Auckland Energy Consumer Trust (AECT), renamed Entrust in June 2016, is a trust for electricity consumers in Auckland, New Zealand. Formed in 1993 as sole owner of the original Mercury Energy Limited, it is now majority owner of electricity and gas distributor Vector Limited, a child of the original Mercury, the other child being the retailing division of Mercury Energy. The Trust will be wound up in 2073 (80 years after its formation) and its assets transferred to the local government authority or authorities in the Trust district (at present this would be Auckland Council). There have been calls for the Trust to be wound up sooner.
AECT owns 75.1% of the shares in Vector, worth about $2 billion. It holds the shares on behalf of Vector's 300,000 customers and distributes dividends from Vector to its customers. The remaining 24.9% of Vector shares are traded on the NZX Main Board stock exchange.
As part of electricity industry reforms in 1993, the consumer-owned Auckland Electric Power Board became Mercury Energy Limited and AECT was set up to own it, keeping control in the hands of electricity consumers. Similar trusts were established elsewhere in the country. Mercury was the electricity distributor and retailer for Auckland, Manukau and Papakura. In 1998 the government split the electricity sector into distributors (lines companies) and retailers, and accordingly Mercury was split. The retail business was sold to Mighty River Power and the lines business being kept and renamed Vector Limited. AECT was the sole owner of Vector until 2005, when it allowed Vector to make a public float of 24.9% of its shares to raise capital to buy gas company NGC Holdings.
Video Auckland Energy Consumer Trust
Election of trustees
The trust is run by five trustees elected using the plurality-at-large method every three years in line with the requirements of the Trust Deed. Trustees are electricity customers who live in the Trust area.
In 2003 and again in 2006 four right-leaning Citizens & Ratepayers (C&R) candidates and one left-leaning Powerlynk candidate were elected.
C&R won all five seats in 2009. Their candidates gained support from 36% to 49% of people who voted. Powerlynk's five candidates gained 17% to 30% support. Reform group Just Power No Politics stood three candidates who gained 22% to 28%. Three independents got 9% to 20%. Turnout was 46,631, or 16%.
In 2012 C&R (renamed "Communities and Residents") won all five seats again.
2003 election result
- 2003 trustee election results - elected trustees in bold
Maps Auckland Energy Consumer Trust
See also
- New Zealand electricity market
References
External links
- http://www.aect.co.nz
Source of article : Wikipedia
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