Hundreds Of Dollars Coming For Auckland Power Users

More than 320,000 Aucklanders are in line for a payout of hundreds of dollars following Vector's annual financial result, released today.

Entrust owns 75 per cent of the electricity lines and gas distributor, paid out $345 to each consumer last year.

Today Vector announced a slightly improved dividend - up from 15.5 cents to 15.75 cents - that it will pay shareholders, including the Entrust. Entrust says it pays out all of the dividend, usually in late September or October. It hasn't finalised this year's payout yet.

Beneficiaries are those named on the power bill. See who qualifies here.

Entrust ownership of Vector is worth about $2.3 billion.

The organisation (formerly known as the Auckland Energy Consumer Trust) was created in 1993, to ensure that power lines remained in the control of electricity consumers and was established under a trust deed for 80 years.

Vector's net profit rose 84 percent to $274.4 million, which it attributed to increased operating earnings, lower interest costs, favourable derivative movements and the $164 million gain on the sale of Vector Gas

via NZ Herald