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Aviation, tourism and energy writer for the Business Herald

Auckland power users to get $345 payout

Central Auckland power consumers are in line for a payout of hundreds of dollars. Photo / Martin Sykes
Central Auckland power consumers are in line for a payout of hundreds of dollars. Photo / Martin Sykes

More than 320,000 Aucklanders will get a $345 payout from Vector's dividend.

Entrust owns 75 per cent of the electricity lines and gas distributor, also paid out $345 to each consumer last year.

Today Vector announced a slightly improved dividend - up from 15.5 cents to 15.75 cents per share - that it will pay shareholders. Entrust says it pays out in late September or October. It has a higher number of beneficiaries this year in its area which covers Auckland, Manukau, northern Papakura and eastern Franklin

Beneficiaries are those named on the power bill. See who qualifies here.

Last year's payout was worth more than $100 million to the Auckland economy.

Entrust ownership of Vector is worth about $2.3 billion.

The organisation (formerly known as the Auckland Energy Consumer Trust) was created in 1993, to ensure that power lines remained in the control of electricity consumers and was established under a trust deed for 80 years.

Vector's net profit rose 84 percent to $274.4 million, which it attributed to increased operating earnings, lower interest costs, favourable derivative movements and the $164 million gain on the sale of Vector Gas.

- NZ Herald

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