|Trust Injects $93million Cash Into Local Economy
|The Auckland economy is about to receive a $93 million cash injection as nearly 300,000 consumers each receive a $310 dividend distribution from the Auckland Energy Consumer Trust (AECT).
Each of the consumers are income beneficiaries of the AECT which is this week distributing this year’s dividend payment by cheque. The payment comes from dividend income received by the AECT as the majority shareholder in Vector Limited.
In previous years beneficiaries received their share of the dividend as a credit on their power account. But for many people this year’s payment of $310 is substantially greater than their monthly power bill and the dividend is being paid by cheque direct to the AECT beneficiaries. Last year beneficiaries received a $180 dividend.
AECT beneficiaries are all customers connected to the Vector electricity network in Auckland City, Manukau City and parts of Papakura. As at the eligibility date of 20 August 2006, 298,559 beneficiaries were entitled to receive this year’s dividend, slightly more than last year’s 292,000 beneficiaries.
The significant increase in this year’s dividend payment reflects the continued value of the Trust to its beneficiaries.
The AECT is the largest consumer trust in New Zealand and, since being formed in 1993, has distributed more than $546 million in dividends to income beneficiaries, amounting to a total of $2,090 for each beneficiary.
For further information please see: www.aect.co.nz
or contact Mark Bogle
AECT Executive Officer
Phone: 978 7813