Auckland Energy Consumer Trust

Ballot, information booklet, return envelope and campaign material for AECT 2009 election

Auckland Energy Consumer Trust (AECT) 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 energy distributor Vector Limited, a child of the original Mercury, the other child being the Mercury Energy retailing division of Mighty River Power.

AECT owns 75.1% of the shares in Vector, an electricity and gas distributor. 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.

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.[1][2]

Election

Powerlynk posters with slogans "$320 PLUS = Powerlynk" "We WON'T Sell Vector"
Powerlynk
C&R posters with slogan "$320 = Vote C&R"
C&R
Campaign posters in the 2009 election

The trust is run by five trustees elected using the plurality-at-large method every three years.

2005 election

In 2005 four right-leaning C&R candidates and one left-leaning Powerlynk candidate were elected.

2009 election

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%.[3][4]

See also

References

  1. ↑ "AECT history". Auckland Energy Consumer Trust. Retrieved 2009-06-13.
  2. ↑ "History". Vector Limited. Archived from the original on 30 May 2009. Retrieved 2009-06-13.
  3. ↑ "Candidates power up to win over the voters". New Zealand Herald. 2009-10-16. Retrieved 2009-10-27.
  4. ↑ http://www.aect.co.nz/images/stories/PDF/AECTresultsnotice1009.pdf

External links