransGrid became a private company when the NSW Government granted NSW Electricity Networks a 99-year lease over the NSW transmission network.

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TransGrid

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FY19FY19 highlights

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an’s

message

CEO

’s report

Wh

o w

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ffordability


SafetyConnection

Collaboration

12

Seek new innovations and technologiesSeeknewtechnologies,waysofworkingandutilisingtechnology developments in the energy sector to drive growthopportunities.

Invest in transmission to support the energy transitionPursuenewtransmissionprojects,includinginterconnectors,renewableenergyzoneaugmentationsandlinkswithinandoutsideNSW.

Grow our infrastructure and services businessCapitaliseontheopportunitiesthatalignwithourcompetitiveadvantage,includinggeneratorconnectionsand telecommunications�

Create an efficient, high performing businessTransformTransGridtobefitforthefuturetomakeour businesssafer,simplerandsmarter.

Deliver safe, reliable power Maintainhighstandardsofsystemreliabilityfor thebenefitofenergyconsumersandsafetyforourworkforceandthegeneralpublic.

Advocate for the energy system and policy environment of the futureDeployourengineering,regulatoryandpolicyexpertisetoadvocateforasustainableenergyfuture.

Efficiency

Our strategyAt TransGrid, our fundamental goal is to create value for our customers and the broader community by providing affordable, safe and reliable transmission services.

Safety

Efficiency

Consumer

Business

Future

Technology

TransGrid

Annual Review

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’s report

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Efficiency

Improving consumer outcomesTransGrid is embracing and driving change in the energy sector. We are responding to the economic, social and technological requirements of energy consumers now and in the future.

Everyday,millionsofresidentialandbusinesselectricityconsumersinNSWdependonourtransmissionservicesforareliablesourceofelectricity.Overthepastfiveyears,energy consumption has continued to increase as population growth,housingdevelopment,economicactivityandnewinfrastructuredrivedemand.Overthesametime,theenergylandscapehasevolvedrapidly.Coal-fired powerstations willprogressivelyretireand,overthenextdecade,windandsolarpowerwillplayamoreprominentroleindeliveringlow-costelectricity to consumers�

Asdemandforenergygrowsandgenerationtransitionstoincludemorerenewables,ourpowersystemisbecomingincreasinglycongested.Tomaintainreliability,transmissionnetworkproviderslikeTransGridneedtoincreasenetworkcapacitysothatlowcostrenewablegeneration canreachthemajorload centresandadditionalenergycanbetransferredwithin andbetweenstates.

Supporting energy transitionTransmissionplaysapivotalroleinthetransitionof theenergymarket.AstheoperatorandmanageroftheNSWhighvoltagenetwork,TransGridisleadingthetransitionand workingwithconsumersandstakeholderstoinnovateandadapttothechangingenvironment,sothatwecontinuetoprovidevaluetoourcustomers,communityand stakeholders.

TomaintainreliabilityacrosstheNEM,andtoensureconsumershaveaccesstoasafe,lowercostelectricitysupply,strategicinvestmentintransmissionnetworkswillberequiredsothatelectricitycanbetransferredwithinand betweenmarkets.Ourbusinessstrategyfocusesonsixkeythemeswhichwillallowusto meettheneedsofconsumersnowandinthe future.

Responsibly connecting with our stakeholdersOurstakeholderengagementbody,theTransGridAdvisory Council(TAC),connectsuswithconsumerandindustryrepresentativesandfacilitatesregular,essentialtwo-waycommunication.TheTACprovidesuswithaforum to meetwithstakeholders,toheartheir

perspectives andtoconsidertheirviewsonthe fullrange of energysectorissues.

InFY19,weheldquarterlymeetingswiththeTAC,and gainedimportantinsightsintohowourelectricitytransmissionbusinesscanprovidemorevaluetoconsumers� Key topics for consultation over the year includedourISPsubmissiontoAEMO,whichwaspublishedinJuly2018,andoursubmissiontoAEMOonthe CoordinationofGenerationandTransmissionInvestment(COGATI).InsightsfromTAC membersalsohelpedtoinformtheactionswewilltake tomeet ourobligationsundertheEnergyCharter.

A proud supporter of the Energy Charter We are working to change the way we do business so that we can deliver better outcomes for energy consumers.

» InFY19,TransGridwasoneofthefirstsignatoriesoftheEnergyCharterwhichaimstodrivecultural changethroughoutthe industry.

» BysigningtheEnergyCharter,wearecommittingTransGrid’sentireworkforcetodeliveringcontinual serviceimprovementandaddedvalue to consumers.

» Inrecentmonths,wehavebeenreflectingonourcurrentbusinesspracticesandhowtheymeasureup againstthefiveEnergyCharterprinciples.

» Wehavecommittedtopubliclyreportingontheseprinciplesby30September2019.Ourfirstdisclosurereportwillcreateabaseforusto buildonandensureallourfuturedecisionsandprocessesaredrivenbythebestinterestsof consumers.

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Efficiency

Innovating to deliver efficienciesIn FY19, we appointed our first Head of Innovation, established our innovation program, and accelerated investigation of the use of emerging technologies that will allow more efficient network management and help to deliver savings for consumers.Ourinnovationinitiativesincluded:examiningtheuseof‘SmartWires’technologyasanalternativetoline-upgrades,andconductingtrialswithWoolworths,theUniversityofNSW,andtheCityofSydneyCouncilontheuseofinstalledbatteriesfornetworksupport.Wealsostartedtotrialtheuseofdrones

for the aerial conductor stringing of transmission linesasbothaninnovationandasafetyinitiative(seecasestudyonpage18).ThiswillcontinuetosupportourgoalofdevelopingleadingedgeworkmethodsandtechnologiesinTransGrid’stransmissionline construction.

Innovating to improve safety at TransGridAprototypeapp,whichcanbeinstalledonanysmartwatch,monitorsafieldworker’sheartrateandmovement,andnoticesiftherearechangesinmovement or heart rate that could indicate something is wrong.

Whentheappidentifiestheusermayneedhelp,itasks iftheyareokay.Ifthewearerindicatestheyarenotokay,ortheydonotrespond,thewatchwillalerttheirlinemanager,controlroomortheemergencyservices.

Datacollectedviatheprototypewillinformfurtherresearch and future investigations into the use of wearabletechnologyatTransGrid.

Developing conductor stringing capability using dronesTransGrid is trialling the use of Unmanned Aerial Vehicles (UAVs), also known as drones, for the aerial conductor stringing of transmission lines.

» Thecapabilitywasdevelopedaspartofamissiontoeradicateriskfortheteamswhocarryoutthisactivity.Todevelopourapproach,wepartneredwithadronetechnologyspecialisttomodifyanindustrystandarddrone.Thisallowedustoaccommodateawinchandaquickreleasemechanismforthedrawwire.

» OurfirsttrialstookplaceinJune2019,withthedronesuccessfullypulling650mofdrawwirefully suspendedabovetheground.Duringfurtherfieldtrialsa2kmsectionof132kVtransmissionlinewassuccessfullystrungusingadroneasa part of the Clarence Correctional CentretransmissionlineprojectnearGrafton.Workinto the procurement of a higher capacity droneanddevelopmentofcustomgroundwinchingequipmentisongoingwith thegoalofproducinga commerciallyviableproductforindustry.

TransGrid

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CEO

’s report

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Affordability

Delivering affordable energyWe know that energy affordability is a priority for consumers and we are committed to delivering electricity at the lowest possible cost. Wedothisbyoperatingefficiently,investingprudentlyinnewinfrastructureandmaintenance,andbyplanningthefuture grid�

Overthepast12months,wecontinuedtoexplorewaystoreducethepriceofelectricitytransmissionbyloweringoverheads,modernisingournetworkandinvestingintransmissionservicesthatwilldeliverlong-termsavingsforconsumers.InFY19,energytransmissioncoststoconsumerswerearound1.1cperkW/h1 and made up approximatelythreetofivepercent2ofahouseholdbill.We havedeliveredlowertransmissionchargestoconsumersacrosssuccessiveregulatoryperiods,withcurrentpricesbeing5.2percentloweronaveragethanthepreviousregulatory period�

Modernising our network As the generation mix in the NEM changes to include more renewables,andasdemandforenergycontinuestoincreaseinmajorloadcentres,moreprudentandefficientinvestmentin transmissionandinterconnectionwillberequired.

