Customer update - WaterWell Announcement - Forward Allocation Product

Murray Irrigation is seeking to gather customer input on a new Forward Allocation product we are planning to introduce to WaterWell. You will find more information about this proposed product, details about the options that are currently being considered and how you can participate in the feedback process below.   

Why are we introducing a new product?

Murray Irrigation’s Board of Directors has approved a WaterWell revenue target of $54M over the next five years. This will commence the company's journey to financial sustainability, while providing certainty to our customers by freezing fees, other than CPI increases, over the same five-year period.
 
We would like to assure customers that all current WaterWell products will remain. Management is proposing to achieve the $54M target through a combination of our existing Sustainability Product and a new Forward Allocation Product.
 
What is a Forward Allocation Product?

A Forward Allocation Product is a guaranteed volume of water for a period of time. Murray Irrigation is proposing to offer this product for an initial three-year period, over the 2024/25, 2025/26 and 2026/27 irrigation seasons.
 
What would the new Forward Allocation Product look like?

Murray Irrigation is considering the following two options:
 
Option A: Maximise the value of the water sales by offering a smaller volume of water at a higher price. This could mean some of the water may leave the footprint towards higher valued crops.

• This option would sell an annual 30GL Forward Allocation Product through a third party. It would be initially offered on an exclusive basis to Murray Irrigation Delivery Entitlement Holders, before entering the open market.

 
Option B: Encourage the water to be used within the footprint and sell a greater volume of water at a lower price.

• This option would sell an annual 40GL Forward Allocation Product through a third party. It would be initially offered on an exclusive basis to Murray Irrigation Delivery Entitlement Holders, before entering the open market.

 
We want your input.

Murray Irrigation’s Board is keen to understand which of the above options customers would prefer. Management will incorporate customer feedback into a final recommendation that will be presented to the Murray Irrigation Board in February for consideration.
 
How do I choose my preferred option?
 
You will be able to select your preferred option on the customer portal by following the below steps:

1. Log in to the Customer Portal
2. Click WaterWell
3. Click Forward Allocation Product
4. Select the option you prefer (Option A or Option B)

 
If you need assistance in accessing or navigating your customer portal, call Customer Operations on 1300 138 265.
 
What if I need further information?

As always, if you have questions, or would like a one on one discussion or an onsite meeting with one of our Customer Engagement Team members, please contact Customer Operations on 1300 138 265.