Auckland Energy Consumer Trust (AECT) is a trust for electricity consumers in Auckland, New Zealand. Formed in 1993 as sole owner of the original Mercury Energy Limited, it is now majority owner of energy distributor Vector Limited, a child of the original Mercury, the other child being the Mercury Energy retailing division of Mighty River Power.
AECT owns 75.1% of the shares in Vector, an electricity and gas distributor. It holds the shares on behalf of Vector's 300,000 customers and distributes dividends from Vector to its customers. The remaining 24.9% of Vector shares are traded on the NZX.
As part of electricity industry reforms in 1993, the consumer-owned Auckland Electric Power Board became Mercury Energy Limited and AECT was set up to own it, keeping control in the hands of electricity consumers. Similar trusts were established elsewhere in the country. Mercury was the electricity distributor and retailer for Auckland, Manukau and Papakura. In 1998 the government split the electricity sector into distributors (lines companies) and retailers, and accordingly Mercury was split. The retail business was sold to Mighty River Power and the lines business being kept and renamed Vector Limited. AECT was the sole owner of Vector until 2005, when it allowed Vector to make a public float of 24.9% of its shares to raise capital to buy gas company NGC Holdings.
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