Power plan public soon
King Country Energy's draft share allocation plan should be available for public comment soon. The working party has nearly reached agreement on all aspects of the proposed plan, the August King Country Energy board meeting was told. The board has until 31 December to produce a draft share allocation plan, carry out public consultation on its contents and then report to the Minister of Energy, with its final plan.
Director Bill Peach told the board that the working party had agreed that all shares in King Country Energy should be vested in a community trust that would review the ownership position every five years. It was also agreed to recommend that provision be made, subject to public consultation, to issue up to 100 percent new shares, to finance investment in such things as the proposed Whangaehu Power Station. (King Country
Energy expects to have a shareholding of around $15 million when shares are first issued).
There was still some uncertainty about how the trustees of the new body would be found ie,
appointed or elected but the working party is continuing to address this issue.
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https://paperspast.natlib.govt.nz/newspapers/RUBUL19920825.2.5
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Ruapehu Bulletin, 25 August 1992, Page 2
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189Power plan public soon Ruapehu Bulletin, 25 August 1992, Page 2
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