Tauranga Energy Consumer Trust is holding onto 33 per cent of its shareholding in TrustPower subject to continued monitoring following a survey of consumer interests.

TECT has announced it will retain its shareholding but trustees have the right to sell 6.55 per cent if trustees consider it is in the best interests of TECT and consumers.

TECT has decided to hold onto 33 per cent of its shares in TrustPower.

The resolution follows a formal consultation with consumers conducted in July in which 19 consumers responded to an invitation from trustees to provide their views on the proposal to adopt the resolution.

A total of 12 submissions supported the retention of all of TECT's 33 per cent shareholding in TrustPower with seven submissions proposing the resolution.

Chairperson Michael Cooney says the number of consumers who responded to the invitation for input was disappointing.

'A number of consumers raised in their submission concern about the effects proposed changes to the New Zealand electricity market could have on parts of TrustPower's New Zealand electricity business.”

'Holding shares in TrustPower was a core purpose of TECT and TrustPower has been an outstanding investment for consumers.”

Michael says as a result of the potential threats to TrustPower's New Zealand electricity business trustees will closely monitor the progress TrustPower is making in developing a number of diverse and exciting business opportunities outside the NZ electricity market.

It is a question, says Michael, of trustees balancing the rewards of those opportunities will provide against the potential threats to other parts of TrustPower's NZ electricity business.

'That assessment may lead Trustees to determine that it is in the best interests of TECT and consumers to sell up to 6.55 per cent of the shareholding in TrustPower.”

The trustees are grateful to consumers who took the opportunity to respond to the request submit on the proposed resolution.