Electricity discount boosted
23 February 2024
The Lines Company (TLC) is set to significantly boost its annual electricity discount.
In the coming financial year, TLC will pay out a total of $5.2 million – up from $4.3 million paid last year. The money is paid to beneficiaries of TLC’s shareholder, the Waitomo Energy Services Customer Trust (WESCT).
The first payment from the increased discount will be paid out before Christmas. How much each customer receives is based on their price plan and TLC’s billing between April 1 – October 31 this year.
TLC chief executive Mike Fox said the boosted discount was a 21 per cent increase on the previous year. Of the $5.2 million, $500,000 came directly from the successful sale of TLC’s metering business, Influx, in June 2023.
“I’m very pleased the discount is going up at a time when we know some people are doing it tough. We’re a community-owned company and when we can, we want earnings to go directly back to people here. This is one way we can do that and there are other ways, such as community grants, that TLC will continue to be involved in.”
WESCT chair William Oliver said TLC must constantly find a balance between the long-term investment needed for a safe and reliable network and providing an appropriate shareholder return. WESCT works closely with TLC to make sure the needs of current beneficiaries and the wider community are met, both now and over the long-term.
“Most electricity infrastructure has a 50-year life so TLC is investing, on our behalf, in ways that will
benefit our children and communities in the future,” Oliver said.
“It’s an investment that continues the legacy of previous generations who built the electrical network we enjoy today. That’s important but at the same time WESCT recognise there are customers out there today who will appreciate the increased discount.”
“This is a significant increase in the discount coming at the right time and I applaud TLC for
reinforcing their strong commitment to our community.”
To learn more about TLC and WESCT, click here ABOUT US