SUMMARY O
N:
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TR
TRADITION:
E
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THE F
F THE
ANNUAR LT
REPO
2 0 1 3
TRADITION: TRANSMISSION: THE FUTURE
Transmitting energy is our mission. ELES believes that it transmits much
more. This year we are celebrating 90 years of electric power transmission
network. This is our tradition from the past which ELES transmits into the
future. Tradition is the foundation on which decade after decade we all
together have been building the electric power transmission system as it is
known today. A modern system of cutting-edge knowledge and technology.
The link between the history and future. For life today.
CONTENTS
Table of contents:
KEY ACHIEVEMENTS FROM ELES’ OPERATIONS
8
CHIEF EXECUTIVE OFFICER'S ADDRESS
10
SUPERVISORY BOARD REPORT
12
1 INTRODUCTION
16
1.1
Presentation and Main Activities of ELES, d.o.o.
18
1.2
Mission, Vision and Values
21
1.3
Significant Business Events in 2013
21
1.4
ELES' Objectives 2014 - 2016
23
2 BUSINESS REPORT
26
2.1
Management Policies of ELES, d.o.o.
28
2.2
ELES Group
29
2.3
Transmission Network Operation and Maintenance
29
2.3.1
Grid Input and Grid Offtake
30
2.3.2
Significant Events in 2013 in the Field of Operation Connected with
Electricity Transactions
32
2.3.3
Transmission Network Maintenance
33
2.4
Transmission Network Construction in 2013 and its Further Development
33
2.4.1
Investments into the Electric Power Transmission Network
34
2.4.2
Development and Research
38
2.5
Risks
38
2.6
Employees
40
2.6.1
Safety and Health at Work
42
2.7
Management Systems
42
2.8
Socially Responsible Company
43
2.9
Significant Post Reporting Period Events
44
2.10
Endorsement of the Annual Report
44
3 SUMMARY FINANCIAL STATEMENTS
46
3.1
Basis for the Preparation of the Summary Financial Statements
48
3.2
Summary Financial Statements
50
LIST OF ABBREVIATIONS
60
5
6
UPGRADING
KNOWLEDGE
FROM THE PAST
SMI SSI ON
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7
Designing, maintenance and management of the electric
power transmission network of the Republic of Slovenia is
a responsible task which ELES tackles with rich knowledge
and professional approach. ELES learned from the best
– the pioneers of electric power transmission and their
successors.
Key Achievements from ELES’ Operations
8
KEY ACHIEVEMENTS FROM ELES’ OPERATIONS
Operating profit and net profit
in line with Article 46 (a) of the EA
(in million euros)
9.2
9.5
2013
2012
2011
2010
Operating profit and net profit
not in line with Article 46 (a) of the EA
(in million euros)
9.2
10.9
2011
4.1
6.7
5.3
2010
Investments (in million euros)
2011
2010
44.7
39.5
26.9
24.1
19. 2
67.9
37.5
45.4
611.3
381.5
2011
546.7
399.1
2010
527.6
397.2
Balance sheet total
Equity
2013
538
2013
2012
530
2012
2011
530
2011
2010
533
2010
Return on assets (ROA) %
623.9
382.8
Value added per employee
(in thousand euros)
Employees as at 31 Dec
46.2
7.7
2012
Operating profit / loss
Net profit / loss
Operating profit / loss
Net profit / loss
2012
2013
56.4
2012
5.1
From 2010 items in line with Article 46 (a) of the EA
2013
41.0
35.9
2013
Equity and balance sheet total
as at 31 dec
(in million euros)
121.5
118.4
115.4
106
Return on equity (ROE) %
7.7
10.5
10.5
7.9
5.8
3.9
1.5
2013
0.9
0.8
1.1
2012
2011
2010
Return on assets (ROA) in % (not in line with article 46 (a) of the EA)
Return on assets (ROA) in % (in line with article 46 (a) of the EA)
4.9
2.5
2013
1.3
1.0
1.3
2012
2011
2010
Return on equity (ROE) in % (not in line with article 46 (a) of the EA)
Return on equity (ROE) in % (in line with article 46 (a) of the EA)
9
OPERATING DATA FOR 2013
Structure of grid input in 2013 as per month
Structure of grid offtake in 2013 as per month
Energy [GWh]
Energy [GWh]
1,600
1,600
1,400
1,400
1,200
1,200
1,000
1,000
800
800
600
600
400
400
200
200
0
0
JAN FEB MAR APR MAJ JUN JUL AVG SEP OKT NOV DEC
HE
TE**
JAN FEB MAR APR MAJ JUN JUL AVG SEP OKT NOV DEC
NE*
Direct consumers
Distribution
PSHPP (pumping)
* 100-percent share of KNPP has been considered
** generation of RES and CPTEP has been considered
Note: The KNPP overhaul took place in October and November 2013.
The highest and the lowest daily grid offtake in 2013
Physical cross-border power flows with the neighbouring EPS in 2013
Power [MW]
2,500
2,000
A
781.2 MWh*
2179.0 MWh**
The highest daily offtake on 7 February 2013
H
Maribor
Ptuj
Jesenice
Velenje
Kranj
1,500
Slovenj
Gradec
Murska
Sobota
Celje
Kamnik
I
Trbovlje
LJUBLJANA
5316.5 MWh*
Nova Gorica
1,000
CRO
Krško
Postojna
Novo mesto
The lowest dally offtake on 1 May 2013
500
132.5 MWh**
Kočevje
Pivka
Koper
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
The highest daily offtake
The lowest dally offtake
2586.2 MWh*
5209.9 MWh**
* Input abroad: 8683.94 MWh
** Offtake from abroad: 7521.38 MWh
NOTE: Calculated border virtual points are taken into consideration.
Input abroad includes also 50 % of the KNPP; however, the offtake
from abroad was higher than input, which means that Slovenia was
dependent on imports of electricity (10.5 % in 2013).
10
Chief Executive Officer's Address
SLOVENIAN TRANSMISSION NETWORK
ENRICHED BY AN IMPORTANT NEW CONNECTION
2013 will be written in the annals of
to the centre of the country with the
ELES’ history as one of its most dynamic.
highest consumption of the consumers,
This is not only due to the many changes
thereby increasing the safety, reliability
in management – I am indeed the com-
and performance of the Slovenian elec-
pany’s fourth CEO in a relatively short pe-
tric power system as a whole. With the
riod of time – but also for the successful
possibility of additional transit flows, the
realization of some key investments. The
aforementioned connection also makes
latter confirm that a well set medium-
a significant contribution to the envis-
term strategy, the amended and imple-
aged integration of European markets.
mented new investment approach and
ELES shall be able to take advantage of
the management of all types of risks
valuable experience gained in the design,
is the way which reliably leads ELES to-
construction and co-operation with local
wards business excellence.
communities in this project also in the
implementation of the other complex
I am likewise proud to stress that it was
development projects that are still ahead
due to the exceptional commitment of
of us. And there are many.
all employees in 2013, that we managed
to complete a number of important pro-
At the same time it should not be for-
jects. The highlight among these is un-
gotten that in 2013, ahead of schedule,
doubtedly the 2x400 kV Beričevo–Krško
ELES successfully completed also the
transmission line. Work on this new line,
complex several years-long reconstruc-
one of the most important in the recent
tion of the 400 kV switchyard at the
history of this nation’s transmission net-
Krško Nuclear Power Plant. A new 2x100
work began in late 2011 and was suc-
kV Beričevo-Trbovlje transmission line
cessfully completed at the end of 2013.
also commenced operation, while some
The new 400 kV connection facilitates re-
of the key stages of renovation of the
liable power transmission in several direc-
400/110 kV Okroglo substation were also
tions, and in particular from the genera-
carried out. In addition to the successful
tion intensive eastern part of the country
continued roll-out of projects related to
11
the introduction of smart grid technolo-
overhaul of power system management
the entire 110 kV transmission network
gies, the middle of the year saw hando-
systems, which are European energy in-
as prescribed by the Energy Act RS – lies
ver and trial operation of the new 110 kV
frastructure projects enjoying PCI priority
ahead. ELES shall continue to strengthen
gas-insulated Ilirska Bistrica substation,
status.
its regional role as well as achieve even
together with the implementation of the
greater visibility on the international
award-winning SUMO system, which is it-
In addition to maintaining Slovenia’s
self the fruit of the extensive knowledge
transmission network in optimum con-
of ELES employees.
dition and opening the doors to the in-
ELES’ encouraging results in 2013, to-
tegration of European markets, ELES
gether with our long-term planned strate-
In order to carry out its mission to pro-
focuses much attention to the further
gic development policies, provide signifi-
vide a continuous and quality transmis-
optimization of all the business process-
cant vindication that we are successfully
sion of electricity, ELES shall continue to
es. The results of the latter are already
accomplishing the objective we have set
invest in the upgrade and modernization
visible in the successful accomplishment
ourselves: to rank among the most suc-
of the transmission network with the aim
of business plans, the reduction of costs
cessful and pre-eminent companies in
of increasing reliability and optimization
and increase in revenues, which bring
Slovenia and the broader region.
of electricity transmission and providing
numerous advantages to all users of the
lower costs for end customers also in the
transmission network. This is reflected
future.
not only in the high-quality and reliable
Aleksander Mervar
transmission of electricity, but also indi-
Chief Executive Officer
Over the coming years, we are planning
rectly in the gradual solid reduction of
ELES, d.o.o
investments at an average of 60 million
costs arising from the use of the network
euros per annum. A significant portion of
– i.e. the network charge – which in the
these resources are earmarked primar-
2013-2015 period shall be fifteen per-
ily for the 400 kV interconnection with
cent lower than in 2012.
neighbouring Hungary, together with
the augmentation of transmission paths
A year of new business challenges – in-
to Italy. In addition there will be a further
cluding a new ten-year Transmission
upgrade of the existing 220 kV network
Network Development Plan as well as
to 400 kV voltage level as well as an
all the implications of the acquisition of
market.
12
Supervisory board report
SUPERVISORY BOARD REPORT
During 2013, the Supervisory Board of
Board revealed their memberships of oth-
ELES, d.o.o. consisted of six members.
er management and supervisory bodies
of affiliated and unaffiliated companies.
Ms. Mojca Šircelj, Mr. Robert Sever, Mr.
Mr. Marjan Ravnikar, M.Sc. is a member
Slavko Visenjak and Mr. Janez Hrovat
of the Supervisory Board of Premogovnik
represented the interests of the com-
Velenje, while the other members are not
pany’s founders on the ELES Supervisory
the members of the supervisory boards
Board during much of 2013, while Mr.
or management boards of other affili-
Janez Hrovat was appointed representa-
ated and unaffiliated companies.
tive of the Company on 26 April 2013.
By way of the decision of the Slovenska
The Supervisory Board of ELES, d.o.o. held
Odškodninska Družba d.d. (Slovenian
eleven regular sessions, nine extraordi-
Compensation Company), the term of
nary sessions and three correspondence
office of the aforementioned members
sessions during 2013, at which 186 reso-
of the Supervisory Board was terminated
lutions were adopted.
on 19 August 2013. On 20 August 2013,
new members of the Supervisory Board
Supervisory Board sessions were for the
– Mr. Igor Maher, Mr. Matevž Marc, Mr.
most part attended by all members. Due
Milan Krajnik and Mr. Marjan Ravnikar –
to justified reasons, Mr. Jože Senčar did
were appointed for a four-year term. At
not attend the 177th extraordinary ses-
its 186th session, on 22 August 2013, the
sion of 22 March 2013. Mr. Bogdan Trop,
members of the new Supervisory Board
also due to justified reasons, could not
elected Mr. Marjan Ravnikar, M.Sc., as
attend the 186th regular session of 22
chair and Mr. Igor Maher as deputy chair
August 2013.
of the Supervisory Board. Employee representatives on the Supervisory Board
At its 173rd extraordinary session, the
during 2013 were Mr. Bogdan Trop and
ELES Supervisory Board recalled Mr. Mi-
Mr. Jože Senčar. At its constitutive ses-
lan Jevšenak from his position as Chief
sion, the members of the Supervisory
Executive Officer. Mr. Vitoslav Türk was
13
appointed Chief Executive Officer for
mandate as the Company’s appointed
Mr. Robert Sever became Audit Com-
a period not longer than six months, or
representative until the appointment
mittee chairman. The Audit Committee
until a new CEO was appointed follow-
of a new CEO or until 25 October 2013
held six meetings during 2013; these
ing the tender procedure. The tender for
at the latest, when his mandate, pursu-
were attended by all members with the
the appointment of a new CEO was pub-
ant to the appointment, would expire.
exception of Mr. Robert Sever, who, due
lished in the media, while the examina-
In September 2013 the Supervisory
to justified reasons, was absent from the
tion of applications and interviews was
Board published a further tender for the
58th and 60th sessions of the Commit-
undertaken in April 2013. At its 180th
appointment of a new chief executive
tee, respectively of 20 February and 17
extraordinary session of 26 April 2013,
officer in the media. At their 188th ex-
April 2013.
the Supervisory Board decided not to
traordinary meeting, the members of the
appoint any of the applicants, thereby
Supervisory Board reviewed all submitted
Member of the Supervisory Board, who
concluding the selection procedure. On
applications and at the 189th extraor-
were appointed as at 20 August 2013,
26 April 2013 the Supervisory Board ap-
dinary meeting familiarised themselves
also appointed an Audit Committee,
pointed Mr. Janez Hrovat as the appoint-
with the candidates’ presentations. From
chaired by Mr. Igor Maher, while Mr. Mar-
ed representative of ELES for a period of
among these applicants, the Supervisory
jan Ravnikar, M.Sc., was nominated as a
not longer than six months, and namely
Board appointed Mr. Aleksander Mervar
member, and Ms. Darinka Virant an ex-
until a new CEO was appointed pursuant
as the Company’s CEO on 26 October
ternal member. This Committee held one
to a public tender.
2013 for a four-year term of office.
session, at which all its members were
present.
At its 187th regular meeting, the Super-
The Supervisory Board also instated
visory Board established that the term of
a new Audit Committee during 2013.
The Supervisory Board’s Investment
office of Mr. Janez Hrovat as ELES’s ap-
Its SB members were – until 19 August
Committee was comprised of Mr. Slavko
pointed representative would terminate
2013 – Mr. Robert Sever, Ms. Mojca
Visenjak (chair) Mr. Robert Sever, Mr.
on the date of dismissal of membership
Šircelj and Mr. Janez Hrovat, whist Ms.
Bogdan Trop and Mr. Jože Senčar until
in the Supervisory Board, i.e. 19 August
Tamara Jerman was appointed as exter-
19 August 2013. The Committee con-
2013. In accordance with the Act on the
nal members. Mr. Janez Hrovat was also
vened twice and these sessions were at-
Establishment of the Public Enterprise
chairman of the Audit Committee until
tended by all members.
Elektro-Slovenija, d. o. o., however, the
26 April 2013, and when his term of of-
Supervisory Board endorsed Mr Horvat’s
fice in the Supervisory Board expired,
14
Members of the Supervisory Board, who
lan Krajnik, with Mr. Bogdan Trop and Mr.