InJuly2018,AEMOreleaseditsinauguralISP,whichoutlinedanumberofmajortransmissioninvestmentsinNSW.TransGridcommencedplanningforthefollowingISP projects:

» QNI – Queensland to NSW interconnectorTheprojecttoupgradetheQueenslandtoNSWinterconnectorwillincreasetransfercapacitybetween bothstates,whichiscurrentlyconstrained.Thiswilldeliverpositivebenefitsforconsumersandthe NEM.

» VNI – Victoria to NSW interconnectorIncreasingtheelectricitytransfercapacitybetweenVictoria andNSWwilldeliverbenefitsforconsumersinbothstatesandenabletheefficienttransferofgenerationresourcesbetweenthetwostates.Thisincreasedinterconnectioncapacitywillalso helptoimprovethereliabilityandresilience ofthe powersystem.

» Project EnergyConnectProjectEnergyConnectisanewelectricityinterconnectorbetweenRobertstowninSouthAustraliaandWaggaWaggainNSW,withaconnectionalsointonorth-westernVictoria.TransGridispartneringwithElectraNettodeliverthisproject.ByconnectingNSWandSouthAustralia,theprojectwillfacilitatethetransferofelectricitybetweenthesetwomarketsandisestimatedtolowerconsumerenergybillsby $66inSAand$30inNSW.3

» HumeLinkTheSouthernSharedNetworkbetweentheSnowyMountainsandBannabycarriespowerfromallgeneratorsacrosssouthernNSWtothemajorloadcentresofSydney,NewcastleandWollongong.ItalsocarrieselectricityfromVictoriatothemajorloadcentresinNSW.TheSouthernSharedNetworkiscurrentlyconstrained.Itwouldfacilitatethe transfer of additional generation to demand centres includingfromtheSnowy2.0expansion.

RegulatoryInvestmentTestsforTransmission(RIT-T)havestartedforQNI,VNI,ProjectEnergyConnectandHumeLink,andprojectapprovalrestswiththeAER.GiventhecriticalityoftheseprojectsforNSW,TransGridreceivedapprovalfromtheNSWGovernmenttoprogresstheprojects’designphasesinparallelwiththeregulatoryapprovalsphases.This willenableTransGridtodeliverbenefitstothepeopleof NSWasearlyaspossible.Weareontracktoprogressthese projects in the coming year�

Improving consumer confidence in our decisionsDemonstratingthebenefitsforconsumersfrominvestmentinISPprojectsisessentialtogainingtheirconfidenceinourdecisionmakingprocess.In2019,wereviewedourgovernancemodeltoaddressthisandestablishedanindependentreviewpaneltooverseecapitalexpenditure,procurementanddelivery forthefourISPprojects.InpartnershipwithElectraNet,wealsoproposeda programofintensiveengagementwithourstakeholderstoprovidegreatertransparencytotheAER andconsumeradvocacygroups.Thisapproachhelpsustoensurewe’remakingprudentdecisionsthat willdeliver therightoutcomesfor consumers.

WealsoheldourfirsttwostakeholdermonitoringcommitteemeetingsforourPoweringSydney’sFutureproject(seepage22)inpartnershipwithEnergyConsumers Australia.The committee includes representatives from our TAC (seepage16)andhasprovideduswithongoingconsumerfeedbackaroundprojectstrategyandimplementation.This consultation approachhasbeenveryeffectivein boostingconsumerconfidenceandwewilladoptit forall majorprojectsthatare approvedinfuture.

1.AveragepriceisbasedonpricesandforecastinflationfromtheAER’sfinaldecisionforTransGrid’stransmissiondetermination2018/19–2022/23.2.Percentageofaveragebillcalculatedusingc/kWhasoutlinedinTransGrid’sPTRM,andAEMCpricetrendreports(NSWportion).3.ACILAllen,SA-NSWInterconnector–UpdatedAnalysisofPotentialImpactonElectricityPricesandAssessmentofBroaderEconomicBenefits,February2019.

A transparent investment assessment process that benefits consumers.As a regulated business, the onus is on us to ensure all capital expenditure is in the long-term interests of consumers.

Toenablethis,weusetheAER’sRIT-Twhenconsultingonourmajorprojects.TheRIT-Tisaformalconsultationprocessdesignedtoinformstakeholdersofaninvestmentneedandtheproposedoptionsto addressit;testthemarketforalternativeormoreefficientsolutions;andexplaintostakeholdersthebasis onwhichthepreferredoptionhasbeenselected.

InFY19,wecarriedoutthefirstofthreeRIT-TconsultationstagesforQNI,VNIandHumeLinkandwealsoprogressed to the second stage of consultation for Project EnergyConnect�

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TransGrid

Annual Review

FY19FY19 highlights

Chairm

an’s

message

CEO

’s report

Who

we are

Efficiency

Aff

ordability Reliability

SustainabilitySafety

ConnectionCollaboration

INSET

Regentville Sydney West

Sydney South

Liverpool

Ingleburn

to Bannaby

Haymarket

Macarthur

to Wallerawang

to Daptoto Avon

Beaconsfield

Mount Druitt

Holroyd Rookwood Road

Eraring

Vales Point

Vineyard

to Liddell

Kemps Creek

Tomago

Munmorah

Tuggerah

Sydney East

NewcastleWaratah West

Sydney North

Mount Colah

Brandy Hill to Stroud

OneSteel

to Bayswater

INSET

Red Cliffs

Dederang

Wodonga

Bulli Creek

Mudgeeraba

Yanco

Griffith

Buronga

Broken Hill

FinleyDeniliquin

Darlington Point

AlburyHume

Cooma

Munyang

Snowy Adit

Queanbeyan

Tumut

MurrumburrahBalranald

Coleambally

Murray

Upper Tumut

Lower Tumut

ANMJ indera

Wagga 132Burrinjuck

WaggaUranquinty

Wagga North

Williamsdale

Geehi

Blowering

Canberra

Jindabyne

Morven

YassMarulan

Cowra

Kangaroo Valley

Panorama

Molong

Orange

Parkes

Forbes

DaptoAvon

Wallerawang330

Gadara

Capital Wind Farm

Bannaby

Manildra

OrangeNorth Ilford

Murrumbateman

Mt Piper 132

Mt Piper 500

Gullen Range

Wallerawang132

BerylWellington

Bayswater Liddell

Muswellbrook

Tamworth 330

Armidale

Tamworth 132

Gunnedah

Narrabri

Moree

Inverell Glen InnesKoolkhan

Coffs Harbour

Nambucca

Kempsey

Port Macquarie

Raleigh

Wollar

Macksville

Boambee South

Stroud

Hawks Nest

Mudgee

Burrendong

Wellington Town

Herons Creek

BoggabriEast

BoggabriNorth

Dorrigo

DumaresqLismore

Tenterfield

Directlink

Casino

Taree

330

Guthega

Silverton

Bodangora

Crookwell 2

Sapphire WhiteRock

OPERATING SYSTEM VOLTAGESSubstations500 kV Transmission LinesSubstations330 kV Transmission LinesSubstations220 kV Transmission LinesSubstations132 kV Transmission Lines

Interstate Exchange Point

330 kV Underground CableCustomer Exchange Point

INSET

Red Cliffs

Dederang

Wodonga

Bulli Creek

Mudgeeraba

Yanco

Griffith

Buronga

Broken Hill

FinleyDeniliquin

Darlington Point

AlburyHume

Cooma

Munyang

Snowy Adit

Queanbeyan

Tumut

MurrumburrahBalranald

Coleambally

Murray

Upper Tumut

Lower Tumut

ANMJ indera

Wagga 132Burrinjuck

WaggaUranquinty

Wagga North

Williamsdale

Geehi

Blowering

Canberra

Jindabyne

Morven

YassMarulan

Cowra

Kangaroo Valley

Panorama

Molong

Orange

Parkes

Forbes

DaptoAvon

Wallerawang330

Gadara

Capital Wind Farm

Bannaby

Manildra

OrangeNorth Ilford

Murrumbateman

Mt Piper 132

Mt Piper 500

Gullen Range

Wallerawang132

BerylWellington

Bayswater Liddell

Muswellbrook

Tamworth 330

Armidale

Tamworth 132

Gunnedah

Narrabri

Moree

Inverell Glen InnesKoolkhan

Coffs Harbour

Nambucca

Kempsey

Port Macquarie

Raleigh

Wollar

Macksville

Boambee South

Stroud

Hawks Nest

Mudgee

Burrendong

Wellington Town

Herons Creek

BoggabriEast

BoggabriNorth

Dorrigo

DumaresqLismore

Tenterfield

Directlink

Casino

Taree

330

Guthega

Silverton

Bodangora

Crookwell 2

Sapphire WhiteRock

OPERATING SYSTEM VOLTAGESSubstations500 kV Transmission LinesSubstations330 kV Transmission LinesSubstations220 kV Transmission LinesSubstations132 kV Transmission Lines

Interstate Exchange Point

330 kV Underground CableCustomer Exchange Point

Reliability

Maintaining a reliable transmission network for the futureThe high voltage transmission network in NSW transfers electricity to more than three million households and businesses in NSW and the ACT.

