The Waitaki Power Trust wants to change how it has to review who should own the North Otago power lines company, Network Waitaki.
The five elected trustees hold all 14 million shares in Network Waitaki on behalf of 12,157 consumers under a trust deed, which requires it to review that ownership every five years, look at the options, make a recommendation then consult the public before a final decision.
Trust ownership results in profits being paid back through discounts - a total of about $28 million since 2000 - to consumers in Network Waitaki's distribution area from the Waitaki River to Shag Point, up the Waitaki Valley as far as Ohau and the Hakataramea Valley.
The trust is now suggesting changing its trust deed, calling for public submissions on the proposals. Submissions close on June 30,At present, the trust has to follow a time-consuming and costly process every five years reviewing its ownership.
The change would mean the trust would ask consumers every five years if they wanted a review, rather than automatically carrying one out.
If that was declined, a compulsory review would be carried out after 10 years.
In the last review in 2011, there were 1400 submissions, the vast majority with more than one signature. Only six proposed any changes, the rest were overwhelmingly in support of the trust retaining ownership.
Trust chairwoman Helen Brookes said yesterday that support was one reason why the trust was proposing a 10-year review period, unless consumers wanted a review after five years.
Carrying out the review was also costly - she estimated between $25,000 and $30,000 each time.
The process involved Network Waitaki reviewing the advantages and disadvantages of all forms of ownership and polling consumers before making a recommendation to the trust.
The trust then considered the recommendation and made a recommendation and its own report. That went out for public consultation.
The trust then heard and considered submissions before making a final decision.
Dr Brookes said submissions on the proposed changes to the trust deed would be heard and considered before a final decision was made at a public meeting, which would be held on the same day as the trust's annual meeting on a date yet to be set.
Details of the changes are available at Network Waitaki's Chelmer St office.
