Entrust dividend: Who’s in line for the $350 payout

Hundreds of thousands of Auckland households and businesses will get a payment of $350 from Entrust soon.

The payment from Entrust, the “majority shareholder of Vector”, is for eligible electricity account holders in the Entrust District of central, east and south Auckland.

The cash is on its way to 365,000 Aucklanders this year. Payments are either made directly into bank accounts or credited to power accounts.

The total dividend is worth more than $127 million and was paid on September 18.

Entrust chair Denise Lee said the money will likely be spent at local Auckland businesses, creating a ripple effect beyond those who received it.

“In this current cost of living crisis, having a windfall like the Entrust dividend will be welcome in so many households.

“Whether it helps to pay for essentials, or maybe a treat for the family, Entrust is pleased to be able to make a difference, no matter how small.

“Vector is a fantastic asset for all of Auckland, but especially our Entrust beneficiaries, the people and businesses residing in the Entrust district.”

Anyone who was an Entrust beneficiary on August 7 is eligible for this year’s payment.

People are eligible if, on that date, they were the person/s named on the power bill, which included paying Vector electricity lines charges.

This year’s payment is down from last year, which was $364.

Entrust dividends will no longer include an additional payment from Vector after The Electricity Authority mandated that Vector must now pass these funds to electricity retailers.

If customers don’t see a payment in their bank account by September 20, they should receive a form to fill out by post or email.

“If you are being paid as a credit on your power account, details of your credit have been provided to your electricity retailer and they will credit your power bill,” Entrust said on social media.

Depending on your billing cycle, it may take about four weeks to process the credit.

Upcoming Entrust election

Entrust owns 75.1% of Vector Limited, New Zealand’s largest network infrastructure company.

Entrust is governed by five trustees who are elected every three years by electricity consumers within the district by postal voting using the First Past the Post (FPP) voting method.

The election for the trustees will be held from October 10 to 25 this year.

Last election, the turnout was only 9.5% of eligible voters, according to Greater Auckland.

Communities and Residents (C&R) have dominated control of the trust for the past 30 years.

C&R was formerly Citizens and Ratepayers and has strong ties with the National party.

More for you; Better for Auckland is also seeking to be elected this year, aiming to bring down power bills.

Jaime Lyth is a multimedia journalist for the New Zealand Herald, focusing on crime and breaking news. Lyth began working under the NZ Herald masthead in 2021 as a reporter for the Northern Advocate in Whangārei.