KCEPT distributes $1.25 million across King Country
A total of $1.254 million has been credited to all The Lines Company Ltd (TLC) and King Country Energy (KCE) consumers in the 'southern' region.
Trust chairman Robert Carter said beneficiaries (those who receive the credit) reside primarily between Hiwi Hill in the north, Tangiwai in the south, Motutere Bay in the east and Ohura in the west. Credit was shown on TLC and KCE invoices in March.
"Our beneficiaries fall into two groups. The first group is all electricity consumers connected to TLC distribution network within the previous King Country Electric Power Board's licensed area. This group receives an annual distribution on their TLC invoice.
"The second group of beneficiaries is all KCE retail customers within the previous King Country Electric Power Board's licensed area. This group receives an annual distribution on their KCE invoice," he said.
KCEPT owns shares in King Country Energy (KCE) and other investments. The Trust's annual distribution to TLC and KCE consumers in the 'southern' region comes from the return on these investments.
"The distribution credited to KCE customers is additional to what is received on beneficiaries' TLC invoice. KCE retail customers receive the distribution through TLC plus an extra distribution through KCE.
"The unique annual distribution available only to KCE customers occurs because of the Trust's 20 percent shareholding in KCE," Mr Carter said.
This year, $592,000 was distributed to TLC consumers and an extra $662,000 to KCE consumers.
KCE customers have received an annual KCEPT distribution since 2010. Over the past five years the total distribution to KCE customers has been over $2.9 million.
Mr Carter said the Trust is thrilled to see so many of the region's people benefit significantly this year from its investments.
"We're pleased to contribute to the economic well-being of King Country communities in this way, and look forward to continuing these distributions to local people in years to come," he said.