Auckland Energy Trust Holding $100m

Tuesday, 19 October 1999, 2:34 pm
Press Release: Unknown

Chairman of the Auckland Energy Consumer Trust which owns the lines company Vector confirmed today that the Trust is presently holding in excess of $100 million that it believes should be distributed to consumers. “Based on previous distributions, this would equate to about $250 per household”, Trust Chairman Michael Barnett said.

Preventing the distribution occurring is court action taken by the Auckland, Manukau and Papakura City Councils who say they have a claim over some or all of the funds.

Nevertheless the Trust is negotiating with the Councils to distribute that part of the funds not claimed by them beginning the first week of December 1999.

Mr Barnett also expressed concern over statements made concerning the future structure of Vector.

“Let me be quite clear, for some time now I have been adamant that before any decision is made on the future of Vector, both consumers and Councils will be fully consulted with. That decision is documented in the Trust records and no amount of political interference will change that. Consultation is a process of informing and listening with an open mind and then making a decision. I expect all trustees to abide by this process and for politicians to respect it.”

ends

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