25 September 2014
NZ’s Largest Divided Payment Gets Underway
The Auckland Energy Consumer Trust (AECT), the independent consumer trust and majority owner of infrastructure group Vector Limited, announces an increased annual dividend of $335 per AECT beneficiary, up from $330.
This year, more than $105 million will be returned to the local Auckland economy in what is New Zealand’s largest dividend payment run, says AECT Chairman, William Cairns.
“More than 316,000 individual dividend payments will be made this year to families, schools, businesses and community groups, positively impacting many hundreds of thousands of Aucklanders.
“We know this payment is welcome and makes a difference in many households in the Trust area. The Trustees are very pleased to increase the dividend by $5 to $335.”
The dividend is paid to AECT beneficiaries who were Vector electricity customers in Auckland, Manukau and the northern part of Papakura when the dividend roll was compiled on 30 July. This year the number of eligible income beneficiaries has increased by around 2,500.
The AECT, formed on 1993, owns 75.4% of Vector. To date it has paid more than $1.1 billion in dividends to Aucklanders over the past 20 years.
William Cairns, says that Vector is an important asset for the people of Auckland.
“Under Trust ownership Vector has grown and diversified and is now worth around $2 billion. That’s an asset that all of Auckland can be proud of.”
The 2014 AECT dividend of $335 will be sent to 316,320 income beneficiaries in the AECT district on Thursday 25 September. Payment is by direct credit, cheque – to the name of the person on the electricity bill - or via credit to the customer’s electricity account.
For more information on the AECT dividend visit www.aect.co.nz