Hydro Tasmania’s CEO Steve Davy will step down from the top job

The CEO of a clean energy business and the state’s largest generator of renewable energy has announced he will step down, opening the role up to newcomers.

THE CEO of a clean energy business and the state’s largest generator of renewable energy has announced he will step down, opening the role up to newcomers.

Hydro Tasmania’s chairman, Grant Every-Burns announced today that CEO, Steve Davy will step down when his contract ends later this year.

Mr Davy served as the Chief Executive Officer of Hydro Tasmania for almost seven years and has been with the business for over 15 and took home a total salary package of $611,000 in 2018-19.

The year prior, Mr Davy took home a $636,000 salary, according to the company’s 2017-18 annual report, which also detailed a $168 million profit.

Premier and Treasurer Peter Gutwein last month announced a big increase in health spending on the back of $90 million in special dividends from government-owned businesses including Hydro Tasmania.

Hydro’s own Statement of Corporate Intent said it could not afford more dividends.

“Dividends have been included based on the Government’s 90 per cent dividend Policy,” the document said.

“However this results in forecast debt that in the view of the Hydro Tasmania Board may be unsustainable.”

Hydro’s debt levels are projected to increase to $780 million by 2022-23.

Prior to being the CEO, Mr Davy was the Chief Commercial Officer, managing commercial operations that include supporting mainland retailing, contract and spot trading, major customer negotiations, supplier arrangements and a range of operational activities.

Hydro Tasmania’s Chairman Grant Every-Burns said Mr Davy had led the business through the energy supply challenge to being at the forefront of Australia’s renewable energy transition.

“Under Steve’s leadership Hydro Tasmania has laid the groundwork for our future success as a

business, taking a bold vision for the role Tasmania can play in a renewable energy future and turning it into an actionable plan through the Battery of the Nation initiative,” Mr Every-Burns said.

“On behalf of the board I thank him for his dedication, passion and hard work.”

Mr Davy said he was proud of the achievements of the Hydro Tasmania team over the past 15 years, particularly the business’s support for the Tasmanian community.

“Now in its fourth year our Community Grants Program has funded 20 projects throughout Tasmania, supporting everything from music, dance, historical preservation, healthy eating and mental health initiatives,” he said.

“Our new education program ‘Generation Hydro’ is now helping Tasmanian students learn about renewable energy and the opportunities for STEM careers here in Tasmania.

“I have great pride in the way our people responded to the energy supply challenge, and I am also very proud of the work that has been done to identify and drive the opportunity for Tasmania to help Australia’s transition to a renewable energy future, and I will watch with interest as the Battery of the Nation vision and Tasmania’s recently announced 200 per cent renewable energy target become a reality.”

Hydro Tasmania has engaged executive search firm Heidrick Struggles to assist in the recruitment of a new CEO.