Consumers are being invited to learn about recent changes to the Tauranga Energy Consumers Trust (TECT) at their AGM today.

Chairman Bill Holland starts his annual report acknowledging the contributions of previous chairman Michael Cooney, who managed the trustee revolt that resulted in the referendum over the trust's future.

Bill Holland and Wayne Werder. Photo: File.

Three trustees proposed that TECT give all its money to consumers and cease paying out to the community.

'Fortunately consumers were astute enough to realise they benefit from living in a healthy community and the proposal was defeated in a referendum,” says Bill in his report.

'I firmly believe that consumers and the community should be forever grateful to Michael and his supporting trustees for their strength of purpose in dealing with what was a very difficult situation.”

Other changes at TECT over the last year have seen the establishment of its own office and hiring staff.

General manager Wayne Werder says the transition was relatively seamless and added value to the way TECT connects with its consumers and partners.

From a financial point of view, the cost of the new model in its first year of operation is very similar to previous year's costs of operations, he adds.

Key financial results for the year include a group equity increased by $131m to $791m, largely as a result of the increase in the Trustpower share price.

Group profit was $38.5m compared to $40m in 2013/14, while group expenses (before tax) were $2.5m compared to $2.3m in the previous year

During the year under review, TECT received dividends from Trustpower of $41.5m or $0.40 per share. This is the same dividend rate as paid last year, although the level of imputation credits are slightly lower, which increased TECT's final tax liability.

The share price of Trustpower increased from $6.49 per share last year to $7.95 per share at March 31 – an increase in TECT's shareholding value of $151.7m.

During the year, $21.3m was allocated to Community Organisations. This includes confirmation of TECT's $15 million grant for a new, purpose-built tertiary campus. They also made grants to 158 organisations which was up from 127 in the previous year.

The AGM starts at 4pm at the ASB Arena Truman Lane on Wednesday, August 4. TECT's annual report is available here