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Northpower Limited Media Statement

Northpower Limited Media Statement

Northpower’s 56,500 electricity consumers in Kaipara and Whangarei have today received a $5.48m (GST inclusive) line holiday.

The rebate means Northpower consumers have received $110m in line holiday rebates since 1998.

In December, the Northpower Trust (NEPT) distributed $50 to every Northpower consumer, taking the total of Trust distributions since 1993 to $90m.

Northpower Chair Nikki Davies-Colley says the 2016 line holiday means consumers connected to the Northpower electricity network at 6am on February 10 will receive credits of between $35 and $145 on their next power accounts issued by electricity retailers.

The credits are based on annual energy consumption and the pay-out is broken into three tiers:

• $145 for people who used more than 15,000 units

• $95 for consumers who used between 2,000 and 15,000 units

• $35 for those who used less than 2000 units

“It is always pleasing to distribute profits to our consumers despite a challenging environment. We are continuing to work hard to improve our business performance,” says Mrs Davies-Colley.

Since the 2006 financial year, shareholder value in Northpower has increased from $204.8m to $252m, Northpower revenue has grown from $126.2m to $324.9m and total asset value has increased from $232.6m to $442.9m.

Northpower Chief Executive Mark Gatland says the line holiday comes in a year when Northpower is pursuing a number of opportunities.

“We are pursuing opportunities with the UFB2 initiative which will see UFB fibre networks built in a number of Northland towns. There is still a long way to go in that process but we hope to make it to the negotiating table with the Government and from there we will just have to see if the business case stacks up for Northpower to be involved.

“Meantime our Whangarei UFB network continues to have the highest uptake of any UFB network in New Zealand and that is immensely satisfying. The Northpower Network is performing exceptionally well and remains one of the most reliable electricity networks in the country and we are about to celebrate the 100th anniversary of our Wairua Hydroelectric Power Station at Titoki.

“We are also seeing strong growth in the electric vehicle sector and believe the efforts we have made in facilitating that since putting in New Zealand’s first fast charger in 2014, are enabling our community – just as the Northpower Fibre UFB network is.”

Mr Gatland says Northpower remains committed to assisting its community and will continue to do so by backing the likes of the life-saving Northland Rescue Helicopter service which is becoming busier every year and needs ongoing funding.

ENDS

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