The key question as to why it is considered necessary to change TECT into a wholly charitable trust remains unanswered.

Thus far the trustees have tabled nothing more than what are a series of concerns relating to Trustpower and the wider electricity industry. These concerns are commercial matters that should be addressed as part of the day-to-day management of TECT.

There has been much comment on the adequacy of the trustees' proposed offer of a series of payments totalling $4300 per TECT consumer.

The present trust deed provides that on expiry, January 1, 2072, TECT is to be wound up and the proceeds distributed to the beneficiaries (TECT consumers).

Accordingly, this is a further component of value to be taken into account by TECT consumers in making their decision. It is not simply a case of the remaining 55 annual payments.

From reading various letters to the press it is apparent that many TECT consumers place reliance on their annual TECT cheque. They may pay a little more for their Trustpower electricity but the arrangement represents a form of saving that would otherwise not take place.

In a country that posted an annual household savings rate of -2.8% for 2017, the TECT cheque may be more important than many realise.

B Toxward, Whakamarama.