Best annual reports 2017 - Industry rankings

Energy Utilities


Rated

Centrica UK A-
CEZ Czech Republic B-
CLP Hong Kong A
Dong Energy Denmark B+
Duke Energy U.S. B-
E.ON Germany B-
EDF France B-
Edison U.S. C+
EDP (Energias de Portugal) Portugal B
EGCO Thailand B-
Enagas Spain B+
EnBW Germany A-
Enel Italy B
Engie France B
Entergy U.S. B+
EVN Austria B+
Exelon U.S. C
Federal Grid Russia B+
Fortum Finland A-
Gas Natural Fenosa Spain B
Huaneng Power China C
Hydro-Quebec Canada B
Iberdrola Spain B+
Kepco South Korea B-
MVV Energie Germany B+
National Grid UK B+
Osaka Gas Japan B+
Power Assets Hong Kong B
REE (Red Electrica de Espana) Spain B
REN Portugal B
Rushydro Russia B+
RWE Germany B
Severn Trent UK B+
SSE (Scottish and Southern Energy) UK B+
Tepco Japan C+
Thames Water UK C+
TNB (Tenaga Nasional) Malaysia B+
Tokyo Gas Japan B
Towngas (Hong Kong and China Gas) Hong Kong B-
Transalta Canada B-
United Utilities UK B+
Vattenfall Sweden A-
Veolia France B


Ranked

CLP Hong Kong A
EnBW Germany A-
Fortum Finland A-
Vattenfall Sweden A-
Centrica UK A-
Dong Energy Denmark B+
Federal Grid Russia B+
National Grid UK B+
Rushydro Russia B+
EVN Austria B+
MVV Energie Germany B+
TNB (Tenaga Nasional) Malaysia B+
Enagas Spain B+
Entergy U.S. B+
Iberdrola Spain B+
Severn Trent UK B+
SSE (Scottish and Southern Energy) UK B+
Osaka Gas Japan B+
United Utilities UK B+
EDP (Energias de Portugal) Portugal B
REE (Red Electrica de Espana) Spain B
Tokyo Gas Japan B
Veolia France B
Hydro-Quebec Canada B
RWE Germany B
Enel Italy B
Engie France B
Gas Natural Fenosa Spain B
REN Portugal B
Power Assets Hong Kong B
E.ON Germany B-
EDF France B-
Towngas (Hong Kong and China Gas) Hong Kong B-
CEZ Czech Republic B-
EGCO Thailand B-
Kepco South Korea B-
Transalta Canada B-
Duke Energy U.S. B-
Edison U.S. C+
Tepco Japan C+
Thames Water UK C+
Exelon U.S. C
Huaneng Power China C


Compared


Noticed

Centrica

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


Duke Energy

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


EDF

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


EGCO

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


Enagas

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


EnBW

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


Enel

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


Federal Grid

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


Fortum

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


Iberdrola

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


National Grid

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


Osaka Gas

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


REN

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


Severn Trent

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


SSE (Scottish and Southern Energy)

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


TNB (Tenaga Nasional)

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


Tokyo Gas

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


Veolia

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


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