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Auckland Energy Consumer Trust raises payout

Media Release – for immediate release
March 20, 2001

Auckland Energy Consumer Trust raises
payout to Vector customers

Auckland Energy Consumer Trust has decided to lift the payout to Vector customers from $520 to $560 after a decrease in the estimated number of eligible customers.

The Trust is about to distribute dividends to all customers connected to the Vector electricity network on February 12, 2001. Vector has advised the Trust that there is a total of 256,000 customers at that date, 6000 fewer than previously assessed.

As the payout covers dividends for 1999 as well as 2000, people who were customers previously but are no longer customers may also be eligible for a part payment. The Trust originally set aside $16 million against potential claims from this group. That amount has now been reduced to $12 million after an economic analysis of customer relocation within the Vector network showed that fewer than anticipated customers would have left the area in the past two years.

That analysis is supported by the much lower than expected number of requests for applications from previous customers in the four weeks since the payout was announced, according to chairperson Pauline Winter.

“We have taken a fair and considered approach to the payout by setting aside a portion for those customers who were connected during the past two years when dividends were made but were unable to be distributed, because of legal action by the councils. After undertaking a detailed analysis of the likely claims by those customers, we’ve found that our original estimate was conservative, and we’re now pleased to report that we’re able to lift the payout to those customers as well as current customers.”

All current customers will receive $560 automatically by March 31, 2001. Previous customers will need to apply within six months and enclose full details of the account name and address at that date, in order for the Trust to verify their application. Application forms are available from the Vector Payout Helpline, on 0800 4PAYOUT, or 0800 472 9688.

Previous customers will also need appropriate identification (such as a drivers licence or passport) to confirm their identity.

People are being advised to call the Helpline, or visit the Auckland Energy Consumer Trust website, www.aect.co.nz for further information or for a map of the Vector supply areas.

Ends
Released by the Trustees of the Auckland Energy Consumer Trust.
For further information, contact:
Pauline Winter (Chair)
C/- Eion Scott
Consultus New Zealand
09 913 1836, (021)891 039


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