Strategic report
Governance
Financial statements
36 OCU Group Annual report and financial statements 2026
Operational review continued Australia market review
Power Transmission & Distribution A stronger high-voltage platform, demonstrated through principal contractor delivery at one of Queensland’s most important energy nodes.
Looking ahead The immediate priority is to convert the South Pine reference and the wider high-voltage portfolio into a balanced position across connections and regulated infrastructure. OCU will pursue opportunities where local accreditation, delivery leadership and the risk profile are clear, with the objective of building recurring network work grounded in operational performance and disciplined project selection.
FY26 progress AEC played a major role in developing the Queensland Renewable Energy Supernode at Brendale, where the South Pine Substation forms a critical part of the state’s transmission network. AEC was appointed principal contractor to design, construct, test and commission the 275 kV connection between the Supernode battery energy storage system and Powerlink’s South Pine Switchyard. Delivery took place within a live substation environment and required close co‑ordination with the network operator throughout construction and commissioning. The connection supports two stages of battery infrastructure: a 250 MW/500 MWh first stage and a 250 MW/1,000 MWh second stage. AEC’s wider work across the precinct included medium‑voltage cabling, testing and commissioning. The program demonstrates the ability to bring project leadership, complex underground works and high-voltage engineering together at the boundary between a major storage asset and the regulated network. Integration in action South Pine demonstrates integration at a technical as well as organisational level. Battery infrastructure, extra-high-voltage connections, underground power routes and fibre systems were co‑ordinated within one delivery environment.
The new ANZ leadership and governance structure provides the basis for carrying this experience into more complex network opportunities while retaining the operational knowledge and client relationships developed within AEC. Market conditions OCU estimates that Australia’s serviceable transmission and distribution market will grow from approximately A$3.98bn in FY25 to approximately A$4.93bn by FY31, equivalent to a +2.3% CAGR from FY26 to FY31, with distribution ~3% and transmission ~0.5%. The investment requirement is being driven by the need to connect geographically dispersed renewable generation, reinforce networks for two-way flows and new loads, and replace ageing assets. The Federal Government’s A$20bn Rewiring the Nation program provides further support for priority transmission infrastructure. The opportunity comes with high entry thresholds. Accreditation varies by state and network, and project selection must account for skilled-resource availability, long equipment lead times and construction-cost inflation. Growth will therefore be built in sequence, using adjacent connection experience, network relationships and targeted capability investment while remaining aligned with the platform’s delivery capacity.
The progress at South Pine reflects the operating model we are building: accountable project leadership, strong technical control and teams able to work safely at the interface between renewable assets and the live network. These credentials provide a solid foundation for selective growth in regulated Power Transmission
& Distribution. Steve Urqhart Executive Director & Founder of AEC
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