AECT It's Christmas For Former Vector Customers

AECT Cheques For Former Vector Customers In Time For Christmas

Nearly 15,000 Consumer Beneficiaries of the Auckland Energy Consumer Trust (AECT) who are former customers of VECTOR will receive long-waited payouts in time for Christmas.

The beneficiaries are former customers of electricity lines company VECTOR, who have successfully applied for payments of several hundred dollars that have been held over since March 2001 because of court action taken against the AECT.

Cheques of up to $583.93 are being mailed to these consumers, beginning November 21.

The Trust held back $12 million from a distribution made in March 2001, for the purpose of making these payments. The payouts relate to the distribution of dividends for 1999 and 2000 that were held up by court action taken by Territorial Local Authorities. That action was settled by the High Court last month.

Trust chair Karen Sherry said settling the case had taken much longer than expected, but the AECT is delighted it has been able to progress payment so quickly following the final High Court settlement.

“This action has taken considerable time, effort and resources on behalf of the Trust – but it is great to be able to finally make payments in time for Christmas,” Ms Sherry said.

Ms Sherry said finalising the payment to former customers highlights what has been a watershed year for the Trust. The Trust wholly-owns Auckland electricity lines company VECTOR, which has successfully completed a takeover of UnitedNetworks.

“The takeover effectively doubles the size of assets controlled by the Trust, and our beneficiaries will gain from that growth over time,” Ms Sherry said.

The payments to former customers apply to people who were connected to VECTOR’s network as customers on either or both 19 September 1999 and 28 August 2000, but who had ceased to be customers as at 12 February 2001. People who have already applied to the Trust for the payout, and have had their applications accepted, will receive their cheques from November 21.

About the AECT

The Auckland Energy Consumer Trust (AECT) owns 100% of Auckland power lines company VECTOR Limited. The AECT has four key roles:

To ensure that shareholder interests are represented at Board level. To enhance the value of its investment. To collect and look after the dividend income it receives from its investment. To distribute the income it receives in a way that has direct benefit to consumers of VECTOR.

In fulfilling these roles the Trust also seeks to ensure that VECTOR continues to improve the quality and reliability of its network, and its standard of service.

What is VECTOR?

VECTOR Limited owns the network of power lines, cables and transformers, which carry electricity to more than 274,000 homes and business in Auckland. It is also finalising the takeover of United Networks Limited, which will effectively double the size of its business. The Company is a fully commercial organisation. It has a Board of Directors, all of whom are appointed by the Trust.

VECTOR is currently the only asset of the Trust, and it is the trading company whose profits produce the funds from which consumers normally receive an annual dividend.

Trustees

The AECT has five Trustees who are elected every three years in a postal ballot. The next election is in October 2003. The current trustees are: Karen Sherry, Chair; John Collinge, Deputy Chair; Pauline Winter; Coralie van Camp; Mike Buczkowski.

Beneficiaries

The AECT has two types of beneficiaries, capital and income.

The capital beneficiaries are three councils – Auckland City, Manukau City and part of Papakura District. Capital beneficiaries receive no payouts from the Trust until it is finally wound up in 2073. Electricity consumers connected to the VECTOR network are the income beneficiaries.

Income beneficiaries receive payments from the income received by the Trust. These are currently made by way of a credit to power bills.

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