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In 2010, HEP remained one of the largest investors in Croatia. The priority was to continues and/or complete construction of electricity and heat generating facilities (the new unit in Sisak TPP, Lešće HPP, and a new unit at TE-TO Zagreb, which successfully passed test production phase). In the transmission activity, the largest facility was put into operation, the 2x400 kV Ernestinovo-Pecs (Hungary) line. The reconstruction of the hot water network in Zagreb and Osijek, financed by a World Bank loan, was completed. We have been adjusting our future capital investments with the nation-wide strategic development documents. These include, first of all, the Strategy of the Energy Development of the Republic of Croatia. The Strategy envisages the construction of 2,700 MW in base-load capacity of which 300 MW in large hydro power plants and 2,400 MW in thermal power plants, and it also sets forth a possible launching of a nuclear energy program. It also encourages intensive construction of renewable energy sources. In April 2010, the Government adopted the Conclusion about determination of priorities of construction of electric power plants and facilities, and in September the Inventory of investment projects of interest for the Republic of Croatia in which energy projects are strongly represented, especially power plant construction projects. These are, above all, the Ombla hydro power plant near Dubrovnik, for which open tendering is being prepared, and a replacement unit at Plomin thermal power plant, for which siting permit procedure is underway. We have been planning, developing and building all our new projects in accordance with best available techniques, complying with increasingly strict environmental standards. Construction of generating plants and other power facilities, of which I single out the Plat transformer station within the Dubrovnik Program (whose construction began at the end of 2010), goes toward the achievement of our strategic goals – secure energy supply to customers, provision of public services at highest quality level, use of sustainable development concept in all areas of activities and businesses and maintenance of long-term competitiveness. In achieving the strategic goals the most valuable resource and support is our employees. That is why we pay an increasing attention to the development and application of state-of-art human resource management techniques which aim at preparing the company and its employees for open market competition. New people are employed on the basis of published procedures and for scholarship recipients a standardized selection procedure is conducted. In the area of relations with employees, we confirm that all employers within HEP Group have fulfilled all prescribed or agreed obligations toward the registered trade unions and toward workers. One of the results of the good cooperation I would mention here is the agreement of HEP Group employers and all four trade unions regarding the entering into the new Collective Agreement for HEP Group, in operation since January 1, 2011. A considerable portion of HEP’s activities over the last decade, including 2010, was related to the implementation of the provisions and requirements of numerous new laws and regulations adopted to harmonize the national legal framework with the EU legislation. In early 2010, the Act Rescinding the Hrvatska Elektroprivreda Privatization d.d. Act was passed, and some fifteen other pieces of legislation were adopted until the end of the year governing the markets of electricity, heat energy and natural gas. Of the current obligations, I would mention those relating to the harmonization of the legal framework with the changes brought about by the so-called third energy package of the European Union. For HEP, the most important are the activities conducted to implement ITO (Independent Transmission Operator) model which has been chosen out of three possible models as the strategically best for the electricity sector. We see future HEP as a strong and dynamic entity in the Croatian economy with an emphasis on the investment cycle of building new generating plants and refurbishing the existing ones. Therefore, besides maintenance of a high degree of liquidity, in our business plan 2011 we have increased the funds intended for investments and maintenance of power plants and facilities. In this investment cycle we see domestic industry and domestic construction as potential business partners. 7 HEP ANNUAL REPORT 2010 PRESIDENT’S REPORT
COMPANY PROFILE MISSION, VISION AND BASIC VALUES HEP GROUP COMPANIES LEGAL FRAMEWORK STRATEGIC OBJECTIVES AND DEVELOPMENT MEMBERSHIP IN INTERNATIONAL ORGANIZATIONS SHORT HISTORICAL OVERVIEW
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REPORTS BY HEP GROUP COMPANIES WITH
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ELECTRICITY AND HEAT PRODUCTION IN
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EMPHASIS OF MATTER Revenue recognit
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In conclusion, I can say that busin
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FINANCIAL STATEMENTS INDEPENDENT AU
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Overseeing the quality of services
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FINANCIAL STATEMENTS INDEPENDENT AU
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HEP OPERATOR DISTRIBUCIJSKOG SUSTAV
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ORGANIZATION CHART ECONOMIC AFFAIRS
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MODIFIED OPINION In our opinion, ex
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HEP TOPLINARSTVO d.o.o. STATEMENT O
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ORGANIZATION CHART LEGAL AND GENERA
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ENERGY BALANCE (10 3 m 3 ) 2009 201
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