Republic of Slovenia, henceforth referred
were appointed on 20 August 2013, ap-
Igor Maher as members. This Committee
to as CAMA) approved ELES’ guarantee
pointed the Committee for the devel-
held one session, which was attended by
towards Talum or its electricity supplier
opment, strategy and investment pro-
all members.
for the period from 2013 to 2015. By way
jects, chaired by Mr. Matevž Marc, with
of this decision, consent was also given
Mr. Bogdan Trop and Mr. Jože Senčar
In 2013, the Supervisory Board addressed
that on the basis of issued and redeemed
as members. The Committee held two
the business decisions of the company’s
guarantees, ELES may turn its receiva-
meetings, which were attended by all
management and paid due attention to
bles arising from such guarantees into a
members.
improving company’s operations. Given
long-term loan with the option of conver-
specificities of ELES’ activities, and de-
sion into share capital. With its Decision
During 2013, the Supervisory Board op-
spite the continuation and deepening of
No. 4-28/2012-238 CAMA agreed with
erated a Committee for monitoring the
the economic recession which has also
ELES’ provision of a revolving guarantee
guarantee provided to Talum d.d.. Prior
affected the company’s business activi-
to Talum for the supply of electricity in
to 19 August 2013, the members of this
ties, ELES’ operations may be described
the 2013 to 2015 period. In conjunction
committee were Ms. Mojca Šircelj (chair),
as very good.
with its aforementioned Decision, CAMA
obliged ELES’ Supervisory Board to pro-
and Mr. Slavko Visenjak and Mr. Vitoslav
Türk, M.Sc. as members. Mr. Türk was a
The Supervisory Board was regularly in-
vide it, on a quarterly basis, with all neces-
member prior to the termination of his
formed of the endeavours of manage-
sary data, information and circumstances
term of office on 26 April 2013; thereaf-
ment in the resolution of the difficult
that affect the redemption of any such
ter Mr. Janez Hrovat became the mem-
situations in which the Talum subsidiary
guarantee. The Supervisory Board has
ber. This Committee convened four times
found itself in 2011. In 2013, Talum was
followed this requirement and according
during 2013; meetings were attended by
obliged to enter into a contract for the
to the information provided by the Com-
all members save for the absence of Mr.
purchase of electricity necessary for the
pany on the calling upon of the guaran-
Vitoslav Türk, M.Sc. at the 2nd session of
production of aluminium at relatively
tee and changes in long-term loans, re-
26 April 2013 due to justified reasons.
high prices which it was unable to pay.
ported to the of the management boards
Members of the Supervisory Board, who
Consequently, by way of its Decision No.
of CAMA and Slovenska Odškodninska
were appointed on 20 August 2013, in-
4-28/2012-226 of late 2012, the Agencija
Družba (Slovenian Compensation Com-
stituted a Committee for the supervision
za Upravljanje Kapitalskih Naložb (Capi-
pany). Moreover, the Supervisory Board
of Talum’s operations, chaired by Mr. Mi-
tal Assets Management Agency of the
reported on the conversion of long-term
15
loans into share capital in Talum, which
The Supervisory Board was familiarised
took place at the General Assembly of Ta-
with ELES’ 2012 Annual Report, with
lum on 30 August 2013.
the external Auditor’s opinion and the
2012 Consolidated Annual Report of the
In its work, the Supervisory Board paid
ELES Group. On the basis of the report
special attention to maintaining high
provided by the Supervisory Board Audit
operational reliability of the transmis-
Committee, the Supervisory Board en-
sion network, and with that the manage-
dorsed the 2012 Annual Report together
ment, maintenance and investment into
with the Auditor’s opinion and the 2012
the transmission network. In compliance
Consolidated Annual Report of the ELES
with the aforementioned guidelines,
Group with the pertaining opinion of the
the Supervisory Board reviewed and ap-
Auditors.
proved ELES’ Annual Plan for 2014 as
well as its 2014-2016 Operational Plan.
In Ljubljana, on 19 February 2014
The Supervisory Board devoted special
attention to the implementation of the
Marjan Ravnikar, M.Sc.
of the Company’s infrastructure invest-
Chairman of the Supervisory Board
ments. Particularly problematic was the
ELES, d.o.o.
investment into the 2x400 kV BeričevoKrško transmission line, where irregularities were discovered in the execution of
works by the contractor Dalekovod d.d..
The Supervisory Board remained informed as to the state of the investment
as well as supported Management’s
efforts to rectify irregularities in order
to protect the business interests of the
Company.
16
INTRODUCTION
A RELIABLE
PARTNER OF
ENERGY
SMI SSI ON
TI ON: TRA N NSMI S
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A
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T
:
E
R
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N: THE FUT
DI TI ON: TR
A NSMI SSI O
UTURE: TRA
R
F
TRA DI
T
E
:
:
H
E
N
T
R
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:
U
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T
T
O
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U
I
TRA D
THE F
SMI SS
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E
N
:
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A
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U
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:
S
F
S
N
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I
M
: THE FU
: TH
DI T
A NS
NSMI SSI ON
NSMI SSI ON
I TI ON: TR
UTURE: TRA
A
A
D
F
R
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A
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17
ELES provides for reliable, safe and uninterrupted transmission of
electricity. 24 hours a day, ELES is ready for an immediate response
to changes. As the system operator of the Slovenia’s electric power
transmission network and guardian of the electric power system of
the Republic of Slovenia, ELES is an important and solid backbone of
the Slovenian electricity industry.
18
1 INTRODUCTION
1.1 Presentation and Main Activities of ELES, d.o.o.
As the system operator of this electricity transmission network, ELES,
d.o.o. ensures the safe, reliable and uninterrupted transmission of electricity. ELES is the guardian of the Slovenia’s electric power system,
which is closely connected with the transmission networks of the neighbouring countries and integrated into the European energy system and
integrated into the European energy system. As experts in the field of
electric power engineering, ELES uses its knowledge and the application
of advanced technology to provide both suppliers and customers with
quality energy transmission, and thus quality of life.
Pursuant to the Slovenia’s energy legislation, ELES is responsible for the
design, construction and modernisation of the Slovenia’s high voltage
transmission network at three voltage levels – 400 kV, 220 kV and a
portion of the 110 kV voltage level. The development and upgrade of
the transmission network is planned in order to allow the integration of
new generation sources as well as a reliable and quality supply of large
consumers of electricity across the entire territory of Slovenia.
As the system operator of Slovenia’s transmission network ELES preserves balance between generation and consumption of electricity
within the transmission network within the transmission network 24
hours a day. With 538 employees and state-of-the-art technology, ELES
stands side by side with the most advanced European transmission system operators and achieves the standards of modern organisation.
EXTENT OF THE ELES’ TRANSMISSION NETWORK
System
voltage level
110 kV transmission system
220 kV transmission system
400 kV transmission system
Total transmission system
Year
Length
(in km)
No. of
transformers
Length
(in km)
No. of
transformers
Length
(in km)
No. of
transformers
Length
(in km)
No. of
transformers
2013
1,846
6
328
10
669
11
2,843
27
The total system length of ELES’ transmission lines amounts to 2,682
km, of which 13.3 km are underground power cables. The Company operates 29 facilities across the grid network; 26 of these are transmission
system substations, one is a switching substation, one is a transformer
station and one is a power supply station. Including the 1,200 MVA capacity phase-shift transformer at Divača, ELES’ 27 power system transformers have an aggregate power of 5,804.5 MW. ELES’ optical network
is 1,611.8 km long.
So as to perform its activities of transmission system operator, ELES generates the majority of its operating revenues from transmission charges
for the transmission network. Revenues also derive from the use of cross-
border transmission capacities (CBTC), and – to a lesser extent – from
the ITC compensation revenues and other electrical power-related revenues. The Company’s revenues or network charge tariffs arising from
use of the transmission system are set forth by the regulator - the Energy
Agency of the Republic of Slovenia (AGEN-RS), which also controls the
expenses arising from the use of the transmission network. The revenues
deriving from the network charge may be – pursuant to the Act, prescribed by AGEN-RS – used to cover eligible costs, which include also a
regulated return on assets. Furthermore, AGEN-RS prescribes the appropriation of revenues from cross-border transmission capacities (CBTC),
which ELES – pursuant to the EC Regulation 714/2009 – needs to invest
in cross-border transmission capacities of pertaining energy facilities.
19
ELES' ROLE IN SLOVENIA'S ELECTRIC POWER SYSTEM
ELES interconnects three main participants in the Slovenia’s power
transmission network; namely: power plants connected onto our transmission network, which input their generated electricity into the transmission network; neighbouring states (i.e. Austria, Italy and Croatia)
with which Slovenia exchanges electricity via cross-border connections;
distribution companies within SODO (electricity distribution system
operator), as well as five of the largest industrial consumers, i.e. direct
consumers (steelworks etc.), which offtake electricity from the transmission network.
SCHEME OF PHYSICAL FLOWS OF ELECTRICITY IN THE SLOVENIA’S ELECTRIC POWER SYSTEM
Scheme of phisical flows of electrical power in the electrical power system of the Republic of Slovenia
HSE
DEM
SENG
HESS
OVE
EL GOR
TET
TEŠ
TE-TOL
SEL
EL LJ
EL MB
EL PR
SODO (Slovenia’s electricity distribution system operator)
KIDRIČEVO
RUŠE
50% NEK
TEB
Transmission grids
of neighbouring
countries
ELES,
Electricity Transmission System Operator
OVE+SPTE
EL CE
GEN-ENERGIJA
ŠTORE
RAVNE
Offtake from the transmission network
JESENICE
20
COMPANY PROFILE
Company Name
ELES, d.o.o., Transmission System Operator
Abbreviated Name
ELES, d. o. o.
Registered Office
Hajdrihova ulica 2, Ljubljana
Company Registration Number
5427223000
Registered at
The District Court of Ljubljana, Entry No. 1/09227/00
Tax identification Number (VAT)
SI20874731
Business Account Numbers
Nova Ljubljanska banka: 02924-0017900956
Banka Celje: 06000-0076621666
Unicredit Banka Slovenija: 29000-0052003012
Abanka Vipa: 05100-8012150406
Factor banka: 27000-0000166630
Share Capital
177,469,516 euros
Founded
November 1990
Founder and Owner
The Republic of Slovenia, 100 % Owner
Code of Main Business Activity
35,120 transmission of electric power
Chief Executive Officer
Aleksander Mervar
CORPORATE GOVERNANCE AND MANAGEMENT
SUPERVISORY BOARD
The Company is managed by the founder, the Republic of Slovenia,
through Slovenian Compensation Company, the Supervisory Board and
the Chief Executive Officer of the Company. With the adoption of the
new EA-1 of 22 March 2014, the Company is managed by the Government of the Republic of Slovenia.
Pursuant to the Act on the Establishment of the Public Enterprise ELES,
d. o. o. of 10 September 2013, the Supervisory Board is comprised of six
members. Four members are appointed by the founder, while two members are representatives of employees, who are appointed by the ELES’
Works Council. The members of the Supervisory Board are appointed for
a term of four years and may be re-appointed. The Supervisory Board is
obliged to report on its work to the founder at least once a year.
Chief Executive Officer of a public enterprise is responsible for managing operations and activities of the public enterprise, represents it and is
responsible for the legality of its operations.
Supervisory Board of ELES, d.o.o.
until 19 August 2013:
ELES’ Management
Chairwoman
Mojca Šircelj
Deputy
Robert Sever
Members
Slavko Visenjak
Janez Hrovat
Janez Hrovat
Representatives of Employees
Jože Senčar
Bogdan Trop
Aleksander Mervar
from 20 August 2013 onwards:
Chief Executive Officer
(until 1 February 2013)
Milan Jevšenak, M.Sc.
(from 1 February 2013 to 26 April 2013)
Vitoslav Türk, M.Sc.
Appointed Representative
(from 26 April 2013 to 26 October 2013)
Chief Executive Officer
(from 26 October 2013)
In accordance with its competences set forth in the Memorandum of
Association, the ELES’ Supervisory Board recalled Mr. Milan Jevšenak
from his position of Chief Executive Officer on 1 February 2013. Mr. Vitoslav Türk was appointed Chief Executive Officer for a period not longer
than six months, or until the tender for the appointment of a new CEO
has been published. On 26 April 2013, Supervisory Board unanimously
appointed Mr. Janez Hrovat as appointed representative of ELES.
On 3 October 2013, Mr. Aleksander Mervar was appointed as the new
Chief Executive Officer of ELES for a period of four years. Mr. Aleksander
Mervar took office on 26 October 2013.
Chairman
Marjan Ravnikar, M.Sc.
Deputy
Igor Maher
Members
Milan Krajnik
Matevž Marc, M.Sc.
Representatives of Employees
Jože Senčar
Bogdan Trop
21
1.2 Mission, Vision and Values
MISSION
ELES’ mission is to ensure the uninterrupted transmission of electric
power for the needs of the domestic as well as the international electricity market. This is ensured through the competent management of the
transmission system, its professional maintenance and further development within the framework of available technical, human and financial
resources.
VISION
Based on the ongoing development of Slovenia’s transmission system,
founded on advanced technologies and the simultaneous efficient application of all available resources, ELES’ vision is to ensure the provision of the most reliable network within ENTSO-E (European Network of
Transmission System Operators - Electricity), and to assume a leading
role in the creation of a strategy for Slovenia’s electric power system by
2015. ELES shall endeavour to further enhance its public profile, which
shall further facilitate the implementation of its mission, as will the introduction of the business excellence model by 2015.
VALUES
The creation of an atmosphere of satisfaction, trust and allegiance
among the Company’s personnel through the provision of a competent
organisational culture, a stimulating working environment, appropriate
motivation and teamwork.
With a conscientious attitude towards the social and natural environments in which it operates, the Company is managed responsibly with
the purpose of achieving its strategic objectives.
1.3 Significant Business Events in 2013
JANUARY
FEBRUARY
• ELES Obtained Government’s Consent to the General
Conditions for the Supply and Consumption of Electricity in
the Slovenian Transmission Network
By way of adopting the General Conditions for the Supply and Consumption of Electricity in the Slovenian Transmission Network, the
Governmental Regulation laying down general conditions for the supply and consumption of electricity, which the Energy Act abolished already in 2007 and transposed a part of its contents into the General
Conditions for the Supply and Consumption, which the transmission
and distribution network operators adopt by the public authority.
• Electronic Exchange of Planned Dispatches: Commencement
of the Introduction Period for the New eDepeša (eDispatch)
Application
ELES handed over to the users a new electronic dispatch book
(eDepeša – eDispatch). Technically sophisticated application supports key processes of planning operation between ELES and 22
partners, the companies for distribution and generation of electricity
and large consumers connected to the transmission network. This is
an important step towards a complete transition to an electronic dispatching in the Slovenian electric power system.
