ABOUT THE TRUST

Palmerston North Clock Tower The Central Energy Trust was created on the establishment of CentralPower Limited in 1993. Originally its only substantial asset was a shareholding in CentralPower Limited. In 2001 the Trust realised its interest in the company when Powerco merged with CentralPower Limited, and became the controlling entity. The capital fund arising from the sell down has been invested in fixed interest securities and equities, and the resultant income is available for distribution.

Under the Trust Deed the income beneficiaries are the consumers of the company (CentralPower Limited) and Electropower which was the Palmerston North City Council Energy Retailer. The Trust terminates in 2073 and the capital beneficiaries are the three local councils, Palmerston North City Council, Manawatu District Council and Tararua District Council.

The Trustees have the discretion to consider the allocation of funds for projects which are energy related and which will benefit the consumers' of the former CentralPower / ElectroPower energy companies (see map).

Electrical work being carried out at the new Manfeild Equestrian Arena

The Trust also offers up to ten academic bursaries and five trade bursaries each year to provide assistance with the cost of tertiary education. The Trust has five Trustees who are appointed by an independent appointment panel after public advertisements have requested expressions of interest from the public. These Trustees are responsible for managing the $50 million investment portfolio and distributing the income to consumer beneficiaries.

To download a copy of the latest annual report of the Trust please click here.



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