Entrust’s 322,800 beneficiaries in Auckland, Manukau, northern Papakura and eastern Franklin can expect to receive a dividend payment of $345 in late September, Entrust announced today.

Entrust Chairman William Cairns says the dividend amount will remain the same as last year despite an increase in beneficiary numbers.

Mr Cairns said the dividend will boost Auckland’s economy by more than $100 million, with a significant portion of the money being spent with local businesses across the city.

“We know this dividend makes a difference to many in our community - we discovered in a recent survey that more than sixty percent of Aucklanders said their family needs their dividend to meet the rising costs of living in Auckland,” Mr Cairns said.

The dividend distribution, which is New Zealand’s largest, comes from Entrust’s majority shareholding in Vector, and has contributed more than $1 billion to Auckland since Entrust, formerly known as the Auckland Energy Consumer Trust, was formed in 1993.

Commenting on Vector’s full year results released today, Mr Cairns said Vector continues to benefit from growth in Auckland, the expansion of its smart meter fleet and its focus on prioritising growth in its portfolio, both from its existing assets and from the new opportunities emerging with advances in new energy technologies.

Mr Cairns says Entrust expects Vector’s investments in new technologies, including smart meters, telecommunications, solar and battery solutions and electric vehicle charging infrastructure, to contribute strongly to beneficiaries’ dividend over the long term as technology continues to change the energy industry.

“It is fantastic to see Vector proactively embracing these new technologies.

“It is also great to see Vector continuing to invest to develop a culture that prioritises safety, nurtures innovation and new ideas, and actively encourages diversity and inclusion. This investment helps to ensure the company has the capability to deliver returns for all shareholders for the long-term,” he said.