Climate Change Data

Power Assets Holdings Limited

Climate Impact & Sustainability Data (2013, 2022, 2023)

Reporting Period: 2013

Environmental Metrics

ESG Focus Areas

  • Health and Safety
  • Environment
  • Community Involvement
  • Employee Wellness and Development
  • Customer Service

Environmental Achievements

  • Dali and Laoting wind farms sold 200 GWh of electricity, reducing carbon emissions by approximately 193,700 tonnes.
  • HK Electric expanded its solar power system at Lamma Power Station to 1 MW.
  • AVR is working towards a “zero-waste” energy generation process, using residual products as raw materials.
  • AVR supplying process steam to a chemical company, planned extensions to reduce carbon emissions by more than 400,000 tonnes a year.

Social Achievements

  • UKPN installed 60 EV charge posts in London.
  • UKPN launched an EV leasing scheme in London.
  • HK Electric maintained a world-class electricity supply reliability of over 99.999% since 1997.
  • HK Electric organised four electrical safety and energy efficiency talks and 37 stakeholder tours.
  • UKPN employees took two paid days to volunteer in the community.
  • HK Electric’s “Good Neighbour” programme facilitated over 5,000 volunteer service hours.
  • NGN partnered with the Percy Hedley Foundation’s Employability Project.
  • WWU’s Gas Safety Exhibition reached over 150,000 visitors.
  • UKPN’s efficient response to the St. Jude storm received the Best Business Awards (Best Customer Focus category).
  • UKPN’s “Towards Zero” health strategy recognised with a Big Tick in the BUPA Workwell Award.

Governance Achievements

  • Power Assets completed the spin-off and separate listing of its Hong Kong electricity business.
  • HK Electric completed the interim review of the Scheme of Control Agreement with the HKSAR Government and got the green light for its 2014-2018 Development Plan.
  • Power Assets’ UK companies will begin operating towards a new set of performance, emissions and budgetary targets in response to new regulations.

Climate Goals & Targets

Environmental Challenges

  • Regulatory and Policy Uncertainty
  • Global Fuel Price Volatility
  • Heightened Stakeholder Expectations
  • Economic Uncertainty
Mitigation Strategies
  • Strong corporate governance
  • Careful investments in global markets
  • Proactive monitoring of government policies and legislation
  • Well-structured pricing models
  • Stakeholder engagement
  • Rigorous analysis processes and due diligence before investment decisions
  • Close monitoring of supply chain and diversification of procurement

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: AA1000AS, ISAE 3000

Third-party Assurance: Hong Kong Quality Assurance Agency (HKQAA)

Awards & Recognition

  • The Australian Business Award for Innovation (CitiPower and Powercor)
  • Gas Industry Young Persons' Special Award (NGN)
  • Finalist in the category of “Best Safety Leadership Program/Initiative” in the 2013 National Safety Awards of Excellence (SAPN)
  • Hong Kong Star Brands Award 2013 (Enterprise) (HK Electric)
  • A Big Tick in the BUPA Workwell Award (UKPN)
  • Wales Environmental Company of the Year (WWU)

Reporting Period: 2022

Environmental Metrics

Total Carbon Emissions:8,040,826 tCO2e/year
Scope 1 Emissions:7,252,903 tCO2e/year
Scope 2 Emissions:787,922 tCO2e/year
Scope 3 Emissions:548,308 tCO2e/year
Total Energy Consumption:17,720,670 MWh/year
Water Consumption:1,085,874,000 m3/year
Waste Generated:456,140 tons/year (hazardous and non-hazardous combined)
Carbon Intensity:0.299 tonnes CO2e/ HKD $’000 revenue

ESG Focus Areas

  • Decarbonisation
  • Hydrogen Economy and Energy Transition
  • GHG Emissions
  • Preserving the Natural Environment and Environmental Management
  • Innovation and Digitalisation
  • Human Capital Management
  • Occupational Health and Safety
  • Reliability, Asset Integrity and Cybersecurity
  • Customer Services and Helping Customer with Low-Carbon Transition
  • Community Engagement and Investment
  • Supply Chain Management
  • Corporate Governance
  • Business Ethics

Environmental Achievements

  • 3.4% reduction in Scope 1 and 2 emissions compared to 2021
  • 18% reduction in Scope 2 emissions due to grid decarbonisation and reduced electricity consumption
  • 80% waste diverted from landfill in 2022 (SAPN)
  • Approximately 4 million tCO2e per year abated through EDL's landfill gas and waste coal mine gas operations

Social Achievements

  • 0.19 lost time injury rate (down from 0.21 in 2021)
  • 28% reduction in lost days due to work-related injury (vs 2021)
  • 83.3% of employees covered by OHSAS 18001/ISO 45001
  • 36.0 training hours per employee
  • 94.5% of full-time employees received training

Governance Achievements

  • Signed the UN Global Compact
  • 6,710 hours of anti-corruption, ethics, and integrity training provided to employees

