Prime Minister Mark Brown today announced the continuation of Te Aponga Uira’s (TAU) support under Phase 3 of the Economic Response Plan.
“The Te Aponga Uira Phase 3 Rarotonga electricity support will result in every household connection being credited for their electricity costs up to a maximum of $80 (incl VAT) each month. Further, every business that currently receives or is eligible to receive government support, will continue to receive a 60% discount, for a further 1-month period”.
“Te Aponga’s Phase 3 discount is in recognition that the borders remain closed and reflects the intention of Te Aponga’s Board and management to juggle its resources and risk in order to continue much needed support to households and businesses” said Hon Mark Brown.
The Phase 3 electricity discounts from Te Aponga Uira will be effective for the April 2021 meter reading and has been formalised by the TAU Board of Directors. The discounting will be reviewed again during April and a decision to continue the discounting for May or altering the discounting amounts, will be decided by the TAU Board in conjunction with Cook Islands Investment Corporation and Government, and will depend on the border settings and affordability.
“Approximately $11.5m of savings has now being granted to Rarotonga households and businesses by TAU across Phases 1 through to 3, an outstanding contribution, to keep the economy running and to provide much needed support to households,” the Prime Minister added.
Mata Nooroa, Chair of Te Aponga Uira, reiterated the message relayed in January when it was agreed to continue the discounting and said “Te Aponga has experienced significant reduction in its sales along with the majority of businesses over the past year. We have been in a fortunate position to be able to draw down on reserves accumulated for times like these and reprioritise our significant capital investment plan to only the most core infrastructure required to keep electricity reliable for Rarotonga. In doing so, we have been able to heed the call from our shareholder and these discounts represent Te Aponga’s way of continuing to give back to help the nation during these continuing challenging times.”
Mike Henry, Chair of the Cook Islands Investment Corporation, also reiterated his previous statement and said “Te Aponga’s continued support is an example of a sustained effort from the Cook Islands Investment Corporation and its State-Owned Enterprises to support the nation, to collaborate extensively and find innovative solutions, that can be applied during these unprecedented times.”
ENDS: For further information please contact: Jaewynn McKay +682 55486