Vector has today announced it will pass on an expected credit of $30 to Auckland electricity account holders, as payment of this year’s annual Loss Rental Rebate surpluses, covering the period to 31 March 2023.
Loss Rental Rebates are the difference between the price and quantity of electricity generated and the price and quantity of electricity received, creating a difference in cost, which is only known later on. Loss Rental Rebates are allocated, via Transpower, to electricity distributors around the country including Vector in Auckland.
The expected credit of $30 will go to each Vector electricity account holder as their share of the credit Vector receives from Transpower.
Vector electricity account holders in Auckland’s Entrust district will receive the credit in September with their annual Entrust dividend payment.
For Vector electricity account holders outside this area, Vector will pass this credit on to energy retailers who should then provide those customers with a credit on their power bill later this year.
We expect this will be the last year of issuing Loss Rental Rebate payments direct to Vector customers via the Entrust dividend process. This is because the Electricity Authority has announced that electricity distributors such as Vector are from 1 April 2023 required to pass on all Loss Rental Rebates to energy retailers so they can provide these to customers.