• ELES Received the RS Information Commissioner’s Award
On 28 January, marking the European Data Protection Day, ELES received an award for obtaining a Certificate for Information Security
Management System ISO/IEC 2700:2005 standard and pertaining
efforts to protect personal data.
JUNE
• Official Opening of the 2x110 kV Beričevo−Trbovlje
Transmission Line
The commencement of the transmission line’ operation does not represent only progress in the transmission of electricity following the
shortest route of transmission in this part of the country, but the electricity shall also be transmitted with significantly minor losses. Due to
the extremely long distances between the individual pole locations
and the difficult terrain, ELES – within the electrical installation works
– used the technique of assembly by using a helicopter for the first
time.
• The First Phase of Secondary Equipment Reconstruction at the
Podlog Substation Successfully Completed
In the context of the modernisation of one of ELES’ largest substations – Podlog transmission system substation – the reconstruction
of secondary equipment in the 110 and 220 kV bays and installation
of 400 kV busbars protection also commenced. Due to the operating
needs and importance of Podlog substation in the Slovenia’s electric
power system, the renovation of switchyard took place in phases.
SEPTEMBER
• The First ELES’ Open Door Day Has Grown into Elektrofest
Beside ELES, Milan Vidmar Electric Power Research Institute (EIMV)
and the Faculty of Electrical Engineering, University of Ljubljana, also
expanded energy literacy among more than 400 secondary schools
pupils at the “Elektrofest” educational event. The official opening of
the photographic exhibition “The Transmission Paths Tailored to the
User and Photo Series of Experiments” took place as part of the event
in the entrance halls of companies ELES and EIMV. The experiments
were carried out in the EIMV laboratory.
22
• Change of ELES’ Name and its Corporate Image
A new Act on the Establishment of the Public Enterprise ELES, d.o.o.
was adopted as at 10 September 2013, which changed the former
name of the company Elektro-Slovenija, d.o.o., abbreviated ELES,
d.o.o.. The new name of the Company thus became ELES, d.o.o., Electricity Transmission Operator, abbreviated ELES, d.o.o..
OCTOBER
• Aleksander Mervar Appointed the New Chief Executive Officer
of ELES
At its session of 3 October the ELES’ Supervisory Board unanimously
appointed Mr. Aleksander Mervar as Chief Executive Officer for a fouryear term of office. The selected candidate convinced the Supervisory Board with his development programme and the vision of the
Company’s management as well as years of experience in the management of energy companies. The four-year mandate of the new
CEO commenced on 26 October 2013 when he also resigned from
the post of the member of the Supervisory Board of SOD, by way of
which his functions of deputy of the SB and the chairman of Audit
Committee of the SB in the said company also expired.
• Adopted List of Priority Energy Projects an Additional
Incentive for ELES
The European Commission approved a list of 250 priority energy projects of trans-European interest, for which 5.85 billion euro will be appropriated in the 2014 to 2020 period. The list contains three ELES’
projects, namely upgrade of the internal backbone of the electric
power network from 220 to 400 kV (Divača-Kleče-Beričevo-PodlogCirkovce) and the connection with Hungary, the construction of 400
kV transmission line to Italy (Okroglo-Udine) and the construction
of 300 - 500 kV cableline between Italy and Slovenia (SalgaredaDivača-Beričevo). The adoption of the list of priority trans-European
projects represents an additional incentive to ELES’ endeavours for
the realization of development program for the period until 2020 and
beyond.
• Transmission System Operators of the Transmission System
Operators Security Cooperation for Reliable Operation of
Electric Power Systems in Central Europe (TSC TSOs), the
Member of Which is Also ELES, Officially Opened the New Joint
Office in Munich
The office provides work space to 15 experts of the participating
transmission system operators (TSOs). The office is intended for 24hour continuous implementation of the Cooperation’ advanced functions and provides a high level of reliability of electric power systems
in Europe. As a result of closer coordination and co-operation the office allows for greater efficiency and higher quality of work. At the
same time, the TSC TSOs Cooperation has successfully introduced
the new 24/7 system of Intraday Congestion Forecast (IDCF).
• ELES Fully Completed Several Years-Long Reconstruction of
the 400 kV Switchyard at the Krško Nuclear Power Plant
With the reconstruction ELES gained a completely reconstructed,
with modern technology equipped 400 kV switchyard of extreme im-
portance. Its reliable operation is important for a reliable operation
of the entire 400 kV transmission network in the wider area, since it
ensures the uninterrupted input of electricity, generated by the NPP,
into the Slovenia’s electric power network.
NOVEMBER
• 50 Years of Operation of the Synchronous Compensator at
Divača Substation
The 50 Mvar synchronous compensator at Divača substation marked
its 50th anniversary of its first operation on 10 November at seven
o’clock and 18 minutes. The investor was the then Slovenian Electricity Industry, while the manufacturer was the Swiss factory Secheron.
The purpose of its installation was to improve voltage conditions on
the coastal network, which was at that time connected with the Slovenian electric power system only through the 110 kV Doblar-Škofja
Loka transmission line. Today, the operation of the compensator is
no longer of such influence and importance for the operation of the
electric power system, as it was upon its installation, but nevertheless
the compensation of reactive power of all transformers at the Divača
substation (approximately 30 Mvar) justifies its operation.
• The Company’s 4th Strategic Conference
Strategic Conference in Nova Gorica was dedicated to the review of
implementation of the strategy outlined in the 2011-2015 Strategic
Business Plan (SBP). The holders of the eleven strategic objectives of
the Company presented the implementation of strategic objectives
to nearly 70 participants. The second day of the conference was dedicated to the risk management and effective assets management. A
lot has already been realized in the field of 2011-2015 SBP.
• The 2x400 kV Beričevo-Krško Transmission Line in Trial
Operation
Over eighty kilometres long 2x400 kV Beričevo-Krško transmission
line brought the shortest and most optimal transmission route for the
transmission of electricity from the Posavje region, which boasts the
country’s largest electricity generation capacity, to the centre of the
country with the highest consumption. The transmission line provides
power transmission from several directions, thus increasing security,
reliability and optimal performance of the entire Slovenian electric
power system and, consequently, the quality of services for the consumers. High utilization of the transmission network thus significantly
reduces the losses in the transmission network and enables additional
power transmission between neighbouring countries, thereby helping
to improve the reliability of operation of the entire region.
DECEMBER
• The Conclusion of Contract on the Provision of Ancillary
Services
A contract at a lower total value than in 2012 and 2013 was successfully concluded. Such a success in the reduction of the total costs is
attributable, inter alia, to the conclusion of long-term five-year contracts, which happened for the first time. At the same time, the ancillary services – in the next five years – shall be provided exclusively by
the Slovenian (domestic) suppliers.
23
• SUMO Project Successfully integrated into the National
Control Centre (NCC)
The NCC at Hajdrihova Street started up the SUMO project (the
System for the Determination of Operating Limits), which by way
of using dynamic monitoring of transmission capacities (DTR), provides the operator with better insight into the operating status of the
electric power network. At the same time, it improves the average
transmission capacity of the network. Its successful installation in the
NCC represents an important milestone of the project, as it shall allow
further implementation of the DTR and improvements to the SUMO
platform. The SUMO project falls within the domain of smart grids
and in 2012 won a golden award for the best Slovenian smart grid
project. The experts from ELES, EIMV and the Ljubljana’s Faculty of
Electrical Engineering participate in the project.
• ELES among the Supporters of the International Project on
Energy Literacy (EN-LITE)
Upon the presentation of the Slovenian translation of the book Sustainable Energy - Without the Hot Air, an expert meeting took place
at ELES. The Slovenian translation of the prof. David J.C. MacKay’s
book was published under the auspices of Energetika.NET, media and
publishing house, within the framework of the EN-LITE project, the
supporter of which is also ELES. The book on realistic planning of the
sustainable energy future is a global hit.
• ELES Received a Full Family Friendly Company Certificate
Ekvilib Institute, the holder of the Family Friendly Company certificate, together with the Ministry of Labour, Family, Social Affairs and
Equal Opportunities awarded certificates to 34 companies, of which
26 companies received the basic certificate, while eight, including
ELES, received the full certificate. The Family Friendly Company certificate is the principle of organizational management, which ensures
short-term and long-term positive effects of the reconciliation of work
and private lives of employees.
• New Transformer Successfully Connected at the Okroglo
Substation
The reliability of power supply of the consumers in Gorenjska region
has significantly improved since the replacement of decrepit transformer and the reconstruction of 400 and 110 kV transformer bay
was successfully completed. The 400/110 kV transformer of domestic
producer, Ljubljana-based factory Kolektor Etra was installed, which is
an important achievement of the domestic industry.
1.4 ELES’ Objectives 2014 - 2016
In the years 2014 to 2016 the majority of the endeavours shall
be focused on:
• Creating a new Strategic Business Plan for the 2016-2020 period,
• Completing reformation of the Company’s comprehensive risk-management model,
• Devising new Development Plan of the Slovenia’s Transmission System for the 2015-2024 and 2017-2026 periods,
• Maintaining operations within the frameworks prescribed by the Energy Agency of the Republic of Slovenia for the 2013-2015 regulatory
period, taking into consideration the guidelines and the corporate
governance code issued by the capital assets management of the
Republic of Slovenia,
• Clarifying its positions and eligibility of claims for higher regulatory
framework of operating and maintenance costs in relation to the
national regulator, following the completion of investments, and in
particular as a consequence of the statutorily prescribed acquisition
of elements of 110 kV electric power transmission network owned by
other legal entities,
• Adapting operations to the provisions of the new Energy Act (EA-1),
• Monitoring of policies and active participation in international associations in the field of operation of transmission system operators,
•Developing relations among the transmission system operators of
Slovenia, Croatia and Bosnia and Herzegovina, especially in the field
of joint provision of certain ancillary services,
• Introducing a new Enterprise Resource Planning (ERP) and the unification of Maximo platform,
• Completion and introduction of a new management system of the
electric power transmission network of the Republic of Slovenia,
• Realization of priority strategic investments and reconstruction work
within set deadlines, while providing adequate sources of financing;
special attention shall be paid to the implementation of the acquisition of certain elements of the 110 kV transmission network, which is
owned by other legal entities,
• Effective management of the Company’s equity investments,
• Proactive public relations,
• Improving mutual relations among ELES employees.
PRIORITY STRATEGIC INVESTMENTS AND
RECONSTRUCTIONS OF TRANSMISSION FACILITIES
ELES planned the investments into the transmission network for the
medium-term 2014-2016 in line with the Development Plan of the
Transmission System of the Republic of Slovenia for the period 20132022. The basis for this Plan has been provided by internal and external
analyses, development criteria, the status of network and power system
elements, taking into account the needs of power generators and consumers, as well as international agreements with a view to ensuring the
safe operation of transmission network.
24
The ten-year Transmission System Development Plan envisages that
those investments with higher priority shall be constructed first. In addition to urgency, an investment’s impact on the operational reliability of
Slovenia’s electric power system exerts a major influence in relation to
an investment’s priority. It is also important to emphasise that the existing ten-year plan does not entail the acquisition of elements of the 110
kV transmission network as has been set forth in the new Energy Act.
The dimension, dynamics and purchase price of these elements shall
have a significant impact on future investment and reconstruction activities. Accordingly, the scope and dynamics of future investment and
reconstruction activities shall be further defined in terms of ELES’ ability
to secure the provision of the requisite volume of financing.
PRIORITY STRATEGIC INVESTMENTS
400 and 220 kV transmission lines:
• 2x400 kV Beričevo–Krško transmission line (finishing work on as-built
design, obtaining operating permit);
• 2x400 kV Cirkovce–Pince transmission line;
• Conversion from 220 kV to 400 kV transmission line voltage level;
• 2x400 kV Okroglo–Udine transmission line or HVDC.
400 and 220 kV substations and transformers:
• 400 kV Cirkovce substation (connected with 400 kV Cirkovce–Pince
investment);
• 220/110 kV Ravne substation;
• the second 400/110 kV transformer at Divača substation;
•introduction of direct transformation 400/110 kV (Kleče, Beričevo,
Podlog and Cirkovce substations).
110 kV transmission lines:
• 2 x 110 kV Beričevo–Trbovlje transmission line (finishing work on asbuilt design, obtaining operating permit);
• 2 x 110 kV Divača–Sežana–Vrtojba–Nova Gorica transmission line;
• 2 x 110 kV Brestanica–Hudo transmission line;
• 110 kV Koper–Izola transmission line;
• 2 x 110 kV Divača–Pivka–Ilirska Bistrica transmission line;
• 110 kV Lucija–Izola transmission line;
• 2 x 110 kV Divača–Koper transmission line.
110 kV substations and transformers:
• Kleče substation, construction of 110 kV Litostroj I and II bays;
•110/20 kV Gorica, Velenje, Ajdovščina, Tolmin, Slovenska Bistrica,
Podvelka, Plave substations;
• 110 kV Hudo substation, Brestanica II transmission line bay;
• 110/20 (35) kV Ilirska Bistrica, Pekre, Selce substations;
• Trbovlje Thermal Power Plant substation.
25
26
BUSINESS REPORT
DESIGNING
WITH THE
RESPONSIBILITY
TOWARDS THE
ENVIRONMENT
SMI SSI ON
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27
Designing and development of the electric power transmission network
is performed strategically and for many years to come, on the principles
of sustainable development. Responsibility towards the nature, local
communities and society at large is one of our fundamental values that
guide us along the path of preserving our heritage and performing the
fewest possible interventions into the environment.
28
2 BUSINESS REPORT
2.1 Management Policies of ELES, d.o.o.
ELES, d.o.o. is 100 % owned by the Republic of Slovenia and was in
2013 managed through Slovenska odškodninska družba (Slovenian
Compensation Company, SOD). At the same time, ELES is regulated
by the Energy Agency of the Republic of Slovenia (AGEN-RS) and the
national Energy Act as well as European energy legislation. Since the
adoption of the new EA-1 of 22 March 2014 ELES has been managed
by the Government of the Republic of Slovenia, while the Company’s
operations are monitored by the Ministry responsible for energy (MZIP).
SLOVENSKA ODŠKODNINSKA DRUŽBA
(SLOVENIAN COMPENSATION COMPANY)
– CODE AND RECOMMENDATIONS IN 2013
Since 27 December 2012, the Republic of Slovenia has administered
its founder’s rights through Slovenske odškodninske družbe, d.d. (SOD)
(erstwhile the Capital Assets Management Agency of the Republic of
Slovenia (CAMA)). On behalf of the Republic of Slovenia the management of SOD managed the capital assets of the Republic of Slovenia
pursuant to the Slovenian Sovereign Holding Act (as of 28 December
2012). The recommendations issued by SOD in March 2013 were based
on the recommendations of CAMA and take into consideration the key
guidelines of the OECD. ELES, d.o.o. pursued the recommendations submitted by SOD in undertaking its operations in 2013.
