Marlborough Lines pays a dividend to the Marlborough Electric Power Trust (MEPT) and the MEPT then determines an amount to be paid to each of its beneficiaries (the ICPs connected to the Marlborough Lines network). The qualifying date for this is currently around mid-January each year. The ICP must be actively connected and not vacant at the qualification date. The distribution is paid to all ICPs, including those in remote areas.
It is paid as a credit to your electricity account that your retailer provides. The amount is expected to show up in your February invoice. If you are selling your house you may want to consider making some form of arrangement in your sale and purchase agreement to include this. However, note that the amount is not confirmed until January.
Distribution for 2023
Another distribution of $50 per beneficiary (electricity consumer with an ICP) has been delivered to consumers through their retail electricity accounts. The qualifying date was 20 January 2023.
A $50 distribution was delivered to beneficiaries (electricity consumer with an ICP) by way of a credit on their retail electricity accounts. The qualifying date was 20 January 2022.
Due to uncertainty surrounding the economic impacts of COVID-19 affecting both Yealands Wine Group and Marlborough Lines Limited, Trustees received a smaller dividend from MLL to cover operating expenses. The dividend received was not sufficient to pay a distribution to beneficiaries.
At the time a dividend was considered, it was extremely unclear what effect the global pandemic would have on New Zealand, and predictions at the time were dire. To ensure Marlborough Lines continued to operate as a successful business, Trustees wanted to ensure the company was in the best possible situation to weather the economic downturn.
To assist beneficiaries, MLL did adjust the timing of their discount to qualifying consumers to mitigate some COVID effects on consumers’ budgets.
The 2020 Distribution amount is $200 per beneficiary, with a qualifying date of 20th January 2020.
The forecast distribution amount for 2019 was stated in the Marlborough Lines annual report to be $200. After considering the trusts tax position, and allowing for the increase in power account holders, the final amount has been resolved at $185.00, with a qualifying date of 21 January 2019.
The 2018 distribution amount was $180 per beneficiary with a qualifying date of 22nd January 2018. The 2017 distribution amount was $150, while distributions of $50 per beneficiary were also made from 2011 – 2016.
Marlborough Lines does not have complete information on who occupies each installation during the year and therefore cannot allocate the amount of discount to different occupiers.
The Trust distribution is paid to the occupier of the installation at the date of qualification. It is similar to that of a dividend of a normal shareholder in that it is paid to the holder of that share at a certain point in time. Previous occupancy doesn't entitle the previous owner to this distribution.
Marlborough Lines is bound by regulation to operate as a successful business, as such part of operating as a successful business is that it must make profit. In turn Marlborough Lines either re-invests the profit back into the company or distributes it to the beneficiaries as a tax-free discount off their power account. Traditionally this happens every year however the amount can vary. Discounts only go to those beneficiaries that live within the economic zone.