Early Xmas present for Northland power users

By NZPA

Friday 15th November 2002

Northpower's 40,000 electricity users are in for an early Christmas present with the company giving customers a $70 credit on their next power bill.

The Northpower Electric Power Trust announced it was paying out the $70 credits as a dividend on profits the company made last financial year.

The Whangarei-based lines company posted an annual profit of $4.7 million for the financial year ended March 2002, down from the previous year's $6.7 million net profit.

Trust chairman Erc (CRRCT) Angelo said the $70 credit will appear on the next electricity bill for customers hooked up to the Northpower network at midnight on November 12.

"Northpower is in a strong position and the dividend represents profits paid to the trust by the company. In addition, Northpower has among the lowest line charges in the country," he said.

Northpower chairman Warren Moyes said the $4.7 million profit was achieved despite the company offering a two-month line charge holiday to customers which cost it $5 million. The company's total income for the year was $57.3 million.

This year an ownership review concluded that Northpower should remain in community ownership, with the trust continuing to own all the shares in the company on behalf of customers.

Northpower owns the power lines, transformers, substations and other equipment that make up the physical electricity network. Electricity retailers, such as Genesis Power, Meridian Energy, Contact Energy and Trustpower, sell the electricity through the network to homes and businesses.

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