ENERGY AGENCY OF THE REPUBLIC OF SLOVENIA
(AGEN-RS)
On the Slovenian territory AGEN-RS acts as a regulator of the energy
market. Pursuant to the Act determining the methodology for charging for the network charge, the methodology for setting the network
charge, and the criteria for establishing eligible costs for electricity networks (henceforth referred to as the Act) AGEN-RS prescribes to ELES
the planned amounts for the network charge for the transmission network as per the regulatory periods, with the objective to ensure operation, maintenance and development of the electric power transmission
network, provision of high-quality level of the power supply, implementation of the regulated transmission network charge and operations
with a regulated return. Pursuant to the Act AGEN-RS predetermined
the amount of tariff items of the network charge for the transmission
network, ancillary services, specialized ancillary services and the network
charge for installed capacity. The revenue, which ELES receives from the
network charge, may be used to cover eligible costs, which include a
regulated return on assets. Eligibility of costs is defined in the Act, while
AGEN-RS controls them. Under the current Act laying down the network
charge for the 2013-2015 period ELES was prescribed to decrease tariff
items for the network charge, which is a result of higher revenues from
electricity sales from the cross-border transmission capacities. Pursuant
to the EC Regulation 714/2009 these revenues are to be used for investment into the cross-border transmission capacities and to reduce the
price of the network charge.
29
2.2 ELES Group
The ELES Group comprises of the parent company ELES, d.o.o. (henceforth referred to as ELES) and its subsidiaries Talum d.d., Trgel d.o.o. and
Stelkom d.o.o.. On 11 December 2013 ELES paid in and obtained a majority stake in the company Stelkom d.o.o..
SIGNIFICANT EQUITY INVESTMENTS OF ELES, D.O.O., AS AT 31 DECEMBER 2013
THE REPUBLIC OF SLOVENIA 100 % ELES, d.o.o.
Company
Main business activity
Ownership stake
SUBSIDIARIES
TALUM d.d., Kidričevo, Tovarniška cesta 10, Kidričevo
Production of aluminium, aluminium alloys and products made of aluminium.
TRGEL d.o.o., Hajdrihova ulica 2, Ljubljana
Electricity trading (the company is currently dormant).
STELKOM d.o.o., Špruha 19, Trzin
Provision of electronic communication services.
83.44%
100%
56.26%
JOINTLY-CONTROLLED COMPANY
BSP Southpool, Regionalna Energetska Borza, d.o.o.,
Dunajska cesta 156, Ljubljana
Auctions and brokerage services for the Slovenian electricity market and offers
its members the posibility of trading in Serbia.
50%
Janitorial services and tourism facility management, cleaning services and
upkeep of premises, food and catering services, tourism and reception services.
25%
AFFILIATED COMPANY
ELDOM d.o.o., Vetrinjska ulica 2, Maribor
2.3 Transmission Network Operation and Maintenance
Pursuant to the energy legislation, ELES is responsible for safe and reliable management, development, construction and maintenance of the
400 kV, 220 kV and a portion of the 110 kV transmission networks. ELES
plans, builds and maintains the Slovenia’s transmission network strategically, responsibly and sustainably.
The year 2013 proved very active for the Company internationally since
it cooperated intensively with its partners from the regional electricity
markets on the implementation of European legislation imposing obligations to form a single electricity market. The first concrete results shall
be visible within approximately one year.
By managing the entire Slovenia’s transmission network, ELES ensures
a safe, reliable and uninterrupted electricity transmission. Our mission
is to provide for coordinated operation with the neighbouring and all
other networks that are united in the European Network of Transmission System Operators (ENTSO-E).
One of more important areas that characterized ELES’ work in 2013 and
which shall influence importantly both the work of system operators
and the structure of electricity market in the future is the so-called Network Codes which are currently being prepared and coordinated among
the ENTSO-E stakeholders and external stakeholders. Intensive work on
this area shall continue also in 2014.
30
2.3.1 Grid Input and Grid Offtake
In 2013 the total grid input by the network power generators amounted to 13,994 GWh, which is 302 GWh more than in 2012.
GRID INPUT FROM 2004 TO 2013 (IN GWh)
Energy (GWh)
4,480
5,899
5,233
5,023
4,491
3,730
5,371
4,730
3,361
5,453
4,907
4,883
4,248
4,278
4,787
4,954
2,815
4,895
3,120
4,774
4,640
3,603
5,970
2,000
5,422
4,000
5,281
6,000
5,613
8,000
4,578
10,000
5,211
12,000
3,036
14,000
3,511
16,000
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
0
HE – hydro power plants
TE** – thermal power plants
NE* – nuclear power plant
* 100-percent share of KNPP has been considered
** generation of RES and CPTEP has been considered
Over the past decade the structure of grid input has slightly changed.
Hydro power plant grid input has recently increased due to the construction of additional power plants on the lower Sava River and favourable
hydrological conditions, while the grid input of thermal power plants
(with RES and CPTEP) has decreased slightly in the past year.
THE STRUCTURE OF GRID INPUT IN 2013 AND 2012 (IN GWh)
2013
2012
27 %
32 %
36 %
38 %
32 %
35 %
HE – hydro power plants
HE – hydro power plants
TE – thermal power plants
TE – thermal power plants
NE – nuclear power plant
NE – nuclear power plant
As usual, also in 2013 the largest portion of the total grid input was
contributed by Krško Nuclear Power Plant, namely 36 %. It is followed
by thermal power plants and hydro power plants which input approximately 32 % of the total grid input.
A ten-year average shows that the grid offtake increases year-on-year
by 0.15 %.
31
GRID OFFTAKE FROM 2004 TO 2013 (IN GWh)
9
12,000
251
245
193
14,000
392
Energy (GWh)
10,000
10,111
10,385
10,417
10,102
6,000
10,572
10,354
10,015
9,557
8,000
10,629
10,000
2008
Direct consumers
Distribution
2009
2010
2,133
2007
2,118
2006
2,025
2,032
2005
1,427
2,688
2004
1,095
2,786
0
2,775
2,000
2,783
4,000
2011
2012
2013
PSHPP (pumping)
In 2013, the offtake increased by approximately 1.5 %, namely from
12,340 GWh to 12,525 GWh. In 2009, the grid offtake was significantly
lower than in 2008 due to more severe economic situation. In 2010 and
2011, an upward trend was already noticed.
THE STRUCTURE OF GRID OFFTAKE IN 2013 AND 2012 (IN GWh)
2012
2013
5%
2%
17 %
17 %
81 %
78 %
Direct consumers*
Distribution*
Avče PSHPP and losses in
the network
Direct consumers*
Distribution*
Avče PSHPP and losses in
the network
*Note: Distribution*: Elektro Celje, d.d., Elektro Gorenjska, d.d., Elektro Ljubljana, d.d., Elektro Maribor, d.d., Elektro Primorska, d.d.
Direct consumers: Kidričevo, Ruše, Štore, Ravne, Jesenice
The offtake in 2012 and 2013 remained approximately on the same
level as in 2011. The Avče PSHPP which commenced with its commer-
cial operation in the beginning of 2010 and significantly higher offtake
of direct consumers both contributed towards the increase in offtake.
TRANSMISSION NETWORK LOADS
Peak load consists of maximum hourly average of loads, which occurs
in the relevant year. Over the past ten years, the value of peak load has
decreased for approximately 2 %, namely from 1,991 MW in 2004 to
1,944 MW in 2013.
In the 2007-2009 period and in 2013, a negative trend of peak load
was recorded, whereas a positive trend was determined in the 20102012 period. The trend also shows that peak loads occur in winter
months. After 1997 the hours when the peaks occur have moved from
the afternoon hours to the evening hours.
32
TRANSMISSION NETWORK PEAK LOADS FROM 2004 TO 2013 (IN MW)
(MW)
2,100
1,800
2,075
2,060
1,963
1,912
1,940
1,950
2,068
1,944
900
2,043
1,200
1,991
1,500
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
600
300
0
In 2013, the peak load decreased by 6 % in relation to the preceding year.
2.3.2 Significant Events in 2013 in the Field of Operation Connected with Electricity Transactions
COMMERCIAL CROSS-BORDER FLOWS
In 2013, ELES imported 9.85 TWh of electricity from the neighbouring
countries - mainly from Austria and Croatia, and exported 8.48 TWh of
electricity. The figures on exports and imports for each border reveal
that Slovenia remains primarily a transit country for electricity from
the areas of Central Europe and the Balkans to Italy. Notwithstanding, and taking into consideration only the Slovenian half of the production in the KNPP, Slovenia remains a net importer of electricity. In
2013, the total offtake of electricity from the Slovenia’s transmission
network amounted to 12,525 GWh, while the losses were recorded in
the amount of 307 GWh. By deducting 50 % of the KNPP input, the
deficit amounted to 1,349 GWh, which means that in 2013 Slovenia
depended on the electricity imports in 10.5 %.
ANCILLARY SERVICE
As transmission system operator, ELES is responsible for stable and reliable operating of electric power system. Network charge for ancillary
service is intended for assuring the sufficient conditions, namely as basis
for the lease of appropriate quantities of ancillary services.
ability of the providers, the measurements and suchlike were met and
the providers participated and were competitive in the tender.
In 2013, ELES thus achieved a remarkable result since it managed to
provide more flexible products of ancillary services, as well as at lower
prices than in previous years.
INTER-SYSTEM BALANCING
Establishment of the INC mechanism (Imbalance Netting Cooperation) or inter-system balancing of current deviations between Slovenia
and Austria, which has been in progress since May 2013, represents
an important milestone in the field of international cooperation. The
use of such mechanism, which is operated exclusively in the context
of free cross-border transmission capacities, brings many benefits on
both technical as well as economic field. On one hand, it enables the
reduction in the activated secondary power reserve, so there are more
reserves available in case of unexpected operational events in the electric power system, while on the other hand, the units that are leased
by the system operator to provide these services are less burdened by
constant changes in active power.
The year 2013 was a year full of changes in the area of ancillary service
provision. For the first time in its history, ELES thus carried out a fiveyear tender for the provision of major portion of ancillary services in
the 2014-2018 period, by way of which ELES on one hand ensured the
system reliability and predictable costs, and on the other hand, enabled
the providers of these services with continuity to maintain and improve
the quality of their services.
Through the INC mechanism ELES significantly relieved the extent of the
activated secondary control reserves in Slovenia, namely, by 24 % in positive and 29 % in negative direction. In addition to the technical contribution, the financial result also important, since from May to the end of
the year the balancing costs of the balancing groups were lowered by 7
million euros, of which all electricity consumers in Slovenia shall benefit.
Another important novelty is that in 2013 the participants in the tender were for the first time also the providers, which offer tertiary reserve
by loads control and the distributed generation. Although ELES had already allowed such providers to participate in the tender in the past
years, it was only in 2013 that all other conditions, such as technical
Since the potential of the INC mechanism is large and the interest in cooperation in this area is substantial, it is expected that in the future Switzerland and eventually other countries in central and southern Europe
shall soon accede to this mechanism, which shall further strengthen the
role of the INC in the central Europe.
33
CROSS-BORDER TRANSMISSION CAPACITIES
With its activities tied to the determining the available transmission
paths ELES demonstrates an important influence on the situation in the
Slovenian electricity market and beyond. Notwithstanding the growing
problem of high production of RES, which presents an exceptional operational challenge for the system operators across Europe, ELES managed to maintain the transmission paths at levels very close to those of
2012, with some transmission paths being even increased.
The aforementioned fact is essential and a prerequisite for ensuring
a reliable supply to electricity end consumers, as it is in this way that
they indirectly have access to sufficient quantities of electricity even in
the severe energy situation. Since such negotiations with partners are
very demanding and lengthy, the agreement with the partner system
operators to raise the available transmission paths (net transfer capacity, NTC) for 2014 both towards Italy (+100 MW) as well as from the
direction of Italy (+500 MW) is a significant achievement. The increase
in export is important in terms of providing opportunities for traders to
export their energy to a higher-priced Italian market. At the same time,
the rise of NTC in import cannot be ignored, since the Italian market
and its high production of energy from RES is becoming an attractive
purchase opportunity and in the severe energy situation it prevents an
extreme rise in prices on the Slovenian market.
ELES also reached an agreement on the gradual raise of the NTC at
the Croatian border, starting in 2014. In this field, a major challenge in
2014 shall be the Slovenian-Austrian border, where the largest restrictions are observed due to the high production of RES in central Europe.
The aforementioned NTC increases on the other hand open up entirely
new possibilities in the field of exchange of ancillary services whose
quality is becoming an increasingly important element in ensuring stable operation of transmission systems throughout Europe.
2.3.3 Transmission Network Maintenance
ELES permanently maintains electricity transmission devices and facilities of 400 kV, 220 kV and 110 kV voltage levels. Maintenance is carried
out in four operational centres for transmission network infrastructure,
namely in Maribor, Podlog, Ljubljana and Divača. Pursuant to the uniform guidelines and objectives within their territorial areas the centres
undertake work in the field of control of the state of devices, preparation and maintenance of transmission lines and transformer stations,
co-operation in the implementation of construction projects and other
processes relevant to the execution of maintenance work.
The maintenance of transmission devices comprises transmission lines
of 2,068 kilometres (systemic length of 2,843 kilometres), cable-length
of 13.3 kilometres and 29 substations with pertaining transformers and
other high voltage transmission devices.
Maintenance of electricity transmission devices is carried out according to the principles of preventive maintenance, legislation in the field
of occupational health and safety, regulations and standards from the
technical field and internal instructions. In the context of maintenance,
corrective maintenance is also carried out in terms of eliminating the
consequences of extraordinary events, such as breakdowns and accidents.
2.4Transmission Network Construction in 2013 and its Further Development
The basis for the development of the electric power transmission network of the Republic of Slovenia is the Transmission System Development Plan. Pursuant to the provisions of the Energy Act and the Decree
on the method for implementing public service obligation relating to
the activity of transmission system operator in the field of electricity,
ELES is obliged to prepare a development plan of the transmission network every two years for the next ten-year period. In accordance with
the ten-year Development Plan and the Strategic Plan, the Company is
planning the investments in electricity transmission facilities on an annual and medium-term level.
Slovenia’s high voltage transmission network is composed of facilities
on three voltage levels: 400 kV, 220 kV and 110 kV. Among the transmission facilities there are transmission lines, substations and switching
substation. Together with the other equipment and information and
communication technology, ELES thus ensures reliable operation of the
system.
34
2.4.1 Investments into the Electric Power Transmission Network
In 2013, ELES appropriated 46.2 million euros for investments, which
is 25 % less than planned. The reasons behind the deviations in realization from the 2013 Annual Plan were primarily of statutory nature, while
other disadvantages were also the lengthy coordination procedures
with local communities and inconsistencies in the land register.
ELES appropriated 31.6 million euros for new investments, 13.4 million
euros for the renovations or reconstructions and 1.2 million euros for
small investments.
INVESTMENTS AS PER GROUPS
Investments and reconstructions
2012
2013
Annual plan 2013
Index 13/12
Index 13/AP13
1
2
3
4(2/1)
5(2/3)
Transmission lines
37.5
27.1
22.9
72
118
400 kV DV
24.4
22.7
15.8
93
144
220 kV DV
0.1
0.1
0.5
169
23
110 kV DV
13.0
4.2
6.6
33
64
Substations
18.5
12.6
15.3
68
82
400/x kV
10.3
8.2
7.1
79
114
220/x kV
0.3
0.0
0.0
13
95
110/x kV
8.1
4.4
8.1
54
54
3.
