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Annual Stakeholder Report
Read about how we are delivering more for less for our customers.
In our 2015-2023 business plan we promised to deliver more for less for our customers. This included delivering 20% shorter and 8% fewer power cuts, reducing the time it takes to connect new customers by 30%, achieving 50% lower accident rates, reducing oil leakage by 15% and our carbon footprint by 10%, all whilst reducing our price to customers.
As we reflect on 2016-17, the second year of that period, we’re pleased to report that we’re delivering on our promises with our key outputs continuing to improve across the board and expenditure remaining inside the tough cost allowances that Ofgem set. This report gives you an update on what we’re doing to meet those targets and how we’re progressing.
Whatever targets and objectives we set for ourselves, operating safely will always be more important than any of them. It was another good year for us in this regard, meeting our headline accident rate target and achieving a best-ever outcome on driver safety. We also expanded our public safety awareness campaigns in the communities in our regions.
One of our most notable successes in the year was in the area of power cuts. We not only beat our targets for reductions in the number and duration of power cuts, but we delivered a set of results that would be good enough to meet the targets that Ofgem set for us for 2023. We recognise that the weather was kind to us last year and remain committed to improving our underlying performance over the coming years.
We were pleased to see our customer satisfaction take another step forward in the year, building on the improvements we made in the prior year. But we still owe our customers more in this area and we are determined to continue with our improvement journey to give our customers service levels that are second to none.
A priority that has become more prominent since we wrote our business plan is cyber security. In recognition of that we are making investments to increase the protections we have from this increasing threat.
There is no doubt that one of our most significant strategic priorities relates to the shift to a lower-carbon economy. For us, that means steadily transitioning our network (and the operations of our business) to one that is more sophisticated than it is today. The expectation that power network operators need to become system operators is a central part of the pathway that leads to a lower carbon economy. That is not just talk – it is something that is starting to happen right now.
Our business plan included a smart grid proposal that will see us modernise our network capabilities to support this transition and we are in full swing delivering these upgrades. Alongside this, whilst the energy suppliers work their way through the smart meter roll out, our own preparations to be ready at our end remain on track. We will play our full part in realising the benefits that smart meters will bring for our customers.
We’re pleased to reflect on another year in which we’ve operated within the reduced cost targets that were set for us, whilst improving outcomes for our customers. There’s still a long way to go in the period but we’ve made a very strong start and are well positioned to deliver strong outcomes for our customers both now and in the future as the energy landscape evolves.back