KCEPT distributes $1.3 million across southern King Country

KCEPT distributes $1.3 million across southern King Country

King Country Energy (KCE) consumers in the electricity retailer’s ‘southern’ region can expect extra dollars credited to their power account this month thanks to local consumer trust, King Country Electric Power Trust (KCEPT).

KCEPT has announced its largest-ever annual distribution. A total of $1.3 millionwill be credited to all KCE and The Lines Company Ltd (TLC) consumers residing between Hiwi Hill in the north, Tangiwai in the south, Motutere Bay in the east and Ohura in the west.

Trust chairman Robert Carter said those who receive the credit fall into two groups annually.

“One group of beneficiaries is all KCE retail customers within the previous King Country Electric Power Board’s licensed area. This group receives an annual distribution on their KCE invoice.

“The other group is all electricity consumers connected to The Lines Companydistribution network within the previous King Country Electric Power Board’s licensed area. This group receives an annual distribution on their TLC invoice,” he said.

This year, $657,000 will be distributed to KCE consumers and $657,000 to TLC consumers, totaling $1.3 million. This is an increase from the $1.25 million distributed by the Trust last year.

“The distribution credited to KCE customers is additional to what is received on beneficiaries’ TLC invoice. Basically, KCE retail customers receive the distribution through TLC plus an extra distribution through KCE on their KCE invoice,” he said.

KCEPT owns shares in King Country Energy (KCE) and other investments. The Trust’s annual distribution to TLC and KCE consumers in the ‘southern’ regioncomes from the return on these investments.

“The unique annual distribution available only to KCE customers occurs because of the Trust’s 20 percent shareholding in KCE,” Mr Carter said.

KCE customers have received an annual KCEPT distribution since 2010. Over the past five years the total distribution to KCE customers has been over $3.5 million.

Mr Carter said the Trust is pleased to see so many of the region’s people benefit from its investments.

“We’re pleased to contribute to the economic well-being of King Country communities in this way, and look forward to continuing these distributions to local people in years to come,” he said.

ENDS

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