Major operational investments
1.0
1.1
5.4
105
20
4.
Secondary equipment
3.4
3.0
6.9
88
44
5.
Telecommunications
1.1
0.5
4.7
41
10
6.
Computer equipment
0.8
0.8
3.9
93
20
7.
Business buildings
4.4
0.1
0.1
2
65
8.
Development of new technologies
0.6
0.4
0.5
60
68
9.
Minor investments
0.6
0.8
2.2
140
36
10.
TOTAL
67.9
46.2
62.0
68
75
in million euros
1.
2.
CONSTRUCTION OF TRANSMISSION LINES
In 2013, ELES completed one of its most strategically important investments. On 18 November 2013 the 80.4-kilometer-long 2x400 kV
Beričevo–Krško transmission line was connected onto the network.
The transmission line route with 227 pylons, of which 149 are supporting
and 78 tensioning pylons, which passes through 15 municipalities and
presents the shortest and most optimal transmission route for the transmission of electricity from the Posavje region, which boasts the country’s
largest electricity generation capacity, to the centre of the country with
the highest consumption. The transmission line provides power transmission from several directions, thus increasing security, reliability and
optimal performance of the entire Slovenian electric power system and,
consequently, higher quality of services for the consumers. High utilization of the transmission network significantly reduces the losses in the
transmission network. The 2x400 kV double-circuit Beričevo-Krško transmission line also enables additional power transmission between neighbouring countries, thereby helping to improve the reliability of operation
of the entire region. In the case of major outages in the electric power
network its transmission capacity allows an increase in network throughput and undertaking of a part of the transit flows.
When planning the transmission line, a combination of standard solutions and equipment used on the existing 400 kV transmission lines, as
well as new modern solutions and technologies together with high security, technical and quality standards and good engineering practice were
considered, while respecting the applicable laws. During the construction, ELES dedicated particular attention to the protection of nature.
The entire investment totalled 63 million euros, of which 18.3 million
euros were invested in 2013. The project was partly financed by the European Investment Bank.
In 2013, ELES commenced with the procedures of obtaining the right
to build for the project of the construction of the 2x400 kV CirkovcePince transmission line. Experts’ detailed reports on the plots were
drawn up and public tenders were carried out so as to select external
contractors. At the end of the year, 30% of the easement agreements
were obtained.
35
The Cirkovce-Pince transmission line and switchyard at the Cirkovce substation shall facilitate the integration with the Hungarian transmission
network, thus increasing the operational reliability of the Slovenia’s electric power system, significantly increasing the capacity and reliability of
the transmission network in this part of the country, and also facilitating
access to electricity on eastern electricity markets. All of this shall result
in more favourable long-term electricity prices for the Slovenian consumers. In the event of operational problems, additional support shall also be
provided through the Hungarian transmission network. The new Cirkovce
substation shall also relieve the load of the existing Maribor substation.
The reconstruction of the 2x110 kV Brestanica-Hudo transmission
line is underway. On the section of the transmission line (approximately
5/6 of the transmission line route), where the work shall be carried out in
accordance with the Decree on maintenance works for public interest in
the energy sector, ELES continued with the procedures of obtaining the
right to build also in 2013. By the end of the year, 92.8 % of easement
contracts were obtained, geomechanical measurements were carried
out and a geological report was drawn up. On the section of the transmission line, for which the National Spatial Plan was adopted (approximately 1/6 of the transmission line route), the procedures of obtaining
the right to build also commenced in the last third of 2013. Landowners
were informed and land valuations were carried out.
The reconstruction of this transmission line shall entail the upgrade of
the existing single-circuit into the double-circuit 110 kV transmission line,
which shall increase its transmission capacity. The reconstruction is necessary because of the planned construction of a chain of hydro power
plants on the lower Sava River, development plans of the Trbovlje TPP
and Brestanica TPP as well as to ensure a reliable power supply of Dolenjska and Bela Krajina regions. It is estimated that the reconstruction shall
cost 12.7 million euros and shall have been completed by 2016.
CONSTRUCTION OF SUBSTATIONS
In 2013, ELES completed its investment into the 400/110 kV Krško
substation. Two 400 kV Beričevo 1 and 2 transmission line bays were
upgraded for the 2x400 kV Beričevo-Krško transmission line to be connected. Hence, the switchyard construction was completed. The entire
investment totalled 14 million euros.
In 2013, the 400 kV KNPP switchyard was completely restored. During
the overhaul of the KNPP, the last part of the 400 kV busbars was renovated, the 400 kV Tumbri 1 and 2 bays were moved and reconstructed
and also to the relay house was renovated. With the reconstruction of
the switchyard its reliability increased, thereby ensuring a high degree
of operational reliability of high-voltage devices for the smooth operation of the KNPP. The total investment amounted to 12.4 million euros.
In 2013, the reconstruction of seven 110 kV bays and two 400 kV bays
was carried out at the 400/110 kV Okroglo substation. The reconstruction entailed the replacement of most of the original equipment
as well as all secondary equipment and auxiliary supply equipment, and
a complete reconstruction of the bays and relay houses. At the end of
2013, the replacement of a decrepit 400/110 kV transformer of 300
MVA was successfully completed, the new power transformer being produced by a domestic producer. The reliability of power supply for the
consumers in Gorenjska region significantly improved with the restoration of the switchyard. The Okroglo substation is a key supply point for
the central and the western part of Gorenjska region, as all the local
large consumers, such as Jesenice steelworks and Moste substation are
connected onto said substation. Through the Labore and Zlato Polje
bays also the Kranj supply loop, which ensures uninterrupted power supply consumers in a broad area of Kranj, is connected onto the Okroglo
substation. The total value of the reconstruction amounted to 8 million
euros, of which 3.6 million euros were invested in 2013.
Within the restoration project that in 2013 included switchyards and
reconstruction of the TR 411 at the Okroglo substation a decrepit old TR
411 transformer was replaced, thereby significantly improving the operational reliability of switchyard, and consequently, the reliability of the
power supply for the consumers in Gorenjska region. Upon the installation and the launch of the new transformer, the process of restoration
of TR 412 transformer may commence, which is envisaged for 2014.
The reconstruction of the 110/20 kV Ilirska Bistrica substation in GIS
implementation was also completed in 2013. The substation already
passed technical inspection at the beginning of 2014. The GIS switchyard has been in use for start-up and functional tests since 12 July 2013.
Beside ELES two other co-investors in the construction project of GIS
switchyard were Elektro Primorska and SODO. With the reconstructed
switchyard and modern high-tech equipment, the maintenance costs
shall be reduced. There shall also be a reduced possibility of damage,
while the reliability of supply in the region shall increase significantly.
In 2013, the reconstruction of the 110/20 kV Gorica substation or the
construction of a 110 kV switchyard was completed, within which metal
shielded double busbars were installed and started operating in March
2013. A 110 kV transmission bay was newly constructed for the 2x110
kV Avče-Gorica transmission line, and the secondary systems were also
completely reconstructed.
MAJOR INVESTMENTS
IN THE FIELD OF SYSTEM OPERATION
The Construction of the new National Control Centre of RS (NCC)
In 2013, ELES continued with the project implementation of the new
energy management system in the National Control Centre (NCC). The
existing system, which is technologically less and less adequate, shall
be replaced with a new, so-called SCADA/EMS system of the Swedish
manufacturer ABB. The system shall allow for better control of both domestic as well as neighbouring networks, the integration of new data
sources and application of advanced management functions.
36
The SCADA/EMS management system represents ELES’ core management centre and is the most important tool in the hands of ELES’ operators. The energy system shall be easier to manage in the operation
conditions with better control over the network and the use of more
precise data. Among others, the new SCADA/EMS system also provides
for a better assessment of the situation throughout the modelled network and the use of loads forecasts for the purposes of security analysis. Maximum utilization of cross-border transmission capacities in safe
operation conditions is thus provided. The new management system
makes use of a number of functions, among which there are the following modules:
• Module for voltage regulation, which is, considering the relatively
poor power situation in the network, one of the key acquisitions. It
enables optimization of the voltage profile with the aim of reducing
the flows of reactive power and losses in the network, which has a
significant impact on the system’s costs and, consequently, on the
amount of the final price of electricity for the end consumer;
• New training simulator as a tool for training of ELES’ operators. Operational changes require skilled and experienced experts who need
to withstand the difficult operation conditions in real time; therefore,
a lot of time is devoted to the training of operators.
System for the Determination of Operating Limits (SUMO)
In December 2013, an important milestone finally took place at the
NCC. Namely, the SUMO was implemented, a tool which had been developed by numerous experts from ELES, Milan Vidmar Electric Power
Research Institute (EIMV) and the Faculty of Electrical Engineering, University of Ljubljana. SUMO falls within the domain of smart grids and
in 2012 it won the highest, golden award for best Slovenian smart grid
project.
A successful installation into the NCC represents an important milestone
of the project, as it shall allow for further implementation of dynamic
monitoring of transmission capacities (DTR - Dynamic Thermal Rating),
as well as improvements in the SUMO platform. In practice, SUMO:
• allows the operator to have a better insight into the operational status of the electric power network, and
• improves the average transmission capacity of the network.
One of the most important challenges that ELES shall face in the future is the establishment of a high degree of faith in the project results,
which is one of the prerequisites for a further development and a wider
application in the international environment.
A display of current loading of the observed transmission line obtained with System for the Determination of Operating Limits
Interpretation: the visualization shows the map of Slovenia in a 3-dimensional display where the transmission lines loading is displayed both
graphically and in tables. Through this display, the operator obtains the information on the current loading of the observed transmission line, the
expected loading and the permitted loading over the next three hours, as well as the flow analysis on transmission lines in the event of outage of
the most critical transmission line.
37
SECONDARY EQUIPMENT
(SECURITY, MEASUREMENTS, CONTROL SYSTEMS)
Security systems and control systems are the most vital parts of the network since even the slightest error in their operation means that the
consumer remains without power supply.
In the field of secondary systems ELES made a significant move towards
the fulfilment of one of the Company’s strategic objectives in 2013,
namely, the installation of busbar protection in all major transmission
switchyards. These security systems prevent a major network outage
due to a short circuit in the power node. It also significantly reduces the
damage and danger for the personnel. Cross-section of the state shows
that the protection of the busbars was already installed in 23 out of 29
planned switchyards.
Another achievement in 2013 was an increase in the reliability of the
supply to a part of Ljubljana and Notranjska region, as the reforms of
the control system, safety and measurements in the Kleče substation
was completed successfully and ahead of schedule. The old equipment
was already heavily decrepit and unreliable, as well as lacking the advanced security and control features provided by the modern systems.
In addition, ELES is also proud of having completed a complete reconstruction of the 400 kV switchyard at the Krško substation, including the
construction of two new bays for the connection of the new 2 x 400 kV
Beričevo-Krško transmission line.
External disturbances may not be avoided, nor is it possible to completely isolate their impact, nevertheless, it remains ELES’ responsibility to assure that the end consumers do not feel these disturbances and always
have power supply guaranteed. The modern systems with advanced
features prove to be the most effective prevention, ensuring smooth
operation and minimal impact on the consumers and other relevant entities, such as the nuclear power plant, even in the case of short circuits
and other external interferences.
DEVELOPMENT OF NEW TECHNOLOGIES
In 2013, the field of new technologies was enriched by a new version
of PSA (Power Service Assistant) software for the maintenance of transmission lines based on the Android operating system. The said software
is now in the phase of testing. The update of the existing PSA software
was also prepared with the possibility of daily input of working hours
and extras through a mobile system directly into the information system providing information support for assets management and the
support to the processes of information services management (IS Maximo), upgrade of the existing mobile system with photos of damage and
upgrade of substation viewer with single-pole schemes of switchyards
and high-voltage bays as well as thematic displays of transformer bays
audits and device failures. In 2014, the mobile system shall be extended
to the field of maintenance of substations by way of which ELES shall
commence with the introduction of a mobile system for the support of
construction preparations and investment projects management.
By extending the PSA software, ELES enabled its employees to work in
an easier manner, perform faster and in particular, with more quality by
using modern information systems and technologies.
OPERATIONAL MONITORING
Since – in accordance with the applicable legislation – the operator
of electric power facilities or devices is obliged to ensure operational
monitoring of electromagnetic radiation (OM EMR) every five years,
such operational monitoring had to be performed on 14 transmission
lines in 2013. All measurements were performed, and the reports were
produced. The values of electric and magnetic fields in the areas under
consideration were all smaller than the permissible values.
TELECOMMUNICATIONS AND
INFORMATION TECHNOLOGY
In the field of telecommunications, the largest investment was made
in the upgrade of SDH (Synchronous Digital Hierarchy) of the network
for the needs of EMS (Energy Management System), a system for the
electric power system management.
In the context of modernizing the information system, the cooperation
with the Ljubljana-based Adacta d.o.o. brought the introduction of the
new ERP (Enterprise Resource Planning) system (Microsoft Dynamics
AX). Within the framework of this project some phases of the introduction of the new information system were performed, such as the drawing up and confirmation of the plan for system implementation and
deployment (settings and development of software), integration with
other applications, authorization of the users and the UNIT testing. Because of the extensiveness and complexity of the implementation of
said information system, which is connected with the majority of ELES’
business processes, the renovation was not completed in 2013 and is
continuing in 2014.
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2.4.2 Development and Research
The European Network of Transmission System Operators for Electricity
Network (ENTSO-E), whose members are also the experts from ELES,
established a special working group called Asset Implementation Management and thus began to actively encourage the transmission companies to introduce modern approaches to efficient assets management. These are a key factor to the successful company’s operations, for
they constitute the basis for ensuring the safety, reliability, availability,
continuity of operations as well as quality design for the construction of
transmission infrastructure.
In order to increase the efficient management of these assets, a project
paper was drawn up in 2013 entitled “Creating the concept and introduction of advanced tools for assets management”. With the purpose
to improve the efficiency of projects implementation, the major risks
of the project implementation process were identified in 2013, and the
appropriate measures were suggested for managing any such risk. In
addition, both the procedures for projects planning and supervision and
the investments into the new ERP business information system were
identified and implemented.
In 2013, ELES carried out a number of activities related to the operation
of the electric power transmission system and its expansion thereof.
Hence, twenty studies were commissioned that have addressed the
pressing problems of earthing and safety at work, as well as the development problems and network operation, which include voltage conditions, asymmetries in transmission lines and flicker reduction.
Projects of common interest
Pursuant to the EU Regulation, which sets forth the guidelines for due
development and interoperability of priority corridors and areas of transEuropean energy infrastructure, with the aim of joining and completing
the EU internal market and the integration of electricity production for
RES, ELES determined the so-called »Projects of Common Interest«. The
latter are required for the execution of the priority corridors. In 2013,
the European Commission adopted its first common list of projects of
common interest of the Union, which included all of the projects proposed by ELES: 2 x 400 kV Cirkovce-Pince transmission line, conversion
of 220 kV network to 400 kV voltage level, 2 x 400 Okroglo-Udine transmission line and the Slovenia-Italy direct current connection (HVDC).
