MEDIA RELEASE

04 August 2015

AECT dividend set to boost Auckland’s economy by more than $100m

The annual Auckland Energy Consumer Trust dividend is coming to you in late September – cut-off date for paperwork 10 August.

A cash injection is being prepared for the Auckland economy and more than 318,000 Auckland Trust beneficiaries, with the payment of the Auckland Energy Consumer Trust (AECT) dividend in late September.

Those Trust beneficiaries have recently been sent update forms giving them the option to select how they receive their dividend: straight to their bank account, by cheque, or as credit to their power account. To date, twenty percent of people have returned their forms well ahead of the 10 August deadline.

Every eligible Trust beneficiary will still receive a dividend even if they miss the August 10 deadline, but will be sent as a cheque to the person named on the power bill.

This dividend distribution, which is New Zealand’s largest, comes from the AECT majority (75.4%) share in Vector, and has contributed more than $1 billion to Auckland since AECT was formed in 1993.

AECT Chairman William Cairns says he expects this year’s AECT dividend to contribute over $100 million to Auckland with a significant portion of the money being spent with local businesses across the city.

“We’re really determined to make a difference in our beneficiaries’ lives every year through these distributions. The Trust has received an overwhelming amount of thanks in previous years – some who told us the dividend helped with their weekly grocery shop or contributed to the health of a family member. We see the dividend is making a difference in a very meaningful way, and that’s why it will continue to be important to Aucklanders for the lifetime of the Trust,” he says.

In a recent survey in the AECT catchment, more than 63% of Aucklanders said their family needs their dividend to meet the rising cost of living in this city.

Mr Cairns says that there is strong support for continuation of the AECT, not just from those receiving a dividend but also from across the Auckland region.

“Nearly 90% of AECT beneficiaries want the Trust to remain in operation and nearly 80% of those from wider Auckland feel the same,” he says.

More information about who qualifies for the AECT dividend is available on the AECT website.

*More than 318,000 households and businesses received $335 each in 2014.

Ends

© Scoop Media