TECT's little helpers are busy stuffing and folding envelopes with this year's TECT cheques as 56,000 Bay of Plenty residents await an early dose of Christmas cheer.
Next week TECT will pay $26.5million to its customers as part of its annual cheque distribution scheme, stretching from Waihi Beach to Otamarakau.
TrustPower commercial operations general manager Chris O'Hara and TECT chairperson Michael Cooney prepare the 2013 allocation of TECT cheques. Photo: Bruce Barnard.
TECT chairperson Michael Cooney says the million dollar figure will go to the 56,000 TrustPower account holders, receiving a minimum of cheque amount of $400 per household.
'This is made possible by TECT's investment in TrustPower so that TrustPower account holders not only benefit themselves but the wider community by another $8million,” says Michael.
'They are supporting a company which is based in Tauranga and has potentially the biggest wind farm development in Australia.”
The cheques are a direct result of TECT's 33 per cent shareholding in TrustPower. The exact value of each cheque comprises a set, base figure for each consumer, plus a small amount which varies according to each consumer's electricity usage, says Michael.
TECT's current policy is to distribute approximately 80 per cent of its net earnings direct to consumers by way of cheque. Further funds are distributed through grants to local community groups to assist with community projects.
TrustPower commercial operations general manager Chris O'Hara says getting a TECT cheque in the mail each year is a welcome bonus for many Tauranga and Western Bay of Plenty residents.
Since being formed in 1994, TECT has distributed more than $195million directly to its consumers with the minimum amount per consumer growing from $20 in 1994 to $400 in 2013.



13 comments
Love It :-0
Posted on 05-11-2013 13:40 | By carpedeum
Really enjoy this pre Christmas Bonus from TECT- yes I know that I could put $10 away each week and would achieve the same $ result- HOWEVER I value and appreciate the OTHER money that TECT spends on great Community Facilities which we all benefit from- thats why we continue to be TrustPower users.
TECT cheque
Posted on 05-11-2013 18:17 | By YOGI BEAR
Giving away everyone else's money ...
eyes wide shut
Posted on 05-11-2013 21:56 | By usandthem
only getting back what trustpower overcharged in the first place
@ Yogi
Posted on 05-11-2013 22:48 | By Colleen Spiro
Bah Humbug.....you not with Trust Power.....and do you not appreciate all the help they give the community....
LOL
Posted on 06-11-2013 08:08 | By Capt_Kaveman
congrats on giving people back their own money, if you do the sums it is cheaper to go elsewhere
Read it again, Yogi
Posted on 06-11-2013 10:14 | By southmark
56,000 TrustPower account holders will received the cheque. TrustPower Account holders pay the bills and its TrustPower account holders who will in turn receive a rebate.
time to go back to jelly stone yogi
Posted on 06-11-2013 11:36 | By nug
How do you get to that conclusion yogi? sounds like someones a bit jealous they aernt with trustpower... pull ya head out of your rear fool..
No free $$ here!
Posted on 07-11-2013 08:51 | By nerak
Capt_Kaveman is correct, it is cheaper to go elsewhere. Every year I do the sums, and continue with my supplier of many years. Each time, I talk to Trustpower, and they freely admit I might as well stay with the opposition, as even with the TECT cheque I'm better off. Only way to look at it then is a form of compulsory saving. As usandthem points out, you're only getting back what you were overcharged in the first place.
Sounds great...but isn't
Posted on 07-11-2013 10:39 | By mmdalton
The Tect cheque is the biggest have going around. Trustpower overcharge so badly compared to other power companies. I've been with Trustpower previously so have down the math. Hey the cheque is great, and we enjoyed getting it don't get me wrong, but now that we've been with another provider last 3-4yrs that cheque would have to be $1000 for me to even consider switching back. I see 56,000 payouts, that means about half of Tauranga have wised up over the years.
Amusing
Posted on 07-11-2013 15:13 | By tabatha
It always amuses me how many people grizzle about TECT paying out, remember other areas get similar relief as well. The set up was Central Government and TECT have been wise in what they have done. To those who miss out I feel sorry for you but you can always re join Trust Power and remember Trustpower and TECT are two separate identities.
@tabatha
Posted on 08-11-2013 10:30 | By nerak
Glad you're amused, so for fun I've put $10 in the bank each week for 52 weeks, at a lousy 2.5% interest, giving me a whopping $5 on top of my savings. In my case, if I had been with Trustpower, getting the TECT cheque, I would still come off better by another $50 or so with my current supplier. Which means, weekly, I actually have more money in my pocket rather than a power supplier's. I'm not grizzling, I am very happy, and certainly not missing out! Separate entities they may be, but most definitely intertwined. Would one exist successfully without shares in the other?
Happy Tect and Trustpower Customer
Posted on 11-11-2013 16:09 | By tauranga_mummy
For many years our household sampled numerous other power companies, some had their benefits and some were very frustrating. We then used that website to calculate which electricity provider was cheapest for our household, and the answer: Trustpower!! We have been with them for about 3 or 4 years now.I have since returned to the website to check every now and then, just to make sure we are still with the cheapest company for our usage type, and sure enough it has remained that way for years now!! We also always pay our bill before the due date (which we were able to choose, and my husband being paid only once per month meant this was a very important factor, which most other companies did not offer), we have saved over $450 this year in prompt payment discounts....and I am now excitingly awaiting our Tect cheque to arrive!
Another bonus from Tect
Posted on 11-11-2013 16:12 | By tauranga_mummy
We also have recieved a MASSIVE discount off insulating our home, TECT was last year taking over most of the cost of insulating homes for it's customers, the government subsidy paying a large percentage and Tect paying the remaining amount apart from $330.... just another reason why I am a very happy trustpower customer!!
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