NZ Herald
  • Home
  • Latest news
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather forecasts

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
    • The Great NZ Road Trip
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
    • Cooking the Books
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • What the Actual
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Business

War of words over TECT cheques proposal

John Cousins
By John Cousins
Senior reporter, Bay of Plenty Times·Bay of Plenty Times·
26 Feb, 2018 06:30 PM3 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

A bitter war of words has erupted between Trustpower and its minority shareholder TECT. Photo/File

A bitter war of words has erupted between Trustpower and its minority shareholder TECT. Photo/File

A bitter war of words has erupted between Trustpower and its minority shareholder TECT over the proposal to phase out the TECT cheques and turn TECT into a charitable trust.

Tauranga Energy Consumer Trust (TECT) chairman Bill Holland yesterday accused Trustpower of running a subversive campaign against the proposal to change the way dividends were paid to the Tauranga community.

He said in a statement that the TECT cheques were never designed to distort pricing in a competitive electricity market.

Read more: Former trustees attack plan to change TECT
TECT old guard challenges move to phase out cheques
BIG READ: The inside story on the TECT cheque proposal

Trustpower's chief executive Vince Hawksworth said in a media release yesterday that its customers were suspicious that TECT was deliberately withholding information over the controversial proposal to ''cancel the TECT cheque''.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

He said Trustpower had been inundated with thousands of public queries. ''The confusion and concern customers are expressing are of TECT's own making.''

Hawksworth said TECT needed to pull the plug on the process and ask the question: ''Do Trustpower customers actually want change''.

''TECT aren't telling people the real reasons for this irreversible change...people are worried because there are so many unanswered questions.''

Advertisement
Advertise with NZME.

Hawksworth said it was four days from the deadline for submissions and people still did not know basic information like when and where verbal submissions would be heard, when TECT would publish a final proposal, and when voting on the referendum would be held. ''There is no clarity around the independence and integrity of the vote process.''

''Trustpower customers are suspicious the Tauranga Energy Consumer Trust is deliberately withholding information over its controversial proposal to cancel the TECT cheque,'' Hawksworth said.

Holland said the trust was becoming increasingly alarmed at attempts by Trustpower to muddy the waters.

''We are worried that Trustpower's well-financed campaign is having an effect on the integrity of the consultation process,'' he said.

Holland accused Trustpower of running a ''subversive campaign'' against the proposal.
He said it included critical advertising in the media, holdings its own rival meetings, sending out scaremongering media releases and legal threats.

''These moves by Trustpower are causing confusion and concern among consumers.''

Holland accused Trustpower of spreading unfounded fear around the proposal, such as the suggestion that the trust be wound up so consumers could get a final payout of $15,000 each.

''Trustee could never agree to that concept because it makes no provision for future consumers. It is mischievous for Trustpower to suggest it as a valid option.''

Holland said the proposal looked after today's consumers with a substantial payout of $4300 over the next five years and it looked after future consumers by funding the community.

''The TECT cheque was never designed to distort pricing in a competitive electricity market. Much of the feedback we have received already makes the point that the value of the cheque consumers receive does not justify the higher electricity prices people pay to Trustpower.''

Advertisement
Advertise with NZME.

He said it would take time for TECT to review the 10,000 submissions it had received so far from consumers. Verbal submissions would be heard at times and places to be decided once the trust knew how many people wanted to be heard and where they lived.

Save

    Share this article

Latest from Business

Premium
Media InsiderUpdated

'Unhinged', 'Demeaning': Columnist's C-bomb attack on female MPs - Minister, Stuff, PR bosses respond

13 May 06:46 AM
Premium
Shares

Market close: Skellerup climbs 4% as tariff uncertainty eases

13 May 06:04 AM
New Zealand

'Act of terrorism': Kiwi mum whose son died in MH17 disaster wants Russia held accountable

13 May 05:52 AM

“Not an invisible footprint”: Why technology supply chains need optimising

sponsored
Advertisement
Advertise with NZME.

Latest from Business

Premium
'Unhinged', 'Demeaning': Columnist's C-bomb attack on female MPs - Minister, Stuff, PR bosses respond

'Unhinged', 'Demeaning': Columnist's C-bomb attack on female MPs - Minister, Stuff, PR bosses respond

13 May 06:46 AM

PR boss: Anger over C-word has deflected legitimate criticism of Nats over pay equity.

Premium
Market close: Skellerup climbs 4% as tariff uncertainty eases

Market close: Skellerup climbs 4% as tariff uncertainty eases

13 May 06:04 AM
'Act of terrorism': Kiwi mum whose son died in MH17 disaster wants Russia held accountable

'Act of terrorism': Kiwi mum whose son died in MH17 disaster wants Russia held accountable

13 May 05:52 AM
Premium
Tech Insider: Willis offers some venture capital sugar, but is it enough?

Tech Insider: Willis offers some venture capital sugar, but is it enough?

13 May 05:44 AM
Deposit scheme reduces risk, boosts trust – General Finance
sponsored

Deposit scheme reduces risk, boosts trust – General Finance

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • What the Actual
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven CarGuide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP