More WEL Trust money into community

More WEL Trust money into community

WEL Energy Trust has continued to increase the amount of money it puts into the community.

In its 2014/15 Annual Report the Trust advises $2.4 million has gone into the wider Waikato and parts of the Waipa district – up from $2.2 million in the previous year.

Of that, $2.1 million was distributed to 276 community groups to support a wide range of activities. An additional $200,000 went into the Healthier Homes and energy efficiency initiatives including the Waikato District Health Board Whare Ora (healthy home) programme. The Trust continued to set $2 million aside for its community lending programme.

During the year the Trust maintained its balance of $10 million in term deposits. Interest generated was offset by operating costs which were down compared to last year, coming in $126,000 under budget. Many of the savings were driven by the Trust moving into a shared office arrangement.

The Trust finished the year with a net surplus after tax of slightly more than $179,000.

Trust chair Mark Ingle said the Trust continued to support the $22 million discount announced by WEL Networks Ltd in April this year. Over 13 years, WEL Networks and the Trust have distributed more than a quarter of a billion dollars to energy customers in the WEL Networks region.

WEL Energy Trust was formed in 1993 and owns WEL Networks Ltd on behalf of the community. WEL Networks owns the electricity lines and equipment in Hamilton, most of the Waikato district and a small part of the Waipa district.

ENDS

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