Through programmed maintenance and augmentation of TransGrid’stransmissionnetwork,weensureourassetsoperateefficientlyandsafely.

Bymanagingourassetssustainablyandresponsibly,wedeliverongoingvaluetoenergyconsumersandTransGrid’sshareholders.Overthepastyear,weefficientlymaintainedthenetworkandachieved99.9999percentreliabilitywithone outage of 0�31 system minutes lost�

Wealsoimplementeda$208massetreplacementprogramtoensurethesustainabilityofsubstationsandtransmissionlines� This included the installation or replacement of 753 transmissionlinestructuresandassetrenewalworksat 48substations.

AspartofourOpticalPowerGroundWork(OPGW)program,werolledout509kmofopticalfibrecables.Thishasenabledustomoderniseourtelecommunicationsnetworksothatwearewell-preparedforthedemandsofrunningthegridof thefuture.

Despitethehighvolumeofassetreplacements,wedeliveredarecord$16mServiceTargetPerformanceIncentiveScheme(STPIS)result.TheSTPIS,administeredbytheAER,providesincentivestotransmissionnetworkprovidersonthebasisofperformancemeasuresrelatingtoreliability,marketimpact,andnetworkcapability.Thisresultdemonstratestheeffectivenessofourassetmanagementsystemwhichenablesustodeliverareliablenetworkforenergyconsumers.

Investing in modern infrastructure that supports economic and sustainable growth Ournetworkhasenabledthereliabletransmissionofelectricity for more than 50 years� Many assets in the networkarenowapproachingtheendoftheirserviceablelife.Assomeofthehighvoltagecablesnolongertransportasmuchelectricityastheywereoriginallydesignedto,TransGridneedstoplanandinvesttomeetelectricitysupply needs in future�

PoweringSydney’sFutureisatransmissioncableprojectthatwillsecurefutureelectricitysupplytoSydney’sCBDandsurroundingareas.InFY19,significantprogresswasmadeonthedeliveryoftheproject,withthefinalcable

routeapprovedinMay2019followingseveralmonthsofengagementwithresidents,businesses,thecommunityandkeystakeholders.Thisrevisedroutewillreduceconstructionimpactsonlocalcommunities,meetstakeholderrequirementsandimproveconstructability oftheproject.

The environmental assessment process and community consultationontherevisedroutebeganinJanuary2019andsignificantworkontheEnvironmentalImpactStatement(EIS)hascommenced.Constructionisscheduledtostartinmid-2020withcompletionduein2022.

Inthelastyear,wealsocompletedthestakeholderconsultationprocessforconstructingStockdillSubstation,whichwillprovidetheACTwithasecondelectricitysupplypoint.ConstructionstartedinMay2019for6kmoftransmissionlinesand20towers.ConstructionofthesubstationwilltakeplaceinFY20,withcompletionscheduledforOctober2020.

Asset management programs completed in FY19 » Secondarysystemssiterenewals(2sites)

» Secondarysystemsassetrenewalstrategies(14sites)

» Powertransformerrefurbishments(4 transformers)

» Substationassetrenewalstrategies(21sites)

» Substationvideosurveillanceupgrade(21 sites)

» Transmissionlineslowspans(50linesover6 projects)

» Transmissionlineswoodpolereplacement(3 lines)

» TransmissionlinesOPGW(10Lines)

» Beaconsfieldredevelopmentstage2

» Orange66kVGIS&secondarysystemsrenewal

» Asset Monitoring Centre upgrade

TransGrid’s electricity networks

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Best practice asset managementOur asset management system has been developed further since ISO 55001 asset management certification was achieved in 2014.

Thiswasdemonstratedthroughzeromajornon-conformancesinFY19,followinganexternalaudit.InApril2019,theAssetManagementCouncilrecognisedTransGrid’sassetmanagementexcellencewithtwoawards:oneforsocialandenvironmentalandonefordiversity.Overtheyear,TransGrid’sassetmanagementdemonstratedbestpracticeinmanagingthe entire asset lifecycle and the company’s commitment to delivering communityvaluethroughinvestinginasafe,securenetwork.

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Managing our environmental impactProtecting the environment is a priority, and we strive to maintain the highest environmental standards and practices to minimise environmental impact.

Wehaveanimportantroletoplayinimprovingour environmental performance and disclosure sothatourcustomers,ourpeopleandthebroadercommunitycanbeconfidentthatweoperateinaresponsiblemanner.Planningforcapitalprojectsisamajorpartofourbusinessoperations.Weengageconstructivelyandtransparentlywiththecommunitieslivingandworkingaroundourprojects.Where required,we prepareanEnvironmentalImpactStatement(EIS)toassessaproject’ssocialandenvironmentalimpacts,andplacethedocumentonpublicdisplay.

Planning for the futureLastyear,wecarriedoutduediligenceforTransGrid’sfirstnetworkclimatechangeadaptationstrategy,startingwithavulnerabilityassessment using current climate data� This willallowustoestimatephysicalimpactsthatclimatechangewillhaveontheNSWandACTtransmissionnetworkoverthenext30to50yearsandbeyond.Itwillassistourbusinesstounderstandtheimpactonoursubstationsandtransmissionlines,andguideplanningof the potential steps required to ensure the reliabilityofthenetwork.Wealsoreviewedourapproach to assessing cultural heritage and ecologyimpactstoachieveareasonablebalancebetweenevaluatingrisks,deliveringefficienciesinenvironmentalassessment,andminimisingourcomplianceriskinthefuture.

Sustainable work practicesFollowingtheintroductionofsmartprintinginJune2018,TransGrid’sprintvolumehasreducedbyatleastonetonneofpaperoverthefollowingyear.Wehaveprogresseddevelopmentofanewelectronicsystemtotrackwasteandidentifyrecyclablematerials,withthesystemdueforimplementation in FY20�

“Our environmental vision is to be a strong enabler in the transition to a low carbon energy system and econonmy”

InFY18,wegeneratedapproximately8,500tonnes of direct greenhouse gases1(anapproximate 30 per cent reduction on the previousyear)andapproximately1,080,000tonnesofindirectgreenhousegases(anapproximate eight per cent reduction on the previousyear).Thisdataiscurrentlybeingcollated for FY19�

Protecting the threatened pink-tailed worm-lizard at Stockdill Substation siteThe Biodiversity Impact Assessment for Stockdill Substation, the ACT Second Electrical Supply Project, identified the construction site as a potential habitat for the pink-tailed worm-lizard.

Thisleglessreptileislistedasvulnerableunder the ACT Nature Conservation Act 2014 and the Commonwealth Environment Protection and Biodiversity Conservation Act 1999�

Toprotectthisspecies,alizardrehabilitationplanwasputinplace,supportedbytheACTGovernment.Rockssuitableforthethreatenedpink-tailworm-lizardhabitathavebeenhandsourcedfromtheconstructionzone,andmovedtocreateapermanenthabitatwithintheStockdill Substation.

TransGridandourprojectcontractor,Zinfra,havebeenworkingincloseconsultationwithACTParksandConservationServiceinordertoimplementfurtherhabitatprotectionssuchas:

» Barrierstopink-tailworm-lizardmovementinstalledaroundpink-tailworm-lizardhabitatandfencedasno-go-zoneareas

» Targetedsalvageforpink-tailworm-lizardsinareasmarkedashighpotentialhabitat.

1.CalculatedaccordingtorequirementsoftheNationalGreenhouseandEnergyReportingAct.

