Wednesday 18 September 2024

A cash injection is on its way to 365,000 Aucklanders connected to Vector’s electricity network in central, east and south Auckland, courtesy of Entrust.

Entrust Chair, Denise Lee says she is pleased to announce this year’s dividend.

“In this current cost of living crisis, having a windfall like the Entrust dividend will be welcome in so many households. Whether it helps to pay for essentials, or maybe a treat for the family, Entrust is pleased to be able to make a difference, no matter how small.”

The payment of $350 is the annual dividend arising from Entrust’s majority shareholding in listed energy company Vector.

The dividend is paid either directly to eligible power customers’ bank accounts, or as a direct credit to power accounts. The administrative process to make this year’s dividend a reality started many months ago.

The annual Entrust dividend has pumped more than $2 billion into Auckland’s economy over the past three decades, creating an enduring legacy. Its growth reflects the performance and success of Vector, as well as Auckland’s increasing population.

This year’s dividend of more than $127 million, will likely be spent by local people in local Auckland businesses, creating a ripple effect beyond those who received it, says Ms Lee.

Anyone who was an Entrust beneficiary on Wednesday 7 August is eligible for this year’s payment. To be eligible people must be named on the power bill on that date (which included paying Vector electricity lines charges), and live in the Entrust district of central, east, and south Auckland. If Entrust did not have enough information to make the payment, eligible beneficiaries will be sent a dividend notification asking for bank account details so the payment can be made.

Ms Lee, says that Entrust is a proud majority owner of Vector, on behalf of the community.

“Vector is a fantastic asset for all of Auckland, but especially our Entrust beneficiaries, the people and businesses residing in the Entrust district.”

In recent years, the Entrust dividend has also included an additional payment from Vector, called a loss rental rebate, reflecting a rebate that Vector receives from Transpower. The Electricity Authority has mandated that Vector must now pass these funds to electricity retailers. This means that Entrust dividends will no longer include an additional payment from Vector.

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