$350 Vector dividend going out to 330,000 households this week

Among Vector's recent projects are lighting up the Auckland Harbour Bridge in conjunction with Auckland Council.

About 330,000 Auckland households have started to receive an annual dividend of $350 from the energy giant Vector.

The dividend is being paid to Vector customers in the old Auckland and Manukau city council areas and parts of Franklin.

The dividend, worth $116 million, is being distributed by Entrust which owns 75.1 per cent of Vector.

Trust elections are currently taking place with two tickets, the right-leaning Communities & Residents and left-leaning City Vision, plus independents, seeking seats on the five member trust.

It also follows a recent spat between members of the C&R controlled-trust and the outgoing Vector chairman Michael Stiassny. Some C&R members have been trying to dump Stiassny from his role early and he has accused the trust of possibly planning a selldown of shares.

C&R's William Cairns who chairs Entrust has said: "We are not selling down. End of story."

The dividend is driven by the financial performance of Vector. Also added to the Entrust dividend payment this year is $30 from Vector, which is customers' share of a credit received from the national transmission company Transpower

Most people have chosen to receive their dividend via direct credit to their bank account. This group gets access to their money straight away. Others will receive their dividend via a cheque in the post in the coming days depending on mail delivery schedules, or by credit to their power account.