Vector customers to receive Loss Rental Rebate credit

Loss Rental Rebates are allocated to electricity distributors around the country including Vector in Auckland. Photo / NZME

Vector will pass on an expected credit of $30 to Auckland electricity account holders, as payment of this year's annual Loss Rental Rebate surpluses.

The credit will be each Vector electricity account holder's share of the credit Vector receives from Transpower.

Loss rental rebates are the difference between the price and quantity of electricity generated and the price and quantity of electricity received.

The cost difference is only known later on and is allocated to electricity distributors around the country including Vector in Auckland.

The final credit amount will be confirmed closer to the distribution date. All electricity account holders on the Vector network are eligible to receive the credit.

Vector electricity account holders in Auckland's Entrust district will receive the credit in September as part of their annual Entrust dividend payment.

Last year, 346,000 households and businesses in the Entrust district received an extra $20 from Vector on top of the $283 dividend.

For those outside the district, Vector will pass the credit on to power companies who should then provide customers with a credit on their power bill later in the year.