A Unison faultman working on power lines in Hawke's Bay following Cyclone Gabrielle. Photo / NZME
A Unison faultman working on power lines in Hawke's Bay following Cyclone Gabrielle. Photo / NZME
The ball will soon be in the court of the Free The Funds group and anyone else who wants to have their say on the Hawke’s Bay Power Consumers’ Trust ownership model.
The Hawke’s Bay Power Consumers’ Trust (HBPCT) ownership structure is up for its five-yearly review.
The current modelsees dividends from the Unison Network held in trust and distributed to Hawke’s Bay power consumers by way of an annual dividend.
The trust announced on Wednesday that the dividend for the 2022/23 financial year was $15.8 million, which is in line with previous years and would see the roughly 61,000 people connected to Unison lines receive an annual payout of around $240.
The Free The Funds group, which is made up of Hawke’s Bay power consumers, want the ownership model changed. The group believes that, as the nominal owners of Unison, people should be entitled to sell their shares in the lines company.
They calculate that if it was done, it would be worth as much as $12,000 for each of the 61,000 households involved.
“It’s very well to think that, but if it’s not informed and it doesn’t come out in the form of a submission, then we’re not able to hear it,” HBPCT chairwoman Diana Kirton told Hawke’s Bay Today.
Ownership options will be made public on September 15, with potential submitters having one month to put forward their preferred model.
People can then speak to their submission at a public meeting on November 10, before the trust makes a final decision on the ownership structure on November 17.
Hawke's Bay Power Consumers' Trust chairwoman Diana Kirton.
“It’s no use keeping your thoughts to yourself or within your own network,” said Kirton.
“The trust has to hear it and then it’s our absolute role to represent the views of the power consumers.”
Kirton says the trust has paid out over $250m to Hawke’s Bay power consumers since 1999, which “really emphasises the intergenerational aspect of the trust”.
Should the ownership model change, the payout would be a full and final one, bringing an end to the days of the annual dividend.
That will all be made clear in the independent report presented to the trust by Unison’s directors, “which will give a balanced view of the advantages and disadvantages of different ownership models and give an outline of how Unison is performing against other lines companies”, Kirton said.
The exact amount of this year’s dividend will be determined at the trust’s next meeting, on August 14. Consumers can register throughout the year to receive it. Anyone holding a power connection on September 30 will be eligible to receive a dividend, with payment due in late November.
Kirton says the true impact of Cyclone Gabrielle might be felt in the dividend for the 2023/24 financial year.
Hamish Bidwell joined Hawke’s Bay Today in 2022 and works out of the Hastings newsroom.
* This article has been amended after suggesting the cut-off date for those wanting to receive a dividend payment by direct credit was September 30. Power consumers can register throughout the year, including after September 30, which is the date the eligibility for the cheque is measured.
