One debt-free power board

Press, 27 February 1984, Page 4

One debt-free power board

PA Hamilton The Te Awamutu Electric Power Board has become the only debt-free electric power board in New Zealand. Since formation in 1919 it had raised $1,349,000 in loans and the last repayment was made in January, said the board’s secretarytreasurer, Mr Roger Johnston.

In addition, the board will not increase power charges for the next year. This means tariffs have not risen since April 1, 1982.

Mr Johnston said that the board expected to pay an extra $325,000 because of a 6 per cent Government increase in bulk supply charges, and another $200,000 in general maintenance and administration this

year. But the cost to consumers did not need to rise to cover these, he said. During the last four years the board had spent large amounts of money on a new administration building, computerised accounting system, new stores, outside staff amenities, and an improved load control system. All had been funded out of money budgeted for the purpose and the board did not expect any big expenses during the next few years. “It is hoped that the board’s tariffs, in relation to the rest of New Zealand, will become lower and lower,” said Mr Johnston. Te Awamutu was the only debt-free board of 38 electric power boards in New Zealand, he said.