WEL Energy Trust supports $24.16M for Waikato economy

WEL Energy Trust supports injection of $24.16M into Waikato economy

The WEL Energy Trust adopted its annual plan on Tuesday, 24 April, and confirmed an injection of $24.16 million to be given back to the Waikato community over the next 12 months.

WEL Energy Trust has a 100% shareholding in WEL Networks Ltd which distributes electricity to households and businesses in Hamilton, most of the Waikato District and a small part of the Waipa District.

One of the roles of WEL Energy Trust is to distribute surplus income from WEL Networks back to the community.

The largest portion of the planned cash injection is the Trust’s support of WEL Networks’ annual consumer discount, which totals $21.562 million.

“The WEL Energy Trust is pleased that WEL Networks is able to provide a discount at the same level as last year. This works out to an average residential discount of $246, which makes a big difference to many families at this time of year,” said Mark Ingle, WEL Energy Trust Chairman.

The second largest injection into the local economy over the next twelve months will come through the Trust’s community grants pool, which is on par with last year at $2 million.

“The Trust supported 246 organisations last year with grants ranging from $300 to $65,000. Through our 2012 grants round, which opens in August, we will support a similar number of organisations once again,” said Mr Ingle.

In addition to the $2 million allocated to the Trust’s grants round, a further $98,000 has been set aside to support projects identified by Trustees as requiring out-of-round support.

Energy efficiency programmes will also get a boost through the Trust’s allocation of $100,000 to various energy efficiency programmes. In the past this has included initiatives such as school energy audits, solar hot water heating and upgrading inefficient heating devices with energy efficient ones.

In addition, the Trust will invest $150,000 into the Healthier Homes programme, which provides financial assistance to people who require insulation to create a warmer, dryer living environment. This year, the Trust will celebrate the achievement of helping 2000 families in the region to insulate their homes.

A further injection of $250,000 is being made by the Trust this year to support the $1 million electricity lines undergrounding programme to be delivered by WEL Networks over the coming year.

Mark Ingle said, “These initiatives are how WEL Energy Trust intends to carry through on our promises made during the last election.

“The Trust is committed to maintaining the grants and discounts while also seeking new ways to invest in our local community.”

WEL Energy Trust community cash injection at a glance:

• $24.16 million given back to community this year
• Trust supports WEL Networks’ consumer discount of $21.562 million
• $2 million grants round opens in August
• $98,000 in Trustee-initiated grants to be allocated
• $100,000 investment into energy efficiency initiatives
• $150,000 allocated to Healthier Homes programme
• $250,000 invested into electricity lines undergrounding

ENDS

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