TECT $21 million windfall: Consumers vote on how the money will be spent

TECT general manager Wayne Werder. Photo / File

After the announcement of a $21 million windfall for the Tauranga Energy Consumer Trust, beneficiaries have voted to receive a $295 payout for themselves, with the remainder ($4.2m) given to top up grant funds.

The trust sought feedback earlier this month from its 55,000 consumers on what to do with the unexpected windfall and chairman Bill Holland previously said the decision will follow the majority view.

Holland said the extra distribution in July would have no impact on the annual TECT cheque, which would be given out as usual in November.

Beneficiaries were asked to vote on three options:

• Option 1: $16.8m to eligible consumers ($295 each), $4.2m to top up current grant funds (58.8 per cent)

• Option 2: $13.65m to eligible consumers ($240 each) $7.35m towards transformational grant initiatives (36.1 per cent)

• Option 3: $0 to eligible consumers. $7.35m to towards transformational grant initiatives. $13.65m to top up current grant funds. (4.6 per cent)

Undecided or comments-only made up 0.5 per cent.

With 59 per cent of consumers voting for option 1, TECT trustees have confirmed distribution of the special dividend which will see $295 paid to each eligible consumer ($16.8m total) and $4.2m go towards topping up current grant funds.

The feedback showed 41 per cent (those who voted for option 2 and option 3) were open to increasing distributions towards community initiatives rather than the normal split between beneficiaries and community grants.

TECT general manager Wayne Werder said the results demonstrated there was a generous appetite for the trust to ensure the community continued to benefit from its investments and that the relationship between the trust and the community evolved.

"The feedback shows there is a keen interest on both sides of the spectrum for how TECT distributes its money. There is also a silent majority, which we believe needs more information about TECT and its place in the community, what it funds, and frankly, what would be left wanting without the trust's substantial grants."

Based on some of the feedback, the trustees were committed to ensuring TECT beneficiaries better understood where the trust's money came from, as well as the range of ways the trust may continue to benefit its beneficiaries through distribution of the funds in the Western Bay.

The special rebate will be paid via eligible beneficiaries' preferred payment method in late July. To qualify for the special rebate, beneficiaries must have had a Trustpower power account in the same name from October 1, 2018 and continuously through until March 31, 2019, within the Tauranga City or Western Bay region.

Beneficiaries were advised to update their rebate payment preference via the Trustpower website if they have not done so already by Friday, June 21. This will ensure the special rebate is paid via their preferred option. Those that do not have access to a computer can call Trustpower on 0800 87 87 87 to select their rebate payment option. If no rebate payment option is selected, rebates will be credited to their Trustpower power account automatically.