$3m returned to Northpower consumers

$3m returned to Northpower consumers

$3 million is to be distributed to Northpower’s 56,500 electricity consumers courtesy of the Northpower Trust (NEPT).

Every Northpower consumer connected to the Northpower electricity is eligible for a $50 distribution, meaning consumers will see a $50 credit on their December or January power account.

In just over 20 years Northpower consumers have directly received $104m in Northpower Line Holidays and $90m in Northpower Trust Distributions.

Northpower Trust Chairman Erc Angelo says it is 21 years since Northpower consumers first benefitted from a Trust distribution.

“This shows the value of the consumer ownership model. Even in challenging times, Northpower has continued to diversify, strengthen and grow for the good of current and future shareholders, says Mr Angelo.

“This distribution to Northpower’s consumers is courtesy of a dividend we have received from the company this year.

“Had the company not expanded from being solely a local lines company in the 1990s, consumers would not have continued to benefit in this manner.

“It is pleasing to note Northpower has again received an array of national awards this year which suggests to me company is striving to achieve highly.”

Mr Angelo says since the 2006 financial year, shareholder value in Northpower has increased from $204.8m to $252m, Northpower revenue has grown from $126.2m to $324.9m and
total asset value has increased from $232.6m to $442.9m.

Northpower is one of the most reliable electricity networks in New Zealand, is a leading contractor to the electricity market and continues to make strong progress in the UFB and electric vehicle sectors.

ENDS

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