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Managing bushfire riskOurbusinessplaysakeyroleinmanagingbushfireriskinNSWand theACT.Wecontinuedtocarryoutannualinspectionsofour13,000kmofinfrastructureinNSW,usinghelicopterpatrolstovisuallyassesstheconditionofourtowersandpowerlines.Thepatrolscheckedforvegetation encroachments along transmission line easements and helped us to identify and managebushfirerisks.

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Investing in our peopleOur team members each have a role to play in creating value for energy consumers. We are committed to building a high performance culture where everyone can reach their potential, and make a contribution to the success of the business and the role we play in the community.

Building capabilityInFY19,weinvestedtoraisethecapabilityofourworkforcesothatourpeoplehavetheskillsandexperiencenecessarytomeet the expectations of our customers and the community� Tosupportthis,wedevelopedawhole-of-businesscapabilityframeworktoinformrecruitment,developmentandworkforceplanning.Thishelpedustohire therightpeople,improvetheirskillsandknowledge,andtoplanaheadsowedevelopthenextgenerationofbusinessleaders.

Our learning calendar featured more than 20 programs rangingfrompresentationskillstobusinesswriting.Werefreshedourinductionprogramtoreflectthequicklyevolvingnatureofourbusiness,anddeliveredagraduateprogramtogive13individualstheopportunityto acceleratetheircareerbylearningfromexpertsintheir field.

Wealsocontinuedourapprenticerecruitmentprogram,withseven apprentices starting a four-year electro-technology technicianprogram.Duringtheyear,weinvestedintheirlearninganddevelopmentbyprovidingtraininginkeymaintenancefieldssuchascircuitbreakermaintenanceandsubstationinspection.Wealsoofferedfiveapprenticegraduates a permanent role upon completion of their course�

A diverse and inclusive workplace TransGridrecognisesthevaluethatdiversityofthought,experienceandbackgroundcanbringtoourworkplace.InFY19,wecontinuedeffortstoincreaserepresentationandproductivitybyestablishingaDiversityCounciltodriveinitiativesacrossthebusiness.The13councilmembershelptochampiondiversityandinclusionandengagewithcolleaguestomakeiteasierforthemtohavetheirsay.

WealsolaunchedourfirstReconciliationActionPlan(RAP) toaffirmourcommitmenttobuildingrelationshipswithAboriginalandTorresStraitIslanderpeoples,andset upadedicatedRAPCommitteetoembedawarenessandparticipationthroughoutthebusiness.WealsocontinuedtosupportNAIDOCWeekandNationalReconciliationWeek,andorganisedseveraleventssuchasaninteractiveAboriginalartactivityandaneducationsessiononthedifferencebetweenWelcometoCountryandAcknowledgementofCountrytoraiseawarenessandincreaseknowledgesharing.

Tosupportthegrowthofscience,technologyandmaths(STEM)talentinourcommunity,wewelcomed15AboriginalandTorresStraitIslanderhighschoolstudentstotourTransGridaspartoftheUTSGaluwaExperience.This sessionwasdesignedtoencourageparticipantswithaninterestinSTEMtoexplorehighereducation.WealsowelcomedtwoAboriginalandTorresStraitIslanderinternsforthefirsttime,aspartoftheCareerTrackerprogram.

InMarch2019,werecognisedInternationalWomen’sDaybyrelaunchingourflexibleworkingpolicytoensureitisappliedconsistentlytoeveryonethroughoutthebusiness.Overtheyear,therewasprogressoneffortstoachievegenderdiversity,withanincreaseinfemalehiresandareductionin resignationsbywomen.TransGridpartneredwithWork180,adigitalresourcethatadvocatesforgenderdiversityintheworkplace,toimprovetheratioof womenworkingwiththecompany.

In2018,weworkedwithGracePapers,asocialchangebusinessdedicatedtogenderequalityathomeandatwork, tooffersupporttoparentsandthosetakingsecondarycareleavewhoarereturningtoworkatTransGrid.WealsocreatedatransitiontoretirementprogramwithRiseSmarttohelpourmorematureworkforce exploretheirnextgoals.Morethan90employees tookpartandtheprogramwillcontinue.

Year Women % Aboriginal Torres Strait Islander

2015 18% 1.0%

2016 19% 1.0%

2017 20% 1.3%

2018 20% 1.0%

2019 22% 1.8%

Shahpar Ahmed Senior Project Developer

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Building a career at TransGridI started working with TransGrid as an apprentice in January 2012, straight after finishing my HSC. I was always interested in electrical engineering, and an apprenticeship with TransGrid allowed me to gain hands-on experience while studying.

AfterfinishingmyTAFEstudies,I begananelectricalengineeringdegree online part-time� Once I completedmyapprenticeship,Ibecameanengineeringofficerin the transmission lines and cables group.

Theengineeringofficerrolewasbothfieldandoffice-based,givingmetheopportunitytoseehowwork isdesigned,scheduled,organised and performed on site� The role also exposed me to contractsandtenderswhichreallypiqued my interest in this area�

Sincethen,I’veprogressedmycareerbytakingonseveralrolesthathavegivenmeabroadrangeofknowledgeandexperience.I currentlyworkasateamleaderservice management and this gives meexposuretothewholebusiness.

TheskillsI’vegainedatTransGridareirreplaceable.Ihavebothatradeandadegree,andIhaveacquired many interpersonal skillsincludingteamwork,timemanagement,communication,criticalthinking,adaptabilityandthe abilitytoworkunderpressure.

There are so many experienced andknowledgeablepeoplefromallwalksoflifehereatTransGrid.I’mworkingwithandlearningfromthebestinthebusiness,andthat’s alwaysahighlightforme.

Elise Mamaca Service Management Team Leader(pictured here in 2014 as a 3rd year apprentice)

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LTIFR of 0.8,downfrom

4.3 in the previous year

Safety

A safer place to work At TransGrid, the safety and welfare of our people and the broader community is our highest priority. We focus on injury prevention, health and safety risk management, and developing the capabilities of our teams to support a transparent safety culture.

Driving safety awarenessUnderourapproachtohealthandsafety,we highlight thepositivewaysthatindividualsand teamscanmakeadifferenceandweempowerour peopletotakeownershipoftheirpersonalsafety.Overthepast12months,wecontinuedto emphasisesafeworkpracticesacrossallareas of thebusiness,andsafetybriefingsremainedafeatureofprojectbasedteammeetings.As partofourcommitmenttoraisingsafetystandards,weestablishedaworking grouptoexplore safety inasset design and howto furthermitigaterisk.

Engagingourpeopleinworkplacesafetywasakeyfocusareaofactivityinthelastfinancialyear.Weworkedtore-positionworkplacesafetyasrelevanttoallareasofthe business,andnotonlytofield-basedteams.Westrengthenedengagementacross allcorporatebusinessunitstodriveinternalawarenessaroundtherolethatindividualscanplayin maintaining asafeworking environment.

Wealsoconcentratedonincreasingleadershipvisibility,withleadersspendingmoretimeon-sitewith projectbasedteams.InvestmentinadditionalHSE resourcesalsoenabledustoprovideextracomplianceandcoachingsupportfor on-siteinfrastructure delivery projects�

Supporting health and wellbeingInearly2019,wecommencedananalysisofjobtaskstobettersupportthehealthandwellbeingof our people� This involved physiotherapists andoccupationaltherapists conductingon-siteassessmentstoassistwithidentifyingriskareas,taskallocationandtaskrotationforeachjob.The therapistsalsohelpedtooutlinepost-injuryreturn toworkprocesses.

Inthelastyear,therewasalsoanincreaseinhazardreporting,with198hazardsreportedinFY19comparedto104inthepreviousyear.Thiswasadirectresultofoureffortstopromoteasupportiveandopenculture.WehadtwolosttimeinjuriesinFY19,oneforTransGridandoneforacontractor,andalosttimeinjury frequencyrate(LTIFR)of0.8 asof30June2019.Thiscomparedto4.3 in FY18.Thisdownwardtrend wasdrivenbyseveralinitiativesincluding:

» promotingpsychologicalsafetyaswellas physical safety

» increasingleadershipvisibilityacrossprojects » increasingHealthSafetyandEnvironment(HSE)awarenessthroughparticipationin SafetyDays.

