Auckland power customers pocket $96 million bonus

Press Release

Embargoed until midnight tonight (Friday 21 September 2007)

Auckland power customers pocket $96 million bonus

Over 300,000 Auckland electricity customers will find a very welcome letter in their mailbox over the next few days, as they receive their $320 annual dividend from the Auckland Energy Consumer Trust.

The dividend is a new record for the Trust’s beneficiaries, and tops even last year’s payout of $310 per household.

Trust Chairman Warren Kyd says the increased payout reflects another great year for the trust’s asset, its 75.1% shareholding in Vector Ltd. “When Vector does well, every one of our beneficiaries’ sees the benefit and we’re thrilled to be passing on another good-sized payout this year.”

Retailers prepare for a busy weekend

With almost $100 million about to hit the region’s economy, Auckland retailers can expect a busy weekend once the Trust’s beneficiaries receive their payouts. Mr Kyd says the move to paying the dividend by cheque or direct credit, rather than via a power account, has been a hit with Aucklanders. “Everyone’s got something they could spend $320 on, whether it’s a treat for the family, or just taking care of other bills and household expenses. We like to say the AECT puts the power in your hands – and letting you choose how to spend your dividend is one way we prove it.”

About the AECT

The Auckland Energy Consumer Trust was formed in 1993 following the government’s reform of the electricity industry. The Trust now owns 75.1% of infrastructure and lines company Vector Ltd. The Trust’s beneficiaries are households with electricity accounts in the former Auckland Electric Power Board Area (see aect.co.nz for a map).

To find out more about this year’s dividend payout or anything else about the AECT, please go to aect.co.nz or contact:

ENDS

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