Annual Report 2008
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Theme
Annual Report - Theme
The Dutch transmission grid
Profile
Key Figures
Review of 2008
Ten years TenneT - Overview
Board of Management Report
Investments require forward-looking approach
New regulatory framework needed
Major changes
Innovation above and below ground
Main grid is already ‘smart’
Corporate Governance
Corporate Governance Code
Board of Management
Supervisory Board
General Meeting of Shareholders
External auditor
Core values: quality and integrity
Regulatory framework
Internal control and risk management
Planning and control cycle
Financial reporting
Deviations from the Corporate Governance Code
Supervisory Board Report
Report by the Supervisory Board
Activities
Composition
Retirement rota
Audit Committee
Remuneration and Appointments Committee
Remuneration Report 2008
Contacts with the Works Council
Word of appreciation
Financial Results
Profit
Revenue
Balance sheet
Investments
Financing strategy
Tariff benchmark
Prospects for 2009
Interviews
Europe
Investment
Sustainability
Innovation
Corporate Social Responsibility
Corporate Social Responsibility
Minimising and ‘greening’ grid losses
Grid management at sea
Decentralised and sustainable
Connecting new ‘smart’ providers to the grid
Wintrack pylon successfully tested
Sector agreement on climate and energy targets
TenneT sponsors university chair
Sustainable head office
Regulatory framework puts the squeeze on
Enhanced role for CSR policy
Crisis Management
Security, Crisis Management and Safety
Security
Crisis management
Safety
P&O
Personnel and Organisation
Number of employees rises sharply
Absence due to sickness continues to fall
Healthy working conditions
Committed Power
Mobility and training
Recruitment campaign successful
Collaboration with the education sector
TenneXT programme completed
Management development programme gets under way
Young TenneT
Works Council
Projects
1. Relocation of Bleiswijk substation
2. Westerlee substation
3. High-voltage connection in the Randstad conurbation
4. New substation at Simonshaven
5. New substation at Wateringen
6. New substation at De Lier
7. Investments in Westland region
8. TenneT completes Borssele substation in one year!
9. New 150 kV connection in Westerschelde estuary
10. South-West 380 kV
11. Extension in Bergen op Zoom
12. Complete switching substation in Lelystad
13. From Vierverlaten to Hessenweg
14. Expansion in Eemshaven
15. North-West 380 kV
16. NorNed cable
17. Doetinchem-Wesel
18. BritNed: 260 kilometres of cable along the seabed
19. CWE market coupling
Organisation
Activities
Organisational structure TenneT Group
Organisational structure TenneT TSO B.V.
TenneT Board of Management
TenneT Supervisory Board
TenneT senior management
Executive management of wholly-owned subsidiaries
Composition of the Works Council
Financial Statements
Consolidated balance sheet at 31 December 2008
Consolidated profit-and-loss account for the year 2008
Statement of changes in equity for the year 2008
Consolidated cash flow statement for the year 2008
General notes
Notes to the consolidated balance sheet at 31 December 2008
Notes to the consolidated profit-and-loss account for the year 2008
Company balance sheet at 31 December 2008
Company profit-and-loss account for the year 2008
Statement of changes in equity for the year 2008
Notes to the company balance sheet and profit-and-loss account for the year 2008
Other information
Auditor’s report
TenneT
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Theme
Annual Report - Theme
The Dutch transmission grid
Profile
Key Figures
Review of 2008
January
February
March
April
May
June
July
August
September
October
November
December
Ten years TenneT - Overview
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Board of Management Report
Investments require forward-looking approach
New regulatory framework needed
Major changes
Innovation above and below ground
Main grid is already ‘smart’
