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Sustainability Product

Sustainability Product

40,000 ML

Price

$65 per ML

Date Announced

26/07/2021

 

Sustainability Product Briefing

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Frequently Asked Questions

40,000 megalitres (ML).

The price will be $65 per ML which is 25 percent below the weighted average market trading price from 18 July to 22 July 2021.

The benefit is exclusive to Murray Irrigation’s customers who are currently financial. They will be invited to submit an expression of interest (EOI) via the Customer Portal. If the offer is oversubscribed, participating customers will be offered a pro rata volume based on their delivery entitlements.

EOIs may be submitted through Murray Irrigation’s customer portal.

The process and key dates are:

Round One:

  1. 9am 26 July to 12pm 30 July 2021 – Submit an EOI
  2. Murray Irrigation will acknowledge receipt of the EOI within one business day
  3. Prior to COB 30 July 2021 – Eligible participants will receive an offer for a volume of water. They can either accept or reject the offer online (using their customer portal). Water will be made available within 2 days of accepting the offer.
  4. Wednesday, 4 August 2021 – Deadline to accept an offer
  5. Friday, 6August 2021 – Latest date water will be made available
  6. Friday, 5 August 2021 – Invoices issued
  7. Thursday, 30 September 2021 – Payment due.

Yes, a participant can change or withdraw their EOI at any time before the EOI closure date. However, when a volume of water is offered to a participant, that volume is non-negotiable. Participants can either accept or reject the offer made to them.

Payment is due by 5 pm on Thursday, 30 September 2021.

Two business days after participants accept the company’s offer, they may begin to order this water for delivery.
The water allocation the participant agrees to purchase will not be credited to the participant’s water allocation account until after the participant has paid for it. We will, however, create an overdraw facility within participants’ water allocation accounts which will enable participants to order water for delivery in excess of their available water allocation. The overdraw limit will be equal to the volume of water allocation the participant has agreed to purchase.
Once payment for the water is made, the water allocation purchased will be credited to the participant’s water allocation account and this will clear any overdraw limit.
We may choose not to allow a participant to overdraw their water offer subaccount at any time while they have overdue fees and charges.

Participants will have the water allocation credited to their water allocation account after they have paid for it and they cannot trade it until that time. Participants are encouraged to use the water on-farm but there are no special restrictions associated with the trade of the water allocation once payment is received. The usual rules for trade of water allocation apply.

There are no additional transaction fees on top of the $65 per ML associated with the volume of water accepted by the participant. The usual fees for usage or trade apply.

If the offer is oversubscribed, participants will be offered a pro rata volume based on their delivery entitlements. If a participant is dissatisfied with the volume offered to them, they can reject the offer.

Surplus available water will remain in Murray Irrigation’s water portfolio for future opportunities.

If a participant has water remaining in their water allocation account as at 30 June 2022, the usual carryover rules will apply. It is up to the individual to manage their water allocation within the carryover rules.

The Board of Directors approved the offer to provide water to customers at a discounted price while assisting the company with an operating budget shortfall. To assist its customers, Murray Irrigation has already provided 80 GL as an Allocation Advance this irrigation season. The company is working on the principles of encouraging water use within its region while strengthening the company’s financial position. The water benefit will help achieve these principles.

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