Mr Malcolm and Mrs Kearney were required to stand down this year but were eligible to reapply.
The reappointments were announced by Waitaki Power Trust chairwoman Helen Brookes at the trust's annual meeting on Thursday.
Dr Brookes said Network Waitaki had an "unbelievably good year" and, as a consequence, was able to pay a significant discount back to consumers.
In her annual report, Dr Brookes said there had been issues raised by central government which had significant effects on network lines companies and their consumer owners.
Key issues were the continuation of lines services to more remote rural areas beyond 2013, whether 100% consumer-owned lines companies needed to be covered by the same raft of regulations that publicly listed lines companies were, and the need for transparency of charges on power bills for domestic customers.
Trustees agreed unanimously the Electricity Reform Act 1998 needed to be amended so electricity lines companies could not withdraw services to more remote rural consumers without consultation and or helping them with a suitable alternative supply.
