WEL Networks Pays Out $22.88 Million in Discounts

PRESS RELEASE Friday 17 April 2009

WEL Networks Pays Out $22.88 Million in Discounts

Starting from next week, WEL Networks customers will receive a discount on their electricity accounts.

WEL Networks is the Waikato region’s electricity distribution company. In total, 81,000 customers within the WEL Network distribution area will receive a total of $22.88 million in rebates. Although discounts vary greatly, an average customer will receive a $275.00 re-fund.

Despite the economic downturn, WEL Networks has maintained the discount at the same level paid out in 2008. WEL Networks Chief Executive Dr Julian Elder says “including this year’s discount, over the past seven years WEL Networks has returned over $113 million in line-charge discounts to our customers.

“Particularly during these tough economic times, it’s a pleasure to be able to make such a significant contribution to households, businesses and community groups throughout the Waikato region.”

The discount is applied to each connection within the traditional WEL Networks area in the Waikato and is paid to the occupier at that address as at 5.00pm on 31 March 2009. The discount will be shown on a customer’s electricity account, sent to them by their electricity retailer. The level of discount will depend on how much electricity was consumed by the customer during the past twelve months.

Dr Elder says a maximum discount level is set to ensure a fair rebate goes to all custom-ers. “There has always been an upper limit on the level of discount paid out to commercial users, which is $1856.00 this year. Setting this cap ensures a more equitable distribution of the discount to all customer groups,” explains Dr Elder.

Dr Elder warns customers that next year’s discount is likely to be lower than 2009 and 2008 levels, due to the recession effecting customers’ electricity usage and the significant reduction in new connections.

“Although WEL Networks can’t predict exact numbers at this point, we do want to caution customers that the recession will adversely impact our revenues. This is likely to translate into lower customer discounts in 2010.”

WEL Networks customers wanting further information about their discount can contact the company by:

• Calling: 0800 434 726 • Visiting: www.wel.co.nz • Emailing: connect@wel.co.nz • Writing: Discount Enquiries, WEL Networks, P O Box 925, Hamilton All values quoted in this press release include GST.

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