The projects recognized and labelled as projects of common interest
shall be entitled to simplified and efficient authorization procedures
and a better regulatory treatment, and if meeting the conditions, they
are also entitled to receiving financial support or non-refundable funds,
which the EU provides through the Connecting Europe Facility.
Non-refundable funds
In 2013, ELES paid attention to the possibilities of obtaining non-refundable funds from the national programmes of cohesion politics in
the 2014-2020 programme period and from the International Programme Horizon 2020, which are supposed to be the funding in the
coming years for the research and development activities that present
an important part of the company activities.
2.5Risks
Implementing quality risk management system ensure, even during uncertain economic conditions, stable operations and the attainment of
predetermined objectives, for which reason they form an integral part
of corporate strategy and are coordinated at the Company’s management level. It is based on the profession’s good practice, while its periodical update ensures the adequacy of the risk structure and the measures taken with regard to the objectives and operations’ circumstances.
The most important risks are associated with the provision of the basic TSO activity, i.e. the provision of a stable and quality transmission
of electricity. Among the most important risks identified were the risks
pertaining to system operation, risks relating to the construction and
maintenance of the transmission network, as well as risks arising from
assets management. Among the latter the risks arising from the regulatory framework dominate due to the uncoordinated objectives of the
regulator, the Energy Agency of the Republic of Slovenia (AGEN-RS), as
well as the owner via Slovenska odškodninska družba (SOD), which directly influences the Company’s main activity, and hence its business
results. Together with those pertaining to projects risk management and
financial risk management, the most stringent management measures
are focused on the aforementioned areas.
ELES has identified 16 groups of risks united in five principle groupings
as regards content.
1.Management risks
a. Strategic risks
b. Human resources risks
c. Public relations risks
d. Risk of frauds and illegal acts
2.Assets management and projects management risks
a. Regulatory risks for the sustainable development of the Company
b. Risk of planning, development, selection of technologies and methods
c. Management of projects risks
d. Analytics, diagnostics and assets appropriation risks
39
3.System operations risks
a. Operation and management risks
b. Risk of allocation of cross-border transmission capacities
c. Risks of ancillary services provision
4.Transmission network infrastructure risks
a. Construction of transmission network risks
b. Maintenance of transmission network risks
5.Risks of supporting activities
a.Financial risks
i. Liquidity, loan and interest rate risk
ii.Accounting and reporting risks
b.Procurement of goods and services risks
c. IT risks
MANAGEMENT OF INDIVIDUAL RISK GROUPS
1.Management Risks
a.Strategic Risks
Strategic risks are prominent risks that influence decisively on both
the fundamental TSO activity as well as on the business performance
of the public enterprise. Their management is ensured by taking
measures in the field of process and by monitoring the management
hierarchy. The Company’s Strategic Conference is also one of the
means aimed at verifying the adequacy of the risks and measures
structure.
b.Public Relations Risks
To manage these risks, ELES defined a system of internal, external
and corporate communications, recognizing the importance of an
adequate flow of information within the Company and the importance of good public image of the Company and its mission due to
the sensitivity of the public regarding the TSO activity and the related
interventions into the environment.
c.Human resources risks
In order to successfully fulfil its mission, the Company needs a sufficient number of competent and motivated employees, which ELES
ensures by providing planned training in technical fields as well as
with acquiring different functional knowledge and the development
of corporate culture.
d.Risk of frauds and illegal acts
The Company is aware of the risks of frauds and illegal acts; therefore,
the management system sets forth internal rules of operation and
defined responsibilities in the preparation and execution of orders,
control of realization and approval of payments, and importantly, the
zero tolerance to fraud and illegal acts by the management also reduces the risks.
2.Assets management and projects management risks
a.Regulatory risks for the sustainable development of the
Company
ELES performs the public service of the TSO, and is included in the
international interconnection regarding the transmission of electricity, therefore, the regulatory risks relate to both the national and at
European Community law. Among the first risks, the most important
risks are the risks of changes in the field of responsibilities, requirements and conditions for the implementation of ELES’ activities and
resolving relationships with network users and thus related contracts
regulating the use of the network and payment of the connection
costs. The risks arising from the European Community legislation
are related to the access to cross-border transmission capacities and
the realization of the priority projects of common interest. Both risk
groups are managed with the processes in individual areas.
b.Risk of planning, development, selection of technologies and
methods
The most substantial risks in the planning and development are related to the achievement of the Company’s objectives, the reduction
of business and technical risks and the realization of the development
program. Hence, the planning measures are improved on both the
development and maintenance segments of the transmission network, while the Company monitors the financial risks related to the
purchase, maintenance and assets write-off.
c.Management of projects risks
In the field of comprehensive projects management ELES continuously improves the measures for planning, implementation and completion projects as well as the risk management during IT support
development which is carried out through the reform of the business
informatics system.
d.Analytics, diagnostics and assets appropriation risks
Inadequate consideration of the analysis and diagnostics results,
subjective interpretations, cross-views of the analysis and diagnostics
results and thus related inappropriate response which may lead to
poor decisions in the field of investment and maintenance is being
mitigated with constant improvement of methodological approaches and information support.
3.System operations risks
a.Operation and management risks
The most important risk in management and operation of the system
is untimely or inappropriate response to extraordinary operational
events, which may lead to critical operation conditions and local or
global collapse in the electric power system. All this is prevented by
leasing ancillary services, purchasing electricity to cover losses in the
transmission network, providing advanced and reliable protection as
well as continuous training of operational staff.
The risk related to the construction and maintenance of telecommunications networks, which are necessary for the management of the
EPS is being managed by strategic three-year and strategic planning
by taking into consideration good practice, depreciation period of
equipment and market analysis as well as by following the development of telecommunications services.
40
b.Risk of allocation of cross-border transmission capacities
Risk management arising from the allocation of cross-border transmission capacities is one of the key factors in ensuring the stability in
the electricity market; therefore, ELES, in cooperation with the partner
system operators and auction offices, developed appropriate procedures and alternative procedures for the allocation of cross-border
transmission capacities that virtually eliminate this risk.
c.Risks of ancillary services provision
Significant risks in system operation are associated with the provision
of ancillary services due to a lack of supply or poor quality, which are
a consequence of the smallness and characteristics of the Slovenia’s
electric power system and market. ELES manages the aforementioned by taking an active approach to domestic providers of ancillary services, seeking synergies with neighbouring system operators,
such as the exchange of energy surplus, cooperation agreements in
the event of extraordinary circumstances and participation in a collective provision and exchange of ancillary services.
4.Transmission network infrastructure risks
a.Construction of transmission network risks
In this area, the risks of administrative and legal procedures come
into focus. These risks are mitigated by participating actively in the
preparation of laws and rules, as well as proactive cooperation with all
stakeholders in network construction. The risks of organizational nature, associated with appropriate personnel structure, technological
equipment and investment engineering support, are mitigated with
the development and training of human resources and by improving
the overall projects management with analytical support.
b.Maintenance of transmission network risks
Risks of maintaining the network are connected with the sufficient
and competent potential of maintenance personnel, maintenance
sources in normal and extraordinary situations, civil-right relations in
the maintenance of infrastructure and acquisition of infrastructure
from other companies in the electric power system. ELES controls the
latter by pursuing an active personnel policy, education and training, improvement of the system of health and safety at work, active
participation in the lawmaking process and with the engagement of
legal and communications experts.
5.Risks of supporting activities
a.Financial Risks
In order to manage the financial risks, liquidity and credit risks, interest rate risks and financial indiscipline risks the Company formed
systematic and effective measurements. The liquidity risk is managed
by the annual monthly and daily cash flow planning, while loan risk is
insured with as large share of receivables as possible and by reviewing the financial status of all the new and existing business partners.
It is also helpful to manage the control of the accounts receivable
and their consistent collection. To manage interest rate risks a strategy and instruments have been adopted with which the accuracy
and efficiency are continuously evaluated. ELES hedges itself against
the risk of interest rate changes by applying the derivate financial
instruments. The risks of banks’ financial indiscipline are managed
through the regular monitoring of banks’ credit rating, taking into
consideration the principle of dispersion of funds deposited as per
individual commercial banks and by choosing a short-term deposit.
Risks of accounting and reporting, which include accuracy, punctuality, completeness and truthfulness of the as well as their evaluation,
represent a lower risk to ELES as rigid management measures are set
forth; hence, the exposure of contents to changes in the environment
is significantly reduced.
b.Procurement of goods and services risks
Pursuant to the requirements of the regulatory framework, ELES manages the procurement of goods and services risks by setting forth
detailed procedures and defined responsibilities. A particular attention is devoted to timely tender documents, containing well-defined
technical terms and conditions and respecting the deadlines for the
implementation of public procurement, as stated in the adopted
Company’s Annual Plan and public procurement plan.
c.IT risks
ELES is aware of the importance of IT for uninterrupted business operations and its development. In order to mitigate dominant IT risks
a number of different measures were introduced in addition to the
standard preventive measures, such as the duplication of critical systems, replacement of the old hardware and software, management
of backup computer centre and the introduction of IT operation according to ITIL recommendations.
2.6Employees
Key data in 2013
Number of employees
538
Average age
46 years
Average years of employment
22 years
Share of male employees
Share of employees with at least higher professional education
79%
49.1%
At the end of 2013, the Company employed 538 employees, which is 8
employees more than at the end of 2012, while the plan for 2013 envisaged 15 employees less. 19 new employees were employed and out
of 11 employees who left the Company 10 employees retired in 2013.
The educational structure of employees enhances year-on-year, so almost half of all employees in the Company has at least higher professional education.
41
NUMBER OF EMPLOYEES AS PER JOB TITLE AND EDUCATION AS AT 31 DEC 2012 AND AS AT 31 DEC 2013
Educational title
Number of employees
as at 31 Dec 2012
Number of employees
as at 31 Dec 2013
Index 13/12
Doctor's degree
5
7
140
Master's degree
32
35
109
University degree
158
159
101
3-year higher professional education
60
63
105
2-year higher professional education
99
100
101
Secondary school
108
108
100
Other
68
66
97
Total employees
530
538
102
EDUCATIONAL STRUCTURE OF EMPLOYEES
AS AT 31 DEC 2012 AND AS AT 31 DEC 2013
12.3%
12.8%
Other
20.1%
20.4%
Secondary
school
2-year higher
professional
education
3-year higher
professional
education
18.6%
18.7%
EMPLOYEE TRAINING COSTS IN 2013 AND 2012
(IN THOUSANDS EUROS)
11.7%
11.3%
29.6%
29.8%
University
degree
Master’s
degree
6.5%
6.0%
Doctor’s
degree
1,3%
0,9%
In 2013, each employee was trained for one and a half day on average. At the end of 2013, ELES had 22 contracts on part-time study at
different levels and fields with its employees. Last year ELES signed a
new contract on part-time study and extended the completion of study
to three employees for a period of one year. 11 employees successfully
completed their studies. In 2013, ELES facilitated two functional trainings, namely the training on the preparation for the bar exam at the
Higher Court in Ljubljana.
Year 2013 = 538 zaposlenih
Year 2012 = 530 zaposlenih
In 2013, the employees participated at the following trainings:
• In the area of acquiring professional skills in energy engineering; of
which the trainings to pass periodic examinations, which are required
for successful performance of work pursuant to the job requirements,
prevail,
• a course on safe driving was organised for 23 participants within the
framework of the project of the 3rd public invitation to tender under
the “Training and Education of Employees in 2011” programme,
• 56 participants were enrolled in a training programme for employees’
health promotion
• 45 employees attended language courses.
Scholarship
Party-time
study
4.5
17.6
31.0
32.6
185.7
189.6
Training
Year 2013
Year 2012
In 2013, the training costs for the employees amounted to 216.7 thousand euros and were 2 % lower than in 2012.
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2.6.1 Safety and Health at Work
ELES meets all statutory prescribed obligations in regard with health
and life of employees. This is achieved by pursuing regular preventive
medical check-ups, improving and adapting working environment,
training for safety at work and training and informing the employees
on their own health care. Nevertheless, some injuries did occur and the
employees were also absent from work due to different illnesses.
INJURIES AT WORK
Injuries
Injuries at work
Injuries on the way to / from work
Total injuries
Year
Number of
injuries
Number of
lost working hours
Number of
injuries
Number of
lost working hours
Number of
injuries
Number of
lost working hours
2012
7
1,024
4
1,216
11
2,240
2013
10
2,632
0
0
10
2,632
In 2013, ten unforeseen or unexpected injuries were recorded at the
workplace or in the working environment (injuries at work). Injuries at
work were mostly mechanical in nature (bumps, cuts, sprains, etc.). Despite detailed and strict safety requirements in the Company, a serious
incident occurred in 2013, which was related to the electric current.
Due to the awareness of the importance of safety at work, ELES strives
to impose an additional influence on the reduction of injuries in 2014.
Hence, other than the planned activities, additional training shall be carried out and augment the raise of the employees’ awareness in connection with ensuring safety and health at work.
SICK LEAVE
In 2013, 46,700 working hours were lost due to sick leave, which is
12,173 working hours or 35.2 % more than in 2012.
DISABLED EMPLOYEES
ELES employs sixteen people with Category I disabilities and two employees with Category II disabilities. The majority of the disabled employees are employed in the Maribor, Podlog, Ljubljana and Divača control centres where they perform work which is adapted to employees
with reduced working capacity. Due to the demanding work in the field
of maintenance of electric power devices (EPD), the Company finds it
increasingly difficult to provide suitable work for people with disabilities.
2.7 Management Systems
ELES is constantly upgrading its management systems and operates in
accordance with the obtained standards:
•SIST EN ISO 9001:2008 Quality Management System - Requirements,
• SIST EN ISO 14001: 2005 Environmental Management System - Requirements with guidance for use,
•SIST EN ISO / IEC 17020:2012 Conformity assessment - Requirements for the operation of various types of bodies performing inspection,
•BS ISO / IEC 27001:2005 Information Security Management Systems - Requirements,
•SIST-TS BS OHSAS 18001:2012 - Occupational Health and Safety
Management System
• ISO 31000:2009 Risk Management - Principles and guidelines,
• Full family-friendly company Certificate.
The focus in relation to the management systems in 2013 was ongoing
systems maintenance together with realization of the strategic objective of business excellence.
In the field of quality system ELES continued to improve the management and overhaul of its business processes with emphasis on evaluating and determining suitable indicators to measure the effectiveness
and efficiency of processes. The second substantive overhaul of the
Strategic Business Plan was undertaken and the fourth Strategic Conference was organized and executed. A system of balanced scorecard
was introduced. Integrated external assessment of the quality management, environmental management and health and safety at work management systems were undertaken.
