Hawke’s Bay power consumers’ cheque: Cyclone means no guarantee of healthy payout in 2023

Repairing cyclone-damaged lines could impact the annual electricity dividend to consumers. Photo / NZME

The Hawke’s Bay Power Consumers’ Trust (HBPCT) is circumspect about the prospect of a healthy payout for electricity users this year.

The HBPCT, via a dividend of $15.8 million from Unison Networks Limited, paid those connected to the network $240 each in 2022. The payment was $230 in both 2021 and 2022.

But this year’s circumstances are rather different, which could be reflected in the dividend payment passed on to consumers.

Unison’s network of lines were severely damaged by February’s weather event, and it remains to be seen how the expensive repair job impacts the bottom line.

“We are in ongoing dialogue with Unison directors about the financial impact of Cyclone Gabrielle, including any potential dividend implications,” HBPCT chairwoman Diana Kirton said.

“The directors will be considering payment of any dividend as part of completing the year-end financial statements over the coming months.”

The dividend payment has become a pleasant little Christmas present for Hawke’s Bay electricity users, but it appears as if people shouldn’t just assume it will be at the same level as previous years.

Hawke's Bay Power Consumers' Trust chairwoman Diana Kirton. Photo / File pic

“We know that the Unison directors will be considering the cyclone’s impact on financial performance, but also the uncertain economic conditions ahead, the levels of network investment growth forecast, as well as the funding required to support future investment levels,” said Kirton.

“However, we would also note that Unison remains in a strong financial position, and trustees will be working closely with the Unison board to strike an appropriate decision.”

The HBPCT, of which Kirton is one of five trustees, oversees the operation of Unison Networks Limited on behalf of electricity users. The HBPCT appoints the Unison board and acts in the interests of consumers, who are the nominal owners of the network.