Power board end weeks away

Ruapehu Bulletin, Volume 10, Issue 478, 23 March 1993, Page 1

Power board end weeks away

King Country Energy expects to have its draft establishment plan approved early in April, bringing to an end nearly 50 years of electricity supply by the King Country Electric Power Board. The board is being replaced by a limited liability company under the Energy Companies Act 1992, which calls for the corporatisation of all power supply authorities in New Zealand. In line with many other boards, King Country Energy has opted for a trust to represent the beneficial owners - the customers. It plans to return dividends to the owners through regular rebates. The draft plan came back before the board at the March meeting for minor modifications to

address issues raised by officials from the Ministry of Commerce, who are carrying out the preliminary vetting of the establishment plans. Once the plan is acceptable to the Minister it will go to the Governor General for signing prior to its gazetting and becoming law. When that happens, all of the assets owned by the present King Country Electric Power Board will be vested in the trust and the day-to-day operations of the board will be taken over by a new energy company - King Country Energy Limited. Chairperson Ken Street said the board had hoped to invite all surviving board members to the last ever board meeting, but this proposal may have been overtaken by events.

"We expect the legislative process will be completed before the next scheduled board meeting on 19 April and, as a result, that meeting could be the first formal meeting of the board of directors of King Country Energy Limited.

"We still want to honour the tremendous contribution made by the previous board members, whose efforts have given King Country Energy such a solid foundation," Mr Street said. "The wider communities o f Taumarunui, Turangi and

Ohakune have been well served by the board over the past years." Consideration was now being given as to how to best record the end of the era of power board service to this area.