A risk management system was established in accordance with the
ISO 31000 standard. In addition to the regular work assignments, ELES
was also actively involved in organizations for the promotion of quality and excellence, especially in the Slovenian Foundation for Business
Excellence (SFBE) and Slovenian Association for Quality and Excellence
(SAQE).
43
In the field of occupational health and safety management system
the full set of organizational regulations from the field of occupational
safety and health was renewed in 2013. Having completed the occupational safety and health risk assessments, ELES continued with the
reformation project, which was successfully completed in December.
The catalogue of occupational safety and health risks is gradually being
expanded.
In the field of information security management system, ELES has
successfully completed the first external audit pursuant to the ISO/IEC
27001:2005 standard and upgraded the system with new controls. An
intrusion test into ELES’ Wi-Fi network was carried out and the results
were above expectations. ELES also participated in the preparation of
project documentation to carry out a project of integrated video surveillance of ELES’ facilities.
As a socially responsible company, ELES continually strives to minimize
as much as possible the environmental impacts in the area of environmental management system. In 2013, ELES rewrote the entire set of
environmental regulations into the group of processes “OP O 4.0.0 Environmental Management”. ELES was an active participant in the project
of rehabilitation of outdoor illumination of facilities in order to reduce
light pollution.
In the field of the crisis management system ELES, in co-operation with
the relevant ministries, developed guidelines for drawing up a defence
plan. The Company reported to the National Crisis Management Centre continuously regarding the state of communication links, updated
the necessary documentation and updated the lists of all employees
assigned to a duty in the event of emergency situation.
2.8 Socially Responsible Company
FAMILY FRIENDLY COMPANY
Family Friendly Company certificate is the principle of organizational
management, which provides short-term and long-term positive effects
of the coordination of employees’ professional and private lives. In
2013, ELES received the full certification for having successfully implemented 14 measures for easier coordination of professional and private
life.
DEVELOPMENT CO-OPERATION
In 2013, ELES actively participated and contributed to the development
and promotion of expert knowledge in the energy engineering and related fields:
• At its premises, ELES organized a conference table and a panel discussion on creating sustainable energy future in Slovenia, all within its
sponsored EN-LITE project. An expert meeting was held at the publication of the book Sustainable Energy - Without the Hot Air.
•As speakers and panellists ELES’ employees were actively involved
in professional energy events and conferences related to the Company’s mission/activity, both in Slovenia and abroad.
• In 2013, ELES published 6 issues of the “Naš stik” magazine which
spreads the knowledge and summarizes the activities in the electricity industry.
RAISING ENERGY AWARENESS
ELES is well aware that both knowledge and understanding of energy
and energy engineering are an important basis for creating energy future responsibly. Therefore, energy literacy was deliberately enhanced,
whereat the first phase envisaged primarily cooperation with children
and adolescents. Understanding the importance of the activities performed by ELES is of key importance for increasing the social acceptance
of both ELES’ operations and all the related concrete projects.
In September 2013, ELES organized a scientific ELEKTROFEST festival,
which is a continuation of the ELES Open Door Day. It was prepared in
cooperation with the Faculty of Electrical Engineering, University of Ljubljana and Milan Vidmar Electric Power Research Institute (EIMV). More
than 450 young people were enabled to get acquainted with Slovenia’s
electric power system from different perspectives.
Energy literacy is expanded by using different teaching aids and books,
as well as by sponsoring the International Eco-Schools Programme – EcoQuiz for secondary schools, which was in 2013 also dedicated to testing
the knowledge of electricity.
In the area of enhancing energy literacy, ELES has joined the EN-LITE
international project, supported by the Energy Directorate at the Ministry of Infrastructure and Spatial Planning. Thereby, the awareness on
energy literacy is being raised among the key parties concerned, such
as school-aged children and youth, teachers and professors, national
and local strategy authors and policy-makers, nongovernmental organisations, the media and all citizens who are interested in creating a low
carbon energy future.
SPONSORSHIPS AND DONATIONS
Through sponsorships and donations ELES also takes part in the broader
society, for it is strongly believed that any incentive is an opportunity for
new joint successes. In 2013, ELES sponsored a total of about 22 different associations, institutes, universities, societies and clubs, primarily in
the fields of sport, education and culture. Through donations, organizations and individuals were supported in the fields of education, sports,
culture and research. Being committed to high moral principles ELES
donates to humanitarian organizations and individuals in need, as the
Company is and would like to remain a Company that creates benefits
for all stakeholders in the environment where it operates.
44
CO-HABITING AT THE LOCAL LEVEL
Local communities are an important partner of ELES. It is of the Company’s major concern to preserve and strengthen constructive relations
in local environment where ELES is present with its electric power facilities or where it plans the construction, maintenance or other interventions into the environment. A model example of such cohabitation in
2013 may be seen in ELES’ cooperation with local communities in the
construction of 2x110 kV Beričevo-Trbovlje transmission line and 2x400
kV Beričevo-Krško transmission line, where relations of partnership and
trust were established.
Besides cooperating with the local residents and providing support to
various local associations, institutions and other organizations, ELES
strives to reduce the impact of its operations on both the environment
and people.
2.9 Significant Post Reporting Period Events
On the day the EA-1 entered into force (22 March 2014), the Slovenian
Sovereign Holding Act (Official Gazette of RS, Nos.: 105/12 and 39/13)
ceased to apply for the State’s equity investment in ELES, d.o.o.. The
rights and obligations appertaining to the Republic of Slovenia on the
basis of equity investment are implemented by the Government of RS
as of the day the EA-1 entered into force, while the Company’s operations are supervised by the Ministry responsible for energy (MZIP).
2.10 Endorsement of the Annual Report
Pursuant to Article 60 of the Companies Act the Management guarantees that the Annual Report of ELES, d.o.o. is compiled and shall be published in accordance with the Slovenian Accounting Standards and the
Companies Act, safe for that part which pertains to the acknowledgement of revenues, where the Management respected the provisions of
Article 46 (a) of the Energy Act.
Ljubljana, 31. marec 2014
Aleksander Mervar
Chief Executive Officer
ELES, d.o.o.
45
46
SUMMARY FINANCIAL STATEMENTS
INVESTING IN
SAFETY AND
EXPERTISE OF
EMPLOYEES
SMI SSI ON
TI ON: TRA N NSMI S
I
D
A
R
T
:
E
R
U
A
N: THE FUT
DI TI ON: TR
A NSMI SSI O
UTURE: TRA
R
F
TRA DI
T
E
:
:
H
E
N
T
R
O
:
U
I
N
T
T
O
I
U
I
TRA D
THE F
SMI SS
:
E
N
:
R
A
N
U
R
O
T
T
I
U
:
S
F
S
N
I
O
E
I
M
: THE FU
: TH
DI T
A NS
NSMI SSI ON
NSMI SSI ON
I TI ON: TR
UTURE: TRA
A
A
D
F
R
R
A
E
T
T
R
H
:
:
T
T
N
N
:
:
O
O
N
E
I
I
O
R
T
T
I
MI SSI ON
SS
A DI
A DI
FUTU
N: TRA NSMI
I ON: TRA NS SMI S
FUTURE: TR
FUTURE: TR
I ON: THE
T
O
S
I
I
E
E
S
T
D
H
H
I
I
A
T
T
D
M
R
:
S
A
T
:
N
N
R
N
:
O
T
A
O
E
I
:
R
I
R
N
TRA NSMI SS
: THE FUTU
THE FUTURE TURE: TRA DI TI ON: T
TRA NSMI SS
I TI ON: TRA
RA DI TI ON:
NSMI SSI ON
SMI SSI ON:
U
TURE: TRA D ON: TRA NSMI S
RA DI TI ON:
N
A
F
U
T
R
F
A
T
:
E
R
E
E
H
T
:
H
R
T
:
N
T
U
N
O
:
:
T
I
O
N
N
U
I
T
O
F
O
I
I
I
I
DI T
I ON: THE
RE: TRA DI T
TURE: TRA D A DI TI ON: TRA NSMI SS
TRA NSMI SS
UTURE: TRA
MI S
TRA NSMI SS
N: THE FUTU
ON: THE FU
A DI TI ON:
R
:
O
I
T
R
N
I
S
I ON: TRA NS
T
:
O
S
S
T
E
I
S
I
:
I
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U
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T
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T
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:
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T
:
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:
:
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U
N
N
:
R
HE FU
T
O
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N
U
U
I
I
O
T
F
T
T
I
E
ON: THE FU : THE FUTURE: TRA DI
TRA NSMI SS ON: THE F UTURE: TRA DI N: TRA NSMI SSI ON: TH
:
N
RA NSMI SSI
RA DI TI ON:
O
I
O
T
I
S
I
T
:
S
THE FUTURE
S
I
E
I
:
S
D
R
M
N
I
U
A
S
O
M
T
R
I
N
S
U
T
S
N
A
F
:
S
R
A
E
I
E
T
R
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M
H
:
T
U
T
S
N
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:
N
:
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A
F
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T
RA DI T
RE: TRA DI
A NSMI SSI
SSI ON: TH
RA DI TI ON:
N: THE FUTU
DI TI ON: TR
N: TRA NSMI
E FUTURE: T
H
T
:
N
O
I
UTURE: TRA DI TI ON: TRA NSMI SSI O HE F UTURE: TRA DI TI O
S
S
I
N: T
ON: TRA NSM
TRA
N: THE
SSI ON:
I TI ON:
UTURE:
N: THE
SSI ON:
SSI ON:
SSI ON:
47
ELES is aware that the successful operation and healthy
development of the company is only possible in combination
with highly-qualified professional staff and ensured safe working
conditions. Caring for employees is one of our core values, which
also bounds us to respect the adopted laws as well as high moral
and ethical standards.
48
3 SUMMARY FINANCIAL STATEMENTS
3.1 Basis for the Preparation of the Summary Financial Statements
REPORTING ENTITY
ELES, d.o.o., Ljubljana has its registered office in Hajdrihova 2 in Ljubljana.
The financial year corresponds to the calendar year from 1 January
2013 to 31 December 2013.
The annual report of the Company is available for inspection at the registered office of ELES, d.o.o., Hajdrihova 2, Ljubljana.
STATEMENT ON CONFORMITY
The summary financial statements have been compiled on the basis
of the audited financial statements for the financial year ended 31 December 2013, which were prepared in compliance with the Slovenian
Accounting Standards, except in the part relating to the acknowledgement of revenues, where the Management Board observed the provisions of Article 46 (a) of the Energy Act. The summary financial statements have been compiled pursuant to the criteria prepared by the
Management Board of the Company.
BASIS FOR THE PREPARATION OF THE FINANCIAL
STATEMENTS
The financial statements are presented on the basis of fundamental accounting assumptions which take into consideration the principles of
accrual (safe for the acknowledgement of revenues) and going concern.
The criteria of understandability, relevance, reliability and comparability
were applied when the accounting guidelines and financial statements
were complied and when the accounting was performed. Sufficient assurance is thus made for the financial statements to be accurate and to
comply with all legal requirements. The principle of prudence is taken
into consideration thus indicating that the disclosed profits recorded as
at 31 December 2013 have already been realised, and that all foreseeable risks ad losses recorded in the 2013 financial year or in previous
financial years have already been taken into consideration.
The financial statements and tables are presented in euros without
cents.
49
50
3.2 Summary Financial Statements
BALANCE SHEET
in euros
ASSETS
31 Dec 2013
31 Dec 2012
A.
Long-term fixed assets
559,027,925
525,184,832
I.
Intangible fixed assets and long-term deferred costs and accrued revenues
35,288,984
13,637,908
1. Long-term property rights
35,288,984
13,637,908
Tangible fixed assets
424,070,393
427,815,904
1. Land and buildings
196,773,077
173,024,520
14,633,772
14,583,555
182,139,305
158,440,965
2. Equipment and spare parts
196,332,379
168,306,361
3. Other tangible fixed assets
93,887
140,211
30,871,050
86,344,812
28,722,329
84,153,314
2,148,721
2,191,498
II.
a) Land
b) Buildings
4. Tangible fixed assets being acquired
a) Tangible assets under construction or in production
b) Advances for acquisition of fixed assets
III.
Investment properties
IV.
Long-term financial investments
91,242,192
79,039,750
1. Long-term financial investments save loans
72,112,676
79,039,750
a) Shares and equity interests in the Group
70,631,235
76,222,050
b) Shares and equity interests in associates
450,000
614,270
1,031,441
2,203,430
19,129,516
0
19,129,516
0
Long-term operating receivables
4,633,555
1,900,004
1. Long-term operating receivables due by companies in the Group
2,651,650
2. Long-term operating receivables due by others
1,981,905
1,900,004
VI.
Deferred tax assets
3,792,801
2,791,266
B.
Short-term assets
63,662,637
84,199,614
II.
Inventories
2,549,461
2,326,125
1. Materials
2,549,461
2,326,125
Short-term financial investments
8,000,000
17,015,000
1. Short-term loans
8,000,000
17,015,000
29,891,807
46,508,798
1,163,688
15,505,750
20,329,394
19,202,119
8,398,725
11,800,929
23,221,369
18,349,691
1,230,107
1,922,151
623,920,669
611,306,597
17,611,054
24,879,075
c) Other shares and equity interests
2. Long-term loans
a) Long-term loans given to companies in the Group
V.
III.
IV.
Short-term operating receivables
1. Short-term operating receivables due by companies in the Group
2. Short-term accounts receivables
3. Short-term operating receivables due by others
V.
Cash and cash equivalents
C.
Deferred costs (expenses) and accrued revenues
ASSETS
Off-balance assets
51
LIABILITIES
31 Dec 2013
31 Dec 2012
A.
Equity
382,788,770
381,522,964
I.
Called-up capital
177,469,516
177,469,516
1. Share capital
177,469,516
177,469,516
II.
Capital reserves
156,936,162
156,936,162
III.
Revenue reserves
42,756,327
47,412,598
7,457,202
6,980,203
2. Other revenue reserves
35,299,125
40,432,395
IV.
Revaluation adjustment surplus
-3,436,225
-5,162,042
V.
Retained earnings
0
0
VI.
Net profit (or loss) for financial year
9,062,990
4,866,730
B.
Provisions and long-term accrued costs and deferred revenues
132,386,325
98,768,711
1. Provisions for pensions and similar liabilities
3,932,626
2,643,246
2. Other provisions
1,870,974
1,256,230
3. Long-term accrued costs and deferred revenues
126,582,725
94,869,235
C.
Long-term financial and operating liabilities
67,701,814
81,056,110
I.
Long-term financial liabilities
67,243,661
80,790,164
7,344,045
12,821,732
55,622,475
61,600,000
4,277,141
6,368,432
403,520
221,630
0
0
403,520
221,630
54,633
44,316
1. Legal reserves
1. Long-term financial liabilities to companies in the Group
2. Long-term financial liabilities to banks
3. Other long-term financial liabilities
II.
Long-term operating liabilities
1. Long-term operating liabilities to companies in the Group
2. Long-term operating liabilities arising from advances
III.
Deferred tax liabilities
D.
