Power Trust to pay out $4.5 million to Hawke's Bay Consumers

The Hawke’s Bay Power Consumers’ Trust is being paid a dividend of $4.5 million from its lines company, Unison Networks Limited.

“We will now ask the Directors to give their recommendation on how the dividend should be allocated among our Hawke’s Bay consumer-owners. Trustees will then decide on how and when it will be paid out and we will tell our consumers when they can expect to receive their payments.” said Trust Chairman, Ken Gilligan. 
 
“This payment to Unison’s consumer-owners is great news. Over the past 15 months Trustees have worked closely with Unison Directors and management to make sure we continue to share in the benefits of local ownership of Unison. Improvements to and upgrading of our network, in both urban and rural areas, including undergrounding of overhead lines in the Bay, has continued. We have also put funds into energy efficiency and safety, through the hot water cylinder wrap project and by offering discounts for the testing of electric blankets. A new blanket testing programme is now underway and this will close early in May.” 
 
“Our consumers are aware the Commerce Commission has been investigating Unison’s activities and, although the Commission’s work has yet to be finalised, the Directors of Unison consider a dividend distribution should be made and Trustees agree payments to consumers can now be resumed.” 
 
“In the six and a half years since November 1999 Unison has prudently invested in maintaining and improving the performance of its networks. Also during this period our investment in Unison has grown from $115 million in 2000 to $216 million in 2005. We commend Unison for this significant increase in value of the company.” 
 
“As well, our consumer-owners have received discounts, rebates and cash distributions of nearly $24 million. An additional $7 million has gone into greater amenity value by undergrounding urban lines and $1 million in improved power quality by technology investments in the rural network.” 
 
“All of this has only been possible through local ownership of Unison that allows us to give funds back to our Hawke’s Bay owners.” 
 
Ken Gilligan 
Chairman 
Hawke’s Bay Power Consumers’ Trust. 
 
Enquiries on this media item to: 
James Palmer 06 875 1918 
Ken Gilligan 06 844 5783 
 
Ken Gilligan 
Ph 06 844 5783 
Mob 027 268 0582 
 
Contact Information - Trustees 
Ann Dixon 06 876 7733 
Taffy Paine 06 843 7297 
Diana Kirton 06 844 8618 
James Palmer 06 875 1918 
Ken Gilligan 06 844 5783