TECT CHEQUES ARE BEING MAILED TO ELIGIBLE CONSUMERS IN THE FIRST WEEK OF NOVEMBER 2011.
Each year, TECT sends out cheques to approximately 62,000 Consumers in the Tauranga and Western Bay of Plenty area. The cheques are made possible from the Trust's 33% shareholding in TrustPower. TECT's policy is to distribute approximately 80 percent of its net earnings direct to Consumers by way of cheque.
In 2011, TECT will distribute $25,875,000 to eligible Consumers. Each eligible Consumer will receive a fixed amount of $375 plus a small amount which varies according to each Consumer’s power usage. The payment is being paid from TECT's capital and is tax free to the Consumer.
TECT has distributed over $169 million direct to Consumers since 1994 and the minimum amount per Consumer has grown from $20 in 1994 to $375 in 2011. This is the 14th year in the row that Trustees have increased the amount of the cheque payout.