Media release: New Entrust leadership will bring down power prices
6 October 2024
As voting gets underway this week in the Entrust election, the independent team challenging for leadership of Auckland’s community energy asset owner, Entrust, says it will maintain the annual dividend and bring down power costs.
Higher power prices are almost certainly guaranteed under the current leadership of Entrust, says Patrick Reynolds, spokesperson for the More for You, Better for Auckland candidates standing for the 5 Trustee positions.
“This year’s $350 dividend, derived from Entrust’s 75.1% stake in Vector, is a welcome relief for many and needs to be maintained. Under the current leadership, however, households and businesses are paying for this from ever increasing power bills,” says Reyonds. “There is an urgent need for Entrust to focus on what matters - actively working to bring down power bills and secure the continuity of electricity supply. It can only be done with new leadership.”
More for You, Better for Auckland’s five candidates will work with Vector to accelerate the rollout of solar and batteries on buildings across the city. Such a rollout has clear benefits to building owners and occupants, Reynolds says. “Their own electricity, generated on site and used when needed, and not only when the sun is shining, is an obvious boon. As is the flat and predictable cost for decades ahead as shown in the attached graph by Rewiring Aotearoa.
In contrast the red line on the chart shows the latest projection of power bill increases under a business as usual scenario, based on Commerce Commission signaled forward billing increases for power and lines companies. Accelerated price rises are now certain to be at least on this trajectory, though likely even higher.
“The potential for lower power bills is startling with the cost-effective, proven technology now available. The obstacles are purely political. Under C&R’s control of Entrust, Vector has been shackled by visionless leadership that has stifled innovation and failed to respond to the energy crisis and rising power bills,” says Reynolds. “C&R has controlled Entrust for 30 years; it’s time now for fresh thinking.”
Contact:
Patrick Reynolds
Phone 0274 722 388
More for You, Better for Auckland
Further reading
How More for You, Better for Auckland will lower power bills
Media release 14 September 2024: Fresh team taking on the Entrust Election to bring down power bills
Media release 23 September 2024 : Cynically-timed “windfall” hides C&R’s poor performance governing Entrust
Notes:
The Entrust election begins on Thursday 10 October and ends on 25 October. The Entrust election is held by postal vote. In general, each household within the Entrust District gets one vote. Voting papers go to the person whose name is on the power bill and paying Vector line charges as part of their power bill.
Entrust owns a 75.1% share of Vector and is a major decision maker for lines and energy in Auckland. Entrust pays an annual dividend to its beneficiaries - some 364,000 households across the former Auckland Electric Power Board area.
C&R also sets the rules of the election and has maintained it as a postal vote over a brief two-week period, despite voter turnout reaching a record low of 9.5% in 2021.