Short-term financial and operating liabilities
39,612,620
47,305,701
II.
Short-term financial liabilities
12,970,151
14,161,682
1. Short-term financial liabilities to companies in the Group
6,992,627
12,761,682
2. Short-term financial liabilities to banks
5,977,524
1,400,000
26,642,469
33,144,019
1,407
0
21,485,612
27,570,858
973,829
1,615,702
4. Other short-term operating liabilities
4,181,621
3,957,459
Accrued costs (expenses) and deferred revenues
1,431,140
2,653,111
623,920,669
611,306,597
17,611,054
24,879,075
III.
Short-term operating liabilities
1. Short-term operating liabilities to companies in the Group
2. Short-term accounts payable
3. Short-term operating liabilities arising from advances
E.
LIABILITIES
Off-balance liabilities
52
INCOME STATEMENT
in euros
ITEM
1.
2013
2012
Net sales revenues
135,195,625
136,746,031
a. on domestic market
114,955,561
119,165,588
20,240,064
17,580,443
b. on foreign market
2.
Changes in inventories and work-in-progress
3.
Capitalised own products and services
2,625,245
2,390,851
4.
Other operating revenues
1,044,539
692,926
138,865,409
139,829,808
Costs of goods, materials and services (a + b)
74,646,260
78,828,637
a. Costs of goods, materials sold and costs of materials used
27,649,261
31,453,230
b. Costs of services
46,996,999
47,375,407
Labour costs (a + b + c + d)
25,523,021
22,933,682
a. Costs of wages and salaries
18,181,267
17,038,599
b. Costs of pension insurance contributions
2,486,204
2,322,104
c. Costs of contributions and other taxes on wages and salaries
1,350,886
1,268,699
d. Other labour costs
3,504,664
2,304,280
Write-downs (a + b + c)
27,998,824
28,328,799
a. Depreciation and amortisation expenses
27,392,498
27,442,041
596,129
45,289
10,197
841,469
Other operating expenses
1,449,649
572,281
OPERATING PROFIT (1+2+3+4-5-6-7-8)
9,247,655
9,166,409
280,826
45,664
54,686
45,664
226,140
0
OPERATING REVENUES (1+2+3+4)
5.
6.
7.
b. Revaluated operating expenses for intangible and tangible fixed assets
c. Revaluated operating expenses associated with current assets
8.
9.
Financial revenues from equity interests
c. Fianancial revenues from equity in other companies
d. Financial revenues from other investments
10.
11.
Financial revenues from loans
1,161,974
571,755
b. Financial revenues from loans given to copmanies in the Group
428,912
0
b. Financial revenues from loans given to others
733,062
571,755
Financial revenues from operating receivables
124,434
140,344
b. Financial revenues from operating receivables due by others
124,434
140,344
12.
Financial expenses arising from impairment and investment write-offs
1,232,679
2,759,249
13
Financial expenses arising from financial liabilities
1,530,487
2,157,204
b. Financial expenses arising from received bank loans
238,093
469,112
1,292,394
1,688,092
Financial expenses arising from operating liabilities
51,946
70,370
c. Financial expenses arising from other operating liabilities
51,946
70,370
d. Financial expenses arising from other financial liabilities
14.
15.
Other revenues
351,471
153,388
16.
Other expenses
2,500
31,062
17.
Corporate Income Tax
0
0
18.
Deferred taxes
1,191,242
63,198
19.
NET PROFIT FOR THE FINANCIAL YEAR
(1+2+3+4-5-6-7-8+9+10+11-12-13-14+15-16-17+18)
9,539,990
5,122,873
53
OTHER COMPREHENSIVE INCOME STATEMENT
in euros
ITEM
Profit or loss for the financial year
2013
2012
9,539,990
5,122,873
1,725,817
-2,724,734
11,265,807
2,398,139
Changes in revaluation surplus of intangible and tangible fixed assets
Net change in fair value of available-for-sale financial assets transferred to P/L
Foreign currency translation differences for foreign operations
Other comprehensive income
TOTAL COMPREHENSIVE INCOME
ACCUMULATED PROFIT
in euros
ITEM
Net profit for the financial year
2013
2012
9,539,990
5,122,873
477,000
256,144
9,062,991
4,866,729
Profit / loss from previous periods
Change in legal reserves
Change in other revenue reserves
TOTAL ACCUMULATED PROFIT
54
STATEMENT OF CHANGES IN EQUITY
Statement of changes in equity for the period from January to December 2012
CHANGES OF
PARTICULAR TYPE OF
EQUITY
Share
capital
Capital
reserves
Legal
reserves
in euros
Other
revenue
reserves
Equity
revaluation
adjustment
Profit
brought
forward
Net profit
(or loss) for
financial
year
Total
equity
I/1
II
III/1
III/5
IV
V/1
VI/1
VII
177,469,516
156,936,162
6,724,058
56,532,447
-2,437,308
0
3,899,948
399,124,823
A.
Opening balance as at
1 January 2012
B.1.
Changes in ownership equity - transactions with owners
g)
Dividends paid
-16,100,052
-3,899,948
-20,000,000
Total B.1.
-16,100,052
-3,899,948
-20,000,000
5,122,873
5,122,873
B.2.
Total comprehensive income for the financial year
a)
Entry of net profit/loss for
the financial year
d)
Revaluation surplus of
financial investments
-2,724,734
Total B.2.
-2,724,734
B.3.
Changes in equity
a)
Distribution of net profit
for the period to other
equity components
b)
Distribution of net profit
for the period to other
equity components
based on a decision of
the Management and
Supervisory Board
256,144
Total B.3.
256,144
0
6,980,203
40,432,395
C.
Closing balance as at
31 December 2012
Accumulated profit
177,469,516
156,936,162
-5,162,042
-2,724,734
5,122,873
2,398,139
-256,144
0
0
-256,144
0
0
4,866,730
381,522,964
0
4,866,730
4,866,730
55
Statement of changes in equity for the period from January to December 2013
CHANGES OF
PARTICULAR TYPE OF
EQUITY
Share
capital
Capital
reserves
Legal
reserves
in euros
Other
revenue
reserves
Equity
revaluation
adjustment
Profit
brought
forward
Net profit
(or loss) for
financial
year
Total
equity
I/1
II
III/1
III/5
IV
V/1
VI/1
VII
177,469,516
156,936,162
6,980,203
40,432,395
-5,162,042
0
4,866,730
381,522,964
A.
Opening balance as at
1 January 2013
B.1.
Changes in equity
a)
Dividends paid
-5,133,270
-4,866,730
-10,000,000
Total B.1.
-5,133,270
-4,866,730
-10,000,000
9,539,990
9,539,990
B.2.
Total comprehensive income for the financial year
a)
Entry of net profit/loss for
the financial year
d)
Revaluation surplus of
financial investments
1,725,817
Total B.2.
1,725,817
1,725,817
9,539,990
11,265,807
-476,998
0
B.3.
Changes in equity
a)
Distribution of net profit
for the period to other
equity components
b)
Distribution of net profit
for the priod to other
equity components
based on a decision of
the Management and
Supervisory Board
476,998
Total B.3.
476,998
0
0
0
-476,998
0
7,457,202
35,299,125
-3,436,225
0
9,062,990
382,788,770
0
9,062,990
9,062,990
C.
Closing balance as at
31 December 2013
Accumulated profit
177,469,516
156,936,162
56
CASH FLOW
in euros
ITEM
1 Jan - 31 Dec 2013
1 Jan - 31 Dec 2012
A.
CASH FLOW FROM OPERATING ACTIVITIES
a.
Items of operating activities
36,220,145
33,759,838
Operating revenues and financial revenues from operating receivables
136,036,052
137,044,122
Operating expenses save amortization (depreciation) and financial expenses
-98,624,665
-101,536,563
-1,191,242
-1,747,721
26,369,686
43,038,980
1,587,243
-9,669,014
692,044
420,901
-223,336
-44,494
Closing less opening operating liabilities
-6,319,660
4,556,332
Closing less opening accrued costs and deferred revenues and provisions
30,623,078
47,758,469
10,317
16,786
62,589,831
76,798,818
Corporate Income Tax and other taxes not included in operating expenses
b.
Changes to net current assets as in items of balance sheet
Opening less closing operating receivables
Opening less closing deferred costs and accrued revenues
Opening less closing deferred tax receivables
Opening less closing assets held for sale
Opening less closing inventories
Closing less opening deferred tax liabilities
c.
Net cash flow operating revenues/liabilities (a+b)
B.
CASH FLOW FROM INVESTMENT ACTIVITIES
a.
Inflows from investment activities
10,231,660
1,607,619
Revenues from investments activities
1,216,660
931,203
Revenues from disposal of intangible assets
Revenues from disposal of tangible fixed assets
33,704
Revenues from disposal of investment property
Revenues from disposal of long-term financial investments
9,015,000
642,712
Outflows pertaining to investment activities
-55,019,326
-65,617,028
Acquisition of intangible assets
-23,964,931
-1,549,216
Acquisition of tangible fixed assets
-18,707,887
-57,640,004
-12,346,508
-27,808
Revenues from disposal of short-term financial investments
b.
Acquisition of investment property
Acquisition of long-term financial investments
Acquisition of short-term financial investments
c.
Net cash (inflows and outflows) used in investment activities (a+b)
-6,400,000
-44,787,666
-64,009,409
57
ITEM
1 Jan - 31 Dec 2013
1 Jan - 31 Dec 2012
0
0
-12,930,487
-21,787,894
-1,530,487
-1,787,894
-1,400,000
0
Dividends paid
-10,000,000
-20,000,000
c.
Net cash used in financing activities (a+b)
-12,930,487
-21,787,894
D.
CLOSING BALANCE OF CASH AND CASH EQUIVALENTS
23,221,369
18,349,691
4,871,678
-8,998,485
18,349,691
27,348,176
C.
CASH FLOW FROM FINANCING ACTIVITIES
a.
Inflows from financing activities
Inflows from paid-in capital
Inflows from an increase in long-term financial liabilities
Inflows from an increase in short-term financial liabilities
b.
Outflows pertaining to financing activities
Outflows from interests pertaining to financing activities
Repayment of capital
Repayment of long-term financial liabilities
Repayment of short-term financial liabilities
Financial result in the period (sum of Ac, Bc and Cc)
Opening balance of cash and cash equivalents
58
INDEPENDENT AUDITOR'S REPORT
59
60
LIST OF ABBREVIATIONS
APPLYING
THE LATEST
TECHNOLOGY
SMI SSI ON
TI ON: TRA N NSMI S
I
D
A
R
T
:
E
R
U
A
N: THE FUT
DI TI ON: TR
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With its superior technological equipment and highly-qualified
staff ELES stands side by side with the most advanced European
transmission system operators and achieves the standards of modern
organisation. The entire Slovenia’s electric power transmission network
is operated from the National Control Centre and other remote
management centres.
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List of Abbreviations
AGEN-RS
AP
BS
BSP
CA
CAMA
CAO
CAO SEE
CASC
CBTC
CPTEP
CWE
DCAR
DER
DTR
EA
EBIT
EBITDA
eDispatch
EIB
EIMV
EMS
ENTSO-E
EP
EPD
EPS
ERP
EU
EURIBOR
FA
FPSTL
GIS
GWh
HPP
HSE
HSW
IDCF
Energy Agency of the Republic of Slovenia
Annual plan
Balance Sheet
SouthPool Regional Energy Exchange
Companies Act
Capital Assets Management Company
Central Allocation Office
Coordinated Auction Office in
South East Europe
Capacity Allocating Service Company
Cross-border transmission capacitates
Co-production of thermal and electric power
Central West Europe
Deferred costs and accrued revenues
Domestic energy resources
Dynamic Thermal Rating
Energy Act
Earnings before Interest and Taxes
Earnings before Interest, Taxes, Depreciation
and Amortization)
Electronic dispatch book
the European Investment Bank
Electric Power Research Institute
Energy Management System
European Network of Transmission System
Operators for Electricity
Electric power
Electric power devices
Electric power system
Enterprise Resource Planning
European Union
Euro Interbank Offered Rate
Fixed asset
Fixed protection systems on transmission lines
Gas Insulated System
Gigawatt hour
Hydro power plant
Slovenian Power Plans Holding
Health and safety at work
Intraday Congestion Forecast
INC
Imbalance Netting Cooperation
ISO/IEC 2700l:2005 Award for obtaining Certificate pursuant to
the Information Security Management System
Standard
IT
Information technology
ITC
International Transmission Capacity
ITIL
Information Technology Infrastructure Library
KDD
Centralna Klirinška Depotna Družba d.d. (Central
Securities Clearing Corporation)
KNNP
Krško Nuclear Power Plant
kV
Kilovolt
LF
Load factor
MEAS
Mutual emergency assistance services
MEUR
Million euros
MH
Man-hour
MOL
Municipality of Ljubljana
MVA
VA (volt-ampere), M (mega),
measurement unit of nominal capacity
Mvar
M (mega), var,
measurement unit of reactive power
MW
Megawatt
MWA
WA (watt ampere), M (mega),
measurement unit of electric power
NCC
National Control Centre
NCMC
National Crisis Management Centre
NKBM
Nova kreditna banka Maribor
NLB
Nova Ljubljanska banka
NPP
Nuclear power plant
NTC
Net Transfer Capacity
OECD
The Organisation for Economic Co-operation
and Development
OM EMR
Operational monitoring of
electromagnetic radiation
OPEX
Operating expenses
OPGW
Optical Ground Wire Cable
OTML
On-line temperature monitoring of
transmission lines
PS
Public service
PSA
Power Service Assistant
PCI
Project of common interest
PGD
PID
ROA
ROE
RTP
SB
SBP
SDH
SFBE
SOD
SODO
PSHPP
SAS
SAQE
SFBE
SUMO
RES
RS
TC
TL
TN
TPP
TR
TSC
TSO
TWh
VAT
ZPFOLERD
ZUJF
ZUKN
ZUPUDPP
Design for obtaining construction permit
As-built design
Return on assets
Return on equity
Substation
Supervisory Board
Strategic business plan
Synchronous Digital Hierarchy
Slovenian Foundation for Business Excellence
Slovenska odškodninska družba
(Slovenian Compensation Company)
Electricity Distribution System Operator
Pumped storage hydro power plant
Slovenian Accounting Standards
Slovenian Association for Quality and Excellence
Slovenian Foundation for Business Excellence
System for the Determination of
Operating Limits
Renewable energy sources
The Republic of Slovenia
Telecommunications
Transmission line
Transmission network
Thermal power plant
Transformer
Transmission System Operator Security
Cooperation
Transmission System Operator
Terawatt hour
Value added tax
Transparency of Financial Relations and
Maintenance of Separate Accounts for
Different Activities Act
Fiscal Balance Act
Management of Assets Owned by the
Republic of Slovenia Act
Act regarding the siting of spatial arrangements
of national significance in physical space
Photo: AV studio, Dušan Jež, arhiv Eles, Domen Grögl, STA, Istockphoto, Shutterstock // Design: AV studio
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