Best practice in safetyInOctober2018,TransGridwasrecognisedattheSafeWorkNSWawards,wherethebusinesswashighlycommendedintheLeadershipinSafetycategory.Wealsowonaninternationalawardforourmobileplantframeworkappinthe annualIntranetandDigitalWorkplaceAwards,whichrecognisestheoutstandingcontributionsofdigitaltechnologytoworkplaces.TransGrid’sappreducedpaperworkandadministrative time required to meet compliance obligationsinthefieldandensuredsafetystandardswereappliedconsistentlyacrossthebusiness.The useoftheapphasreducedpaperworkonthesetasksbyaround80 percent.Ourpeoplenowhavegreatervisibilityoverallocatingresourcestoajob,andcanseethe human resources allocated to operate the plant arebothqualifiedandexperienced.

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Connection

Renewable energy connectionsTransGrid connects a diverse range of generators into the NEM, and over the last financial year connection of renewable energy generation grew significantly. In FY19, we connected wind and solar energy projects to the grid, and now have in excess of 4,000MW of renewable energy projects operating or under construction.

Overthepast12months,thetransitionacrosstheNEMtoincludelowercostrenewablegenerationcontinuedto gatherpace.Ourbusinessexperiencedunprecedentedgrowthinnewconnectionprojects,executing12newgeneratorconnectionagreements,fivemorethanplanned, duetoincreaseddemandfromourcustomers.

WealsoexecutedanagreementforacustomerloadconnectionforanewcorrectionalfacilityintheNorthernRiversregionofNSW,aswellasasignificantlinemodificationtosupportthenewWesternSydneyAirport.

Thissuccessissupportedbyastrongprojectpipelinewithsixnewprojectsindevelopmentaftercustomersbeganformalconnectionapplicationsduringtheyear.Thisbringsthetotalnumberofprojectsindevelopmentto23.

Key customer connection highlights » WesuccessfullyenergisedtheBerylSolarFarmSubstationinApril2019.ThismilestonemarksasignificantachievementforTransGrid,asBerylisthefirstGreenfieldsubstationbuiltforasolarfarmconnectiontoourhighvoltagenetwork.The87MWprojectwillproduceenoughsolarenergytoservetheneedsofapproximately25,000averageNSWhomesandhelppower theNSW Government-ownednorthwest SydneyMetrotrainlines.

» InOctober2018,wesignedaconnectionagreementforTotalEren’s200MWKiamalSolarFarmprojectnearOuyen,innorth-westernVictoria.ThisisourfirstrenewableenergyconnectionundertakenoutsideNewSouthWales.KiamalSolarFarmwillallowtheexportof200MWofpowerintotheNEM,enoughtoservetheneedsofapproximately133,500averageAustralianhomes.Theassociatedcarbonemissiondisplacementisequivalenttomorethan610,000tonnes per year1�

» InJune2019,webrokenewgroundatBerrybankWindFarminVictoria.BerrybankisthefirstprojectintheVictorianRenewableEnergyTargetScheme.WewillbeginconstructionofasubstationandconnectthewindturbinesinFY20.Thewindfarmissettobe energisedinmid-2020.

» Afterthreeyearsofplanningandoneandahalfyearsofconstruction,wecompletedaprojecttoinstall3.8kmof330kVundergroundcableatWesternSydneyAirport.Thisprojectwasdeliveredthreemonthsaheadofschedule,andisanAustralianfirstfora330kVtransmissionnetwork,usinganundergroundcabletoconnecttwosectionsofabovegroundcableonthesameline(seecasestudyonpage38).

1.Accordingtodatapublishedinkiamalsolarfarm.com.au

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NEW SOUTH WALES

VICTORIA

ACT

Legend

Solar FarmWind Farm

Newcastle

Tamworth

Orange

Canberra

Wagga Wagga

Broken Hill

Delivering critical infrastructure at Western Sydney AirportIn January 2018, we started work to relocate 3.2 kilometres of above ground high-voltage power line that crosses an area of Badgerys Creek (home to the future Western Sydney Airport) to an underground cable route located within the airport site.

Thisrelocationwascriticaltoallowa substantialprogramofworkstotakeplacefortheairport,includingtheremovalof22millioncubicmetres of soil.

OursiteteamatBadgerysCreekdelivered this project for our customer, WesternSydneyAirportCorporation,threemonthsaheadofschedulewithno lost-timeinjuriesor environmentalincidents.

» Usinganundergroundcabletoconnecttwosectionsofabovegroundcableonthesamelineisaninnovativesolution,whichbenefitsthe airport and minimises impacts on the surrounding community�

» Theworksincludedstringing20kmofOPGWconductorfromSydneyWestSubstationtoBadgerysCreek,andinstallingopticalfibrecurrent transformers at each end ofthecabletomonitorcurrentflow.

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Meeting our customers’ needsProviding effective customer engagement is a core part of our business strategy.

Tomeasureperformance,weengageexternalconsultantstosurveycustomers.Inourlastengagementsurveyin2018,ourdirectcustomersrateduswitha95percenttrustscoreandan86percentreputationscore.Ournetadvocacyscorewas+10.Thishassetabenchmarkforourfutureperformance�

Byunderstandingourcustomers’objectivesanddevelopingsharedgoals,wecanidentifymutuallybeneficialopportunities and create a positive customer experience� Overthepast12months,wecontinuedtostrengthenourcustomerrelationshipsbyengagingwithourdirectcustomersregularlyandeffectively.Engagementincludedfacetofacemeetings,digitalinteractionsandregulareventssuchasprojectandindustryforums.Overall,weincreasedthenumberofcustomerengagementsto420comparedto200 last year�

Therewerealsoseveralopportunitiesforustoaddvaluethroughincreasedcollaborationandinformationsharing.Weorganisedseveralforumstodiscusstopicsimpacting the industry and provided updates on innovative technologies,suchassynchronouscondensersandgridscalebatterystorage.Throughengagementlikethis,westrengthenedcustomerrelationships,sharedknowledgeandwerepositionedtoquicklyandefficientlyrespondtoour customers’requirements.

Total 6929MW new generation capacity

Wind farms

Wind farms

Wind farm

Solar farms

Solar farms

Solar farms18 39

load connection

5 21

1

New generationconnections under development

New generationconnections under commissioning

New generationconnections under construction

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Connection

Telecommunications connections Over the past 15 years, TransGrid’s 4,000km network has grown significantly to become one of the largest fibre optic systems in Australia.

OurtelecommunicationsnetworkextendsfromLismoreinNSWtoGeelonginVictoria,andprovidesservicestowholesale,enterprise,government,energyandrenewablecustomers.Aunique‘fibreinthesky’network,strungaboveourhigh-voltagetransmissiontowers,providessecureandreliabledataservicestoour customers�

InFY19,ourtelecommunicationsbusinessrevenueincreasedbyover20percentaswecontinuedtoimplementourgrowthstrategy.Weanticipatefurthercustomerandrevenuegrowthoverthenextfiveyearsasweextendourbackbonenetwork.Wearealsoexpandingourproductportfolioandtheservicesweprovidetogovernment,enterprise,wholesale,energyand infrastructure clients�

Extending our reach InJuly2018,wewereselectedasadataandinternetservicesproviderontheNSWGovernment’sDepartmentofFinanceServicesandInnovationTelecommunicationspanel.Asapanelmember,wewillsupportdeliveryofthegovernment’s digital strategy across the state to achieve theirtransformationimperatives.Thiswasasignificantmilestoneforthebusinessand testamenttoourfast,secureandreliable network.

Overthelastyear,thebusinessalsostartedtoforgecloserelationshipswithotherpowerandutilitypartners,includingEndeavourEnergy,EssentialEnergy,NexiumandAARNET,byaugmentingournetworkwithkey fibreroutestoexpandourreachthroughoutNSW,ACTandVictoria.

Toenhancenetworkresilienceandourcustomeraccessnetworkreach,westartedtodevelopextendedaccesswiththirdpartiesusingNationalBroadbandNetwork(NBN)EnterpriseEthernet,TelstraManagedLeaseLine(MLL),andEthernetAccess(EA)services.Our plantodirectlyconnecttheNSW/ACTNBNPointsofInterconnection(POIs)continuedwith10connectionscompleted in FY19 and the additional POI connections settotakeplace inFY20.

