Round One – 40,000 ML
Round Two – 9,600 ML
$216 per ML
Round One – 24/07/2020
Round Two – 11/08/2020
Sustainability Product Briefing
Frequently Asked Questions
Round One: 40,000 megalitres (ML).
Round Two: 9,600 ML (remaining from unaccepted round one offers).
Round one offers from the 40,000 ML Sustainability Product were made available to applicants on Friday, 31 July 2020. 9,600 ML of water from unaccepted offers is being made available for round two.
The same eligibility criteria apply for round two. All financial Murray Irrigation customers are eligible to participate in round two, including round one applicants.
The price will be $216 per ML which is 10 percent below the weighted average market trading price from 18 July to 22 July 2020.
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:
- Friday, 24 to Thursday, 30 July 2020 – Submit an EOI
- Murray Irrigation will acknowledge receipt of the EOI within one business
- Friday, 31 July 2020 – 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.
- Friday, 7 August 2020 – Deadline to accept an offer
- Monday, 10 August 2020 – Latest date water will be made available
- Friday, 14 August 2020 – Invoices issued
- Sunday, 28 February 2021 – Payment due.
- Tuesday, 11 to Thursday, 13 August – Submit and EOI
- Murray Irrigation will acknowledge receipt of the EOI within one business day
- Friday, 14 August 2020 – 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.
- Wednesday, 19 August 2020 – Deadline to accept an offer
- Friday, 21 August 2020 – Latest date water will be made available
- Thursday, 27 August 2020 – Invoices issued
- Sunday, 28 February 2021 – Payment due
Yes, a participant can change or withdraw their EOI at any time before the EOI closure date.
No, the offer volume is non-negotiable. Participants can either accept or reject an offer.
Payment is due by 5 pm on Sunday, 28 February 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 $216 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.
All water remaining from declined offers at the conclusion of a Sustainability Product round will be assessed for:
a) further Sustainability Product rounds
b) future opportunities from Murray Irrigation’s water portfolio.
If a participant has water remaining in their water allocation account as at 30 June 2021, 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 50 GL as an Allocation Advance and 20 GL as a Resource Distribution within the WaterWell 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.