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Response To TECT Proposal Announcement

Trustpower says its existing customers will have very similar rights to the current TECT rebate under changes to the Trust Deed proposed by the Tauranga Energy Consumer Trust (TECT) today.

“We know the TECT rebate is valued by our customers and it’s pleasing to see our customers’ rights are largely retained under the proposed amendments to the Trust deed,” says Trustpower chief executive David Prentice.

“The Trust’s proposal is well-thought out and provides sufficient detail for our customers to make an informed decision about amendments to the deed.”

Prentice says the Trust’s action to consult with Trustpower’s customers in the greater Tauranga region over proposed amendments to the Trust deed is appropriate, given Trustpower’s announcement of a strategic review and possible sale of its retail business.

“We have considered the reform process set out in TECT’s proposal, which includes community consultation and an application to the High Court, and consider that process to be right and robust,” he says.

Prentice noted the company had opposed a previous Trust proposal to reform the deed, saying it had involved a fundamental change to beneficiaries’ entitlement – the TECT rebate.

“This proposal is noticeably different, as it preserves our customers’ rights and is put forward as a result of our announced strategic review of the business,” he says.

Prentice says it is important people understand that the outcome of the strategic review is not predetermined. “No decision has been made to retain or sell the business, but it is prudent of the Trust Board to consult with our customers in light of Trustpower’s strategic review,” Prentice says. “The Trust and Trustpower are separate entities but we share a common goal of seeking the best possible outcomes for the Trust’s beneficiaries, our customers.”

He urged customers to read the Trust’s proposal closely and engage in the public consultation process so that their views are heard and understood.

“We believe everyone deserves to be fully informed as to the facts of the proposal and be able to have their say,” Prentice says.

· Trustpower announced a strategic review on 28 January 2020.

· Tauranga Energy Consumer Trust (TECT) holds a 26.8% share in Trustpower.

About Trustpower: Trustpower is New Zealand’s fifth largest electricity generator and fourth largest energy retailer bymarket share, with approximately 12% electricity retail market share. It owns 25 hydro power schemes throughout New Zealand with a total installed capacity of 495MW. It operates a multi- product retail business, including electricity, gas and telecommunications products with approximately 263,000 electricity connections, 42,000 gas connections and 106,500 telecommunications customers. For further information see trustpower.co.nz

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