Climate Goals & Targets

Long-term Goals:
  • [object Object]
Medium-term Goals:
  • Reduce gas leakage by 24% between 2021 and 2026 (NGN and WWU)
  • Achieve net-zero for controllable Scope 1 and 2 emissions by 2028 (UKPN)
  • Double the amount of solar that can connect to South Australia’s electricity distribution network by 2025 (SAPN)
  • Achieve net-zero by 2035 (SAPN)
  • Achieve net-zero by 2050 (WWU, NGN, AGN, DBP, MGN)
Short-term Goals:
  • Reduce total water consumption of key office premises by 1% in 2025 (HK Electric)
  • Reduce production of ash and gypsum at LPS by 37% in 2024 (HK Electric)
  • Reduce waste generation of key office premises by 10% in 2025 (HK Electric)
  • Reduce water consumption at top 6 depots by 10-15% by 2023 (UKPN)
  • Achieve 10-20% Biodiversity Net Gain increase at all new grid and primary sites (UKPN)
  • Send less than 0.1% of excavation spoil by mass to landfill annually by 2026 (NGN)
  • Reduce amount of office and depot waste by 20% between 2018 and 2026 (NGN)
  • Use no more than 2.5% virgin aggregate annually by 2026 (NGN)
  • Send a maximum of 20% excavated spoil materials to landfill by 2026 (WWU)

Environmental Challenges

  • Fuel scarcity and supply chain disruptions due to geopolitical tensions
  • Changing demand for electricity from the grid due to increased renewable energy adoption
  • Changing demand for gas due to the transition to a low-carbon economy
  • Increasing operational expenses due to resource scarcity and carbon price implications
  • Introduction of carbon taxes
  • Increasing prices of raw materials due to supply-side disruptions
Mitigation Strategies
  • Investing in green energy and innovative solutions
  • Modernising and digitising electricity networks
  • Blending hydrogen and biogas into existing gas distribution networks
  • Replacing natural gas with hydrogen and biogas
  • Implementing a broad range of initiatives and adaptation measures
  • Developing a robust risk management framework

Supply Chain Management

Responsible Procurement
  • Supplier Code of Conduct
  • Incorporating social and environmental clauses into supplier contracts
  • Sourcing locally where possible
  • Including environmental, social, and governance criteria in procurement processes

Climate-Related Risks & Opportunities

Physical Risks
  • Coastal inundation
  • Surface water flooding
  • Riverine flooding
  • Extreme wind
  • Extreme heat
  • Forest fire
Transition Risks
  • Changing demand for electricity from the grid
  • Changing demand for gas
  • Increasing operational expenses
  • Introduction of carbon taxes
  • Increasing prices of raw materials
Opportunities
  • Increasing demand for zero-carbon energy

Reporting Standards

Frameworks Used: Hong Kong Stock Exchange’s ESG Guide, TCFD

Certifications: ISO 14001, ISO 45001

UN Sustainable Development Goals

  • SDG 7
  • SDG 12
  • SDG 13
  • SDG 8
  • SDG 9

Power Assets is actively promoting the transition towards a new energy model by providing modern forms of energy with environmentally sustainable and financially affordable options. We are constantly striving to evolve and grow while adapting our services to be inclusive and accessible to everyone, including vulnerable customers. Through expanding renewable energy, waste-to-energy, renewable natural gas and carbon capture capacity, we put significant effort into optimising our business while reducing GHG emissions. Being a part of the solution is also crucial for us through the energy transition as we support the hydrogen and renewable gas economy by blending renewable gas into existing distribution networks and ultimately replacing natural gas to achieve the last mile of our net-zero journey.

Awards & Recognition

  • 2022 Asian Power Awards’ Solar Power Project of the Year – Australia (EDL)
  • Energy Networks Australia (ENA) – 2022 Energy Networks Industry Consumer Engagement Award (AGN & Multinet Gas)
  • South Australian Premier’s Community in the Energy Sector Award (AGN)
  • Best Use of Customer Insight Engage Awards (NGN)
  • Top Customer Service Provider in the UK Customer Service Index (UKPN)
  • Hydrogen Project of the Year Award at the Connecting Green Hydrogen MENA 2022 Hydrogen Future Awards (AGN)

Reporting Period: 2023

Environmental Metrics

ESG Focus Areas

  • Just Transition
  • Gender Equality
  • Labor Management
  • Diversity, Equity, and Inclusion
  • Community Involvement
  • Customer Relations
  • Health and Safety
  • Cybersecurity
  • Supply Chain Sustainability

