A new group is seeking election to Auckland’s community-owned electricity trust, aiming to bring down power bills.
Entrust is the community trust that controls 75.1% of shares in lines company Vector – a stake worth some $2.85 billion. The trust pays annual lump sum dividends of around $300 to 364,000 customers of lines company Vector every year across central, east and south Auckland. It has been controlled for the past 30 years by a group known as Community & Residents (C&R), with an election to be held from October 10-25 via postal ballot.
Spokesperson Patrick Reynolds describes the new group as passionate Aucklanders who have come together to deliver a solutions-focused response to the energy crisis and the burden households are facing from high power bills and the threat of supply outages.
Urban designer Emma McInnes who stood in 2021 is joined by former Vector lawyer and Auckland Councillor Pippa Coom, People and Culture Manager Jonaan McLeod, experienced director and advocate Patrick Reynolds, and former Councillor for Howick and business owner Paul Young.
“Entrust has not been delivering for Aucklanders. The value of the dividend has fallen in real terms by 28% in the past 14 years. The incumbents on the trust have been slow to respond to the energy crisis, or to drive innovation. Auckland is currently experiencing some of the highest power bills in the world. For households and whānau experiencing energy hardship, this is critical to health, wellbeing and opportunity,” says Patrick Reynolds.
He says Entrust, with a solutions-focused team of Trustees, can deliver change through supporting cost effective and proven new technology. “We will actively advance a game-changing rollout of solar and batteries onto a huge variety of Auckland’s rooftops. This will bring down power bills every month and build greater resilience and independence for power users. It will also enable higher and more stable dividends by growing the Trust’s asset base.
Community owned Entrust has the scale to affect the power market and restore balance back to customers. But new leadership at Entrust is required to achieve this, as C&R have been inactive and seemly indifferent to both new technology and soaring power bills,” says Mr Reynolds
All power users, home owners, renters, and businesses deserve lower bills, more secure supply, and better returns from Vector. A vote for all five More for you; Better for Auckland candidates will deliver more for Aucklanders while also improving Vector’s financial performance.