Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 


$155 dividend payout soon to be on the way

$155 dividend payout soon to be on the way to AECT beneficiaries

AUCKLAND, September 15, 2003 – Nearly 285,000 Auckland households and businesses can look forward to a $155.00 credit on their power bill this month, the Auckland Energy Consumer Trust (AECT) announced today.

Trust chair Karen Sherry said Auckland consumers are continuing to benefit from the strong commercial performance of electricity infrastructure company VECTOR, which is wholly owned by the Trust.

The bulk of this year’s dividend comes from the earnings of VECTOR, which recently reported a profit of $49.7 million for the 15 months to the end of June.

The credit per consumer in 2002 was $145 compared with $155 this year. This is mainly because the Trust is now able to distribute to all of its income beneficiaries a surplus from money it had put aside to pay some former customers of VECTOR who were entitled to dividends from 1999 and 2000. The claims on that payment were not as high as had been budgeted for.

AECT chair Karen Sherry said the strong dividends were particularly pleasing, given that VECTOR had doubled the size of its assets in the 15-month period, following the takeover of UnitedNetworks Ltd.

“We said at the time of that transaction that income beneficiaries of the AECT could look forward to strong and growing dividends over time, and that continues to be the case,” Ms Sherry said.

The credit will progressively appear from this month on accounts mailed to customers of VECTOR within the AECT beneficiary area, and the rest over the following month.

For many people, the distribution will be tax-free. Full details of the distribution, including tax information, will accompany the power bills.

For details regarding eligibility please visit www.aect.co.nz.

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>

ALSO:

Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>

ALSO:

Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>

ALSO:

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news