25 July 2024
Electricity consumers invited to Northpower Electric Power Trust AGM
Northpower electricity consumers in Kaipara and Whangārei will soon have the chance to meet the guardians of their shares in Northpower Limited.
The Northpower Electric Power Trust (NEPT) owns Northpower Ltd on behalf of consumers connected to Northpower’s electricity network in the Kaipara and Whangārei districts.
On July 31, the Trust is hosting its annual AGM at Sportsville, Memorial Park in Dargaville, where Kaipara and Whangārei residents are invited to meet Trustees, Northpower Directors and Management – and hear of the financial performance of the company the past financial year.
Despite the devastation of Cyclone Gabrielle and other storm events in Northland over 2023, and the significant disruption caused by Transpower’s recently felled tower, Trust Chair Phil Heatley and Deputy Chair Sheena McKenzie say they are thankful the ongoing efforts of Northpower in keeping the power on.
“As we reflect on the past year, it has again been positive to see the Northpower team investing strongly in its electricity network, despite the disruption and damage to the region from Cyclone Gabrielle, consistently stormy weather in the winter of 2023, and the Transpower tower incident,” the pair say.
“As well as regular repairs and maintenance, and safely and meticulously restoring electricity across Kaipara and Whangārei when required, they have continued to upgrade the network as well.
“In total $40m of capital investments have been delivered in the past year. Those efforts have, and continue to, ensure a safe, secure and resilient supply of electricity to the Northpower network footprint and that benefits us all in the community.”
“We would also like to congratulate the Northpower team for its drive to see the successful construction of Te Puna Mauri ō Omaru. Located at Ruawai, this will be Northpower’s first grid scale solar farm and is designed to generate 29GWh per year, supplying approximately 3,000 homes by Christmas 2024.”
Great performance and great potential
The Trust says it is a positive step towards Northland realising its renewable generation potential and is somewhat symbolic given that the origins of Northpower started out in Dargaville over 90 years ago when the North Auckland Electric Power Board was established.
During 2023, Northpower consumers benefitted from a fifth consecutive Pricing Discount courtesy of Northpower and the Northpower Electric Power Trust. Around $14.1 million was paid to Northpower’s electricity consumers through a Pricing Discount in November 2023, an increase of increase of $1.7 million from 2022 which is reflective of another solid performance from the company.
“We value their dedication, professionalism, openness and clarity, just as we strive to do our best because all Northpower Trustees are equally passionate about their roles in representing the community for the good of Te Taitokerau.”
The Trust AGM will be held at Sportsville, Memorial Park, Logan Street, Dargaville on Wednesday 31 July 2024, at 1:00pm. A light lunch will be served at 12:15pm prior to the meeting.
For more information phone 0800 434 100, or to receive a copy of Consolidated Financial Statements of the Trust for the year ended 31 March 2024 and the Auditors Report, email nept@plusca.co.nz
Editor’s Note:
Northpower Electric Power Trust was created by deed on 29 March 1993.
The Northpower Electric Power Trust (the Trust) owns Northpower Ltd on behalf of consumers connected to Northpower’s electricity network in the Kaipara and Whangārei districts.
The Trust was established as a Consumer Trust to hold the shares in Northpower on behalf of the consumers of the Kaipara and Whangarei Districts in accordance with the Northpower Establishment Plan.
As a single owner, the Trust is accountable for the stewardship of the Trust’s assets, funded by previous generations of consumers, for the benefit of current and future generations of beneficiaries.
All connected electricity consumers are beneficiaries and receive pricing discounts, returning wealth to the local area while retaining ownership of a critical local infrastructure asset. The Trust is committed to returning profits to the people in the communities they serve.
There are seven Trustees (two from Kaipara and five from Whangarei) who are elected every three years following the Local Body elections.
The Trustees are required by the Trust Deed and law to:
a) Encourage and facilitate the Company to operate as a successful business.
b) Distribute to consumers in their capacity as owners, the benefits of ownership of the shares of the Company.
c) Appoint Directors to the Company as provided for in the Company constitution.
d) Act as a diligent shareholder and monitor the performance of the Directors.
Trustees are specifically prohibited from participating in the management or operation of the Company.
In carrying out their responsibilities in accordance with the Trust Deed and the law, the Trustees must:
1. PROTECT THE VALUE OF THE TRUST ASSETS AND ACT AS PRUDENT TRUSTEES
1.1 Seek a fair commercial return from the Trust investment in the Company.
1.2 Seek to minimise the risk of the Trust investments in the Company.
1.3 Manage cash assets including dividends received in a way that maximises the benefit to Trust consumer beneficiaries.
2. AS SHAREHOLDER IN NORTHPOWER LIMITED
2.1 Exercise the rights and responsibilities of diligent shareholders in the Company for the benefit of the Trust and with due regard to the objective of the Company to be a successful business. In doing so, take proper account of the growth of the Company and the impact of the changing economy.
2.2 Advertise publicly that Trustees seek prospective directors for the Company in accordance with clause 9.1 of the Trust Deed and the Constitution of the Company.
2.3 Appoint directors to fill any vacancies in accordance with the provisions of the Trust Deed and the Company’s Constitution.
2.4 Monitor the performance of Directors.
2.5 Agree on the Company’s Statement of Corporate Intent with the directors of the Company and make the completed SCI available to the public.
As 100% owners of the Company, although specifically prohibited from participating in the management of the Company, the Trustees may be ultimately responsible for some of the Company’s actions. The Trustees will require, through the Statement of Corporate Intent, as well as achievement of specific targets for financial and operational performance, assurances from the Directors that effective measures are in place to avoid or minimise financial, operational, and health and safety risks.