Social Achievements

  • Joined the Racial Diversity and Inclusion Charter for Employers.
  • AGIG recognized by the Diversity Council of Australia as an Inclusive Employer for 2023-2024.
  • Achieved 75% for Inclusion and Diversity index outcomes in Employee Opinion Survey.
  • Increased AGIG staff volunteer hours from 358.5 in 2022 to over 670 in 2023.
  • Community Partnership Programme invested over AUD$524,600 in charities.
  • Implemented various initiatives focusing on gender equality, including target setting and action training.
  • Achieved 25% female in employment across workforce at EDL.
  • Launched Priority Services Programme (PSP) for vulnerable customers at AGN.
  • Updated Complaint and Dispute Resolution Procedure at AGN.
  • Completed Global Employee Engagement Survey at EDL.
  • Implemented Manager Once Removed Conversation initiative at EDL.
  • Enhanced recruitment procedures at EDL by engaging WORK180.
  • Implemented an employee benefits package at AGIG.
  • Implemented various health and wellness programmes at WWU.
  • Launched online learning platform at AGIG.
  • Implemented ESG training module at Wellington Electricity.
  • Supported Studies programme at UKPN provided funding for employee qualifications.
  • Organised IGNITE and Breaking Ground training programmes at EDL.
  • Achieved 0.29 Lost time injury rate.
  • 83% of employees covered by OHSAS 18001/ISO 45001, ISO 55001.
  • Completed internal and external health and safety audits at EDL and VPN.
  • Organised various health and safety promotion campaigns and trainings at HK Electric.
  • Provided Industrial Safety Training at VPN.
  • Organised contractor safety breakfasts at Wellington Electricity.
  • Implemented a Privacy Management Programme at HK Electric.
  • Rolled out community media campaign on electrical risks and hazards at SAPN.
  • Implemented corporate instruction on complaints management at HK Electric.
  • Engaged with over 4,850 customers and stakeholders at VPN.
  • Introduced VERA mobile engagement vehicle at VPN.
  • Hosted Contractor Safety Forums at UKPN.
  • Held a webinar for suppliers on SDGs at NGN.
  • Organised Happy Green Campaign at HK Electric.
  • Established Cost-of-Living Fund at UKPN.
  • Launched “Young People with Energy” programme at NGN.
  • Initiated Community Partnering Fund and NGN Customer Support Fund at NGN.
  • Offered two volunteer days per year at NGN.
  • Supported communities to plan for rolling power cuts at UKPN.
  • Launched “Game Over” campaign at WWU.

Governance Achievements

  • Implemented a well-structured performance review process.
  • Ensured equal access to training and career development for both men and women.
  • Implemented the ISO 27001 or other information security standards in several business units.
  • Implemented a Supplier Code of Conduct.
  • Implemented Human Rights Policy, Modern Slavery and Human Trafficking Statement, and Environmental Policy.

Climate Goals & Targets

Long-term Goals:
  • Net-zero emissions (implied, not explicitly stated)
Medium-term Goals:
  • Achieve 40% female representation in workforce by end-2027.
  • Achieve 40% female representation in senior leadership by end-2030.
  • Achieve 100% compliance of contracted suppliers with Supplier Code of Conduct by 2030.
Short-term Goals:
  • Achieve 22% female in management roles by 2026.
  • Achieve 27% female in employment by 2026.
  • Achieve 50:50 gender balance across the business for new employees where possible by 2024.
  • Deliver mental health training for all colleagues by 2026.
  • Achieve 75% employee satisfaction in well-being and mental health by 2026.
  • Achieve 80% supply chain compliance with Supplier Code of Conduct by 2026.

Environmental Challenges

  • Higher turnover associated with rehiring costs, knowledge loss, and insufficient training and career development.
  • Labour shortages in sectors with higher gender segregation.
  • Potential risks of social disruption and climate change.
  • Cybersecurity threats.
  • Potential environmental and social consequences throughout the supply chain.
  • Cost-of-living crisis impacting vulnerable customers.
Mitigation Strategies
  • Various initiatives focusing on gender equality, including target setting and action training.
  • Improved recruitment procedures and employee benefits packages.
  • Comprehensive training and development programmes.
  • Enhanced cybersecurity governance, internal capacity, and information protection.
  • Regular monitoring, audits, and evaluations of suppliers.
  • Emergency escalation protocols and action plan for unstable supply chains.
  • Cost-of-Living Fund and partnerships to support vulnerable customers.

Supply Chain Management

Supplier Audits: Nearly all suppliers participated in assessment process.

Responsible Procurement
  • Supplier Code of Conduct
  • Modern Slavery Questionnaire
  • Supplier Pre-qualification Business Ethics Questionnaire

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: UNGC

Certifications: OHSAS 18001/ISO 45001, ISO 55001, ISO 27001 (several business units)

Awards & Recognition

  • Happy Workplace Award
  • Investors in People (platinum)
  • Best Companies Awards 2023
  • Inclusive Service Kitemark
  • Living Wage employer
  • Partner Employer Award 2023
  • Excellent Corporation Award
  • Existing Employee Retention Award
  • Joyful @ Healthy Workplace Best Practices Award – Grand Award
  • RoSPA President’s Award (Gold Standard)
  • Best Customer Satisfaction Strategy Award
  • Top 40 Best Workplaces to Give Back 2023
  • WORK180 endorsed employer
  • Rising Star of the Year (Australian Information Security Association)
  • Security Operations Superheroes Award (Cybersecurity Warrior Awards)