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.
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 to electricity distributors around the country including Vector in Auckland.
The expected credit of $30 will be each Vector electricity account holder’s share of the credit Vector receives from Transpower.
Vector electricity account holders in Auckland’s Entrust district will receive the credit in September as part of their annual Entrust dividend payment.
For Vector electricity account holders outside this area, Vector will pass this credit on to power companies who should then provide those customers with a credit on their power bill later this year.
Earlier this year, the Electricity Authority consulted on potential changes which could see electricity distributors losing the ability to issue these payments direct to consumers. Vector’s position is that consumers benefit when distributors have this ability, and that a change of approach that introduces more cost with no additional benefit to customers should be avoided.