Power payment on the way

Marlborough Electric Power Trust (MEPT) will be making a distribution payment of $70 which will be credited to customers' next power account by retailers from the 23 January.

MEPT holds 100 per cent of the shares in Marlborough Lines Ltd on behalf of the owners (beneficiaries).

Chair Domenic Romano says while not as high as the Trust would have liked, he hopes the payment will still make a positive difference.

“While not as high as we would have liked, we are pleased that it will assist in some electricity cost relief at the start of the year and following a challenging economic time.”

As stated at MEPT's annual reporting meeting in November, the 2024 group financial result showed a $17 million loss overall.

The report highlights challenges in the wine industry impacting Marlborough Lines investment into Yealands Wine Group and higher retail prices.

Yealands Wine Group equity value decreased by $19 million during the year.

Investment into a wind farm in Canterbury has also been scrapped.

Energy Marlborough Ltd, a 50 per cent joint venture partner of the Mt Cass Wind Farm (MCWF), was unable to gain approval from its owner, Marlborough Lines Ltd, to fund the project.

Domenic says he anticipates higher returns in coming years, highlighting the $242 paid by Marlborough Lines Ltd to consumer accounts in 2024, which saw a total value of $10.5m of discounts paid to consumers.

In the report Domemic says Marlborough Lines is impacted like any other business.

“…the Marlborough Lines Business is no different and this represents both opportunity and challenges to the Trust to protect and enhance its investments.”

Marlborough Lines Ltd provides significant financial support to the Marlborough region through sponsorship of a wide variety of local organisations and events.

Organisations including Picton Maritime Festival, Marlborough Riding for the Disabled and Marlborough Lines Stadium 2000 all benefit from sponsorship.