Energy Trustees urge ‘yes’ vote

Opotiki’s Four Square owner, Kevin Hennessy, is urging people to vote ‘yes’ in the Eastern Bay Energy Trust’s June consumer poll. The poll will determine whether the Energy Trust can grow its shareholding in Horizon, the local lines company, from 77.29% to 100%. Mr Hennessy advises that anyone with a power account in the Eastern Bay is eligible to vote in the consumer poll. Account holders will have received voting documents by mail and have until midday on 26 June  to vote.“It’s really important that people take a moment to vote ‘yes’ to the share purchase,” he said.

Mr Hennessy has been on the Energy Trust for fourteen years and in this time has overseen grants to hundreds of community organisations including marae,schools, clubs, preschools and district councils. The Eastern Bay Energy Trust currently grants $1.5 million per year and, over the past 20 years, returned more than $30 million to the community for energy related projects. “Purchasing all of Horizon gives us certainty in the future direction of the company. For example, it gives us some say in the continuation of supply to remote and rural areas. The Trust will receive all of Horizon’s profits and so, ultimately, the share purchase will deliver increased funding back to the community.”

Mr Hennessy is very proud of the contribution the Trust makes in the community. “When the Energy Trust began in 1994, it had a 25% shareholding in what is now Horizon. With prudent fund management, we have grown this shareholding to 77.29% and are now in a position to buy the remaining shares.” He noted that Energy Trust funding had leveraged millions of dollars of central government and private sector funding for insulation retrofits in close to 4,000 of Eastern Bay homes since 2009.

“It’s satisfying to know that we’re helping create warmer healthier homes through our insulation retrofit programme. I love being part of it and really want to see the Trust funding even more insulation retrofits. I always wish we could do more, and with the share purchase, we’ll be able to help more community organisations, improve local amenities and insulate more homes.”

The Energy Trust will borrow $20 million dollars in order to purchase the shares. Mr Hennessy said that the Trust aims to pay pack the loan over ten years with repayments made from increased earnings from Horizon.