Northpower is giving customers another little power surge in the pocket. Photo / John Stone
Power to the people has come in the form of free electricity after Northpower's annual line holiday to 56,500 customers in Kaipara and Whangarei.
The total rebate is worth $5.48 million and means that since 1998 customers have been given back $110 million of Northpower's profits from renting line to
electricity companies. In December, the Northpower Trust (NEPT) distributed $50 to every Northpower consumer.
The 2016 line holiday means all consumers connected to the network at 6am yesterday will get between $35 and $145 off their next power bills. The credits are based on annual energy consumption and broken into three tiers: $145 for people who used more than 15,000 units; $95 for consumers who used between 2000 and 15,000 units; $35 for those who used less than 2000 units.
"It is always pleasing to distribute profits to our consumers despite a challenging environment. We are continuing to work hard to improve our business performance," Northpower chairwoman Nikki Davies-Colley said.
Since 2006, shareholder value in Northpower has increased from $204.8 million to $252 million, Northpower revenue has grown from $126.2 million to $324.9 million and total asset value is up from $232.6 million to $442.9 million.