WealsocommencedworkondeliveringanewSoftwareDefined–WideAreaNetwork(SD-WAN)andCloudConnectservice.Thiswillallowcustomerstoleverageanycombinationofservicesincludingfixedandmobiledata,andbroadbandinternetservicestosecurelyconnecttotheirapplicationstothepublic,privateandhybridclouds.Theseservicesarescheduledforlaunchin FY20�

Improving the customer experienceAsacustomerfocusedbusinessoperatinginacompetitivemarket,wearealwaysseekingopportunitiesthatwillhelpustoenhancethecustomerexperience.InJuly2018,wepartneredwithNokiatodesignanddeployanewcarrierEthernetnetworkinNSW.This stateofthearttelecommunicationsnetworkincorporatedthelatestequipmentandswitchingtechnology designed to MEF 3�0 standard� It has providedourcustomerswithoutstandingreliability,diversity,speedandsecurity.

Wealsodeployedanew24/7servicedesktoofferourtelecommunicationscustomersround-the-clocksupport,andimplementedadigitalworkflowplatformtolog,trackandreporttheprogressofallcustomerenquiries.Ourcustomerscannowraiseincidentsviaaself-servicedigitalportalanytimeandanywhere.Feedbackontheservicehastodatebeenverypositive.

OurCo-Location(Co-Lo)business,previouslyknownasFacilities,automatedkeycustomertouchpointstoreduceturnaroundtimeframesforcustomerssubmittingaco-locationapplication.Wealsostartedpreparationstolaunchanewonlineservice,scheduledforFY19/20,whichwillenablecustomerstoscopespaceonatowerandreserveaperturewithouthavingtoattendsite.

More than 130 telecommunication towers

37,000 high voltage transmission towers across NSW and the ACT

growthinrevenue in FY1920%

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Working with Mulgoa Land Care Group to assist with the management of weeds and improve biodiversity in the Mulgoa Creek corridor. The commitment to this land for conservation is vital as it provides habitat and supports safe movement for wildlife including wombats and several bird species.

Connection

Engaging with the community TransGrid’s high voltage transmission network flows through and serves communities in all urban, regional and rural areas of NSW and the ACT.

Asweembarkonanincreasingnumberofprojects,weaimtoincreasethe positiveimpact wehaveonlocal communities.

InadditiontoofficesinSydney’sCBDandwesternSydney,wehaveofficesanddepotslocatedinNewcastle,Orange,Tamworth,YassandWaggaWagga.Fromallourregionallocations,wedeployhundredsofpeopletoensurethetransmissionnetworkprovidessafe,reliableelectricityatthelowestpossiblecost.

Inadditiontomaintainingtheexistingnetwork,our employees and contractors are active in otherpartsofthestate,scopinganddeliveringnewgeneratorconnectionsandproposednewtransmission projects to meet future demand forenergy.Thebestwaytocommunicatewithcommunitiesisface-to-face,andthatistheapproachwetakewhennewprojectsare proposed.

Working in the communityInFY19,westartedcommunityengagementonPoweringSydney’sFuture(seepage22forprojectdetails)todefinearouteforthisundergroundcableproject.Todothis,wecarriedoutextensiveengagementwithhouseholds,businesses,governmentsand agencies to support development of theEnvironmentalImpactStatement(EIS),displayed inOctober2019.

Weidentifiednewstakeholdersneartherevisedtransmissioncableroute,aswellasnewlyaffectedstakeholdergroupsinthewidercommunitywhoarelikelytohaveaninterestinproject construction and operation� In addition todoorknocking,ageo-targetedsocialmediacampaignwasusedtoraiseawarenessoftheprojectandtoencouragecommunitymembersto attend community information sessions� This wassupportedbyotherengagementactivitiesincludingwebsiteupdates,phonecalls andprintadvertising.

Asocialmediacampaignwasalsoimplementedtocreateawarenessaroundtheinteractivefeedbackportal.Thecampaignencourageduserstoattachtheirfeedbacktoaspecificareaalongthetransmissioncableroutesothat concernswerehighlightedtransparentlyand openly�

Wealsolaunchedcommunityengagementon the route for proposed transmission interconnectingProjectEnergyConnect,which if approvedwouldconnectNSW,SAandVictoria(seepage21forprojectoverview).To dothis,TransGridmetwithlandholdersfromtheSAbordertoBurrongatounderstandtheirland use priorities� More than 300 hundred engagementactivitieshavetakenplacesinceNovember2018.

Working with landownersAlmost17,000individuallandownershaveTransGridassetsoreasementsontheirproperties.Weengagecloselywiththeselandholders to maintain and operate these assetsandeasementssothatwecanprovidesafeandreliabletransmissionservicestothe community.

InFY19,wereceivedapproximately600enquiresandapplicationsfrommembersofthepublicseekingtocarryoutdevelopmentswithinornearoureasements,andthisnumberisexpectedtoincrease as development projects progress in the GreaterSydneyarea.Tostreamlinetheprocessforourlandholders,wedevelopedanewwebsiteportalsothecommunitycanlodgeandtracktheirenquiries and applications online� The portal is expectedtodeliverefficiencybenefitsinFY19/20.

WealsoupdatedourLandholderEasementsandCompensationGuideinlinewithfeedbackthatsuggestedwecouldprovidelandholderswithmoreupfrontinformationontheacquisitionprocessandtheirrights,aspartofourlargeacquisition projects�

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Delivering hay bales to support farmers impacted by drought in NSW.Connection

Giving back to our communityCorporate giving is a key element of TransGrid’s commitment to corporate social responsibility.

Overthepast12months,westrengthenedourrelationshipwithRuralAidtosupportfarmersimpactedbythedroughtinNSWanddonatedmorethan$80,000infood vouchers and hay through Rural Aid’s ‘Buy a Bale’ program� Many of these farmers resided in communities located near our transmission lines�

Throughourcommunitypartnershipsprogram,wealsodonated$80,000toothercommunityorganisationslocatedalongsideourprojectroutesinNSWincluding:

Name Location How funding is being used

Scout Association of Australia 1st Yass Group

Yass Cleaning the scout hall and installing roof insulation

Energy and Water Ombudsman SouthernSydney Fundingforannualmembershipfees

NSW Rural Fire Service Bunnaloo Bunaloo Installingdrawersinthevehicletoprotecttoolsandsafety equipment

Wagga Wagga Community Media Incorporated

WaggaWagga Providingadisabilityaccessrampintothebuilding

Awards Australia NSW/ACT RecognisingoutstandingleadershipattheTransGridLeadershipAwards2018/2019

Armidale & Region Aboriginal Cultural Centre & Keeping Place

Armidale Runningtwo12-monthAboriginaleducationprograms

Moulamein Pre School Inc. Moulamein Buildingareadingnook,upgradingagingfurnitureandproviding ergonomic seating as part of the school’s literacy program

Pooncarie Primary School P&C Mildura Upgrading a 1920s shed to a greenhouse and creating anoutdoorcoveredareawithdisabilityaccess

Outback Theatre for Young People

Barham Establishingcreativeworkshopsforprimaryandhighschoolstudentstobuildskillsandfostercollaboration

NSW Department of Education Barham Public School

Barham Buyingadefibrillatorthattheschoolandlocalcommunity can use during events

Country Education Foundation of Coleambally

Coleambally Providingaccommodation,textbooks,equipment,uniforms and internet connections for post-secondary educationstudents,traineesandapprentices

Community Living and Respite Services

Echuca UpgradingkitchenfacilitiesattheMurrayRiverTea Rooms

Narrandera Landcare Inc. Narrandera SupportingacommunityinitiativetoplanttreesintheNarranderaWetlands

Moulamein Country Women’s Association

Moulamein Restoringkitchenfacilitiesafterfiredamage

NSW Cancer Council Kings Cross Sponsoringthe2019SchoolsChallengeatRelayfor Life

NSW Government Schools Mathoura Public School

Mathoura PurchasingSTEMrelatedresourcesforprimaryschoolstudentstakingpartinaten-weekroboticsprogram

Thunderstone Cultural & Land Management Services

Charnwood HoldingaWelcometoCountryandCleansingCeremony

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Annual Review

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4746

FY19 highlights

Chairm

an’s

message

CEO

’s report

Who

we are

Efficiency

Aff



Conn

ectionCollaboration

Jerry MaycockChair B. Eng Mech (Hons), FAICD, FEngNZJerrywasappointedasChairofTransGridon22February2018.Hehasspentmorethan35yearsinbusinessleadershiprolesand,asaseniorexecutive,hasworkedprincipallyinthebuildingandconstructionmaterialsindustries.HavingbegunhiscareerwithShellOilintheUKandthenNewZealand,heheldanumberof senior management positions in Australia,principallywithSwiss-basedconstruction materials multinational groupHolcimLtdovera20-yearperiod.Subsequentlyhe heldseveralotherseniormanagementpositions,the lastbeingManagingDirectorandCEOofCSRLtd.