Corporate Governance
Corporate Governance Code
Board of Management
Supervisory Board
General Meeting of Shareholders
External auditor
Core values: quality and integrity
Regulatory framework
Internal control and risk management
Planning and control cycle
Financial reporting
Deviations from the Corporate Governance Code
Supervisory Board Report
Report by the Supervisory Board
Activities
Composition
Retirement rota
Audit Committee
Remuneration and Appointments Committee
Remuneration Report 2008
1. Introduction
2. Remuneration policy of TenneT Holding B.V.
3. Remuneration of the Board of Management
4. Remuneration of the Supervisory Board
Contacts with the Works Council
Word of appreciation
Financial Results
Profit
Revenue
Balance sheet
Investments
Financing strategy
Tariff benchmark
Prospects for 2009
Interviews
Europe
Neelie Kroes, European Commissioner for Competition
Siem Bruijns, TenneT’s System Operations Manager
Investment
Willem Vermeend, Businessman and Professor of European Fiscal Economics at Maastricht University
Roel Wolters, TenneT’s Manager of Transmission Operations
Sustainability
Wubbo Ockels, Professor of Sustainable Technology
Lex Hartman, TenneT’s Director of Corporate Development
Innovation
Mel Kroon, President and CEO of TenneT
Mart van der Meijden, TenneT’s Innovation Manager
Corporate Social Responsibility
Corporate Social Responsibility
Minimising and ‘greening’ grid losses
Grid management at sea
Decentralised and sustainable
Connecting new ‘smart’ providers to the grid
Wintrack pylon successfully tested
Sector agreement on climate and energy targets
TenneT sponsors university chair
Sustainable head office
Regulatory framework puts the squeeze on
Enhanced role for CSR policy
Crisis Management
Security, Crisis Management and Safety
Security
Central contact point
Security at electricity substations
Clear internal and external arrangements
Information security: corporate culture and technology
Crisis management
No incidents
Emergency response drills
Transfer of 110/150 kV grids
Towards a new crisis organisation
Safety
Safety and security awareness firmly established
Transfer of Essent employees
SCC certificate renewed
No serious accidents
In-house emergency services standardised
Sector-specific health and safety catalogue
P&O
Personnel and Organisation
Number of employees rises sharply
Absence due to sickness continues to fall
Healthy working conditions
Committed Power
Mobility and training
Recruitment campaign successful
Collaboration with the education sector
TenneXT programme completed
Management development programme gets under way
Young TenneT
Works Council
Projects
1. Relocation of Bleiswijk substation
2. Westerlee substation
3. High-voltage connection in the Randstad conurbation
4. New substation at Simonshaven
5. New substation at Wateringen
6. New substation at De Lier
7. Investments in Westland region
8. TenneT completes Borssele substation in one year!
9. New 150 kV connection in Westerschelde estuary
10. South-West 380 kV
11. Extension in Bergen op Zoom
12. Complete switching substation in Lelystad
13. From Vierverlaten to Hessenweg
14. Expansion in Eemshaven
15. North-West 380 kV
16. NorNed cable
17. Doetinchem-Wesel
18. BritNed: 260 kilometres of cable along the seabed
19. CWE market coupling
Organisation
Activities
Regulated activities
Unregulated activities
Minority interests
Organisational structure TenneT Group
Organisational structure TenneT TSO B.V.
TenneT Board of Management
TenneT Supervisory Board
TenneT senior management
Executive management of wholly-owned subsidiaries
Composition of the Works Council
Financial Statements
Consolidated balance sheet at 31 December 2008
Consolidated profit-and-loss account for the year 2008
Statement of changes in equity for the year 2008
Consolidated cash flow statement for the year 2008
General notes
1. General notes
2. Nature of the business
3. Summary of accounting principles applied
4. Financial risk management
5. Principal estimates and assumptions underlying the financial statements
Notes to the consolidated balance sheet at 31 December 2008
1. Tangible fixed assets
2. Intangible assets
3. Participating interests
4. Financial assets
5. Deferred tax assets
6. Other receivables
7. Inventory
8. Accounts receivable and other receivables
9. Accounts receivable in connection with energy exchange transactions
10. Derivative financial instruments
11. Cash and cash equivalents
12. Non-current assets available for sale
13. Equity
14. Loans
15. Investment contributions
16. Auction receipts
17. Provisions
18. Derivative financial instruments
19. Deferred tax liabilities
20. Amounts received in advance
21. Bank overdrafts
22. Accounts payable in connection with energy exchange transactions
23. Securities
24. Accounts payable and other liabilities
Notes to the consolidated profit-and-loss account for the year 2008
25. Revenue
26. Energy and capacity expenses
27. Transmission grid and system expenses
28. Personnel expenses
29. Depreciation and amortisation of assets
30. Other operating expenses
31. Finance income and expenses
32. Corporation tax
33. Profit from participating interests
34. Off-balance sheet rights and obligations
35. Events after the balance sheet date
36. Acquisitions
37. Cash flow statement
Company balance sheet at 31 December 2008
Company profit-and-loss account for the year 2008
Statement of changes in equity for the year 2008
Notes to the company balance sheet and profit-and-loss account for the year 2008
38. Principles governing the valuation of assets and liabilities and the determination of results
39. Investments in group companies
40. Minority participating interests
41. Derivative financial instruments
42. Receivables from group companies
43. Equity
44. Loans
45. Bank overdrafts
46. Liabilities payable to group companies
47. Share in the results of participating interests
48. Affiliated entities
Other information
Auditor’s report