Waikato Times

Power trust looks local

- Aaron Leaman aaron.leaman@stuff.co.nz

A signal by the WEL Energy Trust to pump more money into regional projects is part of a worldwide movement of thinking locally.

Trust chairman Mark Ingle says the trust plans to invest $14.5 million into Waikato initiative­s and projects next year – with $4.5m set aside for grants.

The trust will redirect $10m from existing cash investment­s into local projects.

‘‘There is a global movement around organisati­ons reviewing where they invest their money,’’ Ingle said.

‘‘The thinking is by investing locally, you get that impact component. So rather than us buying shares that relate to offshore companies, we want our money working for our local community which is going to give us a lot more leverage.’’

The trust has signalled it wants its investment­s to target priorities such as access to affordable, clean energy as well as support for community infrastruc­ture.

As part of its social investment programme, the trust will continue to offer community loans to help organisati­ons become more sustainabl­e.

In 2018, the WEL Network said it would drop its electricit­y discount programme as part of a greater plan to reduce prices.

The discount was marked as a credit on a consumer’s account by the electricit­y retailer.

Ingle said the discount programme was an ‘‘ineffectiv­e’’ mechanism.

‘‘Over the life of the discount, prices went up, up and up. That’s because the line component of the bill is only a portion of the bill. Playing with the discount wasn’t actually creating change and we want to look at ways that we can influence pricing across the whole bill.’’

Proposals for increasing community investment are detailed in the trust’s 2019/2020 draft annual plan. Submission­s on the plan close March 20.

Draw Inc Charitable Trust received $3500 from the WEL Energy Trust in 2017/18 to help run the Boon Hamilton Street Art Festival.

Trust chairman Paul Bradley said WEL Energy Trust’s support is invaluable in helping stage the annual event. The street art festival started in 2015 and each year invites artists to paint 10 walls in the city over three days.

In 2018, artists Janine and Charles Williams painted the large falcon mural along the northern wall at Victoria on the River. ‘‘That project took 10 days to complete but it’s a huge mural. For us, it’s about telling local stories, celebratin­g art and making the city a more exciting place to be.

‘‘Investing locally, you get that impact component.’’ Mark Ingle WEL Energy Trust chairman

 ?? MARK TAYLOR/STUFF ?? Artists Charlie and Janine Williams painted the large falcon mural at Hamilton’s Victoria on the River as part of the Boon Street Art Festival, which Wel Energy Trust sponsored last year.
MARK TAYLOR/STUFF Artists Charlie and Janine Williams painted the large falcon mural at Hamilton’s Victoria on the River as part of the Boon Street Art Festival, which Wel Energy Trust sponsored last year.
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