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Erc Angelo re-elected as Chairman of NEPT

Erc Angelo re-elected as Chairman of NEPT

Erc Angelo has been re-elected as Chairman of the Northpower Electric Power Trust.

It is his seventh term in the position, after first being elected as Chairman in 1993. His former Deputy Chairman Richard Drake was also re-elected at an NEPT meeting yesterday.

Mr Angelo says since 1993, Northpower Limited has grown from a company with a net asset value of $47 million to $249 million and annual revenue of $282 million.

Along the way it has expanded to have 15 depots in the North Island (from Whangarei to Wellington), established a growing Australian business (West Coast Energy), completed considerable projects in the Pacific Islands and is about to complete New Zealand’s first ultra-fast broadband fibre network in partnership with the Crown.

Mr Angelo says his re-election is pleasing and he is looking forward to continuing to assist in the growth of Northpower.

“Northpower has grown considerably over the past 20 years and the future is looking bright – I am looking forward to leading the NEPT over the next three years,” says Mr Angelo.

“The company is a Northland success story and there are plenty of opportunities ahead.

There will always be challenges but that is the nature of the electricity and contracting sectors.

“Northpower has the strength in its Board of Directors and Executive Management team to keep making progress – not to mention the skills of the specialists on the ground doing the work in the field.

“It is a privilege to hold a governance position like this. Along with the important responsibility of appointing Directors, our primary role as Trustees is to oversee the shares of Northpower on behalf of its consumer owners (those people connected to Northpower’s electricity network in Kaipara and Whangarei), to ensure their investment continues to be enhanced for the current and future generations of Northlanders.

“This is a unique ownership model that works very well because Northpower’s profits are spread evenly and fairly throughout the community,” adds Mr Angelo.

Mr Angelo says being able to give back $182 million over 20 years – most recently through a $70 distribution to every Northpower consumer – is testimony to the success of the consumer trust ownership model and the growth of Northpower.

Mr Angelo and Mr Drake will sit alongside Ross Provan, Bill Rossiter, Sheena McKenzie, Irene Durham and Tony Davies-Colley as NEPT Trustees.

ends

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