Power dividend: Hawke’s Bay Power Consumers Trust says $260 will go back to Unison consumers in November

Unison power consumers in Hawke's Bay will be $260 richer in November after the Hawke's Bay Power Consumers Trust announced its yearly dividend. Photo / NZME

Those in Hawke’s Bay connected to the Unison network can expect an extra $260 in their back pockets come November, with this year’s Hawke’s Bay Power Consumers Trust (HBPCT) dividend rising $20 from last year.

Trust chair Diana Kirton said the trustees were delighted with Unison’s announcement of a $17.25 million dividend payment to HBPCT last week.

The payment for the 2023/2024 financial year was confirmed at the trust’s annual public meeting, which was held on Wednesday at East Pier in Napier.

According to HBPCT, the dividend is exclusive of imputation credits and limited to a maximum of three payments per consumer.

“After doing our sums and reviewing our financial position, we are also delighted to announce that the HBPCT dividend to power consumers is increasing from $240 last year to $260 this year,” Kirton said.

“We hope that the dividend comes as a welcome cash injection to Hawke’s Bay households, many of whom we know are finding things tough in the current cost of living crisis.

Kirton said the announcement of this year’s dividend brings the total direct financial benefit consumers have received from rust ownership since 1999 to around $267.25m.

To receive this year’s dividend, power consumers must be connected to the Unison network as of September 30.

After that date, all qualifying Hawke’s Bay power consumers will receive a unique six-digit PIN, allowing them to check their direct credit registration details or register for the first time at www.hbpct.co.nz. The process will be widely advertised from October.

The trust said people could expect the payment to reach their bank accounts in late November.

Electricity consumers will continue to receive an annual dividend from their collective stake in the industry after HBPCT decided last year not to sell the shares it has held on the public’s behalf for three decades.

The decision ended a five-yearly review of the ownership, with the review process starting last March that included public consultation, calling for submissions, and a hearing of submitters who wished to speak to their submissions.