Toast Electric Announces $0M Full-Year Profit – Again!

Toast Electric has once-again announced a strong full year profit of absolutely zero.

Toast is New Zealand’s only not-for-profit electricity retailer and is an initiative from Sustainability Trust in Wellington. It reported that it had returned every last cent of profit to supporting its low-income customers.

As a not-for-profit, Toast Electric has no shareholders – returning all surpluses from its “general-income” households to those suffering energy hardship. Lower-income households that are referred by partner social service and budget advice agencies are enrolled in Toast’s Energy Wellbeing programme. Over the past winter, Energy Wellbeing customers received 33% off energy bills in June, July, and August. Sustainability Trust advisors provided these customers with home energy assessments and interventions including free curtains, heating, LEDs, insulation and more. Advocacy support was also provided to households whose properties didn’t meet the Healthy Homes Standards for rentals.

Phil Squire, Toast Electric’s general manager, said “As an essential resource, household electricity pricing and security needs to be a focus for government and industry. We’re seeking a long-term industry-led sustainable solution to the misery of energy poverty.”

“The current high wholesale electricity pricing is a reminder that currently the “market” is structured to maximise commercial profits” says Squire. “This doesn’t usually translate to better outcomes for whanau struggling to afford the basics of power and a warm, dry home. When we visit families living in cold, damp homes then read about multi-million dollar electricity industry profits being announced, it just does your head in.”

Toast Electric, is based at Sustainability Trust’s offices in central Wellington and currently serves households from Wellington through to Foxton.

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