Beginning of the end for TECT cheques

Consumer trust to wind up over 30 years, start community fund

Future generations will be the main winners of a decision to wind down the Tauranga Energy Consumer Trust (TECT) and its associated cheques over the next 30 years, business leaders believe.

TECT trustees confirmed yesterday they would go ahead with a plan to restructure the trust and wrap it up by 2050.

It planned to retain enough money, an estimated $291 million to $413m, to continue issuing TECT cheques the nickname for the annual rebate to Trustpower customers in Tauranga and the Western Bay over this period.

The rest would go to the new TECT Community Trust.

“Personally, I’m a TECT customer and I’m always happy that anything I’m contributing to is going to good causes. I think that’s the way people should be thinking.” Graeme Dingle Foundation Western Bay of Plenty Regional Manager Dan Allen-Gordon said “everyone’s going to be a winner”.

“Our community is going to be so well resourced . . . I’m not sure why there were negative comments. Our community will be much better off.” TECT funding helped the foundation support 3600 young people every week, Allen-Gordon said.

“There’s huge demand, there are communities that have been asking for our help . . . we haven’t been able to reach them. We will be able to now.” Allen-Gordon said TECT funding not only helped young people but contributed to some of Tauranga’s most “amazing assets” such as the University of Waikato campus, the arena at Baypark and local surf club buildings.

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