Power payments disappoint claim candidate

Eligible Marlborough power customers should be concerned over low returns, it is claimed.

A candidate standing for election to Marlborough’s Electric Power Trust is hitting out at disappointing returns for power customers.

Simon Bishell is one of a trio of candidates contesting next month’s election.

“Disappointment, not delight…” should have accompanied the news of $75 payments to each beneficiary, he says.

Lamenting the low payment, Simon says the Trust have no reason to be happy with the payment.

“He says the comments by Trust Chair Nicki Stretch that “Trustees are delighted to distribute $75 to each beneficiary this year” suggests consumers should feel grateful.

“When Trustees endorsed the purchase of Yealands nine years ago, we were all promised we’d get a month’s free electricity. The latest distribution is about a third of that.

“The chronic underperformance and lost opportunity of these funds is simply dumfounding.

“Unfortunately, this is the result of systemic poor governance and management of beneficiaries’ funds by MEPT.”

Simon Bishell, Belinda Jackson and Brendon Burns are seeking to win all three vacant roles in the upcoming election.

The three have been motivated by the ongoing, chronic underperformance of Marlborough Lines Limited’s (MLL) investment in Yealands Wine Group.

Financial distributions to power consumers have been lacking on what was promised, they say.

“This is not a one-off; the average distribution to consumers over the last four years is $44, which is less than 1 per cent return on funds invested

“The top three earning staff at Yealands received a total of $1.5 million in remuneration last year, while the dividend from Yealands back to Marlborough Lines was only $1.3 million” Simon says.

“It is clear to see the real beneficiaries of the Yealands investment are not the consumers, but the Yealands senior executive team”.

A tax-paid distribution of $75 has been paid to each consumers’ electricity retailer, who should apply it as a credit to consumers’ electricity accounts.

Voting papers will be emailed or posted to all eligible consumers from Thursday, 29 February 2024; voting concludes Monday 25 March with results formally notified Friday 29 March 2024.