Murray Irrigation announces Resource Distribution
Murray Irrigation will provide some much-needed relief to its shareholders following the announcement of a two percent resource distribution today.
The resource distribution, approved by the Board yesterday, has been generated through operational efficiencies using the company’s modernised irrigation infrastructure.
Chair Phil Snowden said the Board is mindful of the impacts that ongoing zero general security allocation and dry conditions are having on customers and will continue to support them during this challenging time.
“People in our region are doing it tough – the lack of water impacts everyone, not just farmers, and our Board is doing everything it can to provide some respite,” he said.
“This resource distribution will provide customers with water at a time when general security allocation remains at zero.
“As a farmer myself, I know the difference that every drop makes,” Mr Snowden said.
Murray Irrigation CEO Phil Endley said that efficiencies through upgraded infrastructure and a modified operating plan, coupled with a recent increase in NSW Murray Valley resources had made this decision possible.
“The DPIE (Water) recently announced an increase in the allocation of conveyance water which has given us greater certainty on which we can make business decisions,” Mr Endley said.
“We’ve also been able to achieve water savings by operating our system differently, and through efficiencies gained from the recent overhaul of our distribution network.
“I’m pleased that customers are seeing the benefits of this,” he said.
The resource distribution is the third release of water made by Murray Irrigation in two months, with 70GL of water released in September through its Allocation Advance and Sustainability Product.