This year power lines in Napier's Kennedy Rd were put underground to improve aesthetic appeal, reliability and safety. Photo / Glenn Taylor
This year power lines in Napier's Kennedy Rd were put underground to improve aesthetic appeal, reliability and safety. Photo / Glenn Taylor
A cheque is coming to electricity account holders in Napier and Hastings, with consumer-owned lines company Unison's profit up nearly 14 per cent on last year's, for a shareholder benefit of $10.9 million.
This includes $1.35 million for the undergrounding programme.
This year power lines in Napier's Kennedy Rd wereput underground to improve aesthetic appeal, reliability and safety.
Total group revenue was $210.5 million. Net profit after tax was $27.5 million, up 13.6 per cent on last year's $24.2 million.
A dividend of $9.55 million will be paid to Unison's owner, the Hawke's Bay Power Consumers' Trust. Line revenue, net of transmission charges, increased $10 million on the previous year.
"Line revenue growth reflects increased electricity demand and the impact of price increases approved by the Commerce Commission," Unison chairman Kevin Atkinson said.
"In the year ahead the price increase of 1.4 per cent permitted by the Commerce Commission is representative of Unison's ongoing investment requirements." Hawke's Bay Power Consumers' Trust chairman John Newland said consumers' dividend cheques would again be mailed.
The amount was not yet determined and it would be sent late in the year.
Last year's was sent early to avoid election mailouts.
The trust undertook a five-year $9 million undergrounding plan last year, subject to Unison making a profit. Dividend cheques were a priority.
The amount paid increased annually over the past seven years. Last year's cheque was for $170.
He congratulated Unison and said it continued to meet or exceed performance and financial targets set by the trust.
Mr Atkinson said in the year ended March there were seven lost time injuries and one public accident. Three of the injuries were serious and preventable accidents.
On March 23 some parts of Hawke's Bay hospital were without power for 30 minutes and Unison's back-up system failed.
Once the Government's Health and Safety Reform Bill came into force the board would dedicate "significant time to ... make further enhancements to our safety culture".