Rick FrancisDirector and Deputy ChairB.Com, MBA, CA, GAICDRickwasappointedaDirectorofTransGridon16December2015.Hehasmorethan18yearsexperience in the Australian energy andinfrastructureindustries,andhasbeentheManagingDirectorandChiefExecutiveOfficerofSparkInfrastructure since May 2012� Prior tothat,hewasChiefFinancialOfficerattheASXlistedgastransmissionand energyinfrastructurebusinessAPAGroupforfouryears.Healsospent more than eight years at Origin Energy LimitedinanumberofseniormanagementrolesincludingGroupFinancial Controller and Operations Manager,EnergyTrading.

Bénédicte ColinDirectorMBA, GAICDBénédicteColinwasappointedtotheTransGridBoardon19April2017.She hasmorethan20yearsexperienceininfrastructure,projectfinanceandcorporategovernancein bothAustraliaandFrance.Priortothis,BénédictewasCEOofKeolisDowner,whichis the largest private multi-modal transport operator in Australia� Under herleadership,thebusinessgrewsignificantlyanddeliveredsuperiorcustomer satisfaction and operational performance� Bénédicte has overseen numerous PPP and franchise contract bidsandworkedontheVictorianDesalinationprojectsfromitsbidphasein2009toits$3.7bnsuccessfulfirstrefinancingin2013.Bénédictewasaco-founderandpartnerofthelawfirmDeGaulleFleurance&AssociateinPariswhereshehandledlargemergerand acquisition transactions� Bénédicte isalsoadirectorofPlenaryGroupHoldings,aspecialistinpublic-privatepartnership infrastructure projects�

Jean-Étienne LerouxDirectorB.Com, MFEJean-ÉtienneLerouxwasappointedtotheTransGridBoardon16December2015.HehasbeenRegionalDirector,Transactions&AssetManagementintheInfrastructureteamofLaCaissededépôtetplacementduQuébec(CDPQ)since2006.Inthisrole,he has a mandate to develop a portfolio of quality infrastructure holdingsinAustralia,whilemanagingspecificassetswithinthe portfolio.ThisincludesthePort ofBrisbane,forwhichheledthe acquisition process at the end of 2013� Jean-Étienne is a director ofthePortofBrisbaneandsitson the Oversight Committee ofFiera AxiumInfrastructure(Québec).HehasservedontheBoardsofInTransitBC(Vancouver,BritishColumbia),theBudapestAirportandSouthEastWater(UnitedKingdom).

Steven FitzgeraldDirectorBEc, MAICDStevenFitzgeraldwasappointedtotheTransGridBoardon1 July2018.HeisHeadofAssetManagementforHRLMorrison&Cowithresponsibilityfortheperformanceofprivatemarketinvestmentsmadeonbehalfofclients.StevenjoinedMorrison&Coin2011after13yearsofsenior executive experience at WellingtonInternationalAirport,Infratil Airports Europe and Sydney Airport.StevenisalsoaDirectorofQueenslandAirportsand Perth Airport�

Gordon HayDirectorB.Eng (Hons), MBAGordonHaywasappointedtotheTransGridboardon1July2018.HeisanExecutiveDirectoratMorrison&Co,andheisthePortfolio Performance Director for the Utilities Trust of Australia� Gordonhasabroadinfrastructurebackground,withspecificexpertiseinenergymarketsandregulatedutilities.Hisexperiencespansinvestmentmanagement,corporategovernance,andcorporateadvisory.Previously,GordonledtheEnergy&UtilitiesinvestmentteamatQIC,andheservedontheBoardofPowercoLimited,NewZealand’slargestregulatedenergynetwork.GordonwasalsoanExecutive Director at an Australian boutiqueinvestmentbank,wherehewasresponsiblefororiginationandexecutionofM&Atransactions,debtfinancingsandequityraisingsacrosstheinfrastructure,energyand resources sectors�

Collaboration

Board of Directors and Executive TeamOur directors and executive team have a wealth of combined experience across the energy industry and other markets.

Overthepast12months,therehavebeenseveralkeyappointments to support the delivery of our strategy� In November2018,wewelcomedanewExecutiveManager

Strategy,InnovationandTechnologytoourexecutiveleadershipteam.Thiswasfollowedbytheappointmentof ournewChiefFinancialOfficerinFebruary2019.

Board of Directors

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Annual Review

FY19FY19 highlights

Chairm

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message

CEO

’s report

Who

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Efficiency

Aff




Dr Warren MundyDirectorFRAeS, FAICD, BSc (Hons), DipEc, MPhil PhD, Grad Dip App Fin, MEnvLaw (Hons) DrWarrenMundywasappointedtotheTransGridBoardon16December2015.HehasheldseniorexecutiverolesintheairportsindustryinbothAustraliaandEuropeandhasworkedforMcKinseyandCompany,theReserveBankandtheWATreasuryCorporation� In 2015 he retired as a Commissioner on the Australian Productivity Commission after six years of service and served on the Board of Airservices Australia as Deputy Chair foroverfiveyears.WarreniscurrentlyadirectoroftheSydneyDesalinationPlant,thetrusteeoftheEnergyIndustrySuperannuationScheme,andtheNationalHealthCo-OperativeandamemberoftheQueenslandCompetitionAuthority.WarrenistheChairofboththe Regulatory Committee and of the trusteeoftheNSWElectricityNetworksAssets Trust�

Julie StanleyDirectorGAICD, CA, B.ComJulieStanleywasappointedtotheTransGridBoardon16December2015.SheisaformerAssuranceandAdvisoryPartneratDeloitte,andhasbeenaDirectorontheRegionalArtsVictoriaBoard since 2015� Julie has extensive experience as a Registered Company Auditor.Shehasadeepunderstandingoftheenergysector,havingauditedavarietyofclients,andhasgainedauditing exposure in the energy sector in Australia and the United Kingdom� Shecontinuestospecialiseintheenergy sector in Australia�

Dr Keith TurnerDirectorBE (Hons), ME, PhD, Elec Eng, FIEE, FIPENZ, FNZMKeithwasappointedtotheTransGridBoardon16December2015.HehasextensiveexperienceintheNewZealandenergysector,andservedasChiefExecutiveOfficerofMeridianEnergyLimitedfrom1999to2008.Priortothat,heworkedasaprivateenergyexpertadvising a range of large corporate clients andGovernment.KeithhasservedinseniorrolesatContactEnergy,theElectricityCorporationofNew Zealand,andtheNewZealandElectricityDepartment.Hehadalsoheldmanyindustry reform roles� Keith is currently aNon-ExecutiveDirectorofSAPowerNetworks,VictoriaPowerNetworks,CitiPowerandPowercorandaDirectorofChorusNZLimited.KeithhaspreviouslybeenDeputyChairofAucklandInternationalAirport,andChairofFisherandPaykelAppliancesLimited.

Paul ItalianoChief Executive OfficerB.Bus, MBA, FAIM, FLWA, FCPAPauljoinedTransGridinMay2016after serving as the Chief Executive OfficerofWesternPowersince2012.HiscareerincludestimewithWesfarmersGeneralInsuranceasGeneralManagerBusinessServices;atHBF HealthFundsasGeneralManagerFinancialServices andStrategicDevelopment;andattheRACasChiefFinancialOfficer.Paulis a CPA and holds a Bachelor of BusinessandanMBA.HeisalsoaFellowofCPAAustralia,LeadershipWAandtheAustralianInstituteof Management.

Jason Conroy

Chief Financial OfficerBCom (Accounting), MBA, FCAJason is an experienced seniorfinanceexecutiveandnon-executivedirectorwithatrackrecordofgeneratingsignificantvalueforshareholders.Notably,JasonwasChiefFinancialOfficeroftheASX-listedenergyutilityoperatorDUETGroupfornineyears,whereheco-ledasignificanttransformation through mergers andacquisitions,recapitalisationsand restructuring� This resulted in its$7.4billiontakeoverinMay2017.

Michael GattExecutive Manager, Works DeliveryDip Elec Eng, BCom (Business)Michael has more than 20 years experience in the electrical supply industry across a diverse range of responsibilitiesincludingtechnicalroles,policydevelopmentandseniormanagement.He currentlymanagesTransGrid’scapitalandoperatingworksprogramstogetherwithHealth,SafetyandEnvironment.Michael previouslyheldboardpositionswiththeNSW EnergyandWaterOmbudsman;heldseniorroleswith theDepartmentofEnergyUtilitiesandSustainability;andworkedasaSeniorAdviserforthe NSWGovernment.

Executive Team

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Annual Review

FY19FY19 highlights

Chairm

an’s

message

CEO

’s report

Who

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Efficiency

Aff




TransGrid also thanks Tony Meehan for his contribution to the executive team during the 2019 financial year.

Chris PembertonExecutive Manager, Corporate Services BEng (Hons), MBA, AGSM, GAICDChris has extensive experience in improvingbusinessperformance,service delivery and people engagementsupportedbyadiversebackgroundincorporateandbusinessstrategy,infrastructure,operations,IT,purchasing,propertyand engineering� In his previous roleasGroupHeadCorporateServicesforDowner,ChrisledtheIT,procurement,sharedservices,propertyandbusinesssystemtransformationandthebusinesscost reduction program� Prior to joiningDowner,Chrisranhisownconsulting practise and held a numberofseniorleadershiproleswithQantas.

Gerard ReiterExecutive Manager, Network Planning & OperationsBEng (Hons) RPEQGerardoverseesTransGrid’sstrategic asset management decisions and investment strategies inadditiontoassetperformance,environmentalapprovals,non-networksolutionsandsystemoperations.HehasadeepknowledgeofenergytransmissionbusinessesandhaspreviouslyheldexecutiveroleswithinPowerlinkinQueensland.HeworkedinSwitzerlandwithABBfortwoyears,andheldconsultingrolesinMalaysiaforTNB(Electric).GerardwasChairmanoftheAustralianPowerInstitute(API)from2012to 2016.

Graeme Wedderburn Head of Corporate AffairsBA CommGraemehasmorethan30yearsexperienceworkinginbusinessand government at the highest levels.BeforejoiningTransGridinNovember2018,Graeme’scareer included Director of SpecialisedCapitalGroup,Westpac’sinvestmentbankingarm, GeneralManager,GovernmentandCorporateAffairswithOriginEnergyandconsultingforbusinessand governments in Australia andAsiawitharangeoffirmsincludingKPMG.Ingovernment,Graemeservedinanumberofroles including senior adviser to Australia’s Minister for Foreign AffairsandasChiefofStaffforthe longestcontinuouslyservingNSWPremier.

Eva HanlyExecutive Manager Strategy, Innovation & TechnologyBEng (Hons), BA, MBA, AICDEva has over 20 years experience in theinfrastructureindustry.Shehasastrongbackgroundinprocuringand delivering infrastructure and in establishingnewbusinesses,drivinggrowthandleadingtransformationalchange.BeforejoiningTransGrid,EvawasGeneralManagerNSWDevelopmentatTransUrban,responsibleforthegrowthpipeline,andwaspartoftheleadershipteamresponsibleforacquiringWestConnex.Priortothat,EvawasGeneralManagerCommercial at Origin Energy� Eva sits on the Deans Advisory Council for the FacultyofEngineeringatUNSW.

Peter HortonExecutive Manager, Legal, Governance and RiskBA LLBBeforejoiningTransGrid,PeterHortonwasGroupGeneralCounselandCompanySecretaryforQBEInsuranceGroup(2014–2016)andWoolworths(2005-2014);General ManagerLegalandCompanySecretaryof WMCResources(1993-2005);andalawyerthenprincipalsolicitoratBHPPetroleum.PeterreceivedtheLifetimeAchievementAwardforservicetocorporatelawandin-houselegalbyGlobalLeadersinLawinSeptember2018.HewastheACLAAustralianCorporateLawyeroftheYearin2002andhisteamswereawardedtheACLAAustralianLawAwardforIn-HouseLegalDepartmentoftheYearin2004,2005and2013.PeterisalsoamemberofACCASXGC100ExecutiveCommittee and a non-Executive DirectorwithnotforprofitcompanyBusinessforDevelopment(B4D).

Richard LoweExecutive Manager, Business GrowthLLBRichard has more than 25 years experience in mergers and acquisitions,financing,andoperationsacross the infrastructure sector� In a career spanning commercial law,projectfinanceandinvestmentbanking,Richardhasledsuccessfulbidsandfinancedmajorprojectsand acquisitions valued at more than $100billion.HeisresponsibleforgrowingTransGrid’snewconnectionsandnetworkexpansion,property,telecommunications,strategicacquisitionsandcommercialisingnewtechnology initiatives� Before joining TransGrid,RichardwasManagingDirector of Macquarie Infrastructure’s $2bninfrastructureportfolioinIndia.

Executive Team

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TransGrid

Annual Review

FY19FY19 highlights

Chairm

an’s

message

CEO

’s report

Who

we are

Efficiency

Aff




Collaboration

Key indicator reviewTransGrid is committed to creating and sustaining long-term value. We delivered a strong financial performance this year, driven by revenue from our non-prescribed business totalling $142.19 million.

NSW generation output

OtherLarge Scale SolarWind

GasHydroBlack Coal

Peak operationaldemand

Network throughput(energy sent out)

Wholesaleprice c/kWh*

5.3%Increase from FY18 to FY19

-0.04%Decrease from FY18 to FY19

2017 2018 201920162015 2017 2018 201920162015

15.0%Increase fromFY18 to FY19

Market offer retailprice c/kWh*

0.4%Increase from FY18 to FY19

2017 2018 201920162015 2017 2018 2019201620152015

Total GWh59,240

0.1%0.1%

2.5%

5.9%

2.2%

89.2%

2016

Total GWh64,763

0.3%0.6%

4.5%

5.6%

2.8%

86.2%

2017

Total GWh64,087

0.4%0.9%

4.7%

3.7%

2.8%

87.5%

2018

Total GWh65,404

0.4%1.0%

4.0%

3.2%

3.7%

87.7%

2019

Total GWh66,880

0.8%1.8%

3.0%2.0%

5.7%

86.7%

70,120GWh

70,381GWh

70,350GWh

70,020GWh

68,766GWh

14,713 MW 13,093

MW

13,821MW

13,599MW

11,768MW

9.57 9.93

11.68

7.938.24

27.7430.59 30.71

20.222.1

*Source:AEMCelectricitypricingreport

AEMCelectricitypricingreport.TransGridTUOSandAEMOMarketdata.

Key financial indicatorsFY19 FY18

Prescribedrevenue 749.41 713.1

Non-prescribedrevenue 142.19 119�2

Total revenue 891.60 832.3

OperationalExpenditure(opex) (203.30) (216.1)

Earnings before interest, taxes, depreciation, and amortization (EBITDA) 688.30 616.2

Net profit after tax (NPAT) 28.83 (47.5)

Prescribedcapitalexpenditure(capex) 209.43 230.8

Non-prescribedcapitalexpenditure(capex) 139�33 108.0

Total Capex 348.76 338.8

Totalpropertyplantandequipment(PP&E) 7570.89 7577.9

Intangibleassets,investmentpropertyandother assets 2921.45 2997.7

Total assets 10492.34 10575.6

Externaldebt* (5695.06) (5634.2)

Otherliabilities* (574.71) (349.6)

Net assets 4222.58 4591.8

*Excludesdebtraisingcostsandfairvalueadjustments* Excludes shareholder loans

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TransGrid

Annual Review

FY19FY19 highlights

Chairm

an’s

message

CEO

’s report

Who

we are

Efficiency

Aff




Keeping you and your way of life

connected

Contact details

Sydney 180ThomasStreet SydneyNSW2000

PO Box A1000 SydneySouthNSW1235

Telephone:0292843000 Freecall:1800222537 Emergencies:1800027253 Facsimile:0292843456

BusinessHours: 8:30am–5:00pm

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